| Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
On October 17, 2012, December 21, 2012 and August 18, 2014, the Company issued an aggregate of $600.0 million principal amount of its 7.75% Senior Notes. The October Notes, December Notes, and the August Notes are collectively referred to as the "2020 Notes". The 2020 Notes are guaranteed on a senior unsecured basis by all existing consolidated subsidiaries that guarantee the Company's secured revolving credit facility or certain other debt (the "Guarantors"). The 2020 Notes are not guaranteed by Grizzly Holdings, Inc. (the "Non-Guarantor"). The Guarantors are 100% owned by Gulfport (the "Parent"), and the guarantees are full, unconditional, joint and several. There are no significant restrictions on the ability of the Parent or the Guarantors to obtain funds from each other in the form of a dividend or loan.
In connection with the issuance of the 2020 Notes, the Company and the subsidiary guarantors entered into registration rights agreements with the initial purchasers, pursuant to which the Company and the subsidiary guarantors agreed to file a registration statement with respect to an offer to exchange the 2020 Notes for a new issue of substantially identical debt securities registered under the Securities Act. The exchange offer for the October Notes and December Notes was completed in October 2013 and the exchange offer for the August Notes was completed in March 2015.
On April 21, 2015, the Company issued $350.0 million in aggregate principal amount of 6.625% Senior Notes due 2023 to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. In connection with the 2023 Notes Offering, the Company and its subsidiary guarantors entered into a registration rights agreement, dated as of April 21, 2015, pursuant to which the Company agreed to file a registration statement with respect to an offer to exchange the 2023 Notes for a new issue of substantially identical debt securities registered under the Securities Act. The exchange offer for the 2023 Notes was completed on October 13, 2015.
The following condensed consolidating balance sheets, statements of operations, statements of comprehensive (loss) income and statements of cash flows are provided for the Parent, the Guarantors and the Non-Guarantor and include the consolidating adjustments and eliminations necessary to arrive at the information for the Company on a condensed consolidated basis. The information has been presented using the equity method of accounting for the Parent's ownership of the Guarantors and the Non-Guarantor.
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
363,279 |
|
|
$ |
996 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
364,276 |
|
Accounts receivable - oil and gas |
133,159 |
|
|
16,283 |
|
|
— |
|
|
(21,654 |
) |
|
127,788 |
|
Accounts receivable - related parties |
96 |
|
|
— |
|
|
— |
|
|
— |
|
|
96 |
|
Accounts receivable - intercompany |
384,280 |
|
|
5,970 |
|
|
— |
|
|
(390,250 |
) |
|
— |
|
Prepaid expenses and other current assets |
10,270 |
|
|
470 |
|
|
— |
|
|
— |
|
|
10,740 |
|
Short-term derivative instruments |
39,363 |
|
|
— |
|
|
— |
|
|
— |
|
|
39,363 |
|
Deferred tax asset |
38 |
|
|
— |
|
|
— |
|
|
— |
|
|
38 |
|
Total current assets |
930,485 |
|
|
23,719 |
|
|
1 |
|
|
(411,904 |
) |
|
542,301 |
|
Property and equipment: |
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, full-cost accounting |
5,425,128 |
|
|
392,059 |
|
|
— |
|
|
(729 |
) |
|
5,816,458 |
|
Other property and equipment |
54,417 |
|
|
43 |
|
|
— |
|
|
— |
|
|
54,460 |
|
Accumulated depletion, depreciation, amortization and impairment |
(3,613,630 |
) |
|
(32 |
) |
|
— |
|
|
— |
|
|
(3,613,662 |
) |
Property and equipment, net |
1,865,915 |
|
|
392,070 |
|
|
— |
|
|
(729 |
) |
|
2,257,256 |
|
Other assets: |
|
|
|
|
|
|
|
|
|
Equity investments |
241,342 |
|
|
26,540 |
|
|
48,596 |
|
|
(65,169 |
) |
|
251,309 |
|
Long-term derivative instruments |
15,262 |
|
|
— |
|
|
— |
|
|
— |
|
|
15,262 |
|
Deferred tax asset |
4,203 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,203 |
|
Other assets |
5,512 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,512 |
|
Total other assets |
266,319 |
|
|
26,540 |
|
|
48,596 |
|
|
(65,169 |
) |
|
276,286 |
|
Total assets |
$ |
3,062,719 |
|
|
$ |
442,329 |
|
|
$ |
48,597 |
|
|
$ |
(477,802 |
) |
|
$ |
3,075,843 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
291,217 |
|
|
$ |
40,557 |
|
|
$ |
1 |
|
|
$ |
(27,434 |
) |
|
$ |
304,341 |
|
Accounts payable - intercompany |
— |
|
|
384,346 |
|
|
125 |
|
|
(384,471 |
) |
|
— |
|
Asset retirement obligation - current |
75 |
|
|
— |
|
|
— |
|
|
— |
|
|
75 |
|
Short-term derivative instruments |
37,220 |
|
|
— |
|
|
— |
|
|
— |
|
|
37,220 |
|
Current maturities of long-term debt |
220 |
|
|
— |
|
|
— |
|
|
— |
|
|
220 |
|
Total current liabilities |
328,732 |
|
|
424,903 |
|
|
126 |
|
|
(411,905 |
) |
|
341,856 |
|
Long-term derivative instrument |
14,907 |
|
|
— |
|
|
— |
|
|
— |
|
|
14,907 |
|
Asset retirement obligation - long-term |
32,910 |
|
|
— |
|
|
— |
|
|
— |
|
|
32,910 |
|
Long-term debt |
961,050 |
|
|
— |
|
|
— |
|
|
— |
|
|
961,050 |
|
Total liabilities |
1,337,599 |
|
|
424,903 |
|
|
126 |
|
|
(411,905 |
) |
|
1,350,723 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Common stock |
1,253 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,253 |
|
Paid-in capital |
3,245,393 |
|
|
26,822 |
|
|
256,065 |
|
|
(282,887 |
) |
|
3,245,393 |
|
Accumulated other comprehensive (loss) income |
(50,816 |
) |
|
— |
|
|
(46,925 |
) |
|
46,925 |
|
|
(50,816 |
) |
Retained (deficit) earnings |
(1,470,710 |
) |
|
(9,396 |
) |
|
(160,669 |
) |
|
170,065 |
|
|
(1,470,710 |
) |
Total stockholders' equity |
1,725,120 |
|
|
17,426 |
|
|
48,471 |
|
|
(65,897 |
) |
|
1,725,120 |
|
Total liabilities and stockholders' equity |
$ |
3,062,719 |
|
|
$ |
442,329 |
|
|
$ |
48,597 |
|
|
$ |
(477,802 |
) |
|
$ |
3,075,843 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
112,494 |
|
|
$ |
479 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
112,974 |
|
Accounts receivable - oil and gas |
72,241 |
|
|
54 |
|
|
— |
|
|
(423 |
) |
|
71,872 |
|
Accounts receivable - related parties |
16 |
|
|
— |
|
|
— |
|
|
— |
|
|
16 |
|
Accounts receivable - intercompany |
326,475 |
|
|
60 |
|
|
— |
|
|
(326,535 |
) |
|
— |
|
Prepaid expenses and other current assets |
3,905 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,905 |
|
Short-term derivative instruments |
142,794 |
|
|
— |
|
|
— |
|
|
— |
|
|
142,794 |
|
Total current assets |
657,925 |
|
|
593 |
|
|
1 |
|
|
(326,958 |
) |
|
331,561 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, full-cost accounting, |
5,108,258 |
|
|
316,813 |
|
|
— |
|
|
(729 |
) |
|
5,424,342 |
|
Other property and equipment |
33,128 |
|
|
43 |
|
|
— |
|
|
— |
|
|
33,171 |
|
Accumulated depletion, depreciation, amortization and impairment |
(2,829,081 |
) |
|
(29 |
) |
|
— |
|
|
— |
|
|
(2,829,110 |
) |
Property and equipment, net |
2,312,305 |
|
|
316,827 |
|
|
— |
|
|
(729 |
) |
|
2,628,403 |
|
Other assets: |
|
|
|
|
|
|
|
|
|
Equity investments |
231,892 |
|
|
— |
|
|
50,644 |
|
|
(40,143 |
) |
|
242,393 |
|
Long-term derivative instruments |
51,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
51,088 |
|
Deferred tax assets |
74,925 |
|
|
— |
|
|
— |
|
|
— |
|
|
74,925 |
|
Other assets |
6,364 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,364 |
|
Total other assets |
364,269 |
|
|
— |
|
|
50,644 |
|
|
(40,143 |
) |
|
374,770 |
|
Total assets |
$ |
3,334,499 |
|
|
$ |
317,420 |
|
|
$ |
50,645 |
|
|
$ |
(367,830 |
) |
|
$ |
3,334,734 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
264,893 |
|
|
$ |
527 |
|
|
$ |
— |
|
|
$ |
(292 |
) |
|
$ |
265,128 |
|
Accounts payable - intercompany |
— |
|
|
326,541 |
|
|
124 |
|
|
(326,665 |
) |
|
— |
|
Asset retirement obligation - current |
75 |
|
|
— |
|
— |
|
— |
|
|
— |
|
|
75 |
|
Short-term derivative instruments |
437 |
|
|
— |
|
|
— |
|
|
— |
|
|
437 |
|
Deferred tax liability |
50,697 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,697 |
|
Current maturities of long-term debt |
179 |
|
|
— |
|
|
— |
|
|
— |
|
|
179 |
|
Total current liabilities |
316,281 |
|
|
327,068 |
|
|
124 |
|
|
(326,957 |
) |
|
316,516 |
|
|
|
|
|
|
|
|
|
|
|
Long-term derivative instrument |
6,935 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,935 |
|
Asset retirement obligation - long-term |
26,362 |
|
|
— |
|
|
— |
|
|
— |
|
|
26,362 |
|
Long-term debt, net of current maturities |
946,084 |
|
|
— |
|
|
— |
|
|
— |
|
|
946,084 |
|
Total liabilities |
1,295,662 |
|
|
327,068 |
|
|
124 |
|
|
(326,957 |
) |
|
1,295,897 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Common stock |
1,082 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,082 |
|
Paid-in capital |
2,824,303 |
|
|
322 |
|
|
241,553 |
|
|
(241,875 |
) |
|
2,824,303 |
|
Accumulated other comprehensive (loss) income |
(55,177 |
) |
|
— |
|
|
(55,177 |
) |
|
55,177 |
|
|
(55,177 |
) |
Retained (deficit) earnings |
(731,371 |
) |
|
(9,970 |
) |
|
(135,855 |
) |
|
145,825 |
|
|
(731,371 |
) |
Total stockholders' equity |
2,038,837 |
|
|
(9,648 |
) |
|
50,521 |
|
|
(40,873 |
) |
|
2,038,837 |
|
Total liabilities and stockholders' equity |
$ |
3,334,499 |
|
|
$ |
317,420 |
|
|
$ |
50,645 |
|
|
$ |
(367,830 |
) |
|
$ |
3,334,734 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
193,222 |
|
|
$ |
464 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
193,686 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
17,283 |
|
|
188 |
|
|
— |
|
|
— |
|
|
17,471 |
|
Production taxes |
3,495 |
|
|
30 |
|
|
— |
|
|
— |
|
|
3,525 |
|
Midstream gathering and processing |
45,385 |
|
|
90 |
|
|
— |
|
|
— |
|
|
45,475 |
|
Depreciation, depletion, and amortization |
62,284 |
|
|
1 |
|
|
— |
|
|
— |
|
|
62,285 |
|
Impairment of oil and gas properties |
212,194 |
|
|
— |
|
|
— |
|
|
— |
|
|
212,194 |
|
General and administrative |
10,772 |
|
|
(305 |
) |
|
— |
|
|
— |
|
|
10,467 |
|
Accretion expense |
269 |
|
|
— |
|
|
— |
|
|
— |
|
|
269 |
|
|
351,682 |
|
|
4 |
|
|
— |
|
|
— |
|
|
351,686 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM OPERATIONS |
(158,460 |
) |
|
460 |
|
|
— |
|
|
— |
|
|
(158,000 |
) |
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
12,787 |
|
|
— |
|
|
— |
|
|
— |
|
|
12,787 |
|
Interest income |
(337 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(337 |
) |
Insurance proceeds |
(3,750 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,750 |
) |
(Income) loss from equity method investments and investments in subsidiaries |
(6,457 |
) |
|
(99 |
) |
|
364 |
|
|
195 |
|
|
(5,997 |
) |
|
2,243 |
|
|
(99 |
) |
|
364 |
|
|
195 |
|
|
2,703 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE INCOME TAXES |
(160,703 |
) |
|
559 |
|
|
(364 |
) |
|
(195 |
) |
|
(160,703 |
) |
INCOME TAX BENEFIT |
(3,407 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,407 |
) |
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME |
$ |
(157,296 |
) |
|
$ |
559 |
|
|
$ |
(364 |
) |
|
$ |
(195 |
) |
|
$ |
(157,296 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
230,282 |
|
|
$ |
287 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
230,569 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
17,358 |
|
|
210 |
|
|
— |
|
|
— |
|
|
17,568 |
|
Production taxes |
3,570 |
|
|
23 |
|
|
— |
|
|
— |
|
|
3,593 |
|
Midstream gathering and processing |
42,139 |
|
|
27 |
|
|
— |
|
|
— |
|
|
42,166 |
|
Depreciation, depletion, and amortization |
90,327 |
|
|
2 |
|
|
— |
|
|
— |
|
|
90,329 |
|
Impairment of oil and gas properties |
594,776 |
|
|
— |
|
|
— |
|
|
— |
|
|
594,776 |
|
General and administrative |
10,999 |
|
|
6 |
|
|
(4 |
) |
|
— |
|
|
11,001 |
|
Accretion expense |
212 |
|
|
— |
|
|
— |
|
|
— |
|
|
212 |
|
|
759,381 |
|
|
268 |
|
|
(4 |
) |
|
— |
|
|
759,645 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM OPERATIONS |
(529,099 |
) |
|
19 |
|
|
4 |
|
|
— |
|
|
(529,076 |
) |
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
14,124 |
|
|
— |
|
|
— |
|
|
— |
|
|
14,124 |
|
Interest income |
(279 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(279 |
) |
Loss (income) from equity method investments and investments in subsidiaries |
61,868 |
|
|
— |
|
|
58,653 |
|
|
(58,630 |
) |
|
61,891 |
|
|
75,713 |
|
|
— |
|
|
58,653 |
|
|
(58,630 |
) |
|
75,736 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE INCOME TAXES |
(604,812 |
) |
|
19 |
|
|
(58,649 |
) |
|
58,630 |
|
|
(604,812 |
) |
INCOME TAX BENEFIT |
(216,603 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(216,603 |
) |
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME |
$ |
(388,209 |
) |
|
$ |
19 |
|
|
$ |
(58,649 |
) |
|
$ |
58,630 |
|
|
$ |
(388,209 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
321,399 |
|
|
$ |
1,098 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
322,497 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
48,246 |
|
|
543 |
|
|
— |
|
|
— |
|
|
48,789 |
|
Production taxes |
9,410 |
|
|
82 |
|
|
— |
|
|
— |
|
|
9,492 |
|
Midstream gathering and processing |
122,250 |
|
|
226 |
|
|
— |
|
|
— |
|
|
122,476 |
|
Depreciation, depletion, and amortization |
183,411 |
|
|
3 |
|
|
|
|
|
|
|
|
183,414 |
|
Impairment of oil and gas properties |
601,806 |
|
|
— |
|
|
— |
|
|
— |
|
|
601,806 |
|
General and administrative |
33,230 |
|
|
(291 |
) |
|
2 |
|
|
— |
|
|
32,941 |
|
Accretion expense |
777 |
|
|
— |
|
|
— |
|
|
— |
|
|
777 |
|
|
999,130 |
|
|
563 |
|
|
2 |
|
|
— |
|
|
999,695 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM OPERATIONS |
(677,731 |
) |
|
535 |
|
|
(2 |
) |
|
— |
|
|
(677,198 |
) |
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
44,891 |
|
|
1 |
|
|
— |
|
|
— |
|
|
44,892 |
|
Interest income |
(822 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(822 |
) |
Insurance proceeds |
(3,750 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,750 |
) |
Loss (income) from equity method investments and investments in subsidiaries |
25,044 |
|
|
(40 |
) |
|
24,812 |
|
|
(24,240 |
) |
|
25,576 |
|
|
65,363 |
|
|
(39 |
) |
|
24,812 |
|
|
(24,240 |
) |
|
65,896 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE INCOME TAXES |
(743,094 |
) |
|
574 |
|
|
(24,814 |
) |
|
24,240 |
|
|
(743,094 |
) |
INCOME TAX BENEFIT |
(3,755 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,755 |
) |
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME |
$ |
(739,339 |
) |
|
$ |
574 |
|
|
$ |
(24,814 |
) |
|
$ |
24,240 |
|
|
$ |
(739,339 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
518,141 |
|
|
$ |
1,015 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
519,156 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
50,830 |
|
|
581 |
|
|
— |
|
|
— |
|
|
51,411 |
|
Production taxes |
11,083 |
|
|
80 |
|
|
— |
|
|
— |
|
|
11,163 |
|
Midstream gathering and processing |
100,405 |
|
|
46 |
|
|
— |
|
|
— |
|
|
100,451 |
|
Depreciation, depletion, and amortization |
251,389 |
|
|
4 |
|
|
— |
|
|
— |
|
|
251,393 |
|
Impairment of oil and gas properties |
594,776 |
|
|
— |
|
|
— |
|
|
— |
|
|
594,776 |
|
General and administrative |
31,248 |
|
|
47 |
|
|
20 |
|
|
— |
|
|
31,315 |
|
Accretion expense |
594 |
|
|
— |
|
|
— |
|
|
— |
|
|
594 |
|
|
1,040,325 |
|
|
758 |
|
|
20 |
|
|
— |
|
|
1,041,103 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM OPERATIONS |
(522,184 |
) |
|
257 |
|
|
(20 |
) |
|
— |
|
|
(521,947 |
) |
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
34,906 |
|
|
— |
|
|
— |
|
|
— |
|
|
34,906 |
|
Interest income |
(536 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(536 |
) |
Loss (income) from equity method investments and investments in subsidiaries |
56,799 |
|
|
— |
|
|
71,289 |
|
|
(71,052 |
) |
|
57,036 |
|
|
91,169 |
|
|
— |
|
|
71,289 |
|
|
(71,052 |
) |
|
91,406 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME BEFORE INCOME TAXES |
(613,353 |
) |
|
257 |
|
|
(71,309 |
) |
|
71,052 |
|
|
(613,353 |
) |
INCOME TAX BENEFIT |
(219,338 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(219,338 |
) |
|
|
|
|
|
|
|
|
|
|
NET (LOSS) INCOME |
$ |
(394,015 |
) |
|
$ |
257 |
|
|
$ |
(71,309 |
) |
|
$ |
71,052 |
|
|
$ |
(394,015 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(157,296 |
) |
|
$ |
559 |
|
|
$ |
(364 |
) |
|
$ |
(195 |
) |
|
$ |
(157,296 |
) |
Foreign currency translation adjustment, net of taxes |
(4,013 |
) |
|
— |
|
|
(1,417 |
) |
|
1,417 |
|
|
(4,013 |
) |
Other comprehensive (loss) income |
(4,013 |
) |
|
— |
|
|
(1,417 |
) |
|
1,417 |
|
|
(4,013 |
) |
Comprehensive (loss) income |
$ |
(161,309 |
) |
|
$ |
559 |
|
|
$ |
(1,781 |
) |
|
$ |
1,222 |
|
|
$ |
(161,309 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(388,209 |
) |
|
$ |
19 |
|
|
$ |
(58,649 |
) |
|
$ |
58,630 |
|
|
$ |
(388,209 |
) |
Foreign currency translation adjustment |
(11,538 |
) |
|
— |
|
|
(11,538 |
) |
|
11,538 |
|
|
(11,538 |
) |
Other comprehensive (loss) income |
(11,538 |
) |
|
— |
|
|
(11,538 |
) |
|
11,538 |
|
|
(11,538 |
) |
Comprehensive (loss) income |
$ |
(399,747 |
) |
|
$ |
19 |
|
|
$ |
(70,187 |
) |
|
$ |
70,168 |
|
|
$ |
(399,747 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(739,339 |
) |
|
$ |
574 |
|
|
$ |
(24,814 |
) |
|
$ |
24,240 |
|
|
$ |
(739,339 |
) |
Foreign currency translation adjustment, net of taxes |
4,361 |
|
|
— |
|
|
8,252 |
|
|
(8,252 |
) |
|
4,361 |
|
Other comprehensive income (loss) |
4,361 |
|
|
— |
|
|
8,252 |
|
|
(8,252 |
) |
|
4,361 |
|
Comprehensive (loss) income |
$ |
(734,978 |
) |
|
$ |
574 |
|
|
$ |
(16,562 |
) |
|
$ |
15,988 |
|
|
$ |
(734,978 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
Net (loss) income |
$ |
(394,015 |
) |
|
$ |
257 |
|
|
$ |
(71,309 |
) |
|
$ |
71,052 |
|
|
$ |
(394,015 |
) |
Foreign currency translation adjustment |
(23,275 |
) |
|
— |
|
|
(23,275 |
) |
|
23,275 |
|
|
(23,275 |
) |
Other comprehensive (loss) income |
(23,275 |
) |
|
— |
|
|
(23,275 |
) |
|
23,275 |
|
|
(23,275 |
) |
Comprehensive (loss) income |
$ |
(417,290 |
) |
|
$ |
257 |
|
|
$ |
(94,584 |
) |
|
$ |
94,327 |
|
|
$ |
(417,290 |
) |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
244,758 |
|
|
$ |
517 |
|
|
$ |
3,998 |
|
|
$ |
(3,998 |
) |
|
$ |
245,275 |
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities |
(420,257 |
) |
|
(26,500 |
) |
|
(18,510 |
) |
|
45,010 |
|
|
(420,257 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
426,284 |
|
|
26,500 |
|
|
14,512 |
|
|
(41,012 |
) |
|
426,284 |
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
250,785 |
|
|
517 |
|
|
— |
|
|
— |
|
|
251,302 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
112,494 |
|
|
479 |
|
|
1 |
|
|
— |
|
|
112,974 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
$ |
363,279 |
|
|
$ |
996 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
364,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
247,447 |
|
|
$ |
(12,356 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
235,091 |
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities |
(1,385,878 |
) |
|
13,501 |
|
|
(13,837 |
) |
|
13,837 |
|
|
(1,372,377 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
1,223,057 |
|
|
— |
|
|
13,837 |
|
|
(13,837 |
) |
|
1,223,057 |
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
84,626 |
|
|
1,145 |
|
|
— |
|
|
— |
|
|
85,771 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
141,535 |
|
|
804 |
|
|
1 |
|
|
— |
|
|
142,340 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
$ |
226,161 |
|
|
$ |
1,949 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
228,111 |
|
|