Annual report pursuant to Section 13 and 15(d)

Condensed Consolidating Financial Information (Tables)

v3.8.0.1
Condensed Consolidating Financial Information (Tables)
12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
67,908

 
$
31,649

 
$

 
$

 
$
99,557

Restricted cash

 

 

 

 

Accounts receivable - oil and natural gas
128,121

 
54,092

 

 

 
182,213

Accounts receivable - related parties

 

 

 

 

Accounts receivable - intercompany
554,439

 
63,374

 

 
(617,813
)
 

Prepaid expenses and other current assets
4,719

 
193

 

 

 
4,912

Short-term derivative instruments
78,847

 

 

 

 
78,847

Total current assets
834,034

 
149,308

 

 
(617,813
)
 
365,529

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting
6,562,147

 
2,607,738

 

 
(729
)
 
9,169,156

Other property and equipment
86,711

 
43

 

 

 
86,754

Accumulated depletion, depreciation, amortization and impairment
(4,153,696
)
 
(37
)
 

 

 
(4,153,733
)
Property and equipment, net
2,495,162

 
2,607,744

 

 
(729
)
 
5,102,177

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
2,361,575

 
77,744

 
57,641

 
(2,194,848
)
 
302,112

Long-term derivative instruments
8,685

 

 

 

 
8,685

Deferred tax asset
1,208

 

 

 

 
1,208

Inventories
5,816

 
2,411

 

 

 
8,227

Other assets
12,483

 
7,331

 

 

 
19,814

Total other assets
2,389,767

 
87,486

 
57,641

 
(2,194,848
)
 
340,046

  Total assets
$
5,718,963

 
$
2,844,538

 
$
57,641

 
$
(2,813,390
)
 
$
5,807,752

 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders' equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
416,249

 
$
137,361

 
$

 
$
(1
)
 
$
553,609

Accounts payable - intercompany
63,373

 
554,313

 
127

 
(617,813
)
 

Asset retirement obligation - current
120

 

 

 

 
120

Short-term derivative instruments
32,534

 

 

 

 
32,534

Current maturities of long-term debt
622

 

 

 

 
622

Total current liabilities
512,898

 
691,674

 
127

 
(617,814
)
 
586,885

Long-term derivative instruments
2,989

 

 

 

 
2,989

Asset retirement obligation - long-term
63,141

 
11,839

 

 

 
74,980

Other non-current liabilities

 
2,963

 

 

 
2,963

Long-term debt, net of current maturities
2,038,321

 

 

 

 
2,038,321

Total liabilities
2,617,349

 
706,476

 
127

 
(617,814
)
 
2,706,138

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
1,831

 

 

 

 
1,831

Paid-in capital
4,416,250

 
1,915,598

 
259,307

 
(2,174,905
)
 
4,416,250

Accumulated other comprehensive (loss) income
(40,539
)
 

 
(38,593
)
 
38,593

 
(40,539
)
Retained (deficit) earnings
(1,275,928
)
 
222,464

 
(163,200
)
 
(59,264
)
 
(1,275,928
)
Total stockholders' equity
3,101,614

 
2,138,062

 
57,514

 
(2,195,576
)
 
3,101,614

  Total liabilities and stockholders' equity
$
5,718,963

 
$
2,844,538

 
$
57,641

 
$
(2,813,390
)
 
$
5,807,752

CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,273,882

 
$
1,993

 
$

 
$

 
$
1,275,875

Restricted cash
185,000

 

 

 

 
$
185,000

Accounts receivable - oil and natural gas
137,087

 
37,496

 

 
(37,822
)
 
136,761

Accounts receivable - related parties
16

 

 

 

 
16

Accounts receivable - intercompany
449,517

 
1,151

 

 
(450,668
)
 

Prepaid expenses and other current assets
3,135

 

 

 

 
3,135

Short-term derivative instruments
3,488

 

 

 

 
3,488

Total current assets
2,052,125

 
40,640

 

 
(488,490
)
 
1,604,275

 
 
 
 
 
 
 
 
 
 
Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting,
5,655,125

 
417,524

 

 
(729
)
 
6,071,920

Other property and equipment
68,943

 
43

 

 

 
68,986

Accumulated depletion, depreciation, amortization and impairment
(3,789,746
)
 
(34
)
 

 

 
(3,789,780
)
Property and equipment, net
1,934,322

 
417,533

 

 
(729
)
 
2,351,126

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
236,327

 
33,590

 
45,213

 
(71,210
)
 
243,920

Long-term derivative instruments
5,696

 

 

 

 
5,696

Deferred tax asset
4,692

 

 

 

 
4,692

Inventories
3,095

 
1,409

 

 

 
4,504

Other assets
8,932

 

 

 

 
8,932

Total other assets
258,742

 
34,999

 
45,213

 
(71,210
)
 
267,744

  Total assets
$
4,245,189

 
$
493,172

 
$
45,213

 
$
(560,429
)
 
$
4,223,145

 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders' equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
255,966

 
$
9,158

 
$

 
$

 
$
265,124

Accounts payable - intercompany
31,202

 
457,163

 
126

 
(488,491
)
 

Asset retirement obligation - current
195

 

 

 

 
195

Short-term derivative instruments
119,219

 

 

 

 
119,219

Current maturities of long-term debt
276

 

 

 

 
276

Total current liabilities
406,858

 
466,321

 
126

 
(488,491
)
 
384,814

 
 
 
 
 
 
 
 
 
 
Long-term derivative instruments
26,759

 

 

 

 
26,759

Asset retirement obligation - long-term
34,081

 

 

 

 
34,081

Long-term debt, net of current maturities
1,593,599

 

 

 

 
1,593,599

Total liabilities
2,061,297

 
466,321

 
126

 
(488,491
)

2,039,253

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
1,588

 

 

 

 
1,588

Paid-in capital
3,946,442

 
33,822

 
257,026

 
(290,848
)
 
3,946,442

Accumulated other comprehensive (loss) income
(53,058
)
 

 
(50,931
)
 
50,931

 
(53,058
)
Retained (deficit) earnings
(1,711,080
)
 
(6,971
)
 
(161,008
)
 
167,979

 
(1,711,080
)
Total stockholders' equity
2,183,892

 
26,851

 
45,087

 
(71,938
)
 
2,183,892

  Total liabilities and stockholders' equity
$
4,245,189

 
$
493,172

 
$
45,213

 
$
(560,429
)
 
$
4,223,145

Condensed Consolidating Statements of Operations
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
1,010,989

 
$
309,314

 
$

 
$

 
$
1,320,303

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
65,793

 
14,453

 

 

 
80,246

Production taxes
15,100

 
6,026

 

 

 
21,126

Midstream gathering and processing
187,678

 
61,317

 

 

 
248,995

Depreciation, depletion and amortization
364,625

 
4

 

 

 
364,629

General and administrative
55,589

 
(2,654
)
 
3

 

 
52,938

Accretion expense
1,246

 
365

 

 

 
1,611

Acquisition expense

 
2,392

 

 

 
2,392

 
690,031

 
81,903

 
3

 

 
771,937

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
320,958

 
227,411

 
(3
)
 

 
548,366

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
112,732

 
(4,534
)
 

 

 
108,198

Interest income
(988
)
 
(21
)
 

 

 
(1,009
)
(Income) loss from equity method investments and investments in subsidiaries
(226,130
)
 
1,955

 
2,189

 
227,243

 
5,257

Other (income) expense
(1,617
)
 
(324
)
 

 
900

 
(1,041
)
 
(116,003
)
 
(2,924
)
 
2,189

 
228,143

 
111,405

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
436,961

 
230,335

 
(2,192
)
 
(228,143
)
 
436,961

INCOME TAX EXPENSE
1,809

 

 

 

 
1,809

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
435,152

 
$
230,335

 
$
(2,192
)
 
$
(228,143
)
 
$
435,152

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Year Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
381,931

 
$
3,979

 
$

 
$

 
$
385,910

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
68,034

 
843

 

 

 
68,877

Production taxes
13,121

 
155

 

 

 
13,276

Midstream gathering and processing
165,400

 
572

 

 

 
165,972

Depreciation, depletion and amortization
245,970

 
4

 

 

 
245,974

Impairment of oil and natural gas properties
715,495

 

 

 

 
715,495

General and administrative
43,896

 
(490
)
 
3

 

 
43,409

Accretion expense
1,057

 

 

 

 
1,057

 
1,252,973

 
1,084

 
3

 

 
1,254,060

 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME FROM OPERATIONS
(871,042
)
 
2,895

 
(3
)
 

 
(868,150
)
 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
63,529

 
1

 

 

 
63,530

Interest income
(1,230
)
 

 

 

 
(1,230
)
Insurance proceeds
(5,718
)
 

 

 

 
(5,718
)
Loss on debt extinguishment
23,776

 

 

 

 
23,776

Loss (income) from equity method investments and investments in subsidiaries
31,078

 
(89
)
 
25,150

 
(22,154
)
 
33,985

Other expense (income)
145

 
(16
)
 

 

 
129

 
111,580

 
(104
)
 
25,150

 
(22,154
)
 
114,472

 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME BEFORE INCOME TAXES
(982,622
)
 
2,999

 
(25,153
)
 
22,154

 
(982,622
)
INCOME TAX BENEFIT
(2,913
)
 

 

 

 
(2,913
)
 
 
 
 
 
 
 
 
 
 
NET (LOSS) INCOME
$
(979,709
)
 
$
2,999

 
$
(25,153
)
 
$
22,154

 
$
(979,709
)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
707,868

 
$
1,122

 
$

 
$

 
$
708,990

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
68,632

 
843

 

 

 
69,475

Production taxes
14,618

 
122

 

 

 
14,740

Midstream gathering and processing
138,526

 
64

 

 

 
138,590

Depreciation, depletion and amortization
337,689

 
5

 

 

 
337,694

Impairment of oil and natural gas properties
1,440,418

 

 

 

 
1,440,418

General and administrative
41,892

 
55

 
20

 

 
41,967

Accretion expense
820

 

 

 

 
820

 
2,042,595

 
1,089

 
20

 

 
2,043,704

 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME FROM OPERATIONS
(1,334,727
)
 
33

 
(20
)
 

 
(1,334,714
)
 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
51,221

 

 

 

 
51,221

Interest income
(643
)
 

 

 

 
(643
)
Insurance proceeds
(10,015
)
 

 

 

 
(10,015
)
Loss (income) from equity method investments and investments in subsidiaries
107,252

 

 
115,544

 
(116,703
)
 
106,093

Other (income) expense
(1,657
)
 
(346
)
 

 
1,518

 
(485
)
 
146,158

 
(346
)
 
115,544

 
(115,185
)
 
146,171

 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME BEFORE INCOME TAXES
(1,480,885
)
 
379

 
(115,564
)
 
115,185

 
(1,480,885
)
INCOME TAX BENEFIT
(256,001
)
 

 

 

 
(256,001
)
 
 
 
 
 
 
 
 
 
 
NET (LOSS) INCOME
$
(1,224,884
)

$
379


$
(115,564
)

$
115,185


$
(1,224,884
)
Condensed Consolidating Statements of Comprehensive Income (Loss)
 
Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
435,152

 
$
230,335

 
$
(2,192
)
 
$
(228,143
)
 
$
435,152

Foreign currency translation adjustment
12,519

 
182

 
12,337

 
(12,519
)
 
12,519

Other comprehensive income (loss)
12,519

 
182

 
12,337

 
(12,519
)
 
12,519

Comprehensive income (loss)
$
447,671

 
$
230,517

 
$
10,145

 
$
(240,662
)
 
$
447,671


 
Year Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
Net (loss) income
$
(979,709
)
 
$
2,999

 
$
(25,153
)
 
$
22,154

 
$
(979,709
)
Foreign currency translation adjustment
2,119

 
778

 
1,341

 
(2,119
)
 
2,119

Other comprehensive income (loss)
2,119

 
778

 
1,341

 
(2,119
)
 
2,119

Comprehensive (loss) income
$
(977,590
)
 
$
3,777

 
$
(23,812
)
 
$
20,035

 
$
(977,590
)
 
Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
Net (loss) income
$
(1,224,884
)
 
$
379

 
$
(115,564
)
 
$
115,185

 
$
(1,224,884
)
Foreign currency translation adjustment
(28,502
)
 

 
(28,502
)
 
28,502

 
$
(28,502
)
Other comprehensive (loss) income
(28,502
)
 

 
(28,502
)
 
28,502

 
(28,502
)
Comprehensive (loss) income
$
(1,253,386
)
 
$
379

 
$
(144,066
)
 
$
143,687

 
$
(1,253,386
)
Condensed Consolidating Statements of Cash Flows
 
Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
392,680

 
$
287,209

 
$

 
$

 
$
679,889

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(2,031,615
)
 
(1,674,690
)
 
(2,280
)
 
1,419,417

 
(2,289,168
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
432,961

 
1,417,137

 
2,280

 
(1,419,417
)
 
432,961

 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
(1,205,974
)
 
29,656

 

 

 
(1,176,318
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
1,273,882

 
1,993

 

 

 
1,275,875

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
67,908

 
$
31,649

 
$

 
$

 
$
99,557


 
Year Ended December 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
336,330

 
$
(9,486
)
 
$
(2
)
 
$
11,001

 
$
337,843

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(905,582
)
 
(22,500
)
 
(15,472
)
 
37,972

 
(905,582
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
1,730,640

 
33,500

 
15,473

 
(48,973
)
 
1,730,640

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
1,161,388

 
1,514

 
(1
)
 

 
1,162,901

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
112,494

 
479

 
1

 

 
112,974

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
1,273,882

 
$
1,993

 
$

 
$

 
$
1,275,875

 
Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
344,018

 
$
(21,839
)
 
$
(2
)
 
$
2

 
$
322,179

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(1,595,767
)
 
21,514

 
(14,472
)
 
14,472

 
(1,574,253
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
1,222,708

 

 
14,474

 
(14,474
)
 
1,222,708

 
 
 
 
 
 
 
 
 
 
Net decrease in cash and cash equivalents
(29,041
)
 
(325
)
 

 

 
(29,366
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
141,535

 
804

 
1

 

 
142,340

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
112,494

 
$
479

 
$
1

 
$

 
$
112,974