CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| CONDENSED CONSOLIDATING BALANCE SHEETS |
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
10,940 |
|
|
$ |
9,799 |
|
|
$ |
38 |
|
|
$ |
— |
|
|
$ |
20,777 |
|
Accounts receivable - oil and natural gas sales |
4,116 |
|
|
127,559 |
|
|
— |
|
|
— |
|
|
131,675 |
|
Accounts receivable - joint interest and other |
9,043 |
|
|
37,602 |
|
|
— |
|
|
— |
|
|
46,645 |
|
Accounts receivable - intercompany |
819,584 |
|
|
433,776 |
|
|
— |
|
|
(1,253,360 |
) |
|
— |
|
Prepaid expenses and other current assets |
5,948 |
|
|
3,451 |
|
|
75 |
|
|
— |
|
|
9,474 |
|
Short-term derivative instruments |
134,920 |
|
|
— |
|
|
— |
|
|
— |
|
|
134,920 |
|
Total current assets |
984,551 |
|
|
612,187 |
|
|
113 |
|
|
(1,253,360 |
) |
|
343,491 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, full-cost accounting |
1,352,894 |
|
|
9,158,193 |
|
|
69 |
|
|
(729 |
) |
|
10,510,427 |
|
Other property and equipment |
92,343 |
|
|
751 |
|
|
3,319 |
|
|
— |
|
|
96,413 |
|
Accumulated depletion, depreciation, amortization and impairment |
(1,414,011 |
) |
|
(3,468,663 |
) |
|
(55 |
) |
|
— |
|
|
(4,882,729 |
) |
Property and equipment, net |
31,226 |
|
|
5,690,281 |
|
|
3,333 |
|
|
(729 |
) |
|
5,724,111 |
|
Other assets: |
|
|
|
|
|
|
|
|
|
Equity investments and investments in subsidiaries |
5,171,925 |
|
|
— |
|
|
51,607 |
|
|
(5,104,225 |
) |
|
119,307 |
|
Long-term derivative instruments |
5,036 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,036 |
|
Deferred tax asset |
179,331 |
|
|
— |
|
|
— |
|
|
— |
|
|
179,331 |
|
Inventories |
188 |
|
|
8,813 |
|
|
— |
|
|
— |
|
|
9,001 |
|
Operating lease assets |
19,334 |
|
|
— |
|
|
— |
|
|
— |
|
|
19,334 |
|
Operating lease assets - related parties |
53,579 |
|
|
— |
|
|
— |
|
|
— |
|
|
53,579 |
|
Other assets |
11,682 |
|
|
598 |
|
|
— |
|
|
— |
|
|
12,280 |
|
Total other assets |
5,441,075 |
|
|
9,411 |
|
|
51,607 |
|
|
(5,104,225 |
) |
|
397,868 |
|
Total assets |
$ |
6,456,852 |
|
|
$ |
6,311,879 |
|
|
$ |
55,053 |
|
|
$ |
(6,358,314 |
) |
|
$ |
6,465,470 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
74,597 |
|
|
$ |
419,190 |
|
|
$ |
43 |
|
|
$ |
— |
|
|
$ |
493,830 |
|
Accounts payable - intercompany |
469,071 |
|
|
780,600 |
|
|
3,689 |
|
|
(1,253,360 |
) |
|
— |
|
Short-term derivative instruments |
198 |
|
|
— |
|
|
— |
|
|
— |
|
|
198 |
|
Current portion of operating lease liabilities |
17,999 |
|
|
— |
|
|
— |
|
|
— |
|
|
17,999 |
|
Current portion of operating lease liabilities - related parties |
20,817 |
|
|
— |
|
|
— |
|
|
— |
|
|
20,817 |
|
Current maturities of long-term debt |
615 |
|
|
— |
|
|
— |
|
|
— |
|
|
615 |
|
Total current liabilities |
583,297 |
|
|
1,199,790 |
|
|
3,732 |
|
|
(1,253,360 |
) |
|
533,459 |
|
Long-term derivative instruments |
210 |
|
|
— |
|
|
— |
|
|
— |
|
|
210 |
|
Asset retirement obligation - long-term |
30,035 |
|
|
58,456 |
|
|
— |
|
|
— |
|
|
88,491 |
|
Deferred tax liability |
3,127 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,127 |
|
Non-current operating lease liabilities |
1,335 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,335 |
|
Non-current operating lease liabilities - related parties |
32,762 |
|
|
— |
|
|
— |
|
|
— |
|
|
32,762 |
|
Long-term debt, net of current maturities |
2,198,678 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,198,678 |
|
Total liabilities |
2,849,444 |
|
|
1,258,246 |
|
|
3,732 |
|
|
(1,253,360 |
) |
|
2,858,062 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
1,594 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,594 |
|
Paid-in capital |
4,202,599 |
|
|
4,170,574 |
|
|
262,059 |
|
|
(4,432,633 |
) |
|
4,202,599 |
|
Accumulated other comprehensive loss |
(48,615 |
) |
|
— |
|
|
(46,527 |
) |
|
46,527 |
|
|
(48,615 |
) |
(Accumulated deficit) retained earnings |
(548,170 |
) |
|
883,059 |
|
|
(164,211 |
) |
|
(718,848 |
) |
|
(548,170 |
) |
Total stockholders’ equity |
3,607,408 |
|
|
5,053,633 |
|
|
51,321 |
|
|
(5,104,954 |
) |
|
3,607,408 |
|
Total liabilities and stockholders’ equity
|
$ |
6,456,852 |
|
|
$ |
6,311,879 |
|
|
$ |
55,053 |
|
|
$ |
(6,358,314 |
) |
|
$ |
6,465,470 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
25,585 |
|
|
$ |
26,711 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
52,297 |
|
Accounts receivable - oil and natural gas sales |
146,075 |
|
|
64,125 |
|
|
— |
|
|
— |
|
|
210,200 |
|
Accounts receivable - joint interest and other |
16,212 |
|
|
6,285 |
|
|
— |
|
|
— |
|
|
22,497 |
|
Accounts receivable - intercompany |
671,633 |
|
|
319,464 |
|
|
— |
|
|
(991,097 |
) |
|
— |
|
Prepaid expenses and other current assets |
8,433 |
|
|
2,174 |
|
|
— |
|
|
— |
|
|
10,607 |
|
Short-term derivative instruments |
21,352 |
|
|
— |
|
|
— |
|
|
— |
|
|
21,352 |
|
Total current assets |
889,290 |
|
|
418,759 |
|
|
1 |
|
|
(991,097 |
) |
|
316,953 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, full-cost accounting, |
7,044,550 |
|
|
2,983,015 |
|
|
— |
|
|
(729 |
) |
|
10,026,836 |
|
Other property and equipment |
91,916 |
|
|
751 |
|
|
— |
|
|
— |
|
|
92,667 |
|
Accumulated depletion, depreciation, amortization and impairment |
(4,640,059 |
) |
|
(39 |
) |
|
— |
|
|
— |
|
|
(4,640,098 |
) |
Property and equipment, net |
2,496,407 |
|
|
2,983,727 |
|
|
— |
|
|
(729 |
) |
|
5,479,405 |
|
Other assets: |
|
|
|
|
|
|
|
|
|
Equity investments and investments in subsidiaries |
2,856,988 |
|
|
— |
|
|
44,259 |
|
|
(2,665,126 |
) |
|
236,121 |
|
Inventories |
3,620 |
|
|
1,134 |
|
|
— |
|
|
— |
|
|
4,754 |
|
Other assets |
12,624 |
|
|
1,178 |
|
|
— |
|
|
1 |
|
|
13,803 |
|
Total other assets |
2,873,232 |
|
|
2,312 |
|
|
44,259 |
|
|
(2,665,125 |
) |
|
254,678 |
|
Total assets |
$ |
6,258,929 |
|
|
$ |
3,404,798 |
|
|
$ |
44,260 |
|
|
$ |
(3,656,951 |
) |
|
$ |
6,051,036 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
419,107 |
|
|
$ |
99,273 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
518,380 |
|
Accounts payable - intercompany |
320,259 |
|
|
670,708 |
|
|
130 |
|
|
(991,097 |
) |
|
— |
|
Short-term derivative instruments |
20,401 |
|
|
— |
|
|
— |
|
|
— |
|
|
20,401 |
|
Current maturities of long-term debt |
651 |
|
|
— |
|
|
— |
|
|
— |
|
|
651 |
|
Total current liabilities |
760,418 |
|
|
769,981 |
|
|
130 |
|
|
(991,097 |
) |
|
539,432 |
|
Long-term derivative instruments |
13,992 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,992 |
|
Asset retirement obligation - long-term |
66,859 |
|
|
13,093 |
|
|
— |
|
|
— |
|
|
79,952 |
|
Deferred tax liability |
3,127 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,127 |
|
Long-term debt, net of current maturities |
2,086,765 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,086,765 |
|
Total liabilities |
2,931,161 |
|
|
783,074 |
|
|
130 |
|
|
(991,097 |
) |
|
2,723,268 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
1,630 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,630 |
|
Paid-in capital |
4,227,532 |
|
|
1,915,598 |
|
|
261,626 |
|
|
(2,177,224 |
) |
|
4,227,532 |
|
Accumulated other comprehensive loss |
(56,026 |
) |
|
— |
|
|
(53,783 |
) |
|
53,783 |
|
|
(56,026 |
) |
(Accumulated deficit) retained earnings |
(845,368 |
) |
|
706,126 |
|
|
(163,713 |
) |
|
(542,413 |
) |
|
(845,368 |
) |
Total stockholders’ equity |
3,327,768 |
|
|
2,621,724 |
|
|
44,130 |
|
|
(2,665,854 |
) |
|
3,327,768 |
|
Total liabilities and stockholders’ equity
|
$ |
6,258,929 |
|
|
$ |
3,404,798 |
|
|
$ |
44,260 |
|
|
$ |
(3,656,951 |
) |
|
$ |
6,051,036 |
|
|
| CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2019 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
280,291 |
|
|
$ |
178,703 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
458,994 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
12,256 |
|
|
10,132 |
|
|
— |
|
|
— |
|
|
22,388 |
|
Production taxes |
2,820 |
|
|
5,278 |
|
|
— |
|
|
— |
|
|
8,098 |
|
Midstream gathering and processing expenses |
28,121 |
|
|
43,894 |
|
|
— |
|
|
— |
|
|
72,015 |
|
Depreciation, depletion and amortization |
80,132 |
|
|
44,764 |
|
|
55 |
|
|
— |
|
|
124,951 |
|
General and administrative expenses |
16,745 |
|
|
(3,583 |
) |
|
103 |
|
|
— |
|
|
13,265 |
|
Accretion expense |
438 |
|
|
921 |
|
|
— |
|
|
— |
|
|
1,359 |
|
|
140,512 |
|
|
101,406 |
|
|
158 |
|
|
— |
|
|
242,076 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS |
139,779 |
|
|
77,297 |
|
|
(158 |
) |
|
— |
|
|
216,918 |
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSE (INCOME): |
|
|
|
|
|
|
|
|
|
Interest expense |
35,835 |
|
|
(955 |
) |
|
— |
|
|
— |
|
|
34,880 |
|
Interest income |
(120 |
) |
|
(39 |
) |
|
— |
|
|
— |
|
|
(159 |
) |
Insurance proceeds |
(83 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(83 |
) |
Loss (income) from equity method investments and investments in subsidiaries |
47,449 |
|
|
— |
|
|
(54 |
) |
|
78,187 |
|
|
125,582 |
|
Other expense |
1,073 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,073 |
|
|
84,154 |
|
|
(994 |
) |
|
(54 |
) |
|
78,187 |
|
|
161,293 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
55,625 |
|
|
78,291 |
|
|
(104 |
) |
|
(78,187 |
) |
|
55,625 |
|
INCOME TAX BENEFIT |
(179,331 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(179,331 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
234,956 |
|
|
$ |
78,291 |
|
|
$ |
(104 |
) |
|
$ |
(78,187 |
) |
|
$ |
234,956 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
146,774 |
|
|
$ |
105,966 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
252,740 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
16,593 |
|
|
6,319 |
|
|
— |
|
|
— |
|
|
22,912 |
|
Production taxes |
4,793 |
|
|
2,866 |
|
|
— |
|
|
— |
|
|
7,659 |
|
Midstream gathering and processing expenses |
52,542 |
|
|
18,898 |
|
|
— |
|
|
— |
|
|
71,440 |
|
Depreciation, depletion and amortization |
121,915 |
|
|
— |
|
|
— |
|
|
— |
|
|
121,915 |
|
General and administrative expenses |
14,975 |
|
|
(968 |
) |
|
1 |
|
|
— |
|
|
14,008 |
|
Accretion expense |
795 |
|
|
220 |
|
|
— |
|
|
— |
|
|
1,015 |
|
|
211,613 |
|
|
27,335 |
|
|
1 |
|
|
— |
|
|
238,949 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM OPERATIONS |
(64,839 |
) |
|
78,631 |
|
|
(1 |
) |
|
— |
|
|
13,791 |
|
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
34,663 |
|
|
(959 |
) |
|
— |
|
|
— |
|
|
33,704 |
|
Interest income |
(27 |
) |
|
(6 |
) |
|
— |
|
|
— |
|
|
(33 |
) |
Insurance proceeds |
(231 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(231 |
) |
Gain on sale of equity method investments |
(25,616 |
) |
|
(96,419 |
) |
|
— |
|
|
— |
|
|
(122,035 |
) |
(Income) loss from equity method investments and investments in subsidiaries |
(183,901 |
) |
|
(336 |
) |
|
228 |
|
|
175,121 |
|
|
(8,888 |
) |
Other (income) expense |
(1,046 |
) |
|
1 |
|
|
— |
|
|
1,000 |
|
|
(45 |
) |
|
(176,158 |
) |
|
(97,719 |
) |
|
228 |
|
|
176,121 |
|
|
(97,528 |
) |
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
111,319 |
|
|
176,350 |
|
|
(229 |
) |
|
(176,121 |
) |
|
111,319 |
|
INCOME TAX BENEFIT |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
111,319 |
|
|
$ |
176,350 |
|
|
$ |
(229 |
) |
|
$ |
(176,121 |
) |
|
$ |
111,319 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2019 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
466,537 |
|
|
$ |
313,035 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
779,572 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
27,149 |
|
|
15,046 |
|
|
— |
|
|
— |
|
|
42,195 |
|
Production taxes |
6,081 |
|
|
9,938 |
|
|
— |
|
|
— |
|
|
16,019 |
|
Midstream gathering and processing expenses |
71,420 |
|
|
70,877 |
|
|
— |
|
|
— |
|
|
142,297 |
|
Depreciation, depletion, and amortization |
198,564 |
|
|
44,765 |
|
|
55 |
|
|
— |
|
|
243,384 |
|
General and administrative expenses |
28,977 |
|
|
(4,258 |
) |
|
104 |
|
|
— |
|
|
24,823 |
|
Accretion expense |
1,389 |
|
|
1,037 |
|
|
— |
|
|
— |
|
|
2,426 |
|
|
333,580 |
|
|
137,405 |
|
|
159 |
|
|
— |
|
|
471,144 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS |
132,957 |
|
|
175,630 |
|
|
(159 |
) |
|
— |
|
|
308,428 |
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSE (INCOME): |
|
|
|
|
|
|
|
|
|
Interest expense |
70,259 |
|
|
(1,259 |
) |
|
— |
|
|
— |
|
|
69,000 |
|
Interest income |
(267 |
) |
|
(44 |
) |
|
— |
|
|
— |
|
|
(311 |
) |
Insurance proceeds |
(83 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(83 |
) |
(Income) loss from equity method investments and investments in subsidiaries |
(55,465 |
) |
|
— |
|
|
339 |
|
|
176,435 |
|
|
121,309 |
|
Other expense |
646 |
|
|
— |
|
|
— |
|
|
— |
|
|
646 |
|
|
15,090 |
|
|
(1,303 |
) |
|
339 |
|
|
176,435 |
|
|
190,561 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
117,867 |
|
|
176,933 |
|
|
(498 |
) |
|
(176,435 |
) |
|
117,867 |
|
INCOME TAX BENEFIT |
(179,331 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(179,331 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
297,198 |
|
|
$ |
176,933 |
|
|
$ |
(498 |
) |
|
$ |
(176,435 |
) |
|
$ |
297,198 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
360,335 |
|
|
$ |
217,797 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
578,132 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
30,424 |
|
|
11,394 |
|
|
— |
|
|
— |
|
|
41,818 |
|
Production taxes |
8,804 |
|
|
5,709 |
|
|
— |
|
|
— |
|
|
14,513 |
|
Midstream gathering and processing expenses |
98,208 |
|
|
37,425 |
|
|
— |
|
|
— |
|
|
135,633 |
|
Depreciation, depletion, and amortization |
232,932 |
|
|
1 |
|
|
— |
|
|
— |
|
|
232,933 |
|
General and administrative expenses |
28,786 |
|
|
(1,681 |
) |
|
2 |
|
|
— |
|
|
27,107 |
|
Accretion expense |
1,585 |
|
|
434 |
|
|
— |
|
|
— |
|
|
2,019 |
|
|
400,739 |
|
|
53,282 |
|
|
2 |
|
|
— |
|
|
454,023 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM OPERATIONS |
(40,404 |
) |
|
164,515 |
|
|
(2 |
) |
|
— |
|
|
124,109 |
|
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
69,056 |
|
|
(1,387 |
) |
|
— |
|
|
— |
|
|
67,669 |
|
Interest income |
(58 |
) |
|
(12 |
) |
|
— |
|
|
— |
|
|
(70 |
) |
Insurance proceeds |
(231 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(231 |
) |
Gain on sale of equity method investments |
(25,616 |
) |
|
(96,419 |
) |
|
— |
|
|
— |
|
|
(122,035 |
) |
(Income) loss from equity method investments and investments in subsidiaries |
(283,765 |
) |
|
(693 |
) |
|
558 |
|
|
261,476 |
|
|
(22,424 |
) |
Other (income) expense |
(1,130 |
) |
|
(10 |
) |
|
— |
|
|
1,000 |
|
|
(140 |
) |
|
(241,744 |
) |
|
(98,521 |
) |
|
558 |
|
|
262,476 |
|
|
(77,231 |
) |
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
201,340 |
|
|
263,036 |
|
|
(560 |
) |
|
(262,476 |
) |
|
201,340 |
|
INCOME TAX BENEFIT |
(69 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(69 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
201,409 |
|
|
$ |
263,036 |
|
|
$ |
(560 |
) |
|
$ |
(262,476 |
) |
|
$ |
201,409 |
|
|
| CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2019 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
234,956 |
|
|
$ |
78,291 |
|
|
$ |
(104 |
) |
|
$ |
(78,187 |
) |
|
$ |
234,956 |
|
Foreign currency translation adjustment |
3,610 |
|
|
61 |
|
|
3,549 |
|
|
(3,610 |
) |
|
3,610 |
|
Other comprehensive income (loss) |
3,610 |
|
|
61 |
|
|
3,549 |
|
|
(3,610 |
) |
|
3,610 |
|
Comprehensive income (loss) |
$ |
238,566 |
|
|
$ |
78,352 |
|
|
$ |
3,445 |
|
|
$ |
(81,797 |
) |
|
$ |
238,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
111,319 |
|
|
$ |
176,350 |
|
|
$ |
(229 |
) |
|
$ |
(176,121 |
) |
|
$ |
111,319 |
|
Foreign currency translation adjustment |
(3,364 |
) |
|
14 |
|
|
(3,378 |
) |
|
3,364 |
|
|
(3,364 |
) |
Other comprehensive (loss) income |
(3,364 |
) |
|
14 |
|
|
(3,378 |
) |
|
3,364 |
|
|
(3,364 |
) |
Comprehensive income (loss) |
$ |
107,955 |
|
|
$ |
176,364 |
|
|
$ |
(3,607 |
) |
|
$ |
(172,757 |
) |
|
$ |
107,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2019 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
297,198 |
|
|
$ |
176,933 |
|
|
$ |
(498 |
) |
|
$ |
(176,435 |
) |
|
$ |
297,198 |
|
Foreign currency translation adjustment |
7,411 |
|
|
155 |
|
|
7,256 |
|
|
(7,411 |
) |
|
7,411 |
|
Other comprehensive income (loss) |
7,411 |
|
|
155 |
|
|
7,256 |
|
|
(7,411 |
) |
|
7,411 |
|
Comprehensive income (loss) |
$ |
304,609 |
|
|
$ |
177,088 |
|
|
$ |
6,758 |
|
|
$ |
(183,846 |
) |
|
$ |
304,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
Net income (loss) |
$ |
201,409 |
|
|
$ |
263,036 |
|
|
$ |
(560 |
) |
|
$ |
(262,476 |
) |
|
$ |
201,409 |
|
Foreign currency translation adjustment |
(8,867 |
) |
|
(173 |
) |
|
(8,694 |
) |
|
8,867 |
|
|
(8,867 |
) |
Other comprehensive (loss) income |
(8,867 |
) |
|
(173 |
) |
|
(8,694 |
) |
|
8,867 |
|
|
(8,867 |
) |
Comprehensive income (loss) |
$ |
192,542 |
|
|
$ |
262,863 |
|
|
$ |
(9,254 |
) |
|
$ |
(253,609 |
) |
|
$ |
192,542 |
|
|
| CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2019 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
230,776 |
|
|
$ |
74,857 |
|
|
$ |
3,355 |
|
|
$ |
1 |
|
|
$ |
308,989 |
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities |
(324,357 |
) |
|
(91,769 |
) |
|
(3,751 |
) |
|
432 |
|
|
(419,445 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
78,936 |
|
|
— |
|
|
433 |
|
|
(433 |
) |
|
78,936 |
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
(14,645 |
) |
|
(16,912 |
) |
|
37 |
|
|
— |
|
|
(31,520 |
) |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of period |
25,585 |
|
|
26,711 |
|
|
1 |
|
|
— |
|
|
52,297 |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
10,940 |
|
|
$ |
9,799 |
|
|
$ |
38 |
|
|
$ |
— |
|
|
$ |
20,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
370,965 |
|
|
$ |
40,078 |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
411,044 |
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities |
(327,362 |
) |
|
(33,103 |
) |
|
(1,569 |
) |
|
1,569 |
|
|
(360,465 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities |
(30,906 |
) |
|
— |
|
|
1,570 |
|
|
(1,570 |
) |
|
(30,906 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase in cash, cash equivalents and restricted cash |
12,697 |
|
|
6,975 |
|
|
1 |
|
|
— |
|
|
19,673 |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of period |
67,908 |
|
|
31,649 |
|
|
— |
|
|
— |
|
|
99,557 |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
80,605 |
|
|
$ |
38,624 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
119,230 |
|
|