Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v2.4.0.8
Condensed Consolidating Financial Information (Tables)
9 Months Ended
Sep. 30, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
September 30, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
93,996

 
$
1,469

 
$
1

 
$

 
$
95,466

Accounts receivable - oil and gas
47,143

 
530

 

 

 
47,673

Accounts receivable - related parties
26,421

 
3,376

 

 

 
29,797

Accounts receivable - intercompany
18,419

 

 

 
(18,419
)
 

Prepaid expenses and other current assets
4,634

 

 

 

 
4,634

Deferred tax asset
787

 

 

 

 
787

Short-term derivative instruments
1,633

 

 

 

 
1,633

Note receivable - related party
875

 

 

 

 
875

Total current assets
193,908

 
5,375

 
1

 
(18,419
)
 
180,865

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting
2,247,150

 
6,455

 

 

 
2,253,605

Other property and equipment
10,135

 
29

 

 

 
10,164

Accumulated depletion, depreciation, amortization and impairment
(747,677
)
 
(21
)
 

 

 
(747,698
)
Property and equipment, net
1,509,608

 
6,463

 

 

 
1,516,071

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
493,860

 

 
189,942

 
(183,123
)
 
500,679

Derivative instruments
127

 

 

 

 
127

Other assets
12,827

 

 

 

 
12,827

Total other assets
506,814

 

 
189,942

 
(183,123
)
 
513,633

  Total assets
$
2,210,330

 
$
11,838

 
$
189,943

 
$
(201,542
)
 
$
2,210,569

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
179,118

 
$
239

 
$

 
$

 
$
179,357

Accounts payable - intercompany

 
18,309

 
110

 
(18,419
)
 

Asset retirement obligation - current
780

 

 

 

 
780

Short-term derivative instruments
4,808

 

 

 

 
4,808

Current maturities of long-term debt
156

 

 

 

 
156

Total current liabilities
184,862

 
18,548

 
110

 
(18,419
)
 
185,101

Long-term derivative instrument
962

 

 

 

 
962

Asset retirement obligation - long-term
13,988

 

 

 

 
13,988

Deferred tax liability
93,957

 

 

 

 
93,957

Long-term debt, net of current maturities
298,992

 

 

 

 
298,992

Total liabilities
592,761

 
18,548

 
110

 
(18,419
)
 
593,000

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
775

 

 

 

 
775

Paid-in capital
1,399,803

 
322

 
199,437

 
(199,759
)
 
1,399,803

Accumulated other comprehensive income (loss)
(4,841
)
 

 
(3,344
)
 
3,344

 
(4,841
)
Retained earnings (accumulated deficit)
221,832

 
(7,032
)
 
(6,260
)
 
13,292

 
221,832

Total stockholders' equity
1,617,569

 
(6,710
)
 
189,833

 
(183,123
)
 
1,617,569

  Total liabilities and stockholders' equity
$
2,210,330

 
$
11,838

 
$
189,943

 
$
(201,542
)
 
$
2,210,569

CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2012
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
165,293

 
$
1,795

 
$

 
$

 
$
167,088

Accounts receivable - oil and gas
25,070

 
545

 

 

 
25,615

Accounts receivable - related parties
33,806

 
1,042

 

 

 
34,848

Accounts receivable - intercompany
15,368

 
 
 
 
 
(15,368
)
 

Prepaid expenses and other current assets
1,506

 

 

 

 
1,506

Short-term derivative instruments
664

 

 

 

 
664

Total current assets
241,707

 
3,382

 

 
(15,368
)
 
229,721

 
 
 
 
 
 
 
 
 
 
Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting,
1,606,172

 
4,918

 

 

 
1,611,090

Other property and equipment
8,642

 
20

 

 

 
8,662

Accumulated depletion, depreciation, amortization and impairment
(665,864
)
 
(20
)
 

 

 
(665,884
)
Property and equipment, net
948,950

 
4,918

 

 

 
953,868

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
374,209

 

 
172,766

 
(165,491
)
 
381,484

Other assets
13,295

 

 

 

 
13,295

Total other assets
387,504

 

 
172,766

 
(165,491
)
 
394,779

  Total assets
$
1,578,161

 
$
8,300

 
$
172,766

 
$
(180,859
)
 
$
1,578,368

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
110,037

 
$
207

 
$

 
$

 
$
110,244

Accounts payable - intercompany

 
15,259

 
109

 
(15,368
)
 

Asset retirement obligation - current
60

 

 

 

 
60

Short-term derivative instruments
10,442

 

 

 

 
10,442

Current maturities of long-term debt
150

 

 

 

 
150

Total current liabilities
120,689

 
15,466

 
109

 
(15,368
)
 
120,896

 
 
 
 
 
 
 
 
 
 
Asset retirement obligation - long-term
13,215

 

 

 

 
13,215

Deferred tax liability
18,607

 

 

 

 
18,607

Long-term debt, net of current maturities
298,888

 

 

 

 
298,888

Other non-current liabilities
354

 

 

 

 
354

Total liabilities
451,753

 
15,466

 
109

 
(15,368
)
 
451,960

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
674

 

 

 

 
674

Paid-in capital
1,036,245

 
322

 
174,348

 
(174,670
)
 
1,036,245

Accumulated other comprehensive income (loss)
(3,429
)
 

 
2,442

 
(2,442
)
 
(3,429
)
Retained earnings (accumulated deficit)
92,918

 
(7,488
)
 
(4,133
)
 
11,621

 
92,918

Total stockholders' equity
1,126,408

 
(7,166
)
 
172,657

 
(165,491
)
 
1,126,408

  Total liabilities and stockholders' equity
$
1,578,161

 
$
8,300

 
$
172,766

 
$
(180,859
)
 
$
1,578,368

Condensed Consolidating Statements of Operations
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Three Months Ended September 30, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
68,855

 
$
397

 
$

 
$

 
$
69,252

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
7,137

 
160

 

 

 
7,297

Production taxes
7,050

 
21

 

 

 
7,071

Midstream transportation, processing and marketing
3,616

 
6

 

 

 
3,622

Depreciation, depletion, and amortization
30,691

 

 

 

 
30,691

General and administrative
5,229

 
31

 
(1
)
 

 
5,259

Accretion expense
180

 

 

 

 
180

 Gain on sale of assets
(5
)
 

 

 

 
(5
)
 
53,898

 
218

 
(1
)
 

 
54,115

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
14,957

 
179

 
1

 

 
15,137

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
2,602

 

 

 

 
2,602

Interest income
(70
)
 

 

 

 
(70
)
(Income) loss from equity method investments and investments in subsidiaries
(51,502
)
 

 
863

 
(683
)
 
(51,322
)
 
(48,970
)
 

 
863

 
(683
)
 
(48,790
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
63,927

 
179

 
(862
)
 
683

 
63,927

INCOME TAX EXPENSE
23,400

 

 

 

 
23,400

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
40,527

 
$
179

 
$
(862
)
 
$
683

 
$
40,527

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
 Three Months Ended September 30, 2012
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
60,283

 
$
254

 
$

 
$

 
$
60,537

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
6,467

 
171

 

 

 
6,638

Production taxes
6,971

 
3

 

 

 
6,974

Midstream transportation, processing and marketing
93

 
3

 

 

 
96

Depreciation, depletion, and amortization
25,377

 

 

 

 
25,377

General and administrative
3,052

 
46

 

 

 
3,098

Accretion expense
176

 

 

 

 
176

 
42,136

 
223

 

 

 
42,359

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
18,147

 
31

 

 

 
18,178

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
1,003

 

 

 

 
1,003

Interest income
(6
)
 

 

 

 
(6
)
(Income) loss from equity method investments and investments in subsidiaries
1,134

 

 
280

 
(249
)
 
1,165

 
2,131

 

 
280

 
(249
)
 
2,162

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
16,016

 
31

 
(280
)
 
249

 
16,016

INCOME TAX EXPENSE
15,514

 

 

 

 
15,514

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
502

 
$
31

 
$
(280
)
 
$
249

 
$
502

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Nine Months Ended September 30, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
193,550

 
$
1,136

 
$

 
$

 
$
194,686

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
17,849

 
498

 

 

 
18,347

Production taxes
20,317

 
64

 

 

 
20,381

Midstream transportation, processing and marketing
5,926

 
14

 

 

 
5,940

Depreciation, depletion, and amortization
81,813

 
1

 

 

 
81,814

General and administrative
14,466

 
103

 
2

 

 
14,571

Accretion expense
529

 

 

 

 
529

Loss on sale of assets
567

 

 

 

 
567

 
141,467

 
680

 
2

 

 
142,149

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
52,083

 
456

 
(2
)
 

 
52,537

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
9,365

 

 

 

 
9,365

Interest income
(211
)
 

 

 

 
(211
)
(Income) loss from equity method investments and investments in subsidiaries
(163,094
)
 

 
2,125

 
(1,671
)
 
(162,640
)
 
(153,940
)
 

 
2,125

 
(1,671
)
 
(153,486
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
206,023

 
456

 
(2,127
)
 
1,671

 
206,023

INCOME TAX EXPENSE
77,109

 

 

 

 
77,109

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
128,914

 
$
456

 
$
(2,127
)
 
$
1,671

 
$
128,914

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
 Nine Months Ended September 30, 2012
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
191,386

 
$
937

 
$

 
$

 
$
192,323

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
17,685

 
516

 

 

 
18,201

Production taxes
22,178

 
50

 

 

 
22,228

Midstream transportation, processing and marketing
176

 
7

 

 

 
183

Depreciation, depletion, and amortization
70,424

 

 

 

 
70,424

General and administrative
9,256

 
88

 
26

 

 
9,370

Accretion expense
529

 

 

 

 
529

 
120,248

 
661

 
26

 

 
120,935

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
71,138

 
276

 
(26
)
 

 
71,388

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
1,630

 

 

 

 
1,630

Interest income
(37
)
 

 

 

 
(37
)
(Income) loss from equity method investments and investments in subsidiaries
1,543

 

 
864

 
(614
)
 
1,793

 
3,136

 

 
864

 
(614
)
 
3,386

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
68,002

 
276

 
(890
)
 
614

 
68,002

INCOME TAX EXPENSE
15,514

 

 

 

 
15,514

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
52,488

 
$
276

 
$
(890
)
 
$
614

 
$
52,488

Condensed Consolidating Statements of Comprehensive Income (Loss)
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands)
 
 Three Months Ended September 30, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
40,527

 
$
179

 
$
(862
)
 
$
683

 
$
40,527

Foreign currency translation adjustment
3,894

 

 
3,894

 
(3,894
)
 
3,894

Change in fair value of derivative instruments, net of taxes
630

 

 

 

 
630

Reclassification of settled contracts, net of taxes
1,617

 

 

 

 
1,617

Other comprehensive income (loss)
6,141

 

 
3,894

 
(3,894
)
 
6,141

Comprehensive income (loss)
$
46,668

 
$
179

 
$
3,032

 
$
(3,211
)
 
$
46,668


 
 Three Months Ended September 30, 2012
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
502

 
$
31

 
$
(280
)
 
$
249

 
$
502

Foreign currency translation adjustment
5,320

 

 
5,320

 
(5,320
)
 
5,320

Change in fair value of derivative instruments, net of taxes
(19,251
)
 

 

 

 
(19,251
)
Reclassification of settled contracts, net of taxes
185

 

 

 

 
185

Other comprehensive income (loss)
(13,746
)
 

 
5,320

 
(5,320
)
 
(13,746
)
Comprehensive income
$
(13,244
)
 
$
31

 
$
5,040

 
$
(5,071
)
 
$
(13,244
)

 
 Nine Months Ended September 30, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
128,914

 
$
456

 
$
(2,127
)
 
$
1,671

 
$
128,914

Foreign currency translation adjustment
(5,786
)
 

 
(5,786
)
 
5,786

 
(5,786
)
Change in fair value of derivative instruments, net of taxes
(444
)
 

 

 

 
(444
)
Reclassification of settled contracts, net of taxes
4,818

 

 

 

 
4,818

Other comprehensive income (loss)
(1,412
)
 

 
(5,786
)
 
5,786

 
(1,412
)
Comprehensive income
$
127,502

 
$
456

 
$
(7,913
)
 
$
7,457

 
$
127,502


 
 Nine Months Ended September 30, 2012
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
52,488

 
$
276

 
$
(890
)
 
$
614

 
$
52,488

Foreign currency translation adjustment
3,394

 

 
3,394

 
(3,394
)
 
3,394

Change in fair value of derivative instruments, net of taxes
(11,678
)
 

 

 

 
(11,678
)
Reclassification of settled contracts, net of taxes
646

 

 

 

 
646

Other comprehensive income (loss)
(7,638
)
 

 
3,394

 
(3,394
)
 
(7,638
)
Comprehensive income
$
44,850

 
$
276

 
$
2,504

 
$
(2,780
)
 
$
44,850

Condensed Consolidating Statements of Cash Flows
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
 
 Nine Months Ended September 30, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
139,818

 
$
1,213

 
$
(1
)
 
$

 
$
141,030

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
(569,291
)
 
(1,539
)
 
(25,087
)
 
25,089

 
(570,828
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
358,176

 

 
25,089

 
(25,089
)
 
358,176

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(71,297
)
 
(326
)
 
1

 

 
(71,622
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
165,293

 
1,795

 

 

 
167,088

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
93,996

 
$
1,469

 
$
1

 
$

 
$
95,466


 
 Nine Months Ended September 30, 2012
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
164,659

 
$
1,218

 
$
(1
)
 
$

 
$
165,876

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
(386,506
)
 
(1,387
)
 
(93,436
)
 
93,436

 
(387,893
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
140,400

 

 
93,436

 
(93,436
)
 
140,400

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(81,447
)
 
(169
)
 
(1
)
 

 
(81,617
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
93,124

 
772

 
1

 

 
93,897

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
11,677

 
$
603

 
$

 
$

 
$
12,280