Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v2.4.0.8
Condensed Consolidating Financial Information (Tables)
3 Months Ended
Mar. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
March 31, 2014
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
168,476

 
$
1,906

 
$

 
$

 
$
170,382

Accounts receivable - oil and gas
81,130

 
5,638

 

 

 
86,768

Accounts receivable - related parties
570

 

 

 

 
570

Accounts receivable - intercompany
23,317

 
26

 

 
(23,343
)
 

Prepaid expenses and other current assets
3,352

 

 

 

 
3,352

Deferred tax asset
7,558

 

 

 

 
7,558

Note receivable - related party
875

 

 

 

 
875

Total current assets
285,278

 
7,570

 

 
(23,343
)
 
269,505

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting
2,898,168

 
9,381

 

 
(573
)
 
2,906,976

Other property and equipment
12,195

 
29

 

 

 
12,224

Accumulated depletion, depreciation, amortization and impairment
(841,539
)
 
(22
)
 

 

 
(841,561
)
Property and equipment, net
2,068,824

 
9,388

 

 
(573
)
 
2,077,639

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
491,955

 

 
190,263

 
(182,799
)
 
499,419

Derivative instruments
2,565

 

 

 

 
2,565

Other assets
17,581

 

 

 

 
17,581

Total other assets
512,101

 

 
190,263

 
(182,799
)
 
519,565

  Total assets
$
2,866,203

 
$
16,958

 
$
190,263

 
$
(206,715
)
 
$
2,866,709

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
238,593

 
$
506

 
$

 
$

 
$
239,099

Accounts payable - intercompany


 
23,238

 
105

 
(23,343
)
 

Asset retirement obligation - current
795

 

 

 

 
795

Short-term derivative instruments
29,755

 

 

 

 
29,755

Current maturities of long-term debt
161

 

 

 

 
161

Total current liabilities
269,304

 
23,744

 
105

 
(23,343
)
 
269,810

Long-term derivative instrument
4,277

 

 

 

 
4,277

Asset retirement obligation - long-term
14,650

 

 

 

 
14,650

Deferred tax liability
148,470

 

 

 

 
148,470

Long-term debt, net of current maturities
299,062

 

 

 

 
299,062

Total liabilities
735,763

 
23,744

 
105

 
(23,343
)
 
736,269

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
853

 

 

 

 
853

Paid-in capital
1,817,978

 
322

 
216,347

 
(216,669
)
 
1,817,978

Accumulated other comprehensive income (loss)
(17,059
)
 

 
(17,059
)
 
17,059

 
(17,059
)
Retained earnings (accumulated deficit)
328,668

 
(7,108
)
 
(9,130
)
 
16,238

 
328,668

Total stockholders' equity
2,130,440

 
(6,786
)
 
190,158

 
(183,372
)
 
2,130,440

  Total liabilities and stockholders' equity
$
2,866,203

 
$
16,958

 
$
190,263

 
$
(206,715
)
 
$
2,866,709

CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
451,431

 
$
7,525

 
$

 
$

 
$
458,956

Accounts receivable - oil and gas
58,662

 
162

 

 

 
58,824

Accounts receivable - related parties
2,617

 

 

 

 
2,617

Accounts receivable - intercompany
21,379

 
27

 

 
(21,406
)
 

Prepaid expenses and other current assets
2,581

 

 

 

 
2,581

Deferred tax asset
6,927

 

 

 

 
6,927

Short-term derivative instruments
324

 

 

 

 
324

Note receivable - related party
875

 

 

 

 
875

Total current assets
544,796

 
7,714

 

 
(21,406
)
 
531,104

 
 
 
 
 
 
 
 
 
 
Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting,
2,470,411

 
7,340

 

 
(573
)
 
2,477,178

Other property and equipment
11,102

 
29

 

 

 
11,131

Accumulated depletion, depreciation, amortization and impairment
(784,695
)
 
(22
)
 

 

 
(784,717
)
Property and equipment, net
1,696,818

 
7,347

 

 
(573
)
 
1,703,592

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
432,727

 

 
191,473

 
(184,132
)
 
440,068

Derivative instruments
521

 

 

 

 
521

Other assets
17,851

 

 

 

 
17,851

Total other assets
451,099

 

 
191,473

 
(184,132
)
 
458,440

  Total assets
$
2,692,713

 
$
15,061

 
$
191,473

 
$
(206,111
)
 
$
2,693,136

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
190,284

 
$
423

 
$

 
$

 
$
190,707

Accounts payable - intercompany

 
21,296

 
110

 
(21,406
)
 

Asset retirement obligation - current
795

 

 

 

 
795

Short-term derivative instruments
12,280

 

 

 

 
12,280

Current maturities of long-term debt
159

 

 

 

 
159

Total current liabilities
203,518

 
21,719

 
110

 
(21,406
)
 
203,941

 
 
 
 
 
 
 
 
 
 
Long-term derivative instrument
11,366

 

 

 

 
11,366

Asset retirement obligation - long-term
14,288

 

 

 

 
14,288

Deferred tax liability
114,275

 

 

 

 
114,275

Long-term debt, net of current maturities
299,028

 

 

 

 
299,028

Total liabilities
642,475

 
21,719

 
110

 
(21,406
)
 
642,898

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
851

 

 

 

 
851

Paid-in capital
1,813,058

 
322

 
208,277

 
(208,599
)
 
1,813,058

Accumulated other comprehensive income (loss)
(9,781
)
 

 
(9,781
)
 
9,781

 
(9,781
)
Retained earnings (accumulated deficit)
246,110

 
(6,980
)
 
(7,133
)
 
14,113

 
246,110

Total stockholders' equity
2,050,238

 
(6,658
)
 
191,363

 
(184,705
)
 
2,050,238

  Total liabilities and stockholders' equity
$
2,692,713

 
$
15,061

 
$
191,473

 
$
(206,111
)
 
$
2,693,136

Condensed Consolidating Statements of Operations
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Three months ended March 31, 2014
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
117,850

 
$
179

 
$

 
$

 
$
118,029

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
11,381

 
248

 

 

 
11,629

Production taxes
6,937

 
20

 

 

 
6,957

Midstream transportation, processing and marketing
7,757

 
12

 

 

 
7,769

Depreciation, depletion, and amortization
56,877

 

 

 

 
56,877

General and administrative
9,488

 
27

 
(4
)
 

 
9,511

Accretion expense
188

 

 

 

 
188

Gain on sale of assets
(11
)
 

 

 

 
(11
)
 
92,617

 
307

 
(4
)
 

 
92,920

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
25,233

 
(128
)
 
4

 

 
25,109

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
3,885

 

 

 

 
3,885

Interest income
(106
)
 

 

 

 
(106
)
Litigation settlement
18,000

 

 

 

 
18,000

(Income) loss from equity method investments and investments in subsidiaries
(128,351
)
 

 
2,001

 
(2,125
)
 
(128,475
)
 
(106,572
)
 

 
2,001

 
(2,125
)
 
(106,696
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
131,805

 
(128
)
 
(1,997
)
 
2,125

 
131,805

INCOME TAX EXPENSE
49,247

 

 

 

 
49,247

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
82,558

 
$
(128
)
 
$
(1,997
)
 
$
2,125

 
$
82,558

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Three months ended March 31, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
54,662

 
$
338

 
$

 
$

 
$
55,000

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
4,998

 
174

 

 

 
5,172

Production taxes
6,848

 
22

 
 
 
 
 
6,870

Midstream transportation, processing and marketing
413

 
4

 
 
 
 
 
417

Depreciation, depletion, and amortization
22,583

 

 

 

 
22,583

General and administrative
4,378

 
34

 

 

 
4,412

Accretion expense
175

 

 

 

 
175

Loss on sale of assets
427

 

 

 

 
427

 
39,822

 
234

 

 

 
40,056

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
14,840

 
104

 

 

 
14,944

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
3,479

 

 

 

 
3,479

Interest income
(79
)
 

 

 

 
(79
)
(Income) loss from equity method investments and investments in subsidiaries
(61,314
)
 

 
532

 
(428
)
 
(61,210
)
 
(57,914
)
 

 
532

 
(428
)
 
(57,810
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM COTINUING OPERATIONS BEFORE INCOME TAXES
72,754

 
104

 
(532
)
 
428

 
72,754

INCOME TAX EXPENSE
28,195

 

 

 

 
28,195

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
44,559

 
$
104

 
$
(532
)
 
$
428

 
$
44,559

Condensed Consolidating Statements of Comprehensive Income (Loss)
 
Three months ended March 31, 2014
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
82,558

 
$
(128
)
 
$
(1,997
)
 
$
2,125

 
$
82,558

Foreign currency translation adjustment
(7,278
)
 

 
(7,278
)
 
7,278

 
(7,278
)
Other comprehensive income (loss)
(7,278
)
 

 
(7,278
)
 
7,278

 
(7,278
)
Comprehensive income (loss)
$
75,280

 
$
(128
)
 
$
(9,275
)
 
$
9,403

 
$
75,280


 
Three months ended March 31, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
Net income (loss)
$
44,559

 
$
104

 
$
(532
)
 
$
428

 
$
44,559

Foreign currency translation adjustment
(3,567
)
 

 
(3,567
)
 
3,567

 
(3,567
)
Change in fair value of derivative instruments, net of taxes
(1,430
)
 

 

 

 
(1,430
)
Reclassification of settled contracts, net of taxes
1,797

 

 

 

 
1,797

Other comprehensive income (loss)
(3,200
)
 

 
(3,567
)
 
3,567

 
(3,200
)
Comprehensive income (loss)
$
41,359

 
$
104

 
$
(4,099
)
 
$
3,995

 
$
41,359

Condensed Consolidating Statements of Cash Flows
 
Three months ended March 31, 2014
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
159,736

 
$
(3,585
)
 
$
(1
)
 
$

 
$
156,150

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
(443,079
)
 
(2,034
)
 
(8,069
)
 
8,070

 
(445,112
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
388

 

 
8,070

 
(8,070
)
 
388

 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
(282,955
)
 
(5,619
)
 

 

 
(288,574
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
451,431

 
7,525

 

 

 
458,956

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
168,476

 
$
1,906

 
$

 
$

 
$
170,382


 
Three months ended March 31, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
35,682

 
$
(675
)
 
$

 
$

 
$
35,007

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
(332,807
)
 
(410
)
 
(7,529
)
 
7,530

 
(333,216
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
357,101

 

 
7,530

 
(7,530
)
 
357,101

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
59,976

 
(1,085
)
 
1

 

 
58,892

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
165,293

 
1,795

 

 

 
167,088

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
225,269

 
$
710

 
$
1

 
$

 
$
225,980