Annual report pursuant to Section 13 and 15(d)

Condensed Consolidating Financial Information (Tables)

v2.4.1.9
Condensed Consolidating Financial Information (Tables)
12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2014
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
141,535

 
$
804

 
$
1

 
$

 
$
142,340

Accounts receivable - oil and gas
103,762

 
96

 

 

 
103,858

Accounts receivable - related parties
46

 

 

 

 
46

Accounts receivable - intercompany
45,222

 
27

 

 
(45,249
)
 

Prepaid expenses and other current assets
3,714

 

 

 

 
3,714

Short-term derivative instruments
78,391

 

 

 

 
78,391

Total current assets
372,670

 
927

 
1

 
(45,249
)
 
328,349

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting
3,887,874

 
35,990

 

 
(710
)
 
3,923,154

Other property and equipment
18,301

 
43

 

 

 
18,344

Accumulated depletion, depreciation, amortization and impairment
(1,050,855
)
 
(24
)
 

 

 
(1,050,879
)
Property and equipment, net
2,855,320

 
36,009

 

 
(710
)
 
2,890,619

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
360,238

 

 
180,217

 
(170,874
)
 
369,581

Derivative instruments
24,448

 

 

 

 
24,448

Other assets
19,396

 

 

 

 
19,396

Total other assets
404,082

 

 
180,217

 
(170,874
)
 
413,425

  Total assets
$
3,632,072

 
$
36,936

 
$
180,218

 
$
(216,833
)
 
$
3,632,393

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
371,089

 
$
321

 
$

 
$

 
$
371,410

Accounts payable - intercompany

 
45,143

 
106

 
(45,249
)
 

Asset retirement obligation - current
75

 

 

 

 
75

Deferred tax liability
27,070

 

 

 

 
27,070

Current maturities of long-term debt
168

 

 

 

 
168

Total current liabilities
398,402

 
45,464

 
106

 
(45,249
)
 
398,723

Asset retirement obligation - long-term
17,863

 

 

 

 
17,863

Deferred tax liability
203,195

 

 

 

 
203,195

Long-term debt, net of current maturities
716,316

 

 

 

 
716,316

Total liabilities
1,335,776

 
45,464

 
106

 
(45,249
)
 
1,336,097

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
856

 

 

 

 
856

Paid-in capital
1,828,602

 
322

 
227,079

 
(227,401
)
 
1,828,602

Accumulated other comprehensive income (loss)
(26,675
)
 

 
(26,675
)
 
26,675

 
(26,675
)
Retained earnings (accumulated deficit)
493,513

 
(8,850
)
 
(20,292
)
 
29,142

 
493,513

Total stockholders' equity
2,296,296

 
(8,528
)
 
180,112

 
(171,584
)
 
2,296,296

  Total liabilities and stockholders' equity
$
3,632,072

 
$
36,936

 
$
180,218

 
$
(216,833
)
 
$
3,632,393

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 instruments
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)
 
Year Ended December 31, 2014
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
669,067

 
$
2,199

 
$

 
$

 
$
671,266

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
51,238

 
953

 

 

 
52,191

Production taxes
23,803

 
203

 

 

 
24,006

Midstream gathering and processing
64,402

 
65

 

 

 
64,467

Depreciation, depletion and amortization
265,428

 
3

 

 

 
265,431

General and administrative
37,846

 
446

 
(2
)
 

 
38,290

Accretion expense
761

 

 

 

 
761

Gain on sale of assets
(11
)
 

 

 

 
(11
)
 
443,467

 
1,670

 
(2
)
 

 
445,135

 
 
 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
225,600

 
529

 
2

 

 
226,131

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
23,986

 

 

 

 
23,986

Interest income
(195
)
 

 

 

 
(195
)
Litigation settlement
25,500

 

 

 

 
25,500

Gain on contribution of investments
(84,470
)
 

 

 

 
(84,470
)
(Income) loss from equity method investments and investments in subsidiaries
(139,965
)
 

 
13,159

 
(12,628
)
 
(139,434
)
 
(175,144
)
 

 
13,159

 
(12,628
)
 
(174,613
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
400,744

 
529

 
(13,157
)
 
12,628

 
400,744

INCOME TAX EXPENSE
153,341

 

 

 

 
153,341

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
247,403

 
$
529

 
$
(13,157
)
 
$
12,628

 
$
247,403

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Year Ended December 31, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
261,809

 
$
1,517

 
$

 
$
(573
)
 
$
262,753

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
25,971

 
732

 

 

 
26,703

Production taxes
26,848

 
85

 

 

 
26,933

Midstream gathering and processing
10,999

 
31

 

 

 
11,030

Depreciation, depletion and amortization
118,878

 
2

 

 

 
118,880

General and administrative
22,359

 
159

 
1

 

 
22,519

Accretion expense
717

 

 

 

 
717

Loss on sale of assets
508

 

 

 

 
508

 
206,280

 
1,009

 
1

 

 
207,290

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
55,529

 
508

 
(1
)
 
(573
)
 
55,463

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
17,490

 

 

 

 
17,490

Interest income
(297
)
 

 

 

 
(297
)
(Income) loss from equity method investments and investments in subsidiaries
(212,992
)
 

 
2,999

 
(3,065
)
 
(213,058
)
 
(195,799
)
 

 
2,999

 
(3,065
)
 
(195,865
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
251,328

 
508

 
(3,000
)
 
2,492

 
251,328

INCOME TAX EXPENSE
98,136

 

 

 

 
98,136

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
153,192

 
$
508

 
$
(3,000
)
 
$
2,492

 
$
153,192

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Year Ended December 31, 2012
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
247,637

 
$
1,289

 
$

 
$

 
$
248,926

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
23,644

 
664

 

 

 
24,308

Production taxes
28,874

 
83

 

 

 
28,957

Midstream gathering and processing
432

 
11

 

 

 
443

Depreciation, depletion and amortization
90,749

 

 

 

 
90,749

General and administrative
13,602

 
132

 
74

 

 
13,808

Accretion expense
698

 

 

 

 
698

Gain on sale of assets
(7,300
)
 

 

 

 
(7,300
)
 
150,699

 
890

 
74

 

 
151,663

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
96,938

 
399

 
(74
)
 

 
97,263

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
7,458

 

 

 

 
7,458

Interest income
(72
)
 

 

 

 
(72
)
(Income) loss from equity method investments and investments in subsidiaries
(5,182
)
 

 
1,512

 
(4,652
)
 
(8,322
)
 
2,204

 

 
1,512

 
(4,652
)
 
(936
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM COTINUING OPERATIONS BEFORE INCOME TAXES
94,734

 
399

 
(1,586
)
 
4,652

 
98,199

INCOME TAX EXPENSE
26,363

 

 

 

 
26,363

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM CONTINUING OPERATIONS
68,371

 
399

 
(1,586
)
 
4,652

 
71,836

DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
Loss on disposal of Belize properties, net of tax

 
3,465

 

 

 
3,465

NET INCOME (LOSS)
$
68,371


$
(3,066
)

$
(1,586
)

$
4,652


$
68,371

Condensed Consolidating Statements of Comprehensive Income (Loss)
 
Year Ended December 31, 2014
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
247,403

 
$
529

 
$
(13,157
)
 
$
12,628

 
$
247,403

Foreign currency translation adjustment
(16,894
)
 

 
(16,894
)
 
16,894

 
(16,894
)
Other comprehensive income (loss)
(16,894
)
 

 
(16,894
)
 
16,894

 
(16,894
)
Comprehensive income
$
230,509

 
$
529

 
$
(30,051
)
 
$
29,522

 
$
230,509


 
Year Ended December 31, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
Net income (loss)
$
153,192

 
$
508

 
$
(3,000
)
 
$
2,492

 
$
153,192

Foreign currency translation adjustment
(12,223
)
 

 
(12,223
)
 
12,223

 
(12,223
)
Change in fair value of derivative instruments, net of taxes
(4,419
)
 

 

 

 
(4,419
)
Reclassification of settled contracts, net of taxes
10,290

 

 

 

 
10,290

Other comprehensive income (loss)
(6,352
)
 

 
(12,223
)
 
12,223

 
(6,352
)
Comprehensive income
$
146,840

 
$
508

 
$
(15,223
)
 
$
14,715

 
$
146,840

 
Year Ended December 31, 2012
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
Net income (loss)
$
68,371

 
$
(3,066
)
 
$
(1,586
)
 
$
4,652

 
$
68,371

Foreign currency translation adjustment
1,355

 

 
1,355

 
(1,355
)
 
1,355

Change in fair value of derivative instruments, net of taxes
(8,452
)
 

 

 

 
(8,452
)
Reclassification of settled contracts, net of taxes
1,005

 

 

 

 
1,005

Other comprehensive income (loss)
(6,092
)
 

 
1,355

 
(1,355
)
 
(6,092
)
Comprehensive income
$
62,279

 
$
(3,066
)
 
$
(231
)
 
$
3,297

 
$
62,279

Condensed Consolidating Statements of Cash Flows
 
Year Ended December 31, 2014
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
388,177

 
$
21,698

 
$
(2
)
 
$

 
$
409,873

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
(1,108,241
)
 
(28,419
)
 
(18,799
)
 
18,802

 
(1,136,657
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
410,168

 

 
18,802

 
(18,802
)
 
410,168

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(309,896
)
 
(6,721
)
 
1

 

 
(316,616
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
451,431

 
7,525

 

 

 
458,956

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
141,535

 
$
804

 
$
1

 
$

 
$
142,340


 
Year Ended December 31, 2013
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
182,961

 
$
8,104

 
$

 
$

 
$
191,065

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
(661,886
)
 
(2,374
)
 
(33,929
)
 
33,929

 
(664,260
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
765,063

 

 
33,929

 
(33,929
)
 
765,063

 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
286,138

 
5,730

 

 

 
291,868

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
165,293

 
1,795

 

 

 
167,088

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
451,431

 
$
7,525

 
$

 
$

 
$
458,956

 
Year Ended December 31, 2012
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
195,734

 
$
3,425

 
$
(1
)
 
$

 
$
199,158

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
(838,177
)
 
(2,402
)
 
(103,915
)
 
103,915

 
(840,579
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
714,612

 

 
103,915

 
(103,915
)
 
714,612

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
72,169

 
1,023

 
(1
)
 

 
73,191

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
93,124

 
772

 
1

 

 
93,897

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
165,293

 
$
1,795

 
$

 
$

 
$
167,088