Annual report pursuant to Section 13 and 15(d)

Condensed Consolidating Financial Information (Tables)

v3.3.1.900
Condensed Consolidating Financial Information (Tables)
12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2015
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
112,494

 
$
479

 
$
1

 
$

 
$
112,974

Accounts receivable - oil and gas
72,241

 
54

 

 
(423
)
 
71,872

Accounts receivable - related parties
16

 

 

 

 
16

Accounts receivable - intercompany
326,475

 
60

 

 
(326,535
)
 

Prepaid expenses and other current assets
3,905

 

 

 

 
3,905

Short-term derivative instruments
142,794

 

 

 

 
142,794

Total current assets
657,925

 
593

 
1

 
(326,958
)
 
331,561

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting
5,108,258

 
316,813

 

 
(729
)
 
5,424,342

Other property and equipment
33,128

 
43

 

 

 
33,171

Accumulated depletion, depreciation, amortization and impairment
(2,829,081
)
 
(29
)
 

 

 
(2,829,110
)
Property and equipment, net
2,312,305

 
316,827

 

 
(729
)
 
2,628,403

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
231,892

 

 
50,644

 
(40,143
)
 
242,393

Long-term derivative instruments
51,088

 

 

 

 
51,088

Deferred tax asset
74,925

 

 

 

 
74,925

Other assets
6,364

 

 

 

 
6,364

Total other assets
364,269

 

 
50,644

 
(40,143
)
 
374,770

  Total assets
$
3,334,499

 
$
317,420

 
$
50,645

 
$
(367,830
)
 
$
3,334,734

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
264,893

 
$
527

 
$

 
$
(292
)
 
$
265,128

Accounts payable - intercompany

 
326,541

 
124

 
(326,665
)
 

Asset retirement obligation - current
75

 

 

 

 
75

Short-term derivative instruments
437

 

 

 

 
437

Deferred tax liability
50,697

 

 

 

 
50,697

Current maturities of long-term debt
179

 

 

 

 
179

Total current liabilities
316,281

 
327,068

 
124

 
(326,957
)
 
316,516

Long-term derivative instrument
6,935

 

 

 

 
6,935

Asset retirement obligation - long-term
26,362

 

 

 

 
26,362

Long-term debt, net of current maturities
946,084

 

 

 

 
946,084

Total liabilities
1,295,662

 
327,068

 
124

 
(326,957
)
 
1,295,897

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
1,082

 

 

 

 
1,082

Paid-in capital
2,824,303

 
322

 
241,553

 
(241,875
)
 
2,824,303

Accumulated other comprehensive (loss) income
(55,177
)
 

 
(55,177
)
 
55,177

 
(55,177
)
Retained (deficit) earnings
(731,371
)
 
(9,970
)
 
(135,855
)
 
145,825

 
(731,371
)
Total stockholders' equity
2,038,837

 
(9,648
)
 
50,521

 
(40,873
)
 
2,038,837

  Total liabilities and stockholders' equity
$
3,334,499

 
$
317,420

 
$
50,645

 
$
(367,830
)
 
$
3,334,734

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

Long-term derivative instruments
24,448

 

 

 

 
24,448

Other assets
6,476

 

 

 

 
6,476

Total other assets
391,162

 

 
180,217

 
(170,874
)
 
400,505

  Total assets
$
3,619,152

 
$
36,936

 
$
180,218

 
$
(216,833
)
 
$
3,619,473

 
 
 
 
 
 
 
 
 
 
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
703,396

 

 

 

 
703,396

Total liabilities
1,322,856

 
45,464

 
106

 
(45,249
)
 
1,323,177

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
856

 

 

 

 
856

Paid-in capital
1,828,602

 
322

 
227,079

 
(227,401
)
 
1,828,602

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

 
(26,675
)
 
26,675

 
(26,675
)
Retained earnings (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
$
3,619,152

 
$
36,936

 
$
180,218

 
$
(216,833
)
 
$
3,619,473

Condensed Consolidating Statements of Operations
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Year Ended December 31, 2015
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
709,525

 
$
1,468

 
$

 
$
(1,518
)
 
$
709,475

 
 
 
 
 
 
 
 
 
 
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 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
(1,333,070
)
 
379

 
(20
)
 
(1,518
)
 
(1,334,229
)
 
 
 
 
 
 
 
 
 
 
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

 
147,815

 

 
115,544

 
(116,703
)
 
146,656

 
 
 
 
 
 
 
 
 
 
(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 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 Comprehensive Income (Loss)
 
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
)

 
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 (loss) income
(16,894
)
 

 
(16,894
)
 
16,894

 
(16,894
)
Comprehensive income (loss)
$
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 (loss) income
(6,352
)
 

 
(12,223
)
 
12,223

 
(6,352
)
Comprehensive income (loss)
$
146,840

 
$
508

 
$
(15,223
)
 
$
14,715

 
$
146,840

Condensed Consolidating Statements of Cash Flows
 
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


 
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 (used in) provided by 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 (decrease) increase 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 (used in) provided by 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