Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.7.0.1
Condensed Consolidating Financial Information (Tables)
3 Months Ended
Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
March 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
71,934

 
$
30,550

 
$
1

 
$

 
$
102,485

Accounts receivable - oil and gas
106,008

 
52,146

 

 

 
158,154

Accounts receivable - related parties
39

 

 

 

 
39

Accounts receivable - intercompany
447,275

 
35,434

 

 
(482,709
)
 

Prepaid expenses and other current assets
12,330

 
3,675

 

 

 
16,005

Short-term derivative instruments
18,925

 

 

 

 
18,925

Total current assets
656,511

 
121,805

 
1

 
(482,709
)
 
295,608

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting
5,869,066

 
2,277,984

 

 
(729
)
 
8,146,321

Other property and equipment
75,064

 
43

 

 

 
75,107

Accumulated depletion, depreciation, amortization and impairment
(3,855,594
)
 
(35
)
 

 

 
(3,855,629
)
Property and equipment, net
2,088,536

 
2,277,992

 

 
(729
)
 
4,365,799

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
2,120,462

 
40,661

 
46,838

 
(1,956,591
)
 
251,370

Long-term derivative instruments
23,515

 

 

 

 
23,515

Deferred tax asset
4,692

 

 

 

 
4,692

Other assets
8,765

 
4,180

 

 

 
12,945

Total other assets
2,157,434

 
44,841

 
46,838

 
(1,956,591
)
 
292,522

  Total assets
$
4,902,481

 
$
2,444,638

 
$
46,839

 
$
(2,440,029
)
 
$
4,953,929

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
326,175

 
$
79,964

 
$

 
$

 
$
406,139

Accounts payable - intercompany
35,005

 
447,577

 
127

 
(482,709
)
 

Asset retirement obligation
195

 

 

 

 
195

Derivative instruments
67,179

 

 

 

 
67,179

Current maturities of long-term debt
452

 

 

 

 
452

Total current liabilities
429,006

 
527,541

 
127

 
(482,709
)
 
473,965

Long-term derivative instrument
5,259

 

 

 

 
5,259

Asset retirement obligation
34,653

 
6,489

 

 

 
41,142

Long-term debt, net of current maturities
1,631,809

 

 

 

 
1,631,809

Total liabilities
2,100,727

 
534,030

 
127

 
(482,709
)
 
2,152,175

 
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock
1,828

 

 

 

 
1,828

Paid-in capital
4,408,236

 
1,872,598

 
257,700

 
(2,130,298
)
 
4,408,236

Accumulated other comprehensive (loss) income
(51,685
)
 

 
(49,613
)
 
49,613

 
(51,685
)
Retained (deficit) earnings
(1,556,625
)
 
38,010

 
(161,375
)
 
123,365

 
(1,556,625
)
Total stockholders’ equity
2,801,754

 
1,910,608

 
46,712

 
(1,957,320
)
 
2,801,754

  Total liabilities and stockholders equity
$
4,902,481

 
$
2,444,638

 
$
46,839

 
$
(2,440,029
)
 
$
4,953,929

CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,273,882

 
$
1,993

 
$

 
$

 
$
1,275,875

Restricted Cash
185,000

 

 

 

 
$
185,000

Accounts receivable - oil and gas
137,087

 
37,496

 

 
(37,822
)
 
136,761

Accounts receivable - related parties
16

 

 

 

 
16

Accounts receivable - intercompany
449,517

 
1,151

 

 
(450,668
)
 

Prepaid expenses and other current assets
6,230

 
1,409

 

 

 
7,639

Short-term derivative instruments
3,488

 

 

 

 
3,488

Total current assets
2,055,220

 
42,049

 

 
(488,490
)
 
1,608,779

 
 
 
 
 
 
 
 
 
 
Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting,
5,655,125

 
417,524

 

 
(729
)
 
6,071,920

Other property and equipment
68,943

 
43

 

 

 
68,986

Accumulated depletion, depreciation, amortization and impairment
(3,789,746
)
 
(34
)
 

 

 
(3,789,780
)
Property and equipment, net
1,934,322

 
417,533

 

 
(729
)
 
2,351,126

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
236,327

 
33,590

 
45,213

 
(71,210
)
 
243,920

Long-term derivative instruments
5,696

 

 

 

 
5,696

Deferred tax asset
4,692

 

 

 

 
4,692

Other assets
8,932

 

 

 

 
8,932

Total other assets
255,647

 
33,590

 
45,213

 
(71,210
)
 
263,240

  Total assets
$
4,245,189

 
$
493,172

 
$
45,213

 
$
(560,429
)
 
$
4,223,145

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
255,966

 
$
9,158

 
$

 
$

 
$
265,124

Accounts payable - intercompany
31,202

 
457,163

 
126

 
(488,491
)
 

Asset retirement obligation
195

 

 

 

 
195

Derivative instruments
119,219

 

 

 

 
119,219

Current maturities of long-term debt
276

 

 

 

 
276

Total current liabilities
406,858

 
466,321

 
126

 
(488,491
)
 
384,814

 
 
 
 
 
 
 
 
 
 
Long-term derivative instrument
26,759

 

 

 

 
26,759

Asset retirement obligation
34,081

 

 

 

 
34,081

Long-term debt, net of current maturities
1,593,599

 

 

 

 
1,593,599

Total liabilities
2,061,297

 
466,321

 
126

 
(488,491
)
 
2,039,253

 
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock
1,588

 

 

 

 
1,588

Paid-in capital
3,946,442

 
33,822

 
257,026

 
(290,848
)
 
3,946,442

Accumulated other comprehensive (loss) income
(53,058
)
 

 
(50,931
)
 
50,931

 
(53,058
)
Retained (deficit) earnings
(1,711,080
)
 
(6,971
)
 
(161,008
)
 
167,979

 
(1,711,080
)
Total stockholders’ equity
2,183,892

 
26,851

 
45,087

 
(71,938
)
 
2,183,892

  Total liabilities and stockholders equity
$
4,245,189

 
$
493,172

 
$
45,213

 
$
(560,429
)
 
$
4,223,145

Condensed Consolidating Statements of Operations
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Three months ended March 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
272,441

 
$
60,563

 
$

 
$

 
$
333,004

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
17,449

 
1,854

 

 

 
19,303

Production taxes
3,102

 
804

 

 

 
3,906

Midstream gathering and processing
37,724

 
10,217

 

 

 
47,941

Depreciation, depletion, and amortization
65,990

 
1

 

 

 
65,991

General and administrative
12,874

 
(275
)
 
1

 

 
12,600

Accretion expense
282

 

 

 

 
282

Acquisition expense

 
1,298

 

 

 
1,298

 
137,421


13,899


1




151,321

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
135,020


46,664


(1
)



181,683

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
25,048

 
(1,569
)
 

 

 
23,479

Interest income
(842
)
 

 

 

 
(842
)
(Income) loss from equity method investments and investments in subsidiaries
(42,614
)
 
2,541

 
365

 
44,615

 
4,907

Other (income) expense
(1,027
)
 
(189
)
 

 
900

 
(316
)
 
(19,435
)

783


365


45,515


27,228

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
154,455

 
45,881

 
(366
)
 
(45,515
)
 
154,455

INCOME TAX EXPENSE

 

 

 

 

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
154,455


$
45,881


$
(366
)

$
(45,515
)

$
154,455

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)

 
Three months ended March 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
156,751

 
$
210

 
$

 
$

 
$
156,961

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
16,472

 
185

 

 

 
16,657

Production taxes
3,087

 
24

 

 

 
3,111

Midstream gathering and processing
37,623

 
29

 

 

 
37,652

Depreciation, depletion, and amortization
65,476

 
1

 

 

 
65,477

Impairment of oil and gas properties
218,991

 

 

 

 
218,991

General and administrative
10,612

 
6

 
2

 

 
10,620

Accretion expense
247

 

 

 

 
247

 
352,508

 
245

 
2

 

 
352,755

 
 
 
 
 
 
 
 
 
 
LOSS FROM OPERATIONS
(195,757
)

(35
)

(2
)



(195,794
)
 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
16,022

 
1

 

 

 
16,023

Interest income
(94
)
 

 

 

 
(94
)
Loss (income) from equity method investments and investments in subsidiaries
30,773

 

 
23,685

 
(23,721
)
 
30,737

Other income

 
(2
)
 

 

 
(2
)
 
46,701

 
(1
)
 
23,685

 
(23,721
)
 
46,664

 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME BEFORE INCOME TAXES
(242,458
)

(34
)

(23,687
)

23,721


(242,458
)
INCOME TAX BENEFIT
(191
)
 


 


 


 
(191
)
 
 
 
 
 
 
 
 
 
 
NET (LOSS) INCOME
$
(242,267
)
 
$
(34
)
 
$
(23,687
)
 
$
23,721

 
$
(242,267
)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Comprehensive Income (Loss)
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands)
 
Three months ended March 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
154,455

 
$
45,881

 
$
(366
)
 
$
(45,515
)
 
$
154,455

Foreign currency translation adjustment
1,373

 
55

 
1,318

 
(1,373
)
 
1,373

Other comprehensive income (loss)
1,373

 
55

 
1,318

 
(1,373
)
 
1,373

Comprehensive income (loss)
$
155,828

 
$
45,936

 
$
952

 
$
(46,888
)
 
$
155,828

 
Three months ended March 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(242,267
)
 
$
(34
)
 
$
(23,687
)
 
$
23,721

 
$
(242,267
)
Foreign currency translation adjustment
9,058

 

 
10,273

 
(10,273
)
 
9,058

Other comprehensive income (loss)
9,058

 

 
10,273

 
(10,273
)
 
9,058

Comprehensive (loss) income
$
(233,209
)
 
$
(34
)
 
$
(13,414
)
 
$
13,448

 
$
(233,209
)
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statements of Cash Flows
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
 
Three months ended March 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
139,260

 
$
3,384

 
$
1

 
$

 
$
142,645

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(1,372,852
)
 
(1,348,964
)
 
(673
)
 
1,374,810

 
(1,347,679
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
31,644

 
1,374,137

 
673

 
(1,374,810
)
 
31,644

 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
(1,201,948
)
 
28,557

 
1

 

 
(1,173,390
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
1,273,882

 
1,993

 

 

 
1,275,875

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
71,934

 
$
30,550

 
$
1

 
$

 
$
102,485


 
Three months ended March 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
83,620

 
$
155

 
$
(1
)
 
$

 
$
83,774

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(157,529
)
 
(22,500
)
 
(1,821
)
 
24,321

 
(157,529
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
415,158

 
22,500

 
1,821

 
(24,321
)
 
415,158

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
341,249

 
155

 
(1
)
 

 
341,403

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
112,494

 
479

 
1

 

 
112,974

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
453,743

 
$
634

 
$

 
$

 
$
454,377