Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

v3.20.1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
3 Months Ended
Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
CONDENSED CONSOLIDATING BALANCE SHEETS
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
March 31, 2020
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
897

 
$
541

 
$
195

 
$

 
$
1,633

Accounts receivable - oil and natural gas sales
860

 
73,239

 

 

 
74,099

Accounts receivable - joint interest and other
8,521

 
34,026

 

 

 
42,547

Accounts receivable - intercompany
1,277,124

 
1,052,317

 

 
(2,329,441
)
 

Prepaid expenses and other current assets
11,452

 
320

 
76

 

 
11,848

Short-term derivative instruments
171,755

 

 

 

 
171,755

Total current assets
1,470,609

 
1,160,443

 
271

 
(2,329,441
)
 
301,882

 
 
 
 
 
 
 
 
 
 
Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting
1,247,661

 
9,414,738

 
5,862

 
(729
)
 
10,667,532

Other property and equipment
92,812

 
51

 
4,019

 

 
96,882

Accumulated depletion, depreciation, amortization and impairment
(1,421,230
)
 
(6,436,959
)
 
(1,684
)
 

 
(7,859,873
)
Property and equipment, net
(80,757
)
 
2,977,830

 
8,197

 
(729
)
 
2,904,541

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
2,486,108

 
6,332

 
6,186

 
(2,492,401
)
 
6,225

Operating lease assets
10,186

 

 

 

 
10,186

Other assets
32,591

 
8,863

 
(1
)
 

 
41,453

Total other assets
2,528,885

 
15,195

 
6,185

 
(2,492,401
)
 
57,864

Total assets
$
3,918,737

 
$
4,153,468

 
$
14,653

 
$
(4,822,571
)
 
$
3,264,287

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
63,863

 
$
373,554

 
$
36

 
$

 
$
437,453

Accounts payable - intercompany
1,087,484

 
1,237,368

 
4,589

 
(2,329,441
)
 

Short-term derivative instruments
67

 

 

 

 
67

Current portion of operating lease liabilities
9,873

 

 

 

 
9,873

Current maturities of long-term debt
688

 

 

 

 
688

Total current liabilities
1,161,975

 
1,610,922

 
4,625

 
(2,329,441
)
 
448,081

Long-term derivative instruments
70,829

 

 

 

 
70,829

Asset retirement obligation - long-term

 
59,444

 

 

 
59,444

Uncertain tax position liability
3,209

 

 

 

 
3,209

Non-current operating lease liabilities
313

 

 

 

 
313

Long-term debt, net of current maturities
1,898,362

 

 

 

 
1,898,362

Total liabilities
3,134,688

 
1,670,366

 
4,625

 
(2,329,441
)
 
2,480,238

 
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock
1,598

 

 

 

 
1,598

Paid-in capital
4,209,578

 
4,171,409

 
267,558

 
(4,438,967
)
 
4,209,578

Accumulated other comprehensive loss
(61,863
)
 

 
(59,434
)
 
59,434

 
(61,863
)
Accumulated deficit
(3,365,264
)
 
(1,688,307
)
 
(198,096
)
 
1,886,403

 
(3,365,264
)
Total stockholders’ equity
784,049

 
2,483,102

 
10,028

 
(2,493,130
)
 
784,049

Total liabilities and stockholders equity
$
3,918,737

 
$
4,153,468

 
$
14,653

 
$
(4,822,571
)
 
$
3,264,287


CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2019
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
2,768

 
$
3,097

 
$
195

 
$

 
$
6,060

Accounts receivable - oil and natural gas sales
859

 
120,351

 

 

 
121,210

Accounts receivable - joint interest and other
5,279

 
42,696

 

 

 
47,975

Accounts receivable - intercompany
1,065,593

 
843,223

 

 
(1,908,816
)
 

Prepaid expenses and other current assets
4,047

 
308

 
76

 

 
4,431

Short-term derivative instruments
126,201

 

 

 

 
126,201

Total current assets
1,204,747

 
1,009,675

 
271

 
(1,908,816
)
 
305,877

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting,
1,314,933

 
9,273,681

 
7,850

 
(729
)
 
10,595,735

Other property and equipment
92,650

 
50

 
4,019

 

 
96,719

Accumulated depletion, depreciation, amortization and impairment
(1,418,888
)
 
(5,808,254
)
 
(1,518
)
 

 
(7,228,660
)
Property and equipment, net
(11,305
)
 
3,465,477

 
10,351

 
(729
)
 
3,463,794

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
3,064,503

 
6,332

 
21,000

 
(3,059,791
)
 
32,044

Long-term derivative instruments
563

 

 

 

 
563

Deferred tax asset
7,563

 

 

 

 
7,563

Operating lease assets
14,168

 

 

 

 
14,168

Operating lease assets - related parties
43,270

 

 

 

 
43,270

Other assets
10,026

 
5,514

 

 

 
15,540

Total other assets
3,140,093

 
11,846

 
21,000

 
(3,059,791
)
 
113,148

  Total assets
$
4,333,535

 
$
4,486,998

 
$
31,622

 
$
(4,969,336
)
 
$
3,882,819

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
48,006

 
$
367,088

 
$
124

 
$

 
$
415,218

Accounts payable - intercompany
878,283

 
1,026,249

 
4,285

 
(1,908,817
)
 

Short-term derivative instruments
303

 

 

 

 
303

Current portion of operating lease liabilities
13,826

 

 

 

 
13,826

Current portion of operating lease liabilities - related parties
21,220

 

 

 

 
21,220

Current maturities of long-term debt
631

 

 

 

 
631

Total current liabilities
962,269

 
1,393,337

 
4,409

 
(1,908,817
)
 
451,198

Long-term derivative instruments
53,135

 

 

 

 
53,135

Asset retirement obligation - long-term

 
58,322

 
2,033

 

 
60,355

Uncertain tax position liability
3,127

 

 

 

 
3,127

Non-current operating lease liabilities
342

 

 

 

 
342

Non-current operating lease liabilities - related parties
22,050

 

 

 

 
22,050

Long-term debt, net of current maturities
1,978,020

 

 

 

 
1,978,020

Total liabilities
3,018,943


1,451,659


6,442


(1,908,817
)

2,568,227

 
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock
1,597

 

 

 

 
1,597

Paid-in capital
4,207,554

 
4,171,408

 
267,557

 
(4,438,965
)
 
4,207,554

Accumulated other comprehensive loss
(46,833
)
 

 
(44,763
)
 
44,763

 
(46,833
)
Accumulated deficit retained earnings
(2,847,726
)
 
(1,136,069
)
 
(197,614
)
 
1,333,683

 
(2,847,726
)
Total stockholders’ equity
1,314,592

 
3,035,339

 
25,180

 
(3,060,519
)
 
1,314,592

  Total liabilities and stockholders equity
$
4,333,535

 
$
4,486,998

 
$
31,622

 
$
(4,969,336
)
 
$
3,882,819


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Three months ended March 31, 2020
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
98,268

 
$
148,609

 
$

 
$

 
$
246,877

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses

 
15,986

 

 

 
15,986

Production taxes

 
4,799

 

 

 
4,799

Midstream gathering and processing expenses

 
57,896

 

 

 
57,896

Depreciation, depletion and amortization
2,502

 
75,360

 
166

 

 
78,028

Impairment of oil and natural gas properties

 
553,345

 

 

 
553,345

General and administrative expenses
24,646

 
(8,650
)
 
173

 

 
16,169

Accretion expense

 
741

 

 

 
741

 
27,148


699,477


339




726,964

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
71,120


(550,868
)

(339
)



(480,087
)
 
 
 
 
 
 
 
 
 
 
OTHER EXPENSE (INCOME):
 
 
 
 
 
 
 
 
 
Interest expense
33,177

 
(187
)
 

 

 
32,990

Interest income
(59
)
 
(93
)
 

 

 
(152
)
Gain on debt extinguishment
(15,322
)
 

 

 

 
(15,322
)
Loss from equity method investments and investments in subsidiaries
563,366

 

 
143

 
(552,720
)
 
10,789

Other expense
206

 
1,650

 

 

 
1,856

 
581,368


1,370


143


(552,720
)

30,161

 
 
 
 
 
 
 
 
 
 
LOSS BEFORE INCOME TAXES
(510,248
)
 
(552,238
)
 
(482
)
 
552,720

 
(510,248
)
INCOME TAX EXPENSE
7,290

 

 

 

 
7,290

 
 
 
 
 
 
 
 
 
 
NET LOSS
$
(517,538
)

$
(552,238
)

$
(482
)

$
552,720


$
(517,538
)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)

 
Three months ended March 31, 2019
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
186,246

 
$
134,332

 
$

 
$

 
$
320,578

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
14,893

 
4,914

 

 

 
19,807

Production taxes
3,261

 
4,660

 

 

 
7,921

Midstream gathering and processing expenses
43,299

 
26,983

 

 

 
70,282

Depreciation, depletion and amortization
118,432

 
1

 

 

 
118,433

General and administrative expenses
10,731

 
(675
)
 
1

 

 
10,057

Accretion expense
951

 
116

 

 

 
1,067

 
191,567


35,999


1




227,567

 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME FROM OPERATIONS
(5,321
)

98,333


(1
)



93,011

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
35,925

 
(304
)
 

 

 
35,621

Interest income
(147
)
 
(5
)
 

 

 
(152
)
(Income) loss from equity method investments and investments in subsidiaries
(102,914
)
 

 
393

 
98,248

 
(4,273
)
Other income
(427
)
 

 

 

 
(427
)
 
(67,563
)
 
(309
)
 
393

 
98,248

 
30,769

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
62,242


98,642


(394
)

(98,248
)

62,242

INCOME TAX BENEFIT

 

 

 

 

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
62,242

 
$
98,642

 
$
(394
)
 
$
(98,248
)
 
$
62,242


CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands)
 
Three months ended March 31, 2020
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net loss
$
(517,538
)
 
$
(552,238
)
 
$
(482
)
 
$
552,720

 
$
(517,538
)
Foreign currency translation adjustment
(15,030
)
 
(360
)
 
(14,670
)
 
15,030

 
(15,030
)
Other comprehensive loss
(15,030
)
 
(360
)
 
(14,670
)
 
15,030

 
(15,030
)
Comprehensive loss
$
(532,568
)
 
$
(552,598
)
 
$
(15,152
)
 
$
567,750

 
$
(532,568
)

 
Three months ended March 31, 2019
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
62,242

 
$
98,642

 
$
(394
)
 
$
(98,248
)
 
$
62,242

Foreign currency translation adjustment
3,801

 
94

 
3,707

 
(3,801
)
 
3,801

Other comprehensive income
3,801

 
94

 
3,707

 
(3,801
)
 
3,801

Comprehensive income (loss)
$
66,043

 
$
98,736

 
$
3,313

 
$
(102,049
)
 
$
66,043


CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
 
Three months ended March 31, 2020
 
Parent
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
64,033

 
$
66,805

 
$
(435
)
 
$
435

 
$
130,838

 
 
 
 
 
 
 
 
 
 
Net cash used in investing activities
(448
)
 
(69,361
)
 

 

 
(69,809
)
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by financing activities
(65,456
)
 

 
435

 
(435
)
 
(65,456
)
 
 
 
 
 
 
 
 
 
 
Net decrease in cash, cash equivalents and restricted cash
(1,871
)
 
(2,556
)
 

 

 
(4,427
)
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash at beginning of period
2,768

 
3,097

 
195

 

 
6,060

 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash at end of period
$
897

 
$
541

 
$
195

 
$

 
$
1,633



 
Three months ended March 31, 2019
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
210,928

 
$
28,837

 
$
(1
)
 
$
1

 
$
239,765

 
 
 
 
 
 
 
 
 
 
Net cash used in investing activities
(200,970
)
 
(44,593
)
 
(432
)
 
432

 
(245,563
)
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by financing activities
(28,503
)
 

 
433

 
(433
)
 
(28,503
)
 
 
 
 
 
 
 
 
 
 
Net decrease in cash, cash equivalents and restricted cash
(18,545
)
 
(15,756
)
 

 

 
(34,301
)
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash at beginning of period
25,585

 
26,711

 
1

 

 
52,297

 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash at end of period
$
7,040

 
$
10,955

 
$
1

 
$

 
$
17,996