Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

v3.20.2
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
CONDENSED CONSOLIDATING BALANCE SHEETS
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
June 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Assets
Current assets:
Cash and cash equivalents $ 823    $ 1,748    $ 246    $ —    $ 2,817   
Accounts receivable - oil and natural gas sales 860    64,785    —    —    65,645   
Accounts receivable - joint interest and other 2,949    16,440    —    —    19,389   
Accounts receivable - intercompany 1,482,102    1,150,631    —    (2,632,733)   —   
Prepaid expenses and other current assets 10,781    5    76    —    10,862   
Short-term derivative instruments 53,188    —    —    —    53,188   
Total current assets 1,550,703    1,233,609    322    (2,632,733)   151,901   
Property and equipment:
Oil and natural gas properties, full-cost accounting 1,247,631    9,478,228    5,862    (729)   10,730,992   
Other property and equipment 92,768    51    4,019    —    96,838   
Accumulated depletion, depreciation, amortization and impairment (1,423,539)   (7,032,075)   (1,850)   —    (8,457,464)  
Property and equipment, net (83,140)   2,446,204    8,031    (729)   2,370,366   
Other assets:
Equity investments and investments in subsidiaries 1,930,479    6,332    13,013    (1,936,772)   13,052   
Long-term derivative instruments 4,298    —    —    —    4,298   
Operating lease assets 3,640    —    —    —    3,640   
Other assets 29,216    7,784    —    —    37,000   
Total other assets 1,967,633    14,116    13,013    (1,936,772)   57,990   
Total assets $ 3,435,196    $ 3,693,929    $ 21,366    $ (4,570,234)   $ 2,580,257   
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities $ 46,085    $ 269,490    $ —    $ —    $ 315,575   
Accounts payable - intercompany 1,185,800    1,442,144    4,789    (2,632,733)   —   
Short-term derivative instruments 8,540    —    —    —    8,540   
Current portion of operating lease liabilities 3,356    —    —    —    3,356   
Current maturities of long-term debt 649    —    —    —    649   
Total current liabilities 1,244,430    1,711,634    4,789    (2,632,733)   328,120   
Long-term derivative instruments 45,615    —    —    —    45,615   
Asset retirement obligation - long-term —    61,371    —    —    61,371   
Uncertain tax position liability 3,209    —    —    —    3,209   
Non-current operating lease liabilities 284    —    —    —    284   
Long-term debt, net of current maturities 1,910,318    —    —    —    1,910,318   
Total liabilities 3,203,856    1,773,005    4,789    (2,632,733)   2,348,917   
Stockholders’ equity:
Common stock 1,601    —    —    —    1,601   
Paid-in capital 4,211,062    4,171,409    267,559    (4,438,968)   4,211,062   
Accumulated other comprehensive loss (54,991)   —    (52,562)   52,562    (54,991)  
Accumulated deficit (3,926,332)   (2,250,485)   (198,420)   2,448,905    (3,926,332)  
Total stockholders’ equity 231,340    1,920,924    16,577    (1,937,501)   231,340   
Total liabilities and stockholders’ equity
$ 3,435,196    $ 3,693,929    $ 21,366    $ (4,570,234)   $ 2,580,257   
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 (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 June 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Total revenues $ 26,970    $ 105,440    $ —    $ —    $ 132,410   
Costs and expenses:
Lease operating expenses —    15,686    —    —    15,686   
Production taxes —    3,605    —    —    3,605   
Midstream gathering and processing expenses —    59,974    —    —    59,974   
Depreciation, depletion and amortization 2,388    62,236    166    —    64,790   
Impairment of oil and natural gas properties —    532,880    —    —    532,880   
General and administrative expenses 21,731    (11,374)   113    —    10,470   
Accretion expense —    755    —    —    755   
Total Operating Expenses 24,119    663,762    279    —    688,160   
INCOME (LOSS) FROM OPERATIONS 2,851    (558,322)   (279)   —    (555,750)  
OTHER EXPENSE (INCOME):
Interest expense 32,825    (459)   —    —    32,366   
Interest income (28)   (50)   —    —    (78)  
Gain on debt extinguishment (34,257)   —    —    —    (34,257)  
Loss from equity method investments and investments in subsidiaries 562,502    —    45    (562,502)   45   
Other expense 2,877    4,365    —    —    7,242   
Total Other Expense 563,919    3,856    45    (562,502)   5,318   
LOSS BEFORE INCOME TAXES (561,068)   (562,178)   (324)   562,502    (561,068)  
INCOME TAX EXPENSE —    —    —    —    —   
NET LOSS $ (561,068)   $ (562,178)   $ (324)   $ 562,502    $ (561,068)  
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
Three months ended June 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Total revenues $ 280,291    $ 178,703    $ —    $ —    $ 458,994   
Costs and expenses:
Lease operating expenses 12,256    10,132    —    —    22,388   
Production taxes 2,820    5,278    —    —    8,098   
Midstream gathering and processing expenses 28,121    43,894    —    —    72,015   
Depreciation, depletion and amortization 80,132    44,764    55    —    124,951   
General and administrative expenses 15,207    (3,583)   103    —    11,727   
Accretion expense 438    921    —    —    1,359   
Total Operating Expenses 138,974    101,406    158    —    240,538   
INCOME (LOSS) FROM OPERATIONS 141,317    77,297    (158)   —    218,456   
OTHER EXPENSE (INCOME):
Interest expense 37,373    (955)   —    —    36,418   
Interest income (120)   (39)   —    —    (159)  
Loss (income) from equity method investments and investments in subsidiaries 47,449    —    (54)   78,187    125,582   
Other expense 990    —    —    —    990   
Total Other Expense (Income) 85,692    (994)   (54)   78,187    162,831   
INCOME (LOSS) BEFORE INCOME TAXES 55,625    78,291    (104)   (78,187)   55,625   
INCOME TAX BENEFIT (179,331)   —    —    —    (179,331)  
NET INCOME (LOSS) $ 234,956    $ 78,291    $ (104)   $ (78,187)   $ 234,956   
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
Six months ended June 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Total revenues $ 125,238    $ 254,049    $ —    $ —    $ 379,287   
Costs and expenses:
Lease operating expenses —    31,672    —    —    31,672   
Production taxes —    8,404    —    —    8,404   
Midstream gathering and processing expenses —    117,870    —    —    117,870   
Depreciation, depletion, and amortization 4,890    137,596    332    —    142,818   
Impairment of oil and gas properties —    1,086,225    —    —    1,086,225   
General and administrative expenses 46,377    (20,024)   286    —    26,639   
Accretion expense —    1,496    —    —    1,496   
Total Operating Expenses 51,267    1,363,239    618    —    1,415,124   
INCOME (LOSS) FROM OPERATIONS 73,971    (1,109,190)   (618)   —    (1,035,837)  
OTHER EXPENSE (INCOME):
Interest expense 66,002    (646)   —    —    65,356   
Interest income (87)   (143)   —    —    (230)  
Gain on debt extinguishment (49,579)   —    —    —    (49,579)  
Loss from equity method investments and investments in subsidiaries 1,125,868    —    188    (1,115,222)   10,834   
Other expense 3,083    6,015    —    —    9,098   
Total Other Expense 1,145,287    5,226    188    (1,115,222)   35,479   
LOSS BEFORE INCOME TAXES (1,071,316)   (1,114,416)   (806)   1,115,222    (1,071,316)  
INCOME TAX EXPENSE 7,290    —    —    —    7,290   
NET LOSS $ (1,078,606)   $ (1,114,416)   $ (806)   $ 1,115,222    $ (1,078,606)  
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
Six months ended June 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Total revenues $ 466,537    $ 313,035    $ —    $ —    $ 779,572   
Costs and expenses:
Lease operating expenses 27,149    15,046    —    —    42,195   
Production taxes 6,081    9,938    —    —    16,019   
Midstream gathering and processing expenses 71,420    70,877    —    —    142,297   
Depreciation, depletion, and amortization 198,564    44,765    55    —    243,384   
General and administrative expenses 25,938    (4,258)   104    —    21,784   
Accretion expense 1,389    1,037    —    —    2,426   
Total Operating Expenses 330,541    137,405    159    —    468,105   
INCOME (LOSS) FROM OPERATIONS 135,996    175,630    (159)   —    311,467   
OTHER EXPENSE (INCOME):
Interest expense 73,298    (1,259)   —    —    72,039   
Interest income (267)   (44)   —    —    (311)  
(Income) loss from equity method investments and investments in subsidiaries (55,465)   —    339    176,435    121,309   
Other expense 563    —    —    —    563   
Total Other Expense (Income) 18,129    (1,303)   339    176,435    193,600   
INCOME (LOSS) BEFORE INCOME TAXES 117,867    176,933    (498)   (176,435)   117,867   
INCOME TAX BENEFIT (179,331)   —    —    —    (179,331)  
NET INCOME (LOSS) $ 297,198    $ 176,933    $ (498)   $ (176,435)   $ 297,198   
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three months ended June 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Net loss $ (561,068)   $ (562,178)   $ (324)   $ 562,502    $ (561,068)  
Foreign currency translation adjustment 6,872    —    6,872    (6,872)   6,872   
Other comprehensive loss 6,872    —    6,872    (6,872)   6,872   
Comprehensive loss $ (554,196)   $ (562,178)   $ 6,548    $ 555,630    $ (554,196)  
Three months ended June 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Net income (loss) $ 234,956    $ 78,291    $ (104)   $ (78,187)   $ 234,956   
Foreign currency translation adjustment 3,610    61    3,549    (3,610)   3,610   
Other comprehensive income 3,610    61    3,549    (3,610)   3,610   
Comprehensive income $ 238,566    $ 78,352    $ 3,445    $ (81,797)   $ 238,566   
Six months ended June 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Net loss $ (1,078,606)   $ (1,114,416)   $ (806)   $ 1,115,222    $ (1,078,606)  
Foreign currency translation adjustment (8,158)   (360)   (7,798)   8,158    (8,158)  
Other comprehensive loss (8,158)   (360)   (7,798)   8,158    (8,158)  
Comprehensive loss $ (1,086,764)   $ (1,114,776)   $ (8,604)   $ 1,123,380    $ (1,086,764)  
Six months ended June 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Net income (loss) $ 297,198    $ 176,933    $ (498)   $ (176,435)   $ 297,198   
Foreign currency translation adjustment 7,411    155    7,256    (7,411)   7,411   
Other comprehensive income 7,411    155    7,256    (7,411)   7,411   
Comprehensive income $ 304,609    $ 177,088    $ 6,758    $ (183,846)   $ 304,609   
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Six months ended June 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Net cash provided by (used in) operating activities $ 18,854    $ 228,317    $ (384)   $ 435    $ 247,222   
Net cash used in investing activities (424)   (229,666)   —    —    (230,090)  
Net cash (used in) provided by financing activities (20,375)   —    435    (435)   (20,375)  
Net (decrease) increase in cash, cash equivalents and restricted cash (1,945)   (1,349)   51    —    (3,243)  
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 $ 823    $ 1,748    $ 246    $ —    $ 2,817   
Six months ended June 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Net cash provided by (used in) operating activities $ 312,267    $ 84,146    $ 3,355    $ 1    $ 399,769   
Net cash used in investing activities (405,848)   (101,058)   (3,751)   432    (510,225)  
Net cash (used in) provided by financing activities 78,936    —    433    (433)   78,936   
Net decrease in cash, cash equivalents and restricted cash (14,645)   (16,912)   37    —    (31,520)  
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 $ 10,940    $ 9,799    $ 38    $ —    $ 20,777