Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

v3.20.2
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
CONDENSED CONSOLIDATING BALANCE SHEETS
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
September 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Assets
Current assets:
Cash and cash equivalents $ 43,774  $ 2,197  $ 5,072  $ —  $ 51,043 
Accounts receivable - oil and natural gas sales 861  91,582  —  —  92,443 
Accounts receivable - joint interest and other 428  14,993  —  —  15,421 
Accounts receivable - intercompany 332,011  73,885  —  (405,896) — 
Prepaid expenses and other current assets 18,192  32,919  76  —  51,187 
Short-term derivative instruments 6,245  —  —  —  6,245 
Total current assets 401,511  215,576  5,148  (405,896) 216,339 
Property and equipment:
Oil and natural gas properties, full-cost accounting 1,248,836  9,531,593  6,606  (730) 10,786,305 
Other property and equipment 92,551  51  3,319  —  95,921 
Accumulated depletion, depreciation, amortization and impairment (1,425,619) (7,352,069) (2,016) —  (8,779,704)
Property and equipment, net (84,232) 2,179,575  7,909  (730) 2,102,522 
Other assets:
Equity investments and investments in subsidiaries 1,802,762  6,333  16,521  (1,809,056) 16,560 
Long-term derivative instruments 1,098  —  —  —  1,098 
Operating lease assets 2,012  —  —  —  2,012 
Other assets 28,390  8,638  —  —  37,028 
Total other assets 1,834,262  14,971  16,521  (1,809,056) 56,698 
Total assets $ 2,151,541  $ 2,410,122  $ 29,578  $ (2,215,682) $ 2,375,559 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities $ 59,543  $ 235,778  $ 38  $ —  $ 295,359 
Accounts payable - intercompany 74,733  321,373  9,789  (405,895) — 
Short-term derivative instruments 24,164  —  —  —  24,164 
Current portion of operating lease liabilities 1,757  —  —  —  1,757 
Current maturities of long-term debt 656  —  —  —  656 
Total current liabilities 160,853  557,151  9,827  (405,895) 321,936 
Long-term derivative instruments 63,803  —  —  —  63,803 
Asset retirement obligation - long-term —  62,935  —  —  62,935 
Uncertain tax position liability 3,371  —  —  —  3,371 
Non-current operating lease liabilities 255  —  —  —  255 
Long-term debt, net of current maturities 2,068,036  —  —  —  2,068,036 
Total liabilities 2,296,318  620,086  9,827  (405,895) 2,520,336 
Stockholders’ equity:
Common stock 1,607  —  —  —  1,607 
Paid-in capital 4,212,241  4,291,981  267,560  (4,559,541) 4,212,241 
Accumulated other comprehensive loss (51,329) 3  (48,902) 48,898  (51,330)
Accumulated deficit (4,307,296) (2,501,948) (198,907) 2,700,856  (4,307,295)
Total stockholders’ equity (144,777) 1,790,036  19,751  (1,809,787) (144,777)
Total liabilities and stockholders’ equity
$ 2,151,541  $ 2,410,122  $ 29,578  $ (2,215,682) $ 2,375,559 
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 September 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Total revenues $ (53,823) $ 189,999  $ —  $ —  $ 136,176 
Costs and expenses:
Lease operating expenses (157) 15,431  —  —  15,274 
Production taxes —  4,028  —  —  4,028 
Midstream gathering and processing expenses —  110,567  —  —  110,567 
Depreciation, depletion and amortization 2,265  49,120  166  —  51,551 
Impairment of oil and natural gas properties —  270,874  —  —  270,874 
General and administrative expenses 29,454  (9,098) 168  —  20,524 
Restructuring and liability management 8,984  —  —  —  8,984 
Accretion expense —  774  —  —  774 
Total Operating Expenses 40,546  441,696  334  —  482,576 
LOSS FROM OPERATIONS (94,369) (251,697) (334) —  (346,400)
OTHER EXPENSE (INCOME):
Interest expense 34,488  (167) —  —  34,321 
Interest income (16) (36) —  —  (52)
Loss from equity method investments and investments in subsidiaries 251,951  —  153  (251,951) 153 
Other expense (income) 172  (31) —  —  141 
Total Other Expense (Income) 286,595  (234) 153  (251,951) 34,563 
LOSS BEFORE INCOME TAXES (380,964) (251,463) (487) 251,951  (380,963)
INCOME TAX EXPENSE —  —  —  —  — 
NET LOSS $ (380,964) $ (251,463) $ (487) $ 251,951  $ (380,963)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
Three months ended September 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Total revenues $ 27,358  $ 314,388  $ —  $ —  $ 341,746 
Costs and expenses:
Lease operating expenses (231) 22,704  —  —  22,473 
Production taxes 36  6,529  —  —  6,565 
Midstream gathering and processing expenses —  135,006  —  —  135,006 
Depreciation, depletion and amortization 2,686  160,418  166  —  163,270 
Impairment of oil and natural gas properties —  571,442  —  —  571,442 
General and administrative expenses 25,757  (12,675) 116  —  13,198 
Accretion expense —  747  —  —  747 
Total Operating Expenses 28,248  884,171  282  —  912,701 
LOSS FROM OPERATIONS (890) (569,783) (282) —  (570,955)
OTHER EXPENSE (INCOME):
Interest expense 36,566  (1,010) —  —  35,556 
Interest income (187) (151) —  —  (338)
Gain on debt extinguishment (23,600) —  —  —  (23,600)
Loss from equity method investments and investments in subsidiaries 616,348  —  40  (573,306) 43,082 
Other (income) expense (1,168) 3,362  —  1,000  3,194 
Total Other Expense 627,959  2,201  40  (572,306) 57,894 
LOSS BEFORE INCOME TAXES (628,849) (571,984) (322) 572,306  (628,849)
INCOME TAX BENEFIT (144,047) —  —  —  (144,047)
NET LOSS $ (484,802) $ (571,984) $ (322) $ 572,306  $ (484,802)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
Nine months ended September 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Total revenues $ 71,415  $ 550,400  $ —  $ —  $ 621,815 
Costs and expenses:
Lease operating expenses (157) 47,103  —  —  46,946 
Production taxes —  12,432  —  —  12,432 
Midstream gathering and processing expenses —  334,789  —  —  334,789 
Depreciation, depletion, and amortization 7,155  186,716  498  —  194,369 
Impairment of oil and gas properties —  1,357,099  —  —  1,357,099 
General and administrative expenses 75,214  (29,122) 454  —  46,546 
Restructuring and liability management 9,601  —  —  —  9,601 
Accretion expense —  2,270  —  —  2,270 
Total Operating Expenses 91,813  1,911,287  952  —  2,004,052 
LOSS FROM OPERATIONS (20,398) (1,360,887) (952) —  (1,382,237)
OTHER EXPENSE (INCOME):
Interest expense 100,490  (813) —  —  99,677 
Interest income (103) (179) —  —  (282)
Gain on debt extinguishment (49,579) —  —  —  (49,579)
Loss from equity method investments and investments in subsidiaries 1,377,819  —  341  (1,367,173) 10,987 
Other expense 3,255  5,984  —  —  9,239 
Total Other Expense 1,431,882  4,992  341  (1,367,173) 70,042 
LOSS BEFORE INCOME TAXES (1,452,280) (1,365,879) (1,293) 1,367,173  (1,452,279)
INCOME TAX EXPENSE 7,290  —  —  —  7,290 
NET LOSS $ (1,459,570) $ (1,365,879) $ (1,293) $ 1,367,173  $ (1,459,569)
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
Nine months ended September 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Total revenues $ 493,895  $ 732,763  $ —  $ —  $ 1,226,658 
Costs and expenses:
Lease operating expenses 26,918  37,750  —  —  64,668 
Production taxes 6,117  16,467  —  —  22,584 
Midstream gathering and processing expenses 71,420  311,223  —  —  382,643 
Depreciation, depletion, and amortization 201,250  205,183  221  —  406,654 
Impairment of oil and natural gas properties —  571,442  —  —  571,442 
General and administrative expenses 51,695  (16,933) 220  —  34,982 
Accretion expense 1,389  1,784  —  —  3,173 
Total Operating Expenses 358,789  1,126,916  441  —  1,486,146 
INCOME (LOSS) FROM OPERATIONS 135,106  (394,153) (441) —  (259,488)
OTHER EXPENSE (INCOME):
Interest expense 109,864  (2,269) —  —  107,595 
Interest income (454) (195) —  —  (649)
Gain on debt extinguishment (23,600) —  —  —  (23,600)
Loss from equity method investments and investments in subsidiaries 560,883  —  379  (396,871) 164,391 
Other (income) expense (605) 3,362  —  1,000  3,757 
Total Other Expense 646,088  898  379  (395,871) 251,494 
LOSS BEFORE INCOME TAXES (510,982) (395,051) (820) 395,871  (510,982)
INCOME TAX BENEFIT (323,378) —  —  —  (323,378)
NET LOSS $ (187,604) $ (395,051) $ (820) $ 395,871  $ (187,604)
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three months ended September 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Net loss $ (380,964) $ (251,463) $ (487) $ 251,951  $ (380,963)
Foreign currency translation adjustment 3,661  —  3,661  (3,661) 3,661 
Other comprehensive loss 3,661  —  3,661  (3,661) 3,661 
Comprehensive loss $ (377,303) $ (251,463) $ 3,174  $ 248,290  $ (377,302)
Three months ended September 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Net loss $ (484,802) $ (571,984) $ (322) $ 572,306  $ (484,802)
Foreign currency translation adjustment (2,064) (43) (2,021) 2,064  (2,064)
Other comprehensive income (2,064) (43) (2,021) 2,064  (2,064)
Comprehensive loss $ (486,866) $ (572,027) $ (2,343) $ 574,370  $ (486,866)
Nine months ended September 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Net loss $ (1,459,570) $ (1,365,879) $ (1,293) $ 1,367,173  $ (1,459,569)
Foreign currency translation adjustment (4,497) (360) (4,137) 4,497  (4,497)
Other comprehensive loss (4,497) (360) (4,137) 4,497  (4,497)
Comprehensive loss $ (1,464,067) $ (1,366,239) $ (5,430) $ 1,371,670  $ (1,464,066)
Nine months ended September 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Net loss $ (187,604) $ (395,051) $ (820) $ 395,871  $ (187,604)
Foreign currency translation adjustment 5,347  112  5,235  (5,347) 5,347 
Other comprehensive income 5,347  112  5,235  (5,347) 5,347 
Comprehensive (loss) income $ (182,257) $ (394,939) $ 4,415  $ 390,524  $ (182,257)
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Nine months ended September 30, 2020
Parent Guarantors Non-Guarantors Eliminations Consolidated
Net cash provided by (used in) operating activities $ (95,023) $ 290,147  $ 4,442  $ 435  $ 200,001 
Net cash used in investing activities 351  (291,047) —  —  (290,696)
Net cash (used in) provided by financing activities 135,678  —  435  (435) 135,678 
Net (decrease) increase in cash, cash equivalents and restricted cash 41,006  (900) 4,877  —  44,983 
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 $ 43,774  $ 2,197  $ 5,072  $ —  $ 51,043 
Nine months ended September 30, 2019
Parent Guarantors Non-Guarantor Eliminations Consolidated
Net cash (used in) provided by operating activities $ (7,604) $ 621,511  $ 3,445  $ 3  $ 617,355 
Net cash provided by (used in) investing activities 9,178  (644,507) (3,751) 432  (638,648)
Net cash (used in) provided by financing activities (20,880) —  435  (435) (20,880)
Net (decrease) increase in cash, cash equivalents and restricted cash (19,306) (22,996) 129  —  (42,173)
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 $ 6,279  $ 3,715  $ 130  $ —  $ 10,124