Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
NET (LOSS) INCOME $ (1,224,884) $ 247,403 $ 153,192
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Accretion of discount—Asset Retirement Obligation 820 761 717
Depletion, depreciation and amortization 337,694 265,431 118,880
Impairment of oil and gas properties 1,440,418 0 0
Stock-based compensation expense 8,616 8,916 6,297
Loss (gain) from equity investments 113,120 (54,171) (212,714)
Gain on contribution of investments 0 (84,470) 0
Interest income - note receivable 0 (46) (26)
(Gain) loss on derivative instruments (83,671) (121,148) 18,189
Deferred income tax (benefit) expense (254,493) 122,917 84,951
Amortization of loan commitment fees 3,219 1,685 1,012
Amortization of note discount and premium (2,165) (533) 298
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable 31,986 (45,034) (33,209)
Decrease in accounts receivable—related party 30 2,571 32,231
Increase in prepaid expenses (191) (1,133) (1,075)
Increase in other assets 0 0 (4,523)
(Decrease) increase in accounts payable and accrued liabilities (47,199) 73,925 29,310
Settlement of asset retirement obligation (1,121) (7,201) (2,465)
Net cash provided by (used in) operating activities 322,179 409,873 191,065
Cash flows from investing activities:      
Deductions to cash held in escrow 8 8 8
Additions to other property and equipment (13,572) (7,030) (2,322)
Additions to oil and gas properties (1,579,129) (1,329,277) (808,183)
Proceeds from sale of other property and equipment 0 0 113
Proceeds from sale of oil and gas properties 27,998 4,404 0
Repayments (advances) on note receivable to related party 0 875 (875)
Proceeds from sale of investments 0 258,362 192,737
Contributions to equity method investments (14,472) (63,999) (47,014)
Distributions from equity method investments 4,914 0 1,276
Net cash (used in) provided by investing activities (1,574,253) (1,136,657) (664,260)
Cash flows from financing activities:      
Principal payments on borrowings (350,172) (115,690) (149)
Borrowings on line of credit 250,000 215,000 0
Proceeds from bond issuance 350,000 318,000 0
Debt issuance costs and loan commitment fees (8,688) (7,831) (1,283)
Proceeds from issuance of common stock, net of offering costs and exercise of stock options 981,568 689 766,495
Net cash provided by (used in) financing activities 1,222,708 410,168 765,063
Net (decrease) increase in cash and cash equivalents (29,366) (316,616) 291,868
Cash and cash equivalents at beginning of period 142,340 458,956 167,088
Cash and cash equivalents at end of period 112,974 142,340 458,956
Supplemental disclosure of cash flow information:      
Interest payments   28,646 24,280
Interest Paid 59,736 28,646 24,270
Income tax payments 16,156 23,800 2,761
Supplemental disclosure of non-cash transactions:      
Capitalized stock based compensation 5,743 5,944 4,198
Asset retirement obligation capitalized 8,800 9,295 3,556
Interest capitalized 13,580 9,687 7,132
Foreign currency translation loss on investment in Grizzly Oil Sands ULC $ (28,502) $ (16,894) $ (12,223)