Condensed Consolidating Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
453,743 |
|
|
$ |
634 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
454,377 |
|
Accounts receivable - oil and gas |
78,419 |
|
|
2,324 |
|
|
— |
|
|
(2,242 |
) |
|
78,501 |
|
Accounts receivable - related parties |
17 |
|
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
Accounts receivable - intercompany |
341,062 |
|
|
661 |
|
|
— |
|
|
(341,723 |
) |
|
— |
|
Prepaid expenses and other current assets |
2,755 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,755 |
|
Short-term derivative instruments |
152,211 |
|
|
— |
|
|
— |
|
|
— |
|
|
152,211 |
|
Total current assets |
1,028,207 |
|
|
3,619 |
|
|
— |
|
|
(343,965 |
) |
|
687,861 |
|
Property and equipment: |
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, full-cost accounting |
5,174,684 |
|
|
332,615 |
|
|
— |
|
|
(729 |
) |
|
5,506,570 |
|
Other property and equipment |
40,533 |
|
|
43 |
|
|
— |
|
|
— |
|
|
40,576 |
|
Accumulated depletion, depreciation, amortization and impairment |
(3,112,737 |
) |
|
(30 |
) |
|
— |
|
|
— |
|
|
(3,112,767 |
) |
Property and equipment, net |
2,102,480 |
|
|
332,628 |
|
|
— |
|
|
(729 |
) |
|
2,434,379 |
|
Other assets: |
|
|
|
|
|
|
|
|
|
Equity investments |
234,063 |
|
|
22,500 |
|
|
39,054 |
|
|
(51,016 |
) |
|
244,601 |
|
Long-term derivative instruments |
42,455 |
|
|
— |
|
|
— |
|
|
— |
|
|
42,455 |
|
Deferred tax asset |
76,327 |
|
|
— |
|
|
— |
|
|
— |
|
|
76,327 |
|
Other assets |
17,038 |
|
|
(2 |
) |
|
— |
|
|
— |
|
|
17,036 |
|
Total other assets |
369,883 |
|
|
22,498 |
|
|
39,054 |
|
|
(51,016 |
) |
|
380,419 |
|
Total assets |
$ |
3,500,570 |
|
|
$ |
358,745 |
|
|
$ |
39,054 |
|
|
$ |
(395,710 |
) |
|
$ |
3,502,659 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
233,745 |
|
|
$ |
4,801 |
|
|
$ |
— |
|
|
$ |
(2,712 |
) |
|
$ |
235,834 |
|
Accounts payable - intercompany |
— |
|
|
341,128 |
|
|
125 |
|
|
(341,253 |
) |
|
— |
|
Asset retirement obligation - current |
75 |
|
|
— |
|
|
— |
|
|
— |
|
|
75 |
|
Short-term derivative instruments |
5,715 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,715 |
|
Deferred tax liability |
51,908 |
|
|
— |
|
|
— |
|
|
— |
|
|
51,908 |
|
Total current liabilities |
291,443 |
|
|
345,929 |
|
|
125 |
|
|
(343,965 |
) |
|
293,532 |
|
Long-term derivative instrument |
10,127 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,127 |
|
Asset retirement obligation - long-term |
28,471 |
|
|
— |
|
|
— |
|
|
— |
|
|
28,471 |
|
Long-term debt |
949,740 |
|
|
— |
|
|
— |
|
|
— |
|
|
949,740 |
|
Total liabilities |
1,279,781 |
|
|
345,929 |
|
|
125 |
|
|
(343,965 |
) |
|
1,281,870 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Common stock |
1,252 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,252 |
|
Paid-in capital |
3,239,294 |
|
|
22,822 |
|
|
243,374 |
|
|
(266,196 |
) |
|
3,239,294 |
|
Accumulated other comprehensive (loss) income |
(46,119 |
) |
|
— |
|
|
(44,903 |
) |
|
44,903 |
|
|
(46,119 |
) |
Retained (deficit) earnings |
(973,638 |
) |
|
(10,006 |
) |
|
(159,542 |
) |
|
169,548 |
|
|
(973,638 |
) |
Total stockholders' equity |
2,220,789 |
|
|
12,816 |
|
|
38,929 |
|
|
(51,745 |
) |
|
2,220,789 |
|
Total liabilities and stockholders' equity |
$ |
3,500,570 |
|
|
$ |
358,745 |
|
|
$ |
39,054 |
|
|
$ |
(395,710 |
) |
|
$ |
3,502,659 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
112,494 |
|
|
$ |
479 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
112,974 |
|
Accounts receivable - oil and gas |
72,241 |
|
|
54 |
|
|
— |
|
|
(423 |
) |
|
71,872 |
|
Accounts receivable - related parties |
16 |
|
|
— |
|
|
— |
|
|
— |
|
|
16 |
|
Accounts receivable - intercompany |
326,475 |
|
|
60 |
|
|
— |
|
|
(326,535 |
) |
|
— |
|
Prepaid expenses and other current assets |
3,905 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,905 |
|
Short-term derivative instruments |
142,794 |
|
|
— |
|
|
— |
|
|
— |
|
|
142,794 |
|
Total current assets |
657,925 |
|
|
593 |
|
|
1 |
|
|
(326,958 |
) |
|
331,561 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, full-cost accounting, |
5,108,258 |
|
|
316,813 |
|
|
— |
|
|
(729 |
) |
|
5,424,342 |
|
Other property and equipment |
33,128 |
|
|
43 |
|
|
— |
|
|
— |
|
|
33,171 |
|
Accumulated depletion, depreciation, amortization and impairment |
(2,829,081 |
) |
|
(29 |
) |
|
— |
|
|
— |
|
|
(2,829,110 |
) |
Property and equipment, net |
2,312,305 |
|
|
316,827 |
|
|
— |
|
|
(729 |
) |
|
2,628,403 |
|
Other assets: |
|
|
|
|
|
|
|
|
|
Equity investments |
231,892 |
|
|
— |
|
|
50,644 |
|
|
(40,143 |
) |
|
242,393 |
|
Long-term derivative instruments |
51,088 |
|
|
— |
|
|
— |
|
|
— |
|
|
51,088 |
|
Deferred tax assets |
74,925 |
|
|
— |
|
|
— |
|
|
— |
|
|
74,925 |
|
Other assets |
6,364 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,364 |
|
Total other assets |
364,269 |
|
|
— |
|
|
50,644 |
|
|
(40,143 |
) |
|
374,770 |
|
Total assets |
$ |
3,334,499 |
|
|
$ |
317,420 |
|
|
$ |
50,645 |
|
|
$ |
(367,830 |
) |
|
$ |
3,334,734 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
264,893 |
|
|
$ |
527 |
|
|
$ |
— |
|
|
$ |
(292 |
) |
|
$ |
265,128 |
|
Accounts payable - intercompany |
— |
|
|
326,541 |
|
|
124 |
|
|
(326,665 |
) |
|
— |
|
Asset retirement obligation - current |
75 |
|
|
— |
|
— |
|
— |
|
|
— |
|
|
75 |
|
Short-term derivative instruments |
437 |
|
|
— |
|
|
— |
|
|
— |
|
|
437 |
|
Deferred tax liability |
50,697 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,697 |
|
Current maturities of long-term debt |
179 |
|
|
— |
|
|
— |
|
|
— |
|
|
179 |
|
Total current liabilities |
316,281 |
|
|
327,068 |
|
|
124 |
|
|
(326,957 |
) |
|
316,516 |
|
|
|
|
|
|
|
|
|
|
|
Long-term derivative instrument |
6,935 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,935 |
|
Asset retirement obligation - long-term |
26,362 |
|
|
— |
|
|
— |
|
|
— |
|
|
26,362 |
|
Long-term debt, net of current maturities |
946,084 |
|
|
— |
|
|
— |
|
|
— |
|
|
946,084 |
|
Total liabilities |
1,295,662 |
|
|
327,068 |
|
|
124 |
|
|
(326,957 |
) |
|
1,295,897 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Common stock |
1,082 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,082 |
|
Paid-in capital |
2,824,303 |
|
|
322 |
|
|
241,553 |
|
|
(241,875 |
) |
|
2,824,303 |
|
Accumulated other comprehensive (loss) income |
(55,177 |
) |
|
— |
|
|
(55,177 |
) |
|
55,177 |
|
|
(55,177 |
) |
Retained (deficit) earnings |
(731,371 |
) |
|
(9,970 |
) |
|
(135,855 |
) |
|
145,825 |
|
|
(731,371 |
) |
Total stockholders' equity |
2,038,837 |
|
|
(9,648 |
) |
|
50,521 |
|
|
(40,873 |
) |
|
2,038,837 |
|
Total liabilities and stockholders' equity |
$ |
3,334,499 |
|
|
$ |
317,420 |
|
|
$ |
50,645 |
|
|
$ |
(367,830 |
) |
|
$ |
3,334,734 |
|
|
Condensed Consolidating Statements of Operations |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
156,751 |
|
|
$ |
212 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
156,963 |
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
(33 |
) |
|
(2 |
) |
|
— |
|
|
(195,792 |
) |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
46,701 |
|
|
1 |
|
|
23,685 |
|
|
(23,721 |
) |
|
46,666 |
|
|
|
|
|
|
|
|
|
|
|
(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 OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2015 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
175,832 |
|
|
$ |
485 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
176,317 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
16,787 |
|
|
193 |
|
|
— |
|
|
— |
|
|
16,980 |
|
Production taxes |
4,253 |
|
|
32 |
|
|
— |
|
|
— |
|
|
4,285 |
|
Midstream gathering and processing |
25,374 |
|
|
7 |
|
|
— |
|
|
— |
|
|
25,381 |
|
Depreciation, depletion, and amortization |
89,908 |
|
|
1 |
|
|
— |
|
|
— |
|
|
89,909 |
|
General and administrative |
10,761 |
|
|
36 |
|
|
2 |
|
|
— |
|
|
10,799 |
|
Accretion expense |
190 |
|
|
— |
|
|
— |
|
|
— |
|
|
190 |
|
|
147,273 |
|
|
269 |
|
|
2 |
|
|
— |
|
|
147,544 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS |
28,559 |
|
|
216 |
|
|
(2 |
) |
|
— |
|
|
28,773 |
|
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
8,759 |
|
|
— |
|
|
— |
|
|
— |
|
|
8,759 |
|
Interest income |
(9 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(9 |
) |
(Income) loss from equity method investments and investments in subsidiaries |
(20,189 |
) |
|
— |
|
|
4,142 |
|
|
(3,928 |
) |
|
(19,975 |
) |
|
(11,439 |
) |
|
— |
|
|
4,142 |
|
|
(3,928 |
) |
|
(11,225 |
) |
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
39,998 |
|
|
216 |
|
|
(4,144 |
) |
|
3,928 |
|
|
39,998 |
|
INCOME TAX EXPENSE |
14,479 |
|
|
— |
|
|
— |
|
|
— |
|
|
14,479 |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
25,519 |
|
|
$ |
216 |
|
|
$ |
(4,144 |
) |
|
$ |
3,928 |
|
|
$ |
25,519 |
|
|