Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.4.0.3
Condensed Consolidating Financial Information (Tables)
3 Months Ended
Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
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

Condensed Consolidating Statements of Comprehensive Income (Loss)
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Amounts in thousands)
 
Three months ended March 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(242,267
)
 
$
(34
)
 
$
(23,687
)
 
$
23,721

 
$
(242,267
)
Foreign currency translation adjustment
9,058

 

 
10,273

 
(10,273
)
 
9,058

Other comprehensive income (loss)
9,058

 

 
10,273

 
(10,273
)
 
9,058

Comprehensive (loss) income
$
(233,209
)
 
$
(34
)
 
$
(13,414
)
 
$
13,448

 
$
(233,209
)

 
Three months ended March 31, 2015
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
Net income (loss)
$
25,519

 
$
216

 
$
(4,144
)
 
$
3,928

 
$
25,519

Foreign currency translation adjustment
(14,984
)
 

 
(14,984
)
 
14,984

 
(14,984
)
Other comprehensive (loss) income
(14,984
)
 

 
(14,984
)
 
14,984

 
(14,984
)
Comprehensive income (loss)
$
10,535

 
$
216

 
$
(19,128
)
 
$
18,912

 
$
10,535

Condensed Consolidating Statements of Cash Flows
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
 
Three months ended March 31, 2016
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
83,620

 
$
155

 
$
(1
)
 
$

 
$
83,774

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(157,529
)
 
(22,500
)
 
(1,821
)
 
24,321

 
(157,529
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
415,158

 
22,500

 
1,821

 
(24,321
)
 
415,158

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
341,249

 
155

 
(1
)
 

 
341,403

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
112,494

 
479

 
1

 

 
112,974

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
453,743

 
$
634

 
$

 
$

 
$
454,377


 
Three months ended March 31, 2015
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
95,879

 
$
3,158

 
$

 
$

 
$
99,037

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(228,601
)
 
(2,890
)
 
(6,093
)
 
6,093

 
(231,491
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
64,854

 

 
6,093

 
(6,093
)
 
64,854

 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
(67,868
)
 
268

 

 

 
(67,600
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
141,535

 
804

 
1

 

 
142,340

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
73,667

 
$
1,072

 
$
1

 
$

 
$
74,740