Condensed Consolidating Financial Information (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Consolidating Balance Sheets |
The following condensed consolidating balance sheets, statements of operations, statements of comprehensive income and statements of cash flows are provided for the Parent, the Guarantors and the Non-Guarantor and include the consolidating adjustments and eliminations necessary to arrive at the information for the Company on a condensed consolidated basis. The information has been presented using the equity method of accounting for the Parent’s ownership of the Guarantors and the Non-Guarantor.
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
80,605 |
|
|
$ |
38,624 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
119,230 |
|
Accounts receivable - oil and natural gas sales |
102,746 |
|
|
37,463 |
|
|
— |
|
|
— |
|
|
140,209 |
|
Accounts receivable - joint interest and other |
24,244 |
|
|
29,375 |
|
|
— |
|
|
— |
|
|
53,619 |
|
Accounts receivable - related parties |
110 |
|
|
— |
|
|
— |
|
|
— |
|
|
110 |
|
Accounts receivable - intercompany |
628,119 |
|
|
258,216 |
|
|
— |
|
|
(886,335 |
) |
|
— |
|
Prepaid expenses and other current assets |
8,308 |
|
|
2,390 |
|
|
— |
|
|
— |
|
|
10,698 |
|
Short-term derivative instruments |
20,745 |
|
|
— |
|
|
— |
|
|
— |
|
|
20,745 |
|
Total current assets |
864,877 |
|
|
366,068 |
|
|
1 |
|
|
(886,335 |
) |
|
344,611 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, full-cost accounting |
6,921,387 |
|
|
2,828,498 |
|
|
— |
|
|
(729 |
) |
|
9,749,156 |
|
Other property and equipment |
91,156 |
|
|
51 |
|
|
— |
|
|
— |
|
|
91,207 |
|
Accumulated depletion, depreciation, amortization and impairment |
(4,386,332 |
) |
|
(38 |
) |
|
— |
|
|
— |
|
|
(4,386,370 |
) |
Property and equipment, net |
2,626,211 |
|
|
2,828,511 |
|
|
— |
|
|
(729 |
) |
|
5,453,993 |
|
Other assets: |
|
|
|
|
|
|
|
|
|
Equity investments and investments in subsidiaries |
2,618,091 |
|
|
— |
|
|
49,957 |
|
|
(2,449,199 |
) |
|
218,849 |
|
Long-term derivative instruments |
7,657 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,657 |
|
Inventories |
6,741 |
|
|
2,678 |
|
|
— |
|
|
— |
|
|
9,419 |
|
Other assets |
13,378 |
|
|
6,526 |
|
|
— |
|
|
— |
|
|
19,904 |
|
Total other assets |
2,645,867 |
|
|
9,204 |
|
|
49,957 |
|
|
(2,449,199 |
) |
|
255,829 |
|
Total assets |
$ |
6,136,955 |
|
|
$ |
3,203,783 |
|
|
$ |
49,958 |
|
|
$ |
(3,336,263 |
) |
|
$ |
6,054,433 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
421,911 |
|
|
$ |
162,505 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
584,416 |
|
Accounts payable - intercompany |
258,218 |
|
|
627,989 |
|
|
128 |
|
|
(886,335 |
) |
|
— |
|
Asset retirement obligation - current |
120 |
|
|
— |
|
|
— |
|
|
— |
|
|
120 |
|
Short-term derivative instruments |
61,161 |
|
|
— |
|
|
— |
|
|
— |
|
|
61,161 |
|
Current maturities of long-term debt |
639 |
|
|
— |
|
|
— |
|
|
— |
|
|
639 |
|
Total current liabilities |
742,049 |
|
|
790,494 |
|
|
128 |
|
|
(886,335 |
) |
|
646,336 |
|
Long-term derivative instruments |
17,479 |
|
|
— |
|
|
— |
|
|
— |
|
|
17,479 |
|
Asset retirement obligation - long-term |
64,364 |
|
|
12,451 |
|
|
— |
|
|
— |
|
|
76,815 |
|
Deferred tax liability |
2,965 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,965 |
|
Other non-current liabilities |
— |
|
|
740 |
|
|
— |
|
|
— |
|
|
740 |
|
Long-term debt, net of current maturities |
2,114,899 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,114,899 |
|
Total liabilities |
2,941,756 |
|
|
803,685 |
|
|
128 |
|
|
(886,335 |
) |
|
2,859,234 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
1,733 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,733 |
|
Paid-in capital |
4,317,391 |
|
|
1,915,598 |
|
|
260,877 |
|
|
(2,176,475 |
) |
|
4,317,391 |
|
Accumulated other comprehensive (loss) income |
(49,406 |
) |
|
— |
|
|
(47,287 |
) |
|
47,287 |
|
|
(49,406 |
) |
Retained (deficit) earnings |
(1,074,519 |
) |
|
484,500 |
|
|
(163,760 |
) |
|
(320,740 |
) |
|
(1,074,519 |
) |
Total stockholders’ equity |
3,195,199 |
|
|
2,400,098 |
|
|
49,830 |
|
|
(2,449,928 |
) |
|
3,195,199 |
|
Total liabilities and stockholders’ equity
|
$ |
6,136,955 |
|
|
$ |
3,203,783 |
|
|
$ |
49,958 |
|
|
$ |
(3,336,263 |
) |
|
$ |
6,054,433 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
67,908 |
|
|
$ |
31,649 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
99,557 |
|
Accounts receivable - oil and natural gas sales |
112,686 |
|
|
34,087 |
|
|
— |
|
|
— |
|
|
146,773 |
|
Accounts receivable - joint interest and other |
15,435 |
|
|
20,005 |
|
|
— |
|
|
— |
|
|
35,440 |
|
Accounts receivable - intercompany |
554,439 |
|
|
63,374 |
|
|
— |
|
|
(617,813 |
) |
|
— |
|
Prepaid expenses and other current assets |
4,719 |
|
|
193 |
|
|
— |
|
|
— |
|
|
4,912 |
|
Short-term derivative instruments |
78,847 |
|
|
— |
|
|
— |
|
|
— |
|
|
78,847 |
|
Total current assets |
834,034 |
|
|
149,308 |
|
|
— |
|
|
(617,813 |
) |
|
365,529 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
|
Oil and natural gas properties, full-cost accounting, |
6,562,147 |
|
|
2,607,738 |
|
|
— |
|
|
(729 |
) |
|
9,169,156 |
|
Other property and equipment |
86,711 |
|
|
43 |
|
|
— |
|
|
— |
|
|
86,754 |
|
Accumulated depletion, depreciation, amortization and impairment |
(4,153,696 |
) |
|
(37 |
) |
|
— |
|
|
— |
|
|
(4,153,733 |
) |
Property and equipment, net |
2,495,162 |
|
|
2,607,744 |
|
|
— |
|
|
(729 |
) |
|
5,102,177 |
|
Other assets: |
|
|
|
|
|
|
|
|
|
Equity investments and investments in subsidiaries |
2,361,575 |
|
|
77,744 |
|
|
57,641 |
|
|
(2,194,848 |
) |
|
302,112 |
|
Long-term derivative instruments |
8,685 |
|
|
— |
|
|
— |
|
|
— |
|
|
8,685 |
|
Deferred tax asset |
1,208 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,208 |
|
Inventories |
5,816 |
|
|
2,411 |
|
|
— |
|
|
— |
|
|
8,227 |
|
Other assets |
12,483 |
|
|
7,331 |
|
|
— |
|
|
— |
|
|
19,814 |
|
Total other assets |
2,389,767 |
|
|
87,486 |
|
|
57,641 |
|
|
(2,194,848 |
) |
|
340,046 |
|
Total assets |
$ |
5,718,963 |
|
|
$ |
2,844,538 |
|
|
$ |
57,641 |
|
|
$ |
(2,813,390 |
) |
|
$ |
5,807,752 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
416,249 |
|
|
$ |
137,361 |
|
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
553,609 |
|
Accounts payable - intercompany |
63,373 |
|
|
554,313 |
|
|
127 |
|
|
(617,813 |
) |
|
— |
|
Asset retirement obligation - current |
120 |
|
|
— |
|
|
— |
|
|
— |
|
|
120 |
|
Short-term derivative instruments |
32,534 |
|
|
— |
|
|
— |
|
|
— |
|
|
32,534 |
|
Current maturities of long-term debt |
622 |
|
|
— |
|
|
— |
|
|
— |
|
|
622 |
|
Total current liabilities |
512,898 |
|
|
691,674 |
|
|
127 |
|
|
(617,814 |
) |
|
586,885 |
|
Long-term derivative instruments |
2,989 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,989 |
|
Asset retirement obligation - long-term |
63,141 |
|
|
11,839 |
|
|
— |
|
|
— |
|
|
74,980 |
|
Other non-current liabilities |
— |
|
|
2,963 |
|
|
— |
|
|
— |
|
|
2,963 |
|
Long-term debt, net of current maturities |
2,038,321 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,038,321 |
|
Total liabilities |
2,617,349 |
|
|
706,476 |
|
|
127 |
|
|
(617,814 |
) |
|
2,706,138 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock |
1,831 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,831 |
|
Paid-in capital |
4,416,250 |
|
|
1,915,598 |
|
|
259,307 |
|
|
(2,174,905 |
) |
|
4,416,250 |
|
Accumulated other comprehensive (loss) income |
(40,539 |
) |
|
— |
|
|
(38,593 |
) |
|
38,593 |
|
|
(40,539 |
) |
Retained (deficit) earnings |
(1,275,928 |
) |
|
222,464 |
|
|
(163,200 |
) |
|
(59,264 |
) |
|
(1,275,928 |
) |
Total stockholders’ equity |
3,101,614 |
|
|
2,138,062 |
|
|
57,514 |
|
|
(2,195,576 |
) |
|
3,101,614 |
|
Total liabilities and stockholders’ equity
|
$ |
5,718,963 |
|
|
$ |
2,844,538 |
|
|
$ |
57,641 |
|
|
$ |
(2,813,390 |
) |
|
$ |
5,807,752 |
|
|
| Condensed Consolidating Statements of Operations |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
146,774 |
|
|
$ |
105,966 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
252,740 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
16,593 |
|
|
6,319 |
|
|
— |
|
|
— |
|
|
22,912 |
|
Production taxes |
4,793 |
|
|
2,866 |
|
|
— |
|
|
— |
|
|
7,659 |
|
Midstream gathering and processing |
52,542 |
|
|
18,898 |
|
|
— |
|
|
— |
|
|
71,440 |
|
Depreciation, depletion and amortization |
121,915 |
|
|
— |
|
|
— |
|
|
— |
|
|
121,915 |
|
General and administrative |
14,975 |
|
|
(968 |
) |
|
1 |
|
|
— |
|
|
14,008 |
|
Accretion expense |
795 |
|
|
220 |
|
|
— |
|
|
— |
|
|
1,015 |
|
|
211,613 |
|
|
27,335 |
|
|
1 |
|
|
— |
|
|
238,949 |
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME FROM OPERATIONS |
(64,839 |
) |
|
78,631 |
|
|
(1 |
) |
|
— |
|
|
13,791 |
|
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
34,663 |
|
|
(959 |
) |
|
— |
|
|
— |
|
|
33,704 |
|
Interest income |
(27 |
) |
|
(6 |
) |
|
— |
|
|
— |
|
|
(33 |
) |
Insurance proceeds |
(231 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(231 |
) |
Gain on sale of equity method investments |
(25,616 |
) |
|
(96,419 |
) |
|
— |
|
|
— |
|
|
(122,035 |
) |
(Income) loss from equity method investments and investments in subsidiaries |
(183,901 |
) |
|
(336 |
) |
|
228 |
|
|
175,121 |
|
|
(8,888 |
) |
Other income |
(1,046 |
) |
|
1 |
|
|
— |
|
|
1,000 |
|
|
(45 |
) |
|
(176,158 |
) |
|
(97,719 |
) |
|
228 |
|
|
176,121 |
|
|
(97,528 |
) |
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
111,319 |
|
|
176,350 |
|
|
(229 |
) |
|
(176,121 |
) |
|
111,319 |
|
INCOME TAX BENEFIT |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
111,319 |
|
|
$ |
176,350 |
|
|
$ |
(229 |
) |
|
$ |
(176,121 |
) |
|
$ |
111,319 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
249,353 |
|
|
$ |
74,600 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
323,953 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
16,423 |
|
|
4,298 |
|
|
— |
|
|
— |
|
|
20,721 |
|
Production taxes |
3,645 |
|
|
1,494 |
|
|
— |
|
|
— |
|
|
5,139 |
|
Midstream gathering and processing |
42,291 |
|
|
16,654 |
|
|
— |
|
|
— |
|
|
58,945 |
|
Depreciation, depletion and amortization |
82,245 |
|
|
1 |
|
|
— |
|
|
— |
|
|
82,246 |
|
General and administrative |
13,052 |
|
|
(796 |
) |
|
1 |
|
|
— |
|
|
12,257 |
|
Accretion expense |
291 |
|
|
119 |
|
|
— |
|
|
— |
|
|
410 |
|
Acquisition expense |
5 |
|
|
1,055 |
|
|
— |
|
|
— |
|
|
1,060 |
|
|
157,952 |
|
|
22,825 |
|
|
1 |
|
|
— |
|
|
180,778 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS |
91,401 |
|
|
51,775 |
|
|
(1 |
) |
|
— |
|
|
143,175 |
|
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
26,133 |
|
|
(1,945 |
) |
|
— |
|
|
— |
|
|
24,188 |
|
Interest income |
(42 |
) |
|
(6 |
) |
|
— |
|
|
— |
|
|
(48 |
) |
Gain on sale of equity method investments |
(12,523 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(12,523 |
) |
(Income) loss from equity method investments and investments in subsidiaries |
(27,952 |
) |
|
(83 |
) |
|
208 |
|
|
53,651 |
|
|
25,824 |
|
Other income |
(151 |
) |
|
(51 |
) |
|
— |
|
|
— |
|
|
(202 |
) |
|
(14,535 |
) |
|
(2,085 |
) |
|
208 |
|
|
53,651 |
|
|
37,239 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
105,936 |
|
|
53,860 |
|
|
(209 |
) |
|
(53,651 |
) |
|
105,936 |
|
INCOME TAX EXPENSE |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
105,936 |
|
|
$ |
53,860 |
|
|
$ |
(209 |
) |
|
$ |
(53,651 |
) |
|
$ |
105,936 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
360,335 |
|
|
$ |
217,797 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
578,132 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
30,424 |
|
|
11,394 |
|
|
— |
|
|
— |
|
|
41,818 |
|
Production taxes |
8,804 |
|
|
5,709 |
|
|
— |
|
|
— |
|
|
14,513 |
|
Midstream gathering and processing |
98,208 |
|
|
37,425 |
|
|
— |
|
|
— |
|
|
135,633 |
|
Depreciation, depletion, and amortization |
232,932 |
|
|
1 |
|
|
— |
|
|
— |
|
|
232,933 |
|
General and administrative |
28,786 |
|
|
(1,681 |
) |
|
2 |
|
|
— |
|
|
27,107 |
|
Accretion expense |
1,585 |
|
|
434 |
|
|
— |
|
|
— |
|
|
2,019 |
|
|
400,739 |
|
|
53,282 |
|
|
2 |
|
|
— |
|
|
454,023 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS |
(40,404 |
) |
|
164,515 |
|
|
(2 |
) |
|
— |
|
|
124,109 |
|
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
69,056 |
|
|
(1,387 |
) |
|
— |
|
|
— |
|
|
67,669 |
|
Interest income |
(58 |
) |
|
(12 |
) |
|
— |
|
|
— |
|
|
(70 |
) |
Insurance proceeds |
(231 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(231 |
) |
Gain on sale of equity method investments |
(25,616 |
) |
|
(96,419 |
) |
|
— |
|
|
— |
|
|
(122,035 |
) |
(Income) loss from equity method investments and investments in subsidiaries |
(283,765 |
) |
|
(693 |
) |
|
558 |
|
|
261,476 |
|
|
(22,424 |
) |
Other (income) expense |
(1,130 |
) |
|
(10 |
) |
|
— |
|
|
1,000 |
|
|
(140 |
) |
|
(241,744 |
) |
|
(98,521 |
) |
|
558 |
|
|
262,476 |
|
|
(77,231 |
) |
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
201,340 |
|
|
263,036 |
|
|
(560 |
) |
|
(262,476 |
) |
|
201,340 |
|
INCOME TAX BENEFIT |
(69 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(69 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
201,409 |
|
|
$ |
263,036 |
|
|
$ |
(560 |
) |
|
$ |
(262,476 |
) |
|
$ |
201,409 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
521,794 |
|
|
$ |
135,163 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
656,957 |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Lease operating expenses |
33,872 |
|
|
6,152 |
|
|
— |
|
|
— |
|
|
40,024 |
|
Production taxes |
6,747 |
|
|
2,298 |
|
|
— |
|
|
— |
|
|
9,045 |
|
Midstream gathering and processing |
80,015 |
|
|
26,871 |
|
|
— |
|
|
— |
|
|
106,886 |
|
Depreciation, depletion, and amortization |
148,235 |
|
|
2 |
|
|
— |
|
|
— |
|
|
148,237 |
|
General and administrative |
25,926 |
|
|
(1,071 |
) |
|
2 |
|
|
— |
|
|
24,857 |
|
Accretion expense |
573 |
|
|
119 |
|
|
— |
|
|
— |
|
|
692 |
|
Acquisition expense |
5 |
|
|
2,353 |
|
|
— |
|
|
— |
|
|
2,358 |
|
|
295,373 |
|
|
36,724 |
|
|
2 |
|
|
— |
|
|
332,099 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS |
226,421 |
|
|
98,439 |
|
|
(2 |
) |
|
— |
|
|
324,858 |
|
|
|
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
|
|
|
|
|
Interest expense |
51,181 |
|
|
(3,514 |
) |
|
— |
|
|
— |
|
|
47,667 |
|
Interest income |
(884 |
) |
|
(6 |
) |
|
— |
|
|
— |
|
|
(890 |
) |
Gain on sale of equity method investments |
(12,523 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(12,523 |
) |
(Income) loss from equity method investments and investments in subsidiaries |
(70,566 |
) |
|
2,458 |
|
|
573 |
|
|
98,266 |
|
|
30,731 |
|
Other (income) expense |
(1,178 |
) |
|
(240 |
) |
|
— |
|
|
900 |
|
|
(518 |
) |
|
(33,970 |
) |
|
(1,302 |
) |
|
573 |
|
|
99,166 |
|
|
64,467 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
260,391 |
|
|
99,741 |
|
|
(575 |
) |
|
(99,166 |
) |
|
260,391 |
|
INCOME TAX EXPENSE |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
260,391 |
|
|
$ |
99,741 |
|
|
$ |
(575 |
) |
|
$ |
(99,166 |
) |
|
$ |
260,391 |
|
|
| Condensed Consolidating Statements of Comprehensive Income (Loss) |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
111,319 |
|
|
$ |
176,350 |
|
|
$ |
(229 |
) |
|
$ |
(176,121 |
) |
|
$ |
111,319 |
|
Foreign currency translation adjustment |
(3,364 |
) |
|
14 |
|
|
(3,378 |
) |
|
3,364 |
|
|
(3,364 |
) |
Other comprehensive (loss) income |
(3,364 |
) |
|
14 |
|
|
(3,378 |
) |
|
3,364 |
|
|
(3,364 |
) |
Comprehensive income (loss) |
$ |
107,955 |
|
|
$ |
176,364 |
|
|
$ |
(3,607 |
) |
|
$ |
(172,757 |
) |
|
$ |
107,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
105,936 |
|
|
$ |
53,860 |
|
|
$ |
(209 |
) |
|
$ |
(53,651 |
) |
|
$ |
105,936 |
|
Foreign currency translation adjustment |
4,514 |
|
|
19 |
|
|
4,495 |
|
|
(4,514 |
) |
|
4,514 |
|
Other comprehensive income (loss) |
4,514 |
|
|
19 |
|
|
4,495 |
|
|
(4,514 |
) |
|
4,514 |
|
Comprehensive income (loss) |
$ |
110,450 |
|
|
$ |
53,879 |
|
|
$ |
4,286 |
|
|
$ |
(58,165 |
) |
|
$ |
110,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
201,409 |
|
|
$ |
263,036 |
|
|
$ |
(560 |
) |
|
$ |
(262,476 |
) |
|
$ |
201,409 |
|
Foreign currency translation adjustment |
(8,867 |
) |
|
(173 |
) |
|
(8,694 |
) |
|
8,867 |
|
|
(8,867 |
) |
Other comprehensive (loss) income |
(8,867 |
) |
|
(173 |
) |
|
(8,694 |
) |
|
8,867 |
|
|
(8,867 |
) |
Comprehensive income (loss) |
$ |
192,542 |
|
|
$ |
262,863 |
|
|
$ |
(9,254 |
) |
|
$ |
(253,609 |
) |
|
$ |
192,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
Net income (loss) |
$ |
260,391 |
|
|
$ |
99,741 |
|
|
$ |
(575 |
) |
|
$ |
(99,166 |
) |
|
$ |
260,391 |
|
Foreign currency translation adjustment |
5,887 |
|
|
74 |
|
|
5,813 |
|
|
(5,887 |
) |
|
5,887 |
|
Other comprehensive income (loss) |
5,887 |
|
|
74 |
|
|
5,813 |
|
|
(5,887 |
) |
|
5,887 |
|
Comprehensive income (loss) |
$ |
266,278 |
|
|
$ |
99,815 |
|
|
$ |
5,238 |
|
|
$ |
(105,053 |
) |
|
$ |
266,278 |
|
|
| Condensed Consolidating Statements of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
370,965 |
|
|
$ |
40,078 |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
411,044 |
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities |
(327,362 |
) |
|
(33,103 |
) |
|
(1,569 |
) |
|
1,569 |
|
|
(360,465 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities |
(30,906 |
) |
|
— |
|
|
1,570 |
|
|
(1,570 |
) |
|
(30,906 |
) |
|
|
|
|
|
|
|
|
|
|
Net increase in cash, cash equivalents and restricted cash |
12,697 |
|
|
6,975 |
|
|
1 |
|
|
— |
|
|
19,673 |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of period |
67,908 |
|
|
31,649 |
|
|
— |
|
|
— |
|
|
99,557 |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
80,605 |
|
|
$ |
38,624 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
119,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
268,068 |
|
|
$ |
18,585 |
|
|
$ |
1 |
|
|
$ |
(1 |
) |
|
$ |
286,653 |
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities |
(1,854,539 |
) |
|
(1,362,222 |
) |
|
(1,151 |
) |
|
1,388,288 |
|
|
(1,829,624 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
199,651 |
|
|
1,387,137 |
|
|
1,150 |
|
|
(1,388,287 |
) |
|
199,651 |
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
(1,386,820 |
) |
|
43,500 |
|
|
— |
|
|
— |
|
|
(1,343,320 |
) |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of period |
1,458,882 |
|
|
1,993 |
|
|
— |
|
|
— |
|
|
1,460,875 |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
72,062 |
|
|
$ |
45,493 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
117,555 |
|
|