Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

v3.10.0.1
CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
9 Months Ended
Sep. 30, 2018
Condensed Financial Information Disclosure [Abstract]  
CONDENSED CONSOLIDATING BALANCE SHEETS
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
September 30, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
89,214

 
$
35,357

 
$

 
$

 
$
124,571

Accounts receivable - oil and natural gas sales
111,463

 
45,928

 

 

 
157,391

Accounts receivable - joint interest and other
19,066

 
20,445

 

 

 
39,511

Accounts receivable - related parties
79

 

 

 

 
79

Accounts receivable - intercompany
662,319

 
240,373

 

 
(902,692
)
 

Prepaid expenses and other current assets
7,521

 
2,221

 

 

 
9,742

Short-term derivative instruments
19,809

 

 

 

 
19,809

Total current assets
909,471

 
344,324

 

 
(902,692
)
 
351,103

 
 
 
 
 
 
 
 
 
 
Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting
7,003,396

 
2,934,047

 

 
(729
)
 
9,936,714

Other property and equipment
91,637

 
751

 

 

 
92,388

Accumulated depletion, depreciation, amortization and impairment
(4,506,267
)
 
(39
)
 

 

 
(4,506,306
)
Property and equipment, net
2,588,766

 
2,934,759

 

 
(729
)
 
5,522,796

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
2,723,140

 

 
53,380

 
(2,543,991
)
 
232,529

Long-term derivative instruments
3,530

 

 

 

 
3,530

Inventories
6,800

 
1,434

 

 

 
8,234

Other assets
13,018

 
4,020

 

 

 
17,038

Total other assets
2,746,488

 
5,454

 
53,380

 
(2,543,991
)
 
261,331

  Total assets
$
6,244,725

 
$
3,284,537

 
$
53,380

 
$
(3,447,412
)
 
$
6,135,230

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
464,426

 
$
118,038

 
$

 
$

 
$
582,464

Accounts payable - intercompany
240,310

 
662,254

 
128

 
(902,692
)
 

Asset retirement obligation - current
120

 

 

 

 
120

Short-term derivative instruments
62,601

 

 

 

 
62,601

Current maturities of long-term debt
647

 

 

 

 
647

Total current liabilities
768,104

 
780,292

 
128

 
(902,692
)
 
645,832

Long-term derivative instruments
15,101

 

 

 

 
15,101

Asset retirement obligation - long-term
65,634

 
12,777

 

 

 
78,411

Deferred tax liability
3,046

 

 

 

 
3,046

Long-term debt, net of current maturities
2,100,825

 

 

 

 
2,100,825

Total liabilities
2,952,710

 
793,069

 
128

 
(902,692
)
 
2,843,215

 
 
 
 
 
 
 
 
 
 
Stockholders’ equity:
 
 
 
 
 
 
 
 
 
Common stock
1,732

 

 

 

 
1,732

Paid-in capital
4,316,006

 
1,915,598

 
261,626

 
(2,177,224
)
 
4,316,006

Accumulated other comprehensive (loss) income
(46,354
)
 

 
(44,338
)
 
44,338

 
(46,354
)
Retained (deficit) earnings
(979,369
)
 
575,870

 
(164,036
)
 
(411,834
)
 
(979,369
)
Total stockholders’ equity
3,292,015

 
2,491,468

 
53,252

 
(2,544,720
)
 
3,292,015

  Total liabilities and stockholders equity
$
6,244,725

 
$
3,284,537

 
$
53,380

 
$
(3,447,412
)
 
$
6,135,230

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 September 30, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
235,683

 
$
125,279

 
$

 
$

 
$
360,962

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
16,502

 
5,823

 

 

 
22,325

Production taxes
4,505

 
4,843

 

 

 
9,348

Midstream gathering and processing
54,397

 
24,516

 

 

 
78,913

Depreciation, depletion and amortization
119,914

 
1

 

 

 
119,915

General and administrative
16,314

 
(467
)
 
1

 

 
15,848

Accretion expense
812

 
225

 

 

 
1,037

 
212,444


34,941


1




247,386

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
23,239


90,338


(1
)



113,576

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
34,254

 
(1,001
)
 

 

 
33,253

Interest income
(86
)
 
(6
)
 

 

 
(92
)
Litigation settlement
917

 

 

 

 
917

Gain on sale of equity method investments
(2,733
)
 

 

 

 
(2,733
)
(Income) loss from equity method investments and investments in subsidiaries
(104,226
)
 
(1
)
 
275

 
91,094

 
(12,858
)
Other income
(37
)
 
(24
)
 

 

 
(61
)
 
(71,911
)

(1,032
)

275


91,094


18,426

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
95,150

 
91,370

 
(276
)
 
(91,094
)
 
95,150

INCOME TAX BENEFIT

 

 

 

 

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
95,150


$
91,370


$
(276
)

$
(91,094
)

$
95,150

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)

 
Three months ended September 30, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
188,390

 
$
77,108

 
$

 
$

 
$
265,498

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
16,019

 
4,001

 

 

 
20,020

Production taxes
4,052

 
1,367

 

 

 
5,419

Midstream gathering and processing
52,725

 
16,647

 

 

 
69,372

Depreciation, depletion and amortization
106,649

 
1

 

 

 
106,650

General and administrative
13,956

 
(892
)
 
1

 

 
13,065

Accretion expense
335

 
121

 

 

 
456

Acquisition expense
(5
)
 
38

 

 

 
33

 
193,731


21,283


1




215,015

 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME FROM OPERATIONS
(5,341
)

55,825


(1
)



50,483

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
27,914

 
(784
)
 

 

 
27,130

Interest income
(29
)
 
(8
)
 

 

 
(37
)
(Income) loss from equity method investments and investments in subsidiaries
(53,880
)
 
128

 
296

 
56,193

 
2,737

Other income
(344
)
 
(1
)
 

 

 
(345
)
 
(26,339
)
 
(665
)
 
296

 
56,193

 
29,485

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
20,998


56,490


(297
)

(56,193
)

20,998

INCOME TAX EXPENSE
2,763

 

 

 

 
2,763

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
18,235

 
$
56,490

 
$
(297
)
 
$
(56,193
)
 
$
18,235

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)

 
Nine months ended September 30, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
596,018

 
$
343,076

 
$

 
$

 
$
939,094

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
46,926

 
17,217

 

 

 
64,143

Production taxes
13,309

 
10,552

 

 

 
23,861

Midstream gathering and processing
152,605

 
61,941

 

 

 
214,546

Depreciation, depletion, and amortization
352,846

 
2

 

 

 
352,848

General and administrative
45,100

 
(2,148
)
 
3

 

 
42,955

Accretion expense
2,397

 
659

 

 

 
3,056

 
613,183

 
88,223

 
3

 

 
701,409

 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME FROM OPERATIONS
(17,165
)
 
254,853

 
(3
)
 

 
237,685

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
103,310

 
(2,388
)
 

 

 
100,922

Interest income
(144
)
 
(18
)
 

 

 
(162
)
Litigation settlement
917

 

 

 

 
917

Insurance proceeds
(231
)
 

 

 

 
(231
)
Gain on sale of equity method investments
(28,349
)
 
(96,419
)
 

 

 
(124,768
)
(Income) loss from equity method investments and investments in subsidiaries
(387,991
)
 
(694
)
 
833

 
352,570

 
(35,282
)
Other (income) expense
(1,167
)
 
(34
)
 

 
1,000

 
(201
)
 
(313,655
)
 
(99,553
)
 
833

 
353,570

 
(58,805
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
296,490

 
354,406

 
(836
)
 
(353,570
)
 
296,490

INCOME TAX BENEFIT
(69
)
 

 

 

 
(69
)
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
296,559

 
$
354,406

 
$
(836
)
 
$
(353,570
)
 
$
296,559



CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)

 
Nine months ended September 30, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
710,184

 
$
212,271

 
$

 
$

 
$
922,455

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
49,891

 
10,153

 

 

 
60,044

Production taxes
10,799

 
3,665

 

 

 
14,464

Midstream gathering and processing
132,740

 
43,518

 

 

 
176,258

Depreciation, depletion, and amortization
254,884

 
3

 

 

 
254,887

General and administrative
39,882

 
(1,963
)
 
3

 

 
37,922

Accretion expense
908

 
240

 

 

 
1,148

Acquisition expense

 
2,391

 

 

 
2,391

 
489,104

 
58,007

 
3

 

 
547,114

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
221,080

 
154,264

 
(3
)
 

 
375,341

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
79,095

 
(4,298
)
 

 

 
74,797

Interest income
(913
)
 
(14
)
 

 

 
(927
)
Gain on sale of equity method investments
(12,523
)
 

 

 

 
(12,523
)
(Income) loss from equity method investments and investments in subsidiaries
(124,446
)
 
2,586

 
869

 
154,459

 
33,468

Other (income) expense
(1,522
)
 
(241
)
 

 
900

 
(863
)
 
(60,309
)
 
(1,967
)
 
869

 
155,359

 
93,952

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
281,389

 
156,231

 
(872
)
 
(155,359
)
 
281,389

INCOME TAX EXPENSE
2,763

 

 

 

 
2,763

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
278,626

 
$
156,231

 
$
(872
)
 
$
(155,359
)
 
$
278,626

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands)
 
Three months ended September 30, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
95,150

 
$
91,370

 
$
(276
)
 
$
(91,094
)
 
$
95,150

Foreign currency translation adjustment
3,052

 
103

 
2,949

 
(3,052
)
 
3,052

Other comprehensive income (loss)
3,052

 
103

 
2,949

 
(3,052
)
 
3,052

Comprehensive income (loss)
$
98,202

 
$
91,473

 
$
2,673

 
$
(94,146
)
 
$
98,202

 
Three months ended September 30, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
18,235

 
$
56,490

 
$
(297
)
 
$
(56,193
)
 
$
18,235

Foreign currency translation adjustment
6,832

 
158

 
6,674

 
(6,832
)
 
6,832

Other comprehensive income (loss)
6,832

 
158

 
6,674

 
(6,832
)
 
6,832

Comprehensive income (loss)
$
25,067

 
$
56,648

 
$
6,377

 
$
(63,025
)
 
$
25,067

 
Nine months ended September 30, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
296,559

 
$
354,406

 
$
(836
)
 
$
(353,570
)
 
$
296,559

Foreign currency translation adjustment
(5,815
)
 
(70
)
 
(5,745
)
 
5,815

 
(5,815
)
Other comprehensive (loss) income
(5,815
)
 
(70
)
 
(5,745
)
 
5,815

 
(5,815
)
Comprehensive income (loss)
$
290,744

 
$
354,336

 
$
(6,581
)
 
$
(347,755
)
 
$
290,744

 
Nine months ended September 30, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
Net income (loss)
$
278,626

 
$
156,231

 
$
(872
)
 
$
(155,359
)
 
$
278,626

Foreign currency translation adjustment
12,719

 
232

 
12,487

 
(12,719
)
 
12,719

Other comprehensive income (loss)
12,719

 
232

 
12,487

 
(12,719
)
 
12,719

Comprehensive income (loss)
$
291,345

 
$
156,463

 
$
11,615

 
$
(168,078
)
 
$
291,345

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
 
Nine months ended September 30, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
416,833

 
$
192,123

 
$
(1
)
 
$
1

 
$
608,956

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(344,330
)
 
(188,415
)
 
(2,318
)
 
2,318

 
(532,745
)
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by financing activities
(51,197
)
 

 
2,319

 
(2,319
)
 
(51,197
)
 
 
 
 
 
 
 
 
 
 
Net increase in cash, cash equivalents and restricted cash
21,306

 
3,708

 

 

 
25,014

 
 
 
 
 
 
 
 
 
 
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
$
89,214

 
$
35,357

 
$

 
$

 
$
124,571


 
Nine months ended September 30, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
310,624

 
$
181,108

 
$
(1
)
 
$
2

 
$
491,733

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(2,034,554
)
 
(1,554,063
)
 
(1,843
)
 
1,408,980

 
(2,181,480
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
354,143

 
1,407,137

 
1,845

 
(1,408,982
)
 
354,143

 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash, cash equivalents and restricted cash
(1,369,787
)
 
34,182

 
1

 

 
(1,335,604
)
 
 
 
 
 
 
 
 
 
 
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
$
89,095

 
$
36,175

 
$
1

 
$

 
$
125,271