| Schedule of Adjustments |
The following tables present the effect of the error correction discussed above on all affected line items of our previously issued consolidated balance sheets as of September 30, 2019, consolidated statements of operations for the three and nine months ended September 30, 2019, consolidated statements of comprehensive income for the three and nine months ended September 30, 2019, consolidated statements of stockholders' equity for the three months ended September 30, 2019 and the consolidated statements of cash flows for the nine months ended September 30, 2019.
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2019 |
|
As Reported |
|
Adjustments |
|
As Restated |
|
(In thousands) |
Accumulated depletion, depreciation, amortization and impairment |
(5,063,413 |
) |
|
(553,575 |
) |
|
(5,616,988 |
) |
Property and equipment, net(1)
|
5,584,533 |
|
|
(553,575 |
) |
|
5,030,958 |
|
|
|
|
|
|
|
Deferred tax asset |
205,853 |
|
|
117,525 |
|
|
323,378 |
|
Total other assets |
384,278 |
|
|
117,525 |
|
|
501,803 |
|
Total assets |
$ |
6,273,148 |
|
|
(436,050 |
) |
|
$ |
5,837,098 |
|
|
|
|
|
|
|
Accumulated deficit |
(596,922 |
) |
|
(436,050 |
) |
|
(1,032,972 |
) |
Total stockholders’ equity |
3,559,154 |
|
|
(436,050 |
) |
|
3,123,104 |
|
Total liabilities and stockholders’ equity |
$ |
6,273,148 |
|
|
(436,050 |
) |
|
$ |
5,837,098 |
|
|
|
|
|
|
|
(1) Amount excluded from amortization in 2019
|
$ |
2,814,334 |
|
|
(553,575 |
) |
|
$ |
2,260,759 |
|
Consolidated Statements of Operations
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|
|
|
|
|
|
|
|
|
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|
|
|
Three Months Ended September 30, 2019 |
|
As Reported |
|
Adjustments |
|
As Restated |
|
(In thousands) |
Depreciation, depletion and amortization |
$ |
145,490 |
|
|
17,780 |
|
|
$ |
163,270 |
|
Impairment of oil and natural gas properties |
35,647 |
|
|
535,795 |
|
|
571,442 |
|
Total Costs and Expenses |
304,016 |
|
|
553,575 |
|
|
857,591 |
|
(LOSS) INCOME FROM OPERATIONS |
(18,841 |
) |
|
(553,575 |
) |
|
(572,416 |
) |
(LOSS) INCOME BEFORE INCOME TAXES |
(75,274 |
) |
|
(553,575 |
) |
|
(628,849 |
) |
INCOME TAX BENEFIT |
(26,522 |
) |
|
(117,525 |
) |
|
(144,047 |
) |
NET (LOSS) INCOME |
$ |
(48,752 |
) |
|
(436,050 |
) |
|
$ |
(484,802 |
) |
NET (LOSS) INCOME PER COMMON SHARE: |
|
|
|
|
|
Basic |
$ |
(0.31 |
) |
|
$ |
(2.73 |
) |
|
$ |
(3.04 |
) |
Diluted |
$ |
(0.31 |
) |
|
$ |
(2.73 |
) |
|
$ |
(3.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
As Reported |
|
Adjustments |
|
As Restated |
|
(In thousands, except share data) |
Depreciation, depletion and amortization |
$ |
388,874 |
|
|
17,780 |
|
|
$ |
406,654 |
|
Impairment of oil and natural gas properties |
35,647 |
|
|
535,795 |
|
|
571,442 |
|
Total Costs and Expenses |
775,160 |
|
|
553,575 |
|
|
1,328,735 |
|
(LOSS) INCOME FROM OPERATIONS |
289,587 |
|
|
(553,575 |
) |
|
(263,988 |
) |
(LOSS) INCOME BEFORE INCOME TAXES |
42,593 |
|
|
(553,575 |
) |
|
(510,982 |
) |
INCOME TAX BENEFIT |
(205,853 |
) |
|
(117,525 |
) |
|
(323,378 |
) |
NET (LOSS) INCOME |
$ |
248,446 |
|
|
(436,050 |
) |
|
$ |
(187,604 |
) |
NET (LOSS) INCOME PER COMMON SHARE: |
|
|
|
|
|
Basic |
$ |
1.55 |
|
|
$ |
(2.72 |
) |
|
$ |
(1.17 |
) |
Diluted |
$ |
1.51 |
|
|
$ |
(2.68 |
) |
|
$ |
(1.17 |
) |
Weighted average common shares outstanding—Diluted |
164,820,002 |
|
|
(4,266,206 |
) |
|
160,553,796 |
|
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2019 |
|
As Reported |
|
Adjustments |
|
As Restated |
|
(In thousands) |
Net (loss) income |
$ |
(48,752 |
) |
|
(436,050 |
) |
|
$ |
(484,802 |
) |
Comprehensive (loss) income |
$ |
(50,816 |
) |
|
(436,050 |
) |
|
$ |
(486,866 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
As Reported |
|
Adjustments |
|
As Restated |
|
(In thousands) |
Net (loss) income |
$ |
248,446 |
|
|
(436,050 |
) |
|
$ |
(187,604 |
) |
Comprehensive (loss) income |
$ |
253,793 |
|
|
(436,050 |
) |
|
$ |
(182,257 |
) |
Consolidated Statements of Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Deficit |
|
As Reported |
|
Adjustments |
|
As Restated |
|
(In thousands) |
Net loss |
$ |
(48,752 |
) |
|
(436,050 |
) |
|
$ |
(484,802 |
) |
Balance at September 30, 2019 |
$ |
(596,922 |
) |
|
(436,050 |
) |
|
$ |
(1,032,972 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders' Equity |
|
As Reported |
|
Adjustments |
|
As Restated |
|
(In thousands) |
Net loss |
$ |
(48,752 |
) |
|
(436,050 |
) |
|
$ |
(484,802 |
) |
Balance at September 30, 2019 |
$ |
3,559,154 |
|
|
(436,050 |
) |
|
$ |
3,123,104 |
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2019 |
|
As Reported |
|
Adjustments |
|
As Restated |
|
(In thousands) |
Cash flows from operating activities: |
|
|
|
|
|
Net (loss) income |
$ |
248,446 |
|
|
(436,050 |
) |
|
$ |
(187,604 |
) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
Depletion, depreciation and amortization |
388,874 |
|
|
17,780 |
|
|
406,654 |
|
Impairment of oil and natural gas properties |
35,647 |
|
|
535,795 |
|
|
571,442 |
|
Deferred income tax benefit |
(205,853 |
) |
|
(117,525 |
) |
|
(323,378 |
) |
|