Annual report pursuant to Section 13 and 15(d)

Condensed Consolidating Financial Information (Tables)

v3.19.3.a.u2
Condensed Consolidating Financial Information (Tables)
12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed consolidating balance sheets
CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2019
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
2,768

 
$
3,097

 
$
195

 
$

 
$
6,060

Accounts receivable - oil and natural gas sales
859

 
120,351

 

 

 
121,210

Accounts receivable - joint interest and other
5,279

 
42,696

 

 

 
47,975

Accounts receivable - intercompany
1,065,593

 
843,223

 

 
(1,908,816
)
 

Prepaid expenses and other current assets
4,047

 
308

 
76

 

 
4,431

Short-term derivative instruments
126,201

 

 

 

 
126,201

Total current assets
1,204,747

 
1,009,675

 
271

 
(1,908,816
)
 
305,877

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting
1,314,933

 
9,273,681

 
7,850

 
(729
)
 
10,595,735

Other property and equipment
92,650

 
50

 
4,019

 

 
96,719

Accumulated depletion, depreciation, amortization and impairment
(1,418,888
)
 
(5,808,254
)
 
(1,518
)
 

 
(7,228,660
)
Property and equipment, net
(11,305
)
 
3,465,477

 
10,351

 
(729
)
 
3,463,794

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
3,064,503

 
6,332

 
21,000

 
(3,059,791
)
 
32,044

Long-term derivative instruments
563

 

 

 

 
563

Deferred tax asset
7,563

 

 

 

 
7,563

Inventories

 
5,182

 

 

 
5,182

Operating lease assets
14,168

 

 

 

 
14,168

Operating lease assets - related parties
43,270

 

 

 

 
43,270

Other assets
10,026

 
332

 


 


 
10,358

Total other assets
3,140,093

 
11,846

 
21,000

 
(3,059,791
)
 
113,148

  Total assets
$
4,333,535

 
$
4,486,998

 
$
31,622

 
$
(4,969,336
)
 
$
3,882,819

 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders' equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
48,006

 
$
367,088

 
$
124

 
$

 
$
415,218

Accounts payable - intercompany
878,283

 
1,026,249

 
4,285

 
(1,908,817
)
 

Short-term derivative instruments
303

 

 

 

 
303

Current portion of operating lease liabilities
13,826

 

 

 

 
13,826

Current portion of operating lease liabilities - related parties
21,220

 

 

 

 
21,220

Current maturities of long-term debt
631

 

 

 

 
631

Total current liabilities
962,269

 
1,393,337

 
4,409

 
(1,908,817
)
 
451,198

Long-term derivative instruments
53,135

 

 

 

 
53,135

Asset retirement obligation - long-term

 
58,322

 
2,033

 

 
60,355

Uncertain tax position liability
3,127

 

 

 

 
3,127

Non-current operating lease liabilities
342

 

 

 

 
342

Non-current operating lease liabilities - related parties
22,050

 

 

 

 
22,050

Long-term debt, net of current maturities
1,978,020

 

 

 

 
1,978,020

Total liabilities
3,018,943

 
1,451,659

 
6,442

 
(1,908,817
)
 
2,568,227

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
1,597

 

 

 

 
1,597

Paid-in capital
4,207,554

 
4,171,408

 
267,557

 
(4,438,965
)
 
4,207,554

Accumulated other comprehensive loss
(46,833
)
 

 
(44,763
)
 
44,763

 
(46,833
)
Accumulated deficit
(2,847,726
)
 
(1,136,069
)
 
(197,614
)
 
1,333,683

 
(2,847,726
)
Total stockholders' equity
1,314,592

 
3,035,339

 
25,180

 
(3,060,519
)
 
1,314,592

  Total liabilities and stockholders' equity
$
4,333,535

 
$
4,486,998

 
$
31,622

 
$
(4,969,336
)
 
$
3,882,819


CONDENSED CONSOLIDATING BALANCE SHEETS
(Amounts in thousands)
 
December 31, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
25,585

 
$
26,711

 
$
1

 
$

 
$
52,297

Accounts receivable - oil and natural gas
146,075

 
64,125

 

 

 
210,200

Accounts receivable - joint interest and other
16,212

 
6,285

 

 

 
22,497

Accounts receivable - intercompany
671,633

 
319,464

 

 
(991,097
)
 

Prepaid expenses and other current assets
7,843

 
2,174

 

 

 
10,017

Short-term derivative instruments
21,352

 

 

 

 
21,352

Total current assets
888,700

 
418,759

 
1

 
(991,097
)
 
316,363

Property and equipment:
 
 
 
 
 
 
 
 
 
Oil and natural gas properties, full-cost accounting,
7,044,550

 
2,983,015

 

 
(729
)
 
10,026,836

Other property and equipment
91,916

 
751

 

 

 
92,667

Accumulated depletion, depreciation, amortization and impairment
(4,640,059
)
 
(39
)
 

 

 
(4,640,098
)
Property and equipment, net
2,496,407

 
2,983,727

 

 
(729
)
 
5,479,405

Other assets:
 
 
 
 
 
 
 
 
 
Equity investments and investments in subsidiaries
2,856,988

 

 
44,259

 
(2,665,126
)
 
236,121

Inventories
4,210

 
1,134

 

 

 
5,344

Other assets
12,624

 
1,178

 

 
1

 
13,803

Total other assets
2,873,822

 
2,312

 
44,259

 
(2,665,125
)
 
255,268

  Total assets
$
6,258,929

 
$
3,404,798

 
$
44,260

 
$
(3,656,951
)
 
$
6,051,036

 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders' equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
419,107

 
$
99,273

 
$

 
$

 
$
518,380

Accounts payable - intercompany
320,259

 
670,708

 
130

 
(991,097
)
 

Short-term derivative instruments
20,401

 

 

 

 
20,401

Current maturities of long-term debt
651

 

 

 

 
651

Total current liabilities
760,418

 
769,981

 
130

 
(991,097
)
 
539,432

Long-term derivative instruments
13,992

 

 

 

 
13,992

Asset retirement obligation - long-term
66,859

 
13,093

 

 

 
79,952

Uncertain tax position liability
3,127

 

 

 

 
3,127

Long-term debt, net of current maturities
2,086,765

 

 

 

 
2,086,765

Total liabilities
2,931,161

 
783,074

 
130

 
(991,097
)

2,723,268

 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
Common stock
1,630

 

 

 

 
1,630

Paid-in capital
4,227,532

 
1,915,598

 
261,626

 
(2,177,224
)
 
4,227,532

Accumulated other comprehensive loss
(56,026
)
 

 
(53,783
)
 
53,783

 
(56,026
)
(Accumulated deficit) retained earnings
(845,368
)
 
706,126

 
(163,713
)
 
(542,413
)
 
(845,368
)
Total stockholders' equity
3,327,768

 
2,621,724

 
44,130

 
(2,665,854
)
 
3,327,768

  Total liabilities and stockholders' equity
$
6,258,929

 
$
3,404,798

 
$
44,260

 
$
(3,656,951
)
 
$
6,051,036


Condensed consolidating statements of operations
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Year Ended December 31, 2019
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
524,089

 
$
821,919

 
$

 
$

 
$
1,346,008

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
26,923

 
56,075

 

 

 
82,998

Production taxes
6,117

 
22,454

 

 

 
28,571

Midstream gathering and processing expenses
71,420

 
220,305

 

 

 
291,725

Depreciation, depletion and amortization
203,921

 
345,504

 
683

 

 
550,108

Impairment of oil and gas properties

 
2,039,770

 

 

 
2,039,770

General and administrative expenses
71,219

 
(23,748
)
 
508

 

 
47,979

Restructuring costs
4,611

 

 

 

 
4,611

Accretion expense
1,390

 
2,549

 

 

 
3,939

 
385,601

 
2,662,909

 
1,191

 

 
3,049,701

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
138,488

 
(1,840,990
)
 
(1,191
)
 

 
(1,703,693
)
 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
144,645

 
(2,859
)
 

 

 
141,786

Interest income
(501
)
 
(300
)
 

 

 
(801
)
Gain on debt extinguishment
(48,630
)
 

 

 

 
(48,630
)
Loss (income) from equity method investments and investments in subsidiaries
2,053,533

 


 
32,710

 
(1,876,095
)
 
210,148

Other (income) expense, net
(638
)
 
3,364

 

 
999

 
3,725

 
2,148,409

 
205

 
32,710

 
(1,875,096
)
 
306,228

 
 
 
 
 
 
 
 
 
 
(LOSS) INCOME BEFORE INCOME TAXES
(2,009,921
)
 
(1,841,195
)
 
(33,901
)
 
1,875,096

 
(2,009,921
)
INCOME TAX BENEFIT
(7,563
)
 

 

 

 
(7,563
)
 
 
 
 
 
 
 
 
 
 
NET (LOSS) INCOME
$
(2,002,358
)
 
$
(1,841,195
)
 
$
(33,901
)
 
$
1,875,096

 
$
(2,002,358
)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Year Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
839,241

 
$
515,803

 
$

 
$

 
$
1,355,044

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
66,947

 
24,693

 

 

 
91,640

Production taxes
17,140

 
16,340

 

 

 
33,480

Midstream gathering and processing expenses
199,607

 
90,581

 

 

 
290,188

Depreciation, depletion and amortization
486,661

 
3

 

 

 
486,664

General and administrative expenses
52,664

 
(2,673
)
 
3

 

 
49,994

Accretion expense
3,228

 
891

 

 

 
4,119

 
826,247

 
129,835

 
3

 

 
956,085

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
12,994

 
385,968

 
(3
)
 

 
398,959

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
144,533

 
(2,621
)
 

 

 
141,912

Interest income
(287
)
 
(27
)
 

 

 
(314
)
Gain on sale of equity method investments
(28,349
)
 
(96,419
)
 

 

 
(124,768
)
(Income) loss from equity method investments and investments in subsidiaries
(532,869
)
 
(694
)
 
510

 
483,149

 
(49,904
)
Other (income) expense, net
(525
)
 
(33
)
 

 
2,100

 
1,542

 
(417,497
)
 
(99,794
)
 
510

 
485,249

 
(31,532
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
430,491

 
485,762

 
(513
)
 
(485,249
)
 
430,491

INCOME TAX BENEFIT
(69
)
 

 

 

 
(69
)
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
430,560

 
$
485,762

 
$
(513
)
 
$
(485,249
)
 
$
430,560


CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Amounts in thousands)
 
Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Total revenues
$
1,010,989

 
$
309,314

 
$

 
$

 
$
1,320,303

 
 
 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
 
 
Lease operating expenses
65,793

 
14,453

 

 

 
80,246

Production taxes
15,100

 
6,026

 

 

 
21,126

Midstream gathering and processing expenses
187,678

 
61,317

 

 

 
248,995

Depreciation, depletion and amortization
364,625

 
4

 

 

 
364,629

Impairment of oil and natural gas properties

 

 

 

 

General and administrative expenses
48,174

 
(2,654
)
 
3

 

 
45,523

Accretion expense
1,246

 
365

 

 

 
1,611

Acquisition expense

 
2,392

 

 

 
2,392

 
682,616

 
81,903

 
3

 

 
764,522

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
328,373

 
227,411

 
(3
)
 

 
555,781

 
 
 
 
 
 
 
 
 
 
OTHER (INCOME) EXPENSE:
 
 
 
 
 
 
 
 
 
Interest expense
120,147

 
(4,534
)
 

 

 
115,613

Interest income
(988
)
 
(21
)
 

 

 
(1,009
)
Gain on sale of equity method investments
(12,523
)
 

 

 

 
(12,523
)
(Income) loss from equity method investments and investments in subsidiaries
(213,607
)
 
1,955

 
2,189

 
227,243

 
17,780

Other (income) expense, net
(1,617
)
 
(324
)
 

 
900

 
(1,041
)
 
(108,588
)
 
(2,924
)
 
2,189

 
228,143

 
118,820

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
436,961

 
230,335

 
(2,192
)
 
(228,143
)
 
436,961

INCOME TAX EXPENSE
1,809

 

 

 

 
1,809

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
435,152


$
230,335


$
(2,192
)

$
(228,143
)

$
435,152


Condensed consolidating statements of comprehensive income (loss)
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands)
 
Year Ended December 31, 2019
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net (loss) income
$
(2,002,358
)
 
$
(1,841,195
)
 
$
(33,901
)
 
$
1,875,096

 
$
(2,002,358
)
Foreign currency translation adjustment
9,193

 
173

 
9,020

 
(9,193
)
 
9,193

Other comprehensive loss (income)
9,193

 
173

 
9,020

 
(9,193
)
 
9,193

Comprehensive income (loss)
$
(1,993,165
)
 
$
(1,841,022
)
 
$
(24,881
)
 
$
1,865,903

 
$
(1,993,165
)


 
Year Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
Net income (loss)
$
430,560

 
$
485,762

 
$
(513
)
 
$
(485,249
)
 
$
430,560

Foreign currency translation adjustment
(15,487
)
 
(297
)
 
(15,190
)
 
15,487

 
(15,487
)
Other comprehensive (loss) income
(15,487
)
 
(297
)
 
(15,190
)
 
15,487

 
(15,487
)
Comprehensive income (loss)
$
415,073

 
$
485,465

 
$
(15,703
)
 
$
(469,762
)
 
$
415,073


 
Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
Net income (loss)
$
435,152

 
$
230,335

 
$
(2,192
)
 
$
(228,143
)
 
$
435,152

Foreign currency translation adjustment
12,519

 
182

 
12,337

 
(12,519
)
 
$
12,519

Other comprehensive income (loss)
12,519

 
182

 
12,337

 
(12,519
)
 
12,519

Comprehensive income (loss)
$
447,671

 
$
230,517

 
$
10,145

 
$
(240,662
)
 
$
447,671


Condensed consolidating statements of cash flows
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Amounts in thousands)
 
Year Ended December 31, 2019
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
64,037

 
$
656,443

 
$
3,510

 
$
3

 
$
723,993

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
8,605

 
(680,057
)
 
(3,751
)
 
432

 
(674,771
)
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by financing activities
(95,459
)
 

 
435

 
(435
)
 
(95,459
)
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
(22,817
)
 
(23,614
)
 
194

 

 
(46,237
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
25,585

 
26,711

 
1

 

 
52,297

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
2,768

 
$
3,097

 
$
195

 
$

 
$
6,060



 
Year Ended December 31, 2018
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
560,203

 
$
226,067

 
$

 
$
1

 
$
786,271

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(445,869
)
 
(231,005
)
 
(2,318
)
 
2,318

 
(676,874
)
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by financing activities
(156,657
)
 

 
2,319

 
(2,319
)
 
(156,657
)
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
(42,323
)
 
(4,938
)
 
1

 

 
(47,260
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
67,908

 
31,649

 

 

 
99,557

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
25,585

 
$
26,711

 
$
1

 
$

 
$
52,297


 
Year Ended December 31, 2017
 
Parent
 
Guarantors
 
Non-Guarantor
 
Eliminations
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
392,680

 
$
287,209

 
$

 
$

 
$
679,889

 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by investing activities
(2,216,615
)
 
(1,674,690
)
 
(2,280
)
 
1,419,417

 
(2,474,168
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in)financing activities
432,961

 
1,417,137

 
2,280

 
(1,419,417
)
 
432,961

 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
(1,390,974
)
 
29,656

 

 

 
(1,361,318
)
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
1,458,882

 
1,993

 

 

 
1,460,875

 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
$
67,908

 
$
31,649

 
$

 
$

 
$
99,557