Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues:        
Oil and condensate sales $ 68,078 $ 60,999 $ 141,455 $ 114,079
Gas sales 35,522 6,793 53,871 8,259
Natural gas liquid sales 10,897 2,404 37,033 2,728
Other income 239 238 406 368
Total revenues 114,736 70,434 232,765 125,434
Costs and expenses:        
Lease operating expenses 12,680 5,878 24,309 11,050
Production taxes 6,601 6,440 13,558 13,310
Midstream processing and marketing 10,780 1,901 18,549 2,318
Depreciation, depletion and amortization 55,994 28,540 112,871 51,123
General and administrative 10,382 4,900 19,893 9,312
Accretion expense 189 174 377 349
(Gain) loss on sale of assets 0 145 (11) 572
Total costs and expenses 96,626 47,978 189,546 88,034
INCOME FROM OPERATIONS 18,110 22,456 43,219 37,400
OTHER (INCOME) EXPENSE:        
Interest expense 2,402 3,284 6,287 6,763
Interest income (36) (62) (142) (141)
Litigation settlement 6,000 0 24,000 0
Income from equity method investments (69,569) (50,108) (198,044) (111,318)
Total Other (Income) Expense (61,203) (46,886) (167,899) (104,696)
INCOME BEFORE INCOME TAXES 79,313 69,342 211,118 142,096
INCOME TAX EXPENSE 31,461 25,514 80,708 53,709
NET INCOME $ 47,852 $ 43,828 $ 130,410 $ 88,387
NET INCOME PER COMMON SHARE:        
Basic net income per share $ 0.56 $ 0.57 $ 1.53 $ 1.18
Diluted net income per share $ 0.56 $ 0.56 $ 1.52 $ 1.17
Weighted average common shares outstanding - Basic (shares) 85,448,678 77,428,605 85,354,566 75,142,113
Weighted average common shares outstanding-Diluted (shares) 85,805,896 77,906,787 85,766,679 75,599,608