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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2013
Selected Quarterly Financial Data (Unaudited) |
(18) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
The following tables set forth unaudited financial information on a quarterly basis for each of the last two years. General and administrative expense in the first quarter 2013 includes a $35.0 million Drummond lawsuit settlement accrual. Second quarter 2013 includes an additional $52.5 million related to the Drummond legal settlement. Second quarter 2013 also includes a gain of $79.4 million from the sale of our Delaware and Permian Basin properties in southeast New Mexico and West Texas. The fourth quarter 2013 deferred tax expense includes a $21.2 million benefit for state apportionment rate adjustments.
| 2013 |
| March |  |  | June |  |  | September |  |  | December |  |  | Total |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas, NGLs and oil sales | $ | 398,239 |  |  | $ | 437,678 |  |  | $ | 431,214 |  |  | $ | 448,545 |  |  | $ | 1,715,676 |
Derivative fair value (loss) income |  | (99,875 | ) |  |  | 137,760 |  |  |  | (40,355 | ) |  |  | (59,355 | ) |  |  | (61,825 | )
(Loss) gain on the sale of assets |  | (166 | ) |  |  | 83,287 |  |  |  | 6,008 |  |  |  | 3,162 |  |  |  | 92,291 |
Brokered natural gas, marketing and other |  | 21,041 |  |  |  | 14,631 |  |  |  | 45,171 |  |  |  | 35,734 |  |  |  | 116,577 |
Total revenue and other income |  | 319,239 |  |  |  | 673,356 |  |  |  | 442,038 |  |  |  | 428,086 |  |  |  | 1,862,719 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating |  | 30,188 |  |  |  | 32,636 |  |  |  | 30,907 |  |  |  | 34,360 |  |  |  | 128,091 |
Transportation, gathering and compression |  | 62,416 |  |  |  | 66,048 |  |  |  | 60,958 |  |  |  | 66,820 |  |  |  | 256,242 |
Production and ad valorem taxes |  | 11,383 |  |  |  | 11,113 |  |  |  | 11,454 |  |  |  | 11,290 |  |  |  | 45,240 |
Brokered natural gas and marketing |  | 22,315 |  |  |  | 16,662 |  |  |  | 51,117 |  |  |  | 41,692 |  |  |  | 131,786 |
Exploration |  | 16,780 |  |  |  | 13,068 |  |  |  | 20,496 |  |  |  | 14,065 |  |  |  | 64,409 |
Abandonment and impairment of unproved properties |  | 15,218 |  |  |  | 19,156 |  |  |  | 11,692 |  |  |  | 5,852 |  |  |  | 51,918 |
General and administrative |  | 84,058 |  |  |  | 101,987 |  |  |  | 44,919 |  |  |  | 60,207 |  |  |  | 291,171 |
Deferred compensation plan |  | 42,360 |  |  |  | (6,878 | ) |  |  | (2,225 | ) |  |  | 22,039 |  |  |  | 55,296 |
Interest expense |  | 42,210 |  |  |  | 45,071 |  |  |  | 44,321 |  |  |  | 44,955 |  |  |  | 176,557 |
Loss on early extinguishment of debt |  | ¾ |  |  |  | 12,280 |  |  |  | ¾ |  |  |  | ¾ |  |  |  | 12,280 |
Depletion, depreciation and amortization |  | 115,101 |  |  |  | 119,995 |  |  |  | 130,343 |  |  |  | 126,958 |  |  |  | 492,397 |
Impairment of proved properties and other |  | ¾ |  |  |  | 741 |  |  |  | 7,012 |  |  |  | ¾ |  |  |  | 7,753 |
Total costs and expenses |  | 442,029 |  |  |  | 431,879 |  |  |  | 410,994 |  |  |  | 428,238 |  |  |  | 1,713,140 |
(Loss) income from continuing operations before income taxes |  | (122,790 | ) |  |  | 241,477 |  |  |  | 31,044 |  |  |  | (152 | ) |  |  | 149,579 |
Income tax (benefit) expense |  | 25 |  |  |  | (25 | ) |  |  | ¾ |  |  |  | (143 | ) |  |  | (143 | )
Current |  | (47,205 | ) |  |  | 97,519 |  |  |  | 11,866 |  |  |  | (28,180 | ) |  |  | 34,000 |
Deferred |  | (47,180 | ) |  |  | 97,494 |  |  |  | 11,866 |  |  |  | (28,323 | ) |  |  | 33,857 |
Net (loss) income | $ | (75,610 | ) |  | $ | 143,983 |  |  | $ | 19,178 |  |  | $ | 28,171 |  |  | $ | 115,722 |
Net (loss) income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | (0.47 | ) |  | $ | 0.88 |  |  | $ | 0.12 |  |  | $ | 0.17 |  |  | $ | 0.71 |
Diluted | $ | (0.47 | ) |  | $ | 0.88 |  |  | $ | 0.12 |  |  | $ | 0.17 |  |  | $ | 0.70 |
| 2012 |
| March |  |  | June |  |  | September |  |  | December |  |  | Total |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas, NGLs and oil sales | $ | 317,617 |  |  | $ | 298,349 |  |  | $ | 337,040 |  |  | $ | 398,688 |  |  | $ | 1,351,694 |
Derivative fair value (loss) income |  | (60,833 | ) |  |  | 148,569 |  |  |  | (40,728 | ) |  |  | (5,571 | ) |  |  | 41,437 |
(Loss) gain on the sale of assets |  | (10,426 | ) |  |  | (3,227 | ) |  |  | 949 |  |  |  | 61,836 |  |  |  | 49,132 |
Brokered natural gas, marketing and other |  | 4,597 |  |  |  | 5,240 |  |  |  | 2,519 |  |  |  | 3,085 |  |  |  | 15,441 |
Total revenue and other income |  | 250,955 |  |  |  | 448,931 |  |  |  | 299,780 |  |  |  | 458,038 |  |  |  | 1,457,704 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating |  | 29,022 |  |  |  | 27,041 |  |  |  | 29,628 |  |  |  | 30,214 |  |  |  | 115,905 |
Transportation, gathering and compression |  | 40,820 |  |  |  | 44,744 |  |  |  | 51,600 |  |  |  | 55,281 |  |  |  | 192,445 |
Production and ad valorem taxes |  | 36,634 |  |  |  | 11,786 |  |  |  | 8,819 |  |  |  | 9,881 |  |  |  | 67,120 |
Brokered natural gas and marketing |  | 4,062 |  |  |  | 6,491 |  |  |  | 4,887 |  |  |  | 4,994 |  |  |  | 20,434 |
Exploration |  | 21,516 |  |  |  | 15,517 |  |  |  | 14,752 |  |  |  | 18,022 |  |  |  | 69,807 |
Abandonment and impairment of unproved properties |  | 20,289 |  |  |  | 43,641 |  |  |  | 40,118 |  |  |  | 21,230 |  |  |  | 125,278 |
General and administrative |  | 38,729 |  |  |  | 44,005 |  |  |  | 44,497 |  |  |  | 46,582 |  |  |  | 173,813 |
Deferred compensation plan |  | (7,830 | ) |  |  | 9,333 |  |  |  | 20,052 |  |  |  | (14,352 | ) |  |  | 7,203 |
Interest expense |  | 37,205 |  |  |  | 42,888 |  |  |  | 43,997 |  |  |  | 44,708 |  |  |  | 168,798 |
Loss on early extinguishment of debt |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,063 |  |  |  | 11,063 |
Depletion, depreciation and amortization |  | 100,151 |  |  |  | 108,802 |  |  |  | 123,059 |  |  |  | 113,216 |  |  |  | 445,228 |
Impairment of proved properties and other |  | — |  |  |  | — |  |  |  | 1,281 |  |  |  | 34,273 |  |  |  | 35,554 |
Total costs and expenses |  | 320,598 |  |  |  | 354,248 |  |  |  | 382,690 |  |  |  | 375,112 |  |  |  | 1,432,648 |
(Loss) income from continuing operations before income taxes |  | (69,643 | ) |  |  | 94,683 |  |  |  | (82,910 | ) |  |  | 82,926 |  |  |  | 25,056 |
Income tax (benefit) expense |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,778 | ) |  |  | (1,778 | )
Current |  | (27,843 | ) |  |  | 39,007 |  |  |  | (29,074 | ) |  |  | 31,742 |  |  |  | 13,832 |
Deferred |  | (27,843 | ) |  |  | 39,007 |  |  |  | (29,074 | ) |  |  | 29,964 |  |  |  | 12,054 |
Net (loss) income | $ | (41,800 | ) |  | $ | 55,676 |  |  | $ | (53,836 | ) |  | $ | 52,962 |  |  | $ | 13,002 |
Net (loss) income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | (0.26 | ) |  | $ | 0.34 |  |  | $ | (0.34 | ) |  | $ | 0.33 |  |  | $ | 0.08 |
Diluted | $ | (0.26 | ) |  | $ | 0.34 |  |  | $ | (0.34 | ) |  | $ | 0.32 |  |  | $ | 0.08 |

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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