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Selected Quarterly Financial Data (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2013
Selected Quarterly Financial Data

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