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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Data [Abstract] |
Selected Quarterly Financial Data (Unaudited) |
(17) | Selected Quarterly Financial Data (Unaudited)
The following tables set forth unaudited financial information on a quarterly basis for each of the last two years. Fourth quarter 2015 includes a loss of $407.7 million from the sale of our Virginia and West Virginia oil and gas properties and impairment expense of $87.9 million related to oil and gas properties in the Texas Panhandle and South Texas. Third quarter 2015 includes impairment expense of $502.2 million related to our Northern Oklahoma and legacy shallow Northwest Pennsylvania assets. Second quarter 2014 includes a gain of $280.1 million from the Conger Exchange (in thousands, except per share data):
| 2015 |
| March |  |  | June |  |  | September |  |  | December |  |  | Total |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas, NGLs and oil sales | $ | 325,483 |  |  | $ | 258,053 |  |  | $ | 252,065 |  |  | $ | 254,043 |  |  | $ | 1,089,644 |
Derivative fair value income (loss) |  | 122,839 |  |  |  | (34,791 | ) |  |  | 202,004 |  |  |  | 126,312 |  |  |  | 416,364 |
Brokered natural gas, marketing and other |  | 14,485 |  |  |  | 21,339 |  |  |  | 25,864 |  |  |  | 30,372 |  |  |  | 92,060 |
Total revenue and other income |  | 462,807 |  |  |  | 244,601 |  |  |  | 479,933 |  |  |  | 410,727 |  |  |  | 1,598,068 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating |  | 37,137 |  |  |  | 34,780 |  |  |  | 35,058 |  |  |  | 29,388 |  |  |  | 136,363 |
Transportation, gathering and compression |  | 89,426 |  |  |  | 95,198 |  |  |  | 99,634 |  |  |  | 112,481 |  |  |  | 396,739 |
Production and ad valorem taxes |  | 9,928 |  |  |  | 9,242 |  |  |  | 7,336 |  |  |  | 7,354 |  |  |  | 33,860 |
Brokered natural gas and marketing |  | 21,562 |  |  |  | 27,031 |  |  |  | 32,331 |  |  |  | 34,942 |  |  |  | 115,866 |
Exploration |  | 7,886 |  |  |  | 5,025 |  |  |  | 4,235 |  |  |  | 4,260 |  |  |  | 21,406 |
Abandonment and impairment of unproved properties |  | 11,491 |  |  |  | 12,330 |  |  |  | 12,366 |  |  |  | 11,432 |  |  |  | 47,619 |
General and administrative |  | 48,329 |  |  |  | 55,964 |  |  |  | 46,178 |  |  |  | 43,544 |  |  |  | 194,015 |
Termination costs |  | 5,950 |  |  |  | 417 |  |  |  | (77 | ) |  |  | 8,780 |  |  |  | 15,070 |
Deferred compensation plan |  | (5,624 | ) |  |  | (7,282 | ) |  |  | (43,705 | ) |  |  | (21,016 | ) |  |  | (77,627 | )
Interest |  | 39,207 |  |  |  | 43,479 |  |  |  | 42,904 |  |  |  | 40,849 |  |  |  | 166,439 |
Loss on early extinguishment of debt |  | — |  |  |  | — |  |  |  | 22,495 |  |  |  | — |  |  |  | 22,495 |
Depletion, depreciation and amortization |  | 147,290 |  |  |  | 151,895 |  |  |  | 153,993 |  |  |  | 127,977 |  |  |  | 581,155 |
Impairment of proved properties and other |  | — |  |  |  | — |  |  |  | 502,233 |  |  |  | 87,941 |  |  |  | 590,174 |
Loss (gain) on sale of assets |  | 175 |  |  |  | (2,909 | ) |  |  | 681 |  |  |  | 408,909 |  |  |  | 406,856 |
Total costs and expenses |  | 412,757 |  |  |  | 425,170 |  |  |  | 915,662 |  |  |  | 896,841 |  |  |  | 2,650,430 |
Income (loss) before income taxes |  | 50,050 |  |  |  | (180,569 | ) |  |  | (435,729 | ) |  |  | (486,114 | ) |  |  | (1,052,362 | )
Income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  |  | — |  |  |  | — |  |  |  | 29 |  |  |  | 29 |
Deferred |  | 22,366 |  |  |  | (61,975 | ) |  |  | (134,781 | ) |  |  | (164,316 | ) |  |  | (338,706 | )
|  | 22,366 |  |  |  | (61,975 | ) |  |  | (134,781 | ) |  |  | (164,287 | ) |  |  | (338,677 | )
Net income (loss) | $ | 27,684 |  |  | $ | (118,594 | ) |  | $ | (300,948 | ) |  | $ | (321,827 | ) |  | $ | (713,685 | )
Net income (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.16 |  |  | $ | (0.71 | ) |  | $ | (1.81 | ) |  | $ | (1.93 | ) |  | $ | (4.29 | )
Diluted | $ | 0.16 |  |  | $ | (0.71 | ) |  | $ | (1.81 | ) |  | $ | (1.93 | ) |  | $ | (4.29 | )
| 2014 |
| March |  |  | June |  |  | September |  |  | December |  |  | Total |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas, NGLs and oil sales | $ | 572,017 |  |  | $ | 477,517 |  |  | $ | 446,067 |  |  | $ | 416,388 |  |  | $ | 1,911,989 |
Derivative fair value (loss) income |  | (146,850 | ) |  |  | (24,109 | ) |  |  | 142,057 |  |  |  | 412,422 |  |  |  | 383,520 |
Brokered natural gas, marketing and other |  | 32,528 |  |  |  | 30,052 |  |  |  | 28,324 |  |  |  | 39,644 |  |  |  | 130,548 |
Total revenue and other income |  | 457,695 |  |  |  | 483,460 |  |  |  | 616,448 |  |  |  | 868,454 |  |  |  | 2,426,057 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating |  | 39,795 |  |  |  | 34,935 |  |  |  | 37,792 |  |  |  | 37,961 |  |  |  | 150,483 |
Transportation, gathering and compression |  | 74,161 |  |  |  | 76,809 |  |  |  | 84,777 |  |  |  | 89,542 |  |  |  | 325,289 |
Production and ad valorem taxes |  | 11,678 |  |  |  | 10,844 |  |  |  | 10,110 |  |  |  | 11,923 |  |  |  | 44,555 |
Brokered natural gas and marketing |  | 34,129 |  |  |  | 34,775 |  |  |  | 28,706 |  |  |  | 32,370 |  |  |  | 129,980 |
Exploration |  | 14,846 |  |  |  | 13,621 |  |  |  | 11,443 |  |  |  | 23,638 |  |  |  | 63,548 |
Abandonment and impairment of unproved properties |  | 9,995 |  |  |  | 9,332 |  |  |  | 13,444 |  |  |  | 14,308 |  |  |  | 47,079 |
General and administrative |  | 49,212 |  |  |  | 56,888 |  |  |  | 54,963 |  |  |  | 52,363 |  |  |  | 213,426 |
Termination costs |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,371 |  |  |  | 8,371 |
Deferred compensation plan |  | (2,035 | ) |  |  | 10,519 |  |  |  | (46,198 | ) |  |  | (36,836 | ) |  |  | (74,550 | )
Interest |  | 45,401 |  |  |  | 45,488 |  |  |  | 39,188 |  |  |  | 38,900 |  |  |  | 168,977 |
Loss on early extinguishment of debt |  | — |  |  |  | 24,596 |  |  |  | — |  |  |  | — |  |  |  | 24,596 |
Depletion, depreciation and amortization |  | 128,682 |  |  |  | 133,361 |  |  |  | 142,450 |  |  |  | 146,539 |  |  |  | 551,032 |
Impairment of proved properties and other |  | — |  |  |  | 24,991 |  |  |  | — |  |  |  | 3,033 |  |  |  | 28,024 |
Loss (gain) on sale of assets |  | 353 |  |  |  | (282,064 | ) |  |  | (167 | ) |  |  | (3,760 | ) |  |  | (285,638 | )
Total costs and expenses |  | 406,217 |  |  |  | 194,095 |  |  |  | 376,508 |  |  |  | 418,352 |  |  |  | 1,395,172 |
Income before income taxes |  | 51,478 |  |  |  | 289,365 |  |  |  | 239,940 |  |  |  | 450,102 |  |  |  | 1,030,885 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | 6 |  |  |  | (1 | ) |  |  | — |  |  |  | (4 | ) |  |  | 1 |
Deferred |  | 18,951 |  |  |  | 117,977 |  |  |  | 93,522 |  |  |  | 166,052 |  |  |  | 396,502 |
|  | 18,957 |  |  |  | 117,976 |  |  |  | 93,522 |  |  |  | 166,048 |  |  |  | 396,503 |
Net income | $ | 32,521 |  |  | $ | 171,389 |  |  | $ | 146,418 |  |  | $ | 284,054 |  |  | $ | 634,382 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.20 |  |  | $ | 1.04 |  |  | $ | 0.87 |  |  | $ | 1.68 |  |  | $ | 3.81 |
Diluted | $ | 0.20 |  |  | $ | 1.04 |  |  | $ | 0.86 |  |  | $ | 1.68 |  |  | $ | 3.79 |

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