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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2016
Quarterly Financial Data [Abstract] |
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. The adoption of ASU 2016-09 affected our previously reported first quarter 2016 results. For additional information see Note 2. First quarter 2016 includes impairment expense of $43.0 million related to oil and gas properties in Western Oklahoma. Second quarter, third quarter and fourth quarter 2016 include a total of $37.2 million of expenses related to the MRD Merger. 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 (in thousands, except per share data):
| 2016 |
| March |  |  | June |  |  | September |  |  | December |  |  | Total |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas, NGLs and oil sales | $ | 209,487 |  |  | $ | 224,606 |  |  | $ | 304,477 |  |  | $ | 458,645 |  |  | $ | 1,197,215 |
Derivative fair value income (loss) |  | 86,908 |  |  |  | (162,798 | ) |  |  | 64,556 |  |  |  | (250,057 | ) |  |  | (261,391 | )
Brokered natural gas, marketing and other |  | 35,018 |  |  |  | 39,989 |  |  |  | 44,174 |  |  |  | 44,934 |  |  |  | 164,115 |
Total revenue and other income |  | 331,413 |  |  |  | 101,797 |  |  |  | 413,207 |  |  |  | 253,522 |  |  |  | 1,099,939 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating |  | 24,054 |  |  |  | 20,671 |  |  |  | 22,387 |  |  |  | 30,276 |  |  |  | 97,388 |
Transportation, gathering and compression |  | 125,263 |  |  |  | 136,844 |  |  |  | 138,764 |  |  |  | 164,338 |  |  |  | 565,209 |
Production and ad valorem taxes |  | 5,887 |  |  |  | 6,049 |  |  |  | 6,717 |  |  |  | 6,790 |  |  |  | 25,443 |
Brokered natural gas and marketing |  | 36,558 |  |  |  | 40,925 |  |  |  | 44,622 |  |  |  | 46,471 |  |  |  | 168,576 |
Exploration |  | 4,913 |  |  |  | 6,785 |  |  |  | 6,943 |  |  |  | 13,684 |  |  |  | 32,325 |
Abandonment and impairment of unproved properties |  | 10,628 |  |  |  | 7,059 |  |  |  | 6,082 |  |  |  | 6,307 |  |  |  | 30,076 |
General and administrative |  | 40,657 |  |  |  | 46,064 |  |  |  | 41,024 |  |  |  | 57,027 |  |  |  | 184,772 |
MRD Merger expenses |  | — |  |  |  | 2,621 |  |  |  | 33,791 |  |  |  | 813 |  |  |  | 37,225 |
Termination costs |  | 162 |  |  |  | 5 |  |  |  | 136 |  |  |  | (822 | ) |  |  | (519 | )
Deferred compensation plan |  | 16,056 |  |  |  | 25,746 |  |  |  | (11,636 | ) |  |  | (11,013 | ) |  |  | 19,153 |
Interest |  | 37,739 |  |  |  | 37,758 |  |  |  | 45,967 |  |  |  | 46,749 |  |  |  | 168,213 |
Loss on early extinguishment of debt |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Depletion, depreciation and amortization |  | 120,561 |  |  |  | 122,390 |  |  |  | 131,489 |  |  |  | 149,662 |  |  |  | 524,102 |
Impairment of proved properties and other |  | 43,040 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,040 |
Loss (gain) on sale of assets |  | 1,643 |  |  |  | 3,304 |  |  |  | 2,597 |  |  |  | (470 | ) |  |  | 7,074 |
Total costs and expenses |  | 467,161 |  |  |  | 456,221 |  |  |  | 468,883 |  |  |  | 509,812 |  |  |  | 1,902,077 |
(Loss) income before income taxes |  | (135,748 | ) |  |  | (354,424 | ) |  |  | (55,676 | ) |  |  | (256,290 | ) |  |  | (802,138 | )
Income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | — |  |  |  | — |  |  |  | — |  |  |  | 98 |  |  |  | 98 |
Deferred |  | (41,976 | ) |  |  | (129,488 | ) |  |  | (13,705 | ) |  |  | (95,679 | ) |  |  | (280,848 | )
|  | (41,976 | ) |  |  | (129,488 | ) |  |  | (13,705 | ) |  |  | (95,581 | ) |  |  | (280,750 | )
Net (loss) income | $ | (93,772 | ) |  | $ | (224,936 | ) |  | $ | (41,971 | ) |  | $ | (160,709 | ) |  | $ | (521,388 | )
Net (loss) income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | (0.56 | ) |  | $ | (1.35 | ) |  | $ | (0.23 | ) |  | $ | (0.66 | ) |  | $ | (2.75 | )
Diluted | $ | (0.56 | ) |  | $ | (1.35 | ) |  | $ | (0.23 | ) |  | $ | (0.66 | ) |  | $ | (2.75 | )
| 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 | )

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: 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=68064558&loc=d3e765-108305 Reference 3: 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=68064558&loc=d3e725-108305 + Details
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