Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2012

Condensed Consolidating Financial Information [Abstract]

Schedule Of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

(In thousands, except share data)


	March 31, 2012
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	293,434		$	(6,136	)	$	—		$	287,298
Accounts receivable – oil and gas revenues		—			78,455			—			78,455
Accounts receivable – joint interest partners		88			70,285			(3,358	)		67,015
Inventory		—			10,422			—			10,422
Prepaid expenses		154			1,586			—			1,740
Advances to joint interest partners		—			3,280			—			3,280
Deferred income taxes		—			6,807			—			6,807
Other current assets		8			72			—			80

Total current assets		293,684			164,771			(3,358	)		455,097

Property, plant and equipment
Oil and gas properties (successful efforts method)		—			1,515,788			—			1,515,788
Other property and equipment		—			38,660			—			38,660
Less: accumulated depreciation, depletion, amortization and impairment		—			(215,436	)		—			(215,436	)

Total property, plant and equipment, net		—			1,339,012			—			1,339,012

Investments in and advances to subsidiaries		1,141,459			—			(1,141,459	)		—
Derivative instruments		—			486			—			486
Deferred costs and other assets		15,262			3,553			—			18,815

Total assets	$	1,450,405		$	1,507,822		$	(1,144,817	)	$	1,813,410

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	3,270		$	604		$	(3,358	)	$	516
Advances from joint interest partners		—			14,548			—			14,548
Revenues and production taxes payable		—			45,276			—			45,276
Accrued liabilities		50			139,663			—			139,713
Accrued interest payable		15,017			7			—			15,024
Derivative instruments		—			16,469			—			16,469
Other current liabilities		—			316			—			316

Total current liabilities		18,337			216,883			(3,358	)		231,862

Long-term debt		800,000			—			—			800,000
Asset retirement obligations		—			15,664			—			15,664
Derivative instruments		—			6,434			—			6,434
Deferred income taxes		(19,021	)		125,369			—			106,348
Other liabilities		—			2,013			—			2,013

Total liabilities		799,316			366,363			(3,358	)		1,162,321

Stockholders' equity
Capital contributions from affiliates		—			1,097,890			(1,097,890	)		—
Common stock, $0.01 par value; 300,000,000 shares authorized; 93,136,773 issued and 93,074,949 outstanding		922			—			—			922
Treasury stock, at cost; 61,824 shares		(1,783	)		—			—			(1,783	)
Additional paid-in-capital		648,964			8,743			(8,743	)		648,964
Retained earnings		2,986			34,826			(34,826	)		2,986

Total stockholders' equity		651,089			1,141,459			(1,141,459	)		651,089

Total liabilities and stockholders' equity	$	1,450,405		$	1,507,822		$	(1,144,817	)	$	1,813,410

Condensed Consolidating Balance Sheet

(In thousands, except share data)


	December 31, 2011
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	443,482		$	27,390		$	—		$	470,872
Short-term investments		19,994			—			—			19,994
Accounts receivable – oil and gas revenues		—			52,164			—			52,164
Accounts receivable – joint interest partners		88			68,808			(1,628	)		67,268
Inventory		—			3,543			—			3,543
Prepaid expenses		309			1,831			—			2,140
Advances to joint interest partners		—			3,935			—			3,935
Deferred income taxes		—			3,233			—			3,233
Other current assets		18			473			—			491

Total current assets		463,891			161,377			(1,628	)		623,640

Property, plant and equipment
Oil and gas properties (successful efforts method)		—			1,235,357			—			1,235,357
Other property and equipment		—			20,859			—			20,859
Less: accumulated depreciation, depletion, amortization and impairment		—			(176,261	)		—			(176,261	)

Total property, plant and equipment, net		—			1,079,955			—			1,079,955

Investments in and advances to subsidiaries		958,880			—			(958,880	)		—
Derivative instruments		—			4,362			—			4,362
Deferred costs and other assets		15,742			3,683			—			19,425

Total assets	$	1,438,513		$	1,249,377		$	(960,508	)	$	1,727,382

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	1,563		$	12,272		$	(1,628	)	$	12,207
Advances from joint interest partners		—			9,064			—			9,064
Revenues and production taxes payable		—			19,468			—			19,468
Accrued liabilities		103			119,589			—			119,692
Accrued interest payable		15,767			7			—			15,774
Derivative instruments		—			5,907			—			5,907
Other current liabilities		—			472			—			472

Total current liabilities		17,433			166,779			(1,628	)		182,584

Long-term debt		800,000			—			—			800,000
Asset retirement obligations		—			13,075			—			13,075
Derivative instruments		—			3,505			—			3,505
Deferred income taxes		(13,158	)		106,141			—			92,983
Other liabilities		—			997			—			997

Total liabilities		804,275			290,497			(1,628	)		1,093,144

Stockholders' equity
Capital contributions from affiliates		—			941,575			(941,575	)		—
Common stock, $0.01 par value; 300,000,000 shares authorized; 92,483,393 issued and 92,460,914 outstanding		921			—			—			921
Treasury stock, at cost; 22,479 shares		(602	)		—			—			(602	)
Additional paid-in-capital		647,374			8,743			(8,743	)		647,374
Retained earnings (deficit)		(13,455	)		8,562			(8,562	)		(13,455	)

Total stockholders' equity		634,238			958,880			(958,880	)		634,238

Total liabilities and stockholders' equity	$	1,438,513		$	1,249,377		$	(960,508	)	$	1,727,382

Schedule Of Condensed Consolidating Statement Of Operations

Condensed Consolidating Statement of Operations

(In thousands)


	Three Months Ended March 31, 2012
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Revenues
Oil and gas revenues	$	—		$	137,906		$	—		$	137,906
Well services revenues		—			660			—			660

Total revenues		—			138,566			—			138,566

Expenses
Lease operating expenses		—			9,816			—			9,816
Well services operating expenses		—			477			—			477
Marketing, transportation and gathering expenses		—			2,569			—			2,569
Production taxes		—			13,266			—			13,266
Depreciation, depletion and amortization		—			38,886			—			38,886
Exploration expenses		—			2,835			—			2,835
Impairment of oil and gas properties		—			368			—			368
General and administrative expenses		2,449			9,750			—			12,199

Total expenses		2,449			77,967			—			80,416

Operating income (loss)		(2,449	)		60,599			—			58,150

Other income (expense)
Equity in earnings in subsidiaries		26,264			—			(26,264	)		—
Net loss on derivative instruments		—			(18,586	)		—			(18,586	)
Interest expense		(13,414	)		(485	)		—			(13,899	)
Other income		177			421			—			598

Total other income (expense)		13,027			(18,650	)		(26,264	)		(31,887	)

Income before income taxes		10,578			41,949			(26,264	)		26,263
Income tax benefit (expense)		5,863			(15,685	)		—			(9,822	)

Net income	$	16,441		$	26,264		$	(26,264	)	$	16,441

Condensed Consolidating Statement of Operations

(In thousands)


	Three Months Ended March 31, 2011
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations		Consolidated
Oil and gas revenues	$	—		$	58,744		$	—	$	58,744
Expenses
Lease operating expenses		—			5,630			—		5,630
Marketing, transportation and gathering expenses		—			312			—		312
Production taxes		—			6,083			—		6,083
Depreciation, depletion and amortization		—			13,812			—		13,812
Exploration expenses		—			32			—		32
Impairment of oil and gas properties		—			1,381			—		1,381
General and administrative expenses		1,263			4,687			—		5,950

Total expenses		1,263			31,937			—		33,200

Operating income (loss)		(1,263	)		26,807			—		25,544

Other income (expense)
Equity in earnings in subsidiaries		(3,170	)		—			3,170		—
Net loss on derivative instruments		—			(31,666	)		—		(31,666	)
Interest expense		(4,941	)		(257	)		—		(5,198	)
Other income		293			19			—		312

Total other income (expense)		(7,818	)		(31,904	)		3,170		(36,552	)

Loss before income taxes		(9,081	)		(5,097	)		3,170		(11,008	)
Income tax benefit		2,234			1,927			—		4,161

Net loss	$	(6,847	)	$	(3,170	)	$	3,170	$	(6,847	)

Schedule Of Condensed Consolidating Statement Of Cash Flows

Condensed Consolidating Statement of Cash Flows

(In thousands)


	Three Months Ended March 31, 2012
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Cash flows from operating activities:
Net income	$	16,441		$	26,264		$	(26,264	)	$	16,441
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries		(26,264	)		—			26,264			—
Depreciation, depletion and amortization		—			38,886			—			38,886
Impairment of oil and gas properties		—			368			—			368
Deferred income taxes		(5,863	)		15,685			—			9,822
Derivative instruments		—			18,586			—			18,586
Stock-based compensation expenses		1,591			—			—			1,591
Debt discount amortization and other		480			168			—			648
Working capital and other changes:
Change in accounts receivable		—			(27,768	)		1,730			(26,038	)
Change in inventory		—			(9,641	)		—			(9,641	)
Change in prepaid expenses		155			(124	)		—			31
Change in other current assets		10			473			—			483
Change in accounts payable and accrued liabilities		904			11,601			(1,730	)		10,775
Change in other current liabilities		—			(188	)		—			(188	)
Change in other liabilities		—			1,001			—			1,001

Net cash provided by (used in) operating activities		(12,546	)		75,311			—			62,765

Cash flows from investing activities:
Capital expenditures		—			(269,975	)		—			(269,975	)
Derivative settlements		—			(1,291	)		—			(1,291	)
Redemptions of short-term investments		19,994			—			—			19,994
Advances to joint interest partners		—			655			—			655
Advances from joint interest partners		—			5,484			—			5,484

Net cash provided by (used in) investing activities		19,994			(265,127	)		—			(245,133	)

Cash flows from financing activities:
Purchases of treasury stock		(1,181	)		—			—			(1,181	)
Debt issuance costs		—			(25	)		—			(25	)
Investment in / capital contributions from affiliates		(156,315	)		156,315			—			—

Net cash provided by (used in) financing activities		(157,496	)		156,290			—			(1,206	)

Decrease in cash and cash equivalents		(150,048	)		(33,526	)		—			(183,574	)
Cash and cash equivalents at beginning of period		443,482			27,390			—			470,872

Cash and cash equivalents at end of period	$	293,434		$	(6,136	)	$	—		$	287,298

Condensed Consolidating Statement of Cash Flows

(In thousands)



	Three Months Ended March 31, 2011
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Cash flows from operating activities:
Net loss	$	(6,847	)	$	(3,170	)	$	3,170		$	(6,847	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in earnings of subsidiaries		3,170			—			(3,170	)
Depreciation, depletion and amortization		—			13,812			—			13,812
Impairment of oil and gas properties		—			1,381			—			1,381
Deferred income taxes		(2,234	)		(1,927	)		—			(4,161	)
Derivative instruments		—			31,666			—			31,666
Stock-based compensation expenses		527			—			—			527
Debt discount amortization and other		188			68			—			256
Working capital and other changes:
Change in accounts receivable		—			(7,550	)		883			(6,667	)
Change in inventory		—			(37	)		—			(37	)
Change in prepaid expenses		118			361			—			479
Change in other current assets		(113	)		—			—			(113	)
Change in other assets		—			(3	)		—			(3	)
Change in accounts payable and accrued liabilities		5,681			(12,246	)		(883	)		(7,448	)

Net cash provided by operating activities		490			22,355			—			22,845

Cash flows from investing activities:
Capital expenditures		—			(91,126	)		—			(91,126	)
Derivative settlements		—			(512	)		—			(512	)
Purchases of short-term investments		(114,974	)		—			—			(114,974	)
Advances to joint interest partners		—			885			—			885
Advances from joint interest partners		—			4,938			—			4,938

Net cash used in investing activities		(114,974	)		(85,815	)		—			(200,789	)

Cash flows from financing activities:
Proceeds from issuance of senior notes		400,000			—			—			400,000
Purchases of treasury stock		(559	)		—			—			(559	)
Debt issuance costs		(9,650	)		(377	)		—			(10,027	)
Investment in / capital contributions from subsidiaries		(49,999	)		49,999			—			—

Net cash provided by financing activities		339,792			49,622			—			389,414

Increase (decrease) in cash and cash equivalents		225,308			(13,838	)		—			211,470
Cash and cash equivalents at beginning of period		119,940			23,580			—			143,520

Cash and cash equivalents at end of period	$	345,248		$	9,742		$	—		$	354,990