Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

(In thousands, except share data)



	March 31, 2013
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	81,836		$	84,153		$	—		$	165,989
Short-term investments		25,891			—			—			25,891
Accounts receivable – oil and gas revenues		—			132,069			—			132,069
Accounts receivable – joint interest partners		—			80,826			—			80,826
Accounts receivable – from affiliates		299			6,222			(6,521	)		—
Inventory		—			25,406			—			25,406
Prepaid expenses		156			1,266			—			1,422
Advances to joint interest partners		—			2,126			—			2,126
Derivative instruments		—			5,647			—			5,647
Other current assets		574			560			—			1,134

Total current assets		108,756			338,275			(6,521	)		440,510

Property, plant and equipment
Oil and gas properties (successful efforts method)		—			2,487,198			—			2,487,198
Other property and equipment		—			136,676			—			136,676
Less: accumulated depreciation, depletion, amortization and impairment		—			(446,666	)		—			(446,666	)

Total property, plant and equipment, net		—			2,177,208			—			2,177,208

Investments in and advances to subsidiaries		1,896,635			—			(1,896,635	)		—
Derivative instruments		—			5,284			—			5,284
Deferred income taxes		51,372			—			(51,372	)		—
Deferred costs and other assets		20,103			3,613			—			23,716

Total assets	$	2,076,866		$	2,524,380		$	(1,954,528	)	$	2,646,718

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	2		$	23,558		$	—		$	23,560
Accounts payable – from affiliates		6,222			299			(6,521	)		—
Advances from joint interest partners		—			19,485			—			19,485
Revenues and production taxes payable		—			90,372			—			90,372
Accrued liabilities		63			197,263			—			197,326
Accrued interest payable		21,472			16			—			21,488
Derivative instruments		—			4,660			—			4,660

Total current liabilities		27,759			335,653			(6,521	)		356,891

Long-term debt		1,200,000			—			—			1,200,000
Asset retirement obligations		—			25,029			—			25,029
Deferred income taxes		—			265,155			(51,372	)		213,783
Other liabilities		—			1,908			—			1,908

Total liabilities		1,227,759			627,745			(57,893	)		1,797,611

Stockholders’ equity
Capital contributions from affiliates		—			1,610,162			(1,610,162	)		—
Common stock, $0.01 par value; 300,000,000 shares authorized; 93,730,917 issued and 93,596,984 outstanding		925			—			—			925
Treasury stock, at cost; 133,933 shares		(3,952	)		—			—			(3,952	)
Additional paid-in-capital		660,350			8,743			(8,743	)		660,350
Retained earnings		191,784			277,730			(277,730	)		191,784

Total stockholders’ equity		849,107			1,896,635			(1,896,635	)		849,107

Total liabilities and stockholders’ equity	$	2,076,866		$	2,524,380		$	(1,954,528	)	$	2,646,718

Condensed Consolidating Balance Sheet

(In thousands, except share data)


	December 31, 2012
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
ASSETS
Current assets
Cash and cash equivalents	$	133,797		$	79,650		$	—		$	213,447
Short-term investments		25,891			—			—			25,891
Accounts receivable – oil and gas revenues		—			110,341			—			110,341
Accounts receivable – joint interest partners		—			99,194			—			99,194
Accounts receivable – from affiliates		310			5,845			(6,155	)
Inventory		—			20,707			—			20,707
Prepaid expenses		313			1,457			—			1,770
Advances to joint interest partners		—			1,985			—			1,985
Derivative instruments		—			19,016			—			19,016
Other current assets		235			100			—			335

Total current assets		160,546			338,295			(6,155	)		492,686

Property, plant and equipment
Oil and gas properties (successful efforts method)		—			2,348,128			—			2,348,128
Other property and equipment		—			49,732			—			49,732
Less: accumulated depreciation, depletion, amortization and impairment		—			(391,260	)		—			(391,260	)

Total property, plant and equipment, net		—			2,006,600			—			2,006,600

Investments in and advances to subsidiaries		1,807,010			—			(1,807,010	)		—
Derivative instruments		—			4,981			—			4,981
Deferred income taxes		42,746			—			(42,746	)		—
Deferred costs and other assets		20,748			3,779			—			24,527

Total assets	$	2,031,050		$	2,353,655		$	(1,855,911	)	$	2,528,794

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	9		$	12,482		$	—		$	12,491
Accounts payable – from affiliates		5,845			310			(6,155	)
Advances from joint interest partners		—			21,176			—			21,176
Revenues and production taxes payable		—			71,553			—			71,553
Accrued liabilities		100			189,763			—			189,863
Accrued interest payable		30,091			5			—			30,096
Derivative instruments		—			1,048			—			1,048
Deferred income taxes		—			4,558			—			4,558

Total current liabilities		36,045			300,895			(6,155	)		330,785

Long-term debt		1,200,000			—			—			1,200,000
Asset retirement obligations		—			22,956			—			22,956
Derivative instruments		—			380			—			380
Deferred income taxes		—			220,417			(42,746	)		177,671
Other liabilities		—			1,997			—			1,997

Total liabilities		1,236,045			546,645			(48,901	)		1,733,789

Stockholders’ equity
Capital contributions from affiliates		—			1,586,780			(1,586,780	)		—
Common stock, $0.01 par value; 300,000,000 shares authorized; 93,432,712 issued and 93,303,298 outstanding		925			—			—			925
Treasury stock, at cost; 129,414 shares		(3,796	)		—			—			(3,796	)
Additional paid-in-capital		657,943			8,743			(8,743	)		657,943
Retained earnings		139,933			211,487			(211,487	)		139,933

Total stockholders’ equity		795,005			1,807,010			(1,807,010	)		795,005

Total liabilities and stockholders’ equity	$	2,031,050		$	2,353,655		$	(1,855,911	)	$	2,528,794

Schedule of Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

(In thousands)


	Three Months Ended March 31, 2013
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Revenues
Oil and gas revenues	$	—		$	241,651		$	—		$	241,651
Well services and midstream revenues		—			6,653			—			6,653

Total revenues		—			248,304			—			248,304

Expenses
Lease operating expenses		—			19,489			—			19,489
Well services and midstream operating expenses		—			2,914			—			2,914
Marketing, transportation and gathering expenses		—			3,389			—			3,389
Production taxes		—			22,089			—			22,089
Depreciation, depletion and amortization		—			66,261			—			66,261
Exploration expenses		—			1,857			—			1,857
Impairment of oil and gas properties		—			498			—			498
General and administrative expenses		2,876			10,978			—			13,854

Total expenses		2,876			127,475			—			130,351

Operating income (loss)		(2,876	)		120,829			—			117,953

Other income (expense)
Equity in earnings in subsidiaries		66,243			—			(66,243	)		—
Net loss on derivative instruments		—			(14,612	)		—			(14,612	)
Interest expense, net of capitalized interest		(20,518	)		(665	)		—			(21,183	)
Other income		376			404			—			780

Total other income (expense)		46,101			(14,873	)		(66,243	)		(35,015	)

Income before income taxes		43,225			105,956			(66,243	)		82,938
Income tax benefit (expense)		8,626			(39,713	)		—			(31,087	)

Net income	$	51,851		$	66,243		$	(66,243	)	$	51,851

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, net of capitalized interest		(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

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

(In thousands)


	Three Months Ended March 31, 2013
	Parent/ Issuer			Combined Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Cash flows from operating activities:	$	51,851		$	66,243		$	(66,243	)	$	51,851
Net income
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries		(66,243	)		—			66,243			—
Depreciation, depletion and amortization		—			66,261			—			66,261
Impairment of oil and gas properties		—			498			—			498
Deferred income taxes		(8,626	)		39,613			—			30,987
Derivative instruments		—			14,612			—			14,612
Stock-based compensation expenses		2,278			11			—			2,289
Debt discount amortization and other		644			102			—			746
Working capital and other changes:
Change in accounts receivable		11			(3,740	)		369			(3,360	)
Change in inventory		—			(8,407	)		—			(8,407	)
Change in prepaid expenses		157			136			—			293
Change in other current assets		(339	)		107			—			(232	)
Change in accounts payable and accrued liabilities		(8,286	)		23,664			(369	)		15,009

Net cash provided by (used in) operating activities		(28,553	)		199,100			—			170,547

Cash flows from investing activities:
Capital expenditures		—			(217,678	)		—			(217,678	)
Derivative settlements		—			1,686			—			1,686
Advances to joint interest partners		—			(141	)		—			(141	)
Advances from joint interest partners		—			(1,691	)		—			(1,691	)

Net cash used in investing activities		—			(217,824	)		—			(217,824	)

Cash flows from financing activities:
Purchases of treasury stock		(156	)		—			—			(156	)
Debt issuance costs		—			(25	)		—			(25	)
Investment in / capital contributions from affiliates		(23,252	)		23,252			—			—

Net cash provided by (used in) financing activities		(23,408	)		23,227			—			(181	)

Increase (decrease) in cash and cash equivalents		(51,961	)		4,503			—			(47,458	)
Cash and cash equivalents at beginning of period		133,797			79,650			—			213,447

Cash and cash equivalents at end of period	$	81,836		$	84,153		$	—		$	165,989

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