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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet |
Condensed Consolidating Balance Sheet (In thousands, except share data)
| March 31, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 936 |  |  | $ | 55,362 |  |  | $ | — |  |  | $ | 56,298 |
Accounts receivable – oil and gas revenues | — |  |  | 202,749 |  |  | — |  |  | 202,749 |
Accounts receivable – joint interest partners | — |  |  | 134,553 |  |  | — |  |  | 134,553 |
Accounts receivable – affiliates | 770 |  |  | 12,802 |  |  | (13,572 | ) |  | — |
Inventory | — |  |  | 19,862 |  |  | — |  |  | 19,862 |
Prepaid expenses | 159 |  |  | 24,291 |  |  | — |  |  | 24,450 |
Deferred income taxes | — |  |  | 8,484 |  |  | — |  |  | 8,484 |
Derivative instruments | — |  |  | 778 |  |  | — |  |  | 778 |
Advances to joint interest partners | — |  |  | 214 |  |  | — |  |  | 214 |
Other current assets | — |  |  | 420 |  |  | — |  |  | 420 |
Total current assets | 1,865 |  |  | 459,515 |  |  | (13,572 | ) |  | 447,808 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 4,820,902 |  |  | — |  |  | 4,820,902 |
Other property and equipment | — |  |  | 200,158 |  |  | — |  |  | 200,158 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (723,429 | ) |  | — |  |  | (723,429 | )
Total property, plant and equipment, net | — |  |  | 4,297,631 |  |  | — |  |  | 4,297,631 |
Investments in and advances to subsidiaries | 3,621,362 |  |  | — |  |  | (3,621,362 | ) |  | — |
Derivative instruments | — |  |  | 470 |  |  | — |  |  | 470 |
Deferred income taxes | 101,341 |  |  | — |  |  | (101,341 | ) |  | — |
Deferred costs and other assets | 32,862 |  |  | 13,313 |  |  | — |  |  | 46,175 |
Total assets | $ | 3,757,430 |  |  | $ | 4,770,929 |  |  | $ | (3,736,275 | ) |  | $ | 4,792,084 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 24,516 |  |  | $ | — |  |  | $ | 24,516 |
Accounts payable – affiliates | 12,802 |  |  | 770 |  |  | (13,572 | ) |  | — |
Revenues and production taxes payable | — |  |  | 183,120 |  |  | — |  |  | 183,120 |
Accrued liabilities | 119 |  |  | 282,905 |  |  | — |  |  | 283,024 |
Accrued interest payable | 24,527 |  |  | 35 |  |  | — |  |  | 24,562 |
Derivative instruments | — |  |  | 20,663 |  |  | — |  |  | 20,663 |
Advances from joint interest partners | — |  |  | 10,931 |  |  | — |  |  | 10,931 |
Other current liabilities | — |  |  | 2,766 |  |  | — |  |  | 2,766 |
Total current liabilities | 37,448 |  |  | 525,706 |  |  | (13,572 | ) |  | 549,582 |
Long-term debt | 2,200,000 |  |  | 60,000 |  |  | — |  |  | 2,260,000 |
Deferred income taxes | — |  |  | 525,390 |  |  | (101,341 | ) |  | 424,049 |
Asset retirement obligations | — |  |  | 35,790 |  |  | — |  |  | 35,790 |
Derivative instruments | — |  |  | 679 |  |  | — |  |  | 679 |
Other liabilities | — |  |  | 2,002 |  |  | — |  |  | 2,002 |
Total liabilities | 2,237,448 |  |  | 1,149,567 |  |  | (114,913 | ) |  | 3,272,102 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 2,904,739 |  |  | (2,904,739 | ) |  | — |
Common stock, $0.01 par value: 300,000,000 shares authorized; 101,416,749 issued | 999 |  |  | — |  |  | — |  |  | 999 |
Treasury stock, at cost: 238,453 shares | (8,387 | ) |  | — |  |  | — |  |  | (8,387 | )
Additional paid-in capital | 989,525 |  |  | 8,743 |  |  | (8,743 | ) |  | 989,525 |
Retained earnings | 537,845 |  |  | 707,880 |  |  | (707,880 | ) |  | 537,845 |
Total stockholders’ equity | 1,519,982 |  |  | 3,621,362 |  |  | (3,621,362 | ) |  | 1,519,982 |
Total liabilities and stockholders’ equity | $ | 3,757,430 |  |  | $ | 4,770,929 |  |  | $ | (3,736,275 | ) |  | $ | 4,792,084 |
| December 31, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 34,277 |  |  | $ | 57,624 |  |  | $ | — |  |  | $ | 91,901 |
Accounts receivable – oil and gas revenues | — |  |  | 175,653 |  |  | — |  |  | 175,653 |
Accounts receivable – joint interest partners | — |  |  | 139,459 |  |  | — |  |  | 139,459 |
Accounts receivable – affiliates | 770 |  |  | 9,100 |  |  | (9,870 | ) |  | — |
Inventory | — |  |  | 20,652 |  |  | — |  |  | 20,652 |
Prepaid expenses | 318 |  |  | 9,873 |  |  | — |  |  | 10,191 |
Deferred income taxes | — |  |  | 6,335 |  |  | — |  |  | 6,335 |
Derivative instruments | — |  |  | 2,264 |  |  | — |  |  | 2,264 |
Advances to joint interest partners | — |  |  | 760 |  |  | — |  |  | 760 |
Other current assets | — |  |  | 391 |  |  | — |  |  | 391 |
Total current assets | 35,365 |  |  | 422,111 |  |  | (9,870 | ) |  | 447,606 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 4,528,958 |  |  | — |  |  | 4,528,958 |
Other property and equipment | — |  |  | 188,468 |  |  | — |  |  | 188,468 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (637,676 | ) |  | — |  |  | (637,676 | )
Total property, plant and equipment, net | — |  |  | 4,079,750 |  |  | — |  |  | 4,079,750 |
Assets held for sale | — |  |  | 137,066 |  |  | — |  |  | 137,066 |
Investments in and advances to subsidiaries | 3,450,668 |  |  | — |  |  | (3,450,668 | ) |  | — |
Derivative instruments | — |  |  | 1,333 |  |  | — |  |  | 1,333 |
Deferred income taxes | 85,288 |  |  | — |  |  | (85,288 | ) |  | — |
Deferred costs and other assets | 33,983 |  |  | 12,186 |  |  | — |  |  | 46,169 |
Total assets | $ | 3,605,304 |  |  | $ | 4,652,446 |  |  | $ | (3,545,826 | ) |  | $ | 4,711,924 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 8,920 |  |  | $ | — |  |  | $ | 8,920 |
Accounts payable – affiliates | 9,100 |  |  | 770 |  |  | (9,870 | ) |  | — |
Revenues and production taxes payable | — |  |  | 146,741 |  |  | — |  |  | 146,741 |
Accrued liabilities | 33 |  |  | 241,797 |  |  | — |  |  | 241,830 |
Accrued interest payable | 47,622 |  |  | 288 |  |  | — |  |  | 47,910 |
Derivative instruments | — |  |  | 8,188 |  |  | — |  |  | 8,188 |
Advances from joint interest partners | — |  |  | 12,829 |  |  | — |  |  | 12,829 |
Total current liabilities | 56,755 |  |  | 419,533 |  |  | (9,870 | ) |  | 466,418 |
Long-term debt | 2,200,000 |  |  | 335,570 |  |  | — |  |  | 2,535,570 |
Deferred income taxes | — |  |  | 408,435 |  |  | (85,288 | ) |  | 323,147 |
Asset retirement obligations | — |  |  | 35,918 |  |  | — |  |  | 35,918 |
Derivative instruments | — |  |  | 139 |  |  | — |  |  | 139 |
Other liabilities | — |  |  | 2,183 |  |  | — |  |  | 2,183 |
Total liabilities | 2,256,755 |  |  | 1,201,778 |  |  | (95,158 | ) |  | 3,363,375 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 2,930,978 |  |  | (2,930,978 | ) |  | — |
Common stock, $0.01 par value: 300,000,000 shares authorized; 100,866,589 issued | 996 |  |  | — |  |  | — |  |  | 996 |
Treasury stock, at cost: 167,155 shares | (5,362 | ) |  | — |  |  | — |  |  | (5,362 | )
Additional paid-in capital | 985,023 |  |  | 8,743 |  |  | (8,743 | ) |  | 985,023 |
Retained earnings | 367,892 |  |  | 510,947 |  |  | (510,947 | ) |  | 367,892 |
Total stockholders’ equity | 1,348,549 |  |  | 3,450,668 |  |  | (3,450,668 | ) |  | 1,348,549 |
Total liabilities and stockholders’ equity | $ | 3,605,304 |  |  | $ | 4,652,446 |  |  | $ | (3,545,826 | ) |  | $ | 4,711,924 |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations (In thousands)
| Three Months Ended March 31, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 331,847 |  |  | $ | — |  |  | $ | 331,847 |
Well services and midstream revenues | — |  |  | 17,672 |  |  | — |  |  | 17,672 |
Total revenues | — |  |  | 349,519 |  |  | — |  |  | 349,519 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 39,989 |  |  | — |  |  | 39,989 |
Well services and midstream operating expenses | — |  |  | 10,920 |  |  | — |  |  | 10,920 |
Marketing, transportation and gathering expenses | — |  |  | 5,186 |  |  | — |  |  | 5,186 |
Production taxes | — |  |  | 31,803 |  |  | — |  |  | 31,803 |
Depreciation, depletion and amortization | — |  |  | 91,272 |  |  | — |  |  | 91,272 |
Exploration expenses | — |  |  | 380 |  |  | — |  |  | 380 |
Impairment of oil and gas properties | — |  |  | 762 |  |  | — |  |  | 762 |
General and administrative expenses | 5,612 |  |  | 17,908 |  |  | — |  |  | 23,520 |
Total expenses | 5,612 |  |  | 198,220 |  |  | — |  |  | 203,832 |
Gain on sale of properties | — |  |  | 183,393 |  |  | — |  |  | 183,393 |
Operating income (loss) | (5,612 | ) |  | 334,692 |  |  | — |  |  | 329,080 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings in subsidiaries | 196,933 |  |  | — |  |  | (196,933 | ) |  | — |
Net loss on derivative instruments | — |  |  | (17,603 | ) |  | — |  |  | (17,603 | )
Interest expense, net of capitalized interest | (37,424 | ) |  | (2,734 | ) |  | — |  |  | (40,158 | )
Other income (expense) | 3 |  |  | 150 |  |  | — |  |  | 153 |
Total other income (expense) | 159,512 |  |  | (20,187 | ) |  | (196,933 | ) |  | (57,608 | )
Income before income taxes | 153,900 |  |  | 314,505 |  |  | (196,933 | ) |  | 271,472 |
Income tax benefit (expense) | 16,053 |  |  | (117,572 | ) |  | — |  |  | (101,519 | )
Net income | $ | 169,953 |  |  | $ | 196,933 |  |  | $ | (196,933 | ) |  | $ | 169,953 |
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 (expense) | 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 Cash Flows | Condensed Consolidating Statement of Cash Flows (In thousands)
| Three Months Ended March 31, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 169,953 |  |  | $ | 196,933 |  |  | $ | (196,933 | ) |  | $ | 169,953 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (196,933 | ) |  | — |  |  | 196,933 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 91,272 |  |  | — |  |  | 91,272 |
Gain on sale of properties | — |  |  | (183,393 | ) |  |  |  | (183,393 | )
Impairment of oil and gas properties | — |  |  | 762 |  |  | — |  |  | 762 |
Deferred income taxes | (16,053 | ) |  | 114,806 |  |  | — |  |  | 98,753 |
Derivative instruments | — |  |  | 17,603 |  |  | — |  |  | 17,603 |
Stock-based compensation expenses | 4,428 |  |  | 77 |  |  | — |  |  | 4,505 |
Debt discount amortization and other | 1,123 |  |  | 364 |  |  | — |  |  | 1,487 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | — |  |  | (12,977 | ) |  | 3,702 |  |  | (9,275 | )
Change in inventory | — |  |  | 790 |  |  | — |  |  | 790 |
Change in prepaid expenses | 159 |  |  | (14,418 | ) |  | — |  |  | (14,259 | )
Change in other current assets | — |  |  | (29 | ) |  | — |  |  | (29 | )
Change in other assets | — |  |  | (1,593 | ) |  | — |  |  | (1,593 | )
Change in accounts payable and accrued liabilities | (19,307 | ) |  | 52,016 |  |  | (3,702 | ) |  | 29,007 |
Change in other current liabilities | — |  |  | 2,766 |  |  | — |  |  | 2,766 |
Change in other liabilities | — |  |  | (82 | ) |  | — |  |  | (82 | )
Net cash provided by (used in) operating activities | (56,630 | ) |  | 264,897 |  |  | — |  |  | 208,267 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (280,895 | ) |  | — |  |  | (280,895 | )
Proceeds from sale of properties | — |  |  | 321,943 |  |  | — |  |  | 321,943 |
Costs related to sale of properties | — |  |  | (2,010 | ) |  |  |  | (2,010 | )
Derivative settlements | — |  |  | (2,239 | ) |  | — |  |  | (2,239 | )
Advances from joint interest partners | — |  |  | (1,898 | ) |  | — |  |  | (1,898 | )
Net cash provided by investing activities | — |  |  | 34,901 |  |  | — |  |  | 34,901 |
Cash flows from financing activities: |  |  |  |  |  |  |
Principal payments on revolving credit facility | — |  |  | (275,570 | ) |  | — |  |  | (275,570 | )
Purchases of treasury stock | (3,025 | ) |  | — |  |  | — |  |  | (3,025 | )
Investment in / capital contributions from affiliates | 26,490 |  |  | (26,490 | ) |  | — |  |  | — |
Other | (176 | ) |  | — |  |  | — |  |  | (176 | )
Net cash provided by (used in) financing activities | 23,289 |  |  | (302,060 | ) |  | — |  |  | (278,771 | )
Decrease in cash and cash equivalents | (33,341 | ) |  | (2,262 | ) |  | — |  |  | (35,603 | )
Cash and cash equivalents at beginning of period | 34,277 |  |  | 57,624 |  |  | — |  |  | 91,901 |
Cash and cash equivalents at end of period | $ | 936 |  |  | $ | 55,362 |  |  | $ | — |  |  | $ | 56,298 |
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: |  |  |  |  |  |  |
Net income | $ | 51,851 |  |  | $ | 66,243 |  |  | $ | (66,243 | ) |  | $ | 51,851 |
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 | — |  |  | (217,819 | ) |  | — |  |  | (217,819 | )
Derivative settlements | — |  |  | 1,686 |  |  | — |  |  | 1,686 |
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 |

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