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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet |
Condensed Consolidating Balance Sheet (In thousands, except share data)
| June 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,603 |  |  | $ | 25,354 |  |  | $ | — |  |  | $ | 26,957 |
Accounts receivable – oil and gas revenues | — |  |  | 216,764 |  |  | — |  |  | 216,764 |
Accounts receivable – joint interest partners | — |  |  | 147,056 |  |  | — |  |  | 147,056 |
Accounts receivable – affiliates | 781 |  |  | 13,416 |  |  | (14,197 | ) |  | — |
Inventory | — |  |  | 17,636 |  |  | — |  |  | 17,636 |
Prepaid expenses | — |  |  | 8,907 |  |  | — |  |  | 8,907 |
Deferred income taxes | — |  |  | 25,390 |  |  | — |  |  | 25,390 |
Advances to joint interest partners | — |  |  | 97 |  |  | — |  |  | 97 |
Other current assets | — |  |  | 421 |  |  | — |  |  | 421 |
Total current assets | 2,384 |  |  | 455,041 |  |  | (14,197 | ) |  | 443,228 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 5,141,582 |  |  | — |  |  | 5,141,582 |
Other property and equipment | — |  |  | 231,129 |  |  | — |  |  | 231,129 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (823,500 | ) |  | — |  |  | (823,500 | )
Total property, plant and equipment, net | — |  |  | 4,549,211 |  |  | — |  |  | 4,549,211 |
Investments in and advances to subsidiaries | 3,675,495 |  |  | — |  |  | (3,675,495 | ) |  | — |
Deferred income taxes | 117,199 |  |  | — |  |  | (117,199 | ) |  | — |
Deferred costs and other assets | 31,726 |  |  | 12,814 |  |  | — |  |  | 44,540 |
Total assets | $ | 3,826,804 |  |  | $ | 5,017,066 |  |  | $ | (3,806,891 | ) |  | $ | 5,036,979 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 32,402 |  |  | $ | — |  |  | $ | 32,402 |
Accounts payable – affiliates | 13,416 |  |  | 781 |  |  | (14,197 | ) |  | — |
Revenues and production taxes payable | — |  |  | 217,414 |  |  | — |  |  | 217,414 |
Accrued liabilities | 24 |  |  | 288,789 |  |  | — |  |  | 288,813 |
Accrued interest payable | 49,340 |  |  | 104 |  |  | — |  |  | 49,444 |
Derivative instruments | — |  |  | 62,415 |  |  | — |  |  | 62,415 |
Advances from joint interest partners | — |  |  | 6,910 |  |  | — |  |  | 6,910 |
Other current liabilities | — |  |  | 3,311 |  |  | — |  |  | 3,311 |
Total current liabilities | 62,780 |  |  | 612,126 |  |  | (14,197 | ) |  | 660,709 |
Long-term debt | 2,200,000 |  |  | 100,000 |  |  | — |  |  | 2,300,000 |
Deferred income taxes | — |  |  | 578,096 |  |  | (117,199 | ) |  | 460,897 |
Asset retirement obligations | — |  |  | 37,542 |  |  | — |  |  | 37,542 |
Derivative instruments | — |  |  | 11,844 |  |  | — |  |  | 11,844 |
Other liabilities | — |  |  | 1,963 |  |  | — |  |  | 1,963 |
Total liabilities | 2,262,780 |  |  | 1,341,571 |  |  | (131,396 | ) |  | 3,472,955 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 2,893,387 |  |  | (2,893,387 | ) |  | — |
Common stock, $0.01 par value: 300,000,000 shares authorized; 101,396,597 issued | 999 |  |  | — |  |  | — |  |  | 999 |
Treasury stock, at cost: 244,729 shares | (8,677 | ) |  | — |  |  | — |  |  | (8,677 | )
Additional paid-in capital | 995,024 |  |  | 8,743 |  |  | (8,743 | ) |  | 995,024 |
Retained earnings | 576,678 |  |  | 773,365 |  |  | (773,365 | ) |  | 576,678 |
Total stockholders’ equity | 1,564,024 |  |  | 3,675,495 |  |  | (3,675,495 | ) |  | 1,564,024 |
Total liabilities and stockholders’ equity | $ | 3,826,804 |  |  | $ | 5,017,066 |  |  | $ | (3,806,891 | ) |  | $ | 5,036,979 |
| 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 June 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 354,182 |  |  | $ | — |  |  | $ | 354,182 |
Well services and midstream revenues | — |  |  | 18,196 |  |  | — |  |  | 18,196 |
Total revenues | — |  |  | 372,378 |  |  | — |  |  | 372,378 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 40,553 |  |  | — |  |  | 40,553 |
Well services and midstream operating expenses | — |  |  | 8,769 |  |  | — |  |  | 8,769 |
Marketing, transportation and gathering expenses | — |  |  | 7,114 |  |  | — |  |  | 7,114 |
Production taxes | — |  |  | 34,493 |  |  | — |  |  | 34,493 |
Depreciation, depletion and amortization | — |  |  | 97,276 |  |  | — |  |  | 97,276 |
Exploration expenses | — |  |  | 475 |  |  | — |  |  | 475 |
Impairment of oil and gas properties | — |  |  | 42 |  |  | — |  |  | 42 |
General and administrative expenses | 5,805 |  |  | 14,946 |  |  | — |  |  | 20,751 |
Total expenses | 5,805 |  |  | 203,668 |  |  | — |  |  | 209,473 |
Gain on sale of properties | — |  |  | 3,640 |  |  | — |  |  | 3,640 |
Operating income (loss) | (5,805 | ) |  | 172,350 |  |  | — |  |  | 166,545 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings in subsidiaries | 65,485 |  |  | — |  |  | (65,485 | ) |  | — |
Net loss on derivative instruments | — |  |  | (65,570 | ) |  | — |  |  | (65,570 | )
Interest expense, net of capitalized interest | (36,705 | ) |  | (2,285 | ) |  | — |  |  | (38,990 | )
Other income (expense) | — |  |  | 135 |  |  | — |  |  | 135 |
Total other income (expense) | 28,780 |  |  | (67,720 | ) |  | (65,485 | ) |  | (104,425 | )
Income before income taxes | 22,975 |  |  | 104,630 |  |  | (65,485 | ) |  | 62,120 |
Income tax benefit (expense) | 15,858 |  |  | (39,145 | ) |  | — |  |  | (23,287 | )
Net income | $ | 38,833 |  |  | $ | 65,485 |  |  | $ | (65,485 | ) |  | $ | 38,833 |
Condensed Consolidating Statement of Operations (In thousands)
| Three Months Ended June 30, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 241,842 |  |  | $ | — |  |  | $ | 241,842 |
Well services and midstream revenues | — |  |  | 12,740 |  |  | — |  |  | 12,740 |
Total revenues | — |  |  | 254,582 |  |  | — |  |  | 254,582 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 18,266 |  |  | — |  |  | 18,266 |
Well services and midstream operating expenses | — |  |  | 6,644 |  |  | — |  |  | 6,644 |
Marketing, transportation and gathering expenses | — |  |  | 10,779 |  |  | — |  |  | 10,779 |
Production taxes | — |  |  | 21,397 |  |  | — |  |  | 21,397 |
Depreciation, depletion and amortization | — |  |  | 66,790 |  |  | — |  |  | 66,790 |
Exploration expenses | — |  |  | 392 |  |  | — |  |  | 392 |
Impairment of oil and gas properties | — |  |  | 208 |  |  | — |  |  | 208 |
General and administrative expenses | 3,524 |  |  | 13,132 |  |  | — |  |  | 16,656 |
Total expenses | 3,524 |  |  | 137,608 |  |  | — |  |  | 141,132 |
Operating income (loss) | (3,524 | ) |  | 116,974 |  |  | — |  |  | 113,450 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings in subsidiaries | 82,506 |  |  | — |  |  | (82,506 | ) |  | — |
Net gain on derivative instruments | — |  |  | 12,591 |  |  | — |  |  | 12,591 |
Interest expense, net of capitalized interest | (20,159 | ) |  | (1,233 | ) |  | — |  |  | (21,392 | )
Other income (expense) | (738 | ) |  | 1,032 |  |  | — |  |  | 294 |
Total other income (expense) | 61,609 |  |  | 12,390 |  |  | (82,506 | ) |  | (8,507 | )
Income before income taxes | 58,085 |  |  | 129,364 |  |  | (82,506 | ) |  | 104,943 |
Income tax benefit (expense) | 9,034 |  |  | (46,858 | ) |  | — |  |  | (37,824 | )
Net income | $ | 67,119 |  |  | $ | 82,506 |  |  | $ | (82,506 | ) |  | $ | 67,119 |
Condensed Consolidating Statement of Operations (In thousands)
| Six Months Ended June 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 686,029 |  |  | $ | — |  |  | $ | 686,029 |
Well services and midstream revenues | — |  |  | 35,868 |  |  | — |  |  | 35,868 |
Total revenues | — |  |  | 721,897 |  |  | — |  |  | 721,897 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 80,542 |  |  | — |  |  | 80,542 |
Well services and midstream operating expenses | — |  |  | 19,689 |  |  | — |  |  | 19,689 |
Marketing, transportation and gathering expenses | — |  |  | 12,300 |  |  | — |  |  | 12,300 |
Production taxes | — |  |  | 66,296 |  |  | — |  |  | 66,296 |
Depreciation, depletion and amortization | — |  |  | 188,548 |  |  | — |  |  | 188,548 |
Exploration expenses | — |  |  | 855 |  |  | — |  |  | 855 |
Impairment of oil and gas properties | — |  |  | 804 |  |  | — |  |  | 804 |
General and administrative expenses | 11,417 |  |  | 32,854 |  |  | — |  |  | 44,271 |
Total expenses | 11,417 |  |  | 401,888 |  |  | — |  |  | 413,305 |
Gain on sale of properties | — |  |  | 187,033 |  |  | — |  |  | 187,033 |
Operating income (loss) | (11,417 | ) |  | 507,042 |  |  | — |  |  | 495,625 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings in subsidiaries | 262,418 |  |  | — |  |  | (262,418 | ) |  | — |
Net loss on derivative instruments | — |  |  | (83,173 | ) |  | — |  |  | (83,173 | )
Interest expense, net of capitalized interest | (74,129 | ) |  | (5,019 | ) |  | — |  |  | (79,148 | )
Other income (expense) | 3 |  |  | 285 |  |  | — |  |  | 288 |
Total other income (expense) | 188,292 |  |  | (87,907 | ) |  | (262,418 | ) |  | (162,033 | )
Income before income taxes | 176,875 |  |  | 419,135 |  |  | (262,418 | ) |  | 333,592 |
Income tax benefit (expense) | 31,911 |  |  | (156,717 | ) |  | — |  |  | (124,806 | )
Net income | $ | 208,786 |  |  | $ | 262,418 |  |  | $ | (262,418 | ) |  | $ | 208,786 |
Condensed Consolidating Statement of Operations (In thousands)
| Six Months Ended June 30, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 483,493 |  |  | $ | — |  |  | $ | 483,493 |
Well services and midstream revenues | — |  |  | 19,393 |  |  | — |  |  | 19,393 |
Total revenues | — |  |  | 502,886 |  |  | — |  |  | 502,886 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 37,755 |  |  | — |  |  | 37,755 |
Well services and midstream operating expenses | — |  |  | 9,558 |  |  | — |  |  | 9,558 |
Marketing, transportation and gathering expenses | — |  |  | 14,168 |  |  | — |  |  | 14,168 |
Production taxes | — |  |  | 43,486 |  |  | — |  |  | 43,486 |
Depreciation, depletion and amortization | — |  |  | 133,051 |  |  | — |  |  | 133,051 |
Exploration expenses | — |  |  | 2,249 |  |  | — |  |  | 2,249 |
Impairment of oil and gas properties | — |  |  | 706 |  |  | — |  |  | 706 |
General and administrative expenses | 6,400 |  |  | 24,110 |  |  | — |  |  | 30,510 |
Total expenses | 6,400 |  |  | 265,083 |  |  | — |  |  | 271,483 |
Operating income (loss) | (6,400 | ) |  | 237,803 |  |  | — |  |  | 231,403 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings in subsidiaries | 148,751 |  |  | — |  |  | (148,751 | ) |  | — |
Net loss on derivative instruments | — |  |  | (2,021 | ) |  | — |  |  | (2,021 | )
Interest expense, net of capitalized interest | (40,678 | ) |  | (1,897 | ) |  | — |  |  | (42,575 | )
Other income (expense) | (363 | ) |  | 1,437 |  |  | — |  |  | 1,074 |
Total other income (expense) | 107,710 |  |  | (2,481 | ) |  | (148,751 | ) |  | (43,522 | )
Income before income taxes | 101,310 |  |  | 235,322 |  |  | (148,751 | ) |  | 187,881 |
Income tax benefit (expense) | 17,660 |  |  | (86,571 | ) |  | — |  |  | (68,911 | )
Net income | $ | 118,970 |  |  | $ | 148,751 |  |  | $ | (148,751 | ) |  | $ | 118,970 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows (In thousands)
| Six Months Ended June 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 208,786 |  |  | $ | 262,418 |  |  | $ | (262,418 | ) |  | $ | 208,786 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (262,418 | ) |  | — |  |  | 262,418 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 188,548 |  |  | — |  |  | 188,548 |
Gain on sale of properties | — |  |  | (187,033 | ) |  |  |  | (187,033 | )
Impairment of oil and gas properties | — |  |  | 804 |  |  | — |  |  | 804 |
Deferred income taxes | (31,911 | ) |  | 150,606 |  |  | — |  |  | 118,695 |
Derivative instruments | — |  |  | 83,173 |  |  | — |  |  | 83,173 |
Stock-based compensation expenses | 9,522 |  |  | 156 |  |  | — |  |  | 9,678 |
Debt discount amortization and other | 2,255 |  |  | 965 |  |  | — |  |  | 3,220 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (11 | ) |  | (41,448 | ) |  | 4,327 |  |  | (37,132 | )
Change in inventory | — |  |  | 3,016 |  |  | — |  |  | 3,016 |
Change in prepaid expenses | 318 |  |  | 966 |  |  | — |  |  | 1,284 |
Change in other current assets | — |  |  | (30 | ) |  | — |  |  | (30 | )
Change in other assets | — |  |  | (1,477 | ) |  | — |  |  | (1,477 | )
Change in accounts payable and accrued liabilities | 6,025 |  |  | 89,845 |  |  | (4,327 | ) |  | 91,543 |
Change in other current liabilities | — |  |  | 3,311 |  |  | — |  |  | 3,311 |
Change in other liabilities | — |  |  | (132 | ) |  | — |  |  | (132 | )
Net cash provided by (used in) operating activities | (67,434 | ) |  | 553,688 |  |  | — |  |  | 486,254 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (606,924 | ) |  | — |  |  | (606,924 | )
Acquisition of oil and gas properties | — |  |  | (8,116 | ) |  | — |  |  | (8,116 | )
Proceeds from sale of properties | — |  |  | 324,888 |  |  | — |  |  | 324,888 |
Costs related to sale of properties | — |  |  | (2,337 | ) |  |  |  | (2,337 | )
Derivative settlements | — |  |  | (13,644 | ) |  | — |  |  | (13,644 | )
Advances from joint interest partners | — |  |  | (5,919 | ) |  | — |  |  | (5,919 | )
Net cash used in investing activities | — |  |  | (312,052 | ) |  | — |  |  | (312,052 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from revolving credit facility | — |  |  | 100,000 |  |  | — |  |  | 100,000 |
Principal payments on revolving credit facility | — |  |  | (335,570 | ) |  | — |  |  | (335,570 | )
Purchases of treasury stock | (3,315 | ) |  | — |  |  | — |  |  | (3,315 | )
Debt issuance costs | — |  |  | (85 | ) |  | — |  |  | (85 | )
Investment in / capital contributions from affiliates | 38,251 |  |  | (38,251 | ) |  | — |  |  | — |
Other | (176 | ) |  | — |  |  | — |  |  | (176 | )
Net cash provided by (used in) financing activities | 34,760 |  |  | (273,906 | ) |  | — |  |  | (239,146 | )
Decrease in cash and cash equivalents | (32,674 | ) |  | (32,270 | ) |  | — |  |  | (64,944 | )
Cash and cash equivalents at beginning of period | 34,277 |  |  | 57,624 |  |  | — |  |  | 91,901 |
Cash and cash equivalents at end of period | $ | 1,603 |  |  | $ | 25,354 |  |  | $ | — |  |  | $ | 26,957 |
Condensed Consolidating Statement of Cash Flows (In thousands)
| Six Months Ended June 30, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 118,970 |  |  | $ | 148,751 |  |  | $ | (148,751 | ) |  | $ | 118,970 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (148,751 | ) |  | — |  |  | 148,751 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 133,051 |  |  | — |  |  | 133,051 |
Impairment of oil and gas properties | — |  |  | 706 |  |  | — |  |  | 706 |
Deferred income taxes | (17,660 | ) |  | 85,634 |  |  | — |  |  | 67,974 |
Derivative instruments | — |  |  | 2,021 |  |  | — |  |  | 2,021 |
Stock-based compensation expenses | 5,263 |  |  | 108 |  |  | — |  |  | 5,371 |
Debt discount amortization and other | 2,189 |  |  | (436 | ) |  | — |  |  | 1,753 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (461 | ) |  | (13,972 | ) |  | 665 |  |  | (13,768 | )
Change in inventory | — |  |  | (4,200 | ) |  | — |  |  | (4,200 | )
Change in prepaid expenses | 313 |  |  | (4,715 | ) |  | — |  |  | (4,402 | )
Change in other current assets | 232 |  |  | 98 |  |  | — |  |  | 330 |
Change in accounts payable and accrued liabilities | (388 | ) |  | 49,754 |  |  | (665 | ) |  | 48,701 |
Change in other current liabilities | — |  |  | 688 |  |  | — |  |  | 688 |
Change in other liabilities | — |  |  | 612 |  |  | — |  |  | 612 |
Net cash provided by (used in) operating activities | (40,293 | ) |  | 398,100 |  |  | — |  |  | 357,807 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (428,630 | ) |  | — |  |  | (428,630 | )
Derivative settlements | — |  |  | 2,932 |  |  | — |  |  | 2,932 |
Redemptions of short-term investments | 25,000 |  |  | — |  |  | — |  |  | 25,000 |
Advances from joint interest partners | — |  |  | (5,593 | ) |  | — |  |  | (5,593 | )
Net cash provided by (used in) investing activities | 25,000 |  |  | (431,291 | ) |  | — |  |  | (406,291 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Purchases of treasury stock | (364 | ) |  | — |  |  | — |  |  | (364 | )
Debt issuance costs | — |  |  | (2,998 | ) |  | — |  |  | (2,998 | )
Investment in / capital contributions from affiliates | (34,370 | ) |  | 34,370 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | (34,734 | ) |  | 31,372 |  |  | — |  |  | (3,362 | )
Decrease in cash and cash equivalents | (50,027 | ) |  | (1,819 | ) |  | — |  |  | (51,846 | )
Cash and cash equivalents at beginning of period | 133,797 |  |  | 79,650 |  |  | — |  |  | 213,447 |
Cash and cash equivalents at end of period | $ | 83,770 |  |  | $ | 77,831 |  |  | $ | — |  |  | $ | 161,601 |

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