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Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet |
Condensed Consolidating Balance Sheet
| September 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands, except share data)
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 777 |  |  | $ | 66,417 |  |  | $ | — |  |  | $ | 67,194 |
Accounts receivable – oil and gas revenues | — |  |  | 191,711 |  |  | — |  |  | 191,711 |
Accounts receivable – joint interest partners | — |  |  | 197,929 |  |  | — |  |  | 197,929 |
Accounts receivable – affiliates | 781 |  |  | 78,053 |  |  | (78,834 | ) |  | — |
Inventory | — |  |  | 24,648 |  |  | — |  |  | 24,648 |
Prepaid expenses | 445 |  |  | 13,808 |  |  | — |  |  | 14,253 |
Derivative instruments | — |  |  | 33,874 |  |  | — |  |  | 33,874 |
Advances to joint interest partners | — |  |  | 97 |  |  | — |  |  | 97 |
Other current assets | — |  |  | 1,972 |  |  | — |  |  | 1,972 |
Total current assets | 2,003 |  |  | 608,509 |  |  | (78,834 | ) |  | 531,678 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 5,546,424 |  |  | — |  |  | 5,546,424 |
Other property and equipment | — |  |  | 261,665 |  |  | — |  |  | 261,665 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (933,237 | ) |  | — |  |  | (933,237 | )
Total property, plant and equipment, net | — |  |  | 4,874,852 |  |  | — |  |  | 4,874,852 |
Investments in and advances to subsidiaries | 3,826,612 |  |  | — |  |  | (3,826,612 | ) |  | — |
Derivative instruments | — |  |  | 6,422 |  |  | — |  |  | 6,422 |
Deferred income taxes | 133,526 |  |  | — |  |  | (133,526 | ) |  | — |
Deferred costs and other assets | 30,582 |  |  | 13,941 |  |  | — |  |  | 44,523 |
Total assets | $ | 3,992,723 |  |  | $ | 5,503,724 |  |  | $ | (4,038,972 | ) |  | $ | 5,457,475 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 39,550 |  |  | $ | — |  |  | $ | 39,550 |
Accounts payable – affiliates | 78,053 |  |  | 781 |  |  | (78,834 | ) |  | — |
Revenues and production taxes payable | — |  |  | 248,272 |  |  | — |  |  | 248,272 |
Accrued liabilities | 55 |  |  | 340,425 |  |  | — |  |  | 340,480 |
Accrued interest payable | 24,528 |  |  | 374 |  |  | — |  |  | 24,902 |
Deferred income taxes | — |  |  | 9,625 |  |  | — |  |  | 9,625 |
Advances from joint interest partners | — |  |  | 6,776 |  |  | — |  |  | 6,776 |
Total current liabilities | 102,636 |  |  | 645,803 |  |  | (78,834 | ) |  | 669,605 |
Long-term debt | 2,200,000 |  |  | 350,000 |  |  | — |  |  | 2,550,000 |
Deferred income taxes | — |  |  | 638,261 |  |  | (133,526 | ) |  | 504,735 |
Asset retirement obligations | — |  |  | 41,052 |  |  | — |  |  | 41,052 |
Other liabilities | — |  |  | 1,996 |  |  | — |  |  | 1,996 |
Total liabilities | 2,302,636 |  |  | 1,677,112 |  |  | (212,360 | ) |  | 3,767,388 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 2,896,147 |  |  | (2,896,147 | ) |  | — |
Common stock, $0.01 par value: 300,000,000 shares authorized; 101,614,588 issued | 1,000 |  |  | — |  |  | — |  |  | 1,000 |
Treasury stock, at cost: 283,249 shares | (10,602 | ) |  | — |  |  | — |  |  | (10,602 | )
Additional paid-in capital | 1,001,424 |  |  | 8,743 |  |  | (8,743 | ) |  | 1,001,424 |
Retained earnings | 698,265 |  |  | 921,722 |  |  | (921,722 | ) |  | 698,265 |
Total stockholders’ equity | 1,690,087 |  |  | 3,826,612 |  |  | (3,826,612 | ) |  | 1,690,087 |
Total liabilities and stockholders’ equity | $ | 3,992,723 |  |  | $ | 5,503,724 |  |  | $ | (4,038,972 | ) |  | $ | 5,457,475 |
| December 31, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands, except share data)
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
| Three Months Ended September 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 344,706 |  |  | $ | — |  |  | $ | 344,706 |
Well services and midstream revenues | — |  |  | 23,953 |  |  | — |  |  | 23,953 |
Total revenues | — |  |  | 368,659 |  |  | — |  |  | 368,659 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 44,361 |  |  | — |  |  | 44,361 |
Well services and midstream operating expenses | — |  |  | 14,922 |  |  | — |  |  | 14,922 |
Marketing, transportation and gathering expenses | — |  |  | 7,306 |  |  | — |  |  | 7,306 |
Production taxes | — |  |  | 34,584 |  |  | — |  |  | 34,584 |
Depreciation, depletion and amortization | — |  |  | 106,972 |  |  | — |  |  | 106,972 |
Exploration expenses | — |  |  | 1,100 |  |  | — |  |  | 1,100 |
Impairment of oil and gas properties | — |  |  | 1,439 |  |  | — |  |  | 1,439 |
General and administrative expenses | 6,373 |  |  | 17,542 |  |  | — |  |  | 23,915 |
Total expenses | 6,373 |  |  | 228,226 |  |  | — |  |  | 234,599 |
Gain on sale of properties | — |  |  | 43 |  |  | — |  |  | 43 |
Operating income (loss) | (6,373 | ) |  | 140,476 |  |  | — |  |  | 134,103 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings in subsidiaries | 148,357 |  |  | — |  |  | (148,357 | ) |  | — |
Net gain on derivative instruments | — |  |  | 103,426 |  |  | — |  |  | 103,426 |
Interest expense, net of capitalized interest | (36,724 | ) |  | (2,696 | ) |  | — |  |  | (39,420 | )
Other income (expense) | — |  |  | (38 | ) |  | — |  |  | (38 | )
Total other income (expense) | 111,633 |  |  | 100,692 |  |  | (148,357 | ) |  | 63,968 |
Income before income taxes | 105,260 |  |  | 241,168 |  |  | (148,357 | ) |  | 198,071 |
Income tax benefit (expense) | 16,327 |  |  | (92,811 | ) |  | — |  |  | (76,484 | )
Net income | $ | 121,587 |  |  | $ | 148,357 |  |  | $ | (148,357 | ) |  | $ | 121,587 |
Condensed Consolidating Statement of Operations
| Three Months Ended September 30, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 286,952 |  |  | $ | — |  |  | $ | 286,952 |
Well services and midstream revenues | — |  |  | 18,546 |  |  | — |  |  | 18,546 |
Total revenues | — |  |  | 305,498 |  |  | — |  |  | 305,498 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 21,831 |  |  | — |  |  | 21,831 |
Well services and midstream operating expenses | — |  |  | 10,319 |  |  | — |  |  | 10,319 |
Marketing, transportation and gathering expenses | — |  |  | 5,688 |  |  | — |  |  | 5,688 |
Production taxes | — |  |  | 26,823 |  |  | — |  |  | 26,823 |
Depreciation, depletion and amortization | — |  |  | 72,728 |  |  | — |  |  | 72,728 |
Exploration expenses | — |  |  | 463 |  |  | — |  |  | 463 |
Impairment of oil and gas properties | — |  |  | 56 |  |  | — |  |  | 56 |
General and administrative expenses | 3,746 |  |  | 12,982 |  |  | — |  |  | 16,728 |
Total expenses | 3,746 |  |  | 150,890 |  |  | — |  |  | 154,636 |
Operating income (loss) | (3,746 | ) |  | 154,608 |  |  | — |  |  | 150,862 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings in subsidiaries | 70,118 |  |  | — |  |  | (70,118 | ) |  | — |
Net loss on derivative instruments | — |  |  | (39,817 | ) |  | — |  |  | (39,817 | )
Interest expense, net of capitalized interest | (21,277 | ) |  | (1,577 | ) |  | — |  |  | (22,854 | )
Other income (expense) | 15 |  |  | 8 |  |  | — |  |  | 23 |
Total other income (expense) | 48,856 |  |  | (41,386 | ) |  | (70,118 | ) |  | (62,648 | )
Income before income taxes | 45,110 |  |  | 113,222 |  |  | (70,118 | ) |  | 88,214 |
Income tax benefit (expense) | 9,389 |  |  | (43,104 | ) |  | — |  |  | (33,715 | )
Net income | $ | 54,499 |  |  | $ | 70,118 |  |  | $ | (70,118 | ) |  | $ | 54,499 |
Condensed Consolidating Statement of Operations
| Nine Months Ended September 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 1,030,735 |  |  | $ | — |  |  | $ | 1,030,735 |
Well services and midstream revenues | — |  |  | 59,821 |  |  | — |  |  | 59,821 |
Total revenues | — |  |  | 1,090,556 |  |  | — |  |  | 1,090,556 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 124,903 |  |  | — |  |  | 124,903 |
Well services and midstream operating expenses | — |  |  | 34,611 |  |  | — |  |  | 34,611 |
Marketing, transportation and gathering expenses | — |  |  | 19,606 |  |  | — |  |  | 19,606 |
Production taxes | — |  |  | 100,880 |  |  | — |  |  | 100,880 |
Depreciation, depletion and amortization | — |  |  | 295,520 |  |  | — |  |  | 295,520 |
Exploration expenses | — |  |  | 1,955 |  |  | — |  |  | 1,955 |
Impairment of oil and gas properties | — |  |  | 2,243 |  |  | — |  |  | 2,243 |
General and administrative expenses | 17,790 |  |  | 50,396 |  |  | — |  |  | 68,186 |
Total expenses | 17,790 |  |  | 630,114 |  |  | — |  |  | 647,904 |
Gain on sale of properties | — |  |  | 187,076 |  |  | — |  |  | 187,076 |
Operating income (loss) | (17,790 | ) |  | 647,518 |  |  | — |  |  | 629,728 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings in subsidiaries | 410,775 |  |  | — |  |  | (410,775 | ) |  | — |
Net gain on derivative instruments | — |  |  | 20,253 |  |  | — |  |  | 20,253 |
Interest expense, net of capitalized interest | (110,853 | ) |  | (7,715 | ) |  | — |  |  | (118,568 | )
Other income (expense) | 3 |  |  | 247 |  |  | — |  |  | 250 |
Total other income (expense) | 299,925 |  |  | 12,785 |  |  | (410,775 | ) |  | (98,065 | )
Income before income taxes | 282,135 |  |  | 660,303 |  |  | (410,775 | ) |  | 531,663 |
Income tax benefit (expense) | 48,238 |  |  | (249,528 | ) |  | — |  |  | (201,290 | )
Net income | $ | 330,373 |  |  | $ | 410,775 |  |  | $ | (410,775 | ) |  | $ | 330,373 |
Condensed Consolidating Statement of Operations
| Nine Months Ended September 30, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 770,445 |  |  | $ | — |  |  | $ | 770,445 |
Well services and midstream revenues | — |  |  | 37,939 |  |  | — |  |  | 37,939 |
Total revenues | — |  |  | 808,384 |  |  | — |  |  | 808,384 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 59,586 |  |  | — |  |  | 59,586 |
Well services and midstream operating expenses | — |  |  | 19,877 |  |  | — |  |  | 19,877 |
Marketing, transportation and gathering expenses | — |  |  | 19,856 |  |  | — |  |  | 19,856 |
Production taxes | — |  |  | 70,309 |  |  | — |  |  | 70,309 |
Depreciation, depletion and amortization | — |  |  | 205,779 |  |  | — |  |  | 205,779 |
Exploration expenses | — |  |  | 2,712 |  |  | — |  |  | 2,712 |
Impairment of oil and gas properties | — |  |  | 762 |  |  | — |  |  | 762 |
General and administrative expenses | 10,146 |  |  | 37,092 |  |  | — |  |  | 47,238 |
Total expenses | 10,146 |  |  | 415,973 |  |  | — |  |  | 426,119 |
Operating income (loss) | (10,146 | ) |  | 392,411 |  |  | — |  |  | 382,265 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings in subsidiaries | 218,869 |  |  | — |  |  | (218,869 | ) |  | — |
Net loss on derivative instruments | — |  |  | (41,838 | ) |  | — |  |  | (41,838 | )
Interest expense, net of capitalized interest | (61,955 | ) |  | (3,474 | ) |  | — |  |  | (65,429 | )
Other income (expense) | (348 | ) |  | 1,445 |  |  | — |  |  | 1,097 |
Total other income (expense) | 156,566 |  |  | (43,867 | ) |  | (218,869 | ) |  | (106,170 | )
Income before income taxes | 146,420 |  |  | 348,544 |  |  | (218,869 | ) |  | 276,095 |
Income tax benefit (expense) | 27,049 |  |  | (129,675 | ) |  | — |  |  | (102,626 | )
Net income | $ | 173,469 |  |  | $ | 218,869 |  |  | $ | (218,869 | ) |  | $ | 173,469 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
| Nine Months Ended September 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 330,373 |  |  | $ | 410,775 |  |  | $ | (410,775 | ) |  | $ | 330,373 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (410,775 | ) |  | — |  |  | 410,775 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 295,520 |  |  | — |  |  | 295,520 |
Gain on sale of properties | — |  |  | (187,076 | ) |  |  |  | (187,076 | )
Impairment of oil and gas properties | — |  |  | 2,243 |  |  | — |  |  | 2,243 |
Deferred income taxes | (48,238 | ) |  | 245,786 |  |  | — |  |  | 197,548 |
Derivative instruments | — |  |  | (20,253 | ) |  | — |  |  | (20,253 | )
Stock-based compensation expenses | 15,398 |  |  | 357 |  |  | — |  |  | 15,755 |
Deferred financing costs amortization and other | 3,400 |  |  | 1,809 |  |  | — |  |  | 5,209 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (11 | ) |  | (131,523 | ) |  | 68,953 |  |  | (62,581 | )
Change in inventory | — |  |  | (4,089 | ) |  | — |  |  | (4,089 | )
Change in prepaid expenses | (127 | ) |  | (3,052 | ) |  | — |  |  | (3,179 | )
Change in other current assets | — |  |  | (1,581 | ) |  | — |  |  | (1,581 | )
Change in other assets | — |  |  | (3,069 | ) |  | — |  |  | (3,069 | )
Change in accounts payable and accrued liabilities | 45,881 |  |  | 131,860 |  |  | (68,953 | ) |  | 108,788 |
Change in other liabilities | — |  |  | (116 | ) |  | — |  |  | (116 | )
Net cash provided by (used in) operating activities | (64,099 | ) |  | 737,591 |  |  | — |  |  | 673,492 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (972,763 | ) |  | — |  |  | (972,763 | )
Acquisition of oil and gas properties | — |  |  | (26,126 | ) |  | — |  |  | (26,126 | )
Proceeds from sale of properties | — |  |  | 324,938 |  |  | — |  |  | 324,938 |
Costs related to sale of properties | — |  |  | (2,337 | ) |  |  |  | (2,337 | )
Derivative settlements | — |  |  | (24,773 | ) |  | — |  |  | (24,773 | )
Advances from joint interest partners | — |  |  | (6,053 | ) |  | — |  |  | (6,053 | )
Net cash used in investing activities | — |  |  | (707,114 | ) |  | — |  |  | (707,114 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from revolving credit facility | — |  |  | 370,000 |  |  | — |  |  | 370,000 |
Principal payments on revolving credit facility | — |  |  | (355,570 | ) |  | — |  |  | (355,570 | )
Debt issuance costs | — |  |  | (99 | ) |  | — |  |  | (99 | )
Purchases of treasury stock | (5,240 | ) |  | — |  |  | — |  |  | (5,240 | )
Investment in / capital contributions from affiliates | 36,015 |  |  | (36,015 | ) |  | — |  |  | — |
Other | (176 | ) |  | — |  |  | — |  |  | (176 | )
Net cash provided by (used in) financing activities | 30,599 |  |  | (21,684 | ) |  | — |  |  | 8,915 |
Increase (decrease) in cash and cash equivalents | (33,500 | ) |  | 8,793 |  |  | — |  |  | (24,707 | )
Cash and cash equivalents at beginning of period | 34,277 |  |  | 57,624 |  |  | — |  |  | 91,901 |
Cash and cash equivalents at end of period | $ | 777 |  |  | $ | 66,417 |  |  | $ | — |  |  | $ | 67,194 |
Condensed Consolidating Statement of Cash Flows
| Nine Months Ended September 30, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 173,469 |  |  | $ | 218,869 |  |  | $ | (218,869 | ) |  | $ | 173,469 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (218,869 | ) |  | — |  |  | 218,869 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 205,779 |  |  | — |  |  | 205,779 |
Impairment of oil and gas properties | — |  |  | 762 |  |  | — |  |  | 762 |
Deferred income taxes | (27,049 | ) |  | 129,293 |  |  | — |  |  | 102,244 |
Derivative instruments | — |  |  | 41,838 |  |  | — |  |  | 41,838 |
Stock-based compensation expenses | 8,196 |  |  | 215 |  |  | — |  |  | 8,411 |
Deferred financing costs amortization and other | 2,850 |  |  | (157 | ) |  | — |  |  | 2,693 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (460 | ) |  | (69,614 | ) |  | 2,587 |  |  | (67,487 | )
Change in inventory | — |  |  | (8,820 | ) |  | — |  |  | (8,820 | )
Change in prepaid expenses | (164 | ) |  | (5,011 | ) |  | — |  |  | (5,175 | )
Change in other current assets | 233 |  |  | (371 | ) |  | — |  |  | (138 | )
Change in other assets | — |  |  | (63 | ) |  | — |  |  | (63 | )
Change in accounts payable and accrued liabilities | (4,758 | ) |  | 89,591 |  |  | (2,587 | ) |  | 82,246 |
Change in other liabilities | — |  |  | 922 |  |  | — |  |  | 922 |
Net cash provided by (used in) operating activities | (66,552 | ) |  | 603,233 |  |  | — |  |  | 536,681 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (654,175 | ) |  | — |  |  | (654,175 | )
Acquisitions of oil and gas properties | — |  |  | (133,061 | ) |  | — |  |  | (133,061 | )
Increase in restricted cash | (986,210 | ) |  | — |  |  | — |  |  | (986,210 | )
Derivative settlements | — |  |  | (5,135 | ) |  | — |  |  | (5,135 | )
Redemptions of short-term investments | 25,000 |  |  | — |  |  | — |  |  | 25,000 |
Advances from joint interest partners | — |  |  | (7,965 | ) |  | — |  |  | (7,965 | )
Net cash used in investing activities | (961,210 | ) |  | (800,336 | ) |  | — |  |  | (1,761,546 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of senior notes | 1,000,000 |  |  | — |  |  | — |  |  | 1,000,000 |
Proceeds from revolving credit facility | — |  |  | 160,000 |  |  | — |  |  | 160,000 |
Debt issuance costs | (15,340 | ) |  | (6,378 | ) |  | — |  |  | (21,718 | )
Purchases of treasury stock | (1,424 | ) |  | — |  |  | — |  |  | (1,424 | )
Investment in / capital contributions from affiliates | (56,316 | ) |  | 56,316 |  |  | — |  |  | — |
Net cash provided by financing activities | 926,920 |  |  | 209,938 |  |  | — |  |  | 1,136,858 |
Increase (decrease) in cash and cash equivalents | (100,842 | ) |  | 12,835 |  |  | — |  |  | (88,007 | )
Cash and cash equivalents at beginning of period | 133,797 |  |  | 79,650 |  |  | — |  |  | 213,447 |
Cash and cash equivalents at end of period | $ | 32,955 |  |  | $ | 92,485 |  |  | $ | — |  |  | $ | 125,440 |

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