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Condensed Consolidating Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule of Consolidating Balance Sheet | Condensed Consolidating Balance Sheet
| December 31, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands, except share data)
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 776 |  |  | $ | 45,035 |  |  | $ | — |  |  | $ | 45,811 |
Accounts receivable – oil and gas revenues | — |  |  | 130,934 |  |  | — |  |  | 130,934 |
Accounts receivable – joint interest partners | — |  |  | 175,537 |  |  | — |  |  | 175,537 |
Accounts receivable – affiliates | 781 |  |  | 91,459 |  |  | (92,240 | ) |  | — |
Inventory | — |  |  | 21,354 |  |  | — |  |  | 21,354 |
Prepaid expenses | 297 |  |  | 13,976 |  |  | — |  |  | 14,273 |
Derivative instruments | — |  |  | 302,159 |  |  | — |  |  | 302,159 |
Advances to joint interest partners | — |  |  | 13 |  |  | — |  |  | 13 |
Other current assets | — |  |  | 6,526 |  |  | — |  |  | 6,526 |
Total current assets | 1,854 |  |  | 786,993 |  |  | (92,240 | ) |  | 696,607 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 5,966,140 |  |  | — |  |  | 5,966,140 |
Other property and equipment | — |  |  | 313,439 |  |  | — |  |  | 313,439 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,092,793 | ) |  | — |  |  | (1,092,793 | )
Total property, plant and equipment, net | — |  |  | 5,186,786 |  |  | — |  |  | 5,186,786 |
Investments in and advances to subsidiaries | 4,032,494 |  |  | — |  |  | (4,032,494 | ) |  | — |
Derivative instruments | — |  |  | 13,348 |  |  | — |  |  | 13,348 |
Deferred income taxes | 149,317 |  |  | — |  |  | (149,317 | ) |  | — |
Deferred costs and other assets | 29,435 |  |  | 12,236 |  |  | — |  |  | 41,671 |
Total assets | $ | 4,213,100 |  |  | $ | 5,999,363 |  |  | $ | (4,274,051 | ) |  | $ | 5,938,412 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 20,958 |  |  | $ | — |  |  | $ | 20,958 |
Accounts payable – affiliates | 91,459 |  |  | 781 |  |  | (92,240 | ) |  | — |
Revenues and production taxes payable | — |  |  | 209,890 |  |  | — |  |  | 209,890 |
Accrued liabilities | — |  |  | 410,379 |  |  | — |  |  | 410,379 |
Accrued interest payable | 49,340 |  |  | 446 |  |  | — |  |  | 49,786 |
Deferred income taxes | — |  |  | 97,499 |  |  | — |  |  | 97,499 |
Advances from joint interest partners | — |  |  | 6,616 |  |  | — |  |  | 6,616 |
Total current liabilities | 140,799 |  |  | 746,569 |  |  | (92,240 | ) |  | 795,128 |
Long-term debt | 2,200,000 |  |  | 500,000 |  |  | — |  |  | 2,700,000 |
Deferred income taxes | — |  |  | 676,087 |  |  | (149,317 | ) |  | 526,770 |
Asset retirement obligations | — |  |  | 42,097 |  |  | — |  |  | 42,097 |
Other liabilities | — |  |  | 2,116 |  |  | — |  |  | 2,116 |
Total liabilities | 2,340,799 |  |  | 1,966,869 |  |  | (241,557 | ) |  | 4,066,111 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 2,899,203 |  |  | (2,899,203 | ) |  | — |
Common stock, $0.01 par value: 300,000,000 shares authorized; 101,627,296 shares issued | 1,001 |  |  | — |  |  | — |  |  | 1,001 |
Treasury stock, at cost: 285,677 shares | (10,671 | ) |  | — |  |  | — |  |  | (10,671 | )
Additional paid-in-capital | 1,007,202 |  |  | 8,743 |  |  | (8,743 | ) |  | 1,007,202 |
Retained earnings | 874,769 |  |  | 1,124,548 |  |  | (1,124,548 | ) |  | 874,769 |
Total stockholders’ equity | 1,872,301 |  |  | 4,032,494 |  |  | (4,032,494 | ) |  | 1,872,301 |
Total liabilities and stockholders’ equity | $ | 4,213,100 |  |  | $ | 5,999,363 |  |  | $ | (4,274,051 | ) |  | $ | 5,938,412 |
Condensed Consolidating Balance Sheet
| 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 shares 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 |
Schedule of Consolidating Statement of Operations | Condensed Consolidating Statement of Operations
| Year Ended December 31, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 1,304,004 |  |  | $ | — |  |  | $ | 1,304,004 |
Well services and midstream revenues | — |  |  | 86,224 |  |  | — |  |  | 86,224 |
Total revenues | — |  |  | 1,390,228 |  |  | — |  |  | 1,390,228 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 169,600 |  |  | — |  |  | 169,600 |
Well services and midstream operating expenses | — |  |  | 50,252 |  |  | — |  |  | 50,252 |
Marketing, transportation and gathering expenses | — |  |  | 29,133 |  |  | — |  |  | 29,133 |
Production taxes | — |  |  | 127,648 |  |  | — |  |  | 127,648 |
Depreciation, depletion and amortization | — |  |  | 412,334 |  |  | — |  |  | 412,334 |
Exploration expenses | — |  |  | 3,064 |  |  | — |  |  | 3,064 |
Impairment of oil and gas properties | — |  |  | 47,238 |  |  | — |  |  | 47,238 |
General and administrative expenses | 23,528 |  |  | 68,778 |  |  | — |  |  | 92,306 |
Total expenses | 23,528 |  |  | 908,047 |  |  | — |  |  | 931,575 |
Gain on sale of properties | — |  |  | 186,999 |  |  | — |  |  | 186,999 |
Operating income (loss) | (23,528 | ) |  | 669,180 |  |  | — |  |  | 645,652 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 613,601 |  |  | — |  |  | (613,601 | ) |  | — |
Net gain on derivative instruments | — |  |  | 327,011 |  |  | — |  |  | 327,011 |
Interest expense, net of capitalized interest | (147,230 | ) |  | (11,160 | ) |  | — |  |  | (158,390 | )
Other income (expense) | 5 |  |  | 190 |  |  | — |  |  | 195 |
Total other income (expense) | 466,376 |  |  | 316,041 |  |  | (613,601 | ) |  | 168,816 |
Income before income taxes | 442,848 |  |  | 985,221 |  |  | (613,601 | ) |  | 814,468 |
Income tax benefit (expense) | 64,029 |  |  | (371,620 | ) |  | — |  |  | (307,591 | )
Net income | $ | 506,877 |  |  | $ | 613,601 |  |  | $ | (613,601 | ) |  | $ | 506,877 |
Condensed Consolidating Statement of Operations
| Year Ended December 31, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 1,084,412 |  |  | $ | — |  |  | $ | 1,084,412 |
Well services and midstream revenues | — |  |  | 57,587 |  |  | — |  |  | 57,587 |
Total revenues | — |  |  | 1,141,999 |  |  | — |  |  | 1,141,999 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 94,634 |  |  | — |  |  | 94,634 |
Well services and midstream operating expenses | — |  |  | 30,713 |  |  | — |  |  | 30,713 |
Marketing, transportation and gathering expenses | — |  |  | 25,924 |  |  | — |  |  | 25,924 |
Production taxes | — |  |  | 100,537 |  |  | — |  |  | 100,537 |
Depreciation, depletion and amortization | — |  |  | 307,055 |  |  | — |  |  | 307,055 |
Exploration expenses | — |  |  | 2,260 |  |  | — |  |  | 2,260 |
Impairment of oil and gas properties | — |  |  | 1,168 |  |  | — |  |  | 1,168 |
General and administrative expenses | 14,044 |  |  | 61,266 |  |  | — |  |  | 75,310 |
Total expenses | 14,044 |  |  | 623,557 |  |  | — |  |  | 637,601 |
Operating income (loss) | (14,044 | ) |  | 518,442 |  |  | — |  |  | 504,398 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 299,459 |  |  | — |  |  | (299,459 | ) |  | — |
Net loss on derivative instruments | — |  |  | (35,432 | ) |  | — |  |  | (35,432 | )
Interest expense, net of capitalized interest | (99,663 | ) |  | (7,502 | ) |  | — |  |  | (107,165 | )
Other income (expense) | (335 | ) |  | 1,551 |  |  | — |  |  | 1,216 |
Total other income (expense) | 199,461 |  |  | (41,383 | ) |  | (299,459 | ) |  | (141,381 | )
Income before income taxes | 185,417 |  |  | 477,059 |  |  | (299,459 | ) |  | 363,017 |
Income tax benefit (expense) | 42,542 |  |  | (177,600 | ) |  | — |  |  | (135,058 | )
Net income | $ | 227,959 |  |  | $ | 299,459 |  |  | $ | (299,459 | ) |  | $ | 227,959 |
Condensed Consolidating Statement of Operations
| Year Ended December 31, 2012
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 670,491 |  |  | $ | — |  |  | $ | 670,491 |
Well services revenues | — |  |  | 16,177 |  |  | — |  |  | 16,177 |
Total revenues | — |  |  | 686,668 |  |  | — |  |  | 686,668 |
Expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 54,924 |  |  | — |  |  | 54,924 |
Well services operating expense | — |  |  | 11,774 |  |  | — |  |  | 11,774 |
Marketing, transportation and gathering expenses | — |  |  | 9,257 |  |  | — |  |  | 9,257 |
Production taxes | — |  |  | 62,965 |  |  | — |  |  | 62,965 |
Depreciation, depletion and amortization | — |  |  | 206,734 |  |  | — |  |  | 206,734 |
Exploration expenses | — |  |  | 3,250 |  |  | — |  |  | 3,250 |
Impairment of oil and gas properties | — |  |  | 3,581 |  |  | — |  |  | 3,581 |
General and administrative expenses | 12,591 |  |  | 44,599 |  |  | — |  |  | 57,190 |
Total expenses | 12,591 |  |  | 397,084 |  |  | — |  |  | 409,675 |
Operating income (loss) | (12,591 | ) |  | 289,584 |  |  | — |  |  | 276,993 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 202,924 |  |  | — |  |  | (202,924 | ) |  | — |
Net gain on derivative instruments | — |  |  | 34,164 |  |  | — |  |  | 34,164 |
Interest expense, net of capitalized interest | (67,651 | ) |  | (2,492 | ) |  | — |  |  | (70,143 | )
Other income (expense) | 1,118 |  |  | 3,742 |  |  | — |  |  | 4,860 |
Total other income (expense) | 136,391 |  |  | 35,414 |  |  | (202,924 | ) |  | (31,119 | )
Income before income taxes | 123,800 |  |  | 324,998 |  |  | (202,924 | ) |  | 245,874 |
Income tax benefit (expense) | 29,588 |  |  | (122,074 | ) |  | — |  |  | (92,486 | )
Net income | $ | 153,388 |  |  | $ | 202,924 |  |  | $ | (202,924 | ) |  | $ | 153,388 |
Schedule of Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
| Year Ended December 31, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 506,877 |  |  | $ | 613,601 |  |  | $ | (613,601 | ) |  | $ | 506,877 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (613,601 | ) |  | — |  |  | 613,601 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 412,334 |  |  | — |  |  | 412,334 |
Gain on sale of properties | — |  |  | (186,999 | ) |  | — |  |  | (186,999 | )
Impairment of oil and gas properties | — |  |  | 47,238 |  |  | — |  |  | 47,238 |
Deferred income taxes | (64,029 | ) |  | 371,486 |  |  | — |  |  | 307,457 |
Derivative instruments | — |  |  | (327,011 | ) |  | — |  |  | (327,011 | )
Stock-based compensation expenses | 20,701 |  |  | 601 |  |  | — |  |  | 21,302 |
Deferred financing costs amortization and other | 4,549 |  |  | 6,479 |  |  | — |  |  | 11,028 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (11 | ) |  | (65,657 | ) |  | 82,370 |  |  | 16,702 |
Change in inventory | — |  |  | (3,776 | ) |  | — |  |  | (3,776 | )
Change in prepaid expenses | 21 |  |  | (3,220 | ) |  | — |  |  | (3,199 | )
Change in other current assets | — |  |  | (6,135 | ) |  | — |  |  | (6,135 | )
Change in other assets | — |  |  | 114 |  |  | — |  |  | 114 |
Change in accounts payable and accrued liabilities | 84,044 |  |  | 75,049 |  |  | (82,370 | ) |  | 76,723 |
Change in other liabilities | — |  |  | (139 | ) |  | — |  |  | (139 | )
Net cash provided by (used in) operating activities | (61,449 | ) |  | 933,965 |  |  | — |  |  | 872,516 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (1,354,281 | ) |  | — |  |  | (1,354,281 | )
Acquisition of oil and gas properties | — |  |  | (46,247 | ) |  | — |  |  | (46,247 | )
Proceeds from sale of properties | — |  |  | 324,852 |  |  | — |  |  | 324,852 |
Costs related to sale of properties | — |  |  | (2,337 | ) |  | — |  |  | (2,337 | )
Derivative settlements | — |  |  | 6,774 |  |  | — |  |  | 6,774 |
Advances from joint interest partners | — |  |  | (6,213 | ) |  | — |  |  | (6,213 | )
Net cash used in investing activities | — |  |  | (1,077,452 | ) |  | — |  |  | (1,077,452 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from revolving credit facility | — |  |  | 620,000 |  |  | — |  |  | 620,000 |
Principal payments on revolving credit facility | — |  |  | (455,570 | ) |  | — |  |  | (455,570 | )
Debt issuance costs | — |  |  | (99 | ) |  | — |  |  | (99 | )
Purchases of treasury stock | (5,309 | ) |  | — |  |  | — |  |  | (5,309 | )
Investment in / capital contributions from subsidiaries | 33,433 |  |  | (33,433 | ) |  | — |  |  | — |
Other | (176 | ) |  | — |  |  | — |  |  | (176 | )
Net cash provided by financing activities | 27,948 |  |  | 130,898 |  |  | — |  |  | 158,846 |
Decrease in cash and cash equivalents | (33,501 | ) |  | (12,589 | ) |  | — |  |  | (46,090 | )
Cash and cash equivalents at beginning of period | 34,277 |  |  | 57,624 |  |  | — |  |  | 91,901 |
Cash and cash equivalents at end of period | $ | 776 |  |  | $ | 45,035 |  |  | $ | — |  |  | $ | 45,811 |
Condensed Consolidating Statement of Cash Flows
| Year Ended December 31, 2013
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 227,959 |  |  | $ | 299,459 |  |  | $ | (299,459 | ) |  | $ | 227,959 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (299,459 | ) |  | — |  |  | 299,459 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 307,055 |  |  | — |  |  | 307,055 |
Impairment of oil and gas properties | — |  |  | 1,168 |  |  | — |  |  | 1,168 |
Deferred income taxes | (42,542 | ) |  | 177,125 |  |  | — |  |  | 134,583 |
Derivative instruments | — |  |  | 35,432 |  |  | — |  |  | 35,432 |
Stock-based compensation expenses | 11,602 |  |  | 380 |  |  | — |  |  | 11,982 |
Deferred financing costs amortization and other | 4,018 |  |  | 230 |  |  | — |  |  | 4,248 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (460 | ) |  | (110,266 | ) |  | 3,253 |  |  | (107,473 | )
Change in inventory | — |  |  | (13,941 | ) |  | — |  |  | (13,941 | )
Change in prepaid expenses | (5 | ) |  | (8,186 | ) |  | — |  |  | (8,191 | )
Change in other current assets | 235 |  |  | (291 | ) |  | — |  |  | (56 | )
Change in other assets | — |  |  | (3,248 | ) |  | — |  |  | (3,248 | )
Change in accounts payable and accrued liabilities | 20,710 |  |  | 89,994 |  |  | (3,253 | ) |  | 107,451 |
Change in other current liabilities | — |  |  | 887 |  |  | — |  |  | 887 |
Net cash provided by (used in) operating activities | (77,942 | ) |  | 775,798 |  |  | — |  |  | 697,856 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (893,524 | ) |  | — |  |  | (893,524 | )
Acquisition of oil and gas properties | — |  |  | (1,560,072 | ) |  | — |  |  | (1,560,072 | )
Derivative settlements | — |  |  | (8,133 | ) |  | — |  |  | (8,133 | )
Redemptions of short-term investments | 25,000 |  |  | — |  |  | — |  |  | 25,000 |
Advances from joint interest partners | — |  |  | (8,347 | ) |  | — |  |  | (8,347 | )
Net cash provided by (used in) investing activities | 25,000 |  |  | (2,470,076 | ) |  | — |  |  | (2,445,076 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of senior notes | 1,000,000 |  |  | — |  |  | — |  |  | 1,000,000 |
Proceeds from revolving credit facility | — |  |  | 600,000 |  |  | — |  |  | 600,000 |
Principal payments on revolving credit facility | — |  |  | (264,430 | ) |  | — |  |  | (264,430 | )
Debt issuance costs | (16,362 | ) |  | (6,548 | ) |  | — |  |  | (22,910 | )
Proceeds from sale of common stock | 314,580 |  |  | — |  |  | — |  |  | 314,580 |
Purchases of treasury stock | (1,566 | ) |  | — |  |  | — |  |  | (1,566 | )
Investment in / capital contributions from subsidiaries | (1,343,230 | ) |  | 1,343,230 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | (46,578 | ) |  | 1,672,252 |  |  | — |  |  | 1,625,674 |
Decrease in cash and cash equivalents | (99,520 | ) |  | (22,026 | ) |  | — |  |  | (121,546 | )
Cash and cash equivalents at beginning of period | 133,797 |  |  | 79,650 |  |  | — |  |  | 213,447 |
Cash and cash equivalents at end of period | $ | 34,277 |  |  | $ | 57,624 |  |  | $ | — |  |  | $ | 91,901 |
Condensed Consolidating Statement of Cash Flows
| Year Ended December 31, 2012
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 153,388 |  |  | $ | 202,924 |  |  | $ | (202,924 | ) |  | $ | 153,388 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (202,924 | ) |  | — |  |  | 202,924 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 206,734 |  |  | — |  |  | 206,734 |
Impairment of oil and gas properties | — |  |  | 3,581 |  |  | — |  |  | 3,581 |
Deferred income taxes | (29,588 | ) |  | 122,067 |  |  | — |  |  | 92,479 |
Derivative instruments | — |  |  | (34,164 | ) |  | — |  |  | (34,164 | )
Stock-based compensation expenses | 10,219 |  |  | 114 |  |  | — |  |  | 10,333 |
Deferred financing costs amortization and other | 2,277 |  |  | 533 |  |  | — |  |  | 2,810 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (222 | ) |  | (94,106 | ) |  | 4,225 |  |  | (90,103 | )
Change in inventory | — |  |  | (29,313 | ) |  | — |  |  | (29,313 | )
Change in prepaid expenses | (4 | ) |  | 350 |  |  | — |  |  | 346 |
Change in other current assets | (217 | ) |  | 373 |  |  | — |  |  | 156 |
Change in other assets | 25 |  |  | (120 | ) |  | — |  |  | (95 | )
Change in accounts payable and accrued liabilities | 18,612 |  |  | 62,319 |  |  | (4,225 | ) |  | 76,706 |
Change in other current liabilities | — |  |  | (472 | ) |  | — |  |  | (472 | )
Net cash provided by (used in) operating activities | (48,434 | ) |  | 440,820 |  |  | — |  |  | 392,386 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (1,051,365 | ) |  | — |  |  | (1,051,365 | )
Derivative settlements | — |  |  | 6,545 |  |  | — |  |  | 6,545 |
Purchases of short-term investments | (126,213 | ) |  | — |  |  | — |  |  | (126,213 | )
Redemptions of short-term investments | 120,316 |  |  | — |  |  | — |  |  | 120,316 |
Advances from joint interest partners | — |  |  | 12,112 |  |  | — |  |  | 12,112 |
Net cash used in investing activities | (5,897 | ) |  | (1,032,708 | ) |  | — |  |  | (1,038,605 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of senior notes | 400,000 |  |  | — |  |  | — |  |  | 400,000 |
Debt issuance costs | (7,307 | ) |  | (705 | ) |  | — |  |  | (8,012 | )
Purchases of treasury stock | (3,194 | ) |  | — |  |  | — |  |  | (3,194 | )
Investment in / capital contributions from subsidiaries | (644,853 | ) |  | 644,853 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | (255,354 | ) |  | 644,148 |  |  | — |  |  | 388,794 |
Increase (decrease) in cash and cash equivalents | (309,685 | ) |  | 52,260 |  |  | — |  |  | (257,425 | )
Cash and cash equivalents at beginning of period | 443,482 |  |  | 27,390 |  |  | — |  |  | 470,872 |
Cash and cash equivalents at end of period | $ | 133,797 |  |  | $ | 79,650 |  |  | $ | — |  |  | $ | 213,447 |

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