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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet
| June 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 778 |  |  | $ | 12,906 |  |  | $ | — |  |  | $ | 13,684 |
Accounts receivable | — |  |  | 230,793 |  |  | — |  |  | 230,793 |
Accounts receivable – affiliates | 1,037 |  |  | 157,368 |  |  | (158,405 | ) |  | — |
Prepaid expenses | — |  |  | 5,764 |  |  | — |  |  | 5,764 |
Other current assets | — |  |  | 127,412 |  |  | — |  |  | 127,412 |
Oil and gas properties (successful efforts method) | — |  |  | 6,278,726 |  |  | — |  |  | 6,278,726 |
Other property and equipment | — |  |  | 416,417 |  |  | — |  |  | 416,417 |
Accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,338,486 | ) |  | — |  |  | (1,338,486 | )
Investments in and advances to subsidiaries | 4,470,638 |  |  | — |  |  | (4,470,638 | ) |  | — |
Other long-term assets | 211,211 |  |  | 22,442 |  |  | (184,031 | ) |  | 49,622 |
Total assets | $ | 4,683,664 |  |  | $ | 5,913,342 |  |  | $ | (4,813,074 | ) |  | $ | 5,783,932 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 10,452 |  |  | $ | — |  |  | $ | 10,452 |
Accounts payable – affiliates | 157,368 |  |  | 1,037 |  |  | (158,405 | ) |  | — |
Other current liabilities | 49,364 |  |  | 485,448 |  |  | — |  |  | 534,812 |
Long-term debt | 2,200,000 |  |  | 155,000 |  |  | — |  |  | 2,355,000 |
Other long-term liabilities | — |  |  | 790,767 |  |  | (184,031 | ) |  | 606,736 |
Common stock | 1,373 |  |  | — |  |  | — |  |  | 1,373 |
Other stockholders’ equity | 2,275,559 |  |  | 4,470,638 |  |  | (4,470,638 | ) |  | 2,275,559 |
Total liabilities and stockholders’ equity | $ | 4,683,664 |  |  | $ | 5,913,342 |  |  | $ | (4,813,074 | ) |  | $ | 5,783,932 |
Condensed Consolidating Balance Sheet
| December 31, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 776 |  |  | $ | 45,035 |  |  | $ | — |  |  | $ | 45,811 |
Accounts receivable | — |  |  | 306,471 |  |  | — |  |  | 306,471 |
Accounts receivable – affiliates | 781 |  |  | 91,459 |  |  | (92,240 | ) |  | — |
Prepaid expenses | 297 |  |  | 13,976 |  |  | — |  |  | 14,273 |
Other current assets | — |  |  | 330,052 |  |  | — |  |  | 330,052 |
Oil and gas properties (successful efforts method) | — |  |  | 5,966,140 |  |  | — |  |  | 5,966,140 |
Other property and equipment | — |  |  | 313,439 |  |  | — |  |  | 313,439 |
Accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,092,793 | ) |  | — |  |  | (1,092,793 | )
Investments in and advances to subsidiaries | 4,032,494 |  |  | — |  |  | (4,032,494 | ) |  | — |
Other long-term assets | 178,752 |  |  | 25,584 |  |  | (149,317 | ) |  | 55,019 |
Total assets | $ | 4,213,100 |  |  | $ | 5,999,363 |  |  | $ | (4,274,051 | ) |  | $ | 5,938,412 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 20,958 |  |  | $ | — |  |  | $ | 20,958 |
Accounts payable – affiliates | 91,459 |  |  | 781 |  |  | (92,240 | ) |  | — |
Other current liabilities | 49,340 |  |  | 724,830 |  |  | — |  |  | 774,170 |
Long-term debt | 2,200,000 |  |  | 500,000 |  |  | — |  |  | 2,700,000 |
Other long-term liabilities | — |  |  | 720,300 |  |  | (149,317 | ) |  | 570,983 |
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 Statement of Operations | Condensed Consolidating Statement of Operations
| Three Months Ended June 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Total revenues | $ | — |  |  | $ | 230,046 |  |  | $ | — |  |  | $ | 230,046 |
Total operating expenses | 6,325 |  |  | 231,158 |  |  | — |  |  | 237,483 |
Operating loss | (6,325 | ) |  | (1,112 | ) |  | — |  |  | (7,437 | )
Equity in earnings in subsidiaries | (34,249 | ) |  | — |  |  | 34,249 |  |  | — |
Other income (expense) | (34,189 | ) |  | (42,449 | ) |  | — |  |  | (76,638 | )
Loss before income taxes | (74,763 | ) |  | (43,561 | ) |  | 34,249 |  |  | (84,075 | )
Income tax benefit | 21,533 |  |  | 9,312 |  |  | — |  |  | 30,845 |
Net loss | $ | (53,230 | ) |  | $ | (34,249 | ) |  | $ | 34,249 |  |  | $ | (53,230 | )
Condensed Consolidating Statement of Operations
| Three Months Ended June 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Total revenues | $ | — |  |  | $ | 372,378 |  |  | $ | — |  |  | $ | 372,378 |
General and administrative expenses | 5,805 |  |  | 14,946 |  |  | — |  |  | 20,751 |
Other operating expenses | — |  |  | 188,722 |  |  | — |  |  | 188,722 |
Gain on sale of properties | — |  |  | 3,640 |  |  | — |  |  | 3,640 |
Operating income (loss) | (5,805 | ) |  | 172,350 |  |  | — |  |  | 166,545 |
Equity in earnings in subsidiaries | 65,485 |  |  | — |  |  | (65,485 | ) |  | — |
Interest expense, net of capitalized interest | (36,705 | ) |  | (2,285 | ) |  | — |  |  | (38,990 | )
Other income (expense) | — |  |  | (65,435 | ) |  | — |  |  | (65,435 | )
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
| Six Months Ended June 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Total revenues | $ | — |  |  | $ | 410,433 |  |  | $ | — |  |  | $ | 410,433 |
General and administrative expenses | 14,944 |  |  | 29,888 |  |  | — |  |  | 44,832 |
Other operating expenses | — |  |  | 406,673 |  |  | — |  |  | 406,673 |
Operating loss | (14,944 | ) |  | (26,128 | ) |  | — |  |  | (41,072 | )
Equity in earnings in subsidiaries | (21,630 | ) |  | — |  |  | 21,630 |  |  | — |
Interest expense, net of capitalized interest | (69,415 | ) |  | (6,774 | ) |  | — |  |  | (76,189 | )
Other income (expense) | 4 |  |  | 7,765 |  |  | — |  |  | 7,769 |
Loss before income taxes | (105,985 | ) |  | (25,137 | ) |  | 21,630 |  |  | (109,492 | )
Income tax benefit | 34,714 |  |  | 3,507 |  |  | — |  |  | 38,221 |
Net loss | $ | (71,271 | ) |  | $ | (21,630 | ) |  | $ | 21,630 |  |  | $ | (71,271 | )
Condensed Consolidating Statement of Operations
| Six Months Ended June 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Total revenues | $ | — |  |  | $ | 721,897 |  |  | $ | — |  |  | $ | 721,897 |
General and administrative expenses | 11,417 |  |  | 32,854 |  |  | — |  |  | 44,271 |
Other operating expenses | — |  |  | 369,034 |  |  | — |  |  | 369,034 |
Gain on sale of properties | — |  |  | 187,033 |  |  | — |  |  | 187,033 |
Operating income (loss) | (11,417 | ) |  | 507,042 |  |  | — |  |  | 495,625 |
Equity in earnings in subsidiaries | 262,418 |  |  | — |  |  | (262,418 | ) |  | — |
Interest expense, net of capitalized interest | (74,129 | ) |  | (5,019 | ) |  | — |  |  | (79,148 | )
Other income (expense) | 3 |  |  | (82,888 | ) |  | — |  |  | (82,885 | )
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 Cash Flows | Condensed Consolidating Statement of Cash Flows
| Six Months Ended June 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Net cash provided by (used in) operating activities | $ | (2,611 | ) |  | $ | 232,497 |  |  | $ | — |  |  | $ | 229,886 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (586,661 | ) |  | — |  |  | (586,661 | )
Derivative settlements | — |  |  | 213,336 |  |  | — |  |  | 213,336 |
Other investing activities | — |  |  | (1,175 | ) |  | — |  |  | (1,175 | )
Net cash used in investing activities | — |  |  | (374,500 | ) |  | — |  |  | (374,500 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from sale of common stock | 463,010 |  |  | — |  |  | — |  |  | 463,010 |
Proceeds from revolving credit facility | — |  |  | 320,000 |  |  | — |  |  | 320,000 |
Principal payments on revolving credit facility | — |  |  | (665,000 | ) |  | — |  |  | (665,000 | )
Other financing activities | (460,397 | ) |  | 454,874 |  |  | — |  |  | (5,523 | )
Net cash provided by financing activities | 2,613 |  |  | 109,874 |  |  | — |  |  | 112,487 |
Increase (decrease) in cash and cash equivalents | 2 |  |  | (32,129 | ) |  | — |  |  | (32,127 | )
Cash and cash equivalents at beginning of period | 776 |  |  | 45,035 |  |  | — |  |  | 45,811 |
Cash and cash equivalents at end of period | $ | 778 |  |  | $ | 12,906 |  |  | $ | — |  |  | $ | 13,684 |
Condensed Consolidating Statement of Cash Flows
| Six Months Ended June 30, 2014
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
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 | )
Proceeds from sale of properties | — |  |  | 324,888 |  |  | — |  |  | 324,888 |
Other investing activities | — |  |  | (30,016 | ) |  | — |  |  | (30,016 | )
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 | )
Other financing activities | 34,760 |  |  | (38,336 | ) |  | — |  |  | (3,576 | )
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 |

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