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Condensed Consolidating Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule of Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet
| December 31, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands, except share data)
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 777 |  |  | $ | 8,953 |  |  | $ | — |  |  | $ | 9,730 |
Accounts receivable – oil and gas revenues | — |  |  | 96,495 |  |  | — |  |  | 96,495 |
Accounts receivable – joint interest and other | 15 |  |  | 100,899 |  |  | — |  |  | 100,914 |
Accounts receivable – affiliates | 1,248 |  |  | 247,488 |  |  | (248,736 | ) |  | — |
Inventory | — |  |  | 11,072 |  |  | — |  |  | 11,072 |
Prepaid expenses | 278 |  |  | 7,050 |  |  | — |  |  | 7,328 |
Derivative instruments | — |  |  | 139,697 |  |  | — |  |  | 139,697 |
Other current assets | — |  |  | 50 |  |  | — |  |  | 50 |
Total current assets | 2,318 |  |  | 611,704 |  |  | (248,736 | ) |  | 365,286 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 6,284,401 |  |  | — |  |  | 6,284,401 |
Other property and equipment | — |  |  | 443,265 |  |  | — |  |  | 443,265 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,509,424 | ) |  | — |  |  | (1,509,424 | )
Total property, plant and equipment, net | — |  |  | 5,218,242 |  |  | — |  |  | 5,218,242 |
Assets held for sale | — |  |  | 26,728 |  |  | — |  |  | 26,728 |
Investments in and advances to subsidiaries | 4,573,172 |  |  | — |  |  | (4,573,172 | ) |  | — |
Derivative instruments | — |  |  | 15,776 |  |  | — |  |  | 15,776 |
Deferred income taxes | 205,174 |  |  | — |  |  | (205,174 | ) |  | — |
Other assets | 100 |  |  | 23,243 |  |  | — |  |  | 23,343 |
Total assets | $ | 4,780,764 |  |  | $ | 5,895,693 |  |  | $ | (5,027,082 | ) |  | $ | 5,649,375 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 9,983 |  |  | $ | — |  |  | $ | 9,983 |
Accounts payable – affiliates | 247,488 |  |  | 1,248 |  |  | (248,736 | ) |  | — |
Revenues and production taxes payable | — |  |  | 132,356 |  |  | — |  |  | 132,356 |
Accrued liabilities | 10 |  |  | 167,659 |  |  | — |  |  | 167,669 |
Accrued interest payable | 49,340 |  |  | 73 |  |  | — |  |  | 49,413 |
Advances from joint interest partners | — |  |  | 4,647 |  |  | — |  |  | 4,647 |
Other current liabilities | — |  |  | 6,500 |  |  | — |  |  | 6,500 |
Total current liabilities | 296,838 |  |  | 322,466 |  |  | (248,736 | ) |  | 370,568 |
Long-term debt | 2,164,584 |  |  | 138,000 |  |  | — |  |  | 2,302,584 |
Deferred income taxes | — |  |  | 813,329 |  |  | (205,174 | ) |  | 608,155 |
Asset retirement obligations | — |  |  | 35,338 |  |  | — |  |  | 35,338 |
Liabilities held for sale | — |  |  | 10,228 |  |  | — |  |  | 10,228 |
Other liabilities | — |  |  | 3,160 |  |  | — |  |  | 3,160 |
Total liabilities | 2,461,422 |  |  | 1,322,521 |  |  | (453,910 | ) |  | 3,330,033 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 3,369,895 |  |  | (3,369,895 | ) |  | — |
Common stock, $0.01 par value: 300,000,000 shares authorized; 139,583,990 shares issued and 139,076,064 shares outstanding | 1,376 |  |  | — |  |  | — |  |  | 1,376 |
Treasury stock, at cost: 507,926 shares | (13,620 | ) |  | — |  |  | — |  |  | (13,620 | )
Additional paid-in-capital | 1,497,065 |  |  | 8,743 |  |  | (8,743 | ) |  | 1,497,065 |
Retained earnings | 834,521 |  |  | 1,194,534 |  |  | (1,194,534 | ) |  | 834,521 |
Total stockholders’ equity | 2,319,342 |  |  | 4,573,172 |  |  | (4,573,172 | ) |  | 2,319,342 |
Total liabilities and stockholders’ equity | $ | 4,780,764 |  |  | $ | 5,895,693 |  |  | $ | (5,027,082 | ) |  | $ | 5,649,375 |
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 and other | — |  |  | 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 |
Other current assets | — |  |  | 6,539 |  |  | — |  |  | 6,539 |
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 | ) |  | — |
Other assets | 99 |  |  | 12,236 |  |  | — |  |  | 12,335 |
Total assets | $ | 4,183,764 |  |  | $ | 5,999,363 |  |  | $ | (4,274,051 | ) |  | $ | 5,909,076 |
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 | 2,170,664 |  |  | 500,000 |  |  | — |  |  | 2,670,664 |
Deferred income taxes | — |  |  | 676,087 |  |  | (149,317 | ) |  | 526,770 |
Asset retirement obligations | — |  |  | 42,097 |  |  | — |  |  | 42,097 |
Other liabilities | — |  |  | 2,116 |  |  | — |  |  | 2,116 |
Total liabilities | 2,311,463 |  |  | 1,966,869 |  |  | (241,557 | ) |  | 4,036,775 |
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 and 101,341,619 shares outstanding | 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 | $ | 4,183,764 |  |  | $ | 5,999,363 |  |  | $ | (4,274,051 | ) |  | $ | 5,909,076 |
Schedule of Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations
| Year Ended December 31, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 721,672 |  |  | $ | — |  |  | $ | 721,672 |
Well services and midstream revenues | — |  |  | 68,063 |  |  | — |  |  | 68,063 |
Total revenues | — |  |  | 789,735 |  |  | — |  |  | 789,735 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 144,481 |  |  | — |  |  | 144,481 |
Well services and midstream operating expenses | — |  |  | 28,031 |  |  | — |  |  | 28,031 |
Marketing, transportation and gathering expenses | — |  |  | 31,610 |  |  | — |  |  | 31,610 |
Production taxes | — |  |  | 69,584 |  |  | — |  |  | 69,584 |
Depreciation, depletion and amortization | — |  |  | 485,322 |  |  | — |  |  | 485,322 |
Exploration expenses | — |  |  | 2,369 |  |  | — |  |  | 2,369 |
Rig termination | — |  |  | 3,895 |  |  | — |  |  | 3,895 |
Impairment of oil and gas properties | — |  |  | 46,109 |  |  | — |  |  | 46,109 |
General and administrative expenses | 27,930 |  |  | 64,568 |  |  | — |  |  | 92,498 |
Total operating expenses | 27,930 |  |  | 875,969 |  |  | — |  |  | 903,899 |
Operating loss | (27,930 | ) |  | (86,234 | ) |  | — |  |  | (114,164 | )
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 69,986 |  |  | — |  |  | (69,986 | ) |  | — |
Net gain on derivative instruments | — |  |  | 210,376 |  |  | — |  |  | 210,376 |
Interest expense, net of capitalized interest | (138,166 | ) |  | (11,482 | ) |  | — |  |  | (149,648 | )
Other income (expense) | 5 |  |  | (2,940 | ) |  | — |  |  | (2,935 | )
Total other income (expense) | (68,175 | ) |  | 195,954 |  |  | (69,986 | ) |  | 57,793 |
Income (loss) before income taxes | (96,105 | ) |  | 109,720 |  |  | (69,986 | ) |  | (56,371 | )
Income tax benefit (expense) | 55,857 |  |  | (39,734 | ) |  | — |  |  | 16,123 |
Net income (loss) | $ | (40,248 | ) |  | $ | 69,986 |  |  | $ | (69,986 | ) |  | $ | (40,248 | )
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 |
Operating 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 operating 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 |
Operating 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 operating 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 |
Schedule of Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
| Year Ended December 31, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income (loss) | $ | (40,248 | ) |  | $ | 69,986 |  |  | $ | (69,986 | ) |  | $ | (40,248 | )
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (69,986 | ) |  | — |  |  | 69,986 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 485,322 |  |  | — |  |  | 485,322 |
Impairment of oil and gas properties | — |  |  | 46,109 |  |  | — |  |  | 46,109 |
Deferred income taxes | (55,857 | ) |  | 39,743 |  |  | — |  |  | (16,114 | )
Derivative instruments | — |  |  | (210,376 | ) |  | — |  |  | (210,376 | )
Stock-based compensation expenses | 24,762 |  |  | 510 |  |  | — |  |  | 25,272 |
Deferred financing costs amortization and other | 4,964 |  |  | 7,335 |  |  | — |  |  | 12,299 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (482 | ) |  | (47,553 | ) |  | 156,496 |  |  | 108,461 |
Change in inventory | — |  |  | 6,873 |  |  | — |  |  | 6,873 |
Change in prepaid expenses | 19 |  |  | 1,809 |  |  | — |  |  | 1,828 |
Change in other current assets | — |  |  | 6,489 |  |  | — |  |  | 6,489 |
Change in other assets | — |  |  | (950 | ) |  | — |  |  | (950 | )
Change in accounts payable and accrued liabilities | 156,039 |  |  | (71,160 | ) |  | (156,496 | ) |  | (71,617 | )
Change in other current liabilities | — |  |  | 6,500 |  |  | — |  |  | 6,500 |
Change in other liabilities and deferred credits | — |  |  | (33 | ) |  | — |  |  | (33 | )
Net cash provided by operating activities | 19,211 |  |  | 340,604 |  |  | — |  |  | 359,815 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (819,847 | ) |  | — |  |  | (819,847 | )
Acquisition of oil and gas properties | — |  |  | (28,817 | ) |  | — |  |  | (28,817 | )
Proceeds from sale of properties | — |  |  | 1,075 |  |  | — |  |  | 1,075 |
Derivative settlements | — |  |  | 370,410 |  |  | — |  |  | 370,410 |
Advances from joint interest partners | — |  |  | (1,969 | ) |  | — |  |  | (1,969 | )
Net cash used in investing activities | — |  |  | (479,148 | ) |  | — |  |  | (479,148 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from revolving credit facility | — |  |  | 630,000 |  |  | — |  |  | 630,000 |
Principal payments on revolving credit facility | — |  |  | (992,000 | ) |  | — |  |  | (992,000 | )
Deferred financing costs | (11,045 | ) |  | (3,587 | ) |  | — |  |  | (14,632 | )
Proceeds from sale of common stock | 462,833 |  |  | — |  |  | — |  |  | 462,833 |
Purchases of treasury stock | (2,949 | ) |  | — |  |  | — |  |  | (2,949 | )
Investment in / capital contributions from subsidiaries | (468,049 | ) |  | 468,049 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | (19,210 | ) |  | 102,462 |  |  | — |  |  | 83,252 |
Increase (decrease) in cash and cash equivalents | 1 |  |  | (36,082 | ) |  | — |  |  | (36,081 | )
Cash and cash equivalents at beginning of period | 776 |  |  | 45,035 |  |  | — |  |  | 45,811 |
Cash and cash equivalents at end of period | $ | 777 |  |  | $ | 8,953 |  |  | $ | — |  |  | $ | 9,730 |
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 | )
Deferred financing 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 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 | )
Deferred financing 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 |

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