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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet
| March 31, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 90 |  |  | $ | 19,307 |  |  | $ | — |  |  | $ | 19,397 |
Accounts receivable – oil and gas revenues | — |  |  | 92,684 |  |  | — |  |  | 92,684 |
Accounts receivable – joint interest and other | — |  |  | 104,512 |  |  | — |  |  | 104,512 |
Accounts receivable – affiliates | 1,348 |  |  | 150,125 |  |  | (151,473 | ) |  | — |
Inventory | — |  |  | 10,723 |  |  | — |  |  | 10,723 |
Prepaid expenses | 139 |  |  | 7,272 |  |  | — |  |  | 7,411 |
Derivative instruments | — |  |  | 91,590 |  |  | — |  |  | 91,590 |
Other current assets | — |  |  | 46 |  |  | — |  |  | 46 |
Total current assets | 1,577 |  |  | 476,259 |  |  | (151,473 | ) |  | 326,363 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 6,327,027 |  |  | — |  |  | 6,327,027 |
Other property and equipment | — |  |  | 477,343 |  |  | — |  |  | 477,343 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,627,201 | ) |  | — |  |  | (1,627,201 | )
Total property, plant and equipment, net | — |  |  | 5,177,169 |  |  | — |  |  | 5,177,169 |
Assets held for sale | — |  |  | 25,845 |  |  | — |  |  | 25,845 |
Investments in and advances to subsidiaries | 4,541,136 |  |  | — |  |  | (4,541,136 | ) |  | — |
Derivative instruments | — |  |  | 7,521 |  |  | — |  |  | 7,521 |
Deferred income taxes | 213,270 |  |  | — |  |  | (213,270 | ) |  | — |
Other assets | — |  |  | 23,370 |  |  | — |  |  | 23,370 |
Total assets | $ | 4,755,983 |  |  | $ | 5,710,164 |  |  | $ | (4,905,879 | ) |  | $ | 5,560,268 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 10,101 |  |  | $ | — |  |  | $ | 10,101 |
Accounts payable – affiliates | 150,125 |  |  | 1,348 |  |  | (151,473 | ) |  | — |
Revenues and production taxes payable | — |  |  | 115,412 |  |  | — |  |  | 115,412 |
Accrued liabilities | 216 |  |  | 126,549 |  |  | — |  |  | 126,765 |
Accrued interest payable | 24,255 |  |  | 22 |  |  | — |  |  | 24,277 |
Derivative instruments | — |  |  | 1,018 |  |  | — |  |  | 1,018 |
Advances from joint partners | — |  |  | 4,390 |  |  | — |  |  | 4,390 |
Other current liabilities | — |  |  | 500 |  |  | — |  |  | 500 |
Total current liabilities | 174,596 |  |  | 259,340 |  |  | (151,473 | ) |  | 282,463 |
Long-term debt | 2,136,938 |  |  | 65,000 |  |  | — |  |  | 2,201,938 |
Deferred income taxes | — |  |  | 793,796 |  |  | (213,270 | ) |  | 580,526 |
Asset retirement obligations | — |  |  | 36,088 |  |  | — |  |  | 36,088 |
Liabilities held for sale | — |  |  | 10,155 |  |  | — |  |  | 10,155 |
Derivative instruments | — |  |  | 1,558 |  |  | — |  |  | 1,558 |
Other liabilities | — |  |  | 3,091 |  |  | — |  |  | 3,091 |
Total liabilities | 2,311,534 |  |  | 1,169,028 |  |  | (364,743 | ) |  | 3,115,819 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 3,375,186 |  |  | (3,375,186 | ) |  | — |
Common stock, $0.01 par value: 300,000,000 shares authorized; 181,298,001 shares issued and 180,582,855 shares outstanding | 1,774 |  |  | — |  |  | — |  |  | 1,774 |
Treasury stock, at cost: 715,146 shares | (14,652 | ) |  | — |  |  | — |  |  | (14,652 | )
Additional paid-in-capital | 1,687,261 |  |  | 8,743 |  |  | (8,743 | ) |  | 1,687,261 |
Retained earnings | 770,066 |  |  | 1,157,207 |  |  | (1,157,207 | ) |  | 770,066 |
Total stockholders’ equity | 2,444,449 |  |  | 4,541,136 |  |  | (4,541,136 | ) |  | 2,444,449 |
Total liabilities and stockholders’ equity | $ | 4,755,983 |  |  | $ | 5,710,164 |  |  | $ | (4,905,879 | ) |  | $ | 5,560,268 |
Condensed Consolidating Balance Sheet
| December 31, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
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 EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 9,983 |  |  | $ | — |  |  | $ | 9,983 |
Accounts payable – affiliates | 247,488 |  |  | 1,248 |  |  | (248,736 | ) |  | — |
Revenue 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 Statement of Operations | Condensed Consolidating Statement of Operations
| Three Months Ended March 31, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 117,315 |  |  | $ | — |  |  | $ | 117,315 |
Well services and midstream revenues | — |  |  | 12,968 |  |  | — |  |  | 12,968 |
Total revenues | — |  |  | 130,283 |  |  | — |  |  | 130,283 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 31,064 |  |  | — |  |  | 31,064 |
Well services and midstream operating expenses | — |  |  | 4,389 |  |  | — |  |  | 4,389 |
Marketing, transportation and gathering expenses | — |  |  | 8,552 |  |  | — |  |  | 8,552 |
Production taxes | — |  |  | 10,753 |  |  | — |  |  | 10,753 |
Depreciation, depletion and amortization | — |  |  | 122,449 |  |  | — |  |  | 122,449 |
Exploration expenses | — |  |  | 363 |  |  | — |  |  | 363 |
Impairment | — |  |  | 3,562 |  |  | — |  |  | 3,562 |
General and administrative expenses | 7,451 |  |  | 16,915 |  |  | — |  |  | 24,366 |
Total operating expenses | 7,451 |  |  | 198,047 |  |  | — |  |  | 205,498 |
Operating loss | (7,451 | ) |  | (67,764 | ) |  | — |  |  | (75,215 | )
Other income (expense) |  |  |  |  |  |  |
Equity in loss of subsidiaries | (37,327 | ) |  | — |  |  | 37,327 |  |  | — |
Net gain on derivative instruments | — |  |  | 14,375 |  |  | — |  |  | 14,375 |
Interest expense, net of capitalized interest | (34,832 | ) |  | (3,907 | ) |  | — |  |  | (38,739 | )
Gain on extinguishment of debt | 7,016 |  |  | — |  |  | — |  |  | 7,016 |
Other income | 43 |  |  | 436 |  |  | — |  |  | 479 |
Total other income (expense) | (65,100 | ) |  | 10,904 |  |  | 37,327 |  |  | (16,869 | )
Loss before income taxes | (72,551 | ) |  | (56,860 | ) |  | 37,327 |  |  | (92,084 | )
Income tax benefit | 8,096 |  |  | 19,533 |  |  | — |  |  | 27,629 |
Net loss | $ | (64,455 | ) |  | $ | (37,327 | ) |  | $ | 37,327 |  |  | $ | (64,455 | )
Condensed Consolidating Statement of Operations
| Three Months Ended March 31, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 173,859 |  |  | $ | — |  |  | $ | 173,859 |
Well services and midstream revenues | — |  |  | 6,528 |  |  | — |  |  | 6,528 |
Total revenues | — |  |  | 180,387 |  |  | — |  |  | 180,387 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 39,125 |  |  | — |  |  | 39,125 |
Well services and midstream operating expenses | — |  |  | 1,952 |  |  | — |  |  | 1,952 |
Marketing, transportation and gathering expenses | — |  |  | 7,278 |  |  | — |  |  | 7,278 |
Production taxes | — |  |  | 16,621 |  |  | — |  |  | 16,621 |
Depreciation, depletion and amortization | — |  |  | 118,478 |  |  | — |  |  | 118,478 |
Exploration expenses | — |  |  | 843 |  |  | — |  |  | 843 |
Rig termination | — |  |  | 1,080 |  |  | — |  |  | 1,080 |
Impairment | — |  |  | 5,321 |  |  | — |  |  | 5,321 |
General and administrative expenses | 8,619 |  |  | 14,705 |  |  | — |  |  | 23,324 |
Total operating expenses | 8,619 |  |  | 205,403 |  |  | — |  |  | 214,022 |
Operating loss | (8,619 | ) |  | (25,016 | ) |  | — |  |  | (33,635 | )
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 12,619 |  |  | — |  |  | (12,619 | ) |  | — |
Net gain on derivative instruments | — |  |  | 47,072 |  |  | — |  |  | 47,072 |
Interest expense, net of capitalized interest | (35,221 | ) |  | (3,563 | ) |  | — |  |  | (38,784 | )
Other expense | (1 | ) |  | (69 | ) |  | — |  |  | (70 | )
Total other income (expense) | (22,603 | ) |  | 43,440 |  |  | (12,619 | ) |  | 8,218 |
Income (loss) before income taxes | (31,222 | ) |  | 18,424 |  |  | (12,619 | ) |  | (25,417 | )
Income tax benefit (expense) | 13,181 |  |  | (5,805 | ) |  | — |  |  | 7,376 |
Net income (loss) | $ | (18,041 | ) |  | $ | 12,619 |  |  | $ | (12,619 | ) |  | $ | (18,041 | )
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
| Three Months Ended March 31, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (64,455 | ) |  | $ | (37,327 | ) |  | $ | 37,327 |  |  | $ | (64,455 | )
Adjustments to reconcile net loss to cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in loss of subsidiaries | 37,327 |  |  | — |  |  | (37,327 | ) |  | — |
Depreciation, depletion and amortization | — |  |  | 122,449 |  |  | — |  |  | 122,449 |
Gain on extinguishment of debt | (7,016 | ) |  | — |  |  | — |  |  | (7,016 | )
Impairment | — |  |  | 3,562 |  |  | — |  |  | 3,562 |
Deferred income taxes | (8,096 | ) |  | (19,533 | ) |  | — |  |  | (27,629 | )
Derivative instruments | — |  |  | (14,375 | ) |  | — |  |  | (14,375 | )
Stock-based compensation expenses | 6,547 |  |  | 183 |  |  | — |  |  | 6,730 |
Deferred financing costs amortization and other | 1,701 |  |  | 3,365 |  |  | — |  |  | 5,066 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (85 | ) |  | 96,353 |  |  | (97,263 | ) |  | (995 | )
Change in inventory | — |  |  | 349 |  |  | — |  |  | 349 |
Change in prepaid expenses | 139 |  |  | 102 |  |  | — |  |  | 241 |
Change in other current assets | — |  |  | 4 |  |  | — |  |  | 4 |
Change in other assets | 77 |  |  | — |  |  | — |  |  | 77 |
Change in accounts payable, interest payable and accrued liabilities | (122,242 | ) |  | (39,077 | ) |  | 97,263 |  |  | (64,056 | )
Change in other current liabilities | — |  |  | (6,000 | ) |  | — |  |  | (6,000 | )
Change in other liabilities | — |  |  | (3 | ) |  | — |  |  | (3 | )
Net cash provided by (used in) operating activities | (156,103 | ) |  | 110,052 |  |  | — |  |  | (46,051 | )
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (103,411 | ) |  | — |  |  | (103,411 | )
Derivative settlements | — |  |  | 73,313 |  |  | — |  |  | 73,313 |
Advances from joint interest partners | — |  |  | (257 | ) |  | — |  |  | (257 | )
Net cash used in investing activities | — |  |  | (30,355 | ) |  | — |  |  | (30,355 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Repurchase of senior unsecured notes | (22,308 | ) |  | — |  |  | — |  |  | (22,308 | )
Proceeds from revolving credit facility | — |  |  | 214,000 |  |  | — |  |  | 214,000 |
Principal payments on revolving credit facility | — |  |  | (287,000 | ) |  | — |  |  | (287,000 | )
Deferred financing costs | — |  |  | (751 | ) |  | — |  |  | (751 | )
Proceeds from sale of common stock | 183,164 |  |  | — |  |  | — |  |  | 183,164 |
Purchases of treasury stock | (1,032 | ) |  | — |  |  | — |  |  | (1,032 | )
Investment in / capital contributions from subsidiaries | (4,408 | ) |  | 4,408 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | 155,416 |  |  | (69,343 | ) |  | — |  |  | 86,073 |
Increase (decrease) in cash and cash equivalents | (687 | ) |  | 10,354 |  |  | — |  |  | 9,667 |
Cash and cash equivalents at beginning of period | 777 |  |  | 8,953 |  |  | — |  |  | 9,730 |
Cash and cash equivalents at end of period | $ | 90 |  |  | $ | 19,307 |  |  | $ | — |  |  | $ | 19,397 |
Condensed Consolidating Statement of Cash Flows
| Three Months Ended March 31, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income (loss) | $ | (18,041 | ) |  | $ | 12,619 |  |  | $ | (12,619 | ) |  | $ | (18,041 | )
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (12,619 | ) |  | — |  |  | 12,619 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 118,478 |  |  | — |  |  | 118,478 |
Impairment | — |  |  | 5,321 |  |  | — |  |  | 5,321 |
Deferred income taxes | (13,180 | ) |  | 5,804 |  |  | — |  |  | (7,376 | )
Derivative instruments | — |  |  | (47,072 | ) |  | — |  |  | (47,072 | )
Stock-based compensation expenses | 7,542 |  |  | 64 |  |  | — |  |  | 7,606 |
Deferred financing costs amortization and other | 1,119 |  |  | 536 |  |  | — |  |  | 1,655 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (251 | ) |  | 11,255 |  |  | 52,309 |  |  | 63,313 |
Change in inventory | — |  |  | (602 | ) |  | — |  |  | (602 | )
Change in prepaid expenses | 149 |  |  | 1,743 |  |  | — |  |  | 1,892 |
Change in other current assets | — |  |  | 5,539 |  |  | — |  |  | 5,539 |
Change in accounts payable, interest payable and accrued liabilities | 27,293 |  |  | (17,325 | ) |  | (52,309 | ) |  | (42,341 | )
Change in other liabilities | — |  |  | (11 | ) |  | — |  |  | (11 | )
Net cash provided by (used in) operating activities | (7,988 | ) |  | 96,349 |  |  | — |  |  | 88,361 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (359,113 | ) |  | — |  |  | (359,113 | )
Derivative settlements | — |  |  | 109,259 |  |  | — |  |  | 109,259 |
Advances from joint interest partners | — |  |  | (828 | ) |  | — |  |  | (828 | )
Net cash used in investing activities | — |  |  | (250,682 | ) |  | — |  |  | (250,682 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from revolving credit facility | — |  |  | 145,000 |  |  | — |  |  | 145,000 |
Principal payments on revolving credit facility | — |  |  | (480,000 | ) |  | — |  |  | (480,000 | )
Proceeds from sale of common stock | 463,218 |  |  | — |  |  | — |  |  | 463,218 |
Purchases of treasury stock | (1,520 | ) |  | — |  |  | — |  |  | (1,520 | )
Investment in / capital contributions from subsidiaries | (453,712 | ) |  | 453,712 |  |  | — |  |  | — |
Net cash provided by financing activities | 7,986 |  |  | 118,712 |  |  | — |  |  | 126,698 |
Decrease in cash and cash equivalents | (2 | ) |  | (35,621 | ) |  | — |  |  | (35,623 | )
Cash and cash equivalents at beginning of period | 776 |  |  | 45,035 |  |  | — |  |  | 45,811 |
Cash and cash equivalents at end of period | $ | 774 |  |  | $ | 9,414 |  |  | $ | — |  |  | $ | 10,188 |

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