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Condensed Consolidating Financial Information | 9 Months Ended
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Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The Notes (see Note 8 – Long-Term Debt) are guaranteed on a senior unsecured basis by the Guarantors, which are 100% owned by the Company. These guarantees are full and unconditional and joint and several among the Guarantors. Certain of the Company’s immaterial wholly-owned subsidiaries do not guarantee the Notes (“Non-Guarantor Subsidiaries”). The following financial information reflects consolidating financial information of the parent company, Oasis Petroleum Inc. (“Issuer”), and its Guarantors on a combined basis, prepared on the equity basis of accounting. The Non-Guarantor Subsidiaries are immaterial and, therefore, not presented separately. The information is presented in accordance with the requirements of Rule 3-10 under the SEC’s Regulation S-X. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantors operated as independent entities. The Company has not presented separate financial and narrative information for each of the Guarantors because it believes such financial and narrative information would not provide any additional information that would be material in evaluating the sufficiency of the Guarantors. Condensed Consolidating Balance Sheet
| September 30, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 90 |  |  | $ | 13,686 |  |  | $ | — |  |  | $ | 13,776 |
Accounts receivable – oil and gas revenues | — |  |  | 103,128 |  |  | — |  |  | 103,128 |
Accounts receivable – joint interest and other | — |  |  | 77,903 |  |  | — |  |  | 77,903 |
Accounts receivable – affiliates | 1,348 |  |  | 347,331 |  |  | (348,679 | ) |  | — |
Inventory | — |  |  | 8,513 |  |  | — |  |  | 8,513 |
Prepaid expenses | 413 |  |  | 5,680 |  |  | — |  |  | 6,093 |
Derivative instruments | — |  |  | 9,142 |  |  | — |  |  | 9,142 |
Other current assets | — |  |  | 4,290 |  |  | — |  |  | 4,290 |
Total current assets | 1,851 |  |  | 569,673 |  |  | (348,679 | ) |  | 222,845 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 6,438,782 |  |  | — |  |  | 6,438,782 |
Other property and equipment | — |  |  | 580,171 |  |  | — |  |  | 580,171 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,866,280 | ) |  | — |  |  | (1,866,280 | )
Total property, plant and equipment, net | — |  |  | 5,152,673 |  |  | — |  |  | 5,152,673 |
Investments in and advances to subsidiaries | 4,478,149 |  |  | — |  |  | (4,478,149 | ) |  | — |
Derivative instruments | — |  |  | 194 |  |  | — |  |  | 194 |
Deferred income taxes | 205,200 |  |  | — |  |  | (205,200 | ) |  | — |
Other assets | — |  |  | 22,549 |  |  | — |  |  | 22,549 |
Total assets | $ | 4,685,200 |  |  | $ | 5,745,089 |  |  | $ | (5,032,028 | ) |  | $ | 5,398,261 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 7,929 |  |  | $ | — |  |  | $ | 7,929 |
Accounts payable – affiliates | 347,331 |  |  | 1,348 |  |  | (348,679 | ) |  | — |
Revenues and production taxes payable | — |  |  | 141,991 |  |  | — |  |  | 141,991 |
Accrued liabilities | 27 |  |  | 98,899 |  |  | — |  |  | 98,926 |
Accrued interest payable | 19,765 |  |  | 33 |  |  | — |  |  | 19,798 |
Derivative instruments | — |  |  | 17,308 |  |  | — |  |  | 17,308 |
Advances from joint interest partners | — |  |  | 5,191 |  |  | — |  |  | 5,191 |
Other current liabilities | — |  |  | — |  |  | — |  |  | — |
Total current liabilities | 367,123 |  |  | 272,699 |  |  | (348,679 | ) |  | 291,143 |
Long-term debt | 1,930,573 |  |  | 195,000 |  |  | — |  |  | 2,125,573 |
Deferred income taxes | — |  |  | 751,402 |  |  | (205,200 | ) |  | 546,202 |
Asset retirement obligations | — |  |  | 37,092 |  |  | — |  |  | 37,092 |
Derivative instruments | — |  |  | 7,755 |  |  | — |  |  | 7,755 |
Other liabilities | — |  |  | 2,992 |  |  | — |  |  | 2,992 |
Total liabilities | 2,297,696 |  |  | 1,266,940 |  |  | (553,879 | ) |  | 3,010,757 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 3,385,326 |  |  | (3,385,326 | ) |  | — |
Common stock, $0.01 par value: 450,000,000 shares authorized; 182,038,164 shares issued and 181,186,070 shares outstanding | 1,779 |  |  | — |  |  | — |  |  | 1,779 |
Treasury stock, at cost: 852,094 shares | (15,895 | ) |  | — |  |  | — |  |  | (15,895 | )
Additional paid-in-capital | 1,755,427 |  |  | 8,743 |  |  | (8,743 | ) |  | 1,755,427 |
Retained earnings | 646,193 |  |  | 1,084,080 |  |  | (1,084,080 | ) |  | 646,193 |
Total stockholders’ equity | 2,387,504 |  |  | 4,478,149 |  |  | (4,478,149 | ) |  | 2,387,504 |
Total liabilities and stockholders’ equity | $ | 4,685,200 |  |  | $ | 5,745,089 |  |  | $ | (5,032,028 | ) |  | $ | 5,398,261 |
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
| Three Months Ended September 30, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 158,183 |  |  | $ | — |  |  | $ | 158,183 |
Well services and midstream revenues | — |  |  | 19,128 |  |  | — |  |  | 19,128 |
Total revenues | — |  |  | 177,311 |  |  | — |  |  | 177,311 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 35,696 |  |  | — |  |  | 35,696 |
Well services and midstream operating expenses | — |  |  | 8,165 |  |  | — |  |  | 8,165 |
Marketing, transportation and gathering expenses | — |  |  | 8,856 |  |  | — |  |  | 8,856 |
Production taxes | — |  |  | 14,638 |  |  | — |  |  | 14,638 |
Depreciation, depletion and amortization | — |  |  | 111,948 |  |  | — |  |  | 111,948 |
Exploration expenses | — |  |  | 489 |  |  | — |  |  | 489 |
Impairment | — |  |  | 382 |  |  | — |  |  | 382 |
General and administrative expenses | 5,930 |  |  | 16,915 |  |  | — |  |  | 22,845 |
Total operating expenses | 5,930 |  |  | 197,089 |  |  | — |  |  | 203,019 |
Gain on sale of properties | — |  |  | 6 |  |  | — |  |  | 6 |
Operating loss | (5,930 | ) |  | (19,772 | ) |  | — |  |  | (25,702 | )
Other income (expense) |  |  |  |  |  |  |
Equity in loss of subsidiaries | (1,140 | ) |  | — |  |  | 1,140 |  |  | — |
Net gain on derivative instruments | — |  |  | 20,847 |  |  | — |  |  | 20,847 |
Interest expense, net of capitalized interest | (29,876 | ) |  | (1,850 | ) |  | — |  |  | (31,726 | )
Loss on extinguishment of debt | (13,793 | ) |  | — |  |  | — |  |  | (13,793 | )
Other income (expense) | 1 |  |  | (260 | ) |  | — |  |  | (259 | )
Total other income (expense) | (44,808 | ) |  | 18,737 |  |  | 1,140 |  |  | (24,931 | )
Loss before income taxes | (50,738 | ) |  | (1,035 | ) |  | 1,140 |  |  | (50,633 | )
Income tax benefit (expense) | 16,796 |  |  | (105 | ) |  | — |  |  | 16,691 |
Net loss | $ | (33,942 | ) |  | $ | (1,140 | ) |  | $ | 1,140 |  |  | $ | (33,942 | )
Condensed Consolidating Statement of Operations
| Three Months Ended September 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 175,270 |  |  | $ | — |  |  | $ | 175,270 |
Well services and midstream revenues | — |  |  | 21,965 |  |  | — |  |  | 21,965 |
Total revenues | — |  |  | 197,235 |  |  | — |  |  | 197,235 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 35,670 |  |  | — |  |  | 35,670 |
Well services and midstream operating expenses | — |  |  | 10,023 |  |  | — |  |  | 10,023 |
Marketing, transportation and gathering expenses | — |  |  | 8,465 |  |  | — |  |  | 8,465 |
Production taxes | — |  |  | 16,676 |  |  | — |  |  | 16,676 |
Depreciation, depletion and amortization | — |  |  | 123,734 |  |  | — |  |  | 123,734 |
Exploration expenses | — |  |  | 327 |  |  | — |  |  | 327 |
Impairment | — |  |  | 80 |  |  | — |  |  | 80 |
General and administrative expenses | 5,903 |  |  | 16,455 |  |  | — |  |  | 22,358 |
Total operating expenses | 5,903 |  |  | 211,430 |  |  | — |  |  | 217,333 |
Gain on sale of properties | — |  |  | 172 |  |  | — |  |  | 172 |
Operating loss | (5,903 | ) |  | (14,023 | ) |  | — |  |  | (19,926 | )
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 49,899 |  |  | — |  |  | (49,899 | ) |  | — |
Net gain on derivative instruments | — |  |  | 103,637 |  |  | — |  |  | 103,637 |
Interest expense, net of capitalized interest | (34,020 | ) |  | (2,493 | ) |  | — |  |  | (36,513 | )
Other income | 1 |  |  | 248 |  |  | — |  |  | 249 |
Total other income (expense) | 15,880 |  |  | 101,392 |  |  | (49,899 | ) |  | 67,373 |
Income before income taxes | 9,977 |  |  | 87,369 |  |  | (49,899 | ) |  | 47,447 |
Income tax benefit (expense) | 17,078 |  |  | (37,470 | ) |  | — |  |  | (20,392 | )
Net income | $ | 27,055 |  |  | $ | 49,899 |  |  | $ | (49,899 | ) |  | $ | 27,055 |
Condensed Consolidating Statement of Operations
| Nine Months Ended September 30, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 434,835 |  |  | $ | — |  |  | $ | 434,835 |
Well services and midstream revenues | — |  |  | 51,839 |  |  | — |  |  | 51,839 |
Total revenues | — |  |  | 486,674 |  |  | — |  |  | 486,674 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 98,283 |  |  | — |  |  | 98,283 |
Well services and midstream operating expenses | — |  |  | 21,429 |  |  | — |  |  | 21,429 |
Marketing, transportation and gathering expenses | — |  |  | 23,899 |  |  | — |  |  | 23,899 |
Production taxes | — |  |  | 39,758 |  |  | — |  |  | 39,758 |
Depreciation, depletion and amortization | — |  |  | 356,885 |  |  | — |  |  | 356,885 |
Exploration expenses | — |  |  | 1,192 |  |  | — |  |  | 1,192 |
Impairment | — |  |  | 3,967 |  |  | — |  |  | 3,967 |
General and administrative expenses | 19,776 |  |  | 49,311 |  |  | — |  |  | 69,087 |
Total operating expenses | 19,776 |  |  | 594,724 |  |  | — |  |  | 614,500 |
Loss on sale of properties | — |  |  | (1,305 | ) |  | — |  |  | (1,305 | )
Operating loss | (19,776 | ) |  | (109,355 | ) |  | — |  |  | (129,131 | )
Other income (expense) |  |  |  |  |  |  |
Equity in loss of subsidiaries | (110,454 | ) |  | — |  |  | 110,454 |  |  | — |
Net loss on derivative instruments | — |  |  | (55,624 | ) |  | — |  |  | (55,624 | )
Interest expense, net of capitalized interest | (97,898 | ) |  | (7,546 | ) |  | — |  |  | (105,444 | )
Gain on extinguishment of debt | 4,865 |  |  | — |  |  | — |  |  | 4,865 |
Other income | 44 |  |  | 144 |  |  | — |  |  | 188 |
Total other income (expense) | (203,443 | ) |  | (63,026 | ) |  | 110,454 |  |  | (156,015 | )
Loss before income taxes | (223,219 | ) |  | (172,381 | ) |  | 110,454 |  |  | (285,146 | )
Income tax benefit | 34,891 |  |  | 61,927 |  |  | — |  |  | 96,818 |
Net loss | $ | (188,328 | ) |  | $ | (110,454 | ) |  | $ | 110,454 |  |  | $ | (188,328 | )
Condensed Consolidating Statement of Operations
| Nine Months Ended September 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 563,239 |  |  | $ | — |  |  | $ | 563,239 |
Well services and midstream revenues | — |  |  | 44,429 |  |  | — |  |  | 44,429 |
Total revenues | — |  |  | 607,668 |  |  | — |  |  | 607,668 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 112,556 |  |  | — |  |  | 112,556 |
Well services and midstream operating expenses | — |  |  | 19,370 |  |  | — |  |  | 19,370 |
Marketing, transportation and gathering expenses | — |  |  | 23,313 |  |  | — |  |  | 23,313 |
Production taxes | — |  |  | 53,915 |  |  | — |  |  | 53,915 |
Depreciation, depletion and amortization | — |  |  | 361,430 |  |  | — |  |  | 361,430 |
Exploration expenses | — |  |  | 2,252 |  |  | — |  |  | 2,252 |
Rig termination | — |  |  | 3,895 |  |  | — |  |  | 3,895 |
Impairment | — |  |  | 24,917 |  |  | — |  |  | 24,917 |
General and administrative expenses | 20,847 |  |  | 46,343 |  |  | — |  |  | 67,190 |
Total operating expenses | 20,847 |  |  | 647,991 |  |  | — |  |  | 668,838 |
Gain on sale of properties | — |  |  | 172 |  |  | — |  |  | 172 |
Operating loss | (20,847 | ) |  | (40,151 | ) |  | — |  |  | (60,998 | )
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 28,269 |  |  | — |  |  | (28,269 | ) |  | — |
Net gain on derivative instruments | — |  |  | 111,285 |  |  | — |  |  | 111,285 |
Interest expense, net of capitalized interest | (103,435 | ) |  | (9,267 | ) |  | — |  |  | (112,702 | )
Other income | 5 |  |  | 365 |  |  | — |  |  | 370 |
Total other income (expense) | (75,161 | ) |  | 102,383 |  |  | (28,269 | ) |  | (1,047 | )
Income (loss) before income taxes | (96,008 | ) |  | 62,232 |  |  | (28,269 | ) |  | (62,045 | )
Income tax benefit (expense) | 51,792 |  |  | (33,963 | ) |  | — |  |  | 17,829 |
Net income (loss) | $ | (44,216 | ) |  | $ | 28,269 |  |  | $ | (28,269 | ) |  | $ | (44,216 | )
Condensed Consolidating Statement of Cash Flows
| Nine Months Ended September 30, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net loss | $ | (188,328 | ) |  | $ | (110,454 | ) |  | $ | 110,454 |  |  | $ | (188,328 | )
Adjustments to reconcile net loss to cash provided by (used in) operating activities: |  |  |  |  |  |  |
Equity in loss of subsidiaries | 110,454 |  |  | — |  |  | (110,454 | ) |  | — |
Depreciation, depletion and amortization | — |  |  | 356,885 |  |  | — |  |  | 356,885 |
Gain on extinguishment of debt | (4,865 | ) |  | — |  |  | — |  |  | (4,865 | )
Loss on sale of properties | — |  |  | 1,305 |  |  | — |  |  | 1,305 |
Impairment | — |  |  | 3,967 |  |  | — |  |  | 3,967 |
Deferred income taxes | (34,891 | ) |  | (61,927 | ) |  | — |  |  | (96,818 | )
Derivative instruments | — |  |  | 55,624 |  |  | — |  |  | 55,624 |
Stock-based compensation expenses | 18,195 |  |  | 566 |  |  | — |  |  | 18,761 |
Deferred financing costs amortization and other | 5,371 |  |  | 4,803 |  |  | — |  |  | 10,174 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (85 | ) |  | (88,509 | ) |  | 99,943 |  |  | 11,349 |
Change in inventory | — |  |  | 2,559 |  |  | — |  |  | 2,559 |
Change in prepaid expenses | (135 | ) |  | 1,303 |  |  | — |  |  | 1,168 |
Change in other current assets | — |  |  | (240 | ) |  | — |  |  | (240 | )
Change in other assets | 100 |  |  | (248 | ) |  | — |  |  | (148 | )
Change in accounts payable, interest payable and accrued liabilities | 70,285 |  |  | (12,333 | ) |  | (99,943 | ) |  | (41,991 | )
Change in other current liabilities | — |  |  | (6,000 | ) |  | — |  |  | (6,000 | )
Change in other liabilities | — |  |  | 17 |  |  | — |  |  | 17 |
Net cash provided by (used in) operating activities | (23,899 | ) |  | 147,318 |  |  | — |  |  | 123,419 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (340,314 | ) |  | — |  |  | (340,314 | )
Proceeds from sale of properties | — |  |  | 12,333 |  |  | — |  |  | 12,333 |
Costs related to sale of properties | — |  |  | (310 | ) |  | — |  |  | (310 | )
Derivative settlements | — |  |  | 115,576 |  |  | — |  |  | 115,576 |
Advances from joint interest partners | — |  |  | 544 |  |  | — |  |  | 544 |
Net cash used in investing activities | — |  |  | (212,171 | ) |  | — |  |  | (212,171 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Repurchase of senior unsecured notes | (435,907 | ) |  | — |  |  | — |  |  | (435,907 | )
Proceeds from issuance of senior unsecured convertible notes | 300,000 |  |  | — |  |  | — |  |  | 300,000 |
Proceeds from revolving credit facility | — |  |  | 835,000 |  |  | — |  |  | 835,000 |
Principal payments on revolving credit facility | — |  |  | (778,000 | ) |  | — |  |  | (778,000 | )
Deferred financing costs | (7,880 | ) |  | (931 | ) |  | — |  |  | (8,811 | )
Proceeds from sale of common stock | 182,791 |  |  | — |  |  | — |  |  | 182,791 |
Purchases of treasury stock | (2,275 | ) |  | — |  |  | — |  |  | (2,275 | )
Investment in / capital contributions from subsidiaries | (13,517 | ) |  | 13,517 |  |  | — |  |  | — |
Net cash provided by financing activities | 23,212 |  |  | 69,586 |  |  | — |  |  | 92,798 |
Increase (decrease) in cash and cash equivalents | (687 | ) |  | 4,733 |  |  | — |  |  | 4,046 |
Cash and cash equivalents at beginning of period | 777 |  |  | 8,953 |  |  | — |  |  | 9,730 |
Cash and cash equivalents at end of period | $ | 90 |  |  | $ | 13,686 |  |  | $ | — |  |  | $ | 13,776 |
Condensed Consolidating Statement of Cash Flows
| Nine Months Ended September 30, 2015
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income (loss) | $ | (44,216 | ) |  | $ | 28,269 |  |  | $ | (28,269 | ) |  | $ | (44,216 | )
Adjustments to reconcile net income (loss) to cash provided by operating activities: |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (28,269 | ) |  | — |  |  | 28,269 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 361,430 |  |  | — |  |  | 361,430 |
Gain on sale of properties | — |  |  | (172 | ) |  | — |  |  | (172 | )
Impairment | — |  |  | 24,917 |  |  | — |  |  | 24,917 |
Deferred income taxes | (51,792 | ) |  | 33,963 |  |  | — |  |  | (17,829 | )
Derivative instruments | — |  |  | (111,285 | ) |  | — |  |  | (111,285 | )
Stock-based compensation expenses | 19,276 |  |  | 353 |  |  | — |  |  | 19,629 |
Deferred financing costs amortization and other | 3,401 |  |  | 4,067 |  |  | — |  |  | 7,468 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | (493 | ) |  | (22,000 | ) |  | 130,802 |  |  | 108,309 |
Change in inventory | — |  |  | 8,425 |  |  | — |  |  | 8,425 |
Change in prepaid expenses | (120 | ) |  | 758 |  |  | — |  |  | 638 |
Change in other current assets | — |  |  | 5,529 |  |  | — |  |  | 5,529 |
Change in accounts payable, interest payable and accrued liabilities | 105,536 |  |  | (58,867 | ) |  | (130,802 | ) |  | (84,133 | )
Change in other current liabilities | — |  |  | 1,655 |  |  | — |  |  | 1,655 |
Change in other liabilities | — |  |  | (28 | ) |  | — |  |  | (28 | )
Net cash provided by operating activities | 3,323 |  |  | 277,014 |  |  | — |  |  | 280,337 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (740,633 | ) |  | — |  |  | (740,633 | )
Proceeds from sale of properties | — |  |  | 78 |  |  | — |  |  | 78 |
Derivative settlements | — |  |  | 291,436 |  |  | — |  |  | 291,436 |
Advances from joint interest partners | — |  |  | (1,239 | ) |  | — |  |  | (1,239 | )
Net cash used in investing activities | — |  |  | (450,358 | ) |  | — |  |  | (450,358 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from revolving credit facility | — |  |  | 618,000 |  |  | — |  |  | 618,000 |
Principal payments on revolving credit facility | — |  |  | (938,000 | ) |  | — |  |  | (938,000 | )
Deferred financing costs | — |  |  | (3,587 | ) |  | — |  |  | (3,587 | )
Proceeds from sale of common stock | 462,833 |  |  | — |  |  | — |  |  | 462,833 |
Purchases of treasury stock | (2,771 | ) |  | — |  |  | — |  |  | (2,771 | )
Investment in / capital contributions from subsidiaries | (463,404 | ) |  | 463,404 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | (3,342 | ) |  | 139,817 |  |  | — |  |  | 136,475 |
Decrease in cash and cash equivalents | (19 | ) |  | (33,527 | ) |  | — |  |  | (33,546 | )
Cash and cash equivalents at beginning of period | 776 |  |  | 45,035 |  |  | — |  |  | 45,811 |
Cash and cash equivalents at end of period | $ | 757 |  |  | $ | 11,508 |  |  | $ | — |  |  | $ | 12,265 |

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