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Condensed Consolidating Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | 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 | 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 | 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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