XML 43 R32.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Condensed Consolidating Financial Information (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet
| March 31, 2017
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 177 |  |  | $ | 13,608 |  |  | $ | — |  |  | $ | 13,785 |
Accounts receivable, net | — |  |  | 226,427 |  |  | — |  |  | 226,427 |
Accounts receivable – affiliates | 200,770 |  |  | 33,093 |  |  | (233,863 | ) |  | — |
Inventory | — |  |  | 14,327 |  |  | — |  |  | 14,327 |
Prepaid expenses | 334 |  |  | 6,842 |  |  | — |  |  | 7,176 |
Derivative instruments | — |  |  | 3,026 |  |  | — |  |  | 3,026 |
Other current assets | 2 |  |  | 4,450 |  |  | — |  |  | 4,452 |
Total current assets | 201,283 |  |  | 301,773 |  |  | (233,863 | ) |  | 269,193 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 7,390,299 |  |  | — |  |  | 7,390,299 |
Other property and equipment | — |  |  | 632,318 |  |  | — |  |  | 632,318 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (2,126,136 | ) |  | — |  |  | (2,126,136 | )
Total property, plant and equipment, net | — |  |  | 5,896,481 |  |  | — |  |  | 5,896,481 |
Investments in and advances to subsidiaries | 4,503,650 |  |  | — |  |  | (4,503,650 | ) |  | — |
Derivative instruments | — |  |  | 3,815 |  |  | — |  |  | 3,815 |
Deferred income taxes | 239,419 |  |  | — |  |  | (239,419 | ) |  | — |
Other assets | — |  |  | 20,139 |  |  | — |  |  | 20,139 |
Total assets | $ | 4,944,352 |  |  | $ | 6,222,208 |  |  | $ | (4,976,932 | ) |  | $ | 6,189,628 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 8,837 |  |  | $ | — |  |  | $ | 8,837 |
Accounts payable – affiliates | 33,093 |  |  | 200,770 |  |  | (233,863 | ) |  | — |
Revenues and production taxes payable | — |  |  | 160,265 |  |  | — |  |  | 160,265 |
Accrued liabilities | 34 |  |  | 128,207 |  |  | — |  |  | 128,241 |
Accrued interest payable | 19,872 |  |  | 396 |  |  | — |  |  | 20,268 |
Derivative instruments | — |  |  | 14,627 |  |  | — |  |  | 14,627 |
Advances from joint interest partners | — |  |  | 6,838 |  |  | — |  |  | 6,838 |
Other current liabilities | — |  |  | 13,435 |  |  | — |  |  | 13,435 |
Total current liabilities | 52,999 |  |  | 533,375 |  |  | (233,863 | ) |  | 352,511 |
Long-term debt | 1,937,879 |  |  | 368,000 |  |  | — |  |  | 2,305,879 |
Deferred income taxes | — |  |  | 764,261 |  |  | (239,419 | ) |  | 524,842 |
Asset retirement obligations | — |  |  | 50,088 |  |  | — |  |  | 50,088 |
Other liabilities | — |  |  | 2,834 |  |  | — |  |  | 2,834 |
Total liabilities | 1,990,878 |  |  | 1,718,558 |  |  | (473,282 | ) |  | 3,236,154 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 3,392,248 |  |  | (3,392,248 | ) |  | — |
Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding | 2,344 |  |  | — |  |  | — |  |  | 2,344 |
Treasury stock, at cost: 1,229,568 shares | (21,369 | ) |  | — |  |  | — |  |  | (21,369 | )
Additional paid-in-capital | 2,354,485 |  |  | 8,743 |  |  | (8,743 | ) |  | 2,354,485 |
Retained earnings | 618,014 |  |  | 1,102,659 |  |  | (1,102,659 | ) |  | 618,014 |
Total stockholders’ equity | 2,953,474 |  |  | 4,503,650 |  |  | (4,503,650 | ) |  | 2,953,474 |
Total liabilities and stockholders’ equity | $ | 4,944,352 |  |  | $ | 6,222,208 |  |  | $ | (4,976,932 | ) |  | $ | 6,189,628 |
Condensed Consolidating Balance Sheet
| December 31, 2016
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
ASSETS |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 166 |  |  | $ | 11,060 |  |  | $ | — |  |  | $ | 11,226 |
Accounts receivable, net | — |  |  | 204,335 |  |  | — |  |  | 204,335 |
Accounts receivable – affiliates | 252,000 |  |  | 27,619 |  |  | (279,619 | ) |  | — |
Inventory | — |  |  | 10,648 |  |  | — |  |  | 10,648 |
Prepaid expenses | 275 |  |  | 7,348 |  |  | — |  |  | 7,623 |
Derivative instruments | — |  |  | 362 |  |  | — |  |  | 362 |
Other current assets | — |  |  | 4,355 |  |  | — |  |  | 4,355 |
Total current assets | 252,441 |  |  | 265,727 |  |  | (279,619 | ) |  | 238,549 |
Property, plant and equipment |  |  |  |  |  |  |
Oil and gas properties (successful efforts method) | — |  |  | 7,296,568 |  |  | — |  |  | 7,296,568 |
Other property and equipment | — |  |  | 618,790 |  |  | — |  |  | 618,790 |
Less: accumulated depreciation, depletion, amortization and impairment | — |  |  | (1,995,791 | ) |  | — |  |  | (1,995,791 | )
Total property, plant and equipment, net | — |  |  | 5,919,567 |  |  | — |  |  | 5,919,567 |
Investments in and advances to subsidiaries | 4,451,192 |  |  | — |  |  | (4,451,192 | ) |  | — |
Deferred income taxes | 220,058 |  |  | — |  |  | (220,058 | ) |  | — |
Other assets | — |  |  | 20,516 |  |  | — |  |  | 20,516 |
Total assets | $ | 4,923,691 |  |  | $ | 6,205,810 |  |  | $ | (4,950,869 | ) |  | $ | 6,178,632 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 4,645 |  |  | $ | — |  |  | $ | 4,645 |
Accounts payable – affiliates | 27,619 |  |  | 252,000 |  |  | (279,619 | ) |  | — |
Revenue and production taxes payable | — |  |  | 139,737 |  |  | — |  |  | 139,737 |
Accrued liabilities | 12 |  |  | 119,161 |  |  | — |  |  | 119,173 |
Accrued interest payable | 38,689 |  |  | 315 |  |  | — |  |  | 39,004 |
Derivative instruments | — |  |  | 60,469 |  |  | — |  |  | 60,469 |
Advances from joint interest partners | — |  |  | 7,597 |  |  | — |  |  | 7,597 |
Other current liabilities | — |  |  | 10,490 |  |  | — |  |  | 10,490 |
Total current liabilities | 66,320 |  |  | 594,414 |  |  | (279,619 | ) |  | 381,115 |
Long-term debt | 1,934,214 |  |  | 363,000 |  |  | — |  |  | 2,297,214 |
Deferred income taxes | — |  |  | 733,587 |  |  | (220,058 | ) |  | 513,529 |
Asset retirement obligations | — |  |  | 48,985 |  |  | — |  |  | 48,985 |
Derivative instruments | — |  |  | 11,714 |  |  | — |  |  | 11,714 |
Other liabilities | — |  |  | 2,918 |  |  | — |  |  | 2,918 |
Total liabilities | 2,000,534 |  |  | 1,754,618 |  |  | (499,677 | ) |  | 3,255,475 |
Stockholders’ equity |  |  |  |  |  |  |
Capital contributions from affiliates | — |  |  | 3,388,893 |  |  | (3,388,893 | ) |  | — |
Common stock, $0.01 par value: 450,000,000 shares authorized; 237,201,064 shares issued and 236,344,172 shares outstanding | 2,331 |  |  | — |  |  | — |  |  | 2,331 |
Treasury stock, at cost: 856,892 shares | (15,950 | ) |  | — |  |  | — |  |  | (15,950 | )
Additional paid-in-capital | 2,345,271 |  |  | 8,743 |  |  | (8,743 | ) |  | 2,345,271 |
Retained earnings | 591,505 |  |  | 1,053,556 |  |  | (1,053,556 | ) |  | 591,505 |
Total stockholders’ equity | 2,923,157 |  |  | 4,451,192 |  |  | (4,451,192 | ) |  | 2,923,157 |
Total liabilities and stockholders’ equity | $ | 4,923,691 |  |  | $ | 6,205,810 |  |  | $ | (4,950,869 | ) |  | $ | 6,178,632 |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations
| Three Months Ended March 31, 2017
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Revenues |  |  |  |  |  |  |
Oil and gas revenues | $ | — |  |  | $ | 237,252 |  |  | $ | — |  |  | $ | 237,252 |
Bulk oil sales | — |  |  | 27,631 |  |  | — |  |  | 27,631 |
Midstream revenues | — |  |  | 14,606 |  |  | — |  |  | 14,606 |
Well services revenues | — |  |  | 5,627 |  |  | — |  |  | 5,627 |
Total revenues | — |  |  | 285,116 |  |  | — |  |  | 285,116 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 43,872 |  |  | — |  |  | 43,872 |
Midstream operating expenses | — |  |  | 3,327 |  |  | — |  |  | 3,327 |
Well services operating expenses | — |  |  | 3,902 |  |  | — |  |  | 3,902 |
Marketing, transportation and gathering expenses | — |  |  | 10,951 |  |  | — |  |  | 10,951 |
Bulk oil purchases | — |  |  | 28,002 |  |  | — |  |  | 28,002 |
Production taxes | — |  |  | 20,299 |  |  | — |  |  | 20,299 |
Depreciation, depletion and amortization | — |  |  | 126,666 |  |  | — |  |  | 126,666 |
Exploration expenses | — |  |  | 1,489 |  |  | — |  |  | 1,489 |
Impairment | — |  |  | 2,682 |  |  | — |  |  | 2,682 |
General and administrative expenses | 7,065 |  |  | 16,769 |  |  | — |  |  | 23,834 |
Total operating expenses | 7,065 |  |  | 257,959 |  |  | — |  |  | 265,024 |
Operating income (loss) | (7,065 | ) |  | 27,157 |  |  | — |  |  | 20,092 |
Other income (expense) |  |  |  |  |  |  |
Equity in earnings of subsidiaries | 49,103 |  |  | — |  |  | (49,103 | ) |  | — |
Net gain on derivative instruments | — |  |  | 56,075 |  |  | — |  |  | 56,075 |
Interest expense, net of capitalized interest | (32,851 | ) |  | (3,470 | ) |  | — |  |  | (36,321 | )
Other income | — |  |  | 16 |  |  | — |  |  | 16 |
Total other income (expense) | 16,252 |  |  | 52,621 |  |  | (49,103 | ) |  | 19,770 |
Income before income taxes | 9,187 |  |  | 79,778 |  |  | (49,103 | ) |  | 39,862 |
Income tax benefit (expense) | 14,638 |  |  | (30,675 | ) |  | — |  |  | (16,037 | )
Net income | $ | 23,825 |  |  | $ | 49,103 |  |  | $ | (49,103 | ) |  | $ | 23,825 |
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 |
Midstream revenues | — |  |  | 6,983 |  |  | — |  |  | 6,983 |
Well services revenues | — |  |  | 5,985 |  |  | — |  |  | 5,985 |
Total revenues | — |  |  | 130,283 |  |  | — |  |  | 130,283 |
Operating expenses |  |  |  |  |  |  |
Lease operating expenses | — |  |  | 31,064 |  |  | — |  |  | 31,064 |
Midstream operating expenses | — |  |  | 1,738 |  |  | — |  |  | 1,738 |
Well services operating expenses | — |  |  | 2,651 |  |  | — |  |  | 2,651 |
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 Cash Flows | Condensed Consolidating Statement of Cash Flows
| Three Months Ended March 31, 2017
| Parent/ Issuer |  | Combined Guarantor Subsidiaries |  | Intercompany Eliminations |  | Consolidated
| (In thousands)
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 23,825 |  |  | $ | 49,103 |  |  | $ | (49,103 | ) |  | $ | 23,825 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |
Equity in loss of subsidiaries | (49,103 | ) |  | — |  |  | 49,103 |  |  | — |
Depreciation, depletion and amortization | — |  |  | 126,666 |  |  | — |  |  | 126,666 |
Impairment | — |  |  | 2,682 |  |  | — |  |  | 2,682 |
Deferred income taxes | (14,638 | ) |  | 30,675 |  |  | — |  |  | 16,037 |
Derivative instruments | — |  |  | (56,075 | ) |  | — |  |  | (56,075 | )
Stock-based compensation expenses | 6,498 |  |  | 210 |  |  | — |  |  | 6,708 |
Deferred financing costs amortization and other | 3,665 |  |  | 1,275 |  |  | — |  |  | 4,940 |
Working capital and other changes: |  |  |  |  |  |  |
Change in accounts receivable | 51,230 |  |  | (27,952 | ) |  | (45,756 | ) |  | (22,478 | )
Change in inventory | — |  |  | (3,679 | ) |  | — |  |  | (3,679 | )
Change in prepaid expenses | (59 | ) |  | 341 |  |  | — |  |  | 282 |
Change in other current assets | (2 | ) |  | (108 | ) |  | — |  |  | (110 | )
Change in other assets | — |  |  | (4 | ) |  | — |  |  | (4 | )
Change in accounts payable, interest payable and accrued liabilities | (13,321 | ) |  | (26,375 | ) |  | 45,756 |  |  | 6,060 |
Change in other current liabilities | — |  |  | 2,945 |  |  | — |  |  | 2,945 |
Net cash provided by operating activities | 8,095 |  |  | 99,704 |  |  | — |  |  | 107,799 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | — |  |  | (96,047 | ) |  | — |  |  | (96,047 | )
Derivative settlements | — |  |  | (7,960 | ) |  | — |  |  | (7,960 | )
Advances from joint interest partners | — |  |  | (759 | ) |  | — |  |  | (759 | )
Net cash used in investing activities | — |  |  | (104,766 | ) |  | — |  |  | (104,766 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from revolving credit facility | — |  |  | 246,000 |  |  | — |  |  | 246,000 |
Principal payments on revolving credit facility | — |  |  | (241,000 | ) |  | — |  |  | (241,000 | )
Purchases of treasury stock | (5,419 | ) |  | — |  |  | — |  |  | (5,419 | )
Investment in / capital contributions from subsidiaries | (2,610 | ) |  | 2,610 |  |  | — |  |  | — |
Other | (55 | ) |  | — |  |  | — |  |  | (55 | )
Net cash provided by (used in) financing activities | (8,084 | ) |  | 7,610 |  |  | — |  |  | (474 | )
Increase in cash and cash equivalents | 11 |  |  | 2,548 |  |  | — |  |  | 2,559 |
Cash and cash equivalents at beginning of period | 166 |  |  | 11,060 |  |  | — |  |  | 11,226 |
Cash and cash equivalents at end of period | $ | 177 |  |  | $ | 13,608 |  |  | $ | — |  |  | $ | 13,785 |
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 earnings 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: |  |  |  |  |  |  |
Proceeds from revolving credit facility | — |  |  | 214,000 |  |  | — |  |  | 214,000 |
Principal payments on revolving credit facility | — |  |  | (287,000 | ) |  | — |  |  | (287,000 | )
Repurchase of senior unsecured notes | (22,308 | ) |  | — |  |  | — |  |  | (22,308 | )
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 |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration