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CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
CONDENSED CONSOLIDATING BALANCE SHEETS | CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands)
| March 31, 2019
| Parent |  | Guarantors |  | Non-Guarantor |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 7,040 |  |  | $ | 10,955 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 17,996 |
Accounts receivable - oil and natural gas sales | 93,698 |  |  | 51,298 |  |  | — |  |  | — |  |  | 144,996 |
Accounts receivable - joint interest and other | 12,084 |  |  | 12,496 |  |  | — |  |  | — |  |  | 24,580 |
Accounts receivable - intercompany | 694,036 |  |  | 388,797 |  |  | — |  |  | (1,082,833 | ) |  | — |
Prepaid expenses and other current assets | 11,412 |  |  | 1,148 |  |  | — |  |  | — |  |  | 12,560 |
Short-term derivative instruments | 17,958 |  |  | — |  |  | — |  |  | — |  |  | 17,958 |
Total current assets | 836,228 |  |  | 464,694 |  |  | 1 |  |  | (1,082,833 | ) |  | 218,090 |
Property and equipment: |  |  |  |  |  |  |  |  |
Oil and natural gas properties, full-cost accounting | 7,238,631 |  |  | 3,074,222 |  |  | — |  |  | (729 | ) |  | 10,312,124 |
Other property and equipment | 92,135 |  |  | 4,069 |  |  | — |  |  | — |  |  | 96,204 |
Accumulated depletion, depreciation, amortization and impairment | (4,757,774 | ) |  | (40 | ) |  | — |  |  | — |  |  | (4,757,814 | )
Property and equipment, net | 2,572,992 |  |  | 3,078,251 |  |  | — |  |  | (729 | ) |  | 5,650,514 |
Other assets: |  |  |  |  |  |  |  |  |
Equity investments and investments in subsidiaries | 2,963,629 |  |  | — |  |  | 48,004 |  |  | (2,767,514 | ) |  | 244,119 |
Inventories | 9,264 |  |  | 1,754 |  |  | — |  |  | — |  |  | 11,018 |
Operating lease assets | 29,795 |  |  | — |  |  | — |  |  | — |  |  | 29,795 |
Operating lease assets - related parties | 58,659 |  |  | — |  |  | — |  |  | — |  |  | 58,659 |
Other assets | 12,187 |  |  | 1,127 |  |  | — |  |  | — |  |  | 13,314 |
Total other assets | 3,073,534 |  |  | 2,881 |  |  | 48,004 |  |  | (2,767,514 | ) |  | 356,905 |
Total assets | $ | 6,482,754 |  |  | $ | 3,545,826 |  |  | $ | 48,005 |  |  | $ | (3,851,076 | ) |  | $ | 6,225,509 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 449,459 |  |  | $ | 118,725 |  |  | $ | — |  |  | $ | — |  |  | $ | 568,184 |
Accounts payable - intercompany | 388,879 |  |  | 693,826 |  |  | 129 |  |  | (1,082,834 | ) |  | — |
Short-term derivative instruments | 25,921 |  |  | — |  |  | — |  |  | — |  |  | 25,921 |
Current portion of operating lease liabilities | 27,983 |  |  | — |  |  | — |  |  | — |  |  | 27,983 |
Current portion of operating lease liabilities - related parties | 20,618 |  |  | — |  |  | — |  |  | — |  |  | 20,618 |
Current maturities of long-term debt | 656 |  |  | — |  |  | — |  |  | — |  |  | 656 |
Total current liabilities | 913,516 |  |  | 812,551 |  |  | 129 |  |  | (1,082,834 | ) |  | 643,362 |
Long-term derivative instruments | 287 |  |  | — |  |  | — |  |  | — |  |  | 287 |
Asset retirement obligation - long-term | 69,991 |  |  | 12,909 |  |  | — |  |  | — |  |  | 82,900 |
Deferred tax liability | 3,127 |  |  | — |  |  | — |  |  | — |  |  | 3,127 |
Non-current operating lease liabilities | 1,812 |  |  | — |  |  | — |  |  | — |  |  | 1,812 |
Non-current operating lease liabilities - related parties | 38,041 |  |  | — |  |  | — |  |  | — |  |  | 38,041 |
Long-term debt, net of current maturities | 2,087,714 |  |  | — |  |  | — |  |  | — |  |  | 2,087,714 |
Total liabilities | 3,114,488 |  |  | 825,460 |  |  | 129 |  |  | (1,082,834 | ) |  | 2,857,243 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |
Common stock | 1,594 |  |  | — |  |  | — |  |  | — |  |  | 1,594 |
Paid-in capital | 4,202,023 |  |  | 1,915,598 |  |  | 262,059 |  |  | (2,177,657 | ) |  | 4,202,023 |
Accumulated other comprehensive loss | (52,225 | ) |  | — |  |  | (50,076 | ) |  | 50,076 |  |  | (52,225 | )
(Accumulated deficit) retained earnings | (783,126 | ) |  | 804,768 |  |  | (164,107 | ) |  | (640,661 | ) |  | (783,126 | )
Total stockholders’ equity | 3,368,266 |  |  | 2,720,366 |  |  | 47,876 |  |  | (2,768,242 | ) |  | 3,368,266 |
Total liabilities and stockholders’ equity | $ | 6,482,754 |  |  | $ | 3,545,826 |  |  | $ | 48,005 |  |  | $ | (3,851,076 | ) |  | $ | 6,225,509 |
CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands)
| December 31, 2018
| Parent |  | Guarantors |  | Non-Guarantor |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 25,585 |  |  | $ | 26,711 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 52,297 |
Accounts receivable - oil and natural gas sales | 146,075 |  |  | 64,125 |  |  | — |  |  | — |  |  | 210,200 |
Accounts receivable - joint interest and other | 16,212 |  |  | 6,285 |  |  | — |  |  | — |  |  | 22,497 |
Accounts receivable - intercompany | 671,633 |  |  | 319,464 |  |  | — |  |  | (991,097 | ) |  | — |
Prepaid expenses and other current assets | 8,433 |  |  | 2,174 |  |  | — |  |  | — |  |  | 10,607 |
Short-term derivative instruments | 21,352 |  |  | — |  |  | — |  |  | — |  |  | 21,352 |
Total current assets | 889,290 |  |  | 418,759 |  |  | 1 |  |  | (991,097 | ) |  | 316,953 |
Property and equipment: |  |  |  |  |  |  |  |  |
Oil and natural gas properties, full-cost accounting, | 7,044,550 |  |  | 2,983,015 |  |  | — |  |  | (729 | ) |  | 10,026,836 |
Other property and equipment | 91,916 |  |  | 751 |  |  | — |  |  | — |  |  | 92,667 |
Accumulated depletion, depreciation, amortization and impairment | (4,640,059 | ) |  | (39 | ) |  | — |  |  | — |  |  | (4,640,098 | )
Property and equipment, net | 2,496,407 |  |  | 2,983,727 |  |  | — |  |  | (729 | ) |  | 5,479,405 |
Other assets: |  |  |  |  |  |  |  |  |
Equity investments and investments in subsidiaries | 2,856,988 |  |  | — |  |  | 44,259 |  |  | (2,665,126 | ) |  | 236,121 |
Inventories | 3,620 |  |  | 1,134 |  |  | — |  |  | — |  |  | 4,754 |
Other assets | 12,624 |  |  | 1,178 |  |  | — |  |  | 1 |  |  | 13,803 |
Total other assets | 2,873,232 |  |  | 2,312 |  |  | 44,259 |  |  | (2,665,125 | ) |  | 254,678 |
Total assets | $ | 6,258,929 |  |  | $ | 3,404,798 |  |  | $ | 44,260 |  |  | $ | (3,656,951 | ) |  | $ | 6,051,036 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 419,107 |  |  | $ | 99,273 |  |  | $ | — |  |  | $ | — |  |  | $ | 518,380 |
Accounts payable - intercompany | 320,259 |  |  | 670,708 |  |  | 130 |  |  | (991,097 | ) |  | — |
Short-term derivative instruments | 20,401 |  |  | — |  |  | — |  |  | — |  |  | 20,401 |
Current maturities of long-term debt | 651 |  |  | — |  |  | — |  |  | — |  |  | 651 |
Total current liabilities | 760,418 |  |  | 769,981 |  |  | 130 |  |  | (991,097 | ) |  | 539,432 |
Long-term derivative instruments | 13,992 |  |  | — |  |  | — |  |  | — |  |  | 13,992 |
Asset retirement obligation - long-term | 66,859 |  |  | 13,093 |  |  | — |  |  | — |  |  | 79,952 |
Deferred tax liability | 3,127 |  |  | — |  |  | — |  |  | — |  |  | 3,127 |
Long-term debt, net of current maturities | 2,086,765 |  |  | — |  |  | — |  |  | — |  |  | 2,086,765 |
Total liabilities | 2,931,161 |  |  | 783,074 |  |  | 130 |  |  | (991,097 | ) |  | 2,723,268 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |
Common stock | 1,630 |  |  | — |  |  | — |  |  | — |  |  | 1,630 |
Paid-in capital | 4,227,532 |  |  | 1,915,598 |  |  | 261,626 |  |  | (2,177,224 | ) |  | 4,227,532 |
Accumulated other comprehensive loss | (56,026 | ) |  | — |  |  | (53,783 | ) |  | 53,783 |  |  | (56,026 | )
(Accumulated deficit) retained earnings | (845,368 | ) |  | 706,126 |  |  | (163,713 | ) |  | (542,413 | ) |  | (845,368 | )
Total stockholders’ equity | 3,327,768 |  |  | 2,621,724 |  |  | 44,130 |  |  | (2,665,854 | ) |  | 3,327,768 |
Total liabilities and stockholders’ equity | $ | 6,258,929 |  |  | $ | 3,404,798 |  |  | $ | 44,260 |  |  | $ | (3,656,951 | ) |  | $ | 6,051,036 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands)
| Three months ended March 31, 2019
| Parent |  | Guarantors |  | Non-Guarantor |  | Eliminations |  | Consolidated
Total revenues | $ | 186,246 |  |  | $ | 134,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 320,578 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Lease operating expenses | 14,893 |  |  | 4,914 |  |  | — |  |  | — |  |  | 19,807 |
Production taxes | 3,261 |  |  | 4,660 |  |  | — |  |  | — |  |  | 7,921 |
Midstream gathering and processing expenses | 43,299 |  |  | 26,983 |  |  | — |  |  | — |  |  | 70,282 |
Depreciation, depletion and amortization | 118,432 |  |  | 1 |  |  | — |  |  | — |  |  | 118,433 |
General and administrative expenses | 12,232 |  |  | (675 | ) |  | 1 |  |  | — |  |  | 11,558 |
Accretion expense | 951 |  |  | 116 |  |  | — |  |  | — |  |  | 1,067 |
| 193,068 |  |  | 35,999 |  |  | 1 |  |  | — |  |  | 229,068 |
(LOSS) INCOME FROM OPERATIONS | (6,822 | ) |  | 98,333 |  |  | (1 | ) |  | — |  |  | 91,510 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |
Interest expense | 34,424 |  |  | (304 | ) |  | — |  |  | — |  |  | 34,120 |
Interest income | (147 | ) |  | (5 | ) |  | — |  |  | — |  |  | (152 | )
(Income) loss from equity method investments and investments in subsidiaries | (102,914 | ) |  | — |  |  | 393 |  |  | 98,248 |  |  | (4,273 | )
Other income | (427 | ) |  | — |  |  | — |  |  | — |  |  | (427 | )
| (69,064 | ) |  | (309 | ) |  | 393 |  |  | 98,248 |  |  | 29,268 |
INCOME (LOSS) BEFORE INCOME TAXES | 62,242 |  |  | 98,642 |  |  | (394 | ) |  | (98,248 | ) |  | 62,242 |
INCOME TAX EXPENSE | — |  |  | — |  |  | — |  |  | — |  |  | — |
NET INCOME (LOSS) | $ | 62,242 |  |  | $ | 98,642 |  |  | $ | (394 | ) |  | $ | (98,248 | ) |  | $ | 62,242 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands)
| Three months ended March 31, 2018
| Parent |  | Guarantors |  | Non-Guarantor |  | Eliminations |  | Consolidated
Total revenues | $ | 213,561 |  |  | $ | 111,831 |  |  | $ | — |  |  | $ | — |  |  | $ | 325,392 |
Costs and expenses: |  |  |  |  |  |  |  |  |
Lease operating expenses | 13,831 |  |  | 5,075 |  |  | — |  |  | — |  |  | 18,906 |
Production taxes | 4,011 |  |  | 2,843 |  |  | — |  |  | — |  |  | 6,854 |
Midstream gathering and processing expenses | 45,666 |  |  | 18,527 |  |  | — |  |  | — |  |  | 64,193 |
Depreciation, depletion and amortization | 111,017 |  |  | 1 |  |  | — |  |  | — |  |  | 111,018 |
General and administrative expenses | 13,811 |  |  | (713 | ) |  | 1 |  |  | — |  |  | 13,099 |
Accretion expense | 790 |  |  | 214 |  |  | — |  |  | — |  |  | 1,004 |
| 189,126 |  |  | 25,947 |  |  | 1 |  |  | — |  |  | 215,074 |
INCOME (LOSS) FROM OPERATIONS | 24,435 |  |  | 85,884 |  |  | (1 | ) |  | — |  |  | 110,318 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |
Interest expense | 34,393 |  |  | (428 | ) |  | — |  |  | — |  |  | 33,965 |
Interest income | (31 | ) |  | (6 | ) |  | — |  |  | — |  |  | (37 | )
(Income) loss from equity method investments and investments in subsidiaries | (99,864 | ) |  | (357 | ) |  | 330 |  |  | 86,355 |  |  | (13,536 | )
Other income | (84 | ) |  | (11 | ) |  | — |  |  | — |  |  | (95 | )
| (65,586 | ) |  | (802 | ) |  | 330 |  |  | 86,355 |  |  | 20,297 |
INCOME (LOSS) BEFORE INCOME TAXES | 90,021 |  |  | 86,686 |  |  | (331 | ) |  | (86,355 | ) |  | 90,021 |
INCOME TAX BENEFIT | (69 | ) |  | — |  |  | — |  |  | — |  |  | (69 | )
NET INCOME (LOSS) | $ | 90,090 |  |  | $ | 86,686 |  |  | $ | (331 | ) |  | $ | (86,355 | ) |  | $ | 90,090 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amounts in thousands)
| Three months ended March 31, 2019
| Parent |  | Guarantors |  | Non-Guarantor |  | Eliminations |  | Consolidated
Net income (loss) | $ | 62,242 |  |  | $ | 98,642 |  |  | $ | (394 | ) |  | $ | (98,248 | ) |  | $ | 62,242 |
Foreign currency translation adjustment | 3,801 |  |  | 94 |  |  | 3,707 |  |  | (3,801 | ) |  | 3,801 |
Other comprehensive income | 3,801 |  |  | 94 |  |  | 3,707 |  |  | (3,801 | ) |  | 3,801 |
Comprehensive income (loss) | $ | 66,043 |  |  | $ | 98,736 |  |  | $ | 3,313 |  |  | $ | (102,049 | ) |  | $ | 66,043 |
| Three months ended March 31, 2018
| Parent |  | Guarantors |  | Non-Guarantor |  | Eliminations |  | Consolidated
Net income (loss) | $ | 90,090 |  |  | $ | 86,686 |  |  | $ | (331 | ) |  | $ | (86,355 | ) |  | $ | 90,090 |
Foreign currency translation adjustment | (5,503 | ) |  | (187 | ) |  | (5,316 | ) |  | 5,503 |  |  | (5,503 | )
Other comprehensive loss | (5,503 | ) |  | (187 | ) |  | (5,316 | ) |  | 5,503 |  |  | (5,503 | )
Comprehensive income (loss) | $ | 84,587 |  |  | $ | 86,499 |  |  | $ | (5,647 | ) |  | $ | (80,852 | ) |  | $ | 84,587 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Amounts in thousands)
| Three months ended March 31, 2019
| Parent |  | Guarantors |  | Non-Guarantor |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | 164,448 |  |  | $ | 20,612 |  |  | $ | (1 | ) |  | $ | 1 |  |  | $ | 185,060 |
Net cash used in investing activities | (154,490 | ) |  | (36,368 | ) |  | (432 | ) |  | 432 |  |  | (190,858 | )
Net cash (used in) provided by financing activities | (28,503 | ) |  | — |  |  | 433 |  |  | (433 | ) |  | (28,503 | )
Net decrease in cash, cash equivalents and restricted cash | (18,545 | ) |  | (15,756 | ) |  | — |  |  | — |  |  | (34,301 | )
Cash, cash equivalents and restricted cash at beginning of period | 25,585 |  |  | 26,711 |  |  | 1 |  |  | — |  |  | 52,297 |
Cash, cash equivalents and restricted cash at end of period | $ | 7,040 |  |  | $ | 10,955 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 17,996 |
| Three months ended March 31, 2018
| Parent |  | Guarantors |  | Non-Guarantor |  | Eliminations |  | Consolidated
Net cash provided by operating activities | $ | 144,895 |  |  | $ | 81,452 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 226,349 |
Net cash used in investing activities | (231,024 | ) |  | (75,847 | ) |  | (1,569 | ) |  | 1,569 |  |  | (306,871 | )
Net cash provided by financing activities | 99,578 |  |  | — |  |  | 1,570 |  |  | (1,570 | ) |  | 99,578 |
Net increase in cash, cash equivalents and restricted cash | 13,449 |  |  | 5,605 |  |  | 2 |  |  | — |  |  | 19,056 |
Cash, cash equivalents and restricted cash at beginning of period | 67,908 |  |  | 31,649 |  |  | — |  |  | — |  |  | 99,557 |
Cash, cash equivalents and restricted cash at end of period | $ | 81,357 |  |  | $ | 37,254 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 118,613 |

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