Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 1,275,875 $ 112,974
Restricted cash 185,000 0
Accounts receivable—oil and gas 136,761 71,872
Accounts receivable—related parties 16 16
Prepaid expenses and other current assets 7,639 3,905
Derivative instruments 3,488 142,794
Total current assets 1,608,779 331,561
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $1,580,305 and $1,817,701 excluded from amortization in 2016 and 2015, respectively 6,071,920 5,424,342
Other property and equipment 68,986 33,171
Accumulated depletion, depreciation, amortization and impairment (3,789,780) (2,829,110)
Property and equipment, net 2,351,126 2,628,403
Other assets:    
Equity investments 243,920 242,393
Derivative instruments 5,696 51,088
Deferred tax asset (2016) 4,692  
Deferred tax asset (2015)   74,925
Other assets 8,932 6,364
Total other assets 263,240 374,770
Total assets 4,223,145 3,334,734
Current liabilities:    
Accounts payable and accrued liabilities 265,124 265,128
Asset retirement obligation 195 75
Derivative instruments 119,219 437
Deferred tax liability   50,697
Current maturities of long-term debt 276 179
Total current liabilities 384,814 316,516
Long-term derivative instrument 26,759 6,935
Asset retirement obligation 34,081 26,362
Long-term debt, net of current maturities 1,593,599 946,084
Total liabilities 2,039,253 1,295,897
Commitments and contingencies (Notes 15 and 16)
Preferred stock, $.01 par value; 5,000,000 authorized, 30,000 authorized as redeemable 12% cumulative preferred stock, Series A; 0 issued and outstanding 0 0
Stockholders’ equity:    
Common stock, $.01 par value; 200,000,000 authorized, 158,829,816 issued and outstanding in 2016 and 108,322,250 in 2015 1,588 1,082
Paid-in capital 3,946,442 2,824,303
Accumulated other comprehensive loss (53,058) (55,177)
Retained deficit (1,711,080) (731,371)
Total stockholders’ equity 2,183,892 2,038,837
Total liabilities and stockholders’ equity $ 4,223,145 $ 3,334,734

Source

v3.6.0.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues:      
Gas sales $ 420,128 $ 324,733 $ 226,126
Oil and condensate sales 81,173 122,615 241,210
Natural gas liquid sales 59,115 58,129 94,127
Net (loss) gain on gas, oil, and NGL derivatives (174,506) 203,513 109,299
Total revenues 385,910 708,990 670,762
Costs and expenses:      
Lease operating expenses 68,877 69,475 52,191
Production taxes 13,276 14,740 24,006
Midstream gathering and processing 165,972 138,590 64,467
Depreciation, depletion and amortization 245,974 337,694 265,431
Impairment of oil and gas properties 715,495 1,440,418 0
General and administrative 43,409 41,967 38,290
Accretion expense 1,057 820 761
Gain on sale of assets 0 0 (11)
Total costs and expenses 1,254,060 2,043,704 445,135
(LOSS) INCOME FROM OPERATIONS (868,150) (1,334,714) 225,627
OTHER (INCOME) EXPENSE:      
Interest expense 63,530 51,221 23,986
Interest income (1,230) (643) (195)
Litigation settlement 0 0 25,500
Insurance proceeds (5,718) (10,015) 0
Gain on debt extinguishment 23,776 0 0
Gain on contribution of investments 0 0 (84,470)
Loss (income) from equity method investments 33,985 106,093 (139,434)
Other expense (income) 129 (485) (504)
Total Other (Income) Expense 114,472 146,171 (175,117)
(LOSS) INCOME BEFORE INCOME TAXES (982,622) (1,480,885) 400,744
INCOME TAX (BENEFIT) EXPENSE (2,913) (256,001) 153,341
NET (LOSS) INCOME $ (979,709) $ (1,224,884) $ 247,403
NET (LOSS) INCOME PER COMMON SHARE:      
Basic (usd per share) $ (7.97) $ (12.27) $ 2.90
Diluted (usd per share) $ (7.97) $ (12.27) $ 2.88
Weighted average common shares outstanding - Basic (shares) 122,952,866 99,792,401 85,445,963
Weighted average common shares outstanding-Diluted (shares) 122,952,866 99,792,401 85,813,182

Source

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net (loss) income $ (979,709) $ (1,224,884) $ 247,403
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Accretion of discount—Asset Retirement Obligation 1,057 820 761
Depletion, depreciation and amortization 245,974 337,694 265,431
Impairment of oil and gas properties 715,495 1,440,418 0
Stock-based compensation expense 7,351 8,616 8,916
Loss (gain) from equity investments 34,397 113,120 (54,171)
Gain on debt extinguishment (1,108) 0 0
Gain on contribution of investments 0 0 (84,470)
Interest income - note receivable 0   (46)
Loss (gain) on derivative instruments 323,303 (83,671) (121,148)
Deferred income tax expense (benefit) 18,188 (254,493) 122,917
Amortization of loan commitment fees 3,660 3,219 1,685
Amortization of note discount and premium (1,716) (2,165) (533)
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable (64,889) 31,986 (45,034)
Decrease in accounts receivable—related party   30 2,571
Increase in prepaid expenses (3,734) (191) (1,133)
Increase (decrease) in accounts payable and accrued liabilities and other 43,763 (47,199) 73,925
Settlement of asset retirement obligation (4,189) (1,121) (7,201)
Net cash provided by (used in) operating activities 337,843 322,179 409,873
Cash flows from investing activities:      
Deductions to cash held in escrow 8 8 8
Additions to other property and equipment (33,152) (13,572) (7,030)
Additions to oil and gas properties (724,925) (1,579,129) (1,329,277)
Proceeds from sale of oil and gas properties 45,812 27,998 4,404
Repayments on note receivable to related party 0 0 875
Proceeds from sale of investments 0 0 258,362
Contributions to equity method investments (26,472) (14,472) (63,999)
Distributions from equity method investments 18,147 4,914 0
Funding of restricted cash (185,000) 0 0
Net cash (used in) provided by investing activities (905,582) (1,574,253) (1,136,657)
Cash flows from financing activities:      
Principal payments on borrowings (87,685) (350,172) (115,690)
Borrowings on line of credit 86,000 250,000 215,000
Proceeds from bond issuance 1,250,000 350,000 318,000
Repayment of bonds (624,561) 0 0
Borrowings on term loan 21,049 0 0
Debt issuance costs and loan commitment fees (24,718) (8,688) (7,831)
Proceeds from issuance of common stock, net of offering costs and exercise of stock options 1,110,555 981,568 689
Net cash provided by financing activities 1,730,640 1,222,708 410,168
Net increase (decrease) in cash and cash equivalents 1,162,901 (29,366) (316,616)
Cash and cash equivalents at beginning of period 112,974 142,340 458,956
Cash and cash equivalents at end of period 1,275,875 112,974 142,340
Supplemental disclosure of cash flow information:      
Interest payments 68,966 59,736 28,646
Income tax (receipts) payments (19,770) 16,156 23,800
Supplemental disclosure of non-cash transactions:      
Capitalized stock based compensation 4,900 5,743 5,944
Asset retirement obligation capitalized 10,971 8,800 9,295
Interest capitalized 9,148 13,580 9,687
Foreign currency translation gain (loss) on equity method investments $ 3,468 $ (28,502) $ (16,894)

Source