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Supplemental Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Data [Abstract]  
Supplemental Selected Quarterly Financial Data
SUPPLEMENTAL SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
The following table presents selected quarterly financial data derived from our consolidated financial statements. This summary should be read in conjunction with our consolidated financial statements and related notes also contained in this Item 8 to our Annual Report on Form 10-K.
 
 
Quarter Ended
 
March 31
 
June 30
 
September 30
 
December 31
 
 
 
 
 
 
 
 
 
(In thousands, except per share data)
2013 (1) (2) (3)
 
 
 
 
 
 
 
Operating revenue
$
118,703

 
$
175,497

 
$
153,116

 
$
114,246

Operating income (loss)
(3,874
)
 
394,894

 
60,049

 
13,575

Net income (loss)
(59,707
)
 
242,523

 
10,577

 
(31,775
)
Basic net earnings per share
$
(0.35
)
 
$
1.37

 
$
0.06

 
$
(0.18
)
Diluted net earnings per share
(0.35
)
 
1.37

 
0.06

 
(0.18
)
 
 
 
 
 
 
 
 
2012 (4) (5) (6) (7)
 
 
 
 
 
 
 
Operating revenue
$
172,866

 
$
194,018

 
$
118,188

 
$
223,966

Operating loss
(267,985
)
 
(1,153,012
)
 
(576,551
)
 
(468,213
)
Net loss
(211,565
)
 
(802,022
)
 
(790,520
)
 
(548,499
)
Basic net earnings per share
$
(1.24
)
 
$
(4.72
)
 
$
(4.65
)
 
$
(3.22
)
Diluted net earnings per share
(1.24
)
 
(4.72
)
 
(4.65
)
 
(3.22
)

(1) 
Operating income for the second quarter of 2013 includes gains of $333.2 million related to the Tokyo Gas Transaction which was subsequently adjusted in later quarters to be a gain of $339.3 million. The period also includes an immaterial correction of $3.6 million for equity-based compensation granted to retirement-eligible employees whose awards required no future service at the time of grant but which expense was being recognized over multiple periods. The impact to the first quarter of 2013 expense was $1.2 million and the impact to 2012 and prior years was $2.4 million.
(2) 
Operating income for the third quarter of 2013 includes an increase of $8.2 million to correct for immaterial items which pertain to earlier quarters in 2013, comprised of an increase to the gain related to the Tokyo Gas Transaction of $7.8 million arising from a change to the amount of unevaluated properties allocated to TGBR.
(3) 
Operating income for the fourth quarter of 2013 includes a decrease of $5.9 million to correct for immaterial items which pertain to prior 2013 quarters. These items include an adjustment to non-cash expense to settle litigation recognized in the first quarter of 2013 of $3.0 million, non-cash decrease in the gain related to the Tokyo Gas Transaction of $1.7 million arising from a change in the amount of surface real estate conveyed to TGBR, increase in the amortization of deferred financing costs and original issue discount of $0.8 million and strategic transaction fees of $0.5 million arising in the second quarter of 2013.
(4) 
Operating loss for the first quarter of 2012 includes charges for impairment of $178.0 million and $139.9 million for our U.S. and Canadian oil and gas properties, respectively.
(5) 
Operating loss for the second quarter of 2012 includes charges for impairment of $1,042.7 million and $157.0 million for our U.S. and Canadian oil and gas properties, respectively.
(6) 
Operating loss for the third quarter of 2012 includes charges for impairment of $479.9 million and $66.3 million for our U.S. and Canadian oil and gas properties, respectively. Operating loss also includes a $4.9 million impairment charge for other property and equipment in Colorado. Net loss includes a valuation allowance for the U.S. of $359.9 million.
(7) 
Operating loss for the fourth quarter of 2012 includes charges for impairment of $451.5 million and $102.8 million for our U.S. and Canadian oil and gas properties, respectively. Operating loss also includes a $2.9 million impairment charge related to non-oil and gas properties. Net loss includes a valuation allowance for Canada of $61.3 million.