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Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenue                      
Production                 $ 463,491,000 $ 630,947,000 $ 800,543,000
Sales of purchased natural gas                 64,913,000 62,405,000 86,645,000
Net derivative gains                 29,928,000 11,444,000 51,780,000
Other                 3,230,000 4,242,000 4,655,000
Total revenue                 561,562,000 709,038,000 943,623,000
Operating expense                      
Lease operating                 82,265,000 95,333,000 102,874,000
Gathering, processing and transportation                 148,569,000 166,316,000 190,560,000
Production and ad valorem taxes                 17,066,000 25,395,000 29,226,000
Cost of purchased natural gas                 64,840,000 62,041,000 85,398,000
Depletion, depreciation and accretion                 62,612,000 163,624,000 225,763,000
Impairment                 1,863,000 2,625,928,000 107,059,000
General and administrative                 55,306,000 75,697,000 79,582,000
Other operating                 3,725,000 1,562,000 557,000
Total expense                 436,246,000 3,215,896,000 821,019,000
Gain on Tokyo Gas Transaction                     0
Crestwood earn-out                     0
Operating income (loss) 13,575,000 [1] 60,049,000 [2] 394,894,000 [3] (3,874,000) (468,213,000) [4] (576,551,000) [5] (1,153,012,000) [6] (267,985,000) [7] 464,644,000 (2,465,761,000) 122,604,000
Loss from earnings of BBEP                 0 0 (8,439,000)
Other income (expense) - net                 (17,384,000) 1,108,000 219,768,000
Fortune Creek accretion                 (19,245,000) (19,472,000) 0
Interest expense                 (251,847,000) (164,051,000) (186,024,000)
Income (loss) before income taxes                 176,168,000 (2,648,176,000) 147,909,000
Income tax (expense) benefit                 (14,550,000) 295,570,000 (57,863,000)
Net income (loss)                 161,618,000 (2,352,606,000) 90,046,000
Other comprehensive income (loss)                      
Net change in derivative fair value - net of income tax                 0 74,384,000 156,160,000
Foreign currency translation adjustment                 (4,681,000) 412,000 (13,364,000)
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax                 (46,931,000) (128,161,000) (58,125,000)
Other comprehensive income (loss)                 (51,612,000) (53,365,000) 84,671,000
Comprehensive income (loss)                 110,006,000 (2,405,971,000) 174,717,000
Earnings (loss) per common share - basic $ (0.18) $ 0.06 $ 1.37 $ (0.35) $ (3.22) $ (4.65) $ (4.72) $ (1.24) $ 0.92 $ (13.83) $ 0.53
Earnings (loss) per common share - diluted $ (0.18) $ 0.06 $ 1.37 $ (0.35) $ (3.22) $ (4.65) $ (4.72) $ (1.24) $ 0.92 [8] $ (13.83) [8] $ 0.52 [8]
Tokyo Gas [Member]
                     
Operating expense                      
Gain on Tokyo Gas Transaction     333,200,000           339,328,000 0 0
Crestwood earn-out                 339,328,000    
kwk_CrestwoodLP [Member]
                     
Operating expense                      
Crestwood earn-out                 $ 0 $ 41,097,000 $ 0
[1] 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.
[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 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.
[4] 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.
[5] 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
[6] 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.
[7] 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.
[8] For 2013, 5.6 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. For 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. For 2011, the effects of 9.8 million shares associated with our convertible debentures for the period outstanding were antidilutive, and 1.9 million shares associated with our stock options and 0.1 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations.