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Selected Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2015
Quarterly Financial Data [Abstract]  
Selected Quarterly Financial Data (Unaudited)

(17)

Selected Quarterly Financial Data (Unaudited)

The following tables set forth unaudited financial information on a quarterly basis for each of the last two years. Fourth quarter 2015 includes a loss of $407.7 million from the sale of our Virginia and West Virginia oil and gas properties and impairment expense of $87.9 million related to oil and gas properties in the Texas Panhandle and South Texas. Third quarter 2015 includes impairment expense of $502.2 million related to our Northern Oklahoma and legacy shallow Northwest Pennsylvania assets. Second quarter 2014 includes a gain of $280.1 million from the Conger Exchange (in thousands, except per share data):

 

2015

 

 

March

 

 

June

 

 

September

 

 

December

 

  

Total

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

325,483

 

 

$

258,053

 

 

$

252,065

 

 

$

254,043

 

 

$

1,089,644

 

Derivative fair value income (loss)

 

122,839

 

 

 

(34,791

)

 

 

202,004

 

 

 

126,312

 

 

 

416,364

 

Brokered natural gas, marketing and other

 

14,485

 

 

 

21,339

 

 

 

25,864

 

 

 

30,372

 

 

 

92,060

 

Total revenue and other income

 

462,807

 

 

 

244,601

 

 

 

479,933

 

 

 

410,727

 

 

 

1,598,068

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

37,137

 

 

 

34,780

 

 

 

35,058

 

 

 

29,388

 

 

 

136,363

 

Transportation, gathering and compression

 

89,426

 

 

 

95,198

 

 

 

99,634

 

 

 

112,481

 

 

 

396,739

 

Production and ad valorem taxes

 

9,928

 

 

 

9,242

 

 

 

7,336

 

 

 

7,354

 

 

 

33,860

 

Brokered natural gas and marketing

 

21,562

 

 

 

27,031

 

 

 

32,331

 

 

 

34,942

 

 

 

115,866

 

Exploration

 

7,886

 

 

 

5,025

 

 

 

4,235

 

 

 

4,260

 

 

 

21,406

 

Abandonment and impairment of unproved properties

 

11,491

 

 

 

12,330

 

 

 

12,366

 

 

 

11,432

 

 

 

47,619

 

General and administrative

 

48,329

 

 

 

55,964

 

 

 

46,178

 

 

 

43,544

 

 

 

194,015

 

Termination costs

 

5,950

 

 

 

417

 

 

 

(77

)

 

 

8,780

 

 

 

15,070

 

Deferred compensation plan

 

(5,624

)

 

 

(7,282

)

 

 

(43,705

)

 

 

(21,016

)

 

 

(77,627

)

Interest

 

39,207

 

 

 

43,479

 

 

 

42,904

 

 

 

40,849

 

 

 

166,439

 

Loss on early extinguishment of debt

 

 

 

 

 

 

 

22,495

 

 

 

 

 

 

22,495

 

Depletion, depreciation and amortization

 

147,290

 

 

 

151,895

 

 

 

153,993

 

 

 

127,977

 

 

 

581,155

 

Impairment of proved properties and other

 

 

 

 

 

 

 

502,233

 

 

 

87,941

 

 

 

590,174

 

Loss (gain) on sale of assets

 

175

 

 

 

(2,909

)

 

 

681

 

 

 

408,909

 

 

 

406,856

 

Total costs and expenses

 

412,757

 

 

 

425,170

 

 

 

915,662

 

 

 

896,841

 

 

 

2,650,430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

50,050

 

 

 

(180,569

)

 

 

(435,729

)

 

 

(486,114

)

 

 

(1,052,362

)

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

 

29

 

 

 

29

 

Deferred

 

22,366

 

 

 

(61,975

)

 

 

(134,781

)

 

 

(164,316

)

 

 

(338,706

)

 

 

22,366

 

 

 

(61,975

)

 

 

(134,781

)

 

 

(164,287

)

 

 

(338,677

)

Net income (loss)

$

27,684

 

 

$

(118,594

)

 

$

(300,948

)

 

$

(321,827

)

 

$

(713,685

)

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.16

 

 

$

(0.71

)

 

$

(1.81

)

 

$

(1.93

)

 

$

(4.29

)

Diluted

$

0.16

 

 

$

(0.71

)

 

$

(1.81

)

 

$

(1.93

)

 

$

(4.29

)

 

 

2014

 

 

March

 

 

June

 

 

September

 

 

December

 

  

Total

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

572,017

 

 

$

477,517

 

 

$

446,067

 

 

$

416,388

 

 

$

1,911,989

 

Derivative fair value (loss) income

 

(146,850

)

 

 

(24,109

)

 

 

142,057

 

 

 

412,422

 

 

 

383,520

 

Brokered natural gas, marketing and other

 

32,528

 

 

 

30,052

 

 

 

28,324

 

 

 

39,644

 

 

 

130,548

 

Total revenue and other income

 

457,695

 

 

 

483,460

 

 

 

616,448

 

 

 

868,454

 

 

 

2,426,057

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

39,795

 

 

 

34,935

 

 

 

37,792

 

 

 

37,961

 

 

 

150,483

 

Transportation, gathering and compression

 

74,161

 

 

 

76,809

 

 

 

84,777

 

 

 

89,542

 

 

 

325,289

 

Production and ad valorem taxes

 

11,678

 

 

 

10,844

 

 

 

10,110

 

 

 

11,923

 

 

 

44,555

 

Brokered natural gas and marketing

 

34,129

 

 

 

34,775

 

 

 

28,706

 

 

 

32,370

 

 

 

129,980

 

Exploration

 

14,846

 

 

 

13,621

 

 

 

11,443

 

 

 

23,638

 

 

 

63,548

 

Abandonment and impairment of unproved properties

 

9,995

 

 

 

9,332

 

 

 

13,444

 

 

 

14,308

 

 

 

47,079

 

General and administrative

 

49,212

 

 

 

56,888

 

 

 

54,963

 

 

 

52,363

 

 

 

213,426

 

Termination costs

 

 

 

 

 

 

 

 

 

 

8,371

 

 

 

8,371

 

Deferred compensation plan

 

(2,035

)

 

 

10,519

 

 

 

(46,198

)

 

 

(36,836

)

 

 

(74,550

)

Interest

 

45,401

 

 

 

45,488

 

 

 

39,188

 

 

 

38,900

 

 

 

168,977

 

Loss on early extinguishment of debt

 

 

 

 

24,596

 

 

 

 

 

 

 

 

 

24,596

 

Depletion, depreciation and amortization

 

128,682

 

 

 

133,361

 

 

 

142,450

 

 

 

146,539

 

 

 

551,032

 

Impairment of proved properties and other

 

 

 

 

24,991

 

 

 

 

 

 

3,033

 

 

 

28,024

 

Loss (gain) on sale of assets

 

353

 

 

 

(282,064

)

 

 

(167

)

 

 

(3,760

)

 

 

(285,638

)

Total costs and expenses

 

406,217

 

 

 

194,095

 

 

 

376,508

 

 

 

418,352

 

 

 

1,395,172

 

 

Income before income taxes

 

51,478

 

 

 

289,365

 

 

 

239,940

 

 

 

450,102

 

 

 

1,030,885

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

6

 

 

 

(1

)

 

 

 

 

 

(4

)

 

 

1

 

Deferred

 

18,951

 

 

 

117,977

 

 

 

93,522

 

 

 

166,052

 

 

 

396,502

 

 

 

18,957

 

 

 

117,976

 

 

 

93,522

 

 

 

166,048

 

 

 

396,503

 

Net income

$

32,521

 

 

$

171,389

 

 

$

146,418

 

 

$

284,054

 

 

$

634,382

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.20

 

 

$

1.04

 

 

$

0.87

 

 

$

1.68

 

 

$

3.81

 

Diluted

$

0.20

 

 

$

1.04

 

 

$

0.86

 

 

$

1.68

 

 

$

3.79