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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues and other income:        
Natural gas, NGLs and oil sales $ 506,137,000 $ 224,606,000 $ 1,065,587,000 $ 434,093,000
Derivative fair value income (loss) 111,195,000 (162,798,000) 276,752,000 (75,890,000)
Brokered natural gas, marketing and other 55,779,000 39,989,000 107,427,000 75,007,000
Total revenues and other income 673,111,000 101,797,000 1,449,766,000 433,210,000
Costs and expenses:        
Direct operating 31,420,000 20,671,000 59,443,000 44,725,000
Transportation, gathering, processing and compression 191,590,000 136,844,000 369,238,000 262,107,000
Production and ad valorem taxes 9,969,000 6,049,000 19,132,000 11,936,000
Brokered natural gas and marketing 55,857,000 40,925,000 109,407,000 77,483,000
Exploration 14,498,000 6,785,000 23,002,000 11,698,000
Abandonment and impairment of unproved properties 5,193,000 7,059,000 9,613,000 17,687,000
General and administrative 52,322,000 46,064,000 99,818,000 86,721,000
MRD Merger expenses 0 2,621,000 0 2,621,000
Termination costs (96,000) 5,000 4,096,000 167,000
Deferred compensation plan (14,466,000) 25,746,000 (27,635,000) 41,802,000
Interest 47,926,000 37,758,000 95,027,000 75,497,000
Depletion, depreciation and amortization 152,504,000 122,390,000 302,325,000 242,951,000
Impairment of proved properties and other assets 0 0 0 43,040,000
(Gain) loss on the sale of assets (807,000) 3,304,000 (23,407,000) 4,947,000
Total costs and expenses 545,910,000 456,221,000 1,040,059,000 923,382,000
Income (loss) before income taxes 127,201,000 (354,424,000) 409,707,000 (490,172,000)
Income tax expense (benefit):        
Current 0 0 0 0
Deferred 57,651,000 (129,488,000) 170,046,000 (171,464,000)
Total income tax expense (benefit) 57,651,000 (129,488,000) 170,046,000 (171,464,000)
Net income (loss) $ 69,550,000 $ (224,936,000) $ 239,661,000 $ (318,708,000)
Net income (loss) per common share:        
Basic $ 0.28 $ (1.35) $ 0.97 $ (1.91)
Diluted 0.28 (1.35) 0.97 (1.91)
Dividends paid per common share $ 0.02 $ 0.02 $ 0.04 $ 0.04
Weighted average common shares outstanding:        
Basic [1] 245,177 167,126 244,916 166,964
Diluted 245,335 167,126 245,242 166,964
[1] 2017 includes common stock issued in connection with the exchange of 77.0 million shares for all outstanding Memorial common stock on September 16, 2016.