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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues and other income:        
Natural gas, NGLs and oil sales $ 507,541,000 $ 304,477,000 $ 1,573,128,000 $ 738,570,000
Derivative fair value (loss) income (88,426,000) 64,556,000 188,326,000 (11,334,000)
Brokered natural gas, marketing and other 63,117,000 44,174,000 170,544,000 119,181,000
Total revenues and other income 482,232,000 413,207,000 1,931,998,000 846,417,000
Costs and expenses:        
Direct operating 36,888,000 22,387,000 96,331,000 67,112,000
Transportation, gathering, processing and compression 191,645,000 138,764,000 560,883,000 400,871,000
Production and ad valorem taxes 11,993,000 6,717,000 31,125,000 18,653,000
Brokered natural gas and marketing 59,773,000 44,622,000 169,180,000 122,105,000
Exploration 22,767,000 6,943,000 45,769,000 18,641,000
Abandonment and impairment of unproved properties 42,568,000 6,082,000 52,181,000 23,769,000
General and administrative 53,035,000 41,024,000 152,853,000 127,745,000
MRD Merger expenses 0 33,791,000 0 36,412,000
Termination costs (47,000) 136,000 4,049,000 303,000
Deferred compensation plan (9,203,000) (11,636,000) (36,838,000) 30,166,000
Interest 49,179,000 45,967,000 144,206,000 121,464,000
Depletion, depreciation and amortization 159,749,000 131,489,000 462,074,000 374,440,000
Impairment of proved properties and other assets 63,679,000 0 63,679,000 43,040,000
(Gain) loss on the sale of assets (102,000) 2,597,000 (23,509,000) 7,544,000
Total costs and expenses 681,924,000 468,883,000 1,721,983,000 1,392,265,000
(Loss) income before income taxes (199,692,000) (55,676,000) 210,015,000 (545,848,000)
Income tax (benefit) expense:        
Current 0 0 0 0
Deferred (71,992,000) (13,705,000) 98,054,000 (185,169,000)
Total (benefit) expense for income taxes (71,992,000) (13,705,000) 98,054,000 (185,169,000)
Net (loss) income $ (127,700,000) $ (41,971,000) $ 111,961,000 $ (360,679,000)
Net (loss) income per common share:        
Basic $ (0.52) $ (0.23) $ 0.45 $ (2.10)
Diluted (0.52) (0.23) 0.45 (2.10)
Dividends paid per common share $ 0.02 $ 0.02 $ 0.06 $ 0.06
Weighted average common shares outstanding:        
Basic [1] 245,244 180,683 245,027 171,571
Diluted 245,244 180,683 245,280 171,571
[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.