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Selected Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2018
Quarterly Financial Data [Abstract]  
Selected Quarterly Financial Data (Unaudited)

(18)

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 2018 includes goodwill impairment expense of $1.6 billion and unproved impairment expense of $441.8 million. Third quarter 2017 includes impairment expense of $63.7 million related to oil and gas properties in Oklahoma and Texas. Fourth quarter 2017 deferred income tax benefit includes the impact of the 2017 Tax Act which was signed into law on December 22, 2017.

 

2018

 

 

March

 

 

June

 

 

September

 

 

December

 

  

Total

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

696,629

 

 

$

661,390

 

 

$

736,431

 

 

$

756,627

 

 

$

2,851,077

 

Derivative fair value (loss) income

 

(14,009

)

 

 

(103,290

)

 

 

(34,591

)

 

 

100,698

 

 

 

(51,192

)

Brokered natural gas, marketing and other

 

59,979

 

 

 

98,084

 

 

 

109,385

 

 

 

215,312

 

 

 

482,760

 

Total revenue and other income

 

742,599

 

 

 

656,184

 

 

 

811,225

 

 

 

1,072,637

 

 

 

3,282,645

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

38,122

 

 

 

35,088

 

 

 

30,926

 

 

 

35,395

 

 

 

139,531

 

Transportation, gathering, processing and compression

 

244,628

 

 

 

269,910

 

 

 

304,562

 

 

 

298,716

 

 

 

1,117,816

 

Production and ad valorem taxes

 

9,926

 

 

 

10,140

 

 

 

9,427

 

 

 

16,656

 

 

 

46,149

 

Brokered natural gas and marketing

 

55,594

 

 

 

102,747

 

 

 

116,080

 

 

 

221,626

 

 

 

496,047

 

Exploration

 

7,719

 

 

 

7,499

 

 

 

8,299

 

 

 

10,600

 

 

 

34,117

 

Abandonment and impairment of unproved properties

 

11,773

 

 

 

54,922

 

 

 

6,549

 

 

 

441,750

 

 

 

514,994

 

General and administrative

 

68,417

 

 

 

47,583

 

 

 

43,722

 

 

 

50,090

 

 

 

209,812

 

Termination costs

 

(37

)

 

 

 

 

 

(336

)

 

 

 

 

 

(373

)

Deferred compensation plan

 

(7,397

)

 

 

6,615

 

 

 

223

 

 

 

(18,072

)

 

 

(18,631

)

Interest

 

52,385

 

 

 

53,862

 

 

 

54,801

 

 

 

49,161

 

 

 

210,209

 

Depletion, depreciation and amortization

 

162,266

 

 

 

161,026

 

 

 

164,266

 

 

 

147,909

 

 

 

635,467

 

Impairment of proved properties and other

 

7,312

 

 

 

15,302

 

 

 

 

 

 

 

 

 

22,614

 

Impairment of goodwill

 

 

 

 

 

 

 

 

 

 

1,641,197

 

 

 

1,641,197

 

(Gain) loss on sale of assets

 

(23

)

 

 

(156

)

 

 

30

 

 

 

10,815

 

 

 

10,666

 

Total costs and expenses

 

650,685

 

 

 

764,538

 

 

 

738,549

 

 

 

2,905,843

 

 

 

5,059,615

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

91,914

 

 

 

(108,354

)

 

 

72,676

 

 

 

(1,833,206

)

 

 

(1,776,970

)

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Current

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Deferred

 

42,676

 

 

 

(28,518

)

 

 

24,137

 

 

 

(68,784

)

 

 

(30,489

)

 

 

42,676

 

 

 

(28,518

)

 

 

24,137

 

 

 

(68,784

)

 

 

(30,489

)

Net income (loss)

$

49,238

 

 

$

(79,836

)

 

$

48,539

 

 

$

(1,764,422

)

 

$

(1,746,481

)

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.20

 

 

$

(0.32

)

 

$

0.19

 

 

$

(7.15

)

 

$

(7.10

)

Diluted

$

0.20

 

 

$

(0.32

)

 

$

0.19

 

 

$

(7.15

)

 

$

(7.10

)

 

 

2017

 

 

March

 

 

June

 

 

September

 

 

December

 

  

Total

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

559,450

 

 

$

506,137

 

 

$

507,541

 

 

$

603,159

 

 

$

2,176,287

 

Derivative fair value income (loss)

 

165,557

 

 

 

111,195

 

 

 

(88,426

)

 

 

25,024

 

 

 

213,350

 

Brokered natural gas, marketing and other

 

51,648

 

 

 

55,779

 

 

 

63,117

 

 

 

50,849

 

 

 

221,393

 

Total revenue and other income

 

776,655

 

 

 

673,111

 

 

 

482,232

 

 

 

679,032

 

 

 

2,611,030

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

28,023

 

 

 

31,420

 

 

 

36,888

 

 

 

37,921

 

 

 

134,252

 

Transportation, gathering, processing and compression

 

177,648

 

 

 

191,590

 

 

 

191,645

 

 

 

200,300

 

 

 

761,183

 

Production and ad valorem taxes

 

9,163

 

 

 

9,969

 

 

 

11,993

 

 

 

11,757

 

 

 

42,882

 

Brokered natural gas and marketing

 

53,550

 

 

 

55,857

 

 

 

59,773

 

 

 

51,131

 

 

 

220,311

 

Exploration

 

8,504

 

 

 

14,498

 

 

 

22,767

 

 

 

7,893

 

 

 

53,662

 

Abandonment and impairment of unproved properties

 

4,420

 

 

 

5,193

 

 

 

42,568

 

 

 

217,544

 

 

 

269,725

 

General and administrative

 

47,496

 

 

 

52,322

 

 

 

53,035

 

 

 

80,553

 

 

 

233,406

 

Termination costs

 

4,192

 

 

 

(96

)

 

 

(47

)

 

 

(279

)

 

 

3,770

 

Deferred compensation plan

 

(13,169

)

 

 

(14,466

)

 

 

(9,203

)

 

 

(14,077

)

 

 

(50,915

)

Interest

 

47,101

 

 

 

47,926

 

 

 

49,179

 

 

 

51,473

 

 

 

195,679

 

Depletion, depreciation and amortization

 

149,821

 

 

 

152,504

 

 

 

159,749

 

 

 

162,918

 

 

 

624,992

 

Impairment of proved properties and other

 

 

 

 

 

 

 

63,679

 

 

 

 

 

 

63,679

 

Gain on sale of assets

 

(22,600

)

 

 

(807

)

 

 

(102

)

 

 

(207

)

 

 

(23,716

)

Total costs and expenses

 

494,149

 

 

 

545,910

 

 

 

681,924

 

 

 

806,927

 

 

 

2,528,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

282,506

 

 

 

127,201

 

 

 

(199,692

)

 

 

(127,895

)

 

 

82,120

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Current

 

 

 

 

 

 

 

 

 

 

17

 

 

 

17

 

     Deferred

 

112,395

 

 

 

57,651

 

 

 

(71,992

)

 

 

(349,097

)

 

 

(251,043

)

 

 

112,395

 

 

 

57,651

 

 

 

(71,992

)

 

 

(349,080

)

 

 

(251,026

)

Net income (loss)

$

170,111

 

 

$

69,550

 

 

$

(127,700

)

 

$

221,185

 

 

$

333,146

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.69

 

 

$

0.28

 

 

$

(0.52

)

 

$

0.89

 

 

$

1.34

 

Diluted

$

0.69

 

 

$

0.28

 

 

$

(0.52

)

 

$

0.89

 

 

$

1.34