XML 28 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues and other income:                      
Revenues and other income                 $ 3,333,836    
Derivative fair value (loss) income $ 100,698 $ (34,591) $ (103,290) $ (14,009) $ 25,024 $ (88,426) $ 111,195 $ 165,557 (51,192) $ 213,350 $ (261,391)
Total revenues and other income 1,072,637 811,225 656,184 742,599 679,032 482,232 673,111 776,655 3,282,645 2,611,030 1,099,939
Costs and expenses:                      
Production and ad valorem taxes 16,656 9,427 10,140 9,926 11,757 11,993 9,969 9,163 46,149 42,882 25,443
Brokered natural gas and marketing 221,626 116,080 102,747 55,594 51,131 59,773 55,857 53,550 496,047 220,311 168,576
Exploration 10,600 8,299 7,499 7,719 7,893 22,767 14,498 8,504 34,117 53,662 32,325
Abandonment and impairment of unproved properties 441,750 6,549 54,922 11,773 217,544 42,568 5,193 4,420 514,994 269,725 30,076
General and administrative 50,090 43,722 47,583 68,417 80,553 53,035 52,322 47,496 209,812 233,406 184,772
MRD Merger expenses                 0 0 37,225
Termination costs 0 (336) 0 (37) (279) (47) (96) 4,192 (373) 3,770 (519)
Deferred compensation plan (18,072) 223 6,615 (7,397) (14,077) (9,203) (14,466) (13,169) (18,631) (50,915) 19,153
Interest 49,161 54,801 53,862 52,385 51,473 49,179 47,926 47,101 210,209 195,679 168,213
Depletion, depreciation and amortization 147,909 164,266 161,026 162,266 162,918 159,749 152,504 149,821 635,467 624,992 524,102
Impairment of proved properties 0 0 15,302 7,312 0 63,679 0 0 22,614 63,679 43,040
Impairment of goodwill 1,641,197 0 0 0         1,641,197 0 0
Loss (gain) on the sale of assets 10,815 30 (156) (23) (207) (102) (807) (22,600) 10,666 (23,716) 7,074
Total costs and expenses 2,905,843 738,549 764,538 650,685 806,927 681,924 545,910 494,149 5,059,615 2,528,910 1,902,077
(Loss) income before income taxes (1,833,206) 72,676 (108,354) 91,914 (127,895) (199,692) 127,201 282,506 (1,776,970) 82,120 (802,138)
Income tax (benefit) expense:                      
Current 0 0 0 0 17 0 0 0 0 17 98
Deferred (68,784) 24,137 (28,518) 42,676 (349,097) (71,992) 57,651 112,395 (30,489) (251,043) (280,848)
Total (benefit) expense for income taxes (68,784) 24,137 (28,518) 42,676 (349,080) (71,992) 57,651 112,395 (30,489) (251,026) (280,750)
Net (loss) income $ (1,764,422) $ 48,539 $ (79,836) $ 49,238 $ 221,185 $ (127,700) $ 69,550 $ 170,111 $ (1,746,481) $ 333,146 $ (521,388)
Net (loss) income per common share:                      
Basic $ (7.15) $ 0.19 $ (0.32) $ 0.20 $ 0.89 $ (0.52) $ 0.28 $ 0.69 $ (7.10) $ 1.34 $ (2.75)
Diluted $ (7.15) $ 0.19 $ (0.32) $ 0.20 $ 0.89 $ (0.52) $ 0.28 $ 0.69 $ (7.10) $ 1.34 $ (2.75)
Weighted average common shares outstanding:                      
Basic [1]                 246,171 245,091 189,868
Diluted                 246,171 245,458 189,868
Natural Gas, NGLs and Oil Sales                      
Revenues and other income:                      
Revenues and other income $ 756,627 $ 736,431 $ 661,390 $ 696,629 $ 603,159 $ 507,541 $ 506,137 $ 559,450 $ 2,851,077 $ 2,176,287 $ 1,197,215
Brokered Natural Gas, Marketing and Other                      
Revenues and other income:                      
Revenues and other income 215,312 109,385 98,084 59,979 50,849 63,117 55,779 51,648 482,760 221,393 164,115
Direct Operating                      
Costs and expenses:                      
Costs and expenses 35,395 30,926 35,088 38,122 37,921 36,888 31,420 28,023 139,531 134,252 97,388
Transportation, Gathering, Processing and Compression                      
Costs and expenses:                      
Costs and expenses $ 298,716 $ 304,562 $ 269,910 $ 244,628 $ 200,300 $ 191,645 $ 191,590 $ 177,648 $ 1,117,816 $ 761,183 $ 565,209
[1] Includes common stock issued in connection with the exchange of 77.0 million shares for all outstanding Memorial common stock on September 16, 2016.