XML 75 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Accounting Changes and Error Corrections Accounting Changes and Error Corrections (Tables)
12 Months Ended
Dec. 31, 2013
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
 
Consolidated Balance Sheet as of December 31, 2013
 
(As Reported)
Adjustments
(As Restated)
Accounts Receivable
$
70,897

$

$
70,897

Deferred Tax Asset
4,974

5,741

10,715

Total Current Assets
86,748

5,741

92,489

Accumulated depreciation, depletion, and amortization
(3,174,453
)
49,171

(3,125,282
)
Property and Equipment, Net
2,539,646

49,171

2,588,817

Total Assets
2,643,593

54,912

2,698,505

 
 
 
 
Accounts payable and accrued liabilities
83,361

(1,043
)
82,318

Total Current Liabilities
177,076

(1,043
)
176,033

Deferred Tax Liabilities
217,384

23,821

241,205

Other Long-Term Liabilities
10,324


10,324

Additional paid-in capital
761,972

270

762,242

Retained earnings
283,380

31,864

315,244

Total Stockholders’ Equity
1,033,216

32,134

1,065,350

Total Liabilities and Stockholders’ Equity
2,643,593

54,912

2,698,505


 
Consolidated Balance Sheet as of December 31, 2012
 
(As Reported)
Adjustments
(As Restated)
Accounts Receivable (2)
$
67,318

$
3,885

$
71,203

Deferred Tax Asset (1)
5,679

2,583

8,262

Total Current Assets
80,537

6,468

87,005

Accumulated depreciation, depletion, and amortization (1)
(2,847,773
)
22,934

(2,824,839
)
Property and Equipment, Net
2,345,020

22,934

2,367,954

Total Assets
2,444,061

29,402

2,473,463

 
 
 
 
Accounts payable and accrued liabilities
75,378

1,932

77,310

Total Current Liabilities
177,480

1,932

179,412

Deferred Tax Liabilities (1)
223,243

11,250

234,493

Other Long-Term Liabilities
9,901

297

10,198

Additional paid-in capital
747,868

649

748,517

Retained earnings (1)
302,412

15,274

317,686

Total Stockholders’ Equity
1,036,860

15,923

1,052,783

Total Liabilities and Stockholders’ Equity
2,444,061

29,402

2,473,463

(1) The adjustments column includes the impact of correcting the error in the ceiling test write-down as of December 31, 2012. Included in these amounts are approximately $23 million related to Accumulated depreciation, depletion, and amortization, $9 million related to the net deferred tax liabilities and $15 million related to retained earnings.

(2) The adjustments column includes the impact of a $2.9 million revenue adjustment related to the 2012 finalization of a property unitization which was originally recorded in 2013.


 
Consolidated Statement of Operations for the year ended December 31, 2013
 
(As Reported)
Adjustments
(As Restated)
Oil and Gas Sales (2)
$
588,541

$
(3,312
)
$
585,229

Total Revenues
587,713

(3,312
)
584,401

General and Administrative, net
45,802

(379
)
45,423

Depreciation, depletion, and amortization
252,043

726

252,769

Lease operating cost
101,611

(1,880
)
99,731

Transportation and gas processing
22,336

(1,292
)
21,044

Severance and other taxes
42,252

473

42,725

Write-down of oil and gas properties
73,911

(26,963
)
46,948

Total Costs and Expenses
613,518

(29,315
)
584,203

Income (Loss) from Continuing Operations Before Income Taxes
(25,805
)
26,003

198

Provision (Benefit) for Income Taxes
(6,773
)
9,413

2,640

Income (Loss) from Continuing Operations
(19,032
)
16,590

(2,442
)
Net Income (Loss)
(19,032
)
16,590

(2,442
)
 
 
 
 
Basic EPS:  Income (Loss) from Continuing Operations
$
(0.44
)
$
0.38

$
(0.06
)
Basic EPS:  Net Income (Loss)
$
(0.44
)
$
0.38

$
(0.06
)
 
 
 
 
Diluted EPS:  Income (Loss) from Continuing Operations
$
(0.44
)
$
0.38

$
(0.06
)
Diluted EPS:  Net Income (Loss)
$
(0.44
)
$
0.38

$
(0.06
)
(2) The adjustments column includes the impact of a $2.9 million revenue adjustment related to the 2012 finalization of a property unitization which was originally recorded in 2013.

 
Consolidated Statements of Operations for the year ended December 31, 2012
 
(As Reported)
Adjustments
(As Restated)
Oil and Gas Sales (2)
$
554,194

$
4,196

$
558,390

Total Revenues
557,290

4,196

561,486

General and Administrative, net
46,778

319

47,097

Depreciation, depletion, and amortization
247,178

2,166

249,344

Lease operating cost
97,295

540

97,835

Transportation and gas processing
18,175

1,292

19,467

Severance and other taxes
48,862

(1,316
)
47,546

Total Costs and Expenses
520,712

3,001

523,713

Income (Loss) from Continuing Operations Before Income Taxes
36,578

1,195

37,773

Provision (Benefit) for Income Taxes
15,639

433

16,072

Income (Loss) from Continuing Operations
20,939

762

21,701

Net Income (Loss)
20,939

762

21,701

 
 
 
 
Basic EPS:  Income (Loss) from Continuing Operations
$
0.49

$
0.02

$
0.51

Basic EPS:  Net Income (Loss)
$
0.49

$
0.02

$
0.51

 
 
 
 
Diluted EPS:  Income (Loss) from Continuing Operations
$
0.48

$
0.02

$
0.50

Diluted EPS:  Net Income (Loss)
$
0.48

$
0.02

$
0.50

(2) The adjustments column includes the impact of a $2.9 million revenue adjustment related to the 2012 finalization of a property unitization which was originally recorded in 2013.

 
Consolidated Statements of Operations for the year ended December 31, 2011
 
(As Reported)
Adjustments
(As Restated)
Oil and Gas Sales
$
602,341

$
(1,322
)
$
601,019

Total Revenues
599,131

(1,322
)
597,809

General and Administrative, net
45,362

(37
)
45,325

Depreciation, depletion, and amortization
221,230

1,851

223,081

Severance and other taxes
52,508

843

53,351

Total Costs and Expenses
464,027

2,657

466,684

Income (Loss) from Continuing Operations Before Income Taxes
135,104

(3,979
)
131,125

Provision (Benefit) for Income Taxes
50,494

(1,440
)
49,054

Income (Loss) from Continuing Operations
84,610

(2,539
)
82,071

Net Income (Loss)
98,821

(2,539
)
96,282

 
 
 
 
Basic EPS:  Income (Loss) from Continuing Operations
$
2.00

$
(0.06
)
$
1.94

Basic EPS:  Net Income (Loss)
$
2.33

$
(0.06
)
$
2.27

 
 
 
 
Diluted EPS:  Income (Loss) from Continuing Operations
$
1.97

$
(0.06
)
$
1.91

Diluted EPS:  Net Income (Loss)
$
2.30

$
(0.06
)
$
2.24


 
Consolidated Statements of Comprehensive Income for the year ended December 31,
 
2013
 
2012
 
2011
 
(As Reported)
Adjustments
(As Restated)
 
(As Reported)
Adjustments
(As Restated)
 
(As Reported)
Adjustments
(As Restated)
Net Income (Loss)
$
(19,032
)
$
16,590

$
(2,442
)
 
$
20,939

$
762

$
21,701

 
$
98,821

$
(2,539
)
$
96,282

Comprehensive Income (Loss)
(19,032
)
16,590

(2,442
)
 
20,939

762

21,701

 
98,959

(2,539
)
96,420


 
Consolidated Statements of Cash Flows for the year ended December 31, 2013
 
(As Reported)
Adjustments
(As Restated)
Net income (loss)
$(19,032)
$16,590
$(2,442)
Write-down of oil and gas properties
73,911
(26,963)
46,948
Depreciation, depletion, and amortization
252,043
726
252,769
Deferred income taxes
(6,766)
9,413
2,647
Share-based compensation expense
10,478
(379)
10,099
Other
(5,146)
(297)
(5,443)
(Increase) decrease in accounts receivable
(5,779)
3,885
(1,894)
Increase (decrease) in accounts payable and accrued liabilities
5,582
(2,975)
2,607
Cash provided by operating activities – continuing operations
311,447
311,447

 
Consolidated Statements of Cash Flows for the year ended December 31, 2012
 
(As Reported)
Adjustments
(As Restated)
Net income (loss)
$
20,939

$
762

$
21,701

Depreciation, depletion, and amortization
247,178

2,166

249,344

Deferred income taxes
16,798

433

17,231

Share-based compensation expense
13,476

319

13,795

(Increase) decrease in accounts receivable
3,235

(4,769
)
(1,534
)
Increase (decrease) in accounts payable and accrued liabilities
(2,102
)
1,089

(1,013
)
Cash provided by operating activities – continuing operations
314,606


314,606


 
Consolidated Statements of Cash Flows for the year ended December 31, 2011
 
(As Reported)
Adjustments
(As Restated)
Net income (loss)
$
98,821

$
(2,539
)
$
96,282

Depreciation, depletion, and amortization
221,230

1,851

223,081

Deferred income taxes
48,995

(1,440
)
47,555

Share-based compensation expense
12,625

330

12,955

(Increase) decrease in accounts receivable
(12,625
)
1,322

(11,303
)
Increase (decrease) in accounts payable and accrued liabilities
10,134

476

10,610

Cash provided by operating activities – continuing operations
373,058


373,058