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Quarterly Financial Information Disclosure (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
Quarterly financial data
The following unaudited information shows selected items by quarter for the years 2013 and 2012:
 
First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

 
(In thousands, except per share amounts)
2013
 
 
 
 
Operating revenues
$
931,604

$
1,060,595

$
1,285,782

$
1,184,423

Operating expenses
827,073

969,217

1,135,909

1,037,306

Operating income
104,531

91,378

149,873

147,117

Income from continuing operations
56,592

46,392

84,550

91,348

Loss from discontinued operations, net of tax
(77
)
(59
)
(118
)
(58
)
Net income attributable to the Company
56,515

46,512

84,456

91,450

Earnings per common share - basic:
 

 

 

 
Earnings before discontinued operations
.30

.25

.45

.48

Discontinued operations, net of tax
—

—

—

—

Earnings per common share - basic
.30

.25

.45

.48

Earnings per common share - diluted:
 

 

 

 
Earnings before discontinued operations
.30

.24

.44

.48

Discontinued operations, net of tax
—

—

—

—

Earnings per common share - diluted
.30

.24

.44

.48

Weighted average common shares outstanding:
 

 

 

 
Basic
188,831

188,831

188,831

188,929

Diluted
189,222

189,463

189,638

189,766

 
 
 
 
 
2012
 

 

 

 

Operating revenues
$
852,807

$
967,962

$
1,173,518

$
1,081,144

Operating expenses
781,750

876,248

1,207,553

1,190,673

Operating income (loss)
71,057

91,714

(34,035
)
(109,529
)
Income (loss) from continuing operations
35,890

49,007

(29,532
)
(69,686
)
Income (loss) from discontinued operations, net of tax
(100
)
5,106

(139
)
8,700

Net income (loss) attributable to the Company
35,790

54,113

(29,671
)
(60,986
)
Earnings per common share - basic:
 

 

 

 

Earnings (loss) before discontinued operations
.19

.26

(.16
)
(.37
)
Discontinued operations, net of tax
—

.03

—

.05

Earnings (loss) per common share - basic
.19

.29

(.16
)
(.32
)
Earnings (loss) per common share - diluted:
 

 

 

 

Earnings (loss) before discontinued operations
.19

.26

(.16
)
(.37
)
Discontinued operations, net of tax
—

.03

—

.05

Earnings (loss) per common share - diluted
.19

.29

(.16
)
(.32
)
Weighted average common shares outstanding:
 

 

 

 

Basic
188,811

188,831

188,831

188,831

Diluted
189,182

189,107

188,831

188,831


Notes:
•
First quarter 2013 reflects an unrealized loss on commodity derivatives of $3.7 million (after tax). First quarter 2012 reflects an unrealized loss on commodity derivatives of $2.6 million (after tax).
•
Second quarter 2013 reflects an impairment of coalbed natural gas gathering assets of $9.0 million (after tax) and an unrealized gain on commodity derivatives of $8.2 million (after tax). Second quarter 2012 reflects a net benefit of $15.0 million (after tax) related to natural gas gathering operations litigation, a net benefit largely related to estimated insurance recoveries related to the guarantee of a construction contract (reflected in income (loss) from discontinued operations), an unrealized gain on commodity derivatives of $3.0 million (after tax) and an impairment of coalbed natural gas gathering assets of $1.7 million (after tax). For more information, see Notes 1 and 19.
•
Third quarter 2013 reflects an unrealized loss on commodity derivatives of $7.9 million (after tax). Third quarter 2012 reflects a $100.9 million (after tax) noncash write-down of oil and natural gas properties and an unrealized loss on commodity derivatives of $700,000 (after tax). For more information, see Note 1.
•
Fourth quarter 2013 reflects a net benefit of $1.5 million (after tax) related to natural gas gathering operations litigation and an unrealized loss on commodity derivatives of $500,000 (after tax). Fourth quarter 2012 reflects a $145.9 million (after tax) noncash write-down of oil and natural gas properties, the reversal of an arbitration charge of $13.0 million (after tax) related to a guarantee of a construction contract, which was partially offset by the reversal of estimated insurance recoveries (reflected in income (loss) from discontinued operations), as well as an unrealized loss on commodity derivatives of $200,000 (after tax). For more information, see Notes 1 and 19.