Quarterly Financial Data (Unaudited)

The Company’s unaudited quarterly financial data for 2017 and 2016 is summarized below.



	Quarter ended
In thousands, except per share data	March 31			June 30			September 30			December 31
2017
Total revenues (1)	$	685,427		$	661,486		$	726,743		$	1,047,172
Gain on crude oil and natural gas derivatives, net (1)	$	46,858		$	28,022		$	8,602		$	8,165
Property impairments (2)	$	51,372		$	123,316		$	35,130		$	27,552
Litigation settlement (3)	$	—		$	—		$	—		$	59,600
Gain (loss) on sale of assets, net (4)	$	(3,638	)	$	780		$	3,562		$	54,420
Income (loss) from operations	$	77,221		$	(29,041	)	$	91,753		$	309,468
Net income (loss) (5)	$	469		$	(63,557	)	$	10,621		$	841,914
Net income (loss) per share:
Basic	$	—		$	(0.17	)	$	0.03		$	2.27
Diluted	$	—		$	(0.17	)	$	0.03		$	2.25
2016
Total revenues (1)	$	453,174		$	451,211		$	526,199		$	549,689
Gain (loss) on crude oil and natural gas derivatives, net (1)	$	42,112		$	(82,257	)	$	15,668		$	(47,382	)
Property impairments (2)	$	78,927		$	66,112		$	57,689		$	34,564
Gain on sale of assets, net (4)	$	109		$	96,907		$	6,158		$	201,315
Income (loss) from operations	$	(239,103	)	$	(110,547	)	$	(93,183	)	$	155,299
Loss on extinguishment of debt (6)	$	—		$	—		$	—		$	26,055
Net income (loss)	$	(198,326	)	$	(119,402	)	$	(109,621	)	$	27,670
Net income (loss) per share:
Basic	$	(0.54	)	$	(0.32	)	$	(0.30	)	$	0.07
Diluted	$	(0.54	)	$	(0.32	)	$	(0.30	)	$	0.07

(1)

Gains and losses on crude oil and natural gas derivative instruments are reflected in “Total revenues” on both the consolidated statements of comprehensive income (loss) and this table of unaudited quarterly financial data. Crude oil and natural gas derivative gains and losses have been shown separately to illustrate the fluctuations in revenues that are attributable to the Company’s derivative instruments. Commodity price fluctuations each quarter can result in significant swings in mark-to-market gains and losses, which affects comparability between periods.


(2)	Property impairments have been shown separately to illustrate the impact on quarterly results attributable to write downs of the Company’s assets. Commodity price fluctuations each quarter can result in significant changes in estimated future cash flows and resulting impairments, which affects comparability between periods.


(3)	Fourth quarter 2017 results include a $59.6 million pre-tax loss accrual recognized in conjunction with a litigation settlement as discussed in Note 10. Commitments and Contingencies, which resulted in an after-tax decrease in net income of $37.0 million ($0.10 per basic and diluted share).


(4)	Gains on asset sales have been shown separately to illustrate the impact on quarterly results attributable to asset dispositions, which differ in significance from period to period and affect comparability. See Note 14. Property Dispositions for a discussion of notable dispositions.

(5)

Fourth quarter 2017 results reflect the remeasurement of the Company's deferred income tax assets and liabilities in response to the enactment of the Tax Reform Act in December 2017, which resulted in a one-time decrease in income tax expense and corresponding increase in net income of approximately $713.7 million ($1.92 per basic share and $1.91 per diluted share). See Note 8. Income Taxes for further discussion.


(6)	See Note 7. Long-Term Debt for discussion of the loss recognized by the Company upon the redemption of its 2020 Notes and 2021 Notes in the 2016 fourth quarter.