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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Operating Revenues:        
Gas sales $ 491,340 $ 551,770 $ 1,384,152 $ 1,544,165
Gas marketing 148,764 176,787 423,503 549,243
Oil sales 1,889 2,157 6,097 7,387
Gas gathering 43,855 36,541 128,293 107,961
Total Operating Revenues 685,848 767,255 1,942,045 2,208,756
Operating Costs and Expenses:        
Gas purchases - midstream services 149,651 175,236 423,941 545,518
Operating expenses 61,906 63,911 179,478 175,763
General and administrative expenses 36,121 35,600 129,879 112,955
Depreciation, depletion and amortization 200,655 179,113 602,112 514,180
Impairment of natural gas and oil properties 441,465    1,377,364   
Taxes, other than income taxes 16,252 17,677 51,154 49,429
Total operating costs and expenses 906,050 471,537 2,763,928 1,397,845
Operating income (loss) (220,202) [1] 295,718 [1] (821,883) [1] 810,911 [1]
Interest Expense:        
Interest on debt 25,463 16,696 69,154 48,380
Other interest charges 1,058 902 3,096 3,414
Interest capitalized (15,915) (11,941) (45,945) (32,531)
Total Interest Expense 10,606 [2] 5,657 [2] 26,305 [2] 19,263 [2]
Other Income (Loss), Net 238 (122) 2,615 321
Income (Loss) Before Income Taxes (230,570) 289,939 (845,573) 791,969
Provision (Benefit) for Income Taxes:        
Current 101 3,491 369 3,691
Deferred (85,856) 111,275 (320,731) 309,042
Total provision for income taxes (85,755) [2] 114,766 [2] (320,362) [2] 312,733 [2]
Net Income (Loss) $ (144,815) $ 175,173 $ (525,211) $ 479,236
Earnings (Loss) Per Share:        
Basic $ (0.42) $ 0.50 $ (1.51) $ 1.38
Diluted $ (0.42) $ 0.50 $ (1.51) $ 1.37
Weighted Average Common Shares Outstanding:        
Basic 348,649,630 347,239,793 348,272,192 347,070,330
Diluted 348,649,630 [3] 349,998,789 [3] 348,272,192 [3] 349,891,885 [3]
[1] The operating loss for the E&P segment includes a $441.5 million and $1,377.4 million non-cash ceiling test impairment of our natural gas and oil properties for the three and nine-months ended September 30, 2012 respectively.
[2] Interest income, interest expense and the provision for income taxes by segment are allocated as they are incurred at the corporate level.
[3] (1) As we recognized a net loss for the three- and nine-months ended September 30, 2012, the unvested share-based payments and stock options were not recognized in diluted earnings per share (“Diluted EPS”) calculations as they would be antidilutive. Options for 1,664,232 shares and 560,848 shares of restricted stock were excluded from the calculation for the three months ended September 30, 2012 because they would have had an antidilutive effect. Options for 783,823 shares and 5,645 shares of restricted stock were excluded from the calculation for the three months ended September 30, 2011 because they would have had an antidilutive effect. Options for 1,685,398 shares and 580,227 shares of restricted stock were excluded from the calculation for the nine months ended September 30, 2012 because they would have had an antidilutive effect. Options for 811,552 shares and 7,114 shares of restricted stock were excluded from the calculation for the nine months ended September 30, 2011 because they would have had an antidilutive effect.