Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	December 31, 2017
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	67,908		$	31,649		$	—		$	—		$	99,557
Restricted cash	—			—			—			—			—
Accounts receivable - oil and natural gas	128,121			54,092			—			—			182,213
Accounts receivable - related parties	—			—			—			—			—
Accounts receivable - intercompany	554,439			63,374			—			(617,813		)	—
Prepaid expenses and other current assets	4,719			193			—			—			4,912
Short-term derivative instruments	78,847			—			—			—			78,847
Total current assets	834,034			149,308			—			(617,813		)	365,529
Property and equipment:
Oil and natural gas properties, full-cost accounting	6,562,147			2,607,738			—			(729		)	9,169,156
Other property and equipment	86,711			43			—			—			86,754
Accumulated depletion, depreciation, amortization and impairment	(4,153,696		)	(37		)	—			—			(4,153,733		)
Property and equipment, net	2,495,162			2,607,744			—			(729		)	5,102,177
Other assets:
Equity investments and investments in subsidiaries	2,361,575			77,744			57,641			(2,194,848		)	302,112
Long-term derivative instruments	8,685			—			—			—			8,685
Deferred tax asset	1,208			—			—			—			1,208
Inventories	5,816			2,411			—			—			8,227
Other assets	12,483			7,331			—			—			19,814
Total other assets	2,389,767			87,486			57,641			(2,194,848		)	340,046
Total assets	$	5,718,963		$	2,844,538		$	57,641		$	(2,813,390	)	$	5,807,752
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities	$	416,249		$	137,361		$	—		$	(1	)	$	553,609
Accounts payable - intercompany	63,373			554,313			127			(617,813		)	—
Asset retirement obligation - current	120			—			—			—			120
Short-term derivative instruments	32,534			—			—			—			32,534
Current maturities of long-term debt	622			—			—			—			622
Total current liabilities	512,898			691,674			127			(617,814		)	586,885
Long-term derivative instruments	2,989			—			—			—			2,989
Asset retirement obligation - long-term	63,141			11,839			—			—			74,980
Other non-current liabilities	—			2,963			—			—			2,963
Long-term debt, net of current maturities	2,038,321			—			—			—			2,038,321
Total liabilities	2,617,349			706,476			127			(617,814		)	2,706,138
Stockholders' equity:
Common stock	1,831			—			—			—			1,831
Paid-in capital	4,416,250			1,915,598			259,307			(2,174,905		)	4,416,250
Accumulated other comprehensive (loss) income	(40,539		)	—			(38,593		)	38,593			(40,539		)
Retained (deficit) earnings	(1,275,928		)	222,464			(163,200		)	(59,264		)	(1,275,928		)
Total stockholders' equity	3,101,614			2,138,062			57,514			(2,195,576		)	3,101,614
Total liabilities and stockholders' equity	$	5,718,963		$	2,844,538		$	57,641		$	(2,813,390	)	$	5,807,752

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

	December 31, 2016
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Assets
Current assets
Cash and cash equivalents	$	1,273,882		$	1,993		$	—		$	—		$	1,275,875
Restricted cash	185,000			—			—			—			$	185,000
Accounts receivable - oil and natural gas	137,087			37,496			—			(37,822		)	136,761
Accounts receivable - related parties	16			—			—			—			16
Accounts receivable - intercompany	449,517			1,151			—			(450,668		)	—
Prepaid expenses and other current assets	3,135			—			—			—			3,135
Short-term derivative instruments	3,488			—			—			—			3,488
Total current assets	2,052,125			40,640			—			(488,490		)	1,604,275
Property and equipment:
Oil and natural gas properties, full-cost accounting,	5,655,125			417,524			—			(729		)	6,071,920
Other property and equipment	68,943			43			—			—			68,986
Accumulated depletion, depreciation, amortization and impairment	(3,789,746		)	(34		)	—			—			(3,789,780		)
Property and equipment, net	1,934,322			417,533			—			(729		)	2,351,126
Other assets:
Equity investments and investments in subsidiaries	236,327			33,590			45,213			(71,210		)	243,920
Long-term derivative instruments	5,696			—			—			—			5,696
Deferred tax asset	4,692			—			—			—			4,692
Inventories	3,095			1,409			—			—			4,504
Other assets	8,932			—			—			—			8,932
Total other assets	258,742			34,999			45,213			(71,210		)	267,744
Total assets	$	4,245,189		$	493,172		$	45,213		$	(560,429	)	$	4,223,145
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities	$	255,966		$	9,158		$	—		$	—		$	265,124
Accounts payable - intercompany	31,202			457,163			126			(488,491		)	—
Asset retirement obligation - current	195			—			—			—			195
Short-term derivative instruments	119,219			—			—			—			119,219
Current maturities of long-term debt	276			—			—			—			276
Total current liabilities	406,858			466,321			126			(488,491		)	384,814
Long-term derivative instruments	26,759			—			—			—			26,759
Asset retirement obligation - long-term	34,081			—			—			—			34,081
Long-term debt, net of current maturities	1,593,599			—			—			—			1,593,599
Total liabilities	2,061,297			466,321			126			(488,491		)	2,039,253
Stockholders' equity:
Common stock	1,588			—			—			—			1,588
Paid-in capital	3,946,442			33,822			257,026			(290,848		)	3,946,442
Accumulated other comprehensive (loss) income	(53,058		)	—			(50,931		)	50,931			(53,058		)
Retained (deficit) earnings	(1,711,080		)	(6,971		)	(161,008		)	167,979			(1,711,080		)
Total stockholders' equity	2,183,892			26,851			45,087			(71,938		)	2,183,892
Total liabilities and stockholders' equity	$	4,245,189		$	493,172		$	45,213		$	(560,429	)	$	4,223,145

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Year Ended December 31, 2017
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Total revenues	$	1,010,989		$	309,314		$	—		$	—		$	1,320,303
Costs and expenses:
Lease operating expenses	65,793			14,453			—			—			80,246
Production taxes	15,100			6,026			—			—			21,126
Midstream gathering and processing	187,678			61,317			—			—			248,995
Depreciation, depletion and amortization	364,625			4			—			—			364,629
General and administrative	55,589			(2,654		)	3			—			52,938
Accretion expense	1,246			365			—			—			1,611
Acquisition expense	—			2,392			—			—			2,392
	690,031			81,903			3			—			771,937
INCOME (LOSS) FROM OPERATIONS	320,958			227,411			(3		)	—			548,366
OTHER (INCOME) EXPENSE:
Interest expense	112,732			(4,534		)	—			—			108,198
Interest income	(988		)	(21		)	—			—			(1,009		)
(Income) loss from equity method investments and investments in subsidiaries	(226,130		)	1,955			2,189			227,243			5,257
Other (income) expense	(1,617		)	(324		)	—			900			(1,041		)
	(116,003		)	(2,924		)	2,189			228,143			111,405
INCOME (LOSS) BEFORE INCOME TAXES	436,961			230,335			(2,192		)	(228,143		)	436,961
INCOME TAX EXPENSE	1,809			—			—			—			1,809
NET INCOME (LOSS)	$	435,152		$	230,335		$	(2,192	)	$	(228,143	)	$	435,152

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Year Ended December 31, 2016
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Total revenues	$	381,931		$	3,979		$	—		$	—		$	385,910
Costs and expenses:
Lease operating expenses	68,034			843			—			—			68,877
Production taxes	13,121			155			—			—			13,276
Midstream gathering and processing	165,400			572			—			—			165,972
Depreciation, depletion and amortization	245,970			4			—			—			245,974
Impairment of oil and natural gas properties	715,495			—			—			—			715,495
General and administrative	43,896			(490		)	3			—			43,409
Accretion expense	1,057			—			—			—			1,057
	1,252,973			1,084			3			—			1,254,060
(LOSS) INCOME FROM OPERATIONS	(871,042		)	2,895			(3		)	—			(868,150		)
OTHER (INCOME) EXPENSE:
Interest expense	63,529			1			—			—			63,530
Interest income	(1,230		)	—			—			—			(1,230		)
Insurance proceeds	(5,718		)	—			—			—			(5,718		)
Loss on debt extinguishment	23,776			—			—			—			23,776
Loss (income) from equity method investments and investments in subsidiaries	31,078			(89		)	25,150			(22,154		)	33,985
Other expense (income)	145			(16		)	—			—			129
	111,580			(104		)	25,150			(22,154		)	114,472
(LOSS) INCOME BEFORE INCOME TAXES	(982,622		)	2,999			(25,153		)	22,154			(982,622		)
INCOME TAX BENEFIT	(2,913		)	—			—			—			(2,913		)
NET (LOSS) INCOME	$	(979,709	)	$	2,999		$	(25,153	)	$	22,154		$	(979,709	)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

	Year Ended December 31, 2015
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Total revenues	$	707,868		$	1,122		$	—		$	—		$	708,990
Costs and expenses:
Lease operating expenses	68,632			843			—			—			69,475
Production taxes	14,618			122			—			—			14,740
Midstream gathering and processing	138,526			64			—			—			138,590
Depreciation, depletion and amortization	337,689			5			—			—			337,694
Impairment of oil and natural gas properties	1,440,418			—			—			—			1,440,418
General and administrative	41,892			55			20			—			41,967
Accretion expense	820			—			—			—			820
	2,042,595			1,089			20			—			2,043,704
(LOSS) INCOME FROM OPERATIONS	(1,334,727		)	33			(20		)	—			(1,334,714		)
OTHER (INCOME) EXPENSE:
Interest expense	51,221			—			—			—			51,221
Interest income	(643		)	—			—			—			(643		)
Insurance proceeds	(10,015		)	—			—			—			(10,015		)
Loss (income) from equity method investments and investments in subsidiaries	107,252			—			115,544			(116,703		)	106,093
Other (income) expense	(1,657		)	(346		)	—			1,518			(485		)
	146,158			(346		)	115,544			(115,185		)	146,171
(LOSS) INCOME BEFORE INCOME TAXES	(1,480,885		)	379			(115,564		)	115,185			(1,480,885		)
INCOME TAX BENEFIT	(256,001		)	—			—			—			(256,001		)
NET (LOSS) INCOME	$	(1,224,884	)	$	379		$	(115,564	)	$	115,185		$	(1,224,884	)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Year Ended December 31, 2017
	Parent		Guarantors		Non-Guarantor			Eliminations			Consolidated
Net income (loss)	$	435,152	$	230,335	$	(2,192	)	$	(228,143	)	$	435,152
Foreign currency translation adjustment	12,519		182		12,337			(12,519		)	12,519
Other comprehensive income (loss)	12,519		182		12,337			(12,519		)	12,519
Comprehensive income (loss)	$	447,671	$	230,517	$	10,145		$	(240,662	)	$	447,671

	Year Ended December 31, 2016
	Parent			Guarantors		Non-Guarantor			Eliminations			Consolidated
Net (loss) income	$	(979,709	)	$	2,999	$	(25,153	)	$	22,154		$	(979,709	)
Foreign currency translation adjustment	2,119			778		1,341			(2,119		)	2,119
Other comprehensive income (loss)	2,119			778		1,341			(2,119		)	2,119
Comprehensive (loss) income	$	(977,590	)	$	3,777	$	(23,812	)	$	20,035		$	(977,590	)

	Year Ended December 31, 2015
	Parent			Guarantors		Non-Guarantor			Eliminations		Consolidated
Net (loss) income	$	(1,224,884	)	$	379	$	(115,564	)	$	115,185	$	(1,224,884	)
Foreign currency translation adjustment	(28,502		)	—		(28,502		)	28,502		$	(28,502	)
Other comprehensive (loss) income	(28,502		)	—		(28,502		)	28,502		(28,502		)
Comprehensive (loss) income	$	(1,253,386	)	$	379	$	(144,066	)	$	143,687	$	(1,253,386	)

Condensed Consolidating Statements of Cash Flows

	Year Ended December 31, 2017
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by operating activities	$	392,680		$	287,209		$	—		$	—		$	679,889
Net cash (used in) provided by investing activities	(2,031,615		)	(1,674,690		)	(2,280		)	1,419,417			(2,289,168		)
Net cash provided by (used in) financing activities	432,961			1,417,137			2,280			(1,419,417		)	432,961
Net (decrease) increase in cash and cash equivalents	(1,205,974		)	29,656			—			—			(1,176,318		)
Cash and cash equivalents at beginning of period	1,273,882			1,993			—			—			1,275,875
Cash and cash equivalents at end of period	$	67,908		$	31,649		$	—		$	—		$	99,557

	Year Ended December 31, 2016
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	336,330		$	(9,486	)	$	(2	)	$	11,001		$	337,843
Net cash (used in) provided by investing activities	(905,582		)	(22,500		)	(15,472		)	37,972			(905,582		)
Net cash provided by (used in) financing activities	1,730,640			33,500			15,473			(48,973		)	1,730,640
Net increase (decrease) in cash and cash equivalents	1,161,388			1,514			(1		)	—			1,162,901
Cash and cash equivalents at beginning of period	112,494			479			1			—			112,974
Cash and cash equivalents at end of period	$	1,273,882		$	1,993		$	—		$	—		$	1,275,875

	Year Ended December 31, 2015
	Parent			Guarantors			Non-Guarantor			Eliminations			Consolidated
Net cash provided by (used in) operating activities	$	344,018		$	(21,839	)	$	(2	)	$	2		$	322,179
Net cash (used in) provided by investing activities	(1,595,767		)	21,514			(14,472		)	14,472			(1,574,253		)
Net cash provided by (used in) financing activities	1,222,708			—			14,474			(14,474		)	1,222,708
Net decrease in cash and cash equivalents	(29,041		)	(325		)	—			—			(29,366		)
Cash and cash equivalents at beginning of period	141,535			804			1			—			142,340
Cash and cash equivalents at end of period	$	112,494		$	479		$	1		$	—		$	112,974