Acquisitions (Tables)

6 Months Ended

Jun. 30, 2017

Total Fair Value of Consideration Transferred

The total fair value of the consideration transferred was determined as follows (in thousands, except stock price):

Shares of Company common stock issued to SSE shareholders		46,298
Company common stock price on April 20, 2017	$	22.45
Fair value of common stock issued	$	1,039,396
Plus SSE long-term debt repaid by Company	$	472,000
Total fair value of consideration transferred	$	1,511,396

Schedule of Total Purchase Price of Assets Acquired and Liabilities Assumed Based on Fair Value

The final determination of the fair value of assets acquired and liabilities assumed at the merger date will be completed as soon as possible, but no later than one year from the merger date (the “measurement period”). The Company’s preliminary purchase price allocation is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information that existed as of the merger date, but at the time was unknown to the Company, may become known to the Company during the remainder of the measurement period. The final determination of fair value may differ materially from these preliminary estimates. The following table represents the preliminary allocation of the total purchase price of SSE to the assets acquired and the liabilities assumed based on the fair value at the merger date, with the excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded as goodwill (in thousands):

Identifiable assets acquired
Cash and cash equivalents	$	37,806
Accounts receivable		149,598
Inventory		8,036
Other current assets		19,250
Property and equipment		984,430
Other long-term assets		14,546
Intangible assets		22,500
Total identifiable assets acquired		1,236,166
Liabilities assumed
Accounts payable and accrued liabilities		130,100
Deferred income taxes		31,402
Other long-term liabilities		1,734
Total liabilities assumed		163,236
Net identifiable assets acquired		1,072,930
Goodwill		438,466
Total net assets acquired	$	1,511,396

Portion of Fair Value Consideration Transferred Provisionally Assigned to Identifiable Intangible Assets

A portion of the fair value consideration transferred has been provisionally assigned to identifiable intangible assets as follows:

	Fair Value		Weighted Average Useful Life
	(in thousands)		(in years)
Assets
Favorable drilling contracts	$	22,500	1
Liabilities
Unfavorable drilling contracts	$	2,532	1

Summary of Selected Financial Information of the Company on a Pro Forma Basis

The following table summarizes selected financial information of the Company on a pro forma basis (in thousands, except per share data):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016

Revenues	$	631,770		$	332,027		$	1,126,914		$	756,327
Net loss		(85,184	)		(133,530	)		(117,317	)		(229,295	)
Loss per share		(0.40	)		(0.63	)		(0.56	)		(1.09	)