Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data

18. Selected Quarterly Financial Data—UNAUDITED

Unaudited quarterly financial data are as follows (in thousands, except per share amounts):

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Year Ended December 31, 2016
Revenues	$	77,715		$	99,655		$	107,403		$	115,213
Operating  income (loss) (1)		(166,614	)		(126,997	)		(58,276	)		21,319
Net income (loss) (1)		(190,509	)		(120,922	)		45,928			16,483
Basic and diluted income (loss) per common share (1) (2)		(2.49	)		(1.58	)		0.48			0.12
Year Ended December 31, 2015
Revenues	$	127,907		$	149,066		$	126,228		$	104,064
Operating  loss (1)		(337,508	)		(278,806	)		(468,573	)		(60,816	)
Net loss (1)		(255,095	)		(260,449	)		(477,568	)		(51,606	)
Basic and diluted loss per common share (1) (2)		(3.36	)		(3.43	)		(6.29	)		(0.68	)

(1) During 2016, we recorded in first, second and third quarter ceiling test write-downs of oil and natural gas properties of $116.6 million, $104.6 million and $57.9 million, respectively.  In the third quarter of 2016, we recorded a gain on exchange of debt of $123.9 million.  During 2015, we recorded in first, second, third and fourth quarter ceiling test write-downs of oil and natural gas properties of $260.4 million, $252.8 million, $441.6 million and $32.4 million, respectively.  See Note 1 for additional information.

(2) The sum of the individual quarterly earnings (loss) per share does not agree with the year loss per share because each quarterly calculation is based on the income for that quarter and the weighted average number of shares outstanding during that quarter.