Date of Report (Date of earliest event reported) | August 3, 2017 | |
(August 3, 2017) |
Delaware | 000-51719 | 81-5366183 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
600 Travis Houston, Texas | 77002 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (281) 840-4000 | |
NOT APPLICABLE | |
(Former name or former address, if changed since last report.) |
Exhibit Number | Description | |
Exhibit 99.1 | Press release dated August 3, 2017. |
LINN ENERGY, INC. | |
(Registrant) | |
Date: August 3, 2017 | /s/ David B. Rottino |
David B. Rottino | |
Executive Vice President and Chief Financial Officer |
• | Signed an agreement to form Roan Resources LLC as a Merge/SCOOP/STACK pure play company with a core, largely contiguous position of approximately 140,000 tier 1 total net acres |
• | Successfully tested third bench in the Merge with a peak IP-30 rate of more than 850 BOE/d (~64% liquids); lateral length of 4,186 feet in the Hunton |
• | Exceeded $1 billion in net cash proceeds from closed asset sales as of August 1, 2017 |
• | Eliminated all debt and is in the final stages of negotiating a new credit facility |
• | As of July 31, 2017, repurchased ~841,000 shares for ~$27 million as part of the share repurchase program |
• | Exceeded midpoint of adjusted production guidance with average daily production of 710 MMcfe/d |
• | Revised G&A guidance for 2017 is $95 million, down significantly from the previous guidance of $120 million |
• | Raised guidance for production and financial performance pro forma of announced asset sales |
• | Commenced construction of Chisholm Trail Cryogenic facility located in the prolific Merge/SCOOP/STACK play |
Second Quarter | ||
$ in millions, except per unit amounts | 2017 | 2016 |
Average daily production (MMcfe/d) | 710 | 802 |
Total oil, natural gas and NGL revenues | $243 | $196 |
Income from continuing operations | $223 | $204 |
Income (loss) from discontinued operations net of income taxes | $(3) | $4 |
Net income | $220 | $208 |
Adjusted EBITDAX (a non-GAAP financial measure)(3) | $112 | $179 |
Total debt(4) | $183 | $5,961(2) |
Net cash provided by operating activities | $103 | $536 |
Oil and natural gas capital | $71 | $14 |
Total capital | $96 | $23 |
(1) | All amounts reflect continuing operations with the exception of net income |
(2) | Includes approximately $4,023 million classified as liabilities subject to compromise on the balance sheet |
(3) | Excludes Adjusted EBITDAX from discontinued operations of approximately $12 million and $29 million for the three months ended June 30, 2017, and for the three months ended June 30, 2016, respectively |
(4) | As of June 30, 2017 and June 30, 2016 |
Q2 Actuals | Adjusted Q2 Guidance | |||||
Net Production (MMcfe/d) | 710 | 663 | – | 737 | ||
Natural gas (MMcf/d) | 432 | 428 | – | 475 | ||
Oil (Bbls/d) | 21,600 | 19,122 | – | 21,609 | ||
NGL (Bbls/d) | 24,800 | 20,135 | – | 22,044 | ||
Other revenues, net (in thousands) (1) | $11,962 | $9,000 | – | $10,000 | ||
Costs (in thousands) | $126,316 | $122,000 | – | $137,000 | ||
Lease operating expenses | $71,057 | $68,000 | – | $75,000 | ||
Transportation expenses | $37,388 | $35,000 | – | $40,000 | ||
Taxes, other than income taxes | $17,871 | $19,000 | – | $22,000 | ||
General and administrative expenses (2) | $19,036 | $27,000 | – | $30,000 | ||
Costs per Mcfe (Mid-Point) | $1.96 | $2.03 | ||||
Lease operating expenses | $1.10 | $1.12 | ||||
Transportation expenses | $0.58 | $0.59 | ||||
Taxes, other than income taxes | $0.28 | $0.32 | ||||
General and administrative expenses (2) | $0.29 | $0.45 | ||||
Targets (Mid-Point) (in thousands) | ||||||
Adjusted EBITDAX(3) | $111,932 | $95,000 | ||||
Interest expense | $7,551 | $9,000 | ||||
Oil and natural gas capital | $70,640 | $49,000 | ||||
Total capital | $95,741 | $85,000 | ||||
Weighted Average NYMEX Differentials | ||||||
Natural gas (MMBtu) | ($0.37) | ($0.35) | – | ($0.15) | ||
Oil (Bbl) | ($2.86) | ($5.00) | – | ($3.00) | ||
NGL price as a % of crude oil price | 42% | 34% - 38% |
(1) | Includes other revenues and margin on marketing activities |
(2) | As included in operating cash flow and excludes share-based compensation expenses of approximately $15 million |
(3) | Excludes Adjusted EBITDAX from discontinued operations of approximately $12 million |
Q3 2017E | Q4 2017E | FY 2017E | |
Net Production (MMcfe/d) | 540 – 600 | 500 – 550 | 618 – 655 |
Natural gas (MMcf/d) | 330 – 365 | 325 – 355 | 390 – 415 |
Oil (Bbls/d) | 16,000 – 18,000 | 14,000 – 16,000 | 18,000 – 19,000 |
NGL (Bbls/d) | 19,000 – 21,000 | 15,000 – 16,500 | 20,000 – 21,000 |
Other revenues, net (in thousands) (1) | $7,000 – $8,000 | $7,000 – $8,000 | $40,000 – $42,000 |
Costs (in thousands) | $101,000 – $111,000 | $96,000 – $105,000 | $456,000 – $485,000 |
Lease operating expenses | $56,000 – $62,000 | $55,000 – $60,000 | $255,000 – $270,000 |
Transportation expenses | $31,000 – $34,000 | $28,000 – $31,000 | $136,000 – $144,000 |
Taxes, other than income taxes | $14,000 – $15,000 | $13,000 – $14,000 | $65,000 – $71,000 |
General and administrative expenses (2) | $24,000 – $27,000 | $22,000 – $24,000 | $92,000 – $99,000 |
Costs per Mcfe (Mid-Point) | $2.03 | $2.08 | $2.02 |
Lease operating expenses | $1.13 | $1.19 | $1.13 |
Transportation expenses | $0.62 | $0.61 | $0.60 |
Taxes, other than income taxes | $0.28 | $0.28 | $0.29 |
General and administrative expenses (2) | $0.49 | $0.48 | $0.41 |
Targets (Mid-Point) (in thousands) | |||
Adjusted EBITDAX(3) | $71,000 | $63,000 | $360,000 |
Interest expense | $1,000 | $– | $28,000 |
Oil and natural gas capital | $78,000 | $24,000 | $229,000 |
Total capital | $116,000 | $62,000 | $338,000 |
Weighted Average NYMEX Differentials | |||
Natural gas (MMBtu) | ($0.35) – ($0.25) | ($0.35) – ($0.25) | ($0.35) – ($0.25) |
Oil (Bbl) | ($4.00) – ($3.00) | ($4.00) – ($3.00) | ($4.00) – ($3.00) |
NGL price as a % of crude oil price | 34% – 40% | 34% – 40% | 36% – 42% |
Unhedged Commodity Price Assumptions (4) | July | Aug | Sept | Oct | Nov | Dec | 2017E |
Natural gas (MMBtu) | $3.07 | $2.97 | $2.96 | $3.00 | $3.07 | $3.22 | $3.15 |
Oil (Bbl) | $45.86 | $45.77 | $45.95 | $46.19 | $46.45 | $46.69 | $48.09 |
NGL (Bbl) | $17.04 | $16.99 | $17.28 | $17.02 | $17.09 | $17.17 | $18.95 |
(1) | Includes other revenues and margin on marketing activities |
(2) | As included in operating cash flow and excludes share-based compensation expenses |
(3) | Excludes Adjusted EBITDAX from discontinued operations of approximately $4 million for Q3 2017E, and $31 million for FY 2017E |
(4) | Strip prices as of July 21, 2017 |
2017 | 2018 | 2019 | ||||
Natural Gas | Volume (MMMBtu/d) | Average Price (per MMBtu) | Volume (MMMBtu/d) | Average Price (per MMBtu) | Volume (MMMBtu/d) | Average Price (per MMBtu) |
Swaps | 370 | $3.17 | 131 | $3.01 | 31 | $2.97 |
Oil | Volume (Bbls/d) | Average Price (per Bbl) | Volume (Bbls/d) | Average Price (per Bbl) | Volume (Bbls/d) | Average Price (per Bbl) |
Swaps | 12,000 | $52.13 | 1,500 | $54.07 | – | – |
Collars | – | – | 5,000 | $50.00 – $55.50 | 5,000 | $50.00 – $55.50 |
Successor | Predecessor | |||||||
June 30, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 16,903 | $ | 694,857 | ||||
Accounts receivable – trade, net | 163,935 | 198,064 | ||||||
Derivative instruments | 23,959 | — | ||||||
Restricted cash | 98,616 | 1,602 | ||||||
Other current assets | 71,836 | 105,310 | ||||||
Assets held for sale | 236,421 | — | ||||||
Current assets of discontinued operations | 235,643 | 701 | ||||||
Total current assets | 847,313 | 1,000,534 | ||||||
Noncurrent assets: | ||||||||
Oil and natural gas properties (successful efforts method) | 1,444,110 | 12,349,117 | ||||||
Less accumulated depletion and amortization | (37,572 | ) | (9,843,908 | ) | ||||
1,406,538 | 2,505,209 | |||||||
Other property and equipment | 441,483 | 618,262 | ||||||
Less accumulated depreciation | (12,739 | ) | (217,724 | ) | ||||
428,744 | 400,538 | |||||||
Derivative instruments | 12,759 | — | ||||||
Deferred income taxes | 492,182 | — | ||||||
Other noncurrent assets | 13,980 | 13,984 | ||||||
Noncurrent assets of discontinued operations | — | 740,326 | ||||||
518,921 | 754,310 | |||||||
Total noncurrent assets | 2,354,203 | 3,660,057 | ||||||
Total assets | $ | 3,201,516 | $ | 4,660,591 | ||||
LIABILITIES AND EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 268,605 | $ | 295,081 | ||||
Derivative instruments | 486 | 82,508 | ||||||
Current portion of long-term debt, net | — | 1,937,729 | ||||||
Other accrued liabilities | 135,416 | 25,979 | ||||||
Liabilities held for sale | 36,387 | — | ||||||
Current liabilities of discontinued operations | 28,218 | 321 | ||||||
Total current liabilities | 469,112 | 2,341,618 | ||||||
Derivative instruments | — | 11,349 | ||||||
Long-term debt | 183,430 | — | ||||||
Other noncurrent liabilities | 264,025 | 360,405 | ||||||
Noncurrent liabilities of discontinued operations | — | 39,202 | ||||||
Liabilities subject to compromise | — | 4,305,005 | ||||||
Successor | Predecessor | |||||||
June 30, 2017 | December 31, 2016 | |||||||
(in thousands) | ||||||||
Temporary equity: | ||||||||
Redeemable noncontrolling interests | 28,132 | — | ||||||
Stockholders’/unitholders’ equity (deficit): | ||||||||
Predecessor units issued and outstanding | — | 5,386,885 | ||||||
Predecessor accumulated deficit | — | (7,783,873 | ) | |||||
Successor Class A common stock | 89 | — | ||||||
Successor additional paid-in capital | 2,043,927 | — | ||||||
Successor retained earnings | 212,801 | — | ||||||
Total stockholders’/unitholders’ equity (deficit) | 2,256,817 | (2,396,988 | ) | |||||
Total liabilities and equity (deficit) | $ | 3,201,516 | $ | 4,660,591 |
Successor | Predecessor | |||||||
Three Months Ended June 30, 2017 | Three Months Ended June 30, 2016 | |||||||
(in thousands, except per share and per unit amounts) | ||||||||
Revenues and other: | ||||||||
Oil, natural gas and natural gas liquids sales | $ | 243,167 | $ | 195,847 | ||||
Gains (losses) on oil and natural gas derivatives | 45,714 | (183,794 | ) | |||||
Marketing revenues | 12,547 | 8,551 | ||||||
Other revenues | 6,391 | 23,641 | ||||||
307,819 | 44,245 | |||||||
Expenses: | ||||||||
Lease operating expenses | 71,057 | 70,367 | ||||||
Transportation expenses | 37,388 | 41,092 | ||||||
Marketing expenses | 6,976 | 6,727 | ||||||
General and administrative expenses | 34,458 | 52,169 | ||||||
Exploration costs | 811 | 48 | ||||||
Depreciation, depletion and amortization | 51,987 | 86,358 | ||||||
Taxes, other than income taxes | 17,871 | 18,180 | ||||||
(Gains) losses on sale of assets and other, net | (306,969 | ) | 2,517 | |||||
(86,421 | ) | 277,458 | ||||||
Other income and (expenses): | ||||||||
Interest expense, net of amounts capitalized | (7,551 | ) | (50,320 | ) | ||||
Other, net | (1,163 | ) | (1,226 | ) | ||||
(8,714 | ) | (51,546 | ) | |||||
Reorganization items, net | (3,377 | ) | 485,798 | |||||
Income from continuing operations before income taxes | 382,149 | 201,039 | ||||||
Income tax expense (benefit) | 158,770 | (3,652 | ) | |||||
Income from continuing operations | 223,379 | 204,691 | ||||||
Income (loss) from discontinued operations, net of income taxes | (3,322 | ) | 3,801 | |||||
Net income | $ | 220,057 | $ | 208,492 | ||||
Income from continuing operations per share/unit – Basic | $ | 2.49 | $ | 0.58 | ||||
Income from continuing operations per share/unit – Diluted | $ | 2.47 | $ | 0.58 | ||||
Income (loss) from discontinued operations per share/unit – Basic | $ | (0.04 | ) | $ | 0.01 | |||
Income (loss) from discontinued operations per share/unit – Diluted | $ | (0.04 | ) | $ | 0.01 | |||
Net income per share/unit – Basic | $ | 2.45 | $ | 0.59 | ||||
Net income per share/unit – Diluted | $ | 2.43 | $ | 0.59 | ||||
Weighted average shares/units outstanding – Basic | 89,849 | 352,789 | ||||||
Weighted average shares/units outstanding – Diluted | 90,484 | 352,789 |
Successor | Predecessor | |||||||||||
Four Months Ended June 30, 2017 | Two Months Ended February 28, 2017 | Six Months Ended June 30, 2016 | ||||||||||
(in thousands, except per share and per unit amounts) | ||||||||||||
Revenues and other: | ||||||||||||
Oil, natural gas and natural gas liquids sales | $ | 323,492 | $ | 188,885 | $ | 380,288 | ||||||
Gains (losses) on oil and natural gas derivatives | 33,755 | 92,691 | (74,341 | ) | ||||||||
Marketing revenues | 15,461 | 6,636 | 17,612 | |||||||||
Other revenues | 8,419 | 9,915 | 51,947 | |||||||||
381,127 | 298,127 | 375,506 | ||||||||||
Expenses: | ||||||||||||
Lease operating expenses | 95,687 | 49,665 | 153,613 | |||||||||
Transportation expenses | 51,111 | 25,972 | 83,623 | |||||||||
Marketing expenses | 9,515 | 4,820 | 14,560 | |||||||||
General and administrative expenses | 44,869 | 71,745 | 135,889 | |||||||||
Exploration costs | 866 | 93 | 2,741 | |||||||||
Depreciation, depletion and amortization | 71,901 | 47,155 | 175,467 | |||||||||
Impairment of long-lived assets | — | — | 123,316 | |||||||||
Taxes, other than income taxes | 24,948 | 14,877 | 35,541 | |||||||||
(Gains) losses on sale of assets and other, net | (306,524 | ) | 672 | 3,786 | ||||||||
(7,627 | ) | 214,999 | 728,536 | |||||||||
Other income and (expenses): | ||||||||||||
Interest expense, net of amounts capitalized | (11,751 | ) | (16,725 | ) | (134,193 | ) | ||||||
Other, net | (1,551 | ) | (149 | ) | (1,158 | ) | ||||||
(13,302 | ) | (16,874 | ) | (135,351 | ) | |||||||
Reorganization items, net | (5,942 | ) | 2,331,189 | 485,798 | ||||||||
Income (loss) from continuing operations before income taxes | 369,510 | 2,397,443 | (2,583 | ) | ||||||||
Income tax expense (benefit) | 153,455 | (166 | ) | 6,594 | ||||||||
Income (loss) from continuing operations | 216,055 | 2,397,609 | (9,177 | ) | ||||||||
Loss from discontinued operations, net of income taxes | (3,254 | ) | (548 | ) | (1,130,077 | ) | ||||||
Net income (loss) | $ | 212,801 | $ | 2,397,061 | $ | (1,139,254 | ) | |||||
Income (loss) from continuing operations per share/unit – Basic | $ | 2.41 | $ | 6.80 | $ | (0.02 | ) | |||||
Income (loss) from continuing operations per share/unit – Diluted | $ | 2.40 | $ | 6.80 | $ | (0.02 | ) | |||||
Loss from discontinued operations per share/unit – Basic | $ | (0.04 | ) | $ | (0.01 | ) | $ | (3.21 | ) | |||
Loss from discontinued operations per share/unit – Diluted | $ | (0.04 | ) | $ | (0.01 | ) | $ | (3.21 | ) | |||
Net income (loss) per share/unit – Basic | $ | 2.37 | $ | 6.79 | $ | (3.23 | ) | |||||
Net income (loss) per share/unit – Diluted | $ | 2.36 | $ | 6.79 | $ | (3.23 | ) | |||||
Weighted average shares/units outstanding – Basic | 89,849 | 352,792 | 352,511 | |||||||||
Weighted average shares/units outstanding – Diluted | 90,065 | 352,792 | 352,511 |
Successor | Predecessor | |||||||||||
Four Months Ended June 30, 2017 | Two Months Ended February 28, 2017 | Six Months Ended June 30, 2016 | ||||||||||
(in thousands) | ||||||||||||
Cash flow from operating activities: | ||||||||||||
Net income (loss) | $ | 212,801 | $ | 2,397,061 | $ | (1,139,254 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Loss from discontinued operations | 3,254 | 548 | 1,130,077 | |||||||||
Depreciation, depletion and amortization | 71,901 | 47,155 | 175,467 | |||||||||
Impairment of long-lived assets | — | — | 123,316 | |||||||||
Deferred income taxes | 131,055 | (166 | ) | 3,850 | ||||||||
Noncash (gains) losses on oil and natural gas derivatives | (25,826 | ) | (104,263 | ) | 931,251 | |||||||
Share-based compensation expenses | 19,599 | 50,255 | 18,553 | |||||||||
Amortization and write-off of deferred financing fees | 82 | 1,338 | 9,227 | |||||||||
(Gains) losses on sale of assets and other, net | (293,811 | ) | 1,069 | 3,929 | ||||||||
Reorganization items, net | — | (2,359,364 | ) | (498,954 | ) | |||||||
Changes in assets and liabilities: | ||||||||||||
(Increase) decrease in accounts receivable – trade, net | 27,212 | (7,216 | ) | (12,046 | ) | |||||||
(Increase) decrease in other assets | (1,245 | ) | 402 | (19,039 | ) | |||||||
Increase in restricted cash | — | (80,164 | ) | — | ||||||||
Increase (decrease) in accounts payable and accrued expenses | (49,984 | ) | 20,949 | 47,062 | ||||||||
Increase in other liabilities | 22,421 | 2,801 | 26,150 | |||||||||
Net cash provided by (used in) operating activities – continuing operations | 117,459 | (29,595 | ) | 799,589 | ||||||||
Net cash provided by operating activities – discontinued operations | 13,966 | 8,781 | 1,612 | |||||||||
Net cash provided by (used in) operating activities | 131,425 | (20,814 | ) | 801,201 | ||||||||
Cash flow from investing activities: | ||||||||||||
Development of oil and natural gas properties | (61,534 | ) | (50,597 | ) | (80,909 | ) | ||||||
Purchases of other property and equipment | (27,287 | ) | (7,409 | ) | (13,655 | ) | ||||||
Proceeds from sale of properties and equipment and other | 641,219 | (166 | ) | (2,713 | ) | |||||||
Net cash provided by (used in) investing activities – continuing operations | 552,398 | (58,172 | ) | (97,277 | ) | |||||||
Net cash provided by (used in) investing activities – discontinued operations | (1,645 | ) | (584 | ) | 26,166 | |||||||
Net cash provided by (used in) investing activities | 550,753 | (58,756 | ) | (71,111 | ) | |||||||
Successor | Predecessor | |||||||||||
Four Months Ended June 30, 2017 | Two Months Ended February 28, 2017 | Six Months Ended June 30, 2016 | ||||||||||
(in thousands) | ||||||||||||
Cash flow from financing activities: | ||||||||||||
Proceeds from rights offering, net | — | 514,069 | — | |||||||||
Proceeds from borrowings | 160,000 | — | 978,500 | |||||||||
Repayments of debt | (876,570 | ) | (1,038,986 | ) | (913,210 | ) | ||||||
Debt issuance costs paid | (2,973 | ) | — | (623 | ) | |||||||
Payment to holders of claims under the second lien notes | — | (30,000 | ) | — | ||||||||
Other | (87 | ) | (6,015 | ) | (20,687 | ) | ||||||
Net cash provided by (used in) financing activities – continuing operations | (719,630 | ) | (560,932 | ) | 43,980 | |||||||
Net cash used in financing activities – discontinued operations | — | — | (1,593 | ) | ||||||||
Net cash provided by (used in) financing activities | (719,630 | ) | (560,932 | ) | 42,387 | |||||||
Net increase (decrease) in cash and cash equivalents | (37,452 | ) | (640,502 | ) | 772,477 | |||||||
Cash and cash equivalents: | ||||||||||||
Beginning | 54,355 | 694,857 | 2,168 | |||||||||
Ending | 16,903 | 54,355 | 774,645 | |||||||||
Less cash and cash equivalents of discontinued operations at end of period | — | — | (15,008 | ) | ||||||||
Ending – continuing operations | $ | 16,903 | $ | 54,355 | $ | 759,637 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017(1) | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Net income (loss) | $ | 220,057 | $ | 208,492 | $ | 2,609,862 | $ | (1,139,254 | ) | ||||||
Plus (less): | |||||||||||||||
(Income) loss from discontinued operations | 3,322 | (3,801 | ) | 3,802 | 1,130,077 | ||||||||||
Interest expense | 7,551 | 50,320 | 28,476 | 134,193 | |||||||||||
Income tax expense (benefit) | 158,770 | (3,652 | ) | 153,289 | 6,594 | ||||||||||
Depreciation, depletion and amortization | 51,987 | 86,358 | 119,056 | 175,467 | |||||||||||
Exploration costs | 811 | 48 | 959 | 2,741 | |||||||||||
EBITDAX | 442,498 | 337,765 | 2,915,444 | 309,818 | |||||||||||
Plus (less): | |||||||||||||||
Impairment of long-lived assets | — | — | — | 123,316 | |||||||||||
Noncash (gains) losses on oil and natural gas derivatives | (43,567 | ) | 349,158 | (130,089 | ) | 574,416 | |||||||||
Noncash settlements on derivatives (2) | — | 34,335 | — | 34,335 | |||||||||||
Accrued settlements on oil derivative contracts related to current production period (3) | 1,583 | (65,492 | ) | 2,885 | (73,354 | ) | |||||||||
Share-based compensation expenses | 15,422 | 6,128 | 69,854 | 18,553 | |||||||||||
Write-off of deferred financing fees | — | 1,332 | — | 1,348 | |||||||||||
(Gains) losses on sale of assets and other, net (4) | (307,381 | ) | 2,018 | (307,407 | ) | 3,376 | |||||||||
Reorganization items, net (5) | 3,377 | (485,798 | ) | (2,325,247 | ) | (485,798 | ) | ||||||||
Adjusted EBITDAX | $ | 111,932 | $ | 179,446 | $ | 225,440 | $ | 506,010 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017(1) | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Prepetition restructuring costs included in general and administrative expenses (6) | $ | — | $ | 2,403 | $ | — | $ | 19,567 | |||||||
Premiums paid for put options that settled during the period (7) | — | (20,761 | ) | — | (58,246 | ) |
(1) | All amounts reflect the combined results of the four months ended June 30, 2017 (successor) and the two months ended February 28, 2017 (predecessor). |
(2) | Represent derivative settlements that were paid directly by the counterparties to the lenders under the predecessor’s credit facility, and as such were not included on the Company’s consolidated statement of cash flows. |
(3) | Represent amounts related to oil derivative contracts that settled during the respective period (contract terms had expired) but cash had not been received as of the end of the period. |
(4) | Primarily represent gains or losses on the sale of assets, gains or losses on inventory valuation and amortization of basis difference for equity method investments. |
(5) | Represent costs and income directly associated with the Company’s filing for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code since the petition date, and also include adjustments to reflect the carrying value of certain liabilities subject to compromise at their estimated allowed claim amounts, as such adjustments are determined. |
(6) | Represent restructuring costs incurred by the Company prior to its filing for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code, which are included in general and administrative expenses. |
(7) | Represent premiums paid at inception for put options that settled during the respective period. The Company has not purchased any put options since 2012. |
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