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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Operating Activities      
Net income (loss) $ (945,731) $ 568,032 $ 204,554
Income from discontinued operations 0 (468,389) (62,673)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 593,789 548,564 452,876
Asset impairment 1,292,308 416,801 13,906
Accretion of discount on asset retirement obligations 7,108 7,608 6,995
Deferred income taxes (539,735) 302,890 118,600
Change in derivative fair value 233,315 (346,646) 48,029
(Gain) loss on sale of assets (28,077) 55 (89)
Stock-based compensation expense 8,028 11,332 13,621
Exploration, including dry holes 7,097 9,325 2,102
Discontinued operations 0 91,510 109,318
Other, net 35,641 4,166 12,284
Net change in:      
Accounts receivable 117,486 4,812 23,785
Inventories (655) (3,121) 10,817
Accounts payable (46,283) 18,695 (52,946)
Accrued taxes/income tax receivable (4,791) (488,980) 4,092
Pension and other postretirement benefit contributions (24,848) (12,483) (5,677)
Other current assets and liabilities 9,940 41,312 27,783
Net cash provided by operating activities 714,592 705,483 927,377
Investing Activities      
Additions to oil and natural gas properties (1,154,373) (1,264,059) (1,109,365)
Acquisitions, net of cash acquired (87,410) (70,730) (31,331)
Proceeds from asset sales and sale of Alabama Gas Corporation 394,521 1,347,725 160,986
Purchase of short-term investments (919,000) (473,000) (310,000)
Sale of short-term investments 919,000 473,000 310,000
Discontinued operations 0 (51,850) (73,341)
Other, net 0 0 (559)
Net cash used in investing activities (847,262) (38,914) (1,053,610)
Financing Activities      
Payment of dividends on common stock (6,074) (34,304) (41,993)
Issuance of common stock, net 399,600 23,053 17,780
Purchase and retirement of shares 0 (14,913) 0
Issuance of long-term debt 0 0 600,000
Reduction of long-term debt 0 (600,000) (350,000)
Payment of debt issuance costs 0 (10,901) (2,740)
Net change in credit facility (262,500) (4,000) (77,000)
Tax benefit on stock compensation 1,064 5,906 3,142
Discontinued operations 0 (35,113) (27,105)
Net cash provided by (used in) financing activities 132,090 (670,272) 122,084
Net change in cash and cash equivalents (580) (3,703) (4,149)
Cash and cash equivalents at beginning of period 1,852 5,555 9,704
Cash and cash equivalents at end of period 1,272 1,852 5,555
Less cash and cash equivalents of discontinued operations at end of period 0 0 (3,032)
Cash and cash equivalents $ 1,272 $ 1,852 $ 2,523