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Selected Quarterly Financial Data (Unaudited)
12 Months Ended
Dec. 31, 2017
Quarterly Financial Data [Abstract]  
Selected Quarterly Financial Data (Unaudited)

(17)

Selected Quarterly Financial Data (Unaudited)

The following tables set forth unaudited financial information on a quarterly basis for each of the last two years.  Third quarter 2017 includes impairment expense of $63.7 million related to oil and gas properties in Oklahoma and Texas. Fourth quarter 2017 deferred income tax benefit includes the impact of the Tax Cuts and Jobs Act of 2017 which was signed into law on December 22, 2017. First quarter 2016 includes impairment expense of $43.0 million related to oil and gas properties in Western Oklahoma. Second quarter, third quarter and fourth quarter 2016 include a total of $37.2 million of expenses related to the MRD Merger (in thousands, except per share data):

 

2017

 

 

March

 

 

June

 

 

September

 

 

December

 

  

Total

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

559,450

 

 

$

506,137

 

 

$

507,541

 

 

$

603,159

 

 

$

2,176,287

 

Derivative fair value income (loss)

 

165,557

 

 

 

111,195

 

 

 

(88,426

)

 

 

25,024

 

 

 

213,350

 

Brokered natural gas, marketing and other

 

51,648

 

 

 

55,779

 

 

 

63,117

 

 

 

50,849

 

 

 

221,393

 

Total revenue and other income

 

776,655

 

 

 

673,111

 

 

 

482,232

 

 

 

679,032

 

 

 

2,611,030

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

28,023

 

 

 

31,420

 

 

 

36,888

 

 

 

37,921

 

 

 

134,252

 

Transportation, gathering, processing and compression

 

177,648

 

 

 

191,590

 

 

 

191,645

 

 

 

200,300

 

 

 

761,183

 

Production and ad valorem taxes

 

9,163

 

 

 

9,969

 

 

 

11,993

 

 

 

11,757

 

 

 

42,882

 

Brokered natural gas and marketing

 

53,550

 

 

 

55,857

 

 

 

59,773

 

 

 

51,131

 

 

 

220,311

 

Exploration

 

8,504

 

 

 

14,498

 

 

 

22,767

 

 

 

7,893

 

 

 

53,662

 

Abandonment and impairment of unproved properties

 

4,420

 

 

 

5,193

 

 

 

42,568

 

 

 

217,544

 

 

 

269,725

 

General and administrative

 

47,496

 

 

 

52,322

 

 

 

53,035

 

 

 

80,553

 

 

 

233,406

 

Termination costs

 

4,192

 

 

 

(96

)

 

 

(47

)

 

 

(279

)

 

 

3,770

 

Deferred compensation plan

 

(13,169

)

 

 

(14,466

)

 

 

(9,203

)

 

 

(14,077

)

 

 

(50,915

)

Interest

 

47,101

 

 

 

47,926

 

 

 

49,179

 

 

 

51,473

 

 

 

195,679

 

Depletion, depreciation and amortization

 

149,821

 

 

 

152,504

 

 

 

159,749

 

 

 

162,918

 

 

 

624,992

 

Impairment of proved properties and other

 

 

 

 

 

 

 

63,679

 

 

 

 

 

 

63,679

 

(Gain) loss on sale of assets

 

(22,600

)

 

 

(807

)

 

 

(102

)

 

 

(207

)

 

 

(23,716

)

Total costs and expenses

 

494,149

 

 

 

545,910

 

 

 

681,924

 

 

 

806,927

 

 

 

2,528,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

282,506

 

 

 

127,201

 

 

 

(199,692

)

 

 

(127,895

)

 

 

82,120

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Current

 

 

 

 

 

 

 

 

 

 

17

 

 

 

17

 

     Deferred

 

112,395

 

 

 

57,651

 

 

 

(71,992

)

 

 

(349,097

)

 

 

(251,043

)

 

 

112,395

 

 

 

57,651

 

 

 

(71,992

)

 

 

(349,080

)

 

 

(251,026

)

Net income (loss)

$

170,111

 

 

$

69,550

 

 

$

(127,700

)

 

$

221,185

 

 

$

333,146

 

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.69

 

 

$

0.28

 

 

$

(0.52

)

 

$

0.89

 

 

$

1.34

 

Diluted

$

0.69

 

 

$

0.28

 

 

$

(0.52

)

 

$

0.89

 

 

$

1.34

 

 

 

2016

 

 

March

 

 

June

 

 

September

 

 

December

 

  

Total

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas, NGLs and oil sales

$

209,487

 

 

$

224,606

 

 

$

304,477

 

 

$

458,645

 

 

$

1,197,215

 

Derivative fair value income (loss)

 

86,908

 

 

 

(162,798

)

 

 

64,556

 

 

 

(250,057

)

 

 

(261,391

)

Brokered natural gas, marketing and other

 

35,018

 

 

 

39,989

 

 

 

44,174

 

 

 

44,934

 

 

 

164,115

 

Total revenue and other income

 

331,413

 

 

 

101,797

 

 

 

413,207

 

 

 

253,522

 

 

 

1,099,939

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating

 

24,054

 

 

 

20,671

 

 

 

22,387

 

 

 

30,276

 

 

 

97,388

 

Transportation, gathering, processing and compression

 

125,263

 

 

 

136,844

 

 

 

138,764

 

 

 

164,338

 

 

 

565,209

 

Production and ad valorem taxes

 

5,887

 

 

 

6,049

 

 

 

6,717

 

 

 

6,790

 

 

 

25,443

 

Brokered natural gas and marketing

 

36,558

 

 

 

40,925

 

 

 

44,622

 

 

 

46,471

 

 

 

168,576

 

Exploration

 

4,913

 

 

 

6,785

 

 

 

6,943

 

 

 

13,684

 

 

 

32,325

 

Abandonment and impairment of unproved properties

 

10,628

 

 

 

7,059

 

 

 

6,082

 

 

 

6,307

 

 

 

30,076

 

General and administrative

 

40,657

 

 

 

46,064

 

 

 

41,024

 

 

 

57,027

 

 

 

184,772

 

MRD Merger expenses

 

 

 

 

2,621

 

 

 

33,791

 

 

 

813

 

 

 

37,225

 

Termination costs

 

162

 

 

 

5

 

 

 

136

 

 

 

(822

)

 

 

(519

)

Deferred compensation plan

 

16,056

 

 

 

25,746

 

 

 

(11,636

)

 

 

(11,013

)

 

 

19,153

 

Interest

 

37,739

 

 

 

37,758

 

 

 

45,967

 

 

 

46,749

 

 

 

168,213

 

Depletion, depreciation and amortization

 

120,561

 

 

 

122,390

 

 

 

131,489

 

 

 

149,662

 

 

 

524,102

 

Impairment of proved properties and other

 

43,040

 

 

 

 

 

 

 

 

 

 

 

 

43,040

 

Loss (gain) on sale of assets

 

1,643

 

 

 

3,304

 

 

 

2,597

 

 

 

(470

)

 

 

7,074

 

Total costs and expenses

 

467,161

 

 

 

456,221

 

 

 

468,883

 

 

 

509,812

 

 

 

1,902,077

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(135,748

)

 

 

(354,424

)

 

 

(55,676

)

 

 

(256,290

)

 

 

(802,138

)

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Current

 

 

 

 

 

 

 

 

 

 

98

 

 

 

98

 

     Deferred

 

(41,976

)

 

 

(129,488

)

 

 

(13,705

)

 

 

(95,679

)

 

 

(280,848

)

 

 

(41,976

)

 

 

(129,488

)

 

 

(13,705

)

 

 

(95,581

)

 

 

(280,750

)

Net loss

$

(93,772

)

 

$

(224,936

)

 

$

(41,971

)

 

$

(160,709

)

 

$

(521,388

)

 

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.56

)

 

$

(1.35

)

 

$

(0.23

)

 

$

(0.66

)

 

$

(2.75

)

Diluted

$

(0.56

)

 

$

(1.35

)

 

$

(0.23

)

 

$

(0.66

)

 

$

(2.75

)