Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

15.Selected Quarterly Financial Data (Unaudited)

	First		Second		Third
	Quarter		Quarter		Quarter		Fourth Quarter
	(In Thousands, Except Per Share Amounts)
2014
Total oil, natural gas liquids, and natural gas sales	$	112,306	$	120,970	$	122,125	$	106,962
Costs and expenses associated directly with products sold (1)	$	60,059	$	78,280	$	83,016	$	87,746
Net income (loss) before income taxes (2)	$	(1,686)	$	(9,880)	$	42,544	$	(322,711)
Net income (loss) (2)	$	(1,686)	$	(9,880)	$	42,544	$	(357,698)
Basic and diluted net income (loss) per share (3)	$	(0.01)	$	(0.08)	$	0.36	$	(2.70)
2013
Total oil, natural gas liquids, and natural gas sales	$	67,523	$	81,356	$	96,007	$	109,337
Costs and expenses associated directly with products sold (1)	$	44,207	$	49,825	$	57,578	$	65,563
Net income (loss) before income taxes (2)	$	(25,575)	$	28,291	$	6,546	$	1,315
Net income (loss) (2)	$	(25,575)	$	28,291	$	6,546	$	1,315
Basic and diluted net income (loss) per share		(0.22)		0.24		0.06		0.01

(1) Costs and expenses associated directly with products sold is comprised of lease operating expenses, production and property taxes, marketing, gathering and transportation, depletion, depreciation and amortization, and accretion of asset retirement obligations.

(2) Net income (loss) before income taxes and net income (loss) have been impacted by a non-cash ceiling write-down in the fourth quarter of 2014, as discussed in Note 2, and are also subject to large fluctuations due to Sabine’s election not to use cash flow hedge accounting for derivative instruments as discussed in Note 10. Also impacting the fourth quarter of 2014 is a $173.5 million write-down of goodwill, as discussed in Note 2.

(3) Earnings per share and share information presented in the consolidated financial statements for periods prior to December 16, 2014 are based on the Company’s common shares calculated by multiplying the number of Sabine O&G’s units outstanding at the end of each period using an exchange ratio as derived from the agreement governing the Combination. The Company retroactively adjusted its Statement of Shareholders’ (Deficit) Equity to reflect the legal capital of the accounting acquiree. Beginning on December 16, 2014, common shares are presented for the combined company.