Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2013

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
	Parent		Guarantors		Non-Guarantors		Eliminations		Consolidated
	(in thousands)
Three months ended March 31, 2013:
Operating revenues	$	–	$	690,144	$	121,369	$	(77,864)	$	733,649
Operating costs and expenses:
Gas purchases – midstream services		–		180,164		–		(208)		179,956
Operating expenses		–		110,541		31,322		(77,639)		64,224
General and administrative expenses		–		31,866		5,366		(17)		37,215
Depreciation, depletion and amortization		–		167,522		11,945		–		179,467
Impairment of natural gas and oil properties		–		–		–		–		–
Taxes, other than income taxes		–		17,715		3,112		–		20,827
Total operating costs and expenses		–		507,808		51,745		(77,864)		481,689
Operating income		–		182,336		69,624		–		251,960
Other loss, net		–		(376)		(157)		–		(533)
Commodity derivative loss		–		(29,794)		–		–		(29,794)
Equity in earnings of subsidiaries		127,515		–		–		(127,515)		–
Interest expense		–		6,938		2,083		–		9,021
Income before income taxes		127,515		145,228		67,384		(127,515)		212,612
Provision for income taxes		–		58,046		27,051		–		85,097
Net income		127,515		87,182		40,333		(127,515)		127,515
Comprehensive income (loss)	$	33,318	$	(6,253)	$	39,304	$	(33,051)	$	33,318
Three months ended March 31, 2012:
Operating revenues	$	–	$	612,811	$	113,125	$	(71,101)	$	654,835
Operating costs and expenses:
Gas purchases – midstream services		–		146,903		–		(227)		146,676
Operating expenses		–		103,056		27,981		(70,079)		60,958
General and administrative expenses		–		41,708		7,913		(795)		48,826
Depreciation, depletion and amortization		–		182,837		10,790		–		193,627
Taxes, other than income taxes		–		16,998		3,424		–		20,422
Total operating costs and expenses		–		491,502		50,108		(71,101)		470,509
Operating income		–		121,309		63,017		–		184,326
Other loss, net		–		(174)		(26)		–		(200)
Commodity derivative gain		–		1,634		–		–		1,634
Equity in earnings of subsidiaries		107,704		–		–		(107,704)		–
Interest expense		–		3,755		3,583		–		7,338
Income (loss) before income taxes		107,704		119,014		59,408		(107,704)		178,422
Provision for income taxes		–		46,892		23,826		–		70,718
Net income (loss)		107,704		72,122		35,582		(107,704)		107,704
Comprehensive income (loss)	$	107,958	$	137,957	$	36,063	$	(107,704)	$	174,274

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
(Unaudited)
	Parent		Guarantors		Non- Guarantors		Eliminations		Consolidated
	(in thousands)
March 31, 2013:
ASSETS
Cash and cash equivalents	$	17,379	$	–	$	129	$	–	$	17,508
Restricted cash		7,108		–		–		–		7,108
Accounts receivable		2,720		367,636		16,968		–		387,324
Inventories		–		29,117		1,291		–		30,408
Other current assets		14,611		153,233		6,615		–		174,459
Total current assets		41,818		549,986		25,003		–		616,807
Intercompany receivables		2,277,188		94		26,325		(2,303,607)		–
Property and equipment		225,056		11,979,897		1,356,785		–		13,561,738
Less: Accumulated depreciation, depletion and amortization		(88,806)		(7,090,914)		(200,510)		–		(7,380,230)
		136,250		4,888,983		1,156,275		–		6,181,508
Investments in subsidiaries (equity method)		2,344,562		–		–		(2,344,562)		–
Other assets		35,898		68,058		14,520		–		118,476
Total assets	$	4,835,716	$	5,507,121	$	1,222,123	$	(4,648,169)	$	6,916,791
LIABILITIES AND EQUITY
Accounts payable	$	99,746	$	434,903	$	81,486	$	–	$	616,135
Other current liabilities		3,759		109,036		2,544		–		115,339
Total current liabilities		103,505		543,939		84,030		–		731,474
Intercompany payables		–		2,254,521		49,086		(2,303,607)		–
Long-term debt		1,703,403		–		–		–		1,703,403
Deferred income taxes		(116,029)		874,991		372,350		–		1,131,312
Other liabilities		63,029		191,521		14,244		–		268,794
Total liabilities		1,753,908		3,864,972		519,710		(2,303,607)		3,834,983
Commitments and contingencies
Total equity		3,081,808		1,642,149		702,413		(2,344,562)		3,081,808
Total liabilities and equity	$	4,835,716	$	5,507,121	$	1,222,123	$	(4,648,169)	$	6,916,791

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Unaudited)
	Parent		Guarantors		Non-Guarantors		Eliminations		Consolidated
	(in thousands)
Three months ended March 31, 2013:
Net cash provided by (used in) operating activities	$	(55,189)	$	289,060	$	138,267	$	–	$	372,138
Investing activities:
Capital investments		(17,873)		(453,651)		(12,110)		–		(483,634)
Transfers from restricted cash		1,434		–		–		–		1,434
Other		6,607		(5,762)		193		–		1,038
Net cash provided by (used in) investing activities		(9,832)		(459,413)		(11,917)		–		(481,162)
Financing activities:
Intercompany activities		(38,036)		164,365		(126,329)		–		–
Payments on current portion of long-term debt		–		–		–		–		–
Payments on revolving long-term debt		(369,700)		–		–		–		(369,700)
Borrowing under revolving long-term debt		404,800		–		–		–		404,800
Proceeds from issuance of long-term debt		–		–		–		–		–
Other Items		37,845		–		–		–		37,845
Net cash provided by (used in) financing activities		34,909		164,365		(126,329)		–		72,945
Effect of exchange rate changes on cash		–		–		4		–		4
Increase (decrease) in cash and cash equivalents		(30,112)		(5,988)		25		–		(36,075)
Cash and cash equivalents at beginning of year		47,491		5,988		104		–		53,583
Cash and cash equivalents at end of period	$	17,379	$	–	$	129	$	–	$	17,508
Three months ended March 31, 2012:
Net cash provided by (used in) operating activities	$	(66,501)	$	428,743	$	82,421	$	–	$	444,663
Investing activities:
Capital investments		(15,673)		(502,036)		(39,922)		–		(557,631)
Proceeds from sale of property and equipment		–		651		–		–		651
Other		4,085		(9,440)		7,125		–		1,770
Net cash used in investing activities		(11,588)		(510,825)		(32,797)		–		(555,210)
Financing activities:								–
Intercompany activities		(32,324)		82,571		(50,247)		–		–
Payments on revolving long-term debt		(1,271,300)		–		–		–		(1,271,300)
Borrowings under revolving long-term debt		599,800		–		–		–		599,800
Proceeds from issuance of long-term debt		998,780		–		–		–		998,780
Other items		(26,163)		–		–		–		(26,163)
Net cash provided by (used in) financing activities		268,793		82,571		(50,247)		–		301,117
Effect of exchange rate changes on cash		–		–		(30)		–		(30)
Increase (decrease) in cash and cash equivalents		190,704		489		(653)		–		190,540
Cash and cash equivalents at beginning of year		14,711		–		916		–		15,627
Cash and cash equivalents at end of period	$	205,415	$	489	$	263	$	–	$	206,167