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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues      
Crude oil $ 420,286us-gaap_ExplorationAndProductionRevenue $ 347,407us-gaap_ExplorationAndProductionRevenue $ 229,572us-gaap_ExplorationAndProductionRevenue
Natural gas liquids (NGLs) 34,552us-gaap_OilAndCondensateRevenue 30,748us-gaap_OilAndCondensateRevenue 31,051us-gaap_OilAndCondensateRevenue
Natural gas 58,044us-gaap_NaturalGasProductionRevenue 52,538us-gaap_NaturalGasProductionRevenue 49,861us-gaap_NaturalGasProductionRevenue
Gain (loss) on sales of property and equipment, net 120,769us-gaap_GainLossOnDispositionOfAssets (266)us-gaap_GainLossOnDispositionOfAssets 4,282us-gaap_GainLossOnDispositionOfAssets
Other 3,122us-gaap_OtherSalesRevenueNet 1,041us-gaap_OtherSalesRevenueNet 2,383us-gaap_OtherSalesRevenueNet
Total revenues 636,773us-gaap_Revenues 431,468us-gaap_Revenues 317,149us-gaap_Revenues
Operating expenses      
Lease operating 48,298us-gaap_LeaseOperatingExpense 35,461us-gaap_LeaseOperatingExpense 31,266us-gaap_LeaseOperatingExpense
Gathering, processing and transportation 18,294us-gaap_GasGatheringTransportationMarketingAndProcessingCosts 12,839us-gaap_GasGatheringTransportationMarketingAndProcessingCosts 14,196us-gaap_GasGatheringTransportationMarketingAndProcessingCosts
Production and ad valorem taxes 27,990us-gaap_ProductionTaxExpense 22,404us-gaap_ProductionTaxExpense 10,634us-gaap_ProductionTaxExpense
General and administrative 49,005us-gaap_GeneralAndAdministrativeExpense 53,998us-gaap_GeneralAndAdministrativeExpense 45,900us-gaap_GeneralAndAdministrativeExpense
Exploration 17,063us-gaap_ExplorationExpense 20,994us-gaap_ExplorationExpense 34,092us-gaap_ExplorationExpense
Depreciation, depletion and amortization 300,299us-gaap_DepreciationDepletionAndAmortization 245,594us-gaap_DepreciationDepletionAndAmortization 206,336us-gaap_DepreciationDepletionAndAmortization
Impairments 791,809us-gaap_AssetImpairmentCharges 132,224us-gaap_AssetImpairmentCharges 104,484us-gaap_AssetImpairmentCharges
Loss on firm transportation commitment 0pva_LossOnLongTermPurchaseCommitment 0pva_LossOnLongTermPurchaseCommitment 17,332pva_LossOnLongTermPurchaseCommitment
Total operating expenses 1,252,758us-gaap_CostsAndExpenses 523,514us-gaap_CostsAndExpenses 464,240us-gaap_CostsAndExpenses
Operating loss (615,985)us-gaap_OperatingIncomeLoss (92,046)us-gaap_OperatingIncomeLoss (147,091)us-gaap_OperatingIncomeLoss
Other income (expense)      
Interest expense (88,831)us-gaap_InterestExpense (78,841)us-gaap_InterestExpense (59,339)us-gaap_InterestExpense
Loss on extinguishment of debt 0us-gaap_GainsLossesOnExtinguishmentOfDebt (29,174)us-gaap_GainsLossesOnExtinguishmentOfDebt (3,164)us-gaap_GainsLossesOnExtinguishmentOfDebt
Derivatives 162,212us-gaap_GainLossOnDerivativeInstrumentsNetPretax (20,852)us-gaap_GainLossOnDerivativeInstrumentsNetPretax 36,187us-gaap_GainLossOnDerivativeInstrumentsNetPretax
Other 1,334us-gaap_OtherNonoperatingIncomeExpense 147us-gaap_OtherNonoperatingIncomeExpense 116us-gaap_OtherNonoperatingIncomeExpense
Loss before income taxes (541,270)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments (220,766)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments (173,291)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax benefit 131,678us-gaap_IncomeTaxExpenseBenefit 77,696us-gaap_IncomeTaxExpenseBenefit 68,702us-gaap_IncomeTaxExpenseBenefit
Net loss (409,592)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest (143,070)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest (104,589)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Preferred stock dividends (17,148)us-gaap_ConvertiblePreferredDividendsNetOfTax [1] (6,900)us-gaap_ConvertiblePreferredDividendsNetOfTax [1] (1,687)us-gaap_ConvertiblePreferredDividendsNetOfTax [1]
Induced conversion of preferred stock (4,256)us-gaap_PreferredStockConversionsInducements 0us-gaap_PreferredStockConversionsInducements 0us-gaap_PreferredStockConversionsInducements
Net loss attributable to common shareholders $ (430,996)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ (149,970)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ (106,276)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Net loss per share:      
Basic (in dollars per share) $ (6.26)us-gaap_EarningsPerShareBasic $ (2.41)us-gaap_EarningsPerShareBasic $ (2.22)us-gaap_EarningsPerShareBasic
Diluted (in dollars per share) $ (6.26)us-gaap_EarningsPerShareDiluted $ (2.41)us-gaap_EarningsPerShareDiluted $ (2.22)us-gaap_EarningsPerShareDiluted
Weighted average shares outstanding – basic 68,887us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 62,335us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 47,919us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Weighted average shares outstanding – diluted 68,887us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 62,335us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 47,919us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
[1] Preferred stock dividends were excluded from diluted earnings per share for the years ended December 31, 2014, 2013 and 2012, as the assumed conversion of the outstanding preferred stock would have been anti-dilutive.