Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 31, 2016 | Dec. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2016 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 | |
Entity Registrant Name | Triangle Petroleum Corp | |
Entity Central Index Key | 1,281,922 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 76,552,172 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2016 | Jan. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 10,751 | $ 82,920 |
Accounts receivable | 901 | 41,157 |
Accounts receivable - related parties | 1,573 | 35 |
Commodity derivatives | 12,370 | |
Other current assets | 3,132 | 7,785 |
Assets of discontinued operation | 2,782 | 47,220 |
Total current assets | 19,139 | 191,487 |
Oil and natural gas properties, full cost method of accounting | ||
Proved properties | 1,372,480 | |
Unproved properties and properties under development, not being amortized | 78,367 | |
Total oil and natural gas properties | 1,450,847 | |
Accumulated amortization | (1,044,307) | |
Net oil and natural gas properties | 406,540 | |
Other property and equipment, net | 11,628 | 25,234 |
Net property, plant and equipment | 11,628 | 431,774 |
OTHER ASSETS | ||
Unconsolidated investments | 24,590 | 45,600 |
Commodity derivatives | 9,012 | |
Debt issuance costs | 2,620 | |
Other | 300 | 345 |
Assets from discontinued operations | 72,311 | |
Total other assets | 24,890 | 129,888 |
Total assets | 55,657 | 753,149 |
CURRENT LIABILITIES | ||
Accounts payable and accrued capital expenditures | 20 | 50,281 |
Other accrued liabilities | 4,894 | 28,161 |
Current portion of long-term debt | 458 | 975 |
Interest payable | 16 | 1,455 |
Liabilities of discontinued operations | 100 | 136,321 |
Total current liabilities | 5,488 | 217,193 |
LONG-TERM LIABILITIES | ||
Long-term debt | 155,756 | 785,337 |
Other | 487 | 10,666 |
Liabilities from discontinued operations | 4,535 | |
Total liabilities | 161,731 | 1,017,731 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, $0.00001 par value, 140,000,000 shares authorized; 75,807,111 and 76,539,653 shares issued and outstanding at January 31, 2016 and October 31, 2016, respectively | 1 | 1 |
Additional paid-in capital | 563,517 | 557,757 |
Accumulated deficit | (669,592) | (822,340) |
Total stockholders' equity (deficit) | (106,074) | (264,582) |
Total liabilities and stockholders’ equity (deficit) | $ 55,657 | $ 753,149 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2016 | Jan. 31, 2016 |
Condensed Consolidated Balance Sheets | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares issued | 76,539,653 | 75,807,111 |
Common stock, shares outstanding | 76,539,653 | 75,807,111 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | |
Revenues | ||||
Oil, natural gas and natural gas liquids sales | $ 42,871 | $ 48,943 | $ 145,912 | |
EXPENSES: | ||||
Lease operating expenses | 10,135 | 15,572 | 32,413 | |
Gathering, transportation and processing | 6,537 | 9,245 | 19,526 | |
Production taxes | 4,052 | 4,203 | 14,288 | |
Depreciation, amortization and accretion | $ 287 | 22,374 | 16,031 | 76,430 |
Impairment of oil and natural gas properties | 261,000 | 104,000 | 659,000 | |
Impairment of long lived assets | 2,657 | |||
General and administrative, net of amounts capitalized | 8,940 | 12,980 | 32,134 | 30,693 |
Total operating expenses | 9,227 | 317,078 | 183,842 | 832,350 |
INCOME (LOSS) FROM OPERATIONS | (9,227) | (274,207) | (134,899) | (686,438) |
OTHER INCOME (EXPENSE): | ||||
Interest expense, net | (1,928) | (9,084) | (18,903) | (26,515) |
Amortization of debt issuance costs | (19) | (761) | (1,244) | (1,928) |
Gain (loss) on extinguishment of debt | 4,175 | 21,180 | 5,331 | |
Realized commodity derivative gains (losses) | 27,857 | 6,589 | 64,341 | |
Unrealized commodity derivative gains (losses) | (21,044) | (19,532) | (46,453) | |
Gain on deconsolidation of subsidiaries | 299,675 | |||
Earnings (losses) from unconsolidated investments | (610) | 450 | (588) | 1,848 |
Impairment of investment in Caliber | (21,170) | |||
Gain on Caliber capital transaction | 2,880 | |||
Gain (loss) on equity investment derivatives | (1,118) | (3,300) | 3,398 | |
Other income (expense), net | 336 | (227) | 537 | (610) |
Total other income (expense) | (2,221) | 248 | 263,244 | 2,292 |
INCOME (LOSS) BEFORE INCOME TAXES | (11,448) | (273,959) | 128,345 | (684,146) |
INCOME TAX PROVISION (BENEFIT) | (53,441) | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (11,448) | (273,959) | 128,345 | (630,705) |
Loss from oilfield services operations, net of income taxes | (9,491) | (13,039) | (26,383) | (29,839) |
Gain from disposal of oilfield services operations, net of income taxes | 50,786 | 50,786 | ||
Income (loss) from discontinued operations | 41,295 | (13,039) | 24,403 | (29,839) |
NET INCOME (LOSS) | $ 29,847 | $ (286,998) | $ 152,748 | $ (660,544) |
Basic net earnings (loss) per common share outstanding: | ||||
Earnings (loss) from continuing operations | $ (0.15) | $ (3.62) | $ 1.68 | $ (8.36) |
Earnings (loss) from discontinued operations | 0.54 | (0.18) | 0.32 | (0.40) |
Net earnings (loss) | 0.39 | (3.80) | 2 | (8.76) |
Diluted net earnings (loss) per common share outstanding: | ||||
Earnings (loss) from continuing operations | (0.15) | (3.62) | 1.68 | (8.36) |
Earnings (loss) from discontinued operations | 0.54 | (0.18) | 0.32 | (0.40) |
Net earnings (loss) | $ 0.39 | $ (3.80) | $ 2 | $ (8.76) |
Weighted average common shares outstanding: | ||||
Basic | 76,496 | 75,588 | 76,308 | 75,419 |
Diluted | 76,685 | 75,588 | 76,393 | 75,419 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 152,748 | $ (660,544) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 16,031 | 76,430 |
Impairments | 106,657 | 659,000 |
Share-based compensation | 5,236 | 13,648 |
Interest expense paid-in-kind on 5% convertible note | 5,423 | 5,160 |
Amortization of debt issuance costs | 1,244 | 1,928 |
Gain on extinguishment of debt | (21,180) | (5,331) |
Unrealized commodity derivative (gains) losses | 19,532 | 46,453 |
Gain on deconsolidation of subsidiaries | (299,675) | |
Earnings (losses) from unconsolidated investments | 588 | (1,848) |
Impairment of investment in Caliber | 21,170 | |
Gain on Caliber capital transactions | (2,880) | |
Gain (loss) on equity investment derivatives | 3,300 | (3,398) |
(Gain) on sale of equipment | (81) | |
Deferred income taxes | (53,441) | |
Income (loss) from discontinued operations | (24,403) | 29,839 |
Changes in related current assets and current liabilities: | ||
Accounts receivable | 5,373 | 56,164 |
Other current assets | (4,444) | (8,510) |
Accounts payable and accrued liabilities | (623) | (35,712) |
Asset retirement expenditures | (4,550) | (1,521) |
Other | (621) | (4) |
Cash provided by (used in) operating activities | (18,275) | 115,433 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Oil and natural gas property expenditures | (19,413) | (182,198) |
Acquisitions of oil and natural gas properties | (157) | (837) |
Purchases of other property and equipment | (19) | (2,978) |
Sale of oil and natural gas properties | 408 | 6,000 |
Proceeds from sale of equipment | 983 | |
Deconsolidation of subsidiaries | (91,751) | |
Cash used in investing activities | (109,949) | (180,013) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from credit facilities | 103,700 | 88,000 |
Repayments of credit facilities | (41,657) | (18,000) |
Proceeds from notes payable | 1,107 | |
Repayments of other notes and mortgages payable | (863) | (384) |
Early extinguishment of repurchased debt | (4,639) | (8,280) |
Debt issuance costs | (1) | (918) |
Payments to settle tax on vested restricted stock units | (193) | (834) |
Purchase of vested RockPile B units from unit holders | (1,029) | |
Cash provided by financing activities | 56,347 | 59,662 |
CASH FLOWS FOR INTERCOMPANY TRANSACTIONS WITH DISCONTINUED OPERATIONS | (292) | (22,882) |
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS | (72,169) | (27,800) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 82,920 | 64,049 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 10,751 | 36,249 |
Cash flows provided by (used in) operating activities | (20,726) | 27,041 |
Cash flows provided by (used in) investing activities | (7,004) | (1,490) |
Cash flows provided by (used in) financing activities | (3,670) | (52,254) |
Cash flows provided by (used in) intercompany transactions with continuing operations | 292 | 22,882 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FROM DISCONTINUED OPERATIONS | (31,108) | (3,821) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 32,850 | 3,822 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 1,742 | $ 1 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Parenthetical) | Oct. 31, 2016 | Jul. 31, 2016 | Jan. 31, 2016 | Oct. 31, 2015 |
Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 5.00% | 5.00% | 5.00% | 5.00% |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Stockholders' Equity - 9 months ended Oct. 31, 2016 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Jan. 31, 2016 | $ 1 | $ 557,757 | $ (822,340) | $ (264,582) |
Balance, shares at Jan. 31, 2016 | 75,807,111 | 75,807,111 | ||
Vesting of restricted stock units (net of shares surrendered for taxes), value | (198) | $ (198) | ||
Vesting of restricted stock units (net of shares surrendered for taxes), shares | 732,542 | |||
Share-based compensation | 6,033 | 6,033 | ||
Distributions to RockPile B-Unit holders | (75) | (75) | ||
Net income (loss) | 152,748 | 152,748 | ||
Balance at Oct. 31, 2016 | $ 1 | $ 563,517 | $ (669,592) | $ (106,074) |
Balance, shares at Oct. 31, 2016 | 76,539,653 | 76,539,653 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Oct. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. Description of Business . Triangle Petroleum Corporation (“Triangle,” the “Company,” “we,” “us,” “our,” or “ours”) is an independent energy company with a strategic focus in the Williston Basin. Our wholly-owned subsidiary, Triangle USA Petroleum Corporation (“TUSA”), holds leasehold interests and conducts exploration and production operations in the Williston Basin of North Dakota and Montana, with its core focus area predominantly located in McKenzie and Williams Counties, North Dakota, and eastern Roosevelt and Sheridan Counties, Montana. See below for information regarding TUSA’s voluntary petition for bankruptcy relief under Chapter 11 of Title 11 of the United States Code. RockPile Energy Services, LLC (“RockPile”), a wholly-owned subsidiary, provides oilfield and complementary well completion services to oil and natural gas exploration and production companies predominantly in the Williston and Permian Basins. On September 8, 2016, we entered into an agreement to sell substantially all of RockPile’s assets and related liabilities (the “RockPile Sale”) for a base purchase price of $58.0 million in cash, which was used to settle RockPile’s debt obligations. RockPile’s results of operations have been aggregated in “Income (loss) from discontinued operations” in our condensed consolidated statements of operations for all periods presented. See Note 3 - Discontinued Operations for additional information. Caliber Midstream Partners, L.P. (“Caliber”), an unconsolidated joint venture with First Reserve Energy Infrastructure Fund, provides oil, natural gas and water transportation and related services to oil and natural gas exploration and production companies in the Williston Basin. Ranger Fabrication, LLC (“Ranger”) is a wholly-owned subsidiary of Triangle that previously fabricated certain well equipment. Ranger’s activities, which were immaterial, were mostly with Caliber and TUSA, and all intercompany transactions were eliminated in consolidation. Ranger ceased operations on January 31, 2016. Unless otherwise noted, amounts and disclosures throughout these notes to condensed consolidated financial statements relate to our continuing operations. Liquidity and Ability to Continue as a Going Concern. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business. As such, the accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. The Chapter 11 Filings and the RockPile Sale discussed in Note 2 and Note 3, respectively, raise substantial doubt about the Company’s ability to continue as a going concern. Triangle has engaged certain professional advisors to assist it in the process of analyzing various strategic alternatives to address our liquidity and capital structure, including: (i) obtaining additional sources of capital from asset sales, issuances of debt or equity securities, debt for equity swaps, or any combination thereof; and (ii) pursuing in- and out-of-court restructuring transactions. In connection with a debt restructuring or refinancing, we may seek to convert a significant portion of our outstanding debt to equity. In addition, we may seek to reduce our cash interest cost and extend debt maturity dates by negotiating the exchange of outstanding debt for new debt with modified terms or other measures. While we anticipate engaging in active dialogue with our creditors, at this time we are unable to predict the outcome of such discussions, the outcome of any strategic transactions that we may pursue or whether any such efforts will be successful. As a result of the above, substantial doubt exists regarding the ability of Triangle to continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business. Basis of Presentation. These unaudited condensed consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and are expressed in U.S. dollars. Preparation in accordance with GAAP requires us to (i) adopt accounting policies within accounting rules set by the Financial Accounting Standards Board (“FASB”) and by the Securities and Exchange Commission (“SEC”), and (ii) make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and other disclosed amounts. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. We believe the disclosures made are adequate to make the information not misleading. We recommend that these unaudited condensed consolidated financial statements be read in conjunction with our audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2016, as filed with the SEC (“Fiscal 2016 Form 10-K”). In the opinion of management, all material adjustments considered necessary for a fair presentation of the Company’s interim results have been reflected. All such adjustments are considered to be of a normal recurring nature. The results for interim periods are not necessarily indicative of annual results. No condensed consolidated statement of comprehensive income (loss) is presented because the Company had no comprehensive income or loss activity in the periods presented . Use of Estimates. In the course of preparing its condensed consolidated financial statements, management makes various assumptions, judgments, and estimates to determine the reported amount of assets, liabilities, revenue, and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. Significant areas requiring the use of assumptions, judgments and estimates include (i) oil and natural gas reserves; (ii) cash flow estimates used in ceiling tests of oil and natural gas properties; (iii) depreciation and amortization; (iv) impairment of unproved properties, investment in equity method investees and other assets; (v) assigning fair value and allocating purchase price in connection with business combinations; (vi) accrued revenue and related receivables; (vii) valuation of commodity derivative instruments and equity derivative instruments; (viii) accrued expenses and related liabilities; (ix) valuation of share-based payments and (x) income taxes. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions for matters that may require recognition or disclosure in these condensed consolidated financial statements. Principles of Consolidation. The accounts of Triangle and its wholly-owned subsidiaries are presented in the accompanying condensed consolidated financial statements. All significant intercompany transactions and balances are eliminated in consolidation. Triangle generally uses the equity method of accounting for investments in entities in which Triangle has an ownership between 20% and 50% and exercises significant influence. The investment in Caliber is accounted for utilizing the equity method of accounting. Triangle deconsolidated TUSA as of June, 29, 2016 with the commencement of TUSA’s Chapter 11 bankruptcy filing and will account for its investment in TUSA under the cost method of accounting. Oil and Natural Gas Properties. We use the full cost method of accounting, which involves capitalizing all acquisition, exploration, exploitation and development costs of oil and natural gas properties. Once we incur costs, they are recorded in the amortizable pool of proved properties or in unproved properties, collectively, the full cost pool. We review our unproved oil and natural gas property costs on a quarterly basis to assess for impairment or the need to transfer unproved costs to proved properties as a result of extensions or discoveries from drilling operations. At the end of each quarterly period, we must compute a limitation on capitalized costs, which is equal to the sum of the present value of estimated future net revenues from our proved reserves by applying the average price as prescribed by the SEC (unweighted arithmetic average of commodity prices in effect on the first day of each of the previous twelve months), less estimated future expenditures (based on current costs) to develop and produce the proved reserves, discounted at 10%, plus the cost of properties not being amortized and the lower of cost or estimated fair value of unproved properties included in the costs being amortized, net of income tax effects. We then conduct a “ceiling test” that compares the net book value of the full cost pool, after taxes, to the full cost ceiling limitation. In the event the full cost ceiling limitation is less than the full cost pool, we are required to record an impairment of our oil and natural gas properties. Prior to our deconsolidation of TUSA, we recognized impairments to our proved oil and natural gas properties of $104.0 million for the nine month period ended October 31, 2016, primarily due to the decline in oil, natural gas and natural gas liquids prices. Impairment charges do not affect cash flow from operating activities but do adversely affect our net income and stockholders’ equity. Any recorded impairment of oil and natural gas properties is not reversible at a later date. Other Property and Equipment . Other property and equipment consisted of the following as of: (in thousands) January 31, 2016 October 31, 2016 Land $ $ Building and leasehold improvements Vehicles Software, computers and office equipment Capital leases — Total other property and equipment Accumulated depreciation Total other property and equipment, net $ $ Impairment of Long-Lived Assets . Long‑lived assets such as property and equipment and identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long‑lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long‑lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values, and third‑party independent appraisals, as considered necessary. An impairment loss of $2.7 million was recorded in the second quarter of fiscal year 2017 related to the potential sale of RockPile. Income Taxes. The Company computes its quarterly tax provision using the effective tax rate method based on applying the anticipated annual effective rate to its year-to-date income or loss, except for discrete items. Income tax on discrete items is computed and recorded in the period in which the specific transaction occurs. The carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $779.0 million for fiscal year 2016. This impairment resulted in Triangle having three years of cumulative historical pre-tax losses and a net deferred tax asset position. Triangle also had net operating loss carryovers (“NOLs”) for federal income tax purposes of $286.0 million at January 31, 2016. These losses and expected future losses resulting from the current low commodity price environment were a key consideration that led Triangle to provide a valuation allowance against its net deferred tax assets as of October 31, 2016, since it cannot conclude that it is more likely than not that its net deferred tax assets will be fully realized in future periods. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. Future events or new evidence which may lead the Company to conclude that it is more likely than not that its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings, sustained or continued improvements in oil prices, and taxable events that could result from one or more transactions. The Company will continue to evaluate whether the valuation allowance is needed in future reporting periods. In the first quarter of fiscal year 2016 the Company recorded the benefit of reversing its net deferred tax liability. As long as the Company concludes that it will continue to have a need for a valuation allowance against its net deferred tax assets, the Company likely will not have any additional income tax expense or benefit other than for federal alternative minimum tax expense or for state income taxes. As of October 31, 2016, the Company had no unrecognized tax benefits. The Company’s management does not believe that there are any new items or changes in facts or judgments that should impact the Company’s position during the first nine months of fiscal year 2017. Earnings per Share. Basic earnings per common share is computed by dividing net income (loss) attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share reflects increases in average shares outstanding from the potential dilution, under the treasury stock method, that could occur upon (i) exercise of stock options, (ii) vesting of restricted stock units, and (iii) conversion of convertible debt. The treasury stock method assumes exercise, vesting or conversion at the beginning of a period for securities outstanding at the end of a period. Also, the treasury stock method for calculating dilution assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company at the quarter’s average stock price using assumed proceeds from (a) the exercise cost of the options and (b) the foregone future compensation expense of hypothetical early vesting of the outstanding restricted stock units. The assumed proceeds are adjusted for income tax effects. In the event of a net loss, no potential common shares are included in the calculation of shares outstanding, as their inclusion would be anti-dilutive. The following table details the weighted average dilutive and anti-dilutive securities, which consist of options and unvested restricted stock, for the periods presented : For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands) 2015 2016 2015 2016 Dilutive — — Anti-dilutive shares The table below sets forth the computations of net income (loss) per common share (basic and diluted) for the periods presented: For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands, except per share data) 2015 2016 2015 2016 Net income (loss) from continuing operations $ $ $ $ Net income (loss) from discontinued operations Net income (loss) attributable to common stockholders $ $ $ $ Basic weighted average common shares outstanding Effect of dilutive securities — — Diluted weighted average common shares outstanding Basic net earnings (loss) per common share outstanding: Earnings (loss) from continuing operations $ $ $ $ Earnings (loss) from discontinued operations Net earnings (loss) $ $ $ $ Diluted net earnings (loss) per share: Earnings (loss) from continuing operations $ $ $ $ Earnings (loss) from discontinued operations Net earnings (loss) $ $ $ $ Adopted and Recently Issued Accounting Pronouncements. In May 2014, the FASB issued Accounting Standards Update No. 2014-0 9, Revenue from Contracts with Customers (“ ASU 2014‑09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016; however, in August 2015, the FASB issued Accounting Standards Update No. 2015-14 , Revenue from Contracts with Customers: Deferral of the Effective Date (“ ASU 2015-14”), which deferred the effective date of ASU 2014‑09 for one year. ASU 2015-14 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. The Company is currently evaluating the impact of adopting ASU 2014‑09 and ASU 2015-14, including the transition method to be applied, however the standards are not expected to have a significant effect on its condensed consolidated financial statements . In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU 2016-02 also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. For public companies, the standard will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 with earlier application permitted. The Company is still evaluating the impact of ASU 2016-02 on its financial position and results of operations . In March 2016, the FASB issued Accounting Standards Update No. 2016-09 , Improvements To Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of ASU 2016-09 is to simplify several aspects of accounting for employee share-based payment transactions, including income tax consequences, the classification of awards as either equity or liabilities and the classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Certain parts of ASU 2016-09 must be applied prospectively, while other portions may be applied either prospectively or retrospectively. Early adoption is permitted. The Company is still evaluating the impact of ASU 2016‑09 on its financial and results of operations. Reclassifications . Certain prior period balances in the unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of operations have been reclassified to conform to the current period presentation, including the presentation of RockPile as discontinued operations. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reporte d. |
Chapter 11 Filings By Certain S
Chapter 11 Filings By Certain Subsidiaries | 9 Months Ended |
Oct. 31, 2016 | |
Chapter 11 Filings By Certain Subsidiaries | |
Chapter 11 Filings By Certain Subsidiaries | 2. CHAPTER 11 FILINGS BY CERTAIN SUBSIDIARIES. On June 29, 2016, TUSA and Ranger, each a wholly-owned subsidiary of Triangle, and TUSA’s and Ranger’s respective wholly-owned subsidiaries (TUSA and Ranger, together with their wholly-owned subsidiaries, collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court,” and the cases commenced thereby, the “Chapter 11 Filings” or the “Chapter 11 Cases”). The Chapter 11 Cases are being jointly administered for procedural purposes only under the caption In re Triangle USA Petroleum Corporation et al., Case No. 16-11566. The Debtors have remained in possession of their property and continue to operate their businesses as "debtors—in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The normal day-to-day operations of TUSA have continued without material interruption. Triangle and its subsidiaries, other than the Debtors, did not file voluntary petitions for relief and are not debtors under Chapter 11 of the Bankruptcy Code and, consequently, continue to operate their business in the ordinary course. The Chapter 11 Filings constituted an event of default that accelerated the obligations under TUSA’s credit facility and TUSA’s 6.75% Senior Notes due 2022 (the “TUSA 6.75% Notes”) (collectively, the “TUSA Debt Documents”). Any efforts to enforce such payments are automatically stayed as a result of the Chapter 11 Filings, and the holders’ rights of enforcement in respect of the TUSA Debt Documents are subject to the applicable provisions of the Bankruptcy Code. Triangle has not guaranteed TUSA’s obligations under the TUSA credit facility or the TUSA 6.75% Notes. On June 29, 2016, the Debtors and certain holders representing approximately 73% of the outstanding principal amount of the TUSA 6.75% Notes entered into a Plan Support Agreement (the “Plan”). On August 1, 2016, the Bankruptcy Court denied the Debtors’ request to assume the Plan. The Bankruptcy Court’s failure to enter an order authorizing the assumption of the Plan rendered it ineffective and also set the Debtor’s interim order authorizing the Debtors to use cash collateral for expiration unless a new agreement was approved. Subsequently, the Debtors agreed with the administrative agent and lenders under TUSA’s credit facility (collectively the “RBL Credit Parties”) on revised terms and conditions for the use of cash collateral. On September 12, 2016, the Bankruptcy Court issued a final order authorizing the Debtors to use cash collateral pursuant to the revised terms and conditions. On November 15, 2016, the Debtors filed their “Plan of Reorganization” and the “Disclosure Statement” related thereto. The Bankruptcy Court will hold a hearing to consider approval of the Disclosure Statement at a later date. With the support of the RBL Credit Parties and certain holders representing approximately 81% of the outstanding principal amount of the TUSA 6.75% Notes, the Plan of Reorganization sets forth a plan substantially comparable to that described in the Plan, including (a) the payment in full in cash of the revolving credit facility, (b) the conversion of the TUSA 6.75% Notes into 100% of the equity of reorganized TUSA, subject to dilution by other unsecured creditors, and (c) obtaining new capital in the form of a new or amended revolving credit facility and a new money rights offering. The Plan of Reorganization does not provide for any recovery to the Company on account of its equity interest in TUSA. The Plan of Reorganization will be revised with amendments and supplements, and there is no guarantee that the Debtors will be successful in negotiating and consummating any such transactions or otherwise predicting with certainty the outcome of the Chapter 11 Cases and the treatment of creditors and interest holders therein. On November 22, 2016, the Bankruptcy Court approved the Debtors’ motion to extend the Debtors’ exclusive period to file a Chapter 11 plan and to solicit votes to approve the Chapter 11 plan by 80 days. The Debtors’ exclusive period to file a Chapter 11 plan now expires January 15, 2017, and the exclusive period to solicit votes to approve the Chapter 11 plan now expires on March 16, 2017, unless further relief is sought and obtained. Accounting Impact. In conjunction with the commencement of the Chapter 11 Cases, we evaluated whether we should continue to consolidate TUSA and its wholly-owned subsidiaries. In performing this analysis, we concluded that the activities that most significantly impact TUSA's economic performance are (i) the financing and restructuring of the pre-petition obligations of the Debtors and (ii) the management of TUSA’s exploration and production operations. The activities associated with the financing and restructuring of TUSA's pre-petition obligations are ultimately subject to confirmation of a plan of reorganization by the Bankruptcy Court. Furthermore, while we continue to manage the ordinary course exploration and production operations of TUSA, the Bankruptcy Court would generally have to approve decisions that are outside the normal course of business. Therefore, despite our continued 100% ownership of TUSA, we concluded that, as a result of the Chapter 11 Filings, we do not have the ability to make decisions that most significantly impact the economic performance of TUSA. As such, based on the applicable accounting guidance, we no longer have a controlling financial interest in TUSA as of June 29, 2016. Accordingly, we have deconsolidated TUSA and Ranger and their consolidated subsidiaries from our condensed consolidated financial statements as of the date of the filing of the Chapter 11 Cases. In order to deconsolidate TUSA and its consolidated subsidiaries, the carrying values of the assets and liabilities of TUSA and its consolidated subsidiaries were removed from our consolidated balance sheets as of June 29, 2016. Accordingly, we recorded our investment in TUSA at its estimated fair value of $3.9 million as of June 29, 2016. We determined the fair value of our investment, which includes certain TUSA 6.75% Notes held by Triangle, using assumptions that reflect our best estimate of market participants' considerations based on the facts and circumstances relevant to our investment at that time. Such valuation was determined as of June 29, 2016 and should not be relied on for a determination of value at any other period in time given, among other things, significant variability in commodity prices underlying the valuation analysis. Our estimate of the fair value of Triangle’s equity in TUSA was determined using an income approach and a market approach. The income approach estimates the value of an asset or business by calculating the present value of expected future cash flows using a market participant's expected weighted average cost of capital (discount rate). TUSA’s estimated future operating results were based on the risk-adjusted estimated net cash flows resulting from TUSA’s proven, probable and possible oil and natural gas reserves. The market approach estimates the value of an asset or business corroborated by market information from comparable public companies. To complete the fair value of Triangle's equity in TUSA, we then subtracted the net debt (debt less cash on hand) of TUSA from the value of the business. After considering the estimated fair values of TUSA’s future cash flows and debt, there was not sufficient value to repay TUSA's outstanding unsecured debt obligations as they become due; therefore, we believe that it is a reasonable assumption that a market participant would not assign any residual value to the equity of TUSA, particularly considering the inherent uncertainty in value resulting from the Chapter 11 Cases. Accordingly, we have reflected our investment in TUSA at its estimated fair value of $3.9 million as of June 29, 2016 and recorded a gain on deconsolidation of $299.7 million, which reflects the difference between (i) the estimated fair value of our retained 100% non-controlling investment in TUSA at the date of deconsolidation, (ii) the estimated fair value of the expected equity interest resulting from the TUSA 6.75% Notes held by Triangle with a par value of $8.2 million, and (iii) the carrying amount of TUSA's consolidated assets and liabilities. Subsequent to the deconsolidation of TUSA, we are accounting for our investment in TUSA using the cost method of accounting because Triangle does not exercise significant influence over the operations of TUSA due to the Chapter 11 Filings. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Oct. 31, 2016 | |
Discontinued Operations | |
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS. On September 8, 2016, we entered into an agreement to sell substantially all of RockPile’s (our Oilfield Services segment) assets and related liabilities for a base purchase price of $58.0 million in cash, subject to an escrow holdback for indemnification claims and post-closing working capital adjustments . The cash proceeds from the sale not subject to holdback or the wind-down budget were paid directly to RockPile’s secured lenders in satisfaction of RockPile’s credit facility. Triangle received no proceeds from the sale related to its membership interest in RockPile. RockPile retained a portion of the proceeds from the sale, to the extent necessary, to pay liabilities of RockPile in accordance with an agreed upon wind-down budget, with the secured lenders retaining a residual right to receive any remaining funds following the wind-down. As a result of the RockPile Sale, we recognized a gain from disposal of oilfield services operations of $50.8 million, net of income taxes, in the accompanying condensed consolidated statement of operations for the three and nine-month periods ended October 31, 2016. The following table presents the carrying amounts of the major classes of assets and liabilities associated with our discontinued operations in our accompanying condensed consolidated balance sheets. (in thousands) January 31, 2016 October 31, 2016 ASSETS Cash and cash equivalents $ $ Accounts receivable Other current assets Total current assets Net property, plant and equipment — Debt issuance costs — Other — Total assets from discontinued operations $ $ LIABILITIES Accounts payable and accrued capital expenditures $ $ Other accrued liabilities — Current portion of long-term debt — Interest payable — Total current liabilities Long-term debt — Other — Total liabilities from discontinued operations $ $ The loss from oilfield services operations in our accompanying condensed consolidated statements of operations is comprised of the following: For the Three Months Ended For the Nine Months Ended October 31, October 31, (in thousands) 2015 2016 2015 2016 Revenues $ $ $ $ Cost of oilfield services Depreciation General and administrative, net of amounts capitalized Interest expense, net Amortization of debt issuance costs Other income (expense), net — Loss from oilfield services operations before taxes Income tax provision (benefit) — — — — Loss from oilfield services operations, net of tax $ $ $ $ |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 4. SEGMENT REPORTING. Following the sale of RockPile (our Oilfield Services segment) and the Chapter 11 filing by TUSA (our Exploration and Production segment), our remaining operations are included in our Corporate and Other segment. Management evaluates the performance of our segments based upon net income (loss) before income taxes. No segment information is provided for the three months ended October 31, 2016 due to the deconsolidation of TUSA on June 29, 2016 and the discontinuation of our Oilfield Services segment during the third quarter of fiscal year 2017. The following tables present selected financial information for the continuing operations of our operating segments for the three months ended October 31, 2015 and nine months ended October 31, 2016 and 2015: For the Three Months Ended October 31, 2015 Exploration Corporate and and Consolidated (in thousands) Production Other Eliminations Total Revenues: Oil, natural gas and natural gas liquids sales $ $ — $ — $ Total revenues — — Expenses: Lease operating and production taxes — — Gathering, transportation and processing — — Depreciation, amortization and accretion Impairments — — General and administrative, net of amounts capitalized: Salaries and benefits — Share-based compensation — Other general and administrative — Total operating expenses Income (loss) from operations Other income (expense) Income (loss) before income taxes $ $ $ $ For the Nine Months Ended October 31, 2016 Exploration Corporate and and Consolidated (in thousands) Production (1) Other (2) Eliminations Total Revenues: Oil, natural gas and natural gas liquids sales $ $ — $ — $ Total revenues — — Expenses: Lease operating and production taxes — — Gathering, transportation and processing — — Depreciation, amortization and accretion Impairments — General and administrative, net of amounts capitalized: Salaries and benefits — Share-based compensation — Other general and administrative — Total operating expenses Income (loss) from operations Other income (expense) Income (loss) before income taxes $ $ $ $ As of October 31, 2016: Cash and cash equivalents $ $ $ — $ Other property and equipment, net $ — $ $ — $ Total assets $ $ $ — $ Total liabilities $ $ $ — $ (1) (2) For the Nine Months Ended October 31, 2015 Exploration Corporate and and Consolidated (in thousands) Production Other Eliminations Total Revenues: Oil, natural gas and natural gas liquids sales $ $ — $ $ Total revenues — — Expenses: Lease operating and production taxes — — Gathering, transportation and processing — — Depreciation, amortization and accretion Impairments — — General and administrative, net of amounts capitalized: Salaries and benefits — Share-based compensation — Other general and administrative — Total operating expenses Income (loss) from operations Other income (expense) Income (loss) before income taxes $ $ $ $ |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Oct. 31, 2016 | |
Long-Term Debt [Abstract] | |
Long-term Debt | 5. LONG-TERM DEBT. T he Company’s long-term debt consisted of the following as of January 31, 2016 and October 31, 2016: (in thousands) January 31, 2016 October 31, 2016 TUSA credit facility due October 2018 (1) $ $ — TUSA 6.75% notes due July 2022 (1) — 5% convertible note Other notes and mortgages payable Total principal Debt issuance costs Total debt Less current portion of debt: Other notes and mortgages payable Total current portion of long-term debt Total long-term debt $ $ (1) deconsolidated TUSA as of June 29, 2016 in connection with the commencement of TUSA’s Chapter 11 filing. Convertible Note. On July 31, 2012, the Company issued a 5% convertible note with an initial principal amount of $120.0 million (the “Convertible Note”) that is convertible in whole or in part into the Company’s common stock at a conversion rate of one share per $8.00 of outstanding balance. The Convertible Note accrues interest at a rate of 5.0% per annum, compounded quarterly, on each December 31, March 31, June 30 and September 30, and on the date of any redemption, conversion or exchange of the Convertible Note. Such interest is paid-in-kind by adding to the principal balance of the Convertible Note, provided that, after September 30, 2017, the Company has the option to make such interest payments in cash. As of October 31, 2016, $28.2 million of accrued interest has been added to the principal balance of the Convertible Note. The Convertible Note does not have a stated maturity. Following July 31, 2017, if the trading price of the Company’s common stock exceeds $11.00 per share for 20 consecutive trading days and certain trading volume requirements are met, the Company can elect to redeem all (but not less than all) of the Convertible Note at a price equal to the outstanding principal amount plus accrued and unpaid interest, payable, at the Company’s option, in cash or common stock. Following July 31, 2020, the Company can elect to redeem all (but not less than all) of the Convertible Note at a price equal to the outstanding principal amount plus accrued and unpaid interest, payable in cash. Further, following July 31, 2022, a change of control of the Company, or certain other fundamental changes (as defined in the indenture), the holder of the Convertible Note will have the right to require the Company to redeem the Convertible Note at a price equal to the outstanding principal amount plus accrued and unpaid interest, with an additional make-whole payment for scheduled interest payments remaining if such right is exercised prior to July 31, 2017. |
Hedging And Commodity Derivativ
Hedging And Commodity Derivative Financial Instruments | 9 Months Ended |
Oct. 31, 2016 | |
Hedging And Commodity Derivative Financial Instruments [Abstract] | |
Commodity Derivative Instruments | 6. HEDGING AND COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS. Through TUSA, the Company previously entered into commodity derivative instruments including costless collars and swaps to reduce the effect of price changes on a portion of our future oil production. A collar required us to pay the counterparty if the settlement price is above the ceiling price, and required the counterparty to pay us if the settlement price is below the floor price. The objective of TUSA’s use of derivative financial instruments was to achieve more predictable cash flows in an environment of volatile oil and natural gas prices and to manage its exposure to commodity price risk. While the use of these derivative instruments limits the downside risk of adverse price movements, such use may also limit TUSA’s ability to benefit from favorable price movements. TUSA did not enter into derivative contracts for speculative purposes. TUSA’s commodity derivative instruments are measured at fair value. TUSA does not designate any of its derivative contracts as fair value or cash flow hedges. Therefore, the Company does not apply hedge accounting to its commodity derivative instruments. Net gains and losses on derivative activities are recorded based on the changes in the fair values of the derivative instruments. TUSA’s cash flows are only impacted when the actual settlements under the commodity derivative contracts result in a payment to or from the counterparty. These settlements under the commodity derivative contracts are reflected as operating activities in the Company’s condensed consolidated statements of cash flows. The components of commodity derivative gains (losses) in the condensed consolidated statements of operations are as follows: For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands) 2015 2016 2015 2016 Realized commodity derivative gains (losses) $ $ - $ $ Unrealized commodity derivative gains (losses) - Commodity derivative gains (losses), net $ $ - $ $ The estimated fair values of commodity derivatives included in the condensed consolidated balance sheets at January 31, 2016 and October 31, 2016 are summarized below. TUSA does not offset asset and liability positions with the same counterparties within the condensed consolidated financial statements; rather, all contracts are presented at their gross estimated fair value. (in thousands) January 31, 2016 October 31, 2016 Current Assets: Crude oil derivative contracts (1) $ $ — Other Long-Term Assets: Crude oil derivative contracts (1) — Total derivative asset $ $ — (1) Triangle deconsolidated TUSA as of June 29, 2016 in connection with the commencement of TUSA’s Chapter 11 filing. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Oct. 31, 2016 | |
Asset Retirement Obligations [Abstract] | |
Asset Retirement Obligations | 7. ASSET RETIREMENT OBLIGATIONS. The Company’s asset retirement obligations (“ARO”) represent the estimated present value of the amounts expected to be incurred to plug, abandon, and remediate producing and shut-in properties at the end of their productive lives in accordance with applicable state and federal laws. The Company determines the estimated fair value of its ARO when incurred by calculating the present value of estimated cash flows related to plugging and abandonment liabilities. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, the Company’s credit adjusted discount rates, inflation rates and estimated dates of abandonment. The asset retirement liability is accreted to its present value each period and the capitalized asset retirement cost is depleted as a component of the full cost pool using the units-of-production method. The following table reflects the change in ARO for the nine months ended October 31, 2016: For the Nine Months Ended October 31, (in thousands) 2016 Balance at the beginning of the period $ Liabilities incurred — Revision of estimates Sale of assets — Liabilities settled Accretion Deconsolidation of TUSA Balance at the end of the period $ — At January 31, 2016, $4.9 million of our ARO balance related to the reclamation of man-made ponds holding produced formation water and the plugging and abandonment of well bores in the Maritimes Basin of Canada. These obligations were settled for $4.6 million during the nine months ended October 31, 2016. Additionally, TUSA was deconsolidated as of June 29, 2016, which resulted in the removal of $5.3 million of ARO from our condensed consolidated balance sheet as of that date. |
Unconsolidated Investments And
Unconsolidated Investments And Equity Investment Derivatives | 9 Months Ended |
Oct. 31, 2016 | |
Unconsolidated Investments And Equity Investment Derivatives. | |
Unconsolidated Investments And Equity Investment Derivatives | 8. UNCONSOLIDATED INVESTMENTS AND EQUITY INVESTMENT DERIVATIVES. Investment in Caliber . The following summarizes the activities related to the Company’s equity method investment in Caliber for the nine months ended October 31, 2016: For the Nine Months Ended October 31, (in thousands) 2016 Balance at beginning of period $ Capital contributions — Distributions — Equity investment share of net income before intra-company profit eliminations Change in fair value of warrants Other than temporary impairment Balance at end of period $ Fair value of trigger unit warrants and warrants at October 31, 2016 $ We evaluate our equity method investments for impairment when events or changes in circumstances indicate there is a loss in value of the investment that is other than a temporary decline. In TUSA’s Chapter 11 filing, TUSA is seeking a final judgment or order authorizing TUSA to reject certain midstream services agreements with Caliber. Although the matter has yet to be resolved, it has adversely impacted the fair value of our investment in Caliber resulting in the carrying value of our investment in Caliber exceeding its fair value at October 31, 2016. Since we deemed this decline in fair value to be other than temporary, we recorded an impairment of $21.2 million in the nine months ended October 31, 2016. Caliber Equity Investment Derivatives. At January 31, 2016 and October 31, 2016, the Company held Class A (Series 1 through Series 4 and Series 6) Warrants to acquire additional ownership in Caliber. These instruments are considered to be equity investment derivatives and are valued at each reporting period using valuation techniques for which the inputs are generally less observable than from objective sources. Investment in TUSA. Effective June 29, 2016, as a result of the commencement of the Chapter 11 Cases, we deconsolidated our investment in TUSA, a wholly-owned subsidiary, and commenced accounting for our investment in TUSA using the cost method of accounting. See Note 2—Chapter 11 Filings by Certain Subsidiaries— which describes the basis for valuing Triangle’s investment in TUSA at $3.9 million. |
Capital Stock
Capital Stock | 9 Months Ended |
Oct. 31, 2016 | |
Capital Stock [Abstract] | |
Capital Stock | 9. CAPITAL STOCK. At October 31, 2016, the Company had 106.6 million shares of common stock issued or reserved for issuance, comprised of 76.5 million shares of common stock issued and outstanding, 0.6 million shares of common stock reserved for issuance pursuant to outstanding awards under its 2011 Omnibus Incentive Plan, 6.0 million shares of common stock reserved for issuance under its CEO Stand-Alone Stock Option Agreement, 1.1 million shares of common stock reserved for issuance pursuant to outstanding awards under its 2014 Equity Incentive Plan (the “2014 Plan”), 3.9 million shares of reserved common stock that remained available for issuance under the 2014 Plan, and 18.5 million shares of common stock reserved for issuance pursuant to the Convertible Note. The Company’s Board of Directors (the “Board”) approved a program authorizing the repurchase of outstanding shares of the Company’s common stock in amounts equal to the aggregate of (i) $25.0 million of the Company’s common stock (“Tranche 1”), (ii) up to the number of shares of common stock authorized for issuance under the Company’s 2014 Equity Incentive Plan and its CEO Stand-Alone Stock Option Agreement (“Tranche 2”), and (iii) up to the number of shares of common stock potentially issuable, at any given time, pursuant to the paid-in-kind interest accrued on the Convertible Note (“Tranche 3”). The program stipulates that shares of common stock may be repurchased from time to time, in amounts and at prices that the Company deems appropriate, subject to market and business conditions and other considerations. The repurchase program has no expiration date and may be suspended or discontinued at any time without prior notice. There were no common stock repurchases for the three and nine months ended October 31, 2016. As of October 31, 2016, there were 6,486,053 shares of common stock remaining available for repurchase under the Board approved program. The Company’s Board of Directors terminated the stock repurchase program effective December 1, 2016. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 31, 2016 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 10. SHARE-BASED COMPENSATION. The Company has granted equity awards to officers, directors, and certain employees of the Company including restricted stock units and stock options. The Company measures its awards based on the award’s grant date fair value which is recognized on a straight-line basis over the applicable vesting period. For the three and nine months ended October 31, 2015 and 2016, the Company recorded share-based compensation as follows : For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands) 2015 2016 2015 2016 Restricted stock units $ $ $ $ Stock options Less amounts capitalized to oil and natural gas properties — Compensation expense $ $ $ $ Restricted Stock Units . As of October 31, 2016, there was approximately $5.2 million of total unrecognized compensation expense related to unvested restricted stock units. This compensation expense is expected to be recognized over the remaining vesting period of the related awards of approximately 1.6 years on a weighted average basis. When restricted stock units vest, the holder has the right to receive one share of the Company’s common stock per vesting unit. The following table summarizes the activity for our restricted stock units during the nine months ended October 31, 2016: Weighted Average Number of Award Date Shares Fair Value Restricted stock units outstanding - January 31, 2016 $ Units granted — $ — Units forfeited $ Units vested $ Restricted stock units outstanding - October 31, 2016 $ Stock Options. The following table summarizes the activity for our stock options during the nine months ended October 31, 2016: Weighted Number of Average Shares Exercise Price Options outstanding - January 31, 2016 (1,433,334 exercisable) $ Options forfeited $ Options exercised — $ — Options granted — $ — Options outstanding - October 31, 2016 (4,433,334 exercisable) $ The following table summarizes the stock options outstanding at October 31, 2016 : Remaining Exercise Price Contractual Life Number of Shares per Share (years) Outstanding Exercisable $ $ $ $ $ $ $ $ Weighted average exercise price per share $ $ Weighted average remaining contractual life (years) As of October 31, 2016, there was approximately $5.3 million of total unrecognized compensation expense related to stock options. This compensation expense is expected to be recognized over the remaining vesting period of the related awards of approximately 1.7 years. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 11. FAIR VALUE MEASUREMENTS. The FASB’s ASC 820, Fair Value Measurement and Disclosure , establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: · Level 1: Quoted prices are available in active markets for identical assets or liabilities; · Level 2: Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; and · Level 3: Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flows models or valuations. The financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of January 31, 2016 and October 31, 2016, by level within the fair value hierarchy: As of January 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Commodity derivative assets $ — $ $ — $ Equity investment derivative assets $ — $ — $ $ As of October 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Equity investment derivative assets $ — $ — $ $ Commodity Derivative Instruments. The Company determines its estimate of the fair value of commodity derivative instruments using a market approach based on several factors, including quoted market prices in active markets, quotes from third-parties, the credit rating of each counterparty, and the Company’s own credit rating. In considering counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments. The Company believes that each of its counterparties is creditworthy and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. The Company’s commodity derivative instruments are valued using public indices and are traded with third-party counterparties, but are not openly traded on an exchange. As such, the Company has classified these commodity derivative instruments as Level 2. Triangle deconsolidated TUSA as of June 29, 2016 in connection with the commencement of TUSA’s Chapter 11 filing. Caliber Class A Warrants (Series 1 through Series 4 and Series 6). The Company determines its estimate of the fair value of Caliber Class A Warrants using a Monte Carlo Simulation (“MCS”) model. For each MCS, the values of the Class A Units and Class A Warrants were forecasted at the end of each quarter based on a predetermined yield, and the strike price for the warrant is adjusted accordingly. At October 31, 2016, the fair values of the underlying Class A Units and Class A Warrants were estimated employing an income approach using a MCS model and discounted cash flows, and a market approach based on observed valuation multiples for comparable public companies. Key inputs into these valuation approaches are generally less observable than those from objective sources. Therefore, the Company has classified these instruments as Level 3. Nonrecurring Fair Value Measurements. For certain situations, the Company is also required to make fair value measurements for assets and liabilities in the consolidated balance sheet after their initial recognition. At January 31, 2016 and October 31, 2016, the Company was required to make fair value measurements for comparisons to the carrying values of long-lived assets and its investments in unconsolidated subsidiaries to assess whether any impairments were required. At October 31, 2016, the Company determined its estimate of the fair value of long-lived assets, primarily real estate, using a market approach based on estimates from an independent, third party appraiser. Key inputs into these valuation approaches are generally less observable than those from objective sources. Therefore, the Company considers the related long-lived assets as Level 3. As described above, the Company uses an income approach and a market approach to value its investments in unconsolidated subsidiaries. The MCS model that is used by the Company to determine the fair value of the Caliber Class A Warrants is also used by the Company to determine the fair value of the Company’s investment in Caliber Class A Units in its other than temporary impairment evaluation. Therefore, the Company considers its investments in unconsolidated subsidiaries as Level 3. Fair Value of Financial Instruments . The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable and payable, derivatives and Caliber Class A Warrants (discussed above), and long-term debt. The carrying values of cash equivalents and accounts receivable and payable are representative of their fair values due to their short-term maturities. The carrying amount of the Company’s revolving credit facilities approximated fair value because the interest rate of the facilities is variable. The fair values of the other notes and mortgages payable is not significantly different than their carrying values. The fair value of the TUSA 6.75% Notes is derived from quoted market prices (Level 1). The Convertible Note’s estimated fair value is based on quoted market prices for similar debt instruments and option pricing (Level 3). This disclosure does not impact our financial position, results of operations or cash flows. The carrying values and fair values of the Company’s debt instruments are as follows: January 31, 2016 October 31, 2016 Carrying Estimated Carrying Estimated (in thousands) Value Fair Value Value Fair Value TUSA credit facility $ $ $ — $ — (1) TUSA 6.75% notes — — (1) 5% convertible note — (2) Other notes and mortgages payable (1) Triangle deconsolidated TUSA as of June 29, 2016 in connection with the commencement of TUSA’s Chapter 11 filing. (2) The Company is unable to reasonably determine the fair value for these financial instruments due to a lack of actively quoted market prices and uncertainties related to its restructuring activities. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Oct. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS. The accounts receivable – related parties balance of $1.6 million at October 31, 2016 primarily represents amounts due from TUSA for management fees due to Triangle . |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Oct. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 13. CONTINGENCIES. On May 26, 2016, the Company received a demand for arbitration in connection with an exploration and development agreement entered into in August 2011 with a third party operator. The demand alleges damages in connection with non-payment of a promote fee established under the agreement for 10% of the cost of drilling wells in which the Company elected to participate that were drilled in an area of mutual interest. On November 14, 2016, the Company settled the claim for an amount that will not have a material effect on its consolidated financial position, results of operations or liquidity. In addition, the Company is a party from time to time to other claims and legal actions that arise in the ordinary course of business. The Company believes that the ultimate impact, if any, of these other claims and legal actions will not have a material effect on its consolidated financial position, results of operations or liquidity . |
Supplemental Disclosures Of Cas
Supplemental Disclosures Of Cash Flow Information | 9 Months Ended |
Oct. 31, 2016 | |
Supplemental Disclosures of Cash Flow Information [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 14. SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION. For the Nine Months Ended October 31, (in thousands) 2015 2016 Cash paid during the period for: Interest expense $ $ Non-cash investing activities: Additions (reductions) to oil and natural gas properties through: Increase (decrease) in accounts payable and accrued liabilities $ $ Capitalized share-based compensation $ $ Change in asset retirement obligations $ $ |
Summary Of Significant Accoun22
Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Liquidity and Ability to Continue as a Going Concern | Liquidity and Ability to Continue as a Going Concern. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business. As such, the accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. The Chapter 11 Filings and the RockPile Sale discussed in Note 2 and Note 3, respectively, raise substantial doubt about the Company’s ability to continue as a going concern. Triangle has engaged certain professional advisors to assist it in the process of analyzing various strategic alternatives to address our liquidity and capital structure, including: (i) obtaining additional sources of capital from asset sales, issuances of debt or equity securities, debt for equity swaps, or any combination thereof; and (ii) pursuing in- and out-of-court restructuring transactions. In connection with a debt restructuring or refinancing, we may seek to convert a significant portion of our outstanding debt to equity. In addition, we may seek to reduce our cash interest cost and extend debt maturity dates by negotiating the exchange of outstanding debt for new debt with modified terms or other measures. While we anticipate engaging in active dialogue with our creditors, at this time we are unable to predict the outcome of such discussions, the outcome of any strategic transactions that we may pursue or whether any such efforts will be successful. As a result of the above, substantial doubt exists regarding the ability of Triangle to continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business. |
Basis Of Presentation | Basis of Presentation. These unaudited condensed consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and are expressed in U.S. dollars. Preparation in accordance with GAAP requires us to (i) adopt accounting policies within accounting rules set by the Financial Accounting Standards Board (“FASB”) and by the Securities and Exchange Commission (“SEC”), and (ii) make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and other disclosed amounts. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. We believe the disclosures made are adequate to make the information not misleading. We recommend that these unaudited condensed consolidated financial statements be read in conjunction with our audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2016, as filed with the SEC (“Fiscal 2016 Form 10-K”). In the opinion of management, all material adjustments considered necessary for a fair presentation of the Company’s interim results have been reflected. All such adjustments are considered to be of a normal recurring nature. The results for interim periods are not necessarily indicative of annual results. No condensed consolidated statement of comprehensive income (loss) is presented because the Company had no comprehensive income or loss activity in the periods presented . |
Use of Estimates | Use of Estimates. In the course of preparing its condensed consolidated financial statements, management makes various assumptions, judgments, and estimates to determine the reported amount of assets, liabilities, revenue, and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. Significant areas requiring the use of assumptions, judgments and estimates include (i) oil and natural gas reserves; (ii) cash flow estimates used in ceiling tests of oil and natural gas properties; (iii) depreciation and amortization; (iv) impairment of unproved properties, investment in equity method investees and other assets; (v) assigning fair value and allocating purchase price in connection with business combinations; (vi) accrued revenue and related receivables; (vii) valuation of commodity derivative instruments and equity derivative instruments; (viii) accrued expenses and related liabilities; (ix) valuation of share-based payments and (x) income taxes. Although management believes these estimates are reasonable, actual results could differ from these estimates. The Company has evaluated subsequent events and transactions for matters that may require recognition or disclosure in these condensed consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation. The accounts of Triangle and its wholly-owned subsidiaries are presented in the accompanying condensed consolidated financial statements. All significant intercompany transactions and balances are eliminated in consolidation. Triangle generally uses the equity method of accounting for investments in entities in which Triangle has an ownership between 20% and 50% and exercises significant influence. The investment in Caliber is accounted for utilizing the equity method of accounting. Triangle deconsolidated TUSA as of June, 29, 2016 with the commencement of TUSA’s Chapter 11 bankruptcy filing and will account for its investment in TUSA under the cost method of accounting. |
Oil And Natural Gas Properties | Oil and Natural Gas Properties. We use the full cost method of accounting, which involves capitalizing all acquisition, exploration, exploitation and development costs of oil and natural gas properties. Once we incur costs, they are recorded in the amortizable pool of proved properties or in unproved properties, collectively, the full cost pool. We review our unproved oil and natural gas property costs on a quarterly basis to assess for impairment or the need to transfer unproved costs to proved properties as a result of extensions or discoveries from drilling operations. At the end of each quarterly period, we must compute a limitation on capitalized costs, which is equal to the sum of the present value of estimated future net revenues from our proved reserves by applying the average price as prescribed by the SEC (unweighted arithmetic average of commodity prices in effect on the first day of each of the previous twelve months), less estimated future expenditures (based on current costs) to develop and produce the proved reserves, discounted at 10%, plus the cost of properties not being amortized and the lower of cost or estimated fair value of unproved properties included in the costs being amortized, net of income tax effects. We then conduct a “ceiling test” that compares the net book value of the full cost pool, after taxes, to the full cost ceiling limitation. In the event the full cost ceiling limitation is less than the full cost pool, we are required to record an impairment of our oil and natural gas properties. Prior to our deconsolidation of TUSA, we recognized impairments to our proved oil and natural gas properties of $104.0 million for the nine month period ended October 31, 2016, primarily due to the decline in oil, natural gas and natural gas liquids prices. Impairment charges do not affect cash flow from operating activities but do adversely affect our net income and stockholders’ equity. Any recorded impairment of oil and natural gas properties is not reversible at a later date. |
Oilfield Services Equipment and Other Property And Equipment | Other Property and Equipment . Other property and equipment consisted of the following as of: (in thousands) January 31, 2016 October 31, 2016 Land $ $ Building and leasehold improvements Vehicles Software, computers and office equipment Capital leases — Total other property and equipment Accumulated depreciation Total other property and equipment, net $ $ |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets . Long‑lived assets such as property and equipment and identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long‑lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long‑lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values, and third‑party independent appraisals, as considered necessary. An impairment loss of $2.7 million was recorded in the second quarter of fiscal year 2017 related to the potential sale of RockPile. |
Income Taxes | Income Taxes. The Company computes its quarterly tax provision using the effective tax rate method based on applying the anticipated annual effective rate to its year-to-date income or loss, except for discrete items. Income tax on discrete items is computed and recorded in the period in which the specific transaction occurs. The carrying value of our oil and natural gas properties exceeded the calculated value of the ceiling limitation resulting in an impairment of $779.0 million for fiscal year 2016. This impairment resulted in Triangle having three years of cumulative historical pre-tax losses and a net deferred tax asset position. Triangle also had net operating loss carryovers (“NOLs”) for federal income tax purposes of $286.0 million at January 31, 2016. These losses and expected future losses resulting from the current low commodity price environment were a key consideration that led Triangle to provide a valuation allowance against its net deferred tax assets as of October 31, 2016, since it cannot conclude that it is more likely than not that its net deferred tax assets will be fully realized in future periods. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. Future events or new evidence which may lead the Company to conclude that it is more likely than not that its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings, sustained or continued improvements in oil prices, and taxable events that could result from one or more transactions. The Company will continue to evaluate whether the valuation allowance is needed in future reporting periods. In the first quarter of fiscal year 2016 the Company recorded the benefit of reversing its net deferred tax liability. As long as the Company concludes that it will continue to have a need for a valuation allowance against its net deferred tax assets, the Company likely will not have any additional income tax expense or benefit other than for federal alternative minimum tax expense or for state income taxes. As of October 31, 2016, the Company had no unrecognized tax benefits. The Company’s management does not believe that there are any new items or changes in facts or judgments that should impact the Company’s position during the first nine months of fiscal year 2017. |
Earnings Per Share | Earnings per Share. Basic earnings per common share is computed by dividing net income (loss) attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per common share reflects increases in average shares outstanding from the potential dilution, under the treasury stock method, that could occur upon (i) exercise of stock options, (ii) vesting of restricted stock units, and (iii) conversion of convertible debt. The treasury stock method assumes exercise, vesting or conversion at the beginning of a period for securities outstanding at the end of a period. Also, the treasury stock method for calculating dilution assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company at the quarter’s average stock price using assumed proceeds from (a) the exercise cost of the options and (b) the foregone future compensation expense of hypothetical early vesting of the outstanding restricted stock units. The assumed proceeds are adjusted for income tax effects. In the event of a net loss, no potential common shares are included in the calculation of shares outstanding, as their inclusion would be anti-dilutive. The following table details the weighted average dilutive and anti-dilutive securities, which consist of options and unvested restricted stock, for the periods presented : For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands) 2015 2016 2015 2016 Dilutive — — Anti-dilutive shares The table below sets forth the computations of net income (loss) per common share (basic and diluted) for the periods presented: For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands, except per share data) 2015 2016 2015 2016 Net income (loss) from continuing operations $ $ $ $ Net income (loss) from discontinued operations Net income (loss) attributable to common stockholders $ $ $ $ Basic weighted average common shares outstanding Effect of dilutive securities — — Diluted weighted average common shares outstanding Basic net earnings (loss) per common share outstanding: Earnings (loss) from continuing operations $ $ $ $ Earnings (loss) from discontinued operations Net earnings (loss) $ $ $ $ Diluted net earnings (loss) per share: Earnings (loss) from continuing operations $ $ $ $ Earnings (loss) from discontinued operations Net earnings (loss) $ $ $ $ |
Adopted and Recently Issued Accounting Pronouncements | Adopted and Recently Issued Accounting Pronouncements. In May 2014, the FASB issued Accounting Standards Update No. 2014-0 9, Revenue from Contracts with Customers (“ ASU 2014‑09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016; however, in August 2015, the FASB issued Accounting Standards Update No. 2015-14 , Revenue from Contracts with Customers: Deferral of the Effective Date (“ ASU 2015-14”), which deferred the effective date of ASU 2014‑09 for one year. ASU 2015-14 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. The Company is currently evaluating the impact of adopting ASU 2014‑09 and ASU 2015-14, including the transition method to be applied, however the standards are not expected to have a significant effect on its condensed consolidated financial statements . In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU 2016-02 also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. For public companies, the standard will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 with earlier application permitted. The Company is still evaluating the impact of ASU 2016-02 on its financial position and results of operations . In March 2016, the FASB issued Accounting Standards Update No. 2016-09 , Improvements To Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of ASU 2016-09 is to simplify several aspects of accounting for employee share-based payment transactions, including income tax consequences, the classification of awards as either equity or liabilities and the classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Certain parts of ASU 2016-09 must be applied prospectively, while other portions may be applied either prospectively or retrospectively. Early adoption is permitted. The Company is still evaluating the impact of ASU 2016‑09 on its financial and results of operations. |
Reclassifications | Reclassifications . Certain prior period balances in the unaudited condensed consolidated balance sheets and unaudited condensed consolidated statements of operations have been reclassified to conform to the current period presentation, including the presentation of RockPile as discontinued operations. Such reclassifications had no impact on net income, cash flows or shareholders’ equity previously reporte d. |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of oilfield services equipment and other property and equipment | (in thousands) January 31, 2016 October 31, 2016 Land $ $ Building and leasehold improvements Vehicles Software, computers and office equipment Capital leases — Total other property and equipment Accumulated depreciation Total other property and equipment, net $ $ |
Schedule of weighted average dilutive and anti-dilutive securities | For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands) 2015 2016 2015 2016 Dilutive — — Anti-dilutive shares |
Schedule of computations of net income(loss) per common share (basic and diluted) | For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands, except per share data) 2015 2016 2015 2016 Net income (loss) from continuing operations $ $ $ $ Net income (loss) from discontinued operations Net income (loss) attributable to common stockholders $ $ $ $ Basic weighted average common shares outstanding Effect of dilutive securities — — Diluted weighted average common shares outstanding Basic net earnings (loss) per common share outstanding: Earnings (loss) from continuing operations $ $ $ $ Earnings (loss) from discontinued operations Net earnings (loss) $ $ $ $ Diluted net earnings (loss) per share: Earnings (loss) from continuing operations $ $ $ $ Earnings (loss) from discontinued operations Net earnings (loss) $ $ $ $ |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Discontinued Operations | |
Discontinued Operations | (in thousands) January 31, 2016 October 31, 2016 ASSETS Cash and cash equivalents $ $ Accounts receivable Other current assets Total current assets Net property, plant and equipment — Debt issuance costs — Other — Total assets from discontinued operations $ $ LIABILITIES Accounts payable and accrued capital expenditures $ $ Other accrued liabilities — Current portion of long-term debt — Interest payable — Total current liabilities Long-term debt — Other — Total liabilities from discontinued operations $ $ The loss from oilfield services operations in our accompanying condensed consolidated statements of operations is comprised of the following: For the Three Months Ended For the Nine Months Ended October 31, October 31, (in thousands) 2015 2016 2015 2016 Revenues $ $ $ $ Cost of oilfield services Depreciation General and administrative, net of amounts capitalized Interest expense, net Amortization of debt issuance costs Other income (expense), net — Loss from oilfield services operations before taxes Income tax provision (benefit) — — — — Loss from oilfield services operations, net of tax $ $ $ $ |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Segment Reporting [Abstract] | |
Selected financial information for operating segments | For the Three Months Ended October 31, 2015 Exploration Corporate and and Consolidated (in thousands) Production Other Eliminations Total Revenues: Oil, natural gas and natural gas liquids sales $ $ — $ — $ Total revenues — — Expenses: Lease operating and production taxes — — Gathering, transportation and processing — — Depreciation, amortization and accretion Impairments — — General and administrative, net of amounts capitalized: Salaries and benefits — Share-based compensation — Other general and administrative — Total operating expenses Income (loss) from operations Other income (expense) Income (loss) before income taxes $ $ $ $ For the Nine Months Ended October 31, 2016 Exploration Corporate and and Consolidated (in thousands) Production (1) Other (2) Eliminations Total Revenues: Oil, natural gas and natural gas liquids sales $ $ — $ — $ Total revenues — — Expenses: Lease operating and production taxes — — Gathering, transportation and processing — — Depreciation, amortization and accretion Impairments — General and administrative, net of amounts capitalized: Salaries and benefits — Share-based compensation — Other general and administrative — Total operating expenses Income (loss) from operations Other income (expense) Income (loss) before income taxes $ $ $ $ As of October 31, 2016: Cash and cash equivalents $ $ $ — $ Other property and equipment, net $ — $ $ — $ Total assets $ $ $ — $ Total liabilities $ $ $ — $ (1) (2) For the Nine Months Ended October 31, 2015 Exploration Corporate and and Consolidated (in thousands) Production Other Eliminations Total Revenues: Oil, natural gas and natural gas liquids sales $ $ — $ $ Total revenues — — Expenses: Lease operating and production taxes — — Gathering, transportation and processing — — Depreciation, amortization and accretion Impairments — — General and administrative, net of amounts capitalized: Salaries and benefits — Share-based compensation — Other general and administrative — Total operating expenses Income (loss) from operations Other income (expense) Income (loss) before income taxes $ $ $ $ |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Long-Term Debt [Abstract] | |
Long-term debt | (in thousands) January 31, 2016 October 31, 2016 TUSA credit facility due October 2018 (1) $ $ — TUSA 6.75% notes due July 2022 (1) — 5% convertible note Other notes and mortgages payable Total principal Debt issuance costs Total debt Less current portion of debt: Other notes and mortgages payable Total current portion of long-term debt Total long-term debt $ $ (1) deconsolidated TUSA as of June 29, 2016 in connection with the commencement of TUSA’s Chapter 11 filing. |
Hedging And Commodity Derivat27
Hedging And Commodity Derivative Financial Instruments (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Hedging And Commodity Derivative Financial Instruments [Abstract] | |
Schedule of components of commodity derivative gains (losses) | The components of commodity derivative gains (losses) in the condensed consolidated statements of operations are as follows: For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands) 2015 2016 2015 2016 Realized commodity derivative gains (losses) $ $ - $ $ Unrealized commodity derivative gains (losses) - Commodity derivative gains (losses), net $ $ - $ $ |
Fair values of commodity derivatives | (in thousands) January 31, 2016 October 31, 2016 Current Assets: Crude oil derivative contracts (1) $ $ — Other Long-Term Assets: Crude oil derivative contracts (1) — Total derivative asset $ $ — (1) Triangle deconsolidated TUSA as of June 29, 2016 in connection with the commencement of TUSA’s Chapter 11 filing. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Asset Retirement Obligations [Abstract] | |
Asset retirement obligations | For the Nine Months Ended October 31, (in thousands) 2016 Balance at the beginning of the period $ Liabilities incurred — Revision of estimates Sale of assets — Liabilities settled Accretion Deconsolidation of TUSA Balance at the end of the period $ — |
Unconsolidated Investments An29
Unconsolidated Investments And Equity Investment Derivatives (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Unconsolidated Investments And Equity Investment Derivatives. | |
Summary of activities related to company's equity investment | For the Nine Months Ended October 31, (in thousands) 2016 Balance at beginning of period $ Capital contributions — Distributions — Equity investment share of net income before intra-company profit eliminations Change in fair value of warrants Other than temporary impairment Balance at end of period $ Fair value of trigger unit warrants and warrants at October 31, 2016 $ |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Share-Based Compensation [Abstract] | |
Share-based compensation expense | For the Three Months For the Nine Months Ended October 31, Ended October 31, (in thousands) 2015 2016 2015 2016 Restricted stock units $ $ $ $ Stock options Less amounts capitalized to oil and natural gas properties — Compensation expense $ $ $ $ |
Activity in restricted stock units | Weighted Average Number of Award Date Shares Fair Value Restricted stock units outstanding - January 31, 2016 $ Units granted — $ — Units forfeited $ Units vested $ Restricted stock units outstanding - October 31, 2016 $ |
Summary of stock options outstanding | The following table summarizes the activity for our stock options during the nine months ended October 31, 2016: Weighted Number of Average Shares Exercise Price Options outstanding - January 31, 2016 (1,433,334 exercisable) $ Options forfeited $ Options exercised — $ — Options granted — $ — Options outstanding - October 31, 2016 (4,433,334 exercisable) $ |
Stock options outstanding by exercise price | The following table summarizes the stock options outstanding at October 31, 2016 : Remaining Exercise Price Contractual Life Number of Shares per Share (years) Outstanding Exercisable $ $ $ $ $ $ $ $ Weighted average exercise price per share $ $ Weighted average remaining contractual life (years) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Financial assets and liabilities accounted for at fair value | As of January 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Commodity derivative assets $ — $ $ — $ Equity investment derivative assets $ — $ — $ $ As of October 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Assets: Equity investment derivative assets $ — $ — $ $ |
Carrying value and fair value of debt instruments | January 31, 2016 October 31, 2016 Carrying Estimated Carrying Estimated (in thousands) Value Fair Value Value Fair Value TUSA credit facility $ $ $ — $ — (1) TUSA 6.75% notes — — (1) 5% convertible note — (2) Other notes and mortgages payable (1) Triangle deconsolidated TUSA as of June 29, 2016 in connection with the commencement of TUSA’s Chapter 11 filing. The Company is unable to reasonably determine the fair value for these financial instruments due to a lack of actively quoted market prices and uncertainties related to its restructuring activities. |
Supplemental Disclosures of C32
Supplemental Disclosures of Cash Flow Information (Tables) | 9 Months Ended |
Oct. 31, 2016 | |
Supplemental Disclosures of Cash Flow Information [Abstract] | |
Supplemental cash flow information | For the Nine Months Ended October 31, (in thousands) 2015 2016 Cash paid during the period for: Interest expense $ $ Non-cash investing activities: Additions (reductions) to oil and natural gas properties through: Increase (decrease) in accounts payable and accrued liabilities $ $ Capitalized share-based compensation $ $ Change in asset retirement obligations $ $ |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Consolidation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Jan. 31, 2016 | Sep. 08, 2016 | |
Discount percentage rate on estimated future expenditures | ||||||
Discount percentage rate on future expenditures | 10.00% | |||||
Impairment charges | ||||||
Impairment of oil and natural gas properties | $ 261,000 | $ 104,000 | $ 659,000 | $ 779,000 | ||
Minimum [Member] | ||||||
Principles of Consolidation | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||||
Maximum [Member] | ||||||
Principles of Consolidation | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||
RockPile Energy Services, LLC | Discontinued Operations, Disposed of by Sale [Member] | ||||||
Description of Business | ||||||
Base purchase price | $ 58,000 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Oilfield Services Equipment Schedule (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2016 | Jan. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Total Depreciable Assets | $ 19,416 | $ 31,026 |
Accumulated depreciation | (7,788) | (5,792) |
Depreciable assets, net | 11,628 | 25,234 |
Impairment of long lived assets | 2,657 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Depreciable Assets | 1,054 | 2,512 |
Building And Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Depreciable Assets | 15,831 | 23,317 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Depreciable Assets | 357 | 476 |
Software, Computers And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Depreciable Assets | $ 2,174 | 3,777 |
Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Depreciable Assets | $ 944 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Jan. 31, 2016 | |
Income Taxes. | ||||
Impairment of oil and natural gas properties | $ 261,000 | $ 104,000 | $ 659,000 | $ 779,000 |
Unrecognized tax benefits | $ 0 | |||
Operating Loss Carryforwards | $ 286,000 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | |
Earnings Per Share, Diluted, Other Disclosures [Abstract] | ||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 189 | 85 | ||
Anti-dilutive shares | 7,700 | 10,819 | 7,700 | 10,819 |
Earnings Per Share Reconciliation [Abstract] | ||||
Net income (loss) from continuing operations | $ (11,448) | $ (273,959) | $ 128,345 | $ (630,705) |
Net income (loss) from discontinued operations | 41,295 | (13,039) | 24,403 | (29,839) |
NET INCOME (LOSS) | $ 29,847 | $ (286,998) | $ 152,748 | $ (660,544) |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Basic weighted average common shares outstanding | 76,496 | 75,588 | 76,308 | 75,419 |
Effect of dilutive securities | 189 | 85 | ||
Diluted weighted average common shares outstanding | 76,685 | 75,588 | 76,393 | 75,419 |
Basic net earnings (loss) per common share outstanding: | ||||
Earnings (loss) from continuing operations | $ (0.15) | $ (3.62) | $ 1.68 | $ (8.36) |
Earnings (loss) from discontinued operations | 0.54 | (0.18) | 0.32 | (0.40) |
Net earnings (loss) | 0.39 | (3.80) | 2 | (8.76) |
Diluted net earnings (loss) per share: | ||||
Earnings (loss) from continuing operations | (0.15) | (3.62) | 1.68 | (8.36) |
Earnings (loss) from discontinued operations | 0.54 | (0.18) | 0.32 | (0.40) |
Net earnings (loss) | $ 0.39 | $ (3.80) | $ 2 | $ (8.76) |
Chapter 11 Filings By Certain37
Chapter 11 Filings By Certain Subsidiaries (Details) - USD ($) $ in Thousands | Nov. 22, 2016 | Nov. 15, 2016 | Jun. 29, 2016 | Oct. 31, 2016 | Jul. 31, 2016 | Jan. 31, 2016 |
Chapter 11 Filing by Certain Subsidiaries | ||||||
Gain on deconsolidation of subsidiaries | $ 299,675 | |||||
Subsequent Event [Member] | ||||||
Chapter 11 Filing by Certain Subsidiaries | ||||||
Extended period for debtors’ exclusive period to file a Chapter 11 plan and to solicit votes to approve the Chapter 11 plan | 80 days | |||||
TUSA [Member] | ||||||
Chapter 11 Filing by Certain Subsidiaries | ||||||
Investments, fair value | $ 3,900 | |||||
Gain on deconsolidation of subsidiaries | 299,700 | |||||
Non-controlling investment (as a percent) | 100.00% | |||||
Equity investment | $ 8,200 | |||||
TUSA Senior Notes [Member] | ||||||
Chapter 11 Filing by Certain Subsidiaries | ||||||
Debt instrument, interest rate | 6.75% | 6.75% | 6.75% | |||
TUSA Senior Notes [Member] | Subsequent Event [Member] | ||||||
Chapter 11 Filing by Certain Subsidiaries | ||||||
Holders of notes (as a percent) | 81.00% | |||||
Reorganized equity of TUSA | 100.00% |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheets (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jan. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | $ 10,751 | $ 82,920 | $ 36,249 | $ 64,049 |
Accounts receivable | 901 | 41,157 | ||
Other current assets | 3,132 | 7,785 | ||
Total current assets | 19,139 | 191,487 | ||
Net property, plant and equipment | 11,628 | 431,774 | ||
Debt issuance costs | 2,620 | |||
Other | 24,890 | 129,888 | ||
Total assets from discontinued operations | 72,311 | |||
Accounts payable and accrued capital expenditures | 20 | 50,281 | ||
Other accrued liabilities | 4,894 | 28,161 | ||
Current portion of long-term debt | 458 | 975 | ||
Interest payable | 16 | 1,455 | ||
Total current liabilities | 5,488 | 217,193 | ||
Long-term debt | 155,756 | 785,337 | ||
Other | 487 | 10,666 | ||
Total liabilities from discontinued operations | 4,535 | |||
Liabilities From Discontinued Operations | 4,535 | |||
Rockpile [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | 1,742 | 32,850 | ||
Accounts receivable | 185 | 12,110 | ||
Other current assets | 855 | 2,260 | ||
Total current assets | 2,782 | 47,220 | ||
Net property, plant and equipment | 66,084 | |||
Debt issuance costs | 1,256 | |||
Other | 4,971 | |||
Total assets from discontinued operations | 2,782 | 119,531 | ||
Accounts payable and accrued capital expenditures | 100 | 17,058 | ||
Other accrued liabilities | 5,904 | |||
Current portion of long-term debt | 113,114 | |||
Interest payable | 245 | |||
Total current liabilities | 100 | 136,321 | ||
Long-term debt | 3,706 | |||
Other | 829 | |||
Total liabilities from discontinued operations | 100 | 140,856 | ||
Liabilities From Discontinued Operations | $ 100 | $ 140,856 |
Discontinued Operations - State
Discontinued Operations - Statement Of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | $ 42,871 | $ 48,943 | $ 145,912 | |
General and administrative, net of amounts capitalized | $ (8,940) | (12,980) | (32,134) | (30,693) |
Interest expense, net | (1,928) | (9,084) | (18,903) | (26,515) |
Amortization of debt issuance costs | (19) | (761) | (1,244) | (1,928) |
Other income (expense), net | 336 | (227) | 537 | (610) |
INCOME (LOSS) BEFORE INCOME TAXES | (11,448) | (273,959) | 128,345 | (684,146) |
Income Tax Expense (Benefit) | (53,441) | |||
Loss from oilfield services operations, net of income taxes | (9,491) | (13,039) | (26,383) | (29,839) |
Rockpile [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 16,038 | 22,273 | 60,999 | 147,253 |
Cost of oilfield services | (13,698) | (21,700) | (53,062) | (133,883) |
Depreciation | (2,066) | (6,097) | (11,987) | (22,238) |
General and administrative, net of amounts capitalized | (8,781) | (5,453) | (18,974) | (17,188) |
Interest expense, net | (925) | (793) | (3,120) | (2,334) |
Amortization of debt issuance costs | (59) | (91) | (248) | (271) |
Other income (expense), net | (1,178) | 9 | (1,178) | |
INCOME (LOSS) BEFORE INCOME TAXES | (9,491) | (13,039) | (26,383) | (29,839) |
Loss from oilfield services operations, net of income taxes | $ (9,491) | $ (13,039) | $ (26,383) | $ (29,839) |
Segment Reporting - Selected fi
Segment Reporting - Selected financial information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Revenues | ||||||
Oil, natural gas and natural gas liquids sales | $ 42,871 | $ 48,943 | $ 145,912 | |||
Total revenues | 42,871 | 48,943 | 145,912 | |||
EXPENSES: | ||||||
Lease operating and production taxes | 14,187 | 19,775 | 46,701 | |||
Gathering, transportation and processing | 6,537 | 9,245 | 19,526 | |||
Depreciation and amortization | 22,374 | 16,031 | 76,430 | |||
Impairments | 261,000 | 106,657 | 659,000 | |||
Salaries and benefits | 2,788 | 8,106 | 10,011 | |||
Share-based compensation | $ 985 | 7,649 | 5,236 | 13,648 | ||
Other general and administrative | 2,543 | 18,792 | 7,034 | |||
Total operating expenses | 9,227 | 317,078 | 183,842 | 832,350 | ||
INCOME (LOSS) FROM OPERATIONS | (9,227) | (274,207) | (134,899) | (686,438) | ||
Other income (expense) | (2,221) | 248 | 263,244 | 2,292 | ||
INCOME (LOSS) BEFORE INCOME TAXES | (11,448) | (273,959) | 128,345 | (684,146) | ||
Cash and cash equivalents | 10,751 | 36,249 | 10,751 | 36,249 | $ 82,920 | $ 64,049 |
Other property and equipment, net | 11,628 | 11,628 | $ 25,234 | |||
Total assets | 52,875 | 52,875 | ||||
Total Liabilities | 161,631 | 161,631 | ||||
Corporate, and Other [Member] | ||||||
EXPENSES: | ||||||
Depreciation and amortization | 420 | 999 | 1,152 | |||
Impairments | 2,657 | |||||
Salaries and benefits | 2,338 | 5,381 | 8,636 | |||
Share-based compensation | 7,259 | 4,000 | 12,562 | |||
Other general and administrative | 2,138 | 12,596 | 5,873 | |||
Total operating expenses | 12,155 | 25,633 | 28,223 | |||
INCOME (LOSS) FROM OPERATIONS | (12,155) | (25,633) | (28,223) | |||
Other income (expense) | (2,298) | 276,230 | 3,504 | |||
INCOME (LOSS) BEFORE INCOME TAXES | (14,453) | 250,597 | (24,719) | |||
Cash and cash equivalents | 10,315 | 10,315 | ||||
Other property and equipment, net | 11,628 | 11,628 | ||||
Total assets | 51,290 | 51,290 | ||||
Total Liabilities | 161,623 | 161,623 | ||||
Eliminations And Other [Member] | ||||||
EXPENSES: | ||||||
Depreciation and amortization | 485 | 67 | (164) | |||
Total operating expenses | 485 | 67 | (164) | |||
INCOME (LOSS) FROM OPERATIONS | (485) | (67) | 164 | |||
Other income (expense) | (445) | (163) | (1,491) | |||
INCOME (LOSS) BEFORE INCOME TAXES | (930) | (230) | (1,327) | |||
Exploration and Production [Member] | Operating Segments [Member] | ||||||
Revenues | ||||||
Oil, natural gas and natural gas liquids sales | 42,871 | 48,943 | 145,912 | |||
Total revenues | 42,871 | 48,943 | 145,912 | |||
EXPENSES: | ||||||
Lease operating and production taxes | 14,187 | 19,775 | 46,701 | |||
Gathering, transportation and processing | 6,537 | 9,245 | 19,526 | |||
Depreciation and amortization | 21,469 | 14,965 | 75,442 | |||
Impairments | 261,000 | 104,000 | 659,000 | |||
Salaries and benefits | 450 | 2,725 | 1,375 | |||
Share-based compensation | 390 | 1,236 | 1,086 | |||
Other general and administrative | 405 | 6,196 | 1,161 | |||
Total operating expenses | 304,438 | 158,142 | 804,291 | |||
INCOME (LOSS) FROM OPERATIONS | (261,567) | (109,199) | (658,379) | |||
Other income (expense) | 2,991 | (12,823) | 279 | |||
INCOME (LOSS) BEFORE INCOME TAXES | $ (258,576) | (122,022) | $ (658,100) | |||
Cash and cash equivalents | 436 | 436 | ||||
Total assets | 1,585 | 1,585 | ||||
Total Liabilities | $ 8 | $ 8 |
Long-Term Debt - Schedule of lo
Long-Term Debt - Schedule of long-term debt (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Jul. 31, 2016 | Oct. 31, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2012 | |
Debt Instrument [Line Items] | |||||
Credit facility | $ 243,772 | ||||
TUSA 6.75% notes | 398,419 | ||||
5% Convertible Note | $ 148,222 | 142,799 | |||
Other notes and mortgages payable | 8,408 | 9,246 | |||
Total principal | 156,630 | 794,236 | |||
Deferred issuance costs | (416) | (7,924) | |||
Total debt | 156,214 | 786,312 | |||
Other notes and mortgages payable | (458) | (975) | |||
Total current portion of long-term debt | (458) | (975) | |||
Total long-term debt | 155,756 | 785,337 | |||
Accrued interest | $ 16 | 1,455 | |||
TUSA Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
TUSA 6.75% notes | $ 398,419 | ||||
Debt instrument, interest rate | 6.75% | 6.75% | 6.75% | ||
Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal | $ 120,000 | ||||
Accrued interest | $ 28,200 | ||||
Debt instrument, interest rate | 5.00% | 5.00% | 5.00% | 5.00% | |
Convertible note, conversion price | $ 8 | ||||
Redemption criteria, share price for 20 consecutive days | $ 11 | ||||
Redemption criteria, number of consecutive trading days | 20 days | ||||
TUSA [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility | $ 243,772 |
Long-Term Debt - Convertible no
Long-Term Debt - Convertible note - (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 | Jan. 31, 2016 | Oct. 31, 2015 |
Debt Instrument [Line Items] | ||||
Accrued interest | $ 16 | $ 1,455 | ||
Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 5.00% | 5.00% | 5.00% | 5.00% |
Accrued interest | $ 28,200 |
Hedging And Commodity Derivat43
Hedging And Commodity Derivative Financial Instruments - Components of commodity derivative gains (losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | |
Hedging And Commodity Derivative Financial Instruments [Abstract] | |||
Realized commodity derivative gains (losses) | $ 27,857 | $ 6,589 | $ 64,341 |
Unrealized commodity derivative gains (losses) | (21,044) | (19,532) | (46,453) |
Commodity derivatives gains (losses), net | $ 6,813 | $ (12,943) | $ 17,888 |
Hedging And Commodity Derivat44
Hedging And Commodity Derivative Financial Instruments - Fair values of commodity derivatives - (Details) $ in Thousands | Jan. 31, 2016USD ($) |
Derivatives, Fair Value [Line Items] | |
Derivative Assets | $ 21,382 |
Crude Oil Derivative Contract [Member] | Current Assets [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative Assets | 12,370 |
Crude Oil Derivative Contract [Member] | Long-Term Assets [Member] | |
Derivatives, Fair Value [Line Items] | |
Derivative Assets | $ 9,012 |
Asset Retirement Obligations -C
Asset Retirement Obligations -Change in asset retirement obligations (Details) $ in Thousands | 9 Months Ended |
Oct. 31, 2016USD ($) | |
Asset Retirement Obligations [Abstract] | |
Balance at the beginning of period | $ 10,073 |
Revision of estimates | (451) |
Liabilities settled | (4,550) |
Accretion | 204 |
Deconsolidation of TUSA | (5,276) |
Balance at the end of period |
Asset Retirement Obligations -
Asset Retirement Obligations - Significant portions of the current asset retirement obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2016 | Jan. 31, 2016 | |
Liabilities settled | $ 4,550 | |
Deconsolidation of TUSA | $ 5,276 | |
Reclamation Of Man Made Ponds And Plugging And Abandonment Of Well Bores and Plug And Abandon Vertical Wells [Member] | ||
Asset retirement obligations, current | $ 4,900 |
Unconsolidated Investments An47
Unconsolidated Investments And Equity Investment Derivatives - Equity investment activity summary (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2016 | Jun. 29, 2016 | |
TUSA [Member] | ||
Summary of activity for equity method investments | ||
Investments, fair value | $ 3,900 | |
Caliber Midstream Partners, L.P. [Member] | ||
Summary of activity for equity method investments | ||
Equity investment, beginning balance | $ 45,600 | |
Equity investment share of net income before intra-company profit eliminations | (440) | |
Change in fair value of warrants | (3,300) | |
Other than temporary impairment | (21,170) | |
Equity investment, ending balance | 20,690 | |
Fair value of warrants | $ 300 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2016 | Jan. 31, 2016 | |
Common stock issued or reserved | 106,600,000 | ||
Common stock, shares issued | 76,539,653 | 76,539,653 | 75,807,111 |
Common stock, shares outstanding | 76,539,653 | 76,539,653 | 75,807,111 |
Stock Repurchase authorized (Tranche 1) | $ 25 | $ 25 | |
Common stock repurchased (in shares) | 0 | 0 | |
Authorized shares remaining repurchase | 6,486,053 | 6,486,053 | |
2011 Omnibus Incentive Plan | |||
Shares reserved for issuance | 600,000 | 600,000 | |
2014 Plan | |||
Shares reserved for issuance | 1,100,000 | 1,100,000 | |
Shares reserved for future grants | 3,900,000 | 3,900,000 | |
2014 Plan | Convertible Notes Payable [Member] | |||
Shares reserved for issuance | 18,500,000 | 18,500,000 | |
CEO Stand-Alone Stock Option Agreement | |||
Shares reserved for issuance | 6,000,000 | 6,000,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share based compensation expense by award type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2016 | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | |
Share-based compensation | ||||
Compensation expense before capitalized amount | $ 985 | $ 8,222 | $ 5,602 | $ 14,930 |
Less amounts capitalized to oil and natural gas properties | (573) | (366) | (1,282) | |
Compensation expense | 985 | 7,649 | 5,236 | 13,648 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based compensation | ||||
Compensation expense before capitalized amount | (230) | 4,078 | 1,894 | 8,741 |
Employee Stock Option [Member] | ||||
Share-based compensation | ||||
Compensation expense before capitalized amount | $ 1,215 | $ 4,144 | $ 3,708 | $ 6,189 |
Share-Based Compensation - Acti
Share-Based Compensation - Activity for restricted stock units and stock options - (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Oct. 31, 2016 | Jan. 31, 2016 | |
Activity for restricted stock units (weighted average award date fair value) | ||
Outstanding, Weighted-Average Award Date Fair Value, Beginning Balance | $ 6.35 | |
Units forfeited, Weighted Average Award Date Fair Value | 7.59 | |
Units that vested, Weighted Average Award Date Fair Value | 5.61 | |
Outstanding, Weighted-Average Grant Date Fair Value, Ending Balance | $ 6.03 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation | $ 5.2 | |
Unrecognized compensation, recognition period | 1 year 7 months 6 days | |
Number of shares per vesting unit | 1 | |
Activity for restricted stock units (number of shares) | ||
Outstanding, Unvested Beginning Balance | 3,455,845 | |
Units forfeited, Number of units | (987,173) | |
Units that vested, Number of Shares | (1,002,013) | |
Outstanding, Unvested Ending Balance | 1,466,659 | |
Activity for stock options (number of shares) | ||
Options outstanding, beginning balance | 6,700,000 | |
Options forfeited | (466,666) | |
Options outstanding, ending balance | 6,233,334 | |
Activity for stock options (weighted average award date fair value) | ||
Weighted average exercise price, options outstanding beginning balance | $ 11.54 | |
Weighted average exercise price, options forfeited | 14 | |
Weighted average exercise price, options outstanding ending balance | $ 11.35 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation, recognition period | 1 year 8 months 12 days | |
Activity for stock options (number of shares) | ||
Options outstanding, ending balance | 6,233,334 | |
Activity for stock options (weighted average award date fair value) | ||
Weighted average exercise price, options outstanding ending balance | $ 11.35 | |
Number of shares, exercisable | 4,433,334 | 1,433,334 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock options, Exercise Price Range - (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Oct. 31, 2016 | Jan. 31, 2016 | |
Number of Shares, Outstanding | ||
Number of shares, outstanding | 6,233,334 | |
Weighted average exercise price per share | $ 11.35 | |
Weighted average exercise price per share (exercisable) | $ 11.39 | |
Number of Shares, Exercisable | ||
Number of shares, exercisable | 4,433,334 | 1,433,334 |
Weighted average remaining contractual life (years) | 6 years 7 months 24 days | |
Weighted average remaining contractual life (years) (exercisable) | 6 years 7 months 17 days | |
Unrecognized compensation cost related to stock options | $ 5.3 | |
Unrecognized compensation, recognition period | 1 year 8 months 12 days | |
$1.25 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price per Share | $ 7.50 | |
Remaining contractual life | 6 years 8 months 5 days | |
Number of Shares, Outstanding | ||
Number of shares, outstanding | 750,000 | |
Number of Shares, Exercisable | ||
Number of shares, exercisable | 525,000 | |
$7.50 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price per Share | $ 8.50 | |
Remaining contractual life | 6 years 8 months 5 days | |
Number of Shares, Outstanding | ||
Number of shares, outstanding | 750,000 | |
Number of Shares, Exercisable | ||
Number of shares, exercisable | 525,000 | |
$8.50 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price per Share | $ 10 | |
Remaining contractual life | 6 years 8 months 5 days | |
Number of Shares, Outstanding | ||
Number of shares, outstanding | 1,500,000 | |
Number of Shares, Exercisable | ||
Number of shares, exercisable | 1,050,000 | |
$10.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price per Share | $ 12 | |
Remaining contractual life | 6 years 8 months 5 days | |
Number of Shares, Outstanding | ||
Number of shares, outstanding | 1,500,000 | |
Number of Shares, Exercisable | ||
Number of shares, exercisable | 1,050,000 | |
$12.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price per Share | $ 15 | |
Remaining contractual life | 6 years 8 months 5 days | |
Number of Shares, Outstanding | ||
Number of shares, outstanding | 1,500,000 | |
Number of Shares, Exercisable | ||
Number of shares, exercisable | 1,050,000 | |
$15.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price per Share | $ 12 | |
Remaining contractual life | 4 years 10 months 10 days | |
Number of Shares, Outstanding | ||
Number of shares, outstanding | 77,778 | |
Number of Shares, Exercisable | ||
Number of shares, exercisable | 77,778 | |
$14.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price per Share | $ 14 | |
Remaining contractual life | 4 years 10 months 10 days | |
Number of Shares, Outstanding | ||
Number of shares, outstanding | 77,778 | |
Number of Shares, Exercisable | ||
Number of shares, exercisable | 77,778 | |
$16.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price per Share | $ 16 | |
Remaining contractual life | 7 years 10 months 10 days | |
Number of Shares, Outstanding | ||
Number of shares, outstanding | 77,778 | |
Number of Shares, Exercisable | ||
Number of shares, exercisable | 77,778 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and liabilities table - (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Oct. 31, 2016 | Jan. 31, 2016 |
Crude Oil Derivative Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 21,382 | |
Equity Investment Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 300 | 3,600 |
Fair Value, Inputs, Level 2 [Member] | Crude Oil Derivative Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 21,382 | |
Fair Value, Inputs, Level 3 [Member] | Equity Investment Derivative [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 300 | $ 3,600 |
Fair Value Measurements - Debt
Fair Value Measurements - Debt instruments carrying value - (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 | Jan. 31, 2016 | Oct. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Revolving credit facilities, carrying value | $ 243,772 | |||
Revolving credit facilities, fair value | 243,772 | |||
TUSA 6.75% notes, carrying value | 398,419 | |||
Other notes and mortgages payable, carrying value | $ 8,408 | 9,246 | ||
Other notes and mortgages payable, fair value | 8,408 | 9,246 | ||
Convertible Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
5% convertible note, carrying value | $ 148,222 | 142,799 | ||
5% convertible note, fair value | $ 22,564 | |||
Debt instrument, interest rate | 5.00% | 5.00% | 5.00% | 5.00% |
TUSA Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
TUSA 6.75% notes, carrying value | $ 398,419 | |||
TUSA 6.75% notes, fair value | $ 71,051 | |||
Debt instrument, interest rate | 6.75% | 6.75% | 6.75% |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | Oct. 31, 2016USD ($) |
TUSA [Member] | |
Related Party Transaction [Line Items] | |
Accounts receivable related parties fees | $ 1.6 |
Contingencies (Details)
Contingencies (Details) | 9 Months Ended |
Oct. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Promote fee percentage | 10.00% |
Supplemental Disclosures Of C56
Supplemental Disclosures Of Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2015 | |
Supplemental Disclosures of Cash Flow Information [Abstract] | |||
Interest expense | $ 2,780 | $ 14,385 | |
Increase (decrease) in accounts payable and accrued liabilities | (2,914) | (47,554) | |
Capitalized share-based compensation | $ 573 | 366 | 1,282 |
Change in asset retirement obligations | $ 80 | $ 425 |