Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2013 |
Condensed Consolidating Financial Information | ' |
27. CONDENSED CONSOLIDATING FINANCIAL INFORMATION |
As of December 31, 2013, we had outstanding $350.0 million of Senior Notes due 2020, as shown in Note 11, Long-Term Debt, to our Consolidated Financial Statements. The Senior Notes are guaranteed by certain of our wholly-owned subsidiaries, or guarantor subsidiaries. |
Unless otherwise noted below, each of the following guarantor subsidiaries are wholly-owned by Rex Energy Corporation and have provided guarantees of the Senior Notes that are joint and several and full and unconditional as of December 31, 2013; |
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| • | | Rex Energy I, LLC | | | | | | | | | | | | | | | | | |
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| • | | Rex Energy Operating Corporation | | | | | | | | | | | | | | | | | |
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| • | | Rex Energy IV, LLC | | | | | | | | | | | | | | | | | |
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| • | | PennTex Resources Illinois, Inc. | | | | | | | | | | | | | | | | | |
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| • | | R.E. Gas Development, LLC | | | | | | | | | | | | | | | | | |
The non-guarantor subsidiaries include certain consolidated subsidiaries, including Water Solutions, R.E. Disposal, LLC (formerly known as NorthStar #3, LLC) and Rex Energy Rockies, LLC. We derive much of our business through and derive much of our income through our subsidiaries. Therefore, our ability to make required payments with respect to indebtedness and other obligations depends on the financial results and condition of our subsidiaries and our ability to receive funds from our subsidiaries. As of December 31, 2013, there were no restrictions on the ability of any of the guarantor subsidiaries to transfer funds to us. There may be restrictions for certain non-guarantor subsidiaries. |
The following financial statements present condensed consolidating financial data for (i) Rex Energy Corporation, the issuer of the notes, (ii) the combined Guarantors, (iii) the combined other subsidiaries of the Company that did not guarantee the Notes, and (iv) eliminations necessary to arrive at our consolidated financial statements, which include condensed consolidated balance sheets as of December 31, 2013 and 2012, and the condensed consolidating statements of operations and condensed consolidating statements of cash flows for each of the years in the three-year period ended December 31, 2013. |
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REX ENERGY CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEETS |
FOR THE YEAR ENDED DECEMBER 31, 2013 |
($ in Thousands, Except Share and Per Share Data) |
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| | | | | | | | | | | | | | | | | | | | |
| | Guarantor | | | Non- | | | Rex Energy | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor | Corporation | Balance |
| Subsidiaries | (Note Issuer) | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | |
Cash and Cash Equivalents | | $ | 1,386 | | | $ | 509 | | | $ | 5 | | | $ | 0 | | | $ | 1,900 | |
Accounts Receivable | | | 32,283 | | | | 9,882 | | | | 0 | | | | (3,302 | ) | | | 38,863 | |
Taxes Receivable | | | 0 | | | | 0 | | | | 5,189 | | | | 0 | | | | 5,189 | |
Short-Term Derivative Instruments | | | 5,180 | | | | 0 | | | | 488 | | | | 0 | | | | 5,668 | |
Current Deferred Tax Asset | | | 0 | | | | 0 | | | | 3,451 | | | | 0 | | | | 3,451 | |
Inventory, Prepaid Expenses and Other | | | 2,092 | | | | 89 | | | | 26 | | | | 0 | | | | 2,207 | |
| | | | | | | | | | | | | | | | | | | | |
Total Current Assets | | | 40,941 | | | | 10,480 | | | | 9,159 | | | | (3,302 | ) | | | 57,278 | |
Property and Equipment (Successful Efforts Method) | | | | | | | | | | | | | | | | | | | | |
Evaluated Oil and Gas Properties | | | 752,781 | | | | 0 | | | | 0 | | | | (3,101 | ) | | | 749,680 | |
Unevaluated Oil and Gas Properties | | | 189,385 | | | | 0 | | | | 0 | | | | 0 | | | | 189,385 | |
Other Property and Equipment | | | 57,409 | | | | 12,706 | | | | 0 | | | | 0 | | | | 70,115 | |
Wells and Facilities in Progress | | | 70,759 | | | | 6,576 | | | | 0 | | | | (790 | ) | | | 76,545 | |
Pipelines | | | 7,678 | | | | 0 | | | | 0 | | | | 0 | | | | 7,678 | |
| | | | | | | | | | | | | | | | | | | | |
Total Property and Equipment | | | 1,078,012 | | | | 19,282 | | | | 0 | | | | (3,891 | ) | | | 1,093,403 | |
Less: Accumulated Depreciation, Depletion and Amortization | | | (188,699 | ) | | | (2,172 | ) | | | 0 | | | | 350 | | | | (190,521 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net Property and Equipment | | | 889,313 | | | | 17,110 | | | | 0 | | | | (3,541 | ) | | | 902,882 | |
Deferred Financing Costs and Other Assets—Net | | | 2,421 | | | | 206 | | | | 9,366 | | | | 0 | | | | 11,993 | |
Equity Method Investments | | | 18,708 | | | | 0 | | | | 0 | | | | 0 | | | | 18,708 | |
Intercompany Receivables | | | 0 | | | | 0 | | | | 628,517 | | | | (628,517 | ) | | | 0 | |
Investment in Subsidiaries—Net | | | 4,442 | | | | 1,197 | | | | 216,945 | | | | (222,584 | ) | | | 0 | |
Long-Term Derivative Instruments | | | 535 | | | | 0 | | | | 0 | | | | 0 | | | | 535 | |
| | | | | | | | | | | | | | | | | | | | |
Total Assets | | $ | 956,360 | | | $ | 28,993 | | | $ | 863,987 | | | $ | (857,944 | ) | | $ | 991,396 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | |
Accounts Payable | | $ | 33,613 | | | $ | 794 | | | $ | 0 | | | $ | (3,304 | ) | | $ | 31,103 | |
Current Maturities of Long-Term Debt | | | 1,339 | | | | 5,404 | | | | 0 | | | | 0 | | | | 6,743 | |
Accrued Liabilities | | | 45,196 | | | | 6,287 | | | | 2,967 | | | | 0 | | | | 54,450 | |
Short-Term Derivative Instruments | | | 4,663 | | | | 0 | | | | 0 | | | | 0 | | | | 4,663 | |
| | | | | | | | | | | | | | | | | | | | |
Total Current Liabilities | | | 84,811 | | | | 12,485 | | | | 2,967 | | | | (3,304 | ) | | | 96,959 | |
8.875% Senior Notes Due 2020 | | | 0 | | | | 0 | | | | 350,000 | | | | 0 | | | | 350,000 | |
Premium (Discount) on Senior Notes | | | 0 | | | | 0 | | | | 3,078 | | | | 0 | | | | 3,078 | |
Senior Secured Line of Credit and Long-Term Debt | | | 137 | | | | 3,054 | | | | 59,000 | | | | 0 | | | | 62,191 | |
Long-Term Derivative Instruments | | | 1,071 | | | | 0 | | | | 694 | | | | 0 | | | | 1,765 | |
Long-Term Deferred Tax Liability | | | 0 | | | | 0 | | | | 29,446 | | | | 0 | | | | 29,446 | |
Other Deposits and Liabilities | | | 4,992 | | | | 0 | | | | 0 | | | | 0 | | | | 4,992 | |
Future Abandonment Cost | | | 26,027 | | | | 13 | | | | 0 | | | | 0 | | | | 26,040 | |
Intercompany Payables | | | 554,329 | | | | 74,188 | | | | 0 | | | | (628,517 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | | | 671,367 | | | | 89,740 | | | | 445,185 | | | | (631,821 | ) | | | 574,471 | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | 0 | | | | 0 | | | | 54 | | | | 0 | | | | 54 | |
Additional Paid-In Capital | | | 177,144 | | | | 6,488 | | | | 456,554 | | | | (183,632 | ) | | | 456,554 | |
Accumulated Deficit | | | 107,849 | | | | (67,720 | ) | | | (37,806 | ) | | | (44,048 | ) | | | (41,725 | ) |
| | | | | | | | | | | | | | | | | | | | |
Rex Energy Stockholders’ Equity | | | 284,993 | | | | (61,232 | ) | | | 418,802 | | | | (227,680 | ) | | | 414,883 | |
Noncontrolling Interests | | | 0 | | | | 485 | | | | 0 | | | | 1,557 | | | | 2,042 | |
| | | | | | | | | | | | | | | | | | | | |
Total Stockholders’ Equity | | | 284,993 | | | | (60,747 | ) | | | 418,802 | | | | (226,123 | ) | | | 416,925 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Stockholders’ Equity | | $ | 956,360 | | | $ | 28,993 | | | $ | 863,987 | | | $ | (857,944 | ) | | $ | 991,396 | |
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REX ENERGY CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
FOR THE YEAR ENDED DECEMBER 31, 2013 |
($ in Thousands) |
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| | | | | | | | | | | | | | | | | | | | |
| | Guarantor | | | Non- | | | Rex Energy | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor | Corporation | Balance |
| Subsidiaries | (Note Issuer) | |
OPERATING REVENUE | | | | | | | | | | | | | | | | | | | | |
Oil, Natural Gas and NGL Sales | | $ | 213,919 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 213,919 | |
Field Services Revenue | | | 0 | | | | 32,583 | | | | 0 | | | | (8,771 | ) | | | 23,812 | |
Other Revenue | | | 200 | | | | 0 | | | | 0 | | | | 0 | | | | 200 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL OPERATING REVENUE | | | 214,119 | | | | 32,583 | | | | 0 | | | | (8,771 | ) | | | 237,931 | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | |
Production and Lease Operating Expense | | | 62,138 | | | | 0 | | | | 0 | | | | 0 | | | | 62,138 | |
General and Administrative Expense | | | 25,376 | | | | 2,416 | | | | 5,420 | | | | (86 | ) | | | 33,126 | |
Loss on Disposal of Asset | | | 1,601 | | | | 46 | | | | 0 | | | | 0 | | | | 1,647 | |
Impairment Expense | | | 32,072 | | | | 0 | | | | 0 | | | | 0 | | | | 32,072 | |
Exploration Expense | | | 11,395 | | | | 13 | | | | 0 | | | | 0 | | | | 11,408 | |
Depreciation, Depletion, Amortization and Accretion | | | 62,540 | | | | 1,604 | | | | 0 | | | | (200 | ) | | | 63,944 | |
Field Services Operating Expense | | | 0 | | | | 23,527 | | | | 0 | | | | (6,197 | ) | | | 17,330 | |
Other Operating Expense | | | 592 | | | | 0 | | | | 0 | | | | 0 | | | | 592 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL OPERATING EXPENSES | | | 195,714 | | | | 27,606 | | | | 5,420 | | | | (6,483 | ) | | | 222,257 | |
INCOME (LOSS) FROM OPERATIONS | | | 18,405 | | | | 4,977 | | | | (5,420 | ) | | | (2,288 | ) | | | 15,674 | |
OTHER INCOME (EXPENSE) | | | | | | | | | | | | | | | | | | | | |
Interest Expense | | | (64 | ) | | | (106 | ) | | | (22,612 | ) | | | 0 | | | | (22,782 | ) |
Loss on Derivatives, Net | | | (2,703 | ) | | | 0 | | | | (205 | ) | | | 0 | | | | (2,908 | ) |
Other Income | | | 6,739 | | | | 0 | | | | 0 | | | | (86 | ) | | | 6,653 | |
Loss From Equity Method Investments | | | (763 | ) | | | 0 | | | | 0 | | | | 0 | | | | (763 | ) |
Income (Loss) From Equity in Consolidated Subsidiaries | | | (33 | ) | | | 33 | | | | 5,703 | | | | (5,703 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL OTHER INCOME (LOSS) | | | 3,176 | | | | (73 | ) | | | (17,114 | ) | | | (5,789 | ) | | | (19,800 | ) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX | | | 21,581 | | | | 4,904 | | | | (22,534 | ) | | | (8,077 | ) | | | (4,126 | ) |
Income Tax (Expense) Benefit | | | (14,409 | ) | | | (2,210 | ) | | | 20,404 | | | | 0 | | | | 3,785 | |
| | | | | | | | | | | | | | | | | | | | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 7,172 | | | | 2,694 | | | | (2,130 | ) | | | (8,077 | ) | | | (341 | ) |
Loss From Discontinued Operations, Net of Income Taxes | | | 0 | | | | (232 | ) | | | 0 | | | | 0 | | | | (232 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME (LOSS) | | | 7,172 | | | | 2,462 | | | | (2,130 | ) | | | (8,077 | ) | | | (573 | ) |
Net Income Attributable to Noncontrolling Interests | | | 0 | | | | 1,557 | | | | 0 | | | | 0 | | | | 1,557 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | | $ | 7,172 | | | $ | 905 | | | $ | (2,130 | ) | | $ | (8,077 | ) | | $ | (2,130 | ) |
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REX ENERGY CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
FOR THE YEAR ENDING DECEMBER 31, 2013 |
($ in Thousands) |
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| | | | | | | | | | | | | | | | | | | | |
| | Guarantor | | | Non- | | | Rex Energy | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor | Corporation | Balance |
| Subsidiaries | (Note Issuer) | |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | | $ | 7,172 | | | $ | 2,462 | | | $ | (2,130 | ) | | $ | (8,077 | ) | | $ | (573 | ) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | | | | | | | | | | | | | | | | | | | | |
Loss From Equity Method Investments | | | 763 | | | | 0 | | | | 0 | | | | 0 | | | | 763 | |
Non-Cash Expenses | | | (194 | ) | | | 55 | | | | 6,369 | | | | 0 | | | | 6,230 | |
Depreciation, Depletion, Amortization and Accretion | | | 62,540 | | | | 1,604 | | | | 0 | | | | (200 | ) | | | 63,944 | |
Deferred Income Tax Expense (Benefit) | | | 14,409 | | | | 2,210 | | | | (14,340 | ) | | | 0 | | | | 2,279 | |
Loss on Derivatives | | | 2,703 | | | | 0 | | | | 205 | | | | 0 | | | | 2,908 | |
Cash Settlement of Derivatives | | | 7,128 | | | | 0 | | | | 0 | | | | 0 | | | | 7,128 | |
Dry Hole Expense | | | 2,993 | | | | 0 | | | | 0 | | | | 0 | | | | 2,993 | |
Gain on Sale of Assets and Equity Method Investments | | | (5,289 | ) | | | (922 | ) | | | 0 | | | | 0 | | | | (6,211 | ) |
Impairment Expense | | | 32,072 | | | | 0 | | | | 0 | | | | 0 | | | | 32,072 | |
Changes in operating assets and liabilities | | | | | | | | | | | | | | | | | | | | |
Accounts Receivable | | | (5,877 | ) | | | (6,515 | ) | | | 1,241 | | | | (1,575 | ) | | | (12,726 | ) |
Inventory, Prepaid Expenses and Other Assets | | | (826 | ) | | | (59 | ) | | | 0 | | | | 0 | | | | (885 | ) |
Accounts Payable and Accrued Liabilities | | | 8,554 | | | | 874 | | | | 1,481 | | | | 1,982 | | | | 12,891 | |
Other Assets and Liabilities | | | (2,272 | ) | | | (88 | ) | | | (137 | ) | | | 0 | | | | (2,497 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | | | 123,876 | | | | (379 | ) | | | (7,311 | ) | | | (7,870 | ) | | | 108,316 | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Intercompany loans to subsidiaries | | | 186,089 | | | | 1,619 | | | | (193,015 | ) | | | 5,307 | | | | 0 | |
Proceeds from Joint Venture Leasing Initiatives | | | 458 | | | | 0 | | | | 0 | | | | 0 | | | | 458 | |
Contributions to Equity Method Investments | | | (2,493 | ) | | | 0 | | | | 0 | | | | 0 | | | | (2,493 | ) |
Proceeds from the Sale of Assets and Equity Method Investments | | | 8,071 | | | | 3,234 | | | | 0 | | | | 0 | | | | 11,305 | |
Acquisitions of Undeveloped Acreage | | | (41,782 | ) | | | (2 | ) | | | 0 | | | | 0 | | | | (41,784 | ) |
Capital Expenditures for Development of Oil and Gas Properties and Equipment | | | (275,697 | ) | | | (7,870 | ) | | | 0 | | | | 2,563 | | | | (281,004 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET CASH USED IN INVESTING ACTIVITIES | | | (125,354 | ) | | | (3,019 | ) | | | (193,015 | ) | | | 7,870 | | | | (313,518 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Proceeds from Long-Term Debt and Lines of Credit | | | 0 | | | | 7,249 | | | | 65,000 | | | | 0 | | | | 72,249 | |
Repayments of Long-Term Debt and Lines of Credit | | | 0 | | | | (2,480 | ) | | | (6,000 | ) | | | 0 | | | | (8,480 | ) |
Repayments of Loans and Other Notes Payable | | | (1,363 | ) | | | (642 | ) | | | 0 | | | | 0 | | | | (2,005 | ) |
Proceeds from 8.875% Senior Notes, net of Discount | | | 0 | | | | 0 | | | | 105,000 | | | | 0 | | | | 105,000 | |
Debt Issuance Costs | | | 0 | | | | (8 | ) | | | (3,126 | ) | | | 0 | | | | (3,134 | ) |
Proceeds from the Exercise of Stock Options | | | 0 | | | | 0 | | | | 533 | | | | 0 | | | | 533 | |
Capital Distributions by the Partners of Consolidated Joint Ventures | | | 0 | | | | (886 | ) | | | 0 | | | | 0 | | | | (886 | ) |
Purchase of Noncontrolling Interests | | | 0 | | | | (150 | ) | | | 0 | | | | 0 | | | | (150 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | | | (1,363 | ) | | | 3,083 | | | | 161,407 | | | | 0 | | | | 163,127 | |
NET INCREASE (DECREASE) IN CASH | | | (2,841 | ) | | | (315 | ) | | | (38,919 | ) | | | 0 | | | | (42,075 | ) |
CASH—BEGINNING | | | 4,227 | | | | 824 | | | | 38,924 | | | | 0 | | | | 43,975 | |
| | | | | | | | | | | | | | | | | | | | |
CASH—ENDING | | $ | 1,386 | | | $ | 509 | | | $ | 5 | | | $ | 0 | | | $ | 1,900 | |
| | | | | | | | | | | | | | | | | | | | |
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REX ENERGY CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEETS |
FOR THE YEAR ENDED DECEMBER 31, 2012 |
($ in Thousands, Except Share and Per Share Data) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Guarantor | | | Non- | | | Rex Energy | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor | Corporation | Balance |
| Subsidiaries | (Note Issuer) | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | |
Cash and Cash Equivalents | | $ | 4,227 | | | $ | 824 | | | $ | 38,924 | | | $ | 0 | | | $ | 43,975 | |
Accounts Receivable | | | 26,490 | | | | 3,367 | | | | 0 | | | | (4,877 | ) | | | 24,980 | |
Taxes Receivable | | | 0 | | | | 0 | | | | 6,429 | | | | 0 | | | | 6,429 | |
Short-Term Derivative Instruments | | | 12,005 | | | | 0 | | | | 0 | | | | 0 | | | | 12,005 | |
Assets Held For Sale | | | 0 | | | | 2,279 | | | | 0 | | | | 0 | | | | 2,279 | |
Inventory, Prepaid Expenses and Other | | | 1,277 | | | | 13 | | | | 26 | | | | 0 | | | | 1,316 | |
| | | | | | | | | | | | | | | | | | | | |
Total Current Assets | | | 43,999 | | | | 6,483 | | | | 45,379 | | | | (4,877 | ) | | | 90,984 | |
Property and Equipment (Successful Efforts Method) | | | | | | | | | | | | | | | | | | | | |
Evaluated Oil and Gas Properties | | | 486,706 | | | | 0 | | | | 0 | | | | (1,258 | ) | | | 485,448 | |
Unevaluated Oil and Gas Properties | | | 165,503 | | | | 0 | | | | 0 | | | | 0 | | | | 165,503 | |
Other Property and Equipment | | | 45,613 | | | | 4,455 | | | | 0 | | | | 5 | | | | 50,073 | |
Wells and Facilities in Progress | | | 88,204 | | | | 4,780 | | | | 0 | | | | (71 | ) | | | 92,913 | |
Pipelines | | | 6,116 | | | | 0 | | | | 0 | | | | 0 | | | | 6,116 | |
| | | | | | | | | | | | | | | | | | | | |
Total Property and Equipment | | | 792,142 | | | | 9,235 | | | | 0 | | | | (1,324 | ) | | | 800,053 | |
Less: Accumulated Depreciation, Depletion and Amortization | | | (145,514 | ) | | | (674 | ) | | | 0 | | | | 150 | | | | (146,038 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net Property and Equipment | | | 646,628 | | | | 8,561 | | | | 0 | | | | (1,174 | ) | | | 654,015 | |
Deferred Financing Costs and Other Assets—Net | | | 2,427 | | | | 199 | | | | 7,403 | | | | 0 | | | | 10,029 | |
Equity Method Investments | | | 16,978 | | | | 0 | | | | 0 | | | | 0 | | | | 16,978 | |
Intercompany Receivables | | | 3,795 | | | | 0 | | | | 440,269 | | | | (444,064 | ) | | | 0 | |
Investment in Subsidiaries—Net | | | (227 | ) | | | (232 | ) | | | 193,790 | | | | (193,331 | ) | | | 0 | |
Long-Term Derivative Instruments | | | 704 | | | | 0 | | | | 0 | | | | 0 | | | | 704 | |
| | | | | | | | | | | | | | | | | | | | |
Total Assets | | $ | 714,304 | | | $ | 15,011 | | | $ | 686,841 | | | $ | (643,446 | ) | | $ | 772,710 | |
| | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | |
Accounts Payable | | $ | 29,230 | | | $ | 462 | | | $ | 0 | | | $ | (244 | ) | | $ | 29,448 | |
Current Maturities of Long-Term Debt | | | 588 | | | | 1,098 | | | | 0 | | | | 0 | | | | 1,686 | |
Accrued Liabilities | | | 20,489 | | | | 1,036 | | | | 1,494 | | | | 0 | | | | 23,019 | |
Short-Term Derivative Instruments | | | 1,389 | | | | 0 | | | | 0 | | | | 0 | | | | 1,389 | |
Current Deferred Tax Liability | | | 0 | | | | 0 | | | | 539 | | | | 0 | | | | 539 | |
Liabilities Related to Assets Held For Sale | | | 0 | | | | 52 | | | | 0 | | | | 0 | | | | 52 | |
| | | | | | | | | | | | | | | | | | | | |
Total Current Liabilities | | | 51,696 | | | | 2,648 | | | | 2,033 | | | | (244 | ) | | | 56,133 | |
8.875% Senior Notes Due 2020 | | | 0 | | | | 0 | | | | 250,000 | | | | 0 | | | | 250,000 | |
Discount on Senior Notes | | | 0 | | | | 0 | | | | (1,742 | ) | | | 0 | | | | (1,742 | ) |
Senior Secured Line of Credit and Long-Term Debt | | | 26 | | | | 5,598 | | | | 0 | | | | (4,633 | ) | | | 991 | |
Long-Term Derivative Instruments | | | 1,510 | | | | 0 | | | | 0 | | | | 0 | | | | 1,510 | |
Long-Term Deferred Tax Liability | | | 0 | | | | 0 | | | | 23,625 | | | | 0 | | | | 23,625 | |
Other Deposits and Liabilities | | | 5,675 | | | | 0 | | | | 0 | | | | 0 | | | | 5,675 | |
Future Abandonment Cost | | | 24,224 | | | | 0 | | | | 0 | | | | 0 | | | | 24,224 | |
Intercompany Payables | | | 367,704 | | | | 76,360 | | | | 0 | | | | (444,064 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | | | 450,835 | | | | 84,606 | | | | 273,916 | | | | (448,941 | ) | | | 360,416 | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | 0 | | | | 0 | | | | 52 | | | | 0 | | | | 52 | |
Additional Paid-In Capital | | | 177,143 | | | | (407 | ) | | | 451,062 | | | | (176,736 | ) | | | 451,062 | |
Accumulated Deficit | | | 86,326 | | | | (69,144 | ) | | | (38,189 | ) | | | (18,588 | ) | | | (39,595 | ) |
| | | | | | | | | | | | | | | | | | | | |
Rex Energy Stockholders’ Equity | | | 263,469 | | | | (69,551 | ) | | | 412,925 | | | | (195,324 | ) | | | 411,519 | |
Noncontrolling Interests | | | 0 | | | | (44 | ) | | | 0 | | | | 819 | | | | 775 | |
| | | | | | | | | | | | | | | | | | | | |
Total Stockholders’ Equity | | | 263,469 | | | | (69,595 | ) | | | 412,925 | | | | (194,505 | ) | | | 412,294 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Stockholders’ Equity | | $ | 714,304 | | | $ | 15,011 | | | $ | 686,841 | | | $ | (643,446 | ) | | $ | 772,710 | |
| | | | | | | | | | | | | | | | | | | | |
|
REX ENERGY CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
FOR THE YEAR ENDED DECEMBER 31, 2012 |
($ in Thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Guarantor | | | Non- | | | Rex Energy | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor | Corporation | Balance |
| Subsidiaries | (Note Issuer) | |
OPERATING REVENUE | | | | | | | | | | | | | | | | | | | | |
Oil, Natural Gas and NGL Sales | | $ | 134,574 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 134,574 | |
Field Services Revenue | | | 0 | | | | 15,637 | | | | 0 | | | | (2,234 | ) | | | 13,403 | |
Other Revenue | | | 218 | | | | 0 | | | | 0 | | | | (56 | ) | | | 162 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL OPERATING REVENUE | | | 134,792 | | | | 15,637 | | | | 0 | | | | (2,290 | ) | | | 148,139 | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | |
Production and Lease Operating Expense | | | 47,618 | | | | 20 | | | | 0 | | | | 0 | | | | 47,638 | |
General and Administrative Expense | | | 19,283 | | | | 1,007 | | | | 3,159 | | | | (104 | ) | | | 23,345 | |
Loss on Disposal of Asset | | | 50 | | | | 8 | | | | 0 | | | | 0 | | | | 58 | |
Impairment Expense | | | 20,505 | | | | 80 | | | | 0 | | | | 0 | | | | 20,585 | |
Exploration Expense | | | 4,782 | | | | 0 | | | | 0 | | | | 0 | | | | 4,782 | |
Depreciation, Depletion, Amortization and Accretion | | | 44,993 | | | | 527 | | | | 0 | | | | (83 | ) | | | 45,437 | |
Field Services Operating Expense | | | 0 | | | | 9,859 | | | | 0 | | | | (1,619 | ) | | | 8,240 | |
Other Operating Expense | | | 1,136 | | | | 0 | | | | 0 | | | | 0 | | | | 1,136 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL OPERATING EXPENSES | | | 138,367 | | | | 11,501 | | | | 3,159 | | | | (1,806 | ) | | | 151,221 | |
INCOME (LOSS) FROM OPERATIONS | | | (3,575 | ) | | | 4,136 | | | | (3,159 | ) | | | (484 | ) | | | (3,082 | ) |
OTHER INCOME (EXPENSE) | | | | | | | | | | | | | | | | | | | | |
Interest Expense | | | (55 | ) | | | (26 | ) | | | (6,362 | ) | | | 0 | | | | (6,443 | ) |
Gain on Derivatives, Net | | | 10,687 | | | | 0 | | | | 0 | | | | 0 | | | | 10,687 | |
Other Income (Expense) | | | 99,575 | | | | 0 | | | | (922 | ) | | | (104 | ) | | | 98,549 | |
Loss From Equity Method Investments | | | (3,921 | ) | | | 0 | | | | 0 | | | | 0 | | | | (3,921 | ) |
Income (Loss) From Equity in Consolidated Subsidiaries | | | (68 | ) | | | 68 | | | | 51,363 | | | | (51,363 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL OTHER INCOME (LOSS) | | | 106,218 | | | | 42 | | | | 44,079 | | | | (51,467 | ) | | | 98,872 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX | | | 102,643 | | | | 4,178 | | | | 40,920 | | | | (51,951 | ) | | | 95,790 | |
Income Tax (Expense) Benefit | | | (41,772 | ) | | | (1,336 | ) | | | 4,559 | | | | 0 | | | | (38,549 | ) |
| | | | | | | | | | | | | | | | | | | | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 60,871 | | | | 2,842 | | | | 45,479 | | | | (51,951 | ) | | | 57,241 | |
Loss From Discontinued Operations, Net of Income Taxes | | | 0 | | | | (10,943 | ) | | | 0 | | | | 0 | | | | (10,943 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME (LOSS) | | | 60,871 | | | | (8,101 | ) | | | 45,479 | | | | (51,951 | ) | | | 46,298 | |
Net Income Attributable to Noncontrolling Interests | | | 0 | | | | 819 | | | | 0 | | | | 0 | | | | 819 | |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | | $ | 60,871 | | | $ | (8,920 | ) | | $ | 45,479 | | | $ | (51,951 | ) | | $ | 45,479 | |
| | | | | | | | | | | | | | | | | | | | |
|
REX ENERGY CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
FOR THE YEAR ENDING DECEMBER 31, 2012 |
($ in Thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Guarantor | | | Non- | | | Rex Energy | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor | Corporation | Balance |
| Subsidiaries | (Note Issuer) | |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | | $ | 60,871 | | | $ | (8,101 | ) | | $ | 45,479 | | | $ | (51,951 | ) | | $ | 46,298 | |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | | | | | | | | | | | | | | | | | | | | |
Loss From Equity Method Investments | | | 3,921 | | | | 0 | | | | 0 | | | | 0 | | | | 3,921 | |
Non-Cash Expenses | | | 33 | | | | 14 | | | | 3,144 | | | | 0 | | | | 3,191 | |
Depreciation, Depletion, Amortization and Accretion | | | 44,993 | | | | 527 | | | | 1,004 | | | | (83 | ) | | | 46,441 | |
Deferred Income Tax Expense (Benefit) | | | 35,376 | | | | (7,152 | ) | | | (4,559 | ) | | | 0 | | | | 23,665 | |
Gain on Derivatives | | | (10,687 | ) | | | 0 | | | | 0 | | | | 0 | | | | (10,687 | ) |
Cash Settlement of Derivatives | | | 16,219 | | | | 0 | | | | 0 | | | | 0 | | | | 16,219 | |
Dry Hole Expense | | | 320 | | | | 336 | | | | 0 | | | | 0 | | | | 656 | |
(Gain) Loss on Sale of Assets and Equity Method Investments | | | (99,355 | ) | | | (2,118 | ) | | | 922 | | | | 0 | | | | (100,551 | ) |
Impairment Expense | | | 20,505 | | | | 19,850 | | | | 0 | | | | 0 | | | | 40,355 | |
Changes in operating assets and liabilities | | | | | | | | | | | | | | | | | | | | |
Accounts Receivable | | | 29,564 | | | | (3,736 | ) | | | (39,325 | ) | | | (201 | ) | | | (13,698 | ) |
Inventory, Prepaid Expenses and Other Assets | | | (139 | ) | | | 32 | | | | 15 | | | | 0 | | | | (92 | ) |
Accounts Payable and Accrued Liabilities | | | (8,875 | ) | | | (766 | ) | | | 916 | | | | (107 | ) | | | (8,832 | ) |
Other Assets and Liabilities | | | (1,146 | ) | | | (64 | ) | | | 0 | | | | 29 | | | | (1,181 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | | | 91,600 | | | | (1,178 | ) | | | 7,596 | | | | (52,313 | ) | | | 45,705 | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Intercompany loans to subsidiaries | | | 2,915 | | | | 1,931 | | | | (56,489 | ) | | | 51,643 | | | | 0 | |
Proceeds from Joint Venture Leasing Initiatives | | | 260 | | | | 0 | | | | 0 | | | | 0 | | | | 260 | |
Contributions to Equity Method Investments | | | 0 | | | | (4,087 | ) | | | 0 | | | | 0 | | | | (4,087 | ) |
Proceeds from the Sale of Assets and Equity Method Investments | | | 128,554 | | | | 4,871 | | | | 0 | | | | 0 | | | | 133,425 | |
Acquisitions of Undeveloped Acreage | | | (51,783 | ) | | | (19 | ) | | | 0 | | | | 0 | | | | (51,802 | ) |
Capital Expenditures for Development of Oil and Gas Properties and Equipment | | | (177,892 | ) | | | (1,316 | ) | | | 0 | | | | 670 | | | | (178,538 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | | | (97,946 | ) | | | 1,380 | | | | (56,489 | ) | | | 52,313 | | | | (100,742 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Proceeds from Long-Term Debt and Lines of Credit | | | 0 | | | | 730 | | | | 126,000 | | | | 0 | | | | 126,730 | |
Repayments of Long-Term Debt and Lines of Credit | | | 0 | | | | 0 | | | | (351,000 | ) | | | 0 | | | | (351,000 | ) |
Repayments of Loans and Other Notes Payable | | | (764 | ) | | | (198 | ) | | | 0 | | | | 0 | | | | (962 | ) |
Proceeds from 8.875% Senior Notes, net of Discount | | | 0 | | | | 0 | | | | 248,250 | | | | 0 | | | | 248,250 | |
Debt Issuance Costs | | | 0 | | | | 0 | | | | (6,397 | ) | | | 0 | | | | (6,397 | ) |
Settlement of Tax Withholdings Related to Share-Based Compensation Awards | | | 0 | | | | 0 | | | | (234 | ) | | | 0 | | | | (234 | ) |
Proceeds from the Issuance of Common Stock, Net of Issuance Costs | | | 0 | | | | 0 | | | | 70,583 | | | | 0 | | | | 70,583 | |
Proceeds from the Exercise of Stock Options | | | 0 | | | | 0 | | | | 565 | | | | 0 | | | | 565 | |
Capital Distributions by the Partners of Consolidated Joint Ventures | | | 0 | | | | (319 | ) | | | 0 | | | | 0 | | | | (319 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | | | (764 | ) | | | 213 | | | | 87,767 | | | | 0 | | | | 87,216 | |
NET INCREASE (DECREASE) IN CASH | | | (7,110 | ) | | | 415 | | | | 38,874 | | | | 0 | | | | 32,179 | |
CASH—BEGINNING | | | 11,337 | | | | 409 | | | | 50 | | | | 0 | | | | 11,796 | |
| | | | | | | | | | | | | | | | | | | | |
CASH—ENDING | | $ | 4,227 | | | $ | 824 | | | $ | 38,924 | | | $ | 0 | | | $ | 43,975 | |
| | | | | | | | | | | | | | | | | | | | |
|
REX ENERGY CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS |
FOR THE YEAR ENDED DECEMBER 31, 2011 |
($ in Thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Guarantor | | | Non- | | | Rex Energy | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor | Corporation | Balance |
| Subsidiaries | (Note Issuer) | |
OPERATING REVENUE | | | | | | | | | | | | | | | | | | | | |
Oil, Natural Gas and NGL Sales | | $ | 111,879 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 111,879 | |
Field Services Revenue | | | 0 | | | | 3,546 | | | | 0 | | | | (1,028 | ) | | | 2,518 | |
Other Revenue | | | 209 | | | | 0 | | | | 0 | | | | 0 | | | | 209 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL OPERATING REVENUE | | | 112,088 | | | | 3,546 | | | | 0 | | | | (1,028 | ) | | | 114,606 | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | |
Production and Lease Operating Expense | | | 33,106 | | | | 10 | | | | 0 | | | | 0 | | | | 33,116 | |
General and Administrative Expense | | | 21,424 | | | | 586 | | | | 1,662 | | | | (36 | ) | | | 23,636 | |
Loss on Disposal of Asset | | | 353 | | | | 149 | | | | 0 | | | | 0 | | | | 502 | |
Impairment Expense | | | 14,316 | | | | 315 | | | | 0 | | | | 0 | | | | 14,631 | |
Exploration Expense | | | 2,507 | | | | 0 | | | | 0 | | | | 0 | | | | 2,507 | |
Depreciation, Depletion, Amortization and Accretion | | | 27,672 | | | | 231 | | | | 0 | | | | (47 | ) | | | 27,856 | |
Field Services Operating Expense | | | 0 | | | | 2,470 | | | | 0 | | | | (720 | ) | | | 1,750 | |
Other Operating Expense | | | 819 | | | | 0 | | | | 0 | | | | 0 | | | | 819 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL OPERATING EXPENSES | | | 100,197 | | | | 3,761 | | | | 1,662 | | | | (803 | ) | | | 104,817 | |
INCOME (LOSS) FROM OPERATIONS | | | 11,891 | | | | (215 | ) | | | (1,662 | ) | | | (225 | ) | | | 9,789 | |
OTHER INCOME (EXPENSE) | | | | | | | | | | | | | | | | | | | | |
Interest Expense | | | (107 | ) | | | (2 | ) | | | (2,405 | ) | | | 0 | | | | (2,514 | ) |
Gain on Derivatives, Net | | | 18,916 | | | | 0 | | | | 0 | | | | 0 | | | | 18,916 | |
Other Income (Expense) | | | 13 | | | | 101 | | | | 0 | | | | (35 | ) | | | 79 | |
Income From Equity Method Investments | | | 81 | | | | 0 | | | | 0 | | | | 0 | | | | 81 | |
Income (Loss) From Equity in Consolidated Subsidiaries | | | (53 | ) | | | 53 | | | | (12,925 | ) | | | 12,925 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL OTHER INCOME (LOSS) | | | 18,850 | | | | 152 | | | | (15,330 | ) | | | 12,890 | | | | 16,562 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX | | | 30,741 | | | | (63 | ) | | | (16,992 | ) | | | 12,665 | | | | 26,351 | |
Income Tax (Expense) Benefit | | | (9,927 | ) | | | 33 | | | | 1,624 | | | | 0 | | | | (8,270 | ) |
| | | | | | | | | | | | | | | | | | | | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | | | 20,814 | | | | (30 | ) | | | (15,368 | ) | | | 12,665 | | | | 18,081 | |
Loss From Discontinued Operations, Net of Income Taxes | | | 0 | | | | (33,457 | ) | | | 0 | | | | 0 | | | | (33,457 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME (LOSS) | | | 20,814 | | | | (33,487 | ) | | | (15,368 | ) | | | 12,665 | | | | (15,376 | ) |
Net Loss Attributable to Noncontrolling Interests | | | 0 | | | | (7 | ) | | | 0 | | | | 0 | | | | (7 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | | $ | 20,814 | | | $ | (33,480 | ) | | $ | (15,368 | ) | | $ | 12,665 | | | $ | (15,369 | ) |
| | | | | | | | | | | | | | | | | | | | |
|
REX ENERGY CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
FOR THE YEAR ENDING DECEMBER 31, 2011 |
($ in Thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Guarantor | | | Non- | | | Rex Energy | | | Eliminations | | | Consolidated | |
Subsidiaries | Guarantor | Corporation | Balance |
| Subsidiaries | (Note Issuer) | |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) | | $ | 20,814 | | | $ | (33,487 | ) | | $ | (15,368 | ) | | $ | 12,665 | | | $ | (15,376 | ) |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | | | | | | | | | | | | | | | | | | | | |
(Gain) Loss From Equity Method Investments | | | (81 | ) | | | 0 | | | | 0 | | | | 0 | | | | (81 | ) |
Non-Cash Expenses | | | 118 | | | | 2 | | | | 1,625 | | | | 0 | | | | 1,745 | |
Depreciation, Depletion, Amortization and Accretion | | | 27,672 | | | | 316 | | | | 505 | | | | (47 | ) | | | 28,446 | |
Deferred Income Tax Expense (Benefit) | | | (10,234 | ) | | | 1,271 | | | | 1,624 | | | | 0 | | | | (7,339 | ) |
(Gain) Loss on Derivatives | | | (18,916 | ) | | | 0 | | | | 0 | | | | 0 | | | | (18,916 | ) |
Cash Settlements of Derivatives | | | 6,212 | | | | 0 | | | | 0 | | | | 0 | | | | 6,212 | |
Dry Hole Expense | | | 6 | | | | 32,763 | | | | 0 | | | | 0 | | | | 32,769 | |
(Gain) Loss on Sale of Assets and Equity Method Investments | | | 353 | | | | 149 | | | | 0 | | | | 0 | | | | 502 | |
Impairment Expense | | | 14,316 | | | | 13,492 | | | | 0 | | | | 0 | | | | 27.808 | |
Changes in operating assets and liabilities | | | | | | | | | | | | | | | | | | | | |
Accounts Receivable | | | 188,899 | | | | 29,099 | | | | (211,952 | ) | | | 5,072 | | | | 11,118 | |
Inventory, Prepaid Expenses and Other Assets | | | 157 | | | | (56 | ) | | | (15 | ) | | | 0 | | | | 86 | |
Accounts Payable and Accrued Liabilities | | | 859 | | | | (3,124 | ) | | | 405 | | | | (136 | ) | | | (1,996 | ) |
Other Assets and Liabilities | | | (1,473 | ) | | | 961 | | | | 0 | | | | 41 | | | | (471 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | | | 228,702 | | | | 41,386 | | | | (223,176 | ) | | | 17,595 | | | | 64,507 | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Intercompany loans to subsidiaries | | | (2,337 | ) | | | 10,811 | | | | 9,121 | | | | (17,595 | ) | | | 0 | |
Proceeds from Joint Venture Leasing Initiatives | | | 3,209 | | | | 0 | | | | 0 | | | | 0 | | | | 3,209 | |
Change in Restricted Cash | | | 16,086 | | | | 0 | | | | 0 | | | | 0 | | | | 16,086 | |
Contributions to Equity Method Investments | | | 0 | | | | (23,204 | ) | | | 0 | | | | 0 | | | | (23,204 | ) |
Proceeds from the Sale of Assets and Equity Method Investments | | | 2,293 | | | | 436 | | | | 0 | | | | 0 | | | | 2,729 | |
Acquisitions of Undeveloped Acreage | | | (76,698 | ) | | | (1,871 | ) | | | 0 | | | | 0 | | | | (78,569 | ) |
Capital Expenditures for Development of Oil and Gas Properties and Equipment | | | (169,689 | ) | | | (27,444 | ) | | | 308 | | | | 0 | | | | (196,825 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET CASH USED IN INVESTING ACTIVITIES | | | (227,136 | ) | | | (41,272 | ) | | | 9,429 | | | | (17,595 | ) | | | (276,574 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | | | | |
Proceeds from Long-Term Debt and Lines of Credit | | | 0 | | | | 0 | | | | 240,000 | | | | 0 | | | | 240,000 | |
Repayments of Long-Term Debt and Lines of Credit | | | 0 | | | | 0 | | | | (25,000 | ) | | | 0 | | | | (25,000 | ) |
Repayments of Loans and Other Notes Payable | | | (831 | ) | | | (48 | ) | | | 0 | | | | 0 | | | | (879 | ) |
Proceeds from 8.875% Senior Notes, net of Discount | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Debt Issuance Costs | | | 0 | | | | 0 | | | | (2,615 | ) | | | 0 | | | | (2,615 | ) |
Proceeds from the Exercise of Stock Options | | | 0 | | | | 0 | | | | 1,362 | | | | 0 | | | | 1,362 | |
Capital Distributions by the Partners of Consolidated Joint Ventures | | | 0 | | | | (20 | ) | | | 0 | | | | 0 | | | | (20 | ) |
Capital Contributions by the Partners of Equity Method Investments and Consolidated Joint Ventures | | | 7 | | | | 0 | | | | 0 | | | | 0 | | | | 7 | |
| | | | | | | | | | | | | | | | | | | | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | | | (824 | ) | | | (68 | ) | | | 213,747 | | | | 0 | | | | 212,855 | |
NET INCREASE IN CASH | | | 742 | | | | 46 | | | | 0 | | | | 0 | | | | 788 | |
CASH—BEGINNING | | | 10,595 | | | | 363 | | | | 50 | | | | 0 | | | | 11,008 | |
| | | | | | | | | | | | | | | | | | | | |
CASH—ENDING | | $ | 11,337 | | | $ | 409 | | | $ | 50 | | | $ | 0 | | | $ | 11,796 | |
| | | | | | | | | | | | | | | | | | | | |