Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | Cobalt International Energy, Inc. |
Entity Central Index Key | 1,471,261 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Trading Symbol | CIE |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 29,887,931 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 191,608 | $ 613,534 |
Restricted cash | 11,274 | 2,517 |
Joint interest and other receivables | 195,260 | 167,573 |
Other current assets | 16,506 | 23,149 |
Investments | 383,766 | 340,418 |
Total current assets | 798,414 | 1,147,191 |
Oil and natural gas properties, net of accumulated depletion of $38,459 and $20,204 as of June 30, 2017 and December 31, 2016, respectively | 961,849 | 1,078,885 |
Other property, net of accumulated depreciation and amortization of $9,143 and $8,426, as of June 30, 2017 and December, 31, 2016, respectively | 3,185 | 3,902 |
Other assets | 10,900 | 500 |
Total assets | 1,774,348 | 2,230,478 |
Current liabilities: | ||
Trade and other accounts payable | 33,187 | 36,954 |
Accrued liabilities | 172,991 | 227,418 |
Accrued contract amendment costs | 19,582 | |
Angolan preliminary consideration | 250,000 | 250,000 |
Total current liabilities | 456,178 | 533,954 |
Long-term debt | 2,481,014 | 2,479,349 |
Long-term derivative liabilities | 153,763 | 50,123 |
Asset retirement obligations | 8,190 | 6,523 |
Other long-term liabilities | 1,735 | 1,863 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.01 par value per share; 133,333,333 shares authorized, 29,528,008 and 29,422,864 issued and outstanding as of June 30, 2017 and December 31, 2016, respectively | 295 | 294 |
Additional paid-in capital | 4,230,728 | 4,223,729 |
Accumulated deficit | (5,557,555) | (5,065,357) |
Total stockholders’ equity | (1,326,532) | (841,334) |
Total liabilities and stockholders’ equity | $ 1,774,348 | $ 2,230,478 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Oil and natural gas properties, accumulated depletion (in dollars) | $ 38,459 | $ 20,204 |
Other property, accumulated depreciation and amortization (in dollars) | $ 9,143 | $ 8,426 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 133,333,333 | 133,333,333 |
Common stock, shares issued | 29,528,008 | 29,422,864 |
Common stock, shares outstanding | 29,528,008 | 29,422,864 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Oil, natural gas and natural gas liquids revenues | $ 13,749 | $ 3,173 | $ 23,616 | $ 4,809 |
Operating costs and expenses: | ||||
Seismic and exploration costs | 14,064 | 9,428 | 21,083 | 15,491 |
Dry hole costs and impairments | 42,486 | 155,814 | 279,591 | 155,389 |
Lease operating expenses | 3,035 | 1,702 | 5,733 | 2,658 |
General and administrative expenses | 27,698 | 22,864 | 46,624 | 51,320 |
Accretion expense | 297 | 102 | 587 | 204 |
Depreciation, depletion and amortization | 10,093 | 4,289 | 18,972 | 7,459 |
Total operating costs and expenses | 97,673 | 194,199 | 372,590 | 232,521 |
Operating loss | (83,924) | (191,026) | (348,974) | (227,712) |
Other (expense) income, net: | ||||
Other income | 10,762 | 10,701 | 4,375 | |
Loss on embedded derivatives | (72,436) | (70,530) | ||
Interest income | 1,771 | 1,453 | 3,205 | 2,791 |
Interest expense | (41,741) | (15,974) | (86,225) | (31,616) |
Total other expense, net | (101,644) | (14,521) | (142,849) | (24,450) |
Net loss | $ (185,568) | $ (205,547) | $ (491,823) | $ (252,162) |
Basic and diluted loss per share | $ (6.28) | $ (7.52) | $ (16.68) | $ (9.23) |
Weighted average common shares outstanding (basic and diluted) | 29,526 | 27,338 | 29,494 | 27,316 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2016 | $ (841,334) | $ 294 | $ 4,223,729 | $ (5,065,357) |
Balance (Accounting Standards Update 2016-09) at Dec. 31, 2016 | 375 | (375) | ||
Equity based compensation | 6,625 | 6,625 | ||
Issuance of common stock | 1 | (1) | ||
Net loss | (491,823) | (491,823) | ||
Balance at Jun. 30, 2017 | $ (1,326,532) | $ 295 | $ 4,230,728 | $ (5,557,555) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (491,823) | $ (252,162) |
Adjustments to reconcile net loss to net cash flows used in operating activities: | ||
Dry hole costs and impairments | 279,591 | 155,389 |
Equity based compensation | 6,553 | 2,826 |
Accretion expense | 587 | 204 |
Depreciation, depletion and amortization | 18,972 | 7,459 |
Loss on embedded derivatives | 70,530 | |
Amortization of premium on investment securities | (259) | (519) |
Amortization of debt discount and debt issuance costs | 25,907 | 52,420 |
Other | (128) | |
Changes in operating assets and liabilities: | ||
Joint interest and other receivables | (26,242) | 3,171 |
Other current assets | 6,717 | 12,265 |
Trade and other accounts payable | (4,540) | 22,496 |
Accrued liabilities | (18,088) | (63,062) |
Accrued contract amendment costs | (19,582) | |
Other | 7,152 | |
Net cash flows used in operating activities | (151,287) | (51,323) |
Cash flows from investing activities: | ||
Additions to oil and natural gas properties | (206,430) | (391,313) |
Capital expenditures for other property | (3,432) | |
Proceeds from maturity of investment securities | 345,829 | 1,571,724 |
Purchase of investment securities | (390,881) | (1,039,870) |
Net cash flows (used in) provided by investing activities | (251,482) | 137,109 |
(Decrease) increase in cash, cash equivalents and restricted cash | (402,769) | 85,786 |
Cash, cash equivalents and restricted cash — beginning of year | 616,051 | 138,886 |
Cash, cash equivalents and restricted cash — end of period | $ 213,282 | $ 224,672 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES General Cobalt International Energy, Inc., together with its wholly–owned subsidiaries (“we,” “our” or “us”) is an independent exploration and production company with operations in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in West Africa. We operate in one reportable segment as our chief operating decision maker, the Chief Executive Officer, assesses performance and allocates resources based on the consolidated results of our business. Liquidity and Going Concern The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The unaudited condensed consolidated financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. Although we commenced initial production from our Heidelberg project in January 2016, our ongoing capital and operating expenditures will vastly exceed the revenue we expect to receive from our oil and natural gas operations for the foreseeable future. In order to grow production, we need to develop our discoveries into producing oil and natural gas properties, which will require that we raise substantial additional funding. If we are unable to raise substantial additional funding on a timely basis or on acceptable terms, we may be required to significantly curtail our exploration, appraisal and development activities or sell assets. In assessing whether there is substantial doubt about our ability to continue as a going concern, we considered our projected cash inflows and outflows as well as any cash related covenants associated with our financing structure. The indentures governing our 10.75% first lien notes due 2021 (the “First Lien Notes”) and our 7.75% second lien notes due 2023 (the “Second Lien Notes”) (collectively, the “Secured Notes”) contain certain covenants including the maintenance of a minimum consolidated cash balance (as defined in such indenture) of at least $200.0 million. If we are unsuccessful in our current marketing efforts with respect to the sale of our Gulf of Mexico assets and do not make or receive any payments to or from Sonangol, we expect our projected cash balance would be out of compliance with the minimum consolidated cash balance covenant during the first quarter of 2018. Thus, we have concluded that there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is subject to, among other factors, (i) our ability to monetize assets, obtain financing or refinance existing indebtedness and continue our cost cutting efforts; (ii) the production rates achieved from Heidelberg; (iii) oil and natural gas prices; (iv) the number of commercially viable hydrocarbon discoveries made and the quantities of hydrocarbons discovered; (v) the speed and cost with which we can bring such discoveries to production; (vi) whether and to what extent we invest in additional oil leases and concessional licenses; and (vii) the actual cost of exploration, appraisal and development of our prospects. There can be no assurance that we will be able to obtain additional funding on satisfactory terms or at all. In addition, no assurance can be given that any such financing, if obtained, will be adequate to meet our capital needs and support our growth. If additional funding cannot be obtained on a timely basis and on satisfactory terms, then our operations would be materially negatively impacted. Marketing efforts with respect to our Gulf of Mexico assets continue. We expect these efforts to conclude in late third quarter of 2017. If we become unable to continue as a going concern, we may find it necessary to file a voluntary petition for reorganization under the Bankruptcy Code in order to provide us additional time to identify an appropriate solution to our financial situation and implement a plan of reorganization aimed at improving our capital structure. Basis of Presentation Our unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in Item 8 of our Annual Report on Form 10–K for the year ended December 31, 2016. On June 16, 2017, we effected a one–for–fifteen reverse stock split of our common stock through an amendment to our second amended and restated certificate of incorporation. As of the effective time of the reverse stock split, every 15 shares of issued and outstanding common stock were converted into one share of common stock, without any change in par value. The amendment to our second amended and restated certificate of incorporation also reduced the number of our authorized shares of common stock from 2.0 billion shares to 133.3 million shares. No fractional shares were issued in connection with the reverse stock split. Instead, each fractional share was rounded up to the nearest whole share of common stock. However, any fractional shares resulting from adjustments to the number of shares underlying stock options and stock appreciation rights were rounded down to the nearest whole share of common stock. All references to shares of common stock, all per share data and all equity compensation activity for all periods presented in the unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidation financial statements have been adjusted to reflect the reverse stock split on a retroactive basis. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Unaudited Condensed Consolidated Financial Statements, all dollar and share amounts in tabulations are in thousands of dollars and shares, respectively, unless otherwise indicated. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014–09, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation In November 2016, the FASB issued ASU 2016–18, Statement of Cash Flows Prior to Adoption (1) After Adoption Six months ended June 30, 2016: Amortization of premium on investments $ 742 $ 519 Joint interest and other receivables 2,834 3,171 Net cash flows used in operating activities (51,437 ) (51,323 ) Change in restricted funds 14,489 — Proceeds from maturity of investment securities 1,166,266 1,571,724 Purchase of investment securities (639,556 ) (1,039,870 ) Net cash flows provided by investing activities 146,454 137,109 Increase in cash, cash equivalents and restricted cash 95,017 85,786 (1) Amounts are after reclassification of Angolan operations to no longer reflect these operations as discontinued. In May 2017, the FASB issued ASU 2017–09, Compensation – Stock Compensation No other new accounting pronouncements issued or effective during the six months ended June 30, 2017 had or are expected to have a material impact on our unaudited condensed consolidated financial statements. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | NOTE 2. INVESTMENTS Our investments in held–to–maturity securities consist of the following: June 30, 2017 December 31, 2016 Corporate securities $ 234,957 $ 227,854 Commercial paper 198,763 292,466 U.S. Treasury securities — 161,778 Total $ 433,720 $ 682,098 These investments are recorded in our unaudited condensed consolidated balance sheets as follows: June 30, 2017 December 31, 2016 Cash and cash equivalents $ 49,954 $ 341,680 Short-term investments (1) 383,766 340,418 $ 433,720 $ 682,098 (1) As of December 31, 2016, $9.1 million of these investments served as collateral for certain of our obligations. At June 30, 2017 and December 31, 2016, the contractual maturities of our investments were within one year. Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 3. FAIR VALUE MEASUREMENTS The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets or liabilities. Level 2 refers to fair values determined based on quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration. Level 3 refers to fair values determined based on unobservable inputs used in the measurement of assets and liabilities at fair value. Recurring Basis The following tables presents the fair value hierarchy for our liabilities that are required to be measured at fair value on a recurring basis: Fair Value Measurements at the End of the Reporting Period Fair Value Level 1 Level 2 Level 3 As of June 30, 2017: Embedded derivative liabilities: 10.75% first lien notes due 2021 $ 18,729 $ — $ — $ 18,729 7.75% second lien notes due 2023 135,034 — — 135,034 Total $ 153,763 $ — $ — $ 153,763 As of December 31, 2016: Embedded derivative liabilities: 10.75% first lien notes due 2021 $ 27,012 $ — $ — $ 27,012 7.75% second lien notes due 2023 23,111 — — 23,111 Total $ 50,123 $ — $ — $ 50,123 The fair values of these embedded derivatives were estimated using the “with” and “without” method. Using this methodology, the First Lien Notes and the Second Lien Notes were first valued with the embedded derivatives (the “with” scenario) and subsequently valued without the embedded derivative (the “without” scenario). The fair values of the embedded derivatives were estimated as the difference between the fair values of the First Lien Notes and Second Lien Notes in the “with” and “without” scenarios. The fair values of the First Lien Notes and Second Lien Notes in the “with” and “without” scenarios were estimated using a risk–neutral probability of default model. Significant Level 3 assumptions used in the valuation of the embedded derivatives were the fair values of our long–term debt, the expected recovery rates, the risk–neutral probability of default and the risk–free rates. The reconciliation of changes in the fair value of our embedded derivatives is as follows: Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Beginning of period $ 54,117 $ 50,123 Issuance of additional 7.75% second lien notes due 2023 27,210 33,110 Change in fair value 72,436 70,530 End of period $ 153,763 $ 153,763 Financial Instruments The estimated fair values of our financial instruments have been determined at discrete points in time based on relevant market information. Our financial instruments consist of cash and cash equivalents, joint interest and other receivables, held–to–maturity investments, accounts payable and accrued liabilities. The carrying amounts of our financial instruments, other than held–to–maturity–investments and long–term debt, approximate fair value because of the short–term nature of the items. There were no significant unrecognized holding gains or losses related to our held–to–maturity investments as of June 30, 2017 and December 31, 2016. Accordingly, the carrying value of our held–to–maturity investments approximates their fair value. Our held–to–maturity investments are not traded on a public exchange and the fair value of these investments is based on inputs using valuations obtained from independent brokers. As these valuations use readily observable market parameters that are actively quoted and can be validated through external sources, we have categorized these investments as Level 2. The estimated fair values of our long–term debt are as follows: June 30, 2017 December 31, 2016 10.75% first lien notes due 2021 $ 473,125 $ 482,250 7.75% second lien notes due 2023 566,681 327,449 2.625% convertible senior notes due 2019 162,148 305,378 3.125% convertible senior notes due 2024 157,379 332,344 $ 1,359,333 $ 1,447,421 The fair values of our long–term debt were estimated using quoted market prices. As these valuations use quoted prices in active markets for identical assets or liabilities, we have categorized the long–term debt as Level 1. |
Oil and Natural Gas Properties
Oil and Natural Gas Properties | 6 Months Ended |
Jun. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Oil and Natural Gas Properties | NOTE 4. OIL AND NATURAL GAS PROPERTIES Oil and natural gas properties consist of the following: June 30, 2017 December 31, 2016 Proved oil and natural gas properties: Well and development costs $ 128,849 $ 118,245 Accumulated depletion (38,459 ) (20,204 ) Total proved oil and natural gas properties 90,390 98,041 Unproved oil and natural gas properties: Oil and natural gas leaseholds 594,945 651,295 Accumulated valuation allowance (491,271 ) (507,198 ) 103,674 144,097 Exploratory wells 767,785 836,747 Total unproved oil and natural gas properties 871,459 980,844 Total oil and natural gas properties, net $ 961,849 $ 1,078,885 Capitalized Exploratory Well Costs Costs for exploratory wells that find reserves that cannot yet be classified as proved are capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and we are making sufficient progress assessing the reserves and the economic and operating viability of the project. Often, the ability to move into the development phase and record proved reserves is dependent on obtaining permits and government or partner approvals, the timing of which is ultimately beyond our control. Exploratory well costs remain suspended as long as we are actively pursuing such approvals and permits, and believe they will be obtained. For complex exploratory projects, it is not unusual to have exploratory wells remain suspended on the balance sheet for several years while additional appraisal drilling and seismic work is performed on the field or while we seek government or partner approval of development plans. Our assessment of suspended exploratory well costs is continuous until a determination is made to either sanction the project or to expense the well costs as dry hole costs as sufficient progress has not been made in assessing the reserves and the economic and operating viability of the project. The net changes in the costs of capitalized exploratory wells (excluding any related leasehold costs) are as follows: 2017 2016 Balance as of January 1 $ 836,747 $ 1,727,181 Additions to capitalized exploration Exploratory well costs 139,398 343,543 Capitalized interest 29,513 60,267 Amounts charged to expense (1) (237,873 ) (110,209 ) Balance as of June 30 $ 767,785 $ 2,020,782 (1) Amounts represent dry hole costs related to exploratory wells which did not encounter commercial hydrocarbons or where it was determined that sufficient progress was not being made. Of the $237.9 million in 2017, $236.4 million relates to our Shenandoah discovery which was written off following the suspension of appraisal activity by the operator. Of the $110.2 million in 2016, $107.5 million relates to the Goodfellow #1 exploratory well and sidetrack. As of June 30, 2017, capitalized exploratory wells costs of $467.9 million associated with our North Platte, Anchor and Diaman discoveries have been suspended for a period greater than one year after completion of drilling. As of December 31, 2016, capitalized exploratory well costs of $609.9 million associated with our North Platte, Anchor, Shenandoah and Diaman discoveries have been suspended for a period greater than one year after completion. These well costs are suspended pending ongoing evaluation including, but not limited to, results of additional appraisal drilling, well–test analysis, additional geological and geophysical data and approval of a development plan. We believe these discoveries exhibit sufficient indications of hydrocarbons to justify potential development and are actively pursuing efforts to fully assess them. If additional information becomes available that raises substantial doubt as to the economic or operational viability of these discoveries, the associated costs will be expensed at that time. |
Long-term Debt, Net
Long-term Debt, Net | 6 Months Ended |
Jun. 30, 2017 | |
Long Term Debt [Abstract] | |
Long-term Debt, Net | NOTE 5. LONG–TERM DEBT, NET Long–term debt, net consisted of the following: June 30, 2017 December 31, 2016 10.75% first lien notes due 2021: Principal outstanding $ 500,000 $ 500,000 Unamortized discount (1) (31,806 ) (34,416 ) Carrying amount 468,194 465,584 7.75% second lien notes due 2023: Principal outstanding 934,732 584,732 Unamortized discount (2) (20,543 ) (54,856 ) Carrying amount 914,189 529,876 2.625% convertible senior notes due 2019: Principal outstanding 619,167 763,446 Unamortized discount and debt issuance costs (3) (75,169 ) (109,689 ) Carrying amount 543,998 653,757 3.125% convertible senior notes due 2024: Principal outstanding 786,895 1,204,145 Unamortized discount and debt issuance costs (4) (232,262 ) (374,013 ) Carrying amount 554,633 830,132 Total $ 2,481,014 $ 2,479,349 (1) (2) (3) Effective interest rate of 8.2% (4) Effective interest rate of 8.9% In the six months ended June 30, 2017, we consummated three follow–on debt exchange transactions (the “Transactions”) with certain holders (the “Holders”) of our outstanding 2.625% convertible senior notes due 2019 (the “2019 Notes”) and 3.125% convertible senior notes due 2024 (the “2024 Notes”) whereby we issued an aggregate principal amount of $350.0 million in additional Second Lien Notes in exchange for $144.3 million aggregate principal amount of the 2019 Notes and $417.2 million aggregate principal amount of the 2024 Notes held by the Holders. We have fully utilized the availability under our senior secured indentures to issue additional second lien secured indebtedness. Our Secured Notes have requirements to pay an applicable premium upon a change in control or an event of default and also have a requirement to repay amounts outstanding using the proceeds from an asset sale. These requirements were determined to be an embedded derivative that requires us to bifurcate and fair value the derivative as of the date of each of the Transactions and to fair value the derivative as of each subsequent reporting date (see Note 3). As of June 30, 2017, we recognized additional derivative liabilities of $33.1 million for our Second Lien Notes, which decreased the carrying value of these notes. We accounted for the Transactions as troubled debt restructurings. We did not recognize any gain or loss on the Transactions and have prospectively adjusted the effective interest rates on the 2019 Notes and 2024 Notes. Costs related to the Transactions totaled $3.0 million and are included in “General and administrative expenses” in our unaudited condensed consolidated statements of operations. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 6. COMMITMENTS AND CONTINGENCIES We are currently, and from time to time we may become, involved in various legal and regulatory proceedings arising in the normal course of business. In November 2014, two purported stockholders, St. Lucie County Fire District Firefighters’ Pension Trust Fund and Fire and Police Retiree Health Care Fund, San Antonio, filed a class action lawsuit in the U.S. District Court for the Southern District of Texas on behalf of a putative class of all purchasers of our securities from February 21, 2012 through November 4, 2014 (the “St. Lucie lawsuit”). The St. Lucie lawsuit, filed against us and certain officers, former and current members of the Board of Directors, underwriters, and investment firms and funds, asserted violations of federal securities laws based on alleged misrepresentations and omissions in SEC filings and other public disclosures, primarily regarding compliance with the U.S. Foreign Corrupt Practices Act (“FCPA”) in our Angolan operations and the performance of certain wells offshore Angola. In December 2014, Steven Neuman, a purported stockholder, filed a substantially similar lawsuit against us and certain of our officers in the U.S. District Court for the Southern District of Texas on behalf of a putative class of all purchasers of our securities from February 21, 2012 through August 4, 2014 (the “Neuman lawsuit”). Like the St. Lucie lawsuit, the Neuman lawsuit asserted violations of federal securities laws based on alleged misrepresentations and omissions in SEC filings and other public disclosures regarding our compliance with the FCPA in our Angolan operations. In March 2015, the Court entered an order consolidating the Neuman lawsuit with the St. Lucie lawsuit (the “Consolidated Action”) and also entered an order in the Consolidated Action appointing Lead Plaintiffs and Lead Counsel. Lead Plaintiffs filed their consolidated amended complaint in May 2015. Among other remedies, the Consolidated Action seeks damages in an unspecified amount, along with an award of attorney fees and other costs and expenses to the plaintiffs. We filed a motion to dismiss the consolidated amended complaint in June 2015, and the other defendants also filed motions to dismiss. The Court denied our motion to dismiss in January 2016, and, in March 2016, the Court also denied our motion requesting that the Court certify its order on the motions to dismiss so that we may seek interlocutory appellate review of the order. In June 2017, the Court certified a class of all persons and entities who purchased or otherwise acquired our securities between March 1, 2011 and November 3, 2014. In July 2017, we filed a petition for permission to file an interlocutory appeal challenging the class certification order. On August 4, 2017, the Fifth Circuit Court of Appeals granted our petition for permission to file the interlocutory appeal. The matter remains ongoing. In May 2016, Gaines, a purported stockholder, filed a derivative action in the 295th District Court in Harris County, Texas against us, as a nominal defendant, certain of our current and former officers and directors, and certain investment firms and funds. The lawsuit alleges that current and former officers and directors breached their fiduciary duties by making, and permitting us to make, alleged misrepresentations about two of our exploration wells offshore Angola; that certain officers received performance-based compensation in excess of what they were entitled; and that the investment firms and funds owed a fiduciary duty to us as controlling stockholders and breached that duty by engaging in insider trading. The lawsuit further alleges that demand was wrongfully refused. The plaintiff asserts claims for breach of fiduciary duty and unjust enrichment and seeks damages in an unspecified amount, disgorgement of profits, appropriate equitable relief, and an award of attorney fees and other costs and expenses. In July 2016, we filed our answer and special exceptions challenging the plaintiff’s standing to bring such claims against us. The Court heard arguments on our special exceptions in December 2016. The matter remains ongoing. In November 2016, McDonaugh, a purported stockholder, filed a derivative action in the 80th District Court in Harris County, Texas against us, as a nominal defendant, and certain of our current and former officers and directors. The lawsuit alleges that defendants breached their fiduciary duties by failing to maintain adequate internal controls and by permitting or failing to prevent alleged misrepresentations and omissions in our SEC filings and other public disclosures, including in relation to compliance with the FCPA in our Angolan operations and regarding the performance of certain wells offshore Angola. The lawsuit also alleges that defendants received compensation or other benefits in excess of what they were entitled and that certain officers and directors engaged in unlawful trading and misappropriation of information. The lawsuit further alleges that demand was wrongfully refused. The plaintiff asserts claims for breach of fiduciary duty and unjust enrichment and seeks damages in an unspecified amount, reform of our governance and internal controls, restitution and disgorgement of profits, and an award of attorney fees and other costs and expenses. We filed our answer and special exceptions challenging the plaintiff’s standing to bring such claims against us in January 2017. The matter remains ongoing. In April 2017, Hafkey, a purported stockholder, filed a derivative action in the 295th District Court in Harris County, Texas against us, as a nominal defendant, and certain of our current and former officers and directors. The lawsuit alleges that current and former officers and directors breached their fiduciary duties by making, and permitting us to make, alleged misrepresentations about two of our exploratory wells offshore Angola; that certain directors caused us to waste corporate assets; and that certain officers received performance–based compensation in excess of what they were entitled. The lawsuit further alleges that demand was wrongfully refused. The plaintiff asserts claims for breach of fiduciary duty, corporate waste, and unjust enrichment and seeks damages in an unspecified amount, disgorgement of profits, appropriate equitable relief, and an award of attorney fees and other costs and expenses. We filed our answer and special exceptions challenging the plaintiff’s standing to bring such claims against us in June 2017. The matter remains ongoing. In May 2016, we filed suit against XL Specialty Insurance Company (“XL”) in Harris County District Court in Houston, Texas. We assert XL improperly denied coverage for insurance claims made in July 2012 and other claims subsequently submitted to them in connection with our defending against the St. Lucie lawsuit and other investigations and actions. In December 2016, we amended our petition to add Axis Insurance Company (“Axis”). Axis provides coverage in excess of the XL policy’s limit of liability. We allege breach of contract, violation of the Texas Prompt Payment of Claims Act, and seek a declaratory judgment that XL and Axis are obligated to pay any additional loss suffered by us due to the circumstances, investigation, and claims described in the suit. In December 2016, we also amended our petition to add claims against Illinois National Insurance Company, an AIG subsidiary (“AIG”), which served as our insurer after XL. Against AIG, we allege breach of contract, violation of the Texas Prompt Payment of Claims Act, violation of the Texas Deceptive Trade Practices-Consumer Protection Act, and seek a declaratory judgment that AIG is obligated to pay any additional loss suffered by us due to the circumstances, investigations, and actions related to the Lontra and/or Loengo wells. In April 2017, we and certain of our current and former officers and directors settled claims against XL pursuant to which XL paid $11.5 million. We continue to pursue our claims against both Axis and AIG. The settlement is included in “Other income” in our unaudited condensed consolidated statements of operations for the three months and the six months ended June 30, 2017. Of the $11.5 million, $10.4 million is being held in escrow for the benefit of the insured persons under the XL policy. This restricted cash is included in “Other assets” in our unaudited condensed consolidated balance sheets. We are vigorously defending against the current lawsuits and do not believe they will have a material adverse effect on our business. However, we cannot predict the occurrence or outcome of these proceedings with certainty, and if we are unsuccessful in these litigations and any loss exceeds our available insurance, this could have a material adverse effect on our results of operations. O n March 8, 2017, we submitted a Notice of Dispute to Sonangol pursuant to the purchase and sale agreement (the “Agreement”) for the sale by us to Sonangol of the entire issued and outstanding share capital of our indirect wholly–owned subsidiaries, CIE Angola Block 20 Ltd. and CIE Angola Block 21 Ltd., which respectively hold our 40% working interest in each of Block 20 and Block 21 offshore Angola. Subsequently, we filed a Request for Arbitration (“RFA”) with the International Chamber of Commerce (“ICC”) against Sonangol for breach of the Agreement. Through this arbitration proceeding, we are requesting an award against Sonangol in excess of $2 billion dollars, plus applicable interest and costs. On July 17, 2017, Sonangol filed an Answer to our RFA and Counterclaim, asking for repayment of the $250.0 million initial payment that Sonangol made to us under the Agreement. The arbitral tribunal is currently being constituted. We also filed a separate RFA with the ICC against Sonangol Pesquisa e Produção, S.A. (“Sonangol P&P”) Unless resolved to our satisfaction, we intend to continue to vigorously prosecute these claims in arbitration and seek all available remedies in law and equity. We also intend to vigorously defend against any counterclaims Sonangol and Sonangol P&P might assert. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | NOTE 7. EQUITY–BASED COMPENSATION We grant various forms of equity–based compensation to our employees and non–employee directors. These equity–based awards consist of restricted stock awards, non–qualified stock options, performance stock units (“PSUs”), restricted stock units (“RSUs”) and stock appreciation rights. Grants in 2017 Performance Stock Units In February 2017, we issued 0.4 million PSUs to our employees. These PSUs vest in March 2020 subject to our common stock attaining a specified return by the vesting date. These PSUs may be settled by, at our discretion, either the issuance of our common stock, cash or a combination thereof. As these PSUs had both service and market conditions, we estimated the fair value of these PSUs using the Monte Carlo simulation model. The fair value of these PSUs on the date of grant was $4.3 million. Restricted Stock Units In February 2017, we issued 0.7 million RSUs to our employees. These RSU’s vest in three equal annual installments by, at our discretion, either the issuance of our common stock, cash, or a combination thereof. The fair value of these RSUs on the date of grant was $7.5 million. Compensation Costs Equity–based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight–line basis over the requisite service period, including those with graded vesting. We account for forfeitures as they occur rather than by applying an estimated forfeiture rate at the time of grant. The following table presents the compensation costs recognized in our unaudited condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Equity awards $ 2,961 $ (4,937 ) $ 6,625 $ 2,826 Liability awards (1 ) — (72 ) — Total $ 2,960 $ (4,937 ) $ 6,553 $ 2,826 These costs are included in “General and administrative expenses” in our unaudited condensed consolidated statements of operations. As of June 30, 2017, there was $21.5 million of unrecognized compensation costs which are expected to be recognized over a weighted average period of 1.9 years. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 8. EARNINGS PER SHARE A reconciliation of the number of shares used for the basic and diluted loss per share computations is as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted average common shares outstanding (basic and diluted) 29,526 27,338 29,494 27,316 Anti-dilutive shares excluded from diluted loss per share (1) 5,156 6,923 5,590 6,923 (1) Includes restricted stock awards, non–qualified stock options, PSUs, RSUs, stock appreciation rights, the 2019 Notes and the 2024 Notes that are potentially issuable as their effect, if included, would have been anti–dilutive. |
Other Supplement Information
Other Supplement Information | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Financial Information [Abstract] | |
Other Supplemental Information | NOTE 9. OTHER SUPPLEMENTAL INFORMATION Cash, cash equivalents and restricted cash are recorded in our unaudited condensed consolidated balance sheet as follows: As of June 30, 2017 2016 Cash and cash equivalents $ 191,608 $ 175,188 Restricted cash 11,274 49,484 Other assets 10,400 — Cash, cash equivalents and restricted cash $ 213,282 $ 224,672 The restricted cash serves as collateral for certain of our obligations and is invested in interest–bearing accounts. The $10.4 million of restricted cash included in other assets consists of the funds held in escrow for the benefit of the insured persons under the XL policy (see Note 6). Supplemental noncash transactions are as follows: As of June 30, 2017 2016 Non-cash disclosure - changes in accrued capital expenditures $ (35,757 ) $ 21,665 Accrued liabilities consist of the following: June 30, December 31, 2017 2016 Costs for additions to oil and natural gas properties $ 26,440 $ 73,808 Social obligation payments 86,206 86,473 Funds from release of letter of credit on Block 9 18,375 18,375 Interest 14,944 13,793 Angolan consumption tax and withholding on services 9,796 9,796 Bonuses 6,678 8,900 Seismic and other operating costs 2,277 5,625 General expenses 5,756 5,849 Other 2,519 4,799 Total accrued liabilities $ 172,991 $ 227,418 |
Other Matters
Other Matters | 6 Months Ended |
Jun. 30, 2017 | |
Other Matters Disclosure [Abstract] | |
Other Matters | NOTE 10. OTHER MATTERS In March 2017, the SEC informed us by telephone that they have initiated an informal inquiry regarding the Sonangol Research and Technology Center (the “Technology Center”). As background, in December 2011, we executed the Block 20 Production Sharing Contract under which we and BP Exploration Angola (Kwanza Benguela) Limited are required to make certain social contributions to Sonangol, including for the Technology Center. In March 2017, we also received a voluntary request for information regarding such inquiry. We believe our activities in Angola have complied with all applicable laws, including the Foreign Corrupt Practices Act, and we are cooperating with the SEC’s inquiry. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11. SUBSEQUENT EVENTS On August 7, 2017, we entered into retention agreements with our CEO and CFO, among other officers and employees of the company. The retention agreements provide for a one–time lump sum payment of $4.0 million for our CEO and $1.5 million for our CFO. Each of the payments will be subject to clawback and repayment by the applicable officer or employee in the event such officer or employee is terminated with cause or resigns without good reason before the one–year anniversary of the agreement. We have determined that the retention agreements were necessary to ensure that we have the continued services of our management and key employees. The aggregate amount of the August 2017 retention payments authorized by our Board of Directors is $16.1 million. We evaluated subsequent events for appropriate accounting and disclosure through the date these unaudited condensed consolidated financial statements were issued and determined that there were no other material items that required recognition or disclosure in our unaudited condensed consolidated financial statements. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in Item 8 of our Annual Report on Form 10–K for the year ended December 31, 2016. On June 16, 2017, we effected a one–for–fifteen reverse stock split of our common stock through an amendment to our second amended and restated certificate of incorporation. As of the effective time of the reverse stock split, every 15 shares of issued and outstanding common stock were converted into one share of common stock, without any change in par value. The amendment to our second amended and restated certificate of incorporation also reduced the number of our authorized shares of common stock from 2.0 billion shares to 133.3 million shares. No fractional shares were issued in connection with the reverse stock split. Instead, each fractional share was rounded up to the nearest whole share of common stock. However, any fractional shares resulting from adjustments to the number of shares underlying stock options and stock appreciation rights were rounded down to the nearest whole share of common stock. All references to shares of common stock, all per share data and all equity compensation activity for all periods presented in the unaudited condensed consolidated financial statements and notes to the unaudited condensed consolidation financial statements have been adjusted to reflect the reverse stock split on a retroactive basis. All intercompany accounts and transactions have been eliminated in consolidation. In the Notes to Unaudited Condensed Consolidated Financial Statements, all dollar and share amounts in tabulations are in thousands of dollars and shares, respectively, unless otherwise indicated. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014–09, Revenue from Contracts with Customers. In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation In November 2016, the FASB issued ASU 2016–18, Statement of Cash Flows Prior to Adoption (1) After Adoption Six months ended June 30, 2016: Amortization of premium on investments $ 742 $ 519 Joint interest and other receivables 2,834 3,171 Net cash flows used in operating activities (51,437 ) (51,323 ) Change in restricted funds 14,489 — Proceeds from maturity of investment securities 1,166,266 1,571,724 Purchase of investment securities (639,556 ) (1,039,870 ) Net cash flows provided by investing activities 146,454 137,109 Increase in cash, cash equivalents and restricted cash 95,017 85,786 (1) Amounts are after reclassification of Angolan operations to no longer reflect these operations as discontinued. In May 2017, the FASB issued ASU 2017–09, Compensation – Stock Compensation No other new accounting pronouncements issued or effective during the six months ended June 30, 2017 had or are expected to have a material impact on our unaudited condensed consolidated financial statements. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Effect of Applying Guidance on Unaudited Condensed Consolidated Statements of Cash Flows | . The following table shows the effects of applying the guidance: Prior to Adoption (1) After Adoption Six months ended June 30, 2016: Amortization of premium on investments $ 742 $ 519 Joint interest and other receivables 2,834 3,171 Net cash flows used in operating activities (51,437 ) (51,323 ) Change in restricted funds 14,489 — Proceeds from maturity of investment securities 1,166,266 1,571,724 Purchase of investment securities (639,556 ) (1,039,870 ) Net cash flows provided by investing activities 146,454 137,109 Increase in cash, cash equivalents and restricted cash 95,017 85,786 (1) Amounts are after reclassification of Angolan operations to no longer reflect these operations as discontinued. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Fair Value of Held-to-maturity Securities Recorded at Amortized Cost | Our investments in held–to–maturity securities consist of the following: June 30, 2017 December 31, 2016 Corporate securities $ 234,957 $ 227,854 Commercial paper 198,763 292,466 U.S. Treasury securities — 161,778 Total $ 433,720 $ 682,098 |
Schedule of Investments Recorded in Unaudited Condensed Consolidated Balance Sheets | These investments are recorded in our unaudited condensed consolidated balance sheets as follows: June 30, 2017 December 31, 2016 Cash and cash equivalents $ 49,954 $ 341,680 Short-term investments (1) 383,766 340,418 $ 433,720 $ 682,098 (1) As of December 31, 2016, $9.1 million of these investments served as collateral for certain of our obligations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Hierarchy of Liabilities Required to be Measured at Fair value on a Recurring basis | The following tables presents the fair value hierarchy for our liabilities that are required to be measured at fair value on a recurring basis: Fair Value Measurements at the End of the Reporting Period Fair Value Level 1 Level 2 Level 3 As of June 30, 2017: Embedded derivative liabilities: 10.75% first lien notes due 2021 $ 18,729 $ — $ — $ 18,729 7.75% second lien notes due 2023 135,034 — — 135,034 Total $ 153,763 $ — $ — $ 153,763 As of December 31, 2016: Embedded derivative liabilities: 10.75% first lien notes due 2021 $ 27,012 $ — $ — $ 27,012 7.75% second lien notes due 2023 23,111 — — 23,111 Total $ 50,123 $ — $ — $ 50,123 |
Reconciliation of Changes in the Fair Value of Embedded Derivatives | The reconciliation of changes in the fair value of our embedded derivatives is as follows: Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Beginning of period $ 54,117 $ 50,123 Issuance of additional 7.75% second lien notes due 2023 27,210 33,110 Change in fair value 72,436 70,530 End of period $ 153,763 $ 153,763 |
Summary of Estimated Fair Values of Long-term Debt | June 30, 2017 December 31, 2016 10.75% first lien notes due 2021: Principal outstanding $ 500,000 $ 500,000 Unamortized discount (1) (31,806 ) (34,416 ) Carrying amount 468,194 465,584 7.75% second lien notes due 2023: Principal outstanding 934,732 584,732 Unamortized discount (2) (20,543 ) (54,856 ) Carrying amount 914,189 529,876 2.625% convertible senior notes due 2019: Principal outstanding 619,167 763,446 Unamortized discount and debt issuance costs (3) (75,169 ) (109,689 ) Carrying amount 543,998 653,757 3.125% convertible senior notes due 2024: Principal outstanding 786,895 1,204,145 Unamortized discount and debt issuance costs (4) (232,262 ) (374,013 ) Carrying amount 554,633 830,132 Total $ 2,481,014 $ 2,479,349 (1) (2) (3) Effective interest rate of 8.2% (4) Effective interest rate of 8.9% |
Estimated fair values of long-term debt | |
Summary of Estimated Fair Values of Long-term Debt | The estimated fair values of our long–term debt are as follows: June 30, 2017 December 31, 2016 10.75% first lien notes due 2021 $ 473,125 $ 482,250 7.75% second lien notes due 2023 566,681 327,449 2.625% convertible senior notes due 2019 162,148 305,378 3.125% convertible senior notes due 2024 157,379 332,344 $ 1,359,333 $ 1,447,421 |
Oil and Natural Gas Properties
Oil and Natural Gas Properties (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Oil and Natural Gas Properties | Oil and natural gas properties consist of the following: June 30, 2017 December 31, 2016 Proved oil and natural gas properties: Well and development costs $ 128,849 $ 118,245 Accumulated depletion (38,459 ) (20,204 ) Total proved oil and natural gas properties 90,390 98,041 Unproved oil and natural gas properties: Oil and natural gas leaseholds 594,945 651,295 Accumulated valuation allowance (491,271 ) (507,198 ) 103,674 144,097 Exploratory wells 767,785 836,747 Total unproved oil and natural gas properties 871,459 980,844 Total oil and natural gas properties, net $ 961,849 $ 1,078,885 |
Schedule of Net Changes in Capitalized Exploratory Wells | The net changes in the costs of capitalized exploratory wells (excluding any related leasehold costs) are as follows: 2017 2016 Balance as of January 1 $ 836,747 $ 1,727,181 Additions to capitalized exploration Exploratory well costs 139,398 343,543 Capitalized interest 29,513 60,267 Amounts charged to expense (1) (237,873 ) (110,209 ) Balance as of June 30 $ 767,785 $ 2,020,782 (1) Amounts represent dry hole costs related to exploratory wells which did not encounter commercial hydrocarbons or where it was determined that sufficient progress was not being made. Of the $237.9 million in 2017, $236.4 million relates to our Shenandoah discovery which was written off following the suspension of appraisal activity by the operator. Of the $110.2 million in 2016, $107.5 million relates to the Goodfellow #1 exploratory well and sidetrack. |
Long-term Debt, Net (Tables)
Long-term Debt, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Long Term Debt [Abstract] | |
Summary of Estimated Fair Values of Long-term Debt | June 30, 2017 December 31, 2016 10.75% first lien notes due 2021: Principal outstanding $ 500,000 $ 500,000 Unamortized discount (1) (31,806 ) (34,416 ) Carrying amount 468,194 465,584 7.75% second lien notes due 2023: Principal outstanding 934,732 584,732 Unamortized discount (2) (20,543 ) (54,856 ) Carrying amount 914,189 529,876 2.625% convertible senior notes due 2019: Principal outstanding 619,167 763,446 Unamortized discount and debt issuance costs (3) (75,169 ) (109,689 ) Carrying amount 543,998 653,757 3.125% convertible senior notes due 2024: Principal outstanding 786,895 1,204,145 Unamortized discount and debt issuance costs (4) (232,262 ) (374,013 ) Carrying amount 554,633 830,132 Total $ 2,481,014 $ 2,479,349 (1) (2) (3) Effective interest rate of 8.2% (4) Effective interest rate of 8.9% |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Compensation Costs Recognized in Unaudited Condensed Consolidated Statements of Operations | The following table presents the compensation costs recognized in our unaudited condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Equity awards $ 2,961 $ (4,937 ) $ 6,625 $ 2,826 Liability awards (1 ) — (72 ) — Total $ 2,960 $ (4,937 ) $ 6,553 $ 2,826 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted Loss Per Share Computations | A reconciliation of the number of shares used for the basic and diluted loss per share computations is as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted average common shares outstanding (basic and diluted) 29,526 27,338 29,494 27,316 Anti-dilutive shares excluded from diluted loss per share (1) 5,156 6,923 5,590 6,923 (1) Includes restricted stock awards, non–qualified stock options, PSUs, RSUs, stock appreciation rights, the 2019 Notes and the 2024 Notes that are potentially issuable as their effect, if included, would have been anti–dilutive. |
Other Supplement Information (T
Other Supplement Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Financial Information [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash Recorded in Unaudited Condensed Consolidated Balance Sheet | Cash, cash equivalents and restricted cash are recorded in our unaudited condensed consolidated balance sheet as follows: As of June 30, 2017 2016 Cash and cash equivalents $ 191,608 $ 175,188 Restricted cash 11,274 49,484 Other assets 10,400 — Cash, cash equivalents and restricted cash $ 213,282 $ 224,672 |
Schedule of Supplemental Noncash Transactions | Supplemental noncash transactions are as follows: As of June 30, 2017 2016 Non-cash disclosure - changes in accrued capital expenditures $ (35,757 ) $ 21,665 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: June 30, December 31, 2017 2016 Costs for additions to oil and natural gas properties $ 26,440 $ 73,808 Social obligation payments 86,206 86,473 Funds from release of letter of credit on Block 9 18,375 18,375 Interest 14,944 13,793 Angolan consumption tax and withholding on services 9,796 9,796 Bonuses 6,678 8,900 Seismic and other operating costs 2,277 5,625 General expenses 5,756 5,849 Other 2,519 4,799 Total accrued liabilities $ 172,991 $ 227,418 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Details) | Jun. 16, 2017shares | Mar. 31, 2017USD ($) | Jun. 30, 2017USD ($)segmentshares | Jun. 15, 2017shares | Jan. 01, 2017USD ($) | Dec. 31, 2016USD ($)shares |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of reportable segment | segment | 1 | |||||
Description of revers stock split | On June 16, 2017, we effected a one–for–fifteen reverse stock split of our common stock through an amendment to our second amended and restated certificate of incorporation. As of the effective time of the reverse stock split, every 15 shares of issued and outstanding common stock were converted into one share of common stock, without any change in par value. | |||||
Stock split ratio | 0.067 | |||||
Common stock, shares authorized | shares | 133,300,000 | 133,333,333 | 2,000,000,000 | 133,333,333 | ||
Fractional shares issued in reverse stock split | shares | 0 | |||||
Cumulative effect of change in accounting for equity based compensation | $ (1,326,532,000) | $ (841,334,000) | ||||
Accounting Standards Update 2016-09 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cumulative effect adjustment for previously unrecognized excess tax benefits | $ 0 | |||||
Additional Paid-in Capital | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cumulative effect of change in accounting for equity based compensation | 4,230,728,000 | 4,223,729,000 | ||||
Additional Paid-in Capital | Accounting Standards Update 2016-09 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cumulative effect of change in accounting for equity based compensation | $ 375,000 | 375,000 | ||||
Accumulated Deficit | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cumulative effect of change in accounting for equity based compensation | $ (5,557,555,000) | (5,065,357,000) | ||||
Accumulated Deficit | Accounting Standards Update 2016-09 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cumulative effect of change in accounting for equity based compensation | $ (375,000) | $ (375,000) | ||||
10.75% First Lien Notes due 2021 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest rate (as a percent) | 10.75% | 10.75% | ||||
Debt instrument maturity year | 2,021 | |||||
Debt covenant, minimum consolidated cash balance | $ 200,000,000 | |||||
7.75% Second Lien Notes due 2023 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest rate (as a percent) | 7.75% | 7.75% | ||||
Debt instrument maturity year | 2,023 | |||||
Debt covenant, minimum consolidated cash balance | $ 200,000,000 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Summary of Effect of Applying Guidance on Unaudited Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Amortization of premium on investments | $ 259 | $ 519 |
Joint interest and other receivables | (26,242) | 3,171 |
Net cash flows used in operating activities | (151,287) | (51,323) |
Proceeds from maturity of investment securities | 345,829 | 1,571,724 |
Purchase of investment securities | (390,881) | (1,039,870) |
Net cash flows provided by investing activities | (251,482) | 137,109 |
Increase in cash, cash equivalents and restricted cash | $ (402,769) | 85,786 |
New Accounting Pronouncement Early Adoption Effect | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Amortization of premium on investments | 519 | |
Joint interest and other receivables | 3,171 | |
Net cash flows used in operating activities | (51,323) | |
Proceeds from maturity of investment securities | 1,571,724 | |
Purchase of investment securities | (1,039,870) | |
Net cash flows provided by investing activities | 137,109 | |
Increase in cash, cash equivalents and restricted cash | 85,786 | |
New Accounting Pronouncement Early Adoption Effect | Prior to Adoption | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Amortization of premium on investments | 742 | |
Joint interest and other receivables | 2,834 | |
Net cash flows used in operating activities | (51,437) | |
Change in restricted funds | 14,489 | |
Proceeds from maturity of investment securities | 1,166,266 | |
Purchase of investment securities | (639,556) | |
Net cash flows provided by investing activities | 146,454 | |
Increase in cash, cash equivalents and restricted cash | $ 95,017 |
Investments - Schedule of Fair
Investments - Schedule of Fair Value of Held-to-maturity Securities Recorded at Amortized Cost (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair market value | $ 433,720 | $ 682,098 |
Corporate securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair market value | 234,957 | 227,854 |
U.S. Treasury securities | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair market value | 161,778 | |
Commercial paper | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair market value | $ 198,763 | $ 292,466 |
Investments - Schedule of Inves
Investments - Schedule of Investments Recorded in Unaudited Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair market value | $ 433,720 | $ 682,098 |
Cash and cash equivalents | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair market value | 49,954 | 341,680 |
Short-term investments | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Fair market value | $ 383,766 | $ 340,418 |
Investments - Schedule of Inv31
Investments - Schedule of Investments Recorded in Unaudited Condensed Consolidated Balance Sheets (Parenthetical) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Short-term investments | |
Schedule Of Held To Maturity Securities [Line Items] | |
Investments served as collateral for certain obligations | $ 9.1 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy of Liabilities Required to be Measured at Fair value on a Recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Embedded derivative liabilities, Fair Value | $ 153,763 | $ 54,117 | $ 50,123 |
Recurring basis | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Embedded derivative liabilities, Fair Value | 153,763 | 50,123 | |
Recurring basis | 10.75% first lien notes due 2021 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Embedded derivative liabilities, Fair Value | 18,729 | 27,012 | |
Recurring basis | 7.75% second lien notes due 2023 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Embedded derivative liabilities, Fair Value | 135,034 | 23,111 | |
Level 3 | Recurring basis | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Embedded derivative liabilities, Fair Value | 153,763 | 50,123 | |
Level 3 | Recurring basis | 10.75% first lien notes due 2021 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Embedded derivative liabilities, Fair Value | 18,729 | 27,012 | |
Level 3 | Recurring basis | 7.75% second lien notes due 2023 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Embedded derivative liabilities, Fair Value | $ 135,034 | $ 23,111 |
Fair Value Measurements - Fai33
Fair Value Measurements - Fair Value Hierarchy of Liabilities Required to be Measured at Fair value on a Recurring basis (Parenthetical) (Details) | Jun. 30, 2017 | Dec. 31, 2016 |
10.75% First Lien Notes due 2021 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate (as a percent) | 10.75% | 10.75% |
7.75% Second Lien Notes due 2023 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate (as a percent) | 7.75% | 7.75% |
Recurring basis | 10.75% First Lien Notes due 2021 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate (as a percent) | 10.75% | 10.75% |
Recurring basis | 7.75% Second Lien Notes due 2023 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest rate (as a percent) | 7.75% | 7.75% |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Changes in the Fair Value of Embedded Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Embedded Derivative [Line Items] | ||
Beginning of period | $ 54,117 | $ 50,123 |
Change in fair value | 72,436 | 70,530 |
End of period | 153,763 | 153,763 |
7.75% Second Lien Notes due 2023 | ||
Embedded Derivative [Line Items] | ||
Issuance of additional notes | $ 27,210 | $ 33,110 |
Fair Value Measurements - Rec35
Fair Value Measurements - Reconciliation of Changes in the Fair Value of Embedded Derivatives (Parenthetical) (Details) | Jun. 30, 2017 | Dec. 31, 2016 |
7.75% Second Lien Notes due 2023 | ||
Embedded Derivative [Line Items] | ||
Interest rate (as a percent) | 7.75% | 7.75% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Held-to-maturity securities unrecognized holding gains | $ 0 | $ 0 |
Held-to-maturity securities unrecognized holding losses | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Estimated Fair Values of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 1,359,333 | $ 1,447,421 |
10.75% first lien notes due 2021 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 473,125 | 482,250 |
7.75% second lien notes due 2023 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 566,681 | 327,449 |
2.625% convertible senior notes due 2019 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | 162,148 | 305,378 |
3.125% convertible senior notes due 2024 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 157,379 | $ 332,344 |
Fair Value Measurements - Sum38
Fair Value Measurements - Summary of Estimated Fair Values of Long-term Debt (Parenthetical) (Details) | Jun. 30, 2017 | Dec. 31, 2016 |
10.75% first lien notes due 2021 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate (as a percent) | 10.75% | 10.75% |
7.75% second lien notes due 2023 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate (as a percent) | 7.75% | 7.75% |
2.625% convertible senior notes due 2019 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate (as a percent) | 2.625% | 2.625% |
3.125% convertible senior notes due 2024 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate (as a percent) | 3.125% | 3.125% |
Oil and Natural Gas Propertie39
Oil and Natural Gas Properties - Schedule of Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Abstract] | ||||
Well and development costs | $ 128,849 | $ 118,245 | ||
Accumulated depletion | (38,459) | (20,204) | ||
Total proved oil and natural gas properties | 90,390 | 98,041 | ||
Oil and natural gas leaseholds | 594,945 | 651,295 | ||
Accumulated valuation allowance | (491,271) | (507,198) | ||
Total oil and gas leasehold | 103,674 | 144,097 | ||
Exploratory wells | 767,785 | 836,747 | $ 2,020,782 | $ 1,727,181 |
Total unproved oil and natural gas properties | 871,459 | 980,844 | ||
Total oil and natural gas properties, net | $ 961,849 | $ 1,078,885 |
Oil and Natural Gas Propertie40
Oil and Natural Gas Properties - Schedule of Net Changes in Capitalized Exploratory Wells (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | |||
Balance as of January 1 | $ 836,747 | $ 1,727,181 | |
Amounts charged to expense | [1] | (237,873) | (110,209) |
Balance as of June 30 | 767,785 | 2,020,782 | |
Exploration well costs | |||
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | |||
Additions to capitalized exploration | 139,398 | 343,543 | |
Amounts charged to expense | (107,500) | ||
Capitalized interest | |||
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | |||
Additions to capitalized exploration | $ 29,513 | $ 60,267 | |
[1] | Amounts represent dry hole costs related to exploratory wells which did not encounter commercial hydrocarbons or where it was determined that sufficient progress was not being made. Of the $237.9 million in 2017, $236.4 million relates to our Shenandoah discovery which was written off following the suspension of appraisal activity by the operator. Of the $110.2 million in 2016, $107.5 million relates to the Goodfellow #1 exploratory well and sidetrack. |
Oil and Natural Gas Propertie41
Oil and Natural Gas Properties - Schedule of Net Changes in Capitalized Exploratory Wells (Parenthetical) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | |||
Amounts charged to expense | [1] | $ 237,873 | $ 110,209 |
Suspended Exploratory Well Costs | Shenandoah Discovery | |||
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | |||
Amounts charged to expense | $ 236,400 | ||
Exploration well costs | |||
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | |||
Amounts charged to expense | $ 107,500 | ||
[1] | Amounts represent dry hole costs related to exploratory wells which did not encounter commercial hydrocarbons or where it was determined that sufficient progress was not being made. Of the $237.9 million in 2017, $236.4 million relates to our Shenandoah discovery which was written off following the suspension of appraisal activity by the operator. Of the $110.2 million in 2016, $107.5 million relates to the Goodfellow #1 exploratory well and sidetrack. |
Oil and Natural Gas Properties-
Oil and Natural Gas Properties- Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Abstract] | ||
Capitalized exploratory wells costs for a period greater than one year after completion after drilling | $ 467.9 | $ 609.9 |
Long-term Debt, Net - Schedule
Long-term Debt, Net - Schedule of Long-term Debt, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt instrument | ||
Long-term debt, net | $ 2,481,014 | $ 2,479,349 |
10.75% first lien notes due 2021 | ||
Debt instrument | ||
Principal outstanding | 500,000 | 500,000 |
Unamortized discount | (31,806) | (34,416) |
Carrying amount | 468,194 | 465,584 |
7.75% second lien notes due 2023 | ||
Debt instrument | ||
Principal outstanding | 934,732 | 584,732 |
Unamortized discount | (20,543) | (54,856) |
Carrying amount | 914,189 | 529,876 |
2.625% convertible senior notes due 2019 | ||
Debt instrument | ||
Principal outstanding | 619,167 | 763,446 |
Unamortized discount and debt issuance costs | (75,169) | (109,689) |
Carrying amount | 543,998 | 653,757 |
3.125% convertible senior notes due 2024 | ||
Debt instrument | ||
Principal outstanding | 786,895 | 1,204,145 |
Unamortized discount and debt issuance costs | (232,262) | (374,013) |
Carrying amount | $ 554,633 | $ 830,132 |
Long-term Debt, Net - Schedul44
Long-term Debt, Net - Schedule of Long-term Debt, Net (Parenthetical) (Details) | Jun. 30, 2017 |
10.75% first lien notes due 2021 | |
Debt instrument | |
Effective interest rate | 12.60% |
7.75% first lien notes due 2023 | |
Debt instrument | |
Effective interest rate | 8.20% |
2.625% convertible senior notes due 2019 | |
Debt instrument | |
Effective interest rate | 8.20% |
3.125% convertible senior notes due 2024 | |
Debt instrument | |
Effective interest rate | 8.90% |
Long-term Debt, Net - Additiona
Long-term Debt, Net - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
General and administrative expenses | ||
Debt instrument | ||
Transaction related costs | $ 3,000,000 | |
2.625% convertible senior notes due 2019 | ||
Debt instrument | ||
Interest rate (as a percent) | 2.625% | 2.625% |
Aggregate principal amount of notes issued | $ 144,300,000 | |
3.125% convertible senior notes due 2024 | ||
Debt instrument | ||
Interest rate (as a percent) | 3.125% | 3.125% |
Aggregate principal amount of notes issued | $ 417,200,000 | |
7.75% second lien notes due 2023 | ||
Debt instrument | ||
Interest rate (as a percent) | 7.75% | 7.75% |
Aggregate principal amount of notes issued | $ 350,000,000 | |
Derivative liability | $ 33,100,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | Jul. 17, 2017USD ($) | Mar. 08, 2017USD ($) | May 31, 2016USD ($)Well | Nov. 30, 2014Stockholder | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Apr. 30, 2017Well |
Commitments And Contingencies [Line Items] | |||||||
Number of purported stockholders | Stockholder | 2 | ||||||
Number of exploration wells | Well | 2 | 2 | |||||
Block 20, offshore Angola | CIE Angola Block 20 Ltd | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of working interest acquired | 40.00% | ||||||
Block 21, offshore Angola | CIE Angola Block 21 Ltd | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of working interest acquired | 40.00% | ||||||
Claims against XL Specialty Insurance Company | |||||||
Commitments And Contingencies [Line Items] | |||||||
Claims settlement amount | $ 11.5 | ||||||
Sonangol | |||||||
Commitments And Contingencies [Line Items] | |||||||
Claims settlement amount | $ 2,000 | ||||||
Sonangol | Subsequent event | |||||||
Commitments And Contingencies [Line Items] | |||||||
Claims settlement amount | $ 250 | ||||||
Sonangol P P | Block 21, offshore Angola | |||||||
Commitments And Contingencies [Line Items] | |||||||
Claims settlement amount | $ 174 | ||||||
Other Assets | |||||||
Commitments And Contingencies [Line Items] | |||||||
Restricted cash | $ 10.4 | $ 10.4 | |||||
Other Assets | Claims against XL Specialty Insurance Company | |||||||
Commitments And Contingencies [Line Items] | |||||||
Restricted cash | 10.4 | 10.4 | |||||
Other Income | Claims against XL Specialty Insurance Company | |||||||
Commitments And Contingencies [Line Items] | |||||||
Claims settlement amount | $ 11.5 | $ 11.5 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Details) shares in Millions, $ in Millions | 1 Months Ended | 6 Months Ended |
Feb. 28, 2017USD ($)Installmentshares | Jun. 30, 2017USD ($) | |
Equity Based Compensation | ||
Unrecognized compensation | $ 21.5 | |
Period for recognition of unrecognized compensation cost | 1 year 10 months 24 days | |
Performance stock units | ||
Equity Based Compensation | ||
Granted (in shares) | shares | 0.4 | |
Vesting date | 2020-03 | |
Grant date fair value | $ 4.3 | |
Restricted stock units | ||
Equity Based Compensation | ||
Granted (in shares) | shares | 0.7 | |
Grant date fair value | $ 7.5 | |
Number of equal vesting installments | Installment | 3 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Compensation Costs Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity Based Compensation | ||||
Compensation costs | $ 2,960 | $ (4,937) | $ 6,553 | $ 2,826 |
Liability awards | (1) | (72) | ||
Equity awards | ||||
Equity Based Compensation | ||||
Compensation costs | $ 2,961 | $ (4,937) | $ 6,625 | $ 2,826 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted Loss Per Share Computations (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding (basic and diluted) | 29,526 | 27,338 | 29,494 | 27,316 |
Anti-dilutive shares excluded from diluted loss per share | 5,156 | 6,923 | 5,590 | 6,923 |
Earnings Per Share - Schedule50
Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted Loss Per Share Computations (Parenthetical) (Details) | 6 Months Ended |
Jun. 30, 2017 | |
2.625% convertible senior notes due 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Debt instrument maturity year | 2,019 |
3.125% convertible senior notes due 2024 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Debt instrument maturity year | 2,024 |
Other Supplemental Information
Other Supplemental Information - Schedule of Cash, Cash Equivalents and Restricted Cash Recorded in Unaudited Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 191,608 | $ 613,534 | $ 175,188 | |
Restricted cash | 11,274 | 2,517 | 49,484 | |
Other assets | 10,400 | |||
Cash, cash equivalents and restricted cash | $ 213,282 | $ 616,051 | $ 224,672 | $ 138,886 |
Other Supplemental Informatio52
Other Supplemental Information - Additional Information (Details) $ in Millions | Jun. 30, 2017USD ($) |
Other assets | |
Cash And Cash Equivalents [Line Items] | |
Restricted cash | $ 10.4 |
Other Supplemental Informatio53
Other Supplemental Information - Schedule of Supplemental Noncash Transactions (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Supplemental Cash Flow Elements [Abstract] | ||
Non-cash disclosure - changes in accrued capital expenditures | $ (35,757) | $ 21,665 |
Other Supplement Information -
Other Supplement Information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Accrued Liabilities [Line Items] | ||
Costs for additions to oil and natural gas properties | $ 26,440 | $ 73,808 |
Social obligation payments | 86,206 | 86,473 |
Interest | 14,944 | 13,793 |
Bonuses | 6,678 | 8,900 |
Seismic and other operating costs | 2,277 | 5,625 |
General expenses | 5,756 | 5,849 |
Other | 2,519 | 4,799 |
Total accrued liabilities | 172,991 | 227,418 |
Angolan | ||
Schedule Of Accrued Liabilities [Line Items] | ||
Angolan consumption tax and withholding on services | 9,796 | 9,796 |
Block 9 | ||
Schedule Of Accrued Liabilities [Line Items] | ||
Funds from release of letter of credit on Block 9 | $ 18,375 | $ 18,375 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent event - USD ($) | Aug. 07, 2017 | Aug. 08, 2017 |
Subsequent Event [Line Items] | ||
Retention agreements date | Aug. 7, 2017 | |
Aggregate amount of retention payments authorized | $ 16,100,000 | |
CEO | ||
Subsequent Event [Line Items] | ||
One-time lump sum retention payment amount | $ 4,000,000 | |
CFO | ||
Subsequent Event [Line Items] | ||
One-time lump sum retention payment amount | $ 1,500,000 |