Jones Energy (JONEQ) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
Document Information [Line Items]
Entity Registrant Name	Jones Energy, Inc.
Entity Central Index Key	1,573,166
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		93,186,221
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,627,343

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 231,086	$ 19,472
Accounts receivable, net
Oil and gas sales	35,696	34,492
Joint interest owners	40,681	31,651
Other	1,066	1,236
Commodity derivative assets	2,648	3,474
Other current assets	6,717	14,376
Total current assets	317,894	104,701
Oil and gas properties, net, at cost under the successful efforts method	1,617,660	1,597,040
Other property, plant and equipment, net	2,473	2,719
Commodity derivative assets	1,261	172
Other assets	1,895	5,431
Total assets	1,941,183	1,710,063
Current liabilities
Trade accounts payable	69,706	72,663
Oil and gas sales payable	41,928	31,462
Accrued liabilities	36,867	21,604
Commodity derivative liabilities	35,726	36,709
Other current liabilities	3,595	4,049
Total current liabilities	187,822	166,487
Long-term debt	1,002,074	759,316
Deferred revenue	5,082	5,457
Commodity derivative liabilities	10,117	8,788
Asset retirement obligations	19,774	19,652
Liability under tax receivable agreement	56,114	59,596
Other liabilities	893	811
Deferred tax liabilities	11,288	14,281
Total liabilities	1,293,164	1,034,388
Commitments and contingencies (Note 15)
Mezzanine equity
Series A preferred stock, $0.001 par value; 1,839,995 shares issued and outstanding at March 31, 2018 and December 31, 2017	89,667	89,539
Stockholders' equity
Treasury stock, at cost: 22,602 shares at March 31, 2018 and December 31, 2017	(358)	(358)
Additional paid-in-capital	609,421	606,319
Retained (deficit) / earnings	(163,603)	(136,274)
Stockholders' equity	445,562	469,787
Non-controlling interest	112,790	116,349
Total stockholders’ equity	558,352	586,136
Total liabilities and stockholders' equity	1,941,183	1,710,063
Class A common stock
Stockholders' equity
Common stock	92	90
Class B common stock
Stockholders' equity
Common stock	$ 10	$ 10

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Mezzanine equity
Series A preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Series A preferred stock, shares issued	1,839,995	1,839,995
Series A preferred stock, shares outstanding	1,839,995	1,839,995
Treasury stock
Treasury stock, shares	22,602	22,602
Class A common stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	92,052,897	90,139,840
Common stock, shares outstanding	92,030,295	90,117,238
Class B common stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	9,627,821	9,627,821
Common stock, shares outstanding	9,627,821	9,627,821

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating revenues
Revenues	$ 57,489	$ 41,233
Operating costs and expenses
Lease operating	10,229	8,806
Production and ad valorem taxes	2,751	(906)
Transportation and processing costs	706
Exploration	3,299	2,944
Depletion, depreciation and amortization	41,441	35,654
Accretion of ARO liability	251	201
General and administrative	7,570	8,041
Total operating expenses	66,247	54,740
Operating income (loss)	(8,758)	(13,507)
Other income (expense)
Interest expense	(21,862)	(12,887)
Net gain (loss) on commodity derivatives	(9,022)	22,320
Other income (expense)	7,730	580
Other income (expense), net	(23,154)	10,013
Income (loss) before income tax	(31,912)	(3,494)
Income tax provision (benefit)	(2,992)	21
Net income (loss)	(28,920)	(3,515)
Net income (loss) attributable to non-controlling interests	(3,559)	(2,128)
Net income (loss) attributable to controlling interests	(25,361)	(1,387)
Dividends and accretion on preferred stock	(1,968)	(2,027)
Net income (loss) attributable to common shareholders	$ (27,329)	$ (3,414)
Earnings (loss) per share:
Basic - Net income (loss) attributable to common shareholders (in dollars per share)	$ (0.30)	$ (0.05)
Diluted - Net income (loss) attributable to common shareholders (in dollars per share)	$ (0.30)	$ (0.05)
Weighted average Class A shares outstanding:
Basic (in shares)	91,064	62,197
Diluted (in shares)	91,064	62,197
Oil and Gas
Operating revenues
Revenues	$ 58,138	$ 40,677
Other revenues
Operating revenues
Revenues	$ (649)	$ 556

Statement of Changes in Stockho

Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) shares in Thousands, $ in Thousands	Common StockClass A common stock	Common StockClass B common stock	Treasury StockClass A common stock	Additional Paid-in-Capital	Retained (Deficit)/ Earnings	Non-controlling Interest	Total
Balance at Dec. 31, 2017	$ 90	$ 10	$ (358)	$ 606,319	$ (136,274)	$ 116,349	$ 586,136
Balance (in shares) at Dec. 31, 2017	90,117	9,628	23
Increase (Decrease) Stockholders' Equity
Stock-compensation expense				1,264			1,264
Stock-compensation expense (in shares)	124
Dividends and accretion on preferred stock	$ 2			1,838	(1,968)		(128)
Dividends and accretion on preferred stock (in shares)	1,789
Net income (loss)					(25,361)	(3,559)	(28,920)
Balance at Mar. 31, 2018	$ 92	$ 10	$ (358)	$ 609,421	$ (163,603)	$ 112,790	$ 558,352
Balance (in shares) at Mar. 31, 2018	92,030	9,628	23

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income (loss)	$ (28,920)	$ (3,515)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depletion, depreciation, and amortization	41,441	35,654
Exploration (dry hole and lease abandonment)	602	1,643
Accretion of ARO liability	251	201
Amortization of debt issuance costs	4,881	977
Stock compensation expense	1,330	1,972
Deferred and other non-cash compensation expense	77	136
Amortization of deferred revenue	(374)	(458)
(Gain) loss on commodity derivatives	9,022	(22,320)
(Gain) loss on sales of assets	(3,124)	64
Deferred income tax provision	(2,992)	21
Change in liability under tax receivable agreement	(3,482)	(686)
Other - net	351	59
Changes in operating assets and liabilities
Accounts receivable	(10,736)	(220)
Other assets	7,580	(4,912)
Accrued interest expense	8,630	3,348
Accounts payable and accrued liabilities	15,047	1,619
Net cash provided by operations	39,584	13,583
Cash flows from investing activities
Additions to oil and gas properties	(70,202)	(47,110)
Net adjustments to purchase price of properties acquired		2,391
Proceeds from sales of assets	7,703	144
Acquisition of other property, plant and equipment	(31)	(192)
Current period settlements of matured derivative contracts	(10,262)	27,854
Net cash (used in) investing	(72,792)	(16,913)
Cash flows from financing activities
Proceeds from issuance of long-term debt	20,000	30,000
Repayment of long-term debt	(206,000)	(53,000)
Proceeds from senior notes	438,867
Payment of debt issuance costs	(7,979)
Payment of cash dividends on preferred stock		(1,840)
Net distributions paid to JEH unitholders		(562)
Net payments for share based compensation	(66)	(31)
Proceeds from sale of common stock		2,829
Net cash provided by / (used in) financing	244,822	(22,604)
Net increase (decrease) in cash and cash equivalents	211,614	(25,934)
Cash and cash equivalents
Beginning of period	19,472	34,642
End of period	231,086	8,708
Supplemental disclosure of cash flow information
Cash paid for interest, net of capitalized interest	8,644	8,559
Change in accrued additions to oil and gas properties	(2,586)	13,294
Asset retirement obligations incurred, including changes in estimate	$ 49	$ 413

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Organization and Description of Business	1. Organization and Description of Business Organization Jones Energy, Inc. (the “Company”) was formed in March 2013 as a Delaware corporation to become a publicly-traded entity and the holding company of Jones Energy Holdings, LLC (“JEH”). As the sole managing member of JEH, the Company is responsible for all operational, management and administrative decisions relating to JEH’s business and consolidates the financial results of JEH and its subsidiaries. JEH was formed as a Delaware limited liability company on December 16, 2009 through investments made by the Jones family, certain members of management and through private equity funds managed by Metalmark Capital, among others. JEH acts as a holding company of operating subsidiaries that own and operate assets that are used in the exploration, development, production and acquisition of oil and natural gas properties. The Company’s certificate of incorporation authorizes two classes of common stock, Class A common stock and Class B common stock. The Class B common stock is held by the remaining owners of JEH prior to the initial public offering (“IPO”) of the Company (collectively, the “Class B shareholders”) and can be exchanged (together with a corresponding number of common units representing membership interests in JEH (“JEH Units”)) for shares of Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications and other similar transactions. The Class B common stock has no economic rights but entitles its holders to one vote on all matters to be voted on by the Company’s stockholders generally. As of March 31, 2018, the Company held 92,030,295 JEH Units and all of the preferred units representing membership interests in JEH, and the remaining 9,627,821 JEH Units are held by the Class B shareholders. The Class B shareholders have no voting rights with respect to their economic interest in JEH, resulting in the Company reporting this ownership interest as a non-controlling interest. The Company’s certificate of incorporation also authorizes the Board of Directors of the Company to establish one or more series of preferred stock. Unless required by law or by any stock exchange on which our common stock is listed, the authorized shares of preferred stock will be available for issuance without further action. Rights and privileges associated with shares of preferred stock are subject to authorization by the Board of Directors of the Company and may differ from those of any and all other series at any time outstanding. On August 25, 2016, the Company issued 1,840,000 shares of its 8.0% Series A Perpetual Convertible Preferred Stock, par value $0.001 per share (the “Series A preferred stock”), pursuant to a registered public offering at $50 per share, of which 1,839,995 remained issued and outstanding as of March 31, 2018. See Note 12, “Stockholders’ and Mezzanine equity”. Description of Business The Company is engaged in the exploration, development, production and acquisition of oil and natural gas properties in the mid-continent United States, spanning areas of Oklahoma and Texas. The Company’s assets are located within the Eastern Anadarko Basin, targeting the liquids rich Woodford shale and Meramec formations in the Merge area of the STACK/SCOOP plays, and the Western Anadarko Basin, targeting the liquids rich Cleveland, Granite Wash, Tonkawa and Marmaton formations, and are owned by JEH and its operating subsidiaries. The Company is headquartered in Austin, Texas. NYSE Listing On March 23, 2018, the New York Stock Exchange (the “NYSE”) notified the Company that it was non-compliant with certain continued listing standards because the price of the Company’s Class A common stock over a period of 30 consecutive trading days had fallen below $1.00 per share, which is the minimum average closing price per share required to maintain a listing on the NYSE. The Company now has a six-month cure period to regain compliance. Within the cure period, the Company may regain compliance if the closing price per share is $1.00 or higher on the last trading day of a given month, or at the end of the cure period. Additionally, the 30-day average closing price per share must also be $1.00 or higher. We previously received a similar notice on December 26, 2017, but regained compliance on February 1, 2018. The Company notified the NYSE that it intends to cure the price deficiency by proposing a reverse stock split for approval by the Company’s stockholders. Pursuant to NYSE rules, if the Company’s stockholders approve the reverse stock split and if the Company has not otherwise regained compliance, the Company intends to promptly consummate the transaction in order to regain compliance with the price criteria. During the cure period, the Company’s Class A common stock will continue to be listed on the exchange so long as it remains compliant with other continued listing standards. The notice does not affect ongoing business operations of the Company or its reporting requirements with the Securities and Exchange Commission. For more information, see Item 1A of Part II, “Risk Factors.”

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission. All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s financial position as of December 31, 2017 and the financial statements reported for March 31, 2018 and 2017 and each of the three-month periods then ended include the Company and all of its subsidiaries. Certain prior period amounts have been reclassified to conform to the current presentation. The accompanying unaudited condensed consolidated financial statements for the periods ended March 31, 2018 and 2017 have been prepared in accordance with GAAP for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information relating to the Company’s organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been appropriately condensed or omitted in this Quarterly Report. The Company believes the disclosures made are adequate to make the information presented not misleading. The unaudited condensed consolidated financial statements contained in this report include all normal and recurring material adjustments that, in the opinion of management, are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented herein. It is recommended that these unaudited condensed consolidated financial statements should be read in conjunction with our most recent audited consolidated financial statements included in Jones Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017. Use of Estimates There have been no significant changes in our use of estimates since those reported in Jones Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017. Production taxes During the first quarter of 2017, the Company's application for High-Cost Gas Incentive refunds in Texas was approved for qualified wells on which taxes were initially paid between October 2012 and September 2016. The Company received a net production tax refund of $3.3 million, which was recorded as a reduction in Production and ad valorem taxes on the Company’s Consolidated Statement of Operations. No such refunds were received during the first quarter of 2018. Accrued Liabilities Accrued liabilities consisted of the following at March 31, 2018 and December 31, 2017: March 31, December 31, (in thousands of dollars) 2018 2017 Accrued interest $ 20,738 $ 12,109 Partner prepayments 10,937 4,061 Other accrued liabilities 5,192 5,434 Total accrued liabilities $ 36,867 $ 21,604 Recent Accounting Pronouncements Adopted in the current year-to-date period: In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which creates a new topic in the Accounting Standards Codification (“ASC”), topic 606, “Revenue from Contracts with Customers.” This standard sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Additional disclosures will be required to describe the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year. The amendments may be applied on either a full or modified retrospective basis and are now effective for interim and annual reporting periods beginning after December 15, 2017. Therefore, the Company has adopted Update 2014-09 and Update 2015-14 effective as of January 1, 2018. The change was applied on a modified retrospective basis, which did not result in a cumulative effect adjustment to retained earnings. However, adoption did result in certain changes in presentation of gross revenues and expenses on the Company’s Consolidated Statement of Operations; such costs were historically offset against revenues. Upon adoption, we have also expanded disclosures related to revenue recognition. See Note 4, “Revenue Recognition.” In January 2017, the FASB issued ASU 2017-01, “Business Combinations” (Topic 805). The amendments under this ASU provide guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions/disposals or business combinations by providing a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired, or disposed of, is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business, therefore reducing the number of transactions that need to be further evaluated for treatment as a business combination. This new guidance is effective for annual periods beginning after December 15, 2017. Therefore, the Company adopted ASU 2017-01 effective as of January 1, 2018 applied prospectively, which did not have a material impact on our financial statements; however these amendments could result in the recording of fewer business combinations in future periods. To be adopted in a future period: In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842). This amendment requires, among other things, that lessees recognize the following for all leases (with the exception of short-term leases and mineral leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The amendments are effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impacts of the amendments to our financial statements and accounting practices for leases. We anticipate adoption of ASU 2016-02 effective as of January 1, 2019. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging” (Topic 815). The amendments in this update apply to any entity that elects to apply hedge accounting in accordance with current GAAP. This standard expands an entity’s ability to apply hedge accounting for nonfinancial and financial risk components and allows for a simplified approach for fair value hedging of interest rate risk. The standard also eliminates the need to separately measure and report hedge ineffectiveness and generally requires the entire change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item. Additionally, the standard simplifies the hedge documentation and effectiveness assessment requirements under the previous guidance. The amendments are effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Historically, the Company has elected not to designate any of its commodity price risk management activities as cash flow or fair value hedges. After concluding our assessment of the amendments in this update, management has determined we will continue not to designate any of our commodity price risk management activities as cash flow or fair value hedges. Therefore, adoption is not expected to have a material impact on the financial position, cash flows or results of operations. We anticipate adoption of ASU 2017-12 effective as of January 1, 2019.

Divestitures

Divestitures	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Divestitures	3. Divestitures Three Months Ended March 31, 2018 Sales of non-core assets resulted in net gains of $4.6 million during the three months ended March 31, 2018. Twelve Months Ended December 31, 2017 Arkoma Divestiture On August 1, 2017, JEH closed its previously announced agreement to sell its Arkoma Basin properties for a purchase price of $65.0 million, prior to customary effective date adjustments of $7.3 million, and subject to customary post-close adjustments (the “Arkoma Divestiture”). JEH may also receive up to $2.5 million in contingent payments based on natural gas prices. No amounts have been recorded related to this contingent payment as of March 31, 2018.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Revenue Recognition	4. Revenue Recognition Adoption of ASC Topic 606, Revenue from Contracts with Customers On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , using the modified retrospective approach, which was applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning January 1, 2018, are presented in accordance with ASC Topic 606, while prior period amounts are reported in accordance with ASC Topic 605, Revenue Recognition . In accordance with ASC Topic 606, the Company now records transportation and processing costs that are incurred before control of its product has transferred to the customer (i.e. fixed fee contracts) as a separate expense line item on the Consolidated Statement of Operations. Prior to the adoption of ASC Topic 606, these transportation and processing costs were recorded as a reduction of Oil and gas sales on the Consolidated Statement of Operations. See further discussion below in “Nature of revenue” related to transportation and processing costs associated with fixed fee contracts. Revenue under ASC Topic 606 is recognized at the same point in time at which revenue was recognized under ASC Topic 605, thus there was no impact to net income (loss) or opening retained earnings as a result of adopting ASC Topic 606. The following table presents the impact to the Consolidated Statement of Operations as a result of adopting ASC Topic 606. Three Months Ended March 31, 2018 ASC 606 (in thousands of dollars except per share data) As Reported Adjustments As Adjusted (1) Operating revenues Oil and gas sales $ 58,138 $ (706) $ 57,432 Other revenues (649) — (649) Total operating revenues 57,489 (706) 56,783 Operating costs and expenses Lease operating 10,229 — 10,229 Production and ad valorem taxes 2,751 — 2,751 Transportation and processing costs 706 (706) — Exploration 3,299 — 3,299 Depletion, depreciation and amortization 41,441 — 41,441 Accretion of ARO liability 251 — 251 General and administrative 7,570 — 7,570 Total operating expenses 66,247 (706) 65,541 Operating income (loss) (8,758) — (8,758) Other income (expense) Interest expense (21,862) — (21,862) Net gain (loss) on commodity derivatives (9,022) — (9,022) Other income (expense) 7,730 — 7,730 Other income (expense), net (23,154) — (23,154) Income (loss) before income tax (31,912) — (31,912) Income tax provision (benefit) (2,992) — (2,992) Net income (loss) (28,920) — (28,920) Net income (loss) attributable to non-controlling interests (3,559) — (3,559) Net income (loss) attributable to controlling interests $ (25,361) $ — $ (25,361) Dividends and accretion on preferred stock (1,968) — (1,968) Net income (loss) attributable to common shareholders $ (27,329) $ — $ (27,329) Earnings (loss) per share: Basic - Net income (loss) attributable to common shareholders $ (0.30) $ — $ (0.30) Diluted - Net income (loss) attributable to common shareholders $ (0.30) $ — $ (0.30) Weighted average Class A shares outstanding: Basic 91,064 — 91,064 Diluted 91,064 — 91,064 (1) This column excludes the impact of adopting ASC Topic 606 and is consistent with the presentation prior to January 1, 2018. Nature of revenue Our revenues are primarily derived from the sale of oil and natural gas production, and from the sale of NGLs that are extracted from our natural gas. Sales of oil, natural gas, and NGLs from our interests in producing wells are recognized when we satisfy a performance obligation by transferring control of a product to a customer. Our oil and gas production is sold to purchasers under either short-term or long-term contracts at market-based prices. The sales prices for oil, natural gas, and NGLs are adjusted for transportation and other related deductions. These deductions are based on contractual data and do not require significant judgment. The revenue deductions reflect actual charges based on purchaser statements. Since there is a ready market for oil and natural gas, we sell the majority of production soon after it is produced at various locations. Payment is generally received one month after the sale has occurred. Under our oil sales contracts, we generally sell oil to the purchaser from storage tanks near the wellhead and collect a contractually agreed upon index price, net of pricing differentials. We transfer control of the product from the storage tanks to the purchaser and recognize revenue based on the contract price. For pipeline sales, title transfers upon oil passing the inlet or delivery point. Under our natural gas sales contracts, we deliver natural gas to the purchaser at an agreed upon delivery point. Natural gas is transported from our wellheads to delivery points specified under sales contracts. To deliver natural gas to these points, the Company or third parties gather, compress, process and transport our natural gas. We maintain ownership and control of the natural gas during gathering, compression, processing, and transportation. Our sales contracts provide that we receive a specific index price adjusted for pricing differentials. We transfer ownership and control of the product at the delivery point and recognize revenue based on the contract price. The sales prices for natural gas is adjusted for transportation and other related deductions. The revenue deductions reflect actual charges based on purchaser statements. The costs to gather, compress, process, and transport the natural gas are separately presented as Transportation and processing costs on the Consolidated Statement of Operations. NGLs, which are extracted from natural gas through processing, are either sold by us directly or to the processor under processing contracts. For NGLs sold by us directly, our sales contracts provide that we deliver the product to the purchaser at an agreed upon delivery point and that we receive a specific index price adjusted for pricing differentials. We transfer control of the product to the purchaser at the delivery point and recognize revenue based on the contract price. Several of our revenue contracts are fixed fee where title transfers to the customer at the tailgate of the processing plant and we pay a gathering and processing fee. Gathering and processing costs associated with fixed fee contracts have a distinct service payable and, as a result of the adoption of ASC 606, these costs are reported as a separate expense line item on the Consolidated Statement of Operations. Prior to the adoption of ASC Topic 606, these transportation and processing costs were recorded as a reduction of Oil and gas sales on the Consolidated Statement of Operations. There is no impact to the current method of recognizing revenue for percentage of recovery contracts for gathering and processing costs which, in accordance with ASC 606, remain deducted from sales proceeds and are recorded as a reduction of Oil and gas sales on the Consolidated Statement of Operations. Significant accounting policy Revenue is measured based on a consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Revenue is recognized at a point in time as a result of not meeting any of the three criteria required for over time recognition. Certain transportation and processing costs associated with fixed fee contracts where title transfers to the customer at the tailgate of the processing plant and we pay a gathering and processing fee are recognized at the time of title transfer. These costs are presented as Transportation and processing costs on the Consolidated Statement of Operations. As part of our adoption of ASC Topic 606, we used practical expedients permitted by the standard when applicable. These practical expedients included: · Applying the new guidance only to contracts that are not completed as of January 1, 2018; · Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue; · The Company recognizes the incremental cost of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in General and administrative expenses; · For our product sales that have a contact term greater than one year, we have utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligation if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under our product sales contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required; and · For our product sales that have a contract term of one year or less, we have utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligations if the performance obligation is part of the contract that has an original expected duration of one year or less. Disaggregation of revenue The following table presents quantitative information about disaggregated revenues from contracts with customers by commodity and region of production for the three months ended March 31, 2018 as presented under ASC 606. Three Months Ended March 31, 2018 (in thousands of dollars) Oil Natural gas NGLs Total Eastern Anadarko $ 13,512 $ 1,191 $ 3,773 $ 18,476 Western Anadarko 23,165 6,996 9,501 39,662 Total $ 36,677 $ 8,187 $ 13,274 $ 58,138 The following table presents quantitative information about disaggregated revenues from contracts with customers by commodity and region of production for the three months ended March 31, 2017 as presented under ASC 605 since the Company adopted ASC 606 under the modified retrospective method which does not require adjustment of prior period amounts. Three Months Ended March 31, 2017 (1) (in thousands of dollars) Oil Natural gas NGLs Total Eastern Anadarko $ 956 $ 295 $ 269 $ 1,520 Western Anadarko 17,311 11,132 10,714 39,157 Total $ 18,267 $ 11,427 $ 10,983 $ 40,677 (1) Prior period amounts have not been adjusted under the modified retrospective method. During the three months ended March 31, 2018 and 2017, the timing of revenue recognition for all products was transferred at a point in time. No products and/or services were transferred over time. Contract balances The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers. March 31, December 31, (in thousands of dollars) 2018 2017 Accounts receivable, net Oil and gas sales $ 35,696 $ 34,492 Other current liabilities Contract liabilities $ 1,151 $ — Accounts receivable – Oil and gas sales consist of uncollateralized accrued revenues due under normal trade terms, generally requiring payment within 30 to 60 days of production. Under our sales contracts, payment is unconditional after our performance obligations have been satisfied under ASC 606. Accordingly, unconditional rights to consideration are presented separately as a receivable. Since our sales contracts are not conditional on factors other than the passage of time, the contracts do not give rise to contract assets under ASC 606. Other current liabilities – contract liabilities represent estimated fees for minimum volume and drilling commitments associated with certain revenue contracts with customers.

Properties, Plant and Equipment

Properties, Plant and Equipment	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Properties, Plant and Equipment	5. Properties, Plant and Equipment Oil and Gas Properties The Company accounts for its oil and natural gas exploration and production activities under the successful efforts method of accounting. Oil and gas properties consisted of the following at March 31, 2018 and December 31, 2017: March 31, December 31, (in thousands of dollars) 2018 2017 Mineral interests in properties Unproved $ 142,623 $ 164,087 Proved 915,192 893,246 Wells and equipment and related facilities 1,496,286 1,434,383 2,554,101 2,491,716 Less: Accumulated depletion and impairment (936,441) (894,676) Net oil and gas properties $ 1,617,660 $ 1,597,040 There were no exploratory wells drilled during the three months ended March 31, 2018 or 2017. As such, no associated costs were capitalized and no exploratory wells resulted in exploration expense during either period. The Company capitalizes interest on expenditures for significant exploration and development projects that last more than six months while activities are in progress to bring the assets to their intended use. During the three months ended March 31, 2018, the Company capitalized less than $0.1 million associated with such in progress projects. The Company did not capitalize any interest during the three months ended March 31, 2017 as no projects lasted more than six months. Costs incurred to maintain wells and related equipment are charged to expense as incurred. Depletion of oil and gas properties amounted to $41.1 million and $35.4 million for the three months ended March 31, 2018 and 2017, respectively. The Company continues to monitor its proved and unproved properties for impairment. No impairments of proved or unproved properties were recorded during the three months ended March 31, 2018 and 2017. Other Property, Plant and Equipment Other property, plant and equipment consisted of the following at March 31, 2018 and December 31, 2017: March 31, December 31, (in thousands of dollars) 2018 2017 Leasehold improvements $ 1,186 $ 1,186 Furniture, fixtures, computers and software 4,441 4,410 Vehicles 1,922 1,922 Aircraft 910 910 Other 211 210 8,670 8,638 Less: Accumulated depreciation and amortization (6,197) (5,919) Net other property, plant and equipment $ 2,473 $ 2,719 Depreciation and amortization of other property, plant and equipment amounted to $0.3 million for each of the three months ended March 31, 2018 and 2017, respectively.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Long-Term Debt	6. Long-Term Debt Long-term debt consisted of the following at March 31, 2018 and December 31, 2017: (in thousands of dollars) March 31, 2018 December 31, 2017 Revolver $ 25,000 $ 211,000 2022 Notes 409,148 409,148 2023 Notes 150,000 150,000 2023 First Lien Notes 450,000 — Total principal amount 1,034,148 770,148 Less: unamortized discount (15,743) (5,228) Less: debt issuance costs, net (16,331) (5,604) Total carrying amount $ 1,002,074 $ 759,316 Senior Unsecured Notes On April 1, 2014, JEH and Jones Energy Finance Corp., JEH’s wholly owned subsidiary formed for the sole purpose of co-issuing certain of JEH’s debt (collectively, the “Issuers”), sold $500.0 million in aggregate principal amount of the Issuers’ 6.75% senior notes due 2022 (the “2022 Notes”). The Company used the net proceeds from the issuance of the 2022 Notes to repay certain indebtedness and for working capital and general corporate purposes. The 2022 Notes bear interest at a rate of 6.75% per year, payable semi-annually on April 1 and October 1 of each year beginning October 1, 2014. The 2022 Notes were registered in March 2015. The 2022 Notes mature on April 1, 2022. On February 23, 2015, the Issuers sold $250.0 million in aggregate principal amount of 9.25% senior notes due 2023 (the “2023 Notes”) in a private placement to affiliates of GSO Capital Partners LP and Magnetar Capital LLC. The 2023 Notes were issued at a discounted price equal to 94.59% of the principal amount. The Company used the $236.5 million net proceeds from the issuance of the 2023 Notes to repay outstanding borrowings under the Revolver (as defined below) and for working capital and general corporate purposes. The 2023 Notes bear interest at a rate of 9.25% per year, payable semi-annually on March 15 and September 15 of each year beginning September 15, 2015. The 2023 Notes were registered in February 2016. The 2023 Notes mature on March 15, 2023. During 2016, the Company purchased an aggregate principal amount of $190.9 million of its senior unsecured notes through several open-market and privately negotiated purchases. The Company purchased $90.9 million principal amount of its 2022 Notes for $38.1 million, and $100.0 million principal amount of its 2023 Notes for $46.5 million, in each case excluding accrued interest and including any associated fees. The Company used cash on hand and borrowings from its Revolver to fund the note purchases. In conjunction with the extinguishment of this debt, JEH recognized cancellation of debt income of $99.5 million during the year ended December 31, 2016, on a pre-tax basis. This income was recorded in Gain on debt extinguishment on the Company’s Consolidated Statement of Operations. Of the Company’s total repurchases, $20.3 million principal amount of its 2022 Notes were not cancelled and are available for future reissuance, subject to applicable securities laws. No additional purchases were made during the year ended December 31, 2017 and during the three months ended March 31, 2018. The 2022 Notes and 2023 Notes are guaranteed on a senior unsecured basis by the Company and by all of its significant subsidiaries. The 2022 Notes and 2023 Notes will be senior in right of payment to any future subordinated indebtedness of the Issuers. The Company may redeem the 2022 Notes at any time on or after April 1, 2017 and the 2023 Notes at any time on or after March 15, 2018 at a declining redemption price set forth in the respective indentures, plus accrued and unpaid interest. The indentures governing the 2022 Notes and 2023 Notes are substantially identical and contain covenants that, among other things, limit the ability of the Company to incur additional indebtedness or issue certain preferred stock, pay dividends on capital stock, transfer or sell assets, make investments, create certain liens, enter into agreements that restrict dividends or other payments from the Company’s restricted subsidiaries to the Company, consolidate, merge or transfer all of the Company’s assets, engage in transactions with affiliates or create unrestricted subsidiaries. If at any time when the 2022 Notes or 2023 Notes are rated investment grade and no default or event of default (as defined in the indenture) has occurred and is continuing, many of the foregoing covenants pertaining to the 2022 Notes or 2023 Notes, as applicable, will be suspended. If the ratings on the 2022 Notes or 2023 Notes, as applicable, were to decline subsequently to below investment grade, the suspended covenants would be reinstated. As of March 31, 2018, the Company was in compliance with the indentures governing the 2022 Notes and 2023 Notes. Senior Secured First Lien Notes due 2023 On February 14, 2018, the Issuers sold $450.0 million of 9.25% senior secured first lien notes due 2023 (the “2023 First Lien Notes”) at an offering price equal to 97.526% of par in an offering exempt from registration under the Securities Act. The 2023 First Lien Notes are senior secured first lien obligations of JEH and Jones Energy Finance Corp. and are guaranteed on a senior secured first lien basis by the Company and each of the existing and future restricted subsidiaries of JEH and Jones Energy Finance Corp. The Company used the net proceeds from the offering to repay all but $25.0 million of the outstanding borrowings under the Revolver, to fund drilling and completion activities, and for other general corporate purposes. During the three months ended March 31, 2018, the Company capitalized $11.4 million of loan costs associated with the issuance of the 2023 First Lien Notes. Other Long-Term Debt The Company has a Senior Secured Revolving Credit Facility (the “Revolver”) with a syndicate of banks. At the beginning of 2017, the borrowing base under the Revolver was $425.0 million, which was reaffirmed on May 15, 2017 during the semi-annual borrowing base re-determination. Upon closing of the Arkoma Divestiture on August 1, 2017, the Company’s borrowing base was reduced to $375.0 million. Effective November 26, 2017, the borrowing base was further reduced to $350.0 million during the semi-annual borrowing base re-determination. In connection with the offering of the 2023 First Lien Notes, the borrowing base was further reduced to $50.0 million effective February 14, 2018. The Company’s oil and gas properties are pledged as collateral to secure its obligations under the Revolver. The Revolver matures on November 6, 2019. On November 26, 2017, the Company entered into an amendment to the Revolver to, among other things (a) modify certain financial ratio covenants, which are more fully described below, (b) reduce the borrowing base to $350.0 million until the next redetermination thereof, (c) increase the margin applicable to borrowings under the Revolver by 0.75% if the total leverage ratio is at or below 4.00 to 1.00 and 1.25% if the total leverage ratio is above 4.00 to 1.00, in each case determined as of the last day of the most recently ended fiscal quarter, (d) add a covenant limiting the ability of JEH and its subsidiaries to repurchase or redeem certain indebtedness prior to maturity thereof, subject to certain exceptions, (e) permit JEH to raise up to $350.0 million of junior lien debt, subject to covenant compliance and other customary conditions and (f) increase the Company’s hedge limits to permit, at any time, hedging of up to (i) 100% of projected production from proved reserves over the period of 24 months following such time and (ii) 85% of projected production from proved reserves for the subsequent period of 36 months thereafter. In connection with the offering of the 2023 First Lien Notes, on February 14, 2018, JEH amended the Revolver to, among other things, (a) permit the issuance of the 2023 First Lien Notes and additional senior secured notes in an aggregate principal amount, together with the notes issued pursuant to this offering, not to exceed $700.0 million, (b) permit the incurrence of liens securing the 2023 First Lien Notes pursuant to the terms of a collateral trust agreement, (c) reduce the borrowing base under the Revolver to $50.0 million and (d) suspend testing of our senior secured leverage ratio until March 31, 2019, as discussed further below. The Company recognized accelerated amortization of debt issuance costs of $3.2 million during the three months ended March 31, 2018 associated with the modification of the Revolver, which is included in interest expenses on the Company’s Consolidated Statement of Operations. Our borrowing base at March 31, 2018 was $50.0 million, of which $25.0 million was utilized, leaving an unused capacity of $25.0 million, subject to certain limitations. The terms of the Revolver require the Company to make periodic payments of interest on the loans outstanding thereunder, with all outstanding principal and interest under the Revolver due on the maturity date. The Revolver is subject to a borrowing base, which limits the amount of borrowings which may be drawn thereunder. The borrowing base will be re-determined by the lenders at least semi-annually on or about April 1 and October 1 of each year, with such re-determination based primarily on reserve reports using lender commodity price expectations at such time. Any reduction in the borrowing base will reduce our liquidity, and, if the reduction results in the outstanding amount under our Revolver exceeding the borrowing base, we will be required to repay the deficiency within 90 days. Interest on the Revolver is calculated, at the Company’s option, at either (a) the London Interbank Offered (“LIBO”) rate for the applicable interest period plus a margin of (i) 2.25% to 3.25% if the Company’s total leverage ratio is less than or equal to 4.00 to 1.00 as of the last day of the previous fiscal quarter or (ii) 2.75% to 3.75% if the Company’s total leverage ratio is greater than 4.00 to 1.00 as of the last day of the previous fiscal quarter, in each case based on the level of borrowing base utilization at such time or (b) the greatest of the federal funds rate plus 0.50%, the one month adjusted LIBO rate plus 1.00%, or the prime rate announced by Wells Fargo Bank, N.A. in effect on such day, in each case plus a margin of (x) 1.25% to 2.25% if the Company’s total leverage ratio is less than or equal to 4.00 to 1.00 as of the last day of the previous fiscal quarter or (y) 1.75% to 2.75% if the Company’s total leverage ratio is greater than 4.00 to 1.00 as of the last day of the previous fiscal quarter, in each case based on the level of borrowing base utilization at such time. For the three months ended March 31, 2018, the average interest rate under the Revolver was 4.40% on an average outstanding balance of $125.0 million. For the three months ended March 31, 2017, the average interest rate under the Revolver was 2.59% on an average outstanding balance of $195.2 million. Total interest and commitment fees under the Revolver were $1.4 million and $1.5 million for the three months ended March 31, 2018 and 2017, respectively. Additionally, the Company recognized accelerated amortization of debt issuance costs of $3.2 million during the three months ended March 31, 2018 associated with the modification of the Revolver due to the issuance of the 2023 First Lien Notes, which was recorded as Interest expense on the Company’s Consolidated Statement of Operations. Jones Energy, Inc. and its consolidated subsidiaries are subject to certain covenants under the Revolver, including the requirement to maintain the following financial ratios: · commencing with the fiscal quarter ending March 31, 2019, a senior secured leverage ratio, consisting of consolidated secured funded debt to EBITDAX, of not greater than 2.25 to 1.00 as of the last day of any fiscal quarter; · commencing with the fiscal quarter ending March 31, 2019, a total leverage ratio, consisting of consolidated debt to EBITDAX, of not greater than (i) 5.25 to 1.00 as of March 31, 2019, (ii) 5.00 to 1.00 as of June 30, 2019, (iii) 4.75 to 1.00 as of September 30, 2019, (iv) 4.50 to 1.00 as of December 31, 2019 and (v) 4.00 to 1.00 as of the last day of each fiscal quarter ending thereafter; and · a current ratio, consisting of consolidated current assets, including the unused amounts of the total commitments, to consolidated current liabilities, of not less than 1.00 to 1.00 as of the last day of any fiscal quarter. As of March 31, 2018, our current ratio was approximately 2.24x, as calculated based on the requirements in our indenture. We were in compliance with all terms of our Revolver at March 31, 2018, and we expect to maintain compliance throughout the next twelve months. However, factors including those outside of our control, such as commodity price declines, may prevent us from maintaining compliance with these covenants, at future measurement dates in 2018 and beyond. In the event it were to become necessary, we believe we have the ability to take actions that would prevent us from failing to comply with our covenants, such as paying off and terminating the Revolver. If an event of default exists under the Revolver, the lenders would be able to accelerate the obligations outstanding under the Revolver and exercise other rights and remedies. Our Revolver contains customary events of default, including the occurrence of a change of control, as defined in the Revolver.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Derivative Instruments and Hedging Activities	7. Derivative Instruments and Hedging Activities The Company uses derivative instruments to mitigate volatility in commodity prices. While the use of these instruments limits the downside risk of adverse price changes, their use may also limit future revenues from favorable price changes. Depending on changes in oil and gas futures markets and management’s view of underlying supply and demand trends, we may increase or decrease our hedging positions. The following tables summarize our hedging positions as of March 31, 2018: Hedging Positions March 31, 2018 Weighted Final Low High Average Expiration Oil swaps Exercise price $ 49.70 $ 54.18 $ 50.53 December 2020 Net barrels per month 55,000 216,000 107,182 Natural gas swaps Exercise price $ 2.76 $ 3.10 $ 2.87 December 2020 Offset exercise price $ 2.83 $ 2.86 $ 2.84 December 2018 Net MMbtu per month 700,000 1,600,000 1,053,939 Natural gas liquids swaps Exercise price $ 22.89 $ 45.26 $ 29.87 December 2018 Barrels per month 130,000 145,000 136,667 Natural gas basis swaps Exercise price $ (0.50) $ (0.44) $ (0.45) October 2018 Net MMbtu per month 800,000 800,000 800,000 Oil collars Puts (floors) $ 45.00 $ 50.00 $ 48.52 December 2019 Calls (ceilings) $ 56.60 $ 61.00 $ 59.64 Net barrels per month 65,000 73,000 67,500 Natural gas collars Puts (floors) $ 2.55 $ 2.55 $ 2.55 December 2019 Calls (ceilings) $ 3.08 $ 3.41 $ 3.19 Net barrels per month 950,000 1,050,000 990,833 The Company recognized net losses on derivative instruments of $9.0 million for the three months ended March 31, 2018 and net gains on derivative instruments of $22.3 million for the three months ended March 31, 2017. The Company routinely enters into oil and natural gas swap contracts as seller, thus resulting in a fixed price. During 2016 and 2017, the Company realized certain mark-to-market gains associated with oil and natural gas hedges the Company had in place for years 2018 and 2019. The gains were effectively realized by purchasing, as opposed to selling, oil and natural gas swap contracts for an equal volume that was associated with the initial hedge transaction. Therefore, as prices fluctuate, the loss (or gain) on any single contract in 2018 and 2019 will be offset by an equal gain (or loss). This essentially left the underlying production open to fluctuations in market prices prior to the point when the Company began to re-hedge the unhedged production. Based on the original contract terms of these purchased swaps, the gains would have been recognized as the hedge contracts mature in 2018 and 2019. However, during the year ended December 31, 2017, the Company unwound all of its realized 2018 and 2019 hedges. Approximately $20.0 million of such recognized gains were included in Net gain (loss) on commodity derivatives on the Company’s Consolidated Statement of Operations for the three months ended March 31, 2017. Offsetting Assets and Liabilities As of March 31, 2018, the counterparties to our commodity derivative contracts consisted of six financial institutions. All of our counterparties or their affiliates are also lenders under the Revolver. We are not generally required to post additional collateral under our derivative agreements. Our derivative agreements contain set-off provisions that state that in the event of default or early termination, any obligation owed by the defaulting party may be offset against any obligation owed to the defaulting party. The following table presents information about our commodity derivative contracts that are netted on our Consolidated Balance Sheet as of March 31, 2018 and December 31, 2017: Net Amounts Gross of Assets / Gross Amounts Gross Amounts Amounts Liabilities Not of Recognized Offset in the Presented in Offset in the Assets / Balance the Balance Balance (in thousands of dollars) Liabilities Sheet Sheet Sheet Net Amount March 31, 2018 Commodity derivative contracts Assets $ 8,634 $ (4,725) $ 3,909 $ — $ 3,909 Liabilities (50,568) 4,725 (45,843) — (45,843) December 31, 2017 Commodity derivative contracts Assets $ 8,572 $ (4,926) $ 3,646 $ — $ 3,646 Liabilities (50,423) 4,926 (45,497) — (45,497)

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Fair Value Measurement	8. Fair Value Measurement Fair Value of Financial Instruments The Company determines fair value amounts using available market information and appropriate valuation methodologies. Fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. Considerable judgment is required in interpreting market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methods may have a material effect on the estimated fair value amounts. The Company enters into a variety of derivative financial instruments, which may include over-the-counter instruments, such as natural gas, crude oil, and natural gas liquid contracts. The Company utilizes valuation techniques that maximize the use of observable inputs, where available. If listed market prices or quotes are not published, fair value is determined based upon a market quote, adjusted by other market-based or independently sourced market data, such as trading volume, historical commodity volatility, and counterparty-specific considerations. These adjustments may include amounts to reflect counterparty credit quality, the time value of money, and the liquidity of the market. Counterparty credit valuation adjustments are necessary when the market price of an instrument is not indicative of the fair value as a result of the credit quality of the counterparty. Generally, market quotes assume that all counterparties have low default rates and equal credit quality. Therefore, an adjustment may be necessary to reflect the quality of a specific counterparty to determine the fair value of the instrument. The Company currently has all derivative positions placed and held by members of its lending group, which have high credit quality. Liquidity valuation adjustments are necessary when the Company is not able to observe a recent market price for financial instruments that trade in less active markets. Exchange traded contracts are valued at market value without making any additional valuation adjustments; therefore, no liquidity reserve is applied. Valuation Hierarchy Fair value measurements are grouped into a three-level valuation hierarchy. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the hierarchy is based upon the input that requires the highest degree of judgment in the determination of the instrument’s fair value. The three levels are defined as follows: Level 1 Pricing inputs are based on published prices in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, as of the reporting date. Contracts that are not traded on a recognized exchange or are tied to pricing transactions for which forward curve pricing is readily available are classified as Level 2 instruments. These include natural gas, crude oil and some natural gas liquids price swaps and natural gas basis swaps. Level 3 Pricing inputs include significant inputs that are generally unobservable from objective sources. The Company classifies natural gas liquid swaps and basis swaps for which future pricing is not readily available as Level 3. The Company obtains estimates from independent third parties for its open positions and subjects those values to the counterparty credit adjustment, as described above. The financial instruments carried at fair value as of March 31, 2018 and December 31, 2017, by consolidated balance sheet caption and by valuation hierarchy, as described above are as follows: (in thousands of dollars) March 31, 2018 Fair Value Measurements Using Commodity Price Hedges (Level 1) (Level 2) (Level 3) Total Current assets $ — $ 2,893 $ (245) $ 2,648 Long-term assets — 1,056 205 1,261 Current liabilities — 29,595 6,131 35,726 Long-term liabilities — 8,529 1,588 10,117 (in thousands of dollars) December 31, 2017 Fair Value Measurements Using Commodity Price Hedges (Level 1) (Level 2) (Level 3) Total Current assets $ — $ 3,474 $ — $ 3,474 Long-term assets — 56 116 172 Current liabilities — 28,946 7,763 36,709 Long-term liabilities — 7,860 928 8,788 The following table represents quantitative information about Level 3 inputs used in the fair value measurement of the Company’s commodity derivative contracts as of March 31, 2018: Quantitative Information About Level 3 Fair Value Measurements Fair Value Unobservable Commodity Price Hedges (000’s) Valuation Technique Input Range Natural gas liquid swaps $ (5,264) Use a discounted cash flow approach using inputs including forward price statements from counterparties Natural gas liquid futures $27.93 - $44.00 per barrel Crude oil collars $ (2,455) Use a discounted option model approach using inputs including interpolated volatilities for certain settlement months where market volatility quotes were unavailable for the option strike price Market volatility quotes at the option strike for certain settlement months in 2019 $45.00 - $61.00 per barrel Natural gas collars $ (40) Use a discounted option model approach using inputs including interpolated volatilities for certain settlement months where market volatility quotes were unavailable for the option strike price Market volatility quotes at the option strike for certain settlement months in 2019 $2.55 - $3.41 per barrel Significant increases/decreases in natural gas liquid prices in isolation would result in a significantly lower/higher fair value measurement. The following table presents the changes in the Level 3 financial instruments for the three months ended March 31, 2018. Changes in fair value of Level 3 instruments represent changes in gains and losses for the periods that are reported in other income (expense). New contracts entered into during the year are generally entered into at no cost with changes in fair value from the date of agreement representing the entire fair value of the instrument. Transfers between levels are evaluated at the end of the reporting period. The following table summarizes the Company’s commodity derivative contract activity involving Level 3 instruments during the three months ended March 31, 2018: (in thousands of dollars) Balance at December 31, 2017, net $ (8,575) Purchases — Settlements 1,824 Transfers to Level 2 — Transfers to Level 3 — Changes in fair value (1,008) Balance at March 31, 2018, net $ (7,759) Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated financial statements: March 31, 2018 December 31, 2017 Principal Principal (in thousands of dollars) Amount Fair Value Amount Fair Value Debt: Revolver $ 25,000 $ 25,000 $ 211,000 $ 211,000 2022 Notes 409,148 228,436 409,148 305,404 2023 Notes 150,000 84,344 150,000 114,750 2023 First Lien Notes 450,000 429,062 — — The Revolver (as defined in Note 6) is categorized as Level 3 in the valuation hierarchy as the debt is not publicly traded and no observable market exists to determine the fair value; however, the carrying value of the Revolver approximates fair value, as it is subject to short-term floating interest rates that approximate the rates available to the Company for those periods. The fair value of the 2022 Notes (as defined in Note 6) is based on pricing that is readily available in the public market. Accordingly, the 2022 Notes are classified as Level 1 in the valuation hierarchy as the pricing is based on quoted market prices for the debt securities and is actively traded. The fair value of the 2023 Notes (as defined in Note 6) is based on indicative pricing that is available in the public market. Accordingly, the 2023 Notes are classified as Level 2 in the valuation hierarchy as the pricing is based on quoted market prices for the debt securities but is not actively traded. The fair value of the 2023 First Lien Notes (as defined in Note 6) is based on indicative pricing that is available in the public market. Accordingly, the 2023 First Lien Notes are classified as Level 2 in the valuation hierarchy as the pricing is based on quoted market prices for the debt securities but is not actively traded. Assets and liabilities acquired in business combinations are recorded at their fair value on the date of acquisition. Significant Level 3 assumptions associated with the calculation of future cash flows used in the analysis of fair value of the oil and gas property acquired include the Company’s estimate of future commodity prices, production costs, development expenditures, production, risk-adjusted discount rates, and other relevant data. Additionally, fair value is used to determine the inception value of the Company’s ARO. The inputs used to determine such fair value are primarily based upon costs incurred historically for similar work, as well as estimates from independent third parties for costs that would be incurred to restore leased property to the contractually stipulated condition. Additions to the Company’s ARO represent a nonrecurring Level 3 measurement.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Asset Retirement Obligations	9. Asset Retirement Obligations A summary of the Company’s Asset Retirement Obligations (“ARO”) for the three months ended March 31, 2018 is as follows: (in thousands of dollars) Balance at December 31, 2017 $ 20,372 Liabilities incurred 89 Accretion of ARO liability 251 Liabilities settled due to sale of related properties (124) Liabilities settled due to plugging and abandonment (54) Change in estimate (40) Total ARO balance at March 31, 2018 20,494 Less: Current portion of ARO (720) Total long-term ARO at March 31, 2018 $ 19,774

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Stock-based Compensation	10. Stock-based Compensation Management Unit Awards Effective January 1, 2010, JEH implemented a management incentive plan that provided indirect awards of membership interests in JEH to members of senior management (“Management Units”). These awards had various vesting schedules, and a portion of the Management Units vested in a lump sum at the IPO date. In connection with the IPO, both the vested and unvested Management Units were converted into the right to receive JEH Units and shares of Class B common stock. The JEH Units (together with a corresponding number of shares of Class B common stock) will become exchangeable under this plan into a like number of shares of Class A common stock upon vesting or forfeiture. No new Management Units have been awarded since the IPO and no new JEH Units or shares of Class B common stock are created upon a vesting event. Grants listed below reflect the transfer of JEH Units that occurred upon forfeiture. The following table summarizes information related to the vesting of Management Units as of March 31, 2018: Weighted Average Grant Date Fair Value JEH Units per Share Unvested at December 31, 2017 32,315 $ 15.00 Granted — 15.00 Forfeited — 15.00 Vested — 15.00 Unvested at March 31, 2018 32,315 $ 15.00 Stock compensation expense associated with the Management Units was $0.1 million and $0.2 million for the three months ended March 31, 2018 and 2017, respectively, and is included in general and administrative expenses on the Company’s Consolidated Statement of Operations. 2013 Omnibus Incentive Plan Under the Amended and Restated Jones Energy, Inc. 2013 Omnibus Incentive Plan (the “LTIP”), established in conjunction with the Company’s IPO and restated on May 4, 2016 following approval by the Company’s stockholders, the Company has reserved a total of 8,505,313 shares of Class A common stock for non-employee director, consultant, and employee stock-based compensation awards, as adjusted for the effects of the Special Stock Dividend and the preferred stock dividends paid in shares, as described in Note 12 “Stockholders’ and Mezzanine equity”. The Company granted (i) performance share unit and restricted stock unit awards to certain officers and employees and (ii) restricted shares of Class A common stock to the Company’s non-employee directors under the LTIP during 2014, 2015, 2016 and 2017. During 2016 and 2017, the Company also granted performance unit awards to certain members of the senior management team under the LTIP. Restricted Stock Unit Awards The Company has outstanding restricted stock unit awards granted to certain officers and employees of the Company under the LTIP. The fair value of the restricted stock unit awards is based on the value of the Company’s Class A common stock on the date of grant and is expensed on a straight-line basis over the applicable vesting period, which is typically three years. The following table summarizes information related to the total number of units awarded to officers and employees as of March 31, 2018: Restricted Weighted Average Stock Unit Grant Date Fair Value Awards per Share Unvested at December 31, 2017 2,762,771 $ 2.79 Adjustment (1) 52,484 — Granted — — Forfeited (136,441) 2.21 Vested — — Unvested at March 31, 2018 2,678,814 $ 2.76 (1) Increase of 0.019796 units for each unvested restricted stock unit awards at the time of the Company’s February 15, 2018 preferred stock dividend paid entirely in shares of the Company’s Class A common stock, as described in Note 12 “Stockholders’ and Mezzanine equity,” in accordance with the terms of the original awards. Stock compensation expense associated with the employee restricted stock unit awards was $0.9 million and $1.1 million for the three months ended March 31, 2018 and 2017, respectively, and is included in general and administrative expenses on the Company’s Consolidated Statement of Operations. Performance Share Unit Awards The Company has outstanding performance share unit awards granted to certain members of the senior management team of the Company under the LTIP. Prior to the second quarter of 2016, the performance share unit awards were described in the Company’s filings as performance unit awards. During the second quarter of 2016, the Company created a new class of equity award, described below as a performance unit award, that is settled in cash rather than shares of the Company’s Class A common stock. As a result, references to performance unit awards in the Company’s filings prior to the second quarter of 2016 refer to this description of performance share unit awards. Upon the completion of the applicable three-year performance period, each recipient may vest in a number of performance share units. The percent of awarded performance share units in which each recipient vests at such time, if any, will range from 0% to 200% based on the Company’s total shareholder return relative to an industry peer group over the applicable three-year performance period. Each vested performance share unit is exchangeable for one share of the Company’s Class A common stock. The grant date fair value of the performance share units was determined using a Monte Carlo simulation model, which results in an estimated percentage of performance share units earned. The fair value of the performance share units is expensed on a straight-line basis over the applicable three-year performance period. The following table summarizes information related to the total number of performance share units awarded to the senior management team as of March 31, 2018: Performance Weighted Average Share Unit Grant Date Fair Value Awards per Share Unvested at December 31, 2017 957,178 $ 3.34 Adjustment (1) 18,953 — Granted — — Forfeited — — Vested — — Unvested at March 31, 2018 976,131 $ 3.27 (1) Increase of 0.019796 units for each unvested performance share unit awards at the time of the Company’s February 15, 2018 preferred stock dividend paid entirely in shares of the Company’s Class A common stock, as described in Note 12 “Stockholders’ and Mezzanine equity,” in accordance with the terms of the original awards. Stock compensation expense associated with the performance share unit awards was $0.3 million and $0.6 million for the three months ended March 31, 2018 and 2017, respectively, and is included in general and administrative expenses on the Company’s Consolidated Statement of Operations. Performance Unit Awards The Company has outstanding performance unit awards, granted in 2016 and 2017, to certain members of the senior management team of the Company under the LTIP. References to performance unit awards in filings prior to the second quarter of 2016 do not correspond to these newly created performance unit awards. Upon the completion of the applicable three-year performance period, each recipient may vest in a number of performance units. The value of awarded performance units in which each recipient vests at such time, if any, will range from $0.00 to $200.00 per performance unit based on the Company’s total shareholder return relative to an industry peer group over the applicable three-year performance period. For accounting purposes, the performance units are treated as a liability award with the liability being re-measured at the end of each reporting period. Therefore, the expense associated with these awards is subject to volatility until the payout is finally determined at the end of the performance period. The value of the performance units was determined at award using a Monte Carlo simulation model, as of the grant date, which resulted in an estimated final value upon vesting of $0.3 million and $1.1 million for the awards made in 2017 and 2016, respectively, as adjusted for forfeitures. The fair value measured as of March 31, 2018 was $0.2 million. Stock compensation expense associated with the performance unit awards was an expense of less than $0.1 million for each of the three months ended March 31, 2018 and 2017 and is included in general and administrative expenses on the Company’s Consolidated Statement of Operations. As of March 31, 2018, unrecognized compensation expense was $0.1 million related to all the performance unit awards, and is subject to re-measurement and adjustment for the change in estimated final value as of the end of each reporting period, and is expected to be recognized over the remaining weighted average remaining period of 1.2 years. Restricted Stock Awards The Company has outstanding restricted stock awards granted to the non-employee members of the Board of Directors of the Company under the LTIP. The restricted stock will vest upon the director serving as a director of the Company for a one-year service period in accordance with the terms of the award. The fair value of the awards was based on the price of the Company’s Class A common stock on the date of grant. The following table summarizes information related to the total value of the awards to the Board of Directors as of March 31, 2018: Weighted Average Restricted Grant Date Fair Value Stock Awards per Share Unvested at December 31, 2017 187,419 $ 2.16 Adjustment (1) 2,478 — Granted 62,473 1.17 Forfeited (62,473) 2.16 Vested (62,473) 1.17 Unvested at March 31, 2018 127,424 $ 2.12 (1) Increase of 0.019796 units for each unvested restricted stock awards at the time of the Company’s February 15, 2018 preferred stock dividend paid entirely in shares of the Company’s Class A common stock, as described in Note 12 “Stockholders’ and Mezzanine equity,” in accordance with the terms of the original awards. Stock compensation expense associated with awards to the members of the Board of Directors was $0.1 million and $0.2 million for the three months ended March 31, 2018 and 2017, respectively, and is included in general and administrative expenses on the Company’s Consolidated Statement of Operations.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Income Taxes	11. Income Taxes The Company records federal and state income tax liabilities associated with its status as a corporation. The Company recognizes a tax liability on its share of pre-tax book income, exclusive of the non-controlling interest. JEH is not subject to income tax at the federal level and only recognizes Texas franchise tax expense. On December 22, 2017, the US Congress enacted the Tax Cuts and Jobs Act (the “Tax Reform Legislation”), which made significant changes to US federal income tax law, including a reduction of the federal corporate tax rate to 21% effective January 1, 2018. We are required to recognize the effect of a rate change on deferred tax assets and liabilities in the period in which the tax rate change is enacted. Therefore, the rate change enacted by the Tax Reform Legislation resulted in the recognition of a tax benefit along with a benefit from the reduction of the liability under the Tax Receivable Agreement during the year ended December 31, 2017. The Tax Reform Legislation is a comprehensive bill containing other provisions, such as limitations on the deductibility of interest expense and certain executive compensation, none of which are expected to lead to a material current tax liability at this time. The ultimate impact of Tax Reform Legislation may differ from our estimates due to changes in interpretations and assumptions made by us, as well as additional regulatory guidance that may be issued. The impact on our deferred tax assets and liabilities may be adjusted in future periods, as an adjustment to income tax expense or benefit, in the period in which the final amounts are determined. The Company has not made any further adjustments to its deferred tax assets and liabilities since recording the effects of the tax rate change during the year ended December 31, 2017. The Company’s effective tax rate was 9.4% and (0.6)% for the three months ended March 31, 2018 and 2017, respectively. The effective tax rate increase is primarily due to the effect of the valuation allowance recorded against the Company’s deferred tax assets, which partially offset the tax benefit generated the three months ended March 31, 2018 and fully offset the tax benefit generated during the three months ended March 31, 2017. The effective rate differs from the enacted statutory rates of 21% and 35% for the three months ended March 31, 2018 and 2017, respectively, due to net income allocated to the non-controlling interest, percentage depletion, state income taxes, the valuation allowance recorded against deferred tax assets, and other permanent differences between book and tax accounting. The Company’s income tax provision was a benefit of $3.0 million and an expense of less than $0.1 million for the three months ended March 31, 2018 and 2017, respectively. The following table summarizes information related to the allocation of the income tax provision between the controlling and non-controlling interests: Three Months Ended March 31, (in thousands of dollars) 2018 2017 Jones Energy, Inc. $ (2,978) $ 14 Non-controlling interest (14) 7 Income tax provision (benefit) $ (2,992) $ 21 The Company had deferred tax assets for its federal and state net operating loss carry forwards at March 31, 2018. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of March 31, 2018, we have a valuation allowance of $14.3 million as a result of management’s assessment of the realizability of federal and state deferred tax assets. Internal Revenue Code ("IRC") Section 382 addresses corporate shareholder changes and specifically limits the utilization of certain deductions and other tax attributes on an annual basis following an ownership change as defined under the IRC. The Company experienced an ownership change within the meaning of IRC Section 382 during the third quarter of 2017 that will subject a portion of the Company’s net operating loss carryforwards and other tax attributes to an IRC Section 382 limitation in future periods. The Internal Revenue Service has completed its examination of the 2013 federal partnership income tax return for JEH with no changes. Tax Receivable Agreement In connection with the IPO, the Company entered into a Tax Receivable Agreement (the “TRA”) which obligates the Company to make payments to certain current and former owners equal to 85% of the applicable cash savings that the Company realizes as a result of tax attributes arising from exchanges of JEH Units and shares of the Company’s Class B common stock held by those owners for shares of the Company’s Class A common stock. The Company will retain the benefit of the remaining 15% of these tax savings. At the time of an exchange, the company records a liability to reflect the future payments under the TRA. The TRA liability is recorded based upon the projected tax savings at the time of an exchange. As a result of the Tax Reform Legislation, the amount of the TRA liability was remeasured to reflect the reduction of the federal corporate tax rate from 35% to 21% during the year ended December 31, 2017. The actual amount and timing of payments to be made under the TRA will depend upon a number of factors, including the amount and timing of taxable income generated in the future, changes in future tax rates, the use of loss carryovers, and the portion of the Company’s payments under the TRA constituting imputed interest. As of March 31, 2018 and December 31, 2017, the Company had a gross TRA liability of $68.3 million and $69.9 million, respectively. As a result of the valuation allowance recorded against the Company’s deferred tax assets associated with prior exchanges, the TRA liability was reduced, as the payment of the TRA liability is dependent on the realizability of the associated deferred tax assets. As of March 31, 2018 and December 31, 2017, the amount of the TRA liability was reduced by $12.2 million and $8.7 million, respectively, as a result of the valuation allowance recorded against the Company’s deferred tax assets. To the extent the Company does not realize all of the tax benefits in future years or in the event of a change in future tax rates, this liability may change. As of March 31, 2018 and December 31, 2017, the Company had recorded a net TRA liability of $56.1 million and $61.2 million, respectively, for the estimated payments that will be made to the Class B shareholders who have exchanged shares, after adjusting for the TRA liability reduction, along with corresponding deferred tax assets, net of valuation allowances, of $66.3 million and $72.3 million, respectively, as a result of the increase in tax basis from such shares exchanged by current and former Class B shareholders. The Company made a payment of $1.6 million of the TRA liability with respect to cash savings that the Company realized on its 2016 tax return as a result of tax attributes arising from prior exchanges during the first quarter of 2018. The Company does not anticipate it will realize cash savings on its 2017 tax return as a result of tax attributes arising from prior exchanges, and therefore does not anticipate a payment under the TRA for the 2017 tax year. Cash Tax Distributions The holders of JEH Units, including the Company, incur U.S. federal, state and local income taxes on their share of any taxable income of JEH. Under the terms of its operating agreement, JEH is generally required to make quarterly pro-rata cash tax distributions to its unitholders (including us) based on income allocated to its unitholders through the end of each relevant quarter, as adjusted to take into account good faith projections by the Company of taxable income or loss for the remainder of the calendar year, to the extent JEH has cash available for such distributions and subject to certain other restrictions. JEH does not project to generate taxable income for the 2018 tax year and did not generate taxable income for the 2017 tax year and therefore did not make quarterly tax distributions to its unitholders during the three months ended March 31, 2018 or during 2017 with respect to the 2018 or 2017 tax years. A Special Committee of the Board of Directors comprised solely of directors who do not have a direct or indirect interest in such distribution approved, and JEH made, aggregate cash tax distributions during the three months ended March 31, 2017 of $1.7 million (including distributions to us) to its unitholders towards its total 2016 projected tax distribution obligation. Distributions during 2017 were made pro-rata to all members of JEH, and included a $1.1 million payment to the Company and a $0.6 million payment to JEH unitholders other than the Company.

Stockholders' and Mezzanine equ

Stockholders' and Mezzanine equity	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Stockholders’ and Mezzanine equity	12. Stockholders’ and Mezzanine equity Stockholders’ equity is comprised of two classes of common stock, Class A common stock and Class B common stock. The Class B common stock is held by the owners of JEH prior to the Company’s IPO and can be exchanged (together with a corresponding number of units representing membership interests in JEH Units) for shares of Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications and other similar transactions. The Class B common stock has no economic rights but entitles its holders to one vote on all matters to be voted on by the Company’s stockholders generally. The Company has classified the Series A preferred stock as mezzanine equity based upon the terms and conditions that contain various redemption and conversion features. For a description of these features, please see below under “—Offering of 8.0% Series A Perpetual Convertible Preferred Stock.” Equity Distribution Agreement On May 24, 2016, the Company and JEH entered into an Equity Distribution Agreement (“Equity Distribution Agreement”) with Citigroup Global Markets Inc. and Wells Fargo Securities, LLC (each, a “Manager” and collectively, the “Managers”). Pursuant to the terms of the Equity Distribution Agreement, the Company may sell from time to time through the Managers, as the Company’s sales agents, the Company’s Class A common stock having an aggregate offering price of up to $73.0 million (the “Class A Shares”). Under the terms of the Equity Distribution Agreement, the Company may also sell Class A Shares from time to time to any Manager as principal for its own account at a price to be agreed upon at the time of sale. Any sale of Class A Shares to a Manager as principal would be pursuant to the terms of a separate terms agreement between the Company and such Manager. Sales of the Class A Shares, if any, will be made by means of ordinary brokers’ transactions, to or through a market maker or directly on or through an electronic communication network, a “dark pool” or any similar market venue, or as otherwise agreed by the Company and one or more of the Managers. The Company used the net proceeds from sales under the Equity Distribution Agreement for general corporate purposes. At March 31, 2018, approximately $62.2 million in aggregate offering proceeds remained available to be issued and sold under the Equity Distribution Agreement. Offering of Class A Common Stock On August 26, 2016, the Company issued 21,000,000 shares of Class A common stock pursuant to an underwritten public offering, and on September 12, 2016 the Company issued an additional 3,150,000 shares of Class A common stock in connection with the exercise of the underwriters’ over-allotment option. The total net proceeds (after underwriters’ discounts and commissions, but before estimated expenses) of the offering, including the exercise of the over-allotment option, was $64.0 million. Offering of 8.0% Series A Perpetual Convertible Preferred Stock On August 26, 2016, the Company issued 1,840,000 shares of Series A preferred stock pursuant to an underwritten public offering for total net proceeds (after underwriters’ discounts and commissions but before expenses) of $88.3 million. Holders of Series A preferred stock are entitled to receive, when as and if declared by the Company’s Board of Directors, cumulative dividends at the rate of 8.0% per annum (the “dividend rate”) per share on the $50.00 liquidation preference per share of the Series A preferred stock, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on November 15, 2016. Dividends may be paid in cash or, subject to certain limitations, in Class A common stock, or a combination thereof. Under the terms of the Series A preferred stock, the Company’s ability to declare or pay dividends or make distributions on, or purchase, redeem or otherwise acquire for consideration, shares of the Company’s Class A common stock, or any junior stock or parity stock currently outstanding or issued in the future, will be subject to certain restrictions in the event that the Company does not pay in full or declare and set aside for payment in full all accrued and unpaid dividends on the Series A preferred stock (including certain unpaid excess cash payment amounts excused from payment as a dividend due to restrictions in credit facilities or other indebtedness or legal requirements (“Unpaid Excess Cash Payment Amounts”)). Each share of Series A preferred stock has a liquidation preference of $50.00 per share and is convertible, at the holder’s option at any time, into approximately 17.0683 shares of Class A common stock after adjusting the conversion ratio for the effects of the Special Stock Dividend, as defined in Note 12, “Stockholders’ and Mezzanine equity”, (which is equivalent to a conversion price of approximately $2.93 per share after adjusting for the effects of the Special Stock Dividend), subject to specified further adjustments and limitations as set forth in the certificate of designations for the Series A preferred stock. Based on the adjusted conversion rate and the full exercise of the Preferred Stock Underwriters’ over-allotment option, approximately 31.4 million shares of Class A common stock would be issuable upon conversion of all the Series A preferred stock. On or after August 15, 2021, the Company may, at its option, give notice of its election to cause all outstanding shares of Series A preferred stock to be automatically converted into shares of Class A common stock at the conversion rate, if the closing sale price of the Class A common stock equals or exceeds 175% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days. On August 15, 2024 (the “designated redemption date”), each holder of Series A preferred stock may require us to redeem any or all Series A preferred stock held by such holder outstanding on the designated redemption date at a redemption price equal to a liquidation preference of $50.00 per share plus all accrued dividends on the shares up to but excluding the designated redemption date that have not been paid plus any Unpaid Excess Cash Payment Amounts (the “redemption price”). At our option, the redemption price may be paid in cash or, subject to certain limitations, in Class A common stock, or a combination thereof. Except as required by law or the Company’s certificate of incorporation, which includes the certificate of designations for the Series A preferred stock, the holders of Series A preferred stock have no voting rights (other than with respect to certain matters regarding the Series A preferred stock or when dividends payable on the Series A preferred stock have not been paid for an aggregate of six quarterly dividend periods, or more, whether or not consecutive, as provided in the certificate of designations for the Series A preferred stock). The Series A preferred stock is classified as mezzanine equity on the Company’s Consolidated Balance Sheet and is not listed on a national stock exchange. A summary of the Company’s Mezzanine equity for the three months ended March 31, 2018 is as follows: (in thousands of dollars) Mezzanine equity at December 31, 2017 $ 89,539 Dividends on preferred stock, net — Accretion on preferred stock 128 Change in estimate due to settlements — Mezzanine equity at March 31, 2018 $ 89,667 Preferred Stock Dividends On January 19, 2017, the Company’s Board of Directors declared a quarterly cash dividend per share equal to 8.0% based on the liquidation preference of $50.00 per share on an annualized basis, or $1.00 per share, on the Series A preferred stock. This dividend is for the period beginning on the last payment date of November 15, 2016 through February 14, 2017 and was paid in cash on February 15, 2017 to shareholders of record as of February 1, 2017. On April 17, 2017, the Company’s Board of Directors declared a quarterly dividend per share equal to 8.0% based on the liquidation preference of $50.00 per share on an annualized basis, or $1.00 per share, on the Series A preferred stock. On May 15, 2017, the dividend was paid in a combination of cash and the Company’s Class A common stock, with the cash component equal to $0.83 per share and the stock component equal to $0.17 per share. The price per share of the Class A common stock used to determine the number of shares issued was equal to 95% of the average volume-weighted average price per share for each day during the five-consecutive day trading period ending immediately prior to the payment date. This dividend was for the period beginning on the last payment date of February 15, 2017 through May 14, 2017 to shareholders of record as of May 1, 2017. On July 13, 2017, the Company’s Board of Directors declared a quarterly dividend per share equal to 8.0% based on the liquidation preference of $50.00 per share on an annualized basis, or $1.00 per share, on the Series A preferred stock. On August 15, 2017, the dividend was paid entirely in shares of Class A common stock. The price per share of the Class A common stock used to determine the number of shares issued was equal to 95% of the average volume-weighted average price per share for each day during the five-consecutive day trading period ending immediately prior to the payment date. This dividend was for the period beginning on the last payment date of May 15, 2017 through August 14, 2017 to shareholders of record as of August 1, 2017. On October 9, 2017, the Company’s Board of Directors declared a quarterly dividend per share equal to 8.0% based on the liquidation preference of $50.00 per share on an annualized basis, or $1.00 per share, on the Series A preferred stock. On November 15, 2017, the dividend was paid entirely in shares of Class A common stock. The price per share of the Class A common stock used to determine the number of shares issued was equal to 95% of the average volume-weighted average price per share for each day during the five-consecutive day trading period ending immediately prior to the payment date. This dividend was for the period beginning on the last payment date of August 15, 2017 through November 14, 2017 to shareholders of record as of November 1, 2017. On January 11, 2018, the Company’s Board of Directors declared a quarterly dividend per share equal to 8.0% based on the liquidation preference of $50.00 per share on an annualized basis, or $1.00 per share, on the Series A preferred stock. On February 15, 2018, the dividend was paid entirely in shares of Class A common stock. The price per share of the Class A common stock used to determine the number of shares issued was equal to 95% of the average volume-weighted average price per share for each day during the five-consecutive day trading period ending immediately prior to the payment date This dividend was for the period beginning on the last payment date of November 15, 2017 through February 14, 2018 to shareholders of record as of February 1, 2018. On April 17, 2018, the Company’s Board of Directors declared a contingent quarterly dividend per share equal to 8.0% based on the liquidation preference of $50.00 per share on an annualized basis, or $1.00 per share, on the Series A preferred stock. See Note 16 “Subsequent Events,” in the Notes to Consolidated Financial Statements for further discussion. Special Stock Dividend On March 31, 2017, the Company paid a stock dividend (the “Special Stock Dividend”) of 0.087423 shares of the Class A common stock to holders of record as of March 15, 2017. From time-to-time, JEH makes cash distributions to the holders of JEH Units to cover tax obligations that may occur as a result of any net taxable income of JEH allocable to holders of JEH Units. As a holder of JEH Units, the Company has received such cash distributions from JEH in excess of the amount required to satisfy the Company’s associated tax obligations. As a result, the Company used the excess cash of approximately $17.5 million in the aggregate to acquire newly-issued JEH Units from JEH. The Special Stock Dividend was distributed in order to equalize the number of shares of Class A common stock outstanding to the number of JEH Units held by the Company, and the aggregate number of shares of Class A common stock issued in the Special Stock Dividend equaled the number of additional JEH Units the Company purchased from JEH. The Company purchased 4,999,927 JEH Units at a price of $3.50 per share, which is the volume weighted average price per share of the Class A common stock for the five trading days ended February 28, 2017. Immaterial cash payments were made in lieu of fractional shares. The comparative earnings per share information has been recast to retrospectively adjust for the effects of the Special Stock Dividend.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Earnings per Share	13. Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to controlling interests by the weighted average number of shares of Class A common stock outstanding during the period. Shares of Class B common stock are not included in the calculation of earnings per share because they are not participating securities and have no economic interest in the Company. Diluted earnings per share takes into account the potential dilutive effect of shares that could be issued by the Company in conjunction with the Series A preferred stock and from stock awards that have been granted to directors and employees. Awards of non-vested shares are considered outstanding as of the respective grant dates for purposes of computing diluted EPS even though the award is contingent upon vesting. For the three months ended March 31, 2018, 2,678,814 restricted stock units, 976,131 performance share units, and 31,405,587 shares from the convertible Series A preferred stock, were excluded from the calculation as they would have had an anti-dilutive effect. For the three months ended March 31, 2017, 1,385,065 restricted stock units, 942,073 performance share units, and 31,405,672 shares from the convertible Series A preferred stock, were excluded from the calculation as they would have had an anti-dilutive effect. The following is a calculation of the basic and diluted weighted-average number of shares of Class A common stock outstanding and EPS for the periods presented: Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Income (numerator): Net income (loss) attributable to controlling interests $ (25,361) $ (1,387) Less: Dividends and accretion on preferred stock (1,968) (2,027) Net income (loss) attributable to common shareholder $ (27,329) $ (3,414) Weighted-average shares (denominator): Weighted-average number of shares of Class A common stock - basic 91,064 62,197 Weighted-average number of shares of Class A common stock - diluted 91,064 62,197 Earnings (loss) per share: Basic - Net income (loss) attributable to common shareholders $ (0.30) $ (0.05) Diluted - Net income (loss) attributable to common shareholders $ (0.30) $ (0.05)

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Related Parties	14. Related Parties Related Party Transactions Transactions with Our Executive Officers, Directors and 5% Stockholders Monarch Natural Gas Holdings, LLC Natural Gas Sale and Purchase Agreement On May 7, 2013, the Company entered into a natural gas sale and purchase agreement with Monarch Natural Gas, LLC, (“Monarch”), under which Monarch has the first right to gather the natural gas the Company produces from dedicated properties, process the NGLs from this natural gas production and market the processed natural gas and extracted NGLs. Under the Monarch agreement, the Company is paid a specified percentage of the value of the NGLs extracted and sold by Monarch, based on a set liquids recovery percentage, and the amount received from the sale of the residue gas, after deducting a fixed volume for fuel, lost and unaccounted-for gas. The Company produced approximately 1.4 MMBoe of natural gas and NGLs for the year ended December 31, 2014, from the properties that became subject to the Monarch agreement. During the year ended December 31, 2014, the Company recognized $37.0 million of revenue associated with the aforementioned natural gas and NGL production. Effective May 1, 2015, the rights to gather natural gas under the sale and purchase agreement transferred from Monarch to Enable Midstream Partners LP, (“Enable”), an unaffiliated third-party. Prior to closing of the transfer of these rights, the Company produced approximately 1.0 MMBoe of natural gas and NGLs for the year ended December 31, 2015 from the properties that became subject to the Monarch agreement for which the Company recognized $10.6 million of revenue. The revenue, for all years mentioned, is recorded in Oil and gas sales on the Company’s Consolidated Statement of Operations. The initial term of the agreement, which remains unchanged by the transfer to Enable, runs for 10 years from the effective date of September 1, 2013. At the time the Company entered into the 2013 Monarch agreement, Metalmark Capital owned approximately 81% of the outstanding equity interests of Monarch. In addition, Metalmark Capital beneficially owns in excess of five percent of the Company’s outstanding equity interests and two of our former directors, Howard I. Hoffen and Gregory D. Myers, are managing directors of Metalmark Capital and were directors at the time the Company entered into the 2013 Monarch agreement. In connection with the Company’s entering into the 2013 Monarch agreement, Monarch issued to JEH equity interests in Monarch, having an estimated fair value of $15.0 million, in return for marketing services to be provided throughout the term of the agreement. The Company recorded this amount as deferred revenue which is being amortized on an estimated units-of-production basis commencing in September 2013, the first month of product sales to Monarch. The Company amortized $0.4 million and $0.5 million, respectively, of the deferred revenue balance during the three months ended March 31, 2018 and 2017. This revenue is recorded in Other revenues on the Company’s Consolidated Statement of Operations. Following the issuance of $15.0 million Monarch equity interests to JEH, JEH assigned $2.4 million of the equity interests to Jonny Jones, the Company’s chief executive officer and chairman of the Board of Directors and reserved $2.6 million of the equity interests for future distribution through an incentive plan to certain of the Company’s officers, including Mike McConnell and Robert Brooks. The remaining $10.0 million of Monarch equity interests was distributed to certain of the Class B shareholders, which included, among others, Metalmark Capital, the Jones family entities, and certain of the Company’s officers and directors, including Jonny Jones and Mike McConnell. As of March 31, 2018, equity interests in Monarch of $0.3 million are included in Other assets on the Company’s Consolidated Balance Sheet. During the three months ended March 31, 2018, equity interests of $0.1 million were distributed to management under the incentive plan. The Company recognized expense of $0.1 million during the three months ended March 31, 2018 in connection with the incentive plan. In September 2014, the Company signed a 10-year oil gathering and transportation agreement with Monarch Oil Pipeline LLC, pursuant to which Monarch Oil Pipeline LLC built, at its expense, a new oil gathering system and connected the gathering system to dedicated Company leases in Texas. At the time the Company entered into the agreement, Metalmark Capital owned the majority of the outstanding equity interests of Monarch Oil Pipeline LLC and/or its parent. The system began service during the fourth quarter of 2015 and provides connectivity to both a regional refinery market as well as the Cushing market hub. The Company incurred gathering fees, which were paid to Monarch Oil Pipeline LLC, of $0.5 million for the three months ended March 31, 2018 associated with the approximately 0.2 MMBoe of oil production transported under the agreement. These costs are recorded as an offset to Oil and gas sales in the Company’s Consolidated Statement of Operations. The aforementioned production was recognized as Oil and gas sales on the Company’s Consolidated Statement of Operations at the time it was sold to the purchasers, who are unaffiliated third parties, after passing through the gathering and transportation system. The audit committee of the Board of Directors reviewed and approved the terms of the agreement with Monarch Oil Pipeline LLC. In May 2015, the Company received a $0.7 million cash distribution associated with its equity interests in Monarch, which was accounted for following the cost method. The initial cash distribution from Monarch was treated as dividend income and is recorded in Other income (expense). Issuance of Class A Shares In connection with the August 2016 issuance of Class A common stock pursuant to an underwritten public offering as described in Note 12, “Stockholders’ and Mezzanine equity—Offering of Class A Common Stock,” affiliates of JVL Advisors, L.L.C. (“JVL”), who then owned more than 5% of a class of voting securities of the Company, purchased 9,025,270 shares of Class A common stock, prior to adjustment for the effects of the 0.087423 per share Special Stock Dividend, as defined in Note 12, “Stockholders’ and Mezzanine equity”, in the offering, for gross proceeds to the Company of $25.0 million, before underwriting discounts and commissions of $1.1 million. Following its purchase in the offering, JVL owned in excess of 15% of our outstanding voting stock. As a result, the Company entered into a letter agreement with JVL (the “JVL Letter Agreement”) in connection with the offering. The JVL Letter Agreement approved, pursuant to Section 203 of the Delaware General Corporation Law (“Section 203”), the purchase of shares of Class A common stock in the offering by JVL. This approval resulted in JVL not being subject to the restrictions on “business combinations” contained in Section 203. In consideration of such approval, JVL agreed that, among other things: · it will not acquire any material assets of the Company; · it will not become the owner of more than 19.9% of the Company’s outstanding voting stock (other than as a result of actions taken solely by the Company) without the prior approval of the Company’s independent directors who are not affiliated with JVL; and · it will not engage in any “business combination” (as defined in the JVL Letter Agreement). On May 3, 2017, the Company amended and restated its registration rights agreement dated August 29, 2013 (as amended and restated, the “Restated Registration Rights Agreement”) to add JVL as a party in order to facilitate an orderly distribution of JVL’s shares of Class A common stock in the future, a copy of which was filed on the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 3, 2017. Purchases of Senior Secured First Lien Notes On February 14, 2018, Jones Energy Holdings, LLC and Jones Energy Finance Corp. issued $450.0 million 9.25% senior secured first lien notes due 2023 (the “2023 First Lien Notes”) in an offering exempt from registration under the Securities Act of 1933, as amended, at an offering price equal to 97.526% of par. One or more affiliates of Q Investments, an affiliate of one of our principal stockholders and an affiliate of the employer of Scott McCarty, one of our directors, purchased an aggregate of $45.0 million of the 2023 First Lien Notes at the issue price. Letter Agreement with Q Investments On February 5, 2018, in connection with the appointment of Scott McCarty to the Board, an affiliate of Q Investments delivered an Acknowledgement and Stipulation pursuant to which Q Investments and its affiliates agreed not to (i) effect, seek or propose (whether publicly or otherwise) to effect or participate in any solicitation of proxies or consents to vote any securities of the Company or any of its subsidiaries, including soliciting consents or taking other action with respect to calling of a special meeting of the stockholders of the Company or any of its subsidiaries or engaging in a withhold vote campaign and (ii) otherwise act, alone or in concert with others, to seek representation on the Board or any governing body of a subsidiary of the Company. The obligations set forth above remain in effect until the day following the Annual Meeting.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Commitments and Contingencies	15. Commitments and Contingencies Litigation The Company is subject to legal proceedings and claims that arise in the ordinary course of its business. When applicable, we record accruals for contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. While the outcome of lawsuits and other proceedings against us cannot be predicted with certainty, in the opinion of management, individually or in the aggregate, no such lawsuits are expected to have a material effect on our financial position, results of operations, or liquidity.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Subsequent Events	16. Subsequent Events Preferred Stock Dividend Declared On April 17, 2018, the Company’s Board of Directors declared a contingent quarterly dividend per share equal to 8.0% on an annualized basis based on the liquidation preference of $50.00 per share, or $1.00 per share, on the Series A preferred stock. If paid, the dividend will be paid using the Company’s Class A common stock. The price per share of the Class A common stock used to determine the number of shares to be issued (the “Dividend Valuation Price”) will be equal to 95% of the average volume-weighted average price per share for each day during the five consecutive day trading period ending immediately prior to the payment date. This contingent dividend is for the period beginning on the last payment date of February 15, 2018 through May 14, 2018 and, subject to the contingency described below, will be payable on May 15, 2018 to shareholders of record as of May 1, 2018. The Company is currently prohibited from paying cash dividends on the Series A preferred stock under the terms of its indebtedness. In order for the Company to pay the dividend in full in accordance with the terms of the Series A preferred stock, the Dividend Valuation Price must be at or above $0.76, as specified in the Certificate of Designations for the Series A preferred stock (the “Floor Price”). If the Dividend Valuation Price is below the Floor Price, the Series A preferred stock dividend payable on May 15, 2018 will not be paid by the Company and the right to receive those dividends will accrue for holders of Series A preferred stock. Future Preferred Stock dividend payments will be evaluated on a quarterly basis. Changes in Senior Management On April 17, 2018, the Company announced several changes to its senior management. Jonny Jones, the Chief Executive Officer of the Company, and Mike S. McConnell, the President of the Company, were terminated, effective immediately. Mr. Jones will continue to serve as Chairman of the Board, and Mr. McConnell will continue to serve as a member of the Board. Also on April 17, 2018, the Company announced the appointment of Jeff Tanner as Chief Operating Officer. Mr. Tanner will also serve as the Interim Chief Executive Officer of the Company until a successor is appointed by the Board. New Subsidiary Guarantor On April 20, 2018, JEH, Jones Energy Finance Corp. and Nosley Midstream, LLC entered into a First Supplemental Indenture to the Indenture governing the 2023 First Lien Notes to, among other things, add Nosley Midstream, LLC as a subsidiary guarantor thereunder.

Subsidiary Guarantors

Subsidiary Guarantors	3 Months Ended
	Mar. 31, 2018
Disclosure Text Block
Subsidiary Guarantors	17. The 2022 Notes and the 2023 Notes are guaranteed on a senior unsecured basis by the Company and by all of JEH’s current subsidiaries (except Jones Energy Finance Corp. and two immaterial subsidiaries) and certain future subsidiaries, including any future subsidiaries that guarantee any indebtedness under the Revolver. Each subsidiary guarantor is 100% owned by JEH, and all guarantees are full and unconditional, subject to customary exceptions pursuant to the indentures governing our 2022 Notes and 2023 Notes, as discussed below, and joint and several with all other subsidiary guarantees and the parent guarantee. Any subsidiaries of JEH other than the subsidiary guarantors and Jones Energy Finance Corp. are immaterial. Guarantees of the 2022 Notes and 2023 Notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the properties or assets of a guarantor (including by way of merger or consolidation) or (b) all of the capital stock of such guarantor, in each case, to a person that is not the Company or a restricted subsidiary of the Company, (ii) if the Company designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon legal defeasance, covenant defeasance or satisfaction and discharge of the applicable indenture, or (iv) at such time as such guarantor ceases to guarantee any other indebtedness of the Company or any other guarantor. The Company is a holding company whose sole material asset is an equity interest in JEH. The Company is the sole managing member of JEH and is responsible for all operational, management and administrative decisions related to JEH’s business. In accordance with JEH’s limited liability company agreement, the Company may not be removed as the sole managing member of JEH. During the preparation of the condensed consolidating financial information of Jones Energy, Inc. and Subsidiaries in the second quarter of 2017, it was determined that the Issuer Equity interest in income (loss) and the related Eliminations for the three months ended March 31, 2017 as filed in the Company’s first quarter 2017 Form 10-Q were improperly calculated and understated by $2.1 million. In addition, it was determined that the Issuer Adjustments to reconcile net income (loss) to net cash provided by operating activities and the related Eliminations for the three months ended March 31, 2017 as filed in the Company’s first quarter 2017 Form 10-Q was improperly calculated and overstated by $2.1 million. The errors, which the Company has determined are not material to this disclosure, had no impact on the total assets of the Parent or the Guarantor Subsidiaries and are eliminated upon consolidation, and therefore have no impact on the Company’s consolidated financial condition, results of operations or cash flows. The Company has revised the Condensed Consolidating Income Statements for the Issuer and Eliminations for the three months ended March 31, 2017 and the Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2017 to correct for these errors. Jones Energy, Inc. Condensed Consolidating Balance Sheet (Unaudited) March 31, 2018 Guarantor Non-Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 3,597 $ 206,380 $ 21,089 $ 20 $ — $ 231,086 Accounts receivable, net Oil and gas sales — — 35,696 — — 35,696 Joint interest owners — — 40,681 — — 40,681 Other — — 1,066 — — 1,066 Commodity derivative assets — 2,648 — — — 2,648 Other current assets 1,866 179 4,672 — — 6,717 Intercompany receivable 388,717 1,167,222 — — (1,555,939) — Total current assets 394,180 1,376,429 103,204 20 (1,555,939) 317,894 Oil and gas properties, net, at cost under the successful efforts method — — 1,617,660 — — 1,617,660 Other property, plant and equipment, net — — 1,969 504 — 2,473 Commodity derivative assets — 1,261 — — — 1,261 Other assets — 823 1,072 — — 1,895 Investment in subsidiaries 207,224 112,789 — — (320,013) — Total assets $ 601,404 $ 1,491,302 $ 1,723,905 $ 524 $ (1,875,952) $ 1,941,183 Liabilities and Stockholders’ Equity Current liabilities Trade accounts payable $ — $ 3,504 $ 66,202 $ — $ — $ 69,706 Oil and gas sales payable — — 41,928 — — 41,928 Accrued liabilities — 21,317 15,550 — — 36,867 Commodity derivative liabilities — 35,726 — — — 35,726 Other current liabilities — 1,723 1,872 — — 3,595 Intercompany payable — — 1,552,800 3,139 (1,555,939) — Total current liabilities — 62,270 1,678,352 3,139 (1,555,939) 187,822 Long-term debt — 1,002,074 — — — 1,002,074 Deferred revenue — 5,082 — — — 5,082 Commodity derivative liabilities — 10,117 — — — 10,117 Asset retirement obligations — — 19,774 — — 19,774 Liability under tax receivable agreement 56,114 — — — — 56,114 Other liabilities — 83 810 — — 893 Deferred tax liabilities 10,061 1,227 — — — 11,288 Total liabilities 66,175 1,080,853 1,698,936 3,139 (1,555,939) 1,293,164 Mezzanine equity Series A preferred stock, $0.001 par value; 1,839,995 shares issued and outstanding at March 31, 2018 89,667 — — — — 89,667 Stockholders’/ members' equity (deficit) Members' equity — 410,449 24,969 (2,615) (432,803) — Class A common stock, $0.001 par value; 92,052,897 shares issued and 92,030,295 shares outstanding at March 31, 2018 92 — — — — 92 Class B common stock, $0.001 par value; 9,627,821 shares issued and outstanding at March 31, 2018 10 — — — — 10 Treasury stock, at cost: 22,602 shares at March 31, 2018 (358) — — — — (358) Additional paid-in-capital 609,421 — — — — 609,421 Retained earnings (deficit) (163,603) — — — — (163,603) Stockholders' equity (deficit) 445,562 410,449 24,969 (2,615) (432,803) 445,562 Non-controlling interest — — — — 112,790 112,790 Total stockholders’ equity 445,562 410,449 24,969 (2,615) (320,013) 558,352 Total liabilities and stockholders’ equity $ 601,404 $ 1,491,302 $ 1,723,905 $ 524 $ (1,875,952) $ 1,941,183 Jones Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2017 Guarantor Non-Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Assets Current assets Cash $ 5,248 $ 1,180 $ 13,024 $ 20 $ — $ 19,472 Accounts receivable, net Oil and gas sales — — 34,492 — — 34,492 Joint interest owners — — 31,651 — — 31,651 Other — — 1,236 — — 1,236 Commodity derivative assets — 3,474 — — — 3,474 Other current assets 1,866 358 12,152 — — 14,376 Intercompany receivable 383,849 1,146,647 — — (1,530,496) — Total current assets 390,963 1,151,659 92,555 20 (1,530,496) 104,701 Oil and gas properties, net, at cost under the successful efforts method — — 1,597,040 — — 1,597,040 Other property, plant and equipment, net — — 2,192 527 — 2,719 Commodity derivative assets — 172 — — — 172 Other assets — 4,427 1,004 — — 5,431 Investment in subsidiaries 242,617 116,349 — — (358,966) — Total assets $ 633,580 $ 1,272,607 $ 1,692,791 $ 547 $ (1,889,462) $ 1,710,063 Liabilities and Stockholders’ Equity Current liabilities Trade accounts payable $ 138 $ 247 $ 72,278 $ — $ — $ 72,663 Oil and gas sales payable — — 31,462 — — 31,462 Accrued liabilities 62 11,363 10,172 7 — 21,604 Commodity derivative liabilities — 36,709 — — — 36,709 Other current liabilities 1,606 1,723 720 — — 4,049 Intercompany payable — — 1,527,418 3,078 (1,530,496) — Total current liabilities 1,806 50,042 1,642,050 3,085 (1,530,496) 166,487 Long-term debt — 759,316 — — — 759,316 Deferred revenue — 5,457 — — — 5,457 Commodity derivative liabilities — 8,788 — — — 8,788 Asset retirement obligations — — 19,652 — — 19,652 Liability under tax receivable agreement 59,596 — — — — 59,596 Other liabilities — 68 743 — — 811 Deferred tax liabilities 12,852 1,429 — — — 14,281 Total liabilities 74,254 825,100 1,662,445 3,085 (1,530,496) 1,034,388 Mezzanine equity Series A preferred stock, $0.001 par value; 1,840,000 shares issued and outstanding at December 31, 2017 89,539 — — — — 89,539 Stockholders’/ members' equity (deficit) Members' equity — 447,507 30,346 (2,538) (475,315) — Class A common stock, $0.001 par value; 90,139,840 shares issued and 90,117,238 shares outstanding at December 31, 2017 90 — — — — 90 Class B common stock, $0.001 par value; 9,627,821 shares issued and outstanding at December 31, 2017 10 — — — — 10 Treasury stock, at cost: 22,602 shares at December 31, 2017 (358) — — — — (358) Additional paid-in-capital 606,319 — — — — 606,319 Retained earnings (deficit) (136,274) — — — — (136,274) Stockholders' equity (deficit) 469,787 447,507 30,346 (2,538) (475,315) 469,787 Non-controlling interest — — — — 116,349 116,349 Total stockholders’ equity 469,787 447,507 30,346 (2,538) (358,966) 586,136 Total liabilities and stockholders’ equity $ 633,580 $ 1,272,607 $ 1,692,791 $ 547 $ (1,889,462) $ 1,710,063 Jones Energy, Inc. Condensed Consolidating Statement of Operations (Unaudited) Three Months Ended March 31, 2018 Guarantor Non-Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Operating revenues Oil and gas sales $ — $ — $ 58,138 $ — $ — $ 58,138 Other revenues — 374 (1,023) — — (649) Total operating revenues — 374 57,115 — — 57,489 Operating costs and expenses Lease operating — — 10,229 — — 10,229 Production and ad valorem taxes — — 2,751 — — 2,751 Transportation and processing costs — — 706 — — 706 Exploration — — 3,299 — — 3,299 Depletion, depreciation and amortization — — 41,418 23 — 41,441 Accretion of ARO liability — — 251 — — 251 General and administrative — 3,207 4,309 54 — 7,570 Total operating expenses — 3,207 62,963 77 — 66,247 Operating income (loss) — (2,833) (5,848) (77) — (8,758) Other income (expense) Interest expense — (21,619) (243) — — (21,862) Net gain (loss) on commodity derivatives — (9,022) — — — (9,022) Other income (expense) 3,482 (25) 4,273 — — 7,730 Other income (expense), net 3,482 (30,666) 4,030 — — (23,154) Income (loss) before income tax 3,482 (33,499) (1,818) (77) — (31,912) Equity interest in income (loss) (31,634) (3,760) — — 35,394 — Income tax provision (benefit) (2,791) (201) — — — (2,992) Net income (loss) (25,361) (37,058) (1,818) (77) 35,394 (28,920) Net income (loss) attributable to non-controlling interests — — — — (3,559) (3,559) Net income (loss) attributable to controlling interests $ (25,361) $ (37,058) $ (1,818) $ (77) $ 38,953 $ (25,361) Dividends and accretion on preferred stock (1,968) — — — — (1,968) Net income (loss) attributable to common shareholders $ (27,329) $ (37,058) $ (1,818) $ (77) $ 38,953 $ (27,329) Jones Energy, Inc. Condensed Consolidating Statement of Operations (Unaudited) Three Months Ended March 31, 2017 Guarantor Non-Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Operating revenues Oil and gas sales $ — $ — $ 40,677 $ — $ — $ 40,677 Other revenues — 458 98 — — 556 Total operating revenues — 458 40,775 — — 41,233 Operating costs and expenses Lease operating — — 8,806 — — 8,806 Production and ad valorem taxes — — (906) — — (906) Exploration — — 2,944 — — 2,944 Depletion, depreciation and amortization — — 35,631 23 — 35,654 Accretion of ARO liability — — 201 — — 201 General and administrative — 2,993 5,004 44 — 8,041 Total operating expenses — 2,993 51,680 67 — 54,740 Operating income (loss) — (2,535) (10,905) (67) — (13,507) Other income (expense) Interest expense — (12,814) (73) — — (12,887) Net gain (loss) on commodity derivatives — 22,320 — — — 22,320 Other income (expense) 668 (24) (64) — — 580 Other income (expense), net 668 9,482 (137) — — 10,013 Income (loss) before income tax 668 6,947 (11,042) (67) — (3,494) Equity interest in income (loss) (2,055) (2,107) — — 4,162 — Income tax provision (benefit) — 21 — — — 21 Net income (loss) (1,387) 4,819 (11,042) (67) 4,162 (3,515) Net income (loss) attributable to non-controlling interests — — — — (2,128) (2,128) Net income (loss) attributable to controlling interests $ (1,387) $ 4,819 $ (11,042) $ (67) $ 6,290 $ (1,387) Dividends and accretion on preferred stock (2,027) — — — — (2,027) Net income (loss) attributable to common shareholders $ (3,414) $ 4,819 $ (11,042) $ (67) $ 6,290 $ (3,414) Jones Energy, Inc. Condensed Consolidating Statement of Cash Flows (Unaudited) Three Months Ended March 31, 2018 Non- Guarantor Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities Net income (loss) $ (25,361) $ (37,058) $ (1,818) $ (77) $ 35,394 $ (28,920) Adjustments to reconcile net income (loss) to net cash provided by operating activities 23,710 7,698 72,413 77 (35,394) 68,504 Net cash (used in) / provided by operations (1,651) (29,360) 70,595 — — 39,584 Cash flows from investing activities Additions to oil and gas properties — — (70,202) — — (70,202) Proceeds from sales of assets — — 7,703 — — 7,703 Acquisition of other property, plant and equipment — — (31) — — (31) Current period settlements of matured derivative contracts — (10,262) — — — (10,262) Net cash (used in) / provided by investing — (10,262) (62,530) — — (72,792) Cash flows from financing activities Proceeds from issuance of long-term debt — 20,000 — — — 20,000 Repayment of long-term debt — (206,000) — — — (206,000) Proceeds from senior notes — 438,867 — — — 438,867 Payment of debt issuance costs — (7,979) — — — (7,979) Net payments for share based compensation — (66) — — — (66) Net cash (used in) / provided by financing — 244,822 — — — 244,822 Net increase (decrease) in cash and cash equivalents (1,651) 205,200 8,065 — — 211,614 Cash and cash equivalents Beginning of period 5,248 1,180 13,024 20 — 19,472 End of period $ 3,597 $ 206,380 $ 21,089 $ 20 $ — $ 231,086 Jones Energy, Inc. Condensed Consolidating Statement of Cash Flows (Unaudited) Three Months Ended March 31, 2017 Non- Guarantor Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities Net income (loss) $ (1,387) $ 4,819 $ (11,042) $ (67) $ 4,162 $ (3,515) Adjustments to reconcile net income (loss) to net cash provided by operating activities (23,060) (9,741) 53,994 67 (4,162) 17,098 Net cash (used in) / provided by operations (24,447) (4,922) 42,952 — — 13,583 Cash flows from investing activities Additions to oil and gas properties — — (47,110) — — (47,110) Net adjustments to purchase price of properties acquired — — 2,391 — — 2,391 Proceeds from sales of assets — — 144 — — 144 Acquisition of other property, plant and equipment — — (192) — — (192) Current period settlements of matured derivative contracts — 27,854 — — — 27,854 Net cash (used in) / provided by investing — 27,854 (44,767) — — (16,913) Cash flows from financing activities Proceeds from issuance of long-term debt — 30,000 — — — 30,000 Repayment under long-term debt — (53,000) — — — (53,000) Payment of dividends on preferred stock (1,840) — — — — (1,840) Net distributions paid to JEH unitholders 1,075 (1,637) — — — (562) Net payments for share based compensation — (31) — — — (31) Proceeds from sale of common stock 2,829 — — — — 2,829 Net cash (used in) / provided by financing 2,064 (24,668) — — — (22,604) Net increase (decrease) in cash (22,383) (1,736) (1,815) — — (25,934) Cash Beginning of period 27,164 1,975 5,483 20 — 34,642 End of period $ 4,781 $ 239 $ 3,668 $ 20 $ — $ 8,708

Significant Accounting Polici24

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Policy Text Blocks
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission. All significant intercompany transactions and balances have been eliminated in consolidation. The Company’s financial position as of December 31, 2017 and the financial statements reported for March 31, 2018 and 2017 and each of the three-month periods then ended include the Company and all of its subsidiaries. Certain prior period amounts have been reclassified to conform to the current presentation. The accompanying unaudited condensed consolidated financial statements for the periods ended March 31, 2018 and 2017 have been prepared in accordance with GAAP for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information relating to the Company’s organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been appropriately condensed or omitted in this Quarterly Report. The Company believes the disclosures made are adequate to make the information presented not misleading. The unaudited condensed consolidated financial statements contained in this report include all normal and recurring material adjustments that, in the opinion of management, are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented herein. It is recommended that these unaudited condensed consolidated financial statements should be read in conjunction with our most recent audited consolidated financial statements included in Jones Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017.
Use of Estimates	Use of Estimates There have been no significant changes in our use of estimates since those reported in Jones Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2017.
Production taxes	Production taxes During the first quarter of 2017, the Company's application for High-Cost Gas Incentive refunds in Texas was approved for qualified wells on which taxes were initially paid between October 2012 and September 2016. The Company received a net production tax refund of $3.3 million, which was recorded as a reduction in Production and ad valorem taxes on the Company’s Consolidated Statement of Operations. No such refunds were received during the first quarter of 2018.
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following at March 31, 2018 and December 31, 2017: March 31, December 31, (in thousands of dollars) 2018 2017 Accrued interest $ 20,738 $ 12,109 Partner prepayments 10,937 4,061 Other accrued liabilities 5,192 5,434 Total accrued liabilities $ 36,867 $ 21,604
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted in the current year-to-date period: In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which creates a new topic in the Accounting Standards Codification (“ASC”), topic 606, “Revenue from Contracts with Customers.” This standard sets forth a five-step model for determining when and how revenue is recognized. Under the model, an entity will be required to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. Additional disclosures will be required to describe the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year. The amendments may be applied on either a full or modified retrospective basis and are now effective for interim and annual reporting periods beginning after December 15, 2017. Therefore, the Company has adopted Update 2014-09 and Update 2015-14 effective as of January 1, 2018. The change was applied on a modified retrospective basis, which did not result in a cumulative effect adjustment to retained earnings. However, adoption did result in certain changes in presentation of gross revenues and expenses on the Company’s Consolidated Statement of Operations; such costs were historically offset against revenues. Upon adoption, we have also expanded disclosures related to revenue recognition. See Note 4, “Revenue Recognition.” In January 2017, the FASB issued ASU 2017-01, “Business Combinations” (Topic 805). The amendments under this ASU provide guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions/disposals or business combinations by providing a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired, or disposed of, is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business, therefore reducing the number of transactions that need to be further evaluated for treatment as a business combination. This new guidance is effective for annual periods beginning after December 15, 2017. Therefore, the Company adopted ASU 2017-01 effective as of January 1, 2018 applied prospectively, which did not have a material impact on our financial statements; however these amendments could result in the recording of fewer business combinations in future periods. To be adopted in a future period: In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842). This amendment requires, among other things, that lessees recognize the following for all leases (with the exception of short-term leases and mineral leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The amendments are effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impacts of the amendments to our financial statements and accounting practices for leases. We anticipate adoption of ASU 2016-02 effective as of January 1, 2019. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging” (Topic 815). The amendments in this update apply to any entity that elects to apply hedge accounting in accordance with current GAAP. This standard expands an entity’s ability to apply hedge accounting for nonfinancial and financial risk components and allows for a simplified approach for fair value hedging of interest rate risk. The standard also eliminates the need to separately measure and report hedge ineffectiveness and generally requires the entire change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item. Additionally, the standard simplifies the hedge documentation and effectiveness assessment requirements under the previous guidance. The amendments are effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Historically, the Company has elected not to designate any of its commodity price risk management activities as cash flow or fair value hedges. After concluding our assessment of the amendments in this update, management has determined we will continue not to designate any of our commodity price risk management activities as cash flow or fair value hedges. Therefore, adoption is not expected to have a material impact on the financial position, cash flows or results of operations. We anticipate adoption of ASU 2017-12 effective as of January 1, 2019.

Significant Accounting Polici25

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Schedule of accrued liabilities	March 31, December 31, (in thousands of dollars) 2018 2017 Accrued interest $ 20,738 $ 12,109 Partner prepayments 10,937 4,061 Other accrued liabilities 5,192 5,434 Total accrued liabilities $ 36,867 $ 21,604

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Schedule of disaggregation of revenue	The following table presents quantitative information about disaggregated revenues from contracts with customers by commodity and region of production for the three months ended March 31, 2018 as presented under ASC 606. Three Months Ended March 31, 2018 (in thousands of dollars) Oil Natural gas NGLs Total Eastern Anadarko $ 13,512 $ 1,191 $ 3,773 $ 18,476 Western Anadarko 23,165 6,996 9,501 39,662 Total $ 36,677 $ 8,187 $ 13,274 $ 58,138 The following table presents quantitative information about disaggregated revenues from contracts with customers by commodity and region of production for the three months ended March 31, 2017 as presented under ASC 605 since the Company adopted ASC 606 under the modified retrospective method which does not require adjustment of prior period amounts. Three Months Ended March 31, 2017 (1) (in thousands of dollars) Oil Natural gas NGLs Total Eastern Anadarko $ 956 $ 295 $ 269 $ 1,520 Western Anadarko 17,311 11,132 10,714 39,157 Total $ 18,267 $ 11,427 $ 10,983 $ 40,677
Schedule of receivables, contract assets and contract liabilities from contracts with customers	March 31, December 31, (in thousands of dollars) 2018 2017 Accounts receivable, net Oil and gas sales $ 35,696 $ 34,492 Other current liabilities Contract liabilities $ 1,151 $ —
Accounting Standards Update 2014-09
Table Text Blocks
Schedule of financial statement impact of adopting ASU 606	Three Months Ended March 31, 2018 ASC 606 (in thousands of dollars except per share data) As Reported Adjustments As Adjusted (1) Operating revenues Oil and gas sales $ 58,138 $ (706) $ 57,432 Other revenues (649) — (649) Total operating revenues 57,489 (706) 56,783 Operating costs and expenses Lease operating 10,229 — 10,229 Production and ad valorem taxes 2,751 — 2,751 Transportation and processing costs 706 (706) — Exploration 3,299 — 3,299 Depletion, depreciation and amortization 41,441 — 41,441 Accretion of ARO liability 251 — 251 General and administrative 7,570 — 7,570 Total operating expenses 66,247 (706) 65,541 Operating income (loss) (8,758) — (8,758) Other income (expense) Interest expense (21,862) — (21,862) Net gain (loss) on commodity derivatives (9,022) — (9,022) Other income (expense) 7,730 — 7,730 Other income (expense), net (23,154) — (23,154) Income (loss) before income tax (31,912) — (31,912) Income tax provision (benefit) (2,992) — (2,992) Net income (loss) (28,920) — (28,920) Net income (loss) attributable to non-controlling interests (3,559) — (3,559) Net income (loss) attributable to controlling interests $ (25,361) $ — $ (25,361) Dividends and accretion on preferred stock (1,968) — (1,968) Net income (loss) attributable to common shareholders $ (27,329) $ — $ (27,329) Earnings (loss) per share: Basic - Net income (loss) attributable to common shareholders $ (0.30) $ — $ (0.30) Diluted - Net income (loss) attributable to common shareholders $ (0.30) $ — $ (0.30) Weighted average Class A shares outstanding: Basic 91,064 — 91,064 Diluted 91,064 — 91,064 (1) This column excludes the impact of adopting ASC Topic 606 and is consistent with the presentation prior to January 1, 2018.

Properties, Plant and Equipme27

Properties, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
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Schedule of oil and gas properties	March 31, December 31, (in thousands of dollars) 2018 2017 Mineral interests in properties Unproved $ 142,623 $ 164,087 Proved 915,192 893,246 Wells and equipment and related facilities 1,496,286 1,434,383 2,554,101 2,491,716 Less: Accumulated depletion and impairment (936,441) (894,676) Net oil and gas properties $ 1,617,660 $ 1,597,040
Schedule of other property, plant and equipment	March 31, December 31, (in thousands of dollars) 2018 2017 Leasehold improvements $ 1,186 $ 1,186 Furniture, fixtures, computers and software 4,441 4,410 Vehicles 1,922 1,922 Aircraft 910 910 Other 211 210 8,670 8,638 Less: Accumulated depreciation and amortization (6,197) (5,919) Net other property, plant and equipment $ 2,473 $ 2,719

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Summary of long-term debt	(in thousands of dollars) March 31, 2018 December 31, 2017 Revolver $ 25,000 $ 211,000 2022 Notes 409,148 409,148 2023 Notes 150,000 150,000 2023 First Lien Notes 450,000 — Total principal amount 1,034,148 770,148 Less: unamortized discount (15,743) (5,228) Less: debt issuance costs, net (16,331) (5,604) Total carrying amount $ 1,002,074 $ 759,316

Derivative Instruments and He29

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Schedule of various commodity derivatives in place to offset uncertain price fluctuations that could affect the entity's future operations	March 31, 2018 Weighted Final Low High Average Expiration Oil swaps Exercise price $ 49.70 $ 54.18 $ 50.53 December 2020 Net barrels per month 55,000 216,000 107,182 Natural gas swaps Exercise price $ 2.76 $ 3.10 $ 2.87 December 2020 Offset exercise price $ 2.83 $ 2.86 $ 2.84 December 2018 Net MMbtu per month 700,000 1,600,000 1,053,939 Natural gas liquids swaps Exercise price $ 22.89 $ 45.26 $ 29.87 December 2018 Barrels per month 130,000 145,000 136,667 Natural gas basis swaps Exercise price $ (0.50) $ (0.44) $ (0.45) October 2018 Net MMbtu per month 800,000 800,000 800,000 Oil collars Puts (floors) $ 45.00 $ 50.00 $ 48.52 December 2019 Calls (ceilings) $ 56.60 $ 61.00 $ 59.64 Net barrels per month 65,000 73,000 67,500 Natural gas collars Puts (floors) $ 2.55 $ 2.55 $ 2.55 December 2019 Calls (ceilings) $ 3.08 $ 3.41 $ 3.19 Net barrels per month 950,000 1,050,000 990,833
Schedule of commodity derivative contracts that are netted on Consolidated Balance Sheet	Net Amounts Gross of Assets / Gross Amounts Gross Amounts Amounts Liabilities Not of Recognized Offset in the Presented in Offset in the Assets / Balance the Balance Balance (in thousands of dollars) Liabilities Sheet Sheet Sheet Net Amount March 31, 2018 Commodity derivative contracts Assets $ 8,634 $ (4,725) $ 3,909 $ — $ 3,909 Liabilities (50,568) 4,725 (45,843) — (45,843) December 31, 2017 Commodity derivative contracts Assets $ 8,572 $ (4,926) $ 3,646 $ — $ 3,646 Liabilities (50,423) 4,926 (45,497) — (45,497)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Schedule of financial instruments carried at fair value	(in thousands of dollars) March 31, 2018 Fair Value Measurements Using Commodity Price Hedges (Level 1) (Level 2) (Level 3) Total Current assets $ — $ 2,893 $ (245) $ 2,648 Long-term assets — 1,056 205 1,261 Current liabilities — 29,595 6,131 35,726 Long-term liabilities — 8,529 1,588 10,117 (in thousands of dollars) December 31, 2017 Fair Value Measurements Using Commodity Price Hedges (Level 1) (Level 2) (Level 3) Total Current assets $ — $ 3,474 $ — $ 3,474 Long-term assets — 56 116 172 Current liabilities — 28,946 7,763 36,709 Long-term liabilities — 7,860 928 8,788
Schedule of quantitative information about Level 3 inputs used in the fair value measurement, assets	Quantitative Information About Level 3 Fair Value Measurements Fair Value Unobservable Commodity Price Hedges (000’s) Valuation Technique Input Range Natural gas liquid swaps $ (5,264) Use a discounted cash flow approach using inputs including forward price statements from counterparties Natural gas liquid futures $27.93 - $44.00 per barrel Crude oil collars $ (2,455) Use a discounted option model approach using inputs including interpolated volatilities for certain settlement months where market volatility quotes were unavailable for the option strike price Market volatility quotes at the option strike for certain settlement months in 2019 $45.00 - $61.00 per barrel Natural gas collars $ (40) Use a discounted option model approach using inputs including interpolated volatilities for certain settlement months where market volatility quotes were unavailable for the option strike price Market volatility quotes at the option strike for certain settlement months in 2019 $2.55 - $3.41 per barrel
Schedule of changes in fair value of Level 3 financial instruments	(in thousands of dollars) Balance at December 31, 2017, net $ (8,575) Purchases — Settlements 1,824 Transfers to Level 2 — Transfers to Level 3 — Changes in fair value (1,008) Balance at March 31, 2018, net $ (7,759)
Schedule of fair value of financial instruments that are not recorded at fair value in the consolidated financial statements	March 31, 2018 December 31, 2017 Principal Principal (in thousands of dollars) Amount Fair Value Amount Fair Value Debt: Revolver $ 25,000 $ 25,000 $ 211,000 $ 211,000 2022 Notes 409,148 228,436 409,148 305,404 2023 Notes 150,000 84,344 150,000 114,750 2023 First Lien Notes 450,000 429,062 — —

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Summary of the Company's ARO	(in thousands of dollars) Balance at December 31, 2017 $ 20,372 Liabilities incurred 89 Accretion of ARO liability 251 Liabilities settled due to sale of related properties (124) Liabilities settled due to plugging and abandonment (54) Change in estimate (40) Total ARO balance at March 31, 2018 20,494 Less: Current portion of ARO (720) Total long-term ARO at March 31, 2018 $ 19,774

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Management Unit Awards
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Summary of information related to the units/shares or awards	Weighted Average Grant Date Fair Value JEH Units per Share Unvested at December 31, 2017 32,315 $ 15.00 Granted — 15.00 Forfeited — 15.00 Vested — 15.00 Unvested at March 31, 2018 32,315 $ 15.00
Restricted Stock Unit Awards
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Summary of information related to the units/shares or awards	Restricted Weighted Average Stock Unit Grant Date Fair Value Awards per Share Unvested at December 31, 2017 2,762,771 $ 2.79 Adjustment (1) 52,484 — Granted — — Forfeited (136,441) 2.21 Vested — — Unvested at March 31, 2018 2,678,814 $ 2.76 (1) Increase of 0.019796 units for each unvested restricted stock unit awards at the time of the Company’s February 15, 2018 preferred stock dividend paid entirely in shares of the Company’s Class A common stock, as described in Note 12 “Stockholders’ and Mezzanine equity,” in accordance with the terms of the original awards.
Performance Share Unit Awards
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Summary of information related to the units/shares or awards	Performance Weighted Average Share Unit Grant Date Fair Value Awards per Share Unvested at December 31, 2017 957,178 $ 3.34 Adjustment (1) 18,953 — Granted — — Forfeited — — Vested — — Unvested at March 31, 2018 976,131 $ 3.27 (1) Increase of 0.019796 units for each unvested performance share unit awards at the time of the Company’s February 15, 2018 preferred stock dividend paid entirely in shares of the Company’s Class A common stock, as described in Note 12 “Stockholders’ and Mezzanine equity,” in accordance with the terms of the original awards.
Restricted Stock Awards
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Summary of information related to the units/shares or awards	Weighted Average Restricted Grant Date Fair Value Stock Awards per Share Unvested at December 31, 2017 187,419 $ 2.16 Adjustment (1) 2,478 — Granted 62,473 1.17 Forfeited (62,473) 2.16 Vested (62,473) 1.17 Unvested at March 31, 2018 127,424 $ 2.12 (1) Increase of 0.019796 units for each unvested restricted stock awards at the time of the Company’s February 15, 2018 preferred stock dividend paid entirely in shares of the Company’s Class A common stock, as described in Note 12 “Stockholders’ and Mezzanine equity,” in accordance with the terms of the original awards.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Schedule of allocation of the income tax provision between the controlling and non-controlling interests	Three Months Ended March 31, (in thousands of dollars) 2018 2017 Jones Energy, Inc. $ (2,978) $ 14 Non-controlling interest (14) 7 Income tax provision (benefit) $ (2,992) $ 21

Stockholders' and Mezzanine e34

Stockholders' and Mezzanine equity (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Schedule of Mezzanine equity	(in thousands of dollars) Mezzanine equity at December 31, 2017 $ 89,539 Dividends on preferred stock, net — Accretion on preferred stock 128 Change in estimate due to settlements — Mezzanine equity at March 31, 2018 $ 89,667

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Schedule of calculation of the basic and diluted weighted-average shares and EPS	Three Months Ended March 31, (in thousands, except per share data) 2018 2017 Income (numerator): Net income (loss) attributable to controlling interests $ (25,361) $ (1,387) Less: Dividends and accretion on preferred stock (1,968) (2,027) Net income (loss) attributable to common shareholder $ (27,329) $ (3,414) Weighted-average shares (denominator): Weighted-average number of shares of Class A common stock - basic 91,064 62,197 Weighted-average number of shares of Class A common stock - diluted 91,064 62,197 Earnings (loss) per share: Basic - Net income (loss) attributable to common shareholders $ (0.30) $ (0.05) Diluted - Net income (loss) attributable to common shareholders $ (0.30) $ (0.05)

Subsidiary Guarantors (Tables)

Subsidiary Guarantors (Tables)	3 Months Ended
	Mar. 31, 2018
Table Text Blocks
Condensed Consolidating Balance Sheet	Jones Energy, Inc. Condensed Consolidating Balance Sheet (Unaudited) March 31, 2018 Guarantor Non-Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Assets Current assets Cash and cash equivalents $ 3,597 $ 206,380 $ 21,089 $ 20 $ — $ 231,086 Accounts receivable, net Oil and gas sales — — 35,696 — — 35,696 Joint interest owners — — 40,681 — — 40,681 Other — — 1,066 — — 1,066 Commodity derivative assets — 2,648 — — — 2,648 Other current assets 1,866 179 4,672 — — 6,717 Intercompany receivable 388,717 1,167,222 — — (1,555,939) — Total current assets 394,180 1,376,429 103,204 20 (1,555,939) 317,894 Oil and gas properties, net, at cost under the successful efforts method — — 1,617,660 — — 1,617,660 Other property, plant and equipment, net — — 1,969 504 — 2,473 Commodity derivative assets — 1,261 — — — 1,261 Other assets — 823 1,072 — — 1,895 Investment in subsidiaries 207,224 112,789 — — (320,013) — Total assets $ 601,404 $ 1,491,302 $ 1,723,905 $ 524 $ (1,875,952) $ 1,941,183 Liabilities and Stockholders’ Equity Current liabilities Trade accounts payable $ — $ 3,504 $ 66,202 $ — $ — $ 69,706 Oil and gas sales payable — — 41,928 — — 41,928 Accrued liabilities — 21,317 15,550 — — 36,867 Commodity derivative liabilities — 35,726 — — — 35,726 Other current liabilities — 1,723 1,872 — — 3,595 Intercompany payable — — 1,552,800 3,139 (1,555,939) — Total current liabilities — 62,270 1,678,352 3,139 (1,555,939) 187,822 Long-term debt — 1,002,074 — — — 1,002,074 Deferred revenue — 5,082 — — — 5,082 Commodity derivative liabilities — 10,117 — — — 10,117 Asset retirement obligations — — 19,774 — — 19,774 Liability under tax receivable agreement 56,114 — — — — 56,114 Other liabilities — 83 810 — — 893 Deferred tax liabilities 10,061 1,227 — — — 11,288 Total liabilities 66,175 1,080,853 1,698,936 3,139 (1,555,939) 1,293,164 Mezzanine equity Series A preferred stock, $0.001 par value; 1,839,995 shares issued and outstanding at March 31, 2018 89,667 — — — — 89,667 Stockholders’/ members' equity (deficit) Members' equity — 410,449 24,969 (2,615) (432,803) — Class A common stock, $0.001 par value; 92,052,897 shares issued and 92,030,295 shares outstanding at March 31, 2018 92 — — — — 92 Class B common stock, $0.001 par value; 9,627,821 shares issued and outstanding at March 31, 2018 10 — — — — 10 Treasury stock, at cost: 22,602 shares at March 31, 2018 (358) — — — — (358) Additional paid-in-capital 609,421 — — — — 609,421 Retained earnings (deficit) (163,603) — — — — (163,603) Stockholders' equity (deficit) 445,562 410,449 24,969 (2,615) (432,803) 445,562 Non-controlling interest — — — — 112,790 112,790 Total stockholders’ equity 445,562 410,449 24,969 (2,615) (320,013) 558,352 Total liabilities and stockholders’ equity $ 601,404 $ 1,491,302 $ 1,723,905 $ 524 $ (1,875,952) $ 1,941,183 Jones Energy, Inc. Condensed Consolidating Balance Sheet December 31, 2017 Guarantor Non-Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Assets Current assets Cash $ 5,248 $ 1,180 $ 13,024 $ 20 $ — $ 19,472 Accounts receivable, net Oil and gas sales — — 34,492 — — 34,492 Joint interest owners — — 31,651 — — 31,651 Other — — 1,236 — — 1,236 Commodity derivative assets — 3,474 — — — 3,474 Other current assets 1,866 358 12,152 — — 14,376 Intercompany receivable 383,849 1,146,647 — — (1,530,496) — Total current assets 390,963 1,151,659 92,555 20 (1,530,496) 104,701 Oil and gas properties, net, at cost under the successful efforts method — — 1,597,040 — — 1,597,040 Other property, plant and equipment, net — — 2,192 527 — 2,719 Commodity derivative assets — 172 — — — 172 Other assets — 4,427 1,004 — — 5,431 Investment in subsidiaries 242,617 116,349 — — (358,966) — Total assets $ 633,580 $ 1,272,607 $ 1,692,791 $ 547 $ (1,889,462) $ 1,710,063 Liabilities and Stockholders’ Equity Current liabilities Trade accounts payable $ 138 $ 247 $ 72,278 $ — $ — $ 72,663 Oil and gas sales payable — — 31,462 — — 31,462 Accrued liabilities 62 11,363 10,172 7 — 21,604 Commodity derivative liabilities — 36,709 — — — 36,709 Other current liabilities 1,606 1,723 720 — — 4,049 Intercompany payable — — 1,527,418 3,078 (1,530,496) — Total current liabilities 1,806 50,042 1,642,050 3,085 (1,530,496) 166,487 Long-term debt — 759,316 — — — 759,316 Deferred revenue — 5,457 — — — 5,457 Commodity derivative liabilities — 8,788 — — — 8,788 Asset retirement obligations — — 19,652 — — 19,652 Liability under tax receivable agreement 59,596 — — — — 59,596 Other liabilities — 68 743 — — 811 Deferred tax liabilities 12,852 1,429 — — — 14,281 Total liabilities 74,254 825,100 1,662,445 3,085 (1,530,496) 1,034,388 Mezzanine equity Series A preferred stock, $0.001 par value; 1,840,000 shares issued and outstanding at December 31, 2017 89,539 — — — — 89,539 Stockholders’/ members' equity (deficit) Members' equity — 447,507 30,346 (2,538) (475,315) — Class A common stock, $0.001 par value; 90,139,840 shares issued and 90,117,238 shares outstanding at December 31, 2017 90 — — — — 90 Class B common stock, $0.001 par value; 9,627,821 shares issued and outstanding at December 31, 2017 10 — — — — 10 Treasury stock, at cost: 22,602 shares at December 31, 2017 (358) — — — — (358) Additional paid-in-capital 606,319 — — — — 606,319 Retained earnings (deficit) (136,274) — — — — (136,274) Stockholders' equity (deficit) 469,787 447,507 30,346 (2,538) (475,315) 469,787 Non-controlling interest — — — — 116,349 116,349 Total stockholders’ equity 469,787 447,507 30,346 (2,538) (358,966) 586,136 Total liabilities and stockholders’ equity $ 633,580 $ 1,272,607 $ 1,692,791 $ 547 $ (1,889,462) $ 1,710,063
Condensed Consolidating Statement of Operations	Jones Energy, Inc. Condensed Consolidating Statement of Operations (Unaudited) Three Months Ended March 31, 2018 Guarantor Non-Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Operating revenues Oil and gas sales $ — $ — $ 58,138 $ — $ — $ 58,138 Other revenues — 374 (1,023) — — (649) Total operating revenues — 374 57,115 — — 57,489 Operating costs and expenses Lease operating — — 10,229 — — 10,229 Production and ad valorem taxes — — 2,751 — — 2,751 Transportation and processing costs — — 706 — — 706 Exploration — — 3,299 — — 3,299 Depletion, depreciation and amortization — — 41,418 23 — 41,441 Accretion of ARO liability — — 251 — — 251 General and administrative — 3,207 4,309 54 — 7,570 Total operating expenses — 3,207 62,963 77 — 66,247 Operating income (loss) — (2,833) (5,848) (77) — (8,758) Other income (expense) Interest expense — (21,619) (243) — — (21,862) Net gain (loss) on commodity derivatives — (9,022) — — — (9,022) Other income (expense) 3,482 (25) 4,273 — — 7,730 Other income (expense), net 3,482 (30,666) 4,030 — — (23,154) Income (loss) before income tax 3,482 (33,499) (1,818) (77) — (31,912) Equity interest in income (loss) (31,634) (3,760) — — 35,394 — Income tax provision (benefit) (2,791) (201) — — — (2,992) Net income (loss) (25,361) (37,058) (1,818) (77) 35,394 (28,920) Net income (loss) attributable to non-controlling interests — — — — (3,559) (3,559) Net income (loss) attributable to controlling interests $ (25,361) $ (37,058) $ (1,818) $ (77) $ 38,953 $ (25,361) Dividends and accretion on preferred stock (1,968) — — — — (1,968) Net income (loss) attributable to common shareholders $ (27,329) $ (37,058) $ (1,818) $ (77) $ 38,953 $ (27,329) Jones Energy, Inc. Condensed Consolidating Statement of Operations (Unaudited) Three Months Ended March 31, 2017 Guarantor Non-Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Operating revenues Oil and gas sales $ — $ — $ 40,677 $ — $ — $ 40,677 Other revenues — 458 98 — — 556 Total operating revenues — 458 40,775 — — 41,233 Operating costs and expenses Lease operating — — 8,806 — — 8,806 Production and ad valorem taxes — — (906) — — (906) Exploration — — 2,944 — — 2,944 Depletion, depreciation and amortization — — 35,631 23 — 35,654 Accretion of ARO liability — — 201 — — 201 General and administrative — 2,993 5,004 44 — 8,041 Total operating expenses — 2,993 51,680 67 — 54,740 Operating income (loss) — (2,535) (10,905) (67) — (13,507) Other income (expense) Interest expense — (12,814) (73) — — (12,887) Net gain (loss) on commodity derivatives — 22,320 — — — 22,320 Other income (expense) 668 (24) (64) — — 580 Other income (expense), net 668 9,482 (137) — — 10,013 Income (loss) before income tax 668 6,947 (11,042) (67) — (3,494) Equity interest in income (loss) (2,055) (2,107) — — 4,162 — Income tax provision (benefit) — 21 — — — 21 Net income (loss) (1,387) 4,819 (11,042) (67) 4,162 (3,515) Net income (loss) attributable to non-controlling interests — — — — (2,128) (2,128) Net income (loss) attributable to controlling interests $ (1,387) $ 4,819 $ (11,042) $ (67) $ 6,290 $ (1,387) Dividends and accretion on preferred stock (2,027) — — — — (2,027) Net income (loss) attributable to common shareholders $ (3,414) $ 4,819 $ (11,042) $ (67) $ 6,290 $ (3,414)
Condensed Consolidating Statement of Cash Flows	Jones Energy, Inc. Condensed Consolidating Statement of Cash Flows (Unaudited) Three Months Ended March 31, 2018 Non- Guarantor Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities Net income (loss) $ (25,361) $ (37,058) $ (1,818) $ (77) $ 35,394 $ (28,920) Adjustments to reconcile net income (loss) to net cash provided by operating activities 23,710 7,698 72,413 77 (35,394) 68,504 Net cash (used in) / provided by operations (1,651) (29,360) 70,595 — — 39,584 Cash flows from investing activities Additions to oil and gas properties — — (70,202) — — (70,202) Proceeds from sales of assets — — 7,703 — — 7,703 Acquisition of other property, plant and equipment — — (31) — — (31) Current period settlements of matured derivative contracts — (10,262) — — — (10,262) Net cash (used in) / provided by investing — (10,262) (62,530) — — (72,792) Cash flows from financing activities Proceeds from issuance of long-term debt — 20,000 — — — 20,000 Repayment of long-term debt — (206,000) — — — (206,000) Proceeds from senior notes — 438,867 — — — 438,867 Payment of debt issuance costs — (7,979) — — — (7,979) Net payments for share based compensation — (66) — — — (66) Net cash (used in) / provided by financing — 244,822 — — — 244,822 Net increase (decrease) in cash and cash equivalents (1,651) 205,200 8,065 — — 211,614 Cash and cash equivalents Beginning of period 5,248 1,180 13,024 20 — 19,472 End of period $ 3,597 $ 206,380 $ 21,089 $ 20 $ — $ 231,086 Jones Energy, Inc. Condensed Consolidating Statement of Cash Flows (Unaudited) Three Months Ended March 31, 2017 Non- Guarantor Guarantor (in thousands of dollars) JEI (Parent) Issuers Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities Net income (loss) $ (1,387) $ 4,819 $ (11,042) $ (67) $ 4,162 $ (3,515) Adjustments to reconcile net income (loss) to net cash provided by operating activities (23,060) (9,741) 53,994 67 (4,162) 17,098 Net cash (used in) / provided by operations (24,447) (4,922) 42,952 — — 13,583 Cash flows from investing activities Additions to oil and gas properties — — (47,110) — — (47,110) Net adjustments to purchase price of properties acquired — — 2,391 — — 2,391 Proceeds from sales of assets — — 144 — — 144 Acquisition of other property, plant and equipment — — (192) — — (192) Current period settlements of matured derivative contracts — 27,854 — — — 27,854 Net cash (used in) / provided by investing — 27,854 (44,767) — — (16,913) Cash flows from financing activities Proceeds from issuance of long-term debt — 30,000 — — — 30,000 Repayment under long-term debt — (53,000) — — — (53,000) Payment of dividends on preferred stock (1,840) — — — — (1,840) Net distributions paid to JEH unitholders 1,075 (1,637) — — — (562) Net payments for share based compensation — (31) — — — (31) Proceeds from sale of common stock 2,829 — — — — 2,829 Net cash (used in) / provided by financing 2,064 (24,668) — — — (22,604) Net increase (decrease) in cash (22,383) (1,736) (1,815) — — (25,934) Cash Beginning of period 27,164 1,975 5,483 20 — 34,642 End of period $ 4,781 $ 239 $ 3,668 $ 20 $ — $ 8,708

Organization and Description 37

Organization and Description of Business - Common Stock (Details)	3 Months Ended
	Mar. 31, 2018classshares
Common Stock
Number of classes of common stock | class	2
Class B common stock
Common Stock
Economic interests/rights (as a percent)	0.00%
Votes per share entitled to holders	1
Pre-IPO owners of JEH
Common Stock
Ratio in which JEH Units and Class B common stock are exchanged for Class A common stock	1
JEH | Class B common stock
Common Stock
Number of units held (in shares)	9,627,821
JEH | LP
Common Stock
Number of units held (in shares)	92,030,295

Organization and Description 38

Organization and Description of Business - Series A Perpetual Convertible Preferred Stock (Details) - $ / shares	Jan. 11, 2018	Oct. 09, 2017	Jul. 13, 2017	Apr. 17, 2017	Jan. 19, 2017	Aug. 25, 2016	Mar. 31, 2018	Dec. 31, 2017
Series A Perpetual Convertible Preferred Stock
Series A preferred stock, par value (in dollars per share)							$ 0.001	$ 0.001
Series A preferred stock, shares issued							1,839,995	1,839,995
Series A preferred stock, shares outstanding							1,839,995	1,839,995
Minimum
Series A Perpetual Convertible Preferred Stock
Number of series of preferred stock authorized							1
Series A preferred stock
Series A Perpetual Convertible Preferred Stock
Shares issued (in shares)						1,840,000
Dividend rate (as a percent)	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%
Series A preferred stock, par value (in dollars per share)						$ 0.001
Preferred stock, share price (in dollars per share)						$ 50

Organization and Description 39

Organization and Description of Business - NYSE Listing (Details)	Mar. 23, 2018$ / shares
Class of Stock [Line Items]
Cure period to regain compliance	6 months
Class A common stock
Class of Stock [Line Items]
Temporary Equity, Threshold Consecutive Trading Days	30 days
Minimum
Class of Stock [Line Items]
Share price (in dollars per share)	$ 1
Minimum | Class A common stock
Class of Stock [Line Items]
Share price (in dollars per share)	1
Maximum | Class A common stock
Class of Stock [Line Items]
Share price (in dollars per share)	$ 1

Significant Accounting Polici40

Significant Accounting Policies - Production Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Production taxes
The net production tax refund	$ 0	$ 3.3

Significant Accounting Polici41

Significant Accounting Policies - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accrued Liabilities
Accrued interest	$ 20,738	$ 12,109
Partner prepayments	10,937	4,061
Other accrued liabilities	5,192	5,434
Total accrued liabilities	$ 36,867	$ 21,604

Divestitures - Sale of Non-core

Divestitures - Sale of Non-core Assets (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Non-core Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Divestitures
Net gains from divestiture	$ 4.6

Divestitures - Arkoma Divestitu

Divestitures - Arkoma Divestiture (Details) - Arkoma Assets - USD ($) $ in Millions	Mar. 31, 2018	Aug. 01, 2017
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Divestitures
Consideration, purchase price		$ 65
Contingent payments based on natural gas prices		2.5
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Scenario, Adjustment
Divestitures
Consideration, purchase price		$ 7.3
Disposal Group, Held-for-sale, Not Discontinued Operations
Divestitures
Contingent payments based on natural gas prices	$ 0

Revenue Recognition - Adoption

Revenue Recognition - Adoption of ASC Topic 606 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 02, 2018	Dec. 31, 2017
Net income (loss)
Net income (loss)	$ (28,920)	$ (3,515)
Stockholders' equity
Retained (deficit) / earnings	(163,603)			$ (136,274)
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Net income (loss)
Net income (loss)	$ 0
Stockholders' equity
Retained (deficit) / earnings			$ 0

Revenue Recognition - Impact on

Revenue Recognition - Impact on Statement of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating revenues
Revenues	$ 57,489	$ 41,233
Operating costs and expenses
Lease operating	10,229	8,806
Production and ad valorem taxes	2,751	(906)
Transportation and processing costs	706
Exploration	3,299	2,944
Depletion, depreciation and amortization	41,441	35,654
Accretion of ARO liability	251	201
General and administrative	7,570	8,041
Total operating expenses	66,247	54,740
Operating income (loss)	(8,758)	(13,507)
Other income (expense)
Interest expense	(21,862)	(12,887)
Net gain (loss) on commodity derivatives	(9,022)	22,320
Other income (expense)	7,730	580
Other income (expense), net	(23,154)	10,013
Income (loss) before income tax	(31,912)	(3,494)
Income tax provision (benefit)	(2,992)	21
Net income (loss)	(28,920)	(3,515)
Net income (loss) attributable to non-controlling interests	(3,559)	(2,128)
Net income (loss) attributable to controlling interests	(25,361)	(1,387)
Dividends and accretion on preferred stock	(1,968)	(2,027)
Net income (loss) attributable to common shareholders	$ (27,329)	$ (3,414)
Earnings (loss) per share:
Basic - Net income (loss) attributable to common shareholders (in dollars per share)	$ (0.30)	$ (0.05)
Diluted - Net income (loss) attributable to common shareholders (in dollars per share)	$ (0.30)	$ (0.05)
Weighted average Class A shares outstanding:
Basic (in shares)	91,064	62,197
Diluted (in shares)	91,064	62,197
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Operating revenues
Revenues	$ (706)
Operating costs and expenses
Transportation and processing costs	(706)
Total operating expenses	(706)
Other income (expense)
Net income (loss)	0
Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09
Operating revenues
Revenues	56,783
Operating costs and expenses
Lease operating	10,229
Production and ad valorem taxes	2,751
Exploration	3,299
Depletion, depreciation and amortization	41,441
Accretion of ARO liability	251
General and administrative	7,570
Total operating expenses	65,541
Operating income (loss)	(8,758)
Other income (expense)
Interest expense	(21,862)
Net gain (loss) on commodity derivatives	(9,022)
Other income (expense)	7,730
Other income (expense), net	(23,154)
Income (loss) before income tax	(31,912)
Income tax provision (benefit)	(2,992)
Net income (loss)	(28,920)
Net income (loss) attributable to non-controlling interests	(3,559)
Net income (loss) attributable to controlling interests	(25,361)
Dividends and accretion on preferred stock	(1,968)
Net income (loss) attributable to common shareholders	$ (27,329)
Earnings (loss) per share:
Basic - Net income (loss) attributable to common shareholders (in dollars per share)	$ (0.30)
Diluted - Net income (loss) attributable to common shareholders (in dollars per share)	$ (0.30)
Weighted average Class A shares outstanding:
Basic (in shares)	91,064
Diluted (in shares)	91,064
Oil and Gas
Operating revenues
Revenues	$ 58,138	$ 40,677
Oil and Gas | Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Operating revenues
Revenues	(706)
Oil and Gas | Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09
Operating revenues
Revenues	57,432
Other revenues
Operating revenues
Revenues	(649)	$ 556
Other revenues | Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09
Operating revenues
Revenues	$ (649)

Revenue Recognition - Practical

Revenue Recognition - Practical Expedients (Details)	3 Months Ended
	Mar. 31, 2018
Practical expedients - revenue recognition
Incremental cost of obtaining contracts as an expenses	true
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true/false]	true
Practical expedients - performance obligations
Remaining performance obligations	true

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Oil and Gas
Operating revenues
Total	$ 58,138
Oil and Gas | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		$ 40,677
Oil
Operating revenues
Total	36,677
Oil | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		18,267
Natural gas
Operating revenues
Total	8,187
Natural gas | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		11,427
Natural gas liquid
Operating revenues
Total	13,274
Natural gas liquid | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		10,983
Eastern Anadarko | Oil and Gas
Operating revenues
Total	18,476
Eastern Anadarko | Oil and Gas | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		1,520
Eastern Anadarko | Oil
Operating revenues
Total	13,512
Eastern Anadarko | Oil | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		956
Eastern Anadarko | Natural gas
Operating revenues
Total	1,191
Eastern Anadarko | Natural gas | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		295
Eastern Anadarko | Natural gas liquid
Operating revenues
Total	3,773
Eastern Anadarko | Natural gas liquid | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		269
Western Anadarko | Oil and Gas
Operating revenues
Total	39,662
Western Anadarko | Oil and Gas | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		39,157
Western Anadarko | Oil
Operating revenues
Total	23,165
Western Anadarko | Oil | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		17,311
Western Anadarko | Natural gas
Operating revenues
Total	6,996
Western Anadarko | Natural gas | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		11,132
Western Anadarko | Natural gas liquid
Operating revenues
Total	$ 9,501
Western Anadarko | Natural gas liquid | Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Total		$ 10,714

Revenue Recognition - Timing of

Revenue Recognition - Timing of Transfer of Product or Service (Details) - Oil and Gas - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating revenues
Revenue	$ 58,138
Transferred at Point in Time
Operating revenues
Revenue	58,138
Transferred over Time
Operating revenues
Revenue	$ 0
Calculated under Revenue Guidance in Effect before Topic 606
Operating revenues
Revenue		$ 40,677
Calculated under Revenue Guidance in Effect before Topic 606 | Transferred at Point in Time
Operating revenues
Revenue		40,677
Calculated under Revenue Guidance in Effect before Topic 606 | Transferred over Time
Operating revenues
Revenue		$ 0

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Contract balances
Oil and gas sales	$ 35,696	$ 34,492
Contract liabilities	$ 1,151

Properties, Plant and Equipme50

Properties, Plant and Equipment - Oil and Gas Properties - Tabular Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Mineral interests in properties
Unproved	$ 142,623	$ 164,087
Proved	915,192	893,246
Wells and equipment and related facilities	1,496,286	1,434,383
Gross oil and gas properties	2,554,101	2,491,716
Less: Accumulated depletion and impairment	(936,441)	(894,676)
Net oil and gas properties	$ 1,617,660	$ 1,597,040

Properties, Plant and Equipme51

Properties, Plant and Equipment - Oil and Gas Properties - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)project	Mar. 31, 2017USD ($)project
Oil and Gas Properties
Number of exploratory wells for which costs were capitalized | project	0	0
Costs capitalized in connection with exploratory wells	$ 0	$ 0
Exploration expense on exploratory wells	0	0
Amount of capitalized interest on expenditures	0.1	0
Depletion of oil and gas properties	41.1	35.4
Impairments of proved or unproved oil and gas properties	$ 0	$ 0

Properties, Plant and Equipme52

Properties, Plant and Equipment - Other Property, Plant and Equipment - Tabular Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Property, Plant and Equipment
Gross other property, plant and equipment	$ 8,670	$ 8,638
Less: Accumulated depreciation and amortization	(6,197)	(5,919)
Net other property, plant and equipment	2,473	2,719
Leasehold improvements
Other Property, Plant and Equipment
Gross other property, plant and equipment	1,186	1,186
Furniture, fixtures, computers and software
Other Property, Plant and Equipment
Gross other property, plant and equipment	4,441	4,410
Vehicles
Other Property, Plant and Equipment
Gross other property, plant and equipment	1,922	1,922
Aircraft
Other Property, Plant and Equipment
Gross other property, plant and equipment	910	910
Other
Other Property, Plant and Equipment
Gross other property, plant and equipment	$ 211	$ 210

Properties, Plant and Equipme53

Properties, Plant and Equipment - Other Property, Plant and Equipment - Depreciation and Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Property, Plant and Equipment
Depreciation and amortization of other property, plant and equipment	$ 0.3	$ 0.3

Long-Term Debt - Tabular Disclo

Long-Term Debt - Tabular Disclosure (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Long-Term Debt
Total principal amount	$ 1,034,148	$ 770,148
Less: unamortized discount	(15,743)	(5,228)
Less: debt issuance costs, net	(16,331)	(5,604)
Total carrying amount	1,002,074	759,316
2022 Notes | Senior notes
Long-Term Debt
Total principal amount	409,148	409,148
2023 Notes | Senior notes
Long-Term Debt
Total principal amount	150,000	150,000
2023 First Lien Notes | Senior notes
Long-Term Debt
Total principal amount	450,000
Revolving credit facility | Revolver | Line of credit
Long-Term Debt
Total principal amount	$ 25,000	$ 211,000

Long-Term Debt - Senior Unsecur

Long-Term Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Feb. 23, 2015	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Apr. 01, 2014
Senior Unsecured Notes
Notes proceeds from issuance		$ 438,867
Repayment under long-term debt		206,000	$ 53,000
Senior notes
Senior Unsecured Notes
Aggregate principal amount repurchased		$ 0		$ 190,900	$ 0
Gain on debt extinguishment				99,500
2022 Notes | Senior notes
Senior Unsecured Notes
Aggregate principal amount						$ 500,000
Stated interest rate (as a percent)						6.75%
Aggregate principal amount repurchased				90,900
Purchased amount				38,100
Aggregate principle amount repurchased and available for reissuance				20,300
2023 Notes | Senior notes
Senior Unsecured Notes
Aggregate principal amount	$ 250,000
Stated interest rate (as a percent)	9.25%
Discount of principal amount (as a percent)	94.59%
Notes proceeds from issuance	$ 236,500
Beneficial owner | 2023 Notes | Senior notes
Senior Unsecured Notes
Aggregate principal amount repurchased				100,000
Purchased amount				$ 46,500

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured First Lien Notes (Details) - USD ($) $ in Thousands	Feb. 14, 2018	Mar. 31, 2018
Senior Secured Notes
Notes proceeds from issuance		$ 438,867
2023 First Lien Notes | Senior notes
Senior Secured Notes
Aggregate principal amount	$ 450,000
Stated interest rate (as a percent)	9.25%
Discount of principal amount (as a percent)	97.526%
Notes proceeds from issuance	$ 25,000
Loan costs capitalized		$ 11,400

Long-Term Debt - Other Long-Ter

Long-Term Debt - Other Long-Term Debt (Details) $ in Thousands	Nov. 26, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Feb. 14, 2018USD ($)	Aug. 01, 2017USD ($)	May 15, 2017USD ($)
Other Long-Term Debt
Accelerated amortization of debt issuance costs		$ 4,881	$ 977
2023 First Lien Notes | Senior notes
Other Long-Term Debt
Senior secured notes				$ 700,000
Maximum | Revolver | Line of credit
Other Long-Term Debt
Total leverage ratio	4
Revolving credit facility | Revolver | Line of credit
Other Long-Term Debt
Borrowing base	$ 350,000	50,000		$ 50,000	$ 375,000	$ 425,000
Outstanding borrowings under the Revolver		25,000
Unused borrowing capacity		$ 25,000
Average interest rate (as a percent)		4.40%	2.59%
Average outstanding balance		$ 125,000	$ 195,200
Total interest and commitment fees		1,400	$ 1,500
Accelerated amortization of debt issuance costs		$ 3,200
Leverage ratio, I Quarter		5.25
Leverage ratio, II Quarter		5
Leverage ratio, III Quarter		4.75
Leverage ratio, IV Quarter		4.50
Leverage ratio, last day of quarter		4
Leverage ratio, Senior secured debt to EBIDTA		2.25
Percentage of projected production over 24 months	100.00%
Percentage of projected production over 36 months	85.00%
Covenant, current ratio		1
Current ratio		2.24
Revolving credit facility | Maximum | Revolver | Line of credit
Other Long-Term Debt
Junior lien debt	$ 350,000
Revolving credit facility | Federal Funds Effective Swap Rate | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		0.50%
Revolving credit facility | One Month Adjust LIBO Rate | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		1.00%
Revolving credit facility | Prime Rate | Minimum | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		1.25%
Revolving credit facility | Prime Rate | Maximum | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		2.25%
Leverage Ratio is Less than or Equal to 4.00 | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)	0.75%
Leverage Ratio is Less than or Equal to 4.00 | Revolving credit facility | Revolver | Line of credit
Other Long-Term Debt
Total leverage ratio	4
Leverage Ratio is Less than or Equal to 4.00 | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Revolver | Line of credit
Other Long-Term Debt
Total leverage ratio		4
Leverage Ratio is Less than or Equal to 4.00 | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		2.25%
Leverage Ratio is Less than or Equal to 4.00 | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		3.25%
Leverage Ratio is Less than or Equal to 4.00 | Revolving credit facility | Prime Rate | Revolver | Line of credit
Other Long-Term Debt
Total leverage ratio		4
Leverage Ratio is Greater than 4.00 | Maximum | Revolver | Line of credit
Other Long-Term Debt
Total leverage ratio	4
Leverage Ratio is Greater than 4.00 | Revolving credit facility | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)	1.25%
Leverage Ratio is Greater than 4.00 | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Revolver | Line of credit
Other Long-Term Debt
Total leverage ratio		4
Leverage Ratio is Greater than 4.00 | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		2.75%
Leverage Ratio is Greater than 4.00 | Revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		3.75%
Leverage Ratio is Greater than 4.00 | Revolving credit facility | Prime Rate | Revolver | Line of credit
Other Long-Term Debt
Total leverage ratio		4
Leverage Ratio is Greater than 4.00 | Revolving credit facility | Prime Rate | Minimum | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		1.75%
Leverage Ratio is Greater than 4.00 | Revolving credit facility | Prime Rate | Maximum | Revolver | Line of credit
Other Long-Term Debt
Margin interest rate (as a percent)		2.75%

Derivative Instruments and He58

Derivative Instruments and Hedging Activities - Hedging Positions (Details)	3 Months Ended
	Mar. 31, 2018$ / MMBTUbbl / moMMBTU / mo$ / bbl
Oil | Swaps | Minimum
Hedging Positions
Exercise price (in dollars per barrel)	49.70
Net barrels per month (in barrels per month) | bbl / mo	55,000
Oil | Swaps | Maximum
Hedging Positions
Exercise price (in dollars per barrel)	54.18
Net barrels per month (in barrels per month) | bbl / mo	216,000
Oil | Swaps | Weighted Average
Hedging Positions
Exercise price (in dollars per barrel)	50.53
Net barrels per month (in barrels per month) | bbl / mo	107,182
Oil | Collars | Minimum
Hedging Positions
Net barrels per month (in barrels per month) | bbl / mo	65,000
Oil | Collars | Maximum
Hedging Positions
Net barrels per month (in barrels per month) | bbl / mo	73,000
Oil | Collars | Weighted Average
Hedging Positions
Net barrels per month (in barrels per month) | bbl / mo	67,500
Natural gas | Swaps | Minimum
Hedging Positions
Offset exercise price (in dollars per barrel) | $ / MMBTU	2.83
Exercise price (in dollars per mmbtu) | $ / MMBTU	2.76
Net mmbtu per month (in mmbtu per month) | MMBTU / mo	700,000
Natural gas | Swaps | Maximum
Hedging Positions
Offset exercise price (in dollars per barrel) | $ / MMBTU	2.86
Exercise price (in dollars per mmbtu) | $ / MMBTU	3.10
Net mmbtu per month (in mmbtu per month) | MMBTU / mo	1,600,000
Natural gas | Swaps | Weighted Average
Hedging Positions
Offset exercise price (in dollars per barrel) | $ / MMBTU	2.84
Exercise price (in dollars per mmbtu) | $ / MMBTU	2.87
Net mmbtu per month (in mmbtu per month) | MMBTU / mo	1,053,939
Natural gas | Collars | Minimum
Hedging Positions
Net barrels per month (in barrels per month) | bbl / mo	950,000
Natural gas | Collars | Maximum
Hedging Positions
Net barrels per month (in barrels per month) | bbl / mo	1,050,000
Natural gas | Collars | Weighted Average
Hedging Positions
Net barrels per month (in barrels per month) | bbl / mo	990,833
Natural gas | Basis swaps | Minimum
Hedging Positions
Offset exercise price (in dollars per mmbtu) | $ / MMBTU	(0.50)
Net mmbtu per month (in mmbtu per month) | MMBTU / mo	800,000
Natural gas | Basis swaps | Maximum
Hedging Positions
Offset exercise price (in dollars per mmbtu) | $ / MMBTU	(0.44)
Net mmbtu per month (in mmbtu per month) | MMBTU / mo	800,000
Natural gas | Basis swaps | Weighted Average
Hedging Positions
Offset exercise price (in dollars per mmbtu) | $ / MMBTU	(0.45)
Net mmbtu per month (in mmbtu per month) | MMBTU / mo	800,000
Natural gas liquid | Swaps | Minimum
Hedging Positions
Exercise price (in dollars per barrel)	22.89
Net barrels per month (in barrels per month) | bbl / mo	130,000
Natural gas liquid | Swaps | Maximum
Hedging Positions
Exercise price (in dollars per barrel)	45.26
Net barrels per month (in barrels per month) | bbl / mo	145,000
Natural gas liquid | Swaps | Weighted Average
Hedging Positions
Exercise price (in dollars per barrel)	29.87
Net barrels per month (in barrels per month) | bbl / mo	136,667
Puts (floors) | Oil | Collars | Minimum
Hedging Positions
Exercise price (in dollars per barrel)	45
Puts (floors) | Oil | Collars | Maximum
Hedging Positions
Exercise price (in dollars per barrel)	50
Puts (floors) | Oil | Collars | Weighted Average
Hedging Positions
Exercise price (in dollars per barrel)	48.52
Puts (floors) | Natural gas | Collars | Minimum
Hedging Positions
Exercise price (in dollars per mmbtu)	2.55
Puts (floors) | Natural gas | Collars | Maximum
Hedging Positions
Exercise price (in dollars per mmbtu)	2.55
Puts (floors) | Natural gas | Collars | Weighted Average
Hedging Positions
Exercise price (in dollars per mmbtu)	2.55
Calls (ceilings) | Oil | Collars | Minimum
Hedging Positions
Exercise price (in dollars per barrel)	56.60
Calls (ceilings) | Oil | Collars | Maximum
Hedging Positions
Exercise price (in dollars per barrel)	61
Calls (ceilings) | Oil | Collars | Weighted Average
Hedging Positions
Exercise price (in dollars per barrel)	59.64
Calls (ceilings) | Natural gas | Collars | Minimum
Hedging Positions
Exercise price (in dollars per mmbtu)	3.08
Calls (ceilings) | Natural gas | Collars | Maximum
Hedging Positions
Exercise price (in dollars per mmbtu)	3.41
Calls (ceilings) | Natural gas | Collars | Weighted Average
Hedging Positions
Exercise price (in dollars per mmbtu)	3.19

Derivative Instruments and He59

Derivative Instruments and Hedging Activities - Recognized Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Recognized Net Gain (Loss) on Derivative Instruments
Gain (Loss) on Sale of Derivatives	$ (9,022)	$ 22,320
Net gain (loss) on commodity derivatives
Recognized Net Gain (Loss) on Derivative Instruments
Gain (Loss) on Sale of Derivatives		20,000
Commodity derivatives
Recognized Net Gain (Loss) on Derivative Instruments
Net (losses) gains recognized on derivative instruments	$ (9,000)	$ 22,300

Derivative Instruments and He60

Derivative Instruments and Hedging Activities - Offsetting Assets and Liabilities - Counterparties (Details)	Mar. 31, 2018Counterparty
Offsetting Assets and Liabilities
Number of counterparties to commodity derivative contracts	6

Derivative Instruments and He61

Derivative Instruments and Hedging Activities - Offsetting Assets (Details) - Commodity derivatives - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Gross Amounts of Recognized Assets	$ 8,634	$ 8,572
Gross Amounts Offset in the Balance Sheet	(4,725)	(4,926)
Net Amounts of Assets Presented in the Balance Sheet	3,909	3,646
Net Amount	$ 3,909	$ 3,646

Derivative Instruments and He62

Derivative Instruments and Hedging Activities - Offsetting Liabilities (Details) - Commodity derivatives - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Liabilities
Gross Amounts of Recognized Liabilities	$ (50,568)	$ (50,423)
Gross Amounts Offset in the Balance Sheet	4,725	4,926
Net Amounts of Liabilities Presented in the Balance Sheet	(45,843)	(45,497)
Net Amount	$ (45,843)	$ (45,497)

Fair Value Measurement - Financ

Fair Value Measurement - Financial Instruments Carried at Fair Value by Consolidated Balance Sheet Caption and by Valuation Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Valuation Hierarchy
Current assets	$ 2,648	$ 3,474
Long-term assets	1,261	172
Current liabilities	35,726	36,709
Long-term liabilities	10,117	8,788
Recurring | Commodity derivatives
Valuation Hierarchy
Current assets	2,648	3,474
Long-term assets	1,261	172
Current liabilities	35,726	36,709
Long-term liabilities	10,117	8,788
Recurring | Level 2 | Commodity derivatives
Valuation Hierarchy
Current assets	2,893	3,474
Long-term assets	1,056	56
Current liabilities	29,595	28,946
Long-term liabilities	8,529	7,860
Recurring | Level 3 | Commodity derivatives
Valuation Hierarchy
Current assets	(245)
Long-term assets	205	116
Current liabilities	6,131	7,763
Long-term liabilities	$ 1,588	$ 928

Fair Value Measurement - Quanti

Fair Value Measurement - Quantitative Information about Level 3 Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / bbl
Natural gas liquid | Swaps | Minimum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	22.89
Natural gas liquid | Swaps | Maximum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	45.26
Oil | Swaps | Minimum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	49.70
Oil | Swaps | Maximum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	54.18
Discounted cash flow approach | Level 3 | Natural gas liquid | Swaps
Commodity Derivative Instruments - Assets
Fair Value | $	$ (5,264)
Discounted cash flow approach | Level 3 | Natural gas liquid | Swaps | Minimum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	27.93
Discounted cash flow approach | Level 3 | Natural gas liquid | Swaps | Maximum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	44
Discounted option model approach | Level 3 | Oil | Collars
Commodity Derivative Instruments - Assets
Fair Value | $	$ (2,455)
Discounted option model approach | Level 3 | Oil | Collars | Minimum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	45
Discounted option model approach | Level 3 | Oil | Collars | Maximum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	61
Discounted option model approach | Level 3 | Natural gas | Collars
Commodity Derivative Instruments - Assets
Fair Value | $	$ (40)
Discounted option model approach | Level 3 | Natural gas | Collars | Minimum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	2.55
Discounted option model approach | Level 3 | Natural gas | Collars | Maximum
Commodity Derivative Instruments - Assets
Price (in dollars per barrel)	3.41

Fair Value Measurement - Change

Fair Value Measurement - Changes in Level 3 Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Changes in fair value of Level 3 instruments
Balance at the beginning of the period	$ (8,575)
Settlements	1,824
Changes in fair value	(1,008)
Balance at the end of the period	$ (7,759)

Fair Value Measurement - Assets

Fair Value Measurement - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Principal Amount | 2022 Notes | Senior notes
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Debt	$ 409,148	$ 409,148
Principal Amount | 2023 Notes | Senior notes
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Debt	150,000	150,000
Principal Amount | 2023 First Lien Notes | Senior notes
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Debt	450,000
Principal Amount | Revolving credit facility | Revolver | Line of credit
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Debt	25,000	211,000
Total | 2023 Notes | Senior notes
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Debt	84,344	114,750
Level 3 | Total | Revolving credit facility | Revolver | Line of credit
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Debt	25,000	211,000
Level 1 | Total | 2022 Notes | Senior notes
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Debt	228,436	$ 305,404
Level 2 | Total | 2023 First Lien Notes | Senior notes
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Debt	$ 429,062

Asset Retirement Obligations -

Asset Retirement Obligations - Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Asset Retirement Obligations
ARO liability at beginning of year	$ 20,372
Liabilities incurred	89
Accretion of ARO liability	251	$ 201
Liabilities settled due to sale of related properties	(124)
Liabilities settled due to plugging and abandonment	(54)
Change in estimate	(40)
ARO liability at end of year	$ 20,494

Asset Retirement Obligations 68

Asset Retirement Obligations - Liability at Period End (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Asset Retirement Obligations
ARO liability at end of year	$ 20,494	$ 20,372
Less: Current portion of ARO at end of year	(720)
Total long-term ARO at end of year	$ 19,774	$ 19,652

Stock-based Compensation - Mana

Stock-based Compensation - Management Unit Awards - New Awards (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Management Unit Awards
Stock-based Compensation
Awards (in shares)	0	0

Stock-based Compensation - Ma70

Stock-based Compensation - Management Unit Awards - Activity (Details) - Management Unit Awards	3 Months Ended
	Mar. 31, 2018$ / sharesshares
JEH Units
Unvested at the beginning (in shares) | shares	32,315
Unvested at the end (in shares) | shares	32,315
Weighted Average Grant Date Fair Value per Share
Unvested at the beginning (in dollars per share)	$ 15
Granted (in dollars per share)	15
Forfeited (in dollars per share)	15
Vested (in dollars per share)	15
Unvested at the end (in dollars per share)	$ 15

Stock-based Compensation - Ma71

Stock-based Compensation - Management Unit Awards - Stock Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
General and administrative expenses | Management Unit Awards
Stock compensation expense
Stock compensation expense	$ 0.1	$ 0.2

Stock-based Compensation - 2013

Stock-based Compensation - 2013 Omnibus Incentive Plan (Details)	Mar. 31, 2018shares
Class A common stock | 2013 Omnibus Incentive Plan
Stock-based Compensation
Shares reserved (in shares)	8,505,313

Stock-based Compensation - Rest

Stock-based Compensation - Restricted Stock Unit Awards - General Information (Details)	3 Months Ended
	Mar. 31, 2018
Restricted Stock Unit Awards
Stock-based Compensation
Vesting term	3 years

Stock-based Compensation - Re74

Stock-based Compensation - Restricted Stock Unit Awards - Activity (Details) - Restricted Stock Unit Awards	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Awards
Unvested at the beginning (in shares)	2,762,771
Adjustment (in shares)	52,484
Forfeited (in shares)	(136,441)
Unvested at the end (in shares)	2,678,814
Weighted Average Grant Date Fair Value per Share
Unvested at the beginning (in dollars per share) | $ / shares	$ 2.79
Forfeited (in dollars per share) | $ / shares	2.21
Unvested at the end (in dollars per share) | $ / shares	$ 2.76

Stock-based Compensation - Re75

Stock-based Compensation - Restricted Stock Unit Awards - Preferred Stock Dividends (Details)	Feb. 15, 2018shares
Restricted Stock Unit Awards
Stock-based Compensation
Dividends Preferred Stock Stock Shares Declared Per Unvested LTIP Unit (in shares)	0.019796

Stock-based Compensation - Re76

Stock-based Compensation - Restricted Stock Unit Awards - Stock Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
General and administrative expenses | Restricted Stock Unit Awards
Stock compensation expense
Stock compensation expense	$ 0.9	$ 1.1

Stock-based Compensation - Perf

Stock-based Compensation - Performance Share Unit Awards - General Information (Details) - Performance Share Unit Awards	3 Months Ended
	Mar. 31, 2018
Stock-based Compensation
Vesting term	3 years
Exchangeable ratio of vested performance unit (as a percent)	1
Class A common stock | Minimum
Stock-based Compensation
Number of shares of common stock issuable upon vesting of the performance unit awards (as a percent)	0.00%
Class A common stock | Maximum
Stock-based Compensation
Number of shares of common stock issuable upon vesting of the performance unit awards (as a percent)	200.00%

Stock-based Compensation - Pe78

Stock-based Compensation - Performance Share Unit Awards - Activity (Details) - Performance Share Unit Awards	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Awards
Unvested at the beginning (in shares)	957,178
Adjustment (in shares)	18,953
Unvested at the end (in shares)	976,131
Weighted Average Grant Date Fair Value per Share
Unvested at the beginning (in dollars per share) | $ / shares	$ 3.34
Unvested at the end (in dollars per share) | $ / shares	$ 3.27

Stock-based Compensation - Pe79

Stock-based Compensation - Performance Share Unit Awards - Preferred Stock Dividends (Details)	Feb. 15, 2018shares
Performance Share Unit Awards
Stock-based Compensation
Dividends Preferred Stock Stock Shares Declared Per Unvested LTIP Unit (in shares)	0.019796

Stock-based Compensation - Pe80

Stock-based Compensation - Performance Share Unit Awards - Stock Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
General and administrative expenses | Performance Share Unit Awards
Stock compensation expense
Stock compensation expense	$ 0.3	$ 0.6

Stock-based Compensation - Pe81

Stock-based Compensation - Performance Unit Awards - General Information (Details) - Performance Unit Awards - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock-based Compensation
Performance period (in years)	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value Adjusted for Forfeitures		$ 0.3	$ 1.1
Fair value	$ 0.2
Minimum
Stock-based Compensation
Vested (in dollars per share)	$ 0
Maximum
Stock-based Compensation
Vested (in dollars per share)	$ 200

Stock-based Compensation - Pe82

Stock-based Compensation - Performance Unit Awards - Stock Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Performance Unit Awards | General and administrative expenses
Stock-based Compensation
Stock compensation expense	$ 0.1	$ 0.1

Stock-based Compensation - Pe83

Stock-based Compensation - Performance Unit Awards - Additional Disclosures (Details) - Performance Unit Awards $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Stock-based Compensation
Unrecognized expenses	$ 0.1
Weighted-average remaining recognition period (in years)	1 year 2 months 12 days

Stock-based Compensation - Re84

Stock-based Compensation - Restricted Stock Awards - General Information (Details)	3 Months Ended
	Mar. 31, 2018
Restricted Stock Awards
Stock-based Compensation
Service period from date of grant	1 year

Stock-based Compensation - Re85

Stock-based Compensation - Restricted Stock Awards - Activity (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Awards
Unvested at the beginning (in shares)	187,419
Adjustment (in shares)	2,478
Granted (in shares)	62,473
Forfeited (in shares)	(62,473)
Vested (in shares)	(62,473)
Unvested at the end (in shares)	127,424
Weighted Average Grant Date Fair Value per Share
Unvested at the beginning (in dollars per share) | $ / shares	$ 2.16
Granted (in dollars per share) | $ / shares	1.17
Forfeited (in dollars per share) | $ / shares	2.16
Vested (in dollars per share) | $ / shares	1.17
Unvested at the end (in dollars per share) | $ / shares	$ 2.12

Stock-based Compensation - Re86

Stock-based Compensation - Restricted Stock Awards - Preferred Stock Dividends (Details)	Feb. 15, 2018shares
Restricted Stock Awards
Stock-based Compensation
Dividends Preferred Stock Stock Shares Declared Per Unvested LTIP Unit (in shares)	0.019796

Stock-based Compensation - Re87

Stock-based Compensation - Restricted Stock Awards - Stock Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
General and administrative expenses | Restricted Stock Awards
Stock compensation expense
Stock compensation expense	$ 0.1	$ 0.2

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Taxes
Effective tax rate (as a percent)	9.40%	(0.60%)

Income Taxes - Statutory Rate (

Income Taxes - Statutory Rate (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Taxes
Statutory rate (as a percent)	21.00%	35.00%	35.00%

Income Taxes - Provision (Benef

Income Taxes - Provision (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income tax provision (benefit)
Income tax provision (benefit)	$ (2,992)	$ 21

Income Taxes - Tax Provision -

Income Taxes - Tax Provision - Attributable to Controlling Interests and Non-controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income tax provision (benefit)
Income tax provision (benefit)	$ (2,992)	$ 21
Jones Energy, Inc.
Income tax provision (benefit)
Income tax provision (benefit)	(2,978)	14
Non-controlling Interest
Income tax provision (benefit)
Income tax provision (benefit)	$ (14)	$ 7

Income Taxes - Net Operating Lo

Income Taxes - Net Operating Loss Carry-forward (Details) $ in Millions	Mar. 31, 2018USD ($)
Income Taxes
Valuation allowance	$ 14.3

Income Taxes - Tax Receivable A

Income Taxes - Tax Receivable Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Tax Receivable Agreement
Cash savings percentage (as a percent)	85.00%
Benefits of cash savings retained under tax receivable agreement (as a percent)	15.00%
Statutory rate (as a percent)	21.00%	35.00%	35.00%
Gross liability under tax receivable agreement	$ 68,300		$ 69,900
Increase (decrease) in TRA liability due to valuation allowance recorded	(12,200)		(8,700)
Liability under tax receivable agreement	56,114		59,596
Valuation allowance	66,300		$ 72,300
TRA liability cash savings, payment	$ 1,600

Income Taxes - Cash Tax Distrib

Income Taxes - Cash Tax Distributions (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2017
Cash Tax Distributions
Cash tax distributions	$ 1.7
Cash tax distributions, JEH to the Company		$ 1.1
Cash tax distributions, JEH to Class B shareholders		$ 0.6

Stockholders' and Mezzanine e95

Stockholders' and Mezzanine equity - Common Stock (Details)	3 Months Ended
	Mar. 31, 2018class
Common Stock
Number of classes of common stock	2
Pre-IPO owners of JEH
Common Stock
Ratio in which JEH Units and Class B common stock are exchanged for Class A common stock	1
Class B common stock
Common Stock
Economic interests/rights (as a percent)	0.00%
Votes per share entitled to holders	1

Stockholders' and Mezzanine e96

Stockholders' and Mezzanine equity - Series A Perpetual Convertible Preferred Stock (Details)	Jan. 11, 2018	Oct. 09, 2017	Jul. 13, 2017	Apr. 17, 2017	Jan. 19, 2017	Aug. 25, 2016
Series A preferred stock
Series A Perpetual Convertible Preferred Stock
Dividend rate (as a percent)	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%

Stockholders' and Mezzanine e97

Stockholders' and Mezzanine equity - Equity Distribution Agreement (Details) - Class A common stock - USD ($) $ in Millions	Mar. 31, 2017	May 24, 2016
Common Stock
Aggregate offering proceeds remained available to be issued and sold under the Equity Distribution Agreement	$ 62.2
Managers under Equity Distribution Agreement
Common Stock
Offering price to sell common stock shares under Equity Distribution Agreement		$ 73

Stockholders' and Mezzanine e98

Stockholders' and Mezzanine equity - Offering of Class A Common Stock (Details) - USD ($) $ in Thousands	Sep. 12, 2016	Aug. 25, 2016	Mar. 31, 2017
Common Stock
Proceeds from sale of common stock			$ 2,829
Class A common stock | Common stock underwriting agreement
Common Stock
Shares issued		21,000,000
Proceeds from sale of common stock	$ 64,000
Class A common stock | Over-Allotment Option
Common Stock
Shares issued	3,150,000

Stockholders' and Mezzanine e99

Stockholders' and Mezzanine equity - Mezzanine Equity - General Information (Details) - Series A preferred stock $ / shares in Units, $ in Millions	Jan. 11, 2018$ / shares	Oct. 09, 2017$ / shares	Jul. 13, 2017$ / shares	Apr. 17, 2017$ / shares	Jan. 19, 2017$ / shares	Aug. 25, 2016USD ($)$ / sharesshares	Mar. 31, 2018item
Series A Perpetual Convertible Preferred Stock
Shares issued (in shares) | shares						1,840,000
Net proceeds from offering | $						$ 88.3
Dividend rate (as a percent)	8.00%	8.00%	8.00%	8.00%	8.00%	8.00%
Liquidation preference (in dollars per share) | $ / shares	$ 50	$ 50	$ 50	$ 50	$ 50	$ 50
Conversion ratio						17.0683
Equivalent conversion price (in dollars per share) | $ / shares						$ 2.93
Shares issuable upon conversion | shares						31,400,000
Conversion threshold (as a percent)							175.00%
Minimum number of trading days | item							20
Consecutive trading days							30 days

Stockholders' and Mezzanine 100

Stockholders' and Mezzanine equity - Mezzanine Equity - Tabular Disclosure (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Mezzanine equity
Mezzanine equity at the beginning of period	$ 89,539
Mezzanine equity at the end of period	89,667
Series A preferred stock
Mezzanine equity
Mezzanine equity at the beginning of period	89,539
Accretion on preferred stock	128
Mezzanine equity at the end of period	$ 89,667

Stockholders' and Mezzanine 101

Stockholders' and Mezzanine equity - Preferred Stock Dividend and Special Stock Dividend (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 17, 2018	Jan. 11, 2018	Oct. 09, 2017	Jul. 13, 2017	Apr. 17, 2017	Mar. 31, 2017	Jan. 19, 2017	Aug. 25, 2016
Special Stock Dividend Declared
Distributions from JEH						$ 17.5
Volume weighted average price per share, period						5 years
Series A preferred stock
Preferred Stock Dividend Declared
Dividend rate (as a percent)		8.00%	8.00%	8.00%	8.00%		8.00%	8.00%
Liquidation preference (in dollars per share)		$ 50	$ 50	$ 50	$ 50		$ 50	$ 50
Dividend declared (in dollars per share)		$ 1	$ 1	$ 1	1		$ 1
Dividend declared, cash portion (in dollars per share)					0.83
Dividend declared, common stock portion (in dollars per share)					$ 0.17
Average volume-weighted price per share percentage (as a percent)		95.00%	95.00%	95.00%	95.00%
Average volume-weighted price per share percentage, consecutive days		5 days	5 days	5 days	5 days
Series A preferred stock | Subsequent Event
Preferred Stock Dividend Declared
Dividend rate (as a percent)	8.00%
Liquidation preference (in dollars per share)	$ 50
Dividend declared (in dollars per share)	$ 1
Average volume-weighted price per share percentage (as a percent)	95.00%
Average volume-weighted price per share percentage, consecutive days	5 days
Class A common stock
Special Stock Dividend Declared
Special stock dividend declared per share (in shares)						0.087423
JEH
Special Stock Dividend Declared
Number of additional common units purchased						4,999,927
JEH
Special Stock Dividend Declared
Share price (in dollars per share)						$ 3.50

Earnings per Share - Anti-dilut

Earnings per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restricted Stock Unit Awards
Earnings per Share
Antidilutive securities (in shares)	2,678,814	1,385,065
Performance Share Unit Awards
Earnings per Share
Antidilutive securities (in shares)	976,131	942,073
Class B common stock
Earnings per Share
Economic interests/rights (as a percent)	0.00%
Series A preferred stock
Earnings per Share
Antidilutive securities (in shares)	31,405,587	31,405,672

Earnings per Share - Basic Earn

Earnings per Share - Basic Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income (numerator):
Net income (loss) attributable to controlling interests	$ (25,361)	$ (1,387)
Less: Dividends and accretion on preferred stock	(1,968)	(2,027)
Net income (loss) attributable to common shareholders	$ (27,329)	$ (3,414)
Weighted-average shares (denominator):
Weighted-average number of shares of Class A common stock - basic (in shares)	91,064	62,197
Weighted-average number of shares of Class A common stock - diluted (in shares)	91,064	62,197
Earnings (loss) per share:
Basic - Net income (loss) attributable to common shareholders (in dollars per share)	$ (0.30)	$ (0.05)
Diluted - Net income (loss) attributable to common shareholders (in dollars per share)	$ (0.30)	$ (0.05)

Related Parties - Natural Gas S

Related Parties - Natural Gas Sale and Purchase Agreement with Monarch Natural Gas, LLC (Details) $ in Thousands	3 Months Ended		12 Months Ended		55 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2015USD ($)MMBoe	Dec. 31, 2014USD ($)MMBoe	Mar. 31, 2018
Oil and Gas
Related Party Transactions
Revenue	$ 58,138
Enable Midstream Partners LP
Related Party Transactions
Initial term of the agreement (in years)					10 years
Investee | Monarch Natural Gas, LLC
Related Party Transactions
Production of natural gas and NGLs (in MMBoe) | MMBoe			1	1.4
Calculated under Revenue Guidance in Effect before Topic 606 | Oil and Gas
Related Party Transactions
Revenue		$ 40,677
Calculated under Revenue Guidance in Effect before Topic 606 | Investee | Monarch Natural Gas, LLC | Oil and Gas
Related Party Transactions
Revenue			$ 10,600	$ 37,000

Related Parties - Metalmark Cap

Related Parties - Metalmark Capital and Monarch Natural Gas, LLC (Details) - director	May 07, 2013	Mar. 31, 2018
Monarch Natural Gas, LLC | Investee | Metalmark
Related Party Transactions
Metalmark Capital's ownership percentage in Monarch (as a percent)	81.00%
Metalmark | Beneficial owner
Related Party Transactions
Number of directors who are managing directors of the related party		2
Minimum | Metalmark | Beneficial owner
Related Party Transactions
Beneficial ownership interest (as a percent)		5.00%

Related Parties - Monarch Natur

Related Parties - Monarch Natural Gas, LLC Equity Interests (Details) - USD ($) $ in Thousands	May 07, 2013	Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions
Amortization of deferred revenue		$ 374	$ 458
Monarch Natural Gas, LLC | Investee
Related Party Transactions
Estimated fair value of equity interests issued to the entity	$ 15,000
Amortization of deferred revenue		400	$ 500
Value of equity interests from related party	15,000
Value of equity interests assigned to Jonny Jones	2,400
Value of equity interests reserved for future distribution through an incentive plan established for certain of the entity's officers	2,600
Value of remaining equity interests distributed to certain of the pre-IPO owners	$ 10,000
Equity interests distributed to management		100
Stock compensation expense		100
Monarch Natural Gas, LLC | Investee | Other assets
Related Party Transactions
Estimated fair value of equity interests issued to the entity		$ 300

Related Parties - Transportatio

Related Parties - Transportation Agreement with Monarch Oil Pipeline LLC (Details) $ in Thousands	Mar. 31, 2017USD ($)	May 31, 2015USD ($)	Sep. 30, 2014	Mar. 31, 2018USD ($)MMBoe	Dec. 31, 2015MMBoe	Dec. 31, 2014MMBoe
Related Party Transactions
Cash distributions associated with equity interests	$ 17,500
Gathering fees				$ 706
Monarch Oil Pipeline LLC | Investee
Related Party Transactions
Oil production transported (in MMBoe) | MMBoe				0.2
Term of Oil Gathering and Transportation Agreement (in years)			10 years
Monarch Natural Gas, LLC | Investee
Related Party Transactions
Oil production transported (in MMBoe) | MMBoe					1	1.4
Cash distributions associated with equity interests		$ 700
Natural Gas, Gathering, Transportation, Marketing and Processing | Monarch Oil Pipeline LLC | Investee
Related Party Transactions
Gathering fees				$ 500

Related Parties - Issuance of C

Related Parties - Issuance of Class A Shares (Details) - USD ($) $ in Thousands	Aug. 25, 2016	Mar. 31, 2017
Common Stock
Proceeds from sale of common stock		$ 2,829
Class A common stock
Common Stock
Special stock dividend declared per share (in shares)		0.087423
Class A common stock | JVL | Beneficial owner
Common Stock
Sale of common stock (in shares)	9,025,270
Proceeds from sale of common stock	$ 25,000
Underwriting discounts and commissions	$ 1,100
Class A common stock | Minimum | JVL | Beneficial owner
Common Stock
Beneficial ownership interest (as a percent)	5.00%
Ownership percentage (as a percent)	15.00%
Class A common stock | Maximum | Beneficial owner
Common Stock
Ownership percentage (as a percent)	19.90%

Related Parties - Purchases of

Related Parties - Purchases of Senior Secured First Lien Notes (Details) - Senior notes - 2023 First Lien Notes $ in Millions	Feb. 14, 2018USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 450
Stated interest rate (as a percent)	9.25%
Discount of principal amount (as a percent)	97.526%
Director
Debt Instrument [Line Items]
Aggregate principal amount	$ 45

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 17, 2018	Jan. 11, 2018	Oct. 09, 2017	Jul. 13, 2017	Apr. 17, 2017	Jan. 19, 2017	Aug. 25, 2016
Subsequent Event
Preferred Stock Dividend Declared
Dividend Valuation (in dollars per share)	$ 0.76
Series A preferred stock
Preferred Stock Dividend Declared
Dividend rate (as a percent)		8.00%	8.00%	8.00%	8.00%	8.00%	8.00%
Liquidation preference (in dollars per share)		$ 50	$ 50	$ 50	$ 50	$ 50	$ 50
Dividend declared (in dollars per share)		$ 1	$ 1	$ 1	$ 1	$ 1
Average volume-weighted price per share percentage (as a percent)		95.00%	95.00%	95.00%	95.00%
Average volume-weighted price per share percentage, consecutive days		5 days	5 days	5 days	5 days
Series A preferred stock | Subsequent Event
Preferred Stock Dividend Declared
Dividend rate (as a percent)	8.00%
Liquidation preference (in dollars per share)	$ 50
Dividend declared (in dollars per share)	$ 1
Average volume-weighted price per share percentage (as a percent)	95.00%
Average volume-weighted price per share percentage, consecutive days	5 days

Subsidiary Guarantors - General

Subsidiary Guarantors - General Information (Details) - JEH	3 Months Ended
	Mar. 31, 2018subsidiary
Subsidiary Guarantors
Immaterial subsidiaries	2
Guarantor Subsidiaries
Subsidiary Guarantors
Ownership percentage in subsidiary guarantors (as a percent)	100.00%

Subsidiary Guarantors - Imprope

Subsidiary Guarantors - Improper Calculation - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Eliminations
Condensed Consolidating Statement of Operations
Equity interest in income (loss)	$ 35,394	$ 4,162
Improper Calculation | Adjustment | Eliminations
Condensed Consolidating Statement of Operations
Equity interest in income (loss)		(2,100)
Issuers
Condensed Consolidating Statement of Operations
Equity interest in income (loss)	$ (3,760)	$ (2,107)

Subsidiary Guarantors - Impr113

Subsidiary Guarantors - Improper Calculation - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Adjustments to reconcile net income (loss) to net cash provided by operating activities	$ 68,504	$ 17,098
Eliminations
Cash flows from operating activities
Adjustments to reconcile net income (loss) to net cash provided by operating activities	(35,394)	(4,162)
Issuers
Cash flows from operating activities
Adjustments to reconcile net income (loss) to net cash provided by operating activities	$ 7,698	(9,741)
Issuers | Improper Calculation | Adjustment
Cash flows from operating activities
Adjustments to reconcile net income (loss) to net cash provided by operating activities		$ (2,100)

Subsidiary Guarantors - Condens

Subsidiary Guarantors - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 231,086	$ 19,472	$ 8,708	$ 34,642
Accounts receivable, net
Oil and gas sales	35,696	34,492
Joint interest owners	40,681	31,651
Other	1,066	1,236
Commodity derivative assets	2,648	3,474
Other current assets	6,717	14,376
Total current assets	317,894	104,701
Oil and gas properties, net, at cost under the successful efforts method	1,617,660	1,597,040
Other property, plant and equipment, net	2,473	2,719
Commodity derivative assets	1,261	172
Other assets	1,895	5,431
Total assets	1,941,183	1,710,063
Current liabilities
Trade accounts payable	69,706	72,663
Oil and gas sales payable	41,928	31,462
Accrued liabilities	36,867	21,604
Commodity derivative liabilities	35,726	36,709
Other current liabilities	3,595	4,049
Total current liabilities	187,822	166,487
Long-term debt	1,002,074	759,316
Deferred revenue	5,082	5,457
Commodity derivative liabilities	10,117	8,788
Asset retirement obligations	19,774	19,652
Liability under tax receivable agreement	56,114	59,596
Other liabilities	893	811
Deferred tax liabilities	11,288	14,281
Total liabilities	1,293,164	1,034,388
Mezzanine equity
Series A preferred stock, $0.001 par value; 1,839,995 shares issued and outstanding at March 31, 2018 and 1,840,000 shares issued and outstanding at December 31, 2017	89,667	89,539
Stockholders' / members' equity
Treasury stock, at cost: 22,602 shares at March 31, 2018 and December 31, 2017	(358)	(358)
Additional paid-in-capital	609,421	606,319
Retained earnings (deficit)	(163,603)	(136,274)
Stockholders' equity	445,562	469,787
Non-controlling interest	112,790	116,349
Total stockholders’ equity	558,352	586,136
Total liabilities and stockholders' equity	1,941,183	1,710,063
Class A common stock
Stockholders' / members' equity
Common stock	92	90
Class B common stock
Stockholders' / members' equity
Common stock	10	10
Eliminations
Accounts receivable, net
Intercompany receivable	(1,555,939)	(1,530,496)
Total current assets	(1,555,939)	(1,530,496)
Investment in subsidiaries	(320,013)	(358,966)
Total assets	(1,875,952)	(1,889,462)
Current liabilities
Intercompany payable	(1,555,939)	(1,530,496)
Total current liabilities	(1,555,939)	(1,530,496)
Total liabilities	(1,555,939)	(1,530,496)
Stockholders' / members' equity
Members' equity	(432,803)	(475,315)
Stockholders' equity	(432,803)	(475,315)
Non-controlling interest	112,790	116,349
Total stockholders’ equity	(320,013)	(358,966)
Total liabilities and stockholders' equity	(1,875,952)	(1,889,462)
JEI (Parent)
Current assets
Cash and cash equivalents	3,597	5,248	4,781	27,164
Accounts receivable, net
Other current assets	1,866	1,866
Intercompany receivable	388,717	383,849
Total current assets	394,180	390,963
Investment in subsidiaries	207,224	242,617
Total assets	601,404	633,580
Current liabilities
Trade accounts payable		138
Accrued liabilities		62
Other current liabilities		1,606
Total current liabilities		1,806
Liability under tax receivable agreement	56,114	59,596
Deferred tax liabilities	10,061	12,852
Total liabilities	66,175	74,254
Mezzanine equity
Series A preferred stock, $0.001 par value; 1,839,995 shares issued and outstanding at March 31, 2018 and 1,840,000 shares issued and outstanding at December 31, 2017	89,667	89,539
Stockholders' / members' equity
Treasury stock, at cost: 22,602 shares at March 31, 2018 and December 31, 2017	(358)	(358)
Additional paid-in-capital	609,421	606,319
Retained earnings (deficit)	(163,603)	(136,274)
Stockholders' equity	445,562	469,787
Total stockholders’ equity	445,562	469,787
Total liabilities and stockholders' equity	601,404	633,580
JEI (Parent) | Class A common stock
Stockholders' / members' equity
Common stock	92	90
JEI (Parent) | Class B common stock
Stockholders' / members' equity
Common stock	10	10
Issuers
Current assets
Cash and cash equivalents	206,380	1,180	239	1,975
Accounts receivable, net
Commodity derivative assets	2,648	3,474
Other current assets	179	358
Intercompany receivable	1,167,222	1,146,647
Total current assets	1,376,429	1,151,659
Commodity derivative assets	1,261	172
Other assets	823	4,427
Investment in subsidiaries	112,789	116,349
Total assets	1,491,302	1,272,607
Current liabilities
Trade accounts payable	3,504	247
Accrued liabilities	21,317	11,363
Commodity derivative liabilities	35,726	36,709
Other current liabilities	1,723	1,723
Total current liabilities	62,270	50,042
Long-term debt	1,002,074	759,316
Deferred revenue	5,082	5,457
Commodity derivative liabilities	10,117	8,788
Other liabilities	83	68
Deferred tax liabilities	1,227	1,429
Total liabilities	1,080,853	825,100
Stockholders' / members' equity
Members' equity	410,449	447,507
Stockholders' equity	410,449	447,507
Total stockholders’ equity	410,449	447,507
Total liabilities and stockholders' equity	1,491,302	1,272,607
Guarantor Subsidiaries
Current assets
Cash and cash equivalents	21,089	13,024	3,668	5,483
Accounts receivable, net
Oil and gas sales	35,696	34,492
Joint interest owners	40,681	31,651
Other	1,066	1,236
Other current assets	4,672	12,152
Total current assets	103,204	92,555
Oil and gas properties, net, at cost under the successful efforts method	1,617,660	1,597,040
Other property, plant and equipment, net	1,969	2,192
Other assets	1,072	1,004
Total assets	1,723,905	1,692,791
Current liabilities
Trade accounts payable	66,202	72,278
Oil and gas sales payable	41,928	31,462
Accrued liabilities	15,550	10,172
Other current liabilities	1,872	720
Intercompany payable	1,552,800	1,527,418
Total current liabilities	1,678,352	1,642,050
Asset retirement obligations	19,774	19,652
Other liabilities	810	743
Total liabilities	1,698,936	1,662,445
Stockholders' / members' equity
Members' equity	24,969	30,346
Stockholders' equity	24,969	30,346
Total stockholders’ equity	24,969	30,346
Total liabilities and stockholders' equity	1,723,905	1,692,791
Non-Guarantor Subsidiaries
Current assets
Cash and cash equivalents	20	20	$ 20	$ 20
Accounts receivable, net
Total current assets	20	20
Other property, plant and equipment, net	504	527
Total assets	524	547
Current liabilities
Accrued liabilities		7
Intercompany payable	3,139	3,078
Total current liabilities	3,139	3,085
Total liabilities	3,139	3,085
Stockholders' / members' equity
Members' equity	(2,615)	(2,538)
Stockholders' equity	(2,615)	(2,538)
Total stockholders’ equity	(2,615)	(2,538)
Total liabilities and stockholders' equity	$ 524	$ 547

Subsidiary Guarantors - Cond115

Subsidiary Guarantors - Condensed Consolidating Balance Sheet - Additional Information (Details) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Mezzanine equity
Series A preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Series A preferred stock, shares issued	1,839,995	1,839,995
Series A preferred stock, shares outstanding	1,839,995	1,839,995
Treasury stock
Treasury stock, shares	22,602	22,602
Class A common stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	92,052,897	90,139,840
Common stock, shares outstanding	92,030,295	90,117,238
Class B common stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	9,627,821	9,627,821
Common stock, shares outstanding	9,627,821	9,627,821
JEI (Parent)
Mezzanine equity
Series A preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Series A preferred stock, shares issued	1,839,995	1,840,000
Series A preferred stock, shares outstanding	1,839,995	1,840,000
Treasury stock
Treasury stock, shares	22,602	22,602
JEI (Parent) | Class A common stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	92,052,897	90,139,840
Common stock, shares outstanding	92,030,295	90,117,238
JEI (Parent) | Class B common stock
Common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	9,627,821	9,627,821
Common stock, shares outstanding	9,627,821	9,627,821

Subsidiary Guarantors - Cond116

Subsidiary Guarantors - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating revenues
Revenues	$ 57,489	$ 41,233
Operating costs and expenses
Lease operating	10,229	8,806
Production and ad valorem taxes	2,751	(906)
Transportation and processing costs	706
Exploration	3,299	2,944
Depletion, depreciation and amortization	41,441	35,654
Accretion of ARO liability	251	201
General and administrative	7,570	8,041
Total operating expenses	66,247	54,740
Operating income (loss)	(8,758)	(13,507)
Other income (expense)
Interest expense	(21,862)	(12,887)
Net gain (loss) on commodity derivatives	(9,022)	22,320
Other income (expense)	7,730	580
Other income (expense), net	(23,154)	10,013
Income (loss) before income tax	(31,912)	(3,494)
Income tax provision (benefit)	(2,992)	21
Net income (loss)	(28,920)	(3,515)
Net income (loss) attributable to non-controlling interests	(3,559)	(2,128)
Net income (loss) attributable to controlling interests	(25,361)	(1,387)
Dividends and accretion on preferred stock	(1,968)	(2,027)
Net income (loss) attributable to common shareholders	(27,329)	(3,414)
Eliminations
Other income (expense)
Equity interest in income (loss)	35,394	4,162
Net income (loss)	35,394	4,162
Net income (loss) attributable to non-controlling interests	(3,559)	(2,128)
Net income (loss) attributable to controlling interests	38,953	6,290
Net income (loss) attributable to common shareholders	38,953	6,290
JEI (Parent)
Other income (expense)
Other income (expense)	3,482	668
Other income (expense), net	3,482	668
Income (loss) before income tax	3,482	668
Equity interest in income (loss)	(31,634)	(2,055)
Income tax provision (benefit)	(2,791)
Net income (loss)	(25,361)	(1,387)
Net income (loss) attributable to controlling interests	(25,361)	(1,387)
Dividends and accretion on preferred stock	(1,968)	(2,027)
Net income (loss) attributable to common shareholders	(27,329)	(3,414)
Issuers
Operating revenues
Revenues	374	458
Operating costs and expenses
General and administrative	3,207	2,993
Total operating expenses	3,207	2,993
Operating income (loss)	(2,833)	(2,535)
Other income (expense)
Interest expense	(21,619)	(12,814)
Net gain (loss) on commodity derivatives	(9,022)	22,320
Other income (expense)	(25)	(24)
Other income (expense), net	(30,666)	9,482
Income (loss) before income tax	(33,499)	6,947
Equity interest in income (loss)	(3,760)	(2,107)
Income tax provision (benefit)	(201)	21
Net income (loss)	(37,058)	4,819
Net income (loss) attributable to controlling interests	(37,058)	4,819
Net income (loss) attributable to common shareholders	(37,058)	4,819
Guarantor Subsidiaries
Operating revenues
Revenues	57,115	40,775
Operating costs and expenses
Lease operating	10,229	8,806
Production and ad valorem taxes	2,751	(906)
Transportation and processing costs	706
Exploration	3,299	2,944
Depletion, depreciation and amortization	41,418	35,631
Accretion of ARO liability	251	201
General and administrative	4,309	5,004
Total operating expenses	62,963	51,680
Operating income (loss)	(5,848)	(10,905)
Other income (expense)
Interest expense	(243)	(73)
Other income (expense)	4,273	(64)
Other income (expense), net	4,030	(137)
Income (loss) before income tax	(1,818)	(11,042)
Net income (loss)	(1,818)	(11,042)
Net income (loss) attributable to controlling interests	(1,818)	(11,042)
Net income (loss) attributable to common shareholders	(1,818)	(11,042)
Non-Guarantor Subsidiaries
Operating costs and expenses
Depletion, depreciation and amortization	23	23
General and administrative	54	44
Total operating expenses	77	67
Operating income (loss)	(77)	(67)
Other income (expense)
Income (loss) before income tax	(77)	(67)
Net income (loss)	(77)	(67)
Net income (loss) attributable to controlling interests	(77)	(67)
Net income (loss) attributable to common shareholders	(77)	(67)
Oil and Gas
Operating revenues
Revenues	58,138	40,677
Oil and Gas | Guarantor Subsidiaries
Operating revenues
Revenues	58,138	40,677
Other revenues
Operating revenues
Revenues	(649)	556
Other revenues | Issuers
Operating revenues
Revenues	374	458
Other revenues | Guarantor Subsidiaries
Operating revenues
Revenues	$ (1,023)	$ 98

Subsidiary Guarantors - Cond117

Subsidiary Guarantors - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income (loss)	$ (28,920)	$ (3,515)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	68,504	17,098
Net cash provided by operations	39,584	13,583
Cash flows from investing activities
Additions to oil and gas properties	(70,202)	(47,110)
Net adjustments to purchase price of properties acquired		2,391
Proceeds from sales of assets	7,703	144
Acquisition of other property, plant and equipment	(31)	(192)
Current period settlements of matured derivative contracts	(10,262)	27,854
Net cash (used in) investing	(72,792)	(16,913)
Cash flows from financing activities
Proceeds from issuance of long-term debt	20,000	30,000
Repayment of long-term debt	(206,000)	(53,000)
Proceeds from senior notes	438,867
Payment of debt issuance costs	(7,979)
Payment of cash dividends on preferred stock		(1,840)
Net distributions paid to JEH unitholders		(562)
Net payments for share based compensation	(66)	(31)
Proceeds from sale of common stock		2,829
Net cash provided by / (used in) financing	244,822	(22,604)
Net increase (decrease) in cash and cash equivalents	211,614	(25,934)
Cash and cash equivalents
Beginning of period	19,472	34,642
End of period	231,086	8,708
Eliminations
Cash flows from operating activities
Net income (loss)	35,394	4,162
Adjustments to reconcile net income (loss) to net cash provided by operating activities	(35,394)	(4,162)
JEI (Parent)
Cash flows from operating activities
Net income (loss)	(25,361)	(1,387)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	23,710	(23,060)
Net cash provided by operations	(1,651)	(24,447)
Cash flows from financing activities
Payment of cash dividends on preferred stock		(1,840)
Net distributions paid to JEH unitholders		1,075
Proceeds from sale of common stock		2,829
Net cash provided by / (used in) financing		2,064
Net increase (decrease) in cash and cash equivalents	(1,651)	(22,383)
Cash and cash equivalents
Beginning of period	5,248	27,164
End of period	3,597	4,781
Issuers
Cash flows from operating activities
Net income (loss)	(37,058)	4,819
Adjustments to reconcile net income (loss) to net cash provided by operating activities	7,698	(9,741)
Net cash provided by operations	(29,360)	(4,922)
Cash flows from investing activities
Current period settlements of matured derivative contracts	(10,262)	27,854
Net cash (used in) investing	(10,262)	27,854
Cash flows from financing activities
Proceeds from issuance of long-term debt	20,000	30,000
Repayment of long-term debt	(206,000)	(53,000)
Proceeds from senior notes	438,867
Payment of debt issuance costs	(7,979)
Net distributions paid to JEH unitholders		(1,637)
Net payments for share based compensation	(66)	(31)
Net cash provided by / (used in) financing	244,822	(24,668)
Net increase (decrease) in cash and cash equivalents	205,200	(1,736)
Cash and cash equivalents
Beginning of period	1,180	1,975
End of period	206,380	239
Guarantor Subsidiaries
Cash flows from operating activities
Net income (loss)	(1,818)	(11,042)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	72,413	53,994
Net cash provided by operations	70,595	42,952
Cash flows from investing activities
Additions to oil and gas properties	(70,202)	(47,110)
Net adjustments to purchase price of properties acquired		2,391
Proceeds from sales of assets	7,703	144
Acquisition of other property, plant and equipment	(31)	(192)
Net cash (used in) investing	(62,530)	(44,767)
Cash flows from financing activities
Net increase (decrease) in cash and cash equivalents	8,065	(1,815)
Cash and cash equivalents
Beginning of period	13,024	5,483
End of period	21,089	3,668
Non-Guarantor Subsidiaries
Cash flows from operating activities
Net income (loss)	(77)	(67)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	77	67
Cash and cash equivalents
Beginning of period	20	20
End of period	$ 20	$ 20