Exhibit 99.2
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
For the 3 months ending March 31, 2016 and 2015
1st Quarter | ||||||||||||
(in thousands, except per share data) | 2016 | 2015 | Change | |||||||||
Revenues | ||||||||||||
Oil, natural gas liquids and natural gas sales | $ | 122,764 | $ | 187,822 | $ | (65,058 | ) | |||||
Gain on derivative instruments, net | 5,455 | 34,036 | (28,581 | ) | ||||||||
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Total revenues | 128,219 | 221,858 | (93,639 | ) | ||||||||
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Operating Costs and Expenses | ||||||||||||
Oil, natural gas liquids and natural gas production | 47,727 | 67,754 | (20,027 | ) | ||||||||
Production and ad valorem taxes | 11,170 | 19,065 | (7,895 | ) | ||||||||
Depreciation, depletion and amortization | 119,362 | 134,381 | (15,019 | ) | ||||||||
Asset impairment | 220,025 | 6,583 | 213,442 | |||||||||
Exploration | 242 | 763 | (521 | ) | ||||||||
General and administrative(including non-cash stock based compensation of $2,471 and $5,080 for the three months ended March 31, 2016, and 2015, respectively) | 29,525 | 32,055 | (2,530 | ) | ||||||||
Accretion of discount on asset retirement obligations | 1,757 | 2,010 | (253 | ) | ||||||||
(Gain) loss on sale of assets and other | 222 | (28,344 | ) | 28,566 | ||||||||
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Total operating costs and expenses | 430,030 | 234,267 | 195,763 | |||||||||
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Operating Loss | (301,811 | ) | (12,409 | ) | (289,402 | ) | ||||||
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Other Income (Expense) | ||||||||||||
Interest expense | (9,833 | ) | (11,758 | ) | 1,925 | |||||||
Other income | 95 | 46 | 49 | |||||||||
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Total other expense | (9,738 | ) | (11,712 | ) | 1,974 | |||||||
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Loss Before Income Taxes | (311,549 | ) | (24,121 | ) | (287,428 | ) | ||||||
Income tax benefit | (108,433 | ) | $ | (8,701 | ) | (99,732 | ) | |||||
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Net Loss | $ | (203,116 | ) | $ | (15,420 | ) | $ | (187,696 | ) | |||
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Diluted Earnings Per Average Common Share | $ | (2.34 | ) | $ | (0.21 | ) | $ | (2.13 | ) | |||
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Basic Earnings Per Average Common Share | $ | (2.34 | ) | $ | (0.21 | ) | $ | (2.13 | ) | |||
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Diluted Average Common Shares Outstanding | 86,632 | 72,830 | 13,802 | |||||||||
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Basic Average Common Shares Outstanding | 86,632 | 72,830 | 13,802 | |||||||||
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Dividends Per Common Share | $ | — | $ | 0.02 | $ | (0.02 | ) | |||||
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CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of March 31, 2016 and December 31, 2015
(in thousands) | March 31, 2016 | December 31, 2015 | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 35,806 | $ | 1,272 | ||||
Accounts receivable, net | 61,434 | 63,097 | ||||||
Inventories | 12,185 | 11,255 | ||||||
Assets held for sale | 183,234 | 93,739 | ||||||
Derivative instruments | 18,810 | 56,963 | ||||||
Prepayments and other | 21,772 | 20,014 | ||||||
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Total current assets | 333,241 | 246,340 | ||||||
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Property, Plant and Equipment | ||||||||
Oil and natural gas properties, net | 3,997,990 | 4,302,332 | ||||||
Other property and equipment, net | 47,186 | 48,358 | ||||||
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Total property, plant and equipment, net | 4,045,176 | 4,350,690 | ||||||
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Other postretirement assets | 4,366 | 3,881 | ||||||
Noncurrent derivative instruments | 148 | — | ||||||
Other assets | 10,087 | 10,245 | ||||||
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TOTAL ASSETS | $ | 4,393,018 | $ | 4,611,156 | ||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 47,550 | $ | 64,742 | ||||
Accrued taxes | 13,230 | 5,801 | ||||||
Accrued wages and benefits | 9,127 | 28,563 | ||||||
Accrued capital costs | 58,221 | 79,206 | ||||||
Revenue and royalty payable | 56,949 | 60,493 | ||||||
Liabilities related to assets held for sale | 14,102 | 12,789 | ||||||
Pension liabilities | — | 15,685 | ||||||
Derivative instruments | 5,468 | 459 | ||||||
Other | 13,215 | 19,783 | ||||||
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Total current liabilities | 217,862 | 287,521 | ||||||
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Long-term debt | 551,147 | 773,550 | ||||||
Asset retirement obligations | 90,223 | 89,990 | ||||||
Deferred income taxes | 446,335 | 552,369 | ||||||
Noncurrent derivative instruments | 273 | — | ||||||
Other long-term liabilities | 10,718 | 11,866 | �� | |||||
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Total liabilities | 1,316,558 | 1,715,296 | ||||||
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Total Shareholders’ Equity | 3,076,460 | 2,895,860 | ||||||
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,393,018 | $ | 4,611,156 | ||||
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SELECTED BUSINESS SEGMENT DATA (UNAUDITED)
For the 3 months ending March 31, 2016 and 2015
1st Quarter | ||||||||||||
(in thousands, except sales price and per unit data) | 2016 | 2015 | Change | |||||||||
Operating and production data | ||||||||||||
Oil, natural gas liquids and natural gas sales | ||||||||||||
Oil | $ | 102,157 | $ | 142,028 | $ | (39,871 | ) | |||||
Natural gas liquids | 8,589 | 10,834 | (2,245 | ) | ||||||||
Natural gas | 12,018 | 34,960 | (22,942 | ) | ||||||||
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Total | $ | 122,764 | $ | 187,822 | $ | (65,058 | ) | |||||
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Open non-cash mark-to-market gains (losses) on derivative instruments | ||||||||||||
Oil | $ | (1,699 | ) | $ | (51,769 | ) | $ | 50,070 | ||||
Natural gas liquids | — | — | — | |||||||||
Natural gas | 1,442 | (7,882 | ) | 9,324 | ||||||||
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Total | $ | (257 | ) | $ | (59,651 | ) | $ | 59,394 | ||||
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Closed gains (losses) on derivative instruments | ||||||||||||
Oil | $ | 5,094 | $ | 77,483 | $ | (72,389 | ) | |||||
Natural gas liquids | — | — | — | |||||||||
Natural gas | 618 | 16,204 | (15,586 | ) | ||||||||
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Total | $ | 5,712 | $ | 93,687 | $ | (87,975 | ) | |||||
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Total revenues | $ | 128,219 | $ | 221,858 | $ | (93,639 | ) | |||||
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Production volumes | ||||||||||||
Oil (MBbl) | 3,386 | 3,235 | 151 | |||||||||
Natural gas liquids (MMgal) | 40.0 | 36.2 | 3.8 | |||||||||
Natural gas (MMcf) | 7,446 | 13,278 | (5,832 | ) | ||||||||
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Total production volumes (MBOE) | 5,580 | 6,309 | (729 | ) | ||||||||
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Average daily production volumes | ||||||||||||
Oil (MBbl/d) | 37.2 | 35.9 | 1.3 | |||||||||
Natural gas liquids (MMgal/d) | 0.4 | 0.4 | — | |||||||||
Natural gas (MMcf/d) | 81.8 | 147.5 | (65.7 | ) | ||||||||
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Total average daily production volumes (MBOE/d) | 61.3 | 70.1 | (8.8 | ) | ||||||||
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Average realized prices excluding effects of open non-cash mark-to-market derivative instruments | ||||||||||||
Oil (per barrel) | $ | 31.67 | $ | 67.86 | $ | (36.19 | ) | |||||
Natural gas liquids (per gallon) | $ | 0.21 | $ | 0.30 | $ | (0.09 | ) | |||||
Natural gas (per Mcf) | $ | 1.70 | $ | 3.85 | $ | (2.15 | ) | |||||
Average realized prices excluding effects of all derivative instruments | ||||||||||||
Oil (per barrel) | $ | 30.17 | $ | 43.90 | $ | (13.73 | ) | |||||
Natural gas liquids (per gallon) | $ | 0.21 | $ | 0.30 | $ | (0.09 | ) | |||||
Natural gas (per Mcf) | $ | 1.61 | $ | 2.63 | $ | (1.02 | ) | |||||
Costs per BOE | ||||||||||||
Oil, natural gas liquids and natural gas production expenses | $ | 8.56 | $ | 10.74 | $ | (2.18 | ) | |||||
Production and ad valorem taxes | $ | 2.00 | $ | 3.02 | $ | (1.02 | ) | |||||
Depreciation, depletion and amortization | $ | 21.39 | $ | 21.30 | $ | 0.09 | ||||||
Exploration expense | $ | 0.04 | $ | 0.12 | $ | (0.08 | ) | |||||
General and administrative | $ | 5.29 | $ | 5.08 | $ | 0.21 | ||||||
Net capital expenditures | $ | 119,896 | $ | 375,827 | $ | (255,931 | ) | |||||
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