Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 27, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Entity Registrant Name | GULFPORT ENERGY CORP | |
Entity Central Index Key | 874,499 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,017 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Entity Common Stock, Shares Outstanding (in shares) | 183,081,776 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 125,271 | $ 1,275,875 |
Restricted cash | 0 | 185,000 |
Accounts receivable—oil and natural gas | 180,106 | 136,761 |
Accounts receivable—related parties | 362 | 16 |
Prepaid expenses and other current assets | 5,666 | 3,135 |
Short-term derivative instruments | 35,332 | 3,488 |
Total current assets | 346,737 | 1,604,275 |
Property and equipment | ||
Oil and natural gas properties, full-cost accounting, $2,956,732 and $1,580,305 excluded from amortization in 2017 and 2016, respectively | 8,867,239 | 6,071,920 |
Other property and equipment | 84,225 | 68,986 |
Accumulated depletion, depreciation, amortization and impairment | (4,043,879) | (3,789,780) |
Property and equipment, net | 4,907,585 | 2,351,126 |
Other assets | ||
Equity investments | 279,282 | 243,920 |
Long-term derivative instruments | 6,409 | 5,696 |
Deferred tax asset | 4,692 | 4,692 |
Inventories | 13,908 | 4,504 |
Other assets | 18,985 | 8,932 |
Total other assets | 323,276 | 267,744 |
Total assets | 5,577,598 | 4,223,145 |
Current liabilities | ||
Accounts payable and accrued liabilities | 582,928 | 265,124 |
Asset retirement obligation—current | 195 | 195 |
Short-term derivative instruments | 29,130 | 119,219 |
Current maturities of long-term debt | 570 | 276 |
Total current liabilities | 612,823 | 384,814 |
Long-term derivative instrument | 19,712 | 26,759 |
Asset retirement obligation—long-term | 44,266 | 34,081 |
Long-term debt, net of current maturities | 1,958,136 | 1,593,599 |
Total liabilities | 2,634,937 | 2,039,253 |
Commitments and contingencies (Note 9) | ||
Preferred stock, $.01 par value; 5,000,000 authorized, 30,000 authorized as redeemable 12% cumulative preferred stock, Series A; 0 issued and outstanding | 0 | 0 |
Stockholders’ equity | ||
Common stock - $.01 par value, 200,000,000 authorized, 183,081,776 issued and outstanding at September 30, 2017 and 158,829,816 at December 31, 2016 | 1,831 | 1,588 |
Paid-in capital | 4,413,623 | 3,946,442 |
Accumulated other comprehensive loss | (40,339) | (53,058) |
Retained deficit | (1,432,454) | (1,711,080) |
Total stockholders’ equity | 2,942,661 | 2,183,892 |
Total liabilities and stockholders’ equity | $ 5,577,598 | $ 4,223,145 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Statement of Financial Position [Abstract] | ||
Capitalized costs of oil and natural gas properties excluded from amortization | $ 2,956,732 | $ 1,580,305 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock dividend rate, percent | 12.00% | 12.00% |
Redeemable preferred stock, shares authorized (in shares) | 30,000 | 30,000 |
Preferred stock Series A, issued (in shares) | 0 | 0 |
Preferred stock Series A, outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares, issued (in shares) | 183,081,776 | 158,829,816 |
Common stock, shares, outstanding (in shares) | 183,081,776 | 158,829,816 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Natural gas sales | $ 223,340,000 | $ 122,018,000 | $ 606,544,000 | $ 271,873,000 |
Oil and condensate sales | 31,459,000 | 21,799,000 | 85,338,000 | 60,799,000 |
Natural gas liquid sales | 33,559,000 | 14,594,000 | 88,985,000 | 34,198,000 |
Net (loss) gain on natural gas, oil, and NGL derivatives | (22,860,000) | 35,281,000 | 141,588,000 | (44,376,000) |
Total revenues | 265,498,000 | 193,692,000 | 922,455,000 | 322,494,000 |
Costs and expenses | ||||
Lease operating expenses | 20,020,000 | 17,471,000 | 60,044,000 | 48,789,000 |
Production taxes | 5,419,000 | 3,525,000 | 14,464,000 | 9,492,000 |
Midstream gathering and processing | 69,372,000 | 45,475,000 | 176,258,000 | 122,476,000 |
Depreciation, depletion and amortization | 106,650,000 | 62,285,000 | 254,887,000 | 183,414,000 |
Impairment of oil and natural gas properties | 0 | 212,194,000 | 0 | 601,806,000 |
General and administrative | 13,065,000 | 10,467,000 | 37,922,000 | 32,941,000 |
Accretion expense | 456,000 | 269,000 | 1,148,000 | 777,000 |
Acquisition expense | 33,000 | 0 | 2,391,000 | 0 |
Total costs and expenses | 215,015,000 | 351,686,000 | 547,114,000 | 999,695,000 |
INCOME (LOSS) FROM OPERATIONS | 50,483,000 | (157,994,000) | 375,341,000 | (677,201,000) |
OTHER (INCOME) EXPENSE | ||||
Interest expense | 27,130,000 | 12,787,000 | 74,797,000 | 44,892,000 |
Interest income | (37,000) | (337,000) | (927,000) | (822,000) |
Insurance proceeds | 0 | (3,750,000) | 0 | (3,750,000) |
Loss (income) from equity method investments, net | 2,737,000 | (5,997,000) | 20,945,000 | 25,576,000 |
Other income | (345,000) | 6,000 | (863,000) | (3,000) |
Total other (income) expense | 29,485,000 | 2,709,000 | 93,952,000 | 65,893,000 |
INCOME (LOSS) BEFORE INCOME TAXES | 20,998,000 | (160,703,000) | 281,389,000 | (743,094,000) |
INCOME TAX EXPENSE (BENEFIT) | 2,763,000 | (3,407,000) | 2,763,000 | (3,755,000) |
NET INCOME (LOSS) | $ 18,235,000 | $ (157,296,000) | $ 278,626,000 | $ (739,339,000) |
NET INCOME (LOSS) PER COMMON SHARE | ||||
Basic (in usd per share) | $ 0.10 | $ (1.25) | $ 1.56 | $ (6.12) |
Diluted (in usd per share) | $ 0.10 | $ (1.25) | $ 1.56 | $ (6.12) |
Weighted average common shares outstanding - Basic (in shares) | 182,957,416 | 125,408,866 | 178,736,569 | 120,771,046 |
Weighted average common shares outstanding - Diluted (in shares) | 183,008,436 | 125,408,866 | 179,130,570 | 120,771,046 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (157,296) | $ (739,339) | |
Foreign currency translation adjustment | [1] | (4,013) | 4,361 |
Other comprehensive income (loss) | (4,013) | 4,361 | |
Comprehensive income (loss) | (161,309) | (734,978) | |
Foreign currency translation adjustment, tax | $ 2,800 | $ 2,800 | |
[1] | Net of $2.8 million in taxes for each of the three and nine months ended September 30, 2016. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Accumulated Other Comprehensive Income (loss) | Retained Deficit |
Beginning Balance (in shares) at Dec. 31, 2015 | 108,322,250 | ||||
Beginning Balance at Dec. 31, 2015 | $ 2,038,837 | $ 1,082 | $ 2,824,303 | $ (55,177) | $ (731,371) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (739,339) | (739,339) | |||
Other Comprehensive Income | 4,361 | 4,361 | |||
Stock Compensation | 9,550 | 9,550 | |||
Issuance of Restricted Stock (in shares) | 226,283 | ||||
Issuance of Restricted Stock | 0 | $ 2 | (2) | ||
Issuance of Common Stock in public offerings, net of related expenses (in shares) | 16,905,000 | ||||
Issuance of Common Stock in public offerings, net of related expenses | 411,711 | $ 169 | 411,542 | ||
Ending Balance (in shares) at Sep. 30, 2016 | 125,453,533 | ||||
Ending Balance at Sep. 30, 2016 | $ 1,725,120 | $ 1,253 | 3,245,393 | (50,816) | (1,470,710) |
Beginning Balance (in shares) at Dec. 31, 2016 | 158,829,816 | 158,829,816 | |||
Beginning Balance at Dec. 31, 2016 | $ 2,183,892 | $ 1,588 | 3,946,442 | (53,058) | (1,711,080) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 278,626 | 278,626 | |||
Other Comprehensive Income | 12,719 | 12,719 | |||
Stock Compensation | 7,988 | 7,988 | |||
Issuance of Common Stock for the Vitruvian Acquisition, net of related expenses (in shares) | 23,852,117 | ||||
Issuance of Common Stock for the Vitruvian Acquisition, net of related expenses | 459,436 | $ 239 | 459,197 | ||
Issuance of Restricted Stock (in shares) | 399,843 | ||||
Issuance of Restricted Stock | $ 0 | $ 4 | (4) | ||
Ending Balance (in shares) at Sep. 30, 2017 | 183,081,776 | 183,081,776 | |||
Ending Balance at Sep. 30, 2017 | $ 2,942,661 | $ 1,831 | $ 4,413,623 | $ (40,339) | $ (1,432,454) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net income (loss) | $ 278,626,000 | $ (739,339,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Accretion of discount—Asset Retirement Obligation | 1,148,000 | 777,000 |
Depletion, depreciation and amortization | 254,887,000 | 183,414,000 |
Impairment of oil and natural gas properties | 0 | 601,806,000 |
Stock-based compensation expense | 4,793,000 | 5,730,000 |
Loss from equity investments | 21,495,000 | 25,988,000 |
Change in fair value of derivative instruments | (129,692,000) | 184,013,000 |
Deferred income tax expense (benefit) | 0 | 17,211,000 |
Amortization of loan commitment fees | 3,548,000 | 2,912,000 |
Amortization of note discount and premium | 0 | (1,716,000) |
Changes in operating assets and liabilities | ||
Increase in accounts receivable | (43,345,000) | (55,916,000) |
Increase in accounts receivable—related party | (346,000) | (80,000) |
Increase in prepaid expenses | (2,531,000) | (6,835,000) |
Increase in other assets | (5,665,000) | 0 |
Increase in accounts payable, accrued liabilities and other | 111,335,000 | 28,265,000 |
Settlement of asset retirement obligation | (2,520,000) | (955,000) |
Net cash provided by operating activities | 491,733,000 | 245,275,000 |
Cash flows from investing activities | ||
Deductions to cash held in escrow | 0 | 8,000 |
Additions to other property and equipment | (16,288,000) | (20,131,000) |
Acquisition of oil and natural gas properties | (1,339,456,000) | 0 |
Additions to oil and natural gas properties | (789,743,000) | (441,128,000) |
Proceeds from sale of oil and natural gas properties | 4,079,000 | 41,534,000 |
Proceeds from sale of other property and equipment | 658,000 | 0 |
Funding of restricted cash | 185,000,000 | 0 |
Contributions to equity method investments | (44,844,000) | (18,510,000) |
Distributions from equity method investments | 4,114,000 | 14,220,000 |
Insurance proceeds | 0 | 3,750,000 |
Net cash used in investing activities | (1,996,480,000) | (420,257,000) |
Cash flows from financing activities | ||
Principal payments on borrowings | (183,000) | (1,685,000) |
Borrowings on line of credit | 365,000,000 | 0 |
Borrowings on term loan | 2,951,000 | 16,499,000 |
Debt issuance costs and loan commitment fees | (8,261,000) | (241,000) |
Proceeds from issuance of common stock, net of offering costs | (5,364,000) | 411,711,000 |
Net cash provided by financing activities | 354,143,000 | 426,284,000 |
Net (decrease) increase in cash and cash equivalents | (1,150,604,000) | 251,302,000 |
Cash and cash equivalents at beginning of period | 1,275,875,000 | 112,974,000 |
Cash and cash equivalents at end of period | 125,271,000 | 364,276,000 |
Supplemental disclosure of cash flow information | ||
Interest payments | 50,826,000 | 35,193,000 |
Income tax payments | 0 | 0 |
Supplemental disclosure of non-cash transactions | ||
Capitalized stock based compensation | 3,195,000 | 3,820,000 |
Asset retirement obligation capitalized | 6,726,000 | |
Interest capitalized | 8,753,000 | 8,920,000 |
Foreign currency translation gain on equity method investments | $ 12,719,000 | $ 7,137,000 |
Notes to Financial Statements (
Notes to Financial Statements (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Notes to Financial Statements | These consolidated financial statements have been prepared by Gulfport Energy Corporation (the “Company” or “Gulfport”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), and reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the summary of significant accounting policies and notes thereto included in the Company’s most recent annual report on Form 10-K. Results for the three and nine month periods ended September 30, 2017 are not necessarily indicative of the results expected for the full year. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Vitruvian Acquisition In December 2016, the Company, through its wholly-owned subsidiary Gulfport MidCon LLC (“Gulfport MidCon”) (formerly known as SCOOP Acquisition Company, LLC), entered into an agreement to acquire certain assets of Vitruvian II Woodford, LLC (“Vitruvian”), an unrelated third-party seller (the “Vitruvian Acquisition”). The assets included in the Vitruvian Acquisition include 46,400 net surface acres located in Grady, Stephens and Garvin Counties, Oklahoma. On February 17, 2017, the Company completed the Vitruvian Acquisition for a total initial purchase price of approximately $1.85 billion , consisting of $1.35 billion in cash, subject to certain adjustments, and approximately 23.9 million shares of the Company’s common stock (of which approximately 5.2 million shares were placed in an indemnity escrow). The cash portion of the purchase price was funded with the net proceeds from the December 2016 common stock and senior note offerings and cash on hand. Acquisition costs of $0.03 million and $2.4 million were incurred during the three and nine months ended September 30, 2017 , respectively, related to the Vitruvian Acquisition. Allocation of Purchase Price The Vitruvian Acquisition qualified as a business combination for accounting purposes and, as such, the Company estimated the fair value of the acquired properties as of the February 17, 2017 acquisition date. The fair value of the assets acquired and liabilities assumed was estimated using assumptions that represent Level 3 inputs. See Note 11 for additional discussion of the measurement inputs. The Company estimated that the consideration paid in the Vitruvian Acquisition for these properties approximated the fair value that would be paid by a typical market participant. As a result, no goodwill or bargain purchase gain was recognized in conjunction with the purchase. The following table summarizes the consideration paid in the Vitruvian Acquisition to acquire the properties and the fair value amount of the assets acquired as of February 17, 2017. Both the consideration paid and the fair value assigned to the assets is preliminary and subject to adjustment. (In thousands) Consideration: Cash, net of purchase price adjustments $ 1,354,093 Fair value of Gulfport’s common stock issued 464,639 Total Consideration $ 1,818,732 Estimated Fair value of identifiable assets acquired and liabilities assumed: Oil and natural gas properties Proved properties $ 362,264 Unproved properties 1,462,957 Asset retirement obligations (6,489 ) Total fair value of net identifiable assets acquired $ 1,818,732 The equity consideration included in the initial purchase price was based on an equity offering price of $20.96 on December 15, 2016. The decrease in the price of Gulfport’s common stock from $20.96 on December 15, 2016 to $19.48 on February 17, 2017 resulted in a decrease to the fair value of the total consideration paid as compared to the initial purchase price of approximately $35.3 million , which resulted in a closing date fair value lower than the initial purchase price. Post-Acquisition Operating Results For the three months ended September 30, 2017 and the period from the acquisition date of February 17, 2017 to September 30, 2017 , the assets acquired in the Vitruvian Acquisition have contributed the following amounts of revenue to the Company’s consolidated statements of operations. The amount of net income contributed by the assets acquired is not presented below as it is impracticable to calculate due to the Company integrating the acquired assets into its overall operations using the full cost method of accounting. Period from February 17, 2017 Three months ended to September 30, 2017 September 30, 2017 (In thousands) Revenue $ 60,940 $ 137,706 Pro Forma Information (Unaudited) The following unaudited pro forma combined financial information presents the Company’s results as though the Vitruvian Acquisition had been completed at January 1, 2016. The pro forma combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Vitruvian Acquisition taken place on January 1, 2016; furthermore, the financial information is not intended to be a projection of future results. Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In thousands, except share data) Pro forma revenue $ 265,498 $ 250,258 $ 958,354 $ 425,958 Pro forma net income (loss) $ 18,235 $ (200,005 ) $ 300,052 $ (935,219 ) Pro forma earnings (loss) per share (basic) $ 0.10 $ (1.34 ) $ 1.68 $ (6.47 ) Pro forma earnings (loss) per share (diluted) $ 0.10 $ (1.34 ) $ 1.68 $ (6.47 ) |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 December 31, 2016 (In thousands) Oil and natural gas properties $ 8,867,239 $ 6,071,920 Office furniture and fixtures 34,875 21,204 Building 44,530 42,530 Land 4,820 5,252 Total property and equipment 8,951,464 6,140,906 Accumulated depletion, depreciation, amortization and impairment (4,043,879 ) (3,789,780 ) Property and equipment, net $ 4,907,585 $ 2,351,126 Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the oil and natural gas properties. At September 30, 2017 , the calculated ceiling was greater than the net book value of the Company’s oil and natural gas properties, thus no ceiling test impairment was required for the nine months ended September 30, 2017 . An impairment of $212.2 million and $601.8 million was required for oil and natural gas properties for the three and nine months ended September 30, 2016 , respectively. Included in oil and natural gas properties at September 30, 2017 is the cumulative capitalization of $155.5 million in general and administrative costs incurred and capitalized to the full cost pool. General and administrative costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All general and administrative costs not directly associated with exploration and development activities were charged to expense as they were incurred. Capitalized general and administrative costs were approximately $8.9 million and $25.6 million for the three and nine months ended September 30, 2017 , respectively, and $7.2 million and $22.2 million for the three and nine months ended September 30, 2016 , respectively. The following table summarizes the Company’s non-producing properties excluded from amortization by area at September 30, 2017 : September 30, 2017 (In thousands) Utica $ 1,517,555 MidContinent 1,435,992 Niobrara 2,182 Southern Louisiana 536 Bakken 99 Other 368 $ 2,956,732 At December 31, 2016 , approximately $1.6 billion of non-producing leasehold costs was not subject to amortization. The Company evaluates the costs excluded from its amortization calculation at least annually. Subject to industry conditions and the level of the Company’s activities, the inclusion of most of the above referenced costs into the Company’s amortization calculation typically occurs within three to five years. However, the majority of the Company’s non-producing leases have five -year extension terms which could extend this time frame beyond five years. A reconciliation of the Company’s asset retirement obligation for the nine months ended September 30, 2017 and 2016 is as follows: September 30, 2017 September 30, 2016 (In thousands) Asset retirement obligation, beginning of period $ 34,276 $ 26,437 Liabilities incurred 11,557 6,726 Liabilities settled (2,520 ) (955 ) Accretion expense 1,148 777 Asset retirement obligation as of end of period 44,461 32,985 Less current portion 195 75 Asset retirement obligation, long-term $ 44,266 $ 32,910 |
Equity Investments
Equity Investments | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments | EQUITY INVESTMENTS Investments accounted for by the equity method consist of the following as of September 30, 2017 and December 31, 2016 : Carrying value (Income) loss from equity method investments Approximate ownership % September 30, 2017 December 31, 2016 Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In thousands) Investment in Tatex Thailand II, LLC 23.5 % $ — $ — $ (95 ) $ (253 ) $ (549 ) $ (412 ) Investment in Tatex Thailand III, LLC 17.9 % — — — — — — Investment in Grizzly Oil Sands ULC 24.9999 % 58,674 45,213 296 363 869 24,811 Investment in Timber Wolf Terminals LLC 50.0 % 983 991 4 3 8 7 Investment in Windsor Midstream LLC 22.5 % 31 25,749 (2 ) (9,014 ) 25,232 (12,062 ) Investment in Stingray Cementing LLC (1) — % — 1,920 — 79 205 187 Investment in Blackhawk Midstream LLC 48.5 % — — — — — — Investment in Stingray Energy Services LLC (1) — % — 4,215 — 294 282 935 Investment in Sturgeon Acquisitions LLC (1) — % — 20,526 — 112 (71 ) 623 Investment in Mammoth Energy Services, Inc. (1) 25.1 % 149,219 111,717 2,407 2,518 (7,616 ) 11,527 Investment in Strike Force Midstream LLC 25.0 % 70,375 33,589 127 (99 ) 2,585 (40 ) $ 279,282 $ 243,920 $ 2,737 $ (5,997 ) $ 20,945 $ 25,576 (1) On June 5, 2017, Mammoth Energy Services, Inc. acquired Stingray Cementing LLC, Stingray Energy Services LLC and Sturgeon Acquisitions LLC. See below under Mammoth Energy Partners LP/Mammoth Energy Services, Inc. for information regarding these transactions. The tables below summarize financial information for the Company’s equity investments as of September 30, 2017 and December 31, 2016 . Summarized balance sheet information: September 30, 2017 December 31, 2016 (In thousands) Current assets $ 201,557 $ 148,733 Noncurrent assets $ 1,494,770 $ 1,305,407 Current liabilities $ 130,178 $ 57,173 Noncurrent liabilities $ 164,759 $ 67,680 Summarized results of operations: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In thousands) Gross revenue $ 160,950 $ 76,627 $ 357,901 $ 206,666 Net income (loss) $ 2,101 $ 35,212 $ (109,651 ) $ 9,344 Tatex Thailand II, LLC The Company has an indirect ownership interest in Tatex Thailand II, LLC (“Tatex II”). Tatex II holds an 8.5% interest in APICO, LLC (“APICO”), an international oil and gas exploration company. APICO has a reserve base located in Southeast Asia through its ownership of concessions covering approximately 180,000 acres which includes the Phu Horm Field. The Company received $0.5 million and $0.4 million in distributions from Tatex II during the nine months ended September 30, 2017 and 2016, respectively. Tatex Thailand III, LLC The Company has an ownership interest in Tatex Thailand III, LLC (“Tatex III”). Tatex III previously owned a concession covering approximately 245,000 acres in Southeast Asia. As of December 31, 2014, the Company reviewed its investment in Tatex III and, together with Tatex III, made the decision to allow the concession to expire in January 2015. As such, the Company fully impaired the asset as of December 31, 2014. Grizzly Oil Sands ULC The Company, through its wholly owned subsidiary Grizzly Holdings Inc. (“Grizzly Holdings”), owns an interest in Grizzly Oil Sands ULC (“Grizzly”), a Canadian unlimited liability company. The remaining interest in Grizzly is owned by Grizzly Oil Sands Inc. (“Oil Sands”). As of September 30, 2017 , Grizzly had approximately 830,000 acres under lease in the Athabasca and Peace River oil sands regions of Alberta, Canada. Initiation of steam injection at its first project, Algar Lake Phase 1, commenced in January 2014 and first bitumen production was achieved during the second quarter of 2014. In April 2015, Grizzly determined to cease bitumen production at its Algar Lake facility due to the level of commodity prices. Grizzly continues to monitor market conditions as it assesses future plans for the facility. The Company reviewed its investment in Grizzly at March 31, 2016 for impairment based on FASB ASC 323 due to certain qualitative factors and as such, engaged an independent third party to assist management in determining fair value calculations of its investment. As a result of the calculated fair values and other qualitative factors, the Company concluded that an other than temporary impairment was required under FASB ASC 323, resulting in an impairment loss of $23.1 million for the three months ended March 31, 2016, which is included in loss from equity method investments, net in the consolidated statements of operations. As of and during the nine months ended September 30, 2017 , commodity prices had increased as compared to the quarter ended March 31, 2016, and there were no impairment indicators that required further evaluation for impairment. If commodity prices decline in the future however, further impairment of the investment in Grizzly may be necessary. During the nine months ended September 30, 2017 , Gulfport paid $1.8 million in cash calls. Grizzly’s functional currency is the Canadian dollar. The Company’s investment in Grizzly was increased by $6.7 million and $12.5 million as a result of a foreign currency translation gain for the three and nine months ended September 30, 2017 , respectively. The Company's investment in Grizzly was decreased by $1.4 million as a result of a foreign currency translation loss and increased by $8.3 million as a result of a foreign currency translation gain for the three and nine months ended September 30, 2016 , respectively. Timber Wolf Terminals LLC During 2012, the Company invested in Timber Wolf Terminals LLC (“Timber Wolf”). Timber Wolf was formed to operate a crude/condensate terminal and a sand transloading facility in Ohio. Windsor Midstream LLC At September 30, 2017 , the Company held a 22.5% interest in Windsor Midstream LLC (“Midstream”), an entity controlled and managed by an unrelated third party. Midstream previously owned a 28.4% interest in Coronado Midstream LLC (“Coronado”), a gas processing plant in West Texas. In March 2015, Coronado was sold to EnLink Midstream Partners, LP (“EnLink”). As a result of the sale of Coronado to EnLink, Midstream received common units of EnLink, which were subsequently sold by Midstream. During the nine months ended September 30, 2017, the Company noted that Midstream had not recorded certain activity and fair value treatment of Midstream's investment in EnLink common units in a timely manner. The corresponding effect of this treatment was immaterial to the Company's previously issued financial statements and the recording of the correction in the current periods' financial statements was not material to the Company's estimated net income for the current full fiscal year. For the nine months ended September 30, 2017, approximately $23.4 million of the loss from equity method investments, net was related to the out-of-period activity associated with the accounting for Midstream's investment in EnLink common units. The Company received $0.5 million and $14.2 million in distributions from Midstream during the nine months ended September 30, 2017 and 2016 , respectively. Stingray Cementing LLC During 2012, the Company invested in Stingray Cementing LLC (“Stingray Cementing”). Stingray Cementing provides well cementing services. The (income) loss from equity method investments presented in the table above reflects any intercompany profit eliminations. On June 5, 2017 , Mammoth Energy Services, Inc. (“Mammoth Energy”) acquired Stingray Cementing. See below under Mammoth Energy Partners LP/Mammoth Energy Services, Inc. for information regarding this transaction. Blackhawk Midstream LLC During 2012, the Company invested in Blackhawk Midstream LLC (“Blackhawk”). Blackhawk coordinated gathering, compression, processing and marketing activities for the Company in connection with the development of its Utica Shale acreage. Blackhawk does not have any current activities. Stingray Energy Services LLC During 2013, the Company invested in Stingray Energy Services LLC (“Stingray Energy”). Stingray Energy provides rental tools for land-based oil and natural gas drilling, completion and workover activities as well as the transfer of fresh water to wellsites. The (income) loss from equity method investments presented in the table above reflects any intercompany profit eliminations. On June 5, 2017 , Mammoth Energy acquired Stingray Energy. See below under Mammoth Energy Partners LP/Mammoth Energy Services, Inc. for information regarding this transaction. Sturgeon Acquisitions LLC During 2014, the Company invested $20.7 million and received an ownership interest of 25% in Sturgeon Acquisitions LLC (“Sturgeon”). Sturgeon owns and operates sand mines that produce hydraulic fracturing grade sand. On June 5, 2017 , Mammoth Energy acquired Sturgeon. See below under Mammoth Energy Partners LP/Mammoth Energy Services, Inc. for information regarding this transaction. Mammoth Energy Partners LP/Mammoth Energy Services, Inc. In the fourth quarter of 2014, the Company contributed its investments in four entities to Mammoth Energy Partners LP (“Mammoth”) for a 30.5% interest in this entity. Mammoth originally intended to pursue its initial public offering in 2014 or 2015; however, due to low commodity prices, the offering was postponed. In October 2016, Mammoth converted from a limited partnership into a limited liability company named Mammoth Energy Partners LLC (“Mammoth LLC”) and the Company and the other members of Mammoth LLC contributed their interests in Mammoth LLC to Mammoth Energy. The Company received 9,150,000 shares of Mammoth Energy common stock in return for its contribution. Following the contribution, Mammoth Energy completed its initial public offering (the “IPO”) of 7,750,000 shares of its common stock at a public offering price of $ 15.00 per share, of which 7,500,000 shares were sold by Mammoth Energy, and 250,000 shares were sold by certain selling stockholders, including 76,250 shares sold by the Company for which it received net proceeds of $1.1 million . On June 5, 2017 , the Company contributed all of its membership interests in Sturgeon (which owns Taylor Frac, LLC, Taylor Real Estate Investments, LLC and South River Road, LLC), Stingray Energy and Stingray Cementing to Mammoth Energy in exchange for approximately 2.0 million shares of Mammoth Energy common stock. As of September 30, 2017 , the Company held approximately 25.1% of Mammoth Energy’s outstanding common stock. The Company accounted for the transactions as a sale of financial assets under FASB ASC 860. The Company valued the shares of Mammoth Energy common stock it received in the transactions at $18.50 per share, which was the closing price of Mammoth Energy common stock on June 5, 2017 . The Company recognized a gain of $12.5 million from the transactions, which is included in loss from equity method investments, net in the accompanying consolidated statements of operations. The Company’s investment in Mammoth Energy was increased by a $0.16 million and $0.2 million foreign currency gain resulting from Mammoth Energy’s foreign subsidiary for the three and nine months ended September 30, 2017 , respectively. The Company's investment in Mammoth Energy was increased by a $0.2 million foreign currency gain and decreased by a $1.1 million foreign currency loss resulting from Mammoth Energy's foreign subsidiary for the three and nine months ended September 30, 2016 , respectively. The (income) loss from equity method investments presented in the table above reflects any intercompany profit eliminations. Strike Force Midstream LLC In February 2016, the Company, through its wholly owned subsidiary Gulfport Midstream Holdings, LLC (“Midstream Holdings”), entered into an agreement with Rice Midstream Holdings LLC (“Rice”), a subsidiary of Rice Energy Inc., to develop natural gas gathering assets in eastern Belmont County and Monroe County, Ohio (the “dedicated areas”). The Company contributed certain gathering assets for a 25% interest in the newly formed entity called Strike Force Midstream LLC (“Strike Force”). Rice acts as operator and owns the remaining 75% interest in Strike Force. Construction of the gathering assets, which is ongoing, is expected to provide gathering services for Gulfport operated wells and connectivity of existing dry gas gathering systems. During the nine months ended September 30, 2017 , Gulfport paid $43.0 million in cash calls to Strike Force and received distributions of $3.6 million from Strike Force. During the nine months ended September 30, 2016 , Gulfport paid $4.0 million in cash calls to Strike Force. The Company accounted for its initial contribution to Strike Force at fair value under applicable codification guidance. The Company estimated the fair market value of its investment in Strike Force as of the contribution date using the discounted cash flow method under the income approach, based on an independently prepared valuation of the contributed assets. The fair market value was reduced by a discount factor for the lack of marketability due to the Company’s minority interest, resulting in a fair value of $22.5 million for the Company’s 25% interest. The fair value of the assets contributed was estimated using assumptions that represent Level 3 inputs. See “Note 11 - Fair Value Measurements” for additional discussion of the measurement inputs. The Company has elected to report its proportionate share of Strike Force’s earnings on a one-quarter lag as permitted under FASB ASC 323. The (income) loss from equity method investments presented in the table above reflects any intercompany profit eliminations. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES As of September 30, 2017 , the Company held variable interests in the following variable interest entities (“VIEs”), but was not the primary beneficiary: Midstream and Timber Wolf. These entities have governing provisions that are the functional equivalent of a limited partnership and are considered VIEs because the limited partners or non-managing members lack substantive kick-out or participating rights which causes the equity owners, as a group, to lack a controlling financial interest. The Company is a limited partner or non-managing member in each of these VIEs and is not the primary beneficiary because it does not have a controlling financial interest. The general partner or managing member has power to direct the activities that most significantly impact the VIEs’ economic performance. The Company also held a variable interest in Strike Force due to the fact that it does not have sufficient equity capital at risk. The Company is not the primary beneficiary of this entity. Prior to Mammoth Energy’s IPO, Mammoth LLC was considered a variable interest entity. As a result of the Company’s contribution of its interest in Mammoth LLC to Mammoth Energy in exchange for Mammoth Energy common stock and Mammoth Energy’s IPO, the Company determined that it no longer held an interest in a variable interest entity. Prior to the contribution of Stingray Energy, Stingray Cementing and Sturgeon to Mammoth Energy, these entities were considered VIEs. As a result of the Company’s contribution of its membership interests in Stingray Energy, Stingray Cementing and Sturgeon to Mammoth Energy in exchange for Mammoth Energy common stock, the Company determined that it no longer held an interest in a variable interest entity. The Company accounts for its investment in these VIEs following the equity method of accounting. The carrying amounts of the Company’s equity investments are classified as other non-current assets on the accompanying consolidated balance sheets. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is based on the Company’s capital contributions and the economic performance of the VIEs, and is equal to the carrying value of the Company’s investments which is the maximum loss the Company could be required to record in the consolidated statements of operations. See Note 3 for further discussion of these entities, including the carrying amounts of each investment. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-term debt consisted of the following items as of September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Revolving credit agreement (1) $ 365,000 $ — 7.75% senior unsecured notes due 2020 (2) — — 6.625% senior unsecured notes due 2023 (3) 350,000 350,000 6.000% senior unsecured notes due 2024 (4) 650,000 650,000 6.375% senior unsecured notes due 2025 (5) 600,000 600,000 Net unamortized debt issuance costs (6) (30,111 ) (27,174 ) Construction loan (7) 23,817 21,049 Less: current maturities of long term debt (570 ) (276 ) Debt reflected as long term $ 1,958,136 $ 1,593,599 The Company capitalized approximately $2.1 million and $8.8 million in interest expense to undeveloped oil and natural gas properties during the three and nine months ended September 30, 2017 , respectively. The Company capitalized approximately $4.7 million and $7.7 million in interest expense to undeveloped oil and natural gas properties during the three and nine months ended September 30, 2016 , respectively. During the three and nine months ended September 30, 2016 , the Company also capitalized approximately $0.5 million and $1.2 million , respectively, in interest expense related to building construction. Construction on the building was completed in December 2016 and, as such, the Company did not capitalize any interest expense related to building construction for the three and nine months ended September 30, 2017 . (1) The Company has entered into a senior secured revolving credit facility, as amended, with The Bank of Nova Scotia, as the lead arranger and administrative agent and certain lenders from time to time party thereto. The credit agreement provides for a maximum facility amount of $1.5 billion and matures on June 6, 2018. On December 13, 2016, the Company further amended its revolving credit facility to, among other things, (a) reset the maturity date to December 31, 2021, (b) adjust lenders, (c) increase the basket for unsecured debt issuances to $1.6 billion , (d) increase the interest rates by 50 basis points, (e) increase the mortgage requirement to 85% (from 80% ), and (f) add deposit account control agreement language. On March 29, 2017, the Company further amended its revolving credit facility to, among other things, amend the definition of the term EBITDAX to permit pro forma treatment of acquisitions that involve the payment of consideration by Gulfport and its subsidiaries in excess of $50.0 million and of dispositions of property or series of related dispositions of properties that yields gross proceeds to Gulfport or any of its subsidiaries in excess of $50.0 million . On May 4, 2017, the revolving credit facility was further amended to increase the borrowing base from $700.0 million to $1.0 billion , adjust certain of the Company’s investment baskets and add five additional banks to the syndicate. As of September 30, 2017 , $365.0 million was outstanding under the revolving credit facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $237.5 million of letters of credit, was $397.5 million . The Company’s wholly-owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility. In connection with the Company's fall redetermination under its revolving credit facility, the lead lenders have proposed to increase the Company's borrowing base from $1.0 million to $1.2 billion , with an elected commitment of $1.0 billion , and decrease the interest rate by 50 basis points, subject to the approval of the additional required banks within the syndicate. Advances under the revolving credit facility may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 1.00% to 2.00% , plus (2) the highest of: (a) the federal funds rate plus 0.50% , (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00% . The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 2.00% to 3.00% , plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or service that displays on average London interbank offered rate as determined by ICE Benchmark Administration (or any other person that takes over administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At September 30, 2017 , amounts borrowed under the credit facility bore interest at the eurodollar rate ( 3.74% ). The revolving credit facility contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to: • incur indebtedness; • grant liens; • pay dividends and make other restricted payments; • make investments; • make fundamental changes; • enter into swap contracts and forward sales contracts; • dispose of assets; • change the nature of their business; and • enter into transactions with affiliates. The negative covenants are subject to certain exceptions as specified in the revolving credit facility. The revolving credit facility also contains certain affirmative covenants, including, but not limited to the following financial covenants: (i) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or non-cash revenue or expense attributable to minority investments plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful disposition will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 4.00 to 1.00 ; and (ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00 . The Company was in compliance with all covenants at September 30, 2017 . (2) On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of 7.75% Senior Notes due 2020 (the “October Notes”) under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee (the “senior note indenture”). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of 7.75% Senior Notes due 2020 (the “December Notes”) as additional securities under the senior note indenture. On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of 7.75% Senior Notes due 2020 (the “August Notes”). The August Notes were issued as additional securities under the senior note indenture. The October Notes, December Notes and the August Notes are collectively referred to as the “2020 Notes.” In October 2016 , the Company repurchased (in a cash tender offer) or redeemed all of the 2020 Notes, of which $600.0 million in aggregate principal amount was then outstanding, with the net proceeds from the issuance of its 6.000% Senior Notes due 2024 (the “2024 Notes”) discussed below and cash on hand, and the indenture governing the 2020 Notes was fully satisfied and discharged. (3) On April 21, 2015, the Company issued $350.0 million in aggregate principal amount of 6.625% Senior Notes due 2023 (the “2023 Notes”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the “2023 Notes Offering”). The Company received net proceeds of approximately $343.6 million after initial purchaser discounts and commissions and estimated offering expenses. The 2023 Notes were issued under an indenture, dated as of April 21, 2015, among the Company, the subsidiary guarantors party thereto and Wells Fargo Bank, National Association, as trustee. In October 2015, the 2023 Notes were exchanged for a new issue of substantially identical debt securities registered under the Securities Act. Pursuant to the indenture relating to the 2023 Notes, interest on the 2023 Notes accrues at a rate of 6.625% per annum on the outstanding principal amount thereof, payable semi-annually on May 1 and November 1 of each year. The 2023 Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company’s future unrestricted subsidiaries. (4) On October 14, 2016, the Company issued the 2024 Notes in aggregate principal amount of $650.0 million . The 2024 Notes were issued under an indenture, dated as of October 14, 2016, among the Company, the subsidiary guarantors party thereto and the senior note indenture trustee (the “2024 Indenture”), to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the “2024 Notes Offering”). Under the 2024 Indenture, interest on the 2024 Notes accrues at a rate of 6.000% per annum on the outstanding principal amount thereof from October 14, 2016, payable semi-annually on April 15 and October 15 of each year, commencing on April 15, 2017. The 2024 Notes will mature on October 15, 2024. The Company received approximately $638.9 million in net proceeds from the offering of the 2024 Notes, which was used, together with cash on hand, to purchase the outstanding 2020 Notes in a concurrent cash tender offer, to pay fees and expenses thereof, and to redeem any of the 2020 Notes that remained outstanding after the completion of the tender offer. (5) On December 21, 2016, the Company issued $600.0 million in aggregate principal amount of 6.375% Senior Notes due 2025 (the “2025 Notes”). The 2025 Notes were issued under an indenture, dated as of December 21, 2016, among the Company, the subsidiary guarantors party thereto and the senior note indenture trustee (the “2025 Indenture”), to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. Under the 2025 Indenture, interest on the 2025 Notes accrues at a rate of 6.375% per annum on the outstanding principal amount thereof from December 21, 2016, payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2017. The 2025 Notes will mature on May 15, 2025. The Company received approximately $584.7 million in net proceeds from the offering of the 2025 Notes, which was used, together with the net proceeds from the Company’s December 2016 common stock offering and cash on hand, to fund the cash portion of the purchase price for the Vitruvian Acquisition. See “Note 1 – Acquisitions” for additional discussion of the Vitruvian Acquisition. (6) In accordance with ASU 2015-03, loan issuance costs related to the 2023 Notes, the 2024 Notes and the 2025 Notes (collectively the “Notes”) have been presented as a reduction to the Notes. At September 30, 2017 , total unamortized debt issuance costs were $5.5 million for the 2023 Notes, $10.2 million for the 2024 Notes and $14.3 million for the 2025 Notes. In addition, loan commitment fee costs for the construction loan agreement described immediately below were $0.1 million at September 30, 2017 . (7) On June 4, 2015, the Company entered into a construction loan agreement (the “Construction Loan”) with InterBank for the construction of a new corporate headquarters in Oklahoma City, which was substantially completed in December 2016. The Construction Loan allows for maximum principal borrowings of $24.5 million and required the Company to fund 30% of the cost of the construction before any funds could be drawn, which occurred in January 2016. Interest accrues daily on the outstanding principal balance at a fixed rate of 4.50% per annum and was payable on the last day of the month through May 31, 2017. Monthly interest and principal payments are due beginning June 30, 2017, with the final payment due June 4, 2025. At September 30, 2017 , the total borrowings under the Construction Loan were approximately $23.8 million . |
Common Stock and Changes In Cap
Common Stock and Changes In Capitalization | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Common Stock and Changes in Capitalization | COMMON STOCK AND CHANGES IN CAPITALIZATION Issuance of Common Stock On March 15, 2016, the Company issued 16,905,000 shares of its common stock in an underwritten public offering (which included 2,205,000 shares sold pursuant to an option to purchase shares sold pursuant to an option to purchase additional shares of the Company’s common stock granted by the Company to, and exercised in full by, the underwriters). The net proceeds from this equity offering were approximately $411.7 million , after underwriting discounts and commissions and offering expenses. The Company used the net proceeds from this offering primarily to fund a portion of its 2017 capital development plan and for general corporate purposes. On February 17, 2017, the Company completed the Vitruvian Acquisition for a total initial purchase price of approximately $1.85 billion , consisting of $1.35 billion in cash, subject to certain adjustments, and approximately 23.9 million shares of the Company’s common stock (of which approximately 5.2 million shares are subject to the indemnity escrow). See “Note 1 - Acquisitions” for additional discussion of the Vitruvian Acquisition. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION During the three and nine months ended September 30, 2017 , the Company’s stock-based compensation cost was $2.8 million and $8.0 million , respectively, of which the Company capitalized $1.1 million and $3.2 million , respectively, relating to its exploration and development efforts. During the three and nine months ended September 30, 2016 , the Company's stock-based compensation cost was $3.0 million and $9.6 million , respectively, of which the Company capitalized $1.2 million and $3.8 million , respectively, relating to its exploration and development efforts. The following table summarizes restricted stock activity for the nine months ended September 30, 2017 : Number of Unvested Restricted Shares Weighted Average Grant Date Fair Value Unvested shares as of January 1, 2017 613,056 $ 32.90 Granted 870,358 15.15 Vested (399,843 ) 28.77 Forfeited (74,024 ) 30.45 Unvested shares as of September 30, 2017 1,009,547 $ 19.42 Unrecognized compensation expense as of September 30, 2017 related to restricted shares was $17.2 million . The expense is expected to be recognized over a weighted average period of 1.61 years. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below: Three months ended September 30, 2017 2016 Income Shares Per Share (Loss) Shares Per Share (In thousands, except share data) Basic: Net income (loss) $ 18,235 182,957,416 $ 0.10 $ (157,296 ) 125,408,866 $ (1.25 ) Effect of dilutive securities: Stock options and awards — 51,020 — — Diluted: — 0 Net income (loss) $ 18,235 183,008,436 $ 0.10 $ (157,296 ) 125,408,866 $ (1.25 ) Nine months ended September 30, 2017 2016 Income Shares Per (Loss) Shares Per (In thousands, except share data) Basic: Net income (loss) $ 278,626 178,736,569 $ 1.56 $ (739,339 ) 120,771,046 $ (6.12 ) Effect of dilutive securities: Stock options and awards — 394,001 — — Diluted: — — Net income (loss) $ 278,626 179,130,570 $ 1.56 $ (739,339 ) 120,771,046 $ (6.12 ) There were 603,068 and 598,753 shares of common stock that were considered anti-dilutive for the three months and nine months ended September 30, 2016 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Plugging and Abandonment Funds In connection with the Company’s acquisition in 1997 of the remaining 50% interest in its WCBB properties, the Company assumed the seller’s (Chevron) obligation to contribute approximately $18,000 per month through March 2004 to a plugging and abandonment trust and the obligation to plug a minimum of 20 wells per year for 20 years commencing March 11, 1997. Chevron retained a security interest in production from these properties until the Company’s abandonment obligations to Chevron have been fulfilled. Beginning in 2009, the Company could access the trust for use in plugging and abandonment charges associated with the property, although it has not yet done so. As of September 30, 2017 , the plugging and abandonment trust totaled approximately $3.1 million . At September 30, 2017 , the Company had plugged 551 wells at WCBB since it began its plugging program in 1997, which management believes fulfills its minimum plugging obligation. Operating Leases The Company leases office facilities under non-cancellable operating leases exceeding one year . Future minimum lease commitments under these leases at September 30, 2017 were as follows: (In thousands) Remaining 2017 $ 27 2018 54 Total $ 81 Firm Transportation Commitments The Company had approximately 3,077,000 MMBtu per day of firm sales contracted with third parties. The table below presents these commitments at September 30, 2017 as follows: (MMBtu per day) Remaining 2017 710,000 2018 561,000 2019 659,000 2020 526,000 2021 372,000 Thereafter 249,000 Total 3,077,000 The Company also had approximately $3.7 billion of firm transportation contracted with third parties. The table below presents these commitments at September 30, 2017 as follows: (In thousands) Remaining 2017 $ 49,052 2018 238,767 2019 243,389 2020 240,746 2021 239,786 Thereafter 2,715,005 Total $ 3,726,745 Other Commitments Effective October 1, 2014, the Company entered into a Sand Supply Agreement with Muskie Proppant LLC (“Muskie”), a subsidiary of Mammoth Energy, that expires on September 30, 2018. Pursuant to this agreement, as amended, the Company has agreed to purchase annual and monthly amounts of proppant sand subject to exceptions specified in the agreement at agreed pricing plus agreed costs and expenses. Failure by either Muskie or the Company to deliver or accept the minimum monthly amount results in damages calculated per ton based on the difference between the monthly obligation amount and the amount actually delivered or accepted, as applicable. The Company incurred $0.2 million and $2.1 million related to non-utilization fees during the three months and nine months ended September 30, 2016 , respectively. The Company did not incur any non-utilization fees during the three and nine months ended September 30, 2017 . Effective October 1, 2014, the Company entered into an Amended and Restated Master Services Agreement for pressure pumping services with Stingray Pressure Pumping LLC (“Stingray Pressure”), a subsidiary of Mammoth Energy, that expires on September 30, 2018. Pursuant to this agreement, as amended, Stingray Pressure has agreed to provide hydraulic fracturing, stimulation and related completion and rework services to the Company and the Company has agreed to pay Stingray Pressure a monthly service fee plus the associated costs of the services provided. Future minimum commitments under these agreements at September 30, 2017 are as follows: (In thousands) Remaining 2017 $ 13,110 2018 39,330 Total $ 52,440 Litigation In two separate complaints, one filed by the State of Louisiana and the Parish of Cameron in the 38th Judicial District Court for the Parish of Cameron on February 9, 2016 and the other filed by the State of Louisiana and the District Attorney for the 15 th Judicial District of the State of Louisiana in the 15 th Judicial District Court for the Parish of Vermillion on July 29, 2016, the Company was named as a defendant, among 26 oil and gas companies, in the Cameron Parish complaint and among more than 40 oil and gas companies in the Vermillion Parish complaint, or the Complaints. The Complaints were filed under the State and Local Coastal Resources Management Act of 1978, as amended, and the rules, regulations, orders and ordinances adopted thereunder, which the Company referred to collectively as the CZM Laws, and allege that certain of the defendants’ oil and gas exploration, production and transportation operations associated with the development of the East Hackberry and West Hackberry oil and gas fields, in the case of the Cameron Parish complaint, and the Tigre Lagoon and Lac Blanc oil and gas fields, in the case of the Vermillion Parish complaint, were conducted in violation of the CZM Laws. The Complaints allege that such activities caused substantial damage to land and waterbodies located in the coastal zone of the relevant Parish, including due to defendants’ design, construction and use of waste pits and the alleged failure to properly close the waste pits and to clear, re-vegetate, detoxify and return the property affected to its original condition, as well as the defendants’ alleged discharge of waste into the coastal zone. The Complaints also allege that the defendants’ oil and gas activities have resulted in the dredging of numerous canals, which had a direct and significant impact on the state coastal waters within the relevant Parish and that the defendants, among other things, failed to design, construct and maintain these canals using the best practical techniques to prevent bank slumping, erosion and saltwater intrusion and to minimize the potential for inland movement of storm-generated surges, which activities allegedly have resulted in the erosion of marshes and the degradation of terrestrial and aquatic life therein. The Complaints also allege that the defendants failed to re-vegetate, refill, clean, detoxify and otherwise restore these canals to their original condition. In these two petitions, the plaintiffs seek damages and other appropriate relief under the CZM Laws, including the payment of costs necessary to clear, re-vegetate, detoxify and otherwise restore the affected coastal zone of the relevant Parish to its original condition, actual restoration of such coastal zone to its original condition, and the payment of reasonable attorney fees and legal expenses and pre-judgment and post judgment interest. The Company was served with the Cameron complaint in early May 2016 and with the Vermillion complaint in early September 2016. The Louisiana Attorney General and the Louisiana Department of Natural Resources intervened in both the Cameron Parish suit and the Vermillion Parish suit. Shortly after the Complaints were filed, certain defendants removed the cases to the lawsuit to the United States District Court for the Western District of Louisiana. In both cases, the plaintiffs filed a motion to remand, and the plaintiffs agreed to an extension of time for all defendants to file responsive pleadings until the District Courts ruled on the motions to remand. In the Vermilion Parish case, the District Court entered an order on September 26, 2017 remanding the lawsuit to the 15th Judicial District Court, State of Louisiana, Parish of Vermilion. Pursuant to an agreement with plaintiffs’ counsel, all defendants have an extension of time through November 27, 2017 to file responsive pleadings to plaintiffs’ petitions in the Vermilion Parish lawsuit. In the Cameron Parish lawsuit, the District Court has not ruled on plaintiffs’ motion to remand. Briefing on the motion to remand has been completed; however, no hearing has been set for the motion to remand, and the District Court has not given the parties any indication regarding when a ruling should be expected. Due the procedural posture of lawsuits, the fact that responsive pleadings have not been filed and the fact that the parties have not begun discovery, the Company has not had the opportunity to evaluate the applicability of the allegations made in plaintiffs' complaints to the Company's operations and management cannot determine the amount of loss, if any, that may result. In addition, due to the nature of the Company’s business, it is, from time to time, involved in routine litigation or subject to disputes or claims related to its business activities, including workers’ compensation claims and employment related disputes. In the opinion of the Company’s management, none of the pending litigation, disputes or claims against the Company, if decided adversely, will have a material adverse effect on its financial condition, cash flows or results of operations. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS Natural Gas, Oil and Natural Gas Liquids Derivative Instruments The Company seeks to reduce its exposure to unfavorable changes in natural gas, oil and natural gas liquids prices, which are subject to significant and often volatile fluctuation, by entering into over-the-counter fixed price swaps, basis swaps and various types of option contracts. These contracts allow the Company to predict with greater certainty the effective natural gas, oil and natural gas liquids prices to be received for hedged production and benefit operating cash flows and earnings when market prices are less than the fixed prices provided in the contracts. However, the Company will not benefit from market prices that are higher than the fixed prices in the contracts for hedged production. Fixed price swaps are settled monthly based on differences between the fixed price specified in the contract and the referenced settlement price. When the referenced settlement price is less than the price specified in the contract, the Company receives an amount from the counterparty based on the price difference multiplied by the volume. Similarly, when the referenced settlement price exceeds the price specified in the contract, the Company pays the counterparty an amount based on the price difference multiplied by the volume. The prices contained in these fixed price swaps are based on the NYMEX Henry Hub for natural gas, Argus Louisiana Light Sweet Crude for oil, the NYMEX West Texas Intermediate for oil, and Mont Belvieu for propane and pentane. Below is a summary of the Company’s open fixed price swap positions as of September 30, 2017 . Location Daily Volume (MMBtu/day) Weighted Remaining 2017 NYMEX Henry Hub 765,000 $ 3.19 2018 NYMEX Henry Hub 898,000 $ 3.06 2019 NYMEX Henry Hub 112,000 $ 3.01 Location Daily Volume Weighted Remaining 2017 ARGUS LLS 1,500 $ 53.12 2018 ARGUS LLS 1,000 $ 53.91 Remaining 2017 NYMEX WTI 4,500 $ 54.89 2018 NYMEX WTI 3,000 $ 52.24 Location Daily Volume Weighted Remaining 2017 Mont Belvieu C3 3,000 $ 26.63 2018 Mont Belvieu C3 3,500 $ 28.03 Remaining 2017 Mont Belvieu C5 250 $ 49.14 2018 Mont Belvieu C5 500 $ 46.62 The Company sold call options and used the associated premiums to enhance the fixed price for a portion of the fixed price natural gas swaps listed above. Each short call option has an established ceiling price. When the referenced settlement price is above the price ceiling established by these short call options, the Company pays its counterparty an amount equal to the difference between the referenced settlement price and the price ceiling multiplied by the hedged contract volumes. Location Daily Volume (MMBtu/day) Weighted Average Price Remaining 2017 NYMEX Henry Hub 65,000 $ 3.11 2018 NYMEX Henry Hub 103,000 $ 3.25 2019 NYMEX Henry Hub 135,000 $ 3.07 For a portion of the combined natural gas derivative instruments containing fixed price swaps and sold call options, the counterparty has an option to extend the original terms an additional twelve months for the period January 2018 through December 2018. The option to extend the terms expires in December 2017. If extended, the Company would have additional fixed price swaps for 30,000 MMBtu per day at a weighted average price of $3.36 per MMBtu and additional short call options for 30,000 MMBtu per day at a weighted average ceiling price of $3.36 per MMBtu. For a portion of the natural gas fixed price swaps listed above, the counterparty has an option to extend the original terms an additional twelve months for the period January 2019 through December 2019. The option to extend the terms expires in December 2018. If executed, the Company would have additional fixed price swaps for 100,000 MMBtu per day at a weighted average price of $3.05 per MMBtu. In addition, the Company has entered into natural gas basis swap positions, which settle on the pricing index to basis differential of NGPL Mid-Continent to NYMEX Henry Hub. As of September 30, 2017 , the Company had the following natural gas basis swap positions for NGPL Mid-Continent. Location Daily Volume (MMBtu/day) Hedged Differential Remaining 2017 NGPL Mid-Continent 50,000 $ (0.26 ) 2018 NGPL Mid-Continent 12,000 $ (0.26 ) Balance Sheet Presentation The Company reports the fair value of derivative instruments on the consolidated balance sheets as derivative instruments under current assets, noncurrent assets, current liabilities and noncurrent liabilities on a gross basis. The Company determines the current and noncurrent classification based on the timing of expected future cash flows of individual trades. The following table presents the fair value of the Company’s derivative instruments on a gross basis at September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Short-term derivative instruments - asset $ 35,332 $ 3,488 Long-term derivative instruments - asset $ 6,409 $ 5,696 Short-term derivative instruments - liability $ 29,130 $ 119,219 Long-term derivative instruments - liability $ 19,712 $ 26,759 Gains and Losses The following table presents the gain and loss recognized in Net (loss) gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 . Net (loss) gain on derivative instruments Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In thousands) Natural gas derivatives $ (7,077 ) $ 33,167 $ 135,868 $ (43,454 ) Oil derivatives (6,571 ) 1,708 12,477 362 Natural gas liquids derivatives (9,212 ) 406 (6,757 ) (1,284 ) Total $ (22,860 ) $ 35,281 $ 141,588 $ (44,376 ) Offsetting of derivative assets and liabilities As noted above, the Company records the fair value of derivative instruments on a gross basis. The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value. As of September 30, 2017 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 41,741 $ (36,969 ) $ 4,772 Derivative liabilities $ (48,842 ) $ 36,969 $ (11,873 ) As of December 31, 2016 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 9,184 $ (9,184 ) $ — Derivative liabilities $ (145,978 ) $ 9,184 $ (136,794 ) Concentration of Credit Risk By using derivative instruments that are not traded on an exchange, the Company is exposed to the credit risk of its counterparties. Credit risk is the risk of loss from counterparties not performing under the terms of the derivative instrument. When the fair value of a derivative instrument is positive, the counterparty is expected to owe the Company, which creates credit risk. To minimize the credit risk in derivative instruments, it is the Company’s policy to enter into derivative contracts only with counterparties that are creditworthy financial institutions deemed by management as competent and competitive market makers. The Company’s derivative contracts are with multiple counterparties to lessen its exposure to any individual counterparty. Additionally, the Company uses master netting agreements to minimize credit risk exposure. The creditworthiness of the Company’s counterparties is subject to periodic review. None of the Company’s derivative instrument contracts contain credit-risk related contingent features. Other than as provided by the Company’s revolving credit facility, the Company is not required to provide credit support or collateral to any of its counterparties under its derivative instruments, nor are the counterparties required to provide credit support to the Company. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company records certain financial and non-financial assets and liabilities on the balance sheet at fair value in accordance with FASB ASC 820, “Fair Value Measurement and Disclosures” (“FASB ASC 820”). FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The statement establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The statement requires fair value measurements be classified and disclosed in one of the following categories: Level 1 – Quoted prices in active markets for identical assets and liabilities. Level 2 – Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 – Significant inputs to the valuation model are unobservable. Valuation techniques that maximize the use of observable inputs are favored. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each quarter. The following tables summarize the Company’s financial and non-financial assets and liabilities by FASB ASC 820 valuation level as of September 30, 2017 and December 31, 2016 : September 30, 2017 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 41,741 $ — Liabilities: Derivative Instruments $ — $ 48,842 $ — December 31, 2016 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 9,184 $ — Liabilities: Derivative Instruments $ — $ 145,978 $ — The Company estimates the fair value of all derivative instruments industry-standard models that considered various assumptions including current market and contractual prices for the underlying instruments, implied volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. The estimated fair values of proved oil and natural gas properties assumed in business combinations are based on a discounted cash flow model and market assumptions as to future commodity prices, projections of estimated quantities of oil and natural gas reserves, expectations for timing and amount of future development and operating costs, projections of future rates of production, expected recovery rates and risk-adjusted discount rates. The estimated fair values of unevaluated oil and natural gas properties was based on geological studies, historical well performance, location and applicable mineral lease terms. Based on the unobservable nature of certain of the inputs, the estimated fair value of the oil and gas properties assumed is deemed to use Level 3 inputs. The asset retirement obligations assumed as part of the business combination were estimated using the same assumptions and methodology as described below. See Note 1 for further discussion of the Vitruvian Acquisition. The Company estimates asset retirement obligations pursuant to the provisions of FASB ASC Topic 410, Asset Retirement and Environmental Obligations (“FASB ASC 410”). The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 2 for further discussion of the Company’s asset retirement obligations. Asset retirement obligations incurred during the nine months ended September 30, 2017 were approximately $11.6 million . The fair value of the common stock received from Mammoth Energy in connection with the Company’s contribution of all of its membership interests in Sturgeon, Stingray Energy and Stingray Cementing was estimated using Level 1 inputs, as the price per share was a quoted price in an active market for identical Mammoth Energy common shares. Due to the unobservable nature of the inputs, the fair value of the Company’s investment in Grizzly was estimated using assumptions that represent Level 3 inputs. The Company estimated the fair value of the investment as of March 31, 2016 to be approximately $39.1 million . See Note 3 for further discussion of the Company’s investment in Grizzly. Due to the unobservable nature of the inputs, the fair value of the Company’s initial investment in Strike Force was estimated using assumptions that represent Level 3 inputs. The Company’s estimated fair value of the investment as of the February 1, 2016 contribution date was $22.5 million . See Note 3 for further discussion of the Company’s contribution to Strike Force. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts on the accompanying consolidated balance sheet for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and current debt are carried at cost, which approximates market value due to their short-term nature. Long-term debt related to the Construction Loan is carried at cost, which approximates market value based on the borrowing rates currently available to the Company with similar terms and maturities. At September 30, 2017 , the carrying value of the outstanding debt represented by the Notes was approximately $1.6 billion , including the unamortized debt issuance cost of approximately $5.5 million related to the 2023 Notes, approximately $10.2 million related to the 2024 Notes and approximately $14.3 million related to the 2025 Notes. Based on the quoted market price, the fair value of the Notes was determined to be approximately $1.6 billion at September 30, 2017 . |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION On October 17, 2012, December 21, 2012 and August 18, 2014, the Company issued the 2020 Notes in an aggregate of $600.0 million principal amount. The 2020 Notes were subsequently exchanged for substantially identical notes in the same aggregate principal amount that were registered under the Securities Act. In October 2016, the Company repurchased (in a cash tender offer) or redeemed all of the 2020 Notes, of which $600.0 million in aggregate principal amount was then outstanding, with the net proceeds from the issuance of the 2024 Notes discussed below and cash on hand. On April 21, 2015, the Company issued $350.0 million in aggregate principal amount of the 2023 Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. In connection with the 2023 Notes Offering, the Company and its subsidiary guarantors entered into a registration rights agreement, dated as of April 21, 2015, pursuant to which the Company agreed to file a registration statement with respect to an offer to exchange the 2023 Notes for a new issue of substantially identical debt securities registered under the Securities Act. The exchange offer for the 2023 Notes was completed on October 13, 2015. On October 14, 2016, the Company issued $650.0 million in aggregate principal amount of the 2024 Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The net proceeds from the issuance of the 2024 Notes, together with cash on hand, were used to repurchase or redeem all of the then-outstanding 2020 Notes in October 2016. On December 21, 2016, the Company issued $600.0 million in aggregate principal amount of the 2025 Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The Company used the net proceeds from the issuance of the 2025 Notes, together with the net proceeds from the December 2016 underwritten offering of the Company’s common stock and cash on hand, to fund the cash portion of the purchase price for the Vitruvian Acquisition. In connection with the 2024 Notes and the 2025 Notes Offerings, the Company and its subsidiary guarantors entered into two registration rights agreements, pursuant to which the Company agreed to file a registration statement with respect to offers to exchange the 2024 Notes and the 2025 Notes for new issues of substantially identical debt securities registered under the Securities Act. The exchange offers for the 2024 Notes and the 2025 Notes were completed on September 13, 2017. The 2020 Notes were, and the 2023 Notes, the 2024 Notes and the 2025 Notes are, guaranteed on a senior unsecured basis by all existing consolidated subsidiaries that guarantee the Company’s secured revolving credit facility or certain other debt (the “Guarantors”). The 2020 Notes were not, and the 2023 Notes, the 2024 Notes and the 2025 Notes are not, guaranteed by Grizzly Holdings, Inc. (the “Non-Guarantor”). The Guarantors are 100% owned by Gulfport (the “Parent”), and the guarantees are full, unconditional, joint and several. There are no significant restrictions on the ability of the Parent or the Guarantors to obtain funds from each other in the form of a dividend or loan. The following condensed consolidating balance sheets, statements of operations, statements of comprehensive (loss) income and statements of cash flows are provided for the Parent, the Guarantors and the Non-Guarantor and include the consolidating adjustments and eliminations necessary to arrive at the information for the Company on a condensed consolidated basis. The information has been presented using the equity method of accounting for the Parent’s ownership of the Guarantors and the Non-Guarantor. CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands) September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 89,095 $ 36,175 $ 1 $ — $ 125,271 Accounts receivable - oil and natural gas 126,746 53,360 — — 180,106 Accounts receivable - related parties 362 — — — 362 Accounts receivable - intercompany 514,187 57,927 — (572,114 ) — Prepaid expenses and other current assets 5,486 180 — — 5,666 Short-term derivative instruments 35,332 — — — 35,332 Total current assets 771,208 147,642 1 (572,114 ) 346,737 Property and equipment: Oil and natural gas properties, full-cost accounting 6,371,324 2,496,644 — (729 ) 8,867,239 Other property and equipment 84,182 43 — — 84,225 Accumulated depletion, depreciation, amortization and impairment (4,043,843 ) (36 ) — — (4,043,879 ) Property and equipment, net 2,411,663 2,496,651 — (729 ) 4,907,585 Other assets: Equity investments and investments in subsidiaries 2,262,011 70,375 58,674 (2,111,778 ) 279,282 Long-term derivative instruments 6,409 — — — 6,409 Deferred tax asset 4,692 — — — 4,692 Inventories 9,438 4,470 — — 13,908 Other assets 10,561 8,424 — — 18,985 Total other assets 2,293,111 83,269 58,674 (2,111,778 ) 323,276 Total assets $ 5,475,982 $ 2,727,562 $ 58,675 $ (2,684,621 ) $ 5,577,598 Liabilities and Stockholders ’ Equity Current liabilities: Accounts payable and accrued liabilities $ 430,195 $ 152,733 $ — $ — $ 582,928 Accounts payable - intercompany 57,927 514,060 127 (572,114 ) — Asset retirement obligation - current 195 — — — 195 Derivative instruments 29,130 — — — 29,130 Current maturities of long-term debt 570 — — — 570 Total current liabilities 518,017 666,793 127 (572,114 ) 612,823 Long-term derivative instrument 19,712 — — — 19,712 Asset retirement obligation - long-term 37,456 6,810 — — 44,266 Long-term debt, net of current maturities 1,958,136 — — — 1,958,136 Total liabilities 2,533,321 673,603 127 (572,114 ) 2,634,937 Stockholders’ equity: Common stock 1,831 — — — 1,831 Paid-in capital 4,413,623 1,905,599 258,871 (2,164,470 ) 4,413,623 Accumulated other comprehensive (loss) income (40,339 ) — (38,443 ) 38,443 (40,339 ) Retained (deficit) earnings (1,432,454 ) 148,360 (161,880 ) 13,520 (1,432,454 ) Total stockholders’ equity 2,942,661 2,053,959 58,548 (2,112,507 ) 2,942,661 Total liabilities and stockholders ’ equity $ 5,475,982 $ 2,727,562 $ 58,675 $ (2,684,621 ) $ 5,577,598 CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands) December 31, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 1,273,882 $ 1,993 $ — $ — $ 1,275,875 Restricted Cash 185,000 — — — 185,000 Accounts receivable - oil and natural gas 137,087 37,496 — (37,822 ) 136,761 Accounts receivable - related parties 16 — — — 16 Accounts receivable - intercompany 449,517 1,151 — (450,668 ) — Prepaid expenses and other current assets 3,135 — — — 3,135 Short-term derivative instruments 3,488 — — — 3,488 Total current assets 2,052,125 40,640 — (488,490 ) 1,604,275 Property and equipment: Oil and natural gas properties, full-cost accounting, 5,655,125 417,524 — (729 ) 6,071,920 Other property and equipment 68,943 43 — — 68,986 Accumulated depletion, depreciation, amortization and impairment (3,789,746 ) (34 ) — — (3,789,780 ) Property and equipment, net 1,934,322 417,533 — (729 ) 2,351,126 Other assets: Equity investments and investments in subsidiaries 236,327 33,590 45,213 (71,210 ) 243,920 Long-term derivative instruments 5,696 — — — 5,696 Deferred tax asset 4,692 — — — 4,692 Inventories 3,095 1,409 — — 4,504 Other assets 8,932 — — — 8,932 Total other assets 258,742 34,999 45,213 (71,210 ) 267,744 Total assets $ 4,245,189 $ 493,172 $ 45,213 $ (560,429 ) $ 4,223,145 Liabilities and Stockholders ’ Equity Current liabilities: Accounts payable and accrued liabilities $ 255,966 $ 9,158 $ — $ — $ 265,124 Accounts payable - intercompany 31,202 457,163 126 (488,491 ) — Asset retirement obligation - current 195 — — — 195 Derivative instruments 119,219 — — — 119,219 Current maturities of long-term debt 276 — — — 276 Total current liabilities 406,858 466,321 126 (488,491 ) 384,814 Long-term derivative instrument 26,759 — — — 26,759 Asset retirement obligation - long-term 34,081 — — — 34,081 Long-term debt, net of current maturities 1,593,599 — — — 1,593,599 Total liabilities 2,061,297 466,321 126 (488,491 ) 2,039,253 Stockholders’ equity: Common stock 1,588 — — — 1,588 Paid-in capital 3,946,442 33,822 257,026 (290,848 ) 3,946,442 Accumulated other comprehensive (loss) income (53,058 ) — (50,931 ) 50,931 (53,058 ) Retained (deficit) earnings (1,711,080 ) (6,971 ) (161,008 ) 167,979 (1,711,080 ) Total stockholders’ equity 2,183,892 26,851 45,087 (71,938 ) 2,183,892 Total liabilities and stockholders ’ equity $ 4,245,189 $ 493,172 $ 45,213 $ (560,429 ) $ 4,223,145 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Three months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 188,390 $ 77,108 $ — $ — $ 265,498 Costs and expenses: Lease operating expenses 16,019 4,001 — — 20,020 Production taxes 4,052 1,367 — — 5,419 Midstream gathering and processing 52,725 16,647 — — 69,372 Depreciation, depletion, and amortization 106,649 1 — — 106,650 General and administrative 13,956 (892 ) 1 — 13,065 Accretion expense 335 121 — — 456 Acquisition expense (5 ) 38 — — 33 193,731 21,283 1 — 215,015 (LOSS) INCOME FROM OPERATIONS (5,341 ) 55,825 (1 ) — 50,483 OTHER (INCOME) EXPENSE: Interest expense 27,914 (784 ) — — 27,130 Interest income (29 ) (8 ) — — (37 ) (Income) loss from equity method investments and investments in subsidiaries (53,880 ) 128 296 56,193 2,737 Other income (344 ) (1 ) — — (345 ) (26,339 ) (665 ) 296 56,193 29,485 INCOME (LOSS) BEFORE INCOME TAXES 20,998 56,490 (297 ) (56,193 ) 20,998 INCOME TAX EXPENSE 2,763 — — — 2,763 NET INCOME (LOSS) $ 18,235 $ 56,490 $ (297 ) $ (56,193 ) $ 18,235 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Three months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 193,227 $ 465 $ — $ — $ 193,692 Costs and expenses: Lease operating expenses 17,283 188 — — 17,471 Production taxes 3,495 30 — — 3,525 Midstream gathering and processing 45,385 90 — — 45,475 Depreciation, depletion, and amortization 62,284 1 — — 62,285 Impairment of oil and natural gas properties 212,194 — — — 212,194 General and administrative 10,772 (305 ) — — 10,467 Accretion expense 269 — — — 269 351,682 4 — — 351,686 (LOSS) INCOME FROM OPERATIONS (158,455 ) 461 — — (157,994 ) OTHER (INCOME) EXPENSE: Interest expense 12,787 — — — 12,787 Interest income (337 ) — — — (337 ) Insurance Proceeds (3,750 ) — — — (3,750 ) (Income) loss from equity method investments and investments in subsidiaries (6,457 ) (99 ) 364 195 (5,997 ) Other income 5 1 6 2,248 (98 ) 364 195 2,709 (LOSS) INCOME BEFORE INCOME TAXES (160,703 ) 559 (364 ) (195 ) (160,703 ) INCOME TAX BENEFIT (3,407 ) — — — (3,407 ) NET (LOSS) INCOME $ (157,296 ) $ 559 $ (364 ) $ (195 ) $ (157,296 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Nine months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 710,184 $ 212,271 $ — $ — $ 922,455 Costs and expenses: Lease operating expenses 49,891 10,153 — — 60,044 Production taxes 10,799 3,665 — — 14,464 Midstream gathering and processing 132,740 43,518 — — 176,258 Depreciation, depletion, and amortization 254,884 3 — — 254,887 General and administrative 39,882 (1,963 ) 3 — 37,922 Accretion expense 908 240 — — 1,148 Acquisition expense — 2,391 — — 2,391 489,104 58,007 3 — 547,114 INCOME (LOSS) FROM OPERATIONS 221,080 154,264 (3 ) — 375,341 OTHER (INCOME) EXPENSE: Interest expense 79,095 (4,298 ) — — 74,797 Interest income (913 ) (14 ) — — (927 ) (Income) loss from equity method investments and investments in subsidiaries (136,969 ) 2,586 869 154,459 20,945 Other (income) expense (1,522 ) (241 ) — 900 (863 ) (60,309 ) (1,967 ) 869 155,359 93,952 INCOME (LOSS) BEFORE INCOME TAXES 281,389 156,231 (872 ) (155,359 ) 281,389 INCOME TAX EXPENSE 2,763 — — — 2,763 NET INCOME (LOSS) $ 278,626 $ 156,231 $ (872 ) $ (155,359 ) $ 278,626 Nine months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 321,404 $ 1,090 $ — $ — $ 322,494 Costs and expenses: Lease operating expenses 48,246 543 — — 48,789 Production taxes 9,410 82 — — 9,492 Midstream gathering and processing 122,250 226 — — 122,476 Depreciation, depletion, and amortization 183,411 3 183,414 Impairment of oil and natural gas properties 601,806 — — — 601,806 General and administrative 33,230 (291 ) 2 — 32,941 Accretion expense 777 — — — 777 999,130 563 2 — 999,695 (LOSS) INCOME FROM OPERATIONS (677,726 ) 527 (2 ) — (677,201 ) OTHER (INCOME) EXPENSE: Interest expense 44,891 1 — — 44,892 Interest income (822 ) — — — (822 ) Insurance Proceeds (3,750 ) — — — (3,750 ) Loss (income) from equity method investments and investments in subsidiaries 25,044 (40 ) 24,812 (24,240 ) 25,576 Other income 5 (8 ) — — (3 ) 65,368 (47 ) 24,812 (24,240 ) 65,893 (LOSS) INCOME BEFORE INCOME TAXES (743,094 ) 574 (24,814 ) 24,240 (743,094 ) INCOME TAX BENEFIT (3,755 ) — — — (3,755 ) NET (LOSS) INCOME $ (739,339 ) $ 574 $ (24,814 ) $ 24,240 $ (739,339 ) CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amounts in thousands) Three months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Net income (loss) $ 18,235 $ 56,490 $ (297 ) $ (56,193 ) $ 18,235 Foreign currency translation adjustment 6,832 158 6,674 (6,832 ) 6,832 Other comprehensive income (loss) 6,832 158 6,674 (6,832 ) 6,832 Comprehensive income (loss) $ 25,067 $ 56,648 $ 6,377 $ (63,025 ) $ 25,067 Three months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Net (loss) income $ (157,296 ) $ 559 $ (364 ) $ (195 ) $ (157,296 ) Foreign currency translation adjustment (4,013 ) — (1,417 ) 1,417 (4,013 ) Other comprehensive (loss) income (4,013 ) — (1,417 ) 1,417 (4,013 ) Comprehensive (loss) income $ (161,309 ) $ 559 $ (1,781 ) $ 1,222 $ (161,309 ) Nine months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Net income (loss) $ 278,626 $ 156,231 $ (872 ) $ (155,359 ) $ 278,626 Foreign currency translation adjustment 12,719 232 12,487 (12,719 ) 12,719 Other comprehensive income (loss) 12,719 232 12,487 (12,719 ) 12,719 Comprehensive income (loss) $ 291,345 $ 156,463 $ 11,615 $ (168,078 ) $ 291,345 Nine months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Net (loss) income $ (739,339 ) $ 574 $ (24,814 ) $ 24,240 $ (739,339 ) Foreign currency translation adjustment 4,361 — 8,252 (8,252 ) 4,361 Other comprehensive income (loss) 4,361 — 8,252 (8,252 ) 4,361 Comprehensive (loss) income $ (734,978 ) $ 574 $ (16,562 ) $ 15,988 $ (734,978 ) CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Amounts in thousands) Nine months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Net cash provided by (used in) operating activities $ 310,624 $ 181,108 $ (1 ) $ 2 $ 491,733 Net cash (used in) provided by investing activities (1,849,554 ) (1,554,063 ) (1,843 ) 1,408,980 (1,996,480 ) Net cash provided by (used in) financing activities 354,143 1,407,137 1,845 (1,408,982 ) 354,143 Net (decrease) increase in cash and cash equivalents (1,184,787 ) 34,182 1 — (1,150,604 ) Cash and cash equivalents at beginning of period 1,273,882 1,993 — — 1,275,875 Cash and cash equivalents at end of period $ 89,095 $ 36,175 $ 1 $ — $ 125,271 Nine months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Net cash provided by (used in) operating activities $ 244,758 $ 517 $ 3,998 $ (3,998 ) $ 245,275 Net cash (used in) provided by investing activities (420,257 ) (26,500 ) (18,510 ) 45,010 (420,257 ) Net cash provided by (used in) financing activities 426,284 26,500 14,512 (41,012 ) 426,284 Net increase in cash and cash equivalents 250,785 517 — — 251,302 Cash and cash equivalents at beginning of period 112,494 479 1 — 112,974 Cash and cash equivalents at end of period $ 363,279 $ 996 $ 1 $ — $ 364,276 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS In May 2014 , the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers , which supersedes the revenue recognition requirements in Topic 605 , Revenue Recognition , and most industry-specific guidance. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016 , and interim periods within those years. The new standard permits retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented (full retrospective method) or (ii) recognition of a cumulative-effect adjustment as of the date of initial application (modified retrospective method). In July 2015 , the FASB decided to defer the effective date by one year (until 2018 ). The Company is evaluating the impact of this ASU on its consolidated financial statements and working to identify any potential differences that would result from applying the requirements of the ASU to existing contracts and current accounting policies and practices. This evaluation requires, among other things, a review of the contracts it has with customers within each of the revenue streams identified within the Company's business, including natural gas sales, oil and condensate sales and natural gas liquid sales. The Company does not believe further disaggregation of revenue will be required under the new standard. Substantially all of the Company's revenue is earned pursuant to agreements under which they have currently interpreted one performance obligation, which is satisfied at a point-in-time. As part of the evaluation work to-date, the Company has substantially completed its contract reviews and documentation. Due to industry-wide ongoing discussions on certain application issues, the Company cannot reasonably estimate the expected financial statement impact; however, it does not expect the impact of the application of the new standard to have a material impact on net income or cash flows based on the reviews performed to-date. The Company is currently assessing the requirements for additional disclosures and documentation of new policies, procedures, system, control and data requirements. The Company’s expectation is to adopt the standard on January 1, 2018, using the modified retrospective method. Based on the analysis to-date, the Company has not identified any material impact on their consolidated financial statements other than additional disclosures requirements. In February 2016 , the FASB issued ASU No. 2016-02 , Leases . The guidance requires the lessee to recognize most leases on the balance sheet thereby resulting in the recognition of lease assets and liability for those leases currently classified as operating leases. The accounting for lessors is largely unchanged. The guidance is effective for periods after December 15, 2018 , with early adoption permitted. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures; however, based on the Company’s current operating leases, it is not expected to have a material impact. In March 2016 , the FASB issued ASU No. 2016-05 , Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships . The guidance was issued to clarify that change in the counterparty to a derivative instrument that had been designated as the hedging instrument under Topic 815 , does not require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The Company adopted the standard as of January 1, 2017 . There was no impact on the Company’s consolidated financial statements because all current derivative instruments are not designated for hedge accounting. In March 2016 , the FASB issued ASU No. 2016-09 , Improvements to Employee Share-Based Payment Accounting . This guidance was intended to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted the standard as of January 1, 2017 . The Company has elected to recognize forfeitures of awards as they occur. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In May 2016 , the FASB issued ASU No. 2016-11 , Revenue Recognition and Derivatives and Hedging: Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting . This guidance rescinds SEC Staff Observer comments that are codified in Topic 606 , Revenue from Contracts with Customers , and Topic 932 , Extractive Activities--Oil and Gas . This amendment is effective upon adoption of Topic 606 . The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements. In June 2016 , the FASB issued ASU No. 2016-13 , Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this ASU eliminates the probable initial recognition threshold in current GAAP and instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposure, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures and does not anticipate it to have a material affect. In August 2016 , the FASB issued ASU No. 2016-15 , Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments . This ASU provides guidance of eight specific cash flow issues. This ASU is effective for periods after December 15, 2017 , with early adoption permitted. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements. In December 2016 , the FASB issued ASU No. 2016-20 , Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers . This guidance updates narrow aspects of the guidance issued in Update 2014-09 . This amendment is effective for periods after December 15, 2017 , with early adoption permitted. The Company is in the process of evaluating the impact of this ASU on its consolidated financial statements. In January 2017 , the FASB issued ASU No. 2017-01 , Clarifying the Definition of a Business . Under the current business combination guidance, there are three elements of a business: inputs, processes and outputs. The revised guidance adds an initial screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If that screen is met, the set of assets is not a business. The new framework also specifies the minimum required inputs and processes necessary to be a business. This amendment is effective for periods after December 15, 2017 , with early adoption permitted. The Company is in the process of evaluating the impact of this ASU on its consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Derivatives In October of 2017, the Company entered into fixed price swaps for 2018 for approximately 1,500 Bbls of oil per day at a weighted average price of $52.05 per Bbl. The Company’s fixed price swap contracts are tied to the commodity prices on NYMEX WTI. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on NYMEX for oil. Senior Notes Offering On October 11, 2017, the Company issued $450.0 million in aggregate principal amount of its 6.375% Senior Notes due 2026 (the “2026 Notes”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. Interest on the 2026 Notes accrues at a rate of 6.375% per annum on the outstanding principal amount thereof from October 11, 2017, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2018. The 2026 Notes will mature on January 15, 2026. A portion of the net proceeds from the issuance of the 2026 Notes was used to repay all of the Company's outstanding borrowings under its secured revolving credit facility on October 11, 2017 and the balance will be used to fund the remaining anticipated outspend related to the Company's 2017 capital development plans. |
Recent Accounting Pronounceme24
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Variable Interest Entities | The Company accounts for its investment in these VIEs following the equity method of accounting. The carrying amounts of the Company’s equity investments are classified as other non-current assets on the accompanying consolidated balance sheets. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is based on the Company’s capital contributions and the economic performance of the VIEs, and is equal to the carrying value of the Company’s investments which is the maximum loss the Company could be required to record in the consolidated statements of operations. See Note 3 for further discussion of these entities, including the carrying amounts of each investment. |
Recent Accounting Pronouncements | In May 2014 , the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 , Revenue from Contracts with Customers , which supersedes the revenue recognition requirements in Topic 605 , Revenue Recognition , and most industry-specific guidance. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. The ASU is effective for annual periods beginning after December 15, 2016 , and interim periods within those years. The new standard permits retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented (full retrospective method) or (ii) recognition of a cumulative-effect adjustment as of the date of initial application (modified retrospective method). In July 2015 , the FASB decided to defer the effective date by one year (until 2018 ). The Company is evaluating the impact of this ASU on its consolidated financial statements and working to identify any potential differences that would result from applying the requirements of the ASU to existing contracts and current accounting policies and practices. This evaluation requires, among other things, a review of the contracts it has with customers within each of the revenue streams identified within the Company's business, including natural gas sales, oil and condensate sales and natural gas liquid sales. The Company does not believe further disaggregation of revenue will be required under the new standard. Substantially all of the Company's revenue is earned pursuant to agreements under which they have currently interpreted one performance obligation, which is satisfied at a point-in-time. As part of the evaluation work to-date, the Company has substantially completed its contract reviews and documentation. Due to industry-wide ongoing discussions on certain application issues, the Company cannot reasonably estimate the expected financial statement impact; however, it does not expect the impact of the application of the new standard to have a material impact on net income or cash flows based on the reviews performed to-date. The Company is currently assessing the requirements for additional disclosures and documentation of new policies, procedures, system, control and data requirements. The Company’s expectation is to adopt the standard on January 1, 2018, using the modified retrospective method. Based on the analysis to-date, the Company has not identified any material impact on their consolidated financial statements other than additional disclosures requirements. In February 2016 , the FASB issued ASU No. 2016-02 , Leases . The guidance requires the lessee to recognize most leases on the balance sheet thereby resulting in the recognition of lease assets and liability for those leases currently classified as operating leases. The accounting for lessors is largely unchanged. The guidance is effective for periods after December 15, 2018 , with early adoption permitted. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements and related disclosures; however, based on the Company’s current operating leases, it is not expected to have a material impact. In March 2016 , the FASB issued ASU No. 2016-05 , Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships . The guidance was issued to clarify that change in the counterparty to a derivative instrument that had been designated as the hedging instrument under Topic 815 , does not require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The Company adopted the standard as of January 1, 2017 . There was no impact on the Company’s consolidated financial statements because all current derivative instruments are not designated for hedge accounting. In March 2016 , the FASB issued ASU No. 2016-09 , Improvements to Employee Share-Based Payment Accounting . This guidance was intended to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The Company adopted the standard as of January 1, 2017 . The Company has elected to recognize forfeitures of awards as they occur. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In May 2016 , the FASB issued ASU No. 2016-11 , Revenue Recognition and Derivatives and Hedging: Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting . This guidance rescinds SEC Staff Observer comments that are codified in Topic 606 , Revenue from Contracts with Customers , and Topic 932 , Extractive Activities--Oil and Gas . This amendment is effective upon adoption of Topic 606 . The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements. In June 2016 , the FASB issued ASU No. 2016-13 , Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments . This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this ASU eliminates the probable initial recognition threshold in current GAAP and instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposure, reinsurance receivables and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company is currently evaluating the impact this standard will have on its financial statements and related disclosures and does not anticipate it to have a material affect. In August 2016 , the FASB issued ASU No. 2016-15 , Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments . This ASU provides guidance of eight specific cash flow issues. This ASU is effective for periods after December 15, 2017 , with early adoption permitted. The Company is in the process of evaluating the impact of this guidance on its consolidated financial statements. In December 2016 , the FASB issued ASU No. 2016-20 , Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers . This guidance updates narrow aspects of the guidance issued in Update 2014-09 . This amendment is effective for periods after December 15, 2017 , with early adoption permitted. The Company is in the process of evaluating the impact of this ASU on its consolidated financial statements. In January 2017 , the FASB issued ASU No. 2017-01 , Clarifying the Definition of a Business . Under the current business combination guidance, there are three elements of a business: inputs, processes and outputs. The revised guidance adds an initial screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If that screen is met, the set of assets is not a business. The new framework also specifies the minimum required inputs and processes necessary to be a business. This amendment is effective for periods after December 15, 2017 , with early adoption permitted. The Company is in the process of evaluating the impact of this ASU on its consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid in the Vitruvian Acquisition to acquire the properties and the fair value amount of the assets acquired as of February 17, 2017. Both the consideration paid and the fair value assigned to the assets is preliminary and subject to adjustment. (In thousands) Consideration: Cash, net of purchase price adjustments $ 1,354,093 Fair value of Gulfport’s common stock issued 464,639 Total Consideration $ 1,818,732 Estimated Fair value of identifiable assets acquired and liabilities assumed: Oil and natural gas properties Proved properties $ 362,264 Unproved properties 1,462,957 Asset retirement obligations (6,489 ) Total fair value of net identifiable assets acquired $ 1,818,732 |
Schedule of Pro Forma Information | For the three months ended September 30, 2017 and the period from the acquisition date of February 17, 2017 to September 30, 2017 , the assets acquired in the Vitruvian Acquisition have contributed the following amounts of revenue to the Company’s consolidated statements of operations. The amount of net income contributed by the assets acquired is not presented below as it is impracticable to calculate due to the Company integrating the acquired assets into its overall operations using the full cost method of accounting. Period from February 17, 2017 Three months ended to September 30, 2017 September 30, 2017 (In thousands) Revenue $ 60,940 $ 137,706 Pro Forma Information (Unaudited) The following unaudited pro forma combined financial information presents the Company’s results as though the Vitruvian Acquisition had been completed at January 1, 2016. The pro forma combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Vitruvian Acquisition taken place on January 1, 2016; furthermore, the financial information is not intended to be a projection of future results. Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In thousands, except share data) Pro forma revenue $ 265,498 $ 250,258 $ 958,354 $ 425,958 Pro forma net income (loss) $ 18,235 $ (200,005 ) $ 300,052 $ (935,219 ) Pro forma earnings (loss) per share (basic) $ 0.10 $ (1.34 ) $ 1.68 $ (6.47 ) Pro forma earnings (loss) per share (diluted) $ 0.10 $ (1.34 ) $ 1.68 $ (6.47 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | The major categories of property and equipment and related accumulated depletion, depreciation, amortization and impairment as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 December 31, 2016 (In thousands) Oil and natural gas properties $ 8,867,239 $ 6,071,920 Office furniture and fixtures 34,875 21,204 Building 44,530 42,530 Land 4,820 5,252 Total property and equipment 8,951,464 6,140,906 Accumulated depletion, depreciation, amortization and impairment (4,043,879 ) (3,789,780 ) Property and equipment, net $ 4,907,585 $ 2,351,126 |
Summary of Non-producing Properties Excluded from Amortization by Area | The following table summarizes the Company’s non-producing properties excluded from amortization by area at September 30, 2017 : September 30, 2017 (In thousands) Utica $ 1,517,555 MidContinent 1,435,992 Niobrara 2,182 Southern Louisiana 536 Bakken 99 Other 368 $ 2,956,732 |
Schedule of Asset Retirement Obligation | A reconciliation of the Company’s asset retirement obligation for the nine months ended September 30, 2017 and 2016 is as follows: September 30, 2017 September 30, 2016 (In thousands) Asset retirement obligation, beginning of period $ 34,276 $ 26,437 Liabilities incurred 11,557 6,726 Liabilities settled (2,520 ) (955 ) Accretion expense 1,148 777 Asset retirement obligation as of end of period 44,461 32,985 Less current portion 195 75 Asset retirement obligation, long-term $ 44,266 $ 32,910 |
Equity Investments (Tables)
Equity Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Accounted for by the Equity Method | Investments accounted for by the equity method consist of the following as of September 30, 2017 and December 31, 2016 : Carrying value (Income) loss from equity method investments Approximate ownership % September 30, 2017 December 31, 2016 Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In thousands) Investment in Tatex Thailand II, LLC 23.5 % $ — $ — $ (95 ) $ (253 ) $ (549 ) $ (412 ) Investment in Tatex Thailand III, LLC 17.9 % — — — — — — Investment in Grizzly Oil Sands ULC 24.9999 % 58,674 45,213 296 363 869 24,811 Investment in Timber Wolf Terminals LLC 50.0 % 983 991 4 3 8 7 Investment in Windsor Midstream LLC 22.5 % 31 25,749 (2 ) (9,014 ) 25,232 (12,062 ) Investment in Stingray Cementing LLC (1) — % — 1,920 — 79 205 187 Investment in Blackhawk Midstream LLC 48.5 % — — — — — — Investment in Stingray Energy Services LLC (1) — % — 4,215 — 294 282 935 Investment in Sturgeon Acquisitions LLC (1) — % — 20,526 — 112 (71 ) 623 Investment in Mammoth Energy Services, Inc. (1) 25.1 % 149,219 111,717 2,407 2,518 (7,616 ) 11,527 Investment in Strike Force Midstream LLC 25.0 % 70,375 33,589 127 (99 ) 2,585 (40 ) $ 279,282 $ 243,920 $ 2,737 $ (5,997 ) $ 20,945 $ 25,576 (1) On June 5, 2017, Mammoth Energy Services, Inc. acquired Stingray Cementing LLC, Stingray Energy Services LLC and Sturgeon Acquisitions LLC. See below under Mammoth Energy Partners LP/Mammoth Energy Services, Inc. for information regarding these transactions. |
Equity Method Investment Balance Sheet Summary | The tables below summarize financial information for the Company’s equity investments as of September 30, 2017 and December 31, 2016 . Summarized balance sheet information: September 30, 2017 December 31, 2016 (In thousands) Current assets $ 201,557 $ 148,733 Noncurrent assets $ 1,494,770 $ 1,305,407 Current liabilities $ 130,178 $ 57,173 Noncurrent liabilities $ 164,759 $ 67,680 |
Equity Method Investment Income Statement Summary | Summarized results of operations: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In thousands) Gross revenue $ 160,950 $ 76,627 $ 357,901 $ 206,666 Net income (loss) $ 2,101 $ 35,212 $ (109,651 ) $ 9,344 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Long-term Debt, Unclassified [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following items as of September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Revolving credit agreement (1) $ 365,000 $ — 7.75% senior unsecured notes due 2020 (2) — — 6.625% senior unsecured notes due 2023 (3) 350,000 350,000 6.000% senior unsecured notes due 2024 (4) 650,000 650,000 6.375% senior unsecured notes due 2025 (5) 600,000 600,000 Net unamortized debt issuance costs (6) (30,111 ) (27,174 ) Construction loan (7) 23,817 21,049 Less: current maturities of long term debt (570 ) (276 ) Debt reflected as long term $ 1,958,136 $ 1,593,599 The Company capitalized approximately $2.1 million and $8.8 million in interest expense to undeveloped oil and natural gas properties during the three and nine months ended September 30, 2017 , respectively. The Company capitalized approximately $4.7 million and $7.7 million in interest expense to undeveloped oil and natural gas properties during the three and nine months ended September 30, 2016 , respectively. During the three and nine months ended September 30, 2016 , the Company also capitalized approximately $0.5 million and $1.2 million , respectively, in interest expense related to building construction. Construction on the building was completed in December 2016 and, as such, the Company did not capitalize any interest expense related to building construction for the three and nine months ended September 30, 2017 . (1) The Company has entered into a senior secured revolving credit facility, as amended, with The Bank of Nova Scotia, as the lead arranger and administrative agent and certain lenders from time to time party thereto. The credit agreement provides for a maximum facility amount of $1.5 billion and matures on June 6, 2018. On December 13, 2016, the Company further amended its revolving credit facility to, among other things, (a) reset the maturity date to December 31, 2021, (b) adjust lenders, (c) increase the basket for unsecured debt issuances to $1.6 billion , (d) increase the interest rates by 50 basis points, (e) increase the mortgage requirement to 85% (from 80% ), and (f) add deposit account control agreement language. On March 29, 2017, the Company further amended its revolving credit facility to, among other things, amend the definition of the term EBITDAX to permit pro forma treatment of acquisitions that involve the payment of consideration by Gulfport and its subsidiaries in excess of $50.0 million and of dispositions of property or series of related dispositions of properties that yields gross proceeds to Gulfport or any of its subsidiaries in excess of $50.0 million . On May 4, 2017, the revolving credit facility was further amended to increase the borrowing base from $700.0 million to $1.0 billion , adjust certain of the Company’s investment baskets and add five additional banks to the syndicate. As of September 30, 2017 , $365.0 million was outstanding under the revolving credit facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $237.5 million of letters of credit, was $397.5 million . The Company’s wholly-owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility. In connection with the Company's fall redetermination under its revolving credit facility, the lead lenders have proposed to increase the Company's borrowing base from $1.0 million to $1.2 billion , with an elected commitment of $1.0 billion , and decrease the interest rate by 50 basis points, subject to the approval of the additional required banks within the syndicate. Advances under the revolving credit facility may be in the form of either base rate loans or eurodollar loans. The interest rate for base rate loans is equal to (1) the applicable rate, which ranges from 1.00% to 2.00% , plus (2) the highest of: (a) the federal funds rate plus 0.50% , (b) the rate of interest in effect for such day as publicly announced from time to time by agent as its “prime rate,” and (c) the eurodollar rate for an interest period of one month plus 1.00% . The interest rate for eurodollar loans is equal to (1) the applicable rate, which ranges from 2.00% to 3.00% , plus (2) the London interbank offered rate that appears on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate for deposits in U.S. dollars, or, if such rate is not available, the rate as administered by ICE Benchmark Administration (or any other person that takes over administration of such rate) per annum equal to the offered rate on such other page or service that displays on average London interbank offered rate as determined by ICE Benchmark Administration (or any other person that takes over administration of such rate) for deposits in U.S. dollars, or, if such rate is not available, the average quotations for three major New York money center banks of whom the agent shall inquire as the “London Interbank Offered Rate” for deposits in U.S. dollars. At September 30, 2017 , amounts borrowed under the credit facility bore interest at the eurodollar rate ( 3.74% ). The revolving credit facility contains customary negative covenants including, but not limited to, restrictions on the Company’s and its subsidiaries’ ability to: • incur indebtedness; • grant liens; • pay dividends and make other restricted payments; • make investments; • make fundamental changes; • enter into swap contracts and forward sales contracts; • dispose of assets; • change the nature of their business; and • enter into transactions with affiliates. The negative covenants are subject to certain exceptions as specified in the revolving credit facility. The revolving credit facility also contains certain affirmative covenants, including, but not limited to the following financial covenants: (i) the ratio of net funded debt to EBITDAX (net income, excluding (i) any non-cash revenue or expense associated with swap contracts resulting from ASC 815 and (ii) any cash or non-cash revenue or expense attributable to minority investments plus without duplication and, in the case of expenses, to the extent deducted from revenues in determining net income, the sum of (a) the aggregate amount of consolidated interest expense for such period, (b) the aggregate amount of income, franchise, capital or similar tax expense (other than ad valorem taxes) for such period, (c) all amounts attributable to depletion, depreciation, amortization and asset or goodwill impairment or writedown for such period, (d) all other non-cash charges, (e) exploration costs deducted in determining net income under successful efforts accounting, (f) actual cash distributions received from minority investments, (g) to the extent actually reimbursed by insurance, expenses with respect to liability on casualty events or business interruption, and (h) all reasonable transaction expenses related to dispositions and acquisitions of assets, investments and debt and equity offerings (provided that expenses related to any unsuccessful disposition will be limited to $3.0 million in the aggregate) for a twelve-month period may not be greater than 4.00 to 1.00 ; and (ii) the ratio of EBITDAX to interest expense for a twelve-month period may not be less than 3.00 to 1.00 . The Company was in compliance with all covenants at September 30, 2017 . (2) On October 17, 2012, the Company issued $250.0 million in aggregate principal amount of 7.75% Senior Notes due 2020 (the “October Notes”) under an indenture among the Company, its subsidiary guarantors and Wells Fargo Bank, National Association, as the trustee (the “senior note indenture”). On December 21, 2012, the Company issued an additional $50.0 million in aggregate principal amount of 7.75% Senior Notes due 2020 (the “December Notes”) as additional securities under the senior note indenture. On August 18, 2014, the Company issued an additional $300.0 million in aggregate principal amount of 7.75% Senior Notes due 2020 (the “August Notes”). The August Notes were issued as additional securities under the senior note indenture. The October Notes, December Notes and the August Notes are collectively referred to as the “2020 Notes.” In October 2016 , the Company repurchased (in a cash tender offer) or redeemed all of the 2020 Notes, of which $600.0 million in aggregate principal amount was then outstanding, with the net proceeds from the issuance of its 6.000% Senior Notes due 2024 (the “2024 Notes”) discussed below and cash on hand, and the indenture governing the 2020 Notes was fully satisfied and discharged. (3) On April 21, 2015, the Company issued $350.0 million in aggregate principal amount of 6.625% Senior Notes due 2023 (the “2023 Notes”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the “2023 Notes Offering”). The Company received net proceeds of approximately $343.6 million after initial purchaser discounts and commissions and estimated offering expenses. The 2023 Notes were issued under an indenture, dated as of April 21, 2015, among the Company, the subsidiary guarantors party thereto and Wells Fargo Bank, National Association, as trustee. In October 2015, the 2023 Notes were exchanged for a new issue of substantially identical debt securities registered under the Securities Act. Pursuant to the indenture relating to the 2023 Notes, interest on the 2023 Notes accrues at a rate of 6.625% per annum on the outstanding principal amount thereof, payable semi-annually on May 1 and November 1 of each year. The 2023 Notes are not guaranteed by Grizzly Holdings, Inc. and will not be guaranteed by any of the Company’s future unrestricted subsidiaries. (4) On October 14, 2016, the Company issued the 2024 Notes in aggregate principal amount of $650.0 million . The 2024 Notes were issued under an indenture, dated as of October 14, 2016, among the Company, the subsidiary guarantors party thereto and the senior note indenture trustee (the “2024 Indenture”), to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in accordance with Regulation S under the Securities Act (the “2024 Notes Offering”). Under the 2024 Indenture, interest on the 2024 Notes accrues at a rate of 6.000% per annum on the outstanding principal amount thereof from October 14, 2016, payable semi-annually on April 15 and October 15 of each year, commencing on April 15, 2017. The 2024 Notes will mature on October 15, 2024. The Company received approximately $638.9 million in net proceeds from the offering of the 2024 Notes, which was used, together with cash on hand, to purchase the outstanding 2020 Notes in a concurrent cash tender offer, to pay fees and expenses thereof, and to redeem any of the 2020 Notes that remained outstanding after the completion of the tender offer. (5) On December 21, 2016, the Company issued $600.0 million in aggregate principal amount of 6.375% Senior Notes due 2025 (the “2025 Notes”). The 2025 Notes were issued under an indenture, dated as of December 21, 2016, among the Company, the subsidiary guarantors party thereto and the senior note indenture trustee (the “2025 Indenture”), to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. Under the 2025 Indenture, interest on the 2025 Notes accrues at a rate of 6.375% per annum on the outstanding principal amount thereof from December 21, 2016, payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2017. The 2025 Notes will mature on May 15, 2025. The Company received approximately $584.7 million in net proceeds from the offering of the 2025 Notes, which was used, together with the net proceeds from the Company’s December 2016 common stock offering and cash on hand, to fund the cash portion of the purchase price for the Vitruvian Acquisition. See “Note 1 – Acquisitions” for additional discussion of the Vitruvian Acquisition. (6) In accordance with ASU 2015-03, loan issuance costs related to the 2023 Notes, the 2024 Notes and the 2025 Notes (collectively the “Notes”) have been presented as a reduction to the Notes. At September 30, 2017 , total unamortized debt issuance costs were $5.5 million for the 2023 Notes, $10.2 million for the 2024 Notes and $14.3 million for the 2025 Notes. In addition, loan commitment fee costs for the construction loan agreement described immediately below were $0.1 million at September 30, 2017 . (7) On June 4, 2015, the Company entered into a construction loan agreement (the “Construction Loan”) with InterBank for the construction of a new corporate headquarters in Oklahoma City, which was substantially completed in December 2016. The Construction Loan allows for maximum principal borrowings of $24.5 million and required the Company to fund 30% of the cost of the construction before any funds could be drawn, which occurred in January 2016. Interest accrues daily on the outstanding principal balance at a fixed rate of 4.50% per annum and was payable on the last day of the month through May 31, 2017. Monthly interest and principal payments are due beginning June 30, 2017, with the final payment due June 4, 2025. At September 30, 2017 , the total borrowings under the Construction Loan were approximately $23.8 million . |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation [Abstract] | |
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity for the nine months ended September 30, 2017 : Number of Unvested Restricted Shares Weighted Average Grant Date Fair Value Unvested shares as of January 1, 2017 613,056 $ 32.90 Granted 870,358 15.15 Vested (399,843 ) 28.77 Forfeited (74,024 ) 30.45 Unvested shares as of September 30, 2017 1,009,547 $ 19.42 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Components of Basic and Diluted Net Income (Loss) per Common Share | Reconciliations of the components of basic and diluted net income (loss) per common share are presented in the tables below: Three months ended September 30, 2017 2016 Income Shares Per Share (Loss) Shares Per Share (In thousands, except share data) Basic: Net income (loss) $ 18,235 182,957,416 $ 0.10 $ (157,296 ) 125,408,866 $ (1.25 ) Effect of dilutive securities: Stock options and awards — 51,020 — — Diluted: — 0 Net income (loss) $ 18,235 183,008,436 $ 0.10 $ (157,296 ) 125,408,866 $ (1.25 ) Nine months ended September 30, 2017 2016 Income Shares Per (Loss) Shares Per (In thousands, except share data) Basic: Net income (loss) $ 278,626 178,736,569 $ 1.56 $ (739,339 ) 120,771,046 $ (6.12 ) Effect of dilutive securities: Stock options and awards — 394,001 — — Diluted: — — Net income (loss) $ 278,626 179,130,570 $ 1.56 $ (739,339 ) 120,771,046 $ (6.12 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Future Minimum Lease Commitments | Future minimum lease commitments under these leases at September 30, 2017 were as follows: (In thousands) Remaining 2017 $ 27 2018 54 Total $ 81 |
Schedule of Firm Transportation Commitments | The table below presents these commitments at September 30, 2017 as follows: (MMBtu per day) Remaining 2017 710,000 2018 561,000 2019 659,000 2020 526,000 2021 372,000 Thereafter 249,000 Total 3,077,000 |
Transportation commitment | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Other Commitments | The table below presents these commitments at September 30, 2017 as follows: (In thousands) Remaining 2017 $ 49,052 2018 238,767 2019 243,389 2020 240,746 2021 239,786 Thereafter 2,715,005 Total $ 3,726,745 |
Purchase commitment | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Other Commitments | Future minimum commitments under these agreements at September 30, 2017 are as follows: (In thousands) Remaining 2017 $ 13,110 2018 39,330 Total $ 52,440 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
Schedule of Open Fixed Price Swap Positions | Below is a summary of the Company’s open fixed price swap positions as of September 30, 2017 . Location Daily Volume (MMBtu/day) Weighted Remaining 2017 NYMEX Henry Hub 765,000 $ 3.19 2018 NYMEX Henry Hub 898,000 $ 3.06 2019 NYMEX Henry Hub 112,000 $ 3.01 Location Daily Volume Weighted Remaining 2017 ARGUS LLS 1,500 $ 53.12 2018 ARGUS LLS 1,000 $ 53.91 Remaining 2017 NYMEX WTI 4,500 $ 54.89 2018 NYMEX WTI 3,000 $ 52.24 Location Daily Volume Weighted Remaining 2017 Mont Belvieu C3 3,000 $ 26.63 2018 Mont Belvieu C3 3,500 $ 28.03 Remaining 2017 Mont Belvieu C5 250 $ 49.14 2018 Mont Belvieu C5 500 $ 46.62 The Company sold call options and used the associated premiums to enhance the fixed price for a portion of the fixed price natural gas swaps listed above. Each short call option has an established ceiling price. When the referenced settlement price is above the price ceiling established by these short call options, the Company pays its counterparty an amount equal to the difference between the referenced settlement price and the price ceiling multiplied by the hedged contract volumes. Location Daily Volume (MMBtu/day) Weighted Average Price Remaining 2017 NYMEX Henry Hub 65,000 $ 3.11 2018 NYMEX Henry Hub 103,000 $ 3.25 2019 NYMEX Henry Hub 135,000 $ 3.07 |
Schedule of Natural Gas Basis Swap Position Derivatives | As of September 30, 2017 , the Company had the following natural gas basis swap positions for NGPL Mid-Continent. Location Daily Volume (MMBtu/day) Hedged Differential Remaining 2017 NGPL Mid-Continent 50,000 $ (0.26 ) 2018 NGPL Mid-Continent 12,000 $ (0.26 ) |
Schedule of Derivative Instruments In Balance Sheet | The following table presents the fair value of the Company’s derivative instruments on a gross basis at September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Short-term derivative instruments - asset $ 35,332 $ 3,488 Long-term derivative instruments - asset $ 6,409 $ 5,696 Short-term derivative instruments - liability $ 29,130 $ 119,219 Long-term derivative instruments - liability $ 19,712 $ 26,759 |
Schedule of Net Gain (Loss) on Derivatives | The following table presents the gain and loss recognized in Net (loss) gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2017 and 2016 . Net (loss) gain on derivative instruments Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (In thousands) Natural gas derivatives $ (7,077 ) $ 33,167 $ 135,868 $ (43,454 ) Oil derivatives (6,571 ) 1,708 12,477 362 Natural gas liquids derivatives (9,212 ) 406 (6,757 ) (1,284 ) Total $ (22,860 ) $ 35,281 $ 141,588 $ (44,376 ) |
Recognized Derivative Assets | The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value. As of September 30, 2017 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 41,741 $ (36,969 ) $ 4,772 Derivative liabilities $ (48,842 ) $ 36,969 $ (11,873 ) As of December 31, 2016 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 9,184 $ (9,184 ) $ — Derivative liabilities $ (145,978 ) $ 9,184 $ (136,794 ) |
Recognized Derivative Liabilities | The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value. As of September 30, 2017 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 41,741 $ (36,969 ) $ 4,772 Derivative liabilities $ (48,842 ) $ 36,969 $ (11,873 ) As of December 31, 2016 Gross Assets (Liabilities) Gross Amounts Presented in the Subject to Master Net Consolidated Balance Sheets Netting Agreements Amount (In thousands) Derivative assets $ 9,184 $ (9,184 ) $ — Derivative liabilities $ (145,978 ) $ 9,184 $ (136,794 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial and Non-Financial Assets and Liabilities by Valuation Level | The following tables summarize the Company’s financial and non-financial assets and liabilities by FASB ASC 820 valuation level as of September 30, 2017 and December 31, 2016 : September 30, 2017 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 41,741 $ — Liabilities: Derivative Instruments $ — $ 48,842 $ — December 31, 2016 Level 1 Level 2 Level 3 (In thousands) Assets: Derivative Instruments $ — $ 9,184 $ — Liabilities: Derivative Instruments $ — $ 145,978 $ — |
Condensed Consolidating Finan34
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | The following condensed consolidating balance sheets, statements of operations, statements of comprehensive (loss) income and statements of cash flows are provided for the Parent, the Guarantors and the Non-Guarantor and include the consolidating adjustments and eliminations necessary to arrive at the information for the Company on a condensed consolidated basis. The information has been presented using the equity method of accounting for the Parent’s ownership of the Guarantors and the Non-Guarantor. CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands) September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 89,095 $ 36,175 $ 1 $ — $ 125,271 Accounts receivable - oil and natural gas 126,746 53,360 — — 180,106 Accounts receivable - related parties 362 — — — 362 Accounts receivable - intercompany 514,187 57,927 — (572,114 ) — Prepaid expenses and other current assets 5,486 180 — — 5,666 Short-term derivative instruments 35,332 — — — 35,332 Total current assets 771,208 147,642 1 (572,114 ) 346,737 Property and equipment: Oil and natural gas properties, full-cost accounting 6,371,324 2,496,644 — (729 ) 8,867,239 Other property and equipment 84,182 43 — — 84,225 Accumulated depletion, depreciation, amortization and impairment (4,043,843 ) (36 ) — — (4,043,879 ) Property and equipment, net 2,411,663 2,496,651 — (729 ) 4,907,585 Other assets: Equity investments and investments in subsidiaries 2,262,011 70,375 58,674 (2,111,778 ) 279,282 Long-term derivative instruments 6,409 — — — 6,409 Deferred tax asset 4,692 — — — 4,692 Inventories 9,438 4,470 — — 13,908 Other assets 10,561 8,424 — — 18,985 Total other assets 2,293,111 83,269 58,674 (2,111,778 ) 323,276 Total assets $ 5,475,982 $ 2,727,562 $ 58,675 $ (2,684,621 ) $ 5,577,598 Liabilities and Stockholders ’ Equity Current liabilities: Accounts payable and accrued liabilities $ 430,195 $ 152,733 $ — $ — $ 582,928 Accounts payable - intercompany 57,927 514,060 127 (572,114 ) — Asset retirement obligation - current 195 — — — 195 Derivative instruments 29,130 — — — 29,130 Current maturities of long-term debt 570 — — — 570 Total current liabilities 518,017 666,793 127 (572,114 ) 612,823 Long-term derivative instrument 19,712 — — — 19,712 Asset retirement obligation - long-term 37,456 6,810 — — 44,266 Long-term debt, net of current maturities 1,958,136 — — — 1,958,136 Total liabilities 2,533,321 673,603 127 (572,114 ) 2,634,937 Stockholders’ equity: Common stock 1,831 — — — 1,831 Paid-in capital 4,413,623 1,905,599 258,871 (2,164,470 ) 4,413,623 Accumulated other comprehensive (loss) income (40,339 ) — (38,443 ) 38,443 (40,339 ) Retained (deficit) earnings (1,432,454 ) 148,360 (161,880 ) 13,520 (1,432,454 ) Total stockholders’ equity 2,942,661 2,053,959 58,548 (2,112,507 ) 2,942,661 Total liabilities and stockholders ’ equity $ 5,475,982 $ 2,727,562 $ 58,675 $ (2,684,621 ) $ 5,577,598 CONDENSED CONSOLIDATING BALANCE SHEETS (Amounts in thousands) December 31, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 1,273,882 $ 1,993 $ — $ — $ 1,275,875 Restricted Cash 185,000 — — — 185,000 Accounts receivable - oil and natural gas 137,087 37,496 — (37,822 ) 136,761 Accounts receivable - related parties 16 — — — 16 Accounts receivable - intercompany 449,517 1,151 — (450,668 ) — Prepaid expenses and other current assets 3,135 — — — 3,135 Short-term derivative instruments 3,488 — — — 3,488 Total current assets 2,052,125 40,640 — (488,490 ) 1,604,275 Property and equipment: Oil and natural gas properties, full-cost accounting, 5,655,125 417,524 — (729 ) 6,071,920 Other property and equipment 68,943 43 — — 68,986 Accumulated depletion, depreciation, amortization and impairment (3,789,746 ) (34 ) — — (3,789,780 ) Property and equipment, net 1,934,322 417,533 — (729 ) 2,351,126 Other assets: Equity investments and investments in subsidiaries 236,327 33,590 45,213 (71,210 ) 243,920 Long-term derivative instruments 5,696 — — — 5,696 Deferred tax asset 4,692 — — — 4,692 Inventories 3,095 1,409 — — 4,504 Other assets 8,932 — — — 8,932 Total other assets 258,742 34,999 45,213 (71,210 ) 267,744 Total assets $ 4,245,189 $ 493,172 $ 45,213 $ (560,429 ) $ 4,223,145 Liabilities and Stockholders ’ Equity Current liabilities: Accounts payable and accrued liabilities $ 255,966 $ 9,158 $ — $ — $ 265,124 Accounts payable - intercompany 31,202 457,163 126 (488,491 ) — Asset retirement obligation - current 195 — — — 195 Derivative instruments 119,219 — — — 119,219 Current maturities of long-term debt 276 — — — 276 Total current liabilities 406,858 466,321 126 (488,491 ) 384,814 Long-term derivative instrument 26,759 — — — 26,759 Asset retirement obligation - long-term 34,081 — — — 34,081 Long-term debt, net of current maturities 1,593,599 — — — 1,593,599 Total liabilities 2,061,297 466,321 126 (488,491 ) 2,039,253 Stockholders’ equity: Common stock 1,588 — — — 1,588 Paid-in capital 3,946,442 33,822 257,026 (290,848 ) 3,946,442 Accumulated other comprehensive (loss) income (53,058 ) — (50,931 ) 50,931 (53,058 ) Retained (deficit) earnings (1,711,080 ) (6,971 ) (161,008 ) 167,979 (1,711,080 ) Total stockholders’ equity 2,183,892 26,851 45,087 (71,938 ) 2,183,892 Total liabilities and stockholders ’ equity $ 4,245,189 $ 493,172 $ 45,213 $ (560,429 ) $ 4,223,145 |
Condensed Consolidating Statements of Operations | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Three months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 188,390 $ 77,108 $ — $ — $ 265,498 Costs and expenses: Lease operating expenses 16,019 4,001 — — 20,020 Production taxes 4,052 1,367 — — 5,419 Midstream gathering and processing 52,725 16,647 — — 69,372 Depreciation, depletion, and amortization 106,649 1 — — 106,650 General and administrative 13,956 (892 ) 1 — 13,065 Accretion expense 335 121 — — 456 Acquisition expense (5 ) 38 — — 33 193,731 21,283 1 — 215,015 (LOSS) INCOME FROM OPERATIONS (5,341 ) 55,825 (1 ) — 50,483 OTHER (INCOME) EXPENSE: Interest expense 27,914 (784 ) — — 27,130 Interest income (29 ) (8 ) — — (37 ) (Income) loss from equity method investments and investments in subsidiaries (53,880 ) 128 296 56,193 2,737 Other income (344 ) (1 ) — — (345 ) (26,339 ) (665 ) 296 56,193 29,485 INCOME (LOSS) BEFORE INCOME TAXES 20,998 56,490 (297 ) (56,193 ) 20,998 INCOME TAX EXPENSE 2,763 — — — 2,763 NET INCOME (LOSS) $ 18,235 $ 56,490 $ (297 ) $ (56,193 ) $ 18,235 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Three months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 193,227 $ 465 $ — $ — $ 193,692 Costs and expenses: Lease operating expenses 17,283 188 — — 17,471 Production taxes 3,495 30 — — 3,525 Midstream gathering and processing 45,385 90 — — 45,475 Depreciation, depletion, and amortization 62,284 1 — — 62,285 Impairment of oil and natural gas properties 212,194 — — — 212,194 General and administrative 10,772 (305 ) — — 10,467 Accretion expense 269 — — — 269 351,682 4 — — 351,686 (LOSS) INCOME FROM OPERATIONS (158,455 ) 461 — — (157,994 ) OTHER (INCOME) EXPENSE: Interest expense 12,787 — — — 12,787 Interest income (337 ) — — — (337 ) Insurance Proceeds (3,750 ) — — — (3,750 ) (Income) loss from equity method investments and investments in subsidiaries (6,457 ) (99 ) 364 195 (5,997 ) Other income 5 1 6 2,248 (98 ) 364 195 2,709 (LOSS) INCOME BEFORE INCOME TAXES (160,703 ) 559 (364 ) (195 ) (160,703 ) INCOME TAX BENEFIT (3,407 ) — — — (3,407 ) NET (LOSS) INCOME $ (157,296 ) $ 559 $ (364 ) $ (195 ) $ (157,296 ) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Nine months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 710,184 $ 212,271 $ — $ — $ 922,455 Costs and expenses: Lease operating expenses 49,891 10,153 — — 60,044 Production taxes 10,799 3,665 — — 14,464 Midstream gathering and processing 132,740 43,518 — — 176,258 Depreciation, depletion, and amortization 254,884 3 — — 254,887 General and administrative 39,882 (1,963 ) 3 — 37,922 Accretion expense 908 240 — — 1,148 Acquisition expense — 2,391 — — 2,391 489,104 58,007 3 — 547,114 INCOME (LOSS) FROM OPERATIONS 221,080 154,264 (3 ) — 375,341 OTHER (INCOME) EXPENSE: Interest expense 79,095 (4,298 ) — — 74,797 Interest income (913 ) (14 ) — — (927 ) (Income) loss from equity method investments and investments in subsidiaries (136,969 ) 2,586 869 154,459 20,945 Other (income) expense (1,522 ) (241 ) — 900 (863 ) (60,309 ) (1,967 ) 869 155,359 93,952 INCOME (LOSS) BEFORE INCOME TAXES 281,389 156,231 (872 ) (155,359 ) 281,389 INCOME TAX EXPENSE 2,763 — — — 2,763 NET INCOME (LOSS) $ 278,626 $ 156,231 $ (872 ) $ (155,359 ) $ 278,626 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Amounts in thousands) Nine months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Total revenues $ 321,404 $ 1,090 $ — $ — $ 322,494 Costs and expenses: Lease operating expenses 48,246 543 — — 48,789 Production taxes 9,410 82 — — 9,492 Midstream gathering and processing 122,250 226 — — 122,476 Depreciation, depletion, and amortization 183,411 3 183,414 Impairment of oil and natural gas properties 601,806 — — — 601,806 General and administrative 33,230 (291 ) 2 — 32,941 Accretion expense 777 — — — 777 999,130 563 2 — 999,695 (LOSS) INCOME FROM OPERATIONS (677,726 ) 527 (2 ) — (677,201 ) OTHER (INCOME) EXPENSE: Interest expense 44,891 1 — — 44,892 Interest income (822 ) — — — (822 ) Insurance Proceeds (3,750 ) — — — (3,750 ) Loss (income) from equity method investments and investments in subsidiaries 25,044 (40 ) 24,812 (24,240 ) 25,576 Other income 5 (8 ) — — (3 ) 65,368 (47 ) 24,812 (24,240 ) 65,893 (LOSS) INCOME BEFORE INCOME TAXES (743,094 ) 574 (24,814 ) 24,240 (743,094 ) INCOME TAX BENEFIT (3,755 ) — — — (3,755 ) NET (LOSS) INCOME $ (739,339 ) $ 574 $ (24,814 ) $ 24,240 $ (739,339 ) |
Condensed Consolidating Statements of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amounts in thousands) Three months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Net income (loss) $ 18,235 $ 56,490 $ (297 ) $ (56,193 ) $ 18,235 Foreign currency translation adjustment 6,832 158 6,674 (6,832 ) 6,832 Other comprehensive income (loss) 6,832 158 6,674 (6,832 ) 6,832 Comprehensive income (loss) $ 25,067 $ 56,648 $ 6,377 $ (63,025 ) $ 25,067 Three months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Net (loss) income $ (157,296 ) $ 559 $ (364 ) $ (195 ) $ (157,296 ) Foreign currency translation adjustment (4,013 ) — (1,417 ) 1,417 (4,013 ) Other comprehensive (loss) income (4,013 ) — (1,417 ) 1,417 (4,013 ) Comprehensive (loss) income $ (161,309 ) $ 559 $ (1,781 ) $ 1,222 $ (161,309 ) Nine months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Net income (loss) $ 278,626 $ 156,231 $ (872 ) $ (155,359 ) $ 278,626 Foreign currency translation adjustment 12,719 232 12,487 (12,719 ) 12,719 Other comprehensive income (loss) 12,719 232 12,487 (12,719 ) 12,719 Comprehensive income (loss) $ 291,345 $ 156,463 $ 11,615 $ (168,078 ) $ 291,345 Nine months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Net (loss) income $ (739,339 ) $ 574 $ (24,814 ) $ 24,240 $ (739,339 ) Foreign currency translation adjustment 4,361 — 8,252 (8,252 ) 4,361 Other comprehensive income (loss) 4,361 — 8,252 (8,252 ) 4,361 Comprehensive (loss) income $ (734,978 ) $ 574 $ (16,562 ) $ 15,988 $ (734,978 ) |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (Amounts in thousands) Nine months ended September 30, 2017 Parent Guarantors Non-Guarantor Eliminations Consolidated Net cash provided by (used in) operating activities $ 310,624 $ 181,108 $ (1 ) $ 2 $ 491,733 Net cash (used in) provided by investing activities (1,849,554 ) (1,554,063 ) (1,843 ) 1,408,980 (1,996,480 ) Net cash provided by (used in) financing activities 354,143 1,407,137 1,845 (1,408,982 ) 354,143 Net (decrease) increase in cash and cash equivalents (1,184,787 ) 34,182 1 — (1,150,604 ) Cash and cash equivalents at beginning of period 1,273,882 1,993 — — 1,275,875 Cash and cash equivalents at end of period $ 89,095 $ 36,175 $ 1 $ — $ 125,271 Nine months ended September 30, 2016 Parent Guarantors Non-Guarantor Eliminations Consolidated Net cash provided by (used in) operating activities $ 244,758 $ 517 $ 3,998 $ (3,998 ) $ 245,275 Net cash (used in) provided by investing activities (420,257 ) (26,500 ) (18,510 ) 45,010 (420,257 ) Net cash provided by (used in) financing activities 426,284 26,500 14,512 (41,012 ) 426,284 Net increase in cash and cash equivalents 250,785 517 — — 251,302 Cash and cash equivalents at beginning of period 112,494 479 1 — 112,974 Cash and cash equivalents at end of period $ 363,279 $ 996 $ 1 $ — $ 364,276 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, shares in Millions | Feb. 17, 2017USD ($)a$ / sharesshares | Feb. 16, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 15, 2016$ / shares |
Business Acquisition [Line Items] | |||||||
Acquisition costs | $ 33,000 | $ 0 | $ 2,391,000 | $ 0 | |||
Common stock share price (in usd per share) | $ / shares | $ 19.48 | $ 20.96 | |||||
Vitruvian acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Net surface area | a | 46,400 | ||||||
Total initial purchase price | $ 1,850,000,000 | ||||||
Payments to acquire businesses | $ 1,354,093,000 | ||||||
Equity interest issued or issuable, number of shares (in shares) | shares | 23.9 | ||||||
Acquisition costs | $ 30,000 | $ 2,400,000 | |||||
Goodwill | $ 0 | ||||||
Bargain purchase gain | $ 0 | ||||||
Initial purchase share price (in usd per share) | $ / shares | $ 20.96 | ||||||
Decrease in fair value of shares issued for acquisition, amount | $ 35,300,000 | ||||||
Vitruvian acquisition | Indemnity escrow | |||||||
Business Acquisition [Line Items] | |||||||
Equity interest issued or issuable, number of shares (in shares) | shares | 5.2 |
Acquisitions (Allocation of Pur
Acquisitions (Allocation of Purchase Price) (Details) - Vitruvian acquisition $ in Thousands | Feb. 17, 2017USD ($) |
Business Acquisition [Line Items] | |
Cash, net of purchase price adjustments | $ 1,354,093 |
Fair value of Gulfport’s common stock issued | 464,639 |
Total Consideration | 1,818,732 |
Asset retirement obligations | (6,489) |
Total fair value of net identifiable assets acquired | 1,818,732 |
Proved properties | |
Business Acquisition [Line Items] | |
Oil and natural gas properties | 362,264 |
Unproved properties | |
Business Acquisition [Line Items] | |
Oil and natural gas properties | $ 1,462,957 |
Acquisitions (Pro Forma) (Detai
Acquisitions (Pro Forma) (Details) - Vitruvian acquisition - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Revenue | $ 60,940 | $ 137,706 | |||
Pro forma revenue | 265,498 | $ 250,258 | $ 958,354 | $ 425,958 | |
Pro forma net income (loss) | $ 18,235 | $ (200,005) | $ 300,052 | $ (935,219) | |
Pro forma earnings (loss) per share (basic) (in usd per share) | $ 0.10 | $ (1.34) | $ 1.68 | $ (6.47) | |
Pro forma earnings (loss) per share (diluted) (in usd per share) | $ 0.10 | $ (1.34) | $ 1.68 | $ (6.47) |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Oil and natural gas properties | $ 8,867,239 | $ 6,071,920 |
Office furniture and fixtures | 34,875 | 21,204 |
Building | 44,530 | 42,530 |
Land | 4,820 | 5,252 |
Total property and equipment | 8,951,464 | 6,140,906 |
Accumulated depletion, depreciation, amortization and impairment | (4,043,879) | (3,789,780) |
Property and equipment, net | $ 4,907,585 | $ 2,351,126 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||
Impairment of oil and natural gas properties | $ 0 | $ 212,194,000 | $ 0 | $ 601,806,000 | |
Cumulative capitalization of general and administrative costs incurred and capitalized to the full cost pool | 155,500,000 | 155,500,000 | |||
Capitalized general and administrative costs | 8,900,000 | $ 7,200,000 | 25,600,000 | $ 22,200,000 | |
Capitalized costs of oil and natural gas properties excluded from amortization | $ 2,956,732,000 | $ 2,956,732,000 | $ 1,580,305,000 | ||
Non-producing leases, extension term | 5 years | ||||
Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Expected number of years amortization will commence | 3 years | ||||
Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Expected number of years amortization will commence | 5 years |
Property and Equipment (Summary
Property and Equipment (Summary of Non-producing Properties Excluded from Amortization by Area) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Total non-producing properties not subject to amortization | $ 2,956,732 | $ 1,580,305 |
Utica | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Total non-producing properties not subject to amortization | 1,517,555 | |
MidContinent | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Total non-producing properties not subject to amortization | 1,435,992 | |
Niobrara | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Total non-producing properties not subject to amortization | 2,182 | |
Southern Louisiana | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Total non-producing properties not subject to amortization | 536 | |
Bakken | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Total non-producing properties not subject to amortization | 99 | |
Other | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Total non-producing properties not subject to amortization | $ 368 |
Property and Equipment (Sched41
Property and Equipment (Schedule of Asset Retirement Obligation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation, beginning of period | $ 34,276 | $ 26,437 | |||
Liabilities incurred | 11,557 | 6,726 | |||
Liabilities settled | (2,520) | (955) | |||
Accretion expense | $ 456 | $ 269 | 1,148 | 777 | |
Asset retirement obligation as of end of period | 44,461 | 32,985 | 44,461 | 32,985 | |
Less current portion | 195 | 75 | 195 | 75 | $ 195 |
Asset retirement obligation, long-term | $ 44,266 | $ 32,910 | $ 44,266 | $ 32,910 | $ 34,081 |
Equity Investments (Investments
Equity Investments (Investments Accounted for by the Equity Method) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Equity investments and investments in subsidiaries | $ 279,282 | $ 279,282 | $ 243,920 | ||||
(Income) loss from equity method investments | $ 2,737 | $ (5,997) | $ 20,945 | $ 25,576 | |||
Investment in Tatex Thailand II, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 23.50% | 23.50% | |||||
Equity investments and investments in subsidiaries | $ 0 | $ 0 | 0 | ||||
(Income) loss from equity method investments | $ (95) | (253) | $ (549) | (412) | |||
Investment in Tatex Thailand III, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 17.90% | 17.90% | |||||
Equity investments and investments in subsidiaries | $ 0 | $ 0 | 0 | ||||
(Income) loss from equity method investments | $ 0 | 0 | $ 0 | 0 | |||
Investment in Grizzly Oil Sands ULC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 24.9999% | 24.9999% | |||||
Equity investments and investments in subsidiaries | $ 58,674 | $ 58,674 | 45,213 | ||||
(Income) loss from equity method investments | $ 296 | 363 | $ 869 | 24,811 | |||
Investment in Timber Wolf Terminals LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 50.00% | 50.00% | |||||
Equity investments and investments in subsidiaries | $ 983 | $ 983 | 991 | ||||
(Income) loss from equity method investments | $ 4 | 3 | $ 8 | 7 | |||
Investment in Windsor Midstream LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 22.50% | 22.50% | |||||
Equity investments and investments in subsidiaries | $ 31 | $ 31 | 25,749 | ||||
(Income) loss from equity method investments | $ (2) | (9,014) | $ 25,232 | (12,062) | |||
Investment in Stingray Cementing LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 0.00% | 0.00% | |||||
Equity investments and investments in subsidiaries | $ 0 | $ 0 | 1,920 | ||||
(Income) loss from equity method investments | $ 0 | 79 | $ 205 | 187 | |||
Investment in Blackhawk Midstream LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 48.50% | 48.50% | |||||
Equity investments and investments in subsidiaries | $ 0 | $ 0 | 0 | ||||
(Income) loss from equity method investments | $ 0 | 0 | $ 0 | 0 | |||
Investment in Stingray Energy Services LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 0.00% | 0.00% | |||||
Equity investments and investments in subsidiaries | $ 0 | $ 0 | 4,215 | ||||
(Income) loss from equity method investments | $ 0 | 294 | $ 282 | 935 | |||
Investment in Sturgeon Acquisitions LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 0.00% | 0.00% | 25.00% | ||||
Equity investments and investments in subsidiaries | $ 0 | $ 0 | 20,526 | ||||
(Income) loss from equity method investments | $ 0 | 112 | $ (71) | 623 | |||
Investment in Mammoth Energy Services, Inc. | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 25.10% | 25.10% | |||||
Equity investments and investments in subsidiaries | $ 149,219 | $ 149,219 | 111,717 | ||||
(Income) loss from equity method investments | $ 2,407 | 2,518 | $ (7,616) | 11,527 | |||
Investment in Strike Force Midstream LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Approximate ownership % | 25.00% | 25.00% | 25.00% | ||||
Equity investments and investments in subsidiaries | $ 70,375 | $ 70,375 | $ 33,589 | ||||
(Income) loss from equity method investments | $ 127 | $ (99) | $ 2,585 | $ (40) |
Equity Investments (Equity Inve
Equity Investments (Equity Investments Balance Sheet Disclosure) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Current assets | $ 201,557 | $ 148,733 |
Noncurrent assets | 1,494,770 | 1,305,407 |
Current liabilities | 130,178 | 57,173 |
Noncurrent liabilities | $ 164,759 | $ 67,680 |
Equity Investments (Equity In44
Equity Investments (Equity Investment Income Statement Disclosure) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | ||||
Gross revenue | $ 160,950 | $ 76,627 | $ 357,901 | $ 206,666 |
Net income (loss) | $ 2,101 | $ 35,212 | $ (109,651) | $ 9,344 |
Equity Investments (Narrative)
Equity Investments (Narrative) (Details) $ / shares in Units, a in Thousands, $ in Thousands | Jun. 05, 2017USD ($)$ / sharesshares | Oct. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2014entity | Sep. 30, 2014a | Sep. 30, 2017USD ($)a | Sep. 30, 2016USD ($) | Dec. 31, 2014USD ($) | Feb. 17, 2017$ / shares | Dec. 15, 2016$ / shares | Feb. 29, 2016 | Feb. 01, 2016USD ($) | Mar. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Income (loss) from equity method investments and investments in subsidiaries | $ (2,737) | $ 5,997 | $ (20,945) | $ (25,576) | |||||||||||
Distributions from equity method investments | 4,114 | 14,220 | |||||||||||||
Payments for equity method investments | 44,844 | 18,510 | |||||||||||||
Share price (in dollars per share) | $ / shares | $ 19.48 | $ 20.96 | |||||||||||||
IPO | Common Stock | Mammoth Energy Services LP | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of shares sold by Mammoth Energy (in shares) | shares | 7,750,000 | ||||||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 15 | ||||||||||||||
IPO | Common Stock | Mammoth Energy Partners LP | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment (in shares) | shares | 76,250 | ||||||||||||||
Proceeds from sale of equity | $ 1,100 | ||||||||||||||
Tatex Thailand II, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Income (loss) from equity method investments and investments in subsidiaries | $ 95 | 253 | $ 549 | 412 | |||||||||||
Equity method investment, ownership interest, percent | 23.50% | 23.50% | |||||||||||||
Tatex Thailand III, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Income (loss) from equity method investments and investments in subsidiaries | $ 0 | 0 | $ 0 | 0 | |||||||||||
Equity method investment, ownership interest, percent | 17.90% | 17.90% | |||||||||||||
Grizzly Oil Sands ULC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Gas and oil area, reserve (acres) | a | 830 | ||||||||||||||
Income (loss) from equity method investments and investments in subsidiaries | $ (296) | (363) | $ (869) | (24,811) | |||||||||||
Other than temporary impairment loss | $ 23,100 | ||||||||||||||
Equity method investment, amount of cash calls, based on proportionate ownership interest | 1,800 | ||||||||||||||
Equity method investments, increase (decrease) due to foreign currency translation adjustment | $ 6,700 | (1,400) | $ 12,500 | 8,300 | |||||||||||
Equity method investment, ownership interest, percent | 24.9999% | 24.9999% | |||||||||||||
Grizzly Oil Sands ULC | Level 3 | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investments, fair value of minority interest | $ 39,100 | ||||||||||||||
Windsor Midstream LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Income (loss) from equity method investments and investments in subsidiaries | $ 2 | 9,014 | $ (25,232) | 12,062 | |||||||||||
Equity method investment, ownership interest, percent | 22.50% | 22.50% | |||||||||||||
Loss from equity method investment, net of related out-of-pocket activity | $ 23,400 | ||||||||||||||
Distributions from equity method investments | 500 | 14,200 | |||||||||||||
Coronado Midstream LLC | Windsor Midstream LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investment, ownership interest, percent | 28.40% | ||||||||||||||
Sturgeon Acquisitions LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Income (loss) from equity method investments and investments in subsidiaries | $ 0 | (112) | $ 71 | (623) | |||||||||||
Equity method investment, ownership interest, percent | 0.00% | 25.00% | 0.00% | 25.00% | |||||||||||
Payments for equity method investments | $ 20,700 | ||||||||||||||
Gain on sale of equity method investments | $ 12,500 | ||||||||||||||
Mammoth Energy Services LP | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investments, increase (decrease) due to foreign currency translation adjustment | $ 160 | 200 | $ 200 | (1,100) | |||||||||||
Equity method investment, ownership interest, percent | 25.10% | 30.50% | 25.10% | 30.50% | |||||||||||
Number of entities contributed for ownership interest | entity | 4 | ||||||||||||||
Shares received from equity method investee in exchange for ownership interest (in shares) | shares | 2,000,000 | 9,150,000 | |||||||||||||
Share price (in dollars per share) | $ / shares | $ 18.50 | ||||||||||||||
Mammoth Energy Services LP | IPO | Common Stock | Mammoth Energy Services LP | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of shares sold by Mammoth Energy (in shares) | shares | 7,500,000 | ||||||||||||||
Mammoth Energy Services LP | IPO | Common Stock | Certain selling stockholders | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Number of shares sold by Mammoth Energy (in shares) | shares | 250,000 | ||||||||||||||
Strike Force Midstream LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Income (loss) from equity method investments and investments in subsidiaries | $ (127) | $ 99 | $ (2,585) | 40 | |||||||||||
Equity method investment, amount of cash calls, based on proportionate ownership interest | $ 43,000 | ||||||||||||||
Equity method investment, ownership interest, percent | 25.00% | 25.00% | 25.00% | ||||||||||||
Distributions from equity method investments | $ 3,600 | $ 4,000 | |||||||||||||
Strike Force Midstream LLC | Level 3 | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Equity method investments, fair value of minority interest | $ 22,500 | ||||||||||||||
Phu Horm Field | Apico Llc | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Gas and oil area, reserve (acres) | a | 180 | ||||||||||||||
Concession Acreage in Southeast Asia | Tatex Thailand III, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Gas and oil area, reserve (acres) | a | 245 | ||||||||||||||
Apico Llc | Tatex Thailand II, LLC | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership percentage | 8.50% | 8.50% | |||||||||||||
Strike Force Midstream LLC | Rice Energy Inc | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Ownership percentage by parent | 75.00% |
Long-Term Debt (Break-Down of L
Long-Term Debt (Break-Down of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 21, 2016 | Oct. 31, 2016 | Oct. 14, 2016 | Jun. 04, 2015 | Apr. 21, 2015 |
Debt Instrument [Line Items] | |||||||
Net unamortized debt issuance costs | $ (30,111) | $ (27,174) | |||||
Less: current maturities of long term debt | (570) | (276) | |||||
Long-term debt, net of current maturities | 1,958,136 | 1,593,599 | |||||
Construction loans | |||||||
Debt Instrument [Line Items] | |||||||
Net unamortized debt issuance costs | (100) | ||||||
7.75% Senior Notes due 2020 | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 0 | 0 | |||||
Stated interest rate, percent | 7.75% | ||||||
6.625% Senior Notes due 2023 | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 350,000 | 350,000 | |||||
Net unamortized debt issuance costs | $ (5,500) | ||||||
Stated interest rate, percent | 6.625% | 6.625% | |||||
6.000% Senior Notes due 2024 | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 650,000 | 650,000 | |||||
Net unamortized debt issuance costs | $ (10,200) | ||||||
Stated interest rate, percent | 6.00% | 6.00% | 6.00% | ||||
6.375% Senior Notes due 2025 | Senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 600,000 | 600,000 | |||||
Net unamortized debt issuance costs | $ (14,300) | ||||||
Stated interest rate, percent | 6.375% | 6.375% | |||||
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Amended and restated credit agreement | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 365,000 | 0 | |||||
InterBank | Revolving credit agreement | Construction loans | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate, percent | 4.50% | ||||||
InterBank | Letter of credit | Construction loans | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 23,817 | $ 21,049 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | May 04, 2017USD ($)bank | Dec. 21, 2016USD ($) | Dec. 13, 2016USD ($) | Dec. 12, 2016 | Oct. 14, 2016USD ($) | Jan. 31, 2016 | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | May 05, 2017USD ($) | Mar. 29, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($) | Jun. 04, 2015USD ($) | Apr. 21, 2015USD ($) | Aug. 18, 2014USD ($) | Dec. 21, 2012USD ($) | Oct. 17, 2012USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||
Capitalized interest expense, undeveloped properties | $ 2,100,000 | $ 4,700,000 | $ 8,800,000 | $ 7,700,000 | |||||||||||||||
Capitalized interest expense, building construction | 8,753,000 | 8,920,000 | |||||||||||||||||
Debt issuance costs, net | 30,111,000 | 30,111,000 | $ 27,174,000 | ||||||||||||||||
Construction loans | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Capitalized interest expense, building construction | 0 | $ 500,000 | 0 | $ 1,200,000 | |||||||||||||||
Debt issuance costs, net | $ 100,000 | $ 100,000 | |||||||||||||||||
Amended and restated credit agreement | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt covenant ratio for future EBITDAX | 4 | 4 | |||||||||||||||||
Amended and restated credit agreement | Revolving credit agreement | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt covenant ratio for EBITDAX | 3 | 3 | |||||||||||||||||
7.75% Senior Notes due 2020 | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term debt | $ 0 | $ 0 | 0 | ||||||||||||||||
Stated interest rate, percent | 7.75% | 7.75% | |||||||||||||||||
Debt instrument, amount | $ 600,000,000 | ||||||||||||||||||
Debt instrument, amount repurchased | $ 600,000,000 | ||||||||||||||||||
6.000% Senior Notes due 2024 | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term debt | $ 650,000,000 | $ 650,000,000 | 650,000,000 | ||||||||||||||||
Stated interest rate, percent | 6.00% | 6.00% | 6.00% | 6.00% | |||||||||||||||
Debt instrument, amount | $ 650,000,000 | ||||||||||||||||||
Proceeds from issuance of Senior Notes | $ 638,900,000 | ||||||||||||||||||
Debt issuance costs, net | $ 10,200,000 | $ 10,200,000 | |||||||||||||||||
6.625% Senior Notes due 2023 | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term debt | $ 350,000,000 | $ 350,000,000 | 350,000,000 | ||||||||||||||||
Stated interest rate, percent | 6.625% | 6.625% | 6.625% | ||||||||||||||||
Debt instrument, amount | $ 350,000,000 | ||||||||||||||||||
Long term debt, net of initial purchaser discounts and commissions and estimated offering expenses | $ 343,600,000 | ||||||||||||||||||
Debt issuance costs, net | $ 5,500,000 | $ 5,500,000 | |||||||||||||||||
6.375% Senior Notes due 2025 | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Long-term debt | $ 600,000,000 | $ 600,000,000 | 600,000,000 | ||||||||||||||||
Stated interest rate, percent | 6.375% | 6.375% | 6.375% | ||||||||||||||||
Debt instrument, amount | $ 600,000,000 | ||||||||||||||||||
Proceeds from issuance of Senior Notes | $ 584,700,000 | ||||||||||||||||||
Debt issuance costs, net | $ 14,300,000 | $ 14,300,000 | |||||||||||||||||
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Credit facility interest rate at the eurodollar rate | 3.74% | ||||||||||||||||||
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Base rate | Minimum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated interest rate, percent | 1.00% | 1.00% | |||||||||||||||||
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Base rate | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated interest rate, percent | 2.00% | 2.00% | |||||||||||||||||
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Federal funds rate | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread, percent | 0.50% | ||||||||||||||||||
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Eurodollar | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Basis spread, percent | 1.00% | ||||||||||||||||||
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Eurodollar | Minimum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated interest rate, percent | 2.00% | 2.00% | |||||||||||||||||
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Eurodollar | Maximum | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated interest rate, percent | 3.00% | 3.00% | |||||||||||||||||
Nova Scotia, Amegy, KeyBank | Revolving credit agreement | Amended and restated credit agreement | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 1,500,000,000 | $ 1,500,000,000 | |||||||||||||||||
Required minimum down payment, percent | 85.00% | 80.00% | |||||||||||||||||
Minimum acquisition payment limit | $ 50,000,000 | ||||||||||||||||||
Minimum disposition of property limit | $ 50,000,000 | ||||||||||||||||||
Borrowing base | $ 700,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||
Number of banks added to syndicate | bank | 5 | ||||||||||||||||||
Long-term debt | 365,000,000 | 365,000,000 | 0 | ||||||||||||||||
Remaining borrowing capacity | 397,500,000 | 397,500,000 | |||||||||||||||||
Nova Scotia, Amegy, KeyBank | Unsecured debt | Amended and restated credit agreement | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 1,600,000,000 | ||||||||||||||||||
Basis spread, percent | 0.50% | ||||||||||||||||||
Nova Scotia, Amegy, KeyBank | Letter of credit | Amended and restated credit agreement | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | 1,200,000,000 | $ 1,200,000,000 | $ 1,000,000 | ||||||||||||||||
Basis spread, percent | 0.50% | ||||||||||||||||||
Credit facility outstanding | 237,500,000 | $ 237,500,000 | |||||||||||||||||
Line of credit facility, elected commitment | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||
Disposition costs, maximum expenses allowed | 3,000,000 | ||||||||||||||||||
Wells Fargo Bank | October Notes | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated interest rate, percent | 7.75% | ||||||||||||||||||
Debt instrument, amount | $ 250,000,000 | ||||||||||||||||||
Wells Fargo Bank | December Notes | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated interest rate, percent | 7.75% | ||||||||||||||||||
Debt instrument, amount | $ 50,000,000 | ||||||||||||||||||
Wells Fargo Bank | August Notes | Senior notes | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated interest rate, percent | 7.75% | ||||||||||||||||||
Debt instrument, amount | $ 300,000,000 | ||||||||||||||||||
InterBank | Revolving credit agreement | Construction loans | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 24,500,000 | ||||||||||||||||||
Stated interest rate, percent | 4.50% | ||||||||||||||||||
InterBank | Letter of credit | Construction loans | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Required minimum down payment, percent | 30.00% | ||||||||||||||||||
Long-term debt | $ 23,817,000 | $ 23,817,000 | $ 21,049,000 |
Common Stock and Changes in C48
Common Stock and Changes in Capitalization (Narrative) (Details) - USD ($) $ in Thousands | Feb. 17, 2017 | Mar. 15, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Class of Stock [Line Items] | ||||
Proceeds from issuance of common stock, after underwriting discounts and commissions and offering expenses | $ 411,700 | $ (5,364) | $ 411,711 | |
Vitruvian acquisition | ||||
Class of Stock [Line Items] | ||||
Total initial purchase price | $ 1,850,000 | |||
Payments to acquire businesses | $ 1,354,093 | |||
Equity interest issued or issuable, number of shares (in shares) | 23,900,000 | |||
Vitruvian acquisition | Indemnity escrow | ||||
Class of Stock [Line Items] | ||||
Equity interest issued or issuable, number of shares (in shares) | 5,200,000 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock in public offerings (in shares) | 16,905,000 | 16,905,000 | ||
Common Stock | Over-allotment option | ||||
Class of Stock [Line Items] | ||||
Issuance of common stock in public offerings (in shares) | 2,205,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation [Abstract] | ||||
Stock-based compensation cost | $ 2.8 | $ 3 | $ 8 | $ 9.6 |
Capitalized stock-based compensation cost | 1.1 | $ 1.2 | 3.2 | $ 3.8 |
Unrecognized compensation expense | $ 17.2 | $ 17.2 | ||
Weighted average period of expense recognition period | 1 year 7 months 10 days |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Award and Unit Activity) (Details) - Restricted Stock | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Number of Unvested Restricted Shares | |
Unvested shares as of January 1, 2017 (in shares) | shares | 613,056 |
Granted (in shares) | shares | 870,358 |
Vested (in shares) | shares | (399,843) |
Forfeited (in shares) | shares | (74,024) |
Unvested shares as of June 30, 2017 (in shares) | shares | 1,009,547 |
Weighted Average Grant Date Fair Value | |
Unvested shares as of January 1, 2017 (in dollar per share) | $ / shares | $ 32.90 |
Granted (in dollars per share) | $ / shares | 15.15 |
Vested (in dollars per share) | $ / shares | 28.77 |
Forfeited (in dollars per share) | $ / shares | 30.45 |
Unvested shares as of June 30, 2017 (in dollars per share) | $ / shares | $ 19.42 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic: | ||||
Net loss (loss) - basic | $ 18,235 | $ (157,296) | $ 278,626 | $ (739,339) |
Net income (loss) - basic (in shares) | 182,957,416 | 125,408,866 | 178,736,569 | 120,771,046 |
Net income (loss) - basic (in usd per share) | $ 0.10 | $ (1.25) | $ 1.56 | $ (6.12) |
Effect of dilutive securities: | ||||
Stock options and awards | $ 0 | $ 0 | $ 0 | $ 0 |
Stock options and awards (in shares) | 51,020 | 0 | 394,001 | 0 |
Diluted: | ||||
Net income (loss) - diluted | $ 18,235 | $ (157,296) | $ 278,626 | $ (739,339) |
Net income (loss) - diluted (in shares) | 183,008,436 | 125,408,866 | 179,130,570 | 120,771,046 |
Net income (loss) - diluted (in usd per share) | $ 0.10 | $ (1.25) | $ 1.56 | $ (6.12) |
Common stock considered anti-dilutive (in shares) | 603,068 | 598,753 |
Commitments and Contingencies52
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Jul. 29, 2016defendant | Feb. 09, 2016defendant | Mar. 11, 1997 | Sep. 30, 2016USD ($) | Jul. 29, 2016complaint | Sep. 30, 2017USD ($)well | Sep. 30, 2016USD ($) | Dec. 31, 1997USD ($)well |
Commitments [Line Items] | ||||||||
Plugging and abandonment trust on the WCBB properties | $ 3,100 | |||||||
Number of claims filed | complaint | 2 | |||||||
Judicial District Court for the Parish of Cameron | ||||||||
Commitments [Line Items] | ||||||||
Number of defendants | defendant | 26 | |||||||
Judicial District Court for the Parish of Vermillion | ||||||||
Commitments [Line Items] | ||||||||
Number of defendants | defendant | 40 | |||||||
Loss on long-term purchase commitment | Muskie Proppant LLC | ||||||||
Commitments [Line Items] | ||||||||
Non-utilization fees, accrued damages year to date | $ 200 | $ 0 | $ 2,100 | |||||
Minimum | ||||||||
Commitments [Line Items] | ||||||||
Operating lease, term (in years) | 1 year | |||||||
WCBB | ||||||||
Commitments [Line Items] | ||||||||
Remaining interest in oil and gas property acquisition, percent | 50.00% | |||||||
Payments of seller's obligation to contribute | $ 18 | |||||||
Minimum number of wells to be plugged | well | 20 | |||||||
Tenure of minimum wells to be plugged (in years) | 20 years | |||||||
Number of wells plugged | well | 551 | |||||||
Transportation commitment | ||||||||
Commitments [Line Items] | ||||||||
Firm transportation contracted with third parties | $ 3,726,745 |
Commitments and Contingencies53
Commitments and Contingencies (Operating Leases Future Minimum Lease Commitments) (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remaining 2,017 | $ 27 |
2,018 | 54 |
Total | $ 81 |
Commitments and Contingencies54
Commitments and Contingencies (Firm Transportation Commitments) (Details) $ in Thousands | Sep. 30, 2017USD ($)MMBTU |
Other Commitments [Line Items] | |
Remaining 2017 | MMBTU | 710,000 |
2018 | MMBTU | 561,000 |
2019 | MMBTU | 659,000 |
2020 | MMBTU | 526,000 |
2021 | MMBTU | 372,000 |
Thereafter | MMBTU | 249,000 |
Total | MMBTU | 3,077,000 |
Transportation commitment | |
Other Commitments [Line Items] | |
Remaining 2,017 | $ 49,052 |
2,018 | 238,767 |
2,019 | 243,389 |
2,020 | 240,746 |
2,021 | 239,786 |
Thereafter | 2,715,005 |
Total | 3,726,745 |
Purchase commitment | |
Other Commitments [Line Items] | |
Remaining 2,017 | 13,110 |
2,018 | 39,330 |
Total | $ 52,440 |
Commitments and Contingencies55
Commitments and Contingencies (Other Commitments) (Details) - Purchase commitment $ in Thousands | Sep. 30, 2017USD ($) |
Other Commitments [Line Items] | |
Remaining 2,017 | $ 13,110 |
2,018 | 39,330 |
Total | $ 52,440 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017MMBTU$ / MMBTU | Sep. 30, 2017$ / MMBTU | |
Derivative [Line Items] | ||
Derivative, extension option term | 12 months | |
2,018 | ||
Derivative [Line Items] | ||
Daily volume (in MMBtu or Bbls) | MMBTU | 30,000 | |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.36 | 3.36 |
2018 | Short | ||
Derivative [Line Items] | ||
Daily volume (in MMBtu or Bbls) | MMBTU | 30,000 | |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.36 | 3.36 |
2,019 | ||
Derivative [Line Items] | ||
Daily volume (in MMBtu or Bbls) | MMBTU | 100,000 | |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.05 | 3.05 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule of Derivative Instruments) (Details) | Sep. 30, 2017MMBTU$ / bbl$ / MMBTUbbl |
NYMEX Henry Hub Swap - 2017 | |
Derivative [Line Items] | |
Daily Volume (MMBtu/day) | MMBTU | 765,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.19 |
NYMEX Henry Hub Swap - 2017 | Short | Call Option | |
Derivative [Line Items] | |
Daily Volume (MMBtu/day) | MMBTU | 65,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.11 |
NYMEX Henry Hub Swap - 2018 | |
Derivative [Line Items] | |
Daily Volume (MMBtu/day) | MMBTU | 898,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.06 |
NYMEX Henry Hub Swap - 2018 | Short | Call Option | |
Derivative [Line Items] | |
Daily Volume (MMBtu/day) | MMBTU | 103,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.25 |
NYMEX Henry Hub Swap - 2019 | |
Derivative [Line Items] | |
Daily Volume (MMBtu/day) | MMBTU | 112,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.01 |
NYMEX Henry Hub Swap - 2019 | Short | Call Option | |
Derivative [Line Items] | |
Daily Volume (MMBtu/day) | MMBTU | 135,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.07 |
ARGUS LLS Swap - 2017 | |
Derivative [Line Items] | |
Daily Volume (Bbls/day) | bbl | 1,500 |
Weighted average price (in usd per MMBtu or Bbls) | $ / bbl | 53.12 |
ARGUS LLS Swap - 2018 | |
Derivative [Line Items] | |
Daily Volume (Bbls/day) | bbl | 1,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / bbl | 53.91 |
NYMEX WTI Swap - 2017 | |
Derivative [Line Items] | |
Daily Volume (Bbls/day) | bbl | 4,500 |
Weighted average price (in usd per MMBtu or Bbls) | $ / bbl | 54.89 |
NYMEX WTI Swap - 2018 | |
Derivative [Line Items] | |
Daily Volume (Bbls/day) | bbl | 3,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / bbl | 52.24 |
Mont Belvieu C3 Swap - 2017 | |
Derivative [Line Items] | |
Daily Volume (Bbls/day) | bbl | 3,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / bbl | 26.63 |
Mont Belvieu C3 Swap - 2018 | |
Derivative [Line Items] | |
Daily Volume (Bbls/day) | bbl | 3,500 |
Weighted average price (in usd per MMBtu or Bbls) | $ / bbl | 28.03 |
Mont Belvieu C5 Swap - 2017 | |
Derivative [Line Items] | |
Daily Volume (Bbls/day) | bbl | 250 |
Weighted average price (in usd per MMBtu or Bbls) | $ / bbl | 49.14 |
Mont Belvieu C5 Swap - 2018 | |
Derivative [Line Items] | |
Daily Volume (Bbls/day) | bbl | 500 |
Weighted average price (in usd per MMBtu or Bbls) | $ / bbl | 46.62 |
NPGL Mid-Continent Swap - 2017 | Short | Call Option | |
Derivative [Line Items] | |
Daily Volume (MMBtu/day) | MMBTU | 50,000 |
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 0.26 |
NPGL Mid-Continent Swap - 2018 | Short | Call Option | |
Derivative [Line Items] | |
Daily Volume (MMBtu/day) | MMBTU | 12,000 |
Derivative Instruments (Sched58
Derivative Instruments (Schedule of Derivative Instruments in Statement of Financial Position) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | ||
Short-term derivative instruments - asset | $ 35,332 | $ 3,488 |
Long-term derivative instruments - asset | 6,409 | 5,696 |
Short-term derivative instruments - liability | 29,130 | 119,219 |
Long-term derivative instruments - liability | $ 19,712 | $ 26,759 |
Derivative Instruments (Net (Lo
Derivative Instruments (Net (Loss) Gain on Derivative Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative [Line Items] | ||||
Net (loss) gain on natural gas, oil, and NGL derivatives | $ (22,860) | $ 35,281 | $ 141,588 | $ (44,376) |
Natural gas derivatives | ||||
Derivative [Line Items] | ||||
Net (loss) gain on natural gas, oil, and NGL derivatives | (7,077) | 33,167 | 135,868 | (43,454) |
Oil derivatives | ||||
Derivative [Line Items] | ||||
Net (loss) gain on natural gas, oil, and NGL derivatives | (6,571) | 1,708 | 12,477 | 362 |
Natural gas liquids derivatives | ||||
Derivative [Line Items] | ||||
Net (loss) gain on natural gas, oil, and NGL derivatives | $ (9,212) | $ 406 | $ (6,757) | $ (1,284) |
Derivative Instruments (Sched60
Derivative Instruments (Schedule of Offsetting) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Assets Presented in the Consolidated Balance Sheet | $ 41,741 | $ 9,184 |
Gross Assets Subject to Mater Netting Agreement - assets | (36,969) | (9,184) |
Net Amount - assets | 4,772 | 0 |
Gross Liabilities Presented in the Consolidated Balance Sheet | (48,842) | (145,978) |
Gross Amounts Subject to Master Netting Agreement - liabilities | 36,969 | 9,184 |
Net Amount - liabilities | $ (11,873) | $ (136,794) |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Derivative Instruments) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2016 | Feb. 01, 2016 | |
Liabilities | |||||
Asset retirement obligation capitalized | $ 11,557 | $ 6,726 | |||
Level 1 | |||||
Assets | |||||
Derivative Instruments | 0 | $ 0 | |||
Liabilities | |||||
Derivative Instruments | 0 | 0 | |||
Level 2 | |||||
Assets | |||||
Derivative Instruments | 41,741 | 9,184 | |||
Liabilities | |||||
Derivative Instruments | 48,842 | 145,978 | |||
Level 3 | |||||
Assets | |||||
Derivative Instruments | 0 | 0 | |||
Liabilities | |||||
Derivative Instruments | $ 0 | $ 0 | |||
Level 3 | Investment in Grizzly Oil Sands ULC | |||||
Liabilities | |||||
Equity investment | $ 39,100 | ||||
Level 3 | Investment in Strike Force Midstream LLC | |||||
Liabilities | |||||
Equity investment | $ 22,500 |
Fair Value of Financial Instr62
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 30,111 | $ 27,174 |
Senior notes | 6.625% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 5,500 | |
Senior notes | 6.000% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 10,200 | |
Senior notes | 6.375% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 14,300 | |
Carry value | Senior notes | ||
Debt Instrument [Line Items] | ||
Carrying value of notes | 1,600,000 | |
Fair value | Senior notes | ||
Debt Instrument [Line Items] | ||
Carrying value of notes | $ 1,600,000 |
Condensed Consolidating Finan63
Condensed Consolidating Financial Information (Narrative) (Details) - Senior notes - USD ($) | Dec. 21, 2016 | Oct. 31, 2016 | Oct. 14, 2016 | Apr. 21, 2015 | Aug. 18, 2014 |
7.75% Senior Notes due 2020 | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt instrument, amount | $ 600,000,000 | ||||
Debt instrument, amount repurchased | $ 600,000,000 | ||||
6.625% Senior Notes due 2023 | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt instrument, amount | $ 350,000,000 | ||||
6.000% Senior Notes due 2024 | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt instrument, amount | $ 650,000,000 | ||||
6.375% Senior Notes due 2025 | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt instrument, amount | $ 600,000,000 |
Condensed Consolidating Finan64
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 125,271 | $ 1,275,875 | $ 364,276 | $ 112,974 |
Restricted Cash | 0 | 185,000 | ||
Accounts receivable—oil and natural gas | 180,106 | 136,761 | ||
Accounts receivable - related parties | 362 | 16 | ||
Accounts receivable - intercompany | 0 | |||
Prepaid expenses and other current assets | 5,666 | 3,135 | ||
Short-term derivative instruments | 35,332 | 3,488 | ||
Total current assets | 346,737 | 1,604,275 | ||
Property and equipment | ||||
Oil and natural gas properties | 8,867,239 | 6,071,920 | ||
Other property and equipment | 84,225 | 68,986 | ||
Accumulated depletion, depreciation, amortization and impairment | (4,043,879) | (3,789,780) | ||
Property and equipment, net | 4,907,585 | 2,351,126 | ||
Other assets | ||||
Equity investments and investments in subsidiaries | 279,282 | 243,920 | ||
Long-term derivative instruments | 6,409 | 5,696 | ||
Deferred tax asset | 4,692 | 4,692 | ||
Inventories | 13,908 | 4,504 | ||
Other assets | 18,985 | 8,932 | ||
Total other assets | 323,276 | 267,744 | ||
Total assets | 5,577,598 | 4,223,145 | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 582,928 | 265,124 | ||
Accounts payable - intercompany | 0 | 0 | ||
Asset retirement obligation—current | 195 | 195 | 75 | |
Derivative instruments | 29,130 | 119,219 | ||
Current maturities of long-term debt | 570 | 276 | ||
Total current liabilities | 612,823 | 384,814 | ||
Long-term derivative instrument | 19,712 | 26,759 | ||
Asset retirement obligation—long-term | 44,266 | 34,081 | 32,910 | |
Long-term debt, net of current maturities | 1,958,136 | 1,593,599 | ||
Total liabilities | 2,634,937 | 2,039,253 | ||
Stockholders’ equity | ||||
Common stock | 1,831 | 1,588 | ||
Paid-in capital | 4,413,623 | 3,946,442 | ||
Accumulated other comprehensive (loss) income | (40,339) | (53,058) | ||
Retained (deficit) earnings | (1,432,454) | (1,711,080) | ||
Total stockholders’ equity | 2,942,661 | 2,183,892 | 1,725,120 | 2,038,837 |
Total liabilities and stockholders’ equity | 5,577,598 | 4,223,145 | ||
Reportable Legal Entities | Parent | ||||
Current assets | ||||
Cash and cash equivalents | 89,095 | 1,273,882 | 363,279 | 112,494 |
Restricted Cash | 185,000 | |||
Accounts receivable—oil and natural gas | 126,746 | 137,087 | ||
Accounts receivable - related parties | 362 | 16 | ||
Accounts receivable - intercompany | 514,187 | 449,517 | ||
Prepaid expenses and other current assets | 5,486 | 3,135 | ||
Short-term derivative instruments | 35,332 | 3,488 | ||
Total current assets | 771,208 | 2,052,125 | ||
Property and equipment | ||||
Oil and natural gas properties | 6,371,324 | 5,655,125 | ||
Other property and equipment | 84,182 | 68,943 | ||
Accumulated depletion, depreciation, amortization and impairment | (4,043,843) | (3,789,746) | ||
Property and equipment, net | 2,411,663 | 1,934,322 | ||
Other assets | ||||
Equity investments and investments in subsidiaries | 2,262,011 | 236,327 | ||
Long-term derivative instruments | 6,409 | 5,696 | ||
Deferred tax asset | 4,692 | 4,692 | ||
Inventories | 9,438 | 3,095 | ||
Other assets | 10,561 | 8,932 | ||
Total other assets | 2,293,111 | 258,742 | ||
Total assets | 5,475,982 | 4,245,189 | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 430,195 | 255,966 | ||
Accounts payable - intercompany | 57,927 | 31,202 | ||
Asset retirement obligation—current | 195 | 195 | ||
Derivative instruments | 29,130 | 119,219 | ||
Current maturities of long-term debt | 570 | 276 | ||
Total current liabilities | 518,017 | 406,858 | ||
Long-term derivative instrument | 19,712 | 26,759 | ||
Asset retirement obligation—long-term | 37,456 | 34,081 | ||
Long-term debt, net of current maturities | 1,958,136 | 1,593,599 | ||
Total liabilities | 2,533,321 | 2,061,297 | ||
Stockholders’ equity | ||||
Common stock | 1,831 | 1,588 | ||
Paid-in capital | 4,413,623 | 3,946,442 | ||
Accumulated other comprehensive (loss) income | (40,339) | (53,058) | ||
Retained (deficit) earnings | (1,432,454) | (1,711,080) | ||
Total stockholders’ equity | 2,942,661 | 2,183,892 | ||
Total liabilities and stockholders’ equity | 5,475,982 | 4,245,189 | ||
Reportable Legal Entities | Guarantors | ||||
Current assets | ||||
Cash and cash equivalents | 36,175 | 1,993 | 996 | 479 |
Restricted Cash | 0 | |||
Accounts receivable—oil and natural gas | 53,360 | 37,496 | ||
Accounts receivable - related parties | 0 | 0 | ||
Accounts receivable - intercompany | 57,927 | 1,151 | ||
Prepaid expenses and other current assets | 180 | 0 | ||
Short-term derivative instruments | 0 | 0 | ||
Total current assets | 147,642 | 40,640 | ||
Property and equipment | ||||
Oil and natural gas properties | 2,496,644 | 417,524 | ||
Other property and equipment | 43 | 43 | ||
Accumulated depletion, depreciation, amortization and impairment | (36) | (34) | ||
Property and equipment, net | 2,496,651 | 417,533 | ||
Other assets | ||||
Equity investments and investments in subsidiaries | 70,375 | 33,590 | ||
Long-term derivative instruments | 0 | 0 | ||
Deferred tax asset | 0 | 0 | ||
Inventories | 4,470 | 1,409 | ||
Other assets | 8,424 | 0 | ||
Total other assets | 83,269 | 34,999 | ||
Total assets | 2,727,562 | 493,172 | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 152,733 | 9,158 | ||
Accounts payable - intercompany | 514,060 | 457,163 | ||
Asset retirement obligation—current | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 666,793 | 466,321 | ||
Long-term derivative instrument | 0 | 0 | ||
Asset retirement obligation—long-term | 6,810 | 0 | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Total liabilities | 673,603 | 466,321 | ||
Stockholders’ equity | ||||
Common stock | 0 | 0 | ||
Paid-in capital | 1,905,599 | 33,822 | ||
Accumulated other comprehensive (loss) income | 0 | 0 | ||
Retained (deficit) earnings | 148,360 | (6,971) | ||
Total stockholders’ equity | 2,053,959 | 26,851 | ||
Total liabilities and stockholders’ equity | 2,727,562 | 493,172 | ||
Reportable Legal Entities | Non-Guarantor | ||||
Current assets | ||||
Cash and cash equivalents | 1 | 0 | 1 | 1 |
Restricted Cash | 0 | |||
Accounts receivable—oil and natural gas | 0 | 0 | ||
Accounts receivable - related parties | 0 | 0 | ||
Accounts receivable - intercompany | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Short-term derivative instruments | 0 | 0 | ||
Total current assets | 1 | 0 | ||
Property and equipment | ||||
Oil and natural gas properties | 0 | 0 | ||
Other property and equipment | 0 | 0 | ||
Accumulated depletion, depreciation, amortization and impairment | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Other assets | ||||
Equity investments and investments in subsidiaries | 58,674 | 45,213 | ||
Long-term derivative instruments | 0 | 0 | ||
Deferred tax asset | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total other assets | 58,674 | 45,213 | ||
Total assets | 58,675 | 45,213 | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 0 | 0 | ||
Accounts payable - intercompany | 127 | 126 | ||
Asset retirement obligation—current | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 127 | 126 | ||
Long-term derivative instrument | 0 | 0 | ||
Asset retirement obligation—long-term | 0 | 0 | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Total liabilities | 127 | 126 | ||
Stockholders’ equity | ||||
Common stock | 0 | 0 | ||
Paid-in capital | 258,871 | 257,026 | ||
Accumulated other comprehensive (loss) income | (38,443) | (50,931) | ||
Retained (deficit) earnings | (161,880) | (161,008) | ||
Total stockholders’ equity | 58,548 | 45,087 | ||
Total liabilities and stockholders’ equity | 58,675 | 45,213 | ||
Eliminations | ||||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Restricted Cash | 0 | |||
Accounts receivable—oil and natural gas | 0 | (37,822) | ||
Accounts receivable - related parties | 0 | 0 | ||
Accounts receivable - intercompany | (572,114) | (450,668) | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Short-term derivative instruments | 0 | 0 | ||
Total current assets | (572,114) | (488,490) | ||
Property and equipment | ||||
Oil and natural gas properties | (729) | (729) | ||
Other property and equipment | 0 | 0 | ||
Accumulated depletion, depreciation, amortization and impairment | 0 | 0 | ||
Property and equipment, net | (729) | (729) | ||
Other assets | ||||
Equity investments and investments in subsidiaries | (2,111,778) | (71,210) | ||
Long-term derivative instruments | 0 | 0 | ||
Deferred tax asset | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total other assets | (2,111,778) | (71,210) | ||
Total assets | (2,684,621) | (560,429) | ||
Current liabilities | ||||
Accounts payable and accrued liabilities | 0 | 0 | ||
Accounts payable - intercompany | (572,114) | (488,491) | ||
Asset retirement obligation—current | 0 | 0 | ||
Derivative instruments | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | (572,114) | (488,491) | ||
Long-term derivative instrument | 0 | 0 | ||
Asset retirement obligation—long-term | 0 | 0 | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Total liabilities | (572,114) | (488,491) | ||
Stockholders’ equity | ||||
Common stock | 0 | 0 | ||
Paid-in capital | (2,164,470) | (290,848) | ||
Accumulated other comprehensive (loss) income | 38,443 | 50,931 | ||
Retained (deficit) earnings | 13,520 | 167,979 | ||
Total stockholders’ equity | (2,112,507) | (71,938) | ||
Total liabilities and stockholders’ equity | $ (2,684,621) | $ (560,429) |
Condensed Consolidating Finan65
Condensed Consolidating Financial Information (Condensed Consolidating Statements of Operations) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Total revenues | $ 265,498,000 | $ 193,692,000 | $ 922,455,000 | $ 322,494,000 |
Costs and expenses | ||||
Lease operating expenses | 20,020,000 | 17,471,000 | 60,044,000 | 48,789,000 |
Production taxes | 5,419,000 | 3,525,000 | 14,464,000 | 9,492,000 |
Midstream gathering and processing | 69,372,000 | 45,475,000 | 176,258,000 | 122,476,000 |
Depreciation, depletion and amortization | 106,650,000 | 62,285,000 | 254,887,000 | 183,414,000 |
Impairment of oil and natural gas properties | 0 | 212,194,000 | 0 | 601,806,000 |
General and administrative | 13,065,000 | 10,467,000 | 37,922,000 | 32,941,000 |
Accretion expense | 456,000 | 269,000 | 1,148,000 | 777,000 |
Acquisition expense | 33,000 | 0 | 2,391,000 | 0 |
Total costs and expenses | 215,015,000 | 351,686,000 | 547,114,000 | 999,695,000 |
INCOME (LOSS) FROM OPERATIONS | 50,483,000 | (157,994,000) | 375,341,000 | (677,201,000) |
OTHER (INCOME) EXPENSE | ||||
Interest expense | 27,130,000 | 12,787,000 | 74,797,000 | 44,892,000 |
Interest income | (37,000) | (337,000) | (927,000) | (822,000) |
Insurance Proceeds | 0 | (3,750,000) | 0 | (3,750,000) |
(Income) loss from equity method investments and investments in subsidiaries | 2,737,000 | (5,997,000) | 20,945,000 | 25,576,000 |
Other income | (345,000) | 6,000 | (863,000) | (3,000) |
Total other (income) expense | 29,485,000 | 2,709,000 | 93,952,000 | 65,893,000 |
INCOME (LOSS) BEFORE INCOME TAXES | 20,998,000 | (160,703,000) | 281,389,000 | (743,094,000) |
INCOME TAX EXPENSE | 2,763,000 | (3,407,000) | 2,763,000 | (3,755,000) |
NET INCOME (LOSS) | 18,235,000 | (157,296,000) | 278,626,000 | (739,339,000) |
Reportable Legal Entities | Parent | ||||
Revenues | ||||
Total revenues | 188,390,000 | 193,227,000 | 710,184,000 | 321,404,000 |
Costs and expenses | ||||
Lease operating expenses | 16,019,000 | 17,283,000 | 49,891,000 | 48,246,000 |
Production taxes | 4,052,000 | 3,495,000 | 10,799,000 | 9,410,000 |
Midstream gathering and processing | 52,725,000 | 45,385,000 | 132,740,000 | 122,250,000 |
Depreciation, depletion and amortization | 106,649,000 | 62,284,000 | 254,884,000 | 183,411,000 |
Impairment of oil and natural gas properties | 212,194,000 | 601,806,000 | ||
General and administrative | 13,956,000 | 10,772,000 | 39,882,000 | 33,230,000 |
Accretion expense | 335,000 | 269,000 | 908,000 | 777,000 |
Acquisition expense | (5,000) | 0 | ||
Total costs and expenses | 193,731,000 | 351,682,000 | 489,104,000 | 999,130,000 |
INCOME (LOSS) FROM OPERATIONS | (5,341,000) | (158,455,000) | 221,080,000 | (677,726,000) |
OTHER (INCOME) EXPENSE | ||||
Interest expense | 27,914,000 | 12,787,000 | 79,095,000 | 44,891,000 |
Interest income | (29,000) | (337,000) | (913,000) | (822,000) |
Insurance Proceeds | (3,750,000) | (3,750,000) | ||
(Income) loss from equity method investments and investments in subsidiaries | (53,880,000) | (6,457,000) | (136,969,000) | 25,044,000 |
Other income | (344,000) | 5,000 | (1,522,000) | 5,000 |
Total other (income) expense | (26,339,000) | 2,248,000 | (60,309,000) | 65,368,000 |
INCOME (LOSS) BEFORE INCOME TAXES | 20,998,000 | (160,703,000) | 281,389,000 | (743,094,000) |
INCOME TAX EXPENSE | 2,763,000 | (3,407,000) | 2,763,000 | (3,755,000) |
NET INCOME (LOSS) | 18,235,000 | (157,296,000) | 278,626,000 | (739,339,000) |
Reportable Legal Entities | Guarantors | ||||
Revenues | ||||
Total revenues | 77,108,000 | 465,000 | 212,271,000 | 1,090,000 |
Costs and expenses | ||||
Lease operating expenses | 4,001,000 | 188,000 | 10,153,000 | 543,000 |
Production taxes | 1,367,000 | 30,000 | 3,665,000 | 82,000 |
Midstream gathering and processing | 16,647,000 | 90,000 | 43,518,000 | 226,000 |
Depreciation, depletion and amortization | 1,000 | 1,000 | 3,000 | 3,000 |
Impairment of oil and natural gas properties | 0 | 0 | ||
General and administrative | (892,000) | (305,000) | (1,963,000) | (291,000) |
Accretion expense | 121,000 | 0 | 240,000 | 0 |
Acquisition expense | 38,000 | 2,391,000 | ||
Total costs and expenses | 21,283,000 | 4,000 | 58,007,000 | 563,000 |
INCOME (LOSS) FROM OPERATIONS | 55,825,000 | 461,000 | 154,264,000 | 527,000 |
OTHER (INCOME) EXPENSE | ||||
Interest expense | (784,000) | 0 | (4,298,000) | 1,000 |
Interest income | (8,000) | 0 | (14,000) | 0 |
Insurance Proceeds | 0 | 0 | ||
(Income) loss from equity method investments and investments in subsidiaries | 128,000 | (99,000) | 2,586,000 | (40,000) |
Other income | (1,000) | 1,000 | (241,000) | (8,000) |
Total other (income) expense | (665,000) | (98,000) | (1,967,000) | (47,000) |
INCOME (LOSS) BEFORE INCOME TAXES | 56,490,000 | 559,000 | 156,231,000 | 574,000 |
INCOME TAX EXPENSE | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | 56,490,000 | 559,000 | 156,231,000 | 574,000 |
Reportable Legal Entities | Non-Guarantor | ||||
Revenues | ||||
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses | ||||
Lease operating expenses | 0 | 0 | 0 | 0 |
Production taxes | 0 | 0 | 0 | 0 |
Midstream gathering and processing | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | |
Impairment of oil and natural gas properties | 0 | 0 | ||
General and administrative | 1,000 | 0 | 3,000 | 2,000 |
Accretion expense | 0 | 0 | 0 | 0 |
Acquisition expense | 0 | 0 | ||
Total costs and expenses | 1,000 | 0 | 3,000 | 2,000 |
INCOME (LOSS) FROM OPERATIONS | (1,000) | 0 | (3,000) | (2,000) |
OTHER (INCOME) EXPENSE | ||||
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Insurance Proceeds | 0 | 0 | ||
(Income) loss from equity method investments and investments in subsidiaries | 296,000 | 364,000 | 869,000 | 24,812,000 |
Other income | 0 | 0 | 0 | |
Total other (income) expense | 296,000 | 364,000 | 869,000 | 24,812,000 |
INCOME (LOSS) BEFORE INCOME TAXES | (297,000) | (364,000) | (872,000) | (24,814,000) |
INCOME TAX EXPENSE | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | (297,000) | (364,000) | (872,000) | (24,814,000) |
Eliminations | ||||
Revenues | ||||
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses | ||||
Lease operating expenses | 0 | 0 | 0 | 0 |
Production taxes | 0 | 0 | 0 | 0 |
Midstream gathering and processing | 0 | 0 | 0 | 0 |
Depreciation, depletion and amortization | 0 | 0 | 0 | |
Impairment of oil and natural gas properties | 0 | 0 | ||
General and administrative | 0 | 0 | 0 | 0 |
Accretion expense | 0 | 0 | 0 | 0 |
Acquisition expense | 0 | 0 | ||
Total costs and expenses | 0 | 0 | 0 | 0 |
INCOME (LOSS) FROM OPERATIONS | 0 | 0 | 0 | 0 |
OTHER (INCOME) EXPENSE | ||||
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Insurance Proceeds | 0 | 0 | ||
(Income) loss from equity method investments and investments in subsidiaries | 56,193,000 | 195,000 | 154,459,000 | (24,240,000) |
Other income | 0 | 900,000 | 0 | |
Total other (income) expense | 56,193,000 | 195,000 | 155,359,000 | (24,240,000) |
INCOME (LOSS) BEFORE INCOME TAXES | (56,193,000) | (195,000) | (155,359,000) | 24,240,000 |
INCOME TAX EXPENSE | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | $ (56,193,000) | $ (195,000) | $ (155,359,000) | $ 24,240,000 |
Condensed Consolidating Finan66
Condensed Consolidating Financial Information (Condensed Consolidating Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | $ 18,235 | $ (157,296) | $ 278,626 | $ (739,339) | |
Foreign currency translation adjustment | [1] | 6,832 | (4,013) | 12,719 | 4,361 |
Other comprehensive income (loss) | 6,832 | (4,013) | 12,719 | 4,361 | |
Comprehensive income (loss) | 25,067 | (161,309) | 291,345 | (734,978) | |
Reportable Legal Entities | Parent | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | 18,235 | (157,296) | 278,626 | (739,339) | |
Foreign currency translation adjustment | 6,832 | (4,013) | 12,719 | 4,361 | |
Other comprehensive income (loss) | 6,832 | (4,013) | 12,719 | 4,361 | |
Comprehensive income (loss) | 25,067 | (161,309) | 291,345 | (734,978) | |
Reportable Legal Entities | Guarantors | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | 56,490 | 559 | 156,231 | 574 | |
Foreign currency translation adjustment | 158 | 0 | 232 | 0 | |
Other comprehensive income (loss) | 158 | 0 | 232 | 0 | |
Comprehensive income (loss) | 56,648 | 559 | 156,463 | 574 | |
Reportable Legal Entities | Non-Guarantor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | (297) | (364) | (872) | (24,814) | |
Foreign currency translation adjustment | 6,674 | (1,417) | 12,487 | 8,252 | |
Other comprehensive income (loss) | 6,674 | (1,417) | 12,487 | 8,252 | |
Comprehensive income (loss) | 6,377 | (1,781) | 11,615 | (16,562) | |
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | (56,193) | (195) | (155,359) | 24,240 | |
Foreign currency translation adjustment | (6,832) | 1,417 | (12,719) | (8,252) | |
Other comprehensive income (loss) | (6,832) | 1,417 | (12,719) | (8,252) | |
Comprehensive income (loss) | $ (63,025) | $ 1,222 | $ (168,078) | $ 15,988 | |
[1] | Net of $2.8 million in taxes for each of the three and nine months ended September 30, 2016. |
Condensed Consolidating Finan67
Condensed Consolidating Financial Information (Condensed Consolidating Statements of Cash Flows (Details)) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 491,733 | $ 245,275 |
Net cash (used in) provided by investing activities | (1,996,480) | (420,257) |
Net cash provided by (used in) financing activities | 354,143 | 426,284 |
Net (decrease) increase in cash and cash equivalents | (1,150,604) | 251,302 |
Cash and cash equivalents at beginning of period | 1,275,875 | 112,974 |
Cash and cash equivalents at end of period | 125,271 | 364,276 |
Reportable Legal Entities | Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 310,624 | 244,758 |
Net cash (used in) provided by investing activities | (1,849,554) | (420,257) |
Net cash provided by (used in) financing activities | 354,143 | 426,284 |
Net (decrease) increase in cash and cash equivalents | (1,184,787) | 250,785 |
Cash and cash equivalents at beginning of period | 1,273,882 | 112,494 |
Cash and cash equivalents at end of period | 89,095 | 363,279 |
Reportable Legal Entities | Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 181,108 | 517 |
Net cash (used in) provided by investing activities | (1,554,063) | (26,500) |
Net cash provided by (used in) financing activities | 1,407,137 | 26,500 |
Net (decrease) increase in cash and cash equivalents | 34,182 | 517 |
Cash and cash equivalents at beginning of period | 1,993 | 479 |
Cash and cash equivalents at end of period | 36,175 | 996 |
Reportable Legal Entities | Non-Guarantor | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (1) | 3,998 |
Net cash (used in) provided by investing activities | (1,843) | (18,510) |
Net cash provided by (used in) financing activities | 1,845 | 14,512 |
Net (decrease) increase in cash and cash equivalents | 1 | 0 |
Cash and cash equivalents at beginning of period | 0 | 1 |
Cash and cash equivalents at end of period | 1 | 1 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 2 | (3,998) |
Net cash (used in) provided by investing activities | 1,408,980 | 45,010 |
Net cash provided by (used in) financing activities | (1,408,982) | (41,012) |
Net (decrease) increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $ 0 | $ 0 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | 1 Months Ended | ||
Oct. 31, 2017$ / bblbbl | Oct. 11, 2017USD ($) | Sep. 30, 2017$ / MMBTU | |
2,018 | |||
Subsequent Event [Line Items] | |||
Weighted average price (in usd per MMBtu or Bbls) | $ / MMBTU | 3.36 | ||
Subsequent event | 2026 Notes | Senior notes | |||
Subsequent Event [Line Items] | |||
Debt instrument, amount | $ | $ 450,000,000 | ||
Stated interest rate, percent | 6.375% | ||
Subsequent event | NYMEX WTI | 2018 | |||
Subsequent Event [Line Items] | |||
Daily volume (in MMBtu or Bbls) | bbl | 1,500 | ||
Weighted average price (in usd per MMBtu or Bbls) | $ / bbl | 52.05 |