Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Operations

v3.6.0.2
Consolidated Statements Of Operations - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]                      
Revenues $ 115,213,000 $ 107,403,000 $ 99,655,000 $ 77,715,000 $ 104,064,000 $ 126,228,000 $ 149,066,000 $ 127,907,000 $ 399,986,000 $ 507,265,000 $ 948,708,000
Operating costs and expenses:                      
Lease operating expenses                 152,399,000 192,765,000 264,751,000
Production taxes                 1,889,000 3,002,000 7,932,000
Gathering and transportation                 22,928,000 17,157,000 19,821,000
Depreciation, depletion and amortization                 194,038,000 373,368,000 490,469,000
Asset retirement obligations accretion                 17,571,000 20,703,000 20,633,000
Ceiling test write-down of oil and natural gas properties 0 57,900,000 104,600,000 116,600,000 32,400,000 441,600,000 252,800,000 260,400,000 279,063,000 987,238,000 0
General and administrative expenses                 59,740,000 73,110,000 86,999,000
Derivative (gain) loss                 2,926,000 (14,375,000) (3,965,000)
Total costs and expenses                 730,554,000 1,652,968,000 886,640,000
Operating income (loss) 21,319,000 [1] (58,276,000) [1] (126,997,000) [1] (166,614,000) [1] (60,816,000) [1] (468,573,000) [1] (278,806,000) [1] (337,508,000) [1] (330,568,000) (1,145,703,000) 62,068,000
Interest expense:                      
Incurred                 92,791,000 104,592,000 86,922,000
Capitalized                 (520,000) (7,256,000) (8,526,000)
Gain on exchange of debt   123,900,000             123,923,000    
Other (income) expense, net                 (6,520,000) 4,663,000 (208,000)
Loss before income tax benefit                 (292,396,000) (1,247,702,000) (16,120,000)
Income tax benefit                 (43,376,000) (202,984,000) (4,459,000)
Net loss $ 16,483,000 [1] $ 45,928,000 [1] $ (120,922,000) [1] $ (190,509,000) [1] $ (51,606,000) [1] $ (477,568,000) [1] $ (260,449,000) [1] $ (255,095,000) [1] $ (249,020,000) $ (1,044,718,000) $ (11,661,000)
Basic and diluted loss per common share $ 0.12 [1],[2] $ 0.48 [1],[2] $ (1.58) [1],[2] $ (2.49) [1],[2] $ (0.68) [1],[2] $ (6.29) [1],[2] $ (3.43) [1],[2] $ (3.36) [1],[2] $ (2.60) $ (13.76) $ (0.16)
[1] During 2016, we recorded in first, second and third quarter ceiling test write-downs of oil and natural gas properties of $116.6 million, $104.6 million and $57.9 million, respectively. In the third quarter of 2016, we recorded a gain on exchange of debt of $123.9 million. During 2015, we recorded in first, second, third and fourth quarter ceiling test write-downs of oil and natural gas properties of $260.4 million, $252.8 million, $441.6 million and $32.4 million, respectively. See Note 1 for additional information.
[2] The sum of the individual quarterly earnings (loss) per share does not agree with the year loss per share because each quarterly calculation is based on the income for that quarter and the weighted average number of shares outstanding during that quarter.