Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]                      
Revenues $ 129,099 $ 110,281 $ 123,323 $ 124,393 $ 115,213 $ 107,403 $ 99,655 $ 77,715 $ 487,096 $ 399,986 $ 507,265
Operating costs and expenses:                      
Lease operating expenses                 143,738 152,399 192,765
Production taxes                 1,740 1,889 3,002
Gathering and transportation                 20,441 22,928 17,157
Depreciation, depletion and amortization                 138,510 194,038 373,368
Asset retirement obligations accretion                 17,172 17,571 20,703
Ceiling test write-down of oil and natural gas properties           57,900 104,600 116,600 0 279,063 987,238
General and administrative expenses                 59,744 59,740 73,110
Derivative (gain) loss                 (4,199) 2,926 (14,375)
Total costs and expenses                 377,146 730,554 1,652,968
Operating income (loss) 33,166 15,700 32,888 28,196 21,319 [1] (58,276) [1] (126,997) [1] (166,614) [1] 109,950 (330,568) (1,145,703)
Interest expense:                      
Incurred                 45,836 92,791 104,592
Capitalized                 0 (520) (7,256)
Gain on exchange of debt           123,900     7,811 123,923  
Other (income) expense, net                 4,812 (6,520) 4,663
Income (loss) before income tax benefit                 67,113 (292,396) (1,247,702)
Income tax benefit                 (12,569) (43,376) (202,984)
Net income (loss) $ 23,365 $ (1,297) $ 33,315 $ 24,299 $ 16,483 [1] $ 45,928 [1] $ (120,922) [1] $ (190,509) [1] $ 79,682 $ (249,020) $ (1,044,718)
Basic and diluted earnings (loss) per common share $ 0.16 $ (0.01) $ 0.23 $ 0.17 $ 0.12 [1],[2] $ 0.48 [1],[2] $ (1.58) [1],[2] $ (2.49) [1],[2] $ 0.56 $ (2.60) $ (13.76)
[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. See Note 1 and Note 2 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. During the third quarter of 2016, 60.4 million shares of common stock were issued in conjunction with the Exchange Transaction.