Quarterly report pursuant to Section 13 or 15(d)

Supplemental Guarantor Information (Tables)

v3.3.0.814
Supplemental Guarantor Information (Tables)
9 Months Ended
Sep. 30, 2015
Supplemental Guarantor Information [Abstract]  
Condensed Consolidating Balance Sheet

W&T OFFSHORE, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

 

The following condensed consolidating financial information presents the financial condition, results of operations and cash flows of the Parent Company and the Guarantor Subsidiaries, together with consolidating adjustments necessary to present the Company’s results on a consolidated basis.  Transfers of property were made from the Parent Company to the Guarantor Subsidiaries.  As these transfers were transactions between entities under common control, the prior period financial information has been retrospectively adjusted for comparability purposes, as prescribed under authoritative guidance.  None of the adjustments had any effect on the consolidated results for the current or prior periods presented.  

 

 

Condensed Consolidating Balance Sheet as of September 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

7,463

 

 

$

 

 

$

 

 

$

7,463

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

15,798

 

 

 

28,157

 

 

 

 

 

 

43,955

 

Joint interest and other

 

116,178

 

 

 

 

 

 

(73,743

)

 

 

42,435

 

Total receivables

 

131,976

 

 

 

28,157

 

 

 

(73,743

)

 

 

86,390

 

Deferred income taxes

 

6,848

 

 

 

1,864

 

 

 

(4,384

)

 

 

4,328

 

Prepaid expenses and other assets

 

24,693

 

 

 

820

 

 

 

 

 

 

25,513

 

Total current assets

 

170,980

 

 

 

30,841

 

 

 

(78,127

)

 

 

123,694

 

Property and equipment – at cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and equipment

 

6,071,263

 

 

 

2,185,855

 

 

 

 

 

 

8,257,118

 

Furniture, fixtures and other

 

21,372

 

 

 

 

 

 

 

 

 

21,372

 

Total property and equipment

 

6,092,635

 

 

 

2,185,855

 

 

 

 

 

 

8,278,490

 

Less accumulated depreciation, depletion and amortization

 

5,229,074

 

 

 

1,609,001

 

 

 

 

 

 

6,838,075

 

Net property and equipment

 

863,561

 

 

 

576,854

 

 

 

 

 

 

1,440,415

 

Restricted deposits for asset retirement obligations

 

15,578

 

 

 

 

 

 

 

 

 

15,578

 

Other assets

 

744,364

 

 

 

292,411

 

 

 

(1,016,491

)

 

 

20,284

 

Total assets

$

1,794,483

 

 

$

900,106

 

 

$

(1,094,618

)

 

$

1,599,971

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

101,848

 

 

$

5,621

 

 

$

 

 

$

107,469

 

Undistributed oil and natural gas proceeds

 

27,816

 

 

 

1,054

 

 

 

 

 

 

28,870

 

Asset retirement obligations

 

64,085

 

 

 

20,503

 

 

 

 

 

 

84,588

 

Accrued liabilities

 

44,610

 

 

 

68,304

 

 

 

(73,743

)

 

 

39,171

 

Total current liabilities

 

238,359

 

 

 

95,482

 

 

 

(73,743

)

 

 

260,098

 

Long-term debt, less current maturities

 

1,473,348

 

 

 

 

 

 

 

 

 

1,473,348

 

Asset retirement obligations, less current portion

 

191,066

 

 

 

123,972

 

 

 

 

 

 

315,038

 

Deferred income taxes

 

341

 

 

 

17,216

 

 

 

(4,384

)

 

 

13,173

 

Other liabilities

 

367,120

 

 

 

 

 

 

(353,055

)

 

 

14,065

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

422,633

 

 

 

704,885

 

 

 

(704,885

)

 

 

422,633

 

Retained earnings (deficit)

 

(874,218

)

 

 

(41,449

)

 

 

41,449

 

 

 

(874,218

)

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity (deficit)

 

(475,751

)

 

 

663,436

 

 

 

(663,436

)

 

 

(475,751

)

Total liabilities and shareholders’ equity

$

1,794,483

 

 

$

900,106

 

 

$

(1,094,618

)

 

$

1,599,971

 

 

Condensed Consolidating Balance Sheet as of December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

23,666

 

 

$

 

 

$

 

 

$

23,666

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

41,820

 

 

 

25,422

 

 

 

 

 

 

67,242

 

Joint interest and other

 

142,885

 

 

 

 

 

 

(99,240

)

 

 

43,645

 

Total receivables

 

184,705

 

 

 

25,422

 

 

 

(99,240

)

 

 

110,887

 

Deferred income taxes

 

9,797

 

 

 

1,865

 

 

 

 

 

 

11,662

 

Prepaid expenses and other assets

 

28,728

 

 

 

7,619

 

 

 

 

 

 

36,347

 

Total current assets

 

246,896

 

 

 

34,906

 

 

 

(99,240

)

 

 

182,562

 

Property and equipment – at cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and equipment

 

6,038,915

 

 

 

2,006,751

 

 

 

 

 

 

8,045,666

 

Furniture, fixtures and other

 

23,269

 

 

 

 

 

 

 

 

 

23,269

 

Total property and equipment

 

6,062,184

 

 

 

2,006,751

 

 

 

 

 

 

8,068,935

 

Less accumulated depreciation, depletion and amortization

 

4,442,899

 

 

 

1,132,179

 

 

 

 

 

 

5,575,078

 

Net property and equipment

 

1,619,285

 

 

 

874,572

 

 

 

 

 

 

2,493,857

 

Restricted deposits for asset retirement obligations

 

15,444

 

 

 

 

 

 

 

 

 

15,444

 

Other assets

 

974,049

 

 

 

357,992

 

 

 

(1,314,797

)

 

 

17,244

 

Total assets

$

2,855,674

 

 

$

1,267,470

 

 

$

(1,414,037

)

 

$

2,709,107

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

188,654

 

 

$

5,455

 

 

$

 

 

$

194,109

 

Undistributed oil and natural gas proceeds

 

36,130

 

 

 

879

 

 

 

 

 

 

37,009

 

Asset retirement obligations

 

30,711

 

 

 

5,292

 

 

 

 

 

 

36,003

 

Accrued liabilities

 

17,437

 

 

 

99,180

 

 

 

(99,240

)

 

 

17,377

 

Total current liabilities

 

272,932

 

 

 

110,806

 

 

 

(99,240

)

 

 

284,498

 

Long-term debt, less current maturities

 

1,360,057

 

 

 

 

 

 

 

 

 

1,360,057

 

Asset retirement obligations, less current portion

 

235,876

 

 

 

118,689

 

 

 

 

 

 

354,565

 

Deferred income taxes

 

59,616

 

 

 

127,372

 

 

 

 

 

 

186,988

 

Other liabilities

 

417,885

 

 

 

 

 

 

(404,194

)

 

 

13,691

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

414,580

 

 

 

703,440

 

 

 

(703,440

)

 

 

414,580

 

Retained earnings

 

118,894

 

 

 

207,163

 

 

 

(207,163

)

 

 

118,894

 

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity

 

509,308

 

 

 

910,603

 

 

 

(910,603

)

 

 

509,308

 

Total liabilities and shareholders’ equity

$

2,855,674

 

 

$

1,267,470

 

 

$

(1,414,037

)

 

$

2,709,107

 

 

 

Condensed Consolidating Statement of Income

 

Condensed Consolidating Statement of Operations for the Three Months Ended September 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

71,092

 

 

$

55,136

 

 

$

 

 

$

126,228

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

29,721

 

 

 

15,318

 

 

 

 

 

 

45,039

 

Production taxes

 

889

 

 

 

 

 

 

 

 

 

889

 

Gathering and transportation

 

1,712

 

 

 

1,860

 

 

 

 

 

 

3,572

 

Depreciation, depletion, amortization and accretion

 

50,960

 

 

 

46,369

 

 

 

 

 

 

97,329

 

Ceiling test write-down of oil and natural gas properties

 

244,952

 

 

 

196,736

 

 

 

 

 

 

441,688

 

General and administrative expenses

 

8,590

 

 

 

7,925

 

 

 

 

 

 

16,515

 

Derivative gain

 

(10,231

)

 

 

 

 

 

 

 

 

(10,231

)

Total costs and expenses

 

326,593

 

 

 

268,208

 

 

 

 

 

 

594,801

 

Operating loss

 

(255,501

)

 

 

(213,072

)

 

 

 

 

 

(468,573

)

Loss of affiliates

 

(129,061

)

 

 

 

 

 

129,061

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

27,911

 

 

 

843

 

 

 

 

 

 

28,754

 

Capitalized

 

(1,360

)

 

 

(843

)

 

 

 

 

 

(2,203

)

Other (income) expense, net

 

964

 

 

 

 

 

 

 

 

 

964

 

Loss before income tax expense (benefit)

 

(412,077

)

 

 

(213,072

)

 

 

129,061

 

 

 

(496,088

)

Income tax expense (benefit)

 

65,491

 

 

 

(84,011

)

 

 

 

 

 

(18,520

)

Net loss

$

(477,568

)

 

$

(129,061

)

 

$

129,061

 

 

$

(477,568

)

 

 

Condensed Consolidating Statement of Operations for the Nine Months Ended September 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

238,900

 

 

$

164,301

 

 

$

 

 

$

403,201

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

97,463

 

 

 

46,037

 

 

 

 

 

 

143,500

 

Production taxes

 

2,526

 

 

 

 

 

 

 

 

 

2,526

 

Gathering and transportation

 

7,046

 

 

 

6,143

 

 

 

 

 

 

13,189

 

Depreciation, depletion, amortization and accretion

 

180,334

 

 

 

145,804

 

 

 

 

 

 

326,138

 

Ceiling test write-down of oil and natural gas properties

 

616,947

 

 

 

337,903

 

 

 

 

 

 

954,850

 

General and administrative expenses

 

31,205

 

 

 

25,833

 

 

 

 

 

 

57,038

 

Derivative gain

 

(9,153

)

 

 

 

 

 

 

 

 

(9,153

)

Total costs and expenses

 

926,368

 

 

 

561,720

 

 

 

 

 

 

1,488,088

 

Operating loss

 

(687,468

)

 

 

(397,419

)

 

 

 

 

 

(1,084,887

)

Loss of affiliates

 

(248,613

)

 

 

 

 

 

248,613

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

75,465

 

 

 

2,351

 

 

 

 

 

 

77,816

 

Capitalized

 

(3,659

)

 

 

(2,351

)

 

 

 

 

 

(6,010

)

Other (income) expense, net

 

2,647

 

 

 

 

 

 

 

 

 

2,647

 

Loss before income tax benefit

 

(1,010,534

)

 

 

(397,419

)

 

 

248,613

 

 

 

(1,159,340

)

Income tax benefit

 

(17,422

)

 

 

(148,806

)

 

 

 

 

 

(166,228

)

Net loss

$

(993,112

)

 

$

(248,613

)

 

$

248,613

 

 

$

(993,112

)

 

Condensed Consolidating Statement of Operations for the Three Months Ended September 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

145,950

 

 

$

88,571

 

 

$

 

 

$

234,521

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

46,793

 

 

 

24,939

 

 

 

 

 

 

71,732

 

Production taxes

 

1,794

 

 

 

 

 

 

 

 

 

1,794

 

Gathering and transportation

 

2,872

 

 

 

1,243

 

 

 

 

 

 

4,115

 

Depreciation, depletion, amortization and accretion

 

70,922

 

 

 

57,749

 

 

 

 

 

 

128,671

 

General and administrative expenses

 

11,450

 

 

 

9,557

 

 

 

 

 

 

21,007

 

Derivative gain

 

(13,781

)

 

 

 

 

 

 

 

 

(13,781

)

Total costs and expenses

 

120,050

 

 

 

93,488

 

 

 

 

 

 

213,538

 

Operating income (loss)

 

25,900

 

 

 

(4,917

)

 

 

 

 

 

20,983

 

Loss of affiliates

 

(5,729

)

 

 

 

 

 

5,729

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

20,932

 

 

 

851

 

 

 

 

 

 

21,783

 

Capitalized

 

(1,340

)

 

 

(851

)

 

 

 

 

 

(2,191

)

Other (income) expense, net

 

(197)

 

 

 

 

 

 

 

 

 

 

 

(197)

 

Income before income tax expense

 

776

 

 

 

(4,917

)

 

 

5,729

 

 

 

1,588

 

Income tax expense

 

92

 

 

 

812

 

 

 

 

 

 

904

 

Net income (loss)

$

684

 

 

$

(5,729

)

 

$

5,729

 

 

$

684

 

 

Condensed Consolidating Statement of Operations for the Nine Months Ended September 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

448,107

 

 

$

303,924

 

 

$

 

 

$

752,031

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

126,966

 

 

 

62,150

 

 

 

 

 

 

189,116

 

Production taxes

 

5,628

 

 

 

 

 

 

 

 

 

5,628

 

Gathering and transportation

 

8,452

 

 

 

4,944

 

 

 

 

 

 

13,396

 

Depreciation, depletion, amortization and accretion

 

203,040

 

 

 

177,173

 

 

 

 

 

 

380,213

 

General and administrative expenses

 

33,299

 

 

 

30,978

 

 

 

 

 

 

64,277

 

Derivative loss

 

6,790

 

 

 

 

 

 

 

 

 

6,790

 

Total costs and expenses

 

384,175

 

 

 

275,245

 

 

 

 

 

 

659,420

 

Operating income

 

63,932

 

 

 

28,679

 

 

 

 

 

 

92,611

 

Earnings of affiliates

 

16,211

 

 

 

 

 

 

(16,211

)

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

63,078

 

 

 

1,625

 

 

 

 

 

 

64,703

 

Capitalized

 

(4,797

)

 

 

(1,625

)

 

 

 

 

 

(6,422

)

Other (income) expense, net

 

(205)

 

 

 

 

 

 

 

 

 

 

 

(205)

 

Income before income tax expense

 

22,067

 

 

 

28,679

 

 

 

(16,211

)

 

 

34,535

 

Income tax expense

 

357

 

 

 

12,468

 

 

 

 

 

 

12,825

 

Net income

$

21,710

 

 

$

16,211

 

 

$

(16,211

)

 

$

21,710

 

 

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(993,112

)

 

$

(248,613

)

 

$

248,613

 

 

$

(993,112

)

Adjustments to reconcile net loss to net cash provided by

       (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

180,334

 

 

 

145,804

 

 

 

 

 

 

326,138

 

Ceiling test write-down of oil and gas properties

 

616,947

 

 

 

337,903

 

 

 

 

 

 

954,850

 

Debt issuance costs write-off/amortization of debt items

 

2,862

 

 

 

 

 

 

 

 

 

2,862

 

Share-based compensation

 

8,313

 

 

 

 

 

 

 

 

 

8,313

 

Derivative gain

 

(9,153

)

 

 

 

 

 

 

 

 

(9,153

)

Cash receipts on derivative settlements, net

 

2,139

 

 

 

 

 

 

 

 

 

2,139

 

Deferred income taxes

 

(50,743

)

 

 

(115,515

)

 

 

 

 

 

(166,258

)

Loss of affiliates

 

248,613

 

 

 

 

 

 

(248,613

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

26,022

 

 

 

(2,735

)

 

 

 

 

 

23,287

 

Joint interest and other receivables

 

1,210

 

 

 

 

 

 

 

 

 

1,210

 

Income taxes

 

33,002

 

 

 

(33,291

)

 

 

 

 

 

(289

)

Prepaid expenses and other assets

 

(47,057

)

 

 

114,888

 

 

 

(51,139

)

 

 

16,692

 

Asset retirement obligation settlements

 

(22,901

)

 

 

(2,614

)

 

 

 

 

 

(25,515

)

Accounts payable, accrued liabilities  and other

 

(57,851

)

 

 

341

 

 

 

51,139

 

 

 

(6,371

)

Net cash provided by (used in) operating activities

 

(61,375

)

 

 

196,168

 

 

 

 

 

 

134,793

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in oil and natural gas properties and equipment

 

(29,930

)

 

 

(162,881

)

 

 

 

 

 

(192,811

)

Changes in operating assets and liabilities associated with investing activities

 

(30,731

)

 

 

(34,732

)

 

 

 

 

 

(65,463

)

Investment in subsidiary

 

(1,445

)

 

 

 

 

 

1,445

 

 

 

 

Purchases of furniture, fixtures and other

 

(1,185

)

 

 

 

 

 

 

 

 

(1,185

)

Net cash used in investing activities

 

(63,291

)

 

 

(197,613

)

 

 

1,445

 

 

 

(259,459

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt – revolving bank credit facility

 

263,000

 

 

 

 

 

 

 

 

 

263,000

 

Repayments of long-term debt – revolving bank credit facility

 

(445,000

)

 

 

 

 

 

 

 

 

(445,000

)

Issuance of 9.00% Term Loan

 

297,000

 

 

 

 

 

 

 

 

 

297,000

 

Debt issuance costs

 

(6,591

)

 

 

 

 

 

 

 

 

(6,591

)

Other

 

54

 

 

 

 

 

 

 

 

 

54

 

Investment from parent

 

 

 

 

1,445

 

 

 

(1,445

)

 

 

 

Net cash provided by financing activities

 

108,463

 

 

 

1,445

 

 

 

(1,445

)

 

 

108,463

 

Decrease in cash and cash equivalents

 

(16,203

)

 

 

 

 

 

 

 

 

(16,203

)

Cash and cash equivalents, beginning of period

 

23,666

 

 

 

 

 

 

 

 

 

23,666

 

Cash and cash equivalents, end of period

$

7,463

 

 

$

 

 

$

 

 

$

7,463

 

 

 

Condensed Consolidating Statement of Cash Flows for the Nine Months Ended September 30, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

21,710

 

 

$

16,211

 

 

$

(16,211

)

 

$

21,710

 

Adjustments to reconcile net income to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

203,040

 

 

 

177,173

 

 

 

 

 

 

380,213

 

Amortization of debt issuance costs and premium

 

537

 

 

 

 

 

 

 

 

 

537

 

Share-based compensation

 

11,398

 

 

 

 

 

 

 

 

 

11,398

 

Derivative loss

 

6,790

 

 

 

 

 

 

 

 

 

6,790

 

Cash payments on derivative settlements

 

(18,543

)

 

 

 

 

 

 

 

 

(18,543

)

Deferred income taxes

 

17,621

 

 

 

(4,796

)

 

 

 

 

 

12,825

 

Earnings of affiliates

 

(16,211

)

 

 

 

 

 

16,211

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

9,041

 

 

 

(9,977

)

 

 

 

 

 

(936

)

Joint interest and other receivables

 

1,890

 

 

 

 

 

 

 

 

 

1,890

 

Income taxes

 

(14,381

)

 

 

17,265

 

 

 

 

 

 

2,884

 

Prepaid expenses and other assets

 

55,450

 

 

 

(61,646

)

 

 

27,424

 

 

 

21,228

 

Asset retirement obligations

 

(28,492

)

 

 

(13,519

)

 

 

 

 

 

(42,011

)

Accounts payable, accrued liabilities  and other

 

44,296

 

 

 

4,921

 

 

 

(27,424

)

 

 

21,793

 

Net cash provided by operating activities

 

294,146

 

 

 

125,632

 

 

 

 

 

 

419,778

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of property interest in oil and natural gas properties

 

(18,152

)

 

 

(53,363

)

 

 

 

 

 

(71,515

)

Investment in oil and natural gas properties and equipment

 

(245,561

)

 

 

(138,392

)

 

 

 

 

 

(383,953

)

Changes in operating assets and liabilities associated with investing activities

 

(2,258

)

 

 

7,425

 

 

 

 

 

 

5,167

 

Investment in subsidiary

 

(58,698

)

 

 

 

 

 

58,698

 

 

 

 

Purchases of furniture, fixtures and other

 

(2,181

)

 

 

 

 

 

 

 

 

(2,181

)

Net cash used in investing activities

 

(326,850

)

 

 

(184,330

)

 

 

58,698

 

 

 

(452,482

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt – revolving bank credit facility

 

378,000

 

 

 

 

 

 

 

 

 

378,000

 

Repayments of long-term debt – revolving bank credit facility

 

(321,000

)

 

 

 

 

 

 

 

 

(321,000

)

Dividends to shareholders

 

(22,695

)

 

 

 

 

 

 

 

 

(22,695

)

Other

 

(181

)

 

 

 

 

 

 

 

 

(181

)

Investment from parent

 

 

 

 

58,698

 

 

 

(58,698

)

 

 

 

Net cash provided in financing activities

 

34,124

 

 

 

58,698

 

 

 

(58,698

)

 

 

34,124

 

Increase in cash and cash equivalents

 

1,420

 

 

 

 

 

 

 

 

 

1,420

 

Cash and cash equivalents, beginning of period

 

15,800

 

 

 

 

 

 

 

 

 

15,800

 

Cash and cash equivalents, end of period

$

17,220

 

 

$

 

 

$

 

 

$

17,220