Annual report pursuant to Section 13 and 15(d)

Significant Accounting Policies (Tables)

v3.10.0.1
Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Percentage of Revenue by Major Customers

The following table identifies customers from whom we derived 10% or more of our receipts from sales of crude oil, NGLs and natural gas:

 

Year Ended December 31,

 

 

2018

 

 

2017

 

 

2016

 

Customer

 

 

 

 

 

 

 

 

 

 

 

Shell Trading (US) Co.

 

30

%

 

 

46

%

 

 

43

%

BP Products North America

 

20

%

 

**

 

 

**

 

Vitol Inc.

 

14

%

 

 

15

%

 

 

20

%

 

** Less than 10%

Schedule of Changes to Allowance for Doubtful Accounts The following table describes the balance and changes to the allowance for doubtful accounts:

 

2018

 

 

2017

 

 

2016

 

Allowance for doubtful accounts, beginning of period

$

9,114

 

 

$

7,602

 

 

$

2,490

 

Additional provisions for the year

 

1,233

 

 

 

1,512

 

 

 

5,112

 

Uncollectable accounts written off

 

(655

)

 

 

 

 

 

 

Allowance for doubtful accounts, end of period

$

9,692

 

 

$

9,114

 

 

$

7,602

 

 

Schedule of Amounts Recorded in Prepaid Expenses and Other Assets

Amounts recorded in Prepaid expenses and other assets on the Consolidated Balance Sheets are expected to be realized within one year.  The following table describes the major items for the periods presented:

 

Year Ended December 31,

 

 

2018

 

 

2017

 

Derivatives – current (1)

$

60,687

 

 

$

 

Prepaid/accrued insurance

 

2,987

 

 

 

2,401

 

Surety bonds unamortized premiums

 

2,210

 

 

 

2,676

 

Prepaid deposits related to royalties

 

8,872

 

 

 

6,456

 

Advances for capital expenditures

 

745

 

 

 

 

Other

 

905

 

 

 

1,886

 

Prepaid expenses and other assets

$

76,406

 

 

$

13,419

 

 

 

(1)

Includes both open and closed contracts.

 

Schedule of Oil and Natural Gas Properties and Other, Net at Cost

Oil and natural gas properties and equipment are recorded at cost using the full cost method.  There were no amounts excluded from amortization as of the dates presented in the following table (in thousands):

 

December 31,

 

 

2018

 

 

2017

 

Oil and natural gas properties and equipment

$

8,169,871

 

 

$

8,102,044

 

Furniture, fixtures and other

 

20,228

 

 

 

21,831

 

Total property and equipment

 

8,190,099

 

 

 

8,123,875

 

Less accumulated depreciation, depletion and amortization

 

7,674,678

 

 

 

7,544,859

 

Oil and natural gas properties and other, net

$

515,421

 

 

$

579,016

 

Schedule of Other Assets (Long-term)

The major categories recorded in Other assets are presented in the following table (in thousands):

 

December 31,

 

 

2018

 

 

2017

 

Escrow deposit – Apache lawsuit

$

49,500

 

 

$

49,500

 

Appeal bond deposits

 

6,925

 

 

 

6,925

 

Unamortized debt issuance costs

 

4,773

 

 

 

330

 

Investment in White Cap, LLC

 

2,586

 

 

 

2,511

 

Derivatives

 

21,275

 

 

 

 

Unamortized brokerage fee for Monza

 

2,277

 

 

 

 

Proportional consolidation of Monza's

   other assets (Note 4)

 

3,275

 

 

 

 

Other

 

936

 

 

 

1,127

 

Total other assets

$

91,547

 

 

$

60,393

 

Schedule of Accrued Liabilities

The major categories recorded in Accrued liabilities are presented in the following table (in thousands):

 

December 31,

 

 

2018

 

 

2017

 

Accrued interest

$

12,385

 

 

$

4,200

 

Accrued salaries/payroll taxes/benefits

 

2,320

 

 

 

2,454

 

Incentive compensation plans

 

10,817

 

 

 

7,366

 

Litigation accruals

 

3,673

 

 

 

3,480

 

Other

 

416

 

 

 

430

 

Total accrued liabilities

$

29,611

 

 

$

17,930

 

 

Schedule of Other Liabilities (Long-term)

The major categories recorded in Other liabilities are presented in the following table (in thousands):

 

December 31,

 

 

2018

 

 

2017

 

Apache lawsuit

$

49,500

 

 

$

49,500

 

Uncertain tax positions including interest/penalties

 

11,523

 

 

 

11,015

 

Dispute related to royalty deductions

 

4,787

 

 

 

 

Dispute related to royalty-in-kind

 

2,135

 

 

 

914

 

Other

 

745

 

 

 

5,437

 

Total other liabilities (long-term)

$

68,690

 

 

$

66,866