Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data

v3.6.0.2
Selected Quarterly Financial Data
12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data

18. Selected Quarterly Financial Data—UNAUDITED

Unaudited quarterly financial data are as follows (in thousands, except per share amounts):

 

1st

Quarter

 

 

2nd

Quarter

 

 

3rd

Quarter

 

 

4th

Quarter

 

Year Ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

77,715

 

 

$

99,655

 

 

$

107,403

 

 

$

115,213

 

Operating  income (loss) (1)

 

(166,614

)

 

 

(126,997

)

 

 

(58,276

)

 

 

21,319

 

Net income (loss) (1)

 

(190,509

)

 

 

(120,922

)

 

 

45,928

 

 

 

16,483

 

Basic and diluted income (loss) per common share (1) (2)

 

(2.49

)

 

 

(1.58

)

 

 

0.48

 

 

 

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

127,907

 

 

$

149,066

 

 

$

126,228

 

 

$

104,064

 

Operating  loss (1)

 

(337,508

)

 

 

(278,806

)

 

 

(468,573

)

 

 

(60,816

)

Net loss (1)

 

(255,095

)

 

 

(260,449

)

 

 

(477,568

)

 

 

(51,606

)

Basic and diluted loss per common share (1) (2)

 

(3.36

)

 

 

(3.43

)

 

 

(6.29

)

 

 

(0.68

)

 

(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.