Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data

v3.8.0.1
Selected Quarterly Financial Data
12 Months Ended
Dec. 31, 2017
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, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

$

124,393

 

 

$

123,323

 

 

$

110,281

 

 

$

129,099

 

Operating  income

 

28,196

 

 

 

32,888

 

 

 

15,700

 

 

 

33,166

 

Net income (loss)

 

24,299

 

 

 

33,315

 

 

 

(1,297

)

 

 

23,365

 

Basic and diluted earnings (loss) per common share

 

0.17

 

 

 

0.23

 

 

 

(0.01

)

 

 

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 earnings (loss) per common share (1) (2)

 

(2.49

)

 

 

(1.58

)

 

 

0.48

 

 

 

0.12

 

 

(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.