Quarterly report pursuant to Section 13 or 15(d)

Supplemental Guarantor Information (Tables)

v3.7.0.1
Supplemental Guarantor Information (Tables)
6 Months Ended
Jun. 30, 2017
Supplemental Guarantor Information [Abstract]  
Condensed Consolidating Balance Sheet

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.  As to the ceiling test write-down recorded in 2016, the computation is performed for each subsidiary on a stand-alone basis and also for the consolidated Company.  Due to this methodology, consolidating adjustments are required to present the consolidated results appropriately.  

Condensed Consolidating Balance Sheet as of June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

72,320

 

 

$

 

 

$

 

 

$

72,320

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

3,268

 

 

 

36,129

 

 

 

 

 

 

39,397

 

Joint interest

 

19,920

 

 

 

 

 

 

 

 

 

19,920

 

Income taxes

 

119,732

 

 

 

 

 

 

(107,705

)

 

 

12,027

 

Total receivables

 

142,920

 

 

 

36,129

 

 

 

(107,705

)

 

 

71,344

 

Prepaid expenses and other assets

 

19,480

 

 

 

2,464

 

 

 

 

 

 

21,944

 

Total current assets

 

234,720

 

 

 

38,593

 

 

 

(107,705

)

 

 

165,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and other, net

 

392,445

 

 

 

160,708

 

 

 

(2,472

)

 

 

550,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted deposits for asset retirement obligations

 

28,712

 

 

 

 

 

 

 

 

 

28,712

 

Income tax receivables

 

68,974

 

 

 

 

 

 

 

 

 

68,974

 

Other assets

 

481,201

 

 

 

418,924

 

 

 

(839,129

)

 

 

60,996

 

Total assets

$

1,206,052

 

 

$

618,225

 

 

$

(949,306

)

 

$

874,971

 

Liabilities and Shareholders’ Equity (Deficit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

51,932

 

 

$

6,351

 

 

$

 

 

$

58,283

 

Undistributed oil and natural gas proceeds

 

19,626

 

 

 

1,644

 

 

 

 

 

 

21,270

 

Asset retirement obligations

 

44,776

 

 

 

7,656

 

 

 

 

 

 

52,432

 

Long-term debt

 

11,147

 

 

 

 

 

 

 

 

 

11,147

 

Accrued liabilities

 

13,122

 

 

 

107,705

 

 

 

(107,705

)

 

 

13,122

 

Total current liabilities

 

140,603

 

 

 

123,356

 

 

 

(107,705

)

 

 

156,254

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

873,733

 

 

 

 

 

 

 

 

 

873,733

 

Carrying value adjustments

 

110,604

 

 

 

 

 

 

 

 

 

110,604

 

Long term debt, less current portion - carrying value

 

984,337

 

 

 

 

 

 

 

 

 

984,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset retirement obligations, less current portion

 

144,292

 

 

 

121,136

 

 

 

 

 

 

265,428

 

Other liabilities

 

532,305

 

 

 

 

 

 

(465,396

)

 

 

66,909

 

Shareholders’ deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

543,439

 

 

 

704,885

 

 

 

(704,885

)

 

 

543,439

 

Retained earnings (deficit)

 

(1,114,758

)

 

 

(331,152

)

 

 

328,680

 

 

 

(1,117,230

)

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ equity (deficit)

 

(595,485

)

 

 

373,733

 

 

 

(376,205

)

 

 

(597,957

)

Total liabilities and shareholders’ equity (deficit)

$

1,206,052

 

 

$

618,225

 

 

$

(949,306

)

 

$

874,971

 

 

Condensed Consolidating Balance Sheet as of December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

70,236

 

 

$

 

 

$

 

 

$

70,236

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas sales

 

2,173

 

 

 

40,900

 

 

 

 

 

 

43,073

 

Joint interest

 

21,885

 

 

 

 

 

 

 

 

 

21,885

 

Insurance reimbursement

 

30,100

 

 

 

 

 

 

 

 

 

30,100

 

Income taxes

 

111,215

 

 

 

 

 

 

(99,272

)

 

 

11,943

 

Total receivables

 

165,373

 

 

 

40,900

 

 

 

(99,272

)

 

 

107,001

 

Prepaid expenses and other assets

 

12,448

 

 

 

2,056

 

 

 

 

 

 

14,504

 

Total current assets

 

248,057

 

 

 

42,956

 

 

 

(99,272

)

 

 

191,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas properties and other, net

 

360,966

 

 

 

187,040

 

 

 

(953

)

 

 

547,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted deposits for asset retirement obligations

 

27,371

 

 

 

 

 

 

 

 

 

27,371

 

Income tax receivables

 

52,097

 

 

 

 

 

 

 

 

 

52,097

 

Other assets

 

394,931

 

 

 

344,742

 

 

 

(728,209

)

 

 

11,464

 

Total assets

$

1,083,422

 

 

$

574,738

 

 

$

(828,434

)

 

$

829,726

 

Liabilities and Shareholders’ Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

74,306

 

 

$

6,733

 

 

$

 

 

$

81,039

 

Undistributed oil and natural gas proceeds

 

24,493

 

 

 

1,761

 

 

 

 

 

 

26,254

 

Asset retirement obligations

 

62,261

 

 

 

16,003

 

 

 

 

 

 

78,264

 

Long-term debt

 

8,272

 

 

 

 

 

 

 

 

 

8,272

 

Accrued liabilities

 

9,293

 

 

 

99,179

 

 

 

(99,272

)

 

 

9,200

 

Total current liabilities

 

178,625

 

 

 

123,676

 

 

 

(99,272

)

 

 

203,029

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

873,733

 

 

 

 

 

 

 

 

 

873,733

 

Carrying value adjustments

 

138,722

 

 

 

 

 

 

 

 

 

138,722

 

Long term debt, less current portion - carrying value

 

1,012,455

 

 

 

 

 

 

 

 

 

1,012,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset retirement obligations, less current portion

 

142,376

 

 

 

113,798

 

 

 

 

 

 

256,174

 

Other liabilities

 

408,050

 

 

 

 

 

 

(390,945

)

 

 

17,105

 

Shareholders’ deficit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

1

 

 

 

 

 

 

 

 

 

1

 

Additional paid-in capital

 

539,973

 

 

 

704,885

 

 

 

(704,885

)

 

 

539,973

 

Retained earnings (deficit)

 

(1,173,891

)

 

 

(367,621

)

 

 

366,668

 

 

 

(1,174,844

)

Treasury stock, at cost

 

(24,167

)

 

 

 

 

 

 

 

 

(24,167

)

Total shareholders’ deficit

 

(658,084

)

 

 

337,264

 

 

 

(338,217

)

 

 

(659,037

)

Total liabilities and shareholders’ deficit

$

1,083,422

 

 

$

574,738

 

 

$

(828,434

)

 

$

829,726

 


 

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

57,417

 

 

$

65,906

 

 

$

 

 

$

123,323

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

17,325

 

 

 

14,194

 

 

 

 

 

 

31,519

 

Production taxes

 

449

 

 

 

 

 

 

 

 

 

449

 

Gathering and transportation

 

2,578

 

 

 

2,740

 

 

 

 

 

 

5,318

 

Depreciation, depletion, amortization and accretion

 

21,433

 

 

 

18,143

 

 

 

788

 

 

 

40,364

 

General and administrative expenses

 

7,662

 

 

 

8,812

 

 

 

 

 

 

16,474

 

Derivative gain

 

(3,689

)

 

 

 

 

 

 

 

 

(3,689

)

Total costs and expenses

 

45,758

 

 

 

43,889

 

 

 

788

 

 

 

90,435

 

Operating income

 

11,659

 

 

 

22,017

 

 

 

(788

)

 

 

32,888

 

Earnings of affiliates

 

18,941

 

 

 

 

 

 

(18,941

)

 

 

 

Interest expense incurred

 

11,436

 

 

 

 

 

 

 

 

 

11,436

 

Gain on exchange of debt

 

8,056

 

 

 

 

 

 

 

 

 

8,056

 

Other expense, net

 

5,168

 

 

 

 

 

 

 

 

 

5,168

 

Income before income tax benefit

 

22,052

 

 

 

22,017

 

 

 

(19,729

)

 

 

24,340

 

Income tax benefit

 

(12,051

)

 

 

3,076

 

 

 

 

 

 

(8,975

)

Net income

$

34,103

 

 

$

18,941

 

 

$

(19,729

)

 

$

33,315

 

 

Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

111,124

 

 

$

136,592

 

 

$

 

 

$

247,716

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

41,027

 

 

 

30,656

 

 

 

 

 

 

71,683

 

Production taxes

 

964

 

 

 

 

 

 

 

 

 

964

 

Gathering and transportation

 

5,144

 

 

 

6,383

 

 

 

 

 

 

11,527

 

Depreciation, depletion, amortization and accretion

 

40,587

 

 

 

38,248

 

 

 

1,519

 

 

 

80,354

 

General and administrative expenses

 

13,438

 

 

 

16,310

 

 

 

 

 

 

29,748

 

Derivative gain

 

(7,644

)

 

 

 

 

 

 

 

 

(7,644

)

Total costs and expenses

 

93,516

 

 

 

91,597

 

 

 

1,519

 

 

 

186,632

 

Operating income

 

17,608

 

 

 

44,995

 

 

 

(1,519

)

 

 

61,084

 

Earnings of affiliates

 

36,468

 

 

 

 

 

 

(36,468

)

 

 

 

Interest expense incurred

 

22,730

 

 

 

 

 

 

 

 

 

22,730

 

Gain on exchange of debt

 

7,811

 

 

 

 

 

 

 

 

 

7,811

 

Other expense, net

 

5,114

 

 

 

 

 

 

 

 

 

5,114

 

Income before income tax benefit

 

34,043

 

 

 

44,995

 

 

 

(37,987

)

 

 

41,051

 

Income tax benefit

 

(25,090

)

 

 

8,527

 

 

 

 

 

 

(16,563

)

Net income

$

59,133

 

 

$

36,468

 

 

$

(37,987

)

 

$

57,614

 

Condensed Consolidating Statement of Operations for the Three Months Ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

43,914

 

 

$

55,741

 

 

$

 

 

$

99,655

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

19,254

 

 

 

17,368

 

 

 

 

 

 

36,622

 

Production taxes

 

370

 

 

 

 

 

 

 

 

 

370

 

Gathering and transportation

 

2,469

 

 

 

3,929

 

 

 

 

 

 

6,398

 

Depreciation, depletion, amortization and accretion

 

22,648

 

 

 

31,934

 

 

 

2,911

 

 

 

57,493

 

Ceiling test write-down of oil and natural gas

   properties

 

 

 

 

35,008

 

 

 

69,584

 

 

 

104,592

 

General and administrative expenses

 

7,360

 

 

 

8,875

 

 

 

 

 

 

16,235

 

Derivative loss

 

4,942

 

 

 

 

 

 

 

 

 

4,942

 

Total costs and expenses

 

57,043

 

 

 

97,114

 

 

 

72,495

 

 

 

226,652

 

Operating loss

 

(13,129

)

 

 

(41,373

)

 

 

(72,495

)

 

 

(126,997

)

Loss of affiliates

 

(40,765

)

 

 

 

 

 

40,765

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

29,735

 

 

 

38

 

 

 

 

 

 

29,773

 

Capitalized

 

(64

)

 

 

(38

)

 

 

 

 

 

(102

)

Other expense, net

 

(24

)

 

 

 

 

 

 

 

 

(24

)

Loss before income tax benefit

 

(83,541

)

 

 

(41,373

)

 

 

(31,730

)

 

 

(156,644

)

Income tax benefit

 

(35,114

)

 

 

(608

)

 

 

 

 

 

(35,722

)

Net loss

$

(48,427

)

 

$

(40,765

)

 

$

(31,730

)

 

$

(120,922

)

 

Condensed Consolidating Statement of Operations for the Six Months Ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

W&T

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Offshore, Inc.

 

 

(In thousands)

 

Revenues

$

74,426

 

 

$

102,944

 

 

$

 

 

$

177,370

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expenses

 

44,199

 

 

 

36,892

 

 

 

 

 

 

81,091

 

Production taxes

 

896

 

 

 

 

 

 

 

 

 

896

 

Gathering and transportation

 

4,022

 

 

 

7,468

 

 

 

 

 

 

11,490

 

Depreciation, depletion, amortization and accretion

 

43,271

 

 

 

70,095

 

 

 

7,860

 

 

 

121,226

 

Ceiling test write-down of oil and natural gas

   properties

 

 

 

 

85,392

 

 

 

135,759

 

 

 

221,151

 

General and administrative expenses

 

13,973

 

 

 

18,705

 

 

 

 

 

 

32,678

 

Derivative loss

 

2,449

 

 

 

 

 

 

 

 

 

2,449

 

Total costs and expenses

 

108,810

 

 

 

218,552

 

 

 

143,619

 

 

 

470,981

 

Operating loss

 

(34,384

)

 

 

(115,608

)

 

 

(143,619

)

 

 

(293,611

)

Loss of affiliates

 

(113,794

)

 

 

 

 

 

113,794

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Incurred

 

57,430

 

 

 

157

 

 

 

 

 

 

57,587

 

Capitalized

 

(288

)

 

 

(157

)

 

 

 

 

 

(445

)

Other expense, net

 

1,282

 

 

 

 

 

 

 

 

 

1,282

 

Loss before income tax benefit

 

(206,602

)

 

 

(115,608

)

 

 

(29,825

)

 

 

(352,035

)

Income tax benefit

 

(38,790

)

 

 

(1,814

)

 

 

 

 

 

(40,604

)

Net loss

$

(167,812

)

 

$

(113,794

)

 

$

(29,825

)

 

$

(311,431

)

 

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

W&T

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

Offshore,

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

59,133

 

 

$

36,468

 

 

$

(37,987

)

 

$

57,614

 

Adjustments to reconcile net income to net cash

  provided by  operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

40,587

 

 

 

38,248

 

 

 

1,519

 

 

 

80,354

 

Gain on exchange of debt

 

(7,811

)

 

 

 

 

 

 

 

 

(7,811

)

Amortization of debt items

 

836

 

 

 

 

 

 

 

 

 

836

 

Share-based compensation

 

3,466

 

 

 

 

 

 

 

 

 

3,466

 

Derivative gain

 

(7,644

)

 

 

 

 

 

 

 

 

(7,644

)

Cash receipts on derivative settlements, net

 

2,208

 

 

 

 

 

 

 

 

 

2,208

 

Deferred income taxes

 

212

 

 

 

 

 

 

 

 

 

212

 

Earnings of affiliates

 

(36,468

)

 

 

 

 

 

36,468

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

(1,095

)

 

 

4,770

 

 

 

 

 

 

3,675

 

Joint interest receivables

 

1,965

 

 

 

 

 

 

 

 

 

1,965

 

Insurance reimbursements

 

30,100

 

 

 

 

 

 

 

 

 

30,100

 

Income taxes

 

(25,487

)

 

 

8,527

 

 

 

 

 

 

(16,960

)

Prepaid expenses and other assets

 

(3,165

)

 

 

(74,591

)

 

 

74,181

 

 

 

(3,575

)

Escrow deposit - Apache lawsuit

 

(49,500

)

 

 

 

 

 

 

 

 

(49,500

)

Asset retirement obligation settlements

 

(25,044

)

 

 

(10,977

)

 

 

 

 

 

(36,021

)

Accounts payable, accrued liabilities and other

 

81,785

 

 

 

(938

)

 

 

(74,181

)

 

 

6,666

 

Net cash provided by operating activities

 

64,078

 

 

 

1,507

 

 

 

 

 

 

65,585

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in oil and natural gas properties and equipment

 

(41,854

)

 

 

(1,946

)

 

 

 

 

 

(43,800

)

Changes in operating assets and liabilities associated with

   investing activities

 

(1,266

)

 

 

439

 

 

 

 

 

 

(827

)

Purchases of furniture, fixtures and other

 

(853

)

 

 

 

 

 

 

 

 

(853

)

Net cash used in investing activities

 

(43,973

)

 

 

(1,507

)

 

 

 

 

 

(45,480

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of interest on 1.5 Lien Term Loan

 

(4,113

)

 

 

 

 

 

 

 

 

(4,113

)

Payment of interest on 2nd Lien PIK Toggle Notes

 

(7,335

)

 

 

 

 

 

 

 

 

(7,335

)

Payment of interest on 3rd Lien PIK Toggle Notes

 

(6,201

)

 

 

 

 

 

 

 

 

(6,201

)

Other

 

(372

)

 

 

 

 

 

 

 

 

(372

)

Net cash provided by financing activities

 

(18,021

)

 

 

 

 

 

 

 

 

(18,021

)

Increase in cash and cash equivalents

 

2,084

 

 

 

 

 

 

 

 

 

2,084

 

Cash and cash equivalents, beginning of period

 

70,236

 

 

 

 

 

 

 

 

 

70,236

 

Cash and cash equivalents, end of period

$

72,320

 

 

$

 

 

$

 

 

$

72,320

 

 

Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

W&T

 

 

Parent

 

 

Guarantor

 

 

 

 

 

 

Offshore,

 

 

Company

 

 

Subsidiaries

 

 

Eliminations

 

 

Inc.

 

 

(In thousands)

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(167,812

)

 

$

(113,794

)

 

$

(29,825

)

 

$

(311,431

)

Adjustments to reconcile net loss to net cash

   provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion, amortization and accretion

 

43,271

 

 

 

70,095

 

 

 

7,860

 

 

 

121,226

 

Ceiling test write-down of oil and natural gas properties

 

 

 

 

85,392

 

 

 

135,759

 

 

 

221,151

 

Debt issuance costs write-off/ amortization of debt items

 

1,880

 

 

 

 

 

 

 

 

 

1,880

 

Share-based compensation

 

5,121

 

 

 

 

 

 

 

 

 

5,121

 

Derivative gain

 

2,449

 

 

 

 

 

 

 

 

 

2,449

 

Cash receipts on derivative settlements

 

4,746

 

 

 

 

 

 

 

 

 

4,746

 

Deferred income taxes

 

21,099

 

 

 

(1,814

)

 

 

 

 

 

19,285

 

Loss of affiliates

 

113,794

 

 

 

 

 

 

(113,794

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas receivables

 

1,177

 

 

 

49

 

 

 

 

 

 

1,226

 

Joint interest receivables

 

1,763

 

 

 

 

 

 

 

 

 

1,763

 

Income taxes

 

(57,931

)

 

 

 

 

 

 

 

 

(57,931

)

Prepaid expenses and other assets

 

(9,405

)

 

 

(17,424

)

 

 

16,464

 

 

 

(10,365

)

Asset retirement obligations

 

(12,702

)

 

 

(12,454

)

 

 

 

 

 

(25,156

)

Accounts payable, accrued liabilities and other

 

(783

)

 

 

32,014

 

 

 

(16,464

)

 

 

14,767

 

Net cash provided by operating activities

 

(53,333

)

 

 

42,064

 

 

 

 

 

 

(11,269

)

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in oil and natural gas properties and equipment

 

(8,600

)

 

 

(9,112

)

 

 

 

 

 

(17,712

)

Changes in operating assets and liabilities associated with

   investing activities

 

(670

)

 

 

(33,452

)

 

 

 

 

 

(34,122

)

Proceeds from sales of assets

 

1,000

 

 

 

500

 

 

 

 

 

 

1,500

 

Purchases of furniture, fixtures and other

 

(70

)

 

 

 

 

 

 

 

 

(70

)

Net cash used in investing activities

 

(8,340

)

 

 

(42,064

)

 

 

 

 

 

(50,404

)

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings of long-term debt – revolving bank credit facility

 

340,000

 

 

 

 

 

 

 

 

 

340,000

 

Repayments of long-term debt – revolving bank credit facility

 

(192,000

)

 

 

 

 

 

 

 

 

(192,000

)

Other

 

83

 

 

 

 

 

 

 

 

 

83

 

Net cash provided by financing activities

 

148,083

 

 

 

 

 

 

 

 

 

148,083

 

Increase in cash and cash equivalents

 

86,410

 

 

 

 

 

 

 

 

 

86,410

 

Cash and cash equivalents, beginning of period

 

85,414

 

 

 

 

 

 

 

 

 

85,414

 

Cash and cash equivalents, end of period

$

171,824

 

 

$

 

 

$

 

 

$

171,824