Basis of Presentation (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Schedule of Amounts Recorded in Prepaid Expenses and Other Assets |
The amounts recorded are expected to be realized within one year and the major categories are presented in the following table (in thousands):
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
Derivative assets (1)
|
$
|
16,959
|
|
|
$
|
60,687
|
|
|
Unamortized bond/insurance premiums
|
|
4,944
|
|
|
|
5,197
|
|
|
Prepaid deposits related to royalties
|
|
8,871
|
|
|
|
8,872
|
|
|
Other
|
|
3,353
|
|
|
|
1,650
|
|
|
Prepaid expenses and other assets
|
$
|
34,127
|
|
|
$
|
76,406
|
|
|
|
(1)
|
Includes closed contracts which have not yet settled.
|
|
| 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):
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
Oil and natural gas properties and equipment
|
$
|
8,198,394
|
|
|
$
|
8,169,871
|
|
|
Furniture, fixtures and other
|
|
20,228
|
|
|
|
20,228
|
|
|
Total property and equipment
|
|
8,218,622
|
|
|
|
8,190,099
|
|
|
Less accumulated depreciation, depletion and amortization
|
|
7,703,857
|
|
|
|
7,674,678
|
|
|
Oil and natural gas properties and other, net
|
$
|
514,765
|
|
|
$
|
515,421
|
|
|
| Schedule of Other Assets (Long-term) |
The major categories are presented in the following table (in thousands)
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
Escrow deposit - Apache lawsuit
|
$
|
49,500
|
|
|
$
|
49,500
|
|
|
Derivative assets
|
|
4,169
|
|
|
|
21,275
|
|
|
Appeal bond deposits
|
|
6,925
|
|
|
|
6,925
|
|
|
Unamortized debt issuance costs
|
|
4,511
|
|
|
|
4,773
|
|
|
Investment in White Cap, LLC
|
|
2,546
|
|
|
|
2,586
|
|
|
Unamortized brokerage fee for Monza
|
|
3,746
|
|
|
|
2,277
|
|
|
Proportional consolidation of Monza's other assets (Note 4)
|
|
3,299
|
|
|
|
3,275
|
|
|
Other
|
|
4,309
|
|
|
|
936
|
|
|
Total other assets (long-term)
|
$
|
79,005
|
|
|
$
|
91,547
|
|
|
| Schedule of Accrued Liabilities |
The major categories are presented in the following table (in thousands):
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
Accrued interest
|
$
|
27,624
|
|
|
$
|
12,385
|
|
|
Accrued salaries/payroll taxes/benefits
|
|
2,425
|
|
|
|
2,320
|
|
|
Incentive compensation plans
|
|
—
|
|
|
|
10,817
|
|
|
Litigation accruals
|
|
3,673
|
|
|
|
3,673
|
|
|
Other
|
|
1,475
|
|
|
|
416
|
|
|
Total accrued liabilities
|
$
|
35,197
|
|
|
$
|
29,611
|
|
|
| Schedule of Other Liabilities (Long-term) |
The major categories are presented in the following table (in thousands):
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
Apache lawsuit
|
$
|
49,500
|
|
|
$
|
49,500
|
|
|
Uncertain tax positions including interest/penalties
|
|
11,694
|
|
|
|
11,523
|
|
|
Dispute related to royalty deductions
|
|
4,687
|
|
|
|
4,687
|
|
|
Dispute related to royalty-in-kind
|
|
2,164
|
|
|
|
2,135
|
|
|
Other
|
|
5,097
|
|
|
|
845
|
|
|
Total other liabilities (long-term)
|
$
|
73,142
|
|
|
$
|
68,690
|
|
|
| ASU 2016-02 |
|
| Schedule of Amounts Recorded in Condensed Consolidated Balance Sheet after Adoption of New Standard Update |
After the adoption of the new standard update, the amounts recorded within our Condensed Consolidated Balance Sheet are as follows (in thousands):
|
|
|
March 31, 2019
|
|
|
ROU:
|
|
|
|
|
|
Prepaid expenses and other current assets:
|
|
$
|
1,095
|
|
|
Other assets
|
|
|
3,856
|
|
|
Total ROU
|
|
$
|
4,951
|
|
|
|
|
|
|
|
|
Lease liability:
|
|
|
|
|
|
Accrued liabilities
|
|
$
|
1,095
|
|
|
Other liabilities
|
|
|
3,856
|
|
|
Total lease liability
|
|
$
|
4,951
|
|
|
|
|
|
|
|
|
Lease incentives:
|
|
|
|
|
|
Prepaid expenses and other current assets (contra-asset)
|
|
$
|
(213
|
)
|
|
Other assets (contra-asset)
|
|
|
(795
|
)
|
|
Total lease incentives
|
|
$
|
(1,008
|
)
|
|