2013 Q1 Form 10-K Financial Statement

#000104746913003196 Filed on March 21, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q4 2012
Revenue $71.02M $88.90M $247.7M
YoY Change 134.83% 126.79% 18.26%
Cost Of Revenue $13.90M $11.50M $30.50M
YoY Change 113.85% 91.67% 89.44%
Gross Profit $57.20M $77.40M $217.2M
YoY Change 140.34% 133.13% 12.36%
Gross Profit Margin 80.54% 87.06% 87.7%
Selling, General & Admin $11.00M $11.60M $30.50M
YoY Change 80.33% -68.9% -55.73%
% of Gross Profit 19.23% 14.99% 14.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.98M $39.00M $125.6M
YoY Change 49.77% 34.02% 36.93%
% of Gross Profit 73.38% 50.39% 57.81%
Operating Expenses $73.08M $50.90M $227.1M
YoY Change 58.64% -23.46% 19.1%
Operating Profit -$2.060M $26.50M $20.54M
YoY Change -86.98% -179.58% 9.69%
Interest Expense $10.87M -$9.400M $13.00M
YoY Change 543.02% 571.43% 520.77%
% of Operating Profit -35.47% 63.28%
Other Income/Expense, Net -$10.86M -$12.75M
YoY Change 545.4% 515.84%
Pretax Income -$12.92M -$1.800M $7.789M
YoY Change -26.16% -95.42% -53.24%
Income Tax -$4.973M $600.0K $157.9M
% Of Pretax Income 2027.04%
Net Earnings -$7.949M -$2.400M -$150.1M
YoY Change -54.58% -93.89% -1001.1%
Net Earnings / Revenue -11.19% -2.7% -60.6%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.197M -$342.9K -$22.40M
COMMON SHARES
Basic Shares Outstanding 68.37M shares 66.61M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q4 2012
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.60M $18.90M $18.90M
YoY Change 450.0% 158.9% 158.9%
Cash & Equivalents $50.63M $18.88M $18.90M
Short-Term Investments
Other Short-Term Assets $22.60M $8.573M $20.30M
YoY Change 296.49% -22.06% 84.55%
Inventory $8.353M
Prepaid Expenses $220.0K
Receivables $35.62M
Other Receivables $3.866M
Total Short-Term Assets $135.3M $89.47M $89.50M
YoY Change 219.79% 85.97% 86.07%
LONG-TERM ASSETS
Property, Plant & Equipment $1.658B $1.567B $1.567B
YoY Change 157.37% 173.03% 173.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.00M $25.41M $27.10M
YoY Change 1200.0% 930.12% 984.0%
Total Long-Term Assets $1.684B $1.595B $1.595B
YoY Change 160.59% 176.57% 176.53%
TOTAL ASSETS
Total Short-Term Assets $135.3M $89.47M $89.50M
Total Long-Term Assets $1.684B $1.595B $1.595B
Total Assets $1.820B $1.684B $1.684B
YoY Change 164.23% 169.59% 169.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.200M $29.20M $29.20M
YoY Change -87.46% -18.29% -18.21%
Accrued Expenses $149.4M $98.65M $98.60M
YoY Change 195.98% 162.9% 162.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $168.8M $135.4M $135.4M
YoY Change 14.27% 57.74% 57.63%
LONG-TERM LIABILITIES
Long-Term Debt $796.5M $694.0M $694.0M
YoY Change 201.69% 195.57% 195.57%
Other Long-Term Liabilities $25.90M $1.189M $20.40M
YoY Change 3854.2% 71.08% 10.27%
Total Long-Term Liabilities $796.5M $871.1M $714.4M
YoY Change 191.85% 243.91% 182.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $168.8M $135.4M $135.4M
Total Long-Term Liabilities $796.5M $871.1M $714.4M
Total Liabilities $1.182B $1.007B $1.007B
YoY Change 181.11% 196.78% 196.73%
SHAREHOLDERS EQUITY
Retained Earnings -$187.1M
YoY Change 405.73%
Common Stock $864.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $637.1M $677.5M $677.5M
YoY Change
Total Liabilities & Shareholders Equity $1.820B $1.684B $1.684B
YoY Change 164.23% 169.59% 169.57%

Cashflow Statement

Concept 2013 Q1 2012 Q4 2012
OPERATING ACTIVITIES
Net Income -$7.949M -$2.400M -$150.1M
YoY Change -54.58% -93.89% -1001.1%
Depreciation, Depletion And Amortization $41.98M $39.00M $125.6M
YoY Change 49.77% 34.02% 36.93%
Cash From Operating Activities $62.20M $42.50M $137.2M
YoY Change 81.34% 10.97% -3.11%
INVESTING ACTIVITIES
Capital Expenditures -$132.5M -$137.4M -$422.3M
YoY Change 82.76% 71.96% 74.07%
Acquisitions
YoY Change
Other Investing Activities -$351.3M -$351.3M
YoY Change
Cash From Investing Activities -$132.5M -$488.7M -$773.6M
YoY Change 82.76% 511.64% 218.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $285.5M
YoY Change
Cash From Financing Activities 102.1M 460.4M 647.9M
YoY Change 155.25% 1086.6% 571.4%
NET CHANGE
Cash From Operating Activities 62.20M 42.50M 137.2M
Cash From Investing Activities -132.5M -488.7M -773.6M
Cash From Financing Activities 102.1M 460.4M 647.9M
Net Change In Cash 31.80M 14.20M 11.50M
YoY Change 1666.67% -607.14% -355.56%
FREE CASH FLOW
Cash From Operating Activities $62.20M $42.50M $137.2M
Capital Expenditures -$132.5M -$137.4M -$422.3M
Free Cash Flow $194.7M $179.9M $559.5M
YoY Change 82.3% 52.2% 45.63%

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CY2011 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-4573000 USD
CY2010 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
7564000 USD
CY2011 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
61590000 USD
CY2010 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
36022000 USD
CY2011 us-gaap Interest Paid Net
InterestPaidNet
1594000 USD
CY2012 mpo Stock Issued Public Offering Expenses
StockIssuedPublicOfferingExpenses
6400000 USD
CY2012 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
11200000 USD
CY2011 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
2600000 USD
CY2010 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
1700000 USD
CY2009Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4353000 USD
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11917000 USD
CY2009Q4 us-gaap Stockholders Equity
StockholdersEquity
235334000 USD
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
255879000 USD
CY2012 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
291956000 USD
CY2012 mpo Stock Issued During Period Value New Issues Net Of Estimated Offering Expense
StockIssuedDuringPeriodValueNewIssuesNetOfEstimatedOfferingExpense
213569000 USD
CY2012 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
2651000 USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q4 mpo Severance Tax Receivable Current
SeveranceTaxReceivableCurrent
703000 USD
CY2012Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
66619711 shares
CY2012Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
19016000 USD
CY2012Q4 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
1948000 USD
CY2012Q4 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
2010000 USD
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div style='font-size:10.0pt;FONT-FAMILY: Times New Roman;'> <p style="FONT-FAMILY: times"><font size="2"><b><i>Use of Estimates</i></b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Significant estimates include, but are not limited to, the amount of recoverable oil and natural gas reserves; depreciation, depletion, and amortization of proved oil and natural gas properties; future cash flows from oil and natural gas properties; the fair value of commodity derivative contracts; the fair value of share-based compensation; and the valuation of future asset retirement obligations.</font></p></div>
CY2012 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 item
CY2010Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
2859000 USD
CY2009Q4 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
2274000 USD
CY2012 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
3044000 USD
CY2011 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
1294000 USD
CY2010 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
474000 USD
CY2012 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
1189000 USD
CY2011 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
3196000 USD
CY2011 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
56000 USD
CY2010 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
64000 USD
CY2012 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
87812000 USD
CY2010 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
1736000 USD
CY2012Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
149500000 USD
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2012Q4 us-gaap Contractual Obligation
ContractualObligation
29016000 USD
CY2012Q4 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
1969000 USD
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1100000 USD
CY2011 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000 USD
CY2010 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000 USD
CY2011Q4 us-gaap Commodity Contract Asset Current
CommodityContractAssetCurrent
4957000 USD
CY2011Q4 us-gaap Commodity Contract Asset Noncurrent
CommodityContractAssetNoncurrent
588000 USD
CY2011Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
12599000 USD
CY2011Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
10178000 USD
CY2011 mpo Reclassification Of Share Based Compensation To Members Equity
ReclassificationOfShareBasedCompensationToMembersEquity
6924000 USD
CY2011 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
50572000 USD
CY2010 us-gaap Partners Capital Account Exchanges And Conversions
PartnersCapitalAccountExchangesAndConversions
-5080000 USD
CY2010 us-gaap Partners Capital Account Sale Of Units
PartnersCapitalAccountSaleOfUnits
36180000 USD
CY2010 mpo Partners Capital Account Exchanges And Conversions Two
PartnersCapitalAccountExchangesAndConversionsTwo
5080000 USD
CY2011 mpo Reclassification Of Liability For Share Based Awards To Capital Contribution
ReclassificationOfLiabilityForShareBasedAwardsToCapitalContribution
60668000 USD
CY2012 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
200000 USD
CY2011 us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
2870000 USD
CY2012 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
213569000 USD
CY2012Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
313941000 USD
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2459000 USD
CY2011 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
53744000 USD
CY2010 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1518000 USD
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
137496000 USD
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
20390000 USD
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
2726000 USD
CY2012 mpo Income Tax Reconciliation Nondeductible Expense Pre Ipo Loss
IncomeTaxReconciliationNondeductibleExpensePreIPOLoss
4561000 USD
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1053000 USD
CY2012 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
57000 USD
CY2012 mpo Income Tax Reconciliation Change In Tax Status
IncomeTaxReconciliationChangeInTaxStatus
149489000 USD
CY2012Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
60381000 USD
CY2012Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
6027000 USD
CY2012Q4 us-gaap Deferred Tax Assets State Taxes
DeferredTaxAssetsStateTaxes
8724000 USD
CY2012Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
985000 USD
CY2012Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
260715000 USD
CY2012Q4 mpo Joint Interest Billing Receivable Current
JointInterestBillingReceivableCurrent
10815000 USD
CY2012 mpo Payments To Acquire Property Under Acquisition
PaymentsToAcquirePropertyUnderAcquisition
351276000 USD
CY2012 mpo Short Term Contract Period
ShortTermContractPeriod
P1M
CY2012Q4 mpo Accrual For Additional Consideration
AccrualForAdditionalConsideration
1500000 USD
CY2012 mpo Income Tax Reconciliation Federal Change In Tax Status
IncomeTaxReconciliationFederalChangeInTaxStatus
130200000 USD
CY2012 mpo Income Tax Reconciliation State Change In Tax Status
IncomeTaxReconciliationStateChangeInTaxStatus
19300000 USD
CY2012Q4 mpo Business Acquisition Preferred Shares Issued Or Issuable Value Assigned
BusinessAcquisitionPreferredSharesIssuedOrIssuableValueAssigned
291956000 USD
CY2012Q4 us-gaap Business Acquisition Purchase Price Allocation Deferred Tax Liabilities Noncurrent
BusinessAcquisitionPurchasePriceAllocationDeferredTaxLiabilitiesNoncurrent
26712000 USD
CY2012Q4 mpo Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Asset Retirement Obligation
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesAssetRetirementObligation
2662000 USD
CY2012 mpo Asset Retirement Obligation Liabilities Assumed
AssetRetirementObligationLiabilitiesAssumed
2662000 USD
CY2012Q4 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
6027000 USD
CY2012 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6500000 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-156597000 USD
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16657000 USD
CY2010 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15635000 USD
CY2012 us-gaap Interest Paid
InterestPaid
7200000 USD
CY2011 us-gaap Interest Paid
InterestPaid
4200000 USD
CY2010 us-gaap Interest Paid
InterestPaid
1700000 USD
CY2012Q4 mpo Accrued Interest Current
AccruedInterestCurrent
16200000 USD
CY2012Q4 mpo Accrued Oil And Gas Capital Expenditures Current
AccruedOilAndGasCapitalExpendituresCurrent
69000000 USD
CY2012Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13400000 USD
CY2011Q4 mpo Accrued Oil And Gas Capital Expenditures Current
AccruedOilAndGasCapitalExpendituresCurrent
28500000 USD
CY2011Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9000000 USD
CY2012Q4 us-gaap Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
70090000 USD
CY2012Q4 us-gaap Deferred Tax Liabilities Gross Noncurrent
DeferredTaxLiabilitiesGrossNoncurrent
260715000 USD
CY2012Q4 mpo Contractual Obligation Due After Fourth Year
ContractualObligationDueAfterFourthYear
4073000 USD

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