2015 Q2 Form 10-Q Financial Statement

#000134943615000169 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $229.6M $374.7M
YoY Change -38.72% -26.95%
Cost Of Revenue $4.884M $10.47M
YoY Change -53.35% -31.79%
Gross Profit $224.7M $364.2M
YoY Change -38.3% -26.81%
Gross Profit Margin 97.87% 97.21%
Selling, General & Admin $38.40M $23.00M
YoY Change 66.96% -64.89%
% of Gross Profit 17.09% 6.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $106.8M $112.7M
YoY Change -5.24% -27.24%
% of Gross Profit 47.53% 30.94%
Operating Expenses $146.3M $136.7M
YoY Change 7.02% -40.67%
Operating Profit -$1.535B $42.08M
YoY Change -3748.1% -46.32%
Interest Expense -$106.7M -$147.2M
YoY Change -27.51% -446.35%
% of Operating Profit -349.82%
Other Income/Expense, Net -$53.62M -$60.53M
YoY Change -11.4% -1.21%
Pretax Income -$1.589B -$18.45M
YoY Change 8512.74% -173.22%
Income Tax $25.00K -$1.194M
% Of Pretax Income
Net Earnings -$1.368B -$32.89M
YoY Change 4060.28% 60.96%
Net Earnings / Revenue -596.01% -8.78%
Basic Earnings Per Share -$2.78 -$0.10
Diluted Earnings Per Share -$2.78 -$0.10
COMMON SHARES
Basic Shares Outstanding 495.2M shares 485.3M shares
Diluted Shares Outstanding 495.2M shares 485.3M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $983.6M $918.8M
YoY Change 7.05% -16.04%
Cash & Equivalents $983.6M $918.8M
Short-Term Investments
Other Short-Term Assets $25.99M $21.67M
YoY Change 19.91% -44.24%
Inventory
Prepaid Expenses $9.938M $12.34M
Receivables $237.7M $333.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.378B $1.290B
YoY Change 6.84% -21.46%
LONG-TERM ASSETS
Property, Plant & Equipment $556.8M $564.5M
YoY Change -1.36% -0.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.90M $10.70M
YoY Change 1.87% -6.14%
Other Assets $147.3M $78.56M
YoY Change 87.56% -37.03%
Total Long-Term Assets $4.057B $5.623B
YoY Change -27.85% -7.99%
TOTAL ASSETS
Total Short-Term Assets $1.378B $1.290B
Total Long-Term Assets $4.057B $5.623B
Total Assets $5.435B $6.913B
YoY Change -21.38% -10.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $494.7M $648.4M
YoY Change -23.7% 1076.77%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $551.3M $707.6M
YoY Change -22.08% -19.94%
LONG-TERM LIABILITIES
Long-Term Debt $4.396B $3.195B
YoY Change 37.57% 0.02%
Other Long-Term Liabilities $15.40M $19.15M
YoY Change -19.61% -12.03%
Total Long-Term Liabilities $4.411B $3.214B
YoY Change 37.23% -0.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $551.3M $707.6M
Total Long-Term Liabilities $4.411B $3.214B
Total Liabilities $5.019B $3.983B
YoY Change 26.03% -11.05%
SHAREHOLDERS EQUITY
Retained Earnings -$5.679B -$3.641B
YoY Change 55.98% 7.76%
Common Stock $514.0K $485.0K
YoY Change 5.98% 0.41%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.776M $7.295M
YoY Change -7.11% -19.8%
Treasury Stock Shares
Shareholders Equity -$434.6M $1.657B
YoY Change
Total Liabilities & Shareholders Equity $5.435B $6.913B
YoY Change -21.38% -10.84%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$1.368B -$32.89M
YoY Change 4060.28% 60.96%
Depreciation, Depletion And Amortization $106.8M $112.7M
YoY Change -5.24% -27.24%
Cash From Operating Activities $228.9M $140.3M
YoY Change 63.15% -46.69%
INVESTING ACTIVITIES
Capital Expenditures -$261.5M -$339.9M
YoY Change -23.07% -17.16%
Acquisitions
YoY Change
Other Investing Activities $8.700M $400.0K
YoY Change 2075.0% -91.11%
Cash From Investing Activities -$252.8M -$339.5M
YoY Change -25.54% -16.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 995.7M -61.70M
YoY Change -1713.78% -14.19%
NET CHANGE
Cash From Operating Activities 228.9M 140.3M
Cash From Investing Activities -252.8M -339.5M
Cash From Financing Activities 995.7M -61.70M
Net Change In Cash 971.8M -260.9M
YoY Change -472.48% 21.63%
FREE CASH FLOW
Cash From Operating Activities $228.9M $140.3M
Capital Expenditures -$261.5M -$339.9M
Free Cash Flow $490.4M $480.2M
YoY Change 2.12% -28.7%

Facts In Submission

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16823000 USD
CY2014Q4 us-gaap Derivative Liabilities
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0 USD
CY2015Q2 us-gaap Derivative Liabilities
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128000 USD
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0 USD
CY2015Q2 us-gaap Derivative Liabilities Current
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102000 USD
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0 USD
CY2015Q2 us-gaap Derivative Liabilities Noncurrent
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26000 USD
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CY2015Q2 us-gaap Derivative Liability Fair Value Gross Asset
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0 USD
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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0 USD
CY2015Q2 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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0 USD
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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0 USD
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us-gaap Direct Operating Costs
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0 USD
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0 USD
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0 USD
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us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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3100000 USD
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1300000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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2600000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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2770000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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4674000 USD
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
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17934000 USD
us-gaap Gains Losses On Extinguishment Of Debt
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17934000 USD
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13254000 USD
us-gaap Gas Gathering Transportation Marketing And Processing Costs
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29254000 USD
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7724000 USD
us-gaap Gas Gathering Transportation Marketing And Processing Costs
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15831000 USD
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14874000 USD
us-gaap Gas Gathering Transportation Marketing And Processing Revenue
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32784000 USD
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8606000 USD
us-gaap Gas Gathering Transportation Marketing And Processing Revenue
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17370000 USD
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us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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65000 USD
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1932000 USD
us-gaap Income Taxes Paid Net
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95000 USD
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us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
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0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
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0 shares
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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0 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0 shares
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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0 shares
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us-gaap Interest And Debt Expense
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us-gaap Interest And Debt Expense
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177245000 USD
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Land
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Land
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230792000 USD
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Nonoperating Income Expense
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3329553000 USD
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us-gaap Oil And Gas Sales Revenue
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us-gaap Oil And Gas Sales Revenue
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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30933000 USD
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us-gaap Other Depreciation And Amortization
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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16553000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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16553000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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3475000 USD
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us-gaap Payments To Minority Shareholders
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us-gaap Payments To Minority Shareholders
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CY2014Q2 us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
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CY2015Q2 us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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PreferredStockParOrStatedValuePerShare
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Production Tax Expense
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15647000 USD
CY2015Q2 us-gaap Production Tax Expense
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4382000 USD
us-gaap Production Tax Expense
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Property Plant And Equipment Additions
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CY2015Q2 us-gaap Property Plant And Equipment Additions
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us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
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556848000 USD
us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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1065000 USD
us-gaap Results Of Operations Accretion Of Asset Retirement Obligations
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6811000 USD
CY2015Q2 us-gaap Results Of Operations Accretion Of Asset Retirement Obligations
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1111000 USD
us-gaap Results Of Operations Accretion Of Asset Retirement Obligations
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2191000 USD
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us-gaap Revenue Oil And Gas Services
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35932000 USD
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5241000 USD
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15086000 USD
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us-gaap Revenues
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817770000 USD
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229607000 USD
us-gaap Revenues
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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CY2014Q4 us-gaap Stockholders Equity
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415572000 USD
us-gaap Treasury Stock Retired Cost Method Amount
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2093000 USD
us-gaap Unamortized Costs Capitalized Less Related Deferred Income Taxes Exceed Ceiling Limitation Expense
UnamortizedCostsCapitalizedLessRelatedDeferredIncomeTaxesExceedCeilingLimitationExpense
164800000 USD
CY2015Q2 us-gaap Unamortized Costs Capitalized Less Related Deferred Income Taxes Exceed Ceiling Limitation Expense
UnamortizedCostsCapitalizedLessRelatedDeferredIncomeTaxesExceedCeilingLimitationExpense
1500000000 USD
us-gaap Unamortized Costs Capitalized Less Related Deferred Income Taxes Exceed Ceiling Limitation Expense
UnamortizedCostsCapitalizedLessRelatedDeferredIncomeTaxesExceedCeilingLimitationExpense
2600000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
100000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
100000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
485318000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
485059000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
495153000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
486704000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
485318000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
485059000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
495153000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
486704000 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
7108000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications.</font><font style="font-family:inherit;font-size:10pt;"> Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company&#8217;s previously reported results of operations. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;">&#160;The preparation of the accompanying unaudited condensed consolidated 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.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas and natural gas liquids (&#8220;NGL&#8221;) reserves; cash flow estimates used in the valuation of guarantees; impairment tests of long-lived assets; depreciation, depletion and amortization; asset retirement obligations; assignments of fair value and allocations of purchase price in connection with business combinations; determinations of significant alterations to the full cost pool and related estimates of fair value used to allocate the full cost pool net book value to divested properties, as necessary; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes these estimates are reasonable, actual results could differ significantly.</font></div></div>

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