2017 Form 10-K Financial Statement

#000089353818000005 Filed on February 21, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016
Revenue $1.129B $346.2M $1.217B
YoY Change -7.23% 15.71% -21.81%
Cost Of Revenue $507.9M $151.9M $597.6M
YoY Change -15.0% -10.22% -17.42%
Gross Profit $621.5M $194.3M $619.9M
YoY Change 0.26% 49.46% -21.56%
Gross Profit Margin 55.03% 56.12% 50.92%
Selling, General & Admin $117.3M $33.30M $124.8M
YoY Change -6.01% -0.89% -20.86%
% of Gross Profit 18.87% 17.14% 20.13%
Research & Development $54.70M $23.70M $65.00M
YoY Change -15.85% -37.47% -46.1%
% of Gross Profit 8.8% 12.2% 10.49%
Depreciation & Amortization $557.0M $171.5M $790.7M
YoY Change -29.56% -28.54% -14.15%
% of Gross Profit 89.63% 88.27% 127.56%
Operating Expenses $742.8M $231.6M $991.3M
YoY Change -25.07% -26.52% -19.03%
Operating Profit -$163.7M -$37.30M -$1.057B
YoY Change -84.51% -79.86% 82.63%
Interest Expense $179.3M -$175.9M $158.7M
YoY Change 12.96% -293.08% 23.83%
% of Operating Profit
Other Income/Expense, Net -$800.0K $100.0K -$1.909M
YoY Change -58.09% -83.33% -394.14%
Pretax Income -$343.8M -$330.6M -$1.202B
YoY Change -71.39% -38.45% 66.27%
Income Tax -$183.0M -$129.7M -$444.2M
% Of Pretax Income
Net Earnings -$160.8M -$200.9M -$757.7M
YoY Change -78.77% -40.96% 69.25%
Net Earnings / Revenue -14.24% -58.03% -62.24%
Basic Earnings Per Share -$1.44 -$9.90
Diluted Earnings Per Share -$1.44 -$2.193M -$9.90
COMMON SHARES
Basic Shares Outstanding 111.4M shares 86.87M shares 76.57M shares
Diluted Shares Outstanding 111.4M shares 76.57M shares

Balance Sheet

Concept 2017 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $313.9M $9.400M $9.400M
YoY Change 3239.36%
Cash & Equivalents $313.9M $9.372M $9.400M
Short-Term Investments
Other Short-Term Assets $75.20M $69.80M $69.80M
YoY Change 7.74% -83.36% -83.36%
Inventory
Prepaid Expenses
Receivables $96.60M $152.0M $96.10M
Other Receivables $63.50M $0.00 $49.30M
Total Short-Term Assets $549.1M $224.6M $224.6M
YoY Change 144.48% -56.72% -56.72%
LONG-TERM ASSETS
Property, Plant & Equipment $5.555B $6.081B $6.081B
YoY Change -8.66% 22.85% 22.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.90M $19.94M $87.50M
YoY Change -16.69% -37.04% -42.59%
Total Long-Term Assets $5.628B $87.52M $6.169B
YoY Change -8.77% -42.57% 20.9%
TOTAL ASSETS
Total Short-Term Assets $549.1M $224.6M $224.6M
Total Long-Term Assets $5.628B $87.52M $6.169B
Total Assets $6.177B $6.394B $6.394B
YoY Change -3.39% 13.73% 13.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $299.7M
YoY Change
Accrued Expenses $344.8M $249.0M
YoY Change 38.47% -1.7%
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 $559.2M $415.2M $415.2M
YoY Change 34.68% 37.24% 37.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.909B $2.898B $2.898B
YoY Change 0.39% 15.08% 15.08%
Other Long-Term Liabilities $234.2M $47.24M $268.0M
YoY Change -12.61% -10.76% 40.68%
Total Long-Term Liabilities $3.143B $3.481B $3.166B
YoY Change -0.71% 0.42% 16.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $559.2M $415.2M $415.2M
Total Long-Term Liabilities $3.143B $3.481B $3.166B
Total Liabilities $3.782B $3.896B $3.896B
YoY Change -2.93% 3.37% 3.37%
SHAREHOLDERS EQUITY
Retained Earnings $794.0M
YoY Change -49.09%
Common Stock $1.718B
YoY Change 460.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.395B $2.497B $2.497B
YoY Change
Total Liabilities & Shareholders Equity $6.177B $6.394B $6.394B
YoY Change -3.39% 13.73% 13.73%

Cashflow Statement

Concept 2017 2016 Q4 2016
OPERATING ACTIVITIES
Net Income -$160.8M -$200.9M -$757.7M
YoY Change -78.77% -40.96% 69.25%
Depreciation, Depletion And Amortization $557.0M $171.5M $790.7M
YoY Change -29.56% -28.54% -14.15%
Cash From Operating Activities $515.4M $137.8M $552.8M
YoY Change -6.77% -28.82% -44.21%
INVESTING ACTIVITIES
Capital Expenditures -$978.2M -$2.299B -$2.814B
YoY Change -65.23% 888.44% 87.38%
Acquisitions
YoY Change
Other Investing Activities $0.00 $793.3M $0.00
YoY Change 3364.19% -100.0%
Cash From Investing Activities -$201.5M -$1.506B -$1.868B
YoY Change -89.21% 617.73% 63.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.623M $938.3M
YoY Change -99.72% 19269.69%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$12.29M 399.7M $1.327B
YoY Change -100.93% 2382.61% 763.32%
NET CHANGE
Cash From Operating Activities $515.4M 137.8M $552.8M
Cash From Investing Activities -$201.5M -1.506B -$1.868B
Cash From Financing Activities -$12.29M 399.7M $1.327B
Net Change In Cash $301.6M -968.3M $12.35M
YoY Change 2341.08% 968200.0% -12211.76%
FREE CASH FLOW
Cash From Operating Activities $515.4M $137.8M $552.8M
Capital Expenditures -$978.2M -$2.299B -$2.814B
Free Cash Flow $1.494B $2.437B $3.367B
YoY Change -55.63% 471.77% 35.07%

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CY2017 us-gaap Costs And Expenses
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1297865000 USD
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CY2016 us-gaap Current Federal Tax Expense Benefit
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2932000 USD
CY2017 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2015 us-gaap Current State And Local Tax Expense Benefit
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1571000 USD
CY2016 us-gaap Current State And Local Tax Expense Benefit
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CY2017Q4 us-gaap Deferred Income Tax Liabilities
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CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2016Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Before Tax
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22791000 USD
CY2017Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Before Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax
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CY2017Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses Before Tax
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CY2016Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Prior Service Cost Credit Before Tax
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CY2017Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Prior Service Cost Credit Before Tax
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66000 USD
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CY2017 us-gaap Defined Benefit Plan Actual Return On Plan Assets
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2956000 USD
CY2016 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2017 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2017 us-gaap Defined Benefit Plan Amortization Of Gains Losses
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CY2015 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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17000 USD
CY2016 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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16000 USD
CY2017 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
17000 USD
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0.042
CY2017Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate
0.038
CY2016Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
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0.062
CY2017Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease
0.062
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0.043
CY2016 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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0.047
CY2017 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
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0.042
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DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.075
CY2016 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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0.075
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0.065
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0.062
CY2016 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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0.062
CY2017 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.062
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DefinedBenefitPlanBenefitObligation
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DefinedBenefitPlanBenefitObligationBenefitsPaid
10757000 USD
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DefinedBenefitPlanContributionsByEmployer
6400000 USD
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DefinedBenefitPlanContributionsByEmployer
11045000 USD
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DefinedBenefitPlanContributionsByEmployer
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DefinedBenefitPlanExpectedReturnOnPlanAssets
2182000 USD
CY2016 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
2235000 USD
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CY2017Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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30978000 USD
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36279000 USD
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4217000 USD
CY2017Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
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5561000 USD
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4363000 USD
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3818000 USD
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4000000 USD
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2908000 USD
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DefinedBenefitPlanInterestCost
2689000 USD
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DefinedBenefitPlanNetPeriodicBenefitCost
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CY2017 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
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54681000 USD
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56045000 USD
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31731000 USD
CY2017Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
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30978000 USD
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69659000 USD
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71937000 USD
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0 USD
CY2017 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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CY2016 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
8200000 USD
CY2017 us-gaap Defined Benefit Plan Service Cost
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CY2017Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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4016000 USD
CY2017Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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4593000 USD
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100035000 USD
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104628000 USD
CY2016Q4 us-gaap Derivative Fair Value Of Derivative Liability
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213804000 USD
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Liability
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243984000 USD
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CY2017Q4 us-gaap Derivative Fair Value Of Derivative Net
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CY2017Q4 us-gaap Derivative Liabilities Noncurrent
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95724000 USD
CY2017Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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143949000 USD
CY2016Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
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118080000 USD
CY2017Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
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100035000 USD
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372621000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Noncurrent
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111700000 USD
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6772000 USD
CY2016 us-gaap Dividends Common Stock Cash
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7751000 USD
CY2017 us-gaap Dividends Common Stock Cash
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11144000 USD
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350000000 USD
CY2016 us-gaap Early Repayment Of Senior Debt
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29904000 USD
CY2017 us-gaap Early Repayment Of Senior Debt
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2344000 USD
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CY2016 us-gaap Earnings Per Share Diluted
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CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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0.370
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CY2017Q4 us-gaap Employee Related Liabilities Current
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CY2015Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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0 USD
CY2015 us-gaap Exploration Abandonment And Impairment Expense
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78643000 USD
CY2016 us-gaap Exploration Abandonment And Impairment Expense
ExplorationAbandonmentAndImpairmentExpense
80367000 USD
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ExplorationAbandonmentAndImpairmentExpense
12272000 USD
CY2015 us-gaap Exploration Expense
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120569000 USD
CY2016 us-gaap Exploration Expense
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65641000 USD
CY2017 us-gaap Exploration Expense
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56179000 USD
CY2015 us-gaap Gain Loss On Derivative Instruments Net Pretax
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408831000 USD
CY2016 us-gaap Gain Loss On Derivative Instruments Net Pretax
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-250633000 USD
CY2017 us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2015 us-gaap Gain Loss On Sale Of Oil And Gas Property
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43031000 USD
CY2016 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
37074000 USD
CY2017 us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
-131028000 USD
CY2015 us-gaap Gains Losses On Extinguishment Of Debt
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-16578000 USD
CY2016 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
15722000 USD
CY2017 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-35000 USD
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
157668000 USD
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
126428000 USD
CY2017 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
120585000 USD
CY2015 us-gaap Impairment Of Long Lived Assets Held For Use
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49369000 USD
CY2016 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-722861000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1201916000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-343813000 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-275151000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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570000 USD
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17000 USD
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16000 USD
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17000 USD
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350000 USD
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2394608000 USD
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2471947000 USD
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2047203000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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0 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
2345000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1200000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
9000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
446000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1582000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2782000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
446000 USD
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67723000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76568000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
111428000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67723000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76568000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
111428000 shares
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration of Credit Risk and Major Customers</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is exposed to credit risk in the event of nonpayment by counterparties, a significant portion of which are concentrated in energy related industries.&#160;&#160;The creditworthiness of customers and other counterparties is subject to regular review.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company does not believe the loss of any single purchaser of its production would materially impact its operating results, as oil, gas, and NGLs are products with well established markets and numerous purchasers in the Company&#8217;s operating regions. The Company had the following major customers and sales to entities under common ownership, which accounted for 10 percent or more of its total oil, gas, and NGL production revenue for at least one of the periods presented:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:557px;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:306px;" rowspan="1" colspan="1"></td><td style="width:68px;" rowspan="1" colspan="1"></td><td style="width:11px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:68px;" rowspan="1" colspan="1"></td><td style="width:11px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:68px;" rowspan="1" colspan="1"></td><td style="width:11px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="8" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">For the Years Ended December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2015</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Major customer #1</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#160;(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Major customer #2</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#160;(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Group #1 of entities under common ownership</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#160;(3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Group #2 of entities under common ownership </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;">____________________________________________</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup>&#160;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This major customer is a purchaser of the Company&#8217;s production from its Permian region.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup>&#160;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This major customer was the operator of the Company&#8217;s outside-operated Eagle Ford shale program, which was divested of during the first quarter of 2017. Prior to the divestiture, the Company was party to various marketing agreements, which included certain gathering, transportation, and processing throughput commitments. Because the Company shared with the operator the risk of non-performance by its counterparty purchasers, the Company included the operator as a major customer in the table above. Several of the operator&#8217;s counterparty purchasers under these contracts were also direct purchasers of the Company&#8217;s production from other areas.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup>&#160;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the aggregate these groups of entities under common ownership represent more than 10 percent of total oil, gas, and NGL production revenue for the period(s) shown, however, </font><font style="font-family:inherit;font-size:10pt;">none</font><font style="font-family:inherit;font-size:10pt;"> of the individual entities comprising either group represented more than 10 percent of the Company&#8217;s total oil, gas, and NGL production revenue.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s policy is to use the commodity affiliates of the lenders under its Credit Agreement as its derivative counterparties, and each counterparty must have investment grade senior unsecured debt ratings. Each of the Company&#8217;s </font><font style="font-family:inherit;font-size:10pt;">10</font><font style="font-family:inherit;font-size:10pt;"> derivative counterparties meet both of these requirements as of the filing of this report.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company maintains its primary bank accounts with a large, multinational bank that has branch locations in the Company&#8217;s areas of operations. The Company&#8217;s policy is to diversify its concentration of cash and cash equivalent investments among multiple institutions and investment products to limit the amount of credit exposure to any single institution or investment.&#160; The Company maintains investments in highly rated, highly liquid investment products with numerous banks that are party to its revolving credit facility.</font></div></div>
CY2017 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses Level 2 inputs to measure the fair value of oil, gas, and NGL commodity derivatives. Fair values are based upon interpolated data. The Company derives internal valuation estimates taking into consideration forward commodity price curves, counterparties&#8217; credit ratings, the Company&#8217;s credit rating, and the time value of money. These valuations are then compared to the respective counterparties&#8217; mark-to-market statements. The considered factors result in an estimated exit-price that management believes provides a reasonable and consistent methodology for valuing derivative instruments. The commodity derivative instruments utilized by the Company are not considered by management to be complex, structured, or illiquid. The oil, gas, and NGL commodity derivative markets are highly active.</font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates in the Preparation of Financial Statements</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of proved oil and gas reserves, assets and liabilities, 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. Estimates of proved oil and gas reserve quantities provide the basis for the calculation of depletion, depreciation, and amortization expense, impairment of proved properties, and asset retirement obligations, each of which represents a significant component of the accompanying consolidated financial statements.</font></div></div>

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Show.js Edgar Link pending
sm-20171231.xml Edgar Link completed
sm-20171231.xsd Edgar Link pending
sm-20171231x10k.htm Edgar Link pending
sm-20171231_cal.xml Edgar Link unprocessable
sm-20171231_def.xml Edgar Link unprocessable
sm-20171231_lab.xml Edgar Link unprocessable
sm-20171231_pre.xml Edgar Link unprocessable