2017 Q2 Form 10-Q Financial Statement

#000152812917000110 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $187.0M $146.8M
YoY Change 27.41% -19.5%
Cost Of Revenue $73.50M $72.40M
YoY Change 1.52% -26.35%
Gross Profit $113.5M $74.40M
YoY Change 52.55% -11.43%
Gross Profit Margin 60.69% 50.69%
Selling, General & Admin $22.00M $20.50M
YoY Change 7.32% -11.64%
% of Gross Profit 19.38% 27.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $38.00M $34.18M
YoY Change 11.19% -52.61%
% of Gross Profit 33.48% 45.94%
Operating Expenses $61.40M $55.50M
YoY Change 10.63% -42.13%
Operating Profit $52.06M $17.87M
YoY Change 191.27% -103.56%
Interest Expense $23.17M $23.51M
YoY Change -1.44% -1.91%
% of Operating Profit 44.51% 131.54%
Other Income/Expense, Net $9.049M -$89.31M
YoY Change -110.13% -23.93%
Pretax Income $61.11M -$71.43M
YoY Change -185.55% -88.46%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $61.11M -$71.43M
YoY Change -185.55% -82.01%
Net Earnings / Revenue 32.68% -48.67%
Basic Earnings Per Share $0.26 -$0.33
Diluted Earnings Per Share $0.25 -$0.33
COMMON SHARES
Basic Shares Outstanding 239.2M shares 217.6M shares
Diluted Shares Outstanding 244.4M shares 217.6M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.00M $19.30M
YoY Change 81.35% -66.49%
Cash & Equivalents $35.02M $19.31M
Short-Term Investments
Other Short-Term Assets $17.55M $14.45M
YoY Change 21.48% -37.16%
Inventory $8.600M $7.000M
Prepaid Expenses
Receivables $72.11M $88.54M
Other Receivables $139.0K $266.0K
Total Short-Term Assets $167.7M $211.3M
YoY Change -20.64% -32.88%
LONG-TERM ASSETS
Property, Plant & Equipment $1.499B $1.144B
YoY Change 31.04% -62.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $249.5M $213.6M
YoY Change 16.79% 106.99%
Other Assets $12.01M $8.414M
YoY Change 42.68% 45.9%
Total Long-Term Assets $1.774B $1.399B
YoY Change 26.79% -58.7%
TOTAL ASSETS
Total Short-Term Assets $167.7M $211.3M
Total Long-Term Assets $1.774B $1.399B
Total Assets $1.941B $1.610B
YoY Change 20.56% -56.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.78M $14.50M
YoY Change -25.68% -37.67%
Accrued Expenses $119.7M $100.8M
YoY Change 18.75% -33.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $172.1M $153.8M
YoY Change 11.88% -50.4%
LONG-TERM LIABILITIES
Long-Term Debt $1.390B $1.393B
YoY Change -0.19% -2.25%
Other Long-Term Liabilities $3.457M $3.844M
YoY Change -10.07% -9.32%
Total Long-Term Liabilities $1.394B $1.397B
YoY Change -0.21% -2.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $172.1M $153.8M
Total Long-Term Liabilities $1.394B $1.397B
Total Liabilities $1.617B $1.601B
YoY Change 0.99% -9.71%
SHAREHOLDERS EQUITY
Retained Earnings -$2.089B -$2.209B
YoY Change -5.45% 1424.46%
Common Stock $2.413B $2.218B
YoY Change 8.78% 6.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $324.4M $9.162M
YoY Change
Total Liabilities & Shareholders Equity $1.941B $1.610B
YoY Change 20.56% -56.51%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $61.11M -$71.43M
YoY Change -185.55% -82.01%
Depreciation, Depletion And Amortization $38.00M $34.18M
YoY Change 11.19% -52.61%
Cash From Operating Activities $93.10M $82.10M
YoY Change 13.4% -6.06%
INVESTING ACTIVITIES
Capital Expenditures -$127.5M -$93.60M
YoY Change 36.22% -36.37%
Acquisitions
YoY Change
Other Investing Activities $3.900M -$15.90M
YoY Change -124.53%
Cash From Investing Activities -$123.6M -$109.4M
YoY Change 12.98% -25.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $119.3M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.10M 34.60M
YoY Change 1.45% -107.66%
NET CHANGE
Cash From Operating Activities 93.10M 82.10M
Cash From Investing Activities -123.6M -109.4M
Cash From Financing Activities 35.10M 34.60M
Net Change In Cash 4.600M 7.300M
YoY Change -36.99% -101.43%
FREE CASH FLOW
Cash From Operating Activities $93.10M $82.10M
Capital Expenditures -$127.5M -$93.60M
Free Cash Flow $220.6M $175.7M
YoY Change 25.55% -25.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CostsAndExpenses
134940000 USD
us-gaap Costs And Expenses
CostsAndExpenses
272620000 USD
CY2016Q2 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
0 USD
us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
0 USD
CY2017Q2 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
0 USD
us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
0 USD
CY2016Q2 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
0 USD
us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
0 USD
CY2017Q2 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
0 USD
us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
0 USD
CY2016Q2 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
70806000 USD
us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
152692000 USD
CY2017Q2 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
125738000 USD
us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
236896000 USD
CY2016Q2 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
19769000 USD
us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
27032000 USD
CY2017Q2 us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
5658000 USD
us-gaap Costs Incurred Exploration Costs
CostsIncurredExplorationCosts
21201000 USD
CY2016Q2 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
90575000 USD
us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
179724000 USD
CY2017Q2 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
131396000 USD
us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
258097000 USD
CY2016Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1370000000 USD
CY2017Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1405000000 USD
CY2016Q4 us-gaap Deferred Finance Costs Net
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16091000 USD
CY2017Q2 us-gaap Deferred Finance Costs Net
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14723000 USD
CY2017Q2 us-gaap Deferred Finance Costs Noncurrent Net
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21449000 USD
CY2016Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
CY2017Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
CY2017Q2 us-gaap Deferred Tax Assets Valuation Allowance
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716200000 USD
CY2016Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34177000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
75655000 USD
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
38003000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
72115000 USD
CY2016Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
20947000 USD
CY2017Q2 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
42985000 USD
CY2016Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
8718000 USD
CY2017Q2 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
12807000 USD
CY2016Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
20993000 USD
CY2017Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
653000 USD
CY2016Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
5694000 USD
CY2017Q2 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
0 USD
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.17
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.54
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.17
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
25947000 USD
CY2017Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9122000 USD
CY2016Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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989000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1771000 USD
CY2017Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1792000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3772000 USD
CY2016Q4 us-gaap Equity Method Investments
EquityMethodInvestments
243953000 USD
CY2017Q2 us-gaap Equity Method Investments
EquityMethodInvestments
249492000 USD
CY2016Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-68518000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-50633000 USD
CY2017Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
28897000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
65568000 USD
CY2016Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-141000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-301000 USD
CY2017Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
805000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
591000 USD
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
20502000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
39953000 USD
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
22008000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
47605000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-71432000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-251803000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
61110000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
129386000 USD
CY2016Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3696000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5994000 USD
CY2017Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2471000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5539000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
319000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4277000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
844000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-14760000 USD
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
-27583000 USD
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
0 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
295000 USD
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-20449000 USD
CY2016Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
11000 USD
us-gaap Interest And Other Income
InterestAndOtherIncome
110000 USD
CY2017Q2 us-gaap Interest And Other Income
InterestAndOtherIncome
49000 USD
us-gaap Interest And Other Income
InterestAndOtherIncome
194000 USD
CY2016Q2 us-gaap Interest Expense
InterestExpense
23512000 USD
us-gaap Interest Expense
InterestExpense
47217000 USD
CY2017Q2 us-gaap Interest Expense
InterestExpense
23173000 USD
us-gaap Interest Expense
InterestExpense
45893000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
115000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
490000 USD
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
24152000 USD
CY2017Q2 us-gaap Interest Payable Current
InterestPayableCurrent
24354000 USD
CY2016Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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243953000 USD
CY2017Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
249492000 USD
CY2016Q2 us-gaap Lease Operating Expense
LeaseOperatingExpense
19225000 USD
us-gaap Lease Operating Expense
LeaseOperatingExpense
39743000 USD
CY2017Q2 us-gaap Lease Operating Expense
LeaseOperatingExpense
20104000 USD
us-gaap Lease Operating Expense
LeaseOperatingExpense
37096000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
1601773000 USD
CY2017Q2 us-gaap Liabilities
Liabilities
1616851000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1782346000 USD
CY2017Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1941254000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
187945000 USD
CY2017Q2 us-gaap Liabilities Current
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172083000 USD
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
1353909000 USD
CY2017Q2 us-gaap Long Term Debt
LongTermDebt
1390277000 USD
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1353909000 USD
CY2017Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1390277000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
93154000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
23029000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-243630000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-177578000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
138631000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
156901000 USD
CY2016Q2 us-gaap Net Income Loss
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-71432000 USD
us-gaap Net Income Loss
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-251803000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
25999000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
61110000 USD
us-gaap Net Income Loss
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129386000 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-89306000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-92889000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
9049000 USD
CY2016Q4 us-gaap Oil And Gas Joint Interest Billing Receivables Current
OilAndGasJointInterestBillingReceivablesCurrent
12175000 USD
CY2017Q2 us-gaap Oil And Gas Joint Interest Billing Receivables Current
OilAndGasJointInterestBillingReceivablesCurrent
8973000 USD
CY2016Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
1195854000 USD
CY2017Q2 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
1328930000 USD
CY2016Q4 us-gaap Oil And Gas Sales Payable Current And Noncurrent
OilAndGasSalesPayableCurrentAndNoncurrent
17213000 USD
CY2017Q2 us-gaap Oil And Gas Sales Payable Current And Noncurrent
OilAndGasSalesPayableCurrentAndNoncurrent
11971000 USD
CY2016Q2 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
102526000 USD
us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
175668000 USD
CY2017Q2 us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
141837000 USD
us-gaap Oil And Gas Sales Revenue
OilAndGasSalesRevenue
280573000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
17874000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-158914000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
52061000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
103387000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
16331000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20526000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
14291000 USD
CY2017Q2 us-gaap Other Assets Current
OtherAssetsCurrent
17548000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
8031000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12005000 USD
CY2016Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
860000 USD
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1704000 USD
CY2017Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1437000 USD
us-gaap Other Cost And Expense Operating
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2463000 USD
CY2016Q4 us-gaap Other Liabilities Current
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94215000 USD
CY2017Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
74787000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3621000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3457000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-65794000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-45672000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
32222000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
71892000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
2009000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
1414000 USD
CY2016Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
421000 USD
CY2017Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
139000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1541000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7597000 USD
CY2016Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
93577000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
42681000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
832000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
2683000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
201299000 USD
CY2017Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
127543000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
241019000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
197042000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
232219000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
6228000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
8958000 USD
us-gaap Proceeds From Issuance Of Common Stock
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119310000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
120000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
90000000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
350000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
63441000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
67000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
358000 USD
CY2016Q2 us-gaap Production Tax Expense
ProductionTaxExpense
7982000 USD
us-gaap Production Tax Expense
ProductionTaxExpense
14417000 USD
CY2017Q2 us-gaap Production Tax Expense
ProductionTaxExpense
8472000 USD
us-gaap Production Tax Expense
ProductionTaxExpense
17253000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
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1366867000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1499286000 USD
CY2016Q4 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
44773000 USD
CY2017Q2 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
41415000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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144682000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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55000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2088696000 USD
CY2016Q2 us-gaap Revenue From Purchased Oil And Gas
RevenueFromPurchasedOilAndGas
42615000 USD
us-gaap Revenue From Purchased Oil And Gas
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74229000 USD
CY2017Q2 us-gaap Revenue From Purchased Oil And Gas
RevenueFromPurchasedOilAndGas
42461000 USD
us-gaap Revenue From Purchased Oil And Gas
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89732000 USD
CY2016Q2 us-gaap Sales Revenue Net
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146773000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
253330000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
187001000 USD
us-gaap Sales Revenue Net
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376007000 USD
us-gaap Share Based Compensation
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9911000 USD
us-gaap Share Based Compensation
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17911000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Based Liabilities Paid
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid
6394000 USD
us-gaap Treasury Stock Retired Cost Method Amount
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0 USD
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
7062000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
11682000 USD
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
10479000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
21683000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
358000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
180573000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
324403000 USD
us-gaap Threshold Period Past Due For Writeoff Of Trade Accounts Receivable
ThresholdPeriodPastDueForWriteoffOfTradeAccountsReceivable
P90D
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
217564000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
214562000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
244417000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
244385000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
217564000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
214562000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
239231000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
238870000 shares
us-gaap Well Service Expense
WellServiceExpense
0 USD
us-gaap Well Service Expense
WellServiceExpense
0 USD
CY2016Q2 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
842000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
842000 USD
CY2017Q2 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Credit risk</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's oil, NGL and natural gas sales are made to a variety of purchasers, including intrastate and interstate pipelines or their marketing affiliates and independent marketing companies. The Company's joint operations accounts receivable are from a number of oil and natural gas companies, partnerships, individuals and others who own interests in the oil and natural gas properties operated by the Company. The Company's sales of purchased oil are made to </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> customer. Management believes that any credit risk imposed by a concentration in the oil and natural gas industry is offset by the creditworthiness of the Company's customer base and industry partners. The Company routinely assesses the recoverability of all material trade and other receivables to determine collectability.</font></div><div style="line-height:120%;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses derivatives to hedge its exposure to oil, NGL and natural gas price volatility. These transactions expose the Company to potential credit risk from its counterparties. In accordance with the Company's standard practice, its derivatives are subject to counterparty netting under agreements governing such derivatives; therefore, the credit risk associated with its derivative counterparties is somewhat mitigated.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the 2017 presentation. These reclassifications had no impact to previously reported balance sheets or stockholders' equity.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Laredo Petroleum,&#160;Inc. ("Laredo"), together with its wholly-owned subsidiaries, Laredo Midstream Services, LLC ("LMS") and Garden City Minerals, LLC ("GCM"), is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, and the </font><font style="font-family:inherit;font-size:10pt;">gathering of oil and liquids-rich natural gas</font><font style="font-family:inherit;font-size:10pt;"> from such properties, primarily in the Permian Basin in West Texas. LMS and GCM (together, the "Guarantors") guarantee all of Laredo's debt instruments. In these notes, the "Company" refers to Laredo, LMS and GCM collectively, unless the context indicates otherwise. All amounts, dollars and percentages presented in these unaudited consolidated financial statements and the related notes are rounded and therefore approximate. </font></div><div style="line-height:120%;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">LMS holds </font><font style="font-family:inherit;font-size:10pt;">49%</font><font style="font-family:inherit;font-size:10pt;"> of the ownership units of Medallion Gathering &amp; Processing, LLC, a Texas limited liability company formed on October 12, 2012, which, together with its wholly-owned subsidiaries (collectively, "Medallion"), is focused on developing midstream solutions and providing midstream infrastructure in the Midland Basin. The Company accounts for Medallion as an equity method investment.</font></div><div style="line-height:120%;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates in </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> business segments: (i) exploration and production and (ii) midstream and marketing. The exploration and production segment is engaged in the acquisition, exploration and development of oil and natural gas properties. The midstream and marketing segment provides Laredo's exploration and production segment and third parties with products and services that need to be delivered by midstream infrastructure, including oil and liquids-rich natural gas gathering services as well as rig fuel, natural gas lift and water delivery and takeaway.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of estimates in the preparation of interim unaudited consolidated financial statements</font></div><div style="line-height:120%;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions 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. Although management believes these estimates are reasonable, actual results could differ. The interim results reflected in the unaudited consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year. </font></div><div style="line-height:120%;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant estimates include, but are not limited to, (i) estimates of the Company's reserves of oil, NGL and natural gas, (ii) future cash flows from oil and natural gas properties, (iii) depletion, depreciation and amortization, (iv) impairments, (v) asset retirement obligations, (vi) stock-based compensation, (vii) deferred income taxes, (viii) fair value of assets acquired and liabilities assumed in an acquisition, (ix) fair value of derivatives and deferred premiums and (x) contingent liabilities. As fair value is a market-based measurement, it is determined based on the assumptions that would be used by market participants. These estimates and assumptions are based on management's best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets and volatile equity and energy markets have combined to increase the uncertainty inherent in such estimates and assumptions. Management believes its estimates and assumptions to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual values and results could differ from these estimates. Any changes in estimates resulting from future changes in the economic environment will be reflected in the financial statements in future periods.</font></div></div>

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