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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bill Barrett Corp. (delisted) | NYSE:BBG | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.84 | 0.00 | 01:00:00 |
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
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to
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Delaware
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80-0000545
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(State or other jurisdiction of
incorporation
or organization)
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(IRS Employer
Identification No.)
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Name of each exchange on which registered
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Common Stock, $.001 par value
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New York Stock Exchange
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Securities registered pursuant to Section 12(g) of the Act: None
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Large accelerated filer
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o
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Accelerated filer
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þ
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Emerging growth company
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o
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•
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volatility of market prices received for oil, natural gas and NGLs;
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actual production being less than estimated;
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•
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changes in the estimates of proved reserves;
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•
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availability of midstream and downstream markets to sell our products;
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•
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reductions in the borrowing base under our revolving bank credit facility (sometimes referred to as the "Amended Credit Facility");
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•
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availability of capital at a reasonable cost;
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•
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legislative or regulatory changes that can affect our ability to permit wells and conduct operations, including ballot initiatives seeking moratoria or bans on drilling or hydraulic fracturing;
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availability of third party goods and services at reasonable rates;
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liabilities resulting from litigation concerning alleged damages related to environmental issues, pollution, contamination, personal injury, royalties, marketing, title to properties, validity of leases, regulatory penalties or other matters that may not be covered by an effective indemnity or insurance; and
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other uncertainties, including the factors discussed below and elsewhere in this Annual Report on Form 10-K, particularly in "Item 1A. Risk Factors", all of which are difficult to predict.
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Estimated proved reserves as of
December 31, 2017
- 85.8 MMBoe.
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•
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Producing wells - We had interests in
368
gross (
245.2
net) producing wells as of
December 31, 2017
, and we serve as operator in 262 gross wells.
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•
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2017
net production -
6,235
MBoe.
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•
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Acreage - We held
30,858
net undeveloped and
38,702
net developed acres as of
December 31, 2017
.
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•
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Capital expenditures - Our capital expenditures for
2017
were
$251.5 million
for participation in the drilling of 73 gross (57.8 net) wells, acquisition of leasehold acres and construction of gathering facilities.
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•
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As of
December 31, 2017
, we were drilling 2 gross (1 net) well, and we were waiting to complete 17 gross (14.5 net) wells within the DJ Basin.
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•
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Based on our proved reserves as of January 1, 2018, we have a 73% weighted average working interest in our producing wells in the DJ Basin.
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As of December 31,
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Proved Reserves:
(1)
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2017
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2016
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2015
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Proved Developed Reserves:
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|||
Oil (MMBbls)
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17.4
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21.8
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27.2
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Natural gas (Bcf)
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74.5
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47.5
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45.2
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NGLs (MMBbls)
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11.7
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6.7
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5.1
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Total proved developed reserves (MMBoe)
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41.5
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36.4
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39.8
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Proved Undeveloped Reserves:
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Oil (MMBbls)
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22.2
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9.3
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28.3
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Natural gas (Bcf)
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68.4
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28.7
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52.8
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NGLs (MMBbls)
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10.7
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4.4
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6.8
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Total proved undeveloped reserves (MMBoe)
(2)
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44.3
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18.5
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43.9
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Total Proved Reserves (MMBoe)
(3)
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85.8
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54.9
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83.7
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(1)
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Our proved reserves were determined in accordance with SEC guidelines, using the average of the prices on the first day of each month in
2017
for natural gas (Henry Hub price) and oil (WTI Cushing price), subject to certain adjustments, or
$2.98
per MMBtu of natural gas and
$51.34
per barrel of oil, respectively, without giving effect to hedging transactions. The average NGL price of
$27.40
per barrel was based on Mt Belvieu pricing using a historical composite percentage. We currently do not include future reclamation costs net of salvage value in the calculation of our proved reserves.
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(2)
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Approximately 52%, 34% and 52% of our estimated proved reserves (by volume) were undeveloped for the years ended
December 31, 2017
,
2016
and
2015
, respectively.
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(3)
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Total proved reserves have been reduced for the sale of non-core oil and gas properties in the amount of
11.2
MMBoe,
2.0
MMBoe and
16.1
MMBoe for the years ended
December 31, 2017
,
2016
and
2015
, respectively.
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As of December 31,
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Proved Undeveloped Reserves:
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2017
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2016
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2015
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(MMBoe)
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Beginning balance
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18.5
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43.9
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80.8
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Additions from drilling program
(1)
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31.7
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8.4
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2.6
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Acquisitions
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—
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—
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—
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Engineering revisions
(1)
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10.8
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(0.7
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)
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1.3
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Price revisions
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0.2
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(0.3
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)
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(18.0
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)
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Converted to proved developed
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(13.0
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)
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(8.5
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)
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(8.1
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)
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Sold/ expired/ other
(2)
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(3.9
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)
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(24.3
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)
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(14.7
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)
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Total proved undeveloped reserves
(3)
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44.3
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18.5
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43.9
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(1)
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The increase in proved undeveloped reserves is the result of our development activity level in 2017. The upward revisions include approximately 42.5 MMboe that were added to the proved undeveloped reserve category as these locations are included in our near-term development plans.
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(2)
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Approximately
3.9
MMboe of proved undeveloped reserves were removed as the planned development of these locations are outside the SEC's five-year development window, which is based on when the proved undeveloped location was added.
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(3)
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Our development plan for drilling proved undeveloped wells represents an investment decision to drill these proved undeveloped locations within the five year development window allowed at the time the applicable proved undeveloped reserve is booked. Our DJ Basin proved undeveloped locations constitute approximately two rig years' worth of drilling
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Year Ended December 31,
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2017
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2016
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2015
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Proved undeveloped locations converted to proved developed wells during year
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51
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21
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35
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Proved undeveloped drilling and completion capital invested (in millions)
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$
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136.8
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$
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55.3
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$
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165.3
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Proved undeveloped facilities capital invested (in millions)
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$
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11.9
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$
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5.3
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$
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5.0
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Percentage of proved undeveloped reserves converted to proved developed
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70
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%
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19
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%
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10
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%
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Prior year's proved undeveloped reserves remaining undeveloped at current year end (MMBoe)
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1.6
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9.6
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40.8
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•
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A comparison is made and documented of actual and historical data from our production system to the data in the reserve database. This is intended to ensure the accuracy of the production data, which supplies the basis for forecasting.
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A comparison is made and documented of land and lease records to interest data in the reserve database. This is intended to ensure that the costs and revenues will be properly determined in the reserves estimation.
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A comparison is made of the historical costs (capital and expenses) to the capital and lease operating costs in the reserve database. Documentation lists reasons for deviation from direct use of historical data. This is intended to ensure that all costs are properly included in the reserve database.
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A comparison is made of input data to data in the reserve database of all property acquisitions, disposals, retirements or transfers to verify that all are accounted for accurately.
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Natural gas and oil prices based on the SEC pricing requirements are supplied by the third party independent engineering firm. Natural gas pricing for the first flow day of every month is collected from Platts Gas Daily Henry Hub price and oil pricing is collected from Bloomberg's WTI spot price. The average NGL price is based on a percentage of the WTI oil price per barrel.
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A final check is made of all economic data inputs in the reserve database by comparing them to documentation provided by our internal marketing, land, accounting, production and operations groups. This provides a second check designed to ensure accuracy of input data in the reserve database.
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Accurate classification of reserves is verified by comparing independent classification analyses by our internal reservoir engineers and the third party engineers. Discrepancies are discussed and differences are jointly resolved.
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Internal reserves estimates are reviewed by well and by area by the Senior Vice President of Corporate Development and Planning. A variance by well to the previous year-end reserve report is used in this process. This review is independent of the reserves estimation process.
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Reserves variances are discussed among the internal reservoir engineers and the Senior Vice President of Corporate Development and Planning. Our internal reserves estimates are reviewed by senior management and the Reserves and EHS Committee prior to publication.
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•
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The NSAI engineer performs an independent decline curve analysis on proved producing wells based on production and pressure data.
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The NSAI engineer may verify the production data with public data.
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The NSAI engineer uses his or her individual interpretation of the information and knowledge of the reservoir and area to make an independent analysis of proved producing reserves.
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The NSAI technical staff may prepare independent maps and volumetric analyses on our properties and offsetting properties. They review our geologic maps, log data, core data, pertinent pressure data, test information and pertinent technical analyses, as well as data from offsetting producers.
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For the reserves estimates of proved non-producing and proved undeveloped locations, the NSAI engineer will estimate the potential for depletion by analogy to other wells in the basin drilled on varying well spacing.
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The NSAI engineer will estimate the hydrocarbon recovery of the remaining gas-in-place based upon his/her knowledge and experience.
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The NSAI engineer does not verify our working and net revenue interests or product price deductions.
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•
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The NSAI engineer does not verify our capital costs although he/she may ask for confirming information and compare to basin analogs.
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•
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The NSAI engineer reviews 12 months of operating cost, revenue and pricing information that we provide.
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The NSAI engineer confirms the oil and gas prices used for the SEC reserves estimate.
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NSAI confirms that its reserves estimate is within a 10% variance of our internal net reserves estimate and estimated future net revenue (discounted at 10%), in the aggregate, before an audit letter is issued.
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•
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The audit by NSAI is not performed such that differences in reserves or revenue on a well level are resolved to any specific tolerance.
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Year Ended December 31,
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2017
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2016
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2015
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Company Production Data:
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|
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||||||
Oil (MBbls)
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4,203
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|
3,885
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|
4,401
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|||
Natural gas (MMcf)
|
8,952
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|
|
7,170
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|
7,764
|
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|||
NGLs (MBbls)
|
1,307
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|
|
1,010
|
|
|
898
|
|
|||
Combined volumes (MBoe)
|
7,002
|
|
|
6,090
|
|
|
6,593
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|
|||
Daily combined volumes (Boe/d)
|
19,184
|
|
|
16,639
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|
|
18,063
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|||
DJ Basin – Production Data
(1)
:
|
|
|
|
|
|
||||||
Oil (MBbls)
|
3,509
|
|
|
3,050
|
|
|
2,958
|
|
|||
Natural gas (MMcf)
|
8,592
|
|
|
6,228
|
|
|
6,012
|
|
|||
NGLs (MBbls)
|
1,294
|
|
|
966
|
|
|
815
|
|
|||
Combined volumes (MBoe)
|
6,235
|
|
|
5,054
|
|
|
4,775
|
|
|||
Daily combined volumes (Boe/d)
|
17,082
|
|
|
13,809
|
|
|
13,082
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|||
Uinta Oil Program – Production Data
(1)(2)
:
|
|
|
|
|
|
||||||
Oil (MBbls)
|
689
|
|
|
830
|
|
|
1,420
|
|
|||
Natural gas (MMcf)
|
348
|
|
|
900
|
|
|
1,728
|
|
|||
NGLs (MBbls)
|
12
|
|
|
42
|
|
|
82
|
|
|||
Combined volumes (MBoe)
|
759
|
|
|
1,022
|
|
|
1,790
|
|
|||
Daily combined volumes (Boe/d)
|
2,079
|
|
|
2,792
|
|
|
4,904
|
|
|||
Average Realized Prices before Hedging:
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|
|
|
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|
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Oil (per Bbl)
|
$
|
48.37
|
|
|
$
|
38.83
|
|
|
$
|
40.06
|
|
Natural gas (per Mcf)
|
2.43
|
|
|
1.98
|
|
|
2.23
|
|
|||
NGLs (per Bbl)
|
20.01
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|
|
13.15
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|
|
12.16
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|
|||
Combined (per Boe)
|
35.88
|
|
|
29.28
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|
|
31.02
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Average Realized Prices with Hedging:
|
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|
|
|
|
||||||
Oil (per Bbl)
|
$
|
52.72
|
|
|
$
|
62.56
|
|
|
$
|
78.19
|
|
Natural gas (per Mcf)
|
2.52
|
|
|
2.46
|
|
|
3.75
|
|
|||
NGLs (per Bbl)
|
20.01
|
|
|
13.15
|
|
|
12.16
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|||
Combined (per Boe)
|
38.6
|
|
|
44.98
|
|
|
58.27
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|||
Average Costs ($ per Boe):
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|
|
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|
||||||
Lease operating expense
|
$
|
3.46
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|
$
|
4.58
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|
$
|
6.48
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|
Gathering, transportation and processing expense
|
0.37
|
|
|
0.39
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|
|
0.53
|
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|||
Total production costs excluding production taxes
|
$
|
3.83
|
|
|
$
|
4.97
|
|
|
$
|
7.01
|
|
Production tax expense
|
2.07
|
|
|
1.75
|
|
|
1.85
|
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|||
Depreciation, depletion and amortization
|
22.85
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|
28.18
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|
31.14
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|||
General and administrative
(3)
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6.07
|
|
|
6.92
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|
8.17
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(1)
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The DJ Basin was the only development area that contained 15% or more of our total proved reserves as of
December 31, 2017
. The DJ Basin and the Uinta Oil Program in the Uinta Basin were the only development areas that contained 15% or more of our total proved reserves as of December 31, 2016 and 2015.
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(2)
|
On December 29, 2017, we completed the sale of our remaining non-core assets in the Uinta Basin. As a result, the production and cost data related to the Uinta Basin as reported above includes values through the closing date of December 29, 2017. See Note 4 to the Consolidated Financial Statements for more information related to this divestiture.
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(3)
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Included in general and administrative expense is long-term cash and equity incentive compensation of
$8.3 million
(or
$1.18
per Boe),
$11.9 million
(or
$1.96
per Boe) and
$10.8 million
(or
$1.64
per Boe) for the years ended
December 31, 2017
,
2016
and
2015
, respectively.
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|
Oil
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|
Gas
|
||||||||
Basin/Area
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|
Gross Wells
|
|
Net Wells
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|
Gross Wells
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|
Net Wells
|
||||
DJ
|
|
330.0
|
|
|
216.9
|
|
|
38.0
|
|
|
28.3
|
|
Other
|
|
10.0
|
|
|
4.9
|
|
|
3.0
|
|
|
1.0
|
|
Total
|
|
340.0
|
|
|
221.8
|
|
|
41.0
|
|
|
29.3
|
|
|
|
Developed Acreage
|
|
Undeveloped Acreage
|
|
||||||||
Basin/Area
|
|
Gross
|
|
Net
|
|
Gross
|
|
Net
|
|
||||
DJ
|
|
59,761
|
|
|
38,702
|
|
|
55,364
|
|
|
30,858
|
|
|
Other
|
|
5,272
|
|
|
2,473
|
|
|
216,247
|
|
|
126,167
|
|
(1)
|
Total
|
|
65,033
|
|
|
41,175
|
|
|
271,611
|
|
|
157,025
|
|
|
(1)
|
Other includes
56,344
and
63,507
net undeveloped acres in the Paradox and Deseret Basins, respectively.
|
|
|
Net Undeveloped Acres Expiring
|
||||||||||||||||
Basin/Area
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
||||||
DJ
|
|
5,212
|
|
|
3,135
|
|
|
5,977
|
|
|
4,423
|
|
|
12,111
|
|
|
30,858
|
|
Other
|
|
50,045
|
|
|
21,278
|
|
|
2,012
|
|
|
—
|
|
|
52,832
|
|
|
126,167
|
|
Total
|
|
55,257
|
|
|
24,413
|
|
|
7,989
|
|
|
4,423
|
|
|
64,943
|
|
|
157,025
|
|
Type of Arrangement
|
|
Pipeline System / Location
|
|
Deliverable Market
|
|
Gross Deliveries (MMBtu/d)
|
|
Term
|
Firm Transport
|
|
Questar Overthrust
|
|
Rocky Mountains
|
|
50,000
|
|
08/11 – 07/21
|
Firm Transport
|
|
Ruby Pipeline
|
|
West Coast
|
|
50,000
|
|
08/11 – 07/21
|
•
|
require the acquisition of various permits before drilling commences;
|
•
|
require the installation of effective emission control equipment;
|
•
|
restrict the types, quantities and concentration of various substances that can be released into the environment in connection with drilling and production activities;
|
•
|
limit or prohibit drilling activities on lands lying within environmentally sensitive areas, wilderness, wetlands and other protected areas, including areas proximate to residential areas and certain high-occupancy buildings;
|
•
|
require measures to prevent pollution from current operations, such as E&P waste management, transportation and disposal requirements;
|
•
|
require measures to prevent pollution from former operations, such as pit closure and plugging of abandoned wells;
|
•
|
impose substantial penalties for any non-compliance with federal, state and local laws and regulations;
|
•
|
impose substantial liabilities for any pollution resulting from our operations;
|
•
|
with respect to operations affecting federal lands or leases, require time consuming environmental analysis with uncertain outcomes;
|
•
|
expose us to litigation by environmental and other special interest groups; and
|
•
|
impose certain compliance and regulatory reporting requirements.
|
•
|
the location of wells and surface facilities;
|
•
|
the noise, traffic and light from the location;
|
•
|
the method of drilling and casing wells;
|
•
|
the rates of production or "allowables";
|
•
|
the surface use and restoration of properties upon which wells are drilled;
|
•
|
wildlife management and protection;
|
•
|
the protection of archaeological and paleontological resources;
|
•
|
the plugging and abandoning of wells; and
|
•
|
notice to, and consultation with, surface owners and other third parties.
|
•
|
certain damages for which we may be liable to Fifth Creek under the terms and conditions of the
|
•
|
payment for certain costs relating to the Merger, whether or not the Merger is completed, such as
|
•
|
negative reactions from the financial markets, including declines in the price of our stock due to the
|
•
|
diverted attention of the Company's management to the Merger rather than to our operations and pursuit
|
•
|
negative impact on the Company's future growth plan, including with regard to potential acquisitions, for
|
•
|
the global demand for oil, natural gas and NGLs;
|
•
|
domestic and foreign governmental regulations;
|
•
|
variations between product prices at sales points and applicable index prices;
|
•
|
political and economic conditions in oil producing countries, including the Middle East and South America;
|
•
|
the ability and willingness of members of the Organization of Petroleum Exporting Countries ("OPEC") to agree to and maintain oil price and production controls;
|
•
|
weather conditions;
|
•
|
technological advances affecting energy consumption;
|
•
|
national and global economic conditions;
|
•
|
proximity and capacity of oil and gas pipelines, refineries and other transportation and processing facilities;
|
•
|
the price and availability of alternative fuels; and
|
•
|
the strength of the U.S. dollar compared to other currencies.
|
•
|
environmental hazards, such as uncontrollable flows of oil, natural gas, brine, well fluids, toxic gas or other pollution into the environment, including groundwater contamination;
|
•
|
abnormally pressured or structured formations;
|
•
|
mechanical difficulties, such as stuck oilfield drilling and service tools and casing collapse;
|
•
|
fires, explosions and ruptures of pipelines;
|
•
|
personal injuries and death; and
|
•
|
natural disasters.
|
•
|
injury or loss of life;
|
•
|
damage to and destruction of property and equipment;
|
•
|
damage to natural resources due to underground migration of hydraulic fracturing fluids or other fluids or gases;
|
•
|
pollution and other environmental damage, including spillage or mishandling of recovered hydrocarbons, hydraulic fracturing fluids and produced water;
|
•
|
regulatory investigations and penalties;
|
•
|
suspension of our operations; and
|
•
|
repair and remediation costs.
|
•
|
our proved reserves;
|
•
|
the level of oil, natural gas and NGLs we are able to produce from existing wells;
|
•
|
the prices at which oil, natural gas and NGLs are sold;
|
•
|
the costs required to operate production;
|
•
|
our ability to acquire, locate and produce new reserves;
|
•
|
global credit and securities markets;
|
•
|
the ability and willingness of lenders and investors to provide capital and the cost of that capital; and
|
•
|
the interest of buyers in our properties and the price they are willing to pay for properties.
|
•
|
The economic slowdown could lead to lower demand for oil and natural gas by individuals and industries, which in turn could result in lower prices for the oil and natural gas sold by us, lower revenues and possibly losses. Significant recent commodity price declines have been caused in part by concerns about future global economic growth. This factor has at times been exacerbated by increases in oil and gas supply resulting from increases in U.S. oil and gas production.
|
•
|
The lenders under our Amended Credit Facility may become more restrictive in their lending practices or unable or unwilling to fund their commitments, which would limit our access to capital to fund our capital expenditures and operations. This would limit our ability to generate revenues as well as limit our projected production and reserves growth, leading to declining production and possibly losses.
|
•
|
We may be unable to obtain additional debt or equity financing, which would require us to limit our capital expenditures and other spending. This would lead to lower production levels and reserves than if we were able to spend more than our cash flow. Financing costs may significantly increase as lenders may be reluctant to lend without receiving higher fees and spreads.
|
•
|
The losses incurred by financial institutions as well as the insolvency of some financial institutions heightens the risk that a counterparty to our hedge arrangements could default on its obligations. These losses and the possibility of a counterparty declaring bankruptcy or being placed in conservatorship or receivership may affect the ability of the counterparties to meet their obligations to us on hedge transactions, which could reduce our revenues from hedges at a time when we are also receiving a lower price for our natural gas and oil sales. As a result, our financial condition could be materially adversely affected.
|
•
|
Our credit facility bears floating interest rates based on the London Interbank Offer Rate ("LIBOR"). As banks were reluctant to lend to each other to avoid risk, LIBOR increased to unprecedented spread levels in 2008. Such increases caused and may in the future cause higher interest expense for unhedged levels of LIBOR-based borrowings.
|
•
|
Our credit facility requires the lenders to redetermine our borrowing base semi-annually. The redeterminations are based on our proved reserves and hedge position based on price assumptions that our lenders require us to use to calculate reserves pursuant to the credit facility. The lenders could reduce their price assumptions used to determine reserves for calculating our borrowing base due to lower commodities and futures prices and our borrowing base could be reduced. This would reduce our funds available to borrow. In addition, the lenders can request an interim redetermination during each six month period which could reduce the funds available to borrow under our credit facility.
|
•
|
Bankruptcies of financial institutions or illiquidity of money market funds may limit or delay our access to our cash and cash equivalent deposits, causing us to lose some or all of those funds or to incur additional costs to borrow funds needed on a short-term basis that were previously funded from our money market deposits.
|
•
|
Bankruptcies of purchasers of our oil and natural gas could lead to the delay or failure of us to receive the revenues from those sales.
|
•
|
there is a change in the expected differential between the underlying price in the hedging agreement and actual prices received;
|
•
|
our production is less than we expect;
|
•
|
there is a change in the mark to market value of our derivatives; or
|
•
|
the counterparty to the hedging contract defaults on its contractual obligations.
|
•
|
giving the board the exclusive right to fill all board vacancies;
|
•
|
requiring special meetings of stockholders to be called only by the board;
|
•
|
requiring advance notice for stockholder proposals and director nominations;
|
•
|
prohibiting stockholder action by written consent;
|
•
|
prohibiting cumulative voting in the election of directors; and
|
•
|
allowing for authorized but unissued common and preferred shares.
|
•
|
refinancing or restructuring our debt;
|
•
|
selling assets;
|
•
|
reducing or delaying capital investments; or
|
•
|
seeking to raise additional capital.
|
•
|
increase our costs of doing business;
|
•
|
increase our vulnerability to general adverse economic and industry conditions;
|
•
|
limit our ability to fund future capital expenditures and working capital, to engage in future acquisitions or development activities, or to otherwise realize the value of our assets and opportunities fully because of the need to dedicate a substantial portion of our cash flow from operations to payments of interest and principal on our debt or to comply with any restrictive terms of our debt;
|
•
|
limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
|
•
|
impair our ability to obtain additional financing in the future; and
|
•
|
place us at a competitive disadvantage compared to our competitors that have less debt.
|
•
|
interest expense is limited to 30% of our taxable income (with certain adjustments); and
|
•
|
net operating loss (NOL) related to losses incurred after 2017 are limited to 80% of taxable income but can be carried forward indefinitely.
|
Item 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
|
High
|
|
Low
|
||||
2017
|
|
|
|
||||
First Quarter
|
$
|
7.58
|
|
|
$
|
4.04
|
|
Second Quarter
|
4.69
|
|
|
2.75
|
|
||
Third Quarter
|
4.70
|
|
|
2.66
|
|
||
Fourth Quarter
|
6.93
|
|
|
4.05
|
|
||
2016
|
|
|
|
||||
First Quarter
|
$
|
6.48
|
|
|
$
|
2.19
|
|
Second Quarter
|
9.38
|
|
|
5.26
|
|
||
Third Quarter
|
7.02
|
|
|
4.88
|
|
||
Fourth Quarter
|
8.24
|
|
|
4.61
|
|
Period
|
|
Total
Number of
Shares Purchased
(1)
|
|
Weighted
Average Price
Paid Per
Share
|
|
Total Number of Shares
Purchased as
Part of Publicly
Announced Plans or
Programs
|
|
Maximum Number (or
Approximate Dollar Value)
of Shares that
May Yet be Purchased
Under the Plans or
Programs
|
|||||
October 1 - 31, 2017
|
|
879
|
|
|
$
|
4.16
|
|
|
0
|
|
|
0
|
|
November 1 - 30, 2017
|
|
450
|
|
|
$
|
5.88
|
|
|
0
|
|
|
0
|
|
December 1 - 31, 2017
|
|
195
|
|
|
$
|
4.51
|
|
|
0
|
|
|
0
|
|
Total
|
|
1,524
|
|
|
$
|
4.71
|
|
|
0
|
|
|
0
|
|
(1)
|
Represents shares withheld from employees to satisfy tax withholding obligations in connection with the vesting of shares of restricted common stock issued pursuant to our employee incentive plans.
|
1.
|
$100 was invested in our common stock on
December 31, 2012
, and $100 was invested in each of the Standard & Poors SmallCap 600 Index-Energy Sector and the Standard & Poors 500 Index at the closing price on
December 31, 2012
.
|
2.
|
Dividends are reinvested on the ex-dividend dates.
|
|
December 31,
2012 |
|
December 31,
2013 |
|
December 31,
2014 |
|
December 31,
2015 |
|
December 31,
2016 |
|
December 31,
2017 |
||||||||||||
BBG
|
$
|
100
|
|
|
$
|
151
|
|
|
$
|
64
|
|
|
$
|
22
|
|
|
$
|
39
|
|
|
$
|
29
|
|
S&P SmallCap 600- Energy
|
100
|
|
|
138
|
|
|
88
|
|
|
46
|
|
|
63
|
|
|
46
|
|
||||||
S&P 500
|
100
|
|
|
130
|
|
|
144
|
|
|
143
|
|
|
157
|
|
|
191
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(in thousands, except per share data)
|
||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Oil, gas and NGL production
(1)
|
$
|
251,215
|
|
|
$
|
178,328
|
|
|
$
|
204,537
|
|
|
$
|
464,137
|
|
|
$
|
565,555
|
|
Other operating revenues
|
1,624
|
|
|
491
|
|
|
3,355
|
|
|
8,154
|
|
|
2,538
|
|
|||||
Total operating revenues
|
252,839
|
|
|
178,819
|
|
|
207,892
|
|
|
472,291
|
|
|
568,093
|
|
|||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Lease operating expense
|
24,223
|
|
|
27,886
|
|
|
42,753
|
|
|
60,308
|
|
|
70,217
|
|
|||||
Gathering, transportation and processing expense
|
2,615
|
|
|
2,365
|
|
|
3,482
|
|
|
35,437
|
|
|
67,269
|
|
|||||
Production tax expense
|
14,476
|
|
|
10,638
|
|
|
12,197
|
|
|
31,333
|
|
|
27,172
|
|
|||||
Exploration expense
|
83
|
|
|
83
|
|
|
153
|
|
|
453
|
|
|
337
|
|
|||||
Impairment, dry hole costs and abandonment expense
|
49,553
|
|
|
4,249
|
|
|
575,310
|
|
|
46,881
|
|
|
238,398
|
|
|||||
(Gain) loss on sale of properties
|
(92
|
)
|
|
1,078
|
|
|
1,745
|
|
|
100,407
|
|
|
—
|
|
|||||
Depreciation, depletion and amortization
|
159,964
|
|
|
171,641
|
|
|
205,275
|
|
|
235,805
|
|
|
279,775
|
|
|||||
Unused commitments
|
18,231
|
|
|
18,272
|
|
|
19,099
|
|
|
4,434
|
|
|
—
|
|
|||||
General and administrative expense
(2)
|
42,476
|
|
|
42,169
|
|
|
53,890
|
|
|
53,361
|
|
|
64,902
|
|
|||||
Merger transaction expense
|
8,749
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other operating expenses, net
|
(1,514
|
)
|
|
(316
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total operating expenses
|
318,764
|
|
|
278,065
|
|
|
913,904
|
|
|
568,419
|
|
|
748,070
|
|
|||||
Operating Income (Loss)
|
(65,925
|
)
|
|
(99,246
|
)
|
|
(706,012
|
)
|
|
(96,128
|
)
|
|
(179,977
|
)
|
|||||
Other Income and Expense:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and other income
|
1,359
|
|
|
235
|
|
|
565
|
|
|
1,294
|
|
|
1,646
|
|
|||||
Interest expense
|
(57,710
|
)
|
|
(59,373
|
)
|
|
(65,305
|
)
|
|
(69,623
|
)
|
|
(88,507
|
)
|
|||||
Commodity derivative gain (loss)
|
(9,112
|
)
|
|
(20,720
|
)
|
|
104,147
|
|
|
197,447
|
|
|
(23,068
|
)
|
|||||
Gain (loss) on extinguishment of debt
|
(8,239
|
)
|
|
8,726
|
|
|
1,749
|
|
|
—
|
|
|
(21,460
|
)
|
|||||
Total other income (expense)
|
(73,702
|
)
|
|
(71,132
|
)
|
|
41,156
|
|
|
129,118
|
|
|
(131,389
|
)
|
|||||
Income (Loss) before Income Taxes
|
(139,627
|
)
|
|
(170,378
|
)
|
|
(664,856
|
)
|
|
32,990
|
|
|
(311,366
|
)
|
|||||
(Provision for) Benefit from Income Taxes
|
1,402
|
|
|
—
|
|
|
177,085
|
|
|
(17,909
|
)
|
|
118,633
|
|
|||||
Net Income (Loss)
|
$
|
(138,225
|
)
|
|
$
|
(170,378
|
)
|
|
$
|
(487,771
|
)
|
|
$
|
15,081
|
|
|
$
|
(192,733
|
)
|
Net Income (Loss) per Common Share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
(1.80
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
(10.10
|
)
|
|
$
|
0.31
|
|
|
$
|
(4.06
|
)
|
Diluted
|
$
|
(1.80
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
(10.10
|
)
|
|
$
|
0.31
|
|
|
$
|
(4.06
|
)
|
Weighted average common shares outstanding, basic
|
76,859
|
|
|
55,384
|
|
|
48,303
|
|
|
48,011
|
|
|
47,497
|
|
|||||
Weighted average common shares outstanding, diluted
|
76,859
|
|
|
55,384
|
|
|
48,303
|
|
|
48,436
|
|
|
47,497
|
|
(1)
|
The oil, gas and NGL production revenue decrease from 2013 to 2016 reflects the decrease in revenues due to divestitures and a decrease in commodity prices. In addition, oil, gas and NGL production revenues include the effects of cash flow hedging transactions for the years ended December 31, 2014 and 2013. We discontinued hedge accounting effective January 1, 2012. All accumulated gains or losses related to the discontinued cash flow hedges were recorded in accumulated other comprehensive income ("AOCI") effective January 1, 2012 and remained in AOCI until the underlying transaction occurred. As the underlying transaction occurred, these gains or losses were reclassified from AOCI into oil and gas production revenues.
|
(2)
|
Included in general and administrative expense is long-term cash and equity incentive compensation of
$8.3 million
,
$11.9 million
,
$10.8 million
,
$11.4 million
and
$15.8 million
for the years ended
December 31, 2017
,
2016
,
2015
,
2014
and
2013
, respectively.
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Selected Cash Flow and Other Financial Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
(138,225
|
)
|
|
$
|
(170,378
|
)
|
|
$
|
(487,771
|
)
|
|
$
|
15,081
|
|
|
$
|
(192,733
|
)
|
Depreciation, depletion, impairment and amortization
|
209,062
|
|
|
171,824
|
|
|
777,713
|
|
|
275,988
|
|
|
506,326
|
|
|||||
Other non-cash items
|
45,603
|
|
|
124,552
|
|
|
(83,760
|
)
|
|
(59,970
|
)
|
|
(32,600
|
)
|
|||||
Change in assets and liabilities
|
5,550
|
|
|
(4,262
|
)
|
|
(12,504
|
)
|
|
30,618
|
|
|
(15,728
|
)
|
|||||
Net cash provided by operating activities
|
$
|
121,990
|
|
|
$
|
121,736
|
|
|
$
|
193,678
|
|
|
$
|
261,717
|
|
|
$
|
265,265
|
|
Capital expenditures
(1)
|
$
|
260,659
|
|
|
$
|
98,292
|
|
|
$
|
287,411
|
|
|
$
|
569,312
|
|
|
$
|
474,031
|
|
(1)
|
Includes exploration, dry hole and abandonment costs, which are expensed under successful efforts accounting, of
$0.5 million
,
$4.1 million
,
$3.0 million
,
$7.2 million
and
$12.2 million
for the years ended
December 31, 2017
,
2016
,
2015
,
2014
and
2013
, respectively. Also includes furniture, fixtures and equipment costs of
$1.0 million
,
$1.1 million
,
$1.3 million
,
$3.7 million
and
$1.3 million
for the years ended
December 31, 2017
,
2016
,
2015
,
2014
and
2013
, respectively.
|
|
As of December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
314,466
|
|
|
$
|
275,841
|
|
|
$
|
128,836
|
|
|
$
|
165,904
|
|
|
$
|
54,595
|
|
Other current assets
|
53,197
|
|
|
42,611
|
|
|
145,481
|
|
|
260,201
|
|
|
102,652
|
|
|||||
Oil and natural gas properties, net of accumulated depreciation, depletion, amortization and impairment
|
1,012,610
|
|
|
1,055,049
|
|
|
1,160,898
|
|
|
1,730,172
|
|
|
2,184,183
|
|
|||||
Other property and equipment, net of depreciation
|
6,270
|
|
|
7,100
|
|
|
9,786
|
|
|
13,715
|
|
|
18,313
|
|
|||||
Oil and natural gas properties held for sale, net of accumulated depreciation, depletion, amortization and impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
9,234
|
|
|
—
|
|
|||||
Other assets
(1)
|
4,163
|
|
|
4,740
|
|
|
61,519
|
|
|
54,822
|
|
|
9,537
|
|
|||||
Total assets
|
$
|
1,390,706
|
|
|
$
|
1,385,341
|
|
|
$
|
1,506,520
|
|
|
$
|
2,234,048
|
|
|
$
|
2,369,280
|
|
Current liabilities
|
$
|
148,934
|
|
|
$
|
85,018
|
|
|
$
|
145,231
|
|
|
$
|
264,687
|
|
|
$
|
192,719
|
|
Long-term debt, net of debt issuance costs
(1)
|
617,744
|
|
|
711,808
|
|
|
794,652
|
|
|
792,786
|
|
|
966,849
|
|
|||||
Other long-term liabilities
|
25,474
|
|
|
16,972
|
|
|
17,221
|
|
|
147,087
|
|
|
203,994
|
|
|||||
Stockholders' equity
|
598,554
|
|
|
571,543
|
|
|
549,416
|
|
|
1,029,488
|
|
|
1,005,718
|
|
|||||
Total liabilities and stockholders' equity
|
$
|
1,390,706
|
|
|
$
|
1,385,341
|
|
|
$
|
1,506,520
|
|
|
$
|
2,234,048
|
|
|
$
|
2,369,280
|
|
(1)
|
We adopted ASU 2015-03 and ASU 2015-15 effective January 1, 2016, which required that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability and as a result, $8.7 million, $10.4 million and $12.2 million of debt issuance costs related to our long-term debt were reclassified from deferred financing costs and other noncurrent assets to long-term debt in our consolidated balance sheet as of December 31, 2015, 2014 and 2013, respectively.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Estimated net proved reserves (MMBoe)
|
85.8
|
|
|
54.9
|
|
|
83.7
|
|
|||
Standardized measure
(1)
(in millions)
|
$
|
829.3
|
|
|
$
|
329.3
|
|
|
$
|
327.6
|
|
(1)
|
December 31, 2017
reserves were based on average prices of
$51.34
WTI per Bbl of oil,
$2.98
Henry Hub per Mcf of natural gas and
$27.40
per Bbl of NGLs.
December 31, 2016
reserves were based on average prices of
$42.75
WTI for oil,
$2.48
Henry Hub for natural gas and
$19.70
for NGLs.
December 31, 2015
reserves were based on average prices of
$50.28
WTI for oil,
$2.59
Henry Hub for natural gas and
$20.37
for NGLs.
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
2017
|
|
2016
|
|
Amount
|
|
Percent
|
||||||||
($ in thousands, except per unit data)
|
||||||||||||||
Operating Results:
|
|
|
|
|
|
|
|
|||||||
Operating Revenues
|
|
|
|
|
|
|
|
|||||||
Oil, gas and NGL production
|
$
|
251,215
|
|
|
$
|
178,328
|
|
|
$
|
72,887
|
|
|
41
|
%
|
Other operating revenues
|
1,624
|
|
|
491
|
|
|
1,133
|
|
|
231
|
%
|
|||
Total operating revenues
|
$
|
252,839
|
|
|
$
|
178,819
|
|
|
$
|
74,020
|
|
|
41
|
%
|
Operating Expenses
|
|
|
|
|
|
|
|
|||||||
Lease operating expense
|
$
|
24,223
|
|
|
$
|
27,886
|
|
|
$
|
(3,663
|
)
|
|
(13
|
)%
|
Gathering, transportation and processing expense
|
2,615
|
|
|
2,365
|
|
|
250
|
|
|
11
|
%
|
|||
Production tax expense
|
14,476
|
|
|
10,638
|
|
|
3,838
|
|
|
36
|
%
|
|||
Exploration expense
|
83
|
|
|
83
|
|
|
—
|
|
|
—
|
%
|
|||
Impairment, dry hole costs and abandonment expense
|
49,553
|
|
|
4,249
|
|
|
45,304
|
|
|
*nm
|
|
|||
(Gain) loss on sale of properties
|
(92
|
)
|
|
1,078
|
|
|
(1,170
|
)
|
|
*nm
|
|
|||
Depreciation, depletion and amortization
|
159,964
|
|
|
171,641
|
|
|
(11,677
|
)
|
|
(7
|
)%
|
|||
Unused commitments
|
18,231
|
|
|
18,272
|
|
|
(41
|
)
|
|
—
|
%
|
|||
General and administrative expense
(1)
|
42,476
|
|
|
42,169
|
|
|
307
|
|
|
1
|
%
|
|||
Merger transaction expense
|
8,749
|
|
|
—
|
|
|
8,749
|
|
|
*nm
|
|
|||
Other operating expenses, net
|
(1,514
|
)
|
|
(316
|
)
|
|
(1,198
|
)
|
|
*nm
|
|
|||
Total operating expenses
|
$
|
318,764
|
|
|
$
|
278,065
|
|
|
$
|
40,699
|
|
|
15
|
%
|
Production Data:
|
|
|
|
|
|
|
|
|||||||
Oil (MBbls)
|
4,203
|
|
|
3,885
|
|
|
318
|
|
|
8
|
%
|
|||
Natural gas (MMcf)
|
8,952
|
|
|
7,170
|
|
|
1,782
|
|
|
25
|
%
|
|||
NGLs (MBbls)
|
1,307
|
|
|
1,010
|
|
|
297
|
|
|
29
|
%
|
|||
Combined volumes (MBoe)
|
7,002
|
|
|
6,090
|
|
|
912
|
|
|
15
|
%
|
|||
Daily combined volumes (Boe/d)
|
19,184
|
|
|
16,639
|
|
|
2,545
|
|
|
15
|
%
|
|||
Average Realized Prices before Hedging:
|
|
|
|
|
|
|
|
|||||||
Oil (per Bbl)
|
$
|
48.37
|
|
|
$
|
38.83
|
|
|
$
|
9.54
|
|
|
25
|
%
|
Natural gas (per Mcf)
|
2.43
|
|
|
1.98
|
|
|
0.45
|
|
|
23
|
%
|
|||
NGLs (per Bbl)
|
20.01
|
|
|
13.15
|
|
|
6.86
|
|
|
52
|
%
|
|||
Combined (per Boe)
|
35.88
|
|
|
29.28
|
|
|
6.60
|
|
|
23
|
%
|
|||
Average Realized Prices with Hedging:
|
|
|
|
|
|
|
|
|||||||
Oil (per Bbl)
|
$
|
52.72
|
|
|
$
|
62.56
|
|
|
$
|
(9.84
|
)
|
|
(16
|
)%
|
Natural gas (per Mcf)
|
2.52
|
|
|
2.46
|
|
|
0.06
|
|
|
2
|
%
|
|||
NGLs (per Bbl)
|
20.01
|
|
|
13.15
|
|
|
6.86
|
|
|
52
|
%
|
|||
Combined (per Boe)
|
38.60
|
|
|
44.98
|
|
|
(6.38
|
)
|
|
(14
|
)%
|
|||
Average Costs (per Boe):
|
|
|
|
|
|
|
|
|||||||
Lease operating expense
|
$
|
3.46
|
|
|
$
|
4.58
|
|
|
$
|
(1.12
|
)
|
|
(24
|
)%
|
Gathering, transportation and processing expense
|
0.37
|
|
|
0.39
|
|
|
(0.02
|
)
|
|
(5
|
)%
|
|||
Production tax expense
|
2.07
|
|
|
1.75
|
|
|
0.32
|
|
|
18
|
%
|
|||
Depreciation, depletion and amortization
|
22.85
|
|
|
28.18
|
|
|
(5.33
|
)
|
|
(19
|
)%
|
|||
General and administrative expense
(1)
|
6.07
|
|
|
6.92
|
|
|
(0.85
|
)
|
|
(12
|
)%
|
*
|
Not meaningful.
|
(1)
|
Included in general and administrative expense is long-term cash and equity incentive compensation of
$8.3 million
(or
$1.18
per Boe) and
$11.9 million
(or
$1.96
per Boe) for the years ended
December 31, 2017
and
2016
, respectively.
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
|
% Increase (Decrease)
|
|||||||||||||||||||||
|
Oil
|
NGL
|
Natural
Gas
|
Total
|
|
Oil
|
NGL
|
Natural
Gas
|
Total
|
|
Oil
|
NGL
|
Natural
Gas
|
Total
|
||||||||||||
|
(MBbls)
|
(MBbls)
|
(MMcf)
|
(MBoe)
|
|
(MBbls)
|
(MBbls)
|
(MMcf)
|
(MBoe)
|
|
(MBbls)
|
(MBbls)
|
(MMcf)
|
(MBoe)
|
||||||||||||
DJ Basin
|
3,509
|
|
1,294
|
|
8,592
|
|
6,235
|
|
|
3,050
|
|
966
|
|
6,228
|
|
5,054
|
|
|
15
|
%
|
34
|
%
|
38
|
%
|
23
|
%
|
Uinta Oil Program
|
689
|
|
12
|
|
348
|
|
759
|
|
|
830
|
|
42
|
|
900
|
|
1,022
|
|
|
(17
|
)%
|
(71
|
)%
|
(61
|
)%
|
(26
|
)%
|
Other
|
5
|
|
1
|
|
12
|
|
8
|
|
|
5
|
|
2
|
|
42
|
|
14
|
|
|
*nm
|
|
*nm
|
|
*nm
|
|
*nm
|
|
Total
|
4,203
|
|
1,307
|
|
8,952
|
|
7,002
|
|
|
3,885
|
|
1,010
|
|
7,170
|
|
6,090
|
|
|
8
|
%
|
29
|
%
|
25
|
%
|
15
|
%
|
*
|
Not meaningful.
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Impairment of proved oil and gas properties
|
$
|
37,945
|
|
(1)
|
$
|
—
|
|
Impairment of unproved oil and gas properties
|
11,153
|
|
(2)
|
183
|
|
||
Dry hole costs
|
—
|
|
|
97
|
|
||
Abandonment expense
|
455
|
|
|
3,969
|
|
||
Total impairment, dry hole costs and abandonment expense
|
$
|
49,553
|
|
|
$
|
4,249
|
|
(1)
|
The Company recognized a non-cash impairment charge associated with the Company's Uinta Oil Program proved properties during the year ended December 31, 2017. The properties were sold on December 29, 2017.
|
(2)
|
As a result of no future plans to develop certain acreage and/or estimated market values below carrying value, the Company recognized non-cash impairment charges of
$9.1 million
associated with certain unproved properties in the Cottonwood Gulch area of the Piceance Basin and
$2.1 million
associated with certain non-core unproved properties in the DJ Basin.
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Nonvested common stock and stock options
|
$
|
6,410
|
|
|
$
|
8,573
|
|
Nonvested common stock units
|
690
|
|
|
883
|
|
||
Nonvested performance-based cash units
(1)(2)
|
1,189
|
|
|
2,485
|
|
||
Total
|
$
|
8,289
|
|
|
$
|
11,941
|
|
(1)
|
The performance-based cash units will be settled in cash for the performance metrics that are met.
|
(2)
|
The performance cash units are accounted for as liability awards and fair valued at each reporting date. The weighted average fair value share price decreased from $8.89 as of December 31, 2016 to $5.10 as of December 31, 2017.
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Realized gain (loss) on derivatives
|
$
|
19,099
|
|
|
$
|
95,598
|
|
Prior year unrealized (gain) loss transferred to realized (gain) loss
|
(4,053
|
)
|
|
(99,809
|
)
|
||
Unrealized gain (loss) on derivatives
|
(24,158
|
)
|
|
(16,509
|
)
|
||
Total commodity derivative gain (loss)
|
$
|
(9,112
|
)
|
|
$
|
(20,720
|
)
|
|
Year Ended December 31,
|
|
Increase (Decrease)
|
|||||||||||
2016
|
|
2015
|
|
Amount
|
|
Percent
|
||||||||
($ in thousands, except per unit data)
|
||||||||||||||
Operating Results:
|
|
|
|
|
|
|
|
|||||||
Operating Revenues
|
|
|
|
|
|
|
|
|||||||
Oil, gas and NGL production
|
$
|
178,328
|
|
|
$
|
204,537
|
|
|
$
|
(26,209
|
)
|
|
(13
|
)%
|
Other operating revenues
|
491
|
|
|
3,355
|
|
|
(2,864
|
)
|
|
(85
|
)%
|
|||
Total operating revenues
|
$
|
178,819
|
|
|
$
|
207,892
|
|
|
$
|
(29,073
|
)
|
|
(14
|
)%
|
Operating Expenses
|
|
|
|
|
|
|
|
|||||||
Lease operating expense
|
$
|
27,886
|
|
|
$
|
42,753
|
|
|
$
|
(14,867
|
)
|
|
(35
|
)%
|
Gathering, transportation and processing expense
|
2,365
|
|
|
3,482
|
|
|
(1,117
|
)
|
|
(32
|
)%
|
|||
Production tax expense
|
10,638
|
|
|
12,197
|
|
|
(1,559
|
)
|
|
(13
|
)%
|
|||
Exploration expense
|
83
|
|
|
153
|
|
|
(70
|
)
|
|
(46
|
)%
|
|||
Impairment, dry hole costs and abandonment expense
|
4,249
|
|
|
575,310
|
|
|
(571,061
|
)
|
|
(99
|
)%
|
|||
(Gain) loss on sale of properties
|
1,078
|
|
|
1,745
|
|
|
(667
|
)
|
|
(38
|
)%
|
|||
Depreciation, depletion and amortization
|
171,641
|
|
|
205,275
|
|
|
(33,634
|
)
|
|
(16
|
)%
|
|||
Unused commitments
|
18,272
|
|
|
19,099
|
|
|
(827
|
)
|
|
(4
|
)%
|
|||
General and administrative expense
(1)
|
42,169
|
|
|
53,890
|
|
|
(11,721
|
)
|
|
(22
|
)%
|
|||
Other operating expenses, net
|
(316
|
)
|
|
—
|
|
|
(316
|
)
|
|
*nm
|
|
|||
Total operating expenses
|
$
|
278,065
|
|
|
$
|
913,904
|
|
|
$
|
(635,839
|
)
|
|
(70
|
)%
|
Production Data:
|
|
|
|
|
|
|
|
|||||||
Oil (MBbls)
|
3,885
|
|
|
4,401
|
|
|
(516
|
)
|
|
(12
|
)%
|
|||
Natural gas (MMcf)
|
7,170
|
|
|
7,764
|
|
|
(594
|
)
|
|
(8
|
)%
|
|||
NGLs (MBbls)
|
1,010
|
|
|
898
|
|
|
112
|
|
|
12
|
%
|
|||
Combined volumes (MBoe)
|
6,090
|
|
|
6,593
|
|
|
(503
|
)
|
|
(8
|
)%
|
|||
Daily combined volumes (Boe/d)
|
16,639
|
|
|
18,063
|
|
|
(1,424
|
)
|
|
(8
|
)%
|
|||
Average Realized Prices before Hedging:
|
|
|
|
|
|
|
|
|||||||
Oil (per Bbl)
|
$
|
38.83
|
|
|
$
|
40.06
|
|
|
$
|
(1.23
|
)
|
|
(3
|
)%
|
Natural gas (per Mcf)
|
1.98
|
|
|
2.23
|
|
|
(0.25
|
)
|
|
(11
|
)%
|
|||
NGLs (per Bbl)
|
13.15
|
|
|
12.16
|
|
|
0.99
|
|
|
8
|
%
|
|||
Combined (per Boe)
|
29.28
|
|
|
31.02
|
|
|
(1.74
|
)
|
|
(6
|
)%
|
|||
Average Realized Prices with Hedging:
|
|
|
|
|
|
|
|
|||||||
Oil (per Bbl)
|
$
|
62.56
|
|
|
$
|
78.19
|
|
|
$
|
(15.63
|
)
|
|
(20
|
)%
|
Natural gas (per Mcf)
|
2.46
|
|
|
3.75
|
|
|
(1.29
|
)
|
|
(34
|
)%
|
|||
NGLs (per Bbl)
|
13.15
|
|
|
12.16
|
|
|
0.99
|
|
|
8
|
%
|
|||
Combined (per Boe)
|
44.98
|
|
|
58.27
|
|
|
(13.29
|
)
|
|
(23
|
)%
|
|||
Average Costs (per Boe):
|
|
|
|
|
|
|
|
|||||||
Lease operating expense
|
$
|
4.58
|
|
|
$
|
6.48
|
|
|
$
|
(1.90
|
)
|
|
(29
|
)%
|
Gathering, transportation and processing expense
|
0.39
|
|
|
0.53
|
|
|
(0.14
|
)
|
|
(26
|
)%
|
|||
Production tax expense
|
1.75
|
|
|
1.85
|
|
|
(0.10
|
)
|
|
(5
|
)%
|
|||
Depreciation, depletion and amortization
|
28.18
|
|
|
31.14
|
|
|
(2.96
|
)
|
|
(10
|
)%
|
|||
General and administrative expense
(1)
|
6.92
|
|
|
8.17
|
|
|
(1.25
|
)
|
|
(15
|
)%
|
*
|
Not meaningful.
|
(1)
|
Included in general and administrative expense is long-term cash and equity incentive compensation of $11.9 million (or $1.96 per Boe) and $10.8 million (or $1.64 per Boe) for the years ended December 31, 2016 and 2015, respectively.
|
|
Year Ended December 31, 2016
|
|
Year Ended December 31, 2015
|
|
% Increase (Decrease)
|
|||||||||||||||||||||
|
Oil
|
NGL
|
Natural
Gas
|
Total
|
|
Oil
|
NGL
|
Natural
Gas
|
Total
|
|
Oil
|
NGL
|
Natural
Gas
|
Total
|
||||||||||||
|
(MBbls)
|
(MBbls)
|
(MMcf)
|
(MBoe)
|
|
(MBbls)
|
(MBbls)
|
(MMcf)
|
(MBoe)
|
|
(MBbls)
|
(MBbls)
|
(MMcf)
|
(MBoe)
|
||||||||||||
DJ Basin
|
3,050
|
|
966
|
|
6,228
|
|
5,054
|
|
|
2,958
|
|
815
|
|
6,012
|
|
4,775
|
|
|
3
|
%
|
19
|
%
|
4
|
%
|
6
|
%
|
Uinta Oil Program
|
830
|
|
42
|
|
900
|
|
1,022
|
|
|
1,420
|
|
82
|
|
1,728
|
|
1,790
|
|
|
(42
|
)%
|
(49
|
)%
|
(48
|
)%
|
(43
|
)%
|
Other
|
5
|
|
2
|
|
42
|
|
14
|
|
|
23
|
|
1
|
|
24
|
|
28
|
|
|
(78
|
)%
|
100
|
%
|
75
|
%
|
(50
|
)%
|
Total
|
3,885
|
|
1,010
|
|
7,170
|
|
6,090
|
|
|
4,401
|
|
898
|
|
7,764
|
|
6,593
|
|
|
(12
|
)%
|
12
|
%
|
(8
|
)%
|
(8
|
)%
|
|
Year Ended December 31,
|
|
||||||
|
2016
|
|
2015
|
|
||||
|
(in thousands)
|
|
||||||
Non-cash impairment of proved oil and gas properties
|
$
|
—
|
|
|
$
|
559,282
|
|
(1)
|
Non-cash impairment of unproved oil and gas properties
|
183
|
|
|
13,156
|
|
(1)
|
||
Dry hole costs
|
97
|
|
|
123
|
|
|
||
Abandonment expense
|
3,969
|
|
|
2,749
|
|
|
||
Total non-cash impairment, dry hole costs and abandonment expense
|
$
|
4,249
|
|
|
$
|
575,310
|
|
|
(1)
|
Due to the decline in oil prices, we recognized a non-cash impairment charge associated with the proved and unproved oil and gas properties in the Uinta Oil Program for the year ended December 31, 2015.
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Nonvested common stock and stock options
|
$
|
8,573
|
|
|
$
|
9,025
|
|
Shares issued for 401(k) plan
(1)
|
—
|
|
|
273
|
|
||
Nonvested common stock units
|
883
|
|
|
1,115
|
|
||
Nonvested performance-based cash units
(2)
|
2,485
|
|
|
427
|
|
||
Total
|
$
|
11,941
|
|
|
$
|
10,840
|
|
(1)
|
Beginning in the second quarter of 2015, the employer matching contribution to the employees 401(k) account was paid entirely in cash.
|
(2)
|
The performance-based cash units will be settled in cash for the performance metrics that are met.
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Realized gain (loss) on derivatives
|
$
|
95,598
|
|
|
$
|
179,652
|
|
Prior year unrealized (gain) loss transferred to realized (gain) loss
|
(99,809
|
)
|
|
(145,226
|
)
|
||
Unrealized gain (loss) on derivatives
|
(16,509
|
)
|
|
69,721
|
|
||
Total commodity derivative gain (loss)
|
$
|
(20,720
|
)
|
|
$
|
104,147
|
|
Contract
|
|
Total
Hedged
Volumes
|
|
Quantity
Type
|
|
Weighted
Average
Fixed Price
|
|
Index
Price
|
|
Fair Market
Value
(in thousands)
|
|||||
Swap Contracts:
|
|
|
|
|
|
|
|
|
|
|
|||||
2018
|
|
|
|
|
|
|
|
|
|
|
|||||
Oil
|
|
3,444,500
|
|
|
Bbls
|
|
$
|
53.01
|
|
|
WTI
|
|
$
|
(21,509
|
)
|
Natural gas
|
|
1,825,000
|
|
|
MMbtu
|
|
$
|
2.68
|
|
|
NWPL
|
|
570
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|||||
Oil
|
|
1,367,250
|
|
|
Bbls
|
|
$
|
52.85
|
|
|
WTI
|
|
(4,119
|
)
|
|
Total
|
|
|
|
|
|
|
|
|
|
$
|
(25,058
|
)
|
Contract
|
|
Total
Hedged Volumes |
|
Quantity
Type |
|
Weighted
Average Fixed Price |
|
Index
Price |
|||
Swap Contracts:
|
|
|
|
|
|
|
|
|
|||
2018
|
|
|
|
|
|
|
|
|
|||
Oil
|
|
230,000
|
|
|
Bbls
|
|
$
|
61.62
|
|
|
WTI
|
2019
|
|
|
|
|
|
|
|
|
|||
Oil
|
|
547,500
|
|
|
Bbls
|
|
$
|
57.47
|
|
|
WTI
|
|
Year Ended December 31,
|
||||||||||
Basin/Area
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
DJ
|
$
|
251.5
|
|
|
$
|
95.5
|
|
|
$
|
250.3
|
|
Uinta Oil Program
|
8.2
|
|
|
1.4
|
|
|
34.6
|
|
|||
Powder River Oil
|
—
|
|
|
—
|
|
|
1.1
|
|
|||
Other
|
1.0
|
|
|
1.4
|
|
|
1.4
|
|
|||
Total
(1)
|
$
|
260.7
|
|
|
$
|
98.3
|
|
|
$
|
287.4
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Acquisitions of proved and unproved properties and other real estate
|
$
|
20.4
|
|
|
$
|
5.6
|
|
|
$
|
7.7
|
|
Drilling, development, exploration and exploitation of oil and natural gas properties
|
226.9
|
|
|
86.3
|
|
|
264.3
|
|
|||
Gathering and compression facilities
|
11.9
|
|
|
5.3
|
|
|
11.2
|
|
|||
Geologic and geophysical costs
|
0.5
|
|
|
—
|
|
|
2.9
|
|
|||
Furniture, fixtures and equipment
|
1.0
|
|
|
1.1
|
|
|
1.3
|
|
|||
Total
(1)
|
$
|
260.7
|
|
|
$
|
98.3
|
|
|
$
|
287.4
|
|
(1)
|
Includes exploration, dry hole and abandonment costs, which are expensed under successful efforts accounting, of
$0.5 million
,
$4.1 million
and
$3.0 million
for the years ended
December 31, 2017
,
2016
and
2015
, respectively.
|
|
|
As of December 31, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||
|
Maturity Date
|
Principal
|
|
Debt Issuance Costs
|
|
Carrying
Amount |
|
Principal
|
|
Debt Issuance Costs
|
|
Carrying
Amount |
||||||||||||
|
|
(in thousands)
|
||||||||||||||||||||||
Amended Credit Facility
|
April 9, 2020
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Convertible Notes
(1)
|
March 15, 2028
|
—
|
|
|
—
|
|
|
—
|
|
|
579
|
|
|
—
|
|
|
579
|
|
||||||
7.625% Senior Notes
(2)
|
October 1, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
315,300
|
|
|
(2,169
|
)
|
|
313,131
|
|
||||||
7.0% Senior Notes
|
October 15, 2022
|
350,000
|
|
|
(4,033
|
)
|
|
345,967
|
|
|
400,000
|
|
|
(4,227
|
)
|
|
395,773
|
|
||||||
8.75% Senior Notes
|
June 15, 2025
|
275,000
|
|
|
(5,080
|
)
|
|
269,920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Lease Financing Obligation
|
August 10, 2020
|
2,328
|
|
|
(2
|
)
|
|
2,326
|
|
|
2,782
|
|
|
(3
|
)
|
|
2,779
|
|
||||||
Total Debt
|
|
$
|
627,328
|
|
|
$
|
(9,115
|
)
|
|
$
|
618,213
|
|
|
$
|
718,661
|
|
|
$
|
(6,399
|
)
|
|
$
|
712,262
|
|
Less: Current Portion of Long-Term Debt
(3)
|
|
469
|
|
|
—
|
|
|
469
|
|
|
454
|
|
|
—
|
|
|
454
|
|
||||||
Total Long-Term Debt
(4)
|
|
$
|
626,859
|
|
|
$
|
(9,115
|
)
|
|
$
|
617,744
|
|
|
$
|
718,207
|
|
|
$
|
(6,399
|
)
|
|
$
|
711,808
|
|
(1)
|
The Convertible Notes were redeemed on May 30, 2017.
|
(2)
|
The 7.625% Senior Notes were redeemed on May 30, 2017.
|
(3)
|
The current portion of long-term debt as of
December 31, 2017
and
2016
includes the current portion of the Lease Financing Obligation.
|
(4)
|
See Note 5 for additional information.
|
|
Payments Due By Year
|
||||||||||||||||||||||||||
|
Year 1
|
|
Year 2
|
|
Year 3
|
|
Year 4
|
|
Year 5
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||
Notes payable
(1)
|
$
|
184
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
184
|
|
7.0% Senior Notes
(2)
|
24,500
|
|
|
24,500
|
|
|
24,500
|
|
|
24,500
|
|
|
374,500
|
|
|
—
|
|
|
472,500
|
|
|||||||
8.75% Senior Notes
(3)
|
24,063
|
|
|
24,063
|
|
|
24,063
|
|
|
24,063
|
|
|
24,063
|
|
|
335,154
|
|
|
455,469
|
|
|||||||
Lease Financing Obligation
(4)
|
537
|
|
|
1,869
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,406
|
|
|||||||
Office and office equipment leases and other
(5)
|
3,668
|
|
|
1,149
|
|
|
191
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
5,016
|
|
|||||||
Firm transportation agreements
(6)
|
18,556
|
|
|
18,691
|
|
|
18,691
|
|
|
10,902
|
|
|
—
|
|
|
—
|
|
|
66,840
|
|
|||||||
Asset retirement obligations
(7)
|
1,489
|
|
|
1,175
|
|
|
1,292
|
|
|
1,527
|
|
|
1,176
|
|
|
10,927
|
|
|
17,586
|
|
|||||||
Derivative liability
(8)
|
20,940
|
|
|
4,118
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,058
|
|
|||||||
Total
|
$
|
93,937
|
|
|
$
|
75,565
|
|
|
$
|
68,737
|
|
|
$
|
61,000
|
|
|
$
|
399,739
|
|
|
$
|
346,081
|
|
|
$
|
1,045,059
|
|
(1)
|
Notes payable includes interest on a $26.0 million letter of credit that accrues at 2.0% and 0.125% per annum for participation fees and fronting fees, respectively. The expected term for the letter of credit is April 30, 2018. There is currently no balance outstanding under our Amended Credit Facility due April 9, 2020.
|
(2)
|
On March 25, 2012, we issued $400.0 million aggregate principal amount of 7.0% Senior Notes. On December 15, 2017, we completed an exchange of $50.0 million in principal of the notes for shares of our common stock, reducing our aggregate principal balance to $350.0 million. We are obligated to make annual interest payments through maturity on October 15, 2022 equal to $24.5 million. See Note
5
to the accompanying financial statements for additional information.
|
(3)
|
On April 28, 2017, we issued $275.0 million aggregate principal amount of 8.75% Senior Notes. We are obligated to make annual interest payments through maturity on June 15, 2025 equal to $24.1 million. See Note
5
to the accompanying financial statements for additional information.
|
(4)
|
The Lease Financing Obligation is calculated based on the aggregate undiscounted minimum future lease payments, which include both an interest and principal component.
|
(5)
|
The lease for our principal offices in Denver extends through March 2019.
|
(6)
|
We have entered into contracts that provide firm transportation capacity on pipeline systems. The contracts require us to pay monthly transportation demand charges regardless of the amount of gas we deliver to the pipeline.
|
(7)
|
Neither the ultimate settlement amounts nor the timing of our asset retirement obligations can be precisely determined in advance. See "Critical Accounting Policies and Estimates" below for a more detailed discussion of the nature of the accounting estimates involved in estimating asset retirement obligations.
|
(8)
|
Derivative liabilities represent the net fair value for oil, gas and NGL commodity derivatives presented as liabilities in our Consolidated Balance Sheets as of
December 31, 2017
. The ultimate settlement amounts are unknown because they are subject to continuing market fluctuations. See "Critical Accounting Policies and Estimates" below for a more detailed discussion of the nature of the accounting estimates involved in valuing derivative instruments.
|
|
For the Year 2018
|
|
For the Year 2019
|
||||||||||
|
Derivative
Volumes |
|
Weighted Average
Price |
|
Derivative
Volumes |
|
Weighted Average
Price |
||||||
Oil (Bbls)
|
3,674,500
|
|
|
$
|
53.55
|
|
|
1,914,750
|
|
|
$
|
54.17
|
|
Natural Gas (MMbtu)
|
1,825,000
|
|
|
2.68
|
|
|
—
|
|
|
—
|
|
|
|
(a)
|
|
(b)
|
|
(c)
|
||||
Plan Category
|
|
Number of Securities
to be Issued Upon
Exercise of
Outstanding Options,
Warrants and Rights
|
|
Weighted Averaged
Exercise Price of
Outstanding
Options, Warrants
and Rights
(1)
|
|
Number of Securities
Remaining Available
for Future Issuance
(Excluding Securities
Reflected in Column (a))
|
||||
Equity compensation plans approved by shareholders
|
|
199,123
|
|
|
$
|
31.42
|
|
|
1,811,125
|
|
Equity compensation plans not approved by shareholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
199,123
|
|
|
$
|
31.42
|
|
|
1,811,125
|
|
(1)
|
The weighted average exercise price relates to the
199,123
outstanding options included in column (a).
|
Report of Independent Registered Public Accounting Firm
|
|
67
|
Consolidated Balance Sheets as of December 31, 2017 and 2016
|
|
68
|
Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015
|
|
69
|
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2017, 2016 and 2015
|
|
70
|
Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015
|
|
71
|
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2017, 2016 and 2015
|
|
72
|
Notes to Consolidated Financial Statements
|
|
73
|
Exhibit
Number
|
|
Description of Exhibits
|
1.1
|
|
|
|
|
|
1.2
|
|
|
|
|
|
2.1*
|
|
|
|
|
|
2.2
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
Exhibit
Number
|
|
Description of Exhibits
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
10.1(a)
|
|
|
|
|
|
10.1(b)
|
|
|
|
|
|
10.1(c)
|
|
|
|
|
|
10.1(d)
|
|
|
|
|
|
10.1(e)
|
|
|
|
|
|
10.2+
|
|
|
|
|
|
10.3+
|
|
|
|
|
|
10.4+
|
|
|
|
|
|
10.5+
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Exhibits
|
10.6+
|
|
|
|
|
|
10.7+
|
|
|
|
|
|
10.8+
|
|
|
|
|
|
10.9+
|
|
|
|
|
|
10.10+
|
|
|
|
|
|
10.11
|
|
|
|
|
|
10.12*
|
|
|
|
|
|
10.13
|
|
|
|
|
|
10.14
|
|
|
|
|
|
10.15
|
|
|
|
|
|
10.16+
|
|
|
|
|
|
10.17+
|
|
|
|
|
|
10.18+
|
|
|
|
|
|
12.1*
|
|
|
|
|
|
14.1
|
|
|
|
|
|
21.1*
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Exhibits
|
23.1*
|
|
|
|
|
|
23.2*
|
|
|
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32**
|
|
|
|
|
|
99.1*
|
|
|
|
|
|
99.2*
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
+
|
Indicates a management contract or compensatory plan or arrangement, as required by Item 15(a)(3).
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
|
|
|
BILL BARRETT CORPORATION
|
|||
|
|
|
|
|
|
|
Date:
|
February 27, 2018
|
|
By:
|
/s/ R. Scot Woodall
|
||
|
|
|
|
R. Scot Woodall
|
||
|
|
|
|
Chief Executive Officer and President
|
||
|
|
|
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
||||||
|
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
||
|
|
|
|
|
|
|
/s/ R. Scot Woodall
|
|
|
Chief Executive Officer, President, and Director (Principal Executive Officer)
|
|
February 27, 2018
|
|
R. Scot Woodall
|
|
|
|
|
||
|
|
|
|
|
|
|
/s/ William M. Crawford
|
|
|
Senior Vice President—Treasury and Finance (Principal Financial Officer)
|
|
February 27, 2018
|
|
William M. Crawford
|
|
|
|
|
||
|
|
|
|
|
||
/s/ David R. Macosko
|
|
|
Senior Vice President— Accounting (Principal Accounting Officer)
|
|
February 27, 2018
|
|
David R. Macosko
|
|
|
|
|
||
|
|
|
|
|
|
|
/s/ William F. Owens
|
|
|
Director
|
|
February 27, 2018
|
|
William F. Owens
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Jim W. Mogg
|
|
|
Director
|
|
February 27, 2018
|
|
Jim W. Mogg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Edmund P. Segner, III
|
|
|
Director
|
|
February 27, 2018
|
|
Edmund P. Segner, III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Randy I. Stein
|
|
|
Director
|
|
February 27, 2018
|
|
Randy I. Stein
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Michael E. Wiley
|
|
|
Director
|
|
February 27, 2018
|
|
Michael E. Wiley
|
|
|
|
|
|
Bill Barrett Corporation
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
67
|
Consolidated Balance Sheets as of December 31, 2017 and 2016
|
|
68
|
Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015
|
|
69
|
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2017, 2016 and 2015
|
|
70
|
Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015
|
|
71
|
Consolidated Statements of Stockholders' Equity for the years ended December 31, 2017, 2016 and 2015
|
|
72
|
Notes to Consolidated Financial Statements
|
|
73
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands, except share data)
|
||||||
Assets:
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
314,466
|
|
|
$
|
275,841
|
|
Accounts receivable, net of allowance for doubtful accounts
|
51,415
|
|
|
32,837
|
|
||
Derivative assets
|
—
|
|
|
8,398
|
|
||
Prepayments and other current assets
|
1,782
|
|
|
1,376
|
|
||
Total current assets
|
367,663
|
|
|
318,452
|
|
||
Property and equipment - at cost, successful efforts method for oil and gas properties:
|
|
|
|
||||
Proved oil and gas properties
|
1,361,168
|
|
|
1,539,373
|
|
||
Unproved oil and gas properties, excluded from amortization
|
84,676
|
|
|
58,830
|
|
||
Furniture, equipment and other
|
17,899
|
|
|
23,636
|
|
||
|
1,463,743
|
|
|
1,621,839
|
|
||
Accumulated depreciation, depletion, amortization and impairment
|
(444,863
|
)
|
|
(559,690
|
)
|
||
Total property and equipment, net
|
1,018,880
|
|
|
1,062,149
|
|
||
Deferred income tax asset
|
—
|
|
|
1,587
|
|
||
Deferred financing costs and other noncurrent assets
|
4,163
|
|
|
3,153
|
|
||
Total
|
$
|
1,390,706
|
|
|
$
|
1,385,341
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities
|
$
|
84,055
|
|
|
$
|
49,447
|
|
Amounts payable to oil and gas property owners
|
16,594
|
|
|
6,192
|
|
||
Production taxes payable
|
26,876
|
|
|
22,992
|
|
||
Derivative liabilities
|
20,940
|
|
|
4,346
|
|
||
Deferred income taxes
|
—
|
|
|
1,587
|
|
||
Current portion of long-term debt
|
469
|
|
|
454
|
|
||
Total current liabilities
|
148,934
|
|
|
85,018
|
|
||
Long-term debt, net of debt issuance costs
|
617,744
|
|
|
711,808
|
|
||
Asset retirement obligations
|
16,097
|
|
|
10,703
|
|
||
Derivatives and other noncurrent liabilities
|
9,377
|
|
|
6,269
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
||
Stockholders' equity:
|
|
|
|
||||
Common stock, $0.001 par value; authorized 300,000,000 and 150,000,000 shares at December 31, 2017 and 2016; 110,363,539 and 75,721,360 shares issued and outstanding at December 31, 2017 and 2016, respectively, with 1,394,868 and 1,325,714 shares subject to restrictions, respectively
|
109
|
|
|
74
|
|
||
Additional paid-in capital
|
1,279,507
|
|
|
1,113,797
|
|
||
Retained earnings (accumulated deficit)
|
(681,062
|
)
|
|
(542,328
|
)
|
||
Treasury stock, at cost: zero shares at December 31, 2017 and 2016
|
—
|
|
|
—
|
|
||
Total stockholders' equity
|
598,554
|
|
|
571,543
|
|
||
Total
|
$
|
1,390,706
|
|
|
$
|
1,385,341
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands, except share and per
share data)
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
||||||
Oil, gas and NGL production
|
$
|
251,215
|
|
|
$
|
178,328
|
|
|
$
|
204,537
|
|
Other operating revenues
|
1,624
|
|
|
491
|
|
|
3,355
|
|
|||
Total operating revenues
|
252,839
|
|
|
178,819
|
|
|
207,892
|
|
|||
Operating Expenses:
|
|
|
|
|
|
||||||
Lease operating expense
|
24,223
|
|
|
27,886
|
|
|
42,753
|
|
|||
Gathering, transportation and processing expense
|
2,615
|
|
|
2,365
|
|
|
3,482
|
|
|||
Production tax expense
|
14,476
|
|
|
10,638
|
|
|
12,197
|
|
|||
Exploration expense
|
83
|
|
|
83
|
|
|
153
|
|
|||
Impairment, dry hole costs and abandonment expense
|
49,553
|
|
|
4,249
|
|
|
575,310
|
|
|||
(Gain) loss on sale of properties
|
(92
|
)
|
|
1,078
|
|
|
1,745
|
|
|||
Depreciation, depletion and amortization
|
159,964
|
|
|
171,641
|
|
|
205,275
|
|
|||
Unused commitments
|
18,231
|
|
|
18,272
|
|
|
19,099
|
|
|||
General and administrative expense
|
42,476
|
|
|
42,169
|
|
|
53,890
|
|
|||
Merger transaction expense
|
8,749
|
|
|
—
|
|
|
—
|
|
|||
Other operating expenses, net
|
(1,514
|
)
|
|
(316
|
)
|
|
—
|
|
|||
Total operating expenses
|
318,764
|
|
|
278,065
|
|
|
913,904
|
|
|||
Operating Income (Loss)
|
(65,925
|
)
|
|
(99,246
|
)
|
|
(706,012
|
)
|
|||
Other Income and Expense:
|
|
|
|
|
|
||||||
Interest and other income
|
1,359
|
|
|
235
|
|
|
565
|
|
|||
Interest expense
|
(57,710
|
)
|
|
(59,373
|
)
|
|
(65,305
|
)
|
|||
Commodity derivative gain (loss)
|
(9,112
|
)
|
|
(20,720
|
)
|
|
104,147
|
|
|||
Gain (loss) on extinguishment of debt
|
(8,239
|
)
|
|
8,726
|
|
|
1,749
|
|
|||
Total other income (expense)
|
(73,702
|
)
|
|
(71,132
|
)
|
|
41,156
|
|
|||
Income (Loss) before Income Taxes
|
(139,627
|
)
|
|
(170,378
|
)
|
|
(664,856
|
)
|
|||
(Provision for) Benefit from Income Taxes
|
1,402
|
|
|
—
|
|
|
177,085
|
|
|||
Net Income (Loss)
|
$
|
(138,225
|
)
|
|
$
|
(170,378
|
)
|
|
$
|
(487,771
|
)
|
Net Income (Loss) Per Common Share, Basic
|
$
|
(1.80
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
(10.10
|
)
|
Net Income (Loss) Per Common Share, Diluted
|
$
|
(1.80
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
(10.10
|
)
|
Weighted Average Common Shares Outstanding, Basic
|
76,858,815
|
|
|
55,384,020
|
|
|
48,303,276
|
|
|||
Weighted Average Common Shares Outstanding, Diluted
|
76,858,815
|
|
|
55,384,020
|
|
|
48,303,276
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Net Income (Loss)
|
$
|
(138,225
|
)
|
|
$
|
(170,378
|
)
|
|
$
|
(487,771
|
)
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Comprehensive Income (Loss)
|
$
|
(138,225
|
)
|
|
$
|
(170,378
|
)
|
|
$
|
(487,771
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Operating Activities:
|
|
|
|
|
|
||||||
Net Income (Loss)
|
$
|
(138,225
|
)
|
|
$
|
(170,378
|
)
|
|
$
|
(487,771
|
)
|
Adjustments to reconcile to net cash provided by operations:
|
|
|
|
|
|
||||||
Depreciation, depletion and amortization
|
159,964
|
|
|
171,641
|
|
|
205,275
|
|
|||
Deferred income taxes
|
—
|
|
|
—
|
|
|
(176,797
|
)
|
|||
Impairment, dry hole costs and abandonment expense
|
49,553
|
|
|
4,249
|
|
|
575,310
|
|
|||
Commodity derivative (gain) loss
|
9,112
|
|
|
20,720
|
|
|
(104,147
|
)
|
|||
Settlements of commodity derivatives
|
19,099
|
|
|
95,598
|
|
|
179,652
|
|
|||
Stock compensation and other non-cash charges
|
6,596
|
|
|
8,982
|
|
|
10,040
|
|
|||
Amortization of deferred financing costs
|
2,194
|
|
|
2,834
|
|
|
4,624
|
|
|||
(Gain) loss on extinguishment of debt
|
8,239
|
|
|
(8,726
|
)
|
|
(1,749
|
)
|
|||
(Gain) loss on sale of properties
|
(92
|
)
|
|
1,078
|
|
|
1,745
|
|
|||
Change in operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
(18,578
|
)
|
|
10,624
|
|
|
20,995
|
|
|||
Prepayments and other assets
|
(1,848
|
)
|
|
350
|
|
|
311
|
|
|||
Accounts payable, accrued and other liabilities
|
11,690
|
|
|
(2,893
|
)
|
|
(18,798
|
)
|
|||
Amounts payable to oil and gas property owners
|
10,402
|
|
|
(9,465
|
)
|
|
(3,530
|
)
|
|||
Production taxes payable
|
3,884
|
|
|
(2,878
|
)
|
|
(11,482
|
)
|
|||
Net cash provided by (used in) operating activities
|
121,990
|
|
|
121,736
|
|
|
193,678
|
|
|||
Investing Activities:
|
|
|
|
|
|
||||||
Additions to oil and gas properties, including acquisitions
|
(239,631
|
)
|
|
(106,870
|
)
|
|
(324,534
|
)
|
|||
Additions of furniture, equipment and other
|
(926
|
)
|
|
(1,195
|
)
|
|
(1,223
|
)
|
|||
Proceeds from sale of properties and other investing activities
|
101,546
|
|
|
24,927
|
|
|
123,122
|
|
|||
Cash paid for short-term investments
|
—
|
|
|
—
|
|
|
(114,883
|
)
|
|||
Proceeds from the sale of short-term investments
|
—
|
|
|
—
|
|
|
115,000
|
|
|||
Net cash provided by (used in) investing activities
|
(139,011
|
)
|
|
(83,138
|
)
|
|
(202,518
|
)
|
|||
Financing Activities:
|
|
|
|
|
|
||||||
Proceeds from debt
|
275,000
|
|
|
—
|
|
|
—
|
|
|||
Principal and redemption premium payments on debt
|
(322,343
|
)
|
|
(440
|
)
|
|
(25,191
|
)
|
|||
Proceeds from sale of common stock, net of offering costs
|
110,710
|
|
|
110,003
|
|
|
—
|
|
|||
Deferred financing costs and other
|
(7,721
|
)
|
|
(1,156
|
)
|
|
(3,037
|
)
|
|||
Net cash provided by (used in) financing activities
|
55,646
|
|
|
108,407
|
|
|
(28,228
|
)
|
|||
Increase (Decrease) in Cash and Cash Equivalents
|
38,625
|
|
|
147,005
|
|
|
(37,068
|
)
|
|||
Beginning Cash and Cash Equivalents
|
275,841
|
|
|
128,836
|
|
|
165,904
|
|
|||
Ending Cash and Cash Equivalents
|
$
|
314,466
|
|
|
$
|
275,841
|
|
|
$
|
128,836
|
|
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
(Deficit)
|
|
Treasury
Stock
|
|
Total
Stockholders' Equity |
||||||||||
Balance at December 31, 2014
|
$
|
48
|
|
|
$
|
913,619
|
|
|
$
|
115,821
|
|
|
$
|
—
|
|
|
$
|
1,029,488
|
|
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,173
|
)
|
|
(1,173
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
10,468
|
|
|
—
|
|
|
—
|
|
|
10,468
|
|
|||||
Retirement of treasury stock
|
—
|
|
|
(1,173
|
)
|
|
—
|
|
|
1,173
|
|
|
—
|
|
|||||
Settlement of convertible notes
|
|
|
|
(1,596
|
)
|
|
|
|
|
|
|
|
(1,596
|
)
|
|||||
Net income (loss)
|
—
|
|
|
—
|
|
|
(487,771
|
)
|
|
—
|
|
|
(487,771
|
)
|
|||||
Balance at December 31, 2015
|
48
|
|
|
921,318
|
|
|
(371,950
|
)
|
|
—
|
|
|
549,416
|
|
|||||
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding
|
1
|
|
|
—
|
|
|
—
|
|
|
(1,114
|
)
|
|
(1,113
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
9,455
|
|
|
—
|
|
|
—
|
|
|
9,455
|
|
|||||
Retirement of treasury stock
|
—
|
|
|
(1,114
|
)
|
|
—
|
|
|
1,114
|
|
|
—
|
|
|||||
Exchange of senior notes for shares of common stock
|
10
|
|
|
74,390
|
|
|
—
|
|
|
—
|
|
|
74,400
|
|
|||||
Issuance of common stock, net of offering costs
|
15
|
|
|
109,748
|
|
|
—
|
|
|
—
|
|
|
109,763
|
|
|||||
Net income (loss)
|
—
|
|
|
—
|
|
|
(170,378
|
)
|
|
—
|
|
|
(170,378
|
)
|
|||||
Balance at December 31, 2016
|
74
|
|
|
1,113,797
|
|
|
(542,328
|
)
|
|
—
|
|
|
571,543
|
|
|||||
Cumulative effect of accounting change
(1)
|
—
|
|
|
180
|
|
|
(509
|
)
|
|
—
|
|
|
(329
|
)
|
|||||
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding
|
1
|
|
|
—
|
|
|
—
|
|
|
(1,253
|
)
|
|
(1,252
|
)
|
|||||
Stock-based compensation
|
—
|
|
|
7,099
|
|
|
—
|
|
|
—
|
|
|
7,099
|
|
|||||
Retirement of treasury stock
|
—
|
|
|
(1,253
|
)
|
|
—
|
|
|
1,253
|
|
|
—
|
|
|||||
Exchange of senior notes for shares of common stock
|
11
|
|
|
48,981
|
|
|
—
|
|
|
—
|
|
|
48,992
|
|
|||||
Issuance of common stock, net of offering costs
|
23
|
|
|
110,703
|
|
|
—
|
|
|
—
|
|
|
110,726
|
|
|||||
Net income (loss)
|
—
|
|
|
—
|
|
|
(138,225
|
)
|
|
—
|
|
|
(138,225
|
)
|
|||||
Balance at December 31, 2017
|
$
|
109
|
|
|
$
|
1,279,507
|
|
|
$
|
(681,062
|
)
|
|
$
|
—
|
|
|
$
|
598,554
|
|
(1)
|
Cumulative effect of accounting change is related to the adoption of Accounting Standards Update 2016-09. See Note 2 of the Consolidated Financial Statements for further detail on the adoption of this accounting standard.
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Accrued oil, gas and NGL sales
|
$
|
36,569
|
|
|
$
|
26,542
|
|
Due from joint interest owners
|
14,779
|
|
|
4,366
|
|
||
Other
|
270
|
|
|
1,952
|
|
||
Allowance for doubtful accounts
|
(203
|
)
|
|
(23
|
)
|
||
Total accounts receivable
|
$
|
51,415
|
|
|
$
|
32,837
|
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Proved properties
|
$
|
230,800
|
|
|
$
|
306,075
|
|
Wells and related equipment and facilities
|
1,088,692
|
|
|
1,164,354
|
|
||
Support equipment and facilities
|
38,776
|
|
|
63,238
|
|
||
Materials and supplies
|
2,900
|
|
|
5,706
|
|
||
Total proved oil and gas properties
|
$
|
1,361,168
|
|
|
$
|
1,539,373
|
|
Unproved properties
|
18,832
|
|
|
27,790
|
|
||
Wells and facilities in progress
|
65,844
|
|
|
31,040
|
|
||
Total unproved oil and gas properties, excluded from amortization
|
$
|
84,676
|
|
|
$
|
58,830
|
|
Accumulated depreciation, depletion, amortization and impairment
|
(433,234
|
)
|
|
(543,154
|
)
|
||
Total oil and gas properties, net
|
$
|
1,012,610
|
|
|
$
|
1,055,049
|
|
|
Year Ended December 31,
|
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
|
||||||
|
(in thousands)
|
|
||||||||||
Impairment of proved oil and gas properties
|
$
|
37,945
|
|
(1)
|
$
|
—
|
|
|
$
|
559,282
|
|
(3)
|
Impairment of unproved oil and gas properties
|
11,153
|
|
(2)
|
183
|
|
|
13,156
|
|
(3)
|
|||
Dry hole costs
|
—
|
|
|
97
|
|
|
123
|
|
|
|||
Abandonment expense
|
455
|
|
|
3,969
|
|
|
2,749
|
|
|
|||
Total impairment, dry hole costs and abandonment expense
|
$
|
49,553
|
|
|
$
|
4,249
|
|
|
$
|
575,310
|
|
|
(1)
|
The Company recognized a non-cash impairment charge associated with the Company's Uinta Oil Program proved properties during the year ended December 31, 2017. The properties were sold on December 29, 2017.
|
(2)
|
As a result of no future plans to develop certain acreage and/or estimated market values below carrying value, the Company recognized non-cash impairment charges of
$9.1 million
associated with certain unproved properties in the Cottonwood Gulch area of the Piceance Basin and
$2.1 million
associated with certain non-core unproved properties in the DJ Basin.
|
(3)
|
Due to the decline in oil prices, the Company recognized a non-cash impairment charge associated with the Company's Uinta Oil Program proved and unproved properties for the year ended December 31, 2015.
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Accrued drilling, completion and facility costs
|
$
|
35,856
|
|
|
$
|
15,594
|
|
Accrued lease operating, gathering, transportation and processing expenses
|
4,360
|
|
|
4,261
|
|
||
Accrued general and administrative expenses
|
11,134
|
|
|
6,375
|
|
||
Accrued interest payable
|
6,484
|
|
|
12,264
|
|
||
Accrued merger transaction expenses
|
8,278
|
|
|
—
|
|
||
Prepayments from partners
|
2,524
|
|
|
332
|
|
||
Trade payables
|
10,067
|
|
|
7,900
|
|
||
Other
|
5,352
|
|
|
2,721
|
|
||
Total accounts payable and accrued liabilities
|
$
|
84,055
|
|
|
$
|
49,447
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands, except per share amounts)
|
||||||||||
Net income (loss)
|
$
|
(138,225
|
)
|
|
$
|
(170,378
|
)
|
|
$
|
(487,771
|
)
|
Basic weighted-average common shares outstanding in period
|
76,859
|
|
|
55,384
|
|
|
48,303
|
|
|||
Add dilutive effects of stock options and nonvested shares of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|||
Diluted weighted-average common shares outstanding in period
|
76,859
|
|
|
55,384
|
|
|
48,303
|
|
|||
Basic net income (loss) per common share
|
$
|
(1.80
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
(10.10
|
)
|
Diluted net income (loss) per common share
|
$
|
(1.80
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
(10.10
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Cash paid for interest
|
$
|
61,295
|
|
|
$
|
58,193
|
|
|
$
|
61,047
|
|
Cash paid for income taxes
|
—
|
|
|
—
|
|
|
2
|
|
|||
Supplemental disclosures of non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Accrued liabilities - oil and gas properties
|
43,980
|
|
|
23,944
|
|
|
33,805
|
|
|||
Change in asset retirement obligations, net of disposals
|
5,376
|
|
|
(4,799
|
)
|
|
(9,101
|
)
|
|||
Fair value of debt exchanged for common stock
(1)
|
48,992
|
|
|
74,400
|
|
|
—
|
|
|||
Retirement of treasury stock
|
(1,253
|
)
|
|
(1,114
|
)
|
|
(1,173
|
)
|
|||
Properties exchanged in non-cash transactions
|
13,323
|
|
|
—
|
|
|
—
|
|
(1)
|
See Note
5
for additional information regarding the 2017 Debt Exchange and the 2016 Debt Exchange.
|
Assets:
|
|
|
||
Proved oil and gas properties
|
|
$
|
410,028
|
|
Unproved oil and gas properties, excluded from amortization
|
|
379
|
|
|
Furniture, equipment and other
|
|
1,593
|
|
|
Accumulated depreciation, depletion, amortization and impairment
|
|
(304,939
|
)
|
|
Total assets
|
|
107,061
|
|
|
Liabilities:
|
|
|
||
Asset retirement obligations
|
|
4,773
|
|
|
Total liabilities
|
|
4,773
|
|
|
Net assets
|
|
$
|
102,288
|
|
|
|
As of December 31, 2017
|
|
As of December 31, 2016
|
||||||||||||||||||||
|
Maturity Date
|
Principal
|
|
Debt
Issuance Costs |
|
Carrying
Amount |
|
Principal
|
|
Debt
Issuance Costs |
|
Carrying
Amount |
||||||||||||
|
|
(in thousands)
|
||||||||||||||||||||||
Amended Credit Facility
|
April 9, 2020
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Convertible Notes
(1)
|
March 15, 2028
|
—
|
|
|
—
|
|
|
—
|
|
|
579
|
|
|
—
|
|
|
579
|
|
||||||
7.625% Senior Notes
(2)
|
October 1, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
315,300
|
|
|
(2,169
|
)
|
|
313,131
|
|
||||||
7.0% Senior Notes
(3)
|
October 15, 2022
|
350,000
|
|
|
(4,033
|
)
|
|
345,967
|
|
|
400,000
|
|
|
(4,227
|
)
|
|
395,773
|
|
||||||
8.75% Senior Notes
(4)
|
June 15, 2025
|
275,000
|
|
|
(5,080
|
)
|
|
269,920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Lease Financing Obligation
(5)
|
August 10, 2020
|
2,328
|
|
|
(2
|
)
|
|
2,326
|
|
|
2,782
|
|
|
(3
|
)
|
|
2,779
|
|
||||||
Total Debt
|
|
$
|
627,328
|
|
|
$
|
(9,115
|
)
|
|
$
|
618,213
|
|
|
$
|
718,661
|
|
|
$
|
(6,399
|
)
|
|
$
|
712,262
|
|
Less: Current Portion of Long-Term Debt
(6)
|
|
469
|
|
|
—
|
|
|
469
|
|
|
454
|
|
|
—
|
|
|
454
|
|
||||||
Total Long-Term Debt
|
|
$
|
626,859
|
|
|
$
|
(9,115
|
)
|
|
$
|
617,744
|
|
|
$
|
718,207
|
|
|
$
|
(6,399
|
)
|
|
$
|
711,808
|
|
(1)
|
The Convertible Notes were redeemed on May 30, 2017. The aggregate estimated fair value of the Convertible Notes was approximately
$0.5 million
as of December 31, 2016 based on reported market trades of these instruments.
|
(2)
|
The
7.625%
Senior Notes were redeemed on May 30, 2017. The aggregate estimated fair value of the
7.625%
Senior Notes was approximately
$314.5 million
as of December 31, 2016 based on reported market trades of these instruments.
|
(3)
|
The aggregate estimated fair value of the
7.0%
Senior Notes was approximately
$356.1 million
and
$384.5 million
as of
December 31, 2017
and
2016
, respectively, based on reported market trades of these instruments.
|
(4)
|
The aggregate estimated fair value of the
8.75%
Senior Notes was approximately
$305.3 million
as of
December 31, 2017
based on reported market trades of these instruments.
|
(5)
|
The aggregate estimated fair value of the Lease Financing Obligation was approximately
$2.1 million
and
$2.6 million
as of
December 31, 2017
and
2016
, respectively. As there is no active public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments.
|
(6)
|
The current portion of long-term debt as of
December 31, 2017
and
2016
includes the current portion of the Lease Financing Obligation.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Beginning of period
|
$
|
11,238
|
|
|
$
|
15,176
|
|
|
$
|
22,852
|
|
Liabilities incurred
(1)
|
10,683
|
|
|
83
|
|
|
781
|
|
|||
Liabilities settled
|
(1,063
|
)
|
|
(16
|
)
|
|
(739
|
)
|
|||
Disposition of properties
|
(5,138
|
)
|
|
(4,840
|
)
|
|
(9,056
|
)
|
|||
Accretion expense
|
972
|
|
|
861
|
|
|
1,425
|
|
|||
Revisions to estimate
|
894
|
|
|
(26
|
)
|
|
(87
|
)
|
|||
End of period
|
$
|
17,586
|
|
|
$
|
11,238
|
|
|
$
|
15,176
|
|
Less: Current asset retirement obligations
|
1,489
|
|
|
535
|
|
|
1,110
|
|
|||
Long-term asset retirement obligations
|
$
|
16,097
|
|
|
$
|
10,703
|
|
|
$
|
14,066
|
|
(1)
|
Includes
$8.7 million
associated with properties acquired in the DJ Basin during the year ended
December 31, 2017
. See Note
4
for additional information regarding this acquisition.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
271,027
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
271,027
|
|
Deferred compensation plan
|
1,749
|
|
|
—
|
|
|
—
|
|
|
1,749
|
|
||||
Commodity derivatives
|
—
|
|
|
656
|
|
|
—
|
|
|
656
|
|
||||
Financial Liabilities
|
|
|
|
|
|
|
|
||||||||
Commodity derivatives
|
—
|
|
|
25,714
|
|
|
—
|
|
|
25,714
|
|
||||
As of December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Financial Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
40,115
|
|
|
—
|
|
|
—
|
|
|
40,115
|
|
||||
Deferred compensation plan
|
1,447
|
|
|
—
|
|
|
—
|
|
|
1,447
|
|
||||
Commodity derivatives
|
—
|
|
|
13,156
|
|
|
—
|
|
|
13,156
|
|
||||
Financial Liabilities
|
|
|
|
|
|
|
|
||||||||
Commodity derivatives
|
—
|
|
|
10,003
|
|
|
—
|
|
|
10,003
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Net Book
Value (1) |
|
Impairment
Loss (2) |
||||||||||
|
(in thousands)
|
||||||||||||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Uinta Basin oil and gas properties
(3)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
106,587
|
|
|
$
|
144,532
|
|
|
$
|
37,945
|
|
DJ Basin unproved properties
|
—
|
|
|
—
|
|
|
18,832
|
|
|
20,887
|
|
|
2,055
|
|
|||||
Piceance Basin unproved properties
|
—
|
|
|
—
|
|
|
—
|
|
|
9,098
|
|
|
9,098
|
|
|||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Alberta Basin oil and gas properties
|
—
|
|
|
—
|
|
|
—
|
|
|
183
|
|
|
183
|
|
|||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Uinta Basin oil and gas properties
|
—
|
|
|
—
|
|
|
183,762
|
|
|
$
|
756,200
|
|
|
572,438
|
|
(1)
|
Amount represents net book value at the date of assessment.
|
(2)
|
See Note 2 for additional information regarding oil and gas property impairments.
|
(3)
|
The Uinta Basin properties were sold in December 2017. See Note 4 for additional information regarding the sale of the Uinta Basin properties.
|
|
|
As of December 31, 2017
|
||||||||||
Balance Sheet
|
|
Gross Amounts of
Recognized Assets |
|
Gross Amounts
Offset in the Balance Sheet |
|
Net Amounts of
Assets Presented in the Balance Sheet |
||||||
|
|
|
|
(in thousands)
|
|
|
||||||
Derivative assets
|
|
$
|
594
|
|
|
$
|
(594
|
)
|
(1)
|
$
|
—
|
|
Deferred financing costs and other noncurrent assets
|
|
62
|
|
|
(62
|
)
|
(1)
|
—
|
|
|||
Total derivative assets
|
|
$
|
656
|
|
|
$
|
(656
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
||||||
|
|
Gross Amounts of
Recognized Liabilities |
|
Gross Amounts
Offset in the Balance Sheet |
|
Net Amounts of
Liabilities Presented in the Balance Sheet |
||||||
|
|
|
|
(in thousands)
|
|
|
||||||
Derivative liabilities
|
|
$
|
(21,534
|
)
|
|
$
|
594
|
|
(1)
|
$
|
(20,940
|
)
|
Derivatives and other noncurrent liabilities
|
|
(4,180
|
)
|
|
62
|
|
(1)
|
(4,118
|
)
|
|||
Total derivative liabilities
|
|
$
|
(25,714
|
)
|
|
$
|
656
|
|
|
$
|
(25,058
|
)
|
|
|
|
|
|
|
|
||||||
|
|
As of December 31, 2016
|
||||||||||
Balance Sheet
|
|
Gross Amounts of
Recognized Assets |
|
Gross Amounts
Offset in the Balance Sheet |
|
Net Amounts of
Assets Presented in the Balance Sheet |
||||||
|
|
|
|
(in thousands)
|
|
|
||||||
Derivative assets
|
|
$
|
13,156
|
|
|
$
|
(4,758
|
)
|
(1)
|
$
|
8,398
|
|
Deferred financing costs and other noncurrent assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total derivative assets
|
|
$
|
13,156
|
|
|
$
|
(4,758
|
)
|
|
$
|
8,398
|
|
|
|
|
|
|
|
|
||||||
|
|
Gross Amounts of
Recognized Liabilities |
|
Gross Amounts
Offset in the Balance Sheet |
|
Net Amounts of
Liabilities Presented in the Balance Sheet |
||||||
|
|
|
|
(in thousands)
|
|
|
||||||
Derivative liabilities
|
|
$
|
(9,104
|
)
|
|
$
|
4,758
|
|
(1)
|
$
|
(4,346
|
)
|
Derivatives and other noncurrent liabilities
|
|
(899
|
)
|
|
—
|
|
|
(899
|
)
|
|||
Total derivative liabilities
|
|
$
|
(10,003
|
)
|
|
$
|
4,758
|
|
|
$
|
(5,245
|
)
|
(1)
|
Asset and liability balances with the same counterparty are presented as a net asset or liability on the Consolidated Balance Sheets.
|
|
For the Year 2018
|
|
For the Year 2019
|
||||||||||
|
Derivative Volumes
|
|
Weighted Average Price
|
|
Derivative Volumes
|
|
Weighted Average Price
|
||||||
Oil (Bbls)
|
3,444,500
|
|
|
$
|
53.01
|
|
|
1,367,250
|
|
|
$
|
52.85
|
|
Natural Gas (MMbtu)
|
1,825,000
|
|
|
2.68
|
|
|
—
|
|
|
—
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Income tax (expense) benefit at the federal statutory rate
|
$
|
48,869
|
|
|
$
|
59,632
|
|
|
$
|
232,700
|
|
State income taxes, net of federal tax effect
|
4,030
|
|
|
4,971
|
|
|
19,399
|
|
|||
Change in federal tax rate
|
(64,949
|
)
|
|
—
|
|
|
—
|
|
|||
Refundable AMT credits
|
1,402
|
|
|
—
|
|
|
—
|
|
|||
Nondeductible equity-based compensation
|
(13,655
|
)
|
|
(64
|
)
|
|
(179
|
)
|
|||
Other permanent items
|
(37
|
)
|
|
(62
|
)
|
|
(100
|
)
|
|||
Change in valuation allowance
|
(35,684
|
)
|
|
(64,477
|
)
|
|
(74,978
|
)
|
|||
Change in valuation allowance due to TCJA
|
64,949
|
|
|
—
|
|
|
—
|
|
|||
Change in apportioned state tax rates
|
(1,086
|
)
|
|
—
|
|
|
(74
|
)
|
|||
Eliminate UT jurisdiction NOL's and credits
|
(2,647
|
)
|
|
—
|
|
|
—
|
|
|||
Other, net
|
210
|
|
|
—
|
|
|
317
|
|
|||
Income tax (expense) benefit
|
$
|
1,402
|
|
|
$
|
—
|
|
|
$
|
177,085
|
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Current:
|
|
|
|
||||
Deferred tax assets (liabilities):
|
|
|
|
||||
Derivative instruments
|
$
|
—
|
|
|
$
|
(1,537
|
)
|
Accrued expenses
|
—
|
|
|
256
|
|
||
Prepaid expenses
|
—
|
|
|
(324
|
)
|
||
Other
|
—
|
|
|
18
|
|
||
Total current deferred tax assets (liabilities)
|
$
|
—
|
|
|
$
|
(1,587
|
)
|
|
|
|
|
||||
Long-term:
|
|
|
|
||||
Deferred tax assets:
|
|
|
|
||||
Net operating loss carryforward
|
$
|
170,536
|
|
|
$
|
252,436
|
|
Stock-based compensation
|
3,826
|
|
|
18,048
|
|
||
Deferred rent
|
163
|
|
|
443
|
|
||
Minimum tax credit carryforward
|
—
|
|
|
1,402
|
|
||
Deferred compensation
|
1,824
|
|
|
1,058
|
|
||
State tax credit carryforwards
|
6,499
|
|
|
5,588
|
|
||
Financing obligation
|
705
|
|
|
1,260
|
|
||
Accrued expenses
|
248
|
|
|
—
|
|
||
Derivative instruments
|
6,158
|
|
|
—
|
|
||
Other assets
|
228
|
|
|
263
|
|
||
Less: Valuation allowance
|
(114,530
|
)
|
|
(142,032
|
)
|
||
Total long-term deferred tax assets
|
75,657
|
|
|
138,466
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Oil and gas properties
|
(75,409
|
)
|
|
(137,220
|
)
|
||
Long-term derivative instruments
|
—
|
|
|
341
|
|
||
Prepaid expenses
|
(248
|
)
|
|
—
|
|
||
Total long-term deferred tax assets (liabilities)
|
(75,657
|
)
|
|
(136,879
|
)
|
||
Net long-term deferred tax assets (liabilities)
|
$
|
—
|
|
|
$
|
1,587
|
|
|
Year Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Common Stock Outstanding:
|
|
|
|
|
|
|||
Shares at beginning of period
|
75,721,360
|
|
|
49,864,512
|
|
|
49,526,637
|
|
Shares issued for 401(k) plan
|
—
|
|
|
—
|
|
|
31,699
|
|
Shares issued for directors' fees
|
68,486
|
|
|
97,299
|
|
|
44,892
|
|
Shares issued for nonvested shares of common stock
|
801,579
|
|
|
686,500
|
|
|
673,087
|
|
Shares issued for debt exchange
|
10,863,000
|
|
|
10,000,000
|
|
|
—
|
|
Shares issued for equity offering
|
23,205,529
|
|
|
15,525,000
|
|
|
—
|
|
Shares retired or forfeited
|
(296,415
|
)
|
|
(451,951
|
)
|
|
(411,803
|
)
|
Shares at end of period
|
110,363,539
|
|
|
75,721,360
|
|
|
49,864,512
|
|
Treasury Stock:
|
|
|
|
|
|
|||
Shares at beginning of period
|
—
|
|
|
—
|
|
|
—
|
|
Treasury stock acquired
|
243,389
|
|
|
227,561
|
|
|
109,473
|
|
Treasury stock retired
|
(243,389
|
)
|
|
(227,561
|
)
|
|
(109,473
|
)
|
Shares at end of period
|
—
|
|
|
—
|
|
|
—
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Common stock options
(1)
|
$
|
—
|
|
|
$
|
69
|
|
|
$
|
652
|
|
Nonvested common stock
(1)
|
5,852
|
|
|
6,696
|
|
|
6,721
|
|
|||
Nonvested common stock units
(1)
|
690
|
|
|
883
|
|
|
1,115
|
|
|||
Nonvested performance-based equity
(1)
|
558
|
|
|
1,808
|
|
|
1,652
|
|
|||
Nonvested performance-based cash units
(2)
|
1,189
|
|
|
2,485
|
|
|
427
|
|
|||
Total
|
$
|
8,289
|
|
|
$
|
11,941
|
|
|
$
|
10,567
|
|
(1)
|
Unrecognized compensation cost as of
December 31, 2017
was
$5.2 million
related to grants of nonvested shares of common stock that are expected to be recognized over a weighted-average period of
1.7
years.
|
(2)
|
The nonvested performance-based cash units are liability awards with
$4.4 million
,
$2.9 million
and
$0.4 million
included in derivatives and other noncurrent liabilities in the Consolidated Balance Sheets as of
December 31, 2017
,
2016
and
2015
, respectively.
|
Option Awards
|
|
Shares
|
|
Weighted Average
Exercise Price
|
|
Weighted Average
Remaining
Contractual Term
(in years)
|
|
Aggregate
Intrinsic Value
|
|||||
Outstanding at January 1, 2017
|
|
436,170
|
|
|
$
|
30.89
|
|
|
|
|
|
||
Granted
(1)
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Forfeited or expired
|
|
(237,047
|
)
|
|
30.44
|
|
|
|
|
|
|||
Outstanding at December 31, 2017
(2)
|
|
199,123
|
|
|
31.42
|
|
|
0.80
|
|
$
|
—
|
|
(1)
|
The Company has not granted any share-based option awards since 2012.
|
(2)
|
At December 31, 2017, all share-based options granted have vested and are exercisable.
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
Common Stock Awards
|
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Shares
|
|
Weighted
Average Grant Date Fair Value |
|
Shares
|
|
Weighted
Average Grant Date Fair Value |
|||||||||
Outstanding at January 1,
|
|
1,169,099
|
|
|
$
|
9.33
|
|
|
1,002,947
|
|
|
$
|
15.53
|
|
|
793,064
|
|
|
$
|
21.47
|
|
Granted
|
|
791,129
|
|
|
5.99
|
|
|
686,500
|
|
|
5.11
|
|
|
673,087
|
|
|
11.85
|
|
|||
Vested
|
|
(513,376
|
)
|
|
10.74
|
|
|
(451,329
|
)
|
|
15.90
|
|
|
(294,957
|
)
|
|
21.69
|
|
|||
Forfeited or expired
|
|
(51,984
|
)
|
|
7.91
|
|
|
(69,019
|
)
|
|
14.14
|
|
|
(168,247
|
)
|
|
17.63
|
|
|||
Outstanding at December 31,
|
|
1,394,868
|
|
|
7.00
|
|
|
1,169,099
|
|
|
9.33
|
|
|
1,002,947
|
|
|
15.53
|
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
Common Stock Unit Awards
|
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Shares
|
|
Weighted
Average Grant Date Fair Value |
|
Shares
|
|
Weighted
Average Grant Date Fair Value |
|||||||||
Outstanding at January 1,
|
|
147,167
|
|
|
$
|
10.09
|
|
|
145,492
|
|
|
$
|
11.07
|
|
|
54,945
|
|
|
$
|
23.84
|
|
Granted
|
|
193,878
|
|
|
3.56
|
|
|
98,974
|
|
|
7.02
|
|
|
135,439
|
|
|
8.31
|
|
|||
Vested
|
|
(68,486
|
)
|
|
6.42
|
|
|
(97,299
|
)
|
|
8.43
|
|
|
(44,892
|
)
|
|
18.38
|
|
|||
Forfeited or expired
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Outstanding at December 31,
|
|
272,559
|
|
|
6.37
|
|
|
147,167
|
|
|
10.09
|
|
|
145,492
|
|
|
11.07
|
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
Performance-Based Cash Unit Awards
|
|
Shares
|
|
Weighted
Average Fair Value |
|
Shares
|
|
Weighted
Average Fair Value |
|
Shares
|
|
Weighted
Average Fair Value |
|||||||||
Outstanding at January 1,
|
|
942,326
|
|
|
|
|
391,278
|
|
|
|
|
—
|
|
|
|
||||||
Granted
|
|
669,043
|
|
|
|
|
646,572
|
|
|
|
|
422,345
|
|
|
|
||||||
Vested
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||
Forfeited or expired
|
|
(63,286
|
)
|
|
|
|
(95,524
|
)
|
|
|
|
(31,067
|
)
|
|
|
||||||
Outstanding at December 31,
|
|
1,548,083
|
|
|
$
|
5.10
|
|
|
942,326
|
|
|
$
|
8.89
|
|
|
391,278
|
|
|
$
|
3.95
|
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
Performance-Based Common Stock Awards
|
|
Shares
|
|
Weighted
Average Grant Date Fair Value |
|
Shares
|
|
Weighted
Average Grant Date Fair Value |
|
Shares
|
|
Weighted
Average Grant Date Fair Value |
|||||||||
Outstanding at January 1,
|
|
156,615
|
|
|
$
|
19.54
|
|
|
468,561
|
|
|
$
|
18.46
|
|
|
614,077
|
|
|
$
|
19.62
|
|
Granted
(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Performance goal adjustment
(2)
|
|
10,450
|
|
|
24.45
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Vested
(3)
|
|
(166,023
|
)
|
|
24.45
|
|
|
(156,575
|
)
|
|
19.81
|
|
|
(11,623
|
)
|
|
23.07
|
|
|||
Forfeited or expired
|
|
(1,042
|
)
|
|
24.62
|
|
|
(155,371
|
)
|
|
20.44
|
|
|
(133,893
|
)
|
|
25.46
|
|
|||
Outstanding at December 31,
|
|
—
|
|
|
—
|
|
|
156,615
|
|
|
19.54
|
|
|
468,561
|
|
|
18.46
|
|
(1)
|
The Company has not granted any performance-based common stock awards since 2014.
|
(2)
|
The 2014 Program vested at
106.7%
in excess of target level and resulted in additional shares vested in May 2017. These shares are included in the vested line item for the year ended December 31, 2017.
|
(3)
|
The Compensation Committee approved a special retention award on July 18, 2013. A debt performance gate was required to be met as of December 31, 2013 in which the shares would vest on July 18, 2014, 2015 and 2016. The vested shares of
15,495
and
11,623
are included in the vested line item for the years ended December 31, 2016 and 2015, respectively.
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Beginning deferred compensation liability balance
|
$
|
1,447
|
|
|
$
|
1,231
|
|
Employee contributions
|
244
|
|
|
275
|
|
||
Company matching contributions
|
116
|
|
|
165
|
|
||
Distributions
|
(274
|
)
|
|
(352
|
)
|
||
Participant earnings (losses)
|
216
|
|
|
128
|
|
||
Ending deferred compensation liability balance
|
$
|
1,749
|
|
|
$
|
1,447
|
|
|
|
|
|
||||
Amount to be paid within one year
|
$
|
169
|
|
|
$
|
214
|
|
Remaining balance to be paid beyond one year
|
$
|
1,580
|
|
|
$
|
1,233
|
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in thousands)
|
||||||
Beginning investment balance
|
$
|
1,447
|
|
|
$
|
1,231
|
|
Investment purchases
|
360
|
|
|
440
|
|
||
Distributions
|
(274
|
)
|
|
(352
|
)
|
||
Earnings (losses)
|
216
|
|
|
128
|
|
||
Ending investment balance
|
$
|
1,749
|
|
|
$
|
1,447
|
|
|
As of December 31, 2017
|
||
|
(in thousands)
|
||
2018
|
$
|
537
|
|
2019
|
1,869
|
|
|
Thereafter
|
—
|
|
|
Total
|
$
|
2,406
|
|
|
As of December 31, 2017
|
||
|
(in thousands)
|
||
2018
|
$
|
18,556
|
|
2019
|
18,691
|
|
|
2020
|
18,691
|
|
|
2021
|
10,902
|
|
|
Thereafter
|
—
|
|
|
Total
|
$
|
66,840
|
|
|
As of December 31, 2017
|
||
|
(in thousands)
|
||
2018
|
$
|
3,668
|
|
2019
|
1,149
|
|
|
2020
|
191
|
|
|
2021
|
8
|
|
|
Thereafter
|
—
|
|
|
Total
|
$
|
5,016
|
|
|
As of December 31, 2017
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
314,466
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
314,466
|
|
Accounts receivable, net of allowance for doubtful accounts
|
51,415
|
|
|
—
|
|
|
—
|
|
|
51,415
|
|
||||
Other current assets
|
1,782
|
|
|
—
|
|
|
—
|
|
|
1,782
|
|
||||
Property and equipment, net
|
1,016,986
|
|
|
1,894
|
|
|
—
|
|
|
1,018,880
|
|
||||
Intercompany receivable
|
854
|
|
|
—
|
|
|
(854
|
)
|
|
—
|
|
||||
Investment in subsidiaries
|
1,040
|
|
|
—
|
|
|
(1,040
|
)
|
|
—
|
|
||||
Noncurrent assets
|
4,163
|
|
|
—
|
|
|
—
|
|
|
4,163
|
|
||||
Total assets
|
$
|
1,390,706
|
|
|
$
|
1,894
|
|
|
$
|
(1,894
|
)
|
|
$
|
1,390,706
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
||||||||
Accounts payable and accrued liabilities
|
$
|
84,055
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
84,055
|
|
Other current liabilities
|
64,879
|
|
|
—
|
|
|
—
|
|
|
64,879
|
|
||||
Intercompany payable
|
—
|
|
|
854
|
|
|
(854
|
)
|
|
—
|
|
||||
Long-term debt
|
617,744
|
|
|
—
|
|
|
—
|
|
|
617,744
|
|
||||
Other noncurrent liabilities
|
25,474
|
|
|
—
|
|
|
—
|
|
|
25,474
|
|
||||
Stockholders' equity
|
598,554
|
|
|
1,040
|
|
|
(1,040
|
)
|
|
598,554
|
|
||||
Total liabilities and stockholders' equity
|
$
|
1,390,706
|
|
|
$
|
1,894
|
|
|
$
|
(1,894
|
)
|
|
$
|
1,390,706
|
|
|
As of December 31, 2016
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
275,841
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
275,841
|
|
Accounts receivable, net of allowance for doubtful accounts
|
32,659
|
|
|
178
|
|
|
—
|
|
|
32,837
|
|
||||
Other current assets
|
9,774
|
|
|
—
|
|
|
—
|
|
|
9,774
|
|
||||
Property and equipment, net
|
1,056,343
|
|
|
5,806
|
|
|
—
|
|
|
1,062,149
|
|
||||
Intercompany receivable
|
20,678
|
|
|
—
|
|
|
(20,678
|
)
|
|
—
|
|
||||
Investment in subsidiaries
|
(14,751
|
)
|
|
—
|
|
|
14,751
|
|
|
—
|
|
||||
Noncurrent assets
|
4,740
|
|
|
—
|
|
|
—
|
|
|
4,740
|
|
||||
Total assets
|
$
|
1,385,284
|
|
|
$
|
5,984
|
|
|
$
|
(5,927
|
)
|
|
$
|
1,385,341
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
||||||||
Accounts payable and accrued liabilities
|
$
|
49,447
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
49,447
|
|
Other current liabilities
|
35,571
|
|
|
—
|
|
|
—
|
|
|
35,571
|
|
||||
Intercompany payable
|
—
|
|
|
20,678
|
|
|
(20,678
|
)
|
|
—
|
|
||||
Long-term debt
|
711,808
|
|
|
—
|
|
|
—
|
|
|
711,808
|
|
||||
Other noncurrent liabilities
|
16,915
|
|
|
57
|
|
|
—
|
|
|
16,972
|
|
||||
Stockholders' equity
|
571,543
|
|
|
(14,751
|
)
|
|
14,751
|
|
|
571,543
|
|
||||
Total liabilities and stockholders' equity
|
$
|
1,385,284
|
|
|
$
|
5,984
|
|
|
$
|
(5,927
|
)
|
|
$
|
1,385,341
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Operating and other revenues
|
$
|
252,257
|
|
|
$
|
582
|
|
|
$
|
—
|
|
|
$
|
252,839
|
|
Operating expenses
|
(266,119
|
)
|
|
(1,420
|
)
|
|
—
|
|
|
(267,539
|
)
|
||||
General and administrative
|
(42,476
|
)
|
|
—
|
|
|
—
|
|
|
(42,476
|
)
|
||||
Merger transaction expense
|
(8,749
|
)
|
|
—
|
|
|
—
|
|
|
(8,749
|
)
|
||||
Interest expense
|
(57,710
|
)
|
|
—
|
|
|
—
|
|
|
(57,710
|
)
|
||||
Interest income and other income (expense)
|
(15,992
|
)
|
|
—
|
|
|
—
|
|
|
(15,992
|
)
|
||||
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries
|
(138,789
|
)
|
|
(838
|
)
|
|
—
|
|
|
(139,627
|
)
|
||||
(Provision for) Benefit from income taxes
|
1,402
|
|
|
—
|
|
|
—
|
|
|
1,402
|
|
||||
Equity in earnings (loss) of subsidiaries
|
(838
|
)
|
|
—
|
|
|
838
|
|
|
—
|
|
||||
Net income (loss)
|
$
|
(138,225
|
)
|
|
$
|
(838
|
)
|
|
$
|
838
|
|
|
$
|
(138,225
|
)
|
|
Year Ended December 31, 2016
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Operating and other revenues
|
$
|
178,191
|
|
|
$
|
628
|
|
|
$
|
—
|
|
|
$
|
178,819
|
|
Operating expenses
|
(235,181
|
)
|
|
(715
|
)
|
|
—
|
|
|
(235,896
|
)
|
||||
General and administrative
|
(42,169
|
)
|
|
—
|
|
|
—
|
|
|
(42,169
|
)
|
||||
Interest expense
|
(59,373
|
)
|
|
—
|
|
|
—
|
|
|
(59,373
|
)
|
||||
Interest income and other income (expense)
|
(11,759
|
)
|
|
—
|
|
|
—
|
|
|
(11,759
|
)
|
||||
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries
|
(170,291
|
)
|
|
(87
|
)
|
|
—
|
|
|
(170,378
|
)
|
||||
(Provision for) Benefit from income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Equity in earnings (loss) of subsidiaries
|
(87
|
)
|
|
—
|
|
|
87
|
|
|
—
|
|
||||
Net income (loss)
|
$
|
(170,378
|
)
|
|
$
|
(87
|
)
|
|
$
|
87
|
|
|
$
|
(170,378
|
)
|
|
Year Ended December 31, 2015
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Operating and other revenues
|
$
|
207,282
|
|
|
$
|
610
|
|
|
$
|
—
|
|
|
$
|
207,892
|
|
Operating expenses
|
(844,577
|
)
|
|
(15,437
|
)
|
|
—
|
|
|
(860,014
|
)
|
||||
General and administrative
|
(53,890
|
)
|
|
—
|
|
|
—
|
|
|
(53,890
|
)
|
||||
Interest expense
|
(65,305
|
)
|
|
—
|
|
|
—
|
|
|
(65,305
|
)
|
||||
Interest and other income (expense)
|
106,461
|
|
|
—
|
|
|
—
|
|
|
106,461
|
|
||||
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries
|
(650,029
|
)
|
|
(14,827
|
)
|
|
—
|
|
|
(664,856
|
)
|
||||
(Provision for) Benefit from income taxes
|
177,085
|
|
|
—
|
|
|
—
|
|
|
177,085
|
|
||||
Equity in earnings (loss) of subsidiaries
|
(14,827
|
)
|
|
—
|
|
|
14,827
|
|
|
—
|
|
||||
Net income (loss)
|
$
|
(487,771
|
)
|
|
$
|
(14,827
|
)
|
|
$
|
14,827
|
|
|
$
|
(487,771
|
)
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Net Income (Loss)
|
$
|
(138,225
|
)
|
|
$
|
(838
|
)
|
|
$
|
838
|
|
|
$
|
(138,225
|
)
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Comprehensive Income (Loss)
|
$
|
(138,225
|
)
|
|
$
|
(838
|
)
|
|
$
|
838
|
|
|
$
|
(138,225
|
)
|
|
Year Ended December 31, 2016
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Net Income (Loss)
|
$
|
(170,378
|
)
|
|
$
|
(87
|
)
|
|
$
|
87
|
|
|
$
|
(170,378
|
)
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Comprehensive Income (Loss)
|
$
|
(170,378
|
)
|
|
$
|
(87
|
)
|
|
$
|
87
|
|
|
$
|
(170,378
|
)
|
|
Year Ended December 31, 2015
|
||||||||||||||
|
Parent
Issuer
|
|
Guarantor
Subsidiaries
|
|
Intercompany
Eliminations
|
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Net Income (Loss)
|
$
|
(487,771
|
)
|
|
$
|
(14,827
|
)
|
|
$
|
14,827
|
|
|
$
|
(487,771
|
)
|
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Comprehensive Income (Loss)
|
$
|
(487,771
|
)
|
|
$
|
(14,827
|
)
|
|
$
|
14,827
|
|
|
$
|
(487,771
|
)
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Cash flows from operating activities
|
$
|
121,480
|
|
|
$
|
510
|
|
|
$
|
—
|
|
|
$
|
121,990
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Additions to oil and gas properties, including acquisitions
|
(239,631
|
)
|
|
—
|
|
|
—
|
|
|
(239,631
|
)
|
||||
Additions to furniture, fixtures and other
|
(926
|
)
|
|
—
|
|
|
—
|
|
|
(926
|
)
|
||||
Proceeds from sale of properties and other investing activities
|
99,016
|
|
|
2,530
|
|
|
—
|
|
|
101,546
|
|
||||
Intercompany transfers
|
3,040
|
|
|
—
|
|
|
(3,040
|
)
|
|
—
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Proceeds from debt
|
275,000
|
|
|
—
|
|
|
—
|
|
|
275,000
|
|
||||
Principal and redemption premium payments on debt
|
(322,343
|
)
|
|
—
|
|
|
—
|
|
|
(322,343
|
)
|
||||
Proceeds from sale of common stock, net of offering costs
|
110,710
|
|
|
—
|
|
|
—
|
|
|
110,710
|
|
||||
Intercompany transfers
|
—
|
|
|
(3,040
|
)
|
|
3,040
|
|
|
—
|
|
||||
Other financing activities
|
(7,721
|
)
|
|
—
|
|
|
—
|
|
|
(7,721
|
)
|
||||
Change in cash and cash equivalents
|
38,625
|
|
|
—
|
|
|
—
|
|
|
38,625
|
|
||||
Beginning cash and cash equivalents
|
275,841
|
|
|
—
|
|
|
—
|
|
|
275,841
|
|
||||
Ending cash and cash equivalents
|
$
|
314,466
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
314,466
|
|
|
Year Ended December 31, 2016
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Cash flows from operating activities
|
$
|
121,109
|
|
|
$
|
627
|
|
|
$
|
—
|
|
|
$
|
121,736
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Additions to oil and gas properties, including acquisitions
|
(106,852
|
)
|
|
(18
|
)
|
|
—
|
|
|
(106,870
|
)
|
||||
Additions to furniture, fixtures and other
|
(1,195
|
)
|
|
—
|
|
|
—
|
|
|
(1,195
|
)
|
||||
Proceeds from sale of properties and other investing activities
|
24,802
|
|
|
125
|
|
|
—
|
|
|
24,927
|
|
||||
Intercompany transfers
|
734
|
|
|
—
|
|
|
(734
|
)
|
|
—
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Principal and redemption premium payments on debt
|
(440
|
)
|
|
—
|
|
|
—
|
|
|
(440
|
)
|
||||
Proceeds from sale of common stock, net of offering costs
|
110,003
|
|
|
—
|
|
|
—
|
|
|
110,003
|
|
||||
Intercompany transfers
|
—
|
|
|
(734
|
)
|
|
734
|
|
|
—
|
|
||||
Other financing activities
|
(1,156
|
)
|
|
—
|
|
|
—
|
|
|
(1,156
|
)
|
||||
Change in cash and cash equivalents
|
147,005
|
|
|
—
|
|
|
—
|
|
|
147,005
|
|
||||
Beginning cash and cash equivalents
|
128,836
|
|
|
—
|
|
|
—
|
|
|
128,836
|
|
||||
Ending cash and cash equivalents
|
$
|
275,841
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
275,841
|
|
|
Year Ended December 31, 2015
|
||||||||||||||
|
Parent
Issuer |
|
Guarantor
Subsidiaries |
|
Intercompany
Eliminations |
|
Consolidated
|
||||||||
|
(in thousands)
|
||||||||||||||
Cash flows from operating activities
|
$
|
193,329
|
|
|
$
|
349
|
|
|
$
|
—
|
|
|
$
|
193,678
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Additions to oil and gas properties, including acquisitions
|
(325,613
|
)
|
|
1,079
|
|
|
—
|
|
|
(324,534
|
)
|
||||
Additions to furniture, fixtures and other
|
(1,223
|
)
|
|
—
|
|
|
—
|
|
|
(1,223
|
)
|
||||
Proceeds from sale of properties and other investing activities
|
123,122
|
|
|
—
|
|
|
—
|
|
|
123,122
|
|
||||
Cash paid for short-term investments
|
(114,883
|
)
|
|
—
|
|
|
—
|
|
|
(114,883
|
)
|
||||
Proceeds from sale of short-term investments
|
115,000
|
|
|
—
|
|
|
—
|
|
|
115,000
|
|
||||
Intercompany transfers
|
1,428
|
|
|
—
|
|
|
(1,428
|
)
|
|
—
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Principal and redemption premium payments on debt
|
(25,191
|
)
|
|
—
|
|
|
—
|
|
|
(25,191
|
)
|
||||
Intercompany transfers
|
—
|
|
|
(1,428
|
)
|
|
1,428
|
|
|
—
|
|
||||
Other financing activities
|
(3,037
|
)
|
|
—
|
|
|
—
|
|
|
(3,037
|
)
|
||||
Change in cash and cash equivalents
|
(37,068
|
)
|
|
—
|
|
|
—
|
|
|
(37,068
|
)
|
||||
Beginning cash and cash equivalents
|
165,904
|
|
|
—
|
|
|
—
|
|
|
165,904
|
|
||||
Ending cash and cash equivalents
|
$
|
128,836
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
128,836
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands, except per Boe data)
|
||||||||||
Acquisition costs:
|
|
|
|
|
|
||||||
Unproved properties
|
$
|
17,875
|
|
|
$
|
5,557
|
|
|
$
|
5,331
|
|
Proved properties
|
2,458
|
|
|
—
|
|
|
2,358
|
|
|||
Exploration costs
|
80
|
|
|
180
|
|
|
361
|
|
|||
Development costs
|
239,236
|
|
|
91,471
|
|
|
278,028
|
|
|||
Asset retirement obligation
|
11,577
|
|
|
57
|
|
|
693
|
|
|||
Total costs incurred
|
$
|
271,226
|
|
|
$
|
97,265
|
|
|
$
|
286,771
|
|
Depletion per Boe of production
|
$
|
22.85
|
|
|
$
|
28.18
|
|
|
$
|
31.14
|
|
|
Oil
(MBbls) |
|
Gas
(MMcf) |
|
NGLs
(MBbls) |
|
Equivalent
Units (MBoe) |
||||
Proved reserves:
|
|
|
|
|
|
|
|
||||
Balance at December 31, 2014
|
83,838
|
|
|
153,874
|
|
|
12,837
|
|
|
122,322
|
|
Purchases of oil and gas reserves in place
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Extension, discoveries and other additions
|
6,072
|
|
|
8,430
|
|
|
977
|
|
|
8,454
|
|
Revisions of previous estimates
|
(18,120
|
)
|
|
(39,125
|
)
|
|
240
|
|
|
(24,401
|
)
|
Sales of reserves
|
(11,866
|
)
|
|
(17,415
|
)
|
|
(1,312
|
)
|
|
(16,081
|
)
|
Production
|
(4,401
|
)
|
|
(7,765
|
)
|
|
(898
|
)
|
|
(6,593
|
)
|
Balance at December 31, 2015
|
55,523
|
|
|
97,999
|
|
|
11,844
|
|
|
83,701
|
|
Purchases of oil and gas reserves in place
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Extension, discoveries and other additions
|
4,986
|
|
|
14,670
|
|
|
2,250
|
|
|
9,681
|
|
Revisions of previous estimates
|
(24,267
|
)
|
|
(26,143
|
)
|
|
(1,768
|
)
|
|
(30,392
|
)
|
Sales of reserves
|
(1,347
|
)
|
|
(3,153
|
)
|
|
(174
|
)
|
|
(2,047
|
)
|
Production
|
(3,885
|
)
|
|
(7,170
|
)
|
|
(1,010
|
)
|
|
(6,090
|
)
|
Balance at December 31, 2016
|
31,010
|
|
|
76,203
|
|
|
11,142
|
|
|
54,853
|
|
Purchases of oil and gas reserves in place
|
1,891
|
|
|
7,865
|
|
|
1,244
|
|
|
4,446
|
|
Extension, discoveries and other additions
|
18,125
|
|
|
54,995
|
|
|
8,599
|
|
|
35,890
|
|
Revisions of previous estimates
|
2,990
|
|
|
17,710
|
|
|
2,855
|
|
|
8,797
|
|
Sales of reserves
|
(10,196
|
)
|
|
(4,902
|
)
|
|
(187
|
)
|
|
(11,200
|
)
|
Production
|
(4,203
|
)
|
|
(8,952
|
)
|
|
(1,307
|
)
|
|
(7,002
|
)
|
Balance at December 31, 2017
|
39,617
|
|
|
142,919
|
|
|
22,346
|
|
|
85,784
|
|
|
|
|
|
|
|
|
|
||||
Proved developed reserves:
|
|
|
|
|
|
|
|
||||
December 31, 2015
|
27,196
|
|
|
45,191
|
|
|
5,079
|
|
|
39,807
|
|
December 31, 2016
|
21,748
|
|
|
47,510
|
|
|
6,718
|
|
|
36,384
|
|
December 31, 2017
|
17,392
|
|
|
74,527
|
|
|
11,652
|
|
|
41,465
|
|
Proved undeveloped reserves:
|
|
|
|
|
|
|
|
||||
December 31, 2015
|
28,327
|
|
|
52,808
|
|
|
6,765
|
|
|
43,893
|
|
December 31, 2016
|
9,262
|
|
|
28,693
|
|
|
4,424
|
|
|
18,469
|
|
December 31, 2017
|
22,225
|
|
|
68,392
|
|
|
10,694
|
|
|
44,319
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Future cash inflows
|
$
|
2,647,413
|
|
|
$
|
1,393,373
|
|
|
$
|
2,552,844
|
|
Future production costs
|
(718,752
|
)
|
|
(557,636
|
)
|
|
(967,518
|
)
|
|||
Future development costs
|
(431,723
|
)
|
|
(215,077
|
)
|
|
(674,350
|
)
|
|||
Future income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|||
Future net cash flows
|
1,496,938
|
|
|
620,660
|
|
|
910,976
|
|
|||
10% annual discount
|
(667,627
|
)
|
|
(291,351
|
)
|
|
(583,410
|
)
|
|||
Standardized measure of discounted future net cash flows
|
$
|
829,311
|
|
|
$
|
329,309
|
|
|
$
|
327,566
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in thousands)
|
||||||||||
Standardized measure of discounted future net cash flows, beginning of period
|
$
|
329,309
|
|
|
$
|
327,566
|
|
|
$
|
1,169,582
|
|
Sales of oil and gas, net of production costs and taxes
|
(191,669
|
)
|
|
(119,167
|
)
|
|
(127,015
|
)
|
|||
Extensions, discoveries and improved recovery, less related costs
|
346,973
|
|
|
58,121
|
|
|
33,085
|
|
|||
Quantity revisions
|
112,452
|
|
|
(228,538
|
)
|
|
(202,035
|
)
|
|||
Price revisions
|
253,738
|
|
|
(157,414
|
)
|
|
(1,647,642
|
)
|
|||
Previously estimated development costs incurred during the period
|
138,094
|
|
|
52,611
|
|
|
154,985
|
|
|||
Changes in estimated future development costs
|
(118,967
|
)
|
|
377,239
|
|
|
606,736
|
|
|||
Accretion of discount
|
31,816
|
|
|
31,941
|
|
|
145,387
|
|
|||
Purchases of reserves in place
|
42,979
|
|
|
—
|
|
|
—
|
|
|||
Sales of reserves
|
(107,620
|
)
|
|
(10,736
|
)
|
|
(82,081
|
)
|
|||
Changes in production rates (timing) and other
|
(7,794
|
)
|
|
(2,314
|
)
|
|
(2,747
|
)
|
|||
Net changes in future income taxes
|
—
|
|
|
—
|
|
|
279,311
|
|
|||
Standardized measure of discounted future net cash flows, end of period
|
$
|
829,311
|
|
|
$
|
329,309
|
|
|
$
|
327,566
|
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
|
(in thousands, except per share data)
|
||||||||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
$
|
50,536
|
|
|
$
|
51,066
|
|
|
$
|
67,865
|
|
|
$
|
83,372
|
|
Less: Costs and expenses
|
66,370
|
|
|
61,562
|
|
|
70,705
|
|
|
120,127
|
|
||||
Operating income (loss)
|
$
|
(15,834
|
)
|
|
$
|
(10,496
|
)
|
|
$
|
(2,840
|
)
|
|
$
|
(36,755
|
)
|
Income (loss) before income taxes
|
(13,115
|
)
|
|
(18,447
|
)
|
|
(28,842
|
)
|
|
(79,223
|
)
|
||||
Net income (loss)
|
(13,115
|
)
|
|
(18,447
|
)
|
|
(28,842
|
)
|
|
(77,821
|
)
|
||||
Net income (loss) per common share, basic
|
(0.18
|
)
|
|
(0.25
|
)
|
|
(0.39
|
)
|
|
(0.94
|
)
|
||||
Net income (loss) per common share, diluted
|
(0.18
|
)
|
|
(0.25
|
)
|
|
(0.39
|
)
|
|
(0.94
|
)
|
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
|
(in thousands, except per share data)
|
||||||||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
$
|
29,434
|
|
|
$
|
47,284
|
|
|
$
|
50,481
|
|
|
$
|
51,620
|
|
Less: Costs and expenses
|
68,889
|
|
|
67,054
|
|
|
68,831
|
|
|
73,291
|
|
||||
Operating income (loss)
|
$
|
(39,455
|
)
|
|
$
|
(19,770
|
)
|
|
$
|
(18,350
|
)
|
|
$
|
(21,671
|
)
|
Income (loss) before income taxes
|
(46,496
|
)
|
|
(48,419
|
)
|
|
(26,186
|
)
|
|
(49,277
|
)
|
||||
Net income (loss)
|
(46,496
|
)
|
|
(48,419
|
)
|
|
(26,186
|
)
|
|
(49,277
|
)
|
||||
Net income (loss) per common share, basic
|
(0.96
|
)
|
|
(0.93
|
)
|
|
(0.44
|
)
|
|
(0.79
|
)
|
||||
Net income (loss) per common share, diluted
|
(0.96
|
)
|
|
(0.93
|
)
|
|
(0.44
|
)
|
|
(0.79
|
)
|
1 Year Bill Barrett Chart |
1 Month Bill Barrett Chart |
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