|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Operating activities: |
|
|
|
| Net income (loss) |
$ (113,806) |
$ 17,976 |
$ 30,485 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depletion, depreciation, amortization and asset retirement obligation accretion |
116,344 |
78,414 |
57,664 |
| Impairment of proved oil and gas properties |
188,000 |
|
|
| Amortization of deferred financing costs and senior notes premium |
2,481 |
1,691 |
1,044 |
| Share-based compensation |
14,924 |
9,399 |
7,927 |
| Commodity derivative instruments (gain) loss |
15,336 |
(5,176) |
5,321 |
| Commodity derivative settlements |
(35,812) |
(22,920) |
(20,799) |
| Deferred income taxes |
(64,663) |
11,865 |
17,870 |
| Change in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(15,961) |
(15,317) |
(16,535) |
| Other current assets |
539 |
138 |
(233) |
| Accounts payable and accrued expenses |
25,905 |
(4,859) |
18,634 |
| Accrued interest payable |
41 |
5,560 |
(291) |
| Net cash provided by operating activities |
133,328 |
76,771 |
101,087 |
| Investing activities: |
|
|
|
| Oil and gas exploration and development expenditures |
(261,758) |
(212,241) |
(169,216) |
| Purchase of oil and gas properties |
(257,948) |
(286,636) |
(49,604) |
| Proceeds from sale of oil and gas properties and other |
121,361 |
49,692 |
4,744 |
| Purchase of other property and equipment |
(2,467) |
(1,532) |
(1,201) |
| Restricted cash |
203 |
(1,821) |
(1,820) |
| Other |
(4,909) |
5,091 |
91 |
| Net cash used in investing activities |
(405,518) |
(447,447) |
(217,006) |
| Financing activities: |
|
|
|
| Proceeds from bank borrowings |
638,000 |
649,600 |
353,200 |
| Repayments of bank borrowings |
(465,000) |
(657,600) |
(311,100) |
| Proceeds from issuance of senior notes |
|
401,875 |
|
| Payment of financing costs |
(1,934) |
(12,275) |
(195) |
| Redemption of restricted stock for employee income taxes |
(1,551) |
(1,126) |
(1,112) |
| Retirement of public warrants |
|
(9,999) |
|
| Proceeds from exercise of warrants |
|
|
74,417 |
| Proceeds from issuances of common stock, net of underwriters discounts and commissions |
101,760 |
|
|
| Net cash provided by financing activities |
271,275 |
370,475 |
115,210 |
| Net decrease in cash and cash equivalents |
(915) |
(201) |
(709) |
| Cash and cash equivalents at beginning of period |
934 |
1,135 |
1,844 |
| Cash and cash equivalents at end of period |
19 |
934 |
1,135 |
| Cash paid during the period for: |
|
|
|
| Interest, net of amounts capitalized |
29,280 |
10,051 |
3,091 |
| Income taxes |
|
8 |
|
| Supplemental schedule of non-cash investing and financing activities: |
|
|
|
| Capital expenditures financed through current liabilities |
30,069 |
39,008 |
26,608 |
| Increase to asset retirement obligations |
11,421 |
315 |
1,862 |
| Asset retirement obligations assumed |
1,659 |
2,557 |
|
| Asset retirement obligations sold |
$ 723 |
|
$ 1,307 |