Comstock Resources, Inc. Reports Fourth Quarter And Annual 2012 Financial And Operating Results And Restatement Of 2012 Quarterly Results
Financial Results for the Three Months and Year Ended
Low natural gas prices continue to adversely impact the Company's financial results for the fourth quarter of 2012 as
2012 Drilling Results
In the
In the
Restatement of Previously Issued Unaudited Quarterly Financial Statements in 2012
On
Under ASC 815, the fair value of hedge contracts is recognized in the Company's consolidated balance sheet as an asset or liability, as the case may be, and the amounts received or paid under the hedge contracts are reflected in earnings during the period in which the underlying production occurs. If the hedge contracts qualify for hedge accounting treatment, the fair value of the hedge contract is recorded in "accumulated other comprehensive income", and changes in the fair value do not affect net income in the period. If the hedge contract does not qualify for hedge accounting treatment, the change in the fair value of the hedge contract is reflected in earnings during the period as unrealized gain or loss from derivatives. Under the cash flow hedge accounting treatment used by the Company, the fair value of the hedge contracts were recognized in the consolidated balance sheet with the resulting unrealized gain or loss recorded initially in "accumulated other comprehensive income" and later reclassified through earnings when the hedged production impacted earnings. As a result of the determination that the documentation failed to meet the requirements necessary to utilize cash flow hedge accounting treatment, the unrealized gain or loss should have been recorded in the consolidated statements of operations as a component of earnings. The Company has also been recognizing realized gains and losses from its derivative financial instruments in oil and gas sales, and is reclassifying these amounts as a separate component of non-operating income and expense.
The Company will restate its consolidated unaudited quarterly financial statements for each of the quarters ended
Comstock Resources, Inc. |
||||||||||||||||||||||||||||||||
Restatement of Historical Financial Results |
||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2012 |
Three Months Ended June 30, 2012 |
Three Months Ended September 30, 2012 |
Nine Months Ended September 30, 2012 |
|||||||||||||||||||||||||||||
As Restated |
As Reported |
As Restated |
As Reported |
As Restated |
As Reported |
As Restated |
As Reported |
|||||||||||||||||||||||||
Oil and gas sales |
$ |
111,689 |
$ |
110,335 |
$ |
100,736 |
$ |
104,690 |
$ |
112,895 |
$ |
117,129 |
$ |
325,320 |
$ |
332,154 |
||||||||||||||||
Realized gain (loss) from derivatives |
$ |
(1,354) |
$ |
— |
$ |
2,719 |
$ |
— |
$ |
3,293 |
$ |
— |
$ |
4,658 |
$ |
— |
||||||||||||||||
Unrealized gain (loss) from derivatives |
$ |
(10,187) |
$ |
— |
$ |
34,797 |
$ |
— |
$ |
(11,112) |
$ |
— |
$ |
13,498 |
$ |
— |
||||||||||||||||
Net income (loss) |
$ |
1,375 |
$ |
6,859 |
$ |
7,165 |
$ |
(10,304) |
$ |
(30,449) |
$ |
(25,988) |
$ |
(21,909) |
$ |
(29,433) |
||||||||||||||||
Net income (loss) per share: |
||||||||||||||||||||||||||||||||
Basic |
$ |
0.03 |
$ |
0.14 |
$ |
0.15 |
$ |
(0.22) |
$ |
(0.66) |
$ |
(0.56) |
$ |
(0.47) |
$ |
(0.63) |
||||||||||||||||
Diluted |
$ |
0.03 |
$ |
0.14 |
$ |
0.15 |
$ |
(0.22) |
$ |
(0.66) |
$ |
(0.56) |
$ |
(0.47) |
$ |
(0.63) |
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct.
COMSTOCK RESOURCES, INC. |
||||||||||||||||
OPERATING RESULTS |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2012 |
2011 |
2012 |
2011 |
|||||||||||||
Oil and gas sales |
$ |
106,603 |
$ |
114,456 |
$ |
431,923 |
$ |
434,367 |
||||||||
Gain on sale of oil and gas properties |
— |
— |
24,271 |
— |
||||||||||||
Total revenues |
106,603 |
114,456 |
456,194 |
434,367 |
||||||||||||
Operating expenses: |
||||||||||||||||
Production taxes |
3,148 |
1,440 |
14,021 |
3,670 |
||||||||||||
Gathering and transportation |
5,700 |
8,151 |
27,312 |
28,491 |
||||||||||||
Lease operating |
16,420 |
10,040 |
60,620 |
46,552 |
||||||||||||
Exploration(a) |
58,652 |
82 |
61,449 |
10,148 |
||||||||||||
Depreciation, depletion and amortization |
96,876 |
78,244 |
365,286 |
290,776 |
||||||||||||
General and administrative |
7,825 |
9,199 |
33,798 |
35,172 |
||||||||||||
Impairment of oil and gas properties |
20,018 |
60,817 |
25,368 |
60,817 |
||||||||||||
Loss on sale of oil and gas properties |
— |
— |
— |
57 |
||||||||||||
Total operating expenses |
208,639 |
167,973 |
587,854 |
475,683 |
||||||||||||
Operating loss |
(102,036) |
(53,517) |
(131,660) |
(41,316) |
||||||||||||
Other income (expenses): |
||||||||||||||||
Gain on sale of marketable securities |
— |
2,905 |
26,621 |
35,118 |
||||||||||||
Realized gain from derivatives |
5,108 |
— |
9,766 |
— |
||||||||||||
Unrealized gain (loss) from derivatives |
(2,008) |
— |
11,490 |
— |
||||||||||||
Other income |
269 |
210 |
944 |
790 |
||||||||||||
Interest expense |
(19,274) |
(12,006) |
(64,575) |
(42,688) |
||||||||||||
Total other income (expenses) |
(15,905) |
(8,891) |
(15,754) |
(6,780) |
||||||||||||
Loss before income taxes |
(117,941) |
(62,408) |
(147,414) |
(48,096) |
||||||||||||
Benefit from income taxes |
39,790 |
21,274 |
47,354 |
14,624 |
||||||||||||
Net loss |
$ |
(78,151) |
$ |
(41,134) |
$ |
(100,060) |
$ |
(33,472) |
||||||||
Net loss per share: |
||||||||||||||||
Basic |
$ |
(1.68) |
$ |
(0.89) |
$ |
(2.16) |
$ |
(0.73) |
||||||||
Diluted |
$ |
(1.68) |
$ |
(0.89) |
$ |
(2.16) |
$ |
(0.73) |
||||||||
Weighted average shares outstanding: |
||||||||||||||||
Basic |
46,446 |
46,011 |
46,422 |
45,997 |
||||||||||||
Diluted(b) |
46,446 |
46,011 |
46,422 |
45,997 |
(a) |
Includes impairments of unevaluated leases of $58.6 million and $61.3 million in the three months and year ended December 31, 2012, respectively. |
(b) |
Diluted shares outstanding is the same as basic due to the net loss in the periods. |
COMSTOCK RESOURCES, INC. |
||||||||||||||||
OPERATING RESULTS |
||||||||||||||||
(In thousands) |
||||||||||||||||
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2012 |
2011 |
2012 |
2011 |
|||||||||||||
OPERATING CASH FLOW: |
||||||||||||||||
Net loss |
$ |
(78,151) |
$ |
(41,134) |
$ |
(100,060) |
$ |
(33,472) |
||||||||
Reconciling items: |
||||||||||||||||
Deferred income taxes |
(39,839) |
(21,245) |
(47,192) |
(14,652) |
||||||||||||
Depreciation, depletion and amortization |
96,876 |
78,244 |
365,286 |
290,776 |
||||||||||||
Impairment of oil and gas properties |
20,018 |
60,817 |
25,368 |
60,817 |
||||||||||||
Dry hole costs and leasehold impairments |
58,615 |
— |
61,300 |
9,819 |
||||||||||||
Loss (gain) on sale of assets |
— |
(2,905) |
(50,892) |
(35,061) |
||||||||||||
Unrealized loss (gain) from derivatives |
2,008 |
— |
(11,490) |
— |
||||||||||||
Debt issuance cost and discount amortization |
1,588 |
949 |
5,277 |
4,300 |
||||||||||||
Stock-based compensation |
3,539 |
4,074 |
13,728 |
15,032 |
||||||||||||
Operating cash flow |
64,654 |
78,800 |
261,325 |
297,559 |
||||||||||||
Excess income taxes from stock-based compensation |
20 |
— |
1,701 |
612 |
||||||||||||
(Increase) decrease in accounts receivable |
7,973 |
(4,088) |
11,975 |
(9,046) |
||||||||||||
(Increase) decrease in other current assets |
750 |
1,036 |
(4,309) |
3,311 |
||||||||||||
Decrease in accounts payable and accrued expenses |
(36,866) |
(8,393) |
(8,463) |
(7,532) |
||||||||||||
Net cash provided by operating activities |
$ |
36,531 |
$ |
67,355 |
$ |
262,229 |
$ |
284,904 |
||||||||
EBITDAX: |
||||||||||||||||
Net loss |
$ |
(78,151) |
$ |
(41,134) |
$ |
(100,060) |
$ |
(33,472) |
||||||||
Interest expense |
19,274 |
12,006 |
64,575 |
42,688 |
||||||||||||
Benefit from income taxes |
(39,790) |
(21,274) |
(47,354) |
(14,624) |
||||||||||||
Depreciation, depletion and amortization |
96,876 |
78,244 |
365,286 |
290,776 |
||||||||||||
Exploration |
58,652 |
82 |
61,449 |
10,148 |
||||||||||||
Impairment of oil and gas properties |
20,018 |
60,817 |
25,368 |
60,817 |
||||||||||||
Gain on sale of assets |
— |
(2,905) |
(50,892) |
(35,061) |
||||||||||||
Unrealized loss (gain) from derivatives |
2,008 |
— |
(11,490) |
— |
||||||||||||
Stock-based compensation |
3,539 |
4,074 |
13,728 |
15,032 |
||||||||||||
EBITDAX |
$ |
82,426 |
$ |
89,910 |
$ |
320,610 |
$ |
336,304 |
As of December 31, |
||||||||
2012 |
2011 |
|||||||
BALANCE SHEET DATA: |
||||||||
Cash and cash equivalents |
$ |
4,471 |
$ |
8,460 |
||||
Marketable securities |
12,312 |
47,642 |
||||||
Derivative financial instruments |
11,651 |
459 |
||||||
Other current assets |
48,712 |
56,529 |
||||||
Property and equipment, net |
2,470,053 |
2,509,845 |
||||||
Other |
19,944 |
16,949 |
||||||
Total assets |
$ |
2,567,143 |
$ |
2,639,884 |
||||
Accounts payable and accrued expenses |
$ |
139,058 |
$ |
187,207 |
||||
Long-term debt |
1,324,383 |
1,196,908 |
||||||
Deferred income taxes |
149,901 |
201,705 |
||||||
Other non-current liabilities |
20,267 |
16,439 |
||||||
Stockholders' equity |
933,534 |
1,037,625 |
||||||
Total liabilities and stockholders' equity |
$ |
2,567,143 |
$ |
2,639,884 |
COMSTOCK RESOURCES, INC. |
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REGIONAL OPERATING RESULTS |
||||||||||||||||||||||||||||||||||||||||
(In thousands, except per unit amounts) |
||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended December 31, 2012 |
For the Three Months Ended December 31, 2011 |
|||||||||||||||||||||||||||||||||||||||
East Texas/ North Louisiana |
South Texas |
West Texas |
Other |
Total |
East Texas/ North Louisiana |
South Texas |
West Texas |
Other |
Total |
|||||||||||||||||||||||||||||||
Oil production (Mbbls) |
12 |
394 |
148 |
7 |
561 |
28 |
312 |
6 |
346 |
|||||||||||||||||||||||||||||||
Gas production (MMcf) |
15,340 |
1,833 |
254 |
496 |
17,923 |
20,177 |
2,659 |
595 |
23,431 |
|||||||||||||||||||||||||||||||
Total production (MMcfe) |
15,412 |
4,198 |
1,144 |
536 |
21,290 |
20,348 |
4,537 |
624 |
25,509 |
|||||||||||||||||||||||||||||||
Oil sales |
$ |
1,042 |
$ |
38,869 |
$ |
11,390 |
$ |
583 |
$ |
51,884 |
$ |
2,614 |
$ |
31,638 |
$ |
453 |
$ |
34,705 |
||||||||||||||||||||||
Hedging gains(a) |
— |
3,830 |
1,278 |
— |
5,108 |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||
Total oil, including hedging |
1,042 |
42,699 |
12,668 |
583 |
56,992 |
2,614 |
31,638 |
453 |
34,705 |
|||||||||||||||||||||||||||||||
Natural gas sales |
44,816 |
6,451 |
1,641 |
1,811 |
54,719 |
65,959 |
11,331 |
2,461 |
79,751 |
|||||||||||||||||||||||||||||||
Total oil and gas sales and realized gain from derivatives |
$ |
45,858 |
$ |
49,150 |
$ |
14,309 |
$ |
2,394 |
$ |
111,711 |
$ |
68,573 |
$ |
42,969 |
$ |
2,914 |
$ |
114,456 |
||||||||||||||||||||||
Average oil price (per barrel) |
$ |
86.72 |
$ |
98.61 |
$ |
76.87 |
$ |
85.94 |
$ |
92.46 |
$ |
92.25 |
$ |
101.10 |
$ |
88.26 |
$ |
100.18 |
||||||||||||||||||||||
Average oil price including hedging (per barrel) |
$ |
86.72 |
$ |
108.33 |
$ |
85.49 |
$ |
85.94 |
$ |
101.56 |
$ |
92.25 |
$ |
101.10 |
$ |
88.26 |
$ |
100.18 |
||||||||||||||||||||||
Average gas price (per Mcf) |
$ |
2.92 |
$ |
3.52 |
$ |
6.46 |
$ |
3.65 |
$ |
3.05 |
$ |
3.27 |
$ |
4.26 |
$ |
4.14 |
$ |
3.40 |
||||||||||||||||||||||
Average price (per Mcfe) |
$ |
2.98 |
$ |
10.79 |
$ |
11.39 |
$ |
4.47 |
$ |
5.01 |
$ |
3.37 |
$ |
9.47 |
$ |
4.67 |
$ |
4.49 |
||||||||||||||||||||||
Average price including hedging (per Mcfe) |
$ |
2.98 |
$ |
11.71 |
$ |
12.51 |
$ |
4.47 |
$ |
5.25 |
$ |
3.37 |
$ |
9.47 |
$ |
4.67 |
$ |
4.49 |
||||||||||||||||||||||
Production taxes |
$ |
407 |
$ |
1,992 |
$ |
627 |
$ |
122 |
$ |
3,148 |
$ |
(949) |
$ |
2,228 |
$ |
161 |
$ |
1,440 |
||||||||||||||||||||||
Gathering and transportation |
$ |
4,692 |
$ |
473 |
$ |
289 |
$ |
246 |
$ |
5,700 |
$ |
7,741 |
$ |
294 |
$ |
116 |
$ |
8,151 |
||||||||||||||||||||||
Lease operating |
$ |
6,130 |
$ |
5,618 |
$ |
3,785 |
$ |
887 |
$ |
16,420 |
$ |
7,236 |
$ |
1,992 |
$ |
812 |
$ |
10,040 |
||||||||||||||||||||||
Production taxes (per Mcfe) |
$ |
0.03 |
$ |
0.47 |
$ |
0.55 |
$ |
0.23 |
$ |
0.15 |
$ |
(0.05) |
$ |
0.49 |
$ |
0.26 |
$ |
0.06 |
||||||||||||||||||||||
Gathering and transportation (per Mcfe) |
$ |
0.30 |
$ |
0.11 |
$ |
0.25 |
$ |
0.46 |
$ |
0.27 |
$ |
0.38 |
$ |
0.06 |
$ |
0.19 |
$ |
0.32 |
||||||||||||||||||||||
Lease operating (per Mcfe) |
$ |
0.40 |
$ |
1.35 |
$ |
3.31 |
$ |
1.65 |
$ |
0.77 |
$ |
0.36 |
$ |
0.44 |
$ |
1.30 |
$ |
0.39 |
||||||||||||||||||||||
Oil and Gas Capital Expenditures: |
||||||||||||||||||||||||||||||||||||||||
Acquisitions |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
$ |
16,879 |
$ |
— |
$ |
201,782 |
$ |
— |
$ |
218,661 |
||||||||||||||||||||
Exploratory leasehold |
2,136 |
1,456 |
3,786 |
— |
7,378 |
12,064 |
43,860 |
147,532 |
— |
203,456 |
||||||||||||||||||||||||||||||
Development leasehold |
218 |
58 |
— |
— |
276 |
420 |
— |
— |
— |
420 |
||||||||||||||||||||||||||||||
Exploratory drilling |
217 |
1,299 |
— |
— |
1,516 |
2,290 |
2,131 |
— |
— |
4,421 |
||||||||||||||||||||||||||||||
Development drilling |
(59) |
39,852 |
45,188 |
— |
84,981 |
46,713 |
76,726 |
— |
160 |
123,599 |
||||||||||||||||||||||||||||||
Other development |
488 |
583 |
209 |
21 |
1,301 |
532 |
345 |
— |
92 |
969 |
||||||||||||||||||||||||||||||
Total |
$ |
3,000 |
$ |
43,248(b) |
$ |
49,183 |
$ |
21 |
$ |
95,452(b) |
$ |
78,898 |
$ |
123,062 |
$ |
349,314 |
$ |
252 |
$ |
551,526 |
(a) |
Reported as realized gain from derivatives in operating results. |
(b) |
Net of reimbursements received of $8,685 under the Company's Eagle Ford shale joint venture. |
COMSTOCK RESOURCES, INC. |
||||||||||||||||||||||||||||||||||||||||
REGIONAL OPERATING RESULTS |
||||||||||||||||||||||||||||||||||||||||
(In thousands, except per unit amounts) |
||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 |
For the Year Ended December 31, 2011 |
|||||||||||||||||||||||||||||||||||||||
East Texas/ North Louisiana |
South Texas |
West Texas |
Other |
Total |
East Texas/ North Louisiana |
South Texas |
West Texas |
Other |
Total |
|||||||||||||||||||||||||||||||
Oil production (Mbbls) |
81 |
1,679 |
517 |
32 |
2,309 |
117 |
697 |
24 |
838 |
|||||||||||||||||||||||||||||||
Gas production (MMcf) |
71,085 |
8,640 |
728 |
2,037 |
82,490 |
76,883 |
11,153 |
2,557 |
90,593 |
|||||||||||||||||||||||||||||||
Total production (MMcfe) |
71,574 |
18,712 |
3,830 |
2,229 |
96,345 |
77,585 |
15,338 |
2,699 |
95,622 |
|||||||||||||||||||||||||||||||
Oil sales |
$ |
7,756 |
$ |
170,242 |
$ |
42,701 |
$ |
3,165 |
$ |
223,864 |
$ |
10,614 |
$ |
67,523 |
$ |
2,107 |
$ |
80,244 |
||||||||||||||||||||||
Hedging gains(a) |
— |
7,422 |
2,344 |
— |
9,766 |
— |
— |
— |
— |
|||||||||||||||||||||||||||||||
Total oil, including hedging |
7,756 |
177,664 |
45,045 |
3,165 |
233,630 |
10,614 |
67,523 |
2,107 |
80,244 |
|||||||||||||||||||||||||||||||
Natural gas sales |
170,254 |
26,923 |
4,408 |
6,474 |
208,059 |
290,028 |
51,789 |
12,306 |
354,123 |
|||||||||||||||||||||||||||||||
Total oil and gas sales and realized gain from derivatives |
$ |
178,010 |
$ |
204,587 |
$ |
49,453 |
$ |
9,639 |
$ |
441,689 |
$ |
300,642 |
$ |
119,312 |
$ |
14,413 |
$ |
434,367 |
||||||||||||||||||||||
Average oil price (per barrel) |
$ |
95.27 |
$ |
101.41 |
$ |
82.60 |
$ |
98.66 |
$ |
96.95 |
$ |
90.74 |
$ |
96.81 |
$ |
88.63 |
$ |
95.73 |
||||||||||||||||||||||
Average oil price including hedging (per barrel) |
$ |
95.27 |
$ |
105.83 |
$ |
87.14 |
$ |
98.66 |
$ |
101.18 |
$ |
90.74 |
$ |
96.81 |
$ |
88.63 |
$ |
95.73 |
||||||||||||||||||||||
Average gas price (per Mcf) |
$ |
2.40 |
$ |
3.12 |
$ |
6.05 |
$ |
3.18 |
$ |
2.52 |
$ |
3.77 |
$ |
4.64 |
$ |
4.81 |
$ |
3.91 |
||||||||||||||||||||||
Average price (per Mcfe) |
$ |
2.49 |
$ |
10.54 |
$ |
12.30 |
$ |
4.32 |
$ |
4.48 |
$ |
3.87 |
$ |
7.78 |
$ |
5.34 |
$ |
4.54 |
||||||||||||||||||||||
Average price including hedging (per Mcfe) |
$ |
2.49 |
$ |
10.93 |
$ |
12.91 |
$ |
4.32 |
$ |
4.48 |
$ |
3.87 |
$ |
7.78 |
$ |
5.34 |
$ |
4.54 |
||||||||||||||||||||||
Production taxes |
$ |
2,513 |
$ |
8,518 |
$ |
2,294 |
$ |
696 |
$ |
14,021 |
$ |
(1,958) |
$ |
4,881 |
$ |
747 |
$ |
3,670 |
||||||||||||||||||||||
Gathering and transportation |
$ |
23,272 |
$ |
2,412 |
$ |
1,047 |
$ |
581 |
$ |
27,312 |
$ |
26,581 |
$ |
1,476 |
$ |
434 |
$ |
28,491 |
||||||||||||||||||||||
Lease operating |
$ |
31,109 |
$ |
16,130 |
$ |
9,372 |
$ |
4,009 |
$ |
60,620 |
$ |
30,419 |
$ |
12,443 |
$ |
3,690 |
$ |
46,552 |
||||||||||||||||||||||
Production taxes (per Mcfe) |
$ |
0.04 |
$ |
0.46 |
$ |
0.60 |
$ |
0.31 |
$ |
0.15 |
$ |
(0.03) |
$ |
0.32 |
$ |
0.28 |
$ |
0.04 |
||||||||||||||||||||||
Gathering and transportation (per Mcfe) |
$ |
0.33 |
$ |
0.13 |
$ |
0.27 |
$ |
0.26 |
$ |
0.28 |
$ |
0.34 |
$ |
0.10 |
$ |
0.16 |
$ |
0.30 |
||||||||||||||||||||||
Lease operating (per Mcfe) |
$ |
0.42 |
$ |
0.86 |
$ |
2.45 |
$ |
1.80 |
$ |
0.63 |
$ |
0.40 |
$ |
0.81 |
$ |
1.37 |
$ |
0.48 |
||||||||||||||||||||||
Oil and Gas Capital Expenditures: |
||||||||||||||||||||||||||||||||||||||||
Acquisitions |
$ |
— |
$ |
— |
$ |
3,235 |
$ |
— |
$ |
3,235 |
$ |
16,879 |
$ |
— |
$ |
201,782 |
$ |
— |
$ |
218,661 |
||||||||||||||||||||
Exploratory leasehold |
7,400 |
6,342 |
15,935 |
— |
29,677 |
37,682 |
66,263 |
151,754 |
— |
255,699 |
||||||||||||||||||||||||||||||
Development leasehold |
767 |
1,390 |
— |
— |
2,157 |
695 |
103 |
— |
— |
798 |
||||||||||||||||||||||||||||||
Exploratory drilling |
1,193 |
4,124 |
— |
— |
5,317 |
33,381 |
48,647 |
— |
— |
82,028 |
||||||||||||||||||||||||||||||
Development drilling |
99,903 |
197,421 |
183,354 |
— |
480,678 |
330,090 |
152,036 |
— |
1,690 |
483,816 |
||||||||||||||||||||||||||||||
Other development |
1,729 |
1,243 |
540 |
216 |
3,728 |
4,089 |
1,966 |
— |
461 |
6,516 |
||||||||||||||||||||||||||||||
Total |
$ |
110,992 |
$ |
210,520(b) |
$ |
203,064 |
$ |
216 |
$ |
524,792(b) |
$ |
422,816 |
$ |
269,015 |
$ |
353,536 |
$ |
2,151 |
$ |
1,047,518 |
(a) |
Reported as realized gain from derivatives in the operating results. |
(b) |
Net of reimbursements received of $32,489 under the Company's Eagle Ford shale joint venture. |
SOURCE
Roland O. Burns, Sr. Vice President and Chief Financial Officer, +1-972-668-8800