Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Loss

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Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenue:        
Natural gas sales $ 310,390 $ 182,125 $ 936,877 $ 476,403
Natural gas liquids sales 91,111 31,956 244,807 59,772
Oil sales 29,304 8,473 89,059 11,435
Gathering, compression and water distribution 4,875   11,964  
Marketing revenue 17,835   23,048  
Commodity derivative fair value gains 308,975 161,968 (63,720) 285,510
Total revenue 762,490 384,522 1,242,035 833,120
Operating expenses:        
Lease operating 8,680 2,697 18,570 5,222
Gathering, compression, processing, and transportation 128,531 58,383 315,878 148,023
Production and ad valorem taxes 21,726 11,851 64,123 30,578
Marketing 32,192   58,119  
Exploration 7,476 5,372 21,176 17,034
Impairment of unproved properties 4,542 3,205 7,895 9,564
Depletion, depreciation, and amortization 124,624 65,697 320,984 158,650
Accretion of asset retirement obligations 320 266 931 797
General and administrative (including stock compensation expense of $24,210 and $85,821 for the three and nine months ending September 30, 2014) 53,000 14,443 162,342 40,727
Total operating expenses 381,091 161,914 970,018 410,595
Operating income 381,399 222,608 272,017 422,525
Other expenses:        
Interest (42,455) (37,444) (111,057) (100,840)
Loss on early extinguishment of debt     (20,386)  
Total other expenses     (131,443) (100,840)
Income from continuing operations before income taxes and discontinued operations 338,944 185,164 140,574 321,685
Provision for income tax expense (135,035) (67,370) (75,919) (120,695)
Income from continuing operations 203,909 117,794 64,655 200,990
Discontinued operations:        
Income from sale of discontinued operations, net of income tax expense of $1,900 and $1,354, for the nine months ended September 2013 and 2014 respectively   3,100 2,210 3,100
Net income and comprehensive income $ 203,909 $ 120,894 $ 66,865 $ 204,090
Earnings per common share:        
Continuing operations (in dollars per share) $ 0.78 $ 0.45 $ 0.25 $ 0.77
Discontinued operations (in dollars per share)   $ 0.01 $ 0.01 $ 0.01
Total (in dollars per share) $ 0.78 $ 0.46 $ 0.26 $ 0.78
Earnings per common share - assuming dilution        
Continuing operations (in dollars per share) $ 0.78 $ 0.45 $ 0.25 $ 0.77
Discontinued operations (in dollars per share)   $ 0.01 $ 0.01 $ 0.01
Total (in dollars per share) $ 0.78 $ 0.46 $ 0.26 $ 0.78
Weighted average number of shares outstanding        
Basic (in dollars per share) 262,049,948 262,049,659 262,049,756 262,049,659
Diluted (in dollars per share) 262,069,878 262,049,659 262,066,632 262,049,659