Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenue:        
Natural gas sales $ 314,151 $ 172,332 $ 626,487 $ 294,278
Natural gas liquids sales 79,768 17,244 153,696 27,816
Oil sales 35,633 2,085 59,755 2,962
Gathering, compression and water distribution 3,565   7,089  
Marketing 1,987   5,213  
Commodity derivative fair value gains (losses) (123,766) 195,483 (372,695) 123,542
Total revenue 311,338 387,144 479,545 448,598
Operating expenses:        
Lease operating 5,021 1,454 9,890 2,525
Gathering, compression, processing, and transportation 103,837 48,670 187,347 89,640
Production and ad valorem taxes 21,358 10,108 42,397 18,727
Marketing 13,946   25,927  
Exploration 6,703 7,300 13,700 11,662
Impairment of unproved properties 1,956 4,803 3,353 6,359
Depletion, depreciation, and amortization 105,154 52,589 196,360 92,953
Accretion of asset retirement obligations 309 267 611 531
General and administrative (including stock compensation expense of $32,474 and $61,611 for three and six months ended June 30, 2014) 58,357 13,567 109,342 26,284
Total operating expenses 316,641 138,758 588,927 248,681
Operating income (loss) (5,303) 248,386 (109,382) 199,917
Other expenses:        
Interest (37,260) (33,468) (68,602) (63,396)
Loss on early extinguishment of debt (20,386)   (20,386)  
Total other expenses (57,646) (33,468) (88,988) (63,396)
Income (loss) from continuing operations before income taxes and discontinued operations (62,949) 214,918 (198,370) 136,521
Provision for income tax (expense) benefit 18,454 (83,725) 59,116 (53,325)
Income (loss) from continuing operations (44,495) 131,193 (139,254) 83,196
Discontinued operations:        
Income from sale of discontinued operations, net of income tax expense of $1,354 2,210   2,210  
Net income (loss) and comprehensive income (loss) $ (42,285) $ 131,193 $ (137,044) $ 83,196
Earnings (loss) per common share:        
Continuing operations (in dollars per share) $ (0.17) $ 0.50 $ (0.53) $ 0.32
Discontinued operations (in dollars per share) $ 0.01   $ 0.01  
Total (in dollars per share) $ (0.16) $ 0.50 $ (0.52) $ 0.32
Earnings (loss) per common share - assuming dilution        
Continuing operations (in dollars per share) $ (0.17) $ 0.50 $ (0.53) $ 0.32
Discontinued operations (in dollars per share) $ 0.01   $ 0.01  
Total (in dollars per share) $ (0.16) $ 0.50 $ (0.52) $ 0.32