Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income (loss) $ (240,139) $ 37,766 $ 4,304
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 69,891 58,014 45,393
Write-down of oil and natural gas properties 208,435    
Accretion expense 660 826 1,785
Amortization of non-cash debt related items 3,123 1,272 471
Amortization of deferred credit   (487) (3,164)
Equity in earnings of Medusa Spar LLC     (17)
Deferred income tax expense 38,474 23,134 2,778
Net loss (gain) on derivatives, net of settlements 6,658 (27,650) 2,730
Impairment of other property and equipment     1,707
Gain on sale of other property and equipment   (1,080)  
Non-cash gain on early debt extinguishment   (151) (3,696)
Non-cash expense related to equity share-based awards 221 1,126 2,092
Change in the fair value of liability share-based awards 6,612 3,936 2,903
Payments to settle asset retirement obligations (3,258) (3,808) (721)
Changes in current assets and liabilities:      
Accounts receivable (4,761) (7,915) (3,497)
Other current assets (20) 622 (560)
Current liabilities 8,001 12,805 3,583
Payments to settle vested liability share-based awards related to early retirements (3,538) (1,417)  
Payments to settle vested liability share-based awards (3,925) (2,052) (239)
Change in other long-term liabilities 80 (106) (711)
Change in other assets, net 338 (448) (666)
Net cash provided by operating activities 86,852 94,387 54,475
Cash flows from investing activities:      
Capital expenditures (227,292) (232,596) (159,724)
Acquisitions (32,245) (222,883) (10,885)
Proceeds from sales of mineral interests and equipment 377 2,978 89,992
Distribution from Medusa Spar LLC     813
Net cash used in investing activities (259,160) (452,501) (79,804)
Cash flows from financing activities:      
Borrowings on senior secured revolving credit facility 181,000 132,500 80,000
Payments on senior secured revolving credit facility (176,000) (119,500) (68,000)
Borrowings on term loan   382,500  
Payments on term loan   (84,149)  
Payment of deferred financing costs   (19,779) (146)
Redemption of 13% senior notes   (50,057) (50,060)
Issuance of preferred stock     70,035
Issuance of common stock 175,459 122,450  
Payment of preferred stock dividends (7,895) (7,895) (4,627)
Net cash provided by financing activities 172,564 356,070 27,202
Net change in cash and cash equivalents 256 (2,044) 1,873
Balance, beginning of period 968 3,012 1,139
Balance, end of period $ 1,224 $ 968 $ 3,012