EX-99.1 2 a20180331xecpressrelease.htm EXHIBIT 99.1 Exhibit
 
 
N E W S
Cimarex Energy Co.
1700 Lincoln Street, Suite 3700
Denver, CO 80203 
Phone: (303) 295-3995
 
cimarex.jpg


Cimarex Reports First Quarter 2018 Results
•
Daily production averaged 206.1 MBOE; oil production up 25% Y-O-Y
•
Sales Agreements in place for bulk of Permian gas production
•
Robust Avalon well results in Lea County
•
Full-year 2018 production and capital guidance unchanged

DENVER, May 8, 2018 - Cimarex Energy Co. (NYSE: XEC) today reported first quarter 2018 net income of $186.3 million, or $1.96 per share, compared to $131.0 million, or $1.38 per share, in the same period a year ago. First quarter adjusted net income (non-GAAP) was $173.6 million, or $1.82 per share, compared to first quarter 2017 adjusted net income (non-GAAP) of $99.7 million, or $1.05 per share.1 Net cash provided by operating activities was $383.1 million in the first quarter of 2018 compared to $249.5 million in the same period a year ago. Adjusted cash flow from operations (non-GAAP) was $367.2 million in the first quarter of 2018 compared to $265.8 million in the first quarter a year ago1.

Total company production for the quarter came in at the high end of guidance, averaging 206.1 thousand barrels of oil equivalent (MBOE) per day. Oil production averaged 65,212 barrels per day, up six percent from fourth quarter 2017 levels.

Realized oil prices averaged $59.93 per barrel, up 26 percent from the $47.71 per barrel received in the first quarter of 2017. Realized natural gas prices averaged $2.28 per thousand cubic feet (Mcf) down 24 percent from the first quarter 2017 average of $3.01 per Mcf. NGL prices were down 1 percent and averaged $20.19 per barrel from the $20.40 per barrel received in the same period of 2017. Realized prices for 2018 reflect the adoption of Accounting Standards Codification 606 (ASC 606). See table below (Impact of ASC 606) for comparison of realized prices for 2018 for pre- and post ASC 606.

Natural gas prices were negatively impacted by increased local price differentials. In addition, gas takeaway in the Permian Basin between now and when planned additional pipeline capacity is expected to be operational (second half of 2019) has raised concerns about the ability of operators to move gas out of the basin. Cimarex has taken a number of steps to ensure the flow of our natural gas production out of the Permian Basin. We have agreed to terms for the sale of more than 98 percent of our projected Permian Basin natural gas production through October 2019.

Cimarex invested $313 million in exploration and development (E&D) during the first quarter, of which $264 million is attributable to drilling and completion activities. First quarter investments were funded with cash flow

1


from operations. Total debt at March 31, 2018 consisted of $1.5 billion of long-term notes. Cimarex had no borrowings under its revolving credit facility and a cash balance of $464 million. Debt was 35 percent of total capitalization2.

2018 Outlook
Second quarter 2018 production volumes are expected to average 200 - 209 MBOE per day. Total daily production volumes for full year 2018 remain unchanged at 211 – 221 MBOE per day. Full-year estimated exploration and development capital investment remains unchanged at $1.6 – 1.7 billion.

Expenses per BOE of production for the remainder of 2018 are estimated to be:
 
 
 
Production expense
$3.80 - 4.30
 
Transportation, processing and other expense*
2.40 - 3.00
 
DD&A and ARO accretion
7.50 - 8.10
 
General and administrative expense
1.20 - 1.50
 
Taxes other than income (% of oil and gas revenue)
  5.75 - 6.25%
 
 
 
 
*Reflects adoption of ASC 606 (see Impact of ASC6 table below).
 

Operations Update
Cimarex invested $313 million in E&D during the first quarter, 61 percent in the Permian Basin and 38 percent in the Mid-Continent. Cimarex brought 54 gross (15 net) wells on production during the quarter. At March 31, 125 gross (48 net) wells were waiting on completion. Cimarex currently is operating 13 drilling rigs.

WELLS BROUGHT ON PRODUCTION BY REGION
 
 
 
 
 
 
 
Three Months Ended
March 31,
 
 
2018
 
2017
 
 
 
 
 
Gross wells
 
 
 
 
Permian Basin
 
17

 
25

Mid-Continent
 
37

 
45

 
 
54

 
70

Net wells
 
 
 
 
Permian Basin
 
9

 
16

Mid-Continent
 
6

 
10

 
 
15

 
26




2



Permian Region
Production from the Permian region averaged 114,218 BOE per day in the first quarter, a 19 percent increase from first quarter 2017. Oil volumes averaged 49,845 barrels per day, representing 44 percent of the region’s total equivalent production, and a 21 percent increase from first quarter 2017. Total production increased two percent sequentially, with oil production up five percent.

Cimarex completed 17 gross (9 net) wells in the Permian region during the first quarter. There were 52 gross (28 net) wells waiting on completion at March 31.

Activity in the region for the quarter included nine wells completed in the Wolfcamp, Avalon and Bone Spring formations. Of note, in Lea County, New Mexico, two Avalon wells were brought on-line during the first quarter. The Coriander AOC 1-12 State 1H, a 10,000-foot lateral, had an average peak 30-day initial production rate of 3,333 BOE (2,233 barrel of oil) per day and the Thyme APY FED 19H, 5,000-foot lateral, had an average peak 30-day initial production rate of 2,059 BOE (1,420 barrels of oil) per day.

Cimarex currently is operating ten drilling rigs and three completion crews in the region.

Mid-Continent Region
Production from the Mid-Continent averaged 91,433 BOE per day for the first quarter, up 13 percent versus first quarter 2017 and up four percent sequentially.

During the first quarter, Cimarex completed 37 gross (6 net) wells in the Mid-Continent region. At the end of the quarter, 73 gross (20 net) wells were waiting on completion. Cimarex currently is operating three drilling rigs and two completion crews in the region.

Production by Region
Cimarex’s average daily production and commodity price by region is summarized below:

3


DAILY PRODUCTION BY REGION
 
 
 
 
 
 
 
Three Months Ended
March 31,
 
 
2018
 
2017
 
 
 
 
 
Permian Basin
 
 
 
 
Gas (MMcf)
 
237.9

 
200.9

Oil (Bbls)
 
49,845

 
41,039

NGL (Bbls)
 
24,725

 
21,624

Total Equivalent (BOE)
 
114,218

 
96,140

 
 
 
 
 
Mid-Continent
 
 
 
 
Gas (MMcf)
 
295.5

 
285.0

Oil (Bbls)
 
15,225

 
11,053

NGL (Bbls)
 
26,959

 
22,151

Total Equivalent (BOE)
 
91,433

 
80,697

 
 
 
 
 
Total Company
 
 
 
 
Gas (MMcf)
 
534.7

 
487.2

Oil (Bbls)
 
65,212

 
52,181

NGL (Bbls)
 
51,719

 
43,804

Total Equivalent (BOE)
 
206,050

 
177,190

AVERAGE REALIZED PRICE BY REGION
 
 
 
 
 
 
 
Three Months Ended
March 31,
 
 
2018*
 
2017
 
 
 
 
 
Permian Basin
 
 
 
 
Gas ($ per Mcf)
 
2.23

 
2.89

Oil ($ per Bbl)
 
59.75

 
47.95

NGL ($ per Bbl)
 
20.76

 
18.22

 
 
 
 
 
Mid-Continent
 
 
 
 
Gas ($ per Mcf)
 
2.31

 
3.09

Oil ($ per Bbl)
 
60.53

 
46.81

NGL ($ per Bbl)
 
19.67

 
22.53

 
 
 
 
 
Total Company
 
 
 
 
Gas ($ per Mcf)
 
2.28

 
3.01

Oil ($ per Bbl)
 
59.93

 
47.71

NGL ($ per Bbl)
 
20.19

 
20.40


*Realized prices for 2018 reflect the adoption of ASC 606. See "Impact of ASC 606" table for a comparison of 2018 realized prices on a pre- and post-ASC 606 basis.



4


Other
The following table summarizes the company’s current open hedge positions:
 
 
2Q18
 
3Q18
 
4Q18
 
1Q19
 
2Q19
 
3Q19
Gas Collars:
PEPL(3)
 
 
 
 
 
 
 
 
 
 
 
 
Volume (MMBtu/d)
130,000

 
100,000

 
70,000

 
60,000

 
60,000

 
30,000

 
Wtd Avg Floor
2.35

 
2.28

 
2.21

 
2.17

 
2.17

 
1.93

 
Wtd Avg Ceiling
2.66

 
2.52

 
2.46

 
2.42

 
2.42

 
2.18

 
 
 
 
 
 
 
 
 
 
 
 
 
 
El Paso Perm(3)
 
 
 
 
 
 
 
 
 
 
 
 
Volume (MMBtu/d)
100,000

 
80,000

 
60,000

 
50,000

 
50,000

 
30,000

 
Wtd Avg Floor
2.15

 
2.06

 
1.97

 
1.88

 
1.88

 
1.60

 
Wtd Avg Ceiling
2.43

 
2.28

 
2.19

 
2.12

 
2.12

 
1.87

 
 
 
 
 
 
 
 
 
 
 
 
 
Oil Collars:
WTI(4)
 
 
 
 
 
 
 
 
 
 
 
 
Volume (Bbl/d)
31,000

 
27,000

 
21,000

 
15,000

 
15,000

 
8,000

 
Wtd Avg Floor
47.97

 
47.67

 
48.76

 
49.07

 
49.07

 
50.00

 
Wtd Avg Ceiling
58.35

 
58.25

 
59.33

 
61.49

 
61.49

 
66.21

 
 
 
 
 
 
 
 
 
 
 
 
 
Oil Basis Swaps:
WTI Midland(5)
 
 
 
 
 
 
 
 
 
 
 
 
Volume (Bbl/d)
15,000

 
21,000

 
16,000

 
13,000

 
13,000

 
8,000

 
Weighted Avg Differential(6)
(0.78
)
 
(1.94
)
 
(2.25
)
 
(2.60
)
 
(2.60
)
 
(3.93
)

Conference call and webcast
Cimarex will host a conference call tomorrow, May 9, at 11:00 a.m. EDT (9:00 a.m. MT). The call will be webcast and accessible on the Cimarex website at www.cimarex.com. To join the live, interactive call, please dial 866-367-3053 ten minutes before the scheduled start time (callers in Canada dial 855-669-9657 and international callers dial 412-902-4216).

A replay will be available on the company’s website.

Investor Presentation
For more details on Cimarex’s first quarter 2018 results, please refer to the company’s investor presentation available at www.cimarex.com.

About Cimarex Energy
Denver-based Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Mid-Continent and Permian Basin areas of the U.S.

This press release contains forward-looking statements, including statements regarding projected results and future events. In particular, the “2018 Outlook” contains projections for certain 2018 operational and financial metrics. These forward-looking statements are based on management’s judgment as of the date of this press release and include certain risks and uncertainties. Please refer to the company's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC, and other filings including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, for a list of certain risk factors that may affect these forward-looking statements.
Actual results may differ materially from company projections and other forward-looking statements and can be affected by a variety of factors outside the control of the company including among other things: oil, NGL and natural gas price levels

5


and volatility; higher than expected costs and expenses, including the availability and cost of services and materials; compliance with environmental and other regulations; risks associated with operating in one major geographic area; environmental liabilities; the ability to receive drilling and other permits and rights-of-way in a timely manner; development drilling and testing results; declines in the values of our oil and gas properties resulting in impairments; the potential for production decline rates to be greater than expected; performance of acquired properties and newly drilled wells; costs and availability of third party facilities for gathering, processing, refining and transportation; regulatory approvals, including regulatory restrictions on federal lands; legislative or regulatory changes, including initiatives related to hydraulic fracturing, emissions and disposal of produced water; unexpected future capital expenditures; economic and competitive conditions; the availability and cost of capital; the ability to obtain industry partners to jointly explore certain prospects, and the willingness and ability of those partners to meet capital obligations when requested; changes in estimates of proved reserves; derivative and hedging activities; the success of the company's risk management activities; title to properties; litigation; the ability to complete property sales or other transactions; the effectiveness of controls over financial reporting; and other factors discussed in the company's reports filed with the SEC. Cimarex Energy Co. encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, the company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.

FOR FURTHER INFORMATION CONTACT
Cimarex Energy Co.
Karen Acierno
303-285-4957

www.cimarex.com


                                            
            
1
Adjusted net income and adjusted cash flow from operations are non-GAAP financial measures. See below for reconciliations of the related GAAP amounts.
2
Debt to total capitalization is calculated by dividing long-term debt by long-term debt plus stockholders’ equity.

3
PEPL refers to Panhandle Eastern Pipe Line Tex/OK Mid-Continent index and El Paso Perm is El Paso Permian Basin index both as quoted in Platt’s Inside FERC.

4
WTI refers to West Texas Intermediate oil price as quoted on the New York Mercantile Exchange.

5
Index price on basis swaps is WTI Midland as quoted by Argus Americas Crude.

6
Index price on basis swaps is WTI NYMEX less the weighted average differential shown in table.


6


RECONCILIATION OF ADJUSTED NET INCOME

The following reconciles net income as reported under generally accepted accounting principles (GAAP) to adjusted net income (non-GAAP) for the periods indicated.
 
Three Months Ended
March 31,
 
2018
 
2017
 
(in thousands, except per share data)
 
 
 
 
Net income
$
186,318

 
$
130,972

Mark-to-market loss (gain) on open derivative positions
(16,548
)
 
(49,921
)
Tax impact
3,872

 
18,671

Adjusted net income
$
173,642

 
$
99,722

Diluted earnings per share
$
1.96

 
$
1.38

Adjusted diluted earnings per share*
$
1.82

 
$
1.05

 
 
 
 
Weighted-average number of shares outstanding:
 
 
 
Adjusted diluted**
95,475

 
95,166


Adjusted net income and adjusted diluted earnings per share exclude the noted items because management believes these items affect the comparability of operating results. The company discloses these non-GAAP financial measures as a useful adjunct to GAAP measures because:

a)
Management uses adjusted net income to evaluate the company's operating performance between periods and to compare the company's performance to other oil and gas exploration and production companies.
b)
Adjusted net income is more comparable to earnings estimates provided by research analysts.

* Does not include adjustments resulting from application of the "two-class method" used to determine earnings per share under GAAP.

** Reflects the weighted-average number of common shares outstanding during the period as adjusted for the dilutive effects of outstanding stock options.


RECONCILIATION OF ADJUSTED CASH FLOW FROM OPERATIONS

The following table provides a reconciliation from generally accepted accounting principles (GAAP) measures of net cash provided by operating activities to adjusted cash flows from operations (non-GAAP) for the periods indicated.
 
Three Months Ended
March 31,
 
2018
 
2017
 
(in thousands)
Net cash provided by operating activities
$
383,093

 
$
249,514

Change in operating assets and liabilities
(15,859
)
 
16,320

 
 
 
 
Adjusted cash flow from operations
$
367,234

 
$
265,834


Management uses the non-GAAP financial measure of adjusted cash flow from operations as a means of measuring our ability to fund our capital program and dividends, without fluctuations caused by changes in current assets and liabilities, which are included in the GAAP measure of net cash provided by operating activities. Management believes this non-GAAP financial measure provides useful information to investors for the same reason, and that it is also used by professional research analysts in providing investment recommendations pertaining to companies in the oil and gas exploration and production industry.

7



IMPACT OF ASC 606

Effective January 1, 2018, Cimarex adopted the provisions of Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”). Application of ASC 606 has no impact on our net income or cash flows from operations; however, certain costs classified as Transportation, processing, and other operating expenses in the statement of operations under prior accounting standards are now reflected as deductions from revenue under ASC 606. The following tables present certain Pre- and Post-ASC 606 amounts:
REVENUES
 
 
Three Months Ended
March 31,
 
 
2018
 
2017
 
 
Pre-ASC 606 Adoption
 
Post-ASC 606 Adoption
 
As Reported
 
 
(in thousands)
Oil sales
 
$
351,723

 
$
351,723

 
$
224,066

Gas sales
 
$
112,677

 
$
109,721

 
$
131,945

NGL sales
 
$
105,613

 
$
93,997

 
$
80,426


AVERAGE REALIZED PRICE BY REGION
 
 
Three Months Ended
March 31,
 
 
2018
 
2017
 
 
Pre-ASC 606 Adoption
 
Post-ASC 606 Adoption
 
As Reported
Permian Basin
 
 
 
 
 
 
Gas ($ per Mcf)
 
2.33

 
2.23

 
2.89

Oil ($ per Bbl)
 
59.75

 
59.75

 
47.95

NGL ($ per Bbl)
 
23.36

 
20.76

 
18.22

 
 
 
 
 
 
 
Mid-Continent
 
 
 
 
 
 
Gas ($ per Mcf)
 
2.35

 
2.31

 
3.09

Oil ($ per Bbl)
 
60.53

 
60.53

 
46.81

NGL ($ per Bbl)
 
22.07

 
19.67

 
22.53

 
 
 
 
 
 
 
Total Company
 
 
 
 
 
 
Gas ($ per Mcf)
 
2.34

 
2.28

 
3.01

Oil ($ per Bbl)
 
59.93

 
59.93

 
47.71

NGL ($ per Bbl)
 
22.69

 
20.19

 
20.40


TRANSPORTATION, PROCESSING, AND OTHER OPERATING EXPENSES
 
 
Three Months Ended
March 31,
 
 
2018
 
2017
 
 
Pre-ASC 606 Adoption
 
Post-ASC 606 Adoption
 
As Reported
 
 
(in thousands, except per BOE)
Transportation, processing, and other operating expenses
 
$
59,737

 
$
45,165

 
$
55,023

Per BOE
 
$
3.22

 
$
2.44

 
$
3.45



8


OIL AND GAS CAPITALIZED EXPENDITURES
 
 
 
Three Months Ended
March 31,
 
2018
 
2017
 
(in thousands)
Acquisitions:
 
 
 
Proved
$
62

 
$
5

Unproved
2,159

 
3,033

 
2,221

 
3,038

 
 
 
 
Exploration and development:
 
 
 
Land and seismic
$
10,097

 
$
77,185

Exploration and development
303,372

 
228,467

 
313,469

 
305,652

 
 
 
 
Sales proceeds:
 
 
 
Proved
$
(24,964
)
 
$
65

Unproved
(4,860
)
 
(4,966
)
 
(29,824
)
 
(4,901
)
 
 
 
 
 
$
285,866

 
$
303,789








9




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)
 
 
 
 
 
 
 
Three Months Ended
March 31,
 
 
2018
 
2017
 
 
(in thousands, except per share information)
Revenues:
 
 
 
 
Oil sales
 
$
351,723

 
$
224,066

Gas and NGL sales
 
203,718

 
212,371

Gas gathering and other
 
11,693

 
10,739

 
 
567,134

 
447,176

Costs and expenses:
 
 
 
 
Depreciation, depletion, amortization, and accretion
 
133,919

 
97,436

Production
 
71,271

 
62,421

Transportation, processing, and other operating
 
45,165

 
55,023

Gas gathering and other
 
9,823

 
8,427

Taxes other than income
 
30,188

 
21,313

General and administrative
 
23,321

 
18,034

Stock compensation
 
6,730

 
6,288

Loss (gain) on derivative instruments, net
 
(4,159
)
 
(43,861
)
Other operating expense, net
 
203

 
616

 
 
316,461

 
225,697

 
 
 
 
 
Operating income
 
250,673

 
221,479

 
 
 
 
 
Other (income) and expense:
 
 
 
 
Interest expense
 
16,783

 
21,052

Capitalized interest
 
(4,810
)
 
(6,641
)
Other, net
 
(4,567
)
 
(2,210
)
 
 
 
 
 
Income before income tax
 
243,267

 
209,278

Income tax expense
 
56,949

 
78,306

Net income
 
$
186,318

 
$
130,972

 
 
 
 
 
Earnings per share to common stockholders:
 
 
 
 
Basic
 
$
1.96

 
$
1.38

Diluted
 
$
1.96

 
$
1.38

 
 
 
 
 
Dividends declared per share
 
$
0.16

 
$
0.08

 
 
 
 
 
Weighted-average number of shares outstanding:
 
 
 
 
Basic
 
93,699

 
93,389

Diluted
 
93,737

 
93,428

 
 
 
 
 
Comprehensive income:
 
 
 
 
Net income
 
$
186,318

 
$
130,972

Other comprehensive income:
 
 
 
 
Change in fair value of investments, net of tax
 
(190
)
 
402

Total comprehensive income
 
$
186,128

 
$
131,374

 
 
 
 
 

10


CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (unaudited)
 
 
 
 
 
 
 
Three Months Ended
March 31,
 
 
2018
 
2017
 
 
(in thousands)
Cash flows from operating activities:
 
 
 
 
Net income
 
$
186,318

 
$
130,972

Adjustments to reconcile net income to net cash
 
 
 
 
provided by operating activities:
 
 
 
 
Depreciation, depletion, amortization, and accretion
 
133,919

 
97,436

Deferred income taxes
 
56,949

 
78,312

Stock compensation
 
6,730

 
6,288

Loss (gain) on derivative instruments, net
 
(4,159
)
 
(43,861
)
Settlements on derivative instruments
 
(12,389
)
 
(6,060
)
Changes in non-current assets and liabilities
 
(900
)
 
1,019

Other, net
 
766

 
1,728

Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable
 
44,722

 
(44,662
)
Other current assets
 
1,603

 
(2,965
)
Accounts payable and other current liabilities
 
(30,466
)
 
31,307

Net cash provided by operating activities
 
383,093

 
249,514

Cash flows from investing activities:
 
 
 
 
Oil and gas capital expenditures
 
(323,455
)
 
(311,841
)
Sales of oil and gas assets
 
29,824

 
4,901

Sales of other assets
 
432

 
45

Other capital expenditures
 
(19,056
)
 
(8,082
)
Net cash used by investing activities
 
(312,255
)
 
(314,977
)
Cash flows from financing activities:
 
 
 
 
Financing fees
 
—

 
(26
)
Dividends paid
 
(7,602
)
 
(7,577
)
Employee withholding taxes paid upon the net settlement of equity-classified stock awards
 
(305
)
 
(938
)
Proceeds from exercise of stock options
 
345

 
36

Net cash used by financing activities
 
(7,562
)
 
(8,505
)
Net change in cash and cash equivalents
 
63,276

 
(73,968
)
Cash and cash equivalents at beginning of period
 
400,534

 
652,876

Cash and cash equivalents at end of period
 
$
463,810

 
$
578,908




11

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
 
 
 
 
 
 
 
March 31, 2018
 
December 31, 2017
Assets
 
(in thousands, except share and per share information)
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
463,810

 
$
400,534

Accounts receivable, net of allowance
 
415,248

 
460,174

Oil and gas well equipment and supplies
 
54,223

 
49,722

Derivative instruments
 
36,157

 
15,151

Other current assets
 
8,552

 
10,054

Total current assets
 
977,990

 
935,635

Oil and gas properties at cost, using the full cost method of accounting:
 
 
 
 
Proved properties
 
17,795,832

 
17,513,460

Unproved properties and properties under development, not being amortized
 
475,665

 
476,903

 
 
18,271,497

 
17,990,363

Less – accumulated depreciation, depletion, amortization, and impairment
 
(14,869,223
)
 
(14,748,833
)
Net oil and gas properties
 
3,402,274

 
3,241,530

Fixed assets, net of accumulated depreciation of $301,407 and $290,114, respectively
 
216,873

 
210,922

Goodwill
 
620,232

 
620,232

Derivative instruments
 
9,441

 
2,086

Other assets
 
33,554

 
32,234

 
 
$
5,260,364

 
$
5,042,639

Liabilities and Stockholders' Equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
100,417

 
$
98,386

Accrued liabilities
 
309,018

 
351,849

Derivative instruments
 
54,168

 
42,066

Revenue payable
 
194,695

 
187,273

Total current liabilities
 
658,298

 
679,574

Long-term debt:
 
 
 
 
Principal
 
1,500,000

 
1,500,000

Less – unamortized debt issuance costs and discount
 
(12,670
)
 
(13,080
)
Long-term debt, net
 
1,487,330

 
1,486,920

Deferred income taxes
 
158,511

 
101,618

Derivative instruments
 
3,980

 
4,268

Other liabilities
 
200,652

 
201,981

Total liabilities
 
2,508,771

 
2,474,361

 
 
 
 
 
Stockholders' equity:
 
 
 
 
Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued
 
—

 
—

Common stock, $0.01 par value, 200,000,000 shares authorized, 95,433,321 and 95,437,434 shares issued, respectively
 
954

 
954

Additional paid-in capital
 
2,761,567

 
2,764,384

Retained earnings (accumulated deficit)
 
(12,937
)
 
(199,259
)
Accumulated other comprehensive income
 
2,009

 
2,199

Total stockholders' equity
 
2,751,593

 
2,568,278

 
 
$
5,260,364

 
$
5,042,639


12