Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Jones Energy, Inc. | a17-21974_18k.htm |
Jones Energy, Inc.
Condensed Consolidating Statement of Operations (Unaudited)
Year Ended December 31, 2016
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
| ||||||
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Oil and gas sales |
|
$ |
— |
|
$ |
— |
|
$ |
124,877 |
|
$ |
— |
|
$ |
— |
|
$ |
124,877 |
|
|
Other revenues |
|
— |
|
2,384 |
|
586 |
|
— |
|
— |
|
2,970 |
| ||||||
|
Total operating revenues |
|
— |
|
2,384 |
|
125,463 |
|
— |
|
— |
|
127,847 |
| ||||||
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Lease operating |
|
— |
|
— |
|
32,640 |
|
— |
|
— |
|
32,640 |
| ||||||
|
Production and ad valorem taxes |
|
— |
|
— |
|
7,768 |
|
— |
|
— |
|
7,768 |
| ||||||
|
Exploration |
|
— |
|
— |
|
6,673 |
|
— |
|
— |
|
6,673 |
| ||||||
|
Depletion, depreciation and amortization |
|
— |
|
— |
|
153,843 |
|
87 |
|
— |
|
153,930 |
| ||||||
|
Accretion of ARO liability |
|
— |
|
— |
|
1,263 |
|
— |
|
— |
|
1,263 |
| ||||||
|
General and administrative |
|
— |
|
12,028 |
|
17,244 |
|
368 |
|
— |
|
29,640 |
| ||||||
|
Other operating |
|
— |
|
— |
|
199 |
|
— |
|
— |
|
199 |
| ||||||
|
Total operating expenses |
|
— |
|
12,028 |
|
219,630 |
|
455 |
|
— |
|
232,113 |
| ||||||
|
Operating income (loss) |
|
— |
|
(9,644 |
) |
(94,167 |
) |
(455 |
) |
— |
|
(104,266 |
) | ||||||
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense |
|
— |
|
(53,080 |
) |
(47 |
) |
— |
|
— |
|
(53,127 |
) | ||||||
|
Gain on debt extinguishment |
|
— |
|
99,530 |
|
— |
|
— |
|
— |
|
99,530 |
| ||||||
|
Net gain (loss) on commodity derivatives |
|
— |
|
(51,264 |
) |
— |
|
— |
|
— |
|
(51,264 |
) | ||||||
|
Other income (expense) |
|
784 |
|
(321 |
) |
73 |
|
— |
|
— |
|
536 |
| ||||||
|
Other income (expense), net |
|
784 |
|
(5,135 |
) |
26 |
|
— |
|
— |
|
(4,325 |
) | ||||||
|
Income (loss) before income tax |
|
784 |
|
(14,779 |
) |
(94,141 |
) |
(455 |
) |
— |
|
(108,591 |
) | ||||||
|
Equity interest in income |
|
(66,804 |
) |
(42,571 |
) |
— |
|
— |
|
109,375 |
|
— |
| ||||||
|
Income tax provision (benefit) |
|
(23,468 |
) |
(318 |
) |
— |
|
— |
|
— |
|
(23,786 |
) | ||||||
|
Net income (loss) |
|
(42,552 |
) |
(57,032 |
) |
(94,141 |
) |
(455 |
) |
109,375 |
|
(84,805 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) attributable to non-controlling interests |
|
— |
|
— |
|
— |
|
— |
|
(42,253 |
) |
(42,253 |
) | ||||||
|
Net income (loss) attributable to controlling interests |
|
$ |
(42,552 |
) |
$ |
(57,032 |
) |
$ |
(94,141 |
) |
$ |
(455 |
) |
$ |
151,628 |
|
$ |
(42,552 |
) |
|
Dividends and accretion on preferred stock |
|
(2,669 |
) |
— |
|
— |
|
— |
|
— |
|
(2,669 |
) | ||||||
|
Net income (loss) attributable to common shareholders |
|
$ |
(45,221 |
) |
$ |
(57,032 |
) |
$ |
(94,141 |
) |
$ |
(455 |
) |
$ |
151,628 |
|
$ |
(45,221 |
) |
Jones Energy, Inc.
Condensed Consolidating Statement of Cash Flows (Unaudited)
Year Ended December 31, 2016
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
| ||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) |
|
$ |
(42,552 |
) |
$ |
(57,032 |
) |
$ |
(94,141 |
) |
$ |
(455 |
) |
$ |
109,375 |
|
$ |
(84,805 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
(105,877 |
) |
(28,124 |
) |
353,426 |
|
455 |
|
(109,375 |
) |
110,505 |
| ||||||
|
Net cash (used in) / provided by operations |
|
(148,429 |
) |
(85,156 |
) |
259,285 |
|
— |
|
— |
|
25,700 |
| ||||||
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Additions to oil and gas properties |
|
— |
|
— |
|
(264,462 |
) |
— |
|
— |
|
(264,462 |
) | ||||||
|
Proceeds from sales of assets |
|
— |
|
— |
|
1,645 |
|
— |
|
— |
|
1,645 |
| ||||||
|
Acquisition of other property, plant and equipment |
|
— |
|
— |
|
(310 |
) |
— |
|
— |
|
(310 |
) | ||||||
|
Current period settlements of matured derivative contracts |
|
— |
|
132,265 |
|
— |
|
— |
|
— |
|
132,265 |
| ||||||
|
Net cash (used in) / provided by investing |
|
— |
|
132,265 |
|
(263,127 |
) |
— |
|
— |
|
(130,862 |
) | ||||||
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Proceeds from issuance of long-term debt |
|
— |
|
130,000 |
|
— |
|
— |
|
— |
|
130,000 |
| ||||||
|
Repayment under long-term debt |
|
— |
|
(62,000 |
) |
— |
|
— |
|
— |
|
(62,000 |
) | ||||||
|
Purchase of senior notes |
|
— |
|
(84,589 |
) |
— |
|
— |
|
— |
|
(84,589 |
) | ||||||
|
Payment of dividends on preferred stock |
|
(1,615 |
) |
— |
|
— |
|
— |
|
— |
|
(1,615 |
) | ||||||
|
Net distributions paid to JEH unitholders |
|
23,674 |
|
(40,993 |
) |
— |
|
— |
|
— |
|
(17,319 |
) | ||||||
|
Proceeds from sale of common stock |
|
65,446 |
|
— |
|
— |
|
— |
|
— |
|
65,446 |
| ||||||
|
Proceeds from sale of preferred stock |
|
87,988 |
|
— |
|
— |
|
— |
|
— |
|
87,988 |
| ||||||
|
Net cash (used in) / provided by financing |
|
175,493 |
|
(57,582 |
) |
— |
|
— |
|
— |
|
117,911 |
| ||||||
|
Net increase (decrease) in cash |
|
27,064 |
|
(10,473 |
) |
(3,842 |
) |
— |
|
— |
|
12,749 |
| ||||||
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Beginning of period |
|
100 |
|
12,448 |
|
9,325 |
|
20 |
|
— |
|
21,893 |
| ||||||
|
End of period |
|
$ |
27,164 |
|
$ |
1,975 |
|
$ |
5,483 |
|
$ |
20 |
|
$ |
— |
|
$ |
34,642 |
|
Jones Energy, Inc.
Condensed Consolidating Balance Sheet (Unaudited)
December 31, 2015
|
|
|
|
|
|
|
Guarantor |
|
Non-Guarantor |
|
|
|
|
| ||||||
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Subsidiaries |
|
Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cash |
|
$ |
100 |
|
$ |
12,448 |
|
$ |
9,325 |
|
$ |
20 |
|
$ |
— |
|
$ |
21,893 |
|
|
Accounts receivable, net |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Oil and gas sales |
|
— |
|
— |
|
19,292 |
|
— |
|
— |
|
19,292 |
| ||||||
|
Joint interest owners |
|
— |
|
— |
|
11,314 |
|
— |
|
— |
|
11,314 |
| ||||||
|
Other |
|
— |
|
14,444 |
|
726 |
|
— |
|
— |
|
15,170 |
| ||||||
|
Commodity derivative assets |
|
— |
|
124,207 |
|
— |
|
— |
|
— |
|
124,207 |
| ||||||
|
Other current assets |
|
— |
|
444 |
|
1,854 |
|
— |
|
— |
|
2,298 |
| ||||||
|
Intercompany receivable |
|
12,866 |
|
844,550 |
|
— |
|
— |
|
(857,416 |
) |
— |
| ||||||
|
Total current assets |
|
12,966 |
|
996,093 |
|
42,511 |
|
20 |
|
(857,416 |
) |
194,174 |
| ||||||
|
Oil and gas properties, net, at cost under the successful efforts method |
|
— |
|
— |
|
1,635,766 |
|
— |
|
— |
|
1,635,766 |
| ||||||
|
Other property, plant and equipment, net |
|
— |
|
— |
|
3,168 |
|
705 |
|
— |
|
3,873 |
| ||||||
|
Commodity derivative assets |
|
— |
|
93,302 |
|
— |
|
— |
|
— |
|
93,302 |
| ||||||
|
Other assets |
|
— |
|
7,456 |
|
583 |
|
— |
|
— |
|
8,039 |
| ||||||
|
Investment in subsidiaries |
|
444,362 |
|
536,856 |
|
— |
|
— |
|
(981,218 |
) |
— |
| ||||||
|
Total assets |
|
$ |
457,328 |
|
$ |
1,633,707 |
|
$ |
1,682,028 |
|
$ |
725 |
|
$ |
(1,838,634 |
) |
$ |
1,935,154 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Trade accounts payable |
|
$ |
— |
|
$ |
388 |
|
$ |
7,079 |
|
$ |
— |
|
$ |
— |
|
$ |
7,467 |
|
|
Oil and gas sales payable |
|
— |
|
— |
|
32,408 |
|
— |
|
— |
|
32,408 |
| ||||||
|
Accrued liabilities |
|
— |
|
15,741 |
|
11,270 |
|
— |
|
— |
|
27,011 |
| ||||||
|
Commodity derivative liabilities |
|
— |
|
11 |
|
— |
|
— |
|
— |
|
11 |
| ||||||
|
Other current liabilities |
|
— |
|
— |
|
679 |
|
— |
|
— |
|
679 |
| ||||||
|
Intercompany payable |
|
— |
|
— |
|
854,982 |
|
2,434 |
|
(857,416 |
) |
— |
| ||||||
|
Total current liabilities |
|
— |
|
16,140 |
|
906,418 |
|
2,434 |
|
(857,416 |
) |
67,576 |
| ||||||
|
Long-term debt |
|
— |
|
837,654 |
|
— |
|
— |
|
— |
|
837,654 |
| ||||||
|
Deferred revenue |
|
— |
|
11,417 |
|
— |
|
— |
|
— |
|
11,417 |
| ||||||
|
Asset retirement obligations |
|
— |
|
— |
|
20,301 |
|
— |
|
— |
|
20,301 |
| ||||||
|
Liability under tax receivable agreement |
|
38,052 |
|
— |
|
— |
|
— |
|
— |
|
38,052 |
| ||||||
|
Other liabilities |
|
— |
|
— |
|
330 |
|
— |
|
— |
|
330 |
| ||||||
|
Deferred tax liabilities |
|
19,280 |
|
3,692 |
|
— |
|
— |
|
— |
|
22,972 |
| ||||||
|
Total liabilities |
|
57,332 |
|
868,903 |
|
927,049 |
|
2,434 |
|
(857,416 |
) |
998,302 |
| ||||||
|
Stockholders’/ members’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Members’ equity |
|
— |
|
764,804 |
|
754,979 |
|
(1,709 |
) |
(1,518,074 |
) |
— |
| ||||||
|
Class A common stock, $0.001 par value; 30,573,509 shares issued and 30,550,907 shares outstanding at December 31, 2015 |
|
31 |
|
— |
|
— |
|
— |
|
— |
|
31 |
| ||||||
|
Class B common stock, $0.001 par value; 31,273,130 shares issued and outstanding at December 31, 2015 |
|
31 |
|
— |
|
— |
|
— |
|
— |
|
31 |
| ||||||
|
Treasury stock, at cost: 22,602 shares at December 31, 2015 |
|
(358 |
) |
— |
|
— |
|
— |
|
— |
|
(358 |
) | ||||||
|
Additional paid-in-capital |
|
363,723 |
|
— |
|
— |
|
— |
|
— |
|
363,723 |
| ||||||
|
Retained earnings (deficit) |
|
36,569 |
|
— |
|
— |
|
— |
|
— |
|
36,569 |
| ||||||
|
Stockholders’ equity |
|
399,996 |
|
764,804 |
|
754,979 |
|
(1,709 |
) |
(1,518,074 |
) |
399,996 |
| ||||||
|
Non-controlling interest |
|
— |
|
— |
|
— |
|
— |
|
536,856 |
|
536,856 |
| ||||||
|
Total stockholders’ equity |
|
399,996 |
|
764,804 |
|
754,979 |
|
(1,709 |
) |
(981,218 |
) |
936,852 |
| ||||||
|
Total liabilities and stockholders’ equity |
|
$ |
457,328 |
|
$ |
1,633,707 |
|
$ |
1,682,028 |
|
$ |
725 |
|
$ |
(1,838,634 |
) |
$ |
1,935,154 |
|
Jones Energy, Inc.
Condensed Consolidating Statement of Operations (Unaudited)
Year Ended December 31, 2015
|
|
|
|
|
|
|
Guarantor |
|
Non-Guarantor |
|
|
|
|
| ||||||
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Subsidiaries |
|
Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Oil and gas sales |
|
$ |
— |
|
$ |
— |
|
$ |
194,555 |
|
$ |
— |
|
$ |
— |
|
$ |
194,555 |
|
|
Other revenues |
|
— |
|
1,960 |
|
884 |
|
— |
|
— |
|
2,844 |
| ||||||
|
Total operating revenues |
|
— |
|
1,960 |
|
195,439 |
|
— |
|
— |
|
197,399 |
| ||||||
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Lease operating |
|
— |
|
— |
|
41,027 |
|
— |
|
— |
|
41,027 |
| ||||||
|
Production and ad valorem taxes |
|
— |
|
— |
|
12,130 |
|
— |
|
— |
|
12,130 |
| ||||||
|
Exploration |
|
— |
|
— |
|
6,551 |
|
— |
|
— |
|
6,551 |
| ||||||
|
Depletion, depreciation and amortization |
|
— |
|
— |
|
205,407 |
|
91 |
|
— |
|
205,498 |
| ||||||
|
Accretion of ARO liability |
|
— |
|
— |
|
1,087 |
|
— |
|
— |
|
1,087 |
| ||||||
|
General and administrative |
|
— |
|
13,565 |
|
19,707 |
|
116 |
|
— |
|
33,388 |
| ||||||
|
Other operating |
|
|
|
— |
|
4,188 |
|
— |
|
|
|
4,188 |
| ||||||
|
Total operating expenses |
|
— |
|
13,565 |
|
290,097 |
|
207 |
|
— |
|
303,869 |
| ||||||
|
Operating income (loss) |
|
— |
|
(11,605 |
) |
(94,658 |
) |
(207 |
) |
— |
|
(106,470 |
) | ||||||
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense |
|
— |
|
(63,160 |
) |
(1,298 |
) |
— |
|
— |
|
(64,458 |
) | ||||||
|
Net gain (loss) on commodity derivatives |
|
— |
|
158,753 |
|
— |
|
— |
|
— |
|
158,753 |
| ||||||
|
Other income (expense) |
|
1,984 |
|
(1,663 |
) |
(4 |
) |
— |
|
— |
|
317 |
| ||||||
|
Other income (expense), net |
|
1,984 |
|
93,930 |
|
(1,302 |
) |
— |
|
— |
|
94,612 |
| ||||||
|
Income (loss) before income tax |
|
1,984 |
|
82,325 |
|
(95,960 |
) |
(207 |
) |
— |
|
(11,858 |
) | ||||||
|
Equity interest in income |
|
(4,728 |
) |
(9,114 |
) |
— |
|
— |
|
13,842 |
|
— |
| ||||||
|
Income tax provision (benefit) |
|
(363 |
) |
(2,418 |
) |
— |
|
— |
|
— |
|
(2,781 |
) | ||||||
|
Net income (loss) |
|
(2,381 |
) |
75,629 |
|
(95,960 |
) |
(207 |
) |
13,842 |
|
(9,077 |
) | ||||||
|
Net income (loss) attributable to non-controlling interests |
|
— |
|
— |
|
— |
|
— |
|
(6,696 |
) |
(6,696 |
) | ||||||
|
Net income (loss) attributable to controlling interests |
|
$ |
(2,381 |
) |
$ |
75,629 |
|
$ |
(95,960 |
) |
$ |
(207 |
) |
$ |
20,538 |
|
$ |
(2,381 |
) |
Jones Energy, Inc.
Condensed Consolidating Statement of Cash Flows (Unaudited)
Year Ended December 31, 2015
|
|
|
|
|
|
|
Guarantor |
|
Non-Guarantor |
|
|
|
|
| ||||||
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Subsidiaries |
|
Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) |
|
$ |
(2,381 |
) |
$ |
75,629 |
|
$ |
(95,960 |
) |
$ |
(207 |
) |
$ |
13,842 |
|
$ |
(9,077 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
(120,398 |
) |
(193,245 |
) |
405,214 |
|
197 |
|
(13,842 |
) |
77,926 |
| ||||||
|
Net cash (used in) / provided by operations |
|
(122,779 |
) |
(117,616 |
) |
309,254 |
|
(10 |
) |
— |
|
68,849 |
| ||||||
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Additions to oil and gas properties |
|
— |
|
— |
|
(311,305 |
) |
— |
|
— |
|
(311,305 |
) | ||||||
|
Proceeds from sales of assets |
|
— |
|
— |
|
41 |
|
— |
|
— |
|
41 |
| ||||||
|
Acquisition of other property, plant and equipment |
|
— |
|
— |
|
(1,101 |
) |
— |
|
— |
|
(1,101 |
) | ||||||
|
Current period settlements of matured derivative contracts |
|
— |
|
144,145 |
|
|
|
— |
|
— |
|
144,145 |
| ||||||
|
Net cash (used in) / provided by investing |
|
— |
|
144,145 |
|
(312,365 |
) |
— |
|
— |
|
(168,220 |
) | ||||||
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Proceeds from issuance of long-term debt |
|
— |
|
85,000 |
|
— |
|
— |
|
— |
|
85,000 |
| ||||||
|
Repayment under long-term debt |
|
— |
|
(335,000 |
) |
— |
|
— |
|
— |
|
(335,000 |
) | ||||||
|
Proceeds from senior notes |
|
— |
|
236,475 |
|
— |
|
— |
|
— |
|
236,475 |
| ||||||
|
Payment of debt issuance costs |
|
— |
|
(1,556 |
) |
— |
|
— |
|
— |
|
(1,556 |
) | ||||||
|
Proceeds from sale of common stock, net of expense |
|
122,779 |
|
— |
|
— |
|
— |
|
— |
|
122,779 |
| ||||||
|
Net cash (used in) / provided by financing |
|
122,779 |
|
(15,081 |
) |
— |
|
— |
|
— |
|
107,698 |
| ||||||
|
Net increase (decrease) in cash |
|
— |
|
11,448 |
|
(3,111 |
) |
(10 |
) |
— |
|
8,327 |
| ||||||
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
— |
| ||||||
|
Beginning of period |
|
100 |
|
1,000 |
|
12,436 |
|
30 |
|
— |
|
13,566 |
| ||||||
|
End of period |
|
$ |
100 |
|
$ |
12,448 |
|
$ |
9,325 |
|
$ |
20 |
|
$ |
— |
|
$ |
21,893 |
|
Jones Energy, Inc.
Condensed Consolidating Statement of Operations (Unaudited)
Year Ended December 31, 2014
|
|
|
|
|
|
|
Guarantor |
|
Non-Guarantor |
|
|
|
|
| ||||||
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Subsidiaries |
|
Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Oil and gas sales |
|
$ |
— |
|
$ |
— |
|
$ |
378,401 |
|
$ |
— |
|
$ |
— |
|
$ |
378,401 |
|
|
Other revenues |
|
— |
|
1,154 |
|
1,042 |
|
— |
|
— |
|
2,196 |
| ||||||
|
Total operating revenues |
|
— |
|
1,154 |
|
379,443 |
|
— |
|
— |
|
380,597 |
| ||||||
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Lease operating |
|
— |
|
— |
|
37,760 |
|
— |
|
— |
|
37,760 |
| ||||||
|
Production and ad valorem taxes |
|
— |
|
— |
|
22,556 |
|
— |
|
— |
|
22,556 |
| ||||||
|
Exploration |
|
— |
|
— |
|
3,453 |
|
— |
|
— |
|
3,453 |
| ||||||
|
Depletion, depreciation and amortization |
|
— |
|
— |
|
181,578 |
|
91 |
|
— |
|
181,669 |
| ||||||
|
Accretion of ARO liability |
|
— |
|
— |
|
770 |
|
— |
|
— |
|
770 |
| ||||||
|
General and administrative |
|
— |
|
4,493 |
|
21,181 |
|
89 |
|
— |
|
25,763 |
| ||||||
|
Total operating expenses |
|
— |
|
4,493 |
|
267,298 |
|
180 |
|
— |
|
271,971 |
| ||||||
|
Operating income (loss) |
|
— |
|
(3,339 |
) |
112,145 |
|
(180 |
) |
— |
|
108,626 |
| ||||||
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense |
|
— |
|
(40,365 |
) |
(1,510 |
) |
— |
|
— |
|
(41,875 |
) | ||||||
|
Net gain (loss) on commodity derivatives |
|
— |
|
189,641 |
|
— |
|
— |
|
— |
|
189,641 |
| ||||||
|
Other income (expense) |
|
— |
|
(4,851 |
) |
297 |
|
— |
|
— |
|
(4,554 |
) | ||||||
|
Other income (expense), net |
|
— |
|
144,425 |
|
(1,213 |
) |
— |
|
— |
|
143,212 |
| ||||||
|
Income (loss) before income tax |
|
— |
|
141,086 |
|
110,932 |
|
(180 |
) |
— |
|
251,838 |
| ||||||
|
Equity interest in income |
|
63,197 |
|
188,641 |
|
— |
|
— |
|
(251,838 |
) |
— |
| ||||||
|
Income tax provision (benefit) |
|
22,061 |
|
4,157 |
|
— |
|
— |
|
— |
|
26,218 |
| ||||||
|
Net income (loss) |
|
41,136 |
|
325,570 |
|
110,932 |
|
(180 |
) |
(251,838 |
) |
225,620 |
| ||||||
|
Net income (loss) attributable to non-controlling interests |
|
— |
|
— |
|
— |
|
— |
|
184,484 |
|
184,484 |
| ||||||
|
Net income (loss) attributable to controlling interests |
|
$ |
41,136 |
|
$ |
325,570 |
|
$ |
110,932 |
|
$ |
(180 |
) |
$ |
(436,322 |
) |
$ |
41,136 |
|
Jones Energy, Inc.
Condensed Consolidating Statement of Cash Flows (Unaudited)
Year Ended December 31, 2014
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Guarantor |
|
Non- |
|
Eliminations |
|
Consolidated |
| ||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) |
|
$ |
41,136 |
|
$ |
325,570 |
|
$ |
110,932 |
|
$ |
(180 |
) |
$ |
(251,838 |
) |
$ |
225,620 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
(40,778 |
) |
(515,500 |
) |
343,999 |
|
140 |
|
251,838 |
|
39,699 |
| ||||||
|
Net cash (used in) / provided by operations |
|
358 |
|
(189,930 |
) |
454,931 |
|
(40 |
) |
— |
|
265,319 |
| ||||||
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Additions to oil and gas properties |
|
— |
|
— |
|
(474,619 |
) |
— |
|
— |
|
(474,619 |
) | ||||||
|
Net adjustments to purchase price of properties acquired |
|
— |
|
— |
|
15,709 |
|
— |
|
— |
|
15,709 |
| ||||||
|
Proceeds from sales of assets |
|
— |
|
— |
|
448 |
|
— |
|
— |
|
448 |
| ||||||
|
Acquisition of other property, plant and equipment |
|
— |
|
— |
|
(1,683 |
) |
— |
|
— |
|
(1,683 |
) | ||||||
|
Current period settlements of matured derivative contracts |
|
— |
|
(3,654 |
) |
— |
|
— |
|
— |
|
(3,654 |
) | ||||||
|
Net cash (used in) / provided by investing |
|
— |
|
(3,654 |
) |
(460,145 |
) |
— |
|
— |
|
(463,799 |
) | ||||||
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Proceeds from issuance of long-term debt |
|
— |
|
170,000 |
|
— |
|
— |
|
— |
|
170,000 |
| ||||||
|
Repayment under long-term debt |
|
— |
|
(468,000 |
) |
— |
|
— |
|
— |
|
(468,000 |
) | ||||||
|
Proceeds from senior notes |
|
— |
|
500,000 |
|
— |
|
— |
|
— |
|
500,000 |
| ||||||
|
Payment of debt issuance costs |
|
— |
|
(13,416 |
) |
— |
|
— |
|
— |
|
(13,416 |
) | ||||||
|
Purchases of treasury stock |
|
(358 |
) |
— |
|
— |
|
— |
|
— |
|
(358 |
) | ||||||
|
Net cash (used in) / provided by financing |
|
(358 |
) |
188,584 |
|
— |
|
— |
|
— |
|
188,226 |
| ||||||
|
Net increase (decrease) in cash |
|
— |
|
(5,000 |
) |
(5,214 |
) |
(40 |
) |
— |
|
(10,254 |
) | ||||||
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Beginning of period |
|
100 |
|
6,000 |
|
17,650 |
|
70 |
|
— |
|
23,820 |
| ||||||
|
End of period |
|
$ |
100 |
|
$ |
1,000 |
|
$ |
12,436 |
|
$ |
30 |
|
$ |
— |
|
$ |
13,566 |
|
Jones Energy, Inc.
Condensed Consolidating Balance Sheet (Unaudited)
March 31, 2017
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Guarantor |
|
Non-Guarantor |
|
Eliminations |
|
Consolidated |
| ||||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cash |
|
$ |
4,781 |
|
$ |
239 |
|
$ |
3,668 |
|
$ |
20 |
|
$ |
— |
|
$ |
8,708 |
|
|
Accounts receivable, net |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Oil and gas sales |
|
— |
|
— |
|
25,787 |
|
— |
|
— |
|
25,787 |
| ||||||
|
Joint interest owners |
|
— |
|
— |
|
6,533 |
|
— |
|
— |
|
6,533 |
| ||||||
|
Other |
|
— |
|
3,907 |
|
311 |
|
— |
|
— |
|
4,218 |
| ||||||
|
Commodity derivative assets |
|
— |
|
30,101 |
|
— |
|
— |
|
— |
|
30,101 |
| ||||||
|
Other current assets |
|
342 |
|
224 |
|
6,712 |
|
— |
|
— |
|
7,278 |
| ||||||
|
Intercompany receivable |
|
17,581 |
|
1,117,801 |
|
— |
|
— |
|
(1,135,382 |
) |
— |
| ||||||
|
Total current assets |
|
22,704 |
|
1,152,272 |
|
43,011 |
|
20 |
|
(1,135,382 |
) |
82,625 |
| ||||||
|
Oil and gas properties, net, at cost under the successful efforts method |
|
— |
|
— |
|
1,764,947 |
|
— |
|
— |
|
1,764,947 |
| ||||||
|
Other property, plant and equipment, net |
|
— |
|
— |
|
2,325 |
|
595 |
|
— |
|
2,920 |
| ||||||
|
Commodity derivative assets |
|
— |
|
17,767 |
|
— |
|
— |
|
— |
|
17,767 |
| ||||||
|
Other assets |
|
— |
|
4,867 |
|
895 |
|
— |
|
— |
|
5,762 |
| ||||||
|
Investment in subsidiaries |
|
548,561 |
|
450,547 |
|
— |
|
— |
|
(999,108 |
) |
— |
| ||||||
|
Total assets |
|
$ |
571,265 |
|
$ |
1,625,453 |
|
$ |
1,811,178 |
|
$ |
615 |
|
$ |
(2,134,490 |
) |
$ |
1,874,021 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Trade accounts payable |
|
$ |
31 |
|
$ |
29 |
|
$ |
55,697 |
|
$ |
— |
|
$ |
— |
|
$ |
55,757 |
|
|
Oil and gas sales payable |
|
— |
|
— |
|
28,112 |
|
— |
|
— |
|
28,112 |
| ||||||
|
Accrued liabilities |
|
58 |
|
14,813 |
|
10,077 |
|
— |
|
— |
|
24,948 |
| ||||||
|
Commodity derivative liabilities |
|
— |
|
8,717 |
|
— |
|
— |
|
— |
|
8,717 |
| ||||||
|
Other current liabilities |
|
639 |
|
1,984 |
|
600 |
|
— |
|
— |
|
3,223 |
| ||||||
|
Intercompany payable |
|
— |
|
— |
|
1,132,533 |
|
2,849 |
|
(1,135,382 |
) |
— |
| ||||||
|
Total current liabilities |
|
728 |
|
25,543 |
|
1,227,019 |
|
2,849 |
|
(1,135,382 |
) |
120,757 |
| ||||||
|
Long-term debt |
|
— |
|
701,586 |
|
— |
|
— |
|
— |
|
701,586 |
| ||||||
|
Deferred revenue |
|
— |
|
6,591 |
|
— |
|
— |
|
— |
|
6,591 |
| ||||||
|
Commodity derivative liabilities |
|
— |
|
178 |
|
— |
|
— |
|
— |
|
178 |
| ||||||
|
Asset retirement obligations |
|
— |
|
— |
|
20,035 |
|
— |
|
— |
|
20,035 |
| ||||||
|
Liability under tax receivable agreement |
|
41,720 |
|
— |
|
— |
|
— |
|
— |
|
41,720 |
| ||||||
|
Other liabilities |
|
— |
|
316 |
|
633 |
|
— |
|
— |
|
949 |
| ||||||
|
Deferred tax liabilities |
|
85 |
|
2,841 |
|
— |
|
— |
|
— |
|
2,926 |
| ||||||
|
Total liabilities |
|
42,533 |
|
737,055 |
|
1,247,687 |
|
2,849 |
|
(1,135,382 |
) |
894,742 |
| ||||||
|
Mezzanine equity |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Series A preferred stock, $0.001 par value; 1,840,000 shares issued and outstanding at March 31, 2017 |
|
89,162 |
|
— |
|
— |
|
— |
|
— |
|
89,162 |
| ||||||
|
Stockholders’/ members’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Members’ equity |
|
— |
|
888,398 |
|
563,491 |
|
(2,234 |
) |
(1,449,655 |
) |
— |
| ||||||
|
Class A common stock, $0.001 par value; 63,395,635 shares issued and 63,373,033 shares outstanding at March 31, 2017 |
|
63 |
|
— |
|
— |
|
— |
|
— |
|
63 |
| ||||||
|
Class B common stock, $0.001 par value; 29,832,098 shares issued and outstanding at March 31, 2017 |
|
30 |
|
— |
|
— |
|
— |
|
— |
|
30 |
| ||||||
|
Treasury stock, at cost: 22,602 shares at March 31, 2017 |
|
(358 |
) |
— |
|
— |
|
— |
|
— |
|
(358 |
) | ||||||
|
Additional paid-in-capital |
|
470,107 |
|
— |
|
— |
|
— |
|
— |
|
470,107 |
| ||||||
|
Retained earnings (deficit) |
|
(30,272 |
) |
— |
|
— |
|
— |
|
— |
|
(30,272 |
) | ||||||
|
Stockholders’ equity |
|
439,570 |
|
888,398 |
|
563,491 |
|
(2,234 |
) |
(1,449,655 |
) |
439,570 |
| ||||||
|
Non-controlling interest |
|
— |
|
— |
|
— |
|
— |
|
450,547 |
|
450,547 |
| ||||||
|
Total stockholders’ equity |
|
439,570 |
|
888,398 |
|
563,491 |
|
(2,234 |
) |
(999,108 |
) |
890,117 |
| ||||||
|
Total liabilities and stockholders’ equity |
|
$ |
571,265 |
|
$ |
1,625,453 |
|
$ |
1,811,178 |
|
$ |
615 |
|
$ |
(2,134,490 |
) |
$ |
1,874,021 |
|
Jones Energy, Inc.
Condensed Consolidating Statement of Operations (Unaudited)
Three Months Ended March 31, 2017
|
|
|
|
|
|
|
Guarantor |
|
Non-Guarantor |
|
|
|
|
| ||||||
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Subsidiaries |
|
Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Oil and gas sales |
|
$ |
— |
|
$ |
— |
|
$ |
40,677 |
|
$ |
— |
|
$ |
— |
|
$ |
40,677 |
|
|
Other revenues |
|
— |
|
458 |
|
98 |
|
— |
|
— |
|
556 |
| ||||||
|
Total operating revenues |
|
— |
|
458 |
|
40,775 |
|
— |
|
— |
|
41,233 |
| ||||||
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Lease operating |
|
— |
|
— |
|
8,806 |
|
— |
|
— |
|
8,806 |
| ||||||
|
Production and ad valorem taxes |
|
— |
|
— |
|
(906 |
) |
— |
|
— |
|
(906 |
) | ||||||
|
Exploration |
|
— |
|
— |
|
2,944 |
|
— |
|
— |
|
2,944 |
| ||||||
|
Depletion, depreciation and amortization |
|
— |
|
— |
|
35,631 |
|
23 |
|
— |
|
35,654 |
| ||||||
|
Accretion of ARO liability |
|
— |
|
— |
|
201 |
|
— |
|
— |
|
201 |
| ||||||
|
General and administrative |
|
— |
|
2,993 |
|
5,004 |
|
44 |
|
— |
|
8,041 |
| ||||||
|
Total operating expenses |
|
— |
|
2,993 |
|
51,680 |
|
67 |
|
— |
|
54,740 |
| ||||||
|
Operating income (loss) |
|
— |
|
(2,535 |
) |
(10,905 |
) |
(67 |
) |
— |
|
(13,507 |
) | ||||||
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense |
|
— |
|
(12,814 |
) |
(73 |
) |
— |
|
— |
|
(12,887 |
) | ||||||
|
Net gain (loss) on commodity derivatives |
|
— |
|
22,320 |
|
— |
|
— |
|
— |
|
22,320 |
| ||||||
|
Other income (expense) |
|
668 |
|
(24 |
) |
(64 |
) |
— |
|
— |
|
580 |
| ||||||
|
Other income (expense), net |
|
668 |
|
9,482 |
|
(137 |
) |
— |
|
— |
|
10,013 |
| ||||||
|
Income (loss) before income tax |
|
668 |
|
6,947 |
|
(11,042 |
) |
(67 |
) |
— |
|
(3,494 |
) | ||||||
|
Equity interest in income |
|
(2,055 |
) |
(2,107 |
) |
— |
|
— |
|
4,162 |
|
— |
| ||||||
|
Income tax provision (benefit) |
|
— |
|
21 |
|
— |
|
— |
|
— |
|
21 |
| ||||||
|
Net income (loss) |
|
(1,387 |
) |
4,819 |
|
(11,042 |
) |
(67 |
) |
4,162 |
|
(3,515 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) attributable to non-controlling interests |
|
— |
|
— |
|
— |
|
— |
|
(2,128 |
) |
(2,128 |
) | ||||||
|
Net income (loss) attributable to controlling interests |
|
$ |
(1,387 |
) |
$ |
4,819 |
|
$ |
(11,042 |
) |
$ |
(67 |
) |
$ |
6,290 |
|
$ |
(1,387 |
) |
|
Dividends and accretion on preferred stock |
|
(2,027 |
) |
— |
|
— |
|
— |
|
— |
|
(2,027 |
) | ||||||
|
Net income (loss) attributable to common shareholders |
|
$ |
(3,414 |
) |
$ |
4,819 |
|
$ |
(11,042 |
) |
$ |
(67 |
) |
$ |
6,290 |
|
$ |
(3,414 |
) |
Jones Energy, Inc.
Condensed Consolidating Statement of Cash Flows (Unaudited)
Three Months Ended March 31, 2017
|
|
|
|
|
|
|
Guarantor |
|
Non-Guarantor |
|
|
|
|
| ||||||
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Subsidiaries |
|
Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) |
|
$ |
(1,387 |
) |
$ |
4,819 |
|
$ |
(11,042 |
) |
$ |
(67 |
) |
$ |
4,162 |
|
$ |
(3,515 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
(23,060 |
) |
(9,741 |
) |
53,994 |
|
67 |
|
(4,162 |
) |
17,098 |
| ||||||
|
Net cash (used in) / provided by operations |
|
(24,447 |
) |
(4,922 |
) |
42,952 |
|
— |
|
— |
|
13,583 |
| ||||||
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Additions to oil and gas properties |
|
— |
|
— |
|
(47,110 |
) |
— |
|
— |
|
(47,110 |
) | ||||||
|
Net adjustments to purchase price of properties acquired |
|
— |
|
— |
|
2,391 |
|
— |
|
— |
|
2,391 |
| ||||||
|
Proceeds from sales of assets |
|
— |
|
— |
|
144 |
|
— |
|
— |
|
144 |
| ||||||
|
Acquisition of other property, plant and equipment |
|
— |
|
— |
|
(192 |
) |
— |
|
— |
|
(192 |
) | ||||||
|
Current period settlements of matured derivative contracts |
|
— |
|
27,854 |
|
— |
|
— |
|
— |
|
27,854 |
| ||||||
|
Net cash (used in) / provided by investing |
|
— |
|
27,854 |
|
(44,767 |
) |
— |
|
— |
|
(16,913 |
) | ||||||
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Proceeds from issuance of long-term debt |
|
— |
|
30,000 |
|
— |
|
— |
|
— |
|
30,000 |
| ||||||
|
Repayment of long-term debt |
|
— |
|
(53,000 |
) |
— |
|
— |
|
— |
|
(53,000 |
) | ||||||
|
Payment of dividends on preferred stock |
|
(1,840 |
) |
— |
|
— |
|
— |
|
— |
|
(1,840 |
) | ||||||
|
Net distributions paid to JEH unitholders |
|
1,075 |
|
(1,637 |
) |
— |
|
— |
|
— |
|
(562 |
) | ||||||
|
Net payments for share based compensation |
|
— |
|
(31 |
) |
— |
|
— |
|
— |
|
(31 |
) | ||||||
|
Proceeds from sale of common stock |
|
2,829 |
|
— |
|
— |
|
— |
|
— |
|
2,829 |
| ||||||
|
Net cash (used in) / provided by financing |
|
2,064 |
|
(24,668 |
) |
— |
|
— |
|
— |
|
(22,604 |
) | ||||||
|
Net increase (decrease) in cash |
|
(22,383 |
) |
(1,736 |
) |
(1,815 |
) |
— |
|
— |
|
(25,934 |
) | ||||||
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Beginning of period |
|
27,164 |
|
1,975 |
|
5,483 |
|
20 |
|
— |
|
34,642 |
| ||||||
|
End of period |
|
$ |
4,781 |
|
$ |
239 |
|
$ |
3,668 |
|
$ |
20 |
|
$ |
— |
|
$ |
8,708 |
|
Jones Energy, Inc.
Condensed Consolidating Statement of Operations (Unaudited)
Three Months Ended March 31, 2016
|
|
|
|
|
|
|
Guarantor |
|
Non-Guarantor |
|
|
|
|
| ||||||
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Subsidiaries |
|
Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Oil and gas sales |
|
$ |
— |
|
$ |
— |
|
$ |
25,080 |
|
$ |
— |
|
$ |
— |
|
$ |
25,080 |
|
|
Other revenues |
|
— |
|
645 |
|
133 |
|
— |
|
— |
|
778 |
| ||||||
|
Total operating revenues |
|
— |
|
645 |
|
25,213 |
|
— |
|
— |
|
25,858 |
| ||||||
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Lease operating |
|
— |
|
— |
|
8,617 |
|
— |
|
— |
|
8,617 |
| ||||||
|
Production and ad valorem taxes |
|
— |
|
— |
|
1,601 |
|
— |
|
— |
|
1,601 |
| ||||||
|
Exploration |
|
— |
|
— |
|
162 |
|
— |
|
— |
|
162 |
| ||||||
|
Depletion, depreciation and amortization |
|
— |
|
— |
|
41,739 |
|
23 |
|
— |
|
41,762 |
| ||||||
|
Accretion of ARO liability |
|
— |
|
— |
|
293 |
|
— |
|
— |
|
293 |
| ||||||
|
General and administrative |
|
— |
|
2,878 |
|
4,601 |
|
25 |
|
— |
|
7,504 |
| ||||||
|
Total operating expenses |
|
— |
|
2,878 |
|
57,013 |
|
48 |
|
— |
|
59,939 |
| ||||||
|
Operating income (loss) |
|
— |
|
(2,233 |
) |
(31,800 |
) |
(48 |
) |
— |
|
(34,081 |
) | ||||||
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Interest expense |
|
— |
|
(15,038 |
) |
240 |
|
— |
|
— |
|
(14,798 |
) | ||||||
|
Gain on debt extinguishment |
|
— |
|
90,652 |
|
— |
|
— |
|
— |
|
90,652 |
| ||||||
|
Net gain (loss) on commodity derivatives |
|
— |
|
17,219 |
|
— |
|
— |
|
— |
|
17,219 |
| ||||||
|
Other income (expense) |
|
429 |
|
(200 |
) |
(4 |
) |
— |
|
— |
|
225 |
| ||||||
|
Other income (expense), net |
|
429 |
|
92,633 |
|
236 |
|
— |
|
— |
|
93,298 |
| ||||||
|
Income (loss) before income tax |
|
429 |
|
90,400 |
|
(31,564 |
) |
(48 |
) |
— |
|
59,217 |
| ||||||
|
Equity interest in income |
|
28,968 |
|
29,820 |
|
— |
|
— |
|
(58,788 |
) |
— |
| ||||||
|
Income tax provision (benefit) |
|
10,486 |
|
217 |
|
— |
|
— |
|
— |
|
10,703 |
| ||||||
|
Net income (loss) |
|
18,911 |
|
120,003 |
|
(31,564 |
) |
(48 |
) |
(58,788 |
) |
48,514 |
| ||||||
|
Net income (loss) attributable to non-controlling interests |
|
— |
|
— |
|
— |
|
— |
|
29,603 |
|
29,603 |
| ||||||
|
Net income (loss) attributable to controlling interests |
|
$ |
18,911 |
|
$ |
120,003 |
|
$ |
(31,564 |
) |
$ |
(48 |
) |
$ |
(88,391 |
) |
$ |
18,911 |
|
Jones Energy, Inc.
Condensed Consolidating Statement of Cash Flows (Unaudited)
Three Months Ended March 31, 2016
|
|
|
|
|
|
|
Guarantor |
|
Non-Guarantor |
|
|
|
|
| ||||||
|
(in thousands of dollars) |
|
JEI (Parent) |
|
Issuers |
|
Subsidiaries |
|
Subsidiaries |
|
Eliminations |
|
Consolidated |
| ||||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Net income (loss) |
|
$ |
18,911 |
|
$ |
120,003 |
|
$ |
(31,564 |
) |
$ |
(48 |
) |
$ |
(58,788 |
) |
$ |
48,514 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities |
|
(18,911 |
) |
(163,942 |
) |
70,677 |
|
48 |
|
58,788 |
|
(53,340 |
) | ||||||
|
Net cash (used in) / provided by operations |
|
— |
|
(43,939 |
) |
39,113 |
|
— |
|
— |
|
(4,826 |
) | ||||||
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Additions to oil and gas properties |
|
— |
|
— |
|
(7,176 |
) |
— |
|
— |
|
(7,176 |
) | ||||||
|
Proceeds from sales of assets |
|
— |
|
— |
|
3 |
|
— |
|
— |
|
3 |
| ||||||
|
Acquisition of other property, plant and equipment |
|
— |
|
— |
|
40 |
|
— |
|
— |
|
40 |
| ||||||
|
Current period settlements of matured derivative contracts |
|
— |
|
42,298 |
|
|
|
— |
|
— |
|
42,298 |
| ||||||
|
Net cash (used in) / provided by investing |
|
— |
|
42,298 |
|
(7,133 |
) |
— |
|
— |
|
35,165 |
| ||||||
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Proceeds from issuance of long-term debt |
|
— |
|
75,000 |
|
— |
|
— |
|
— |
|
75,000 |
| ||||||
|
Purchase of senior notes |
|
— |
|
(73,427 |
) |
— |
|
— |
|
— |
|
(73,427 |
) | ||||||
|
Net cash (used in) / provided by financing |
|
— |
|
1,573 |
|
— |
|
— |
|
— |
|
1,573 |
| ||||||
|
Net increase (decrease) in cash |
|
— |
|
(68 |
) |
31,980 |
|
— |
|
— |
|
31,912 |
| ||||||
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
— |
| ||||||
|
Beginning of period |
|
100 |
|
12,448 |
|
9,325 |
|
20 |
|
— |
|
21,893 |
| ||||||
|
End of period |
|
$ |
100 |
|
$ |
12,380 |
|
$ |
41,305 |
|
$ |
20 |
|
$ |
— |
|
$ |
53,805 |
|