58
Consolidated Balance Sheet Information:
As of December 31,
2015
2014
2013
2012
2011
($ in thousands)
Cash and cash equivalents(1) ................................................ $ 71,593 $ 246,704 $ 165,663 $ 1,376,437 $ 291,490
Restricted cash and cash equivalents ....................................
252,950
—
—
—
—
Short-term investments(2).....................................................
885,994 1,530,206 1,319,380 789,668
858,293
Total current assets(3)........................................................... 3,146,291 2,003,134 1,967,443 2,456,742 1,335,094
Total property, plant and equipment(4).................................
895,936
714,654
567,914 499,762
432,694
Long-term restricted funds....................................................
—
—
—
720
718
Long-term investments .........................................................
—
326,047
14,661
36,267
47,232
Total assets............................................................................ 4,094,103 4,450,862 3,633,673 4,011,459 2,527,944
Total current liabilities(5) .....................................................
628,018
303,600
340,967 160,956
238,069
Total long term liabilities(6) ................................................. 2,019,948 2,032,996 1,163,560 1,161,285
210,961
Total stockholders' equity ..................................................... 1,446,137 2,114,266 2,129,146 2,689,218 2,078,914
Total liabilities and stockholders' equity............................... 4,094,103 4,450,862 3,633,673 4,011,459 2,527,944
(1) The decrease in cash and cash equivalents from December 31, 2012 to December 31, 2013 was primarily due to the investment
in held-to-maturity securities from the proceeds we received upon the issuance of our 2.625% convertible senior notes due 2019
in December 2012.
(2) The decrease in short-term investment from December 31, 2014 to 2015 is due to maturities of securities. The increase in short-
term investments from December 31, 2013 to December 31, 2014 was attributable to the investment of the proceeds from the
issuance of our 3.125% convertible senior notes due 2024 in May 2014. The increase in short-term investments from
December 31, 2012 to December 31, 2013 was attributable to the investment of the proceeds from the issuance of our 2.625%
convertible senior notes due 2019 in December 2012.
(3) The increase from December 31, 2014 to December 31, 2015 was due to the Angolan entities being classified as held for sale
and all assets associated with those entities being reflected as current.
(4) The increase from December 31, 2014 to December 31, 2015 reflects the capitalized costs for the Shenandoah #3 appraisal well,
Shenandoah #3 appraisal well by-pass, Shenandoah #4 appraisal well, the initial Anchor appraisal well and bypass operation and
North Platte #3 appraisal well and the Heidelberg development project, offset by impairments and dry hole expense of $309.0
million in 2015.The increase from December 31, 2013 to December 31, 2014 reflects the capitalized costs for the Anchor #1
exploration well, and the Heidelberg development costs. The increase from December 31, 2012 to December 31, 2013 primarily
reflects the capitalized costs for the Diaman #1B exploration well. The increase from December 31, 2011 to 2012 reflects
acquisition of unproved leases in the U.S. Gulf of Mexico and the capitalized costs for the Heidelberg #3 appraisal well and the
North Platte #1 exploration well.
(5) The increase in current liabilities at December 31, 2015 was due to the Angolan entities being classified as held for sale and all
liabilities associated with those entities being reflected as current. The increase in current liabilities at December 31, 2013 was
due to year-end accruals for exploration costs primarily in West Africa and the short-term portion of the social and bonus
payment obligations for Blocks 9, 20 and 21. The decrease in current liabilities at December 31, 2012 was primarily attributed
to the payment of certain bonus obligations for Block 20 during 2012.
(6) The significant increase in long-term liabilities from December 31, 2013 to December 31, 2014 reflects the issuance of
$1.3 billion aggregate principal amount of the 3.125% convertible senior notes due 2024 on May 13, 2014. The significant
increase in long-term liabilities from December 31, 2011 to December 31, 2012 reflects the issuance of $1.38 billion aggregate
principal amount of the 2.625% convertible senior notes due 2019 on December 17, 2012.
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may
differ materially from those discussed in the forward-looking statements as a result of various factors, including, without limitation,
those set forth in “Risk Factors,” “Cautionary Note Regarding Forward-Looking Statements,” and the other matters set forth in
this Annual Report on Form 10-K. The following discussion of our financial condition and results of operations should be read in
conjunction with our financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K, as well as
the information presented under “Selected Financial Data.” Due to the fact that we have not generated any revenue as of
December 31, 2015, we believe that the financial information contained in this Annual Report on Form 10-K is not indicative of, or
