Form 8-K Energy XXI Ltd For: Sep 02
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Energy XXI (EXXI) to Restate Prior Financials on Account Method Adjustment
September 8, 2015 7:25 AM EDTEnergy XXI (NASDAQ: EXXI) announced that it will restate its financial statements to correct its method of accounting for crude oil and natural gas hedging to reflect unrealized hedging gains and losses in the Company's consolidated statements of operations as a component of earnings rather than on its consolidated balance sheets.
Historically, under the cash flow hedge accounting, the Company recorded the unrealized gains and losses on its derivative contracts, net of the related tax impact, in accumulated other comprehensive income or loss as part of the consolidated balance sheet, until the... More
