Financials

v3.6.0.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 652,993 $ 1,224
Accounts receivable 69,783 39,624
Fair value of derivatives 103 19,943
Other current assets 2,247 1,461
Total current assets 725,126 62,252
Oil and natural gas properties, full-cost accounting method:    
Evaluated properties 2,754,353 2,335,223
Less accumulated depreciation, depletion, amortization and impairment (1,947,673) (1,756,018)
Net evaluated oil and natural gas properties 806,680 579,205
Unevaluated property balance 668,721 132,181
Total oil and natural gas properties 1,475,401 711,386
Other property and equipment, net 14,114 7,700
Restricted investments 3,332 3,309
Deferred financing costs related to the senior secured revolving credit facility 3,092 3,642
Acquisition deposit 46,138  
Other assets, net 384 305
Total assets 2,267,587 788,594
Current liabilities:    
Accounts payable and accrued liabilities 95,577 70,970
Accrued interest 6,057 5,989
Cash-settleable restricted stock unit awards 8,919 10,128
Asset retirement obligations 2,729 790
Fair value of derivatives 18,268  
Total current liabilities 131,550 87,877
Senior secured revolving credit facility   40,000
Secured second lien term loan, net of unamortized deferred financing costs   288,565
6.125% senior unsecured notes due 2024, net of unamortized deferred financing costs 390,219  
Asset retirement obligations 3,932 4,317
Cash-settleable restricted stock unit awards 8,071 4,877
Deferred tax liability 90  
Fair value of derivatives 28  
Other long-term liabilities 295 200
Total liabilities 534,185 425,836
Stockholders' equity:    
Preferred stock, series A cumulative, $0.01 par value and $50.00 liquidation preference, 2,500,000 shares authorized: 1,458,948 and 1,578,948 shares outstanding, respectively 15 16
Common stock, $0.01 par value, 300,000,000 and 150,000,000 shares authorized; 201,041,320 and 80,087,148 shares outstanding, respectively 2,010 801
Capital in excess of par value 2,171,514 702,970
Accumulated deficit (440,137) (341,029)
Total stockholders' equity 1,733,402 362,758
Total liabilities and stockholders' equity $ 2,267,587 $ 788,594

Source

v3.6.0.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating revenues:      
Total operating revenues $ 200,851 $ 137,512 $ 151,862
Operating expenses:      
Lease operating expenses 38,353 27,036 22,372
Production taxes 11,870 9,793 8,973
Depreciation, depletion and amortization 71,369 69,249 56,724
General and administrative 26,317 28,347 25,109
Accretion expense 958 660 826
Write-down of oil and natural gas properties 95,788 208,435  
Rig termination fee   3,075  
Gain on sale of other property and equipment     (1,080)
Acquisition expense 3,673 27 668
Total operating expenses 248,328 346,622 113,592
Income (loss) from operations (47,477) (209,110) 38,270
Other (income) expenses:      
Interest expense, net of capitalized amounts 11,871 21,111 9,772
(Gain) loss on early extinguishment of debt 12,883   (151)
(Gain) loss on derivative contracts 20,233 (28,358) (31,736)
Other income (637) (198) (515)
Total other (income) expense 44,350 (7,445) (22,630)
Income (loss) before income taxes (91,827) (201,665) 60,900
Income tax (benefit) expense (14) 38,474 23,134
Net income (loss) (91,813) (240,139) 37,766
Preferred stock dividends (7,295) (7,895) (7,895)
Income (loss) available to common stockholders $ (99,108) $ (248,034) $ 29,871
Income (loss) per common share:      
Basic $ (0.78) $ (3.77) $ 0.67
Diluted $ (0.78) $ (3.77) $ 0.65
Shares used in computing income (loss) per common share:      
Basic 126,258 65,708 44,848
Diluted [1] 126,258 65,708 45,961
Crude Oil [Member]      
Operating revenues:      
Total operating revenues $ 177,652 $ 125,166 $ 139,374
Natural Gas And Natural Gas Liquids [Member]      
Operating revenues:      
Total operating revenues $ 23,199 $ 12,346 $ 12,488
[1] Because the Company reported a loss available to common stockholders for the years ended December 31, 2016, and 2015, no unvested stock awards were included in computing loss per share because the effect was anti-dilutive.

Source

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income (loss) $ (91,813) $ (240,139) $ 37,766
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 73,072 69,891 58,014
Write-down of oil and natural gas properties 95,788 208,435  
Accretion expense 958 660 826
Amortization of non-cash debt related items 3,115 3,123 1,272
Amortization of deferred credit     (487)
Deferred income tax (benefit) expense (14) 38,474 23,134
Net loss (gain) on derivatives, net of settlements 38,135 6,658 (27,650)
Gain on sale of other property and equipment     (1,080)
Non-cash (gain) loss on early extinguishment of debt 9,883   (151)
Non-cash expense related to equity share-based awards 558 221 1,126
Change in the fair value of liability share-based awards 6,953 6,612 3,936
Payments to settle asset retirement obligations (1,471) (3,258) (3,808)
Changes in current assets and liabilities:      
Accounts receivable (30,055) (4,761) (7,915)
Other current assets (786) (20) 622
Current liabilities 25,288 8,001 12,805
Change in other long-term liabilities 96 80 (106)
Change in other assets, net (840) 338 (448)
Payments to settle vested liability share-based awards related to early retirements   (3,538) (1,417)
Payments to settle vested liability share-based awards (10,300) (3,925) (2,052)
Net cash provided by operating activities 118,567 86,852 94,387
Cash flows from investing activities:      
Capital expenditures (190,032) (227,292) (232,596)
Acquisitions (654,679) (32,245) (222,883)
Acquisition deposit (46,138)    
Proceeds from sales of mineral interest and equipment 24,562 377 2,978
Net cash used in investing activities (866,287) (259,160) (452,501)
Cash flows from financing activities:      
Borrowings on senior secured revolving credit facility 217,000 181,000 132,500
Payments on senior secured revolving credit facility (257,000) (176,000) (119,500)
Borrowings on term loans     382,500
Payments on term loans (300,000)   (84,149)
Issuance of 6.125% senior unsecured notes due 2024 400,000    
Payment of deferred financing costs (10,793)   (19,779)
Redemption of 13% senior notes due 2016     (50,057)
Issuance of common stock 1,357,577 175,459 122,450
Payment of preferred stock dividends (7,295) (7,895) (7,895)
Net cash provided by financing activities 1,399,489 172,564 356,070
Net change in cash and cash equivalents 651,769 256 (2,044)
Balance, beginning of period 1,224 968 3,012
Balance, end of period $ 652,993 $ 1,224 $ 968

Source