Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 35,273 $ 652,993
Accounts receivable 75,959 69,783
Fair value of derivatives 3,093 103
Other current assets 1,671 2,247
Total current assets 115,996 725,126
Oil and natural gas properties, full-cost accounting method:    
Evaluated properties 3,009,059 2,754,353
Less accumulated depreciation, depletion, amortization and impairment (1,972,091) (1,947,673)
Net evaluated oil and natural gas properties 1,036,968 806,680
Unevaluated property 1,154,850 668,721
Total oil and natural gas properties 2,191,818 1,475,401
Other property and equipment, net 18,067 14,114
Restricted investments 3,339 3,332
Deferred financing costs related to the senior secured revolving credit facility 2,744 3,092
Fair value of derivatives 2,939  
Acquisition deposit   46,138
Other assets, net 676 384
Total assets 2,335,579 2,267,587
Current liabilities:    
Accounts payable and accrued liabilities 131,252 95,577
Accrued interest 12,114 6,057
Cash-settleable restricted stock unit awards 4,025 8,919
Asset retirement obligations 1,588 2,729
Fair value of derivatives 6,430 18,268
Total current liabilities 155,409 131,550
6.125% senior unsecured notes due 2024, net of unamortized deferred financing costs 390,536 390,219
Asset retirement obligations 4,652 3,932
Cash-settleable restricted stock unit awards 4,108 8,071
Deferred tax liability 556 90
Fair value of derivatives   28
Other long-term liabilities 285 295
Total liabilities 555,546 534,185
Commitments and Contingencies
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 1,458,948 shares outstanding, respectively 15 15
Common stock, $0.01 par value, 300,000,000 and 300,000,000 shares authorized; 201,054,884 and 201,041,320 shares outstanding, respectively 2,011 2,010
Capital in excess of par value 2,173,243 2,171,514
Accumulated deficit (395,236) (440,137)
Total stockholders' equity 1,780,033 1,733,402
Total liabilities and stockholders' equity $ 2,335,579 $ 2,267,587

Source

v3.7.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating revenues:    
Total operating revenues $ 81,363 $ 30,698
Operating expenses:    
Lease operating expenses 12,937 6,957
Production taxes 5,904 2,220
Depreciation, depletion and amortization 24,433 15,722
General and administrative 5,206 5,562
Accretion expense 184 180
Write-down of oil and natural gas properties   34,776
Acquisition expense 450 48
Total operating expenses 49,114 65,465
Income (loss) from operations 32,249 (34,767)
Other (income) expenses:    
Interest expense, net of capitalized amounts 665 5,491
(Gain) loss on derivative contracts (15,303) 932
Other income (708) (81)
Total other (income) expense (15,346) 6,342
Income (loss) before income taxes 47,595 (41,109)
Income tax expense 466  
Net income (loss) 47,129 (41,109)
Preferred stock dividends (1,824) (1,824)
Income (loss) available to common stockholders $ 45,305 $ (42,933)
Income (loss) per common share:    
Basic $ 0.23 $ (0.51)
Diluted $ 0.22 $ (0.51)
Shares used in computing income (loss) per common share:    
Basic 201,054 83,582
Diluted 201,740 83,582
Crude Oil [Member]    
Operating revenues:    
Total operating revenues $ 72,008 $ 27,443
Natural Gas And Natural Gas Liquids [Member]    
Operating revenues:    
Total operating revenues $ 9,355 $ 3,255

Source

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ 47,129 $ (41,109)
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 24,932 16,129
Write-down of oil and natural gas properties   34,776
Accretion expense 184 180
Amortization of non-cash debt related items 665 781
Deferred income tax expense 466  
Net (gain) loss on derivatives, net of settlements (17,794) 8,648
Non-cash expense related to equity share-based awards 930 516
Change in the fair value of liability share-based awards (291) 709
Payments to settle asset retirement obligations (765) (161)
Changes in current assets and liabilities:    
Accounts receivable (4,066) 5,941
Other current assets 576 580
Current liabilities 9,903 (717)
Change in other long-term liabilities   11
Change in other assets, net (523) (233)
Payments to settle vested liability share-based awards (8,662) (9,807)
Net cash provided by operating activities 52,684 16,244
Cash flows from investing activities:    
Capital expenditures (66,154) (50,775)
Acquisitions (648,485) (10,183)
Acquisition deposit 46,138  
Net cash used in investing activities (668,501) (60,958)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility   45,000
Payments on senior secured revolving credit facility   (85,000)
Issuance of common stock   94,949
Payment of preferred stock dividends (1,824) (1,824)
Tax withholdings related to restricted stock units (79) (124)
Net cash provided by (used in) financing activities (1,903) 53,001
Net change in cash and cash equivalents (617,720) 8,287
Balance, beginning of period 652,993 1,224
Balance, end of period $ 35,273 $ 9,511

Source