Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 139,149 $ 652,993
Accounts receivable 77,635 69,783
Fair value of derivatives 9,241 103
Other current assets 2,545 2,247
Total current assets 228,570 725,126
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 3,125,238 2,754,353
Less accumulated depreciation, depletion, amortization and impairment (1,998,294) (1,947,673)
Net evaluated oil and natural gas properties 1,126,944 806,680
Unevaluated properties 1,194,999 668,721
Total oil and natural gas properties 2,321,943 1,475,401
Other property and equipment, net 18,071 14,114
Restricted investments 3,348 3,332
Deferred financing costs 5,273 3,092
Fair value of derivatives 3,804 0
Acquisition deposit 0 46,138
Other assets, net 655 384
Total assets 2,581,664 2,267,587
Current liabilities:    
Accounts payable and accrued liabilities 144,958 95,577
Accrued interest 9,256 6,057
Cash-settleable restricted stock unit awards 3,650 8,919
Asset retirement obligations 1,767 2,729
Fair value of derivatives 2,243 18,268
Total current liabilities 161,874 131,550
Senior secured revolving credit facility 0 0
6.125% senior unsecured notes due 2024, net of unamortized deferred financing costs 595,138 390,219
Asset retirement obligations 5,031 3,932
Cash-settleable restricted stock unit awards 1,957 8,071
Deferred tax liability 921 90
Fair value of derivatives 441 28
Other long-term liabilities 405 295
Total liabilities 765,767 534,185
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; 201,806,900 and 201,041,320 shares outstanding, respectively 2,018 2,010
Capital in excess of par value 2,177,547 2,171,514
Accumulated deficit (363,683) (440,137)
Total stockholders’ equity 1,815,897 1,733,402
Total liabilities and stockholders’ equity $ 2,581,664 $ 2,267,587

Source

v3.7.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Operating revenues:        
Total operating revenues $ 82,283 $ 45,145 $ 163,647 $ 75,843
Operating expenses:        
Lease operating expenses 12,145 7,311 25,084 14,268
Production taxes 4,820 2,455 10,723 4,675
Depreciation, depletion and amortization 26,213 16,293 50,646 32,015
General and administrative 6,430 6,302 11,636 11,864
Settled share-based awards 6,351 0 6,351 0
Accretion expense 208 395 392 575
Write-down of oil and natural gas properties 0 61,012 0 95,788
Acquisition expense 2,373 1,906 2,822 1,954
Total operating expenses 58,540 95,674 107,654 161,139
Income (loss) from operations 23,743 (50,529) 55,993 (85,296)
Other (income) expenses:        
Interest expense, net of capitalized amounts 589 4,180 1,254 9,671
(Gain) loss on derivative contracts (10,494) 15,484 (25,797) 16,416
Other income (64) (96) (772) (177)
Total other (income) expense (9,969) 19,568 (25,315) 25,910
Income (loss) before income taxes 33,712 (70,097) 81,308 (111,206)
Income tax expense 322 0 789 0
Net income (loss) 33,390 (70,097) 80,519 (111,206)
Preferred stock dividends (1,824) (1,823) (3,647) (3,647)
Income (loss) available to common stockholders $ 31,566 $ (71,920) $ 76,872 $ (114,853)
Income (loss) per common share:        
Basic (in dollars per share) $ 0.16 $ (0.61) $ 0.38 $ (1.14)
Diluted (in dollars per share) $ 0.16 $ (0.61) $ 0.38 $ (1.14)
Shares used in computing income (loss) per common share:        
Basic (in shares) 201,386 118,209 201,220 100,895
Diluted (in shares) 201,905 118,209 201,823 100,895
Oil sales        
Operating revenues:        
Total operating revenues $ 72,885 $ 40,555 $ 144,893 $ 67,998
Natural gas sales        
Operating revenues:        
Total operating revenues $ 9,398 $ 4,590 $ 18,754 $ 7,845

Source

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ 80,519 $ (111,206)
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 51,697 32,827
Write-down of oil and natural gas properties 0 95,788
Accretion expense 392 575
Amortization of non-cash debt related items 1,254 1,561
Deferred income tax expense 789 0
Net (gain) loss on derivatives, net of settlements (28,555) 28,149
Loss on sale of other property and equipment 62 0
Non-cash expense related to equity share-based awards 5,795 1,177
Change in the fair value of liability share-based awards 1,691 2,674
Payments to settle asset retirement obligations (1,581) (319)
Changes in current assets and liabilities:    
Accounts receivable (7,810) (4,836)
Other current assets (298) (305)
Current liabilities 5,680 4,113
Change in other long-term liabilities 120 86
Change in other assets, net (770) (450)
Payments to settle vested liability share-based awards (13,173) (10,300)
Net cash provided by operating activities 95,812 39,534
Cash flows from investing activities:    
Capital expenditures (146,090) (75,280)
Acquisitions (706,489) (284,024)
Acquisition deposit 46,138 0
Proceeds from sales of mineral interests and equipment 0 23,631
Net cash used in investing activities (806,441) (335,673)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 0 143,000
Payments on senior secured revolving credit facility 0 (143,000)
Issuance of 6.125% senior unsecured notes due 2024 200,000 0
Premium on the issuance of 6.125% senior unsecured notes due 2024 8,250 0
Issuance of common stock 0 300,807
Payment of preferred stock dividends (3,647) (3,647)
Payment of deferred financing costs (6,765) 0
Tax withholdings related to restricted stock units (1,053) (2,038)
Net cash provided by financing activities 196,785 295,122
Net change in cash and cash equivalents (513,844) (1,017)
Balance, beginning of period 652,993 1,224
Balance, end of period $ 139,149 $ 207

Source