Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 18,473 $ 27,995
Accounts receivable 122,411 114,320
Fair value of derivatives 4,210 406
Other current assets 2,078 2,139
Total current assets 147,172 144,860
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 3,598,868 3,429,570
Less accumulated depreciation, depletion, amortization and impairment (2,119,599) (2,084,095)
Net evaluated oil and natural gas properties 1,479,269 1,345,475
Unevaluated properties 1,174,385 1,168,016
Total oil and natural gas properties 2,653,654 2,513,491
Other property and equipment, net 21,173 20,361
Restricted investments 3,382 3,372
Deferred tax asset 26 52
Deferred financing costs 4,588 4,863
Acquisition deposit 0 900
Other assets, net 5,524 5,397
Total assets 2,835,519 2,693,296
Current liabilities:    
Accounts payable and accrued liabilities 187,267 162,878
Accrued interest 18,491 9,235
Cash-settleable restricted stock unit awards 4,081 4,621
Asset retirement obligations 2,784 1,295
Fair value of derivatives 25,912 27,744
Total current liabilities 238,535 205,773
Senior secured revolving credit facility 75,000 25,000
6.125% senior unsecured notes due 2024, net of unamortized deferred financing costs 595,374 595,196
Asset retirement obligations 7,717 4,725
Cash-settleable restricted stock unit awards 2,392 3,490
Deferred tax liability 1,950 1,457
Fair value of derivatives 2,942 1,284
Other long-term liabilities 465 405
Total liabilities 924,375 837,330
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 shares outstanding 15 15
Common stock, $0.01 par value, 300,000,000 shares authorized; 201,947,883 and 201,836,172 shares outstanding, respectively 2,019 2,018
Capital in excess of par value 2,182,599 2,181,359
Accumulated deficit (273,489) (327,426)
Total stockholders’ equity 1,911,144 1,855,966
Total liabilities and stockholders’ equity $ 2,835,519 $ 2,693,296

Source

v3.8.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating revenues:    
Total operating revenues $ 127,440 $ 81,363
Operating expenses:    
Lease operating expenses 13,039 12,937
Production taxes 8,463 5,904
Depreciation, depletion and amortization 35,417 24,433
General and administrative 8,769 5,206
Accretion expense 218 184
Acquisition expense 548 450
Total operating expenses 66,454 49,114
Income from operations 60,986 32,249
Other (income) expenses:    
Interest expense, net of capitalized amounts 460 665
(Gain) loss on derivative contracts 4,481 (15,303)
Other income (211) (708)
Total other (income) expense 4,730 (15,346)
Income before income taxes 56,256 47,595
Income tax expense 495 466
Net income 55,761 47,129
Preferred stock dividends (1,824) (1,824)
Income available to common stockholders $ 53,937 $ 45,305
Income per common share:    
Basic (in dollars per share) $ 0.27 $ 0.23
Diluted (in dollars per share) $ 0.27 $ 0.22
Shares used in computing income per common share:    
Basic (in shares) 201,921 201,054
Diluted (in shares) 202,588 201,740
Oil sales    
Operating revenues:    
Total operating revenues $ 115,286 $ 72,008
Natural gas sales    
Operating revenues:    
Total operating revenues $ 12,154 $ 9,355

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 55,761 $ 47,129
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 36,066 24,932
Accretion expense 218 184
Amortization of non-cash debt related items 453 665
Deferred income tax expense 495 466
Net gain on derivatives, net of settlements (3,978) (17,794)
Non-cash expense related to equity share-based awards 1,131 930
Change in the fair value of liability share-based awards 1,012 (291)
Payments to settle asset retirement obligations (366) (765)
Changes in current assets and liabilities:    
Accounts receivable (8,067) (4,066)
Other current assets 61 576
Current liabilities 12,938 9,903
Other long-term liabilities 87 0
Other assets, net (507) (523)
Payments to settle vested liability share-based awards (3,089) (8,662)
Net cash provided by operating activities 92,215 52,684
Cash flows from investing activities:    
Capital expenditures (111,330) (66,154)
Acquisitions (38,923) (648,485)
Acquisition deposit 900 46,138
Net cash used in investing activities (149,353) (668,501)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 80,000 0
Payments on senior secured revolving credit facility (30,000) 0
Payment of preferred stock dividends (1,824) (1,824)
Tax withholdings related to restricted stock units (560) (79)
Net cash provided by (used in) financing activities 47,616 (1,903)
Net change in cash and cash equivalents (9,522) (617,720)
Balance, beginning of period 27,995 652,993
Balance, end of period $ 18,473 $ 35,273

Source