Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 10,482 $ 16,051
Accounts receivable 137,110 131,720
Fair value of derivatives 11,372 65,114
Other current assets 12,034 9,740
Total current assets 170,998 222,625
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 4,760,071 4,585,020
Less accumulated depreciation, depletion, amortization and impairment (2,333,589) (2,270,675)
Evaluated oil and natural gas properties, net 2,426,482 2,314,345
Unevaluated properties 1,432,118 1,404,513
Total oil and natural gas properties, net 3,858,600 3,718,858
Operating lease right-of-use assets 40,977  
Other property and equipment, net 22,413 21,901
Restricted investments 3,450 3,424
Deferred financing costs 5,742 6,087
Fair value of derivatives 385 0
Other assets, net 6,269 6,278
Total assets 4,108,834 3,979,173
Current liabilities:    
Accounts payable and accrued liabilities 230,990 261,184
Operating lease liabilities 29,134  
Accrued interest 25,920 24,665
Cash-settleable restricted stock unit awards 1,060 1,390
Asset retirement obligations 3,771 3,887
Fair value of derivatives 24,550 10,480
Other current liabilities 8,512 13,310
Total current liabilities 323,937 314,916
Senior secured revolving credit facility 330,000 200,000
Operating lease liabilities 11,751  
Asset retirement obligations 10,189 10,405
Cash-settleable restricted stock unit awards 2,252 2,067
Deferred tax liability 4,415 9,564
Fair value of derivatives 6,983 7,440
Other long-term liabilities 995 100
Total liabilities 1,680,389 1,533,965
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; 227,884,091 and 227,582,575 shares outstanding, respectively 2,279 2,276
Capital in excess of par value 2,481,879 2,477,278
Accumulated deficit (55,728) (34,361)
Total stockholders’ equity 2,428,445 2,445,208
Total liabilities and stockholders’ equity 4,108,834 3,979,173
6.125% senior unsecured notes due 2024    
Current liabilities:    
Senior unsecured notes 595,971 595,788
6.375% senior unsecured notes due 2026    
Current liabilities:    
Senior unsecured notes $ 393,896 $ 393,685

Source

v3.19.1
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating revenues:    
Total operating revenues $ 153,047 $ 127,440
Operating expenses:    
Lease operating expenses 24,067 13,039
Production taxes 10,813 8,463
Depreciation, depletion and amortization 59,767 35,417
General and administrative 11,753 8,769
Settled share-based awards 3,024 0
Accretion expense 241 218
Acquisition expense 157 548
Total operating expenses 109,822 66,454
Income from operations 43,225 60,986
Other (income) expenses:    
Interest expense, net of capitalized amounts 738 460
Loss on derivative contracts 67,260 4,481
Other income (81) (211)
Total other (income) expense 67,917 4,730
Income (loss) before income taxes (24,692) 56,256
Income tax (benefit) expense (5,149) 495
Net income (loss) (19,543) 55,761
Preferred stock dividends (1,824) (1,824)
Income (loss) available to common stockholders $ (21,367) $ 53,937
Income per common share:    
Basic (in dollars per share) $ (0.09) $ 0.27
Diluted (in dollars per share) $ (0.09) $ 0.27
Weighted average common shares outstanding:    
Basic (in shares) 227,784 201,921
Diluted (in shares) 227,784 202,588
Oil sales    
Operating revenues:    
Total operating revenues $ 141,098 $ 115,286
Natural gas sales    
Operating revenues:    
Total operating revenues $ 11,949 $ 12,154

Source

v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income (loss) $ (19,543) $ 55,761
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 60,672 36,066
Accretion expense 241 218
Amortization of non-cash debt related items 738 453
Deferred income tax (benefit) expense (5,149) 495
(Gain) loss on derivatives, net of settlements 66,970 (3,978)
Loss on sale of other property and equipment 28 0
Non-cash expense related to equity share-based awards 4,545 1,131
Change in the fair value of liability share-based awards 1,881 1,012
Payments to settle asset retirement obligations (664) (366)
Payments for cash-settled restricted stock unit awards (1,296) (3,089)
Changes in current assets and liabilities:    
Accounts receivable (5,390) (8,067)
Other current assets (2,294) 61
Current liabilities (26,003) 12,938
Other (177) (420)
Cash flows from investing activities: 74,559 92,215
Cash flows from investing activities:    
Capital expenditures (193,211) (111,330)
Acquisitions (27,947) (38,923)
Acquisition deposit 0 900
Proceeds from sale of assets 13,879 0
Net cash used in investing activities (207,279) (149,353)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 220,000 80,000
Payments on senior secured revolving credit facility (90,000) (30,000)
Payment of preferred stock dividends (1,824) (1,824)
Tax withholdings related to restricted stock units (1,025) (560)
Net cash provided by financing activities 127,151 47,616
Net change in cash and cash equivalents (5,569) (9,522)
Balance, beginning of period 16,051 27,995
Balance, end of period 10,482 18,473
Non-cash investing activities:    
Change in accrued capital expenditures (7,854) 20,727
Change in asset retirement costs 132 4,358
Operating leases 2,022 0
Net cash used in operating activities:    
Interest paid, net of capitalized amounts 0 0
Income taxes paid 0 0
Cash paid for amounts included in the measurement of lease liabilities $ 9,565 $ 0

Source