Financials

v3.19.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 16,052 $ 16,051
Accounts receivable 93,039 131,720
Fair value of derivatives 13,164 65,114
Other current assets 15,841 9,740
Total current assets 138,096 222,625
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 4,665,761 4,585,020
Less accumulated depreciation, depletion, amortization and impairment (2,399,886) (2,270,675)
Evaluated oil and natural gas properties, net 2,265,875 2,314,345
Unevaluated properties 1,429,624 1,404,513
Total oil and natural gas properties, net 3,695,499 3,718,858
Operating lease right-of-use assets 31,904  
Other property and equipment, net 23,363 21,901
Restricted investments 3,468 3,424
Deferred financing costs 5,427 6,087
Fair value of derivatives 11,679 0
Other assets, net 6,061 6,278
Total assets 3,915,497 3,979,173
Current liabilities:    
Accounts payable and accrued liabilities 221,452 261,184
Operating lease liabilities 24,141  
Accrued interest 22,695 24,665
Cash-settleable restricted stock unit awards 819 1,390
Asset retirement obligations 3,103 3,887
Fair value of derivatives 17,251 10,480
Other current liabilities 2,472 13,310
Total current liabilities 291,933 314,916
Senior secured revolving credit facility 105,000 200,000
Operating lease liabilities 7,680  
Asset retirement obligations 9,315 10,405
Cash-settleable restricted stock unit awards 2,568 2,067
Deferred tax liability 21,106 9,564
Fair value of derivatives 3,663 7,440
Other long-term liabilities 100 100
Total liabilities 1,431,625 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; 228,263,955 and 227,582,575 shares outstanding, respectively 2,283 2,276
Capital in excess of par value 2,483,945 2,477,278
Accumulated deficit (2,371) (34,361)
Total stockholders’ equity 2,483,872 2,445,208
Total liabilities and stockholders’ equity 3,915,497 3,979,173
6.125% senior unsecured notes due 2024    
Current liabilities:    
Senior unsecured notes 596,154 595,788
6.375% senior unsecured notes due 2026    
Current liabilities:    
Senior unsecured notes $ 394,106 $ 393,685

Source

v3.19.2
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Operating revenues:        
Total operating revenues $ 167,052 $ 137,075 $ 320,099 $ 264,515
Operating expenses:        
Lease operating expenses 22,776 13,141 46,843 26,179
Production taxes 11,131 7,539 21,944 16,002
Depreciation, depletion and amortization 62,921 38,733 122,688 74,151
General and administrative 10,564 8,289 22,317 17,057
Settled share-based awards 0 0 3,024 0
Accretion expense 216 206 457 424
Other operating expense 935 1,767 1,092 2,315
Total operating expenses 108,543 69,675 218,365 136,128
Income from operations 58,509 67,400 101,734 128,387
Other (income) expenses:        
Interest expense, net of capitalized amounts 741 594 1,479 1,053
(Gain) loss on derivative contracts (14,036) 16,554 53,224 21,036
Other income (67) (703) (148) (914)
Total other (income) expense (13,362) 16,445 54,555 21,175
Income (loss) before income taxes 71,871 50,955 47,179 107,212
Income tax (benefit) expense 16,691 481 11,542 976
Net income (loss) 55,180 50,474 35,637 106,236
Preferred stock dividends (1,823) (1,824) (3,647) (3,647)
Income (loss) available to common stockholders $ 53,357 $ 48,650 $ 31,990 $ 102,589
Income (loss) per common share:        
Basic (in dollars per share) $ 0.23 $ 0.23 $ 0.14 $ 0.50
Diluted (in dollars per share) $ 0.23 $ 0.23 $ 0.14 $ 0.50
Weighted average common shares outstanding:        
Basic (in shares) 228,051 210,698 227,917 206,309
Diluted (in shares) 228,411 211,465 228,599 207,027
Oil sales        
Operating revenues:        
Total operating revenues $ 160,728 $ 122,613 $ 301,826 $ 237,898
Natural gas sales        
Operating revenues:        
Total operating revenues $ 6,324 $ 14,462 $ 18,273 $ 26,617

Source

v3.19.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 35,637 $ 106,236
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 125,046 75,453
Accretion expense 457 424
Amortization of non-cash debt related items 1,479 1,041
Deferred income tax (benefit) expense 11,542 976
(Gain) loss on derivatives, net of settlements 51,777 4,594
Loss on sale of other property and equipment 49 22
Non-cash expense related to equity share-based awards 6,299 2,758
Change in the fair value of liability share-based awards 1,031 549
Payments to settle asset retirement obligations (771) (573)
Payments for cash-settled restricted stock unit awards (1,425) (4,990)
Changes in current assets and liabilities:    
Accounts receivable 38,681 2,380
Other current assets (6,101) (5,550)
Current liabilities (36,254) 17,061
Other (2,401) (402)
Net cash provided by operating activities 225,046 199,979
Cash flows from investing activities:    
Capital expenditures (359,430) (298,370)
Acquisitions (39,370) (45,392)
Acquisition deposit 0 (27,600)
Proceeds from sale of assets 274,296 3,077
Net cash used in investing activities (124,504) (368,285)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 360,000 165,000
Payments on senior secured revolving credit facility (455,000) (190,000)
Issuance of 6.375% senior unsecured notes due 2026 0 400,000
Issuance of common stock 0 288,357
Payment of preferred stock dividends (3,647) (3,647)
Payment of deferred financing costs (31) (8,664)
Tax withholdings related to restricted stock units (1,858) (1,589)
Other financing activities (5) 0
Net cash provided by (used in) financing activities (100,541) 649,457
Net change in cash and cash equivalents 1 481,151
Balance, beginning of period 16,051 27,995
Balance, end of period 16,052 509,146
Supplemental cash flow information:    
Interest paid, net of capitalized amounts 0 0
Income taxes paid 0 0
Operating cash flows from operating leases 1,293  
Investing cash flows from operating leases 17,865  
Non-cash investing and financing activities:    
Change in accrued capital expenditures (16,286) 16,088
Change in asset retirement costs 0 4,440
Right-of-use assets obtained in exchange for operating lease liabilities 2,462 0
Contingent consideration arrangement $ 8,512 $ 0

Source