Financials

v3.19.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 11,309 $ 16,051
Accounts receivable 114,120 131,720
Fair value of derivatives 25,032 65,114
Other current assets 14,912 9,740
Total current assets 165,373 222,625
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 4,830,499 4,585,020
Less accumulated depreciation, depletion, amortization and impairment (2,458,026) (2,270,675)
Evaluated oil and natural gas properties, net 2,372,473 2,314,345
Unevaluated properties 1,405,993 1,404,513
Total oil and natural gas properties, net 3,778,466 3,718,858
Operating lease right-of-use assets 24,447  
Other property and equipment, net 24,770 21,901
Restricted investments 3,490 3,424
Deferred financing costs 5,081 6,087
Fair value of derivatives 11,209 0
Other assets, net 4,087 6,278
Total assets 4,016,923 3,979,173
Current liabilities:    
Accounts payable and accrued liabilities 243,481 261,184
Operating lease liabilities 19,196  
Accrued interest 25,660 24,665
Cash-settleable restricted stock unit awards 535 1,390
Asset retirement obligations 1,250 3,887
Fair value of derivatives 8,941 10,480
Other current liabilities 1,948 13,310
Total current liabilities 301,011 314,916
Senior secured revolving credit facility 200,000 200,000
Operating lease liabilities 4,995  
Asset retirement obligations 8,294 10,405
Cash-settleable restricted stock unit awards 1,737 2,067
Deferred tax liability 39,007 9,564
Fair value of derivatives 2,573 7,440
Other long-term liabilities 0 100
Total liabilities 1,548,271 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; 0 and 1,458,948 shares outstanding, respectively 0 15
Common stock, $0.01 par value, 300,000,000 shares authorized; 228,372,081 and 227,582,575 shares outstanding, respectively 2,284 2,276
Capital in excess of par value 2,421,559 2,477,278
Retained earnings (accumulated deficit) 44,809 (34,361)
Total stockholders’ equity 2,468,652 2,445,208
Total liabilities and stockholders’ equity 4,016,923 3,979,173
6.125% senior unsecured notes due 2024    
Current liabilities:    
Senior unsecured notes 596,337 595,788
6.375% senior unsecured notes due 2026    
Current liabilities:    
Senior unsecured notes $ 394,317 $ 393,685

Source

v3.19.3
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Operating revenues:        
Total operating revenues $ 155,378 $ 161,214 $ 475,477 $ 425,729
Operating expenses:        
Lease operating expenses 19,668 18,525 66,511 44,705
Production taxes 11,866 10,263 33,810 26,265
Depreciation, depletion and amortization 56,002 48,257 178,690 122,407
General and administrative 9,388 9,721 31,705 26,779
Merger and integration expense 5,943 0 5,943 0
Settled share-based awards 0 0 3,024 0
Accretion expense 128 202 585 626
Other operating expense (161) 1,435 931 3,750
Total operating expenses 102,834 88,403 321,199 224,532
Income from operations 52,544 72,811 154,278 201,197
Other (income) expenses:        
Interest expense, net of capitalized amounts 739 711 2,218 1,765
(Gain) loss on derivative contracts (21,809) 34,339 31,415 55,374
Other income (122) (1,657) (270) (2,571)
Total other (income) expense (21,192) 33,393 33,363 54,568
Income before income taxes 73,736 39,418 120,915 146,629
Income tax expense 17,902 1,487 29,444 2,463
Net income 55,834 37,931 91,471 144,166
Preferred stock dividends (350) (1,823) (3,997) (5,471)
Loss on redemption of preferred stock (8,304) 0 (8,304) 0
Income available to common stockholders $ 47,180 $ 36,108 $ 79,170 $ 138,695
Income per common share:        
Basic (in dollars per share) $ 0.21 $ 0.16 $ 0.35 $ 0.65
Diluted (in dollars per share) $ 0.21 $ 0.16 $ 0.35 $ 0.65
Weighted average common shares outstanding:        
Basic (in shares) 228,322 227,564 228,054 213,409
Diluted (in shares) 228,469 228,140 228,557 214,079
Oil sales        
Operating revenues:        
Total operating revenues $ 148,210 $ 142,601 $ 450,036 $ 380,500
Natural gas sales        
Operating revenues:        
Total operating revenues $ 7,168 $ 18,613 $ 25,441 $ 45,229

Source

v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 91,471 $ 144,166
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 182,153 124,430
Accretion expense 585 626
Amortization of non-cash debt related items 2,218 1,749
Deferred income tax expense 29,444 2,463
Loss on derivatives, net of settlements 30,979 29,696
(Gain) loss on sale of other property and equipment 36 (80)
Non-cash expense related to equity share-based awards 7,868 4,466
Change in the fair value of liability share-based awards 106 1,428
Payments to settle asset retirement obligations (1,425) (1,080)
Payments for cash-settled restricted stock unit awards (1,425) (4,990)
Changes in current assets and liabilities:    
Accounts receivable 17,600 (54,384)
Other current assets (5,172) (1,665)
Current liabilities (13,038) 64,801
Other (2,662) 4,389
Net cash provided by operating activities 338,738 316,015
Cash flows from investing activities:    
Capital expenditures (503,425) (455,352)
Acquisitions (40,788) (595,984)
Proceeds from sale of assets 279,952 8,326
Net cash used in investing activities (264,261) (1,043,010)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 581,000 270,000
Payments on senior secured revolving credit facility (581,000) (230,000)
Issuance of 6.375% senior unsecured notes due 2026 0 400,000
Issuance of common stock 0 288,364
Payment of preferred stock dividends (3,997) (5,471)
Payment of deferred financing costs (31) (9,960)
Tax withholdings related to restricted stock units (2,174) (1,804)
Redemption of preferred stock (73,017) 0
Net cash provided by (used in) financing activities (79,219) 711,129
Net change in cash and cash equivalents (4,742) (15,866)
Balance, beginning of period 16,051 27,995
Balance, end of period 11,309 12,129
Supplemental cash flow information:    
Interest paid, net of capitalized amounts 0 0
Income taxes paid 0 0
Operating cash flows from operating leases 1,667  
Investing cash flows from operating leases 25,455  
Non-cash investing and financing activities:    
Change in accrued capital expenditures (15,032) 42,062
Change in asset retirement costs (393) 4,847
Right-of-use assets obtained in exchange for operating lease liabilities 2,588 0
Contingent consideration arrangement $ 8,512 $ 0

Source