Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 509,146 $ 27,995
Accounts receivable 111,964 114,320
Fair value of derivatives 11,569 406
Other current assets 7,689 2,139
Total current assets 640,368 144,860
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 3,814,242 3,429,570
Less accumulated depreciation, depletion, amortization and impairment (2,158,225) (2,084,095)
Net evaluated oil and natural gas properties 1,656,017 1,345,475
Unevaluated properties 1,144,138 1,168,016
Total oil and natural gas properties 2,800,155 2,513,491
Other property and equipment, net 21,514 20,361
Restricted investments 3,393 3,372
Deferred tax asset 26 52
Deferred financing costs 5,749 4,863
Fair value of derivatives 2,299 0
Acquisition deposit 28,500 900
Other assets, net 5,322 5,397
Total assets 3,507,326 2,693,296
Current liabilities:    
Accounts payable and accrued liabilities 193,981 162,878
Accrued interest 11,351 9,235
Cash-settleable restricted stock unit awards 1,781 4,621
Asset retirement obligations 2,284 1,295
Fair value of derivatives 35,948 27,744
Total current liabilities 245,345 205,773
Senior secured revolving credit facility 0 25,000
Asset retirement obligations 7,782 4,725
Cash-settleable restricted stock unit awards 1,900 3,490
Deferred tax liability 2,431 1,457
Fair value of derivatives 11,136 1,284
Other long-term liabilities 665 405
Total liabilities 1,257,718 837,330
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; 227,507,031 and 201,836,172 shares outstanding, respectively 2,275 2,018
Capital in excess of par value 2,472,155 2,181,359
Accumulated deficit (224,837) (327,426)
Total stockholders’ equity 2,249,608 1,855,966
Total liabilities and stockholders’ equity 3,507,326 2,693,296
6.125% senior unsecured notes due 2024    
Current liabilities:    
Senior unsecured notes, net of unamortized deferred financing costs 595,552 595,196
6.375% senior unsecured notes due 2026    
Current liabilities:    
Senior unsecured notes, net of unamortized deferred financing costs $ 392,907 $ 0

Source

v3.10.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Operating revenues:        
Total operating revenues $ 137,075 $ 82,283 $ 264,515 $ 163,647
Operating expenses:        
Lease operating expenses 13,141 12,145 26,179 25,084
Production taxes 7,539 4,820 16,002 10,723
Depreciation, depletion and amortization 38,733 26,213 74,151 50,646
General and administrative 8,289 6,430 17,057 11,636
Settled share-based awards 0 6,351 0 6,351
Accretion expense 206 208 424 392
Acquisition expense 1,767 2,373 2,315 2,822
Total operating expenses 69,675 58,540 136,128 107,654
Income from operations 67,400 23,743 128,387 55,993
Other (income) expenses:        
Interest expense, net of capitalized amounts 594 589 1,053 1,254
(Gain) loss on derivative contracts 16,554 (10,494) 21,036 (25,797)
Other income (703) (64) (914) (772)
Total other (income) expense 16,445 (9,969) 21,175 (25,315)
Income before income taxes 50,955 33,712 107,212 81,308
Income tax expense 481 322 976 789
Net income 50,474 33,390 106,236 80,519
Preferred stock dividends (1,824) (1,824) (3,647) (3,647)
Income available to common stockholders $ 48,650 $ 31,566 $ 102,589 $ 76,872
Income per common share:        
Basic (in dollars per share) $ 0.23 $ 0.16 $ 0.50 $ 0.38
Diluted (in dollars per share) $ 0.23 $ 0.16 $ 0.50 $ 0.38
Shares used in computing income per common share:        
Basic (in shares) 210,698 201,386 206,309 201,220
Diluted (in shares) 211,465 201,905 207,027 201,823
Oil sales        
Operating revenues:        
Total operating revenues $ 122,613 $ 72,885 $ 237,898 $ 144,893
Natural gas sales        
Operating revenues:        
Total operating revenues $ 14,462 $ 9,398 $ 26,617 $ 18,754

Source

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income $ 106,236 $ 80,519
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 75,453 51,697
Accretion expense 424 392
Amortization of non-cash debt related items 1,041 1,254
Deferred income tax expense 976 789
Net (gain) loss on derivatives, net of settlements 4,594 (28,555)
Gain (Loss) on Disposition of Property Plant Equipment 22 62
Non-cash expense related to equity share-based awards 2,758 5,795
Change in the fair value of liability share-based awards 549 1,691
Payments to settle asset retirement obligations (573) (1,581)
Changes in current assets and liabilities:    
Accounts receivable 2,380 (7,810)
Other current assets (5,550) (298)
Current liabilities 17,061 5,680
Other long-term liabilities 287 120
Other assets, net (689) (770)
Payments to settle vested liability share-based awards (4,990) (13,173)
Net cash provided by operating activities 199,979 95,812
Cash flows from investing activities:    
Capital expenditures (298,370) (146,090)
Acquisitions (45,392) (706,489)
Acquisition deposit (27,600) 46,138
Proceeds from sale of assets 3,077 0
Net cash used in investing activities (368,285) (806,441)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 165,000 0
Payments on senior secured revolving credit facility (190,000) 0
Issuance of common stock 288,357 0
Premium on the issuance of 6.125% senior unsecured notes due 2024 0 8,250
Payment of preferred stock dividends (3,647) (3,647)
Payment of deferred financing costs (8,664) (6,765)
Tax withholdings related to restricted stock units (1,589) (1,053)
Net cash provided by financing activities 649,457 196,785
Net change in cash and cash equivalents 481,151 (513,844)
Balance, beginning of period 27,995 652,993
Balance, end of period 509,146 139,149
6.125% senior unsecured notes due 2024    
Cash flows from financing activities:    
Issuance of senior unsecured notes 0 200,000
6.375% senior unsecured notes due 2026    
Cash flows from financing activities:    
Issuance of senior unsecured notes $ 400,000 $ 0

Source