Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 27,995 $ 652,993
Accounts receivable 114,320 69,783
Fair value of derivatives 406 103
Other current assets 2,139 2,247
Total current assets 144,860 725,126
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 3,429,570 2,754,353
Less accumulated depreciation, depletion, amortization and impairment (2,084,095) (1,947,673)
Net evaluated oil and natural gas properties 1,345,475 806,680
Unevaluated properties 1,168,016 668,721
Total oil and natural gas properties, net 2,513,491 1,475,401
Other property and equipment, net 20,361 14,114
Restricted investments 3,372 3,332
Deferred tax asset 52 0
Deferred financing costs 4,863 3,092
Acquisition deposit 900 46,138
Other assets, net 5,397 384
Total assets 2,693,296 2,267,587
Current liabilities:    
Accounts payable and accrued liabilities 162,878 95,577
Accrued interest 9,235 6,057
Cash-settleable restricted stock unit awards 4,621 8,919
Asset retirement obligations 1,295 2,729
Fair value of derivatives 27,744 18,268
Total current liabilities 205,773 131,550
Senior secured revolving credit facility 25,000 0
6.125% senior unsecured notes due 2024, net of unamortized deferred financing costs 595,196 390,219
Asset retirement obligations 4,725 3,932
Cash-settleable restricted stock unit awards 3,490 8,071
Deferred tax liability 1,457 90
Fair value of derivatives 1,284 28
Other long-term liabilities 405 295
Total liabilities 837,330 534,185
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; 201,836,172 and 201,041,320 shares outstanding, respectively 2,018 2,010
Capital in excess of par value 2,181,359 2,171,514
Accumulated deficit (327,426) (440,137)
Total stockholders’ equity 1,855,966 1,733,402
Total liabilities and stockholders’ equity $ 2,693,296 $ 2,267,587

Source

v3.8.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating revenues:      
Total operating revenues $ 366,474 $ 200,851 $ 137,512
Operating expenses:      
Lease operating expenses 49,907 38,353 27,036
Production taxes 22,396 11,870 9,793
Depreciation, depletion and amortization 115,714 71,369 69,249
General and administrative 27,067 26,317 28,347
Settled share-based awards 6,351 0 0
Accretion expense 677 958 660
Write-down of oil and natural gas properties 0 95,788 208,435
Rig termination fee 0 0 3,075
Acquisition expense 2,916 3,673 27
Total operating expenses 225,028 248,328 346,622
Income (loss) from operations 141,446 (47,477) (209,110)
Other (income) expenses:      
Interest expense, net of capitalized amounts 2,159 11,871 21,111
Loss on early extinguishment of debt 0 12,883 0
(Gain) loss on derivative contracts 18,901 20,233 (28,358)
Other income (1,311) (637) (198)
Total other (income) expense 19,749 44,350 (7,445)
Income (loss) before income taxes 121,697 (91,827) (201,665)
Income tax (benefit) expense 1,273 (14) 38,474
Net income (loss) 120,424 (91,813) (240,139)
Preferred stock dividends (7,295) (7,295) (7,895)
Income (loss) available to common stockholders $ 113,129 $ (99,108) $ (248,034)
Income (loss) per common share:      
Basic (in dollars per share) $ 0.56 $ (0.78) $ (3.77)
Diluted (in dollars per share) $ 0.56 $ (0.78) $ (3.77)
Shares used in computing income (loss) per common share:      
Basic (in shares) 201,526 126,258 65,708
Diluted (in shares) 202,102 126,258 65,708
Oil sales      
Operating revenues:      
Total operating revenues $ 322,374 $ 177,652 $ 125,166
Natural gas sales      
Operating revenues:      
Total operating revenues $ 44,100 $ 23,199 $ 12,346

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 120,424 $ (91,813) $ (240,139)
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation, depletion and amortization 118,051 73,072 69,891
Write-down of oil and natural gas properties 0 95,788 208,435
Accretion expense 677 958 660
Amortization of non-cash debt related items 2,150 3,115 3,123
Deferred income tax (benefit) expense 1,273 (14) 38,474
Loss on derivatives, net of settlements 10,429 38,135 6,658
Loss on sale of other property and equipment 62 0 0
Non-cash loss on early extinguishment of debt 0 9,883 0
Non-cash expense related to equity share-based awards 8,254 2,765 2,688
Change in the fair value of liability share-based awards 3,288 6,953 6,612
Payments to settle asset retirement obligations (2,047) (1,471) (3,258)
Changes in current assets and liabilities:      
Accounts receivable (44,495) (30,055) (4,761)
Other current assets 108 (786) (20)
Current liabilities 30,947 25,288 8,001
Other long-term liabilities 121 96 80
Long-term prepaid (4,650) 0 0
Other assets, net (1,528) (840) 338
Payments for cash-settled restricted stock unit awards related to early retirements related to early retirements 0 0 (3,538)
Payments for cash-settled restricted stock unit awards (13,173) (10,300) (3,925)
Net cash provided by operating activities 229,891 120,774 89,319
Cash flows from investing activities:      
Capital expenditures (419,839) (190,032) (227,292)
Acquisitions (718,456) (654,679) (32,245)
Acquisition deposit 45,238 (46,138) 0
Proceeds from sales of mineral interest and equipment 20,525 24,562 377
Net cash used in investing activities (1,072,532) (866,287) (259,160)
Cash flows from financing activities:      
Borrowings on senior secured revolving credit facility 25,000 217,000 181,000
Payments on senior secured revolving credit facility 0 (257,000) (176,000)
Payments on term loans 0 (300,000) 0
Issuance of 6.125% senior unsecured notes due 2024 200,000 400,000 0
Premium on the issuance of 6.125% senior unsecured notes due 2024 8,250 0 0
Payment of deferred financing costs (7,194) (10,793) 0
Issuance of common stock 0 1,357,577 175,459
Payment of preferred stock dividends (7,295) (7,295) (7,895)
Tax withholdings related to restricted stock units (1,118) (2,207) (2,467)
Net cash provided by financing activities 217,643 1,397,282 170,097
Net change in cash and cash equivalents (624,998) 651,769 256
Balance, beginning of period 652,993 1,224 968
Balance, end of period $ 27,995 $ 652,993 $ 1,224

Source