Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 16,051 $ 27,995
Accounts receivable 131,720 114,320
Fair value of derivatives 65,114 406
Other current assets 9,740 2,139
Total current assets 222,625 144,860
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 4,585,020 3,429,570
Less accumulated depreciation, depletion, amortization and impairment (2,270,675) (2,084,095)
Net evaluated oil and natural gas properties 2,314,345 1,345,475
Unevaluated properties 1,404,513 1,168,016
Total oil and natural gas properties, net 3,718,858 2,513,491
Other property and equipment, net 21,901 20,361
Restricted investments 3,424 3,372
Deferred tax asset 0 52
Deferred financing costs 6,087 4,863
Acquisition deposit 0 900
Other assets, net 6,278 5,397
Total assets 3,979,173 2,693,296
Current liabilities:    
Accounts payable and accrued liabilities 261,184 162,878
Accrued interest 24,665 9,235
Cash-settleable restricted stock unit awards 1,390 4,621
Asset retirement obligations 3,887 1,295
Fair value of derivatives 10,480 27,744
Other current liabilities 13,310 0
Total current liabilities 314,916 205,773
Senior secured revolving credit facility 200,000 25,000
Asset retirement obligations 10,405 4,725
Cash-settleable restricted stock unit awards 2,067 3,490
Deferred tax liability 9,564 1,457
Fair value of derivatives 7,440 1,284
Other long-term liabilities 100 405
Total liabilities 1,533,965 837,330
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; 227,582,575 and 201,836,172 shares outstanding, respectively 2,276 2,018
Capital in excess of par value 2,477,278 2,181,359
Accumulated deficit (34,361) (327,426)
Total stockholders’ equity 2,445,208 1,855,966
Total liabilities and stockholders’ equity 3,979,173 2,693,296
6.125% senior unsecured notes due 2024    
Current liabilities:    
Senior unsecured notes due 595,788 595,196
6.375% senior unsecured notes due 2026    
Current liabilities:    
Senior unsecured notes due $ 393,685 $ 0

Source

v3.10.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating revenues:      
Total operating revenues $ 587,624,000 $ 366,474,000 $ 200,851,000
Operating expenses:      
Lease operating expenses 69,180,000 49,907,000 38,353,000
Production taxes 35,755,000 22,396,000 11,870,000
Depreciation, depletion and amortization 181,909,000 115,714,000 71,369,000
General and administrative 35,293,000 27,067,000 26,317,000
Settled share-based awards 0 6,351,000 0
Accretion expense 874,000 677,000 958,000
Write-down of oil and natural gas properties 0 0 95,788,000
Acquisition expense 5,083,000 2,916,000 3,673,000
Total operating expenses 328,094,000 225,028,000 248,328,000
Income (loss) from operations 259,530,000 141,446,000 (47,477,000)
Other (income) expenses:      
Interest expense, net of capitalized amounts 2,500,000 2,159,000 11,871,000
Loss on early extinguishment of debt 0 0 12,883,000
(Gain) loss on derivative contracts (48,544,000) 18,901,000 20,233,000
Other income (2,896,000) (1,311,000) (637,000)
Total other (income) expense (48,940,000) 19,749,000 44,350,000
Income (loss) before income taxes 308,470,000 121,697,000 (91,827,000)
Income tax (benefit) expense 8,110,000 1,273,000 (14,000)
Net income (loss) 300,360,000 120,424,000 (91,813,000)
Preferred stock dividends (7,295,000) (7,295,000) (7,295,000)
Income (loss) available to common stockholders $ 293,065,000 $ 113,129,000 $ (99,108,000)
Income (loss) per common share:      
Basic (in dollars per share) $ 1.35 $ 0.56 $ (0.78)
Diluted (in dollars per share) $ 1.35 $ 0.56 $ (0.78)
Shares used in computing income (loss) per common share:      
Basic (in shares) 216,941 201,526 126,258
Diluted (in shares) 217,596 202,102 126,258
Oil sales      
Operating revenues:      
Total operating revenues $ 530,898,000 $ 322,374,000 $ 177,652,000
Natural gas sales      
Operating revenues:      
Total operating revenues $ 56,726,000 $ 44,100,000 $ 23,199,000

Source

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income (loss) $ 300,360,000 $ 120,424,000 $ (91,813,000)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 184,731,000 118,051,000 73,072,000
Write-down of oil and natural gas properties 0 0 95,788,000
Accretion expense 874,000 677,000 958,000
Amortization of non-cash debt related items 2,483,000 2,150,000 3,115,000
Deferred income tax (benefit) expense 8,110,000 1,273,000 (14,000)
(Gain) loss on derivatives, net of settlements (75,816,000) 10,429,000 38,135,000
(Gain) loss on sale of other property and equipment (144,000) 62,000 0
Non-cash loss on early extinguishment of debt 0 0 9,883,000
Non-cash expense related to equity share-based awards 6,289,000 8,254,000 2,765,000
Change in the fair value of liability share-based awards 375,000 3,288,000 6,953,000
Payments to settle asset retirement obligations (1,469,000) (2,047,000) (1,471,000)
Payments for cash-settled restricted stock unit awards (4,990,000) (13,173,000) (10,300,000)
Changes in current assets and liabilities:      
Accounts receivable (17,351,000) (44,495,000) (30,055,000)
Other current assets (7,601,000) 108,000 (786,000)
Current liabilities 74,311,000 30,947,000 25,288,000
Other long-term liabilities (278,000) 121,000 96,000
Other assets, net (2,230,000) (1,528,000) (840,000)
Other 0 (4,650,000) 0
Net cash provided by operating activities 467,654,000 229,891,000 120,774,000
Cash flows from investing activities:      
Capital expenditures (611,173,000) (419,839,000) (190,032,000)
Acquisitions (718,793,000) (718,456,000) (654,679,000)
Acquisition deposit 0 45,238,000 (46,138,000)
Proceeds from sales of assets 9,009,000 20,525,000 24,562,000
Additions to other assets (3,100,000) 0 0
Net cash used in investing activities (1,324,057,000) (1,072,532,000) (866,287,000)
Cash flows from financing activities:      
Borrowings on senior secured revolving credit facility 500,000,000 25,000,000 217,000,000
Payments on senior secured revolving credit facility (325,000,000) 0 (257,000,000)
Payments on term loans 0 0 (300,000,000)
Premium on the issuance of 6.125% senior unsecured notes due 2024 0 8,250,000 0
Payment of deferred financing costs (9,430,000) (7,194,000) (10,793,000)
Issuance of common stock 287,988,000 0 1,357,577,000
Payment of preferred stock dividends (7,295,000) (7,295,000) (7,295,000)
Tax withholdings related to restricted stock units (1,804,000) (1,118,000) (2,207,000)
Net cash provided by financing activities 844,459,000 217,643,000 1,397,282,000
Net change in cash and cash equivalents (11,944,000) (624,998,000) 651,769,000
Balance, beginning of period 27,995,000 652,993,000 1,224,000
Balance, end of period 16,051,000 27,995,000 652,993,000
6.125% senior unsecured notes due 2024      
Cash flows from financing activities:      
Issuance of senior unsecured notes 0 200,000,000 400,000,000
6.375% senior unsecured notes due 2026      
Cash flows from financing activities:      
Issuance of senior unsecured notes $ 400,000,000 $ 0 $ 0

Source