Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 61,609 $ 652,993
Accounts receivable 81,973 69,783
Fair value of derivatives 3,333 103
Other current assets 2,583 2,247
Total current assets 149,498 725,126
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 3,283,985 2,754,353
Less accumulated depreciation, depletion, amortization and impairment (2,026,809) (1,947,673)
Net evaluated oil and natural gas properties 1,257,176 806,680
Unevaluated properties 1,173,614 668,721
Total oil and natural gas properties 2,430,790 1,475,401
Other property and equipment, net 18,626 14,114
Restricted investments 3,362 3,332
Deferred financing costs 5,209 3,092
Fair value of derivatives 1,121 0
Acquisition deposit 0 46,138
Prepaid 4,650 0
Other assets, net 827 384
Total assets 2,614,083 2,267,587
Current liabilities:    
Accounts payable and accrued liabilities 147,338 95,577
Accrued interest 18,375 6,057
Cash-settleable restricted stock unit awards 4,158 8,919
Asset retirement obligations 1,841 2,729
Fair value of derivatives 6,380 18,268
Total current liabilities 178,092 131,550
Senior secured revolving credit facility 0 0
6.125% senior unsecured notes due 2024, net of unamortized deferred financing costs 595,115 390,219
Asset retirement obligations 3,163 3,932
Cash-settleable restricted stock unit awards 2,626 8,071
Deferred tax liability 1,158 90
Fair value of derivatives 659 28
Other long-term liabilities 405 295
Total liabilities 781,218 534,185
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; 201,827,995 and 201,041,320 shares outstanding, respectively 2,018 2,010
Capital in excess of par value 2,179,258 2,171,514
Accumulated deficit (348,426) (440,137)
Total stockholders’ equity 1,832,865 1,733,402
Total liabilities and stockholders’ equity $ 2,614,083 $ 2,267,587

Source

v3.8.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating revenues:        
Total operating revenues $ 84,614 $ 55,927 $ 248,261 $ 131,770
Operating expenses:        
Lease operating expenses 11,624 9,961 36,708 24,229
Production taxes 5,444 3,478 16,168 8,153
Depreciation, depletion and amortization 28,525 17,303 79,172 49,318
General and administrative 7,259 7,891 18,894 19,755
Settled share-based awards 0 0 6,351 0
Accretion expense 131 187 523 762
Write-down of oil and natural gas properties 0 0 0 95,788
Acquisition expense 205 456 3,027 2,410
Total operating expenses 53,188 39,276 160,843 200,415
Income (loss) from operations 31,426 16,651 87,418 (68,645)
Other (income) expenses:        
Interest expense, net of capitalized amounts 444 831 1,698 10,502
(Gain) loss on derivative contracts 14,162 (5,135) (11,636) 11,281
Other income (498) (122) (1,270) (299)
Total other (income) expense 14,108 (4,426) (11,208) 21,484
Income (loss) before income taxes 17,318 21,077 98,626 (90,129)
Income tax (benefit) expense 237 (62) 1,026 (62)
Net income (loss) 17,081 21,139 97,600 (90,067)
Preferred stock dividends (1,824) (1,824) (5,471) (5,471)
Income (loss) available to common stockholders $ 15,257 $ 19,315 $ 92,129 $ (95,538)
Income (loss) per common share:        
Basic (in dollars per share) $ 0.08 $ 0.14 $ 0.46 $ (0.85)
Diluted (in dollars per share) $ 0.08 $ 0.14 $ 0.46 $ (0.85)
Shares used in computing income (loss) per common share:        
Basic (in shares) 201,827 136,983 201,422 112,925
Diluted (in shares) 202,337 137,483 201,995 112,925
Oil sales        
Operating revenues:        
Total operating revenues $ 73,349 $ 49,095 $ 218,242 $ 117,093
Natural gas sales        
Operating revenues:        
Total operating revenues $ 11,265 $ 6,832 $ 30,019 $ 14,677

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ 97,600 $ (90,067)
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 80,829 50,560
Write-down of oil and natural gas properties 0 95,788
Accretion expense 523 762
Amortization of non-cash debt related items 1,695 2,371
Deferred income tax (benefit) expense 1,026 (62)
Net (gain) loss on derivatives, net of settlements (15,608) 27,105
Loss on sale of other property and equipment 62 0
Non-cash expense related to equity share-based awards 7,014 1,954
Change in the fair value of liability share-based awards 2,423 6,045
Payments to settle asset retirement obligations (1,831) (895)
Changes in current assets and liabilities:    
Accounts receivable (12,148) (16,444)
Other current assets (336) (251)
Current liabilities 7,534 19,815
Change in other long-term liabilities 121 86
Change in long-term prepaid (4,650) 0
Change in other assets, net (1,376) (1,671)
Payments to settle vested liability share-based awards (13,173) (10,300)
Net cash provided by operating activities 149,705 84,796
Cash flows from investing activities:    
Capital expenditures (267,218) (122,698)
Acquisitions (714,504) (302,057)
Acquisition deposit 46,138 (32,700)
Proceeds from sales of mineral interests and equipment 0 22,923
Net cash used in investing activities (935,584) (434,532)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 0 217,000
Payments on senior secured revolving credit facility 0 (257,000)
Issuance of 6.125% senior unsecured notes due 2024 200,000 0
Premium on the issuance of 6.125% senior unsecured notes due 2024 8,250 0
Issuance of common stock 0 722,715
Payment of preferred stock dividends (5,471) (5,471)
Payment of deferred financing costs (7,166) (640)
Tax withholdings related to restricted stock units (1,118) (2,207)
Net cash provided by financing activities 194,495 674,397
Net change in cash and cash equivalents (591,384) 324,661
Balance, beginning of period 652,993 1,224
Balance, end of period $ 61,609 $ 325,885

Source