Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 12,129 $ 27,995
Accounts receivable 168,753 114,320
Fair value of derivatives 4,289 406
Other current assets 3,804 2,139
Total current assets 188,975 144,860
Oil and natural gas properties, full cost accounting method:    
Evaluated properties 4,305,189 3,429,570
Less accumulated depreciation, depletion, amortization and impairment (2,208,066) (2,084,095)
Net evaluated oil and natural gas properties 2,097,123 1,345,475
Unevaluated properties 1,385,529 1,168,016
Total oil and natural gas properties 3,482,652 2,513,491
Other property and equipment, net 21,738 20,361
Restricted investments 3,413 3,372
Deferred tax asset 0 52
Deferred financing costs 6,406 4,863
Acquisition deposit 0 900
Other assets, net 5,552 5,397
Total assets 3,708,736 2,693,296
Current liabilities:    
Accounts payable and accrued liabilities 251,754 162,878
Accrued interest 27,325 9,235
Cash-settleable restricted stock unit awards 2,422 4,621
Asset retirement obligations 4,464 1,295
Fair value of derivatives 47,167 27,744
Total current liabilities 333,132 205,773
Senior secured revolving credit facility 65,000 25,000
Asset retirement obligations 5,428 4,725
Cash-settleable restricted stock unit awards 2,818 3,490
Deferred tax liability 3,917 1,457
Fair value of derivatives 15,440 1,284
Other long-term liabilities 6,165 405
Total liabilities 1,420,428 837,330
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; 227,567,936 and 201,836,172 shares outstanding, respectively 2,276 2,018
Capital in excess of par value 2,474,748 2,181,359
Accumulated deficit (188,731) (327,426)
Total stockholders’ equity 2,288,308 1,855,966
Total liabilities and stockholders’ equity 3,708,736 2,693,296
6.125% senior unsecured notes due 2024    
Current liabilities:    
Senior unsecured notes, net of unamortized deferred financing costs 595,729 595,196
6.375% senior unsecured notes due 2026    
Current liabilities:    
Senior unsecured notes, net of unamortized deferred financing costs $ 392,799 $ 0

Source

v3.10.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Operating revenues:        
Total operating revenues $ 161,214 $ 84,614 $ 425,729 $ 248,261
Operating expenses:        
Lease operating expenses 18,525 11,624 44,705 36,708
Production taxes 10,263 5,444 26,265 16,168
Depreciation, depletion and amortization 48,257 28,525 122,407 79,172
General and administrative 9,721 7,259 26,779 18,894
Settled share-based awards 0 0 0 6,351
Accretion expense 202 131 626 523
Acquisition expense 1,435 205 3,750 3,027
Total operating expenses 88,403 53,188 224,532 160,843
Income from operations 72,811 31,426 201,197 87,418
Other (income) expenses:        
Interest expense, net of capitalized amounts 711 444 1,765 1,698
(Gain) loss on derivative contracts 34,339 14,162 55,374 (11,636)
Other income (1,657) (498) (2,571) (1,270)
Total other (income) expense 33,393 14,108 54,568 (11,208)
Income before income taxes 39,418 17,318 146,629 98,626
Income tax expense 1,487 237 2,463 1,026
Net income 37,931 17,081 144,166 97,600
Preferred stock dividends (1,823) (1,824) (5,471) (5,471)
Income available to common stockholders $ 36,108 $ 15,257 $ 138,695 $ 92,129
Income per common share:        
Basic (in dollars per share) $ 0.16 $ 0.08 $ 0.65 $ 0.46
Diluted (in dollars per share) $ 0.16 $ 0.08 $ 0.65 $ 0.46
Shares used in computing income per common share:        
Basic (in shares) 227,564 201,827 213,409 201,422
Diluted (in shares) 228,140 202,337 214,079 201,995
Oil sales        
Operating revenues:        
Total operating revenues $ 142,601 $ 73,349 $ 380,500 $ 218,242
Natural gas sales        
Operating revenues:        
Total operating revenues $ 18,613 $ 11,265 $ 45,229 $ 30,019

Source

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 144,166 $ 97,600
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation, depletion and amortization 124,430 80,829
Accretion expense 626 523
Amortization of non-cash debt related items 1,749 1,695
Deferred income tax expense 2,463 1,026
Net (gain) loss on derivatives, net of settlements 29,696 (15,608)
(Gain) loss on sale of other property and equipment (80) 62
Non-cash expense related to equity share-based awards 4,466 7,014
Change in the fair value of liability share-based awards 1,428 2,423
Payments to settle asset retirement obligations (1,080) (1,831)
Changes in current assets and liabilities:    
Accounts receivable (54,384) (12,148)
Other current assets (1,665) (336)
Current liabilities 64,801 7,534
Other long-term liabilities 5,787 121
Long-term prepaid 0 (4,650)
Other assets, net (1,398) (1,376)
Payments to settle vested liability share-based awards (4,990) (13,173)
Net cash provided by operating activities 316,015 149,705
Cash flows from investing activities:    
Capital expenditures (455,352) (267,218)
Acquisitions (595,984) (714,504)
Acquisition deposit 0 46,138
Proceeds from sale of assets 8,326 0
Net cash used in investing activities (1,043,010) (935,584)
Cash flows from financing activities:    
Borrowings on senior secured revolving credit facility 270,000 0
Payments on senior secured revolving credit facility (230,000) 0
Issuance of common stock 288,364 0
Premium on the issuance of 6.125% senior unsecured notes due 2024 0 8,250
Payment of preferred stock dividends (5,471) (5,471)
Payment of deferred financing costs (9,960) (7,166)
Tax withholdings related to restricted stock units (1,804) (1,118)
Net cash provided by financing activities 711,129 194,495
Net change in cash and cash equivalents (15,866) (591,384)
Balance, beginning of period 27,995 652,993
Balance, end of period 12,129 61,609
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