Financials

v3.7.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 102,485 $ 1,275,875
Restricted cash 0 185,000
Accounts receivable—oil and gas 158,154 136,761
Accounts receivable—related parties 39 16
Prepaid expenses and other current assets 16,005 7,639
Short-term derivative instruments 18,925 3,488
Total current assets 295,608 1,608,779
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $3,073,448 and $1,580,305 excluded from amortization in 2017 and 2016, respectively 8,146,321 6,071,920
Other property and equipment 75,107 68,986
Accumulated depletion, depreciation, amortization and impairment (3,855,629) (3,789,780)
Property and equipment, net 4,365,799 2,351,126
Other assets:    
Equity investments 251,370 243,920
Long-term derivative instruments 23,515 5,696
Deferred tax asset 4,692 4,692
Other assets 12,945 8,932
Total other assets 292,522 263,240
Total assets 4,953,929 4,223,145
Current liabilities:    
Accounts payable and accrued liabilities 406,139 265,124
Asset retirement obligation—current 195 195
Short-term derivative instruments 67,179 119,219
Current maturities of long-term debt 452 276
Total current liabilities 473,965 384,814
Long-term derivative instrument 5,259 26,759
Asset retirement obligation—long-term 41,142 34,081
Long-term debt, net of current maturities 1,631,809 1,593,599
Total liabilities 2,152,175 2,039,253
Commitments and contingencies (Note 9)
Preferred stock, $.01 par value; 5,000,000 authorized, 30,000 authorized as redeemable 12% cumulative preferred stock, Series A; 0 issued and outstanding 0 0
Stockholders’ equity:    
Common stock - $.01 par value, 200,000,000 authorized, 182,835,801 issued and outstanding at March 31, 2017 and 158,829,816 at December 31, 2016 1,828 1,588
Paid-in capital 4,408,236 3,946,442
Accumulated other comprehensive loss (51,685) (53,058)
Retained deficit (1,556,625) (1,711,080)
Total stockholders’ equity 2,801,754 2,183,892
Total liabilities and stockholders’ equity $ 4,953,929 $ 4,223,145

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v3.7.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Gas sales $ 177,837 $ 74,094
Oil and condensate sales 24,411 15,839
Natural gas liquid sales 31,179 9,293
Net gain on gas, oil, and NGL derivatives 99,577 57,735
Total revenues 333,004 156,961
Costs and expenses:    
Lease operating expenses 19,303 16,657
Production taxes 3,906 3,111
Midstream gathering and processing 47,941 37,652
Depreciation, depletion and amortization 65,991 65,477
Impairment of oil and gas properties 0 218,991
General and administrative 12,600 10,620
Accretion expense 282 247
Acquisition expense 1,298 0
Total costs and expenses 151,321 352,755
INCOME (LOSS) FROM OPERATIONS 181,683 (195,794)
OTHER (INCOME) EXPENSE:    
Interest expense 23,479 16,023
Interest income (842) (94)
(Income) loss from equity method investments 4,907 30,737
Other income (316) (2)
Total other (income) expense 27,228 46,664
INCOME (LOSS) BEFORE INCOME TAXES 154,455 (242,458)
INCOME TAX BENEFIT 0 (191)
NET INCOME (LOSS) $ 154,455 $ (242,267)
NET INCOME (LOSS) PER COMMON SHARE:    
Basic (in dollars per share) $ 0.91 $ (2.17)
Diluted (in dollars per share) $ 0.91 $ (2.17)
Weighted average common shares outstanding - Basic (shares) 170,272,685 111,509,585
Weighted average common shares outstanding - Diluted (shares) 170,488,519 111,509,585

Source

v3.7.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income (loss) $ 154,455,000 $ (242,267,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Accretion of discount—Asset Retirement Obligation 282,000 247,000
Depletion, depreciation and amortization 65,991,000 65,477,000
Impairment of oil and gas properties 0 218,991,000
Stock-based compensation expense 1,532,000 2,005,000
Loss from equity investments 5,150,000 30,896,000
Change in fair value of derivative instruments (106,796,000) 7,685,000
Deferred income tax expense (benefit) 0 (191,000)
Amortization of loan commitment fees 1,088,000 946,000
Amortization of note discount and premium 0 (563,000)
Changes in operating assets and liabilities:    
Increase in accounts receivable (21,393,000) (6,629,000)
Increase in accounts receivable—related party (23,000) (1,000)
(Increase) decrease in prepaid expenses (8,366,000) 1,150,000
Increase in other assets (4,013,000) 0
Increase in accounts payable, accrued liabilities and other 54,738,000 6,080,000
Settlement of asset retirement obligation 0 (52,000)
Net cash provided by operating activities 142,645,000 83,774,000
Cash flows from investing activities:    
Additions to other property and equipment (5,444,000) (5,183,000)
Acquisition of oil and gas properties (1,338,964,000) 0
Additions to oil and gas properties (181,834,000) (151,293,000)
Proceeds from sale of oil and gas properties 3,605,000 630,000
Funding of restricted cash 185,000,000 0
Contributions to equity method investments (10,673,000) (1,821,000)
Distributions from equity method investments 631,000 138,000
Net cash used in investing activities (1,347,679,000) (157,529,000)
Cash flows from financing activities:    
Principal payments on borrowings 0 (1,685,000)
Borrowings on line of credit 40,000,000 0
Borrowings on term loan 2,698,000 5,041,000
Debt issuance costs and loan commitment fees (5,733,000) (116,000)
Proceeds from issuance of common stock, net of offering costs (5,321,000) 411,918,000
Net cash provided by financing activities 31,644,000 415,158,000
Net (decrease) increase in cash and cash equivalents (1,173,390,000) 341,403,000
Cash and cash equivalents at beginning of period 1,275,875,000 112,974,000
Cash and cash equivalents at end of period 102,485,000 454,377,000
Supplemental disclosure of cash flow information:    
Interest payments 347,000 80,000
Income tax payments 0 0
Supplemental disclosure of non-cash transactions:    
Capitalized stock based compensation 1,021,000 1,336,000
Asset retirement obligation capitalized 6,779,000 1,914,000
Interest capitalized 3,122,000 1,862,000
Foreign currency translation gain on equity method investments $ 1,373,000 $ 9,058,000

Source