Financials

v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 89,861 $ 6,060
Accounts receivable—oil and natural gas sales 119,879 121,210
Accounts receivable—joint interest and other 12,200 47,975
Prepaid expenses and other current assets 160,664 4,431
Short-term derivative instruments 27,146 126,201
Total current assets 409,750 305,877
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $1,457,043 and $1,686,666 excluded from amortization in 2020 and 2019, respectively 10,816,909 10,595,735
Other property and equipment 88,538 96,719
Accumulated depletion, depreciation, amortization and impairment (8,819,178) (7,228,660)
Property and equipment, net 2,086,269 3,463,794
Other assets:    
Equity investments 24,816 32,044
Long-term derivative instruments 322 563
Deferred tax asset 0 7,563
Operating lease assets 342 14,168
Operating lease assets - related parties 0 43,270
Other assets 18,372 15,540
Total other assets 43,852 113,148
Total assets 2,539,871 3,882,819
Current liabilities:    
Accounts payable and accrued liabilities 244,903 415,218
Short-term derivative instruments 11,641 303
Current portion of operating lease liabilities 0 13,826
Current portion of operating lease liabilities - related parties 0 21,220
Current maturities of long-term debt 253,743 631
Total current liabilities 510,287 451,198
Non-current liabilities:    
Long-term derivative instruments 36,604 53,135
Asset retirement obligation—long-term 0 60,355
Uncertain tax position liability 0 3,127
Non-current operating lease liabilities 0 342
Non-current operating lease liabilities - related parties 0 22,050
Long-term debt, net of current maturities 0 1,978,020
Total non-current liabilities 36,604 2,117,029
Liabilities subject to compromise 2,293,480 0
Total liabilities 2,840,371 2,568,227
Commitments and contingencies (Notes 17 and 18)
Preferred stock, $0.01 par value; 5,000,000 authorized (30,000 authorized as redeemable 12% cumulative preferred stock, Series A), and none issued and outstanding 0 0
Stockholders’ (deficit) equity:    
Common stock - $0.01 par value, 200,000,000 shares authorized, 160,762,186 issued and outstanding in 2020 and 159,710,955 in 2019 1,607 1,597
Paid-in capital 4,213,752 4,207,554
Accumulated other comprehensive loss (43,000) (46,833)
Accumulated deficit (4,472,859) (2,847,726)
Total stockholders’ (deficit) equity (300,500) 1,314,592
Total liabilities and stockholders’ (deficit) equity $ 2,539,871 $ 3,882,819

Source

v3.20.4
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
REVENUES:      
Net gain (loss) on natural gas, oil, and NGL derivatives $ 65,291,000 $ 208,360,000 $ (123,479,000)
Total Revenues 866,542,000 1,563,126,000 1,551,701,000
OPERATING EXPENSES:      
Lease operating expenses 54,235,000 73,496,000 79,716,000
Taxes other than income 28,509,000 40,510,000 48,298,000
Midstream gathering and processing expenses 456,318,000 508,843,000 486,845,000
Depreciation, depletion and amortization 239,744,000 550,108,000 486,664,000
Impairment of oil and natural gas properties 1,357,099,000 2,039,770,000 0
General and administrative expenses 59,329,000 45,542,000 47,100,000
Restructuring and liability management expenses 30,847,000 4,611,000 0
Accretion expense 3,066,000 3,939,000 4,119,000
Total Operating Expenses 2,229,147,000 3,266,819,000 1,152,742,000
(LOSS) INCOME FROM OPERATIONS (1,362,605,000) (1,703,693,000) 398,959,000
OTHER EXPENSE (INCOME):      
Interest expense 120,079,000 141,786,000 141,912,000
Interest income (414,000) (801,000) (314,000)
Gain on debt extinguishment (49,579,000) (48,630,000) 0
Gain on sale of equity method investments 0 0 (124,768,000)
Loss (income) from equity method investments, net 11,055,000 210,148,000 (49,904,000)
Reorganization items, net 152,359,000 0 0
Other expense, net 21,738,000 3,725,000 1,542,000
Total Other Expense (Income) 255,238,000 306,228,000 (31,532,000)
(LOSS) INCOME BEFORE INCOME TAXES (1,617,843,000) (2,009,921,000) 430,491,000
INCOME TAX EXPENSE (BENEFIT) 7,290,000 (7,563,000) (69,000)
NET (LOSS) INCOME $ (1,625,133,000) $ (2,002,358,000) $ 430,560,000
NET (LOSS) INCOME PER COMMON SHARE:      
Basic (in dollars per share) $ (10.14) $ (12.49) $ 2.46
Diluted (in dollars per share) $ (10.14) $ (12.49) $ 2.45
Weighted average common shares outstanding - Basic (shares) 160,231,335 160,341,125 174,675,840
Weighted average common shares outstanding - Diluted (shares) 160,231,335 160,341,125 175,398,706
Natural gas sales      
REVENUES:      
Revenue from contracts with customers $ 671,535,000 $ 1,135,381,000 $ 1,318,472,000
Oil and condensate sales      
REVENUES:      
Revenue from contracts with customers 62,902,000 117,937,000 177,793,000
Natural gas liquid sales      
REVENUES:      
Revenue from contracts with customers $ 66,814,000 $ 101,448,000 $ 178,915,000

Source

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net (loss) income $ (1,625,133,000) $ (2,002,358,000) $ 430,560,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depletion, depreciation and amortization 239,744,000 550,108,000 486,664,000
Impairment of oil and natural gas properties 1,357,099,000 2,039,770,000 0
Loss (income) from equity method investments 11,055,000 210,289,000 (49,625,000)
Gain on debt extinguishment (49,579,000) (48,630,000) 0
Net loss (gain) on derivative instruments (65,291,000) (208,360,000) 123,479,000
Net cash receipts on settled derivative instruments 159,394,000 123,130,000 (58,428,000)
Non-cash reorganization items, net 21,956,000 0 0
Deferred income tax expense (benefit) 7,290,000 (7,563,000) 1,208,000
Gain on sale of equity method investments and other assets 0 (220,000) (124,768,000)
Distributions from equity method investments 0 2,457,000 3,206,000
Other, net 31,984,000 15,178,000 17,039,000
Changes in operating assets and liabilities, net 6,785,000 50,192,000 (43,064,000)
Net cash provided by operating activities 95,304,000 723,993,000 786,271,000
Cash flows from investing activities:      
Additions to oil and natural gas properties (367,287,000) (720,057,000) (899,083,000)
Proceeds from sale of oil and gas properties 50,971,000 48,527,000 5,114,000
Proceeds from sale of equity method investments 0 0 226,487,000
Other, net 1,729,000 (3,241,000) (9,392,000)
Net cash used in investing activities (314,587,000) (674,771,000) (676,874,000)
Cash flows from financing activities:      
Principal payments on pre-petition revolving credit facility (383,290,000) (877,000,000) (220,000,000)
Borrowings on pre-petition revolving credit facility 713,701,000 952,000,000 265,000,000
Principal payments on DIP credit facility (90,000,000) 0 0
Borrowings on DIP credit facility 90,000,000 0 0
Repurchase of senior notes (22,827,000) (138,786,000) 0
DIP credit facility financing fees (2,988,000) 0 0
Payments on repurchase of stock under approved stock repurchase programs 0 (30,000,000) (200,251,000)
Other, net (1,512,000) (1,673,000) (1,406,000)
Net cash provided (used in) by financing activities 303,084,000 (95,459,000) (156,657,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 83,801,000 (46,237,000) (47,260,000)
Cash, cash equivalents and restricted cash at beginning of period 6,060,000 52,297,000 99,557,000
Cash, cash equivalents and restricted cash at end of period $ 89,861,000 $ 6,060,000 $ 52,297,000

Source