Financials

v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 2,817 $ 6,060
Accounts receivable—oil and natural gas sales 65,645 121,210
Accounts receivable—joint interest and other 19,389 47,975
Prepaid expenses and other current assets 10,862 4,431
Short-term derivative instruments 53,188 126,201
Total current assets 151,901 305,877
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $1,564,189 and $1,686,666 excluded from amortization in 2020 and 2019, respectively 10,730,992 10,595,735
Other property and equipment 96,838 96,719
Accumulated depletion, depreciation, amortization and impairment (8,457,464) (7,228,660)
Property and equipment, net 2,370,366 3,463,794
Other assets:    
Equity investments 13,052 32,044
Long-term derivative instruments 4,298 563
Deferred tax asset 0 7,563
Operating lease assets 3,640 14,168
Operating lease assets—related parties 0 43,270
Other assets 37,000 15,540
Total other assets 57,990 113,148
Total assets 2,580,257 3,882,819
Current liabilities:    
Accounts payable and accrued liabilities 315,575 415,218
Short-term derivative instruments 8,540 303
Current portion of operating lease liabilities 3,356 13,826
Current portion of operating lease liabilities—related parties 0 21,220
Current maturities of long-term debt 649 631
Total current liabilities 328,120 451,198
Long-term derivative instruments 45,615 53,135
Asset retirement obligation 61,371 60,355
Uncertain tax position liability 3,209 3,127
Non-current operating lease liabilities 284 342
Non-current operating lease liabilities—related parties 0 22,050
Long-term debt, net of current maturities 1,910,318 1,978,020
Total liabilities 2,348,917 2,568,227
Commitments and contingencies (Note 9)
Preferred stock, $0.01 par value; 5.0 million shares authorized (30 thousand authorized as redeemable 12% cumulative preferred stock, Series A), and none issued and outstanding 0 0
Stockholders’ equity:    
Common stock - $0.01 par value, 200.0 million shares authorized, 160.1 million issued and outstanding at June 30, 2020 and 159.7 million at December 31, 2019 1,601 1,597
Paid-in capital 4,211,062 4,207,554
Accumulated other comprehensive loss (54,991) (46,833)
Accumulated deficit (3,926,332) (2,847,726)
Total stockholders’ equity 231,340 1,314,592
Total liabilities and stockholders’ equity $ 2,580,257 $ 3,882,819

Source

v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES:        
Net gain on natural gas, oil and NGL derivatives $ 26,971,000 $ 171,140,000 $ 125,237,000 $ 151,095,000
Total Revenues 132,410,000 458,994,000 379,287,000 779,572,000
OPERATING EXPENSES:        
Lease operating expenses 15,686,000 22,388,000 31,672,000 42,195,000
Production taxes 3,605,000 8,098,000 8,404,000 16,019,000
Midstream gathering and processing expenses 59,974,000 72,015,000 117,870,000 142,297,000
Depreciation, depletion and amortization 64,790,000 124,951,000 142,818,000 243,384,000
Impairment of oil and natural gas properties 532,880,000 0 1,086,225,000 0
General and administrative expenses 10,470,000 11,727,000 26,639,000 21,784,000
Accretion expense 755,000 1,359,000 1,496,000 2,426,000
Total Operating Expenses 688,160,000 240,538,000 1,415,124,000 468,105,000
(LOSS) INCOME FROM OPERATIONS (555,750,000) 218,456,000 (1,035,837,000) 311,467,000
OTHER EXPENSE (INCOME):        
Interest expense 32,366,000 36,418,000 65,356,000 72,039,000
Interest income (78,000) (159,000) (230,000) (311,000)
Gain on debt extinguishment (34,257,000) 0 (49,579,000) 0
Loss from equity method investments, net 45,000 125,582,000 10,834,000 121,309,000
Other expense 7,242,000 990,000 9,098,000 563,000
Total Other Expense 5,318,000 162,831,000 35,479,000 193,600,000
(LOSS) INCOME BEFORE INCOME TAXES (561,068,000) 55,625,000 (1,071,316,000) 117,867,000
Income Tax Expense (Benefit) 0 (179,331,000) 7,290,000 (179,331,000)
NET (LOSS) INCOME $ (561,068,000) $ 234,956,000 $ (1,078,606,000) $ 297,198,000
NET (LOSS) INCOME PER COMMON SHARE:        
Basic (in usd per share) $ (3.51) $ 1.47 $ (6.75) $ 1.85
Diluted (in usd per share) $ (3.51) $ 1.47 $ (6.75) $ 1.84
Weighted average common shares outstanding - Basic (in shares) 159,933,739 159,324,909 159,846,981 161,064,787
Weighted average common shares outstanding - Diluted (in shares) 159,933,739 159,506,826 159,846,981 161,590,087
Natural gas sales        
REVENUES:        
Revenue from contract with customer $ 86,797,000 $ 225,257,000 $ 195,344,000 $ 501,273,000
Oil and condensate sales        
REVENUES:        
Revenue from contract with customer 8,390,000 36,910,000 31,541,000 69,392,000
Natural gas liquid sales        
REVENUES:        
Revenue from contract with customer $ 10,252,000 $ 25,687,000 $ 27,165,000 $ 57,812,000

Source

v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net (loss) income $ (1,078,606,000) $ 297,198,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depletion, depreciation and amortization 142,818,000 243,384,000
Impairment of oil and natural gas properties 1,086,225,000 0
Loss (income) from equity investments 10,834,000 121,449,000
Gain on debt extinguishment (49,579,000) 0
Net gain on derivative instruments (125,237,000) (151,095,000)
Net cash receipts (payments) on settled derivative instruments 195,232,000 (1,494,000)
Deferred income tax expense 7,290,000 (179,331,000)
Other, net 9,844,000 11,341,000
Changes in operating assets and liabilities:    
Decrease in accounts receivable—oil and natural gas sales 55,565,000 78,525,000
Decrease (increase) in accounts receivable—joint interest and other 29,159,000 (24,148,000)
(Decrease) increase in accounts payable and accrued liabilities (30,620,000) 3,220,000
Other, net (5,703,000) 720,000
Net cash provided by operating activities 247,222,000 399,769,000
Cash flows from investing activities:    
Additions to oil and natural gas properties (274,851,000) (508,315,000)
Proceeds from sale of oil and natural gas properties 45,185,000 745,000
Additions to other property and equipment (575,000) (4,298,000)
Proceeds from sale of other property and equipment 151,000 130,000
Contributions to equity method investments 0 (432,000)
Distributions from equity method investments 0 1,945,000
Net cash used in investing activities (230,090,000) (510,225,000)
Cash flows from financing activities:    
Principal payments on borrowings (323,322,000) (345,350,000)
Borrowings on line of credit 326,000,000 455,000,000
Repurchases of senior notes (22,827,000) 0
Payments for repurchases of stock under approved stock repurchase program 0 (30,000,000)
Other, net (226,000) (714,000)
Net cash (used in) provided by financing activities (20,375,000) 78,936,000
Net (decrease) increase in cash, cash equivalents and restricted cash (3,243,000) (31,520,000)
Cash, cash equivalents and restricted cash at beginning of period 6,060,000 52,297,000
Cash, cash equivalents and restricted cash at end of period 2,817,000 20,777,000
Supplemental disclosure of cash flow information:    
Interest payments 60,523,000 67,472,000
Income tax receipts 0 (1,794,000)
Supplemental disclosure of non-cash transactions:    
Capitalized stock-based compensation 1,891,000 2,252,000
Asset retirement obligation capitalized 1,553,000 6,230,000
Asset retirement obligation removed due to divestiture (2,033,000) 0
Interest capitalized 710,000 1,771,000
Fair value of contingent consideration asset on date of divestiture 23,090,000 0
Foreign currency translation (loss) gain on equity method investments $ (8,158,000) $ 7,411,000

Source