Financials

v3.19.3.a.u2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 6,060 $ 52,297
Accounts receivable—oil and natural gas sales 121,210 210,200
Accounts receivable - joint interest and other 47,975 22,497
Prepaid expenses and other current assets 4,431 10,017
Short-term derivative instruments 126,201 21,352
Total current assets 305,877 316,363
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $1,686,666 and $2,873,037 excluded from amortization in 2019 and 2018, respectively 10,595,735 10,026,836
Other property and equipment 96,719 92,667
Accumulated depletion, depreciation, amortization and impairment (7,228,660) (4,640,098)
Property and equipment, net 3,463,794 5,479,405
Other assets:    
Equity investments 32,044 236,121
Long-term derivative instruments 563 0
Deferred tax asset 7,563 0
Inventories 5,182 5,344
Operating lease assets 14,168 0
Operating lease assets - related parties 43,270 0
Other assets 10,358 13,803
Total other assets 113,148 255,268
Total assets 3,882,819 6,051,036
Current liabilities:    
Accounts payable and accrued liabilities 415,218 518,380
Short-term derivative instruments 303 20,401
Current portion of operating lease liabilities 13,826 0
Current portion of operating lease liabilities - related parties 21,220 0
Current maturities of long-term debt 631 651
Total current liabilities 451,198 539,432
Long-term derivative instruments 53,135 13,992
Asset retirement obligation—long-term 60,355 79,952
Uncertain tax position liability 3,127 3,127
Non-current operating lease liabilities 342 0
Non-current operating lease liabilities - related parties 22,050 0
Long-term debt, net of current maturities 1,978,020 2,086,765
Total liabilities 2,568,227 2,723,268
Commitments and contingencies (Notes 16 and 17)
Preferred stock, $.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’ equity:    
Common stock - $.01 par value, 200,000,000 shares authorized, 159,710,955 issued and outstanding in 2019 and 162,986,045 in 2018 1,597 1,630
Paid-in capital 4,207,554 4,227,532
Accumulated other comprehensive loss (46,833) (56,026)
Accumulated deficit (2,847,726) (845,368)
Total stockholders’ equity 1,314,592 3,327,768
Total liabilities and stockholders’ equity $ 3,882,819 $ 6,051,036

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v3.19.3.a.u2
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues:      
Net gain (loss) on natural gas, oil, and NGL derivatives $ 208,360,000 $ (123,479,000) $ 213,679,000
Total revenues 1,346,008,000 1,355,044,000 1,320,303,000
Costs and expenses:      
Lease operating expenses 82,998,000 91,640,000 80,246,000
Production taxes 28,571,000 33,480,000 21,126,000
Depreciation, depletion and amortization 550,108,000 486,664,000 364,629,000
Impairment of oil and natural gas properties 2,039,770,000 0 0
General and administrative expenses 47,979,000 49,994,000 45,523,000
Restructuring costs 4,611,000 0 0
Accretion expense 3,939,000 4,119,000 1,611,000
Acquisition expense 0 0 2,392,000
Total costs and expenses 3,049,701,000 956,085,000 764,522,000
(LOSS) INCOME FROM OPERATIONS (1,703,693,000) 398,959,000 555,781,000
OTHER EXPENSE (INCOME):      
Interest expense 141,786,000 141,912,000 115,613,000
Interest income (801,000) (314,000) (1,009,000)
Gain on debt extinguishment (48,630,000) 0 0
Gain on sale of equity method investments 0 (124,768,000) (12,523,000)
Loss (income) from equity method investments, net 210,148,000 (49,904,000) 17,780,000
Other expense (income), net 3,725,000 1,542,000 (1,041,000)
Total Other (Income) Expense 306,228,000 (31,532,000) 118,820,000
(LOSS) INCOME BEFORE INCOME TAXES (2,009,921,000) 430,491,000 436,961,000
INCOME TAX (BENEFIT) EXPENSE (7,563,000) (69,000.0) 1,809,000
NET (LOSS) INCOME $ (2,002,358,000) $ 430,560,000 $ 435,152,000
NET (LOSS) INCOME PER COMMON SHARE:      
Basic (in dollars per share) $ (12.49) $ 2.46 $ 2.42
Diluted (in dollars per share) $ (12.49) $ 2.45 $ 2.41
Weighted average common shares outstanding - Basic (shares) 160,341,125 174,675,840 179,834,146
Weighted average common shares outstanding - Diluted (shares) 160,341,125 175,398,706 180,253,024
Natural gas sales      
Revenues:      
Revenue from contracts with customers $ 918,263,000 $ 1,121,815,000 $ 845,999,000
Oil and condensate sales      
Revenues:      
Revenue from contracts with customers 117,937,000 177,793,000 124,568,000
Natural gas liquid sales      
Revenues:      
Revenue from contracts with customers 101,448,000 178,915,000 136,057,000
Oil and Gas Service      
Costs and expenses:      
Midstream gathering and processing expenses $ 291,725,000 $ 290,188,000 $ 248,995,000

Source

v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net (loss) income $ (2,002,358,000) $ 430,560,000 $ 435,152,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Accretion expense 3,939,000 4,119,000 1,611,000
Depletion, depreciation and amortization 550,108,000 486,664,000 364,629,000
Impairment of oil and natural gas properties 2,039,770,000 0 0
Stock-based compensation expense 4,911,000 6,799,000 6,369,000
Loss (income) from equity investments, net 210,289,000 (49,625,000) 18,513,000
Gain on debt extinguishment (48,630,000) 0 0
Change in fair value of derivative instruments (85,230,000) 65,051,000 (188,802,000)
Deferred income tax (benefit) expense (7,563,000) 1,208,000 1,690,000
Amortization of loan costs 6,328,000 6,121,000 5,011,000
Gain on sale of equity method investments and other assets (220,000) (124,768,000) (12,523,000)
Distributions from equity method investments 2,457,000 3,206,000 0
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable—oil and natural gas sales 88,990,000 (63,427,000) (35,879,000)
(Increase) decrease in accounts receivable—joint interest and other (25,478,000) 12,943,000 (9,573,000)
Decrease in accounts receivable—related parties   0 16,000
Decrease (increase) in prepaid expenses and other current assets 5,586,000 (5,695,000) (1,777,000)
Decrease (increase) in other assets 915,000 4,066,000 (7,866,000)
(Decrease) increase in accounts payable, accrued liabilities and other (19,548,000) 9,768,000 106,375,000
Settlement of asset retirement obligation (273,000) (719,000) (3,057,000)
Net cash provided by operating activities 723,993,000 786,271,000 679,889,000
Cash flows from investing activities:      
Deductions to cash held in escrow 0 0 8,000
Additions to other property and equipment (5,021,000) (7,870,000) (19,372,000)
Acquisitions of oil and natural gas properties 0 0 (1,348,657,000)
Additions to oil and natural gas properties (720,057,000) (899,083,000) (1,064,678,000)
Proceeds from sale of oil and gas properties 48,527,000 5,114,000 4,866,000
Proceeds from sale of other property and equipment 267,000 351,000 1,569,000
Proceeds from sale of other property and equipment 0 226,487,000 0
Contributions to equity method investments (432,000) (2,319,000) (55,280,000)
Distributions from equity method investments 1,945,000 446,000 7,376,000
Net cash used in investing activities (674,771,000) (676,874,000) (2,474,168,000)
Cash flows from financing activities:      
Principal payments on borrowings (877,697,000) (220,575,000) (365,276,000)
Borrowings on line of credit 952,000,000 265,000,000 365,000,000
Proceeds from bond issuance 0 0 450,000,000
Repurchase of senior notes (138,786,000) 0 0
Borrowings on term loan 0 0 2,951,000
Debt issuance costs and loan commitment fees (288,000) (831,000) (14,350,000)
Payments on repurchase of stock (30,688,000) (200,251,000) 0
Proceeds from issuance of common stock, net of offering costs and exercise of stock options     (5,364,000)
Net cash (used in) provided by financing activities (95,459,000) (156,657,000) 432,961,000
Net decrease in cash, cash equivalents and restricted cash (46,237,000) (47,260,000) (1,361,318,000)
Cash, cash equivalents and restricted cash at beginning of period 52,297,000 99,557,000 1,460,875,000
Cash, cash equivalents and restricted cash at end of period 6,060,000 52,297,000 99,557,000
Supplemental disclosure of cash flow information:      
Interest payments 142,664,000 132,995,000 107,548,000
Income tax receipts (1,794,000)   (1,105,000)
Supplemental disclosure of non-cash transactions:      
Capitalized stock-based compensation 5,766,000 4,533,000 4,246,000
Asset retirement obligation capitalized 6,883,000 1,452,000 42,270,000
Liabilities removed due to divestitures (30,146,000) 0 0
Interest capitalized 3,372,000 4,470,000 9,470,000
Fair value of contingent consideration asset on date of divestiture (1,137,000) 0 0
Foreign currency translation gain (loss) on equity method investments $ 9,193,000 $ (15,487,000) $ 12,519,000

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