Financials

v3.21.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 179,701 $ 89,861
Accounts receivable—oil and natural gas sales 133,996 119,879
Accounts receivable—joint interest and other 12,904 12,200
Prepaid expenses and other current assets 134,509 160,664
Short-term derivative instruments 12,422 27,146
Total current assets 473,532 409,750
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $1,413,774 and $1,457,043 excluded from amortization in 2021 and 2020, respectively 10,895,625 10,816,909
Other property and equipment 88,835 88,538
Accumulated depletion, depreciation, amortization and impairment (8,874,899) (8,819,178)
Property and equipment, net 2,109,561 2,086,269
Other assets:    
Equity investments 27,044 24,816
Long-term derivative instruments 652 322
Operating lease assets 314 342
Other assets 16,545 18,372
Total other assets 44,555 43,852
Total assets 2,627,648 2,539,871
Current liabilities:    
Accounts payable and accrued liabilities 310,172 244,903
Short-term derivative instruments 20,687 11,641
Current maturities of long-term debt 279,807 253,743
Total current liabilities 610,666 510,287
Non-current liabilities:    
Long-term derivative instruments 43,267 36,604
Total non-current liabilities 43,267 36,604
Liabilities subject to compromise 2,261,453 2,293,480
Total liabilities 2,915,386 2,840,371
Commitments and contingencies (Note 8)
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’ deficit:    
Common stock - $0.01 par value, 200.0 million shares authorized, 160.9 million issued and outstanding at March 31, 2021 and 160.8 million at December 31, 2020 1,609 1,607
Paid-in capital 4,215,162 4,213,752
Accumulated other comprehensive loss (40,430) (43,000)
Accumulated deficit (4,464,079) (4,472,859)
Total stockholders’ deficit (287,738) (300,500)
Total liabilities and stockholders’ deficit $ 2,627,648 $ 2,539,871

Source

v3.21.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
REVENUES:    
Net (loss) gain on natural gas, oil and NGL derivatives $ (29,978,000) $ 98,266,000
Total Revenues 247,358,000 299,338,000
OPERATING EXPENSES:    
Lease operating expenses 12,653,000 14,695,000
Taxes other than income 8,704,000 6,637,000
Transportation, gathering, processing and compression 105,867,000 110,357,000
Depreciation, depletion and amortization 41,147,000 78,028,000
Impairment of oil and natural gas properties 0 553,345,000
Impairment of other property and equipment 14,568,000 0
General and administrative expenses 12,757,000 15,622,000
Accretion expense 805,000 741,000
Total Operating Expenses 196,501,000 779,425,000
INCOME (LOSS) FROM OPERATIONS 50,857,000 (480,087,000)
OTHER EXPENSE (INCOME):    
Interest expense 3,261,000 32,990,000
Interest income (143,000) (152,000)
Gain on debt extinguishment 0 (15,322,000)
Loss from equity method investments, net 342,000 10,789,000
Reorganization items, net 38,721,000 0
Other expense (104,000) 1,856,000
Total Other Expense 42,077,000 30,161,000
INCOME (LOSS) BEFORE INCOME TAXES 8,780,000 (510,248,000)
Income Tax Expense 0 7,290,000
NET INCOME (LOSS) $ 8,780,000 $ (517,538,000)
NET INCOME (LOSS) PER COMMON SHARE:    
Basic (in usd per share) $ 0.05 $ (3.24)
Diluted (in usd per share) $ 0.05 $ (3.24)
Weighted average common shares outstanding - Basic (in shares) 160,812,935 159,760,222
Weighted average common shares outstanding - Diluted (in shares) 160,812,935 159,760,222
Natural gas sales    
REVENUES:    
Revenue from contract with customer $ 235,321,000 $ 161,008,000
Oil and condensate sales    
REVENUES:    
Revenue from contract with customer 18,239,000 23,151,000
Natural gas liquid sales    
REVENUES:    
Revenue from contract with customer $ 23,776,000 $ 16,913,000

Source

v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 8,780,000 $ (517,538,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depletion, depreciation and amortization 41,147,000 78,028,000
Impairment of oil and natural gas properties 0 553,345,000
Impairment of other property and equipment 14,568,000 0
Loss from equity investments 342,000 10,789,000
Gain on debt extinguishment 0 (15,322,000)
Net loss (gain) on derivative instruments 29,978,000 (98,266,000)
Net cash receipts on settled derivative instruments 125,000 70,733,000
Deferred income tax expense 0 7,290,000
Other, net 1,574,000 3,223,000
Changes in operating assets and liabilities, net 26,661,000 38,556,000
Net cash provided by operating activities 123,175,000 130,838,000
Cash flows from investing activities:    
Additions to oil and natural gas properties (56,895,000) (113,744,000)
Proceeds from sale of oil and natural gas properties 15,000 44,383,000
Other, net (296,000) (448,000)
Net cash used in investing activities (57,176,000) (69,809,000)
Cash flows from financing activities:    
Principal payments on pre-petition revolving credit facility (2,202,000) (180,000,000)
Borrowings on pre-petition revolving credit facility 26,050,000 125,000,000
Repurchase of senior notes 0 (10,204,000)
Other, net (7,000) (252,000)
Net cash provided by (used in) financing activities 23,841,000 (65,456,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 89,840,000 (4,427,000)
Cash, cash equivalents and restricted cash at beginning of period 89,861,000 6,060,000
Cash, cash equivalents and restricted cash at end of period $ 179,701,000 $ 1,633,000

Source