Financials

v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 51,043 $ 6,060
Accounts receivable—oil and natural gas sales 92,443 121,210
Accounts receivable—joint interest and other 15,421 47,975
Prepaid expenses and other current assets 51,187 4,431
Short-term derivative instruments 6,245 126,201
Current assets 216,339 305,877
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $1,526,941 and $1,686,666 excluded from amortization in 2020 and 2019, respectively 10,786,305 10,595,735
Other property and equipment 95,921 96,719
Accumulated depletion, depreciation, amortization and impairment (8,779,704) (7,228,660)
Property and equipment, net 2,102,522 3,463,794
Other assets:    
Equity investments 16,560 32,044
Long-term derivative instruments 1,098 563
Deferred tax asset 0 7,563
Operating lease assets 2,012 14,168
Operating lease assets—related parties 0 43,270
Other assets 37,028 15,540
Total other assets 56,698 113,148
Total assets 2,375,559 3,882,819
Current liabilities:    
Accounts payable and accrued liabilities 295,359 415,218
Short-term derivative instruments 24,164 303
Current portion of operating lease liabilities 1,757 13,826
Current portion of operating lease liabilities—related parties 0 21,220
Current maturities of long-term debt 656 631
Current liabilities 321,936 451,198
Long-term derivative instruments 63,803 53,135
Asset retirement obligation 62,935 60,355
Uncertain tax position liability 3,371 3,127
Non-current operating lease liabilities 255 342
Non-current operating lease liabilities—related parties 0 22,050
Long-term debt, net of current maturities 2,068,036 1,978,020
Total liabilities 2,520,336 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, 160.8 million issued and outstanding at September 30, 2020 and 159.7 million at December 31, 2019 1,607 1,597
Paid-in capital 4,212,241 4,207,554
Accumulated other comprehensive loss (51,330) (46,833)
Accumulated deficit (4,307,295) (2,847,726)
Total stockholders’ equity (144,777) 1,314,592
Total liabilities and stockholders’ equity $ 2,375,559 $ 3,882,819

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v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES:        
Net (loss) gain on natural gas, oil and NGL derivatives $ (53,823) $ 27,074 $ 71,414 $ 178,169
Total Revenues 136,176 341,746 621,815 1,226,658
OPERATING EXPENSES:        
Lease operating expenses 15,274 22,473 46,946 64,668
Production taxes 4,028 6,565 12,432 22,584
Midstream gathering and processing expenses 110,567 135,006 334,789 382,643
Depreciation, depletion and amortization 51,551 163,270 194,369 406,654
Impairment of oil and natural gas properties 270,874 571,442 1,357,099 571,442
General and administrative expenses 20,524 13,198 46,546 34,982
Restructuring and liability management 8,984 0 9,601 0
Accretion expense 774 747 2,270 3,173
Total Operating Expenses 482,576 912,701 2,004,052 1,486,146
LOSS FROM OPERATIONS (346,400) (570,955) (1,382,237) (259,488)
OTHER EXPENSE (INCOME):        
Interest expense 34,321 35,556 99,677 107,595
Interest income (52) (338) (282) (649)
Gain on debt extinguishment 0 (23,600) (49,579) (23,600)
Loss from equity method investments, net 153 43,082 10,987 164,391
Other expense (income) 141 3,194 9,239 3,757
Total Other Expense 34,563 57,894 70,042 251,494
LOSS BEFORE INCOME TAXES (380,963) (628,849) (1,452,279) (510,982)
Income Tax (Benefit) Expense 0 (144,047) 7,290 (323,378)
NET LOSS $ (380,963) $ (484,802) $ (1,459,569) $ (187,604)
NET LOSS PER COMMON SHARE:        
Basic (in usd per share) $ (2.37) $ (3.04) $ (9.12) $ (1.17)
Diluted (in usd per share) $ (2.37) $ (3.04) $ (9.12) $ (1.17)
Weighted average common shares outstanding - Basic (in shares) 160,682,629 159,548,477 160,053,093 160,553,796
Weighted average common shares outstanding - Diluted (in shares) 160,682,629 159,548,477 160,053,093 160,553,796
Natural gas sales        
REVENUES:        
Revenue from contract with customer $ 155,163 $ 269,798 $ 456,859 $ 876,411
Oil and condensate sales        
REVENUES:        
Revenue from contract with customer 16,012 24,550 47,553 93,942
Natural gas liquid sales        
REVENUES:        
Revenue from contract with customer $ 18,824 $ 20,324 $ 45,989 $ 78,136

Source

v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (1,459,569) $ (187,604)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depletion, depreciation and amortization 194,369 406,654
Impairment of oil and natural gas properties 1,357,099 571,442
Loss from equity investments 10,987 164,532
Gain on debt extinguishment (49,579) (23,600)
Net gain on derivative instruments (71,414) (178,169)
Net cash receipts on settled derivative instruments 225,364 80,744
Deferred income tax expense (benefit) 7,290 (323,378)
Other, net 12,753 15,242
Changes in operating assets and liabilities:    
Decrease in accounts receivable—oil and natural gas sales 28,767 97,543
Decrease (increase) in accounts receivable—joint interest and other 32,827 (18,830)
(Increase) decrease in prepaid expenses and other current assets (45,620) 4,359
(Decrease) increase in accounts payable and accrued liabilities (40,552) 8,567
Other, net (2,721) (147)
Net cash provided by operating activities 200,001 617,355
Cash flows from investing activities:    
Additions to oil and natural gas properties (337,979) (646,535)
Proceeds from sale of oil and natural gas properties 46,932 10,864
Additions to other property and equipment (591) (4,694)
Proceeds from sale of other property and equipment 942 204
Contributions to equity method investments 0 (432)
Distributions from equity method investments 0 1,945
Net cash used in investing activities (290,696) (638,648)
Cash flows from financing activities:    
Principal payments on borrowings (372,484) (550,500)
Borrowings on line of credit 531,857 640,000
Repurchases of senior notes (22,827) (79,480)
Payments for repurchases of stock under approved stock repurchase program 0 (30,000)
Other, net (868) (900)
Net cash provided by (used in) financing activities 135,678 (20,880)
Net increase (decrease) in cash, cash equivalents and restricted cash 44,983 (42,173)
Cash, cash equivalents and restricted cash at beginning of period 6,060 52,297
Cash, cash equivalents and restricted cash at end of period 51,043 10,124
Supplemental disclosure of cash flow information:    
Interest payments 73,979 85,272
Income tax receipts 0 (1,794)
Supplemental disclosure of non-cash transactions:    
Capitalized stock-based compensation 2,189 3,313
Asset retirement obligation capitalized 2,343 6,846
Asset retirement obligation removed due to divestiture (2,033) (30,035)
Interest capitalized 907 2,782
Fair value of contingent consideration asset on date of divestiture 23,090 1,137
Foreign currency translation (loss) gain on equity method investments $ (4,497) $ 5,347

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