Financials

v3.19.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 20,777 $ 52,297
Accounts receivable—oil and natural gas sales 131,675 210,200
Accounts receivable—joint interest and other 46,645 22,497
Prepaid expenses and other current assets 9,474 10,607
Short-term derivative instruments 134,920 21,352
Total current assets 343,491 316,953
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $2,836,441 and $2,873,037 excluded from amortization in 2019 and 2018, respectively 10,510,427 10,026,836
Other property and equipment 96,413 92,667
Accumulated depletion, depreciation, amortization and impairment (4,882,729) (4,640,098)
Property and equipment, net 5,724,111 5,479,405
Other assets:    
Equity investments 119,307 236,121
Long-term derivative instruments 5,036 0
Deferred tax asset 179,331 0
Inventories 9,001 4,754
Operating lease assets 19,334  
Operating lease assets - related parties 53,579  
Other assets 12,280 13,803
Total other assets 397,868 254,678
Total assets 6,465,470 6,051,036
Current liabilities:    
Accounts payable and accrued liabilities 493,830 518,380
Short-term derivative instruments 198 20,401
Current portion of operating lease liabilities 17,999  
Current portion of operating lease liabilities - related parties 20,817  
Current maturities of long-term debt 615 651
Total current liabilities 533,459 539,432
Long-term derivative instruments 210 13,992
Asset retirement obligation—long-term 88,491 79,952
Deferred tax liability 3,127 3,127
Non-current operating lease liabilities 1,335  
Non-current operating lease liabilities - related parties 32,762  
Long-term debt, net of current maturities 2,198,678 2,086,765
Total liabilities 2,858,062 2,723,268
Commitments and contingencies (Note 7)
Preferred stock, $0.01 par value; 5,000,000 shares authorized (30,000 authorized as redeemable 12% cumulative preferred stock, Series A), and none issued and outstanding 0 0
Stockholders’ equity:    
Common stock - $0.01 par value, 200,000,000 shares authorized, 159,396,017 issued and outstanding at June 30, 2019 and 162,986,045 at December 31, 2018 1,594 1,630
Paid-in capital 4,202,599 4,227,532
Accumulated other comprehensive loss (48,615) (56,026)
Accumulated deficit (548,170) (845,368)
Total stockholders’ equity 3,607,408 3,327,768
Total liabilities and stockholders’ equity $ 6,465,470 $ 6,051,036

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v3.19.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues:        
Net gain (loss) on natural gas, oil, and NGLs derivatives $ 171,140 $ (70,545) $ 151,095 $ (87,074)
Total revenues 458,994 252,740 779,572 578,132
Costs and expenses:        
Lease operating expenses 22,388 22,912 42,195 41,818
Production taxes 8,098 7,659 16,019 14,513
Midstream gathering and processing expenses 72,015 71,440 142,297 135,633
Depreciation, depletion and amortization 124,951 121,915 243,384 232,933
General and administrative expenses 13,265 14,008 24,823 27,107
Accretion expense 1,359 1,015 2,426 2,019
Total costs and expenses 242,076 238,949 471,144 454,023
INCOME (LOSS) FROM OPERATIONS 216,918 13,791 308,428 124,109
OTHER EXPENSE (INCOME):        
Interest expense 34,880 33,704 69,000 67,669
Interest income (159) (33) (311) (70)
Insurance proceeds 83 231 83 231
Gain on sale of equity investments and other assets 0 (122,035) 0 (122,035)
Loss (income) from equity method investments, net 125,582 (8,888) 121,309 (22,424)
Other expense (income) 1,073 (45) 646 (140)
Total other (income) expense 161,293 (97,528) 190,561 (77,231)
INCOME (LOSS) BEFORE INCOME TAXES 55,625 111,319 117,867 201,340
INCOME TAX BENEFIT (179,331) 0 (179,331) (69)
NET INCOME (LOSS) $ 234,956 $ 111,319 $ 297,198 $ 201,409
NET INCOME PER COMMON SHARE:        
Basic (in usd per share) $ 1.47 $ 0.64 $ 1.85 $ 1.14
Diluted (in usd per share) $ 1.47 $ 0.64 $ 1.84 $ 1.13
Weighted average common shares outstanding - Basic (in shares) 159,324,909 173,623,630 161,064,787 177,158,230
Weighted average common shares outstanding - Diluted (in shares) 159,506,826 174,140,627 161,590,087 177,737,282
Natural gas sales        
Revenues:        
Revenue from contract with customer $ 225,257 $ 232,695 $ 501,273 $ 482,094
Oil and condensate sales        
Revenues:        
Revenue from contract with customer 36,910 49,319 69,392 95,005
Natural gas liquid sales        
Revenues:        
Revenue from contract with customer $ 25,687 $ 41,271 $ 57,812 $ 88,107

Source

v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 297,198 $ 201,409
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion expense 2,426 2,019
Depletion, depreciation and amortization 243,384 232,933
Stock-based compensation expense 3,379 3,624
Loss (income) from equity investments 121,449 (22,322)
Change in fair value of derivative instruments (152,589) 102,248
Deferred income tax benefit (179,331) (69)
Amortization of loan costs 3,191 3,006
Gain on sale of equity investments and other assets (112) (122,035)
Distributions from equity method investments 2,457 0
Changes in operating assets and liabilities:    
Decrease in accounts receivable—oil and natural gas sales 78,525 6,564
Increase in accounts receivable—joint interest and other (24,148) (16,385)
Increase in accounts receivable—related parties 0 (110)
Decrease (increase) in prepaid expenses and other current assets 1,133 (5,786)
Increase in other assets (296) (1,517)
(Decrease) increase in accounts payable, accrued liabilities and other (87,560) 28,184
Settlement of asset retirement obligation (117) (719)
Net cash provided by operating activities 308,989 411,044
Cash flows from investing activities:    
Additions to other property and equipment (4,298) (6,252)
Additions to oil and natural gas properties (417,535) (579,734)
Proceeds from sale of oil and natural gas properties 745 3,762
Proceeds from sale of other property and equipment 130 167
Proceeds from sale of equity method investments 0 221,965
Contributions to equity method investments (432) (1,569)
Distributions from equity method investments 1,945 1,196
Net cash used in investing activities (419,445) (360,465)
Cash flows from financing activities:    
Principal payments on borrowings (345,350) (150,285)
Borrowings on line of credit 455,000 225,000
Debt issuance costs and loan commitment fees (114) (624)
Payments for repurchase of stock (30,600) (104,997)
Net cash provided by (used in) financing activities 78,936 (30,906)
Net (decrease) increase in cash, cash equivalents and restricted cash (31,520) 19,673
Cash, cash equivalents and restricted cash at beginning of period 52,297 99,557
Cash, cash equivalents and restricted cash at end of period 20,777 119,230
Supplemental disclosure of cash flow information:    
Interest payments 67,472 59,915
Income tax receipts (1,794) 0
Supplemental disclosure of non-cash transactions:    
Capitalized stock-based compensation 2,252 2,416
Asset retirement obligation capitalized 6,230 535
Interest capitalized 1,771 2,351
Foreign currency translation gain (loss) on equity method investments $ 7,411 $ (8,867)

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