Financials

v3.19.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 17,996 $ 52,297
Accounts receivable—oil and natural gas sales 144,996 210,200
Accounts receivable—joint interest and other 24,580 22,497
Prepaid expenses and other current assets 12,560 10,607
Short-term derivative instruments 17,958 21,352
Total current assets 218,090 316,953
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $2,877,001 and $2,873,037 excluded from amortization in 2019 and 2018, respectively 10,312,124 10,026,836
Other property and equipment 96,204 92,667
Accumulated depletion, depreciation, amortization and impairment (4,757,814) (4,640,098)
Property and equipment, net 5,650,514 5,479,405
Other assets:    
Equity investments 244,119 236,121
Inventories 11,018 4,754
Operating lease assets 29,795 0
Operating lease assets - related parties 58,659 0
Other assets 13,314 13,803
Total other assets 356,905 254,678
Total assets 6,225,509 6,051,036
Current liabilities:    
Accounts payable and accrued liabilities 568,184 518,380
Short-term derivative instruments 25,921 20,401
Current portion of operating lease liabilities 27,983 0
Current portion of operating lease liabilities - related parties 20,618 0
Current maturities of long-term debt 656 651
Total current liabilities 643,362 539,432
Long-term derivative instruments 287 13,992
Asset retirement obligation—long-term 82,900 79,952
Deferred tax liability 3,127 3,127
Non-current operating lease liabilities 1,812 0
Non-current operating lease liabilities - related parties 38,041 0
Long-term debt, net of current maturities 2,087,714 2,086,765
Total liabilities 2,857,243 2,723,268
Commitments and contingencies (Note 8)
Preferred stock, $.01 par value; 5,000,000 authorized, 30,000 authorized as redeemable 12% cumulative preferred stock, Series A; 0 issued and outstanding 0 0
Stockholders’ equity:    
Common stock - $.01 par value, 200,000,000 authorized, 159,421,965 issued and outstanding at March 31, 2019 and 162,986,045 at December 31, 2018 1,594 1,630
Paid-in capital 4,202,023 4,227,532
Accumulated other comprehensive loss (52,225) (56,026)
Accumulated deficit (783,126) (845,368)
Total stockholders’ equity 3,368,266 3,327,768
Total liabilities and stockholders’ equity $ 6,225,509 $ 6,051,036

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v3.19.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues:    
Net loss on natural gas, oil, and NGL derivatives $ (20,045) $ (16,529)
Total revenues 320,578 325,392
Costs and expenses:    
Lease operating expenses 19,807 18,906
Production taxes 7,921 6,854
Midstream gathering and processing expenses 70,282 64,193
Depreciation, depletion and amortization 118,433 111,018
General and administrative expenses 11,558 13,099
Accretion expense 1,067 1,004
Total costs and expenses 229,068 215,074
(LOSS) INCOME FROM OPERATIONS 91,510 110,318
OTHER (INCOME) EXPENSE:    
Interest expense 34,120 33,965
Interest income (152) (37)
Income from equity method investments, net (4,273) (13,536)
Other income (427) (95)
Total other (income) expense 29,268 20,297
INCOME (LOSS) BEFORE INCOME TAXES 62,242 90,021
INCOME TAX BENEFIT 0 (69)
NET INCOME (LOSS) $ 62,242 $ 90,090
NET INCOME PER COMMON SHARE:    
Basic (in usd per share) $ 0.38 $ 0.50
Diluted (in usd per share) $ 0.38 $ 0.50
Weighted average common shares outstanding - Basic (in shares) 162,823,997 180,714,881
Weighted average common shares outstanding - Diluted (in shares) 163,099,409 180,802,301
Natural gas sales    
Revenues:    
Revenue from contract with customer $ 276,016 $ 249,399
Oil and condensate sales    
Revenues:    
Revenue from contract with customer 32,482 45,686
Natural gas liquid sales    
Revenues:    
Revenue from contract with customer $ 32,125 $ 46,836

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v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 62,242 $ 90,090
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion expense 1,067 1,004
Depletion, depreciation and amortization 118,433 111,018
Stock-based compensation expense 1,671 1,611
Income from equity investments (4,132) (13,495)
Change in fair value of derivative instruments (4,791) 25,403
Deferred income tax benefit 0 (69)
Amortization of loan costs 1,585 1,488
Gain on sale of equity investments and other assets (43) 0
Distributions from equity method investments 1,228 0
Changes in operating assets and liabilities:    
Decrease in accounts receivable—oil and natural gas sales 65,204 7,916
Increase in accounts receivable—joint interest and other (2,083) (23,366)
Increase in prepaid expenses and other current assets (1,953) (2,652)
Decrease in other assets 42 14
(Decrease) increase in accounts payable, accrued liabilities and other (53,339) 27,486
Settlement of asset retirement obligation (71) (99)
Net cash provided by operating activities 185,060 226,349
Cash flows from investing activities:    
Additions to other property and equipment (3,848) (3,329)
Additions to oil and natural gas properties (186,686) (302,799)
Proceeds from sale of oil and natural gas properties 52 0
Proceeds from sale of other property and equipment 56 76
Contributions to equity method investments (432) (1,569)
Distributions from equity method investments 0 750
Net cash used in investing activities (190,858) (306,871)
Cash flows from financing activities:    
Principal payments on borrowings (150,151) (145)
Borrowings on line of credit 150,000 200,000
Debt issuance costs and loan commitment fees (22) (280)
Payments on repurchase of stock (28,330) (99,997)
Net cash (used in) provided by financing activities (28,503) 99,578
Net (decrease) increase in cash, cash equivalents and restricted cash (34,301) 19,056
Cash, cash equivalents and restricted cash at beginning of period 52,297 99,557
Cash, cash equivalents and restricted cash at end of period 17,996 118,613
Supplemental disclosure of cash flow information:    
Interest payments 15,266 7,944
Income tax receipts (1,794) 0
Supplemental disclosure of non-cash transactions:    
Capitalized stock-based compensation 1,114 1,074
Asset retirement obligation capitalized 1,952 382
Interest capitalized 766 843
Foreign currency translation gain (loss) on equity method investments $ 3,801 $ (5,503)

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