Financials

v3.10.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 119,230 $ 99,557
Accounts receivable—oil and natural gas sales 140,209 146,773
Accounts receivable—joint interest and other 53,619 35,440
Accounts receivable—related parties 110 0
Prepaid expenses and other current assets 10,698 4,912
Short-term derivative instruments 20,745 78,847
Total current assets 344,611 365,529
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $2,957,361 and $2,912,974 excluded from amortization in 2018 and 2017, respectively 9,749,156 9,169,156
Other property and equipment 91,207 86,754
Accumulated depletion, depreciation, amortization and impairment (4,386,370) (4,153,733)
Property and equipment, net 5,453,993 5,102,177
Other assets:    
Equity investments 218,849 302,112
Long-term derivative instruments 7,657 8,685
Deferred tax asset 0 1,208
Inventories 9,419 8,227
Other assets 19,904 19,814
Total other assets 255,829 340,046
Total assets 6,054,433 5,807,752
Current liabilities:    
Accounts payable and accrued liabilities 584,416 553,609
Asset retirement obligation—current 120 120
Short-term derivative instruments 61,161 32,534
Current maturities of long-term debt 639 622
Total current liabilities 646,336 586,885
Long-term derivative instruments 17,479 2,989
Asset retirement obligation—long-term 76,815 74,980
Deferred tax liability 2,965 0
Other non-current liabilities 740 2,963
Long-term debt, net of current maturities 2,114,899 2,038,321
Total liabilities 2,859,234 2,706,138
Commitments and contingencies (Note 9)
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, 173,302,055 issued and outstanding at June 30, 2018 and 183,105,910 at December 31, 2017 1,733 1,831
Paid-in capital 4,317,391 4,416,250
Accumulated other comprehensive loss (49,406) (40,539)
Retained deficit (1,074,519) (1,275,928)
Total stockholders’ equity 3,195,199 3,101,614
Total liabilities and stockholders’ equity $ 6,054,433 $ 5,807,752

Source

v3.10.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Natural gas sales $ 232,695 $ 205,367 $ 482,094 $ 383,204
Oil and condensate sales 49,319 29,468 95,005 53,879
Natural gas liquid sales 41,271 24,247 88,107 55,426
Net (loss) gain on natural gas, oil, and NGL derivatives (70,545) 64,871 (87,074) 164,448
Total revenues 252,740 323,953 578,132 656,957
Costs and expenses:        
Lease operating expenses 22,912 20,721 41,818 40,024
Production taxes 7,659 5,139 14,513 9,045
Midstream gathering and processing 71,440 58,945 135,633 106,886
Depreciation, depletion and amortization 121,915 82,246 232,933 148,237
General and administrative 14,008 12,257 27,107 24,857
Accretion expense 1,015 410 2,019 692
Acquisition expense 0 1,060 0 2,358
Total costs and expenses 238,949 180,778 454,023 332,099
(LOSS) INCOME FROM OPERATIONS 13,791 143,175 124,109 324,858
OTHER (INCOME) EXPENSE:        
Interest expense 33,704 24,188 67,669 47,667
Interest income (33) (48) (70) (890)
Insurance proceeds (231) 0 (231) 0
Gain on sale of equity method investments (122,035) (12,523) (122,035) (12,523)
(Income) loss from equity method investments, net (8,888) 25,824 (22,424) 30,731
Other income (45) (202) (140) (518)
Total other (income) expense (97,528) 37,239 (77,231) 64,467
INCOME (LOSS) BEFORE INCOME TAXES 111,319 105,936 201,340 260,391
INCOME TAX BENEFIT 0 0 (69) 0
NET INCOME (LOSS) $ 111,319 $ 105,936 $ 201,409 $ 260,391
NET INCOME PER COMMON SHARE:        
Basic (in usd per share) $ 0.64 $ 0.58 $ 1.14 $ 1.47
Diluted (in usd per share) $ 0.64 $ 0.58 $ 1.13 $ 1.47
Weighted average common shares outstanding - Basic (in shares) 173,623,630 182,840,213 177,158,230 176,591,166
Weighted average common shares outstanding - Diluted (in shares) 174,140,627 182,841,730 177,737,282 176,842,239

Source

v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income $ 201,409 $ 260,391
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion expense 2,019 692
Depletion, depreciation and amortization 232,933 148,237
Stock-based compensation expense 3,624 3,140
(Income) loss from equity investments (22,322) 31,185
Change in fair value of derivative instruments 102,248 (166,667)
Deferred income tax benefit (69) 0
Amortization of loan commitment fees 3,006 2,288
Gain on sale of equity method investments (122,035) (12,523)
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable—oil and natural gas sales 6,564 (3,332)
Increase in accounts receivable—joint interest and other (16,385) (24,061)
Increase in accounts receivable—related parties (110) (169)
Increase in prepaid expenses and other current assets (5,786) (1,144)
Increase in other assets (1,517) (4,425)
Increase in accounts payable, accrued liabilities and other 28,184 53,385
Settlement of asset retirement obligation (719) (344)
Net cash provided by operating activities 411,044 286,653
Cash flows from investing activities:    
Additions to other property and equipment (6,252) (10,645)
Acquisition of oil and natural gas properties 0 (1,339,222)
Additions to oil and natural gas properties (579,734) (460,765)
Proceeds from sale of oil and natural gas properties 3,762 3,730
Proceeds from sale of other property and equipment 167 0
Proceeds from sale of equity method investments 221,965 0
Contributions to equity method investments (1,569) (24,151)
Distributions from equity method investments 1,196 1,429
Net cash used in investing activities (360,465) (1,829,624)
Cash flows from financing activities:    
Principal payments on borrowings (150,285) (47)
Borrowings on line of credit 225,000 210,000
Borrowings on term loan 0 2,951
Debt issuance costs and loan commitment fees (624) (7,889)
Payments on repurchase of stock (104,997) 0
Proceeds from issuance of common stock, net of offering costs   (5,364)
Net cash (used in) provided by financing activities (30,906) 199,651
Net increase (decrease) in cash, cash equivalents and restricted cash 19,673 (1,343,320)
Cash, cash equivalents and restricted cash at beginning of period 99,557 1,460,875
Cash, cash equivalents and restricted cash at end of period 119,230 117,555
Supplemental disclosure of cash flow information    
Interest payments 59,915 48,118
Income tax payments 0 0
Supplemental disclosure of non-cash transactions    
Capitalized stock-based compensation 2,416 2,093
Asset retirement obligation capitalized 535 9,505
Interest capitalized 2,351 6,699
Foreign currency translation (loss) gain on equity method investments $ (8,867) $ 5,887

Source