Financials

v3.19.3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 10,124 $ 52,297
Accounts receivable—oil and natural gas sales 112,657 210,200
Accounts receivable—joint interest and other 41,327 22,497
Prepaid expenses and other current assets 5,658 10,017
Short-term derivative instruments 134,571 21,352
Total current assets 304,337 316,363
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $2,814,334 and $2,873,037 excluded from amortization in 2019 and 2018, respectively 10,551,713 10,026,836
Other property and equipment 96,233 92,667
Accumulated depletion, depreciation, amortization and impairment (5,063,413) (4,640,098)
Property and equipment, net 5,584,533 5,479,405
Other assets:    
Equity investments 73,962 236,121
Long-term derivative instruments 23,419 0
Deferred tax asset 205,853 0
Inventories 7,022 5,344
Operating lease assets 13,920  
Operating lease assets - related parties 48,449  
Other assets 11,653 13,803
Total other assets 384,278 255,268
Total assets 6,273,148 6,051,036
Current liabilities:    
Accounts payable and accrued liabilities 439,019 518,380
Short-term derivative instruments 429 20,401
Current portion of operating lease liabilities 12,848  
Current portion of operating lease liabilities - related parties 21,017  
Current maturities of long-term debt 622 651
Total current liabilities 473,935 539,432
Long-term derivative instruments 72,040 13,992
Asset retirement obligation—long-term 59,819 79,952
Uncertain tax position liability 3,127 3,127
Non-current operating lease liabilities 1,072  
Non-current operating lease liabilities - related parties 27,432  
Long-term debt, net of current maturities 2,076,569 2,086,765
Total liabilities 2,713,994 2,723,268
Commitments and contingencies (Note 8)
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, 159,709,221 issued and outstanding at September 30, 2019 and 162,986,045 at December 31, 2018 1,597 1,630
Paid-in capital 4,205,158 4,227,532
Accumulated other comprehensive loss (50,679) (56,026)
Accumulated deficit (596,922) (845,368)
Total stockholders’ equity 3,559,154 3,327,768
Total liabilities and stockholders’ equity $ 6,273,148 $ 6,051,036

Source

v3.19.3
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Net gain (loss) on natural gas, oil and NGLs derivatives $ 27,074,000 $ (9,663,000) $ 178,169,000 $ (96,737,000)
Total revenues 285,175,000 360,962,000 1,064,747,000 939,094,000
Costs and expenses:        
Lease operating expenses 22,473,000 22,325,000 64,668,000 64,143,000
Production taxes 6,565,000 9,348,000 22,584,000 23,861,000
Midstream gathering and processing expenses 78,435,000 78,913,000 220,732,000 214,546,000
Depreciation, depletion and amortization 145,490,000 119,915,000 388,874,000 352,848,000
Impairment of oil and natural gas properties 35,647,000 0 35,647,000 0
General and administrative expenses 14,659,000 15,848,000 39,482,000 42,955,000
Accretion expense 747,000 1,037,000 3,173,000 3,056,000
Total costs and expenses 304,016,000 247,386,000 775,160,000 701,409,000
(LOSS) INCOME FROM OPERATIONS (18,841,000) 113,576,000 289,587,000 237,685,000
OTHER EXPENSE (INCOME):        
Interest expense 34,095,000 33,253,000 103,095,000 100,922,000
Interest income (338,000) (92,000) (649,000) (162,000)
Gain on debt extinguishment (23,600,000) 0 (23,600,000) 0
Gain on sale of equity investments and other assets 0 (2,733,000) 0 (124,768,000)
Loss (income) from equity method investments, net 43,082,000 (12,858,000) 164,391,000 (35,282,000)
Other expense 3,194,000 856,000 3,757,000 485,000
Total other (income) expense 56,433,000 18,426,000 246,994,000 (58,805,000)
LOSS BEFORE INCOME TAXES (75,274,000) 95,150,000 42,593,000 296,490,000
INCOME TAX BENEFIT (26,522,000) 0 (205,853,000) (69,000)
NET LOSS $ (48,752,000) $ 95,150,000 $ 248,446,000 $ 296,559,000
NET (LOSS) INCOME PER COMMON SHARE:        
Basic (in usd per share) $ (0.31) $ 0.55 $ 1.55 $ 1.69
Diluted (in usd per share) $ (0.31) $ 0.55 $ 1.51 $ 1.68
Weighted average common shares outstanding - Basic (in shares) 159,548,477 173,057,538 160,553,796 175,776,312
Weighted average common shares outstanding - Diluted (in shares) 159,548,477 173,304,914 164,820,002 176,440,461
Natural gas sales        
Revenues:        
Revenue from contract with customer $ 213,227,000 $ 271,167,000 $ 714,500,000 $ 753,261,000
Oil and condensate sales        
Revenues:        
Revenue from contract with customer 24,550,000 45,682,000 93,942,000 140,687,000
Natural gas liquid sales        
Revenues:        
Revenue from contract with customer $ 20,324,000 $ 53,776,000 $ 78,136,000 $ 141,883,000

Source

v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net (loss) income $ 248,446,000 $ 296,559,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion expense 3,173,000 3,056,000
Depletion, depreciation and amortization 388,874,000 352,848,000
Impairment of oil and natural gas properties 35,647,000 0
Stock-based compensation expense 4,969,000 5,792,000
Loss (income) from equity investments 164,532,000 (35,040,000)
Gain on debt extinguishment (23,600,000) 0
Change in fair value of derivative instruments (97,425,000) 106,373,000
Deferred income tax benefit (205,853,000) (69,000)
Amortization of loan costs 4,821,000 4,554,000
Gain on sale of equity investments and other assets (178,000) (124,768,000)
Distributions from equity method investments 2,457,000 1,978,000
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable—oil and natural gas sales 97,543,000 (10,618,000)
Increase in accounts receivable—joint interest and other (18,830,000) (2,277,000)
Increase in accounts receivable—related parties 0 (79,000)
Decrease (increase) in prepaid expenses and other current assets 4,359,000 (4,830,000)
(Increase) decrease in other assets (30,000) 1,228,000
Increase in accounts payable, accrued liabilities and other 8,567,000 36,809,000
Settlement of asset retirement obligation (117,000) (719,000)
Net cash provided by operating activities 617,355,000 630,797,000
Cash flows from investing activities:    
Additions to other property and equipment (4,694,000) (7,134,000)
Additions to oil and natural gas properties (646,535,000) (777,104,000)
Proceeds from sale of oil and natural gas properties 10,864,000 4,820,000
Proceeds from sale of other property and equipment 204,000 217,000
Proceeds from sale of equity method investments 0 226,487,000
Contributions to equity method investments (432,000) (2,318,000)
Distributions from equity method investments 1,945,000 446,000
Net cash used in investing activities (638,648,000) (554,586,000)
Cash flows from financing activities:    
Principal payments on borrowings (550,500,000) (165,428,000)
Borrowings on line of credit 640,000,000 225,000,000
Repurchase of senior notes (79,480,000) 0
Debt issuance costs and loan commitment fees (211,000) (772,000)
Payments for repurchase of stock (30,689,000) (109,997,000)
Net cash used in financing activities (20,880,000) (51,197,000)
Net (decrease) increase in cash, cash equivalents and restricted cash (42,173,000) 25,014,000
Cash, cash equivalents and restricted cash at beginning of period 52,297,000 99,557,000
Cash, cash equivalents and restricted cash at end of period 10,124,000 124,571,000
Supplemental disclosure of cash flow information:    
Interest payments 85,272,000 75,045,000
Income tax receipts (1,794,000) 0
Supplemental disclosure of non-cash transactions:    
Capitalized stock-based compensation 3,313,000 3,862,000
Asset retirement obligation capitalized 6,846,000 1,094,000
Asset retirement obligation removed due to divestiture (30,035,000) 0
Interest capitalized 2,782,000 3,956,000
Fair value of contingent consideration asset on date of divestiture (1,137,000) 0
Foreign currency translation gain (loss) on equity method investments $ 5,347,000 $ (5,815,000)

Source