Financials

v3.20.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 1,633 $ 6,060
Accounts receivable—oil and natural gas sales 74,099 121,210
Accounts receivable—joint interest and other 42,547 47,975
Prepaid expenses and other current assets 11,848 4,431
Short-term derivative instruments 171,755 126,201
Total current assets 301,882 305,877
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $1,608,640 and $1,686,666 excluded from amortization in 2020 and 2019, respectively 10,667,532 10,595,735
Other property and equipment 96,882 96,719
Accumulated depletion, depreciation, amortization and impairment (7,859,873) (7,228,660)
Property and equipment, net 2,904,541 3,463,794
Other assets:    
Equity investments 6,225 32,044
Long-term derivative instruments 0 563
Deferred tax asset 0 7,563
Operating lease assets 10,186 14,168
Operating lease assets—related parties 0 43,270
Other assets 41,453 15,540
Total other assets 57,864 113,148
Total assets 3,264,287 3,882,819
Current liabilities:    
Accounts payable and accrued liabilities 437,453 415,218
Short-term derivative instruments 67 303
Current portion of operating lease liabilities 9,873 13,826
Current portion of operating lease liabilities—related parties 0 21,220
Current maturities of long-term debt 688 631
Total current liabilities 448,081 451,198
Long-term derivative instruments 70,829 53,135
Asset retirement obligation 59,444 60,355
Uncertain tax position liability 3,209 3,127
Non-current operating lease liabilities 313 342
Non-current operating lease liabilities—related parties 0 22,050
Long-term debt, net of current maturities 1,898,362 1,978,020
Total liabilities 2,480,238 2,568,227
Commitments and contingencies (Note 9)
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 - $.01 par value, 200,000,000 shares authorized, 159,841,930 issued and outstanding at March 31, 2020 and 159,710,955 at December 31, 2019 1,598 1,597
Paid-in capital 4,209,578 4,207,554
Accumulated other comprehensive loss (61,863) (46,833)
Accumulated deficit (3,365,264) (2,847,726)
Total stockholders’ equity 784,049 1,314,592
Total liabilities and stockholders’ equity $ 3,264,287 $ 3,882,819

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v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Net gain (loss) on natural gas, oil and NGL derivatives $ 98,266,000 $ (20,045,000)
Total revenues 246,877,000 320,578,000
Costs and expenses:    
Lease operating expenses 15,986,000 19,807,000
Production taxes 4,799,000 7,921,000
Midstream gathering and processing expenses 57,896,000 70,282,000
Depreciation, depletion and amortization 78,028,000 118,433,000
Impairment of oil and natural gas properties 553,345,000 0
General and administrative expenses 16,169,000 10,057,000
Accretion expense 741,000 1,067,000
Total costs and expenses 726,964,000 227,567,000
(LOSS) INCOME FROM OPERATIONS (480,087,000) 93,011,000
OTHER EXPENSE (INCOME):    
Interest expense 32,990,000 35,621,000
Interest income (152,000) (152,000)
Gain on debt extinguishment (15,322,000) 0
Loss (income) from equity method investments, net 10,789,000 (4,273,000)
Other expense (income) 1,856,000 (427,000)
Total other (income) expense 30,161,000 30,769,000
LOSS BEFORE INCOME TAXES (510,248,000) 62,242,000
INCOME TAX EXPENSE 7,290,000 0
NET LOSS $ (517,538,000) $ 62,242,000
NET (LOSS) INCOME PER COMMON SHARE:    
Basic (in usd per share) $ (3.24) $ 0.38
Diluted (in usd per share) $ (3.24) $ 0.38
Weighted average common shares outstanding - Basic (in shares) 159,760,222 162,823,997
Weighted average common shares outstanding - Diluted (in shares) 159,760,222 163,099,409
Natural gas sales    
Revenues:    
Revenue from contract with customer $ 108,547,000 $ 276,016,000
Oil and condensate sales    
Revenues:    
Revenue from contract with customer 23,151,000 32,482,000
Natural gas liquid sales    
Revenues:    
Revenue from contract with customer $ 16,913,000 $ 32,125,000

Source

v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net (loss) income $ (517,538,000) $ 62,242,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depletion, depreciation and amortization 78,028,000 118,433,000
Impairment of oil and natural gas properties 553,345,000 0
Loss (income) from equity method investments, net 10,789,000 (4,132,000)
Gain on debt extinguishment (15,322,000) 0
Net (gain) loss on derivative instruments (98,266,000) 20,045,000
Cash receipts (payments) on settled derivative instruments 70,733,000 (24,836,000)
Deferred income tax expense 7,290,000 0
Other, net 3,223,000 5,508,000
Changes in operating assets and liabilities:    
Decrease in accounts receivable—oil and natural gas sales 47,111,000 65,204,000
Decrease (increase) in accounts receivable—joint interest and other 6,001,000 (2,083,000)
(Decrease) increase in accounts payable and accrued liabilities (7,637,000) 1,366,000
Other, net (6,919,000) (1,982,000)
Net cash provided by operating activities 130,838,000 239,765,000
Cash flows from investing activities:    
Additions to oil and natural gas properties (113,744,000) (241,391,000)
Proceeds from sale of oil and natural gas properties 44,383,000 52,000
Additions to other property and equipment (539,000) (3,848,000)
Proceeds from sale of other property and equipment 91,000 56,000
Contributions to equity method investments 0 (432,000)
Net cash used in investing activities (69,809,000) (245,563,000)
Cash flows from financing activities:    
Principal payments on borrowings (180,106,000) (150,151,000)
Borrowings on line of credit 125,000,000 150,000,000
Repurchases of senior notes (10,204,000) 0
Payments for repurchases of stock under approved stock repurchase program 0 (28,212,000)
Other, net (146,000) (140,000)
Net cash used in financing activities (65,456,000) (28,503,000)
Net decrease in cash, cash equivalents and restricted cash (4,427,000) (34,301,000)
Cash, cash equivalents and restricted cash at beginning of period 6,060,000 52,297,000
Cash, cash equivalents and restricted cash at end of period 1,633,000 17,996,000
Supplemental disclosure of cash flow information:    
Interest payments 14,034,000 15,266,000
Income tax receipts 0 (1,794,000)
Supplemental disclosure of non-cash transactions:    
Capitalized stock-based compensation 934,000 1,114,000
Asset retirement obligation capitalized 381,000 1,952,000
Asset retirement obligation removed due to divestiture (2,033,000) 0
Interest capitalized 187,000 766,000
Fair value of contingent consideration asset on date of divestiture 23,090,000 0
Foreign currency translation (loss) gain on equity method investments $ (15,030,000) $ 3,801,000

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