Financials

v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 99,557 $ 1,275,875
Restricted cash 0 185,000
Accounts receivable—oil and natural gas 182,213 136,761
Accounts receivable—related parties 0 16
Prepaid expenses and other current assets 4,912 3,135
Short-term derivative instruments 78,847 3,488
Total current assets 365,529 1,604,275
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $2,912,974 and $1,580,305 excluded from amortization in 2017 and 2016, respectively 9,169,156 6,071,920
Other property and equipment 86,754 68,986
Accumulated depletion, depreciation, amortization and impairment (4,153,733) (3,789,780)
Property and equipment, net 5,102,177 2,351,126
Other assets:    
Equity investments 302,112 243,920
Long-term derivative instruments 8,685 5,696
Deferred tax asset 1,208 4,692
Inventories 8,227 4,504
Other assets 19,814 8,932
Total other assets 340,046 267,744
Total assets 5,807,752 4,223,145
Current liabilities:    
Accounts payable and accrued liabilities 553,609 265,124
Asset retirement obligation—current 120 195
Short-term derivative instruments 32,534 119,219
Current maturities of long-term debt 622 276
Total current liabilities 586,885 384,814
Long-term derivative instruments 2,989 26,759
Asset retirement obligation—long-term 74,980 34,081
Other non-current liabilities 2,963 0
Long-term debt, net of current maturities 2,038,321 1,593,599
Total liabilities 2,706,138 2,039,253
Commitments and contingencies (Notes 15 and 16)
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, 183,105,910 issued and outstanding in 2017 and 158,829,816 in 2016 1,831 1,588
Paid-in capital 4,416,250 3,946,442
Accumulated other comprehensive loss (40,539) (53,058)
Retained deficit (1,275,928) (1,711,080)
Total stockholders’ equity 3,101,614 2,183,892
Total liabilities and stockholders’ equity $ 5,807,752 $ 4,223,145

Source

v3.8.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:      
Natural gas sales $ 845,999,000 $ 420,128,000 $ 324,733,000
Oil and condensate sales 124,568,000 81,173,000 122,615,000
Natural gas liquid sales 136,057,000 59,115,000 58,129,000
Net gain (loss) on natural gas, oil, and NGL derivatives 213,679,000 (174,506,000) 203,513,000
Total revenues 1,320,303,000 385,910,000 708,990,000
Costs and expenses:      
Lease operating expenses 80,246,000 68,877,000 69,475,000
Production taxes 21,126,000 13,276,000 14,740,000
Midstream gathering and processing 248,995,000 165,972,000 138,590,000
Depreciation, depletion and amortization 364,629,000 245,974,000 337,694,000
Impairment of oil and natural gas properties 0 715,495,000 1,440,418,000
General and administrative 52,938,000 43,409,000 41,967,000
Accretion expense 1,611,000 1,057,000 820,000
Acquisition expense 2,392,000 0 0
Total costs and expenses 771,937,000 1,254,060,000 2,043,704,000
INCOME (LOSS) FROM OPERATIONS 548,366,000 (868,150,000) (1,334,714,000)
OTHER (INCOME) EXPENSE:      
Interest expense 108,198,000 63,530,000 51,221,000
Interest income (1,009,000) (1,230,000) (643,000)
Insurance proceeds 0 (5,718,000) (10,015,000)
Loss on debt extinguishment 0 23,776,000 0
Loss from equity method investments, net 5,257,000 33,985,000 106,093,000
Other (income) expense (1,041,000) 129,000 (485,000)
Total Other (Income) Expense 111,405,000 114,472,000 146,171,000
INCOME (LOSS) BEFORE INCOME TAXES 436,961,000 (982,622,000) (1,480,885,000)
INCOME TAX EXPENSE (BENEFIT) 1,809,000 (2,913,000) (256,001,000)
NET INCOME (LOSS) $ 435,152,000 $ (979,709,000) $ (1,224,884,000)
NET INCOME (LOSS) PER COMMON SHARE:      
Basic (usd per share) $ 2.42 $ (7.97) $ (12.27)
Diluted (usd per share) $ 2.41 $ (7.97) $ (12.27)
Weighted average common shares outstanding - Basic (shares) 179,834,146 122,952,866 99,792,401
Weighted average common shares outstanding - Diluted (shares) 180,253,024 122,952,866 99,792,401

Source

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income (loss) $ 435,152,000 $ (979,709,000) $ (1,224,884,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Accretion of discount—Asset Retirement Obligation 1,611,000 1,057,000 820,000
Depletion, depreciation and amortization 364,629,000 245,974,000 337,694,000
Impairment of oil and gas properties 0 715,495,000 1,440,418,000
Stock-based compensation expense 6,369,000 7,351,000 8,616,000
Loss from equity investments 5,990,000 34,397,000 113,120,000
Gain on debt extinguishment 0 (1,108,000) 0
Change in fair value of derivative instruments (188,802,000) 323,303,000 (83,671,000)
Deferred income tax expense (benefit) 1,690,000 18,188,000 (254,493,000)
Amortization of loan commitment fees 5,011,000 3,660,000 3,219,000
Amortization of note discount and premium 0 (1,716,000) (2,165,000)
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable (45,452,000) (64,889,000) 31,986,000
Decrease in accounts receivable—related party 16,000 0 30,000
Increase in prepaid expenses (1,777,000) (3,734,000) (191,000)
Increase in other assets (7,866,000) 0 0
Increase (decrease) in accounts payable and accrued liabilities and other 106,375,000 43,763,000 (47,199,000)
Settlement of asset retirement obligation (3,057,000) (4,189,000) (1,121,000)
Net cash provided by (used in) operating activities 679,889,000 337,843,000 322,179,000
Cash flows from investing activities:      
Deductions to cash held in escrow 8,000 8,000 8,000
Additions to other property and equipment (19,372,000) (33,152,000) (13,572,000)
Acquisitions of oil and natural gas properties (1,348,657,000) 0 0
Additions to oil and natural gas properties (1,064,678,000) (724,925,000) (1,579,129,000)
Proceeds from sale of oil and gas properties 4,866,000 45,812,000 27,998,000
Proceeds from sale of other property and equipment 1,569,000 0 0
Contributions to equity method investments (55,280,000) (26,472,000) (14,472,000)
Distributions from equity method investments 7,376,000 18,147,000 4,914,000
Funding of restricted cash 185,000,000 (185,000,000) 0
Net cash used in investing activities (2,289,168,000) (905,582,000) (1,574,253,000)
Cash flows from financing activities:      
Principal payments on borrowings (365,276,000) (87,685,000) (350,172,000)
Borrowings on line of credit 365,000,000 86,000,000 250,000,000
Proceeds from bond issuance 450,000,000 1,250,000,000 350,000,000
Repayment of bonds 0 (624,561,000) 0
Borrowings on term loan 2,951,000 21,049,000 0
Debt issuance costs and loan commitment fees (14,350,000) (24,718,000) (8,688,000)
Proceeds from issuance of common stock, net of offering costs and exercise of stock options (5,364,000) 1,110,555,000 981,568,000
Net cash provided by financing activities 432,961,000 1,730,640,000 1,222,708,000
Net (decrease) increase in cash and cash equivalents (1,176,318,000) 1,162,901,000 (29,366,000)
Cash and cash equivalents at beginning of period 1,275,875,000 112,974,000 142,340,000
Cash and cash equivalents at end of period 99,557,000 1,275,875,000 112,974,000
Supplemental disclosure of cash flow information:      
Interest payments 101,958,000 68,966,000 59,736,000
Income tax (receipts) payments (1,105,000) (19,770,000) 16,156,000
Supplemental disclosure of non-cash transactions:      
Capitalized stock based compensation 4,246,000 4,900,000 5,743,000
Asset retirement obligation capitalized 42,270,000 10,971,000 8,800,000
Interest capitalized 9,470,000 9,148,000 13,580,000
Foreign currency translation gain (loss) on equity method investments $ 12,519,000 $ 3,468,000 $ (28,502,000)

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