Financials

v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 118,613 $ 99,557
Accounts receivable—oil and natural gas 199,457 182,213
Prepaid expenses and other current assets 7,564 4,912
Short-term derivative instruments 50,906 78,847
Total current assets 376,540 365,529
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $2,971,119 and $2,912,974 excluded from amortization in 2018 and 2017, respectively 9,470,697 9,169,156
Other property and equipment 89,648 86,754
Accumulated depletion, depreciation, amortization and impairment (4,264,647) (4,153,733)
Property and equipment, net 5,295,698 5,102,177
Other assets:    
Equity investments 311,694 302,112
Long-term derivative instruments 15,769 8,685
Deferred tax asset 0 1,208
Inventories 8,505 8,227
Other assets 20,186 19,814
Total other assets 356,154 340,046
Total assets 6,028,392 5,807,752
Current liabilities:    
Accounts payable and accrued liabilities 577,548 553,609
Asset retirement obligation—current 120 120
Short-term derivative instruments 37,570 32,534
Current maturities of long-term debt 629 622
Total current liabilities 615,867 586,885
Long-term derivative instruments 2,499 2,989
Asset retirement obligation—long-term 76,267 74,980
Deferred tax liability 2,884 0
Other non-current liabilities 2,963 2,963
Long-term debt, net of current maturities 2,239,023 2,038,321
Total liabilities 2,939,503 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, 173,523,487 issued and outstanding at March 31, 2018 and 183,105,910 at December 31, 2017 1,735 1,831
Paid-in capital 4,319,034 4,416,250
Accumulated other comprehensive loss (46,042) (40,539)
Retained deficit (1,185,838) (1,275,928)
Total stockholders’ equity 3,088,889 3,101,614
Total liabilities and stockholders’ equity $ 6,028,392 $ 5,807,752

Source

v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues:    
Natural gas sales $ 249,399 $ 177,837
Oil and condensate sales 45,686 24,411
Natural gas liquid sales 46,836 31,179
Net (loss) gain on natural gas, oil, and NGL derivatives (16,529) 99,577
Total revenues 325,392 333,004
Costs and expenses:    
Lease operating expenses 18,906 19,303
Production taxes 6,854 3,906
Midstream gathering and processing 64,193 47,941
Depreciation, depletion and amortization 111,018 65,991
General and administrative 13,099 12,600
Accretion expense 1,004 282
Acquisition expense 0 1,298
Total costs and expenses 215,074 151,321
INCOME (LOSS) FROM OPERATIONS 110,318 181,683
OTHER (INCOME) EXPENSE:    
Interest expense 33,965 23,479
Interest income (37) (842)
(Income) loss from equity method investments, net (13,536) 4,907
Other (income) expense (95) (316)
Total other (income) expense 20,297 27,228
INCOME (LOSS) BEFORE INCOME TAXES 90,021 154,455
INCOME TAX BENEFIT (69) 0
NET INCOME (LOSS) $ 90,090 $ 154,455
NET INCOME PER COMMON SHARE:    
Basic (in usd per share) $ 0.50 $ 0.91
Diluted (in usd per share) $ 0.50 $ 0.91
Weighted average common shares outstanding - Basic (in shares) 180,714,881 170,272,685
Weighted average common shares outstanding - Diluted (in shares) 180,802,301 170,488,519

Source

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 90,090 $ 154,455
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion 1,004 282
Depletion, depreciation and amortization 111,018 65,991
Stock-based compensation expense 1,611 1,532
(Gain) loss from equity investments (13,495) 5,150
Change in fair value of derivative instruments 25,403 (106,796)
Deferred income tax benefit (69) 0
Amortization of loan commitment fees 1,488 1,088
Changes in operating assets and liabilities:    
Increase in accounts receivable (15,450) (21,393)
Increase in accounts receivable—related party   (23)
Increase in prepaid expenses and other current assets (2,652) (8,366)
Decrease (increase) in other assets 14 (4,013)
Increase in accounts payable, accrued liabilities and other 27,486 54,738
Settlement of asset retirement obligation (99)  
Net cash provided by operating activities 226,349 142,645
Cash flows from investing activities:    
Additions to other property and equipment (3,329) (5,444)
Acquisition of oil and natural gas properties 0 (1,338,964)
Additions to oil and natural gas properties (302,799) (181,834)
Proceeds from sale of oil and natural gas properties 0 3,605
Proceeds from sale of other property and equipment 76 0
Contributions to equity method investments (1,569) (10,673)
Distributions from equity method investments 750 631
Net cash used in investing activities (306,871) (1,532,679)
Cash flows from financing activities:    
Principal payments on borrowings (145)  
Borrowings on line of credit 200,000 40,000
Borrowings on term loan 0 2,698
Debt issuance costs and loan commitment fees (280) (5,733)
Payments on repurchase of stock (99,997) 0
Proceeds from issuance of common stock, net of offering costs   (5,321)
Net cash provided by financing activities 99,578 31,644
Net increase (decrease) in cash, cash equivalents and restricted cash 19,056 (1,358,390)
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 118,613 102,485
Supplemental disclosure of cash flow information    
Interest payments 7,944 347
Income tax payments 0 0
Supplemental disclosure of non-cash transactions    
Capitalized stock-based compensation 1,074 1,021
Asset retirement obligation capitalized 382 6,779
Interest capitalized 843 3,122
Foreign currency translation (loss) gain on equity method investments $ (5,503) $ 1,373

Source