Financials

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 52,297,000 $ 99,557,000
Accounts receivable—oil and natural gas sales 210,200,000 146,773,000
Accounts receivable - joint interest and other 22,497,000 35,440,000
Prepaid expenses and other current assets 10,607,000 4,912,000
Short-term derivative instruments 21,352,000 78,847,000
Total current assets 316,953,000 365,529,000
Property and equipment:    
Oil and natural gas properties, full-cost accounting, $2,873,037 and $2,912,974 excluded from amortization in 2018 and 2017, respectively 10,026,836,000 9,169,156,000
Other property and equipment 92,667,000 86,754,000
Accumulated depletion, depreciation, amortization and impairment (4,640,098,000) (4,153,733,000)
Property and equipment, net 5,479,405,000 5,102,177,000
Other assets:    
Equity investments 236,121,000 302,112,000
Long-term derivative instruments 0 8,685,000
Deferred tax asset 0 1,208,000
Inventories 4,754,000 8,227,000
Other assets 13,803,000 19,814,000
Total other assets 254,678,000 340,046,000
Total assets 6,051,036,000 5,807,752,000
Current liabilities:    
Accounts payable and accrued liabilities 518,380,000 553,609,000
Asset retirement obligation—current 0 120,000
Short-term derivative instruments 20,401,000 32,534,000
Current maturities of long-term debt 651,000 622,000
Total current liabilities 539,432,000 586,885,000
Long-term derivative instruments 13,992,000 2,989,000
Asset retirement obligation—long-term 79,952,000 74,980,000
Deferred tax liability 3,127,000 0
Other non-current liabilities 0 2,963,000
Long-term debt, net of current maturities 2,086,765,000 2,038,321,000
Total liabilities 2,723,268,000 2,706,138,000
Commitments and contingencies (Notes 16 and 17)
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, 162,986,045 issued and outstanding in 2018 and 183,105,910 in 2017 1,630,000 1,831,000
Paid-in capital 4,227,532,000 4,416,250,000
Accumulated other comprehensive loss (56,026,000) (40,539,000)
Accumulated deficit (845,368,000) (1,275,928,000)
Total stockholders’ equity 3,327,768,000 3,101,614,000
Total liabilities and stockholders’ equity $ 6,051,036,000 $ 5,807,752,000

Source

v3.10.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Revenues:      
Net (loss) gain on natural gas, oil, and NGL derivatives $ (123,479,000) $ 213,679,000 $ (174,506,000)
Total revenues 1,355,044,000 1,320,303,000 385,910,000
Costs and expenses:      
Lease operating expenses 91,640,000 80,246,000 68,877,000
Production taxes 33,480,000 21,126,000 13,276,000
Midstream gathering and processing expenses 290,188,000 248,995,000 165,972,000
Depreciation, depletion and amortization 486,664,000 364,629,000 245,974,000
Impairment of oil and natural gas properties 0 0 715,495,000
General and administrative expenses 56,633,000 52,938,000 43,409,000
Accretion expense 4,119,000 1,611,000 1,057,000
Acquisition expense 0 2,392,000 0
Total costs and expenses 962,724,000 771,937,000 1,254,060,000
INCOME (LOSS) FROM OPERATIONS 392,320,000 548,366,000 (868,150,000)
OTHER (INCOME) EXPENSE:      
Interest expense 135,273,000 108,198,000 63,530,000
Interest income (314,000) (1,009,000) (1,230,000)
Litigation settlement 1,075,000 0 0
Insurance proceeds (231,000) 0 (5,718,000)
Loss on debt extinguishment 0 0 23,776,000
Gain on sale of equity method investments (124,768,000) (12,523,000) (3,391,000)
(Income) loss from equity method investments, net (49,904,000) 17,780,000 37,376,000
Other expense (income), net 698,000 (1,041,000) 129,000
Total Other (Income) Expense (38,171,000) 111,405,000 114,472,000
INCOME (LOSS) BEFORE INCOME TAXES 430,491,000 436,961,000 (982,622,000)
INCOME TAX (BENEFIT) EXPENSE (69,000) 1,809,000 (2,913,000)
NET INCOME (LOSS) $ 430,560,000 $ 435,152,000 $ (979,709,000)
NET INCOME (LOSS) PER COMMON SHARE:      
Basic (usd per share) $ 2.46 $ 2.42 $ (7.97)
Diluted (usd per share) $ 2.45 $ 2.41 $ (7.97)
Weighted average common shares outstanding - Basic (shares) 174,675,840 179,834,146 122,952,866
Weighted average common shares outstanding - Diluted (shares) 175,398,706 180,253,024 122,952,866
Natural gas sales      
Revenues:      
Revenue from contracts with customers $ 1,121,815,000 $ 845,999,000 $ 420,128,000
Oil and condensate sales      
Revenues:      
Revenue from contracts with customers 177,793,000 124,568,000 81,173,000
Natural gas liquid sales      
Revenues:      
Revenue from contracts with customers $ 178,915,000 $ 136,057,000 $ 59,115,000

Source

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income (loss) $ 430,560,000 $ 435,152,000 $ (979,709,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Accretion expense 4,119,000 1,611,000 1,057,000
Depletion, depreciation and amortization 486,664,000 364,629,000 245,974,000
Impairment of oil and gas properties 0 0 715,495,000
Stock-based compensation expense 6,799,000 6,369,000 7,351,000
(Income) loss from equity investments (49,625,000) 18,513,000 37,788,000
Gain on debt extinguishment 0 0 (1,108,000)
Change in fair value of derivative instruments 65,051,000 (188,802,000) 323,303,000
Deferred income tax expense 1,208,000 1,690,000 18,188,000
Amortization of loan costs 6,121,000 5,011,000 3,660,000
Amortization of note discount and premium 0 0 (1,716,000)
Gain on sale of equity method investments (124,768,000) (12,523,000) (3,391,000)
Distributions from equity method investments 3,206,000 0 0
Changes in operating assets and liabilities:      
Increase in accounts receivable—oil and natural gas sales (63,427,000) (35,879,000) (76,269,000)
Decrease (increase) in accounts receivable—joint interest and other 12,943,000 (9,573,000) 11,380,000
Decrease in accounts receivable—related parties   16,000 0
Increase in prepaid expenses and other current assets (5,695,000) (1,777,000) (3,734,000)
Decrease (increase) in other assets 4,066,000 (7,866,000) 0
(Decrease) increase in accounts payable, accrued liabilities and other (24,015,000) 106,375,000 43,763,000
Settlement of asset retirement obligation (719,000) (3,057,000) (4,189,000)
Net cash provided by operating activities 752,488,000 679,889,000 337,843,000
Cash flows from investing activities:      
Deductions to cash held in escrow 0 8,000 8,000
Additions to other property and equipment (7,870,000) (19,372,000) (33,152,000)
Acquisitions of oil and natural gas properties 0 (1,348,657,000) 0
Additions to oil and natural gas properties (865,300,000) (1,064,678,000) (724,925,000)
Proceeds from sale of oil and gas properties 5,114,000 4,866,000 45,812,000
Proceeds from sale of other property and equipment 351,000 1,569,000 0
Proceeds from sale of other property and equipment 226,487,000 0 0
Contributions to equity method investments (2,319,000) (55,280,000) (26,472,000)
Distributions from equity method investments 446,000 7,376,000 18,147,000
Net cash used in investing activities (643,091,000) (2,474,168,000) (720,582,000)
Cash flows from financing activities:      
Principal payments on borrowings (220,575,000) (365,276,000) (87,685,000)
Borrowings on line of credit 265,000,000 365,000,000 86,000,000
Proceeds from bond issuance 0 450,000,000 1,250,000,000
Repayment of bonds 0 0 (624,561,000)
Borrowings on term loan 0 2,951,000 21,049,000
Debt issuance costs and loan commitment fees (831,000) (14,350,000) (24,718,000)
Payments on repurchase of stock (200,251,000) 0 0
Proceeds from issuance of common stock, net of offering costs and exercise of stock options   (5,364,000) 1,110,555,000
Net cash (used in) provided by financing activities (156,657,000) 432,961,000 1,730,640,000
Net (decrease) increase in cash, cash equivalents and restricted cash (47,260,000) (1,361,318,000) 1,347,901,000
Cash, cash equivalents and restricted cash at beginning of period 99,557,000 1,460,875,000 112,974,000
Cash, cash equivalents and restricted cash at end of period 52,297,000 99,557,000 1,460,875,000
Supplemental disclosure of cash flow information:      
Interest payments 126,342,000 101,958,000 68,966,000
Income tax receipts 0 (1,105,000) (19,770,000)
Supplemental disclosure of non-cash transactions:      
Capitalized stock-based compensation 4,533,000 4,246,000 4,900,000
Asset retirement obligation capitalized 1,452,000 42,270,000 10,971,000
Interest capitalized 4,470,000 9,470,000 9,148,000
Foreign currency translation (loss) gain on equity method investments $ (15,487,000) $ 12,519,000 $ 3,468,000

Source