Financials

v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 125,271 $ 1,275,875
Restricted cash 0 185,000
Accounts receivable—oil and natural gas 180,106 136,761
Accounts receivable—related parties 362 16
Prepaid expenses and other current assets 5,666 3,135
Short-term derivative instruments 35,332 3,488
Total current assets 346,737 1,604,275
Property and equipment    
Oil and natural gas properties, full-cost accounting, $2,956,732 and $1,580,305 excluded from amortization in 2017 and 2016, respectively 8,867,239 6,071,920
Other property and equipment 84,225 68,986
Accumulated depletion, depreciation, amortization and impairment (4,043,879) (3,789,780)
Property and equipment, net 4,907,585 2,351,126
Other assets    
Equity investments 279,282 243,920
Long-term derivative instruments 6,409 5,696
Deferred tax asset 4,692 4,692
Inventories 13,908 4,504
Other assets 18,985 8,932
Total other assets 323,276 267,744
Total assets 5,577,598 4,223,145
Current liabilities    
Accounts payable and accrued liabilities 582,928 265,124
Asset retirement obligation—current 195 195
Short-term derivative instruments 29,130 119,219
Current maturities of long-term debt 570 276
Total current liabilities 612,823 384,814
Long-term derivative instrument 19,712 26,759
Asset retirement obligation—long-term 44,266 34,081
Long-term debt, net of current maturities 1,958,136 1,593,599
Total liabilities 2,634,937 2,039,253
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, 183,081,776 issued and outstanding at September 30, 2017 and 158,829,816 at December 31, 2016 1,831 1,588
Paid-in capital 4,413,623 3,946,442
Accumulated other comprehensive loss (40,339) (53,058)
Retained deficit (1,432,454) (1,711,080)
Total stockholders’ equity 2,942,661 2,183,892
Total liabilities and stockholders’ equity $ 5,577,598 $ 4,223,145

Source

v3.8.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Natural gas sales $ 223,340,000 $ 122,018,000 $ 606,544,000 $ 271,873,000
Oil and condensate sales 31,459,000 21,799,000 85,338,000 60,799,000
Natural gas liquid sales 33,559,000 14,594,000 88,985,000 34,198,000
Net (loss) gain on natural gas, oil, and NGL derivatives (22,860,000) 35,281,000 141,588,000 (44,376,000)
Total revenues 265,498,000 193,692,000 922,455,000 322,494,000
Costs and expenses        
Lease operating expenses 20,020,000 17,471,000 60,044,000 48,789,000
Production taxes 5,419,000 3,525,000 14,464,000 9,492,000
Midstream gathering and processing 69,372,000 45,475,000 176,258,000 122,476,000
Depreciation, depletion and amortization 106,650,000 62,285,000 254,887,000 183,414,000
Impairment of oil and natural gas properties 0 212,194,000 0 601,806,000
General and administrative 13,065,000 10,467,000 37,922,000 32,941,000
Accretion expense 456,000 269,000 1,148,000 777,000
Acquisition expense 33,000 0 2,391,000 0
Total costs and expenses 215,015,000 351,686,000 547,114,000 999,695,000
INCOME (LOSS) FROM OPERATIONS 50,483,000 (157,994,000) 375,341,000 (677,201,000)
OTHER (INCOME) EXPENSE        
Interest expense 27,130,000 12,787,000 74,797,000 44,892,000
Interest income (37,000) (337,000) (927,000) (822,000)
Insurance proceeds 0 (3,750,000) 0 (3,750,000)
Loss (income) from equity method investments, net 2,737,000 (5,997,000) 20,945,000 25,576,000
Other income (345,000) 6,000 (863,000) (3,000)
Total other (income) expense 29,485,000 2,709,000 93,952,000 65,893,000
INCOME (LOSS) BEFORE INCOME TAXES 20,998,000 (160,703,000) 281,389,000 (743,094,000)
INCOME TAX EXPENSE (BENEFIT) 2,763,000 (3,407,000) 2,763,000 (3,755,000)
NET INCOME (LOSS) $ 18,235,000 $ (157,296,000) $ 278,626,000 $ (739,339,000)
NET INCOME (LOSS) PER COMMON SHARE        
Basic (in usd per share) $ 0.10 $ (1.25) $ 1.56 $ (6.12)
Diluted (in usd per share) $ 0.10 $ (1.25) $ 1.56 $ (6.12)
Weighted average common shares outstanding - Basic (in shares) 182,957,416 125,408,866 178,736,569 120,771,046
Weighted average common shares outstanding - Diluted (in shares) 183,008,436 125,408,866 179,130,570 120,771,046

Source

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income (loss) $ 278,626,000 $ (739,339,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Accretion of discount—Asset Retirement Obligation 1,148,000 777,000
Depletion, depreciation and amortization 254,887,000 183,414,000
Impairment of oil and natural gas properties 0 601,806,000
Stock-based compensation expense 4,793,000 5,730,000
Loss from equity investments 21,495,000 25,988,000
Change in fair value of derivative instruments (129,692,000) 184,013,000
Deferred income tax expense (benefit) 0 17,211,000
Amortization of loan commitment fees 3,548,000 2,912,000
Amortization of note discount and premium 0 (1,716,000)
Changes in operating assets and liabilities    
Increase in accounts receivable (43,345,000) (55,916,000)
Increase in accounts receivable—related party (346,000) (80,000)
Increase in prepaid expenses (2,531,000) (6,835,000)
Increase in other assets (5,665,000) 0
Increase in accounts payable, accrued liabilities and other 111,335,000 28,265,000
Settlement of asset retirement obligation (2,520,000) (955,000)
Net cash provided by operating activities 491,733,000 245,275,000
Cash flows from investing activities    
Deductions to cash held in escrow 0 8,000
Additions to other property and equipment (16,288,000) (20,131,000)
Acquisition of oil and natural gas properties (1,339,456,000) 0
Additions to oil and natural gas properties (789,743,000) (441,128,000)
Proceeds from sale of oil and natural gas properties 4,079,000 41,534,000
Proceeds from sale of other property and equipment 658,000 0
Funding of restricted cash 185,000,000 0
Contributions to equity method investments (44,844,000) (18,510,000)
Distributions from equity method investments 4,114,000 14,220,000
Insurance proceeds 0 3,750,000
Net cash used in investing activities (1,996,480,000) (420,257,000)
Cash flows from financing activities    
Principal payments on borrowings (183,000) (1,685,000)
Borrowings on line of credit 365,000,000 0
Borrowings on term loan 2,951,000 16,499,000
Debt issuance costs and loan commitment fees (8,261,000) (241,000)
Proceeds from issuance of common stock, net of offering costs (5,364,000) 411,711,000
Net cash provided by financing activities 354,143,000 426,284,000
Net (decrease) increase in cash and cash equivalents (1,150,604,000) 251,302,000
Cash and cash equivalents at beginning of period 1,275,875,000 112,974,000
Cash and cash equivalents at end of period 125,271,000 364,276,000
Supplemental disclosure of cash flow information    
Interest payments 50,826,000 35,193,000
Income tax payments 0 0
Supplemental disclosure of non-cash transactions    
Capitalized stock based compensation 3,195,000 3,820,000
Asset retirement obligation capitalized   6,726,000
Interest capitalized 8,753,000 8,920,000
Foreign currency translation gain on equity method investments $ 12,719,000 $ 7,137,000

Source