(Mark One) | ||||||||
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the fiscal year ended | December 31, | |||||||
OR | ||||||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the transition period from _______________ to _______________ |
Delaware | 45-0466694 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
1700 Lincoln Street, Suite 3700 | Denver | Colorado | 80203 | ||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock ($0.01 par value) | XEC | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging Growth Company | ☐ |
Item | Page | ||||||||||
Item | Page | ||
Proved Reserves (MBOE) | |||||
Reserves at December 31, 2019 | 619,595 | ||||
Revisions of previous estimates | (52,430) | ||||
Extensions and discoveries | 56,575 | ||||
Production | (92,412) | ||||
Sales of reserves | (307) | ||||
Reserves at December 31, 2020 | 531,021 |
December 31, | December 31, | ||||||||||||||||||||||||
2019 | 2018 | 2017 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Proved reserves: | Proved reserves: | ||||||||||||||||||||||||
Gas (MMcf) | 1,532,145 | 1,591,321 | 1,607,635 | Gas (MMcf) | 1,362,842 | 1,532,145 | 1,591,321 | ||||||||||||||||||
Oil (MBbls) | 169,770 | 146,538 | 137,238 | Oil (MBbls) | 144,063 | 169,770 | 146,538 | ||||||||||||||||||
NGL (MBbls) | 194,468 | 179,436 | 153,860 | NGL (MBbls) | 159,818 | 194,468 | 179,436 | ||||||||||||||||||
Total (MBOE) | 619,595 | 591,195 | 559,037 | Total (MBOE) | 531,021 | 619,595 | 591,195 | ||||||||||||||||||
Percent developed | 86 | % | 85 | % | 83 | % | Percent developed | 84 | % | 86 | % | 85 | % |
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | % of Total Proved Reserves | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | % of Total Proved Reserves | ||||||||||||||||||||||||||||||||||
Mid-Continent | 660,161 | 21,848 | 64,377 | 196,252 | 32 | % | Mid-Continent | 570,578 | 17,491 | 56,130 | 168,717 | 32 | % | ||||||||||||||||||||||||||||||
Permian Basin | 870,208 | 147,662 | 130,007 | 422,703 | 68 | % | Permian Basin | 790,750 | 126,327 | 103,606 | 361,725 | 68 | % | ||||||||||||||||||||||||||||||
Other | 1,776 | 260 | 84 | 640 | — | % | Other | 1,514 | 245 | 82 | 579 | — | % | ||||||||||||||||||||||||||||||
1,532,145 | 169,770 | 194,468 | 619,595 | 100 | % | 1,362,842 | 144,063 | 159,818 | 531,021 | 100 | % |
Total Production Volumes | Average Daily Production Volumes | |||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Permian Basin | 148,227 | 24,810 | 17,831 | 67,345 | 405.0 | 67.8 | 48.7 | 184.0 | ||||||||||||||||||||||||||||||||||||||||||
Mid-Continent | 84,016 | 3,219 | 7,700 | 24,922 | 229.6 | 8.8 | 21.0 | 68.1 | ||||||||||||||||||||||||||||||||||||||||||
Other | 382 | 58 | 23 | 145 | 1.0 | 0.1 | 0.1 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||
Total company | 232,625 | 28,087 | 25,554 | 92,412 | 635.6 | 76.7 | 69.8 | 252.5 | ||||||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Permian Basin | 145,612 | 26,376 | 18,973 | 69,618 | 398.9 | 72.3 | 52.0 | 190.8 | ||||||||||||||||||||||||||||||||||||||||||
Mid-Continent | 105,515 | 5,033 | 9,263 | 31,882 | 289.1 | 13.8 | 25.4 | 87.3 | ||||||||||||||||||||||||||||||||||||||||||
Other | 440 | 54 | 18 | 145 | 1.2 | 0.1 | — | 0.4 | ||||||||||||||||||||||||||||||||||||||||||
Total company | 251,567 | 31,463 | 28,254 | 101,645 | 689.2 | 86.2 | 77.4 | 278.5 | ||||||||||||||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Permian Basin | 92,593 | 19,104 | 11,499 | 46,035 | 253.7 | 52.3 | 31.5 | 126.1 | ||||||||||||||||||||||||||||||||||||||||||
Mid-Continent | 112,697 | 5,530 | 10,474 | 34,787 | 308.8 | 15.2 | 28.7 | 95.3 | ||||||||||||||||||||||||||||||||||||||||||
Other | 547 | 76 | 21 | 188 | 1.4 | 0.2 | 0.1 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||
Total company | 205,837 | 24,710 | 21,994 | 81,010 | 563.9 | 67.7 | 60.3 | 221.9 |
Total Production Volumes | Average Daily Production Volumes | |||||||||||||||||||||||
Years Ended December 31, | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||
2019 | ||||||||||||||||||||||||
Permian Basin | 145,612 | 26,376 | 18,973 | 69,618 | 398.9 | 72.3 | 52.0 | 190.8 | ||||||||||||||||
Mid-Continent | 105,515 | 5,033 | 9,263 | 31,882 | 289.1 | 13.8 | 25.4 | 87.3 | ||||||||||||||||
Other | 440 | 54 | 18 | 145 | 1.2 | 0.1 | — | 0.4 | ||||||||||||||||
Total company | 251,567 | 31,463 | 28,254 | 101,645 | 689.2 | 86.2 | 77.4 | 278.5 | ||||||||||||||||
2018 | ||||||||||||||||||||||||
Permian Basin | 92,593 | 19,104 | 11,499 | 46,035 | 253.7 | 52.3 | 31.5 | 126.1 | ||||||||||||||||
Mid-Continent | 112,697 | 5,530 | 10,474 | 34,787 | 308.8 | 15.2 | 28.7 | 95.3 | ||||||||||||||||
Other | 547 | 76 | 21 | 188 | 1.4 | 0.2 | 0.1 | 0.5 | ||||||||||||||||
Total company | 205,837 | 24,710 | 21,994 | 81,010 | 563.9 | 67.7 | 60.3 | 221.9 | ||||||||||||||||
2017 | ||||||||||||||||||||||||
Permian Basin | 79,521 | 16,271 | 8,858 | 38,382 | 217.9 | 44.6 | 24.3 | 105.2 | ||||||||||||||||
Mid-Continent | 107,463 | 4,547 | 8,503 | 30,960 | 294.4 | 12.5 | 23.3 | 84.8 | ||||||||||||||||
Other | 484 | 43 | 13 | 137 | 1.3 | 0.1 | — | 0.4 | ||||||||||||||||
Total company | 187,468 | 20,861 | 17,374 | 69,479 | 513.6 | 57.2 | 47.6 | 190.4 |
Total Production Volumes | Average Daily Production Volumes | |||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watonga-Chickasha | 70,434 | 2,917 | 7,201 | 21,858 | 192.4 | 8.0 | 19.7 | 59.7 | ||||||||||||||||||||||||||||||||||||||||||
Dixieland | 45,463 | 8,478 | 5,397 | 21,453 | 124.2 | 23.2 | 14.7 | 58.6 | ||||||||||||||||||||||||||||||||||||||||||
Ford West | 42,832 | 4,485 | 5,095 | 16,719 | 117.0 | 12.3 | 13.9 | 45.7 | ||||||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watonga-Chickasha | 90,148 | 4,643 | 8,689 | 28,357 | 247.0 | 12.7 | 23.8 | 77.7 | ||||||||||||||||||||||||||||||||||||||||||
Dixieland | 42,658 | 8,938 | 5,934 | 21,982 | 116.9 | 24.5 | 16.3 | 60.2 | ||||||||||||||||||||||||||||||||||||||||||
Ford West | 41,087 | 5,042 | 5,212 | 17,102 | 112.6 | 13.8 | 14.3 | 46.9 | ||||||||||||||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watonga-Chickasha | 96,043 | 5,072 | 9,809 | 30,889 | 263.1 | 13.9 | 26.9 | 84.6 | ||||||||||||||||||||||||||||||||||||||||||
Dixieland | 11,940 | 2,902 | 1,538 | 6,430 | 32.7 | 7.9 | 4.2 | 17.6 | ||||||||||||||||||||||||||||||||||||||||||
Ford West | 30,976 | 3,777 | 3,823 | 12,763 | 84.9 | 10.3 | 10.5 | 35.0 |
Total Production Volumes | Average Daily Production Volumes | |||||||||||||||||||||||
Years Ended December 31, | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||
2019 | ||||||||||||||||||||||||
Watonga-Chickasha | 89,564 | 4,588 | 8,688 | 28,203 | 245.4 | 12.6 | 23.8 | 77.3 | ||||||||||||||||
Dixieland | 42,570 | 8,890 | 5,911 | 21,897 | 116.6 | 24.4 | 16.2 | 60.0 | ||||||||||||||||
Ford West | 40,843 | 5,006 | 5,180 | 16,993 | 111.9 | 13.7 | 14.2 | 46.6 | ||||||||||||||||
2018 | ||||||||||||||||||||||||
Watonga-Chickasha | 96,373 | 5,094 | 9,774 | 30,930 | 264.0 | 14.0 | 26.8 | 84.7 | ||||||||||||||||
Dixieland | 10,285 | 2,510 | 1,328 | 5,552 | 28.2 | 6.9 | 3.6 | 15.2 | ||||||||||||||||
Ford West | 30,958 | 3,748 | 3,804 | 12,711 | 84.8 | 10.3 | 10.4 | 34.8 | ||||||||||||||||
2017 | ||||||||||||||||||||||||
Watonga-Chickasha | 88,557 | 4,156 | 7,829 | 26,744 | 242.6 | 11.4 | 21.4 | 73.3 | ||||||||||||||||
Dixieland | 9,668 | 2,279 | 1,032 | 4,922 | 26.5 | 6.2 | 2.8 | 13.5 | ||||||||||||||||
Ford West | 26,405 | 3,370 | 2,883 | 10,654 | 72.3 | 9.2 | 7.9 | 29.2 |
Average Realized Price | Production Cost (per BOE) | |||||||||||||||||||||||||
Years Ended December 31, | Gas (per Mcf) | Oil (per Bbl) | NGL (per Bbl) | |||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||
Permian Basin | $ | 0.69 | $ | 35.66 | $ | 9.64 | $ | 3.14 | ||||||||||||||||||
Mid-Continent | $ | 1.67 | $ | 34.97 | $ | 12.60 | $ | 2.92 | ||||||||||||||||||
Other | $ | 1.98 | $ | 41.15 | $ | 9.42 | $ | 6.13 | ||||||||||||||||||
Total company | $ | 1.05 | $ | 35.59 | $ | 10.53 | $ | 3.09 | ||||||||||||||||||
2019 | ||||||||||||||||||||||||||
Permian Basin | $ | 0.49 | $ | 52.55 | $ | 12.62 | $ | 3.47 | ||||||||||||||||||
Mid-Continent | $ | 1.95 | $ | 53.89 | $ | 15.47 | $ | 3.04 | ||||||||||||||||||
Other | $ | 2.44 | $ | 56.52 | $ | 15.70 | $ | 9.59 | ||||||||||||||||||
Total company | $ | 1.11 | $ | 52.77 | $ | 13.55 | $ | 3.34 | ||||||||||||||||||
2018 | ||||||||||||||||||||||||||
Permian Basin | $ | 1.69 | $ | 54.95 | $ | 22.84 | $ | 4.37 | ||||||||||||||||||
Mid-Continent | $ | 2.23 | $ | 62.31 | $ | 21.67 | $ | 2.69 | ||||||||||||||||||
Other | $ | 2.97 | $ | 58.40 | $ | 26.46 | $ | 7.63 | ||||||||||||||||||
Total company | $ | 1.99 | $ | 56.61 | $ | 22.28 | $ | 3.66 |
Average Realized Price | Production Cost (per BOE) | |||||||||||||||
Years Ended December 31, | Gas (per Mcf) | Oil (per Bbl) | NGL (per Bbl) | |||||||||||||
2019 | ||||||||||||||||
Permian Basin | $ | 0.49 | $ | 52.55 | $ | 12.62 | $ | 3.47 | ||||||||
Mid-Continent | $ | 1.95 | $ | 53.89 | $ | 15.47 | $ | 3.04 | ||||||||
Other | $ | 2.44 | $ | 56.52 | $ | 15.70 | $ | 9.59 | ||||||||
Total Company | $ | 1.11 | $ | 52.77 | $ | 13.55 | $ | 3.34 | ||||||||
2018 | ||||||||||||||||
Permian Basin | $ | 1.69 | $ | 54.95 | $ | 22.84 | $ | 4.37 | ||||||||
Mid-Continent | $ | 2.23 | $ | 62.31 | $ | 21.67 | $ | 2.69 | ||||||||
Other | $ | 2.97 | $ | 58.40 | $ | 26.46 | $ | 7.63 | ||||||||
Total Company | $ | 1.99 | $ | 56.61 | $ | 22.28 | $ | 3.66 | ||||||||
2017 | ||||||||||||||||
Permian Basin | $ | 2.72 | $ | 46.96 | $ | 20.25 | $ | 4.73 | ||||||||
Mid-Continent | $ | 2.78 | $ | 47.42 | $ | 23.02 | $ | 2.60 | ||||||||
Other | $ | 2.74 | $ | 46.53 | $ | 23.11 | $ | 9.03 | ||||||||
Total Company | $ | 2.76 | $ | 47.06 | $ | 21.61 | $ | 3.79 |
Capital Investment | Gross Productive Wells Completed | Net Productive Wells Completed | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Exploration and development: | |||||||||||||||||||||||
Permian Basin | $ | 503,304 | 92 | 48.1 | |||||||||||||||||||
Mid-Continent | 40,825 | 57 | 2.9 | ||||||||||||||||||||
Other | 727 | — | — | ||||||||||||||||||||
544,856 | 149 | 51.0 | |||||||||||||||||||||
Saltwater disposal/Midstream | 32,297 | ||||||||||||||||||||||
Total capital investment | $ | 577,153 |
E&D Capital | Gross Wells Completed | Net Wells Completed | |||||||
(in millions) | |||||||||
Permian Basin | $ | 1,048 | 131 | 75.5 | |||||
Mid-Continent | 193 | 160 | 16.6 | ||||||
Other | 1 | — | — | ||||||
$ | 1,242 | 291 | 92.1 |
Wells Completed | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||||
Productive | 149 | 51.0 | 289 | 90.2 | 349 | 122.1 | |||||||||||||||||||||||||||||
Dry | 2 | 1.5 | 2 | 1.9 | — | — | |||||||||||||||||||||||||||||
Total | 151 | 52.5 | 291 | 92.1 | 349 | 122.1 |
Wells Completed | |||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||
Developmental | |||||||||||||||||
Productive | 289 | 90.2 | 349 | 122.1 | 314 | 96.4 | |||||||||||
Dry | 2 | 1.9 | — | — | 5 | 1.6 | |||||||||||
Total | 291 | 92.1 | 349 | 122.1 | 319 | 98.0 |
Gas | Oil | ||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||
Mid-Continent | 3,876 | 1,449 | 869 | 175 | |||||||||||||||||||
Permian Basin | 705 | 310 | 4,495 | 827 | |||||||||||||||||||
Other | 103 | 3 | 13 | 1 | |||||||||||||||||||
4,684 | 1,762 | 5,377 | 1,003 |
Gas | Oil | ||||||||||
Gross | Net | Gross | Net | ||||||||
Mid-Continent | 3,792 | 1,435 | 729 | 186 | |||||||
Permian Basin | 745 | 331 | 4,469 | 823 | |||||||
Other | 112 | 5 | 17 | 2 | |||||||
4,649 | 1,771 | 5,215 | 1,011 |
Acreage | |||||||||||||||||||||||||||||||||||
Undeveloped | Developed | Total | |||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
Mid-Continent | |||||||||||||||||||||||||||||||||||
Kansas | 16,822 | 16,782 | — | — | 16,822 | 16,782 | |||||||||||||||||||||||||||||
Oklahoma | 156,179 | 47,624 | 774,542 | 306,849 | 930,721 | 354,473 | |||||||||||||||||||||||||||||
Texas | 22,544 | 9,317 | 108,536 | 52,676 | 131,080 | 61,993 | |||||||||||||||||||||||||||||
195,545 | 73,723 | 883,078 | 359,525 | 1,078,623 | 433,248 | ||||||||||||||||||||||||||||||
Permian Basin | |||||||||||||||||||||||||||||||||||
New Mexico | 123,460 | 49,306 | 175,144 | 120,106 | 298,604 | 169,412 | |||||||||||||||||||||||||||||
Texas | 45,962 | 26,971 | 222,445 | 134,233 | 268,407 | 161,204 | |||||||||||||||||||||||||||||
169,422 | 76,277 | 397,589 | 254,339 | 567,011 | 330,616 | ||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Arizona | 2,097,841 | 2,097,841 | 17,212 | 17,207 | 2,115,053 | 2,115,048 | |||||||||||||||||||||||||||||
California | 383,487 | 383,487 | — | — | 383,487 | 383,487 | |||||||||||||||||||||||||||||
Colorado | 38,092 | 18,767 | 43,459 | 1,642 | 81,551 | 20,409 | |||||||||||||||||||||||||||||
Gulf of Mexico | 20,000 | 11,000 | 26,345 | 6,381 | 46,345 | 17,381 | |||||||||||||||||||||||||||||
Nevada | 1,007,167 | 1,007,167 | 440 | 1 | 1,007,607 | 1,007,168 | |||||||||||||||||||||||||||||
New Mexico | 1,640,153 | 1,634,459 | 18,538 | 2,436 | 1,658,691 | 1,636,895 | |||||||||||||||||||||||||||||
Texas | 6,487 | 2,616 | 10,831 | 4,866 | 17,318 | 7,482 | |||||||||||||||||||||||||||||
Utah | 66,380 | 58,933 | 42,458 | 1,445 | 108,838 | 60,378 | |||||||||||||||||||||||||||||
Wyoming | 79,640 | 18,557 | 51,947 | 3,980 | 131,587 | 22,537 | |||||||||||||||||||||||||||||
Other | 235,647 | 182,286 | 21,770 | 4,827 | 257,417 | 187,113 | |||||||||||||||||||||||||||||
5,574,894 | 5,415,113 | 233,000 | 42,785 | 5,807,894 | 5,457,898 | ||||||||||||||||||||||||||||||
5,939,861 | 5,565,113 | 1,513,667 | 656,649 | 7,453,528 | 6,221,762 |
Acreage | |||||||||||||||||
Undeveloped | Developed | Total | |||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||
Mid-Continent | |||||||||||||||||
Kansas | 18,231 | 18,191 | — | — | 18,231 | 18,191 | |||||||||||
Oklahoma | 90,502 | 60,611 | 653,827 | 304,570 | 744,329 | 365,181 | |||||||||||
Texas | 14,272 | 9,356 | 123,135 | 51,338 | 137,407 | 60,694 | |||||||||||
123,005 | 88,158 | 776,962 | 355,908 | 899,967 | 444,066 | ||||||||||||
Permian Basin | |||||||||||||||||
New Mexico | 68,103 | 50,296 | 174,320 | 119,318 | 242,423 | 169,614 | |||||||||||
Texas | 58,632 | 39,496 | 193,932 | 135,636 | 252,564 | 175,132 | |||||||||||
126,735 | 89,792 | 368,252 | 254,954 | 494,987 | 344,746 | ||||||||||||
Other | |||||||||||||||||
Arizona | 2,097,841 | 2,097,841 | — | — | 2,097,841 | 2,097,841 | |||||||||||
California | 383,487 | 383,487 | — | — | 383,487 | 383,487 | |||||||||||
Colorado | 30,346 | 18,867 | 8,950 | 1,642 | 39,296 | 20,509 | |||||||||||
Gulf of Mexico | 20,000 | 11,000 | 18,853 | 6,381 | 38,853 | 17,381 | |||||||||||
Louisiana | 132,808 | 129,759 | 2,868 | 168 | 135,676 | 129,927 | |||||||||||
Michigan | 234 | 156 | 587 | 587 | 821 | 743 | |||||||||||
Montana | 29,359 | 7,698 | 7,004 | 1,037 | 36,363 | 8,735 | |||||||||||
Nevada | 1,007,167 | 1,007,167 | 440 | 1 | 1,007,607 | 1,007,168 | |||||||||||
New Mexico | 1,640,646 | 1,633,819 | 14,282 | 2,436 | 1,654,928 | 1,636,255 | |||||||||||
Texas | 8,800 | 2,695 | 23,375 | 4,784 | 32,175 | 7,479 | |||||||||||
Utah | 79,947 | 59,473 | 17,078 | 1,485 | 97,025 | 60,958 | |||||||||||
Wyoming | 90,586 | 11,923 | 24,447 | 4,711 | 115,033 | 16,634 | |||||||||||
Other | 100,839 | 84,484 | 7,362 | 3,408 | 108,201 | 87,892 | |||||||||||
5,622,060 | 5,448,369 | 125,246 | 26,640 | 5,747,306 | 5,475,009 | ||||||||||||
Total | 5,871,800 | 5,626,319 | 1,270,460 | 637,502 | 7,142,260 | 6,263,821 |
Acreage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Continent | 8,074 | 6,583 | 3,101 | 1,946 | 1,233 | 465 | 420 | 330 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Permian Basin | 10,835 | 4,878 | 4,394 | 1,978 | 960 | 960 | 40 | 40 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 124,148 | 120,590 | 34,413 | 31,592 | 6,840 | 5,729 | 1,302 | 1,241 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
143,057 | 132,051 | 41,908 | 35,516 | 9,033 | 7,154 | 1,762 | 1,611 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
% of total undeveloped acreage | 2.4 | 2.4 | 0.7 | 0.6 | 0.2 | 0.1 | — | — | — | — |
Acreage | |||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||
Mid-Continent | 10,939 | 10,902 | 6,235 | 6,235 | 1,860 | 1,860 | 284 | 284 | — | — | |||||||||||||||||||
Permian Basin | 5,732 | 5,732 | 4,136 | 4,136 | 1,641 | 1,641 | 960 | 960 | 40 | 40 | |||||||||||||||||||
Other | 149,623 | 149,593 | 10,935 | 10,855 | 32,977 | 31,956 | 5,709 | 5,594 | 904 | 648 | |||||||||||||||||||
166,294 | 166,227 | 21,306 | 21,226 | 36,478 | 35,457 | 6,953 | 6,838 | 944 | 688 | ||||||||||||||||||||
% of undeveloped acreage | 2.8 | 3.0 | 0.4 | 0.4 | 0.6 | 0.6 | 0.1 | 0.1 | — | — |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | |||||||||
January 1-31, 2019 | 1,162 | $ | 70.46 | — | — | ||||||||
February 1-28, 2019 | — | — | — | — | |||||||||
March 1-31, 2019 | 8,393 | 68.16 | — | — | |||||||||
April 1-30, 2019 | — | — | — | — | |||||||||
May 1-31, 2019 | — | — | — | — | |||||||||
June 1-30, 2019 | — | — | — | — | |||||||||
July 1-31, 2019 | 34,607 | 50.67 | — | — | |||||||||
August 1-31, 2019 | — | — | — | — | |||||||||
September 1-30, 2019 | — | — | — | — | |||||||||
October 1-31, 2019 | — | — | — | — | |||||||||
November 1-30, 2019 | — | — | — | — | |||||||||
December 1-31, 2019 | 61,374 | 45.97 | — | — | |||||||||
Total | 105,536 | $ | 49.55 | — | — |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | ||||||||||||||||||||||
January 1-31, 2020 | — | $ | — | — | — | |||||||||||||||||||||
February 1-29, 2020 | — | — | — | — | ||||||||||||||||||||||
March 1-31, 2020 | 12,199 | 13.56 | — | — | ||||||||||||||||||||||
April 1-30, 2020 | 1,160 | 20.53 | — | — | ||||||||||||||||||||||
May 1-31, 2020 | — | — | — | — | ||||||||||||||||||||||
June 1-30, 2020 | — | — | — | — | ||||||||||||||||||||||
July 1-31, 2020 | 94,245 | 24.57 | — | — | ||||||||||||||||||||||
August 1-31, 2020 | — | — | — | — | ||||||||||||||||||||||
September 1-30, 2020 | — | — | — | — | ||||||||||||||||||||||
October 1-31, 2020 | — | — | — | — | ||||||||||||||||||||||
November 1-30, 2020 | 1,468 | 31.25 | — | — | ||||||||||||||||||||||
December 1-31, 2020 | 52,620 | 36.21 | — | — | ||||||||||||||||||||||
Total | 161,692 | $ | 26.73 | — | — |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
Cimarex Energy Co. | $ | 100.00 | $ | 152.64 | $ | 137.42 | $ | 69.88 | $ | 60.39 | $ | 44.43 | |||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 111.96 | $ | 136.40 | $ | 130.42 | $ | 171.49 | $ | 203.04 | |||||||||||||||||||||||
Dow Jones US Exploration & Production | $ | 100.00 | $ | 124.48 | $ | 126.10 | $ | 103.69 | $ | 115.51 | $ | 76.64 | |||||||||||||||||||||||
S&P Oil & Gas Exploration & Production | $ | 100.00 | $ | 132.86 | $ | 124.48 | $ | 100.20 | $ | 112.25 | $ | 72.49 |
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||
Cimarex Energy Co. | $ | 100.00 | $ | 84.79 | $ | 129.42 | $ | 116.52 | $ | 59.25 | $ | 51.21 | |||||||||||
S&P 500 | $ | 100.00 | $ | 101.38 | $ | 113.51 | $ | 138.29 | $ | 132.23 | $ | 173.86 | |||||||||||
Dow Jones US Exploration & Production | $ | 100.00 | $ | 76.27 | $ | 94.94 | $ | 96.18 | $ | 79.09 | $ | 88.10 | |||||||||||
S&P Oil & Gas Exploration & Production | $ | 100.00 | $ | 65.85 | $ | 87.48 | $ | 81.96 | $ | 65.98 | $ | 73.91 |
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | (in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||
Operating results: | Operating results: | |||||||||||||||||||||||||||||||||||||||||||||||
Oil, gas, and NGL sales | $ | 2,321,921 | $ | 2,297,645 | $ | 1,874,003 | $ | 1,221,218 | $ | 1,417,538 | Oil, gas, and NGL sales | $ | 1,512,688 | $ | 2,321,921 | $ | 2,297,645 | $ | 1,874,003 | $ | 1,221,218 | |||||||||||||||||||||||||||
Total revenues (1) | $ | 2,362,969 | $ | 2,339,017 | $ | 1,918,249 | $ | 1,257,345 | $ | 1,452,619 | Total revenues (1) | $ | 1,558,595 | $ | 2,362,969 | $ | 2,339,017 | $ | 1,918,249 | $ | 1,257,345 | |||||||||||||||||||||||||||
Net (loss) income (2) | $ | (124,619 | ) | $ | 791,851 | $ | 494,329 | $ | (408,803 | ) | $ | (2,579,604 | ) | Net (loss) income (2) | $ | (1,967,458) | $ | (124,619) | $ | 791,851 | $ | 494,329 | $ | (408,803) | ||||||||||||||||||||||||
Earnings (loss) per common share: | Earnings (loss) per common share: | |||||||||||||||||||||||||||||||||||||||||||||||
Basic | $ | (1.33 | ) | $ | 8.32 | $ | 5.19 | $ | (4.38 | ) | $ | (27.75 | ) | Basic | $ | (19.73) | $ | (1.33) | $ | 8.32 | $ | 5.19 | $ | (4.38) | ||||||||||||||||||||||||
Diluted | $ | (1.33 | ) | $ | 8.32 | $ | 5.19 | $ | (4.38 | ) | $ | (27.75 | ) | Diluted | $ | (19.73) | $ | (1.33) | $ | 8.32 | $ | 5.19 | $ | (4.38) | ||||||||||||||||||||||||
Cash dividends declared per common share | $ | 0.80 | $ | 0.68 | $ | 0.32 | $ | 0.32 | $ | 0.64 | Cash dividends declared per common share | $ | 0.88 | $ | 0.80 | $ | 0.68 | $ | 0.32 | $ | 0.32 | |||||||||||||||||||||||||||
Cash flow data: | Cash flow data: | |||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,343,966 | $ | 1,550,994 | $ | 1,096,564 | $ | 625,849 | $ | 725,728 | Net cash provided by operating activities | $ | 904,167 | $ | 1,343,966 | $ | 1,550,994 | $ | 1,096,564 | $ | 625,849 | |||||||||||||||||||||||||||
Net cash used by investing activities | $ | (1,577,882 | ) | $ | (1,085,618 | ) | $ | (1,265,897 | ) | $ | (692,410 | ) | $ | (1,008,605 | ) | Net cash used by investing activities | $ | (578,875) | $ | (1,577,882) | $ | (1,085,618) | $ | (1,265,897) | $ | (692,410) | ||||||||||||||||||||||
Net cash (used) provided by financing activities | $ | (472,028 | ) | $ | (65,244 | ) | $ | (83,009 | ) | $ | (59,945 | ) | $ | 656,397 | ||||||||||||||||||||||||||||||||||
Net cash used by financing activities | Net cash used by financing activities | $ | (146,869) | $ | (472,028) | $ | (65,244) | $ | (83,009) | $ | (59,945) |
December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(in thousands, except proved reserves amounts) | |||||||||||||||||||||||||||||
Balance sheet data: | |||||||||||||||||||||||||||||
Cash and cash equivalents (3) | $ | 273,145 | $ | 94,722 | $ | 800,666 | $ | 400,534 | $ | 652,876 | |||||||||||||||||||
Oil and gas properties, net (2) (3) | $ | 3,436,669 | $ | 5,210,698 | $ | 3,715,330 | $ | 3,241,530 | $ | 2,354,267 | |||||||||||||||||||
Goodwill (3) | $ | — | $ | 716,865 | $ | 620,232 | $ | 620,232 | $ | 620,232 | |||||||||||||||||||
Total assets (2) (3) | $ | 4,621,989 | $ | 7,140,029 | $ | 6,062,084 | $ | 5,042,639 | $ | 4,237,724 | |||||||||||||||||||
Deferred income tax (asset) liability | $ | (20,472) | $ | 338,424 | $ | 334,473 | $ | 101,618 | $ | (55,835) | |||||||||||||||||||
Long-term obligations: | |||||||||||||||||||||||||||||
Long-term debt (principal) (4) | $ | 2,000,000 | $ | 2,000,000 | $ | 1,500,000 | $ | 1,500,000 | $ | 1,500,000 | |||||||||||||||||||
Operating and finance leases (5) | $ | 154,436 | $ | 202,921 | $ | — | $ | — | $ | — | |||||||||||||||||||
Other | $ | 229,794 | $ | 197,056 | $ | 200,564 | $ | 206,249 | $ | 184,444 | |||||||||||||||||||
Redeemable preferred stock (3) | $ | 36,781 | $ | 81,620 | $ | — | $ | — | $ | — | |||||||||||||||||||
Stockholders’ equity (2) | $ | 1,553,454 | $ | 3,576,141 | $ | 3,329,786 | $ | 2,568,278 | $ | 2,042,989 | |||||||||||||||||||
Proved Reserves: | |||||||||||||||||||||||||||||
Oil (MBbls) | 144,063 | 169,770 | 146,538 | 137,238 | 105,878 | ||||||||||||||||||||||||
Gas (Bcf) | 1,363 | 1,532 | 1,591 | 1,608 | 1,471 | ||||||||||||||||||||||||
NGL (MBbls) | 159,818 | 194,468 | 179,436 | 153,860 | 130,633 | ||||||||||||||||||||||||
Total (MBOE) | 531,021 | 619,595 | 591,195 | 559,037 | 481,748 |
December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
(in thousands, except proved reserves amounts) | |||||||||||||||||||
Balance sheet data: | |||||||||||||||||||
Cash and cash equivalents (3) | $ | 94,722 | $ | 800,666 | $ | 400,534 | $ | 652,876 | $ | 779,382 | |||||||||
Oil and gas properties, net (2) (3) | $ | 5,210,698 | $ | 3,715,330 | $ | 3,241,530 | $ | 2,354,267 | $ | 2,741,282 | |||||||||
Goodwill (3) | $ | 716,865 | $ | 620,232 | $ | 620,232 | $ | 620,232 | $ | 620,232 | |||||||||
Total assets (2) | $ | 7,140,029 | $ | 6,062,084 | $ | 5,042,639 | $ | 4,237,724 | $ | 4,708,422 | |||||||||
Deferred income tax liability (asset) | $ | 338,424 | $ | 334,473 | $ | 101,618 | $ | (55,835 | ) | $ | 157,162 | ||||||||
Long-term obligations: | |||||||||||||||||||
Long-term debt (principal) (4) | $ | 2,000,000 | $ | 1,500,000 | $ | 1,500,000 | $ | 1,500,000 | $ | 1,500,000 | |||||||||
Operating and finance leases (5) | $ | 202,921 | $ | — | $ | — | $ | — | $ | — | |||||||||
Other | $ | 197,056 | $ | 200,564 | $ | 206,249 | $ | 184,444 | $ | 197,216 | |||||||||
Redeemable preferred stock (3) | $ | 81,620 | $ | — | $ | — | $ | — | $ | — | |||||||||
Stockholders’ equity | $ | 3,576,141 | $ | 3,329,786 | $ | 2,568,278 | $ | 2,042,989 | $ | 2,458,357 | |||||||||
Proved Reserves: | |||||||||||||||||||
Oil (MBbls) | 169,770 | 146,538 | 137,238 | 105,878 | 107,798 | ||||||||||||||
Gas (Bcf) | 1,532 | 1,591 | 1,608 | 1,471 | 1,517 | ||||||||||||||
NGL (MBbls) | 194,468 | 179,436 | 153,860 | 130,633 | 124,277 | ||||||||||||||
Total (MBOE) | 619,595 | 591,195 | 559,037 | 481,748 | 484,901 |
(1) Effective January 1, 2018, we adopted the provisions of Accounting Standards Codification 606, Revenue from Contracts with Customers (“ASC 606”), utilizing the modified retrospective approach. Because we utilized the modified retrospective approach, there was no impact to prior periods’ reported amounts. Application of ASC 606 has no impact on our net income or cash flows from operations; however, certain costs classified as Transportation, processing, and other operating in the Consolidated Statements of Operations and Comprehensive Income (Loss) under prior accounting standards are now reflected as deductions from revenue. |
Years Ended December 31, | Variance Between 2019 / 2018 | Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||||||||||
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||||
Average NYMEX price | Average NYMEX price | |||||||||||||||||||||||||||||
Oil — per barrel | $ | 57.03 | $ | 64.77 | (12)% | Oil — per barrel | $ | 39.40 | $ | 57.03 | (31)% | |||||||||||||||||||
Gas — per Mcf | $ | 2.63 | $ | 3.09 | (15)% | Gas — per Mcf | $ | 2.08 | $ | 2.63 | (21)% | |||||||||||||||||||
Average realized price | Average realized price | |||||||||||||||||||||||||||||
Oil — per barrel | $ | 52.77 | $ | 56.61 | (7)% | Oil — per barrel | $ | 35.59 | $ | 52.77 | (33)% | |||||||||||||||||||
Gas — per Mcf | $ | 1.11 | $ | 1.99 | (44)% | Gas — per Mcf | $ | 1.05 | $ | 1.11 | (5)% | |||||||||||||||||||
NGL — per barrel | $ | 13.55 | $ | 22.28 | (39)% | NGL — per barrel | $ | 10.53 | $ | 13.55 | (22)% | |||||||||||||||||||
Average price differential | Average price differential | |||||||||||||||||||||||||||||
Oil — per barrel | $ | (4.26 | ) | $ | (8.16 | ) | 48% | Oil — per barrel | $ | (3.81) | $ | (4.26) | 11% | |||||||||||||||||
Gas — per Mcf | $ | (1.52 | ) | $ | (1.10 | ) | (38)% | Gas — per Mcf | $ | (1.03) | $ | (1.52) | 32% |
Average Price Differentials | ||||||||||||||||||||||||||||||||
Year | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Oil | ||||||||||||||||||||||||||||||||
Permian Basin | $ | (3.74) | $ | (2.79) | $ | (2.71) | $ | (8.12) | $ | (2.00) | ||||||||||||||||||||||
Mid-Continent | $ | (4.43) | $ | (0.99) | $ | (5.06) | $ | (9.53) | $ | (2.02) | ||||||||||||||||||||||
Total Company | $ | (3.81) | $ | (2.57) | $ | (2.99) | $ | (8.28) | $ | (1.99) | ||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||||||||
Permian Basin | $ | (1.39) | $ | (1.34) | $ | (1.15) | $ | (1.09) | $ | (1.85) | ||||||||||||||||||||||
Mid-Continent | $ | (0.41) | $ | (0.36) | $ | (0.31) | $ | (0.31) | $ | (0.57) | ||||||||||||||||||||||
Total Company | $ | (1.03) | $ | (0.98) | $ | (0.84) | $ | (0.80) | $ | (1.40) | ||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Oil | ||||||||||||||||||||||||||||||||
Permian Basin | $ | (4.48) | $ | (2.18) | $ | (3.76) | $ | (5.80) | $ | (6.90) | ||||||||||||||||||||||
Mid-Continent | $ | (3.14) | $ | (2.05) | $ | (3.72) | $ | (4.39) | $ | (2.17) | ||||||||||||||||||||||
Total Company | $ | (4.26) | $ | (2.16) | $ | (3.74) | $ | (5.58) | $ | (6.03) | ||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||||||||
Permian Basin | $ | (2.14) | $ | (1.67) | $ | (1.83) | $ | (3.10) | $ | (1.91) | ||||||||||||||||||||||
Mid-Continent | $ | (0.68) | $ | (0.74) | $ | (0.66) | $ | (0.86) | $ | (0.46) | ||||||||||||||||||||||
Total Company | $ | (1.52) | $ | (1.31) | $ | (1.35) | $ | (2.14) | $ | (1.24) |
Average Price Differentials | ||||||||||||||||||||
Year | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||
2019 | ||||||||||||||||||||
Oil | ||||||||||||||||||||
Permian Basin | $ | (4.48 | ) | $ | (2.18 | ) | $ | (3.76 | ) | $ | (5.80 | ) | $ | (6.90 | ) | |||||
Mid-Continent | $ | (3.14 | ) | $ | (2.05 | ) | $ | (3.72 | ) | $ | (4.39 | ) | $ | (2.17 | ) | |||||
Total Company | $ | (4.26 | ) | $ | (2.16 | ) | $ | (3.74 | ) | $ | (5.58 | ) | $ | (6.03 | ) | |||||
Gas | ||||||||||||||||||||
Permian Basin | $ | (2.14 | ) | $ | (1.67 | ) | $ | (1.83 | ) | $ | (3.10 | ) | $ | (1.91 | ) | |||||
Mid-Continent | $ | (0.68 | ) | $ | (0.74 | ) | $ | (0.66 | ) | $ | (0.86 | ) | $ | (0.46 | ) | |||||
Total Company | $ | (1.52 | ) | $ | (1.31 | ) | $ | (1.35 | ) | $ | (2.14 | ) | $ | (1.24 | ) | |||||
2018 | ||||||||||||||||||||
Oil | ||||||||||||||||||||
Permian Basin | $ | (9.82 | ) | $ | (11.64 | ) | $ | (14.34 | ) | $ | (8.05 | ) | $ | (3.12 | ) | |||||
Mid-Continent | $ | (2.46 | ) | $ | (2.33 | ) | $ | (1.08 | ) | $ | (2.18 | ) | $ | (2.34 | ) | |||||
Total Company | $ | (8.16 | ) | $ | (9.51 | ) | $ | (11.25 | ) | $ | (6.89 | ) | $ | (2.94 | ) | |||||
Gas | ||||||||||||||||||||
Permian Basin | $ | (1.40 | ) | $ | (2.21 | ) | $ | (1.25 | ) | $ | (1.31 | ) | $ | (0.78 | ) | |||||
Mid-Continent | $ | (0.86 | ) | $ | (0.83 | ) | $ | (0.94 | ) | $ | (1.03 | ) | $ | (0.70 | ) | |||||
Total Company | $ | (1.10 | ) | $ | (1.49 | ) | $ | (1.07 | ) | $ | (1.15 | ) | $ | (0.73 | ) |
December 31, 2020 | |||||||||||||||||||||||
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||||||
Permian Basin | 790,750 | 126,327 | 103,606 | 361,725 | |||||||||||||||||||
Mid-Continent | 570,578 | 17,491 | 56,130 | 168,717 | |||||||||||||||||||
Other | 1,514 | 245 | 82 | 579 | |||||||||||||||||||
1,362,842 | 144,063 | 159,818 | 531,021 |
December 31, 2019 | |||||||||||
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||
Permian Basin | 870,208 | 147,662 | 130,007 | 422,703 | |||||||
Mid-Continent | 660,161 | 21,848 | 64,377 | 196,252 | |||||||
Other | 1,776 | 260 | 84 | 640 | |||||||
Total | 1,532,145 | 169,770 | 194,468 | 619,595 |
December 31, 2019 | |||||||||||||||||||||||
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||||||
Permian Basin | 870,208 | 147,662 | 130,007 | 422,703 | |||||||||||||||||||
Mid-Continent | 660,161 | 21,848 | 64,377 | 196,252 | |||||||||||||||||||
Other | 1,776 | 260 | 84 | 640 | |||||||||||||||||||
1,532,145 | 169,770 | 194,468 | 619,595 |
December 31, 2018 | |||||||||||
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||
Permian Basin | 727,985 | 116,378 | 96,533 | 334,241 | |||||||
Mid-Continent | 861,440 | 29,908 | 82,826 | 256,307 | |||||||
Other | 1,896 | 252 | 77 | 647 | |||||||
Total | 1,591,321 | 146,538 | 179,436 | 591,195 |
Years Ended December 31, | Price / Volume Variance | |||||||||||||||||||||||||||||||||||||||||||
Production Revenue (in thousands) | 2020 | 2019 | Variance Between 2020 / 2019 | Price | Volume | Total | ||||||||||||||||||||||||||||||||||||||
Oil sales | $ | 999,682 | $ | 1,660,210 | $ | (660,528) | (40) | % | $ | (482,534) | $ | (177,994) | $ | (660,528) | ||||||||||||||||||||||||||||||
Gas sales | 243,932 | 278,776 | (34,844) | (12) | % | (13,958) | (20,886) | (34,844) | ||||||||||||||||||||||||||||||||||||
NGL sales | 269,074 | 382,935 | (113,861) | (30) | % | (77,172) | (36,689) | (113,861) | ||||||||||||||||||||||||||||||||||||
$ | 1,512,688 | $ | 2,321,921 | $ | (809,233) | (35) | % | $ | (573,664) | $ | (235,569) | $ | (809,233) |
Years Ended December 31, | Price / Volume Variance | ||||||||||||||||||||||||||
Production Revenue (in thousands) | 2019 | 2018 | Variance Between 2019 / 2018 | Price | Volume | Total | |||||||||||||||||||||
Oil sales | $ | 1,660,210 | $ | 1,398,813 | $ | 261,397 | 19 | % | $ | (120,819 | ) | $ | 382,216 | $ | 261,397 | ||||||||||||
Gas sales | 278,776 | 408,751 | (129,975 | ) | (32 | )% | (221,379 | ) | 91,404 | (129,975 | ) | ||||||||||||||||
NGL sales | 382,935 | 490,081 | (107,146 | ) | (22 | )% | (246,658 | ) | 139,512 | (107,146 | ) | ||||||||||||||||
$ | 2,321,921 | $ | 2,297,645 | $ | 24,276 | 1 | % | $ | (588,856 | ) | $ | 613,132 | $ | 24,276 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Oil | ||||||||||||||||||||||||||
Total volume — MBbls | 28,087 | 31,463 | (3,376) | (11) | % | |||||||||||||||||||||
Total volume — MBbls per day | 76.7 | 86.2 | (9.5) | (11) | % | |||||||||||||||||||||
Percentage of total production | 30 | % | 31 | % | ||||||||||||||||||||||
Average realized price — per barrel | $ | 35.59 | $ | 52.77 | $ | (17.18) | (33) | % | ||||||||||||||||||
Average WTI Midland price — per barrel | $ | 39.71 | $ | 55.53 | $ | (15.82) | (28) | % | ||||||||||||||||||
Average WTI Cushing price — per barrel | $ | 39.40 | $ | 57.03 | $ | (17.63) | (31) | % | ||||||||||||||||||
Gas | ||||||||||||||||||||||||||
Total volume — MMcf | 232,625 | 251,567 | (18,942) | (8) | % | |||||||||||||||||||||
Total volume — MMcf per day | 635.6 | 689.2 | (53.6) | (8) | % | |||||||||||||||||||||
Percentage of total production | 42 | % | 41 | % | ||||||||||||||||||||||
Average realized price — per Mcf | $ | 1.05 | $ | 1.11 | $ | (0.06) | (5) | % | ||||||||||||||||||
Average Henry Hub price — per Mcf | $ | 2.08 | $ | 2.63 | $ | (0.55) | (21) | % | ||||||||||||||||||
NGL | ||||||||||||||||||||||||||
Total volume — MBbls | 25,554 | 28,254 | (2,700) | (10) | % | |||||||||||||||||||||
Total volume — MBbls per day | 69.8 | 77.4 | (7.6) | (10) | % | |||||||||||||||||||||
Percentage of total production | 28 | % | 28 | % | ||||||||||||||||||||||
Average realized price — per barrel | $ | 10.53 | $ | 13.55 | $ | (3.02) | (22) | % | ||||||||||||||||||
Total | ||||||||||||||||||||||||||
Total production — MBOE | 92,412 | 101,645 | (9,233) | (9) | % | |||||||||||||||||||||
Total production — MBOE per day | 252.5 | 278.5 | (26.0) | (9) | % | |||||||||||||||||||||
Average realized price — per BOE | $ | 16.37 | $ | 22.84 | $ | (6.47) | (28) | % |
Years Ended December 31, | Variance Between 2019 / 2018 | ||||||||||||||
2019 | 2018 | ||||||||||||||
Oil | |||||||||||||||
Total volume — MBbls | 31,463 | 24,710 | 6,753 | 27 | % | ||||||||||
Total volume — MBbls per day | 86.2 | 67.7 | 18.5 | 27 | % | ||||||||||
Percentage of total production | 31 | % | 31 | % | |||||||||||
Average realized price — per barrel | $ | 52.77 | $ | 56.61 | $ | (3.84 | ) | (7 | )% | ||||||
Average WTI Midland price — per barrel | $ | 55.53 | $ | 58.31 | $ | (2.78 | ) | (5 | )% | ||||||
Average WTI Cushing price — per barrel | $ | 57.03 | $ | 64.77 | $ | (7.74 | ) | (12 | )% | ||||||
Gas | |||||||||||||||
Total volume — MMcf | 251,567 | 205,837 | 45,730 | 22 | % | ||||||||||
Total volume — MMcf per day | 689.2 | 563.9 | 125.3 | 22 | % | ||||||||||
Percentage of total production | 41 | % | 42 | % | |||||||||||
Average realized price — per Mcf | $ | 1.11 | $ | 1.99 | $ | (0.88 | ) | (44 | )% | ||||||
Average Henry Hub price — per Mcf | $ | 2.63 | $ | 3.09 | $ | (0.46 | ) | (15 | )% | ||||||
NGL | |||||||||||||||
Total volume — MBbls | 28,254 | 21,994 | 6,260 | 28 | % | ||||||||||
Total volume — MBbls per day | 77.4 | 60.3 | 17.1 | 28 | % | ||||||||||
Percentage of total production | 28 | % | 27 | % | |||||||||||
Average realized price — per barrel | $ | 13.55 | $ | 22.28 | $ | (8.73 | ) | (39 | )% | ||||||
Total | |||||||||||||||
Total production — MBOE | 101,645 | 81,010 | 20,635 | 25 | % | ||||||||||
Total production — MBOE per day | 278.5 | 221.9 | 56.6 | 25 | % | ||||||||||
Average realized price — per BOE | $ | 22.84 | $ | 28.36 | $ | (5.52 | ) | (19 | )% |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
Gas Gathering and Marketing Revenues (in thousands) | 2020 | 2019 | ||||||||||||||||||
Gas gathering and other | $ | 47,842 | $ | 42,454 | $ | 5,388 | ||||||||||||||
Gas marketing | $ | (1,935) | $ | (1,406) | $ | (529) |
Years Ended December 31, | Variance Between 2019 / 2018 | |||||||||||
Gas Gathering and Marketing Revenues (in thousands): | 2019 | 2018 | ||||||||||
Gas gathering and other | $ | 42,454 | $ | 41,180 | $ | 1,274 | ||||||
Gas marketing | $ | (1,406 | ) | $ | 192 | $ | (1,598 | ) |
Years Ended December 31, | Variance Between 2020 / 2019 | Per BOE | ||||||||||||||||||||||||||||||
Operating Costs and Expenses (in thousands, except per BOE) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
Impairment of oil and gas properties | $ | 1,638,329 | $ | 618,693 | $ | 1,019,636 | N/A | N/A | ||||||||||||||||||||||||
Depreciation, depletion, and amortization | 695,954 | 882,173 | (186,219) | $ | 7.53 | $ | 8.68 | |||||||||||||||||||||||||
Asset retirement obligation | 14,653 | 8,586 | 6,067 | $ | 0.16 | $ | 0.08 | |||||||||||||||||||||||||
Impairment of goodwill | 714,447 | — | 714,447 | N/A | N/A | |||||||||||||||||||||||||||
Production | 285,324 | 339,941 | (54,617) | $ | 3.09 | $ | 3.34 | |||||||||||||||||||||||||
Transportation, processing, and other operating | 213,366 | 238,259 | (24,893) | $ | 2.31 | $ | 2.34 | |||||||||||||||||||||||||
Gas gathering and other | 23,591 | 23,294 | 297 | $ | 0.26 | $ | 0.23 | |||||||||||||||||||||||||
Taxes other than income | 79,699 | 148,953 | (69,254) | $ | 0.86 | $ | 1.47 | |||||||||||||||||||||||||
General and administrative | 111,005 | 95,843 | 15,162 | $ | 1.20 | $ | 0.94 | |||||||||||||||||||||||||
Stock-based compensation | 29,895 | 26,398 | 3,497 | $ | 0.32 | $ | 0.26 | |||||||||||||||||||||||||
Loss on derivative instruments, net | 35,534 | 76,850 | (41,316) | N/A | N/A | |||||||||||||||||||||||||||
Other operating expense, net | 839 | 19,305 | (18,466) | N/A | N/A | |||||||||||||||||||||||||||
$ | 3,842,636 | $ | 2,478,295 | $ | 1,364,341 |
Years Ended December 31, | Variance Between 2019 / 2018 | Per BOE | ||||||||||||||||||
Operating Costs and Expenses (in thousands, except per BOE) | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Impairment of oil and gas properties | $ | 618,693 | $ | — | $ | 618,693 | N/A | N/A | ||||||||||||
Depreciation, depletion, and amortization | 882,173 | 590,473 | 291,700 | $ | 8.68 | $ | 7.29 | |||||||||||||
Asset retirement obligation | 8,586 | 7,142 | 1,444 | $ | 0.08 | $ | 0.09 | |||||||||||||
Production (1) | 339,941 | 296,189 | 43,752 | $ | 3.34 | $ | 3.66 | |||||||||||||
Transportation, processing, and other operating (1) | 238,259 | 211,463 | 26,796 | $ | 2.34 | $ | 2.61 | |||||||||||||
Gas gathering and other (1) | 23,294 | 28,327 | (5,033 | ) | $ | 0.23 | $ | 0.35 | ||||||||||||
Taxes other than income | 148,953 | 125,169 | 23,784 | $ | 1.47 | $ | 1.55 | |||||||||||||
General and administrative | 95,843 | 77,843 | 18,000 | $ | 0.94 | $ | 0.96 | |||||||||||||
Stock compensation | 26,398 | 22,895 | 3,503 | $ | 0.26 | $ | 0.28 | |||||||||||||
Loss (gain) on derivative instruments, net | 76,850 | (85,959 | ) | 162,809 | N/A | N/A | ||||||||||||||
Other operating expense, net | 19,305 | 18,507 | 798 | N/A | N/A | |||||||||||||||
$ | 2,478,295 | $ | 1,292,049 | $ | 1,186,246 |
Years Ended December 31, | Variance Between 2020 / 2019 | Per BOE | ||||||||||||||||||||||||||||||
DD&A Expense (in thousands, except per BOE) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
Depletion | $ | 625,481 | $ | 817,099 | $ | (191,618) | $ | 6.77 | $ | 8.04 | ||||||||||||||||||||||
Depreciation | 70,473 | 65,074 | 5,399 | 0.76 | 0.64 | |||||||||||||||||||||||||||
$ | 695,954 | $ | 882,173 | $ | (186,219) | $ | 7.53 | $ | 8.68 |
Years Ended December 31, | Variance Between 2019 / 2018 | Per BOE | ||||||||||||||||||
DD&A Expense (in thousands, except per BOE) | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Depletion | $ | 817,099 | $ | 538,919 | $ | 278,180 | $ | 8.04 | $ | 6.65 | ||||||||||
Depreciation | 65,074 | 51,554 | 13,520 | 0.64 | 0.64 | |||||||||||||||
$ | 882,173 | $ | 590,473 | $ | 291,700 | $ | 8.68 | $ | 7.29 |
Years Ended December 31, | Variance Between 2020 / 2019 | Per BOE | ||||||||||||||||||||||||||||||
Production Expense (in thousands, except per BOE) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
Lease operating expense | $ | 244,397 | $ | 273,092 | $ | (28,695) | $ | 2.65 | $ | 2.68 | ||||||||||||||||||||||
Workover expense | 40,927 | 66,849 | (25,922) | 0.44 | 0.66 | |||||||||||||||||||||||||||
$ | 285,324 | $ | 339,941 | $ | (54,617) | $ | 3.09 | $ | 3.34 |
Years Ended December 31, | Variance Between 2019 / 2018 | Per BOE | ||||||||||||||||||
Production Expense (in thousands, except per BOE) | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Lease operating expense | $ | 273,092 | $ | 244,861 | $ | 28,231 | $ | 2.68 | $ | 3.03 | ||||||||||
Workover expense | 66,849 | 51,328 | 15,521 | 0.66 | 0.63 | |||||||||||||||
$ | 339,941 | $ | 296,189 | $ | 43,752 | $ | 3.34 | $ | 3.66 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
Taxes Other than Income (in thousands) | 2020 | 2019 | ||||||||||||||||||
Production | $ | 64,075 | $ | 111,819 | $ | (47,744) | ||||||||||||||
Ad valorem | 14,500 | 36,291 | (21,791) | |||||||||||||||||
Other | 1,124 | 843 | 281 | |||||||||||||||||
$ | 79,699 | $ | 148,953 | $ | (69,254) | |||||||||||||||
Taxes other than income as a percentage of production revenue | 5.3 | % | 6.4 | % |
Years Ended December 31, | Variance Between 2019 / 2018 | |||||||||||
Taxes Other than Income (in thousands) | 2019 | 2018 | ||||||||||
Production | $ | 111,819 | $ | 105,014 | $ | 6,805 | ||||||
Ad valorem | 36,291 | 19,459 | 16,832 | |||||||||
Other | 843 | 696 | 147 | |||||||||
$ | 148,953 | $ | 125,169 | $ | 23,784 | |||||||
Taxes other than income as a percentage of production revenue | 6.4 | % | 5.4 | % |
Years Ended December 31, | Variance Between 2019 / 2018 | |||||||||||
General and Administrative Expense (in thousands): | 2019 | 2018 | ||||||||||
Gross G&A | $ | 170,757 | $ | 149,820 | $ | 20,937 | ||||||
Less amounts capitalized to oil and gas properties | (74,914 | ) | (71,977 | ) | (2,937 | ) | ||||||
G&A expense | $ | 95,843 | $ | 77,843 | $ | 18,000 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
General and Administrative Expense (in thousands) | 2020 | 2019 | ||||||||||||||||||
Gross G&A | $ | 168,815 | $ | 170,757 | $ | (1,942) | ||||||||||||||
Less amounts capitalized to oil and gas properties | (57,810) | (74,914) | 17,104 | |||||||||||||||||
G&A expense | $ | 111,005 | $ | 95,843 | $ | 15,162 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
Stock-based Compensation Expense (in thousands) | 2020 | 2019 | ||||||||||||||||||
Restricted stock awards: | ||||||||||||||||||||
Performance stock awards | $ | 17,338 | $ | 21,590 | $ | (4,252) | ||||||||||||||
Service-based stock awards | 26,014 | 25,611 | 403 | |||||||||||||||||
43,352 | 47,201 | (3,849) | ||||||||||||||||||
Stock option awards | 1,460 | 1,903 | (443) | |||||||||||||||||
Total stock-based compensation cost | 44,812 | 49,104 | (4,292) | |||||||||||||||||
Less amounts capitalized to oil and gas properties | (14,917) | (22,706) | 7,789 | |||||||||||||||||
Stock-based compensation expense | $ | 29,895 | $ | 26,398 | $ | 3,497 |
Years Ended December 31, | Variance Between 2019 / 2018 | |||||||||||
Stock Compensation Expense (in thousands): | 2019 | 2018 | ||||||||||
Restricted stock awards: | ||||||||||||
Performance stock awards | $ | 21,590 | $ | 23,083 | $ | (1,493 | ) | |||||
Service-based stock awards | 25,611 | 20,385 | 5,226 | |||||||||
47,201 | 43,468 | 3,733 | ||||||||||
Stock option awards | 1,903 | 2,456 | (553 | ) | ||||||||
Total stock compensation cost | 49,104 | 45,924 | 3,180 | |||||||||
Less amounts capitalized to oil and gas properties | (22,706 | ) | (23,029 | ) | 323 | |||||||
Stock compensation expense | $ | 26,398 | $ | 22,895 | $ | 3,503 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
Loss on Derivative Instruments, Net (in thousands) | 2020 | 2019 | ||||||||||||||||||
Decrease (increase) in fair value of derivative instruments, net: | ||||||||||||||||||||
Gas contracts | $ | 56,475 | $ | (13,114) | $ | 69,589 | ||||||||||||||
Oil contracts | 98,306 | 76,833 | 21,473 | |||||||||||||||||
154,781 | 63,719 | 91,062 | ||||||||||||||||||
Cash (receipts) payments on derivative instruments, net: | ||||||||||||||||||||
Gas contracts | (15,476) | (40,114) | 24,638 | |||||||||||||||||
Oil contracts | (103,771) | 53,245 | (157,016) | |||||||||||||||||
(119,247) | 13,131 | (132,378) | ||||||||||||||||||
Loss on derivative instruments, net | $ | 35,534 | $ | 76,850 | $ | (41,316) |
Years Ended December 31, | Variance Between 2019 / 2018 | |||||||||||
Loss (Gain) on Derivative Instruments, Net (in thousands): | 2019 | 2018 | ||||||||||
Decrease (increase) in fair value of derivative instruments, net: | ||||||||||||
Gas contracts | $ | (13,114 | ) | $ | 15,742 | $ | (28,856 | ) | ||||
Oil contracts | 76,833 | (126,130 | ) | 202,963 | ||||||||
63,719 | (110,388 | ) | 174,107 | |||||||||
Cash payments (receipts) on derivative instruments, net: | ||||||||||||
Gas contracts | (40,114 | ) | (13,794 | ) | (26,320 | ) | ||||||
Oil contracts | 53,245 | 38,223 | 15,022 | |||||||||
13,131 | 24,429 | (11,298 | ) | |||||||||
Loss (gain) on derivative instruments, net | $ | 76,850 | $ | (85,959 | ) | $ | 162,809 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
Other Income and Expense (in thousands) | 2020 | 2019 | ||||||||||||||||||
Interest expense | $ | 92,914 | $ | 93,386 | $ | (472) | ||||||||||||||
Capitalized interest | (50,030) | (56,232) | 6,202 | |||||||||||||||||
Loss on early extinguishment of debt | — | 4,250 | (4,250) | |||||||||||||||||
Other, net | (540) | (5,741) | 5,201 | |||||||||||||||||
$ | 42,344 | $ | 35,663 | $ | 6,681 |
Years Ended December 31, | Variance Between 2019 / 2018 | |||||||||||
Other Income and Expense (in thousands): | 2019 | 2018 | ||||||||||
Interest expense | $ | 93,386 | $ | 68,224 | $ | 25,162 | ||||||
Capitalized interest | (56,232 | ) | (20,855 | ) | (35,377 | ) | ||||||
Loss on early extinguishment of debt | 4,250 | — | 4,250 | |||||||||
Other, net | (5,741 | ) | (22,908 | ) | 17,167 | |||||||
$ | 35,663 | $ | 24,461 | $ | 11,202 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
Income Tax Benefit (in thousands) | 2020 | 2019 | ||||||||||||||||||
Current tax (benefit) expense | $ | (31) | $ | 532 | $ | (563) | ||||||||||||||
Deferred tax benefit | (358,896) | (26,902) | (331,994) | |||||||||||||||||
$ | (358,927) | $ | (26,370) | $ | (332,557) | |||||||||||||||
Combined federal and state effective income tax rate | 15.4 | % | 17.5 | % |
Years Ended December 31, | Variance Between 2019 / 2018 | |||||||||||
Income Tax (Benefit) Expense (in thousands): | 2019 | 2018 | ||||||||||
Current tax expense (benefit) | $ | 532 | $ | (2,624 | ) | $ | 3,156 | |||||
Deferred tax (benefit) expense | (26,902 | ) | 233,280 | (260,182 | ) | |||||||
$ | (26,370 | ) | $ | 230,656 | $ | (257,026 | ) | |||||
Combined federal and state effective income tax rate | 17.5 | % | 22.6 | % |
Years Ended December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Net cash provided by operating activities | $ | 904,167 | $ | 1,343,966 | ||||||||||
Net cash used by investing activities | $ | (578,875) | $ | (1,577,882) | ||||||||||
Net cash used by financing activities | $ | (146,869) | $ | (472,028) |
Years Ended December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Net cash provided by operating activities | $ | 1,343,966 | $ | 1,550,994 | ||||
Net cash used by investing activities | $ | (1,577,882 | ) | $ | (1,085,618 | ) | ||
Net cash used by financing activities | $ | (472,028 | ) | $ | (65,244 | ) |
Years Ended December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Acquisitions: | ||||||||||||||
Proved | $ | 11,878 | $ | 695,450 | ||||||||||
Unproved | — | 1,025,376 | ||||||||||||
11,878 | 1,720,826 | |||||||||||||
Exploration and development: | ||||||||||||||
Land and seismic | 48,468 | 60,175 | ||||||||||||
Exploration and development | 496,388 | 1,181,605 | ||||||||||||
544,856 | 1,241,780 | |||||||||||||
Total acquisition, exploration, and development capital expenditures | $ | 556,734 | $ | 2,962,606 | ||||||||||
Years Ended December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Acquisitions: | ||||||||
Proved | $ | 695,450 | $ | 62 | ||||
Unproved | 1,025,376 | 26,216 | ||||||
1,720,826 | 26,278 | |||||||
Exploration and development: | ||||||||
Land and seismic | 60,175 | 82,791 | ||||||
Exploration and development | 1,181,605 | 1,487,453 | ||||||
1,241,780 | 1,570,244 | |||||||
Property sales | (35,320 | ) | (581,799 | ) | ||||
$ | 2,927,286 | $ | 1,014,723 |
December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | Principal | Unamortized Debt Issuance Costs and Discount (1) | Long-term Debt, net | (in thousands) | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | |||||||||||||||||||||||||||||||||||||||||||||||||
4.375% notes due 2024 | $ | 750,000 | $ | (3,535 | ) | $ | 746,465 | $ | 750,000 | $ | (4,439 | ) | $ | 745,561 | 4.375% notes due 2024 | $ | 750,000 | $ | (2,672) | $ | 747,328 | $ | 750,000 | $ | (3,535) | $ | 746,465 | |||||||||||||||||||||||||||||||||||
3.90% notes due 2027 | 750,000 | (6,289 | ) | 743,711 | 750,000 | (7,007 | ) | 742,993 | 3.90% notes due 2027 | 750,000 | (5,541) | 744,459 | 750,000 | (6,289) | 743,711 | |||||||||||||||||||||||||||||||||||||||||||||||
4.375% notes due 2029 | 500,000 | (4,930 | ) | 495,070 | — | — | — | 4.375% notes due 2029 | 500,000 | (4,488) | 495,512 | 500,000 | (4,930) | 495,070 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 2,000,000 | $ | (14,754 | ) | $ | 1,985,246 | $ | 1,500,000 | $ | (11,446 | ) | $ | 1,488,554 | Total long-term debt | $ | 2,000,000 | $ | (12,701) | $ | 1,987,299 | $ | 2,000,000 | $ | (14,754) | $ | 1,985,246 |
Payments Due by Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments Due by Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligations (in thousands): | Total | 1/1/20 - 12/31/20 | 1/1/21 - 12/31/22 | 1/1/23 - 12/31/24 | 1/1/25 and Thereafter | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt-principal (1) | $ | 2,000,000 | $ | — | $ | — | $ | 750,000 | $ | 1,250,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt-interest (1) | 574,905 | 81,868 | 167,875 | 151,469 | 173,693 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligations (in thousands) | Contractual obligations (in thousands) | Total | 1/1/21 - 12/31/21 | 1/1/22 - 12/31/23 | 1/1/24 - 12/31/25 | 1/1/26 and Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt - principal (1) | Long-term debt - principal (1) | $ | 2,000,000 | $ | — | $ | — | $ | 750,000 | $ | 1,250,000 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt - interest (1) | Long-term debt - interest (1) | 490,967 | 81,868 | 167,875 | 118,656 | 122,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases (2) | 108,451 | 26,950 | 32,488 | 24,708 | 24,305 | Operating leases (2) | 101,749 | 27,255 | 31,736 | 23,687 | 19,071 | |||||||||||||||||||||||||||||||||||||||||||||
Unconditional purchase obligations (3) | 84,436 | 21,567 | 21,381 | 18,542 | 22,946 | Unconditional purchase obligations (3) | 18,903 | 7,854 | 6,167 | 4,882 | — | |||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 17,699 | 16,681 | 1,018 | — | — | Derivative liabilities | 163,147 | 145,398 | 17,749 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligation (4) | 181,869 | 27,824 | — | (4) | — | (4) | — | (4) | Asset retirement obligation (4) | 177,867 | 12,272 | — | (4) | — | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||||
Other long-term liabilities (5) | 42,493 | 1,564 | 5,862 | 2,991 | 32,076 | Other long-term liabilities (5) | 49,318 | 4,460 | 11,028 | 10,324 | 23,506 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 3,009,853 | $ | 176,454 | $ | 228,624 | $ | 947,710 | $ | 1,503,020 | $ | 3,001,951 | $ | 279,107 | $ | 234,555 | $ | 907,549 | $ | 1,415,145 |
Impact on Revenue | ||||||||||||||
Change in Realized Price | Year Ended December 31, | |||||||||||||
(in thousands) | ||||||||||||||
Oil | ± $1.00 | per barrel | ± | |||||||||||
Gas | ± $0.10 | per Mcf | ± | |||||||||||
NGL | ± $1.00 | per barrel | ± | |||||||||||
± |
Impact on Fair Value | ||||||||||||||
Change in Forward Price | December 31, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Oil | -10% | $ | 71,853 | |||||||||||
Oil | +10% | $ | (74,237) | |||||||||||
Gas | -10% | $ | 23,760 | |||||||||||
Gas | +10% | $ | (24,515) |
Impact on Fair Value | ||||||
Change in Forward Price | December 31, 2019 | |||||
(in thousands) | ||||||
Oil | -$1.00 | $ | 7,726 | |||
Oil | +$1.00 | $ | (8,115 | ) | ||
Gas | -$0.10 | $ | 3,276 | |||
Gas | +$0.10 | $ | (3,118 | ) |
Page | |||||
December 31, | |||||||
2019 | 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 94,722 | $ | 800,666 | |||
Accounts receivable, net of allowance: | |||||||
Trade | 57,879 | 122,065 | |||||
Oil and gas sales | 384,707 | 315,063 | |||||
Gas gathering, processing, and marketing | 5,998 | 17,072 | |||||
Oil and gas well equipment and supplies | 47,893 | 55,553 | |||||
Derivative instruments | 17,944 | 101,939 | |||||
Prepaid expenses | 10,759 | 7,554 | |||||
Other current assets | 1,584 | 4,227 | |||||
Total current assets | 621,486 | 1,424,139 | |||||
Oil and gas properties at cost, using the full cost method of accounting: | |||||||
Proved properties | 20,678,334 | 18,566,757 | |||||
Unproved properties and properties under development, not being amortized | 1,255,908 | 436,325 | |||||
21,934,242 | 19,003,082 | ||||||
Less—accumulated depreciation, depletion, amortization, and impairment | (16,723,544 | ) | (15,287,752 | ) | |||
Net oil and gas properties | 5,210,698 | 3,715,330 | |||||
Fixed assets, net of accumulated depreciation of $389,458 and $324,631, respectively | 519,291 | 257,686 | |||||
Goodwill | 716,865 | 620,232 | |||||
Derivative instruments | 580 | 9,246 | |||||
Other assets | 71,109 | 35,451 | |||||
$ | 7,140,029 | $ | 6,062,084 | ||||
Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable: | |||||||
Trade | $ | 36,280 | $ | 76,927 | |||
Gas gathering, processing, and marketing | 12,740 | 29,887 | |||||
Accrued liabilities: | |||||||
Exploration and development | 112,228 | 124,674 | |||||
Taxes other than income | 54,446 | 33,622 | |||||
Other | 252,304 | 221,159 | |||||
Derivative instruments | 16,681 | 27,627 | |||||
Revenue payable | 207,939 | 194,811 | |||||
Operating leases | 66,003 | — | |||||
Total current liabilities | 758,621 | 708,707 | |||||
Long-term debt: | |||||||
Principal | 2,000,000 | 1,500,000 | |||||
Less—unamortized debt issuance costs and discounts | (14,754 | ) | (11,446 | ) | |||
Long-term debt, net | 1,985,246 | 1,488,554 | |||||
Deferred income taxes | 338,424 | 334,473 | |||||
Asset retirement obligation | 154,045 | 152,758 | |||||
Derivative instruments | 1,018 | 2,267 | |||||
Operating leases | 184,172 | — | |||||
Other liabilities | 60,742 | 45,539 | |||||
Total liabilities | 3,482,268 | 2,732,298 | |||||
Commitments and contingencies (Note 10) | |||||||
Redeemable preferred stock - 8.125% Series A Cumulative Perpetual Convertible Preferred Stock, $0.01 par value, 62,500 shares authorized and issued and no shares authorized and issued, respectively (Note 2) | 81,620 | — | |||||
Stockholders’ equity: | |||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 102,144,577 and 95,755,797 shares issued, respectively | 1,021 | 958 | |||||
Additional paid-in capital | 3,243,325 | 2,785,188 | |||||
Retained earnings | 331,795 | 542,885 | |||||
Accumulated other comprehensive income | — | 755 | |||||
Total stockholders’ equity | 3,576,141 | 3,329,786 | |||||
$ | 7,140,029 | $ | 6,062,084 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 273,145 | $ | 94,722 | |||||||
Accounts receivable, net of allowance: | |||||||||||
Trade | 49,650 | 57,879 | |||||||||
Oil and gas sales | 271,141 | 384,707 | |||||||||
Gas gathering, processing, and marketing | 11,694 | 5,998 | |||||||||
Oil and gas well equipment and supplies | 37,150 | 47,893 | |||||||||
Derivative instruments | 6,848 | 17,944 | |||||||||
Prepaid expenses | 7,113 | 10,759 | |||||||||
Other current assets | 597 | 1,584 | |||||||||
Total current assets | 657,338 | 621,486 | |||||||||
Oil and gas properties at cost, using the full cost method of accounting: | |||||||||||
Proved properties | 21,281,840 | 20,678,334 | |||||||||
Unproved properties and properties under development, not being amortized | 1,142,183 | 1,255,908 | |||||||||
22,424,023 | 21,934,242 | ||||||||||
Less—accumulated depreciation, depletion, amortization, and impairment | (18,987,354) | (16,723,544) | |||||||||
Net oil and gas properties | 3,436,669 | 5,210,698 | |||||||||
Fixed assets, net of accumulated depreciation of $455,815 and $389,458, respectively | 436,101 | 519,291 | |||||||||
Goodwill | 0 | 716,865 | |||||||||
Derivative instruments | 2,342 | 580 | |||||||||
Deferred income taxes | 20,472 | 0 | |||||||||
Other assets | 69,067 | 71,109 | |||||||||
$ | 4,621,989 | $ | 7,140,029 | ||||||||
Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable: | |||||||||||
Trade | $ | 21,902 | $ | 36,280 | |||||||
Gas gathering, processing, and marketing | 22,388 | 12,740 | |||||||||
Accrued liabilities: | |||||||||||
Exploration and development | 50,014 | 112,228 | |||||||||
Taxes other than income | 29,051 | 54,446 | |||||||||
Other | 201,784 | 252,304 | |||||||||
Derivative instruments | 145,398 | 16,681 | |||||||||
Revenue payable | 130,637 | 207,939 | |||||||||
Operating leases | 59,051 | 66,003 | |||||||||
Total current liabilities | 660,225 | 758,621 | |||||||||
Long-term debt: | |||||||||||
Principal | 2,000,000 | 2,000,000 | |||||||||
Less—unamortized debt issuance costs and discounts | (12,701) | (14,754) | |||||||||
Long-term debt, net | 1,987,299 | 1,985,246 | |||||||||
Deferred income taxes | 0 | 338,424 | |||||||||
Asset retirement obligation | 165,595 | 154,045 | |||||||||
Derivative instruments | 17,749 | 1,018 | |||||||||
Operating leases | 134,705 | 184,172 | |||||||||
Other liabilities | 66,181 | 60,742 | |||||||||
Total liabilities | 3,031,754 | 3,482,268 | |||||||||
Commitments and contingencies (Note 10) | 0 | 0 | |||||||||
Redeemable preferred stock - 8.125% Series A Cumulative Perpetual Convertible Preferred Stock, $0.01 par value, 28,165 shares authorized and issued and 62,500 shares authorized and issued, respectively (Note 2) | 36,781 | 81,620 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 102,866,806 and 102,144,577 shares issued, respectively | 1,029 | 1,021 | |||||||||
Additional paid-in capital | 3,211,562 | 3,243,325 | |||||||||
(Accumulated deficit) retained earnings | (1,659,137) | 331,795 | |||||||||
Total stockholders’ equity | 1,553,454 | 3,576,141 | |||||||||
$ | 4,621,989 | $ | 7,140,029 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Oil sales | $ | 999,682 | $ | 1,660,210 | $ | 1,398,813 | |||||||||||
Gas and NGL sales | 513,006 | 661,711 | 898,832 | ||||||||||||||
Gas gathering and other | 47,842 | 42,454 | 41,180 | ||||||||||||||
Gas marketing | (1,935) | (1,406) | 192 | ||||||||||||||
1,558,595 | 2,362,969 | 2,339,017 | |||||||||||||||
Costs and expenses: | |||||||||||||||||
Impairment of oil and gas properties | 1,638,329 | 618,693 | 0 | ||||||||||||||
Depreciation, depletion, and amortization | 695,954 | 882,173 | 590,473 | ||||||||||||||
Asset retirement obligation | 14,653 | 8,586 | 7,142 | ||||||||||||||
Impairment of goodwill | 714,447 | 0 | 0 | ||||||||||||||
Production | 285,324 | 339,941 | 296,189 | ||||||||||||||
Transportation, processing, and other operating | 213,366 | 238,259 | 211,463 | ||||||||||||||
Gas gathering and other | 23,591 | 23,294 | 28,327 | ||||||||||||||
Taxes other than income | 79,699 | 148,953 | 125,169 | ||||||||||||||
General and administrative | 111,005 | 95,843 | 77,843 | ||||||||||||||
Stock-based compensation | 29,895 | 26,398 | 22,895 | ||||||||||||||
Loss (gain) on derivative instruments, net | 35,534 | 76,850 | (85,959) | ||||||||||||||
Other operating expense, net | 839 | 19,305 | 18,507 | ||||||||||||||
3,842,636 | 2,478,295 | 1,292,049 | |||||||||||||||
Operating (loss) income | (2,284,041) | (115,326) | 1,046,968 | ||||||||||||||
Other (income) and expense: | |||||||||||||||||
Interest expense | 92,914 | 93,386 | 68,224 | ||||||||||||||
Capitalized interest | (50,030) | (56,232) | (20,855) | ||||||||||||||
Loss on early extinguishment of debt | 0 | 4,250 | 0 | ||||||||||||||
Other, net | (540) | (5,741) | (22,908) | ||||||||||||||
(Loss) income before income tax | (2,326,385) | (150,989) | 1,022,507 | ||||||||||||||
Income tax (benefit) expense | (358,927) | (26,370) | 230,656 | ||||||||||||||
Net (loss) income | $ | (1,967,458) | $ | (124,619) | $ | 791,851 | |||||||||||
Earnings (loss) per share to common stockholders: | |||||||||||||||||
Basic | $ | (19.73) | $ | (1.33) | $ | 8.32 | |||||||||||
Diluted | $ | (19.73) | $ | (1.33) | $ | 8.32 | |||||||||||
Comprehensive (loss) income: | |||||||||||||||||
Net (loss) income | $ | (1,967,458) | $ | (124,619) | $ | 791,851 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Change in fair value of investments, net of tax of $0, $(222), and $(425), respectively | 0 | (755) | (1,444) | ||||||||||||||
Total comprehensive (loss) income | $ | (1,967,458) | $ | (125,374) | $ | 790,407 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Revenues: | |||||||||||
Oil sales | $ | 1,660,210 | $ | 1,398,813 | $ | 981,646 | |||||
Gas and NGL sales | 661,711 | 898,832 | 892,357 | ||||||||
Gas gathering and other | 42,454 | 41,180 | 43,751 | ||||||||
Gas marketing | (1,406 | ) | 192 | 495 | |||||||
2,362,969 | 2,339,017 | 1,918,249 | |||||||||
Costs and expenses: | |||||||||||
Impairment of oil and gas properties | 618,693 | — | — | ||||||||
Depreciation, depletion, and amortization | 882,173 | 590,473 | 446,031 | ||||||||
Asset retirement obligation | 8,586 | 7,142 | 15,624 | ||||||||
Production | 339,941 | 296,189 | 263,349 | ||||||||
Transportation, processing, and other operating | 238,259 | 211,463 | 248,124 | ||||||||
Gas gathering and other | 23,294 | 28,327 | 18,187 | ||||||||
Taxes other than income | 148,953 | 125,169 | 89,864 | ||||||||
General and administrative | 95,843 | 77,843 | 79,996 | ||||||||
Stock compensation | 26,398 | 22,895 | 26,256 | ||||||||
Loss (gain) on derivative instruments, net | 76,850 | (85,959 | ) | (21,210 | ) | ||||||
Other operating expense, net | 19,305 | 18,507 | 1,314 | ||||||||
2,478,295 | 1,292,049 | 1,167,535 | |||||||||
Operating (loss) income | (115,326 | ) | 1,046,968 | 750,714 | |||||||
Other (income) and expense: | |||||||||||
Interest expense | 93,386 | 68,224 | 74,821 | ||||||||
Capitalized interest | (56,232 | ) | (20,855 | ) | (22,948 | ) | |||||
Loss on early extinguishment of debt | 4,250 | — | 28,187 | ||||||||
Other, net | (5,741 | ) | (22,908 | ) | (11,342 | ) | |||||
(Loss) income before income tax | (150,989 | ) | 1,022,507 | 681,996 | |||||||
Income tax (benefit) expense | (26,370 | ) | 230,656 | 187,667 | |||||||
Net (loss) income | $ | (124,619 | ) | $ | 791,851 | $ | 494,329 | ||||
Earnings (loss) per share to common stockholders: | |||||||||||
Basic | $ | (1.33 | ) | $ | 8.32 | $ | 5.19 | ||||
Diluted | $ | (1.33 | ) | $ | 8.32 | $ | 5.19 | ||||
Comprehensive (loss) income: | |||||||||||
Net (loss) income | $ | (124,619 | ) | $ | 791,851 | $ | 494,329 | ||||
Other comprehensive (loss) income: | |||||||||||
Change in fair value of investments, net of tax of $(222), $(425), and $106, respectively | (755 | ) | (1,444 | ) | 1,254 | ||||||
Total comprehensive (loss) income | $ | (125,374 | ) | $ | 790,407 | $ | 495,583 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net (loss) income | $ | (1,967,458) | $ | (124,619) | $ | 791,851 | |||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
Impairment of oil and gas properties | 1,638,329 | 618,693 | 0 | ||||||||||||||
Depreciation, depletion, and amortization | 695,954 | 882,173 | 590,473 | ||||||||||||||
Asset retirement obligation | 14,653 | 8,586 | 7,142 | ||||||||||||||
Impairment of goodwill | 714,447 | 0 | 0 | ||||||||||||||
Deferred income taxes | (358,896) | (26,902) | 233,280 | ||||||||||||||
Stock-based compensation | 29,895 | 26,398 | 22,895 | ||||||||||||||
Loss (gain) on derivative instruments, net | 35,534 | 76,850 | (85,959) | ||||||||||||||
Settlements on derivative instruments | 119,247 | (13,131) | (24,429) | ||||||||||||||
Loss on early extinguishment of debt | 0 | 4,250 | 0 | ||||||||||||||
Changes in non-current assets and liabilities | 7,189 | (2,797) | (1,779) | ||||||||||||||
Other, net | 15,305 | 14,639 | 105 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | 116,492 | 65,128 | 5,421 | ||||||||||||||
Other current assets | 5,134 | (739) | (1,957) | ||||||||||||||
Accounts payable and other current liabilities | (161,658) | (184,563) | 13,951 | ||||||||||||||
Net cash provided by operating activities | 904,167 | 1,343,966 | 1,550,994 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Oil and gas capital expenditures | (594,796) | (1,245,457) | (1,540,305) | ||||||||||||||
Acquisition of oil and gas properties | (11,878) | (288,781) | (26,278) | ||||||||||||||
Other capital expenditures | (44,302) | (73,693) | (103,459) | ||||||||||||||
Sales of oil and gas assets | 69,983 | 28,945 | 580,652 | ||||||||||||||
Sales of other assets | 2,118 | 1,104 | 3,772 | ||||||||||||||
Net cash used by investing activities | (578,875) | (1,577,882) | (1,085,618) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Borrowings of long-term debt | 172,000 | 2,619,310 | 0 | ||||||||||||||
Repayments of long-term debt | (172,000) | (2,990,000) | 0 | ||||||||||||||
Financing, underwriting, and debt redemption fees | (1,566) | (11,798) | (100) | ||||||||||||||
Finance lease payments | (4,842) | (3,869) | 0 | ||||||||||||||
Dividends paid | (92,976) | (81,709) | (55,243) | ||||||||||||||
Repurchase of redeemable preferred stock | (43,029) | 0 | 0 | ||||||||||||||
Employee withholding taxes paid upon the net settlement of equity-classified stock awards | (4,456) | (5,229) | (12,142) | ||||||||||||||
Proceeds from exercise of stock options | 0 | 1,267 | 2,241 | ||||||||||||||
Net cash used by financing activities | (146,869) | (472,028) | (65,244) | ||||||||||||||
Net change in cash and cash equivalents | 178,423 | (705,944) | 400,132 | ||||||||||||||
Cash and cash equivalents at beginning of period | 94,722 | 800,666 | 400,534 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 273,145 | $ | 94,722 | $ | 800,666 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Cash flows from operating activities: | |||||||||||
Net (loss) income | $ | (124,619 | ) | $ | 791,851 | $ | 494,329 | ||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Impairment of oil and gas properties | 618,693 | — | — | ||||||||
Depreciation, depletion, and amortization | 882,173 | 590,473 | 446,031 | ||||||||
Asset retirement obligation | 8,586 | 7,142 | 15,624 | ||||||||
Deferred income taxes | (26,902 | ) | 233,280 | 190,479 | |||||||
Stock compensation | 26,398 | 22,895 | 26,256 | ||||||||
Loss (gain) on derivative instruments, net | 76,850 | (85,959 | ) | (21,210 | ) | ||||||
Settlements on derivative instruments | (13,131 | ) | (24,429 | ) | (1,633 | ) | |||||
Loss on early extinguishment of debt | 4,250 | — | 28,187 | ||||||||
Changes in non-current assets and liabilities | (2,797 | ) | (1,779 | ) | 1,891 | ||||||
Other, net | 14,639 | 105 | 5,677 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 65,128 | 5,421 | (186,157 | ) | |||||||
Other current assets | (739 | ) | (1,957 | ) | (17,931 | ) | |||||
Accounts payable and other current liabilities | (184,563 | ) | 13,951 | 115,021 | |||||||
Net cash provided by operating activities | 1,343,966 | 1,550,994 | 1,096,564 | ||||||||
Cash flows from investing activities: | |||||||||||
Oil and gas capital expenditures | (1,249,797 | ) | (1,566,583 | ) | (1,233,126 | ) | |||||
Acquisition of Resolute Energy, net of cash acquired (Note 13) | (284,441 | ) | — | — | |||||||
Other capital expenditures | (73,693 | ) | (103,459 | ) | (45,352 | ) | |||||
Sales of oil and gas assets | 28,945 | 580,652 | 11,680 | ||||||||
Sales of other assets | 1,104 | 3,772 | 901 | ||||||||
Net cash used by investing activities | (1,577,882 | ) | (1,085,618 | ) | (1,265,897 | ) | |||||
Cash flows from financing activities: | |||||||||||
Borrowings of long-term debt | 2,619,310 | — | 748,110 | ||||||||
Repayments of long-term debt | (2,990,000 | ) | — | (750,000 | ) | ||||||
Financing, underwriting, and debt redemption fees | (11,798 | ) | (100 | ) | (29,312 | ) | |||||
Finance lease payments | (3,869 | ) | — | — | |||||||
Dividends paid | (81,709 | ) | (55,243 | ) | (30,532 | ) | |||||
Employee withholding taxes paid upon the net settlement of equity-classified stock awards | (5,229 | ) | (12,142 | ) | (21,669 | ) | |||||
Proceeds from exercise of stock options | 1,267 | 2,241 | 394 | ||||||||
Net cash used by financing activities | (472,028 | ) | (65,244 | ) | (83,009 | ) | |||||
Net change in cash and cash equivalents | (705,944 | ) | 400,132 | (252,342 | ) | ||||||
Cash and cash equivalents at beginning of period | 800,666 | 400,534 | 652,876 | ||||||||
Cash and cash equivalents at end of period | $ | 94,722 | $ | 800,666 | $ | 400,534 |
Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 95,437 | $ | 954 | $ | 2,764,384 | $ | (199,259) | $ | 2,199 | $ | 2,568,278 | ||||||||||||||||||||||||
Dividends paid on stock awards subsequently forfeited | — | — | 34 | 18 | — | 52 | |||||||||||||||||||||||||||||
Dividends declared on common stock ($0.68 per share) | — | — | (15,196) | (49,725) | — | (64,921) | |||||||||||||||||||||||||||||
Net income | — | — | — | 791,851 | — | 791,851 | |||||||||||||||||||||||||||||
Unrealized change in fair value of investments, net of tax | — | — | — | — | (1,444) | (1,444) | |||||||||||||||||||||||||||||
Issuance of restricted stock awards | 593 | 6 | (6) | — | — | 0 | |||||||||||||||||||||||||||||
Common stock reacquired and retired | (139) | 0 | (12,142) | — | — | (12,142) | |||||||||||||||||||||||||||||
Restricted stock forfeited or canceled and retired | (168) | (2) | 2 | — | — | 0 | |||||||||||||||||||||||||||||
Exercise of stock options | 33 | — | 2,241 | — | — | 2,241 | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 45,871 | — | — | 45,871 | |||||||||||||||||||||||||||||
Balance, December 31, 2018 | 95,756 | 958 | 2,785,188 | 542,885 | 755 | 3,329,786 | |||||||||||||||||||||||||||||
Dividends paid on stock awards subsequently forfeited | — | — | 8 | 18 | — | 26 | |||||||||||||||||||||||||||||
Dividends declared on common stock ($0.80 per share) | — | — | 61 | (81,411) | — | (81,350) | |||||||||||||||||||||||||||||
Dividends declared on redeemable preferred stock ($81.25 per share) | — | — | — | (5,078) | — | (5,078) | |||||||||||||||||||||||||||||
Net loss | — | — | — | (124,619) | — | (124,619) | |||||||||||||||||||||||||||||
Issuance of stock for Resolute Energy acquisition (Note 13) | 5,652 | 56 | 412,959 | — | — | 413,015 | |||||||||||||||||||||||||||||
Unrealized change in fair value of investments, net of tax | — | — | — | — | (755) | (755) | |||||||||||||||||||||||||||||
Issuance of restricted stock awards | 946 | 9 | (9) | — | — | 0 | |||||||||||||||||||||||||||||
Common stock reacquired and retired | (105) | (1) | (5,228) | — | — | (5,229) | |||||||||||||||||||||||||||||
Restricted stock forfeited or canceled and retired | (133) | (1) | 1 | — | — | 0 | |||||||||||||||||||||||||||||
Exercise of stock options | 29 | — | 1,267 | — | — | 1,267 | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 49,078 | — | — | 49,078 | |||||||||||||||||||||||||||||
Balance, December 31, 2019 | 102,145 | 1,021 | 3,243,325 | 331,795 | 0 | 3,576,141 | |||||||||||||||||||||||||||||
Dividends paid on stock awards subsequently forfeited | — | — | 32 | 124 | — | 156 | |||||||||||||||||||||||||||||
Dividends declared on common stock ($0.88 per share) | — | — | (67,658) | (22,329) | — | (89,987) | |||||||||||||||||||||||||||||
Dividends declared on redeemable preferred stock ($81.25 per share) | — | — | (3,592) | (1,269) | — | (4,861) | |||||||||||||||||||||||||||||
Return from repurchase of redeemable preferred stock | — | — | 1,810 | — | — | 1,810 | |||||||||||||||||||||||||||||
Net loss | — | — | — | (1,967,458) | — | (1,967,458) | |||||||||||||||||||||||||||||
Issuance of restricted stock awards | 1,159 | 13 | (13) | — | — | 0 | |||||||||||||||||||||||||||||
Common stock reacquired and retired | (162) | (2) | (4,454) | — | — | (4,456) | |||||||||||||||||||||||||||||
Restricted stock forfeited or canceled and retired | (275) | (3) | 3 | — | — | 0 | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 42,109 | — | — | 42,109 | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | 102,867 | $ | 1,029 | $ | 3,211,562 | $ | (1,659,137) | $ | 0 | $ | 1,553,454 |
Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||
Common Stock | Additional Paid-in Capital | |||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, December 31, 2016 | 95,124 | $ | 951 | $ | 2,763,452 | $ | (722,359 | ) | $ | 945 | $ | 2,042,989 | ||||||||||
Dividends paid on stock awards subsequently forfeited | — | — | 11 | 32 | — | 43 | ||||||||||||||||
Dividends declared ($0.32 per share) | — | — | (30,489 | ) | — | — | (30,489 | ) | ||||||||||||||
Net income | — | — | — | 494,329 | — | 494,329 | ||||||||||||||||
Unrealized change in fair value of investments, net of tax | — | — | — | — | 1,254 | 1,254 | ||||||||||||||||
Issuance of restricted stock awards | 552 | 5 | (5 | ) | — | — | — | |||||||||||||||
Common stock reacquired and retired | (204 | ) | (2 | ) | (21,667 | ) | — | — | (21,669 | ) | ||||||||||||
Restricted stock forfeited and retired | (41 | ) | — | — | — | — | — | |||||||||||||||
Exercise of stock options | 6 | — | 394 | — | — | 394 | ||||||||||||||||
Stock-based compensation | — | — | 48,321 | — | — | 48,321 | ||||||||||||||||
Cumulative effect adjustment of adopting ASU 2016-09 (Note 6) | — | — | 4,393 | 28,739 | — | 33,132 | ||||||||||||||||
Other | — | — | (26 | ) | — | — | (26 | ) | ||||||||||||||
Balance, December 31, 2017 | 95,437 | 954 | 2,764,384 | (199,259 | ) | 2,199 | 2,568,278 | |||||||||||||||
Dividends paid on stock awards subsequently forfeited | — | — | 34 | 18 | — | 52 | ||||||||||||||||
Dividends declared ($0.68 per share) | — | — | (15,196 | ) | (49,725 | ) | — | (64,921 | ) | |||||||||||||
Net income | — | — | — | 791,851 | — | 791,851 | ||||||||||||||||
Unrealized change in fair value of investments, net of tax | — | — | — | — | (1,444 | ) | (1,444 | ) | ||||||||||||||
Issuance of restricted stock awards | 593 | 6 | (6 | ) | — | — | — | |||||||||||||||
Common stock reacquired and retired | (139 | ) | — | (12,142 | ) | — | — | (12,142 | ) | |||||||||||||
Restricted stock forfeited or canceled and retired | (168 | ) | (2 | ) | 2 | — | — | — | ||||||||||||||
Exercise of stock options | 33 | — | 2,241 | — | — | 2,241 | ||||||||||||||||
Stock-based compensation | — | — | 45,871 | — | — | 45,871 | ||||||||||||||||
Balance, December 31, 2018 | 95,756 | 958 | 2,785,188 | 542,885 | 755 | 3,329,786 | ||||||||||||||||
Dividends paid on stock awards subsequently forfeited | — | — | 8 | 18 | — | 26 | ||||||||||||||||
Dividends declared on common stock ($0.80 per share) | — | — | 61 | (81,411 | ) | — | (81,350 | ) | ||||||||||||||
Dividends declared on redeemable preferred stock ($81.25 per share) | — | — | — | (5,078 | ) | — | (5,078 | ) | ||||||||||||||
Net loss | — | — | — | (124,619 | ) | — | (124,619 | ) | ||||||||||||||
Issuance of stock for Resolute Energy acquisition (Note 13) | 5,652 | 56 | 412,959 | — | — | 413,015 | ||||||||||||||||
Unrealized change in fair value of investments, net of tax | — | — | — | — | (755 | ) | (755 | ) | ||||||||||||||
Issuance of restricted stock awards | 946 | 9 | (9 | ) | — | — | — | |||||||||||||||
Common stock reacquired and retired | (105 | ) | (1 | ) | (5,228 | ) | — | — | (5,229 | ) | ||||||||||||
Restricted stock forfeited or canceled and retired | (133 | ) | (1 | ) | 1 | — | — | — | ||||||||||||||
Exercise of stock options | 29 | — | 1,267 | — | — | 1,267 | ||||||||||||||||
Stock-based compensation | — | — | 49,078 | — | — | 49,078 | ||||||||||||||||
Balance, December 31, 2019 | 102,145 | $ | 1,021 | $ | 3,243,325 | $ | 331,795 | $ | — | $ | 3,576,141 |
Years Ended December 31, | ||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||
(in thousands) | Prior Year Presentation | Current Year Reclassifications | Current Year Presentation | Prior Year Presentation | Current Year Reclassifications | Current Year Presentation | ||||||||||||||||||
Production | $ | 293,213 | $ | 2,976 | $ | 296,189 | $ | 262,180 | $ | 1,169 | $ | 263,349 | ||||||||||||
Transportation, processing, and other operating | $ | 200,802 | 10,661 | $ | 211,463 | $ | 231,640 | 16,484 | $ | 248,124 | ||||||||||||||
Gas gathering and other | $ | 41,964 | (13,637 | ) | $ | 28,327 | $ | 35,840 | (17,653 | ) | $ | 18,187 | ||||||||||||
$ | — | $ | — |
(in thousands) | Year Ended December 31, 2020 | |||||||
Goodwill balance at January 1, 2020 | $ | 716,865 | ||||||
Resolute acquisition purchase price adjustments (Note 13) | (2,418) | |||||||
Impairment | (714,447) | |||||||
Goodwill balance at December 31, 2020 | $ | 0 |
December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
(in thousands) | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | Principal | Unamortized Debt Issuance Costs and Discount (1) | Long-term Debt, net | ||||||||||||||||||
4.375% notes due 2024 | $ | 750,000 | $ | (3,535 | ) | $ | 746,465 | $ | 750,000 | $ | (4,439 | ) | $ | 745,561 | ||||||||||
3.90% notes due 2027 | 750,000 | (6,289 | ) | 743,711 | 750,000 | (7,007 | ) | 742,993 | ||||||||||||||||
4.375% notes due 2029 | 500,000 | (4,930 | ) | 495,070 | — | — | — | |||||||||||||||||
Total long-term debt | $ | 2,000,000 | $ | (14,754 | ) | $ | 1,985,246 | $ | 1,500,000 | $ | (11,446 | ) | $ | 1,488,554 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | ||||||||||||||||||||||||||||||||
4.375% notes due 2024 | $ | 750,000 | $ | (2,672) | $ | 747,328 | $ | 750,000 | $ | (3,535) | $ | 746,465 | ||||||||||||||||||||||||||
3.90% notes due 2027 | 750,000 | (5,541) | 744,459 | 750,000 | (6,289) | 743,711 | ||||||||||||||||||||||||||||||||
4.375% notes due 2029 | 500,000 | (4,488) | 495,512 | 500,000 | (4,930) | 495,070 | ||||||||||||||||||||||||||||||||
Total long-term debt | $ | 2,000,000 | $ | (12,701) | $ | 1,987,299 | $ | 2,000,000 | $ | (14,754) | $ | 1,985,246 |
(1)The 4.375% notes due 2024 were issued at par, therefore, the amounts shown in the table are for unamortized debt issuance costs only. At December 31, 2020, the unamortized debt issuance costs and discount related to the 3.90% notes due 2027 were $4.3 million and $1.3 million, respectively. At December 31, 2020, the unamortized debt issuance costs and discount related to the 4.375% notes due 2029 were $3.9 million and $0.6 million, respectively. At December 31, 2019, the unamortized debt issuance costs and discount related to the 3.90% notes due 2027 were $4.8 million and $1.5 million, respectively. At December 31, 2019, the unamortized debt issuance costs and discount related to the 4.375% notes due 2029 were $4.3 million and $0.6 million, respectively. |
Oil Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||
WTI (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 3,600,000 | 3,094,000 | 3,680,000 | 3,680,000 | 14,054,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 38.06 | $ | 34.62 | $ | 34.65 | $ | 34.65 | $ | 35.52 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 46.45 | $ | 43.28 | $ | 44.37 | $ | 44.37 | $ | 44.66 | ||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||||||||
WTI (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 2,340,000 | 1,729,000 | 920,000 | 0 | 4,989,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 37.31 | $ | 38.16 | $ | 40.00 | $ | 0 | $ | 38.10 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 48.41 | $ | 49.56 | $ | 49.19 | $ | 0 | $ | 48.95 |
Oil Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2020: | ||||||||||||||||||||
WTI (1) | ||||||||||||||||||||
Volume (Bbls) | 3,549,000 | 2,821,000 | 2,116,000 | 2,116,000 | 10,602,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 52.40 | $ | 50.43 | $ | 49.80 | $ | 49.80 | $ | 50.84 | ||||||||||
Weighted Avg Price - Ceiling | $ | 64.48 | $ | 61.55 | $ | 60.59 | $ | 60.59 | $ | 62.15 | ||||||||||
2021: | ||||||||||||||||||||
WTI (1) | ||||||||||||||||||||
Volume (Bbls) | 1,350,000 | 455,000 | — | — | 1,805,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 49.70 | $ | 50.00 | $ | — | $ | — | $ | 49.77 | ||||||||||
Weighted Avg Price - Ceiling | $ | 59.41 | $ | 60.14 | $ | — | $ | — | $ | 59.59 |
Gas Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 9,000,000 | 9,100,000 | 8,280,000 | 8,280,000 | 34,660,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 1.83 | $ | 1.89 | $ | 2.00 | $ | 2.00 | $ | 1.93 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 2.23 | $ | 2.28 | $ | 2.42 | $ | 2.42 | $ | 2.33 | ||||||||||||||||||||||
Perm EP (2) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 6,300,000 | 7,280,000 | 6,440,000 | 6,440,000 | 26,460,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 1.50 | $ | 1.62 | $ | 1.86 | $ | 1.86 | $ | 1.71 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 1.79 | $ | 1.92 | $ | 2.22 | $ | 2.22 | $ | 2.03 | ||||||||||||||||||||||
Waha (3) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 8,100,000 | 9,100,000 | 8,280,000 | 8,280,000 | 33,760,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 1.52 | $ | 1.61 | $ | 1.82 | $ | 1.82 | $ | 1.69 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 1.83 | $ | 1.93 | $ | 2.17 | $ | 2.17 | $ | 2.03 | ||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 5,400,000 | 1,820,000 | 0 | 0 | 7,220,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 2.13 | $ | 2.40 | 0 | 0 | $ | 2.20 | ||||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 2.55 | $ | 2.86 | 0 | 0 | $ | 2.63 | ||||||||||||||||||||||||
Perm EP (2) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 3,600,000 | 1,820,000 | 0 | 0 | 5,420,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 2.13 | $ | 2.40 | 0 | 0 | $ | 2.22 | ||||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 2.53 | $ | 2.88 | 0 | 0 | $ | 2.65 | ||||||||||||||||||||||||
Waha (3) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 5,400,000 | 1,820,000 | 0 | 0 | 7,220,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 1.98 | $ | 2.40 | 0 | 0 | $ | 2.09 | ||||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 2.39 | $ | 2.86 | 0 | 0 | $ | 2.50 | ||||||||||||||||||||||||
Gas Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2020: | ||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||
Volume (MMBtu) | 8,190,000 | 5,460,000 | 2,760,000 | 2,760,000 | 19,170,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.92 | $ | 1.90 | $ | 1.85 | $ | 1.85 | $ | 1.90 | ||||||||||
Weighted Avg Price - Ceiling | $ | 2.36 | $ | 2.28 | $ | 2.31 | $ | 2.31 | $ | 2.32 | ||||||||||
Perm EP (2) | ||||||||||||||||||||
Volume (MMBtu) | 3,640,000 | 2,730,000 | 1,840,000 | 1,840,000 | 10,050,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.40 | $ | 1.40 | $ | 1.35 | $ | 1.35 | $ | 1.38 | ||||||||||
Weighted Avg Price - Ceiling | $ | 1.79 | $ | 1.82 | $ | 1.66 | $ | 1.66 | $ | 1.75 | ||||||||||
Waha (3) | ||||||||||||||||||||
Volume (MMBtu) | 4,550,000 | 2,730,000 | — | — | 7,280,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.50 | $ | 1.57 | $ | — | $ | — | $ | 1.53 | ||||||||||
Weighted Avg Price - Ceiling | $ | 1.87 | $ | 1.97 | $ | — | $ | — | $ | 1.91 | ||||||||||
2021: | ||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||
Volume (MMBtu) | 900,000 | — | — | — | 900,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.85 | $ | — | $ | — | $ | — | $ | 1.85 | ||||||||||
Weighted Avg Price - Ceiling | $ | 2.31 | $ | — | $ | — | $ | — | $ | 2.31 |
Oil Basis Swaps | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2020: | ||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||
Volume (Bbls) | 2,639,000 | 1,911,000 | 1,288,000 | 1,288,000 | 7,126,000 | |||||||||||||||
Weighted Avg Differential (2) | $ | 0.25 | $ | 0.30 | $ | 0.65 | $ | 0.65 | $ | 0.40 | ||||||||||
2021: | ||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||
Volume (Bbls) | 540,000 | — | — | — | 540,000 | |||||||||||||||
Weighted Avg Differential (2) | $ | 0.56 | $ | — | $ | — | $ | — | $ | 0.56 |
Oil Basis Swaps | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2020: | ||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||
Volume (Bbls) | 300,000 | 455,000 | 460,000 | 460,000 | 1,675,000 | |||||||||||||||
Weighted Avg Differential (2) | $ | 1.02 | $ | 1.02 | $ | 1.02 | $ | 1.02 | $ | 1.02 | ||||||||||
2021: | ||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||
Volume (Bbls) | 450,000 | 455,000 | — | — | 905,000 | |||||||||||||||
Weighted Avg Differential (2) | $ | 1.02 | $ | 1.02 | $ | — | $ | — | $ | 1.02 |
Oil Basis Swaps | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 2,790,000 | 3,003,000 | 3,220,000 | 3,220,000 | 12,233,000 | |||||||||||||||||||||||||||
Weighted Avg Differential (2) | $ | 0.03 | $ | (0.02) | $ | (0.08) | $ | (0.08) | $ | (0.04) | ||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 1,980,000 | 1,365,000 | 644,000 | 0 | 3,989,000 | |||||||||||||||||||||||||||
Weighted Avg Differential (2) | $ | 0.25 | $ | 0.31 | $ | 0.38 | $ | 0 | $ | 0.29 |
Oil Roll Differential Swaps | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||
WTI (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 630,000 | 1,001,000 | 1,656,000 | 1,656,000 | 4,943,000 | |||||||||||||||||||||||||||
Weighted Avg Price | $ | (0.24) | $ | (0.22) | $ | (0.10) | $ | (0.10) | $ | (0.14) | ||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||||||||
WTI (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 1,620,000 | 1,001,000 | 644,000 | 0 | 3,265,000 | |||||||||||||||||||||||||||
Weighted Avg Price | $ | (0.10) | $ | (0.01) | $ | 0.10 | $ | 0 | $ | (0.03) |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Decrease (increase) in fair value of derivative instruments, net: | ||||||||||||
Gas contracts | $ | (13,114 | ) | $ | 15,742 | $ | (40,226 | ) | ||||
Oil contracts | 76,833 | (126,130 | ) | 17,383 | ||||||||
63,719 | (110,388 | ) | (22,843 | ) | ||||||||
Cash payments (receipts) on derivative instruments, net: | ||||||||||||
Gas contracts | (40,114 | ) | (13,794 | ) | (4,557 | ) | ||||||
Oil contracts | 53,245 | 38,223 | 6,190 | |||||||||
13,131 | 24,429 | 1,633 | ||||||||||
Loss (gain) on derivative instruments, net | $ | 76,850 | $ | (85,959 | ) | $ | (21,210 | ) |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Decrease (increase) in fair value of derivative instruments, net: | ||||||||||||||||||||
Gas contracts | $ | 56,475 | $ | (13,114) | $ | 15,742 | ||||||||||||||
Oil contracts | 98,306 | 76,833 | (126,130) | |||||||||||||||||
154,781 | 63,719 | (110,388) | ||||||||||||||||||
Cash (receipts) payments on derivative instruments, net: | ||||||||||||||||||||
Gas contracts | (15,476) | (40,114) | (13,794) | |||||||||||||||||
Oil contracts | (103,771) | 53,245 | 38,223 | |||||||||||||||||
(119,247) | 13,131 | 24,429 | ||||||||||||||||||
Loss (gain) on derivative instruments, net | $ | 35,534 | $ | 76,850 | $ | (85,959) |
December 31, 2019 | ||||||||||
(in thousands) | Balance Sheet Location | Asset | Liability | |||||||
Oil contracts | Current assets — Derivative instruments | $ | 1,624 | $ | — | |||||
Gas contracts | Current assets — Derivative instruments | 16,320 | — | |||||||
Oil contracts | Non-current assets — Derivative instruments | 580 | — | |||||||
Oil contracts | Current liabilities — Derivative instruments | — | 16,681 | |||||||
Oil contracts | Non-current liabilities — Derivative instruments | — | 824 | |||||||
Gas contracts | Non-current liabilities — Derivative instruments | — | 194 | |||||||
Total gross amounts presented in the balance sheet | 18,524 | 17,699 | ||||||||
Less: gross amounts not offset in the balance sheet | (9,865 | ) | (9,865 | ) | ||||||
Net amount | $ | 8,659 | $ | 7,834 |
December 31, 2018 | ||||||||||
(in thousands) | Balance Sheet Location | Asset | Liability | |||||||
Oil contracts | Current assets — Derivative instruments | $ | 94,240 | $ | — | |||||
Gas contracts | Current assets — Derivative instruments | 7,699 | — | |||||||
Oil contracts | Non-current assets — Derivative instruments | 9,246 | — | |||||||
Oil contracts | Current liabilities — Derivative instruments | — | 23,378 | |||||||
Gas contracts | Current liabilities — Derivative instruments | — | 4,249 | |||||||
Oil contracts | Non-current liabilities — Derivative instruments | — | 311 | |||||||
Gas contracts | Non-current liabilities — Derivative instruments | — | 1,956 | |||||||
Total gross amounts presented in the balance sheet | 111,185 | 29,894 | ||||||||
Less: gross amounts not offset in the balance sheet | (29,894 | ) | (29,894 | ) | ||||||
Net amount | $ | 81,291 | $ | — |
December 31, 2020 | ||||||||||||||||||||
(in thousands) | Balance Sheet Location | Asset | Liability | |||||||||||||||||
Oil contracts | Current assets — Derivative instruments | $ | 5,425 | $ | — | |||||||||||||||
Gas contracts | Current assets — Derivative instruments | 1,423 | — | |||||||||||||||||
Gas contracts | Non-current assets — Derivative instruments | 2,342 | — | |||||||||||||||||
Oil contracts | Current liabilities — Derivative instruments | — | 106,507 | |||||||||||||||||
Gas contracts | Current liabilities — Derivative instruments | — | 38,891 | |||||||||||||||||
Oil contracts | Non-current liabilities — Derivative instruments | — | 12,526 | |||||||||||||||||
Gas contracts | Non-current liabilities — Derivative instruments | — | 5,223 | |||||||||||||||||
Total gross amounts presented in the balance sheet | 9,190 | 163,147 | ||||||||||||||||||
Less: gross amounts not offset in the balance sheet | (8,863) | (8,863) | ||||||||||||||||||
Net amount | $ | 327 | $ | 154,284 |
December 31, 2019 | ||||||||||||||||||||
(in thousands) | Balance Sheet Location | Asset | Liability | |||||||||||||||||
Oil contracts | Current assets — Derivative instruments | $ | 1,624 | $ | — | |||||||||||||||
Gas contracts | Current assets — Derivative instruments | 16,320 | — | |||||||||||||||||
Oil contracts | Non-current assets — Derivative instruments | 580 | — | |||||||||||||||||
Oil contracts | Current liabilities — Derivative instruments | — | 16,681 | |||||||||||||||||
Oil contracts | Non-current liabilities — Derivative instruments | — | 824 | |||||||||||||||||
Gas contracts | Non-current liabilities — Derivative instruments | — | 194 | |||||||||||||||||
Total gross amounts presented in the balance sheet | 18,524 | 17,699 | ||||||||||||||||||
Less: gross amounts not offset in the balance sheet | (9,865) | (9,865) | ||||||||||||||||||
Net amount | $ | 8,659 | $ | 7,834 |
December 31, 2019 | December 31, 2018 | |||||||||||||||
(in thousands) | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||
Financial Assets (Liabilities): | ||||||||||||||||
4.375% Notes due 2024 | $ | (750,000 | ) | $ | (792,225 | ) | $ | (750,000 | ) | $ | (744,578 | ) | ||||
3.90% Notes due 2027 | $ | (750,000 | ) | $ | (778,050 | ) | $ | (750,000 | ) | $ | (701,273 | ) | ||||
4.375% Notes due 2029 | $ | (500,000 | ) | $ | (530,400 | ) | $ | — | $ | — | ||||||
Derivative instruments — assets | $ | 18,524 | $ | 18,524 | $ | 111,185 | $ | 111,185 | ||||||||
Derivative instruments — liabilities | $ | (17,699 | ) | $ | (17,699 | ) | $ | (29,894 | ) | $ | (29,894 | ) |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(in thousands) | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||
Financial Assets (Liabilities): | ||||||||||||||||||||||||||
4.375% Notes due 2024 | $ | (750,000) | $ | (818,025) | $ | (750,000) | $ | (792,225) | ||||||||||||||||||
3.90% Notes due 2027 | $ | (750,000) | $ | (826,575) | $ | (750,000) | $ | (778,050) | ||||||||||||||||||
4.375% Notes due 2029 | $ | (500,000) | $ | (567,250) | $ | (500,000) | $ | (530,400) | ||||||||||||||||||
Derivative instruments — assets | $ | 9,190 | $ | 9,190 | $ | 18,524 | $ | 18,524 | ||||||||||||||||||
Derivative instruments — liabilities | $ | (163,147) | $ | (163,147) | $ | (17,699) | $ | (17,699) |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Restricted stock awards: | ||||||||||||
Performance stock awards | $ | 21,590 | $ | 23,083 | $ | 26,020 | ||||||
Service-based stock awards | 25,611 | 20,385 | 19,746 | |||||||||
47,201 | 43,468 | 45,766 | ||||||||||
Stock option awards | 1,903 | 2,456 | 2,599 | |||||||||
Total stock compensation cost | 49,104 | 45,924 | 48,365 | |||||||||
Less amounts capitalized to oil and gas properties | (22,706 | ) | (23,029 | ) | (22,109 | ) | ||||||
Stock compensation expense | $ | 26,398 | $ | 22,895 | $ | 26,256 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Restricted stock awards: | ||||||||||||||||||||
Performance stock awards | $ | 17,338 | $ | 21,590 | $ | 23,083 | ||||||||||||||
Service-based stock awards | 26,014 | 25,611 | 20,385 | |||||||||||||||||
43,352 | 47,201 | 43,468 | ||||||||||||||||||
Stock option awards | 1,460 | 1,903 | 2,456 | |||||||||||||||||
Total stock-based compensation cost | 44,812 | 49,104 | 45,924 | |||||||||||||||||
Less amounts capitalized to oil and gas properties | (14,917) | (22,706) | (23,029) | |||||||||||||||||
Stock-based compensation expense | $ | 29,895 | $ | 26,398 | $ | 22,895 |
Years Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||
Performance stock awards | 264,393 | $ | 47.66 | 123,533 | $ | 90.26 | 300,525 | $ | 89.46 | |||||||||||
Service-based stock awards | 681,988 | $ | 45.88 | 469,438 | $ | 81.29 | 251,312 | $ | 94.04 | |||||||||||
Total restricted stock awards | 946,381 | $ | 46.38 | 592,971 | $ | 83.16 | 551,837 | $ | 91.55 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Performance stock awards | 311,974 | $ | 29.84 | 264,393 | $ | 47.66 | 123,533 | $ | 90.26 | ||||||||||||||||||||||||||
Service-based stock awards | 846,918 | $ | 35.54 | 681,988 | $ | 45.88 | 469,438 | $ | 81.29 | ||||||||||||||||||||||||||
Total restricted stock awards | 1,158,892 | $ | 34.01 | 946,381 | $ | 46.38 | 592,971 | $ | 83.16 |
Service-based | Performance (subject to market conditions) | ||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding as of January 1, 2019 | 1,135,882 | $ | 99.12 | 650,096 | $ | 100.42 | |||||||
Vested | (155,751 | ) | $ | 126.20 | (139,723 | ) | $ | 117.63 | |||||
Granted | 681,988 | $ | 45.88 | 264,393 | $ | 47.66 | |||||||
Canceled (1) | — | $ | — | (109,789 | ) | $ | 117.63 | ||||||
Forfeited | (23,050 | ) | $ | 90.97 | — | $ | — | ||||||
Outstanding as of December 31, 2019 | 1,639,069 | $ | 74.51 | 664,977 | $ | 72.99 |
Service-based | Performance (subject to market conditions) | ||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Outstanding as of January 1, 2020 | 1,639,069 | $ | 74.51 | 664,977 | $ | 72.99 | |||||||||||||||||
Vested | (237,616) | $ | 94.23 | (205,746) | $ | 82.83 | |||||||||||||||||
Granted | 846,918 | $ | 35.54 | 311,974 | $ | 29.84 | |||||||||||||||||
Canceled (1) | 0 | $ | 0 | (119,521) | $ | 89.46 | |||||||||||||||||
Forfeited | (155,450) | $ | 78.43 | 0 | $ | 0 | |||||||||||||||||
Outstanding as of December 31, 2020 | 2,092,921 | $ | 56.21 | 651,684 | $ | 46.20 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Options granted | 132,900 | 92,050 | 96,100 | ||||||||
Weighted average grant date fair value | $ | 12.14 | $ | 26.71 | $ | 28.37 | |||||
Weighted average exercise price | $ | 42.78 | $ | 83.28 | $ | 92.37 | |||||
Total fair value (in thousands) | $ | 1,613 | $ | 2,458 | $ | 2,727 | |||||
Expected years until exercise | 4.9 | 5.0 | 4.5 | ||||||||
Expected stock volatility | 37.1 | % | 34.7 | % | 35.0 | % | |||||
Dividend yield | 1.9 | % | 0.9 | % | 0.3 | % | |||||
Risk-free interest rate | 1.4 | % | 2.7 | % | 1.7 | % |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Options granted | 194,900 | 132,900 | 92,050 | ||||||||||||||
Weighted average grant date fair value | $ | 12.61 | $ | 12.14 | $ | 26.71 | |||||||||||
Weighted average exercise price | $ | 34.06 | $ | 42.78 | $ | 83.28 | |||||||||||
Total fair value (in thousands) | $ | 2,458 | $ | 1,613 | $ | 2,458 | |||||||||||
Expected years until exercise | 4.9 | 4.9 | 5.0 | ||||||||||||||
Expected stock volatility | 53.9 | % | 37.1 | % | 34.7 | % | |||||||||||
Dividend yield | 2.6 | % | 1.9 | % | 0.9 | % | |||||||||||
Risk-free interest rate | 0.4 | % | 1.4 | % | 2.7 | % |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Term | Aggregate Intrinsic Value (in thousands) | |||||||||
Outstanding as of January 1, 2019 | 420,332 | $ | 99.01 | |||||||||
Exercised | (29,222 | ) | $ | 43.37 | ||||||||
Granted | 132,900 | $ | 42.78 | |||||||||
Canceled | (10,661 | ) | $ | 115.06 | ||||||||
Forfeited | (17,811 | ) | $ | 90.66 | ||||||||
Outstanding as of December 31, 2019 | 495,538 | $ | 87.17 | 4.3 years | $ | 1,201 | ||||||
Exercisable as of December 31, 2019 | 287,283 | $ | 107.97 | 2.9 years | $ | — |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Term | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding as of January 1, 2020 | 495,538 | $ | 87.17 | ||||||||||||||||||||
Exercised | 0 | $ | 0 | ||||||||||||||||||||
Granted | 194,900 | $ | 34.06 | ||||||||||||||||||||
Canceled | (107,025) | $ | 94.29 | ||||||||||||||||||||
Forfeited | (36,036) | $ | 55.69 | ||||||||||||||||||||
Outstanding as of December 31, 2020 | 547,377 | $ | 68.94 | 4.6 years | $ | 711 | |||||||||||||||||
Exercisable as of December 31, 2020 | 271,827 | $ | 99.38 | 3.0 years | $ | 0 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash received from option exercises | $ | 0 | $ | 1,267 | $ | 2,241 | ||||||||||||||
Intrinsic value of options exercised | $ | 0 | $ | 425 | $ | 1,030 | ||||||||||||||
Grant date fair value of options vested | $ | 1,855 | $ | 2,262 | $ | 2,547 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Cash received from option exercises | $ | 1,267 | $ | 2,241 | $ | 394 | ||||||
Intrinsic value of options exercised | $ | 425 | $ | 1,030 | $ | 257 | ||||||
Grant date fair value of options vested | $ | 2,262 | $ | 2,547 | $ | 2,227 |
Number of Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | ||||||||
Non-vested as of January 1, 2019 | 170,241 | $ | 28.29 | $ | 91.05 | |||||
Vested | (77,075 | ) | $ | 29.35 | $ | 95.94 | ||||
Granted | 132,900 | $ | 12.14 | $ | 42.78 | |||||
Forfeited | (17,811 | ) | $ | 28.19 | $ | 90.66 | ||||
Non-vested as of December 31, 2019 | 208,255 | $ | 17.60 | $ | 58.47 |
Number of Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | |||||||||||||||
Non-vested as of January 1, 2020 | 208,255 | $ | 17.60 | $ | 58.47 | ||||||||||||
Vested | (91,569) | $ | 20.26 | $ | 66.47 | ||||||||||||
Granted | 194,900 | $ | 12.61 | $ | 34.06 | ||||||||||||
Forfeited | (36,036) | $ | 16.74 | $ | 55.69 | ||||||||||||
Non-vested as of December 31, 2020 | 275,550 | 0 | 0 |
Year Ended December 31, 2020 | ||||||||||||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||||
Net loss | $ | (1,967,458) | ||||||||||||||||||
Plus: return from repurchase of redeemable preferred stock | 1,810 | |||||||||||||||||||
Less: dividends attributable to participating securities (1) | (1,808) | |||||||||||||||||||
Less: redeemable preferred stock dividends | (4,861) | |||||||||||||||||||
Basic loss per share | ||||||||||||||||||||
Loss available to common stockholders | (1,972,317) | 99,952 | $ | (19.73) | ||||||||||||||||
Effects of dilutive securities | ||||||||||||||||||||
Dilutive securities (2) | 0 | 0 | ||||||||||||||||||
Diluted loss per share | ||||||||||||||||||||
Loss available to common stockholders and assumed conversions | $ | (1,972,317) | 99,952 | $ | (19.73) |
Year Ended December 31, 2019 | ||||||||||||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||||
Net loss | $ | (124,619) | ||||||||||||||||||
Less: dividends attributable to participating securities (1) | (1,519) | |||||||||||||||||||
Less: redeemable preferred stock dividends | (5,078) | |||||||||||||||||||
Basic loss per share | ||||||||||||||||||||
Loss available to common stockholders | (131,216) | 98,789 | $ | (1.33) | ||||||||||||||||
Effects of dilutive securities | ||||||||||||||||||||
Dilutive securities (2) | 0 | 0 | ||||||||||||||||||
Diluted loss per share | ||||||||||||||||||||
Loss available to common stockholders and assumed conversions | $ | (131,216) | 98,789 | $ | (1.33) |
Year Ended December 31, 2018 | ||||||||||||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||||
Net income | $ | 791,851 | ||||||||||||||||||
Less: dividends and net income attributable to participating securities | (11,087) | |||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||
Income available to common stockholders | 780,764 | 93,793 | $ | 8.32 | ||||||||||||||||
Effects of dilutive securities | ||||||||||||||||||||
Dilutive securities (2) | 3 | 27 | ||||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||
Income available to common stockholders and assumed conversions | $ | 780,767 | 93,820 | $ | 8.32 |
Year Ended December 31, 2019 | |||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | ||||||||
Net loss | $ | (124,619 | ) | ||||||||
Less: dividends attributable to participating securities (1) | (1,519 | ) | |||||||||
Less: preferred stock dividends | (5,078 | ) | |||||||||
Basic loss per share | |||||||||||
Loss available to common stockholders | (131,216 | ) | 98,789 | $ | (1.33 | ) | |||||
Effects of dilutive securities | |||||||||||
Options (2) | — | — | |||||||||
Diluted loss per share | |||||||||||
Loss available to common stockholders and assumed conversions | $ | (131,216 | ) | 98,789 | $ | (1.33 | ) |
Year Ended December 31, 2018 | |||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | ||||||||
Net income | $ | 791,851 | |||||||||
Less: dividends and net income attributable to participating securities | (11,087 | ) | |||||||||
Basic earnings per share | |||||||||||
Income available to common stockholders | 780,764 | 93,793 | $ | 8.32 | |||||||
Effects of dilutive securities | |||||||||||
Options (2) | 3 | 27 | |||||||||
Diluted earnings per share | |||||||||||
Income available to common stockholders and assumed conversions | $ | 780,767 | 93,820 | $ | 8.32 |
Year Ended December 31, 2017 | |||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | ||||||||
Net income | $ | 494,329 | |||||||||
Less: dividends and net income attributable to participating securities | (8,551 | ) | |||||||||
Basic earnings per share | |||||||||||
Income available to common stockholders | 485,778 | 93,466 | $ | 5.19 | |||||||
Effects of dilutive securities | |||||||||||
Options (2) | 3 | 43 | |||||||||
Diluted earnings per share | |||||||||||
Income available to common stockholders and assumed conversions | $ | 485,781 | 93,509 | $ | 5.19 |
(in thousands) | 2019 | 2018 | ||||||
Asset retirement obligation at January 1, | $ | 166,904 | $ | 169,469 | ||||
Liabilities incurred | 21,511 | 9,899 | ||||||
Liability settlements and disposals | (19,595 | ) | (21,550 | ) | ||||
Accretion expense | 7,499 | �� | 7,318 | |||||
Revisions of estimated liabilities | 5,550 | 1,768 | ||||||
Asset retirement obligation at December 31, | 181,869 | 166,904 | ||||||
Less current obligation | 27,824 | 14,146 | ||||||
Long-term asset retirement obligation | $ | 154,045 | $ | 152,758 |
(in thousands) | 2020 | 2019 | ||||||||||||
Asset retirement obligation at January 1, | $ | 181,869 | $ | 166,904 | ||||||||||
Liabilities incurred | 4,491 | 21,511 | ||||||||||||
Liability settlements and disposals | (21,922) | (19,595) | ||||||||||||
Accretion expense | 7,485 | 7,499 | ||||||||||||
Revisions of estimated liabilities | 5,944 | 5,550 | ||||||||||||
Asset retirement obligation at December 31, | 177,867 | 181,869 | ||||||||||||
Less current obligation | 12,272 | 27,824 | ||||||||||||
Long-term asset retirement obligation | $ | 165,595 | $ | 154,045 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Current taxes: | ||||||||||||
Federal benefit | $ | — | $ | (3,007 | ) | $ | (2,810 | ) | ||||
State expense (benefit) | 532 | 383 | (2 | ) | ||||||||
532 | (2,624 | ) | (2,812 | ) | ||||||||
Deferred taxes: | ||||||||||||
Federal (benefit) expense | (24,055 | ) | 211,717 | 173,859 | ||||||||
State (benefit) expense | (2,847 | ) | 21,563 | 16,620 | ||||||||
(26,902 | ) | 233,280 | 190,479 | |||||||||
$ | (26,370 | ) | $ | 230,656 | $ | 187,667 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Current taxes: | ||||||||||||||||||||
Federal benefit | $ | (198) | $ | 0 | $ | (3,007) | ||||||||||||||
State expense | 167 | 532 | 383 | |||||||||||||||||
(31) | 532 | (2,624) | ||||||||||||||||||
Deferred taxes: | ||||||||||||||||||||
Federal (benefit) expense | (323,597) | (24,055) | 211,717 | |||||||||||||||||
State (benefit) expense | (35,299) | (2,847) | 21,563 | |||||||||||||||||
(358,896) | (26,902) | 233,280 | ||||||||||||||||||
$ | (358,927) | $ | (26,370) | $ | 230,656 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Provision at statutory rate | $ | (31,708 | ) | $ | 214,726 | $ | 238,699 | |||||
Effect of state taxes | (1,717 | ) | 18,795 | 10,074 | ||||||||
Acquisition-related costs | 1,318 | — | — | |||||||||
Tax credits and other permanent differences | 2,548 | 1,583 | 5,442 | |||||||||
Change in valuation allowance, net | — | (1,376 | ) | 486 | ||||||||
Stock-based compensation | 3,189 | (3,072 | ) | (5,888 | ) | |||||||
Impact of reduction in federal statutory rate | — | — | (61,146 | ) | ||||||||
Income tax (benefit) expense | $ | (26,370 | ) | $ | 230,656 | $ | 187,667 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Provision at statutory rate | $ | (488,541) | $ | (31,708) | $ | 214,726 | ||||||||||||||
Effect of state taxes | (29,467) | (1,717) | 18,795 | |||||||||||||||||
Acquisition-related costs | 0 | 1,318 | 0 | |||||||||||||||||
Tax credits and other permanent differences | 1,365 | 2,548 | 1,583 | |||||||||||||||||
Change in valuation allowance, net | (4,221) | 0 | (1,376) | |||||||||||||||||
Stock-based compensation | 11,903 | 3,189 | (3,072) | |||||||||||||||||
Goodwill impairment | 150,034 | 0 | 0 | |||||||||||||||||
Income tax (benefit) expense | $ | (358,927) | $ | (26,370) | $ | 230,656 |
December 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Assets: | ||||||||
Stock compensation and other accrued amounts | $ | 31,521 | $ | 8,229 | ||||
Net operating loss and other carryforwards, net of valuation allowance | 454,743 | 266,011 | ||||||
Credit carryforward, net of valuation allowance | 3,936 | 3,513 | ||||||
490,200 | 277,753 | |||||||
Liabilities: | ||||||||
Property, plant and equipment | (828,624 | ) | (612,226 | ) | ||||
Net deferred tax liabilities | $ | (338,424 | ) | $ | (334,473 | ) |
December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Assets: | ||||||||||||||
Stock-based compensation and other accrued amounts | $ | 59,659 | $ | 31,521 | ||||||||||
Net operating loss and other carryforwards, net of valuation allowance | 456,613 | 454,743 | ||||||||||||
Credit carryforward, net of valuation allowance | 4,223 | 3,936 | ||||||||||||
520,495 | 490,200 | |||||||||||||
Liabilities: | ||||||||||||||
Property, plant and equipment | (500,023) | (828,624) | ||||||||||||
Net deferred tax assets (liabilities) | $ | 20,472 | $ | (338,424) |
(in thousands) | Balance Sheet Location | December 31, 2019 | ||||
Operating lease right-of-use assets | Non-current assets — Fixed assets, net | $ | 240,263 | |||
Finance lease right-of-use asset | Non-current assets — Other assets | 24,849 | ||||
Total right-of-use assets | $ | 265,112 |
December 31, | ||||||||||||||||||||
(in thousands) | Balance Sheet Location | 2020 | 2019 | |||||||||||||||||
Operating lease right-of-use assets | Non-current assets — Fixed assets, net | $ | 185,118 | $ | 240,263 | |||||||||||||||
Finance lease right-of-use asset | Non-current assets — Other assets | 25,052 | 24,849 | |||||||||||||||||
Total right-of-use assets | $ | 210,170 | $ | 265,112 |
December 31, | ||||||||||||||||||||
(in thousands) | Balance Sheet Location | 2020 | 2019 | |||||||||||||||||
Operating lease liabilities — current | Current liabilities — Operating leases | $ | 59,051 | $ | 66,003 | |||||||||||||||
Operating lease liabilities — non-current | Non-current liabilities — Operating leases | 134,705 | 184,172 | |||||||||||||||||
Finance lease liability — current | Current liabilities — Accrued liabilities — Other | 7,099 | 7,328 | |||||||||||||||||
Finance lease liability — non-current | Non-current liabilities — Other liabilities | 19,731 | 18,749 | |||||||||||||||||
Total lease liabilities | $ | 220,586 | $ | 276,252 |
Years Ended December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use asset | $ | 5,286 | $ | 4,385 | ||||||||||
Interest on lease liability | 1,663 | 1,719 | ||||||||||||
Operating lease cost: | ||||||||||||||
Production expense (1) | 19,914 | 20,965 | ||||||||||||
Transportation, processing, and other operating (1) | 21,386 | 17,264 | ||||||||||||
Gas gathering and other expense (1) | 991 | 5,607 | ||||||||||||
General and administrative expense (2) | 12,701 | 12,421 | ||||||||||||
Short-term lease cost (3) | 235,840 | 539,110 | ||||||||||||
Total lease cost | $ | 297,781 | $ | 601,471 |
(in thousands) | Year Ended December 31, 2019 | |||
Finance lease cost: | ||||
Amortization of right-of-use asset | $ | 4,385 | ||
Interest on lease liability | 1,719 | |||
Operating lease cost: (1) | ||||
Production expense | 20,965 | |||
Transportation, processing, and other operating | 17,264 | |||
Gas gathering and other expense | 5,607 | |||
General and administrative expense (2) | 12,421 | |||
Short-term lease cost (3) | 539,110 | |||
Total lease cost | $ | 601,471 |
(in thousands) | Year Ended December 31, 2019 | |||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Financing cash outflows from finance lease | $ | 3,869 | ||
Operating cash outflows from operating leases | $ | 54,044 | ||
Cash paid for short-term leases and variable lease payments: | ||||
Operating cash outflows from operating leases | $ | 3,103 | ||
Investing cash outflows from operating leases | $ | 551,325 |
Years Ended December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Financing cash outflows from finance lease | $ | 4,842 | $ | 3,869 | ||||||||||
Operating cash outflows from operating leases | $ | 53,066 | $ | 54,044 | ||||||||||
Cash paid for short-term leases and variable lease payments: | ||||||||||||||
Operating cash outflows from operating leases | $ | 3,169 | $ | 3,103 | ||||||||||
Investing cash outflows from operating leases | $ | 235,024 | $ | 551,325 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Weighted-average remaining lease term (in years): | ||||||||||||||
Finance lease | 4.7 | 5.9 | ||||||||||||
Operating leases | 3.9 | 4.1 | ||||||||||||
Weighted-average discount rate: | ||||||||||||||
Finance lease | 6.3 | % | 5.7 | % | ||||||||||
Operating leases | 5.0 | % | 3.9 | % |
December 31, 2019 | ||||||||
(in thousands) | Operating Leases | Finance Lease | ||||||
January 1, 2020 — December 31, 2020 | $ | 75,102 | $ | 5,944 | ||||
January 1, 2021 — December 31, 2021 | 67,027 | 5,687 | ||||||
January 1, 2022 — December 31, 2022 | 60,686 | 5,429 | ||||||
January 1, 2023 — December 31, 2023 | 38,128 | 5,171 | ||||||
January 1, 2024 — December 31, 2024 | 17,851 | 4,913 | ||||||
Remaining periods | 12,426 | 3,132 | ||||||
Total undiscounted future cash flows | 271,220 | 30,276 | ||||||
Less effects of discounting | (21,045 | ) | (4,199 | ) | ||||
Lease liabilities recognized | $ | 250,175 | $ | 26,077 |
December 31, 2020 | ||||||||||||||
(in thousands) | Operating Leases | Finance Lease | ||||||||||||
January 1, 2021 — December 31, 2021 | $ | 67,330 | $ | 7,618 | ||||||||||
January 1, 2022 — December 31, 2022 | 61,595 | 6,666 | ||||||||||||
January 1, 2023 — December 31, 2023 | 41,567 | 6,340 | ||||||||||||
January 1, 2024 — December 31, 2024 | 21,259 | 6,015 | ||||||||||||
January 1, 2025 — December 31, 2025 | 8,438 | 3,829 | ||||||||||||
Remaining periods | 14,695 | 0 | ||||||||||||
Total undiscounted future cash flows | 214,884 | 30,468 | ||||||||||||
Less effects of discounting | (21,128) | (3,638) | ||||||||||||
Lease liabilities recognized | $ | 193,756 | $ | 26,830 |
(in thousands) | December 31, 2018 | |||
2019 | $ | 9,849 | ||
2020 | 10,790 | |||
2021 | 11,000 | |||
2022 | 11,130 | |||
2023 | 11,433 | |||
Remaining periods | 20,831 | |||
Total future minimum lease payments | $ | 75,033 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Cash paid during the period for: | ||||||||||||
Interest expense (net of capitalized amounts of $49,944, $19,969, and $23,113, respectively) (1) | $ | 50,601 | $ | 45,357 | $ | 52,245 | ||||||
Income taxes | $ | 1,364 | $ | — | $ | 3 | ||||||
Cash received for income tax refunds | $ | 2,033 | $ | 760 | $ | 111 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||
Interest expense (net of capitalized amounts of $48,306, $49,944, and $19,969, respectively) (1) | $ | 41,407 | $ | 50,601 | $ | 45,357 | ||||||||||||||
Income taxes | $ | 300 | $ | 1,364 | $ | 0 | ||||||||||||||
Cash received for income tax refunds | $ | 2,118 | $ | 2,033 | $ | 760 |
(in thousands) | Fair Value of Consideration Transferred | |||
Cash | $ | 325,677 | ||
Common stock (5,652 shares issued) | 413,015 | |||
Preferred stock (63 shares issued) | 81,620 | |||
$ | 820,312 |
(in thousands) | Fair Value of Consideration Transferred | |||||||
Cash | $ | 325,677 | ||||||
Common stock (5,652 shares issued) | 413,015 | |||||||
Preferred stock (63 shares issued) | 81,620 | |||||||
$ | 820,312 |
(in thousands) | March 1, 2019 | Adjustments | December 31, 2019 | |||||||||
Cash | $ | 41,236 | $ | — | $ | 41,236 | ||||||
Accounts receivable | 50,739 | 11,463 | 62,202 | |||||||||
Other current assets | 13,280 | (1,260 | ) | 12,020 | ||||||||
Proved oil and gas properties | 692,600 | — | 692,600 | |||||||||
Unproved oil and gas properties | 1,054,200 | (30,314 | ) | 1,023,886 | ||||||||
Fixed assets | 5,355 | (32 | ) | 5,323 | ||||||||
Goodwill | 107,341 | (10,708 | ) | 96,633 | ||||||||
Other assets | 142 | — | 142 | |||||||||
Current liabilities | (202,735 | ) | (486 | ) | (203,221 | ) | ||||||
Long-term debt | (870,000 | ) | — | (870,000 | ) | |||||||
Deferred income taxes | (62,409 | ) | 31,337 | (31,072 | ) | |||||||
Asset retirement obligation | (9,437 | ) | — | (9,437 | ) | |||||||
Total identifiable net assets | $ | 820,312 | $ | — | $ | 820,312 |
(in thousands) | March 1, 2019 | Adjustments | March 1, 2020 | |||||||||||||||||
Cash | $ | 41,236 | $ | 0 | $ | 41,236 | ||||||||||||||
Accounts receivable | 50,739 | 11,521 | 62,260 | |||||||||||||||||
Other current assets | 13,280 | (1,176) | 12,104 | |||||||||||||||||
Proved oil and gas properties | 692,600 | 0 | 692,600 | |||||||||||||||||
Unproved oil and gas properties | 1,054,200 | (30,314) | 1,023,886 | |||||||||||||||||
Fixed assets | 5,355 | (32) | 5,323 | |||||||||||||||||
Goodwill | 107,341 | (13,126) | 94,215 | |||||||||||||||||
Other assets | 142 | 0 | 142 | |||||||||||||||||
Current liabilities | (202,735) | 1,790 | (200,945) | |||||||||||||||||
Long-term debt | (870,000) | 0 | (870,000) | |||||||||||||||||
Deferred income taxes | (62,409) | 31,337 | (31,072) | |||||||||||||||||
Asset retirement obligation | (9,437) | 0 | (9,437) | |||||||||||||||||
Total identifiable net assets | $ | 820,312 | $ | 0 | $ | 820,312 |
Years Ended December 31, | ||||||||
(in thousands, except per share information) | 2019 | 2018 | ||||||
Revenue | $ | 2,416,105 | $ | 2,667,561 | ||||
Net (loss) income | $ | (139,553 | ) | $ | 872,140 | |||
Net (loss) income per common share: | ||||||||
Basic | $ | (1.47 | ) | $ | 8.65 | |||
Diluted | $ | (1.47 | ) | $ | 8.65 |
Years Ended December 31, | ||||||||||||||
(in thousands, except per share information) | 2019 | 2018 | ||||||||||||
Revenue | $ | 2,416,105 | $ | 2,667,561 | ||||||||||
Net (loss) income | $ | (139,553) | $ | 872,140 | ||||||||||
Net (loss) income per common share: | ||||||||||||||
Basic | $ | (1.47) | $ | 8.65 | ||||||||||
Diluted | $ | (1.47) | $ | 8.65 |
December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Gas price per Mcf | $ | 1.99 | $ | 2.58 | $ | 3.10 | |||||||||||
Oil price per Bbl | $ | 39.54 | $ | 55.67 | $ | 65.56 |
December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Gas price per Mcf | $ | 2.58 | $ | 3.10 | $ | 2.98 | |||||
Oil price per Bbl | $ | 55.67 | $ | 65.56 | $ | 51.34 | |||||
NGL price per Bbl | $ | 13.27 | $ | 21.03 | $ | 19.09 |
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||
December 31, 2017 | 1,607,635 | 137,238 | 153,860 | 559,037 | |||||||||||||||||||
Revisions of previous estimates | (132,577) | (4,348) | 3,777 | (22,667) | |||||||||||||||||||
Extensions and discoveries | 342,810 | 53,763 | 47,614 | 158,512 | |||||||||||||||||||
Purchases of reserves | 3 | — | — | 1 | |||||||||||||||||||
Production | (205,837) | (24,710) | (21,994) | (81,010) | |||||||||||||||||||
Sales of reserves | (20,713) | (15,405) | (3,821) | (22,678) | |||||||||||||||||||
December 31, 2018 | 1,591,321 | 146,538 | 179,436 | 591,195 | |||||||||||||||||||
Revisions of previous estimates | (180,632) | (8,516) | (12,038) | (50,661) | |||||||||||||||||||
Extensions and discoveries | 247,406 | 41,193 | 36,834 | 119,261 | |||||||||||||||||||
Purchases of reserves | 129,435 | 22,628 | 18,818 | 63,019 | |||||||||||||||||||
Production | (251,567) | (31,463) | (28,254) | (101,645) | |||||||||||||||||||
Sales of reserves | (3,818) | (610) | (328) | (1,574) | |||||||||||||||||||
December 31, 2019 | 1,532,145 | 169,770 | 194,468 | 619,595 | |||||||||||||||||||
Revisions of previous estimates | (43,504) | (19,692) | (25,488) | (52,430) | |||||||||||||||||||
Extensions and discoveries | 107,322 | 22,269 | 16,419 | 56,575 | |||||||||||||||||||
Purchases of reserves | — | — | — | — | |||||||||||||||||||
Production | (232,625) | (28,087) | (25,554) | (92,412) | |||||||||||||||||||
Sales of reserves | (496) | (197) | (27) | (307) | |||||||||||||||||||
December 31, 2020 | 1,362,842 | 144,063 | 159,818 | 531,021 | |||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||
December 31, 2017 | 1,334,510 | 114,116 | 126,227 | 462,761 | |||||||||||||||||||
December 31, 2018 | 1,398,729 | 116,339 | 151,566 | 501,027 | |||||||||||||||||||
December 31, 2019 | 1,358,329 | 138,783 | 166,552 | 531,722 | |||||||||||||||||||
December 31, 2020 | 1,190,907 | 112,785 | 135,901 | 447,170 | |||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||
December 31, 2017 | 273,125 | 23,122 | 27,633 | 96,276 | |||||||||||||||||||
December 31, 2018 | 192,592 | 30,199 | 27,870 | 90,168 | |||||||||||||||||||
December 31, 2019 | 173,816 | 30,987 | 27,916 | 87,873 | |||||||||||||||||||
December 31, 2020 | 171,935 | 31,278 | 23,917 | 83,851 |
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||
Total proved reserves: | |||||||||||
December 31, 2016 | 1,471,420 | 105,878 | 130,633 | 481,748 | |||||||
Revisions of previous estimates | (39,749 | ) | (1,225 | ) | (2,099 | ) | (9,951 | ) | |||
Extensions and discoveries | 363,774 | 53,464 | 42,692 | 156,786 | |||||||
Purchases of reserves | 642 | 42 | 78 | 227 | |||||||
Production | (187,468 | ) | (20,861 | ) | (17,374 | ) | (69,479 | ) | |||
Sales of reserves | (984 | ) | (60 | ) | (70 | ) | (294 | ) | |||
December 31, 2017 | 1,607,635 | 137,238 | 153,860 | 559,037 | |||||||
Revisions of previous estimates | (132,577 | ) | (4,348 | ) | 3,777 | (22,667 | ) | ||||
Extensions and discoveries | 342,810 | 53,763 | 47,614 | 158,512 | |||||||
Purchases of reserves | 3 | — | — | 1 | |||||||
Production | (205,837 | ) | (24,710 | ) | (21,994 | ) | (81,010 | ) | |||
Sales of reserves | (20,713 | ) | (15,405 | ) | (3,821 | ) | (22,678 | ) | |||
December 31, 2018 | 1,591,321 | 146,538 | 179,436 | 591,195 | |||||||
Revisions of previous estimates | (180,632 | ) | (8,516 | ) | (12,038 | ) | (50,661 | ) | |||
Extensions and discoveries | 247,406 | 41,193 | 36,834 | 119,261 | |||||||
Purchases of reserves | 129,435 | 22,628 | 18,818 | 63,019 | |||||||
Production | (251,567 | ) | (31,463 | ) | (28,254 | ) | (101,645 | ) | |||
Sales of reserves | (3,818 | ) | (610 | ) | (328 | ) | (1,574 | ) | |||
December 31, 2019 | 1,532,145 | 169,770 | 194,468 | 619,595 | |||||||
Proved developed reserves: | |||||||||||
December 31, 2016 | 1,144,720 | 92,032 | 99,176 | 381,994 | |||||||
December 31, 2017 | 1,334,510 | 114,116 | 126,227 | 462,761 | |||||||
December 31, 2018 | 1,398,729 | 116,339 | 151,566 | 501,027 | |||||||
December 31, 2019 | 1,358,329 | 138,783 | 166,552 | 531,722 | |||||||
Proved undeveloped reserves: | |||||||||||
December 31, 2016 | 326,700 | 13,846 | 31,457 | 99,754 | |||||||
December 31, 2017 | 273,125 | 23,122 | 27,633 | 96,276 | |||||||
December 31, 2018 | 192,592 | 30,199 | 27,870 | 90,168 | |||||||
December 31, 2019 | 173,816 | 30,987 | 27,916 | 87,873 |
PUD Reserves (MMBOE) | |||||
PUD reserves at December 31, 2019 | 87.9 | ||||
Converted to developed | (30.5) | ||||
Additions | 40.5 | ||||
Net revisions | (14.0) | ||||
PUD reserves at December 31, 2020 | 83.9 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Acquisition of properties | ||||||||||||||||||||
Proved | $ | 11,878 | $ | 695,450 | $ | 62 | ||||||||||||||
Unproved | 46,946 | 1,083,230 | 102,666 | |||||||||||||||||
Exploration | 1,522 | 2,321 | 6,341 | |||||||||||||||||
Development | 496,388 | 1,181,605 | 1,487,453 | |||||||||||||||||
$ | 556,734 | $ | 2,962,606 | $ | 1,596,522 | |||||||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Costs incurred during the year: | ||||||||||||
Acquisition of properties | ||||||||||||
Proved | $ | 695,450 | $ | 62 | $ | 938 | ||||||
Unproved | 1,083,230 | 102,666 | 135,565 | |||||||||
Exploration | 2,321 | 6,341 | 11,804 | |||||||||
Development | 1,181,605 | 1,487,453 | 1,140,548 | |||||||||
Oil and gas expenditures | 2,962,606 | 1,596,522 | 1,288,855 | |||||||||
Property sales | (35,320 | ) | (581,799 | ) | (11,680 | ) | ||||||
2,927,286 | 1,014,723 | 1,277,175 | ||||||||||
Asset retirement obligation, net | 3,874 | (2,004 | ) | 9,416 | ||||||||
$ | 2,931,160 | $ | 1,012,719 | $ | 1,286,591 |
(in thousands) | December 31, 2020 | |||||||
Proved properties | $ | 21,281,840 | ||||||
Unproved properties and properties under development, not being amortized | 1,142,183 | |||||||
22,424,023 | ||||||||
Less—accumulated depreciation, depletion, amortization, and impairment | (18,987,354) | |||||||
Net oil and gas properties | $ | 3,436,669 |
(in thousands) | December 31, 2019 | |||
Proved properties | $ | 20,678,334 | ||
Unproved properties and properties under development, not being amortized | 1,255,908 | |||
21,934,242 | ||||
Less-accumulated depreciation, depletion, amortization, and impairments | (16,723,544 | ) | ||
Net oil and gas properties | $ | 5,210,698 |
(in thousands) | December 31, 2020 | |||||||
2020 | $ | 197,861 | ||||||
2019 | 827,418 | |||||||
2018 | 65,770 | |||||||
2017 and prior | 51,134 | |||||||
$ | 1,142,183 |
(in thousands) | December 31, 2019 | |||
2019 | $ | 1,019,651 | ||
2018 | 74,923 | |||
2017 | 76,491 | |||
2016 and prior | 84,843 | |||
$ | 1,255,908 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands, except per BOE) | 2020 | 2019 | 2018 | |||||||||||||||||
Oil, gas, and NGL revenues from production | $ | 1,512,688 | $ | 2,321,921 | $ | 2,297,645 | ||||||||||||||
Less operating costs and income taxes: | ||||||||||||||||||||
Impairment of oil and gas properties | 1,638,329 | 618,693 | — | |||||||||||||||||
Depletion | 625,481 | 817,099 | 538,919 | |||||||||||||||||
Asset retirement obligation | 14,653 | 8,586 | 7,142 | |||||||||||||||||
Production | 285,324 | 339,941 | 296,189 | |||||||||||||||||
Transportation, processing, and other operating | 213,366 | 238,259 | 211,463 | |||||||||||||||||
Taxes other than income | 79,699 | 148,953 | 125,169 | |||||||||||||||||
Income tax (benefit) expense | (295,716) | 26,318 | 252,840 | |||||||||||||||||
2,561,136 | 2,197,849 | 1,431,722 | ||||||||||||||||||
Results of operations from oil and gas producing activities | $ | (1,048,448) | $ | 124,072 | $ | 865,923 | ||||||||||||||
Depletion rate per BOE | $ | 6.77 | $ | 8.04 | $ | 6.65 |
Years Ended December 31, | ||||||||||||
(in thousands, except per BOE) | 2019 | 2018 | 2017 | |||||||||
Oil, gas, and NGL revenues from production | $ | 2,321,921 | $ | 2,297,645 | $ | 1,874,003 | ||||||
Less operating costs and income taxes: | ||||||||||||
Impairment of oil and gas properties | 618,693 | — | — | |||||||||
Depletion | 817,099 | 538,919 | 399,328 | |||||||||
Asset retirement obligation | 8,586 | 7,142 | 15,624 | |||||||||
Production | 339,941 | 296,189 | 263,349 | |||||||||
Transportation, processing, and other operating | 238,259 | 211,463 | 248,124 | |||||||||
Taxes other than income | 148,953 | 125,169 | 89,864 | |||||||||
Income tax expense | 26,318 | 252,840 | 313,066 | |||||||||
2,197,849 | 1,431,722 | 1,329,355 | ||||||||||
Results of operations from oil and gas producing activities | $ | 124,072 | $ | 865,923 | $ | 544,648 | ||||||
Depletion rate per BOE | $ | 8.04 | $ | 6.65 | $ | 5.75 |
December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Future cash inflows | $ | 7,167,623 | $ | 11,726,488 | $ | 14,050,367 | ||||||||||||||
Future production costs | (3,193,242) | (4,619,438) | (4,889,601) | |||||||||||||||||
Future development costs | (525,714) | (814,397) | (1,017,318) | |||||||||||||||||
Future income tax expenses | (66,555) | (578,675) | (1,303,762) | |||||||||||||||||
Future net cash flows | 3,382,112 | 5,713,978 | 6,839,686 | |||||||||||||||||
10% annual discount for estimated timing of cash flows | (1,129,593) | (2,084,952) | (2,824,499) | |||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 2,252,519 | $ | 3,629,026 | $ | 4,015,187 |
December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Future cash inflows | $ | 11,726,488 | $ | 14,050,367 | $ | 11,967,325 | ||||||
Future production costs | (4,619,438 | ) | (4,889,601 | ) | (4,360,599 | ) | ||||||
Future development costs | (814,397 | ) | (1,017,318 | ) | (948,735 | ) | ||||||
Future income tax expenses | (578,675 | ) | (1,303,762 | ) | (882,519 | ) | ||||||
Future net cash flows | 5,713,978 | 6,839,686 | 5,775,472 | |||||||||
10% annual discount for estimated timing of cash flows | (2,084,952 | ) | (2,824,499 | ) | (2,490,471 | ) | ||||||
Standardized measure of discounted future net cash flows | $ | 3,629,026 | $ | 4,015,187 | $ | 3,285,001 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Standardized measure, beginning of period | $ | 3,629,026 | $ | 4,015,187 | $ | 3,285,001 | ||||||||||||||
Sales, net of production costs | (934,299) | (1,594,768) | (1,660,649) | |||||||||||||||||
Net change in sales prices and in production costs related to future production | (1,465,206) | (1,267,223) | 377,178 | |||||||||||||||||
Extensions and discoveries, net of future production and development costs | 261,090 | 758,685 | 1,738,993 | |||||||||||||||||
Changes in estimated future development costs | 130,440 | 35,940 | 194,523 | |||||||||||||||||
Previously estimated development costs incurred during the period | 306,225 | 640,292 | 335,954 | |||||||||||||||||
Revisions of quantity estimates | (273,738) | (304,217) | 96,783 | |||||||||||||||||
Accretion of discount | 394,835 | 473,919 | 372,482 | |||||||||||||||||
Change in income taxes | 283,764 | 404,681 | (284,186) | |||||||||||||||||
Purchases of reserves in place | — | 568,897 | — | |||||||||||||||||
Sales of reserves in place | (3,838) | (18,330) | (300,592) | |||||||||||||||||
Change in production rates and other | (75,780) | (84,037) | (140,300) | |||||||||||||||||
Standardized measure, end of period | $ | 2,252,519 | $ | 3,629,026 | $ | 4,015,187 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2019 | 2018 | 2017 | |||||||||
Standardized Measure, beginning of period | $ | 4,015,187 | $ | 3,285,001 | $ | 1,892,618 | ||||||
Sales, net of production costs | (1,594,768 | ) | (1,660,649 | ) | (1,267,229 | ) | ||||||
Net change in sales prices and in production costs related to future production | (1,267,223 | ) | 377,178 | 855,024 | ||||||||
Extensions and discoveries, net of future production and development costs | 758,685 | 1,738,993 | 1,443,577 | |||||||||
Changes in estimated future development costs | 35,940 | 194,523 | 298,819 | |||||||||
Previously estimated development costs incurred during the period | 640,292 | 335,954 | 78,398 | |||||||||
Revisions of quantity estimates | (304,217 | ) | 96,783 | (65,376 | ) | |||||||
Accretion of discount | 473,919 | 372,482 | 212,192 | |||||||||
Change in income taxes | 404,681 | (284,186 | ) | (210,519 | ) | |||||||
Purchases of reserves in place | 568,897 | — | 2,255 | |||||||||
Sales of reserves in place | (18,330 | ) | (300,592 | ) | (1,666 | ) | ||||||
Change in production rates and other | (84,037 | ) | (140,300 | ) | 46,908 | |||||||
Standardized Measure, end of period | $ | 3,629,026 | $ | 4,015,187 | $ | 3,285,001 |
Quarter | ||||||||||||||||
2019 | First | Second | Third | Fourth | ||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenues | $ | 576,957 | $ | 546,463 | $ | 582,305 | $ | 657,244 | ||||||||
Expenses, net | 550,641 | 437,154 | 458,458 | 1,041,335 | ||||||||||||
Net income (loss) | $ | 26,316 | $ | 109,309 | $ | 123,847 | $ | (384,091 | ) | |||||||
Earnings (loss) per share to common stockholders: | ||||||||||||||||
Basic | $ | 0.26 | $ | 1.07 | $ | 1.21 | $ | (3.87 | ) | |||||||
Diluted | $ | 0.26 | $ | 1.07 | $ | 1.21 | $ | (3.87 | ) |
Quarter | ||||||||||||||||||||||||||
2020 | First | Second | Third | Fourth | ||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
Revenues | $ | 472,830 | $ | 249,383 | $ | 401,659 | $ | 434,723 | ||||||||||||||||||
Expenses, net | 1,247,112 | 1,174,530 | 694,399 | 410,012 | ||||||||||||||||||||||
Net (loss) income | $ | (774,282) | $ | (925,147) | $ | (292,740) | $ | 24,711 | ||||||||||||||||||
Earnings (loss) per share to common stockholders: | ||||||||||||||||||||||||||
Basic | $ | (7.77) | $ | (9.28) | $ | (2.94) | $ | 0.25 | ||||||||||||||||||
Diluted | $ | (7.77) | $ | (9.28) | $ | (2.94) | $ | 0.25 |
Quarter | ||||||||||||||||||||||||||
2019 | First | Second | Third | Fourth | ||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
Revenues | $ | 576,957 | $ | 546,463 | $ | 582,305 | $ | 657,244 | ||||||||||||||||||
Expenses, net | 550,641 | 437,154 | 458,458 | 1,041,335 | ||||||||||||||||||||||
Net income (loss) | $ | 26,316 | $ | 109,309 | $ | 123,847 | $ | (384,091) | ||||||||||||||||||
Earnings (loss) per share to common stockholders: | ||||||||||||||||||||||||||
Basic | $ | 0.26 | $ | 1.07 | $ | 1.21 | $ | (3.87) | ||||||||||||||||||
Diluted | $ | 0.26 | $ | 1.07 | $ | 1.21 | $ | (3.87) |
Quarter | ||||||||||||||||
2018 | First | Second | Third | Fourth | ||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenues | $ | 567,134 | $ | 556,274 | $ | 591,488 | $ | 624,121 | ||||||||
Expenses, net | 380,816 | 415,277 | 443,134 | 307,939 | ||||||||||||
Net income | $ | 186,318 | $ | 140,997 | $ | 148,354 | $ | 316,182 | ||||||||
Earnings per share to common stockholders: | ||||||||||||||||
Basic | $ | 1.96 | $ | 1.48 | $ | 1.56 | $ | 3.32 | ||||||||
Diluted | $ | 1.96 | $ | 1.48 | $ | 1.56 | $ | 3.32 |
Name | Age | Office | ||||||||||||
Thomas E. Jorden | Chairman of the Board, Chief Executive Officer, and President | |||||||||||||
Stephen P. Bell | Executive Vice President — Business Development | |||||||||||||
G. Mark Burford | Senior Vice President and Chief Financial Officer | |||||||||||||
Francis B. Barron | Senior Vice President — General Counsel | |||||||||||||
John A. Lambuth | ||||||||||||||
Christopher H. Clason | Senior Vice President and Chief Human Resources Officer | |||||||||||||
Thomas F. McCoy | 58 | Senior Vice President — Production | ||||||||||||
Blake A. Sirgo | 38 | Vice President — Operations | ||||||||||||
Gary R. Abbott | Vice President — Corporate Engineering | |||||||||||||
Timothy A. Ficker | Vice President — Controller, Chief Accounting Officer, and Assistant Secretary |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants, and rights | (b) Weighted-average exercise price of outstanding options, warrants, and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||||
Equity compensation plans approved by security holders | 547,377 | $ | 68.94 | 1,674,858 | ||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||
Total | 547,377 | $ | 68.94 | 1,674,858 |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants, and rights | (b) Weighted-average exercise price of outstanding options, warrants, and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||
Equity compensation plans approved by security holders | 495,538 | $ | 87.17 | 3,744,357 | ||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||
Total | 495,538 | $ | 87.17 | 3,744,357 |
Page | |||||||||
(a) (1) | The following financial statements are included in Item 8 to this 10-K: | ||||||||
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101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | ||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
CIMAREX ENERGY CO. | ||||||||
By: | /s/ Thomas E. Jorden | |||||||
Thomas E. Jorden Chairman of the Board, Chief Executive Officer, and President |
Signature | Title | Date | ||||||||||||||||
/s/ Thomas E. Jorden | Chairman of the Board, Director, Chief Executive Officer, | |||||||||||||||||
Thomas E. Jorden | and President (Principal Executive Officer) | February | ||||||||||||||||
/s/ G. Mark Burford | Senior Vice President and Chief Financial Officer | |||||||||||||||||
G. Mark Burford | (Principal Financial Officer) | February | ||||||||||||||||
/s/ Timothy A. Ficker | Vice President, Controller, Chief Accounting Officer | |||||||||||||||||
Timothy A. Ficker | (Principal Accounting Officer) | February | ||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Joseph R. Albi | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February 23, 2021 | ||||||||||||||||
Paul N. Eckley | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Hans Helmerich | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Kathleen A. Hogenson | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February 23, 2021 | ||||||||||||||||
Harold R. Logan, Jr. | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February 23, 2021 | ||||||||||||||||
Floyd R. Price | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Monroe W. Robertson | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Lisa A. Stewart | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Frances M. Vallejo | ||||||||||||||||||
*By: | /s/ G. Mark Burford | Senior Vice President and Chief Financial Officer | ||||||||||||||||
G. Mark Burford Attorney-in-Fact | (Principal Financial Officer) | February |