QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
EXTRACTION OIL & GAS, INC. | ||||||||
(Exact name of registrant as specified in its charter) |
46-1473923 | ||||||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |||||||||||||
370 | ||||||||||||||
Suite 5300 | ||||||||||||||
Denver, | Colorado | 80202 | ||||||||||||
(Address of principal executive offices) |
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||||||||||||||
Common Stock, par value $0.01 | XOG | NASDAQ Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||
Emerging growth company | ☐ |
September 30, 2017 | December 31, 2016 | September 30, 2019 | December 31, 2018 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Current Assets: | Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 114,139 | $ | 588,736 | Cash and cash equivalents | $ | 57,728 | $ | 234,986 | |||||||||
Accounts receivable | Accounts receivable | |||||||||||||||||
Trade | 52,638 | 23,154 | Trade | 55,095 | 41,695 | |||||||||||||
Oil, natural gas and NGL sales | 70,425 | 34,066 | Oil, natural gas and NGL sales | 69,750 | 91,225 | |||||||||||||
Inventory and prepaid expenses | 13,262 | 7,722 | Inventory and prepaid expenses | 19,489 | 26,816 | |||||||||||||
Commodity derivative asset | 986 | — | Commodity derivative asset | 66,480 | 48,907 | |||||||||||||
Assets held for sale | Assets held for sale | — | 21,008 | |||||||||||||||
Total Current Assets | 251,450 | 653,678 | Total Current Assets | 268,542 | 464,637 | |||||||||||||
Property and Equipment (successful efforts method), at cost: | Property and Equipment (successful efforts method), at cost: | |||||||||||||||||
Proved oil and gas properties | 2,683,062 | 1,851,052 | Proved oil and gas properties | 4,494,226 | 3,916,622 | |||||||||||||
Unproved oil and gas properties | 639,867 | 452,577 | Unproved oil and gas properties | 572,400 | 609,284 | |||||||||||||
Wells in progress | 130,668 | 98,747 | Wells in progress | 104,429 | 144,323 | |||||||||||||
Less: accumulated depletion, depreciation and amortization | (610,390 | ) | (402,912 | ) | Less: accumulated depletion, depreciation and amortization | (1,498,608) | (1,152,590) | |||||||||||
Net oil and gas properties | 2,843,207 | 1,999,464 | Net oil and gas properties | 3,672,447 | 3,517,639 | |||||||||||||
Gathering systems and facilities | Gathering systems and facilities | 307,038 | 114,469 | |||||||||||||||
Other property and equipment, net of accumulated depreciation | 26,866 | 32,721 | Other property and equipment, net of accumulated depreciation | 73,265 | 39,849 | |||||||||||||
Net Property and Equipment | 2,870,073 | 2,032,185 | Net Property and Equipment | 4,052,750 | 3,671,957 | |||||||||||||
Non-Current Assets: | Non-Current Assets: | |||||||||||||||||
Cash held in escrow | — | 42,200 | ||||||||||||||||
Goodwill and other intangible assets, net of accumulated amortization | 54,966 | 54,489 | ||||||||||||||||
Commodity derivative asset | Commodity derivative asset | 41,520 | 8,432 | |||||||||||||||
Other non-current assets | 11,611 | 2,224 | Other non-current assets | 66,346 | 21,001 | |||||||||||||
Total Non-Current Assets | 66,577 | 98,913 | Total Non-Current Assets | 107,866 | 29,433 | |||||||||||||
Total Assets | $ | 3,188,100 | $ | 2,784,776 | Total Assets | $ | 4,429,158 | $ | 4,166,027 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||
Current Liabilities: | Current Liabilities: | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 151,940 | $ | 131,134 | Accounts payable and accrued liabilities | $ | 216,193 | $ | 186,218 | |||||||||
Revenue payable | 41,209 | 35,162 | Revenue payable | 96,140 | 117,344 | |||||||||||||
Production taxes payable | 39,556 | 27,327 | Production taxes payable | 114,969 | 57,516 | |||||||||||||
Commodity derivative liability | 8,259 | 56,003 | Commodity derivative liability | 108 | 196 | |||||||||||||
Accrued interest payable | 14,068 | 19,621 | Accrued interest payable | 17,272 | 22,249 | |||||||||||||
Asset retirement obligations | 4,998 | 5,300 | Asset retirement obligations | 26,426 | 15,729 | |||||||||||||
Liabilities related to assets held for sale | Liabilities related to assets held for sale | — | 3,146 | |||||||||||||||
Total Current Liabilities | 260,030 | 274,547 | Total Current Liabilities | 471,108 | 402,398 | |||||||||||||
Non-Current Liabilities: | Non-Current Liabilities: | |||||||||||||||||
Credit facility | Credit facility | 550,000 | 285,000 | |||||||||||||||
Senior Notes, net of unamortized debt issuance costs | 932,570 | 538,141 | Senior Notes, net of unamortized debt issuance costs | 1,085,217 | 1,132,659 | |||||||||||||
Production taxes payable | 37,138 | 35,838 | Production taxes payable | 70,560 | 115,607 | |||||||||||||
Commodity derivative liability | 3,025 | 6,738 | Commodity derivative liability | 83 | — | |||||||||||||
Other non-current liabilities | 6,038 | 3,466 | Other non-current liabilities | 23,412 | 8,072 | |||||||||||||
Asset retirement obligations | 60,193 | 50,808 | Asset retirement obligations | 67,500 | 54,062 | |||||||||||||
Deferred tax liability | 98,470 | 106,026 | Deferred tax liability | 115,876 | 109,176 | |||||||||||||
Total Non-Current Liabilities | 1,137,434 | 741,017 | Total Non-Current Liabilities | 1,912,648 | 1,704,576 | |||||||||||||
Total Liabilities | 1,397,464 | 1,015,564 | Total Liabilities | 2,383,756 | 2,106,974 | |||||||||||||
Commitments and Contingencies—Note 11 | Commitments and Contingencies—Note 11 | |||||||||||||||||
Series A Convertible Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 185,280 issued and outstanding | 156,995 | 153,139 | Series A Convertible Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 185,280 issued and outstanding | 169,282 | 164,367 | |||||||||||||
Stockholders' Equity: | Stockholders' Equity: | |||||||||||||||||
Common stock, $0.01 par value; 900,000,000 shares authorized; 171,893,157 and 171,834,605 issued and outstanding | 1,718 | 1,718 | ||||||||||||||||
Common stock, $0.01 par value; 900,000,000 shares authorized; 138,073,124 and 171,666,485 issued and outstanding | Common stock, $0.01 par value; 900,000,000 shares authorized; 138,073,124 and 171,666,485 issued and outstanding | 1,336 | 1,678 | |||||||||||||||
Treasury stock, at cost, 38,859,078 and 4,543,262 shares | Treasury stock, at cost, 38,859,078 and 4,543,262 shares | (170,138) | (32,737) | |||||||||||||||
Additional paid-in capital | 2,101,103 | 2,067,590 | Additional paid-in capital | 2,164,921 | 2,153,661 | |||||||||||||
Treasury stock, at cost, 165,385 and 0 shares | (2,105 | ) | — | |||||||||||||||
Accumulated deficit | (467,075 | ) | (453,235 | ) | Accumulated deficit | (378,220) | (375,788) | |||||||||||
Total Extraction Oil & Gas, Inc. Stockholders' Equity | Total Extraction Oil & Gas, Inc. Stockholders' Equity | 1,617,899 | 1,746,814 | |||||||||||||||
Noncontrolling interest | Noncontrolling interest | 258,221 | 147,872 | |||||||||||||||
Total Stockholders' Equity | 1,633,641 | 1,616,073 | Total Stockholders' Equity | 1,876,120 | 1,894,686 | |||||||||||||
Total Liabilities and Stockholders' Equity | $ | 3,188,100 | $ | 2,784,776 | Total Liabilities and Stockholders' Equity | $ | 4,429,158 | $ | 4,166,027 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||
Oil sales | $ | 132,075 | $ | 51,760 | $ | 269,597 | $ | 135,896 | Oil sales | $ | 171,074 | $ | 225,467 | $ | 521,623 | $ | 619,211 | |||||||||||||||||||||||||||||||||
Natural gas sales | 24,672 | 12,792 | 63,095 | 27,730 | Natural gas sales | 16,801 | 23,103 | 74,385 | 66,991 | |||||||||||||||||||||||||||||||||||||||||
NGL sales | 24,114 | 8,350 | 57,574 | 19,773 | NGL sales | 9,099 | 33,590 | 44,940 | 86,369 | |||||||||||||||||||||||||||||||||||||||||
Total Revenues | 180,861 | 72,902 | 390,266 | 183,399 | Total Revenues | 196,974 | 282,160 | 640,948 | 772,571 | |||||||||||||||||||||||||||||||||||||||||
Operating Expenses: | Operating Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease operating expenses | 29,267 | 15,480 | 75,755 | 40,819 | Lease operating expenses | 22,979 | 20,283 | 68,445 | 61,760 | |||||||||||||||||||||||||||||||||||||||||
Transportation and gathering | Transportation and gathering | 6,922 | 11,786 | 29,142 | 29,284 | |||||||||||||||||||||||||||||||||||||||||||||
Production taxes | 16,290 | 6,186 | 33,254 | 16,935 | Production taxes | 9,711 | 21,605 | 46,419 | 66,317 | |||||||||||||||||||||||||||||||||||||||||
Exploration expenses | 7,181 | 5,985 | 24,431 | 14,735 | Exploration expenses | 13,245 | 11,038 | 32,725 | 21,326 | |||||||||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 94,220 | 46,680 | 213,483 | 141,317 | Depletion, depreciation, amortization and accretion | 114,996 | 107,315 | 352,134 | 310,296 | |||||||||||||||||||||||||||||||||||||||||
Impairment of long lived assets | — | 467 | 675 | 23,350 | Impairment of long lived assets | — | 16,166 | 11,233 | 16,294 | |||||||||||||||||||||||||||||||||||||||||
Other operating expenses | — | — | 451 | 891 | ||||||||||||||||||||||||||||||||||||||||||||||
Acquisition transaction expenses | — | 345 | 68 | 345 | ||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of property and equipment and assets of unconsolidated subsidiary | Gain on sale of property and equipment and assets of unconsolidated subsidiary | (1,011) | (83,559) | (1,329) | (143,461) | |||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 28,741 | 20,071 | 77,916 | 35,189 | General and administrative expenses | 27,445 | 35,365 | 85,835 | 100,565 | |||||||||||||||||||||||||||||||||||||||||
Total Operating Expenses | 175,699 | 95,214 | 426,033 | 273,581 | Total Operating Expenses | 194,287 | 139,999 | 624,604 | 462,381 | |||||||||||||||||||||||||||||||||||||||||
Operating Income (Loss) | 5,162 | (22,312 | ) | (35,767 | ) | (90,182 | ) | |||||||||||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | 2,687 | 142,161 | 16,344 | 310,190 | |||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives gain (loss) | (37,875 | ) | 16,225 | 46,423 | (62,424 | ) | Commodity derivatives gain (loss) | 87,956 | (35,913) | 39,383 | (175,752) | |||||||||||||||||||||||||||||||||||||||
Interest expense | (15,080 | ) | (31,216 | ) | (33,761 | ) | (57,914 | ) | Interest expense | (23,224) | (20,725) | (54,791) | (103,229) | |||||||||||||||||||||||||||||||||||||
Other income | 891 | 36 | 1,709 | 120 | Other income | 1,337 | 1,827 | 3,332 | 3,094 | |||||||||||||||||||||||||||||||||||||||||
Total Other Income (Expense) | (52,064 | ) | (14,955 | ) | 14,371 | (120,218 | ) | Total Other Income (Expense) | 66,069 | (54,811) | (12,076) | (275,887) | ||||||||||||||||||||||||||||||||||||||
Loss Before Income Taxes | (46,902 | ) | (37,267 | ) | (21,396 | ) | (210,400 | ) | ||||||||||||||||||||||||||||||||||||||||||
Income tax benefit | (17,106 | ) | — | (7,556 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||
Net Loss | $ | (29,796 | ) | $ | (37,267 | ) | $ | (13,840 | ) | $ | (210,400 | ) | ||||||||||||||||||||||||||||||||||||||
Loss Per Common Share (Note 10) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | Income Before Income Taxes | 68,756 | 87,350 | 4,268 | 34,303 | |||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (20,600) | (22,200) | (6,700) | (12,300) | |||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | 48,156 | $ | 65,150 | $ | (2,432) | $ | 22,003 | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | Net income attributable to noncontrolling interest | 5,776 | 3,305 | 13,849 | 3,305 | |||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Extraction Oil & Gas, Inc. | Net Income (Loss) Attributable to Extraction Oil & Gas, Inc. | 42,380 | 61,845 | (16,281) | 18,698 | |||||||||||||||||||||||||||||||||||||||||||||
Adjustments to reflect Series A Preferred Stock dividends and accretion of discount | Adjustments to reflect Series A Preferred Stock dividends and accretion of discount | (4,403) | (4,236) | (13,079) | (12,593) | |||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Common Shareholders | Net Income (Loss) Attributable to Common Shareholders | 37,977 | 57,609 | (29,360) | 6,105 | |||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Per Common Share (Note 10) | Income (Loss) Per Common Share (Note 10) | |||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted | $ | (0.20 | ) | $ | (0.15 | ) | Basic and diluted | $ | 0.28 | $ | 0.33 | $ | (0.19) | $ | 0.03 | |||||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | Weighted Average Common Shares Outstanding | |||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted | 171,845 | 171,838 | Basic and diluted | 137,789 | 175,814 | 155,847 | 175,269 |
Common Stock | Treasury Stock | Additional Paid in Capital | Accumulated Deficit | Extraction Oil & Gas, Inc. Stockholders' Equity | Noncontrolling interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | 176,210 | $ | 1,678 | 4,543 | $ | (32,737) | $ | 2,153,661 | $ | (375,788) | $ | 1,746,814 | $ | 147,872 | $ | 1,894,686 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units commitment fees & dividends paid-in-kind | — | — | — | — | (3,975) | — | (3,975) | 3,975 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 13,008 | — | 13,008 | — | 13,008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends | — | — | — | — | (2,721) | — | (2,721) | — | (2,721) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (1,596) | — | (1,596) | — | (1,596) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | (77) | 7,824 | (32,135) | — | — | (32,212) | — | (32,212) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, including payment of tax withholdings using withheld shares | 270 | — | — | — | (454) | — | (454) | — | (454) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (94,032) | (94,032) | — | (94,032) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | 176,480 | $ | 1,601 | 12,367 | $ | (64,872) | $ | 2,157,923 | $ | (469,820) | $ | 1,624,832 | $ | 151,837 | $ | 1,776,669 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units commitment fees & dividends paid-in-kind | — | — | — | — | (4,098) | — | (4,098) | 4,098 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 14,957 | — | 14,957 | — | 14,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends | — | — | — | — | (2,722) | — | (2,722) | — | (2,722) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (1,637) | — | (1,637) | — | (1,637) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | (217) | 21,685 | (84,067) | — | — | (84,284) | — | (84,284) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, including payment of tax withholdings using withheld shares | 108 | — | — | — | (128) | — | (128) | — | (128) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 43,444 | 43,444 | — | 43,444 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | 176,588 | $ | 1,384 | 34,052 | $ | (148,939) | $ | 2,164,295 | $ | (426,376) | $ | 1,590,364 | $ | 155,945 | $ | 1,746,309 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units issued | — | — | — | — | — | — | — | 99,000 | 99,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units issuance costs | — | — | — | — | — | — | — | (2,500) | (2,500) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units commitment fees & dividends paid-in-kind | — | — | — | — | (5,776) | — | (5,776) | 5,776 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 11,387 | — | 11,387 | — | 11,387 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends | — | — | — | — | (2,721) | — | (2,721) | — | (2,721) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (1,682) | — | (1,682) | — | (1,682) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | (48) | 4,807 | (21,199) | — | — | (21,247) | — | (21,247) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, including payment of tax withholdings using withheld shares | 344 | — | — | — | (582) | — | (582) | — | (582) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 48,156 | 48,156 | — | 48,156 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | 176,932 | $ | 1,336 | 38,859 | $ | (170,138) | $ | 2,164,921 | $ | (378,220) | $ | 1,617,899 | $ | 258,221 | $ | 1,876,120 |
Common Stock | Treasury Stock | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid in Capital | Retained Deficit | Total Stockholders' Equity | |||||||||||||||||||
Balance at January 1, 2017 | 171,835 | $ | 1,718 | — | $ | — | $ | 2,067,590 | $ | (453,235 | ) | $ | 1,616,073 | ||||||||||||
Common stock issuance costs | — | — | — | — | (311 | ) | — | (311 | ) | ||||||||||||||||
Stock-based compensation | — | — | — | — | 46,707 | — | 46,707 | ||||||||||||||||||
Series A Preferred Stock dividends | — | — | — | — | (8,164 | ) | — | (8,164 | ) | ||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (3,992 | ) | — | (3,992 | ) | ||||||||||||||||
Receipt of common stock from affiliate | — | — | 165 | (2,105 | ) | — | — | (2,105 | ) | ||||||||||||||||
Restricted stock issued, including payment of tax withholdings using withheld shares | 58 | — | — | — | (727 | ) | — | (727 | ) | ||||||||||||||||
Net loss | — | — | — | — | — | (13,840 | ) | (13,840 | ) | ||||||||||||||||
Balance at September 30, 2017 | 171,893 | $ | 1,718 | 165 | $ | (2,105 | ) | $ | 2,101,103 | $ | (467,075 | ) | $ | 1,633,641 |
Common Stock | Treasury Stock | Additional Paid in Capital | Accumulated Deficit | Extraction Oil & Gas, Inc. Stockholders' Equity | Noncontrolling interest | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018 | 172,060 | $ | 1,718 | 165 | $ | (2,105) | $ | 2,114,795 | $ | (497,643) | $ | 1,616,765 | $ | — | $ | 1,616,765 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 2,794 | — | — | — | 15,721 | — | 15,721 | — | 15,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends | — | — | — | — | (2,721) | — | (2,721) | — | (2,721) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (1,438) | — | (1,438) | — | (1,438) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | 166 | (2,309) | — | — | (2,309) | — | (2,309) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, including payment of tax withholdings using withheld shares | 852 | — | — | — | (2,305) | — | (2,305) | — | (2,305) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (51,995) | (51,995) | — | (51,995) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2018 | 175,706 | $ | 1,718 | 331 | $ | (4,414) | $ | 2,124,052 | $ | (549,638) | $ | 1,571,718 | $ | — | $ | 1,571,718 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 17,743 | — | 17,743 | — | 17,743 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends | — | — | — | — | (2,722) | — | (2,722) | — | (2,722) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (1,477) | — | (1,477) | — | (1,477) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, including payment of tax withholdings using withheld shares | 92 | — | — | — | (226) | — | (226) | — | (226) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 8,848 | 8,848 | — | 8,848 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2018 | 175,798 | $ | 1,718 | 331 | $ | (4,414) | $ | 2,137,370 | $ | (540,790) | $ | 1,593,884 | $ | — | $ | 1,593,884 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units issued | — | — | — | — | — | — | — | 148,500 | 148,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units issuance costs | — | — | — | — | — | — | — | (7,933) | (7,933) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Units commitment fees & dividends paid-in-kind | — | — | — | — | (3,305) | — | (3,305) | 3,305 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 17,420 | — | 17,420 | — | 17,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends | — | — | — | — | (2,721) | — | (2,721) | — | (2,721) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (1,515) | — | (1,515) | — | (1,515) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | 154 | (2,125) | — | — | (2,125) | — | (2,125) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, including payment of tax withholdings using withheld shares | 63 | — | — | — | (331) | — | (331) | — | (331) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 65,150 | 65,150 | — | 65,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2018 | 175,861 | $ | 1,718 | 485 | $ | (6,539) | $ | 2,146,918 | $ | (475,640) | $ | 1,666,457 | $ | 143,872 | $ | 1,810,329 |
For the Nine Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | 2019 | 2018 | |||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||||
Net loss | $ | (13,840 | ) | $ | (210,400 | ) | ||||||||||||||||||
Reconciliation of net loss to net cash provided by operating activities: | ||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (2,432) | $ | 22,003 | |||||||||||||||||||
Reconciliation of net income (loss) to net cash provided by operating activities: | Reconciliation of net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 213,483 | 141,317 | Depletion, depreciation, amortization and accretion | 352,134 | 310,296 | |||||||||||||||||||
Abandonment and impairment of unproved properties | 5,684 | 3,331 | Abandonment and impairment of unproved properties | 26,166 | 15,463 | |||||||||||||||||||
Impairment of long lived assets | 675 | 23,350 | Impairment of long lived assets | 11,233 | 16,294 | |||||||||||||||||||
Loss on sale of property and equipment | 451 | — | ||||||||||||||||||||||
Amortization of debt issuance costs and debt discount | 3,181 | 18,330 | ||||||||||||||||||||||
Gain on sale of property and equipment | Gain on sale of property and equipment | (319) | (59,849) | |||||||||||||||||||||
Gain on sale of assets of unconsolidated subsidiary | Gain on sale of assets of unconsolidated subsidiary | (1,010) | (83,612) | |||||||||||||||||||||
Gain on repurchase of 2026 Senior Notes | Gain on repurchase of 2026 Senior Notes | (10,486) | — | |||||||||||||||||||||
Amortization of debt issuance costs | Amortization of debt issuance costs | 3,799 | 12,303 | |||||||||||||||||||||
Non-cash lease expense | Non-cash lease expense | 7,739 | — | |||||||||||||||||||||
Deferred rent | (229 | ) | 600 | Deferred rent | — | 442 | ||||||||||||||||||
Commodity derivatives (gain) loss | (46,423 | ) | 62,424 | Commodity derivatives (gain) loss | (39,383) | 175,752 | ||||||||||||||||||
Settlements on commodity derivatives | (8,893 | ) | 43,015 | Settlements on commodity derivatives | (18,527) | (93,482) | ||||||||||||||||||
Premiums paid on commodity derivatives | — | (611 | ) | Premiums paid on commodity derivatives | (2,852) | (17,271) | ||||||||||||||||||
Earnings in unconsolidated affiliate | (256 | ) | — | |||||||||||||||||||||
Distributions from unconsolidated affiliate | 131 | — | ||||||||||||||||||||||
Earnings in unconsolidated subsidiaries | Earnings in unconsolidated subsidiaries | (1,217) | (1,886) | |||||||||||||||||||||
Distributions from unconsolidated subsidiaries | Distributions from unconsolidated subsidiaries | 2,630 | 1,684 | |||||||||||||||||||||
Make-whole premium paid on 2021 Senior Notes | Make-whole premium paid on 2021 Senior Notes | — | 35,600 | |||||||||||||||||||||
Deferred income tax expense | (7,556 | ) | — | Deferred income tax expense | 6,700 | 12,300 | ||||||||||||||||||
Unit and stock-based compensation | 46,707 | 14,922 | ||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 39,306 | 50,883 | |||||||||||||||||||||
Changes in current assets and liabilities: | Changes in current assets and liabilities: | |||||||||||||||||||||||
Accounts receivable—trade | (29,099 | ) | 3,889 | Accounts receivable—trade | (1,395) | 4,573 | ||||||||||||||||||
Accounts receivable—oil, natural gas and NGL sales | (36,359 | ) | (8,506 | ) | Accounts receivable—oil, natural gas and NGL sales | 16,293 | (13,865) | |||||||||||||||||
Inventory and prepaid expenses | (180 | ) | (273 | ) | Inventory and prepaid expenses | (3,479) | (637) | |||||||||||||||||
Accounts payable and accrued liabilities | 1,653 | (18,242 | ) | Accounts payable and accrued liabilities | 231 | (14,780) | ||||||||||||||||||
Revenue payable | 6,047 | 10,228 | Revenue payable | (21,723) | 60,946 | |||||||||||||||||||
Production taxes payable | 13,520 | 6,219 | Production taxes payable | 12,211 | 49,657 | |||||||||||||||||||
Accrued interest payable | (5,553 | ) | 8,342 | Accrued interest payable | (4,977) | (5,015) | ||||||||||||||||||
Asset retirement expenditures | (1,408 | ) | (372 | ) | Asset retirement expenditures | (14,081) | (9,437) | |||||||||||||||||
Net cash provided by operating activities | 141,736 | 97,563 | Net cash provided by operating activities | 356,561 | 468,362 | |||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||||
Oil and gas property additions | (1,015,700 | ) | (223,684 | ) | Oil and gas property additions | (526,187) | (774,787) | |||||||||||||||||
Acquired oil and gas properties | (17,225 | ) | (13,674 | ) | ||||||||||||||||||||
Sale of property and equipment | 5,155 | 2,148 | Sale of property and equipment | 41,982 | 72,345 | |||||||||||||||||||
Gathering systems and facilities additions | Gathering systems and facilities additions | (169,180) | (41,359) | |||||||||||||||||||||
Other property and equipment additions | (9,608 | ) | (3,336 | ) | Other property and equipment additions | (32,575) | (11,944) | |||||||||||||||||
Distributions from unconsolidated affiliate, return of capital | 116 | — | ||||||||||||||||||||||
Cash held in escrow | 42,200 | (42,000 | ) | |||||||||||||||||||||
Investment in unconsolidated subsidiaries | Investment in unconsolidated subsidiaries | (22,487) | (6,000) | |||||||||||||||||||||
Distributions from unconsolidated subsidiary, return of capital | Distributions from unconsolidated subsidiary, return of capital | 569 | — | |||||||||||||||||||||
Sale of assets of unconsolidated subsidiary | Sale of assets of unconsolidated subsidiary | 1,010 | 83,612 | |||||||||||||||||||||
Net cash used in investing activities | (995,062 | ) | (280,546 | ) | Net cash used in investing activities | (706,868) | (678,133) | |||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||||||||
Borrowings under credit facility | 250,000 | 60,000 | Borrowings under credit facility | 375,000 | 590,000 | |||||||||||||||||||
Repayments under credit facility | (250,000 | ) | (196,000 | ) | Repayments under credit facility | (110,000) | (390,000) | |||||||||||||||||
Proceeds from the issuance of Senior Notes | 394,000 | 550,000 | ||||||||||||||||||||||
Repayment of Second Lien Notes | — | (430,000 | ) | |||||||||||||||||||||
Proceeds from the issuance of units | — | 121,370 | ||||||||||||||||||||||
Repurchase of units | — | (2,867 | ) | |||||||||||||||||||||
Proceeds from the issuance of 2026 Senior Notes | Proceeds from the issuance of 2026 Senior Notes | — | 739,664 | |||||||||||||||||||||
Repayments of 2021 Senior Notes | Repayments of 2021 Senior Notes | — | (550,000) | |||||||||||||||||||||
Make-whole premium paid on 2021 Senior Notes | Make-whole premium paid on 2021 Senior Notes | — | (35,600) | |||||||||||||||||||||
Repurchase of 2026 Senior Notes | Repurchase of 2026 Senior Notes | (39,325) | — | |||||||||||||||||||||
Repurchase of commons stock | Repurchase of commons stock | (137,743) | (4,434) | |||||||||||||||||||||
Payment of employee payroll withholding taxes | (2,832 | ) | — | Payment of employee payroll withholding taxes | (1,164) | (2,862) | ||||||||||||||||||
Dividends on Series A Preferred Stock | (7,680 | ) | — | Dividends on Series A Preferred Stock | (8,164) | (8,164) | ||||||||||||||||||
Debt issuance costs | (3,273 | ) | (13,189 | ) | ||||||||||||||||||||
Equity issuance costs | (1,486 | ) | (2,051 | ) | ||||||||||||||||||||
Debt and equity issuance costs | Debt and equity issuance costs | (2,055) | (3,103) | |||||||||||||||||||||
Proceeds from issuance of Preferred Units | Proceeds from issuance of Preferred Units | 99,000 | 148,500 | |||||||||||||||||||||
Preferred Unit issuance costs | Preferred Unit issuance costs | (2,500) | (6,933) | |||||||||||||||||||||
Net cash provided by financing activities | 378,729 | 87,263 | Net cash provided by financing activities | 173,049 | 477,068 | |||||||||||||||||||
Decrease in cash and cash equivalents | (474,597 | ) | (95,720 | ) | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 588,736 | 97,106 | ||||||||||||||||||||||
Cash and cash equivalents at end of the period | $ | 114,139 | $ | 1,386 | ||||||||||||||||||||
(Decrease) increase in cash and cash equivalents | (Decrease) increase in cash and cash equivalents | (177,258) | 267,297 | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | Cash, cash equivalents and restricted cash at beginning of period | 234,986 | 6,768 | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | Cash, cash equivalents and restricted cash at end of the period | $ | 57,728 | $ | 274,065 | |||||||||||||||||||
Supplemental cash flow information: | Supplemental cash flow information: | |||||||||||||||||||||||
Property and equipment included in accounts payable and accrued liabilities | $ | 130,022 | $ | 53,371 | Property and equipment included in accounts payable and accrued liabilities | $ | 158,178 | $ | 148,156 | |||||||||||||||
Cash paid for interest | $ | 44,703 | $ | 30,531 | Cash paid for interest | $ | 71,878 | $ | 66,673 | |||||||||||||||
Cash paid for Second Lien Notes prepayment penalty | $ | — | $ | 4,300 | ||||||||||||||||||||
Noncash settlement of promissory notes issued to officers | $ | — | $ | 5,562 | ||||||||||||||||||||
Issuance of promissory note to unconsolidated subsidiary | Issuance of promissory note to unconsolidated subsidiary | $ | — | $ | 35,329 | |||||||||||||||||||
Extinguishment of promissory note in exchange for equity with unconsolidated subsidiary | Extinguishment of promissory note in exchange for equity with unconsolidated subsidiary | $ | — | $ | (35,329) | |||||||||||||||||||
Accretion of beneficial conversion feature of Series A Preferred Stock | $ | 3,992 | $ | — | Accretion of beneficial conversion feature of Series A Preferred Stock | $ | 4,915 | $ | 4,429 | |||||||||||||||
Non-cash contribution to unconsolidated affiliate | $ | 8,307 | $ | — | ||||||||||||||||||||
Increase in dividends payable | $ | 484 | $ | — | ||||||||||||||||||||
Preferred Units paid-in-kind commitment fees and dividends | Preferred Units paid-in-kind commitment fees and dividends | $ | 13,849 | $ | 3,305 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||
Lease Costs included in the Condensed Consolidated Balance Sheets | |||||||||||
Proved oil and gas properties, including drilling, completions and ancillary equipment, and gathering systems and facilities (1) | $ | 92,023 | $ | 230,940 | |||||||
Lease Costs included in the Condensed Consolidated Statements of Operations | |||||||||||
Operating lease costs (2) | $ | 9,210 | $ | 22,627 | |||||||
General and administrative expenses (3) | $ | 1,054 | $ | 2,811 | |||||||
Total operating lease costs | $ | 10,264 | $ | 25,438 | |||||||
Total lease costs | $ | 102,287 | $ | 256,378 |
Nine Months Ended September 30, 2019 | |||||
Cash paid for amounts included in the measurements of lease liabilities | |||||
Operating cash flows from operating leases | $ | (9,014) | |||
Right-of-use assets obtained in exchange for lease obligations | |||||
Operating leases | $ | (2,997) |
Classification | As of September 30, 2019 | ||||||||||
Operating Leases | |||||||||||
Operating lease right-of-use assets | Other non-current assets | $ | 20,470 | ||||||||
Operating lease obligation - short-term | Accounts payable and accrued liabilities | 9,236 | |||||||||
Operating lease obligation - long-term | Other non-current liabilities | 16,827 | |||||||||
Total operating lease liabilities | $ | 26,063 | |||||||||
Weighted Average Remaining Lease Term in Years | |||||||||||
Operating leases | 5.8 | ||||||||||
Weighted Average Discount Rate | |||||||||||
Operating leases | 4.7 | % |
Purchase Price | June 8, 2017 | |||
Consideration given | ||||
Cash | $ | 13,395 | ||
Total consideration given | $ | 13,395 | ||
Allocation of Purchase Price | ||||
Proved oil and gas properties | $ | 13,495 | ||
Total fair value of oil and gas properties acquired | $ | 13,495 | ||
Asset retirement obligations | $ | (100 | ) | |
Fair value of net assets acquired | $ | 13,395 |
Purchase Price | October 3, 2016 | |||
Consideration given | ||||
Cash | $ | 405,335 | ||
Total consideration given | $ | 405,335 | ||
Allocation of Purchase Price | ||||
Proved oil and gas properties | $ | 252,522 | ||
Unproved oil and gas properties | 109,800 | |||
Total fair value of oil and gas properties acquired | $ | 362,322 | ||
Goodwill (1) | $ | 54,220 | ||
Working capital | (7,185 | ) | ||
Asset retirement obligations | (4,022 | ) | ||
Fair value of net assets acquired | $ | 405,335 | ||
Working capital acquired was estimated as follows: | ||||
Accounts receivable | $ | 955 | ||
Revenue payable | (3,012 | ) | ||
Production taxes payable | (4,244 | ) | ||
Accrued liabilities | (884 | ) | ||
Total working capital | $ | (7,185 | ) |
Purchase Price | August 23, 2016 | |||
Consideration given | ||||
Cash | $ | 17,504 | ||
Total consideration given | $ | 17,504 | ||
Allocation of Purchase Price | ||||
Proved oil and gas properties | $ | 12,362 | ||
Unproved oil and gas properties | 8,566 | |||
Total fair value of oil and gas properties acquired | $ | 20,928 | ||
Working capital | $ | (9 | ) | |
Asset retirement obligations | (3,415 | ) | ||
Fair value of net assets acquired | $ | 17,504 | ||
Working capital acquired was estimated as follows: | ||||
Production taxes payable | $ | (9 | ) | |
Total working capital | $ | (9 | ) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 180,861 | $ | 92,476 | $ | 392,430 | $ | 230,665 | |||||||
Operating expenses | $ | 175,699 | $ | 106,765 | $ | 427,912 | $ | 304,677 | |||||||
Net loss | $ | (29,796 | ) | $ | (30,268 | ) | $ | (13,663 | ) | $ | (197,254 | ) | |||
Loss per common share, basic and diluted | $ | (0.20 | ) | $ | (0.15 | ) |
September 30, 2019 | December 31, 2018 | ||||||||||
Credit facility due August 16, 2022 (or an earlier time as set forth in the credit facility) | $ | 550,000 | $ | 285,000 | |||||||
2024 Senior Notes due May 15, 2024 | 400,000 | 400,000 | |||||||||
2026 Senior Notes due February 1, 2026 | 700,189 | 750,000 | |||||||||
Unamortized debt issuance costs on Senior Notes | (14,972) | (17,341) | |||||||||
Total long-term debt | 1,635,217 | 1,417,659 | |||||||||
Less: current portion of long-term debt | — | — | |||||||||
Total long-term debt, net of current portion | $ | 1,635,217 | $ | 1,417,659 |
September 30, 2017 | December 31, 2016 | ||||||
Credit facility due August 16, 2022 (or an earlier time as set forth in the credit facility) | $ | — | $ | — | |||
2021 Senior Notes due July 15, 2021 | 550,000 | 550,000 | |||||
2024 Senior Notes due May 15, 2024 | 400,000 | — | |||||
Unamortized debt issuance costs on Senior Notes | (17,430 | ) | (11,859 | ) | |||
Total long-term debt | 932,570 | 538,141 | |||||
Less: current portion of long-term debt | — | — | |||||
Total long-term debt, net of current portion | $ | 932,570 | $ | 538,141 |
Borrowing Base Utilization Percentage | Utilization | Eurodollar Margin | Base Rate Margin | Commitment Fee Rate | ||||||||||||||||||||||
Level 1 | < 25% | 1.50 | % | 0.50 | % | 0.375 | % | |||||||||||||||||||
Level 2 | ≥ 25% < 50% | 1.75 | % | 0.75 | % | 0.375 | % | |||||||||||||||||||
Level 3 | ≥ 50% < 75% | 2.00 | % | 1.00 | % | 0.500 | % | |||||||||||||||||||
Level 4 | ≥ 75% < 90% | 2.25 | % | 1.25 | % | 0.500 | % | |||||||||||||||||||
Level 5 | ≥ 90% | 2.50 | % | 1.50 | % | 0.500 | % |
Borrowing Base Utilization Percentage | Utilization | Eurodollar Margin | Base Rate Margin | Commitment Fee Rate | ||||
Level 1 | < 25% | 2.00% | 1.00% | 0.375% | ||||
Level 2 | ≥ 25% < 50% | 2.25% | 1.25% | 0.375% | ||||
Level 3 | ≥ 50% < 75% | 2.50% | 1.50% | 0.500% | ||||
Level 4 | ≥ 75% < 90% | 2.75% | 1.75% | 0.500% | ||||
Level 5 | ≥ 90% | 3.00% | 2.00% | 0.500% |
2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||
NYMEX WTI Crude Swaps: | NYMEX WTI Crude Swaps: | |||||||||||||||||||||||||||||||||||||||
Notional volume (Bbl) | Notional volume (Bbl) | 3,950,000 | 3,200,001 | 3,000,000 | 1,020,000 | 900,000 | ||||||||||||||||||||||||||||||||||
Weighted average fixed price ($/Bbl) | Weighted average fixed price ($/Bbl) | $ | 57.86 | $ | 59.81 | $ | 57.80 | $ | 54.84 | $ | 54.87 | |||||||||||||||||||||||||||||
NYMEX WTI Crude Purchased Puts: | NYMEX WTI Crude Purchased Puts: | |||||||||||||||||||||||||||||||||||||||
Notional volume (Bbl) | Notional volume (Bbl) | 200,000 | 9,725,001 | 1,800,000 | — | — | ||||||||||||||||||||||||||||||||||
Weighted average purchased put price ($/Bbl) | Weighted average purchased put price ($/Bbl) | $ | 60.00 | $ | 54.99 | $ | 55.02 | $ | — | $ | — | |||||||||||||||||||||||||||||
2017 | 2018 | 2019 | ||||||||||||||||||||||||||||||||||||||
NYMEX WTI(1) Crude Swaps: | ||||||||||||||||||||||||||||||||||||||||
Notional volume (Bbl) | 1,850,000 | 5,100,000 | — | |||||||||||||||||||||||||||||||||||||
Weighted average fixed price ($/Bbl) | $ | 50.64 | $ | 51.61 | ||||||||||||||||||||||||||||||||||||
NYMEX WTI(1) Crude Sold Calls: | ||||||||||||||||||||||||||||||||||||||||
NYMEX WTI Crude Sold Calls: | NYMEX WTI Crude Sold Calls: | |||||||||||||||||||||||||||||||||||||||
Notional volume (Bbl) | 1,200,000 | 6,190,000 | 3,000,000 | Notional volume (Bbl) | 200,000 | 9,725,001 | 1,800,000 | — | — | |||||||||||||||||||||||||||||||
Weighted average sold call price ($/Bbl) | $ | 53.04 | $ | 55.75 | $ | 55.10 | Weighted average sold call price ($/Bbl) | $ | 64.00 | $ | 62.04 | $ | 63.70 | $ | — | $ | — | |||||||||||||||||||||||
NYMEX WTI(1) Crude Sold Puts: | ||||||||||||||||||||||||||||||||||||||||
NYMEX WTI Crude Sold Puts: | NYMEX WTI Crude Sold Puts: | |||||||||||||||||||||||||||||||||||||||
Notional volume (Bbl) | 3,225,000 | 11,338,800 | 3,000,000 | Notional volume (Bbl) | 1,000,000 | 12,250,002 | 4,200,000 | 600,000 | 600,000 | |||||||||||||||||||||||||||||||
Weighted average sold put price ($/Bbl) | $ | 37.19 | $ | 38.93 | $ | 39.70 | Weighted average sold put price ($/Bbl) | $ | 44.60 | $ | 42.91 | $ | 43.50 | $ | 43.00 | $ | 43.00 | |||||||||||||||||||||||
NYMEX WTI(1) Crude Purchased Puts: | ||||||||||||||||||||||||||||||||||||||||
Notional volume (Bbl) | 1,800,000 | 6,838,800 | 3,000,000 | |||||||||||||||||||||||||||||||||||||
Weighted average purchased put price ($/Bbl) | $ | 42.13 | $ | 47.35 | $ | 49.37 | ||||||||||||||||||||||||||||||||||
NYMEX HH(2) Natural Gas Swaps: | ||||||||||||||||||||||||||||||||||||||||
NYMEX HH Natural Gas Swaps: | NYMEX HH Natural Gas Swaps: | |||||||||||||||||||||||||||||||||||||||
Notional volume (MMBtu) | 7,420,000 | 37,200,000 | — | Notional volume (MMBtu) | 9,000,000 | 35,400,000 | — | — | — | |||||||||||||||||||||||||||||||
Weighted average fixed price ($/MMBtu) | $ | 3.06 | $ | 3.10 | Weighted average fixed price ($/MMBtu) | $ | 2.75 | $ | 2.75 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
NYMEX HH(2) Natural Gas Purchased Puts: | ||||||||||||||||||||||||||||||||||||||||
NYMEX HH Natural Gas Purchased Puts: | NYMEX HH Natural Gas Purchased Puts: | |||||||||||||||||||||||||||||||||||||||
Notional volume (MMBtu) | — | 2,400,000 | — | Notional volume (MMBtu) | — | 600,000 | — | — | — | |||||||||||||||||||||||||||||||
Weighted average purchased put price ($/MMBtu) | $ | 3.00 | Weighted average purchased put price ($/MMBtu) | $ | — | $ | 2.90 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
NYMEX HH(2) Natural Gas Sold Calls: | ||||||||||||||||||||||||||||||||||||||||
NYMEX HH Natural Gas Sold Calls: | NYMEX HH Natural Gas Sold Calls: | |||||||||||||||||||||||||||||||||||||||
Notional volume (MMBtu) | — | 2,400,000 | — | Notional volume (MMBtu) | — | 600,000 | — | — | — | |||||||||||||||||||||||||||||||
Weighted average sold call price ($/MMBtu) | $ | 3.15 | Weighted average sold call price ($/MMBtu) | $ | — | $ | 3.48 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
CIG(3) Basis Gas Swaps: | ||||||||||||||||||||||||||||||||||||||||
CIG Basis Gas Swaps: | CIG Basis Gas Swaps: | |||||||||||||||||||||||||||||||||||||||
Notional volume (MMBtu) | 5,215,000 | 6,300,000 | — | Notional volume (MMBtu) | 11,100,000 | 43,200,000 | — | — | — | |||||||||||||||||||||||||||||||
Weighted average fixed basis price ($/MMBtu) | $ | (0.31 | ) | $ | (0.31 | ) | Weighted average fixed basis price ($/MMBtu) | $ | (0.72) | $ | (0.61) | $ | — | $ | — | $ | — |
As of September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location on Balance Sheet | Gross Amounts of Recognized Assets and Liabilities | Gross Amounts Offsets in the Balance Sheet(1) | Net Amounts of Assets and Liabilities Presented in the Balance Sheet | Gross Amounts not Offset in the Balance Sheet(2) | Net Amounts(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets (4) | $ | 114,221 | $ | (47,741) | $ | 66,480 | $ | (83) | $ | 107,917 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | $ | 77,188 | $ | (35,668) | $ | 41,520 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities (4) | $ | (47,849) | $ | 47,741 | $ | (108) | $ | 83 | $ | (108) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | $ | (35,751) | $ | 35,668 | $ | (83) | $ | — | $ | — |
As of September 30, 2017 | ||||||||||||||||||||
Location on Balance Sheet | Gross Amounts of Recognized Assets and Liabilities | Gross Amounts Offsets in the Balance Sheet(1) | Net Amounts of Assets and Liabilities Presented in the Balance Sheet | Gross Amounts not Offset in the Balance Sheet(2) | Net Amounts(3) | |||||||||||||||
Current assets | $ | 25,250 | $ | (24,264 | ) | $ | 986 | $ | (146 | ) | $ | 840 | ||||||||
Non-current assets | $ | 25,141 | $ | (25,141 | ) | $ | — | $ | — | $ | — | |||||||||
Current liabilities | $ | (32,523 | ) | $ | 24,264 | $ | (8,259 | ) | $ | 146 | $ | (11,138 | ) | |||||||
Non-current liabilities | $ | (28,166 | ) | $ | 25,141 | $ | (3,025 | ) | $ | — | $ | — |
As of December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location on Balance Sheet | Gross Amounts of Recognized Assets and Liabilities | Gross Amounts Offsets in the Balance Sheet(1) | Net Amounts of Assets and Liabilities Presented in the Balance Sheet | Gross Amounts not Offset in the Balance Sheet(2) | Net Amounts(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets (5) | $ | 115,852 | $ | (66,945) | $ | 48,907 | $ | (192) | $ | 57,147 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | $ | 17,217 | $ | (8,785) | $ | 8,432 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities (5) | $ | (67,141) | $ | 66,945 | $ | (196) | $ | 192 | $ | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | $ | (8,785) | $ | 8,785 | $ | — | $ | — | $ | — |
As of December 31, 2016 | ||||||||||||||||||||
Location on Balance Sheet | Gross Amounts of Recognized Assets and Liabilities | Gross Amounts Offsets in the Balance Sheet(1) | Net Amounts of Assets and Liabilities Presented in the Balance Sheet | Gross Amounts not Offset in the Balance Sheet(2) | Net Amounts(3) | |||||||||||||||
Current assets | $ | 12,620 | $ | (12,620 | ) | $ | — | $ | — | $ | — | |||||||||
Non-current assets | $ | 14,993 | $ | (14,993 | ) | $ | — | $ | — | $ | — | |||||||||
Current liabilities | $ | (68,623 | ) | $ | 12,620 | $ | (56,003 | ) | $ | — | $ | (62,741 | ) | |||||||
Non-current liabilities | $ | (21,731 | ) | $ | 14,993 | $ | (6,738 | ) | $ | — | $ | — |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Commodity derivatives gain (loss) | $ | 87,956 | $ | (35,913) | $ | 39,383 | $ | (175,752) |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Commodity derivatives gain (loss) | $ | (37,875 | ) | $ | 16,225 | $ | 46,423 | $ | (62,424 | ) |
For the Nine Months Ended September 30, 2019 | |||||||||||
Balance beginning of period | $ | 69,791 | |||||||||
Liabilities incurred or acquired | $ | 315 | |||||||||
Liabilities settled | $ | (15,484) | |||||||||
Revisions in estimated cash flows | $ | 35,466 | |||||||||
Accretion expense | $ | 3,838 | |||||||||
Balance end of period | $ | 93,926 |
For the Nine Months Ended September 30, 2017 | For the Year Ended December 31, 2016 | ||||||
Balance beginning of period | $ | 56,108 | $ | 44,367 | |||
Liabilities incurred or acquired | 6,644 | 8,945 | |||||
Liabilities settled | (1,408 | ) | (1,155 | ) | |||
Revisions in estimated cash flows | — | (1,695 | ) | ||||
Accretion expense | 3,847 | 5,646 | |||||
Balance end of period | $ | 65,191 | $ | 56,108 |
Fair Value Measurement at September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets | $ | — | $ | 108,000 | $ | — | $ | 108,000 | |||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | $ | — | $ | 191 | $ | — | $ | 191 |
Fair Value Measurement at December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets | $ | — | $ | 57,339 | $ | — | $ | 57,339 | |||||||||||||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | $ | — | $ | 196 | $ | — | $ | 196 |
Fair Value Measurements at September 30, 2017 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Financial Assets: | |||||||||||||||
Commodity derivative assets | $ | — | $ | 986 | $ | — | $ | 986 | |||||||
Financial Liabilities: | |||||||||||||||
Commodity derivative liabilities | $ | — | $ | 11,284 | $ | — | $ | 11,284 |
Fair Value Measurements at December 31, 2016 Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Financial Assets: | |||||||||||||||
Commodity derivative assets | $ | — | $ | — | $ | — | $ | — | |||||||
Financial Liabilities: | |||||||||||||||
Commodity derivative liabilities | $ | — | $ | 62,741 | $ | — | $ | 62,741 |
At September 30, 2019 | At December 31, 2018 | ||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||||||
Credit Facility | $ | 550,000 | $ | 550,000 | $ | 285,000 | $ | 285,000 | |||||||||||||||||||||||||||
2024 Senior Notes(1) | $ | 394,577 | $ | 262,000 | $ | 393,866 | $ | 330,000 | |||||||||||||||||||||||||||
2026 Senior Notes(2) | $ | 690,640 | $ | 428,865 | $ | 738,793 | $ | 558,750 |
At September 30, 2017 | At December 31, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
2021 Senior Notes(1) | $ | 539,804 | $ | 580,250 | $ | 538,141 | $ | 588,500 | |||||||
2024 Senior Notes(2) | $ | 392,766 | $ | 419,000 | $ | — | $ | — |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested RSUs at January 1, 2019 | 3,102,335 | $ | 16.91 | ||||||||
Granted | 1,901,418 | $ | 4.76 | ||||||||
Forfeited | (280,029) | $ | 12.91 | ||||||||
Vested | (1,011,340) | $ | 15.33 | ||||||||
Non-vested RSUs at September 30, 2019 | 3,712,384 | $ | 11.42 |
Number of Shares (1) | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested PSAs at January 1, 2019 | 2,794,083 | $ | 9.00 | ||||||||
Granted | 1,646,218 | $ | 5.44 | ||||||||
Forfeited | — | $ | — | ||||||||
Vested | — | $ | — | ||||||||
Non-vested PSAs at September 30, 2019 | 4,440,301 | $ | 7.68 |
Number of Options | Weighted Average Exercise Price | |||||
Non-vested Stock Options at January 1, 2017 | 4,500,000 | $ | 19.00 | |||
Granted | — | $ | — | |||
Forfeited | — | $ | — | |||
Vested | — | $ | — | |||
Non-vested Stock Options at September 30, 2017 | 4,500,000 | $ | 19.00 |
Number of Options | Weighted Average Exercise Price | ||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Non-vested RSUs at January 1, 2017 | 3,237,500 | $ | 21.41 | ||||||||||||||
Non-vested Stock Options at January 1, 2019 | Non-vested Stock Options at January 1, 2019 | 1,748,148 | $ | 18.50 | |||||||||||||
Granted | 1,305,033 | $ | 16.43 | Granted | — | $ | — | ||||||||||
Forfeited | (403,725) | $ | 19.72 | Forfeited | — | $ | — | ||||||||||
Vested | (85,994) | $ | 16.82 | Vested | (543,977) | $ | 18.72 | ||||||||||
Non-vested RSUs at September 30, 2017 | 4,052,814 | $ | 20.07 | ||||||||||||||
Non-vested Stock Options at September 30, 2019 | Non-vested Stock Options at September 30, 2019 | 1,204,171 | $ | 18.41 |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested Incentive RSUs at January 1, 2019 | 476,000 | $ | 20.45 | ||||||||
Granted | — | $ | — | ||||||||
Forfeited | — | $ | — | ||||||||
Vested | (476,000) | $ | 20.45 | ||||||||
Non-vested Incentive RSUs at September 30, 2019 | — | $ | — |
Number of Shares | Weighted Average Grant Date Fair Value | |||||
Non-vested Incentive RSUs at January 1, 2017 | 2,714,368 | $ | 20.45 | |||
Granted | — | $ | — | |||
Forfeited | (703,868) | $ | 20.45 | |||
Vested | (507,200) | $ | 20.45 | |||
Non-vested Incentive RSUs at September 30, 2017 | 1,503,300 | $ | 20.45 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Basic and Diluted Income (Loss) Per Share | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 48,156 | $ | 65,150 | $ | (2,432) | $ | 22,003 | |||||||||||||||||||||||||||
Less: Noncontrolling interest | (5,776) | (3,305) | (13,849) | (3,305) | |||||||||||||||||||||||||||||||
Less: Adjustment to reflect Series A Preferred Stock dividends | (2,721) | (2,721) | (8,164) | (8,164) | |||||||||||||||||||||||||||||||
Less: Adjustment to reflect accretion of Series A Preferred Stock discount | (1,682) | (1,515) | (4,915) | (4,429) | |||||||||||||||||||||||||||||||
Adjusted net loss available to common shareholders, basic and diluted | $ | 37,977 | $ | 57,609 | $ | (29,360) | $ | 6,105 | |||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic and diluted (1) (2) | 137,789 | 175,814 | 155,847 | 175,269 | |||||||||||||||||||||||||||||||
Income (Loss) Per Common Share | |||||||||||||||||||||||||||||||||||
Basic and diluted | $ | 0.28 | $ | 0.33 | $ | (0.19) | $ | 0.03 |
For the Three Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2017 | ||||||
Basic and Diluted Loss Per Share | |||||||
Net Loss | $ | (29,796 | ) | $ | (13,840 | ) | |
Less: Adjustment to reflect Series A Preferred Stock dividend | (2,721 | ) | (8,164 | ) | |||
Less: Adjustment to reflect accretion of Series A Preferred Stock discount | (1,365 | ) | (3,992 | ) | |||
Adjusted net loss available to common shareholders, basic and diluted | $ | (33,882 | ) | $ | (25,996 | ) | |
Denominator: | |||||||
Weighted average common shares outstanding, basic and diluted (1) | 171,845 | 171,838 | |||||
Loss Per Common Share | |||||||
Basic and diluted | $ | (0.20 | ) | $ | (0.15 | ) |
(1)For the three and nine months ended |
Operating Leases | |||||
2019 - remaining | $ | 2,956 | |||
2020 | 8,675 | ||||
2021 | 3,340 | ||||
2022 | 2,211 | ||||
2023 | 2,246 | ||||
Thereafter | 10,573 | ||||
Total lease payments | 30,001 | ||||
Less imputed interest (1) | (3,938) | ||||
Present value of lease liabilities (2) | $ | 26,063 |
Operating Leases | |||||
2019 - remaining | $ | 12,713 | |||
2020 | 3,371 | ||||
2021 | 3,385 | ||||
2022 | 3,360 | ||||
2023 | 3,411 | ||||
Thereafter | 15,719 | ||||
Total lease payments | $ | 41,959 |
Oil (MBbl) | Gas (MMcf) | Total (MBOE) | |||||||||||||||
2019 - Remaining | 2,024 | 5,185 | 2,888 | ||||||||||||||
2020 | 8,935 | 33,550 | 14,527 | ||||||||||||||
2021 | 10,349 | 46,540 | 18,106 | ||||||||||||||
2022 | 9,128 | 49,758 | 17,421 | ||||||||||||||
2023 | 9,490 | 41,850 | 16,465 | ||||||||||||||
Thereafter | 38,824 | 74,420 | 51,227 | ||||||||||||||
Total | 78,750 | 251,303 | 120,634 |
For the Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Exploration and Production | Gathering and Facilities | Elimination of Intersegment Transactions | Consolidated Total | ||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 196,974 | $ | — | $ | — | $ | 196,974 | |||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 196,974 | $ | — | $ | — | $ | 196,974 | |||||||||||||||||||||||||||||||||
Operating Expenses and Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | $ | (114,971) | $ | (25) | $ | — | $ | (114,996) | |||||||||||||||||||||||||||||||||
Interest income | 114 | 355 | — | 469 | |||||||||||||||||||||||||||||||||||||
Interest expense | (23,224) | — | — | (23,224) | |||||||||||||||||||||||||||||||||||||
Earnings in unconsolidated subsidiaries | — | 640 | — | 640 | |||||||||||||||||||||||||||||||||||||
Subtotal Operating Expenses and Other Income (Expense): | $ | (138,081) | $ | 970 | $ | — | $ | (137,111) | |||||||||||||||||||||||||||||||||
Segment Assets | $ | 4,015,499 | $ | 395,224 | $ | 18,435 | $ | 4,429,158 | |||||||||||||||||||||||||||||||||
Capital Expenditures | $ | 134,998 | $ | 65,098 | $ | — | $ | 200,096 | |||||||||||||||||||||||||||||||||
Investment in Equity Method Investees | $ | — | $ | 35,992 | $ | — | $ | 35,992 | |||||||||||||||||||||||||||||||||
Segment EBITDAX | $ | 158,523 | $ | (622) | $ | — | $ | 157,901 |
For the Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||
Exploration and Production | Gathering and Facilities | Elimination of Intersegment Transactions | Consolidated Total | ||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 282,160 | $ | — | $ | — | $ | 282,160 | |||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 282,160 | $ | — | $ | — | $ | 282,160 | |||||||||||||||||||||||||||||||||
Operating Expenses and Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | $ | (107,315) | $ | — | $ | — | $ | (107,315) | |||||||||||||||||||||||||||||||||
Interest income | 135 | 635 | — | 770 | |||||||||||||||||||||||||||||||||||||
Interest expense | (20,725) | — | — | (20,725) | |||||||||||||||||||||||||||||||||||||
Earnings in unconsolidated subsidiaries | — | 843 | — | 843 | |||||||||||||||||||||||||||||||||||||
Subtotal Operating Expenses and Other Income (Expense): | $ | (127,905) | $ | 1,478 | $ | — | $ | (126,427) | |||||||||||||||||||||||||||||||||
Segment Assets | $ | 3,894,535 | $ | 264,014 | $ | (224) | $ | 4,158,325 | |||||||||||||||||||||||||||||||||
Capital Expenditures | $ | 202,811 | $ | 37,548 | $ | — | $ | 240,359 | |||||||||||||||||||||||||||||||||
Investment in Equity Method Investees | $ | — | $ | 14,510 | $ | — | $ | 14,510 | |||||||||||||||||||||||||||||||||
Segment EBITDAX | $ | 170,004 | $ | (601) | $ | — | $ | 169,403 |
For the Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Exploration and Production | Gathering and Facilities | Elimination of Intersegment Transactions | Consolidated Total | ||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 640,948 | $ | — | $ | — | $ | 640,948 | |||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 640,948 | $ | — | $ | — | $ | 640,948 | |||||||||||||||||||||||||||||||||
Operating Expenses and Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | $ | (352,062) | $ | (72) | $ | — | $ | (352,134) | |||||||||||||||||||||||||||||||||
Interest income | 372 | 1,286 | — | 1,658 | |||||||||||||||||||||||||||||||||||||
Interest expense | (54,791) | — | — | (54,791) | |||||||||||||||||||||||||||||||||||||
Earnings in unconsolidated subsidiaries | — | 1,179 | — | 1,179 | |||||||||||||||||||||||||||||||||||||
Subtotal Operating Expenses and Other Income (Expense): | $ | (406,481) | $ | 2,393 | $ | — | $ | (404,088) | |||||||||||||||||||||||||||||||||
Segment Assets | $ | 4,015,499 | $ | 395,224 | $ | 18,435 | $ | 4,429,158 | |||||||||||||||||||||||||||||||||
Capital Expenditures | $ | 516,510 | $ | 192,568 | $ | — | $ | 709,078 | |||||||||||||||||||||||||||||||||
Investment in Equity Method Investees | $ | — | $ | 35,992 | $ | — | $ | 35,992 | |||||||||||||||||||||||||||||||||
Segment EBITDAX | $ | 426,571 | $ | (1,168) | $ | — | $ | 425,403 |
For the Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||
Exploration and Production | Gathering and Facilities | Elimination of Intersegment Transactions | Consolidated Total | ||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 772,571 | $ | — | $ | — | $ | 772,571 | |||||||||||||||||||||||||||||||||
Intersegment revenues | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 772,571 | $ | — | $ | — | $ | 772,571 | |||||||||||||||||||||||||||||||||
Operating Expenses and Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | $ | (310,296) | $ | — | $ | — | $ | (310,296) | |||||||||||||||||||||||||||||||||
Interest income | 280 | 635 | — | 915 | |||||||||||||||||||||||||||||||||||||
Interest expense | (103,229) | — | — | (103,229) | |||||||||||||||||||||||||||||||||||||
Earnings in unconsolidated subsidiaries | — | 1,567 | — | 1,567 | |||||||||||||||||||||||||||||||||||||
Subtotal Operating Expenses and Other Income (Expense): | $ | (413,245) | $ | 2,202 | $ | — | $ | (411,043) | |||||||||||||||||||||||||||||||||
Segment Assets | $ | 3,894,535 | $ | 264,014 | $ | (224) | $ | 4,158,325 | |||||||||||||||||||||||||||||||||
Capital Expenditures | $ | 730,878 | $ | 57,224 | $ | — | $ | 788,102 | |||||||||||||||||||||||||||||||||
Investment in Equity Method Investees | $ | — | $ | 14,510 | $ | — | $ | 14,510 | |||||||||||||||||||||||||||||||||
Segment EBITDAX | $ | 463,415 | $ | 102 | $ | — | $ | 463,517 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDAX to Income Before Income Taxes | |||||||||||||||||||||||||||||||||||
Exploration and production segment EBITDAX | $ | 158,523 | $ | 170,004 | $ | 426,571 | $ | 463,415 | |||||||||||||||||||||||||||
Gathering and facilities segment EBITDAX | (622) | (601) | (1,168) | 102 | |||||||||||||||||||||||||||||||
Subtotal of Reportable Segments | $ | 157,901 | $ | 169,403 | $ | 425,403 | $ | 463,517 | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | $ | (114,996) | $ | (107,315) | $ | (352,134) | $ | (310,296) | |||||||||||||||||||||||||||
Impairment of long lived assets | — | (16,166) | (11,233) | (16,294) | |||||||||||||||||||||||||||||||
Exploration expenses | (13,245) | (11,038) | (32,725) | (21,326) | |||||||||||||||||||||||||||||||
Gain on sale of property and equipment and assets of unconsolidated subsidiary | 1,011 | 83,559 | 1,329 | 143,461 | |||||||||||||||||||||||||||||||
Gain (loss) on commodity derivatives | 87,956 | (35,913) | 39,383 | (175,752) | |||||||||||||||||||||||||||||||
Settlements on commodity derivative instruments | (16,101) | 41,009 | 8,432 | 99,914 | |||||||||||||||||||||||||||||||
Premiums paid for derivatives that settled during the period | 812 | 1,956 | 19,910 | 5,191 | |||||||||||||||||||||||||||||||
Stock-based compensation expense | (11,358) | (17,420) | (39,306) | (50,883) | |||||||||||||||||||||||||||||||
Amortization of debt issuance costs | (974) | (935) | (3,799) | (12,303) | |||||||||||||||||||||||||||||||
Make-whole premium on 2021 Senior Notes | — | — | — | (35,600) | |||||||||||||||||||||||||||||||
Gain on repurchase of 2026 Senior Notes | — | — | 10,486 | — | |||||||||||||||||||||||||||||||
Interest expense | (22,250) | (19,790) | (61,478) | (55,326) | |||||||||||||||||||||||||||||||
Income Before Income Taxes | $ | 68,756 | $ | 87,350 | $ | 4,268 | $ | 34,303 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Oil (MBbl) | 3,597 | 3,618 | 10,830 | 10,394 | |||||||||||||||||||||||||||||||
Natural gas (MMcf) | 14,418 | 11,838 | 43,433 | 33,612 | |||||||||||||||||||||||||||||||
NGL (MBbl) | 1,390 | 1,372 | 4,097 | 3,860 | |||||||||||||||||||||||||||||||
Total (MBoe) | 7,390 | 6,963 | 22,167 | 19,855 | |||||||||||||||||||||||||||||||
Average net sales (BOE/d) | 80,327 | 75,680 | 81,198 | 72,731 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Oil (MBbl) | 3,184 | 1,290 | 6,496 | 3,808 | |||||||
Natural gas (MMcf) | 8,953 | 4,792 | 21,713 | 12,851 | |||||||
NGL (MBbl) | 1,109 | 574 | 2,695 | 1,479 | |||||||
Total (MBoe) | 5,785 | 2,663 | 12,809 | 7,429 | |||||||
Average net sales (BOE/d) | 62,884 | 28,948 | 46,921 | 27,114 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||
Oil | Oil | |||||||||||||||||||||||||||||||||||||||||||||||||
NYMEX WTI High ($/Bbl) | $ | 52.22 | $ | 48.99 | $ | 54.45 | $ | 51.23 | NYMEX WTI High ($/Bbl) | $ | 62.90 | $ | 74.14 | $ | 66.30 | $ | 74.15 | |||||||||||||||||||||||||||||||||
NYMEX WTI Low ($/Bbl) | $ | 44.23 | $ | 39.51 | $ | 42.53 | $ | 26.21 | NYMEX WTI Low ($/Bbl) | $ | 51.09 | $ | 65.01 | $ | 46.54 | $ | 59.19 | |||||||||||||||||||||||||||||||||
NYMEX WTI Average ($/Bbl) | $ | 48.20 | $ | 44.94 | $ | 49.36 | $ | 41.53 | NYMEX WTI Average ($/Bbl) | $ | 56.44 | $ | 69.43 | $ | 57.10 | $ | 66.79 | |||||||||||||||||||||||||||||||||
Average Realized Price ($/Bbl) | $ | 41.48 | $ | 40.11 | $ | 41.50 | $ | 35.68 | Average Realized Price ($/Bbl) | $ | 47.56 | $ | 62.32 | $ | 48.16 | $ | 59.58 | |||||||||||||||||||||||||||||||||
Average Realized Price, with derivative settlements ($/Bbl) | $ | 42.14 | $ | 42.73 | $ | 40.61 | $ | 41.93 | Average Realized Price, with derivative settlements ($/Bbl) | $ | 47.45 | $ | 50.02 | $ | 44.39 | $ | 48.23 | |||||||||||||||||||||||||||||||||
Average Realized Price as a % of Average NYMEX WTI | 86.1 | % | 89.3 | % | 84.1 | % | 85.9 | % | Average Realized Price as a % of Average NYMEX WTI | 84.3 | % | 89.8 | % | 84.3 | % | 89.2 | % | |||||||||||||||||||||||||||||||||
Differential ($/Bbl) to Average NYMEX WTI | $ | (6.72 | ) | $ | (4.83 | ) | $ | (7.86 | ) | $ | (5.85 | ) | $ | (8.28) | $ | (7.11) | $ | (8.74) | $ | (7.21) | ||||||||||||||||||||||||||||||
Natural Gas | Natural Gas | |||||||||||||||||||||||||||||||||||||||||||||||||
NYMEX Henry Hub High ($/MMBtu) | $ | 3.15 | $ | 3.06 | $ | 3.42 | $ | 3.06 | NYMEX Henry Hub High ($/MMBtu) | $ | 2.68 | $ | 3.08 | $ | 3.59 | $ | 3.63 | |||||||||||||||||||||||||||||||||
NYMEX Henry Hub Low ($/MMBtu) | $ | 2.77 | $ | 2.55 | $ | 2.56 | $ | 1.64 | NYMEX Henry Hub Low ($/MMBtu) | $ | 2.07 | $ | 2.72 | $ | 2.07 | $ | 2.55 | |||||||||||||||||||||||||||||||||
NYMEX Henry Hub Average ($/MMBtu) | $ | 2.95 | $ | 2.79 | $ | 3.05 | $ | 2.35 | NYMEX Henry Hub Average ($/MMBtu) | $ | 2.33 | $ | 2.86 | $ | 2.56 | $ | 2.85 | |||||||||||||||||||||||||||||||||
NYMEX Henry Hub Average converted to a $/Mcf basis (factor of 1.1 to 1) | NYMEX Henry Hub Average converted to a $/Mcf basis (factor of 1.1 to 1) | $ | 2.56 | $ | 3.15 | $ | 2.82 | $ | 3.14 | |||||||||||||||||||||||||||||||||||||||||
Average Realized Price ($/Mcf) | $ | 2.76 | $ | 2.67 | $ | 2.91 | $ | 2.16 | Average Realized Price ($/Mcf) | $ | 1.17 | $ | 1.95 | $ | 1.71 | $ | 1.99 | |||||||||||||||||||||||||||||||||
Average Realized Price, with derivative settlements ($/Mcf) | $ | 2.84 | $ | 2.94 | $ | 2.90 | $ | 2.84 | Average Realized Price, with derivative settlements ($/Mcf) | $ | 1.33 | $ | 2.08 | $ | 1.69 | $ | 2.37 | |||||||||||||||||||||||||||||||||
Average Realized Price as a % of Average NYMEX Henry Hub(1) | 84.9 | % | 87.0 | % | 86.6 | % | 83.4 | % | Average Realized Price as a % of Average NYMEX Henry Hub(1) | 45.7 | % | 61.9 | % | 60.6 | % | 63.4 | % | |||||||||||||||||||||||||||||||||
Differential ($/Mcf) to Average NYMEX Henry Hub(1) | $ | (0.49 | ) | $ | (0.40 | ) | $ | (0.45 | ) | $ | (0.43 | ) | ||||||||||||||||||||||||||||||||||||||
Differential ($/Mcf) to Average NYMEX Henry Hub | Differential ($/Mcf) to Average NYMEX Henry Hub | $ | (1.39) | $ | (1.20) | $ | (1.11) | $ | (1.15) | |||||||||||||||||||||||||||||||||||||||||
NGL | NGL | |||||||||||||||||||||||||||||||||||||||||||||||||
Average Realized Price ($/Bbl) | $ | 21.74 | $ | 14.54 | $ | 21.36 | $ | 13.37 | Average Realized Price ($/Bbl) | $ | 6.55 | $ | 24.49 | $ | 10.97 | $ | 22.38 | |||||||||||||||||||||||||||||||||
Average Realized Price as a % of Average NYMEX WTI | 45.1 | % | 32.4 | % | 43.3 | % | 32.2 | % | Average Realized Price as a % of Average NYMEX WTI | 11.6 | % | 35.3 | % | 19.2 | % | 33.5 | % | |||||||||||||||||||||||||||||||||
BOE | BOE | |||||||||||||||||||||||||||||||||||||||||||||||||
Average Realized Price per BOE | Average Realized Price per BOE | $ | 26.65 | $ | 40.53 | $ | 28.91 | $ | 38.91 | |||||||||||||||||||||||||||||||||||||||||
Average Realized Price per BOE with derivative settlements | Average Realized Price per BOE with derivative settlements | $ | 26.92 | $ | 34.35 | $ | 27.04 | $ | 33.62 |
2017 | 2018 | 2019 | |||||||||
NYMEX WTI(1) Crude Swaps: | |||||||||||
Notional volume (Bbl) | 1,850,000 | 5,100,000 | — | ||||||||
Weighted average fixed price ($/Bbl) | $ | 50.64 | $ | 51.61 | |||||||
NYMEX WTI(1) Crude Sold Calls: | |||||||||||
Notional volume (Bbl) | 1,200,000 | 6,190,000 | 3,000,000 | ||||||||
Weighted average sold call price ($/Bbl) | $ | 53.04 | $ | 55.75 | $ | 55.10 | |||||
NYMEX WTI(1) Crude Sold Puts: | |||||||||||
Notional volume (Bbl) | 3,225,000 | 11,338,800 | 3,000,000 | ||||||||
Weighted average sold put price ($/Bbl) | $ | 37.19 | $ | 38.93 | $ | 39.70 | |||||
NYMEX WTI(1) Crude Purchased Puts: | |||||||||||
Notional volume (Bbl) | 1,800,000 | 6,838,800 | 3,000,000 | ||||||||
Weighted average purchased put price ($/Bbl) | $ | 42.13 | $ | 47.35 | $ | 49.37 | |||||
NYMEX HH(2) Natural Gas Swaps: | |||||||||||
Notional volume (MMBtu) | 7,420,000 | 37,200,000 | — | ||||||||
Weighted average fixed price ($/MMBtu) | $ | 3.06 | $ | 3.10 | |||||||
NYMEX HH(2) Natural Gas Purchased Puts: | |||||||||||
Notional volume (MMBtu) | — | 2,400,000 | — | ||||||||
Weighted average purchased put price ($/MMBtu) | $ | 3.00 | |||||||||
NYMEX HH(2) Natural Gas Sold Calls: | |||||||||||
Notional volume (MMBtu) | — | 2,400,000 | — | ||||||||
Weighted average sold call price ($/MMBtu) | $ | 3.15 | |||||||||
CIG(3) Basis Gas Swaps: | |||||||||||
Notional volume (MMBtu) | 5,215,000 | 6,300,000 | — | ||||||||
Weighted average fixed basis price ($/MMBtu) | $ | (0.31 | ) | $ | (0.31 | ) |
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
NYMEX WTI Crude Swaps: | |||||||||||||||||
Notional volume (Bbl) | 5,580,000 | 4,000,000 | |||||||||||||||
Weighted average fixed price ($/Bbl) | $ | 52.55 | $ | 51.23 | |||||||||||||
NYMEX WTI Crude Purchased Puts: | |||||||||||||||||
Notional volume (Bbl) | 15,800,000 | 10,077,600 | |||||||||||||||
Weighted average purchased put price ($/Bbl) | $ | 46.59 | $ | 43.70 | |||||||||||||
NYMEX WTI Crude Purchased Calls: | |||||||||||||||||
Notional volume (Bbl) | 14,000,000 | 1,740,000 | |||||||||||||||
Weighted average purchased call price ($/Bbl) | $ | 64.99 | $ | 58.90 | |||||||||||||
NYMEX WTI Crude Sold Calls: | |||||||||||||||||
Notional volume (Bbl) | 17,750,000 | 6,730,000 | |||||||||||||||
Weighted average sold call price ($/Bbl) | $ | 63.69 | $ | 57.14 | |||||||||||||
NYMEX WTI Crude Sold Puts: | |||||||||||||||||
Notional volume (Bbl) | 15,300,000 | 10,088,800 | |||||||||||||||
Weighted average sold put price ($/Bbl) | $ | 44.33 | $ | 38.80 | |||||||||||||
NYMEX HH Natural Gas Swaps: | |||||||||||||||||
Notional volume (MMBtu) | 23,400,000 | 30,750,000 | |||||||||||||||
Weighted average fixed price ($/MMBtu) | $ | 2.83 | $ | 3.12 | |||||||||||||
NYMEX HH Natural Gas Purchased Puts: | |||||||||||||||||
Notional volume (MMBtu) | 3,600,000 | 1,800,000 | |||||||||||||||
Weighted average purchased put price ($/MMBtu) | $ | 3.04 | $ | 3.00 | |||||||||||||
NYMEX HH Natural Gas Sold Calls: | |||||||||||||||||
Notional volume (MMBtu) | 3,600,000 | 1,800,000 | |||||||||||||||
Weighted average sold call price ($/MMBtu) | $ | 3.46 | $ | 3.15 | |||||||||||||
NYMEX HH Natural Gas Sold Puts: | |||||||||||||||||
Notional volume (MMBtu) | 3,000,000 | — | |||||||||||||||
Weighted average sold put price ($/MMBtu) | $ | 2.50 | $ | — | |||||||||||||
CIG Basis Gas Swaps: | |||||||||||||||||
Notional volume (MMBtu) | 31,100,000 | 26,895,000 | |||||||||||||||
Weighted average fixed basis price ($/MMBtu) | $ | (0.73) | $ | (0.59) | |||||||||||||
Total Amounts Received/(Paid) from Settlement (in thousands) | $ | (8,432) | $ | (99,914) | |||||||||||||
Cash provided by changes in Accounts Receivable and Accounts Payable related to Commodity Derivatives | $ | (10,095) | $ | 6,432 | |||||||||||||
Cash Settlements on Commodity Derivatives per Consolidated Statements of Cash Flows | $ | (18,527) | $ | (93,482) |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
NYMEX HH(1) Natural Gas Swaps: | |||||||
Notional volume (MMBtu) | 18,000,000 | 9,879,600 | |||||
Weighted average fixed price ($/MMBtu) | $ | 3.05 | $ | 3.15 | |||
CIG(3) Basis Gas Swaps: | |||||||
Notional volume (MMBtu) | 7,400,000 | 1,980,000 | |||||
Weighted average fixed basis price ($/MMBtu) | $ | (0.35 | ) | (0.19 | ) | ||
NYMEX WTI(2) Crude Swaps: | |||||||
Notional volume (Bbl) | 2,275,000 | 1,464,060 | |||||
Weighted average fixed price ($/Bbl) | $ | 45.88 | $ | 43.01 | |||
NYMEX WTI(2) Crude Sold Puts: | |||||||
Notional volume (Bbl) | 4,495,000 | 1,350,000 | |||||
Weighted average strike price ($/Bbl) | $ | 38.02 | $ | 44.89 | |||
NYMEX WTI(2) Crude Purchased Puts: | |||||||
Notional volume (Bbl) | 3,770,000 | 3,599,150 | |||||
Weighted average strike price ($/Bbl) | $ | 46.63 | $ | 51.94 | |||
NYMEX WTI(2) Crude Sold Calls: | |||||||
Notional volume (Bbl) | 3,420,000 | 1,947,090 | |||||
Weighted average strike price ($/Bbl) | $ | 55.28 | $ | 61.29 | |||
NYMEX WTI(2) Crude Purchased Calls: | |||||||
Notional volume (Bbl) | 300,000 | 216,000 | |||||
Weighted average strike price ($/Bbl) | $ | 60.83 | $ | 69.58 | |||
Total Amounts Received/(Paid) from Settlement (in thousands) | $ | (6,022 | ) | $ | 37,947 | ||
Cash provided by (used in) changes in Accounts Receivable and Accounts Payable related to Commodity Derivatives | $ | (2,871 | ) | $ | 5,068 | ||
Cash Settlements on Commodity Derivatives per Consolidated Statements of Cash Flows | $ | (8,893 | ) | $ | 43,015 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDAX: | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 48,156 | $ | 65,150 | $ | (2,432) | $ | 22,003 | |||||||||||||||||||||||||||
Add back: | |||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 114,996 | 107,315 | 352,134 | 310,296 | |||||||||||||||||||||||||||||||
Impairment of long lived assets | — | 16,166 | 11,233 | 16,294 | |||||||||||||||||||||||||||||||
Exploration expenses | 13,245 | 11,038 | 32,725 | 21,326 | |||||||||||||||||||||||||||||||
Gain on sale of property and equipment and assets of unconsolidated subsidiary | (1,011) | (83,559) | (1,329) | (143,461) | |||||||||||||||||||||||||||||||
(Gain) loss on commodity derivatives | (87,956) | 35,913 | (39,383) | 175,752 | |||||||||||||||||||||||||||||||
Settlements on commodity derivative instruments | 16,101 | (41,009) | (8,432) | (99,914) | |||||||||||||||||||||||||||||||
Premiums paid for derivatives that settled during the period | (812) | (1,956) | (19,910) | (5,191) | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 11,358 | 17,420 | 39,306 | 50,883 | |||||||||||||||||||||||||||||||
Amortization of debt issuance costs | 974 | 935 | 3,799 | 12,303 | |||||||||||||||||||||||||||||||
Make-whole premium on 2021 Senior Notes | — | — | — | 35,600 | |||||||||||||||||||||||||||||||
Gain on repurchase of 2026 Senior Notes | — | — | (10,486) | — | |||||||||||||||||||||||||||||||
Interest expense | 22,250 | 19,790 | 61,478 | 55,326 | |||||||||||||||||||||||||||||||
Income tax expense | 20,600 | 22,200 | 6,700 | 12,300 | |||||||||||||||||||||||||||||||
Adjusted EBITDAX | $ | 157,901 | $ | 169,403 | $ | 425,403 | $ | 463,517 | |||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Reconciliation of Net Loss to Adjusted EBITDAX: | |||||||||||||||
Net loss | $ | (29,796 | ) | $ | (37,267 | ) | $ | (13,840 | ) | $ | (210,400 | ) | |||
Add back: | |||||||||||||||
Depletion, depreciation, amortization and accretion | 94,220 | 46,680 | 213,483 | 141,317 | |||||||||||
Impairment of long lived assets | — | 467 | 675 | 23,350 | |||||||||||
Exploration expenses | 7,181 | 5,985 | 24,431 | 14,735 | |||||||||||
Rig termination fee | — | — | — | 891 | |||||||||||
Loss on sale of property and equipment | — | — | 451 | — | |||||||||||
Acquisition transaction expenses | — | 345 | 68 | 345 | |||||||||||
(Gain) loss on commodity derivatives | 37,875 | (16,225 | ) | (46,423 | ) | 62,424 | |||||||||
Settlements on commodity derivative instruments | 3,162 | 4,787 | (6,022 | ) | 37,947 | ||||||||||
Premiums paid for derivatives that settled during the period | (293 | ) | (132 | ) | 20 | (5,470 | ) | ||||||||
Unit and stock-based compensation expense | 18,110 | 12,315 | 46,707 | 14,922 | |||||||||||
Amortization of debt discount and debt issuance costs | 1,469 | 15,905 | 3,181 | 18,330 | |||||||||||
Interest expense | 13,611 | 15,311 | 30,580 | 39,584 | |||||||||||
Income tax benefit | (17,106 | ) | — | (7,556 | ) | — | |||||||||
Adjusted EBITDAX | $ | 128,433 | $ | 48,171 | $ | 245,755 | $ | 137,975 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Oil sales | $ | 171,074 | $ | 225,467 | $ | 521,623 | $ | 619,211 | |||||||||||||||||||||||||||||||||
Natural gas sales | 16,801 | 23,103 | 74,385 | 66,991 | |||||||||||||||||||||||||||||||||||||
NGL sales | 9,099 | 33,590 | 44,940 | 86,369 | |||||||||||||||||||||||||||||||||||||
Total Revenues | 196,974 | 282,160 | 640,948 | 772,571 | |||||||||||||||||||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||||||||||||||||||||
Lease operating expenses | 22,979 | 20,283 | 68,445 | 61,760 | |||||||||||||||||||||||||||||||||||||
Transportation and gathering | 6,922 | 11,786 | 29,142 | 29,284 | |||||||||||||||||||||||||||||||||||||
Production taxes | 9,711 | 21,605 | 46,419 | 66,317 | |||||||||||||||||||||||||||||||||||||
Exploration expenses | 13,245 | 11,038 | 32,725 | 21,326 | |||||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 114,996 | 107,315 | 352,134 | 310,296 | |||||||||||||||||||||||||||||||||||||
Impairment of long lived assets | — | 16,166 | 11,233 | 16,294 | |||||||||||||||||||||||||||||||||||||
Gain on sale of property and equipment and assets of unconsolidated subsidiary | (1,011) | (83,559) | (1,329) | (143,461) | |||||||||||||||||||||||||||||||||||||
General and administrative expenses | 27,445 | 35,365 | 85,835 | 100,565 | |||||||||||||||||||||||||||||||||||||
Total Operating Expenses | 194,287 | 139,999 | 624,604 | 462,381 | |||||||||||||||||||||||||||||||||||||
Operating Income | 2,687 | 142,161 | 16,344 | 310,190 | |||||||||||||||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||
Commodity derivatives gain (loss) | 87,956 | (35,913) | 39,383 | (175,752) | |||||||||||||||||||||||||||||||||||||
Interest expense | (23,224) | (20,725) | (54,791) | (103,229) | |||||||||||||||||||||||||||||||||||||
Other income | 1,337 | 1,827 | 3,332 | 3,094 | |||||||||||||||||||||||||||||||||||||
Total Other Income (Expense) | 66,069 | (54,811) | (12,076) | (275,887) | |||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 68,756 | 87,350 | 4,268 | 34,303 | |||||||||||||||||||||||||||||||||||||
Income tax expense | (20,600) | (22,200) | (6,700) | (12,300) | |||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 48,156 | $ | 65,150 | $ | (2,432) | $ | 22,003 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Unaudited) | |||||||||||||||
Revenues: | |||||||||||||||
Oil sales | $ | 132,075 | $ | 51,760 | $ | 269,597 | $ | 135,896 | |||||||
Natural gas sales | 24,672 | 12,792 | 63,095 | 27,730 | |||||||||||
NGL sales | 24,114 | 8,350 | 57,574 | 19,773 | |||||||||||
Total Revenues | 180,861 | 72,902 | 390,266 | 183,399 | |||||||||||
Operating Expenses: | |||||||||||||||
Lease operating expenses | 29,267 | 15,480 | 75,755 | 40,819 | |||||||||||
Production taxes | 16,290 | 6,186 | 33,254 | 16,935 | |||||||||||
Exploration expenses | 7,181 | 5,985 | 24,431 | 14,735 | |||||||||||
Depletion, depreciation, amortization and accretion | 94,220 | 46,680 | 213,483 | 141,317 | |||||||||||
Impairment of long lived assets | — | 467 | 675 | 23,350 | |||||||||||
Other operating expenses | — | — | 451 | 891 | |||||||||||
Acquisition transaction expenses | — | 345 | 68 | 345 | |||||||||||
General and administrative expenses | 28,741 | 20,071 | 77,916 | 35,189 | |||||||||||
Total Operating Expenses | 175,699 | 95,214 | 426,033 | 273,581 | |||||||||||
Operating Income (Loss) | 5,162 | (22,312 | ) | (35,767 | ) | (90,182 | ) | ||||||||
Other Income (Expense): | |||||||||||||||
Commodity derivatives gain (loss) | (37,875 | ) | 16,225 | 46,423 | (62,424 | ) | |||||||||
Interest expense | (15,080 | ) | (31,216 | ) | (33,761 | ) | (57,914 | ) | |||||||
Other income | 891 | 36 | 1,709 | 120 | |||||||||||
Total Other Income (Expense) | (52,064 | ) | (14,955 | ) | 14,371 | (120,218 | ) | ||||||||
Loss Before Income Taxes | (46,902 | ) | (37,267 | ) | (21,396 | ) | (210,400 | ) | |||||||
Income tax benefit | (17,106 | ) | — | (7,556 | ) | — | |||||||||
Net Loss | $ | (29,796 | ) | $ | (37,267 | ) | $ | (13,840 | ) | $ | (210,400 | ) |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Sales (MBoe): | 7,390 | 6,963 | 22,167 | 19,855 | |||||||||||||||||||||||||||||||
Oil sales (MBbl) | 3,597 | 3,618 | 10,830 | 10,394 | |||||||||||||||||||||||||||||||
Natural gas sales (MMcf) | 14,418 | 11,838 | 43,433 | 33,612 | |||||||||||||||||||||||||||||||
NGL sales (MBbl) | 1,390 | 1,372 | 4,097 | 3,860 | |||||||||||||||||||||||||||||||
Sales (BOE/d): | 80,327 | 75,680 | 81,198 | 72,731 | |||||||||||||||||||||||||||||||
Oil sales (Bbl/d) | 39,098 | 39,323 | 39,670 | 38,072 | |||||||||||||||||||||||||||||||
Natural gas sales (Mcf/d) | 156,717 | 128,679 | 159,095 | 123,122 | |||||||||||||||||||||||||||||||
NGL sales (Bbl/d) | 15,109 | 14,910 | 15,007 | 14,138 | |||||||||||||||||||||||||||||||
Average sales prices(1): | |||||||||||||||||||||||||||||||||||
Oil sales (per Bbl) | $ | 47.56 | $ | 62.32 | $ | 48.16 | $ | 59.58 | |||||||||||||||||||||||||||
Oil sales with derivative settlements (per Bbl) | 47.45 | 50.02 | 44.39 | 48.23 | |||||||||||||||||||||||||||||||
Natural gas sales (per Mcf) | 1.17 | 1.95 | 1.71 | 1.99 | |||||||||||||||||||||||||||||||
Natural gas sales with derivative settlements (per Mcf) | 1.33 | 2.08 | 1.69 | 2.37 | |||||||||||||||||||||||||||||||
NGL sales (per Bbl) | 6.55 | 24.49 | 10.97 | 22.38 | |||||||||||||||||||||||||||||||
Average price (per BOE) | 26.65 | 40.53 | 28.91 | 38.91 | |||||||||||||||||||||||||||||||
Average price with derivative settlements (per BOE) | 26.92 | 34.35 | 27.04 | 33.62 | |||||||||||||||||||||||||||||||
Expense per BOE: | |||||||||||||||||||||||||||||||||||
Lease operating expenses | $ | 3.11 | $ | 2.91 | $ | 3.09 | $ | 3.11 | |||||||||||||||||||||||||||
Transportation and gathering | 0.94 | 1.69 | 1.31 | 1.47 | |||||||||||||||||||||||||||||||
Production taxes | 1.31 | 3.10 | 2.09 | 3.34 | |||||||||||||||||||||||||||||||
Exploration expenses | 1.79 | 1.59 | 1.48 | 1.07 | |||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 15.56 | 15.41 | 15.89 | 15.63 | |||||||||||||||||||||||||||||||
Impairment of long lived assets | — | 2.32 | 0.51 | 0.82 | |||||||||||||||||||||||||||||||
General and administrative expenses | 3.71 | 5.08 | 3.87 | 5.06 | |||||||||||||||||||||||||||||||
Cash general and administrative expenses | 2.18 | 2.58 | 2.10 | 2.50 | |||||||||||||||||||||||||||||||
Stock-based compensation | 1.54 | 2.50 | 1.77 | 2.56 | |||||||||||||||||||||||||||||||
Total operating expenses per BOE | $ | 26.42 | $ | 32.10 | $ | 28.24 | $ | 30.50 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Sales (MBoe)(1): | 5,785 | 2,663 | 12,809 | 7,429 | |||||||||||
Oil sales (MBbl) | 3,184 | 1,290 | 6,496 | 3,808 | |||||||||||
Natural gas sales (MMcf) | 8,953 | 4,792 | 21,713 | 12,851 | |||||||||||
NGL sales (MBbl) | 1,109 | 574 | 2,695 | 1,479 | |||||||||||
Sales (BOE/d)(1): | 62,884 | 28,948 | 46,921 | 27,114 | |||||||||||
Oil sales (Bbl/d) | 34,607 | 14,025 | 23,794 | 13,899 | |||||||||||
Natural gas sales (Mcf/d) | 97,311 | 52,083 | 79,536 | 46,902 | |||||||||||
NGL sales (Bbl/d) | 12,059 | 6,242 | 9,871 | 5,397 | |||||||||||
Average sales prices(2): | |||||||||||||||
Oil sales (per Bbl) | $ | 41.48 | $ | 40.11 | $ | 41.50 | $ | 35.68 | |||||||
Oil sales with derivative settlements (per Bbl) | 42.14 | 42.73 | 40.61 | 41.93 | |||||||||||
Natural gas sales (per Mcf) | 2.76 | 2.67 | 2.91 | 2.16 | |||||||||||
Natural gas sales with derivative settlements (per Mcf) | 2.84 | 2.94 | 2.90 | 2.84 | |||||||||||
NGL sales (per Bbl) | 21.74 | 14.54 | 21.36 | 13.37 | |||||||||||
Average price (per BOE) | 31.26 | 27.38 | 30.47 | 24.69 | |||||||||||
Average price with derivative settlements (per BOE) | 31.76 | 29.12 | 30.00 | 29.06 | |||||||||||
Expense per BOE: | |||||||||||||||
Lease operating expenses | $ | 5.06 | $ | 5.81 | $ | 5.91 | $ | 5.49 | |||||||
Operating expenses | 2.67 | 3.57 | 3.25 | 3.46 | |||||||||||
Transportation and gathering | 2.39 | 2.24 | 2.66 | 2.03 | |||||||||||
Production taxes | 2.82 | 2.32 | 2.60 | 2.28 | |||||||||||
Exploration expenses | 1.24 | 2.25 | 1.91 | 1.98 | |||||||||||
Depletion, depreciation, amortization and accretion | 16.29 | 17.53 | 16.67 | 19.02 | |||||||||||
Impairment of long lived assets | — | 0.18 | 0.05 | 3.14 | |||||||||||
Other operating expenses | — | — | 0.04 | 0.12 | |||||||||||
Acquisition transaction expenses | — | 0.13 | 0.01 | 0.05 | |||||||||||
General and administrative expenses | 4.97 | 7.54 | 6.08 | 4.74 | |||||||||||
Cash general and administrative expenses | 1.84 | 2.92 | 2.43 | 2.73 | |||||||||||
Unit and stock-based compensation | 3.13 | 4.62 | 3.65 | 2.01 | |||||||||||
Total operating expenses per BOE | $ | 30.38 | $ | 35.76 | $ | 33.27 | $ | 36.82 |
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Net cash provided by operating activities | $ | 356,561 | $ | 468,362 | |||||||||||||
Net cash used in investing activities | $ | (706,868) | $ | (678,133) | |||||||||||||
Net cash provided by financing activities | $ | 173,049 | $ | 477,068 |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Net cash provided by operating activities | $ | 141,736 | $ | 97,563 | |||
Net cash used in investing activities | $ | (995,062 | ) | $ | (280,546 | ) | |
Net cash provided by financing activities | $ | 378,729 | $ | 87,263 |
December 31, 2017 | March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | March 31, 2019 | June 30, 2019 | |||||||||||||||||||||
NYMEX WTI(1) Crude Swaps: | |||||||||||||||||||||||||||
Notional volume (Bbl) | 1,850,000 | 1,500,000 | 1,500,000 | 1,050,000 | 1,050,000 | — | — | ||||||||||||||||||||
Weighted average fixed price ($/Bbl) | $ | 50.64 | $ | 50.70 | $ | 50.70 | $ | 52.91 | $ | 52.91 | |||||||||||||||||
NYMEX WTI(1) Crude Sold Calls: | |||||||||||||||||||||||||||
Notional volume (Bbl) | 1,200,000 | 1,735,000 | 1,335,000 | 1,560,000 | 1,560,000 | 1,500,000 | 1,500,000 | ||||||||||||||||||||
Weighted average fixed price ($/Bbl) | $ | 53.04 | $ | 55.60 | $ | 56.22 | $ | 55.63 | $ | 55.63 | $ | 55.10 | $ | 55.10 | |||||||||||||
NYMEX WTI(1) Crude Sold Puts: | |||||||||||||||||||||||||||
Notional volume (Bbl) | 3,225,000 | 3,269,400 | 3,269,400 | 2,400,000 | 2,400,000 | 1,500,000 | 1,500,000 | ||||||||||||||||||||
Weighted average purchased put price ($/Bbl) | $ | 37.19 | $ | 38.14 | $ | 38.14 | $ | 40.00 | $ | 40.00 | $ | 39.70 | $ | 39.70 | |||||||||||||
NYMEX WTI(1) Crude Purchased Calls: | |||||||||||||||||||||||||||
Notional volume (Bbl) | 450,000 | 285,000 | 285,000 | 210,000 | 210,000 | — | — | ||||||||||||||||||||
Weighted average fixed price ($/Bbl) | $ | 61.65 | $ | 60.69 | $ | 60.69 | $ | 59.69 | $ | 59.69 | |||||||||||||||||
NYMEX WTI(1) Crude Purchased Puts: | |||||||||||||||||||||||||||
Notional volume (Bbl) | 1,800,000 | 2,219,400 | 1,919,400 | 1,350,000 | 1,350,000 | 1,500,000 | 1,500,000 | ||||||||||||||||||||
Weighted average purchased put price ($/Bbl) | $ | 42.13 | $ | 46.15 | $ | 45.71 | $ | 49.51 | $ | 49.51 | $ | 49.37 | $ | 49.37 | |||||||||||||
NYMEX HH(2) Natural Gas Swaps: | |||||||||||||||||||||||||||
Notional volume (MMBtu) | 7,420,000 | 10,500,000 | 9,300,000 | 8,700,000 | 8,700,000 | — | — | ||||||||||||||||||||
Weighted average fixed price ($/MMBtu) | $ | 3.06 | $ | 3.30 | $ | 3.03 | $ | 3.03 | $ | 3.03 | |||||||||||||||||
NYMEX HH(2) Natural Gas Sold Calls: | |||||||||||||||||||||||||||
Notional volume (MMBtu) | — | 600,000 | 600,000 | 600,000 | 600,000 | — | — | ||||||||||||||||||||
Weighted average sold call price ($/MMBtu) | $ | 3.15 | $ | 3.15 | $ | 3.15 | $ | 3.15 | |||||||||||||||||||
NYMEX HH(2) Natural Gas Purchased Puts: | |||||||||||||||||||||||||||
Notional volume (MMBtu) | — | 600,000 | 600,000 | 600,000 | 600,000 | — | — | ||||||||||||||||||||
Weighted average purchased put price ($/MMBtu) | $ | 3.00 | $ | 3.00 | $ | 3.00 | $ | 3.00 | |||||||||||||||||||
CIG(3) Basis Gas Swaps: | |||||||||||||||||||||||||||
Notional volume (MMBtu) | 5,215,000 | 6,300,000 | — | — | — | — | — | ||||||||||||||||||||
Weighted average fixed basis price ($/MMBtu) | $ | (0.31 | ) | $ | (0.31 | ) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Program | Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs (in millions) (1) | ||||||||||||||||||||||
July 1, 2019 - July 31, 2019 | 4,807,150 | $ | 4.42 | 4,807,150 | $ | — |
Exhibit Number | Description | |||||||
Indemnification Agreement (Audrey Robertson) (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-37907) filed with the Commission on September 19, 2019). | ||||||||
*31.1 | ||||||||
*101 | Interactive Data Files |
Extraction Oil & Gas, Inc. | |||||||||||
/S/ MATTHEW R. OWENS | |||||||||||
Matthew R. Owens | |||||||||||
(principal executive officer) |
By: | /S/ | |||||||
Vice President and Chief (principal financial officer) |