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 5200 | |||||||||||
Denver, | Colorado | 80202 | |||||||||
(Address of principal executive offices) | (Zip Code) |
(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 | |||||||||||||||
Smaller | ||||||||||||||||
Emerging | ☐ |
Page | ||||||||
PART I—FINANCIAL INFORMATION | ||||||||
Successor | Predecessor | |||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | 34,427 | $ | 205,890 | ||||||||||
Accounts receivable, net | ||||||||||||||
Trade | 25,649 | 13,266 | ||||||||||||
Oil, natural gas and NGL sales | 74,786 | 63,429 | ||||||||||||
Inventory, prepaid expenses and other | 20,249 | 36,382 | ||||||||||||
Commodity derivative asset | 0 | 6,971 | ||||||||||||
Total Current Assets | 155,111 | 325,938 | ||||||||||||
Property and Equipment (successful efforts method), at cost: | ||||||||||||||
Proved oil and gas properties | 1,016,374 | 4,743,463 | ||||||||||||
Unproved oil and gas properties | 132,386 | 220,380 | ||||||||||||
Wells in progress | 2,129 | 129,058 | ||||||||||||
Less: accumulated depletion, depreciation, amortization and impairment charges | (89,876) | (3,459,689) | ||||||||||||
Net oil and gas properties | 1,061,013 | 1,633,212 | ||||||||||||
Other property and equipment, net of accumulated depreciation and impairment charges | 55,565 | 56,701 | ||||||||||||
Net Property and Equipment | 1,116,578 | 1,689,913 | ||||||||||||
Non-Current Assets: | ||||||||||||||
Other non-current assets | 15,139 | 9,348 | ||||||||||||
Total Non-Current Assets | 15,139 | 9,348 | ||||||||||||
Total Assets | $ | 1,286,828 | $ | 2,025,199 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 97,470 | $ | 80,082 | ||||||||||
Revenue payable | 134,948 | 49,376 | ||||||||||||
Production taxes payable | 59,454 | 2,595 | ||||||||||||
Commodity derivative liability | 78,915 | 2,147 | ||||||||||||
Accrued interest payable | 795 | 692 | ||||||||||||
Asset retirement obligations | 13,976 | 0 | ||||||||||||
DIP Credit Facility—Note 4 | 0 | 106,727 | ||||||||||||
Prior Credit Facility—Note 4 | 0 | 453,747 | ||||||||||||
Current tax liability | 2,100 | 0 | ||||||||||||
Total Current Liabilities | 387,658 | 695,366 | ||||||||||||
Non-Current Liabilities: | ||||||||||||||
RBL Credit Facility—Note 4 | 90,000 | 0 | ||||||||||||
Production taxes payable | 50,945 | 33,627 | ||||||||||||
Commodity derivative liability | 3,302 | 0 | ||||||||||||
Other non-current liabilities | 14,677 | 0 | ||||||||||||
Asset retirement obligations | 74,738 | 0 | ||||||||||||
Total Non-Current Liabilities | 233,662 | 33,627 | ||||||||||||
Liabilities Subject to Compromise | 0 | 2,143,497 | ||||||||||||
Total Liabilities | 621,320 | 2,872,490 | ||||||||||||
Commitments and Contingencies—Note 12 | 0 | 0 | ||||||||||||
Series A Convertible Preferred Stock, $0.01 par value; 50,000,000 shares authorized, 185,280 issued and outstanding as of December 31, 2020 | 0 | 191,754 | ||||||||||||
Stockholders' Equity (Deficit): | ||||||||||||||
Predecessor common stock, $0.01 par value; 900,000,000 shares authorized; 136,588,900 issued and outstanding as of December 31, 2020 | — | 1,336 | ||||||||||||
Successor common stock, $0.01 par value; 900,000,000 shares authorized; 25,836,944 issued and outstanding as of June 30, 2021 | 258 | — | ||||||||||||
Predecessor treasury stock, at cost, 38,859,078 shares as of December 31, 2020 | 0 | (170,138) | ||||||||||||
Additional paid-in capital | 552,152 | 2,140,499 | ||||||||||||
Retained earnings (accumulated deficit) | 113,098 | (3,010,742) | ||||||||||||
Total Stockholders' Equity (Deficit) | 665,508 | (1,039,045) | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,286,828 | $ | 2,025,199 |
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 114,139 | $ | 588,736 | |||
Accounts receivable | |||||||
Trade | 52,638 | 23,154 | |||||
Oil, natural gas and NGL sales | 70,425 | 34,066 | |||||
Inventory and prepaid expenses | 13,262 | 7,722 | |||||
Commodity derivative asset | 986 | — | |||||
Total Current Assets | 251,450 | 653,678 | |||||
Property and Equipment (successful efforts method), at cost: | |||||||
Proved oil and gas properties | 2,683,062 | 1,851,052 | |||||
Unproved oil and gas properties | 639,867 | 452,577 | |||||
Wells in progress | 130,668 | 98,747 | |||||
Less: accumulated depletion, depreciation and amortization | (610,390 | ) | (402,912 | ) | |||
Net oil and gas properties | 2,843,207 | 1,999,464 | |||||
Other property and equipment, net of accumulated depreciation | 26,866 | 32,721 | |||||
Net Property and Equipment | 2,870,073 | 2,032,185 | |||||
Non-Current Assets: | |||||||
Cash held in escrow | — | 42,200 | |||||
Goodwill and other intangible assets, net of accumulated amortization | 54,966 | 54,489 | |||||
Other non-current assets | 11,611 | 2,224 | |||||
Total Non-Current Assets | 66,577 | 98,913 | |||||
Total Assets | $ | 3,188,100 | $ | 2,784,776 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 151,940 | $ | 131,134 | |||
Revenue payable | 41,209 | 35,162 | |||||
Production taxes payable | 39,556 | 27,327 | |||||
Commodity derivative liability | 8,259 | 56,003 | |||||
Accrued interest payable | 14,068 | 19,621 | |||||
Asset retirement obligations | 4,998 | 5,300 | |||||
Total Current Liabilities | 260,030 | 274,547 | |||||
Non-Current Liabilities: | |||||||
Senior Notes, net of unamortized debt issuance costs | 932,570 | 538,141 | |||||
Production taxes payable | 37,138 | 35,838 | |||||
Commodity derivative liability | 3,025 | 6,738 | |||||
Other non-current liabilities | 6,038 | 3,466 | |||||
Asset retirement obligations | 60,193 | 50,808 | |||||
Deferred tax liability | 98,470 | 106,026 | |||||
Total Non-Current Liabilities | 1,137,434 | 741,017 | |||||
Total Liabilities | 1,397,464 | 1,015,564 | |||||
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 | |||||
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 | |||||
Additional paid-in capital | 2,101,103 | 2,067,590 | |||||
Treasury stock, at cost, 165,385 and 0 shares | (2,105 | ) | — | ||||
Accumulated deficit | (467,075 | ) | (453,235 | ) | |||
Total Stockholders' Equity | 1,633,641 | 1,616,073 | |||||
Total Liabilities and Stockholders' Equity | $ | 3,188,100 | $ | 2,784,776 |
Successor | Predecessor | |||||||||||||
For the Three Months Ended June 30, | For the Three Months Ended June 30, | |||||||||||||
2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||
Oil sales | $ | 139,110 | $ | 36,290 | ||||||||||
Natural gas sales | 39,469 | 16,019 | ||||||||||||
NGL sales | 45,048 | 10,820 | ||||||||||||
Total Revenues | 223,627 | 63,129 | ||||||||||||
Operating Expenses: | ||||||||||||||
Lease operating expense | 13,736 | 22,984 | ||||||||||||
Transportation and gathering | 21,554 | 26,306 | ||||||||||||
Production taxes | 10,911 | 4,679 | ||||||||||||
Exploration and abandonment expenses | 3,586 | 62,661 | ||||||||||||
Depletion, depreciation, amortization and accretion | 50,090 | 82,620 | ||||||||||||
Impairment of long-lived assets | 170 | 960 | ||||||||||||
General and administrative expense | 10,918 | 25,148 | ||||||||||||
Other operating expenses | 5,380 | 13,209 | ||||||||||||
Total Operating Expenses | 116,345 | 238,567 | ||||||||||||
Operating Income (Loss) | 107,282 | (175,438) | ||||||||||||
Other Income (Expense): | ||||||||||||||
Commodity derivative loss | (75,839) | (69,301) | ||||||||||||
Reorganization items, net | 0 | (26,919) | ||||||||||||
Interest expense | (2,170) | (20,314) | ||||||||||||
Other income | 46 | 38 | ||||||||||||
Total Other Income (Expense) | (77,963) | (116,496) | ||||||||||||
Income (Loss) Before Income Taxes | 29,319 | (291,934) | ||||||||||||
Income tax expense | (4,775) | 0 | ||||||||||||
Net Income (Loss) | $ | 24,544 | $ | (291,934) | ||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | ||||||||||||
Net Income (Loss) Attributable to Extraction Oil & Gas, Inc. | 24,544 | (291,934) | ||||||||||||
Adjustments to reflect Series A Preferred Stock dividends and accretion of discount | 0 | (5,818) | ||||||||||||
Net Income (Loss) Available to Common Shareholders, Basic and Diluted | $ | 24,544 | $ | (297,752) | ||||||||||
Income (Loss) Per Common Share—Note 11 | ||||||||||||||
Basic | $ | 0.95 | $ | (2.16) | ||||||||||
Diluted | $ | 0.93 | $ | (2.16) | ||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||
Basic | 25,777 | 138,163 | ||||||||||||
Diluted | 26,429 | 138,163 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
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 | ) | |||
Loss Per Common Share (Note 10) | |||||||||||||||
Basic and diluted | $ | (0.20 | ) | $ | (0.15 | ) | |||||||||
Weighted Average Common Shares Outstanding | |||||||||||||||
Basic and diluted | 171,845 | 171,838 |
Successor | Predecessor | |||||||||||||||||||
For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | For the Six Months Ended June 30, | ||||||||||||||||||
2021 | 2021 | 2020 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Oil sales | $ | 239,657 | $ | 27,137 | $ | 160,509 | ||||||||||||||
Natural gas sales | 156,804 | 7,806 | 38,321 | |||||||||||||||||
NGL sales | 76,607 | 8,099 | 28,013 | |||||||||||||||||
Gathering and compression | 0 | 0 | 1,473 | |||||||||||||||||
Total Revenues | 473,068 | 43,042 | 228,316 | |||||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Lease operating expense | 24,391 | 2,555 | 53,374 | |||||||||||||||||
Transportation and gathering | 44,742 | 6,256 | 49,092 | |||||||||||||||||
Production taxes | 32,351 | 3,294 | 18,133 | |||||||||||||||||
Exploration and abandonment expenses | 4,345 | 316 | 175,141 | |||||||||||||||||
Depletion, depreciation, amortization and accretion | 88,665 | 16,133 | 158,670 | |||||||||||||||||
Impairment of long-lived assets | 170 | 0 | 1,736 | |||||||||||||||||
General and administrative expense | 18,458 | 2,211 | 35,744 | |||||||||||||||||
Other operating expenses | 9,262 | 1,107 | 69,719 | |||||||||||||||||
Total Operating Expenses | 222,384 | 31,872 | 561,609 | |||||||||||||||||
Operating Income (Loss) | 250,684 | 11,170 | (333,293) | |||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Commodity derivative gain (loss) | (104,325) | (12,586) | 193,714 | |||||||||||||||||
Loss on deconsolidation of Elevation Midstream, LLC | 0 | 0 | (73,139) | |||||||||||||||||
Reorganization items, net | 0 | 873,908 | (26,919) | |||||||||||||||||
Interest expense(1) | (5,203) | (1,534) | (41,672) | |||||||||||||||||
Other income | 42 | 12 | 612 | |||||||||||||||||
Total Other Income (Expense) | (109,486) | 859,800 | 52,596 | |||||||||||||||||
Income (Loss) Before Income Taxes | 141,198 | 870,970 | (280,697) | |||||||||||||||||
Income tax expense | (28,100) | 0 | (2,200) | |||||||||||||||||
Net Income (Loss) | $ | 113,098 | $ | 870,970 | $ | (282,897) | ||||||||||||||
Net income attributable to noncontrolling interest | 0 | 0 | 6,160 | |||||||||||||||||
Net Income (Loss) Attributable to Extraction Oil & Gas, Inc. | 113,098 | 870,970 | (289,057) | |||||||||||||||||
Adjustments to reflect Series A Preferred Stock dividends and accretion of discount | 0 | (418) | (12,336) | |||||||||||||||||
Net Income (Loss) Available to Common Shareholders, Basic and Diluted | $ | 113,098 | $ | 870,552 | $ | (301,393) | ||||||||||||||
Income (Loss) Per Common Share—Note 11 | ||||||||||||||||||||
Basic | $ | 4.41 | $ | 6.37 | $ | (2.18) | ||||||||||||||
Diluted | $ | 4.31 | $ | 6.37 | $ | (2.18) | ||||||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||||||
Basic | 25,655 | 136,589 | 137,945 | |||||||||||||||||
Diluted | 26,262 | 136,589 | 137,945 |
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 |
Successor | Predecessor | |||||||||||||||||||
For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | For the Six Months Ended June 30, | ||||||||||||||||||
2021 | 2021 | 2020 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 113,098 | $ | 870,970 | $ | (282,897) | ||||||||||||||
Reconciliation of net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 88,665 | 16,133 | 158,670 | |||||||||||||||||
Abandonment and impairment of unproved properties | 2,441 | 0 | 169,559 | |||||||||||||||||
Impairment of long-lived assets | 170 | 0 | 1,736 | |||||||||||||||||
Amortization of debt issuance costs | 909 | 113 | 3,190 | |||||||||||||||||
Non-cash lease expense | 2,073 | 264 | 8,986 | |||||||||||||||||
Non-cash reorganization items, net | 0 | (902,653) | 13,270 | |||||||||||||||||
Non-cash discount on rights offering | 1,792 | 0 | 0 | |||||||||||||||||
Contract asset | 0 | 0 | 12,317 | |||||||||||||||||
Commodity derivatives loss (gain) | 104,325 | 12,586 | (193,714) | |||||||||||||||||
Settlements on commodity derivatives | (21,168) | 542 | 65,447 | |||||||||||||||||
Earnings in unconsolidated subsidiaries | 0 | 0 | (480) | |||||||||||||||||
Loss on deconsolidation of Elevation Midstream, LLC | 0 | 0 | 73,139 | |||||||||||||||||
Deferred income tax expense | 0 | 0 | 2,200 | |||||||||||||||||
Stock-based compensation | 4,945 | 302 | 2,560 | |||||||||||||||||
Changes in current assets and liabilities: | ||||||||||||||||||||
Accounts receivable—trade | (10,455) | (598) | (16,998) | |||||||||||||||||
Accounts receivable—oil, natural gas and NGL sales | (10,088) | (1,269) | 56,828 | |||||||||||||||||
Inventory, prepaid expenses and other | 15,164 | (778) | (12,289) | |||||||||||||||||
Accounts payable and accrued liabilities | (71,405) | 16,192 | 64,981 | |||||||||||||||||
Revenue payable | 7,195 | 18,529 | (18,924) | |||||||||||||||||
Production taxes payable | (86,261) | (13,750) | (23,019) | |||||||||||||||||
Accrued interest payable | 795 | (692) | 15,565 | |||||||||||||||||
Current tax liability | 2,100 | 0 | 0 | |||||||||||||||||
Asset retirement expenditures | (2,526) | (545) | (16,173) | |||||||||||||||||
Net cash provided by operating activities | 141,769 | 15,346 | 83,954 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Oil and gas property additions | (55,098) | (9,120) | (193,334) | |||||||||||||||||
Acquired oil and gas properties | (5,491) | 0 | 0 | |||||||||||||||||
Sale of property and equipment | 20,253 | 0 | 11,147 | |||||||||||||||||
Gathering systems and facilities additions, net of cost reimbursements | 0 | 0 | 4,193 | |||||||||||||||||
Other property and equipment additions | (837) | 0 | (3,386) | |||||||||||||||||
Investment in unconsolidated subsidiaries | 0 | 0 | (10,033) | |||||||||||||||||
Net cash used in investing activities | (41,173) | (9,120) | (191,413) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings under Prior Credit Facility—Note 4 | 0 | 0 | 200,500 | |||||||||||||||||
Repayments under Prior Credit Facility—Note 4 | 0 | (453,872) | (70,000) | |||||||||||||||||
Borrowings under DIP Credit Facility—Note 4 | 0 | 0 | 15,000 | |||||||||||||||||
Repayments under DIP Credit Facility—Note 4 | 0 | (106,727) | 0 | |||||||||||||||||
Borrowings under RBL Credit Facility—Note 4 | 60,000 | 265,000 | 0 | |||||||||||||||||
Repayments under RBL Credit Facility—Note 4 | (243,746) | 0 | 0 | |||||||||||||||||
Proceeds from issuance of common stock | 7,000 | 200,473 | 0 | |||||||||||||||||
Payment of employee payroll withholding taxes | 0 | 0 | (120) | |||||||||||||||||
Debt issuance costs and other financing fees | (85) | (6,328) | (22) | |||||||||||||||||
Net cash provided by (used in) financing activities | (176,831) | (101,454) | 145,358 | |||||||||||||||||
Effect of deconsolidation of Elevation Midstream, LLC | 0 | 0 | (7,728) | |||||||||||||||||
Increase (decrease) in cash and cash equivalents | (76,235) | (95,228) | 30,171 | |||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 110,662 | 205,890 | 32,382 | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 34,427 | $ | 110,662 | $ | 62,553 | ||||||||||||||
Supplemental cash flow information: | ||||||||||||||||||||
Property and equipment included in accounts payable and accrued liabilities | $ | 32,736 | $ | 16,320 | $ | 64,751 | ||||||||||||||
Cash paid for income taxes | 26,000 | 0 | 0 | |||||||||||||||||
Cash paid for interest | 3,600 | 2,245 | 26,955 | |||||||||||||||||
Cash paid for reorganization items, net | 45,600 | 6,545 | 3,787 | |||||||||||||||||
Accretion of beneficial conversion feature of Series A Preferred Stock | 0 | 418 | 3,587 | |||||||||||||||||
Preferred Units commitment fees and dividends paid-in-kind | 0 | 0 | 6,160 | |||||||||||||||||
Series A Preferred Stock dividends paid-in-kind | 0 | 0 | 8,749 | |||||||||||||||||
Derivative unwinds reducing the Prior Credit Facility | 0 | 0 | 96,065 | |||||||||||||||||
Draw on letter of credit increasing the RBL Credit Facility | 8,746 | 0 | 0 | |||||||||||||||||
Draw on letter of credit increasing the Prior Credit Facility | 0 | 125 | 0 | |||||||||||||||||
General unsecured claims within accounts payable and accrued liabilities settled with common stock | 13,818 | 0 | 0 | |||||||||||||||||
Backstop Commitment Agreement premium within accounts payable and accrued liabilities settled with common stock | 0 | 23,866 | 0 |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (13,840 | ) | $ | (210,400 | ) | |
Reconciliation of net loss to net cash provided by operating activities: | |||||||
Depletion, depreciation, amortization and accretion | 213,483 | 141,317 | |||||
Abandonment and impairment of unproved properties | 5,684 | 3,331 | |||||
Impairment of long lived assets | 675 | 23,350 | |||||
Loss on sale of property and equipment | 451 | — | |||||
Amortization of debt issuance costs and debt discount | 3,181 | 18,330 | |||||
Deferred rent | (229 | ) | 600 | ||||
Commodity derivatives (gain) loss | (46,423 | ) | 62,424 | ||||
Settlements on commodity derivatives | (8,893 | ) | 43,015 | ||||
Premiums paid on commodity derivatives | — | (611 | ) | ||||
Earnings in unconsolidated affiliate | (256 | ) | — | ||||
Distributions from unconsolidated affiliate | 131 | — | |||||
Deferred income tax expense | (7,556 | ) | — | ||||
Unit and stock-based compensation | 46,707 | 14,922 | |||||
Changes in current assets and liabilities: | |||||||
Accounts receivable—trade | (29,099 | ) | 3,889 | ||||
Accounts receivable—oil, natural gas and NGL sales | (36,359 | ) | (8,506 | ) | |||
Inventory and prepaid expenses | (180 | ) | (273 | ) | |||
Accounts payable and accrued liabilities | 1,653 | (18,242 | ) | ||||
Revenue payable | 6,047 | 10,228 | |||||
Production taxes payable | 13,520 | 6,219 | |||||
Accrued interest payable | (5,553 | ) | 8,342 | ||||
Asset retirement expenditures | (1,408 | ) | (372 | ) | |||
Net cash provided by operating activities | 141,736 | 97,563 | |||||
Cash flows from investing activities: | |||||||
Oil and gas property additions | (1,015,700 | ) | (223,684 | ) | |||
Acquired oil and gas properties | (17,225 | ) | (13,674 | ) | |||
Sale of property and equipment | 5,155 | 2,148 | |||||
Other property and equipment additions | (9,608 | ) | (3,336 | ) | |||
Distributions from unconsolidated affiliate, return of capital | 116 | — | |||||
Cash held in escrow | 42,200 | (42,000 | ) | ||||
Net cash used in investing activities | (995,062 | ) | (280,546 | ) | |||
Cash flows from financing activities: | |||||||
Borrowings under credit facility | 250,000 | 60,000 | |||||
Repayments under credit facility | (250,000 | ) | (196,000 | ) | |||
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 | ) | ||||
Payment of employee payroll withholding taxes | (2,832 | ) | — | ||||
Dividends on Series A Preferred Stock | (7,680 | ) | — | ||||
Debt issuance costs | (3,273 | ) | (13,189 | ) | |||
Equity issuance costs | (1,486 | ) | (2,051 | ) | |||
Net cash provided by financing activities | 378,729 | 87,263 | |||||
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 | |||
Supplemental cash flow information: | |||||||
Property and equipment included in accounts payable and accrued liabilities | $ | 130,022 | $ | 53,371 | |||
Cash paid for interest | $ | 44,703 | $ | 30,531 | |||
Cash paid for Second Lien Notes prepayment penalty | $ | — | $ | 4,300 | |||
Noncash settlement of promissory notes issued to officers | $ | — | $ | 5,562 | |||
Accretion of beneficial conversion feature of Series A Preferred Stock | $ | 3,992 | $ | — | |||
Non-cash contribution to unconsolidated affiliate | $ | 8,307 | $ | — | |||
Increase in dividends payable | $ | 484 | $ | — |
Common Stock | Treasury Stock | Additional Paid in Capital | Retained Earnings (Accumulated Deficit) | Extraction Oil & Gas, Inc. Stockholders' Equity (Deficit) | Noncontrolling Interest | Total Stockholders' Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 (Predecessor) | 175,448 | $ | 1,336 | 38,859 | $ | (170,138) | $ | 2,140,499 | $ | (3,010,742) | $ | (1,039,045) | $ | 0 | $ | (1,039,045) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 302 | — | 302 | — | 302 | ||||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (418) | — | (418) | — | (418) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 870,970 | 870,970 | — | 870,970 | ||||||||||||||||||||||||||||||||||||||||||||
Cancellation of Predecessor equity | (175,448) | (1,336) | (38,859) | 170,138 | (2,140,383) | 2,139,772 | 168,191 | — | 168,191 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Successor equity | 24,729 | 247 | — | — | 504,205 | — | 504,452 | — | 504,452 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Successor warrants | — | — | — | — | 20,403 | — | 20,403 | — | 20,403 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at January 20, 2021 (Predecessor) | 24,729 | $ | 247 | 0 | $ | 0 | $ | 524,608 | $ | 0 | $ | 524,855 | $ | 0 | $ | 524,855 | |||||||||||||||||||||||||||||||||||||
Balance at January 21, 2021 (Successor) | 24,729 | $ | 247 | 0 | $ | 0 | $ | 524,608 | $ | 0 | $ | 524,855 | $ | 0 | $ | 524,855 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 2,174 | — | 2,174 | — | 2,174 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 88,554 | 88,554 | — | 88,554 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Successor equity for general unsecured claims | 543 | 5 | — | — | 11,083 | — | 11,088 | — | 11,088 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Successor equity for rights offering | 431 | 5 | — | — | 8,787 | — | 8,792 | — | 8,792 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 (Successor) | 25,703 | $ | 257 | 0 | $ | 0 | $ | 546,652 | $ | 88,554 | $ | 635,463 | $ | 0 | $ | 635,463 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 2,771 | — | 2,771 | — | 2,771 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 24,544 | 24,544 | — | 24,544 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of Successor equity for general unsecured claims | 134 | 1 | — | — | 2,729 | — | 2,730 | — | 2,730 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 (Successor) | 25,837 | $ | 258 | 0 | $ | 0 | $ | 552,152 | $ | 113,098 | $ | 665,508 | $ | 0 | $ | 665,508 | |||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 (Predecessor) | 176,517 | $ | 1,336 | 38,859 | $ | (170,138) | $ | 2,156,383 | $ | (1,743,208) | $ | 244,373 | $ | 264,364 | $ | 508,737 | |||||||||||||||||||||||||||||||||||||
Preferred Units commitment fees & dividends paid-in-kind | — | — | — | — | (6,160) | — | (6,160) | 6,160 | — | ||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends | — | — | — | — | (4,748) | — | (4,748) | — | (4,748) | ||||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (1,770) | — | (1,770) | — | (1,770) | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, net of tax withholdings and other | 234 | — | — | — | (35) | — | (35) | — | (35) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 9,037 | 9,037 | — | 9,037 | ||||||||||||||||||||||||||||||||||||||||||||
Effects of deconsolidation of Elevation Midstream, LLC | — | — | — | — | — | — | — | (270,524) | (270,524) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 (Predecessor) | 176,751 | $ | 1,336 | 38,859 | $ | (170,138) | $ | 2,143,670 | $ | (1,734,171) | $ | 240,697 | $ | 0 | $ | 240,697 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 2,560 | — | 2,560 | — | 2,560 | ||||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock dividends | — | — | — | — | (4,001) | — | (4,001) | — | (4,001) | ||||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | — | — | — | — | (1,817) | — | (1,817) | — | (1,817) | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued, net of tax withholdings and other | 452 | — | — | — | (85) | — | (85) | — | (85) | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (291,934) | (291,934) | — | (291,934) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 (Predecessor) | 177,203 | $ | 1,336 | 38,859 | $ | (170,138) | $ | 2,140,327 | $ | (2,026,105) | $ | (54,580) | $ | 0 | $ | (54,580) | |||||||||||||||||||||||||||||||||||||
Successor | |||||
January 20, 2021 | |||||
Enterprise value | $ | 1,052,000 | |||
Plus: Cash and cash equivalents | 71,793 | ||||
Plus: General unsecured claims to be satisfied through issuance of equity after Emergence | 16,127 | ||||
Less: Working capital adjustment(1) | (333,938) | ||||
Less: Interest bearing liabilities | (265,000) | ||||
Less: Fair value of warrants(2) | (20,403) | ||||
Implied value of Successor equity after satisfaction of general unsecured claims after Emergence | $ | 520,579 | |||
Less: General unsecured claims to be satisfied through issuance of equity after Emergence | (16,127) | ||||
Implied value of Successor equity as of January 20, 2021 | $ | 504,452 | |||
Common shares of Successor equity as of January 20, 2021 | 24,729,681 | ||||
Implied value per common share as of January 20, 2021 | $ | 20.41 |
Successor | |||||
January 20, 2021 | |||||
Enterprise value | $ | 1,052,000 | |||
Plus: Normalized working capital liabilities(1) | 176,976 | ||||
Plus: Asset retirement obligations, current and non-current | 87,199 | ||||
Plus: Cash and cash equivalents | 71,793 | ||||
Reorganization value | $ | 1,387,968 |
Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 246,952 | $ | (175,159) | (a) | $ | — | $ | 71,793 | ||||||||||||||
Restricted cash | — | 38,869 | (b) | — | 38,869 | ||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||||||
Trade | 12,500 | — | — | 12,500 | |||||||||||||||||||
Oil, natural gas and NGL sales | 64,698 | — | — | 64,698 | |||||||||||||||||||
Inventory, prepaid expenses and other | 33,524 | 0 | 3,470 | (r) | 36,994 | ||||||||||||||||||
Commodity derivative asset | — | — | — | — | |||||||||||||||||||
Total Current Assets | 357,674 | (136,290) | 3,470 | 224,854 | |||||||||||||||||||
Property and Equipment (successful efforts method), at cost: | |||||||||||||||||||||||
Proved oil and gas properties | 4,746,225 | — | (3,800,981) | (s) | 945,244 | ||||||||||||||||||
Unproved oil and gas properties | 221,247 | — | (75,647) | (s) | 145,600 | ||||||||||||||||||
Wells in progress | 136,247 | — | (136,247) | (s) | — | ||||||||||||||||||
Less: accumulated depletion, depreciation, amortization and impairment charges | (3,475,279) | — | 3,475,279 | (s) | — | ||||||||||||||||||
Net oil and gas properties | 1,628,440 | — | (537,596) | 1,090,844 | |||||||||||||||||||
Other property and equipment, net of accumulated depreciation and impairment charges | 56,455 | — | 350 | (t) | 56,805 | ||||||||||||||||||
Net Property and Equipment | 1,684,895 | — | (537,246) | 1,147,649 | |||||||||||||||||||
Non-Current Assets: | |||||||||||||||||||||||
Commodity derivative asset | 134 | — | — | 134 | |||||||||||||||||||
Other non-current assets | 9,003 | 6,328 | (c) | — | 15,331 | ||||||||||||||||||
Total Non-Current Assets | 9,137 | 6,328 | — | 15,465 | |||||||||||||||||||
Total Assets | $ | 2,051,706 | $ | (129,962) | $ | (533,776) | $ | 1,387,968 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 93,036 | $ | 58,792 | (d) | $ | 3,469 | (r) | $ | 155,297 | |||||||||||||
Revenue payable | 68,003 | 59,750 | (e) | — | 127,753 | ||||||||||||||||||
Production taxes payable | 3,284 | 132,255 | (f) | — | 135,539 | ||||||||||||||||||
Commodity derivative liability | 7,897 | — | — | 7,897 | |||||||||||||||||||
Accrued interest payable | 2,236 | (2,236) | (g) | — | — | ||||||||||||||||||
Asset retirement obligations | — | 13,937 | (h) | (478) | (u) | 13,459 | |||||||||||||||||
DIP Credit Facility | 106,727 | (106,727) | (i) | — | — | ||||||||||||||||||
Prior Credit Facility | 453,872 | (453,872) | (i) | — | — | ||||||||||||||||||
Total Current Liabilities | 735,055 | (298,101) | 2,991 | 439,945 | |||||||||||||||||||
Non-Current Liabilities: | |||||||||||||||||||||||
RBL Credit Facility | — | 265,000 | (j) | — | 265,000 | ||||||||||||||||||
Production taxes payable | 38,716 | 22,405 | (f) | — | 61,121 | ||||||||||||||||||
Commodity derivative liability | — | — | — | — | |||||||||||||||||||
Other non-current liabilities | — | 23,307 | (k) | — | 23,307 | ||||||||||||||||||
Asset retirement obligations | — | 80,620 | (h) | (6,880) | (u) | 73,740 | |||||||||||||||||
Deferred tax liability | — | — | — | — | |||||||||||||||||||
Total Non-Current Liabilities | 38,716 | 391,332 | (6,880) | 423,168 | |||||||||||||||||||
Liabilities Subject to Compromise | 2,135,808 | (2,135,808) | (l) | — | — | ||||||||||||||||||
Total Liabilities | 2,909,579 | (2,042,577) | (3,889) | 863,113 | |||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||
Series A Convertible Preferred Stock | 192,172 | (192,172) | (m) | — | — | ||||||||||||||||||
Stockholders' Equity (Deficit): | |||||||||||||||||||||||
Predecessor common stock | 1,336 | (1,336) | (n) | — | — | ||||||||||||||||||
Predecessor treasury stock | (170,138) | 170,138 | (o) | — | — | ||||||||||||||||||
Predecessor additional paid-in capital | 2,140,383 | (2,140,383) | (n)(o) | — | — | ||||||||||||||||||
Successor common stock | — | 247 | (p) | — | 247 | ||||||||||||||||||
Successor warrants | — | 20,403 | (p) | — | 20,403 | ||||||||||||||||||
Successor additional paid-in capital | 0 | 504,205 | (p) | — | 504,205 | ||||||||||||||||||
Accumulated deficit | (3,021,626) | 3,551,513 | (q) | (529,887) | (v) | — | |||||||||||||||||
Total Stockholders' Equity (Deficit) | (1,050,045) | 2,104,787 | (529,887) | 524,855 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity (Deficit) | $ | 2,051,706 | $ | (129,962) | $ | (533,776) | $ | 1,387,968 |
Sources: | |||||
Total cash received from the RBL Credit Facility | $ | 265,000 | |||
Total proceeds from backstopped rights offering | 200,255 | ||||
Total proceeds from the general unsecured claims rights offering | 218 | ||||
Total sources of cash | 465,473 | ||||
Uses: | |||||
Payment of DIP Credit Facility, Prior Credit Facility, and related interest | (562,834) | ||||
Funding of the professional fee escrow account | (38,869) | ||||
Payment of prepetition taxes classified as liabilities subject to compromise | (21,532) | ||||
Payment of debt issuance cost associated with the RBL Credit Facility | (6,329) | ||||
Payment of contract cure costs classified as liabilities subject to compromise | (5,374) | ||||
Payments to professionals at emergence | (5,102) | ||||
Payment of the general unsecured claim cash out election for claims classified as liabilities subject to compromise | (592) | ||||
Total uses of cash | (640,632) | ||||
Net uses of cash | $ | (175,159) |
Reinstatements from liabilities subject to compromise: | |||||
Accounts payable and accrued liabilities | $ | 29,752 | |||
Current portion of a settlement liability | 17,700 | ||||
General unsecured claims to be satisfied through issuance of equity after Emergence | 16,127 | ||||
Other general unsecured claims to be satisfied after Emergence | 8,746 | ||||
Other adjustments: | |||||
Success fees | 20,800 | ||||
Backstop Commitment Agreement premium satisfied in common shares at Emergence | (29,231) | ||||
Professional fees paid at Emergence | (5,102) | ||||
Total accounts payable and accrued liabilities reorganization adjustments | $ | 58,792 |
Liabilities subject to compromise pre-emergence | $ | 2,135,808 | ||||||
Amounts reinstated on the Emergence Date: | ||||||||
Production taxes payable | (154,660) | |||||||
Asset retirement obligations | (94,557) | |||||||
Revenue payable | (59,750) | |||||||
Accounts payable and accrued liabilities | (72,860) | |||||||
Other non-current liabilities | (23,307) | |||||||
Total liabilities reinstated | (405,134) | |||||||
Consideration provided to settle liabilities subject to compromise per the Plan | ||||||||
Issuance of Successor equity associated with the participation in the backstopped and general unsecured rights offerings | (251,795) | |||||||
Less proceeds from issuance of Successor equity associated with the backstopped and general unsecured rights offerings | 200,473 | |||||||
Issuance of Successor equity to 2024 and 2026 Senior Notes holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium | (156,889) | |||||||
Issuance of Successor equity to general unsecured claim holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium | (64,857) | |||||||
Cash payment in settlement of claims and other | (27,498) | |||||||
Total consideration provided to settle liabilities subject to compromise per the Plan | (300,566) | |||||||
Gain on settlement of liabilities subject to compromise | $ | 1,430,108 |
Issuance of Successor equity associated with the participation in the backstopped and general unsecured claims rights offerings | $ | 251,795 | |||
Issuance of Successor equity associated with the backstop commitment premium | 23,584 | ||||
Issuance of Successor equity to 2024 and 2026 Senior Notes holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium | 156,889 | ||||
Issuance of Successor equity to general unsecured claims holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium | 64,857 | ||||
Fair value of warrants (Tranche A and B) to Predecessor common and preferred stockholders | 20,403 | ||||
Issuance of Successor equity to Predecessor common stockholders | 3,664 | ||||
Issuance of Successor equity to Predecessor preferred stockholders | 3,663 | ||||
Total Successor equity as of January 20, 2021 | $ | 524,855 |
Reorganization items, net: | |||||
Gain on settlement of liabilities subject to compromise | $ | (1,430,108) | |||
Adjustment to Backstop Commitment Agreement premium | (5,365) | ||||
Acceleration of unvested stock compensation | 3,468 | ||||
Success fees | 20,800 | ||||
Impact on reorganization items, net | (1,411,205) | ||||
Cancellation of Predecessor equity | (2,140,308) | ||||
Net impact on accumulated (deficit) | $ | (3,551,513) |
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 | ) |
Predecessor | ||||||||
For the Period from January 1 through January 20, | ||||||||
2021 | ||||||||
Gain on settlement of liabilities subject to | $ | 1,430,108 | ||||||
Adjustment to | 5,365 | |||||||
Acceleration of | (3,468) | |||||||
Professional fees | (7,410) | |||||||
Success fees | (20,800) | |||||||
Fresh start valuation adjustment | (529,887) | |||||||
Total reorganization items, net | $ | 873,908 |
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 | ) |
Successor | Predecessor | ||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||
RBL Credit Facility | $ | 90,000 | $ | — | |||||||||||||
DIP Credit Facility | — | 106,727 | |||||||||||||||
Prior Credit Facility | — | 453,747 | |||||||||||||||
2024 Senior Notes | — | 400,000 | |||||||||||||||
2026 Senior Notes | — | 700,189 | |||||||||||||||
Total principal | 90,000 | 1,660,663 | |||||||||||||||
Unamortized debt issuance costs(1) | 0 | 0 | |||||||||||||||
Total debt, prior to reclassification to “Liabilities Subject to Compromise” | 90,000 | 1,660,663 | |||||||||||||||
Less amounts reclassified to “Liabilities Subject to Compromise”(2) | 0 | (1,100,189) | |||||||||||||||
Total debt not subject to compromise(3) | 90,000 | 560,474 | |||||||||||||||
Less current portion of long-term debt | 0 | (560,474) | |||||||||||||||
Total long-term debt | $ | 90,000 | $ | 0 |
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 |
Base Rate | Eurodollar | Commitment | |||||||||||||||||||||||||||||||||||||||||
Borrowing Base Utilization Percentage | Utilization | Eurodollar Margin | Base Rate Margin | Commitment Fee Rate | Borrowing Base Utilization Percentage | Utilization | Margin | Margin | Fee Rate | ||||||||||||||||||||||||||||||||||
Level 1 | < 25% | 2.00% | 1.00% | 0.375% | Level 1 | <25% | 2.00 | % | 3.00 | % | 0.50 | % | |||||||||||||||||||||||||||||||
Level 2 | ≥ 25% < 50% | 2.25% | 1.25% | 0.375% | Level 2 | ≥ | 25% | < | 50% | 2.25 | % | 3.25 | % | 0.50 | % | ||||||||||||||||||||||||||||
Level 3 | ≥ 50% < 75% | 2.50% | 1.50% | 0.500% | Level 3 | ≥ | 50% | < | 75% | 2.50 | % | 3.50 | % | 0.50 | % | ||||||||||||||||||||||||||||
Level 4 | ≥ 75% < 90% | 2.75% | 1.75% | 0.500% | Level 4 | ≥ | 75% | < | 90% | 2.75 | % | 3.75 | % | 0.50 | % | ||||||||||||||||||||||||||||
Level 5 | ≥ 90% | 3.00% | 2.00% | 0.500% | Level 5 | ≥90% | 3.00 | % | 4.00 | % | 0.50 | % |
9/30/2021 | 12/31/2021 | 3/31/2022 | 6/30/2022 | 9/30/2022 | 12/31/2022 | 3/31/2023 | ||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2018 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NYMEX WTI(1) Crude Swaps: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NYMEX WTI Crude Swaps: | NYMEX WTI Crude Swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Notional volume (Bbl) | 1,850,000 | 5,100,000 | — | Notional volume (Bbl) | 1,153,000 | 1,041,000 | 828,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Weighted average fixed price ($/Bbl) | $ | 50.64 | $ | 51.61 | Weighted average fixed price ($/Bbl) | $ | 49.64 | $ | 50.01 | $ | 50.05 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||
NYMEX WTI(1) Crude Sold Calls: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NYMEX WTI Crude Purchased Puts: | NYMEX WTI Crude Purchased Puts: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Notional volume (Bbl) | Notional volume (Bbl) | — | — | — | 345,839 | 320,247 | 297,903 | 94,820 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average purchased put price ($/Bbl) | Weighted average purchased put price ($/Bbl) | $ | — | $ | — | $ | — | $ | 40.00 | $ | 40.00 | $ | 40.00 | $ | 40.00 | |||||||||||||||||||||||||||||||||||||
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) | — | — | — | 345,839 | 320,247 | 297,903 | 94,820 | |||||||||||||||||||||||||||||||||||||||||
Weighted average sold call price ($/Bbl) | $ | 53.04 | $ | 55.75 | $ | 55.10 | Weighted average sold call price ($/Bbl) | $ | — | $ | — | $ | — | $ | 72.70 | $ | 72.70 | $ | 72.70 | $ | 72.70 | |||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NYMEX HH Natural Gas Swaps: | NYMEX HH Natural Gas Swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Notional volume (MMBtu) | 7,420,000 | 37,200,000 | — | Notional volume (MMBtu) | 8,482,141 | 7,904,240 | 6,468,277 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Weighted average fixed price ($/MMBtu) | $ | 3.06 | $ | 3.10 | Weighted average fixed price ($/MMBtu) | $ | 2.93 | $ | 2.93 | $ | 3.00 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||
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) | — | — | — | 2,764,135 | 2,614,602 | 2,477,469 | 797,160 | |||||||||||||||||||||||||||||||||||||||||
Weighted average purchased put price ($/MMBtu) | $ | 3.00 | Weighted average purchased put price ($/MMBtu) | $ | — | $ | — | $ | — | $ | 2.00 | $ | 2.00 | $ | 2.00 | $ | 2.00 | |||||||||||||||||||||||||||||||||||
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) | — | — | — | 2,764,135 | 2,614,602 | 2,477,469 | 797,160 | |||||||||||||||||||||||||||||||||||||||||
Weighted average sold call price ($/MMBtu) | $ | 3.15 | Weighted average sold call price ($/MMBtu) | $ | — | $ | — | $ | — | $ | 3.25 | $ | 3.25 | $ | 3.25 | $ | 3.25 | |||||||||||||||||||||||||||||||||||
CIG(3) Basis Gas Swaps: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional volume (MMBtu) | 5,215,000 | 6,300,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average fixed basis price ($/MMBtu) | $ | (0.31 | ) | $ | (0.31 | ) |
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) | 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) | |||||||||||||||||||||||||||||||||||||||||
Successor as of June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets | $ | 25,250 | $ | (24,264 | ) | $ | 986 | $ | (146 | ) | $ | 840 | Current assets | $ | 375 | $ | (375) | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||
Non-current assets | $ | 25,141 | $ | (25,141 | ) | $ | — | $ | — | $ | — | Non-current assets | 1,207 | (1,207) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Current liabilities | $ | (32,523 | ) | $ | 24,264 | $ | (8,259 | ) | $ | 146 | $ | (11,138 | ) | Current liabilities | (79,290) | 375 | (78,915) | 0 | (82,217) | |||||||||||||||||||||||||||||||||
Non-current liabilities | $ | (28,166 | ) | $ | 25,141 | $ | (3,025 | ) | $ | — | $ | — | Non-current liabilities | (4,509) | 1,207 | (3,302) | 0 | 0 | ||||||||||||||||||||||||||||||||||
Predecessor as of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets | Current assets | $ | 8,372 | $ | (1,401) | $ | 6,971 | $ | 0 | $ | 6,971 | |||||||||||||||||||||||||||||||||||||||||
Non-current assets | Non-current assets | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | Current liabilities | (3,548) | 1,401 | (2,147) | 0 | (2,147) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | Non-current liabilities | 0 | 0 | 0 | 0 | 0 |
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, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Commodity derivatives gain (loss) | $ | (37,875 | ) | $ | 16,225 | $ | 46,423 | $ | (62,424 | ) |
Successor | Predecessor | |||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Three Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Commodity derivative loss | $ | (75,839) | $ | (69,301) |
Successor | Predecessor | |||||||||||||||||||||||||||||||
For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2021 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Commodity derivative gain (loss) | $ | (104,325) | $ | (12,586) | $ | 193,714 |
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 |
Asset retirement obligations at December 31, 2020 (Predecessor) | $ | 94,769 | ||||||
Liabilities settled | (545) | |||||||
Accretion expense | 333 | |||||||
Asset retirement obligations at January 20, 2021 (Predecessor) | 94,557 | |||||||
Fresh start adjustment(1) | (7,358) | |||||||
Asset retirement obligations at January 20, 2021 (Predecessor) | 87,199 | |||||||
Asset retirement obligations at January 21, 2021 (Successor) | 87,199 | |||||||
Liabilities incurred or acquired | 138 | |||||||
Liabilities settled | (2,541) | |||||||
Revisions in estimated cash flows | 651 | |||||||
Accretion expense | 3,267 | |||||||
Asset retirement obligations at June 30, 2021 (Successor) | $ | 88,714 |
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement at June 30, 2021 | Fair Value Measurement at December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||
Commodity derivative assets | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 6,971 | $ | 0 | $ | 6,971 | ||||||||||||||||||||||||||||||||||
Commodity derivative liabilities | 0 | 82,217 | 0 | 82,217 | 0 | 2,147 | 0 | 2,147 |
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 |
Successor | Predecessor | |||||||||||||||||||||||||
At June 30, 2021 | At December 31, 2020 | |||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
RBL Credit Facility | $ | 90,000 | $ | 90,000 | $ | 0 | $ | 0 | ||||||||||||||||||
Prior Credit Facility | 0 | 0 | 453,747 | 453,747 | ||||||||||||||||||||||
DIP Credit Facility | 0 | 0 | 106,727 | 106,727 | ||||||||||||||||||||||
2024 Senior Notes | 0 | 0 | 400,000 | 70,732 | ||||||||||||||||||||||
2026 Senior Notes | 0 | 0 | 700,189 | 123,408 |
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 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 Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Non-vested RSUs at January 1, 2017 | 3,237,500 | $ | 21.41 | ||||||||||||||
Non-vested Successor Company RSUs at January 21, 2021 | Non-vested Successor Company RSUs at January 21, 2021 | 0 | $ | 0 | |||||||||||||
Granted | 1,305,033 | $ | 16.43 | Granted | 394,795 | 20.46 | |||||||||||
Forfeited | (403,725) | $ | 19.72 | Forfeited | (6,799) | 20.41 | |||||||||||
Vested | (85,994) | $ | 16.82 | Vested | 0 | 0 | |||||||||||
Non-vested RSUs at September 30, 2017 | 4,052,814 | $ | 20.07 | ||||||||||||||
Non-vested Successor Company RSUs at June 30, 2021 | Non-vested Successor Company RSUs at June 30, 2021 | 387,996 | $ | 20.46 |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested Predecessor Company RSUs at January 1, 2021 | 1,185,351 | $ | 6.99 | ||||||||
Vested | (4,500) | 8.70 | |||||||||
Cancelled at emergence from bankruptcy | (1,180,851) | 6.98 | |||||||||
Non-vested Predecessor Company RSUs at January 20, 2021 | 0 | $ | 0 |
Number of Shares(1) | Weighted Average Grant Date Fair Value | |||||||||||||
Non-vested Successor Company PSUs at January 21, 2021 | 0 | $ | 0 | |||||||||||
Granted | 230,850 | 28.11 | ||||||||||||
Forfeited | 0 | 0 | ||||||||||||
Vested | 0 | 0 | ||||||||||||
Non-vested Successor Company PSUs at June 30, 2021 | 230,850 | $ | 28.11 |
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 |
Number of Shares(1) | Weighted Average Grant Date Fair Value | |||||||||||||
Non-vested Predecessor Company PSAs at January 1, 2021 | 1,196,279 | $ | 5.32 | |||||||||||
Cancelled at emergence from bankruptcy | (1,196,279) | 5.32 | ||||||||||||
Non-vested Predecessor Company PSAs at January 20, 2021 | 0 | $ | 0 |
Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Non-vested Successor Company Deferred Stock Units at January 21, 2021 | 0 | $ | 0 | |||||||||||
Granted | 100,800 | 20.41 | ||||||||||||
Forfeited | 0 | 0 | ||||||||||||
Vested | (25,200) | 20.41 | ||||||||||||
Non-vested Successor Company Deferred Stock Units June 30, 2021 | 75,600 | $ | 20.41 |
Successor | Predecessor | ||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Three Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Basic and Diluted Income (Loss) Per Share | |||||||||||||||||||||||||||||
Net income (loss) | $ | 24,544 | $ | (291,934) | |||||||||||||||||||||||||
Less: Adjustment to reflect Series A Preferred Stock dividends | 0 | (4,001) | |||||||||||||||||||||||||||
Less: Adjustment to reflect accretion of Series A Preferred Stock discount | 0 | (1,817) | |||||||||||||||||||||||||||
Adjusted net income (loss) available to common shareholders, basic and diluted | $ | 24,544 | $ | (297,752) | |||||||||||||||||||||||||
Denominator | |||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic(1)(2) | 25,777 | 138,163 | |||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 26,429 | 138,163 | |||||||||||||||||||||||||||
Income (Loss) Per Common Share | |||||||||||||||||||||||||||||
Basic | $ | 0.95 | $ | (2.16) | |||||||||||||||||||||||||
Diluted | $ | 0.93 | $ | (2.16) |
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 | ) |
Successor | Predecessor | ||||||||||||||||||||||||||||||||||
For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2021 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Basic and Diluted Income (Loss) Per Share | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 113,098 | $ | 870,970 | $ | (282,897) | |||||||||||||||||||||||||||||
Less: Noncontrolling interest | 0 | 0 | (6,160) | ||||||||||||||||||||||||||||||||
Less: Adjustment to reflect Series A Preferred Stock dividends | 0 | 0 | (8,749) | ||||||||||||||||||||||||||||||||
Less: Adjustment to reflect accretion of Series A Preferred Stock discount | 0 | (418) | (3,587) | ||||||||||||||||||||||||||||||||
Adjusted net income (loss) available to common shareholders, basic and diluted | $ | 113,098 | $ | 870,552 | $ | (301,393) | |||||||||||||||||||||||||||||
Denominator | |||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic(1)(2)(3) | 25,655 | 136,589 | 137,945 | ||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 26,262 | 136,589 | 137,945 | ||||||||||||||||||||||||||||||||
Income (Loss) Per Common Share | |||||||||||||||||||||||||||||||||||
Basic | $ | 4.41 | $ | 6.37 | $ | (2.18) | |||||||||||||||||||||||||||||
Diluted | $ | 4.31 | $ | 6.37 | $ | (2.18) |
Successor | |||||
As of June 30, 2021 | |||||
2021 - remaining | $ | 4,537 | |||
2022 | 3,592 | ||||
2023 | 701 | ||||
2024 | 0 | ||||
Thereafter | 0 | ||||
Total lease payments | 8,830 | ||||
Less imputed interest(1) | (402) | ||||
Present value of lease liabilities | $ | 8,428 |
Successor | Predecessor | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Oil (MBbl) | 3,184 | 1,290 | 6,496 | 3,808 | Oil (MBbl) | 2,349 | 3,419 | ||||||||||||||||||||||||||||||
Natural gas (MMcf) | 8,953 | 4,792 | 21,713 | 12,851 | Natural gas (MMcf) | 15,834 | 17,543 | ||||||||||||||||||||||||||||||
NGL (MBbl) | 1,109 | 574 | 2,695 | 1,479 | NGL (MBbl) | 1,987 | 1,979 | ||||||||||||||||||||||||||||||
Total (MBoe) | 5,785 | 2,663 | 12,809 | 7,429 | Total (MBoe) | 6,975 | 8,322 | ||||||||||||||||||||||||||||||
Average net sales (BOE/d) | 62,884 | 28,948 | 46,921 | 27,114 | Average net sales (BOE/d) | 76,645 | 91,451 |
Successor | Predecessor | Non-GAAP | Predecessor | |||||||||||||||||||||||||||||||||||
For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | Combined Six Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2021 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Oil (MBbl) | 4,141 | 546 | 4,687 | 6,923 | ||||||||||||||||||||||||||||||||||
Natural gas (MMcf) | 27,198 | 3,412 | 30,610 | 36,546 | ||||||||||||||||||||||||||||||||||
NGL (MBbl) | 3,254 | 376 | 3,630 | 3,885 | ||||||||||||||||||||||||||||||||||
Total (MBoe) | 11,927 | 1,492 | 13,419 | 16,899 | ||||||||||||||||||||||||||||||||||
Average net sales (BOE/d) | 74,081 | 74,600 | 74,137 | 92,852 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Oil | Oil | |||||||||||||||||||||||||||||||||||||||||||||||||
NYMEX WTI High ($/Bbl) | $ | 52.22 | $ | 48.99 | $ | 54.45 | $ | 51.23 | NYMEX WTI High ($/Bbl) | $ | 74.05 | $ | 40.46 | $ | 74.05 | $ | 63.27 | |||||||||||||||||||||||||||||||||
NYMEX WTI Low ($/Bbl) | $ | 44.23 | $ | 39.51 | $ | 42.53 | $ | 26.21 | NYMEX WTI Low ($/Bbl) | $ | 58.65 | $ | (37.63) | $ | 47.62 | $ | (37.63) | |||||||||||||||||||||||||||||||||
NYMEX WTI Average ($/Bbl) | $ | 48.20 | $ | 44.94 | $ | 49.36 | $ | 41.53 | NYMEX WTI Average ($/Bbl) | $ | 66.10 | $ | 28.00 | $ | 62.21 | $ | 36.82 | |||||||||||||||||||||||||||||||||
Average Realized Price ($/Bbl) | $ | 41.48 | $ | 40.11 | $ | 41.50 | $ | 35.68 | ||||||||||||||||||||||||||||||||||||||||||
Average Realized Price, with derivative settlements ($/Bbl) | $ | 42.14 | $ | 42.73 | $ | 40.61 | $ | 41.93 | ||||||||||||||||||||||||||||||||||||||||||
Average Realized Price ($/Bbl)(1) | Average Realized Price ($/Bbl)(1) | $ | 59.22 | $ | 10.61 | $ | 56.92 | $ | 23.18 | |||||||||||||||||||||||||||||||||||||||||
Average Realized Price, with derivative settlements ($/Bbl)(1) | Average Realized Price, with derivative settlements ($/Bbl)(1) | $ | 50.60 | $ | 18.11 | $ | 50.27 | $ | 31.97 | |||||||||||||||||||||||||||||||||||||||||
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 | 89.6 | % | 37.9 | % | 91.5 | % | 63.0 | % | |||||||||||||||||||||||||||||||||
Differential ($/Bbl) to Average NYMEX WTI | $ | (6.72 | ) | $ | (4.83 | ) | $ | (7.86 | ) | $ | (5.85 | ) | ||||||||||||||||||||||||||||||||||||||
Differential ($/Bbl) to Average NYMEX WTI(2)(3) | Differential ($/Bbl) to Average NYMEX WTI(2)(3) | $ | (6.88) | $ | (16.26) | $ | (5.29) | $ | (11.85) | |||||||||||||||||||||||||||||||||||||||||
Natural Gas | Natural Gas | |||||||||||||||||||||||||||||||||||||||||||||||||
NYMEX Henry Hub High ($/MMBtu) | $ | 3.15 | $ | 3.06 | $ | 3.42 | $ | 3.06 | NYMEX Henry Hub High ($/MMBtu) | $ | 3.65 | $ | 2.13 | $ | 3.65 | $ | 2.20 | |||||||||||||||||||||||||||||||||
NYMEX Henry Hub Low ($/MMBtu) | $ | 2.77 | $ | 2.55 | $ | 2.56 | $ | 1.64 | NYMEX Henry Hub Low ($/MMBtu) | $ | 2.46 | $ | 1.48 | $ | 2.45 | $ | 1.48 | |||||||||||||||||||||||||||||||||
NYMEX Henry Hub Average ($/MMBtu) | $ | 2.95 | $ | 2.79 | $ | 3.05 | $ | 2.35 | NYMEX Henry Hub Average ($/MMBtu) | $ | 2.97 | $ | 1.75 | $ | 2.85 | $ | 1.81 | |||||||||||||||||||||||||||||||||
NYMEX Henry Hub Average converted to a $/Mcf basis(4) | NYMEX Henry Hub Average converted to a $/Mcf basis(4) | $ | 3.27 | $ | 1.93 | $ | 3.14 | $ | 1.99 | |||||||||||||||||||||||||||||||||||||||||
Average Realized Price ($/Mcf) | $ | 2.76 | $ | 2.67 | $ | 2.91 | $ | 2.16 | $ | 2.49 | $ | 0.91 | $ | 5.38 | $ | 1.05 | ||||||||||||||||||||||||||||||||||
Average Realized Price, with derivative settlements ($/Mcf) | $ | 2.84 | $ | 2.94 | $ | 2.90 | $ | 2.84 | $ | 2.56 | $ | 1.24 | $ | 5.42 | $ | 1.32 | ||||||||||||||||||||||||||||||||||
Average Realized Price as a % of Average NYMEX Henry Hub | 84.9 | % | 87.0 | % | 86.6 | % | 83.4 | % | 76.1 | % | 47.2 | % | 171.3 | % | 52.8 | % | ||||||||||||||||||||||||||||||||||
Differential ($/Mcf) to Average NYMEX Henry Hub | $ | (0.49 | ) | $ | (0.40 | ) | $ | (0.45 | ) | $ | (0.43 | ) | $ | (0.78) | $ | (1.02) | $ | 2.24 | $ | (0.94) | ||||||||||||||||||||||||||||||
NGL | NGL | |||||||||||||||||||||||||||||||||||||||||||||||||
Average Realized Price ($/Bbl) | $ | 21.74 | $ | 14.54 | $ | 21.36 | $ | 13.37 | $ | 22.67 | $ | 5.47 | $ | 23.33 | $ | 7.21 | ||||||||||||||||||||||||||||||||||
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(5) | Average Realized Price as a % of Average NYMEX WTI(5) | 34.3 | % | 19.5 | % | 37.5 | % | 19.6 | % | |||||||||||||||||||||||||||||||||||||||||
BOE | BOE | |||||||||||||||||||||||||||||||||||||||||||||||||
Average Realized Price per BOE(1) | Average Realized Price per BOE(1) | $ | 32.06 | $ | 7.59 | $ | 38.46 | $ | 13.42 | |||||||||||||||||||||||||||||||||||||||||
Average Realized Price per BOE with derivative settlements | Average Realized Price per BOE with derivative settlements | $ | 29.30 | $ | 11.35 | $ | 36.24 | $ | 17.60 |
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 | ) |
Successor | Predecessor | Predecessor | |||||||||||||||||||||||||
For the Nine Months Ended September 30, | For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | For the Six Months Ended June 30, | ||||||||||||||||||||||||
2017 | 2016 | 2021 | 2021 | 2020 | |||||||||||||||||||||||
NYMEX HH(1) Natural Gas Swaps: | |||||||||||||||||||||||||||
NYMEX WTI Crude Swaps: | NYMEX WTI Crude Swaps: | ||||||||||||||||||||||||||
Notional volume (Bbl) | Notional volume (Bbl) | 2,788,200 | — | 525,000 | |||||||||||||||||||||||
Weighted average fixed price ($/Bbl) | Weighted average fixed price ($/Bbl) | $ | 50.34 | $ | — | $ | 60.05 | ||||||||||||||||||||
NYMEX WTI Crude Purchased Puts: | NYMEX WTI Crude Purchased Puts: | ||||||||||||||||||||||||||
Notional volume (Bbl) | Notional volume (Bbl) | — | — | 4,950,000 | |||||||||||||||||||||||
Weighted average purchased put price ($/Bbl) | Weighted average purchased put price ($/Bbl) | $ | — | $ | — | $ | 54.48 | ||||||||||||||||||||
NYMEX WTI Crude Purchased Calls: | NYMEX WTI Crude Purchased Calls: | ||||||||||||||||||||||||||
Notional volume (Bbl) | Notional volume (Bbl) | — | — | 1,100,000 | |||||||||||||||||||||||
Weighted average purchased call price ($/Bbl) | Weighted average purchased call price ($/Bbl) | $ | — | $ | — | $ | 68.04 | ||||||||||||||||||||
NYMEX WTI Crude Sold Calls: | NYMEX WTI Crude Sold Calls: | ||||||||||||||||||||||||||
Notional volume (Bbl) | Notional volume (Bbl) | — | — | 5,650,000 | |||||||||||||||||||||||
Weighted average sold call price ($/Bbl) | Weighted average sold call price ($/Bbl) | $ | — | $ | — | $ | 63.37 | ||||||||||||||||||||
NYMEX WTI Crude Sold Puts: | NYMEX WTI Crude Sold Puts: | ||||||||||||||||||||||||||
Notional volume (Bbl) | Notional volume (Bbl) | — | — | 5,300,000 | |||||||||||||||||||||||
Weighted average sold put price ($/Bbl) | Weighted average sold put price ($/Bbl) | $ | — | $ | — | $ | 44.39 | ||||||||||||||||||||
NYMEX HH Natural Gas Swaps: | NYMEX HH Natural Gas Swaps: | ||||||||||||||||||||||||||
Notional volume (MMBtu) | 18,000,000 | 9,879,600 | Notional volume (MMBtu) | 12,437,315 | — | 17,400,000 | |||||||||||||||||||||
Weighted average fixed price ($/MMBtu) | $ | 3.05 | $ | 3.15 | Weighted average fixed price ($/MMBtu) | $ | 2.94 | $ | — | $ | 2.75 | ||||||||||||||||
CIG(3) Basis Gas Swaps: | |||||||||||||||||||||||||||
NYMEX HH Natural Gas Purchased Puts: | NYMEX HH Natural Gas Purchased Puts: | ||||||||||||||||||||||||||
Notional volume (MMBtu) | Notional volume (MMBtu) | — | — | 600,000 | |||||||||||||||||||||||
Weighted average purchased put price ($/MMBtu) | Weighted average purchased put price ($/MMBtu) | $ | — | $ | — | $ | 2.90 | ||||||||||||||||||||
NYMEX HH Natural Gas Sold Calls: | NYMEX HH Natural Gas Sold Calls: | ||||||||||||||||||||||||||
Notional volume (MMBtu) | Notional volume (MMBtu) | — | — | 600,000 | |||||||||||||||||||||||
Weighted average sold call price ($/MMBtu) | Weighted average sold call price ($/MMBtu) | $ | — | $ | — | $ | 3.48 | ||||||||||||||||||||
CIG Basis Gas Swaps: | CIG Basis Gas Swaps: | ||||||||||||||||||||||||||
Notional volume (MMBtu) | 7,400,000 | 1,980,000 | Notional volume (MMBtu) | — | — | 22,800,000 | |||||||||||||||||||||
Weighted average fixed basis price ($/MMBtu) | $ | (0.35 | ) | (0.19 | ) | Weighted average fixed basis price ($/MMBtu) | $ | — | $ | — | $ | (0.61) | |||||||||||||||
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 | Total Amounts Received/(Paid) from Settlement (in thousands) | $ | (29,871) | $ | — | $ | 166,725 | |||||||||||||||
Cash provided by (used in) changes in Accounts Receivable and Accounts Payable related to Commodity Derivatives | $ | (2,871 | ) | $ | 5,068 | Cash provided by (used in) changes in Accounts Receivable and Accounts Payable related to Commodity Derivatives | 8,703 | 542 | (5,213) | ||||||||||||||||||
Cash Settlements on Commodity Derivatives per Consolidated Statements of Cash Flows | $ | (8,893 | ) | $ | 43,015 | ||||||||||||||||||||||
Derivative unwinds reducing the Prior Credit Facility balance | Derivative unwinds reducing the Prior Credit Facility balance | — | — | (96,065) | |||||||||||||||||||||||
Settlements on Commodity Derivatives per Condensed Consolidated Statements of Cash Flows | Settlements on Commodity Derivatives per Condensed Consolidated Statements of Cash Flows | $ | (21,168) | $ | 542 | $ | 65,447 |
Successor | Predecessor | |||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Three Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDAX: | ||||||||||||||||||||||||||
Net income (loss) | $ | 24,544 | $ | (291,934) | ||||||||||||||||||||||
Add back: | ||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 50,090 | 82,620 | ||||||||||||||||||||||||
Impairment of long-lived assets | 170 | 960 | ||||||||||||||||||||||||
Other operating expenses | 5,380 | 13,209 | ||||||||||||||||||||||||
Exploration and abandonment expenses | 3,586 | 62,661 | ||||||||||||||||||||||||
Loss on commodity derivatives | 75,839 | 69,301 | ||||||||||||||||||||||||
Settlements on commodity derivative instruments | (19,237) | 127,429 | ||||||||||||||||||||||||
Stock-based compensation expense | 2,771 | 2,560 | ||||||||||||||||||||||||
Amortization of debt issuance costs | 457 | 1,948 | ||||||||||||||||||||||||
Interest expense | 1,713 | 18,366 | ||||||||||||||||||||||||
Income tax expense | 4,775 | — | ||||||||||||||||||||||||
Reorganization items, net | — | 26,919 | ||||||||||||||||||||||||
Adjusted EBITDAX | $ | 150,088 | $ | 114,039 |
Successor | Predecessor | Non-GAAP | Predecessor | |||||||||||||||||||||||||||||||||||
For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | Combined Six Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2021 | 2021 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDAX: | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 113,098 | $ | 870,970 | $ | 984,068 | $ | (282,897) | ||||||||||||||||||||||||||||||
Add back: | ||||||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 88,665 | 16,133 | 104,798 | 158,670 | ||||||||||||||||||||||||||||||||||
Impairment of long-lived assets | 170 | — | 170 | 1,736 | ||||||||||||||||||||||||||||||||||
Other operating expenses | 9,262 | 1,107 | 10,369 | 65,784 | ||||||||||||||||||||||||||||||||||
Exploration and abandonment expenses | 4,345 | 316 | 4,661 | 175,141 | ||||||||||||||||||||||||||||||||||
(Gain) loss on commodity derivatives | 104,325 | 12,586 | 116,911 | (193,714) | ||||||||||||||||||||||||||||||||||
Settlements on commodity derivative instruments | (29,871) | — | (29,871) | 166,725 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | 4,945 | 302 | 5,247 | 2,560 | ||||||||||||||||||||||||||||||||||
Amortization of debt issuance costs | 909 | 113 | 1,022 | 3,190 | ||||||||||||||||||||||||||||||||||
Interest expense | 4,294 | 1,421 | 5,715 | 38,482 | ||||||||||||||||||||||||||||||||||
Income tax expense | 28,100 | — | 28,100 | 2,200 | ||||||||||||||||||||||||||||||||||
Loss on deconsolidation of Elevation Midstream, LLC | — | — | — | 73,139 | ||||||||||||||||||||||||||||||||||
Reorganization items, net | — | (873,908) | (873,908) | 26,919 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDAX | $ | 328,242 | $ | 29,040 | $ | 357,282 | $ | 237,935 |
Successor | Predecessor | |||||||||||||
For the Three Months Ended | For the Three Months Ended | |||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||
Cash Flow from Operating Activities | ||||||||||||||
Net cash used in operating activities | $ | (7,339) | $ | (63,145) | ||||||||||
Changes in current assets and liabilities | 148,709 | 52,983 | ||||||||||||
Discretionary Cash Flow | 141,370 | (10,162) | ||||||||||||
Cash Flow from Investing Activities | ||||||||||||||
Net cash used in investing activities | (18,474) | (51,710) | ||||||||||||
Change in accounts payable and accrued liabilities related to capital expenditures | (15,544) | 34,851 | ||||||||||||
Adjusted Cash Flow used in Investing | (34,018) | (16,859) | ||||||||||||
Free Cash Flow | $ | 107,352 | $ | (27,021) |
Successor | Predecessor | Non-GAAP | ||||||||||||||||||
For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | Combined Six Months Ended June 30, | ||||||||||||||||||
2021 | 2021 | 2021 | ||||||||||||||||||
Cash Flow from Operating Activities | ||||||||||||||||||||
Net cash provided by operating activities | $ | 141,769 | $ | 15,346 | $ | 157,115 | ||||||||||||||
Changes in current assets and liabilities | 155,481 | (17,089) | 138,392 | |||||||||||||||||
Discretionary Cash Flow | 297,250 | (1,743) | 295,507 | |||||||||||||||||
Cash Flow from Investing Activities | ||||||||||||||||||||
Net cash used in investing activities | (41,173) | (9,120) | (50,293) | |||||||||||||||||
Change in accounts payable and accrued liabilities related to capital expenditures | (16,416) | (1,442) | (17,858) | |||||||||||||||||
Adjusted Cash Flow used in Investing | (57,589) | (10,562) | (68,151) | |||||||||||||||||
Free Cash Flow | $ | 239,661 | $ | (12,305) | $ | 227,356 |
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 |
Predecessor | |||||||||||||||||||||||||||||||||||
Upstream | Midstream | Consolidated | |||||||||||||||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||
Cash Flow from Operating Activities | |||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 81,074 | $ | 2,880 | $ | 83,954 | |||||||||||||||||||||||||||||
Changes in current assets and liabilities | (48,064) | (1,907) | (49,971) | ||||||||||||||||||||||||||||||||
Discretionary Cash Flow | 33,010 | 973 | 33,983 | ||||||||||||||||||||||||||||||||
Cash Flow from Investing Activities | |||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (185,573) | (5,840) | (191,413) | ||||||||||||||||||||||||||||||||
Change in accounts payable and accrued liabilities related to capital expenditures | 24,374 | 2,210 | 26,584 | ||||||||||||||||||||||||||||||||
Adjusted Cash Flow used in Investing | (161,199) | (3,630) | (164,829) | ||||||||||||||||||||||||||||||||
Other Non-Recurring Adjustments(1) | 1,170 | — | 1,170 | ||||||||||||||||||||||||||||||||
Free Cash Flow | $ | (127,019) | $ | (2,657) | $ | (129,676) |
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 | ) |
Successor | Predecessor | ||||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Three Months Ended June 30, | ||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
Sales (MBoe)(1): | 6,975 | 8,322 | |||||||||||||||||||||||||||
Oil sales (MBbl) | 2,349 | 3,419 | |||||||||||||||||||||||||||
Natural gas sales (MMcf) | 15,834 | 17,543 | |||||||||||||||||||||||||||
NGL sales (MBbl) | 1,987 | 1,979 | |||||||||||||||||||||||||||
Sales (BOE/d)(1): | 76,645 | 91,451 | |||||||||||||||||||||||||||
Oil sales (Bbl/d) | 25,814 | 37,571 | |||||||||||||||||||||||||||
Natural gas sales (Mcf/d) | 173,997 | 192,780 | |||||||||||||||||||||||||||
NGL sales (Bbl/d) | 21,829 | 21,747 | |||||||||||||||||||||||||||
Average sales prices(2): | |||||||||||||||||||||||||||||
Oil sales (per Bbl)(3) | $ | 59.22 | $ | 10.61 | |||||||||||||||||||||||||
Oil sales with derivative settlements (per Bbl)(3) | 50.60 | 18.11 | |||||||||||||||||||||||||||
Natural gas sales (per Mcf)(4) | 2.49 | 0.91 | |||||||||||||||||||||||||||
Natural gas sales with derivative settlements (Mcf)(4) | 2.56 | 1.24 | |||||||||||||||||||||||||||
NGL sales (per Bbl)(4) | 22.67 | 5.47 | |||||||||||||||||||||||||||
Average price (per BOE)(4)(3) | 32.06 | 7.59 | |||||||||||||||||||||||||||
Average price with derivative settlements (per BOE)(4)(3) | 29.30 | 11.35 | |||||||||||||||||||||||||||
Expense per BOE: | |||||||||||||||||||||||||||||
Lease operating expenses | $ | 1.97 | $ | 2.76 | |||||||||||||||||||||||||
Transportation and gathering | 3.09 | 3.16 | |||||||||||||||||||||||||||
Production taxes | 1.56 | 0.56 | |||||||||||||||||||||||||||
Exploration and abandonment expenses | 0.51 | 7.53 | |||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 7.18 | 9.93 | |||||||||||||||||||||||||||
General and administrative expenses | 1.57 | 3.02 | |||||||||||||||||||||||||||
Cash general and administrative expenses(5) | 1.17 | 2.71 | |||||||||||||||||||||||||||
Stock-based compensation | 0.40 | 0.31 | |||||||||||||||||||||||||||
Total operating expenses per BOE(6) | $ | 15.88 | $ | 26.96 | |||||||||||||||||||||||||
Production taxes as a percentage of revenue(7) | 4.9 | % | 7.4 | % |
For the Three Months Ended | For the Nine Months Ended | Successor | Predecessor | Non-GAAP | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | For the Combined Six Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2021 | 2021 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales (MBoe)(1): | 5,785 | 2,663 | 12,809 | 7,429 | Sales (MBoe)(1): | 11,927 | 1,492 | 13,419 | 16,899 | |||||||||||||||||||||||||||||||||||||||||||||||
Oil sales (MBbl) | 3,184 | 1,290 | 6,496 | 3,808 | Oil sales (MBbl) | 4,141 | 546 | 4,687 | 6,923 | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas sales (MMcf) | 8,953 | 4,792 | 21,713 | 12,851 | Natural gas sales (MMcf) | 27,198 | 3,412 | 30,610 | 36,546 | |||||||||||||||||||||||||||||||||||||||||||||||
NGL sales (MBbl) | 1,109 | 574 | 2,695 | 1,479 | NGL sales (MBbl) | 3,254 | 376 | 3,630 | 3,885 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales (BOE/d)(1): | 62,884 | 28,948 | 46,921 | 27,114 | Sales (BOE/d)(1): | 74,081 | 74,600 | 74,137 | 92,852 | |||||||||||||||||||||||||||||||||||||||||||||||
Oil sales (Bbl/d) | 34,607 | 14,025 | 23,794 | 13,899 | Oil sales (Bbl/d) | 25,719 | 27,312 | 25,895 | 38,038 | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas sales (Mcf/d) | 97,311 | 52,083 | 79,536 | 46,902 | Natural gas sales (Mcf/d) | 168,933 | 170,588 | 169,113 | 200,802 | |||||||||||||||||||||||||||||||||||||||||||||||
NGL sales (Bbl/d) | 12,059 | 6,242 | 9,871 | 5,397 | NGL sales (Bbl/d) | 20,209 | 18,820 | 20,049 | 21,346 | |||||||||||||||||||||||||||||||||||||||||||||||
Average sales prices(2): | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil sales (per Bbl)(3) | Oil sales (per Bbl)(3) | $ | 57.88 | $ | 49.68 | $ | 56.92 | $ | 23.18 | |||||||||||||||||||||||||||||||||||||||||||||||
Oil sales with derivative settlements (per Bbl)(3) | Oil sales with derivative settlements (per Bbl)(3) | 50.35 | 49.68 | 50.27 | 31.97 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas sales (per Mcf)(4) | Natural gas sales (per Mcf)(4) | 5.77 | 2.29 | 5.38 | 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas sales with derivative settlements (Mcf)(4) | Natural gas sales with derivative settlements (Mcf)(4) | 5.81 | 2.29 | 5.42 | 1.32 | |||||||||||||||||||||||||||||||||||||||||||||||||||
NGL sales (per Bbl)(4) | NGL sales (per Bbl)(4) | 23.55 | 21.52 | 23.33 | 7.21 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average price (per BOE)(4)(3) | Average price (per BOE)(4)(3) | 39.66 | 28.85 | 38.46 | 13.42 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average price with derivative settlements (per BOE)(4)(3) | Average price with derivative settlements (per BOE)(4)(3) | 37.16 | 28.85 | 36.24 | 17.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Expense per BOE: | Expense per BOE: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease operating expenses | $ | 5.06 | $ | 5.81 | $ | 5.91 | $ | 5.49 | Lease operating expenses | $ | 2.05 | $ | 1.71 | $ | 2.01 | $ | 3.16 | |||||||||||||||||||||||||||||||||||||||
Operating expenses | 2.67 | 3.57 | 3.25 | 3.46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and gathering | 2.39 | 2.24 | 2.66 | 2.03 | Transportation and gathering | 3.75 | 4.19 | 3.80 | 2.91 | |||||||||||||||||||||||||||||||||||||||||||||||
Production taxes | 2.82 | 2.32 | 2.60 | 2.28 | Production taxes | 2.71 | 2.21 | 2.66 | 1.07 | |||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenses | 1.24 | 2.25 | 1.91 | 1.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration and abandonment expenses | Exploration and abandonment expenses | 0.36 | 0.21 | 0.35 | 10.36 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Depletion, depreciation, amortization and accretion | 16.29 | 17.53 | 16.67 | 19.02 | Depletion, depreciation, amortization and accretion | 7.43 | 10.81 | 7.81 | 9.39 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | General and administrative expenses | 1.55 | 1.48 | 1.54 | 2.12 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash general and administrative expenses(5) | Cash general and administrative expenses(5) | 1.14 | 1.28 | 1.15 | 1.97 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 0.41 | 0.20 | 0.39 | 0.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses per BOE(6) | Total operating expenses per BOE(6) | $ | 17.85 | $ | 20.61 | $ | 18.17 | $ | 29.01 | |||||||||||||||||||||||||||||||||||||||||||||||
Production taxes as a percentage of revenue | Production taxes as a percentage of revenue | 6.8 | % | 7.7 | % | 6.9 | % | 7.9 | % |
(1) One BOE is equal to six Mcf of natural gas or one Bbl of oil or NGL based on an approximate energy equivalency. This is an energy content correlation and does not reflect a value or price relationship between the commodities. |
Payments Due by Period | |||||||||||||||||||||||||||||
Material Cash Requirements | Total | <1 Year | 1-3 Years | 3-5 Years | >5 Years | ||||||||||||||||||||||||
Asset retirement obligations(1) | $ | 88,714 | $ | 13,976 | $ | 22,473 | $ | 28,725 | $ | 23,540 | |||||||||||||||||||
Operating leases(2) | 8,428 | 4,537 | 3,891 | — | — | ||||||||||||||||||||||||
Total | $ | 97,142 | $ | 18,513 | $ | 26,364 | $ | 28,725 | $ | 23,540 |
Successor | Predecessor | |||||||||||||||||||
For the Period from January 21 through June 30, | For the Period from January 1 through January 20, | For the Six Months Ended June 30, | ||||||||||||||||||
2021 | 2021 | 2020 | ||||||||||||||||||
Net cash provided by operating activities | $ | 141,769 | $ | 15,346 | $ | 83,954 | ||||||||||||||
Net cash used in investing activities | (41,173) | (9,120) | (191,413) | |||||||||||||||||
Net cash provided by (used in) financing activities | (176,831) | (101,454) | 145,358 |
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 | ) |
Extraction Oil & Gas, Inc. | ||||||||
/s/ Thomas B. Tyree Jr. | ||||||||
Thomas B. Tyree Jr. | ||||||||
(Principal Executive Officer) | ||||||||
By: | / | |||||||
Chief Financial Officer | ||||||||
( | ||||||||
By: | /s/ Tom L. Brock | |||||||
Tom L. Brock | ||||||||
Chief Accounting Officer | ||||||||
(Principal Accounting Officer) |