Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001288403 | |
Entity Registrant Name | W&T OFFSHORE INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-32414 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 72-1121985 | |
Entity Address, Address Line One | 5718 Westheimer Road, Suite 700 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77057-5745 | |
City Area Code | 713 | |
Local Phone Number | 626-8525 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.00001 | |
Trading Symbol | WTI | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 142,304,770 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 53,359 | $ 43,726 |
Receivables: | ||
Oil and natural gas sales | 49,931 | 38,830 |
Joint interest, net | 15,234 | 10,840 |
Total receivables | 65,165 | 49,670 |
Prepaid expenses and other assets (Note 1) | 15,350 | 13,832 |
Total current assets | 133,874 | 107,228 |
Oil and natural gas properties and other, net – at cost: (Note 1) | 668,969 | 686,878 |
Restricted deposits for asset retirement obligations | 29,699 | 29,675 |
Deferred income taxes | 94,535 | 94,331 |
Other assets (Note 1) | 22,613 | 22,470 |
Total assets | 949,690 | 940,582 |
Current liabilities: | ||
Accounts payable | 43,714 | 48,612 |
Undistributed oil and natural gas proceeds | 25,338 | 19,167 |
Asset retirement obligations | 26,402 | 17,188 |
Accrued liabilities (Note 1) | 64,420 | 29,880 |
Income tax payable | 153 | 153 |
Total current liabilities | 160,027 | 115,000 |
Long-term debt: (Note 2) | ||
Principal | 600,460 | 632,460 |
Unamortized debt issuance costs | (6,622) | (7,174) |
Long-term debt, net | 593,838 | 625,286 |
Asset retirement obligations, less current portion | 372,495 | 375,516 |
Other liabilities (Note 1) | 31,780 | 32,938 |
Deferred income taxes | 128 | 128 |
Commitments and contingencies (Note 10) | 0 | 0 |
Shareholders’ deficit: | ||
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued at March 31, 2021 and December 31, 2020 | 0 | 0 |
Common stock, $0.00001 par value; 200,000 shares authorized; 145,174 issued and 142,305 outstanding at March 31, 2021 and at December 31, 2020 | 1 | 1 |
Additional paid-in capital | 550,793 | 550,339 |
Retained deficit | (735,205) | (734,459) |
Treasury stock, at cost; 2,869 shares at March 31, 2021 and December 31, 2020 | (24,167) | (24,167) |
Total shareholders’ deficit | (208,578) | (208,286) |
Total liabilities and shareholders’ deficit | $ 949,690 | $ 940,582 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 145,174 | 145,174 |
Common stock, shares outstanding (in shares) | 142,305 | 142,305 |
Treasury stock, shares (in shares) | 2,869 | 2,869 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | ||
Total revenues | $ 125,647 | $ 124,128 |
Operating costs and expenses: | ||
Lease operating expenses | 42,357 | 54,775 |
Production taxes | 1,996 | 916 |
Gathering and transportation | 4,319 | 5,449 |
Depreciation, depletion, amortization and accretion | 26,637 | 39,126 |
General and administrative expenses | 10,712 | 13,963 |
Derivative loss (gain) | 24,578 | (61,912) |
Total costs and expenses | 110,599 | 52,317 |
Operating income | 15,048 | 71,811 |
Interest expense, net | 15,034 | 17,110 |
Gain on debt transactions | 0 | (18,501) |
Other expense, net | 963 | 723 |
(Loss) income before income tax (benefit) expense | (949) | 72,479 |
Income tax (benefit) expense | (203) | 6,499 |
Net (loss) income | $ (746) | $ 65,980 |
Basic and diluted (loss) earnings per common share (in dollars per share) | $ (0.01) | $ 0.46 |
Oil and Condensate [Member] | ||
Revenues: | ||
Total revenues | $ 78,140 | $ 84,650 |
Natural Gas Liquids [Member] | ||
Revenues: | ||
Total revenues | 9,359 | 6,452 |
Natural Gas, Production [Member] | ||
Revenues: | ||
Total revenues | 36,209 | 29,300 |
Product and Service, Other [Member] | ||
Revenues: | ||
Total revenues | $ 1,939 | $ 3,726 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balances (in shares) at Dec. 31, 2019 | 141,669 | 2,869 | |||
Balances at Dec. 31, 2019 | $ 1 | $ 547,050 | $ (772,249) | $ (24,167) | $ (249,365) |
Share-based compensation | 0 | 1,048 | 0 | 0 | 1,048 |
Net (loss) income | $ 0 | 0 | 65,980 | $ 0 | 65,980 |
Balances (in shares) at Mar. 31, 2020 | 141,669 | 2,869 | |||
Balances at Mar. 31, 2020 | $ 1 | 548,098 | (706,269) | $ (24,167) | (182,337) |
Balances (in shares) at Dec. 31, 2020 | 142,305 | 2,869 | |||
Balances at Dec. 31, 2020 | $ 1 | 550,339 | (734,459) | $ (24,167) | (208,286) |
Share-based compensation | 0 | 454 | 0 | 0 | 454 |
Net (loss) income | $ 0 | 0 | (746) | $ 0 | (746) |
Stock Issued (in shares) | 0 | 0 | |||
Stock Issued | $ 0 | 0 | 0 | $ 0 | 0 |
Balances (in shares) at Mar. 31, 2021 | 142,305 | 2,869 | |||
Balances at Mar. 31, 2021 | $ 1 | $ 550,793 | $ (735,205) | $ (24,167) | $ (208,578) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Operating activities: | |||
Net (loss) income | $ (746) | $ 65,980 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation, depletion, amortization and accretion | 26,637 | 39,126 | |
Amortization of debt items and other items | 2,019 | 1,625 | |
Share-based compensation | 454 | 1,048 | |
Derivative loss (gain) | 24,578 | (61,912) | |
Derivative cash (payments) receipts, net | (4,604) | 4,404 | |
Gain on debt transactions | 0 | (18,501) | |
Deferred income taxes | (203) | 6,499 | |
Changes in operating assets and liabilities: | |||
Oil and natural gas receivables | (11,101) | 21,954 | |
Joint interest receivables | (4,394) | 7,123 | |
Prepaid expenses and other assets | (7,575) | 11,011 | |
Asset retirement obligation settlements | (962) | (249) | |
Cash advances from JV partners | (1,023) | 13,006 | |
Accounts payable, accrued liabilities and other | 21,884 | (6,790) | |
Net cash provided by operating activities | 44,964 | 84,324 | |
Investing activities: | |||
Investment in oil and natural gas properties and equipment | (1,575) | (9,542) | |
Changes in operating assets and liabilities associated with investing activities | (1,758) | (24,033) | |
Acquisition of property interests | 0 | (2,002) | |
Purchases of furniture, fixtures and other | 2 | (70) | |
Net cash used in investing activities | (3,331) | (35,647) | |
Financing activities: | |||
Repayments on credit facility | (32,000) | (25,000) | |
Purchase of Senior Second Lien Notes | 0 | (8,536) | |
Net cash used in financing activities | (32,000) | (33,536) | |
Increase in cash and cash equivalents | 9,633 | 15,141 | |
Cash and cash equivalents, beginning of period | 43,726 | 32,433 | $ 32,433 |
Cash and cash equivalents, end of period | $ 53,359 | $ 47,574 | $ 43,726 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation Operations. 100% 4. Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2020 Use of Estimates. Accounting Standards Updates effective January 1, 2021 Simplifying the Accounting for Income Taxes. December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12" 2019 12 740 2019 12 December 15, 2020. not Revenue Recognition 12 Employee Retention Credit. 2021 December 27, 2020, three March 31, 2021 General and administrative expenses Credit Risk and Allowance for Credit Losses. three March 31, 2021 December 31, 2020 ely 67% and ten Joint interest and other, net March 31, 2021 December 31, 2020. Prepaid Expenses and Other Assets. one March 31, 2021 December 31, 2020 Derivatives - current (1) $ 2,701 $ 2,752 Unamortized insurance/bond premiums 5,163 4,717 Prepaid deposits related to royalties 4,536 4,473 Prepayment to vendors 1,966 1,429 Other 984 461 Prepaid expenses and other assets $ 15,350 $ 13,832 ( 1 Includes closed contracts which have not Oil and Natural Gas Properties and Other, Net – At Cost. no March 31, 2021 December 31, 2020 Oil and natural gas properties and equipment, at cost $ 8,570,371 $ 8,567,509 Furniture, fixtures and other 20,845 20,847 Total property and equipment 8,591,216 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment 7,922,247 7,901,478 Oil and natural gas properties and other, net $ 668,969 $ 686,878 Other Assets (long-term). March 31, 2021 December 31, 2020 Right-of-Use assets $ 11,218 $ 11,509 Unamortized debt issuance costs 1,591 2,094 Investment in White Cap, LLC 2,872 2,699 Unamortized brokerage fee for Monza — 626 Proportional consolidation of Monza's other assets (Note 4) 4,073 1,782 Derivatives 1,731 2,762 Other 1,128 998 Total other assets (long-term) $ 22,613 $ 22,470 Accrued Liabilities. March 31, 2021 December 31, 2020 Accrued interest $ 25,420 $ 10,389 Accrued salaries/payroll taxes/benefits 3,902 4,009 Litigation accruals 530 436 Lease liability 484 394 Derivatives 32,703 13,620 Other 1,381 1,032 Total accrued liabilities $ 64,420 $ 29,880 Other Liabilities (long-term). March 31, 2021 December 31, 2020 Dispute related to royalty deductions $ 5,247 $ 5,467 Derivatives 3,514 4,384 Lease liability 11,257 11,360 Black Elk escrow 11,103 11,103 Other 659 624 Total other liabilities (long-term) $ 31,780 $ 32,938 |
Note 2 - Long-term Debt
Note 2 - Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 2. Long-Term Debt The components of our long-term debt are presented in the following table (in thousands): March 31, 2021 December 31, 2020 Credit Agreement borrowings $ 48,000 $ 80,000 Senior Second Lien Notes: Principal 552,460 552,460 Unamortized debt issuance costs (6,622 ) (7,174 ) Total Senior Second Lien Notes 545,838 545,286 Total long-term debt, net $ 593,838 $ 625,286 Credit Agreement On October 18, 2018, October 18, 2022. January 6, 2021 , March 31, 2021, • The borrowing base was $190.0 million. • Letters of credit may • From the period ended June 30, 2020 December 31, 2021 ( not 1.00 March 31, 2022 • During the Waiver Period, the Company will be required to maintain a 2.00 to 1.00 first four • The Current Ratio, as defined in the Credit Agreement, must be maintained at greater than 1.00 to 1.00. Availability under the Credit Agreement is subject to semi-annual redeterminations of our borrowing base and the next scheduled redetermination is in the spring of 2021. may The Credit Agreement is collateralized by a first March 31, 2021 December 31, 2020 three March 31, 2021 hic 9.75% 2023 On October 18, 2018, 2023 9.75% November 1, 2023, , w h h includes amortization of debt issuance costs. Interest on the Senior Second Lien Notes is payable in arrears on May 1 November 1 During the year ended December 31, 2020, No three March 31, 2021 March 31, 2021 December 31, 2020. The Senior Second Lien Notes are secured by a second not no Covenants As of March 31, 2021 Fair Value Measurements For information about fair value measurements of our long-term debt, refer to Note 3. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements Derivative Financial Instruments We measure the fair value of our open derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 6, Derivative Financial Instruments The following table presents the fair value of our open derivative financial instruments (in thousands): March 31, 2021 December 31, 2020 Assets: Derivatives instruments - open contracts, current $ 2,691 $ 2,705 Derivatives instruments - open contracts, long-term 1,731 2,762 Liabilities: Derivatives instruments - open contracts, current 29,227 13,291 Derivatives instruments - open contracts, long-term 3,514 4,384 Long-Term Debt We believe the net value of our debt under the Credit Agreement approximates fair value because the interest rates are variable and reflective of current market rates. The fair value of our Senior Second Lien Notes was measured using quoted prices, although the market is not 2 2, Long-Term Debt The following table presents the net value and fair value of our long-term debt (in thousands): March 31, 2021 December 31, 2020 Net Value Fair Value Net Value Fair Value Liabilities: Credit Agreement $ 48,000 $ 48,000 $ 80,000 $ 80,000 Senior Second Lien Notes 545,838 490,087 545,286 393,352 Total 593,838 538,087 625,286 473,352 |
Note 4 - Joint Venture Drilling
Note 4 - Joint Venture Drilling Program | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Joint Venture Drilling Program [Text Block] | 4. Joint Venture Drilling Program In March 2018, two 2018 The members of Monza are made up of third third Monza is an entity separate from any other entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Monza’s assets prior to any value in Monza becoming available to holders of its equity. The assets of Monza are not Through March 31, 2021 nine 2020, one second 2021. seven nine March 31, 2021 Through March 31, 2021 utions, including our contributions of working interest in the drilling projects, to Monza totaling $302.4 million and received cash distributions totaling $71.5 million. Our net contribution to Monza, reduced by distributions received, as of March 31, 2021 Consolidation and Carrying Amounts Our interest in Monza is considered to be a variable interest that we account for using proportional consolidation. Through March 31, 2021 no not not ficiary of Monza. As of March 31, 2021 Oil and natural gas properties and other, net Other assets December 31, 2020 Oil and natural gas properties and other, net Other assets three March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Advances from joint interest partners three March 31, 2021 Total revenues Operating costs and expenses December 31, 2020 in the Condensed Consolidated Statement of Operations, we recorded $8.4 million in Total revenues Operating costs and expenses |
Note 5 - Asset Retirement Oblig
Note 5 - Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 5. Asset Retirement Obligations Our ARO represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives. A summary of the changes to our ARO is as follows (in thousands): Balances, December 31, 2020 $ 392,704 Liabilities settled (962 ) Accretion of discount 5,868 Revisions of estimated liabilities 1,287 Balances, March 31, 2021 398,897 Less current portion 26,402 Long-term $ 372,495 |
Note 6 - Derivative Financial I
Note 6 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. Derivative Financial Instruments Our market risk exposure relates primarily to commodity prices and, from time to time, we use various derivative instruments to manage our exposure to this commodity price risk from sales of our crude oil and natural gas. All of the present derivative counterparties are also lenders or affiliates of lenders participating in our Credit Agreement. We are exposed to credit loss in the event of nonperformance by the derivative counterparties; however, we currently anticipate that each of our derivative counterparties will be able to fulfill their contractual obligations. We are not not We have elected not Net cash provided by operating activities We entered into commodity contracts for crude oil and natural gas which related to a portion of our expected future production. The crude oil contracts are based on West Texas Intermediate (“WTI”) crude oil prices and the natural gas contracts are based off the Henry Hub prices, both of which are quoted off the New York Mercantile Exchange (“NYMEX”). The open contracts as of March 31, 2021 Crude Oil: Open Swap Contracts - Priced off WTI (NYMEX) Period Average Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Weighted Strike Price Apr 2021 - Dec 2021 4,000 1,100,000 $ 42.06 Jan 2022 - Feb 2022 3,000 177,000 $ 42.98 Mar 2022 - May 2022 2,044 188,006 $ 42.33 Mar 2022 - Sept 2022 1,615 345,638 $ 54.53 Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Average Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Apr 2021 - Dec 2021 200 55,000 $ 40.00 $ 54.90 Apr 2021 - Feb 2022 2,273 759,237 $ 38.50 $ 56.65 Mar 2022 - May 2022 2,000 184,000 $ 35.00 $ 48.50 Mar 2022 - Sept 2022 1,615 345,638 $ 45.00 $ 62.50 ( 1 Bbls = Barrels Natural Gas: Open Swap Contracts, Bought, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Apr 2021 - Dec 2021 10,000 2,750,000 $ 2.62 Jan 2022 20,000 620,000 $ 2.79 Feb 2022 30,000 840,000 $ 2.79 Mar 2022 - May 2022 10,544 970,075 $ 2.69 Mar 2022 - Sept 2022 10,628 2,274,311 $ 2.44 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Nov 2020 - Dec. 2022 40,000 25,600,000 $ 3.00 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Apr 2021 - Dec 2021 30,000 8,250,000 $ 2.18 $ 3.00 Apr 2021 - Dec. 2022 40,000 25,600,000 $ 1.83 $ 3.00 Jan 2022 - Feb 2022 30,000 1,770,000 $ 2.20 $ 4.50 Mar 2022 - May 2022 10,000 920,000 $ 2.25 $ 3.40 ( 2 MMBtu = Million British Thermal Units The following amounts were recorded in the Condensed Consolidated Balance Sheets in the categories presented and include the fair value of open contracts, and closed contracts which had not March 31, December 31, 2021 2020 Prepaid expenses and other assets $ 2,701 $ 2,752 Other assets (long-term) 1,731 2,762 Accrued liabilities 32,703 13,620 Other liabilities (long-term) 3,514 4,384 The amounts recorded on the Condensed Consolidated Balance Sheets are on a gross basis. If these were recorded on a net settlement basis, it would not Changes in the fair value and settlements of contracts are recorded on the Condensed Consolidated Statements of Operations as Derivative loss (gain) Three Months Ended March 31, 2021 2020 Realized loss (gain) $ 8,244 $ (9,392 ) Unrealized loss (gain) 16,334 (52,520 ) Derivative loss (gain) $ 24,578 $ (61,912 ) Cash receipts on commodity derivative contract settlements, net, are included within Net cash provided by operating activities Three Months Ended March 31, 2021 2020 Derivative cash (payments) receipts, net $ (4,604 ) $ 4,404 |
Note 7 - Share-based Awards and
Note 7 - Share-based Awards and Cash-based Awards | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7. Share-Based Awards and Cash-Based Awards Awards to Employees. 2010. no three March 31, 2021 none 2020. may may As of March 31, 2021 one one RSUs currently outstanding relate to the 2019 2019 December second March 31, 2021 2021. We recognize compensation cost for share-based payments to employees over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the RSUs granted were determined using the Company’s closing price on the grant date. We also estimate forfeitures, resulting in the recognition of compensation cost only for those awards that are expected to actually vest. All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. A summary of activity related to RSUs during the three March 31, 2021 Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2020 763,688 $ 4.51 Forfeited (19,880 ) 4.51 Nonvested, March 31, 2021 743,808 4.51 Awards to Non-Employee Directors . 2004 2020, three March 31, 2021 second 2020, proved increasing the shares available under the Director Compensation Plan by 500,000 shares. As of March 31, 2021 shares of common s one one We recognize compensation cost for share-based payments to non-employee directors over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the Restricted Shares granted were determined using the Company’s closing price on the grant date. No forfeitures were estimated for the non-employee directors’ awards. The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods unless otherwise approved by the Board of Directors. Restricted Shares cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. There was no three March 31, 2021 For the outstanding Restricted Shares issued to the non-employee directors as of March 31, 2021 Restricted Shares 2021 138,676 2022 15,452 Total 154,128 Share-Based Compensation. General and administrative expense 2021 three March 31, 2021 not Three Months Ended March 31, 2021 2020 Share-based compensation expense from: Restricted stock units $ 338 $ 978 Restricted Shares 116 70 Total $ 454 $ 1,048 Unrecognized Share-Based Compensation. March 31, 2021 s $0.9 million and $0.1 November 2021 April 2022 Cash-Based Incentive Compensation. 2019. No 2020, 2020 one 2019 three February 15, 2021 , not 2021. • The 2021 March 15, 2021 April 15, 2021, three March 31, 2021 • For the 2019 four January 2019 February 2020 March 2020 2019 A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): Three Months Ended March 31, 2021 2020 Share-based compensation included in: General and administrative expenses $ 454 $ 1,048 Cash-based incentive compensation included in: Lease operating expense (1) 839 849 General and administrative expenses (1) 2,682 3,631 Total charged to operating income $ 3,975 $ 5,528 ( 1 Includes adjustments of accruals to actual payments. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes Tax (Benefit) Expense and Tax Rate. three March 31, 2021 2020 three March 31, 2021, three March 31, 2020, March 27, 2020. 163 three March 31, 2021 three March 31, 2020. Valuation Allowance. not not As of March 31, 2021 December 31, 2020, Income Taxes Receivable, Refunds and Payments. March 31, 2021 December 31, 2020, not . March 31, 2020, June 30, 2020. 2017 three March 31, 2021 2020, not The tax years 2017 2020 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. Earnings Per Share The following table presents the calculation of basic and diluted (loss) earnings per common share (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Net (loss) income $ (746 ) $ 65,980 Less portion allocated to nonvested shares — 791 Net (loss) income allocated to common shares $ (746 ) $ 65,189 Weighted average common shares outstanding 142,151 141,546 Basic and diluted (loss) earnings per common share $ (0.01 ) $ 0.46 Shares excluded due to being anti-dilutive (weighted-average) — — |
Note 10 - Contingencies
Note 10 - Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Contingencies Appeal with the Office of Natural Resources Revenue (“ONRR”). 2009 , 2010 , 2010 , 2010 first 2020 . Royalties – “Unbundling” Initiative. 2016, 84 second 2015, not 10 not three March 31, 2021 2020 not Notices of Proposed Civil Penalty Assessment. January 2021, nine July 2012 January 2018, three first March 2021 . 2022 . three March 31, 2021 not Other Claims. may no may not not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2020 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Updates effective January 1, 2021 Simplifying the Accounting for Income Taxes. December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12" 2019 12 740 2019 12 December 15, 2020. not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition 12 |
Paycheck Protection Program, Policy [Policy Text Block] | Employee Retention Credit. 2021 December 27, 2020, three March 31, 2021 General and administrative expenses |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | Credit Risk and Allowance for Credit Losses. three March 31, 2021 December 31, 2020 ely 67% and ten Joint interest and other, net March 31, 2021 December 31, 2020. |
Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid Expenses and Other Assets. one March 31, 2021 December 31, 2020 Derivatives - current (1) $ 2,701 $ 2,752 Unamortized insurance/bond premiums 5,163 4,717 Prepaid deposits related to royalties 4,536 4,473 Prepayment to vendors 1,966 1,429 Other 984 461 Prepaid expenses and other assets $ 15,350 $ 13,832 ( 1 Includes closed contracts which have not |
Property, Plant and Equipment, Policy [Policy Text Block] | Oil and Natural Gas Properties and Other, Net – At Cost. no March 31, 2021 December 31, 2020 Oil and natural gas properties and equipment, at cost $ 8,570,371 $ 8,567,509 Furniture, fixtures and other 20,845 20,847 Total property and equipment 8,591,216 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment 7,922,247 7,901,478 Oil and natural gas properties and other, net $ 668,969 $ 686,878 |
Other Noncurrent Assets [Policy Text Block] | Other Assets (long-term). March 31, 2021 December 31, 2020 Right-of-Use assets $ 11,218 $ 11,509 Unamortized debt issuance costs 1,591 2,094 Investment in White Cap, LLC 2,872 2,699 Unamortized brokerage fee for Monza — 626 Proportional consolidation of Monza's other assets (Note 4) 4,073 1,782 Derivatives 1,731 2,762 Other 1,128 998 Total other assets (long-term) $ 22,613 $ 22,470 |
Accrued Liabilities Policy [Policy Text Block] | Accrued Liabilities. March 31, 2021 December 31, 2020 Accrued interest $ 25,420 $ 10,389 Accrued salaries/payroll taxes/benefits 3,902 4,009 Litigation accruals 530 436 Lease liability 484 394 Derivatives 32,703 13,620 Other 1,381 1,032 Total accrued liabilities $ 64,420 $ 29,880 |
Other Noncurrent Liabilities [Policy Text Block] | Other Liabilities (long-term). March 31, 2021 December 31, 2020 Dispute related to royalty deductions $ 5,247 $ 5,467 Derivatives 3,514 4,384 Lease liability 11,257 11,360 Black Elk escrow 11,103 11,103 Other 659 624 Total other liabilities (long-term) $ 31,780 $ 32,938 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, 2021 December 31, 2020 Derivatives - current (1) $ 2,701 $ 2,752 Unamortized insurance/bond premiums 5,163 4,717 Prepaid deposits related to royalties 4,536 4,473 Prepayment to vendors 1,966 1,429 Other 984 461 Prepaid expenses and other assets $ 15,350 $ 13,832 |
Property, Plant and Equipment [Table Text Block] | March 31, 2021 December 31, 2020 Oil and natural gas properties and equipment, at cost $ 8,570,371 $ 8,567,509 Furniture, fixtures and other 20,845 20,847 Total property and equipment 8,591,216 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment 7,922,247 7,901,478 Oil and natural gas properties and other, net $ 668,969 $ 686,878 |
Schedule of Other Assets, Noncurrent [Table Text Block] | March 31, 2021 December 31, 2020 Right-of-Use assets $ 11,218 $ 11,509 Unamortized debt issuance costs 1,591 2,094 Investment in White Cap, LLC 2,872 2,699 Unamortized brokerage fee for Monza — 626 Proportional consolidation of Monza's other assets (Note 4) 4,073 1,782 Derivatives 1,731 2,762 Other 1,128 998 Total other assets (long-term) $ 22,613 $ 22,470 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Accrued interest $ 25,420 $ 10,389 Accrued salaries/payroll taxes/benefits 3,902 4,009 Litigation accruals 530 436 Lease liability 484 394 Derivatives 32,703 13,620 Other 1,381 1,032 Total accrued liabilities $ 64,420 $ 29,880 |
Other Noncurrent Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Dispute related to royalty deductions $ 5,247 $ 5,467 Derivatives 3,514 4,384 Lease liability 11,257 11,360 Black Elk escrow 11,103 11,103 Other 659 624 Total other liabilities (long-term) $ 31,780 $ 32,938 |
Note 2 - Long-term Debt (Tables
Note 2 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2021 December 31, 2020 Credit Agreement borrowings $ 48,000 $ 80,000 Senior Second Lien Notes: Principal 552,460 552,460 Unamortized debt issuance costs (6,622 ) (7,174 ) Total Senior Second Lien Notes 545,838 545,286 Total long-term debt, net $ 593,838 $ 625,286 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | March 31, 2021 December 31, 2020 Assets: Derivatives instruments - open contracts, current $ 2,691 $ 2,705 Derivatives instruments - open contracts, long-term 1,731 2,762 Liabilities: Derivatives instruments - open contracts, current 29,227 13,291 Derivatives instruments - open contracts, long-term 3,514 4,384 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | March 31, 2021 December 31, 2020 Net Value Fair Value Net Value Fair Value Liabilities: Credit Agreement $ 48,000 $ 48,000 $ 80,000 $ 80,000 Senior Second Lien Notes 545,838 490,087 545,286 393,352 Total 593,838 538,087 625,286 473,352 |
Note 5 - Asset Retirement Obl_2
Note 5 - Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balances, December 31, 2020 $ 392,704 Liabilities settled (962 ) Accretion of discount 5,868 Revisions of estimated liabilities 1,287 Balances, March 31, 2021 398,897 Less current portion 26,402 Long-term $ 372,495 |
Note 6 - Derivative Financial_2
Note 6 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Crude Oil: Open Swap Contracts - Priced off WTI (NYMEX) Period Average Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Weighted Strike Price Apr 2021 - Dec 2021 4,000 1,100,000 $ 42.06 Jan 2022 - Feb 2022 3,000 177,000 $ 42.98 Mar 2022 - May 2022 2,044 188,006 $ 42.33 Mar 2022 - Sept 2022 1,615 345,638 $ 54.53 Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Average Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Apr 2021 - Dec 2021 200 55,000 $ 40.00 $ 54.90 Apr 2021 - Feb 2022 2,273 759,237 $ 38.50 $ 56.65 Mar 2022 - May 2022 2,000 184,000 $ 35.00 $ 48.50 Mar 2022 - Sept 2022 1,615 345,638 $ 45.00 $ 62.50 Natural Gas: Open Swap Contracts, Bought, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Apr 2021 - Dec 2021 10,000 2,750,000 $ 2.62 Jan 2022 20,000 620,000 $ 2.79 Feb 2022 30,000 840,000 $ 2.79 Mar 2022 - May 2022 10,544 970,075 $ 2.69 Mar 2022 - Sept 2022 10,628 2,274,311 $ 2.44 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Nov 2020 - Dec. 2022 40,000 25,600,000 $ 3.00 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Apr 2021 - Dec 2021 30,000 8,250,000 $ 2.18 $ 3.00 Apr 2021 - Dec. 2022 40,000 25,600,000 $ 1.83 $ 3.00 Jan 2022 - Feb 2022 30,000 1,770,000 $ 2.20 $ 4.50 Mar 2022 - May 2022 10,000 920,000 $ 2.25 $ 3.40 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | March 31, December 31, 2021 2020 Prepaid expenses and other assets $ 2,701 $ 2,752 Other assets (long-term) 1,731 2,762 Accrued liabilities 32,703 13,620 Other liabilities (long-term) 3,514 4,384 Three Months Ended March 31, 2021 2020 Realized loss (gain) $ 8,244 $ (9,392 ) Unrealized loss (gain) 16,334 (52,520 ) Derivative loss (gain) $ 24,578 $ (61,912 ) |
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block] | Three Months Ended March 31, 2021 2020 Derivative cash (payments) receipts, net $ (4,604 ) $ 4,404 |
Note 7 - Share-based Awards a_2
Note 7 - Share-based Awards and Cash-based Awards (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2020 763,688 $ 4.51 Forfeited (19,880 ) 4.51 Nonvested, March 31, 2021 743,808 4.51 |
Schedule of Nonvested Restricted Stock, Vesting Schedule [Table Text Block] | Restricted Shares 2021 138,676 2022 15,452 Total 154,128 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended March 31, 2021 2020 Share-based compensation expense from: Restricted stock units $ 338 $ 978 Restricted Shares 116 70 Total $ 454 $ 1,048 |
Schedule of Incentive Compensation Expense [Table Text Block] | Three Months Ended March 31, 2021 2020 Share-based compensation included in: General and administrative expenses $ 454 $ 1,048 Cash-based incentive compensation included in: Lease operating expense (1) 839 849 General and administrative expenses (1) 2,682 3,631 Total charged to operating income $ 3,975 $ 5,528 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Net (loss) income $ (746 ) $ 65,980 Less portion allocated to nonvested shares — 791 Net (loss) income allocated to common shares $ (746 ) $ 65,189 Weighted average common shares outstanding 142,151 141,546 Basic and diluted (loss) earnings per common share $ (0.01 ) $ 0.46 Shares excluded due to being anti-dilutive (weighted-average) — — |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 9.1 | $ 9.1 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Major Oil and Gas Companies [Member] | ||
Concentration Risk, Percentage | 67.00% | 62.00% |
Number of Major Customers | 3 | 3 |
General and Administrative Expense [Member] | ||
Employee Retention Credit | $ 2.1 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Derivatives - current | [1] | $ 2,701 | $ 2,752 |
Unamortized insurance/bond premiums | 5,163 | 4,717 | |
Prepaid deposits related to royalties | 4,536 | 4,473 | |
Prepayment to vendors | 1,966 | 1,429 | |
Other | 984 | 461 | |
Prepaid expenses and other assets | $ 15,350 | $ 13,832 | |
[1] | Includes both open and closed contracts. |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Oil and natural gas properties and equipment, at cost | $ 8,570,371 | $ 8,567,509 |
Furniture, fixtures and other | 20,845 | 20,847 |
Total property and equipment | 8,591,216 | 8,588,356 |
Less: Accumulated depreciation, depletion, amortization and impairment | 7,922,247 | 7,901,478 |
Oil and natural gas properties and other, net | $ 668,969 | $ 686,878 |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Right-of-Use assets | $ 11,218 | $ 11,509 |
Unamortized debt issuance costs | 1,591 | 2,094 |
Investment in White Cap, LLC | 2,872 | 2,699 |
Unamortized brokerage fee for Monza | 0 | 626 |
Proportional consolidation of Monza's other assets (Note 4) | 4,073 | 1,782 |
Derivatives | 1,731 | 2,762 |
Other assets, long-term | 1,128 | 998 |
Total other assets (long-term) | $ 22,613 | $ 22,470 |
Note 1 - Basis of Presentatio_6
Note 1 - Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Total accrued liabilities | $ 64,420 | $ 29,880 |
Accrued Liabilities [Member] | ||
Accrued interest | 25,420 | 10,389 |
Accrued salaries/payroll taxes/benefits | 3,902 | 4,009 |
Litigation accruals | 530 | 436 |
Lease liability | 484 | 394 |
Derivatives | 32,703 | 13,620 |
Other | $ 1,381 | $ 1,032 |
Note 1 - Basis of Presentatio_7
Note 1 - Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Total other liabilities (long-term) | $ 31,780 | $ 32,938 |
Other Noncurrent Liabilities [Member] | ||
Dispute related to royalty deductions | 5,247 | 5,467 |
Derivatives | 3,514 | 4,384 |
Lease liability | 11,257 | 11,360 |
Black Elk escrow | 11,103 | 11,103 |
Other | $ 659 | $ 624 |
Note 2 - Long-term Debt (Detail
Note 2 - Long-term Debt (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Oct. 18, 2018USD ($) | |
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 18,501 | ||
Credit Agreement [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 190,000 | |||
Credit Agreement, Maximum Leverage Ratio | 3 | |||
Credit Agreement, Leverage Ratio | 2 | |||
Credit Agreement, Minimum Current Ratio | 1 | |||
Credit Agreement, Minimum Percentage of Total Proved Reserves | 90.00% | |||
Letters of Credit Outstanding, Amount | $ 4,400 | $ 4,400 | ||
Line of Credit Facility, Interest Rate During Period | 3.10% | |||
Credit Agreement [Member] | Line of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||
Senior Second Lien Notes Due November 2023 [Member] | ||||
Debt Instrument, Face Amount | $ 552,460 | 552,460 | $ 625,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | |||
Debt Instrument, Interest Rate, Effective Percentage | 9.20% | |||
Extinguishment of Debt, Amount | 72,500 | |||
Repayments of Long-term Debt, Total | 23,900 | |||
Gain (Loss) on Extinguishment of Debt, Total | 47,500 | |||
Write off of Deferred Debt Issuance Cost | $ 1,100 |
Note 2 - Long-term Debt - Compo
Note 2 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 18, 2018 | |
Debt instrument | $ 600,460 | $ 632,460 | ||
Total long-term debt, net | 593,838 | 625,286 | ||
Credit Agreement [Member] | ||||
Debt instrument | [1] | 48,000 | 80,000 | |
Total long-term debt, net | 48,000 | 80,000 | ||
Senior Second Lien Notes Due November 2023 [Member] | ||||
Debt instrument | [1] | 545,838 | 545,286 | |
Principal | 552,460 | 552,460 | $ 625,000 | |
Unamortized debt issuance costs | (6,622) | (7,174) | ||
Total long-term debt, net | $ 545,838 | $ 545,286 | ||
[1] | Defined below |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements - Fair Value of Open Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Derivatives - current | [1] | $ 2,701 | $ 2,752 |
Derivatives instruments - open contracts, long-term | 1,731 | 2,762 | |
Open Contracts [Member] | |||
Derivatives - current | 2,691 | 2,705 | |
Derivatives instruments - open contracts, long-term | 1,731 | 2,762 | |
Derivatives instruments - open contracts, current | 29,227 | 13,291 | |
Derivatives | $ 3,514 | $ 4,384 | |
[1] | Includes both open and closed contracts. |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term debt, carrying value | $ 593,838 | $ 625,286 |
Long-term debt, fair value | 538,087 | 473,352 |
Credit Agreement [Member] | ||
Long-term debt, carrying value | 48,000 | 80,000 |
Long-term debt, fair value | 48,000 | 80,000 |
Senior Second Lien Notes Due November 2023 [Member] | ||
Long-term debt, carrying value | 545,838 | 545,286 |
Long-term debt, fair value | $ 490,087 | $ 393,352 |
Note 4 - Joint Venture Drilli_2
Note 4 - Joint Venture Drilling Program (Details Textual) - USD ($) $ in Thousands | Mar. 12, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Property, Plant and Equipment, Net, Ending Balance | $ 668,969 | $ 686,878 | ||
Other Assets, Noncurrent, Total | 22,613 | 22,470 | ||
Asset Retirement Obligation, Ending Balance | 398,897 | 392,704 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 125,647 | $ 124,128 | ||
Monza Energy, LLC [Member] | ||||
Property, Plant and Equipment, Net, Ending Balance | 8,000 | |||
Other Assets, Noncurrent, Total | 4,100 | |||
Asset Retirement Obligation, Ending Balance | 200 | 200 | ||
Increase (Decrease) in Working Capital | 1,600 | 1,300 | ||
JV Drilling Program [Member] | Monza Energy, LLC [Member] | ||||
Capital Contribution Payments from Related Party | 302,400 | |||
Capital Contributions from Related Party During Period | 71,500 | |||
Capital Contribution Payments to Related Party, Net | 53,000 | |||
JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member] | ||||
Minority Interest Ownership Percentage By Joint Venture | 4.50% | |||
Monza Energy, LLC [Member] | ||||
Property, Plant and Equipment, Net, Ending Balance | 9,900 | |||
Other Assets, Noncurrent, Total | 1,800 | |||
Cash Call Balance | 6,300 | 7,300 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 2,500 | 8,400 | ||
Operating Costs and Expenses, Total | $ 3,400 | $ 12,100 | ||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | ||||
Amount Committed by Investors | $ 361,400 | |||
Joint Venture Working Interest Percentage Contributed to Related Party | 88.94% | |||
Joint Venture Working Interest Percent | 11.06% | |||
Oil and Gas Revenue, Percent | 30.00% | |||
Well Cost, Percent | 20.00% | |||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member] | ||||
Capital Commitment to Joint Venture | $ 14,500 |
Note 5 - Asset Retirement Obl_3
Note 5 - Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Balances, December 31, 2020 | $ 392,704 | |
Liabilities settled | (962) | |
Accretion of discount | 5,868 | |
Revisions of estimated liabilities | 1,287 | |
Balances, March 31, 2021 | 398,897 | |
Less current portion | 26,402 | $ 17,188 |
Long-term | $ 372,495 | $ 375,516 |
Note 6 - Derivative Financial_3
Note 6 - Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details) | 3 Months Ended | |
Mar. 31, 2021MMBTU$ / sharesbbl | ||
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 1 [Member] | ||
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 4,000 | [1] |
Notional Quantity | 1,100,000 | [1] |
Strike Price (in dollars per share) | $ 42.06 | |
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 2 [Member] | ||
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 3,000 | [1] |
Notional Quantity | 177,000 | [1] |
Strike Price (in dollars per share) | $ 42.98 | |
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 3 [Member] | ||
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 2,044 | [1] |
Notional Quantity | 188,006 | [1] |
Strike Price (in dollars per share) | $ 42.33 | |
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 4 [Member] | ||
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 1,615 | [1] |
Notional Quantity | 345,638 | [1] |
Strike Price (in dollars per share) | $ 54.53 | |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member] | ||
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 200 | [1] |
Notional Quantity | 55,000 | [1] |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member] | Put Option [Member] | ||
Strike Price (in dollars per share) | $ 40 | |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member] | Call Option [Member] | ||
Strike Price (in dollars per share) | $ 54.90 | |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member] | ||
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 2,273 | [1] |
Notional Quantity | 759,237 | [1] |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member] | Put Option [Member] | ||
Strike Price (in dollars per share) | $ 38.50 | |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member] | Call Option [Member] | ||
Strike Price (in dollars per share) | $ 56.65 | |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 3 [Member] | ||
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 2,000 | [1] |
Notional Quantity | 184,000 | [1] |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 3 [Member] | Put Option [Member] | ||
Strike Price (in dollars per share) | $ 35 | |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 3 [Member] | Call Option [Member] | ||
Strike Price (in dollars per share) | $ 48.50 | |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 4 [Member] | ||
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl | 1,615 | [1] |
Notional Quantity | 345,638 | [1] |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 4 [Member] | Put Option [Member] | ||
Strike Price (in dollars per share) | $ 45 | |
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 4 [Member] | Call Option [Member] | ||
Strike Price (in dollars per share) | $ 62.50 | |
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, One [Member] | ||
Notional Quantity | 2,750,000 | [2] |
Strike Price (in dollars per share) | $ 2.62 | |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 10,000 | [2] |
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Two [Member] | ||
Notional Quantity | 620,000 | [2] |
Strike Price (in dollars per share) | $ 2.79 | |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 20,000 | [2] |
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Three [Member] | ||
Notional Quantity | 840,000 | [2] |
Strike Price (in dollars per share) | $ 2.79 | |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 30,000 | [2] |
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Four [Member] | ||
Notional Quantity | 970,075 | [2] |
Strike Price (in dollars per share) | $ 2.69 | |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 10,544 | [2] |
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Five [Member] | ||
Notional Quantity | 2,274,311 | [2] |
Strike Price (in dollars per share) | $ 2.44 | |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 10,628 | [2] |
NYMEX Natural Gas, Open Call Contracts [Member] | Natural Gas, Open Call Contracts [Member] | ||
Notional Quantity | 25,600,000 | [2] |
Strike Price (in dollars per share) | $ 3 | |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 40,000 | [2] |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | ||
Notional Quantity | 8,250,000 | [2] |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 30,000 | [2] |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | Put Option [Member] | ||
Strike Price (in dollars per share) | $ 2.18 | |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | Call Option [Member] | ||
Strike Price (in dollars per share) | $ 3 | |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member] | ||
Notional Quantity | 25,600,000 | [2] |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 40,000 | [2] |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member] | Put Option [Member] | ||
Strike Price (in dollars per share) | $ 1.83 | |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member] | Call Option [Member] | ||
Strike Price (in dollars per share) | $ 3 | |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member] | ||
Notional Quantity | 1,770,000 | [2] |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 30,000 | [2] |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member] | Put Option [Member] | ||
Strike Price (in dollars per share) | $ 2.20 | |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member] | Call Option [Member] | ||
Strike Price (in dollars per share) | $ 4.50 | |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member] | ||
Notional Quantity | 920,000 | [2] |
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU | 10,000 | [2] |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member] | Put Option [Member] | ||
Strike Price (in dollars per share) | $ 2.25 | |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member] | Call Option [Member] | ||
Strike Price (in dollars per share) | $ 3.40 | |
[1] | Bbls = Barrels | |
[2] | MMBtu = Million British Thermal Units |
Note 6 - Derivative Financial_4
Note 6 - Derivative Financial Instruments - Fair Value of Open and Closed Contracts Which Had Not Yet Settled (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Prepaid expenses and other assets | [1] | $ 2,701 | $ 2,752 | |
Other assets (long-term) | 1,731 | 2,762 | ||
Realized loss (gain) | 8,244 | $ (9,392) | ||
Unrealized loss (gain) | 16,334 | (52,520) | ||
Derivative loss (gain) | 24,578 | $ (61,912) | ||
Accrued Liabilities [Member] | ||||
Derivatives | 32,703 | 13,620 | ||
Other Noncurrent Liabilities [Member] | ||||
Other liabilities (long-term) | 3,514 | 4,384 | ||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||
Prepaid expenses and other assets | 2,701 | 2,752 | ||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other Noncurrent Assets [Member] | ||||
Other assets (long-term) | 1,731 | 2,762 | ||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Accrued Liabilities [Member] | ||||
Derivatives | 32,703 | 13,620 | ||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other Noncurrent Liabilities [Member] | ||||
Other liabilities (long-term) | $ 3,514 | $ 4,384 | ||
[1] | Includes both open and closed contracts. |
Note 6 - Derivative Financial_5
Note 6 - Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative cash (payments) receipts, net | $ (4,604) | $ 4,404 |
Note 7 - Share-based Awards a_3
Note 7 - Share-based Awards and Cash-based Awards (Details Textual) - USD ($) $ in Thousands | Feb. 15, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 10,347,591 | ||||
Share-based Payment Arrangement, Expense | $ 454 | $ 1,048 | |||
Cash Based Discretionary Incentive Compensation | $ 7,600 | $ 3,500 | |||
Directors Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 473,244 | 500,000 | |||
Share-based Payment Arrangement, Expense | $ 0 | 0 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | ||||
Share-based Payment Arrangement, Expense | $ 116 | 70 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 19,880 | ||||
Share-based Payment Arrangement, Expense | $ 338 | $ 978 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 900 | ||||
Cash-based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Adjusted EBITDA Less Interest, Minimum | $ 200,000 |
Note 7 - Share-based Awards a_4
Note 7 - Share-based Awards and Cash-based Awards - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Nonvested, units (in shares) | shares | 763,688 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 4.51 |
Forfeited, units (in shares) | shares | (19,880) |
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 4.51 |
Nonvested, units (in shares) | shares | 743,808 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 4.51 |
Note 7 - Share-based Awards a_5
Note 7 - Share-based Awards and Cash-based Awards - Schedule of Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Stock [Member] | Mar. 31, 2021shares |
Awards expected to vest by period (in shares) | 154,128 |
Vesting in 2021 [Member] | |
Awards expected to vest by period (in shares) | 138,676 |
Vesting in 2022 [Member] | |
Awards expected to vest by period (in shares) | 15,452 |
Note 7 - Share-based Awards a_6
Note 7 - Share-based Awards and Cash-based Awards - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based compensation expense | $ 454 | $ 1,048 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based compensation expense | 338 | 978 |
Restricted Stock [Member] | ||
Share-based compensation expense | $ 116 | $ 70 |
Note 7 - Share-based Awards a_7
Note 7 - Share-based Awards and Cash-based Awards - Summary of Compensation Expense Related to Share-based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Share-based compensation expense | $ 454 | $ 1,048 | |
Total charged to operating income | 3,975 | 5,528 | |
General and Administrative Expense [Member] | |||
Share-based compensation expense | 454 | 1,048 | |
Cash-based incentive compensation | [1] | 2,682 | 3,631 |
Lease Operating Expense [Member] | |||
Cash-based incentive compensation | [1] | $ 839 | $ 849 |
[1] | Includes adjustments of accruals to actual payments. |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ (203) | $ 6,499 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.40% | 9.00% | |
Deferred Tax Assets, Valuation Allowance, Total | $ 22,000 | $ 22,400 | |
Income Taxes Receivable, Current | 0 | $ 1,900 | $ 0 |
Proceeds from Income Tax Refunds | $ 0 | $ 0 | |
Open Tax Year | 2017 2018 2019 2020 |
Note 9 - Earnings Per Share - S
Note 9 - Earnings Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net (loss) income | $ (746) | $ 65,980 |
Less portion allocated to nonvested shares | 0 | 791 |
Net (loss) income allocated to common shares | $ (746) | $ 65,189 |
Weighted average common shares outstanding (in shares) | 142,151 | 141,546 |
Basic and diluted (loss) earnings per common share (in dollars per share) | $ (0.01) | $ 0.46 |
Shares excluded due to being anti-dilutive (weighted-average) (in shares) | 0 | 0 |
Note 10 - Contingencies (Detail
Note 10 - Contingencies (Details Textual) | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Jul. 25, 2017USD ($) | Dec. 31, 2010USD ($) | |
Additional Royalty Due to Disallowed Deductions | $ 4,700,000 | ||
Bonds Posted to Appeal IBLA Decision | $ 7,200,000 | ||
Collateral for Bonds Posted Related to Appeal with IBLA | $ 8,200,000 | $ 6,900,000 | |
BSEE [Member] | |||
Loss Contingency, Number of Claims Filed | 9 | ||
Proposed Civil Penalties | $ 7,700,000 | ||
Settlement Agreement, Annual Instalments, Value | 720,000 | ||
Payment for Civil Penalty | $ 0 |