Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 02, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | SANDRIDGE ENERGY INC | |
Trading Symbol | SD | |
Entity Central Index Key | 0001349436 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 35,686,430 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 7,354 | $ 17,660 |
Restricted cash - other | 1,981 | 1,985 |
Accounts receivable, net | 51,053 | 45,503 |
Derivative contracts | 0 | 5,286 |
Prepaid expenses | 3,128 | 2,628 |
Other current assets | 251 | 265 |
Total current assets | 63,767 | 73,327 |
Oil and natural gas properties, using full cost method of accounting | ||
Proved | 1,344,552 | 1,269,091 |
Unproved | 57,363 | 60,152 |
Less: accumulated depreciation, depletion and impairment | (614,972) | (580,132) |
Net oil and natural gas properties capitalized costs | 786,943 | 749,111 |
Other property, plant and equipment, net | 200,014 | 200,838 |
Other assets | 820 | 1,062 |
Total assets | 1,051,544 | 1,024,338 |
Current liabilities | ||
Accounts payable and accrued expenses | 119,436 | 111,797 |
Current maturities of long-term debt | 20,000 | 0 |
Asset retirement obligation | 25,355 | 25,393 |
Other current liabilities | 29 | 0 |
Total current liabilities | 164,820 | 137,190 |
Asset retirement obligation | 35,836 | 34,671 |
Other long-term obligations | 7,428 | 4,756 |
Total liabilities | 208,084 | 176,617 |
Commitments and contingencies (Note 9) | ||
Stockholders’ Equity | ||
Common stock, $0.001 par value; 250,000 shares authorized; 35,687 issued and outstanding at March 31, 2019 and December 31, 2018 | 36 | 36 |
Warrants | 88,518 | 88,516 |
Additional paid-in capital | 1,056,235 | 1,055,164 |
Accumulated deficit | (301,329) | (295,995) |
Total stockholders’ equity | 843,460 | 847,721 |
Total liabilities and stockholders’ equity | $ 1,051,544 | $ 1,024,338 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 35,687,000 | 35,687,000 |
Common stock, shares outstanding (in shares) | 35,687,000 | 35,687,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Total revenues | $ 73,236,000 | $ 87,128,000 |
Expenses | ||
Lease operating expenses | 22,779,000 | 23,519,000 |
Production, ad valorem, and other taxes | 5,080,000 | 6,234,000 |
Depreciation and depletion — oil and natural gas | 36,465,000 | 27,997,000 |
Depreciation and amortization — other | 2,943,000 | 3,153,000 |
Impairment | 0 | 4,170,000 |
General and administrative | 9,939,000 | 13,682,000 |
Proxy contest | 0 | 407,000 |
Employee termination benefits | 0 | 31,587,000 |
Loss on derivative contracts | 209,000 | 18,330,000 |
Other operating expense | 82,000 | 16,000 |
Total expenses | 77,497,000 | 129,095,000 |
Loss from operations | (4,261,000) | (41,967,000) |
Other (expense) income | ||
Interest expense, net | (585,000) | (948,000) |
Gain on extinguishment of debt | 0 | 1,151,000 |
Other (expense) income, net | (431,000) | 873,000 |
Total other (expense) income | (1,016,000) | 1,076,000 |
Loss before income taxes | (5,277,000) | (40,891,000) |
Income tax expense | 0 | 3,000 |
Net loss | $ (5,277,000) | $ (40,894,000) |
Loss per share | ||
Basic (in dollars per share) | $ (0.15) | $ (1.18) |
Diluted (in dollars per share) | $ (0.15) | $ (1.18) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 35,322,000 | 34,575,000 |
Diluted (in shares) | 35,322,000 | 34,575,000 |
Oil, natural gas and NGL | ||
Revenues | ||
Total revenues | $ 73,048,000 | $ 86,966,000 |
Other | ||
Revenues | ||
Total revenues | $ 188,000 | $ 162,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Warrants | Additional Paid-In Capital | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2017 | 35,650,000 | 6,570,000 | |||
Beginning balance at Dec. 31, 2017 | $ 839,940 | $ 36 | $ 88,500 | $ 1,038,324 | $ (286,920) |
Increase (Decrease) in Stockholders' Equity | |||||
Cancellation of stock awards, net of issuances | (90,000) | ||||
Stock-based compensation | 16,055 | 16,055 | |||
Cash paid for tax withholdings on vested stock awards | (1,661) | (1,661) | |||
Net loss | (40,894) | (40,894) | |||
Ending balance (in shares) at Mar. 31, 2018 | 35,560,000 | 6,570,000 | |||
Ending balance at Mar. 31, 2018 | $ 813,440 | $ 36 | $ 88,500 | 1,052,718 | (327,814) |
Beginning balance (in shares) at Dec. 31, 2018 | 35,687,000 | 35,687,000 | 6,604,000 | ||
Beginning balance at Dec. 31, 2018 | $ 847,721 | $ 36 | $ 88,516 | 1,055,164 | (295,995) |
Increase (Decrease) in Stockholders' Equity | |||||
Stock-based compensation | 1,073 | 1,073 | |||
Issuance of warrants for general unsecured claims (in shares) | 1,000 | ||||
Issuance of warrants for general unsecured claims | $ 2 | (2) | |||
Net loss | $ (5,277) | (5,277) | |||
Ending balance (in shares) at Mar. 31, 2019 | 35,687,000 | 35,687,000 | 6,605,000 | ||
Ending balance at Mar. 31, 2019 | $ 843,460 | $ 36 | $ 88,518 | $ 1,056,235 | $ (301,329) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (5,277) | $ (40,894) |
Adjustments to reconcile net loss to net cash provided by operating activities | ||
Provision for doubtful accounts | 72 | (335) |
Depreciation, depletion, and amortization | 39,408 | 31,150 |
Impairment | 0 | 4,170 |
Debt issuance costs amortization | 117 | 117 |
Amortization of premiums and discounts on debt | 0 | (47) |
Gain on extinguishment of debt | 0 | (1,151) |
Loss on derivative contracts | 209 | 18,330 |
Cash received (paid) on settlement of derivative contracts | 5,078 | (6,119) |
Stock-based compensation | 996 | 15,872 |
Other | (35) | (235) |
Changes in operating assets and liabilities | (8,998) | 9,549 |
Net cash provided by operating activities | 31,570 | 30,407 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures for property, plant and equipment | (62,254) | (65,527) |
Acquisition of assets | 326 | 0 |
Proceeds from sale of assets | 341 | 955 |
Net cash used in investing activities | (61,587) | (64,572) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings | 39,596 | 0 |
Repayments of borrowings | (19,596) | (36,304) |
Reduction of financing lease liability | (293) | 0 |
Cash paid for tax withholdings on vested stock awards | 0 | (1,661) |
Net cash provided by (used in) financing activities | 19,707 | (37,965) |
NET DECREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH | (10,310) | (72,130) |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year | 19,645 | 101,308 |
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period | 9,335 | 29,178 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, net of amounts capitalized | (408) | 0 |
Supplemental Disclosure of Noncash Investing and Financing Activities | ||
Change in accrued capital expenditures | (9,190) | 28,258 |
Right-of-use assets obtained in exchange for financing lease obligations | $ 1,992 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Nature of Business. SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with principal focus on the acquisition, exploration and development of hydrocarbon resources in the United States. Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned or majority owned subsidiaries, including its proportionate share of the Royalty Trusts. All significant intercompany accounts and transactions have been eliminated in consolidation. Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements and notes as of December 31, 2018 have been derived from and should be read in conjunction with the audited financial statements and notes contained in the Company’s 2018 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements. Significant Accounting Policies. The unaudited condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the 2018 Form 10-K as well as the items noted below. Reclassifications. Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. Use of Estimates. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas and natural gas liquids (“NGL”) reserves; impairment tests of long-lived assets; depreciation, depletion and amortization; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes these estimates are reasonable, actual results could differ significantly. Recent Accounting Pronouncements Not Yet Adopted. The FASB issued ASU 2016-13, “Financial Instruments —Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments,” which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the currently required incurred loss approach with an expected loss model for instruments measured at amortized cost. The standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for the interim and annual periods beginning after December 31, 2018, and will be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. The Company does not plan to early adopt and is currently evaluating the effect the guidance will have on its consolidated financial statements; however, the impact is not expected to be material. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | LeasesIn February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” and subsequently issued other associated ASU's related to Topic 842 which supersede ASC 840 and require lessees to recognize right of use ("ROU") lease assets and liabilities on the balance sheet for long-term leases formerly classified as operating leases under ASC 840, and to disclose key information about leasing arrangements. Leases to explore for or produce oil and natural gas were not impacted by this guidance. This ASU became effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU on January 1, 2019 using a modified retrospective approach for all ROU leases that existed at the period of adoption and did not restate its comparative periods. Topic 842 provides a number of practical expedients to assist with the transition to the new standard. The Company elected the 'package of practical expedients,' and therefore did not have to reassess prior conclusions about lease identification, lease classification and initial indirect costs. The Company also utilized the land easement practical expedient and short-term lease recognition exemption, under which leases with initial terms less than 12 months are not required to be presented on the balance sheet. Certain leases contain both lease and non-lease components. The Company elected the practical expedient to combine lease and non-lease components for asset classes including drilling rigs, compressors and various office equipment. The Company determines if an arrangement is or contains a lease at inception. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Lease liabilities are recognized based on the present value of the lease payments not yet paid over the lease term at January 1, 2019 for existing leases and at the commencement date for any new leases entered into subsequent to January 1, 2019. As most of the Company's leases do not provide an implicit rate, the Company's incremental borrowing rate was used as the discount rate when determining the present value of future payments. The ROU assets are recognized based on the lease liability plus any prepaid lease payments and excluding lease incentives and initial direct costs incurred for the same periods. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Adoption of this standard resulted in additional ROU lease assets and lease liabilities of approximately $2.3 million and $2.4 million, respectively, as of January 1, 2019, which did not materially impact the Company's consolidated financial statements. The difference between the net lease assets and liabilities was recognized as a cumulative-effect adjustment to the opening balance of retained earnings. Operating leases are included in other assets and other long-term obligations, and finance leases are included in other property, plant and equipment, and other long-term obligations on the accompanying condensed consolidated balance sheet as of March 31, 2019. The Company had no significant capital or operating leases with terms longer than 12 months at December 31, 2018. The Company has operating and financing leases for vehicles, drilling rigs and equipment, which are not significant to the consolidated financial statements as of and for the three-month period ended March 31, 2019. The components of lease costs recognized for the Company's ROU leases are shown below: Three Months Ended March 31, 2019 Short-term lease cost (1) $ 4,909 Financing lease cost 297 Operating lease cost 58 Total lease cost $ 5,264 ____________________ 1. $3.1 million of short-term lease cost was capitalized as part of oil and natural gas properties, and portions of these costs were reimbursed to the Company by other working interest owners. |
Leases | LeasesIn February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” and subsequently issued other associated ASU's related to Topic 842 which supersede ASC 840 and require lessees to recognize right of use ("ROU") lease assets and liabilities on the balance sheet for long-term leases formerly classified as operating leases under ASC 840, and to disclose key information about leasing arrangements. Leases to explore for or produce oil and natural gas were not impacted by this guidance. This ASU became effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU on January 1, 2019 using a modified retrospective approach for all ROU leases that existed at the period of adoption and did not restate its comparative periods. Topic 842 provides a number of practical expedients to assist with the transition to the new standard. The Company elected the 'package of practical expedients,' and therefore did not have to reassess prior conclusions about lease identification, lease classification and initial indirect costs. The Company also utilized the land easement practical expedient and short-term lease recognition exemption, under which leases with initial terms less than 12 months are not required to be presented on the balance sheet. Certain leases contain both lease and non-lease components. The Company elected the practical expedient to combine lease and non-lease components for asset classes including drilling rigs, compressors and various office equipment. The Company determines if an arrangement is or contains a lease at inception. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Lease liabilities are recognized based on the present value of the lease payments not yet paid over the lease term at January 1, 2019 for existing leases and at the commencement date for any new leases entered into subsequent to January 1, 2019. As most of the Company's leases do not provide an implicit rate, the Company's incremental borrowing rate was used as the discount rate when determining the present value of future payments. The ROU assets are recognized based on the lease liability plus any prepaid lease payments and excluding lease incentives and initial direct costs incurred for the same periods. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Adoption of this standard resulted in additional ROU lease assets and lease liabilities of approximately $2.3 million and $2.4 million, respectively, as of January 1, 2019, which did not materially impact the Company's consolidated financial statements. The difference between the net lease assets and liabilities was recognized as a cumulative-effect adjustment to the opening balance of retained earnings. Operating leases are included in other assets and other long-term obligations, and finance leases are included in other property, plant and equipment, and other long-term obligations on the accompanying condensed consolidated balance sheet as of March 31, 2019. The Company had no significant capital or operating leases with terms longer than 12 months at December 31, 2018. The Company has operating and financing leases for vehicles, drilling rigs and equipment, which are not significant to the consolidated financial statements as of and for the three-month period ended March 31, 2019. The components of lease costs recognized for the Company's ROU leases are shown below: Three Months Ended March 31, 2019 Short-term lease cost (1) $ 4,909 Financing lease cost 297 Operating lease cost 58 Total lease cost $ 5,264 ____________________ 1. $3.1 million of short-term lease cost was capitalized as part of oil and natural gas properties, and portions of these costs were reimbursed to the Company by other working interest owners. |
Employee Termination Benefits
Employee Termination Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Termination Benefits | Employee Termination Benefits No employee termination benefits were paid during the three-month period ended March 31, 2019. The following table presents a summary of employee termination benefits for the three-month period ended March 31, 2018 which occurred before the change in composition of the current Board of Directors (in thousands): Cash Share-Based Compensation (3) Number of Shares Total Employee Termination Benefits Three Months Ended March 31, 2018 Executive Employee Termination Benefits (1) $ 11,945 $ 9,114 554 $ 21,059 Other Employee Termination Benefits (2) 6,692 3,836 209 10,528 $ 18,637 $ 12,950 763 $ 31,587 ____________________ 1. On February 8, 2018, the Company’s then current chief executive officer ("CEO"), James Bennett, separated employment from the Company, and on February 22, 2018, the Company’s then current chief financial officer ("CFO"), Julian Bott, also separated employment from the Company. As a result, the Company paid cash severance costs and incurred share-based compensation costs associated with these separations during the first quarter of 2018. 2. As a result of a reduction in workforce in the first quarter of 2018, certain employees received termination benefits including cash severance and accelerated share-based and incentive compensation upon separation of service from the Company. 3. Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards and performance share units upon the departure of certain executives and the reduction in workforce in the first quarter of 2018 reflects the remaining unrecognized compensation expense associated with these awards at the date of termination. The unrecognized compensation expense was calculated using the grant date fair value for restricted stock awards and performance share units. One share of the Company’s common stock was issued per performance share unit. See Note 13 for additional discussion of the Company’s share-based compensation awards. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, restricted cash, accounts receivable, prepaid expenses, certain other current assets and other assets, accounts payable and accrued expenses, other current liabilities and other long-term obligations included in the unaudited condensed consolidated balance sheets approximated fair value at March 31, 2019, and December 31, 2018. Additionally, the carrying amount of debt associated with borrowings outstanding under the credit facility approximates fair value as borrowings bear interest at variable rates. As a result, these financial assets and liabilities are not discussed below. The fair values of property, plant and equipment classified as assets held for sale and related impairments, which are calculated using Level 3 inputs, are discussed in Note 5. Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Measurement based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Assets and liabilities that are measured at fair value are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values, stated below, considers the market for the Company’s financial assets and liabilities, the associated credit risk and other factors. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The Company had no financial assets or liabilities where fair value differed from carrying value classified in the fair value hierarchy as of March 31, 2019. The Company had assets classified in Level 2 of the hierarchy as of December 31, 2018, as described below. Level 2 Fair Value Measurements Commodity Derivative Contracts. The fair values of the Company’s oil and natural gas fixed price swaps are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets. Fair value is determined through the use of a discounted cash flow model or option pricing model using the applicable inputs discussed above. The Company applies a weighted average credit default risk rating factor for its counterparties or gives effect to its credit default risk rating, as applicable, in determining the fair value of these derivative contracts. Credit default risk ratings are based on current published credit default swap rates. Fair Value - Recurring Measurement Basis The following table summarizes the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy as of December 31, 2018 (in thousands): December 31, 2018 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 5,286 $ — $ — $ 5,286 $ — $ 5,286 $ — $ — $ 5,286 ____________________ 1. Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists. Transfers. The Company did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements during the three-month periods ended March 31, 2019 and 2018. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): March 31, December 31, 2018 Oil and natural gas properties Proved $ 1,344,552 $ 1,269,091 Unproved 57,363 60,152 Total oil and natural gas properties 1,401,915 1,329,243 Less accumulated depreciation, depletion and impairment (614,972) (580,132) Net oil and natural gas properties capitalized costs 786,943 749,111 Land 4,400 4,400 Electrical infrastructure 131,176 131,176 Other non-oil and natural gas equipment 13,410 13,458 Buildings and structures 77,148 77,148 Financing leases 1,727 — Total 227,861 226,182 Less accumulated depreciation and amortization (27,847) (25,344) Other property, plant and equipment, net 200,014 200,838 Total property, plant and equipment, net $ 986,957 $ 949,949 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following (in thousands): March 31, December 31, 2018 Accounts payable and other accrued expenses $ 89,909 $ 78,219 Payroll and benefits 10,712 12,891 Production payable 12,972 12,767 Taxes payable 4,569 5,350 Drilling advances 724 2,031 Accrued interest 550 539 Total accounts payable and accrued expenses $ 119,436 $ 111,797 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Credit Facility. The Company has a $600.0 million reserve-based revolving credit facility, which is subject to a $350.0 million borrowing base. This borrowing base is currently under evaluation by the Company and its lenders under the credit facility in connection with the scheduled spring redetermination. The next borrowing base redetermination after this is scheduled for October 1, 2019. The credit facility matures on March 31, 2020. Outstanding borrowings under the credit facility bear interest based on a pricing grid tied to borrowing base utilization of (a) LIBOR plus an applicable margin that varies from 3.00% to 4.00% per annum, or (b) the base rate plus an applicable margin that varies from 2.00% to 3.00% per annum. Interest on base rate borrowings is payable quarterly in arrears and interest on LIBOR borrowings is payable every one, two, three or six months, at the election of the Company. Quarterly, the Company pays commitment fees assessed at annual rates of 0.50% on any available portion of the credit facility. The Company has the right to prepay loans under the credit facility at any time without a prepayment penalty, other than customary “breakage” costs with respect to LIBOR loans. The credit facility is secured by (i) first-priority mortgages on at least 95% of the PV-9 valuation of all proved reserves included in the most recently delivered reserve report of the Company, (ii) a first-priority perfected pledge of substantially all of the capital stock owned by each credit party and equity interests in the Royalty Trusts that are owned by a credit party and (iii) a first-priority perfected security interest in substantially all the cash, cash equivalents, deposits, securities and other similar accounts, and other tangible and intangible assets of the credit parties (including but not limited to as-extracted collateral, accounts receivable, inventory, equipment, general intangibles, investment property, intellectual property, real property and the proceeds of the foregoing). As of the end of each fiscal quarter, the credit facility requires the Company to maintain (i) a maximum consolidated total net leverage ratio, measured as of the end of any fiscal quarter, of no greater than 3.50 to 1.00 and (ii) a minimum consolidated interest coverage ratio, measured as of the end of any fiscal quarter, of no less than 2.25 to 1.00. These financial covenants are subject to customary cure rights. The Company was in compliance with all applicable financial covenants under the credit facility as of March 31, 2019, as its consolidated total net leverage ratio was 0.06 and its consolidated interest coverage ratio was 80.20. The credit facility contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens, indebtedness, asset dispositions, fundamental changes, restricted payments including dividends and other customary covenants. The Company was in compliance with these covenants as of March 31, 2019. The credit facility includes events of default relating to customary matters, including, among other things, nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross-payment default and cross acceleration with respect to indebtedness in an aggregate principal amount of $25.0 million or more; bankruptcy; judgments involving a liability of $25.0 million or more that are not paid; and ERISA events. Many events of default are subject to customary notice and cure periods. The Company had $20.0 million outstanding under the credit facility at March 31, 2019, and $5.2 million in outstanding letters of credit, which reduce availability under the credit facility on a dollar-for-dollar basis. Building Note. In February 2018, the Company fully repaid a note secured by a mortgage on the Company's downtown Oklahoma City real estate (the "Building Note") in the amount of $36.3 million, which was comprised of an initial principal amount of $35.0 million and $1.3 million in in-kind interest costs that were previously added to the principal. An unamortized premium of $1.2 million was recognized as a gain on extinguishment of debt in the unaudited condensed consolidated statement of operations for the three-month period ended March 31, 2018 in connection with the repayment. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Commodity Derivatives The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil and natural gas. The Company, on occasion, has sought to manage this risk through the use of commodity derivative contracts, which allow the Company to limit its exposure to commodity price volatility on a portion of its forecasted oil and natural gas sales. The Company has not designated any of its derivative contracts as hedges for accounting purposes and records all derivative contracts at fair value with changes in derivative contract fair values recognized as gain or loss on derivative contracts in the unaudited condensed consolidated statements of operations. At March 31, 2019, the Company had no commodity derivative contracts in place. Historically, none of the Company’s commodity derivative contracts could be terminated prior to contractual maturity solely as a result of a downgrade in the credit rating of a party to the contract. Commodity derivative contracts are settled on a monthly basis, and the commodity derivative contract valuations are adjusted to the mark-to-market valuation on a quarterly basis. The Board and management of the Company are continuing to evaluate the futures market for oil and natural gas to mitigate exposure to adverse oil and natural gas price changes. The following table summarizes derivative activity for the three-month periods ended March 31, 2019, and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Loss on commodity derivative contracts $ 209 $ 18,330 Cash (received) paid on settlements $ (5,078) $ 6,119 Master Netting Agreements and the Right of Offset. Historically, the Company has had master netting agreements with all of its commodity derivative counterparties and has presented its derivative assets and liabilities with the same counterparty on a net basis in the unaudited condensed consolidated balance sheets. As a result of the netting provisions, the Company's maximum amount of loss under commodity derivative transactions due to credit risk was limited to the net amounts due from its counterparties. The Company is not required to post additional collateral under its commodity derivative contracts as all of the counterparties to the Company’s commodity derivative contracts shared in the collateral supporting the Company’s credit facility. The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of December 31, 2018 (in thousands): December 31, 2018 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 5,286 $ — $ 5,286 $ — $ 5,286 Total $ 5,286 $ — $ 5,286 $ — $ 5,286 Fair Value of Derivatives The following table presents the fair value of the Company’s derivative contracts as of December 31, 2018, on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification December 31, 2018 Derivative assets Natural gas price swaps Derivative contracts-current $ 5,286 Total net derivative contracts $ 5,286 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings. As previously disclosed, on May 16, 2016, the Company and certain of its direct and indirect subsidiaries (collectively, the "Debtors") filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Bankruptcy Court confirmed the joint plan of organization (the "Plan") of the Debtors on September 9, 2016, and the Debtors subsequently emerged from bankruptcy on October 4, 2016. Pursuant to the Plan, claims against the Company were discharged without recovery in each of the following consolidated cases (the “Cases”): • In re SandRidge Energy, Inc. Securities Litigation, Case No. 5:12-cv-01341-LRW, USDC, Western District of Oklahoma • Ivan Nibur, Lawrence Ross, Jase Luna, Matthew Willenbucher, and the Duane & Virginia Lanier Trust v. SandRidge Mississippian Trust I, et al., Case No. 5:15-cv-00634-SLP, USDC, Western District of Oklahoma Although the Cases have not been dismissed against certain former officers and directors who remain defendants in the Cases, the Company remains as a nominal defendant in each of the Cases so that any of the respective plaintiffs may seek to recover proceeds from any applicable insurance policies or proceeds. In each of the Cases, to the extent liability exceeds the amount of available insurance proceeds, the Company may owe indemnity obligations to its former officers and/or directors who remain as defendants in such action. The Company indemnifies the SandRidge Mississippian Trust I and SandRidge Mississippian Trust II against losses, claims, damages, liabilities and expenses, including reasonable costs of investigation and attorney’s fees and expenses arising out of certain legal matters. An estimate of probable losses associated with any of the Cases cannot be made at this time, however the Company believes that any potential liability with respect to the Cases will not be material. The Company has not established any liabilities relating to any of the Cases. In addition to the matters described above, the Company is involved in various lawsuits, claims and proceedings which are being handled and defended by the Company in the ordinary course of business. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Common Stock, Performance Share Units, and Stock Options. At March 31, 2019, the Company had 35.7 million shares of common stock, par value $0.001 per share, issued and outstanding, including 0.4 million shares of unvested restricted stock awards, 0.3 million unvested stock options, 0.1 million unvested performance share units, and 250.0 million shares of common stock authorized. See Note 13 for further discussion of the Company’s restricted stock awards, performance share units, and stock options. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For each interim reporting period, the Company estimates the effective tax rate expected for the full fiscal year and uses that estimated rate in providing for income taxes on a current year-to-date basis. Deferred income taxes are provided to reflect the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The Company’s deferred tax assets have been reduced by a valuation allowance due to a determination that it is more likely than not that some or all of the deferred assets will not be realized based on the weight of all available evidence. The Company continues to closely monitor and weigh all available evidence, including both positive and negative, in making its determination whether to maintain a valuation allowance. As a result of the significant weight placed on the Company's cumulative negative earnings position, the Company continued to maintain a full valuation allowance against its net deferred tax asset at March 31, 2019. Thus, the Company had no federal income tax expense or benefit for the three-month periods ended March 31, 2019 and 2018, and an insignificant amount of state income tax expense for the three-month period ended March 31, 2018. |
Loss per Share
Loss per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Loss per Share | Loss per Share The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted loss per share: Net Loss Weighted Average Shares Loss Per Share (In thousands, except per share amounts) Three Months Ended March 31, 2019 Basic loss per share $ (5,277) 35,322 $ (0.15) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (5,277) 35,322 $ (0.15) Three Months Ended March 31, 2018 Basic loss per share $ (40,894) 34,575 $ (1.18) Effect of dilutive securities Restricted stock awards(2) — — Performance share units(3) — — Warrants(2) — — Diluted loss per share $ (40,894) 34,575 $ (1.18) ____________________ 1. No incremental shares of potentially dilutive restricted stock awards, performance share units, warrants or stock options were included for the three-month period ended March 31, 2019, as their effect was antidilutive under the treasury stock method. 2. No incremental shares of potentially dilutive restricted stock awards or warrants were included for the three-month period ended March 31, 2018, as their effect was antidilutive under the treasury stock method. 3. Performance share units covering an insignificant amount of shares for the three-month period ended March 31, 2018, were excluded from the computation of loss per share because their effect would have been antidilutive. See Note 13 for discussion of the Company’s share-based compensation awards. |
Share and Incentive-Based Compe
Share and Incentive-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share and Incentive-Based Compensation | Share and Incentive-Based Compensation Share-Based Compensation Omnibus Incentive Plan. The Company's Omnibus Incentive Plan became effective in October 2016. The Omnibus Incentive Plan authorizes the issuance of up to 4.6 million shares of SandRidge common stock to eligible persons including non-employee directors of the Company, employees of the Company or any of its affiliates, and certain consultants and advisers to the Company or any of its affiliates. The types of awards that may be granted under the Omnibus Incentive Plan include stock options, restricted stock, performance awards and other forms of awards granted or denominated in shares of the Company’s common stock, as well as certain cash-settled awards. At March 31, 2019, the Company had restricted stock awards and an immaterial amount of performance share units and stock options outstanding under the Omnibus Incentive Plan. At March 31, 2018, the Company also had performance units outstanding which vested in June 2018 with an aggregate intrinsic value of approximately $1.7 million. Restricted Stock Awards. The Company’s restricted stock awards are equity-classified awards and are valued based upon the market value of the Company’s common stock on the date of grant. Outstanding restricted shares will generally vest over either a one-year period or three-year period. As of March 31, 2019, the Company had approximately 0.4 million unvested restricted shares outstanding at weighted average grant date fair value of $16.07, and unrecognized compensation cost related to these awards totaled $3.9 million. The remaining weighted average contractual period over which this compensation cost may be recognized is 2.1 years. The following tables summarize share and incentive-based compensation for the three-month periods ended March 31, 2019, and 2018 (in thousands): Recurring Compensation Expense(1) Executive Terminations(2) Reduction in Force(2) Total Three Months Ended March 31, 2019 Equity-classified awards: Restricted stock awards $ 745 $ — $ — $ 745 Performance share units 198 — — 198 Stock options 130 — — 130 Total share-based compensation expense 1,073 — — 1,073 Less: Capitalized compensation expense (77) — — (77) Share-based compensation expense, net $ 996 $ — $ — $ 996 Three Months Ended March 31, 2018 Equity-classified awards: Restricted stock awards $ 2,776 $ 8,140 $ 3,686 $ 14,602 Performance share units 329 974 150 1,453 Total share-based compensation expense 3,105 9,114 3,836 16,055 Liability-classified awards: Performance units 530 2,367 589 3,486 Total share and incentive-based compensation expense 3,635 11,481 4,425 19,541 Less: Capitalized compensation expense (210) — — (210) Share and incentive-based compensation expense, net $ 3,425 $ 11,481 $ 4,425 $ 19,331 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. Vesting for certain stock restricted stock awards, performance share units, and performance units was accelerated in connection with executive terminations and a reduction in force in the first quarter of 2018. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The following table disaggregates the Company’s revenue by source for the three-month periods ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 Oil $ 43,159 $ 53,335 NGL 13,111 16,389 Natural gas 16,778 17,242 Other 188 162 Total revenues $ 73,236 $ 87,128 Oil, natural gas and NGL revenues. A majority of the Company’s revenues come from sales of oil, natural gas and NGLs and are recorded at a point in time when control of the oil, natural gas and NGL production passes to the customer at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s customers obtain control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis. Pricing for the Company’s oil, natural gas and NGL contracts is variable and is based on volumes sold multiplied by either an index price, net of deductions, or a percentage of the sales price obtained by the customer, which is also based on index prices. The transaction price is allocated on a pro-rata basis to each unit of oil, natural gas or NGL sold based on the terms of the contract. Oil, natural gas and NGL revenues are also recorded net of royalties, discounts and allowances, and transportation costs, as applicable. Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production tax expense in the consolidated statements of operations. Revenues Receivable. The Company records an asset in accounts receivable, net on its consolidated balance sheet for revenues receivable from contracts with customers at the end of each period. Pricing for revenues receivable is estimated using current month crude oil, natural gas and NGL prices, net of deductions. Revenues receivable are typically collected the month after the Company delivers the related production to its customers. As of March 31, 2019, and December 31, 2018, the Company had revenues receivable of $28.1 million and $31.8 million, respectively, and did not record any bad debt expense on revenues receivable during the three-month period ended March 31, 2019. Practical expedients and exemptions. Most of the Company's contracts are short-term in nature with a contract term of one year or less. The Company generally expenses certain insignificant costs when incurred rather than recognizing them as an asset because the amortization period would have been one year or less. Additionally, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. Payment terms are typically within 30 days of control being transferred. Currently, the Company’s existing contracts do not contain financing components, but the Company has elected the practical expedient that allows financing components to be ignored if the difference between the performance and payment is less than one year for any future contracts that may contain financing components. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business. SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with principal focus on the acquisition, exploration and development of hydrocarbon resources in the United States. |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned or majority owned subsidiaries, including its proportionate share of the Royalty Trusts. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Interim Financial Statements | Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements and notes as of December 31, 2018 have been derived from and should be read in conjunction with the audited financial statements and notes contained in the Company’s 2018 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements. |
Significant Accounting Policies | Significant Accounting Policies. The unaudited condensed consolidated financial statements were prepared in accordance with the accounting policies stated in the 2018 Form 10-K as well as the items noted below. |
Reclassifications | Reclassifications. Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. |
Use of Estimates | Use of Estimates. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas and natural gas liquids (“NGL”) reserves; impairment tests of long-lived assets; depreciation, depletion and amortization; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes these estimates are reasonable, actual results could differ significantly. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Not Yet Adopted. The FASB issued ASU 2016-13, “Financial Instruments —Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments,” which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the currently required incurred loss approach with an expected loss model for instruments measured at amortized cost. The standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted for the interim and annual periods beginning after December 31, 2018, and will be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. The Company does not plan to early adopt and is currently evaluating the effect the guidance will have on its consolidated financial statements; however, the impact is not expected to be material. |
Leases | In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” and subsequently issued other associated ASU's related to Topic 842 which supersede ASC 840 and require lessees to recognize right of use ("ROU") lease assets and liabilities on the balance sheet for long-term leases formerly classified as operating leases under ASC 840, and to disclose key information about leasing arrangements. Leases to explore for or produce oil and natural gas were not impacted by this guidance. This ASU became effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this ASU on January 1, 2019 using a modified retrospective approach for all ROU leases that existed at the period of adoption and did not restate its comparative periods. Topic 842 provides a number of practical expedients to assist with the transition to the new standard. The Company elected the 'package of practical expedients,' and therefore did not have to reassess prior conclusions about lease identification, lease classification and initial indirect costs. The Company also utilized the land easement practical expedient and short-term lease recognition exemption, under which leases with initial terms less than 12 months are not required to be presented on the balance sheet. Certain leases contain both lease and non-lease components. The Company elected the practical expedient to combine lease and non-lease components for asset classes including drilling rigs, compressors and various office equipment. The Company determines if an arrangement is or contains a lease at inception. A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Lease liabilities are recognized based on the present value of the lease payments not yet paid over the lease term at January 1, 2019 for existing leases and at the commencement date for any new leases entered into subsequent to January 1, 2019. As most of the Company's leases do not provide an implicit rate, the Company's incremental borrowing rate was used as the discount rate when determining the present value of future payments. The ROU assets are recognized based on the lease liability plus any prepaid lease payments and excluding lease incentives and initial direct costs incurred for the same periods. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. |
Short-term Leases | The Company also utilized the land easement practical expedient and short-term lease recognition exemption, under which leases with initial terms less than 12 months are not required to be presented on the balance sheet. |
Separation of Lease and Nonlease Components | The Company elected the practical expedient to combine lease and non-lease components for asset classes including drilling rigs, compressors and various office equipment. |
Revenue from Contract with Customer | Oil, natural gas and NGL revenues. A majority of the Company’s revenues come from sales of oil, natural gas and NGLs and are recorded at a point in time when control of the oil, natural gas and NGL production passes to the customer at the inlet of the processing plant or pipeline, or the delivery point for onloading to a delivery truck. As the Company’s customers obtain control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis. |
Leases (Table)
Leases (Table) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The components of lease costs recognized for the Company's ROU leases are shown below: Three Months Ended March 31, 2019 Short-term lease cost (1) $ 4,909 Financing lease cost 297 Operating lease cost 58 Total lease cost $ 5,264 ____________________ 1. $3.1 million of short-term lease cost was capitalized as part of oil and natural gas properties, and portions of these costs were reimbursed to the Company by other working interest owners. |
Employee Termination Benefits (
Employee Termination Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Schedule of Postemployment Benefits | The following table presents a summary of employee termination benefits for the three-month period ended March 31, 2018 which occurred before the change in composition of the current Board of Directors (in thousands): Cash Share-Based Compensation (3) Number of Shares Total Employee Termination Benefits Three Months Ended March 31, 2018 Executive Employee Termination Benefits (1) $ 11,945 $ 9,114 554 $ 21,059 Other Employee Termination Benefits (2) 6,692 3,836 209 10,528 $ 18,637 $ 12,950 763 $ 31,587 ____________________ 1. On February 8, 2018, the Company’s then current chief executive officer ("CEO"), James Bennett, separated employment from the Company, and on February 22, 2018, the Company’s then current chief financial officer ("CFO"), Julian Bott, also separated employment from the Company. As a result, the Company paid cash severance costs and incurred share-based compensation costs associated with these separations during the first quarter of 2018. 2. As a result of a reduction in workforce in the first quarter of 2018, certain employees received termination benefits including cash severance and accelerated share-based and incentive compensation upon separation of service from the Company. 3. Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards and performance share units upon the departure of certain executives and the reduction in workforce in the first quarter of 2018 reflects the remaining unrecognized compensation expense associated with these awards at the date of termination. The unrecognized compensation expense was calculated using the grant date fair value for restricted stock awards and performance share units. One share of the Company’s common stock was issued per performance share unit. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured on Recurring Basis | The following table summarizes the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy as of December 31, 2018 (in thousands): December 31, 2018 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 5,286 $ — $ — $ 5,286 $ — $ 5,286 $ — $ — $ 5,286 ____________________ 1. Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment consists of the following (in thousands): March 31, December 31, 2018 Oil and natural gas properties Proved $ 1,344,552 $ 1,269,091 Unproved 57,363 60,152 Total oil and natural gas properties 1,401,915 1,329,243 Less accumulated depreciation, depletion and impairment (614,972) (580,132) Net oil and natural gas properties capitalized costs 786,943 749,111 Land 4,400 4,400 Electrical infrastructure 131,176 131,176 Other non-oil and natural gas equipment 13,410 13,458 Buildings and structures 77,148 77,148 Financing leases 1,727 — Total 227,861 226,182 Less accumulated depreciation and amortization (27,847) (25,344) Other property, plant and equipment, net 200,014 200,838 Total property, plant and equipment, net $ 986,957 $ 949,949 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following (in thousands): March 31, December 31, 2018 Accounts payable and other accrued expenses $ 89,909 $ 78,219 Payroll and benefits 10,712 12,891 Production payable 12,972 12,767 Taxes payable 4,569 5,350 Drilling advances 724 2,031 Accrued interest 550 539 Total accounts payable and accrued expenses $ 119,436 $ 111,797 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) | The following table summarizes derivative activity for the three-month periods ended March 31, 2019, and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Loss on commodity derivative contracts $ 209 $ 18,330 Cash (received) paid on settlements $ (5,078) $ 6,119 |
Offsetting Assets and Liabilities | The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of December 31, 2018 (in thousands): December 31, 2018 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 5,286 $ — $ 5,286 $ — $ 5,286 Total $ 5,286 $ — $ 5,286 $ — $ 5,286 |
Fair Value of Derivatives | The following table presents the fair value of the Company’s derivative contracts as of December 31, 2018, on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification December 31, 2018 Derivative assets Natural gas price swaps Derivative contracts-current $ 5,286 Total net derivative contracts $ 5,286 |
Loss per Share (Tables)
Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Weighted Average Common Shares Outstanding Used in Computation of Diluted (Loss) Earnings Per Share | The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted loss per share: Net Loss Weighted Average Shares Loss Per Share (In thousands, except per share amounts) Three Months Ended March 31, 2019 Basic loss per share $ (5,277) 35,322 $ (0.15) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(1) — — Warrants(1) — — Stock options(1) — — Diluted loss per share $ (5,277) 35,322 $ (0.15) Three Months Ended March 31, 2018 Basic loss per share $ (40,894) 34,575 $ (1.18) Effect of dilutive securities Restricted stock awards(2) — — Performance share units(3) — — Warrants(2) — — Diluted loss per share $ (40,894) 34,575 $ (1.18) ____________________ 1. No incremental shares of potentially dilutive restricted stock awards, performance share units, warrants or stock options were included for the three-month period ended March 31, 2019, as their effect was antidilutive under the treasury stock method. 2. No incremental shares of potentially dilutive restricted stock awards or warrants were included for the three-month period ended March 31, 2018, as their effect was antidilutive under the treasury stock method. 3. Performance share units covering an insignificant amount of shares for the three-month period ended March 31, 2018, were excluded from the computation of loss per share because their effect would have been antidilutive. |
Share and Incentive-Based Com_2
Share and Incentive-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share and Incentive-based Compensation | The following tables summarize share and incentive-based compensation for the three-month periods ended March 31, 2019, and 2018 (in thousands): Recurring Compensation Expense(1) Executive Terminations(2) Reduction in Force(2) Total Three Months Ended March 31, 2019 Equity-classified awards: Restricted stock awards $ 745 $ — $ — $ 745 Performance share units 198 — — 198 Stock options 130 — — 130 Total share-based compensation expense 1,073 — — 1,073 Less: Capitalized compensation expense (77) — — (77) Share-based compensation expense, net $ 996 $ — $ — $ 996 Three Months Ended March 31, 2018 Equity-classified awards: Restricted stock awards $ 2,776 $ 8,140 $ 3,686 $ 14,602 Performance share units 329 974 150 1,453 Total share-based compensation expense 3,105 9,114 3,836 16,055 Liability-classified awards: Performance units 530 2,367 589 3,486 Total share and incentive-based compensation expense 3,635 11,481 4,425 19,541 Less: Capitalized compensation expense (210) — — (210) Share and incentive-based compensation expense, net $ 3,425 $ 11,481 $ 4,425 $ 19,331 ____________________ 1. Recorded in general and administrative expense in the accompanying consolidated statements of operations. 2. Recorded in employee termination benefits in the accompanying consolidated statements of operations. Vesting for certain stock restricted stock awards, performance share units, and performance units was accelerated in connection with executive terminations and a reduction in force in the first quarter of 2018. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates the Company’s revenue by source for the three-month periods ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 Oil $ 43,159 $ 53,335 NGL 13,111 16,389 Natural gas 16,778 17,242 Other 188 162 Total revenues $ 73,236 $ 87,128 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Short-term lease cost | $ 4,909 | |
Financing lease cost | 297 | |
Operating lease cost | 58 | |
Total lease cost | 5,264 | |
Short-term lease, cost, capitalized | $ 3,100 | |
Accounting Standards Update 2016-02 | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use asset | $ 2,300 | |
Finance lease, liability | $ 2,400 |
Employee Termination Benefits_2
Employee Termination Benefits (Details) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Termination Benefits | ||
Cash | $ 18,637,000 | |
Share-Based Compensation | $ 12,950,000 | |
Number of Shares | 763 | |
Total Employee Termination Benefits | $ 0 | $ 31,587,000 |
Executive Employee Termination Benefits | ||
Employee Termination Benefits | ||
Cash | 11,945,000 | |
Share-Based Compensation | $ 9,114,000 | |
Number of Shares | 554 | |
Total Employee Termination Benefits | $ 21,059,000 | |
Other Employee Termination Benefits | ||
Employee Termination Benefits | ||
Cash | 6,692,000 | |
Share-Based Compensation | $ 3,836,000 | |
Number of Shares | 209 | |
Total Employee Termination Benefits | $ 10,528,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring Basis | |
Derivative assets | $ 5,286 |
Fair Value, Measurements, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | |
Netting adjustments, assets | 0 |
Assets at fair value | 5,286 |
Fair Value, Measurements, Recurring | Commodity derivative contracts | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | |
Netting adjustments, assets | 0 |
Assets at fair value | 5,286 |
Fair Value, Measurements, Recurring | Fair Value Measurements Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | |
Derivative assets | 0 |
Fair Value, Measurements, Recurring | Fair Value Measurements Level 1 | Commodity derivative contracts | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | |
Derivative assets | 0 |
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | |
Derivative assets | 5,286 |
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2 | Commodity derivative contracts | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | |
Derivative assets | 5,286 |
Fair Value, Measurements, Recurring | Fair Value Measurements Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | |
Derivative assets | 0 |
Fair Value, Measurements, Recurring | Fair Value Measurements Level 3 | Commodity derivative contracts | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | |
Derivative assets | $ 0 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Oil and natural gas properties | ||
Proved | $ 1,344,552 | $ 1,269,091 |
Unproved | 57,363 | 60,152 |
Total oil and natural gas properties | 1,401,915 | 1,329,243 |
Less: accumulated depreciation, depletion and impairment | (614,972) | (580,132) |
Net oil and natural gas properties capitalized costs | 786,943 | 749,111 |
Property, Plant and Equipment, net | ||
Property, plant and equipment, gross | 227,861 | 226,182 |
Less accumulated depreciation and amortization | (27,847) | (25,344) |
Other property, plant and equipment, net | 200,014 | 200,838 |
Total property, plant and equipment, net | 986,957 | 949,949 |
Land | ||
Property, Plant and Equipment, net | ||
Property, plant and equipment, gross | 4,400 | 4,400 |
Electrical infrastructure | ||
Property, Plant and Equipment, net | ||
Property, plant and equipment, gross | 131,176 | 131,176 |
Other non-oil and natural gas equipment | ||
Property, Plant and Equipment, net | ||
Property, plant and equipment, gross | 13,410 | 13,458 |
Buildings and structures | ||
Property, Plant and Equipment, net | ||
Property, plant and equipment, gross | 77,148 | 77,148 |
Financing leases | ||
Property, Plant and Equipment, net | ||
Property, plant and equipment, gross | $ 1,727 | $ 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - Midstream Generator Assets - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Property, Plant and Equipment | ||
Assets held-for-sale | $ 5,700,000 | |
Net realizable value of assets held for sale | 1,600,000 | |
Impairment of assets to be disposed of | $ 4,100,000 | |
Gain (loss) on sale of assets and asset impairment charges | $ 0 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accounts payable and other accrued expenses | $ 89,909 | $ 78,219 |
Payroll and benefits | 10,712 | 12,891 |
Production payable | 12,972 | 12,767 |
Taxes payable | 4,569 | 5,350 |
Drilling advances | 724 | 2,031 |
Accrued interest | 550 | 539 |
Total accounts payable and accrued expenses | $ 119,436 | $ 111,797 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 7 Months Ended | ||
Feb. 28, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | May 11, 2017 | Oct. 04, 2016 | |
Debt Instrument | |||||
Repayments of borrowings | $ 19,596,000 | $ 36,304,000 | |||
Gain on extinguishment of debt | 0 | 1,151,000 | |||
Credit Facility | Revolving Credit Facility | |||||
Debt Instrument | |||||
Maximum borrowing capacity | 600,000,000 | ||||
Borrowing base | $ 350,000,000 | ||||
Commitment fee | 0.50% | ||||
Percentage of proved reserves pledged as collateral | 95.00% | ||||
Total net leverage ratio (no greater than) | 3.50 | ||||
Interest coverage ratio (no less than) | 2.25 | ||||
Leverage ratio | 0.06 | ||||
Coverage ratio | 80.20 | ||||
Aggregate principal amount of default trigger | $ 25,000,000 | ||||
Default trigger related to judgment liability | 25,000,000 | ||||
Debt outstanding | 20,000,000 | ||||
Outstanding letters of credit | $ 5,200,000 | ||||
Credit Facility | Revolving Credit Facility | Minimum | LIBOR | |||||
Debt Instrument | |||||
Basis spread on variable rate | 3.00% | ||||
Credit Facility | Revolving Credit Facility | Minimum | Base Rate | |||||
Debt Instrument | |||||
Basis spread on variable rate | 2.00% | ||||
Credit Facility | Revolving Credit Facility | Maximum | LIBOR | |||||
Debt Instrument | |||||
Basis spread on variable rate | 4.00% | ||||
Credit Facility | Revolving Credit Facility | Maximum | Base Rate | |||||
Debt Instrument | |||||
Basis spread on variable rate | 3.00% | ||||
New Building Note | Secured Notes | |||||
Debt Instrument | |||||
Repayments of borrowings | $ 36,300,000 | ||||
Face amount of debt instrument | $ 35,000,000 | ||||
Interest costs paid-in-kind | $ 1,300,000 | ||||
Gain on extinguishment of debt | $ 1,200,000 |
Derivatives - Derivative Activi
Derivatives - Derivative Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure | ||
Loss on derivative contracts | $ 209 | $ 18,330 |
Cash (received) paid on settlements | (5,078) | 6,119 |
Commodity derivative contracts | ||
Derivative Instruments and Hedging Activities Disclosure | ||
Loss on derivative contracts | 209 | 18,330 |
Cash (received) paid on settlements | $ (5,078) | $ 6,119 |
Derivatives - Offsetting Assets
Derivatives - Offsetting Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Assets | |
Derivative assets, gross amounts | $ 5,286 |
Derivative assets, gross amounts offset | 0 |
Derivative assets, amounts net of offset | 5,286 |
Financial collateral (obligation to return cash) | 0 |
Derivative assets, net amount | 5,286 |
Current assets | |
Assets | |
Derivative assets, gross amounts | 5,286 |
Derivative assets, gross amounts offset | 0 |
Derivative assets, amounts net of offset | 5,286 |
Financial collateral (obligation to return cash) | 0 |
Derivative assets, net amount | $ 5,286 |
Derivatives - Fair Value of Der
Derivatives - Fair Value of Derivative Contracts (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Derivatives, Fair Value | |
Derivative assets | $ 5,286 |
Total net derivative contracts | (5,286) |
Current assets | |
Derivatives, Fair Value | |
Derivative assets | 5,286 |
Natural gas price swaps | Current assets | |
Derivatives, Fair Value | |
Derivative assets | $ 5,286 |
Equity - Narrative (Details)
Equity - Narrative (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Class of Stock | ||
Common stock, shares issued (in shares) | 35,687,000 | 35,687,000 |
Common stock, shares outstanding (in shares) | 35,687,000 | 35,687,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Unvested options (in shares) | 300,000 | |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Series A Warrants | ||
Class of Stock | ||
Plan of reorganization, equity interest issuable (in shares) | 4,600,000 | |
Number of common shares exercised for each warrant (in shares) | 1 | |
Exercise price (in usd per share) | $ 41.34 | |
Series B Warrants | ||
Class of Stock | ||
Plan of reorganization, equity interest issuable (in shares) | 2,000,000 | |
Number of common shares exercised for each warrant (in shares) | 1 | |
Exercise price (in usd per share) | $ 42.03 | |
Restricted Stock | ||
Class of Stock | ||
Unvested awards (in shares) | 400,000 | |
Performance Share Units | ||
Class of Stock | ||
Unvested awards (in shares) | 100,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Minimum | |
Income Taxes | |
Number of tax years open for state tax audit (in years) | 3 years |
Maximum | |
Income Taxes | |
Number of tax years open for state tax audit (in years) | 5 years |
Earliest Tax Year | |
Income Taxes | |
Open tax year | 2005 |
Latest Tax Year | |
Income Taxes | |
Open tax year | 2014 |
Domestic Tax Authority | Earliest Tax Year | |
Income Taxes | |
Open tax year | 2015 |
Loss per Share (Details)
Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method | ||
Net Loss, basic | $ (5,277) | $ (40,894) |
Weighted Average Shares, Basic (in shares) | 35,322,000 | 34,575,000 |
Loss per Share, basic (in dollars per share) | $ (0.15) | $ (1.18) |
Effect of dilutive securities | ||
Restricted stock awards | $ 0 | $ 0 |
Restricted stock awards (in shares) | 0 | 0 |
Performance share units | $ 0 | $ 0 |
Performance share units (in shares) | 0 | 0 |
Warrants | $ 0 | $ 0 |
Warrants (in shares) | 0 | 0 |
Stock options | $ 0 | |
Stock options (in shares) | 0 | |
Diluted earnings (loss) | $ (5,277) | $ (40,894) |
Weighted average shares, diluted (in shares) | 35,322,000 | 34,575,000 |
Loss Per Share, diluted (in dollars per share) | $ (0.15) | $ (1.18) |
Restricted Stock awards | ||
Potentially Dilutive Securities | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Performance Share Units | ||
Potentially Dilutive Securities | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | |
Warrants | ||
Potentially Dilutive Securities | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Stock Option | ||
Potentially Dilutive Securities | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 |
Share and Incentive-Based Com_3
Share and Incentive-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Oct. 31, 2016 | |
Share and Incentive Based Compensation Arrangement | |||
Shares authorized for issuance | 4.6 | ||
Performance Share Units | |||
Share and Incentive Based Compensation Arrangement | |||
Aggregate intrinsic value of awards | $ 1.7 | ||
Unvested awards (in shares) | 0.1 | ||
Restricted Stock | |||
Share and Incentive Based Compensation Arrangement | |||
Unvested awards (in shares) | 0.4 | ||
Weighted average grant date fair value | $ 16.07 | ||
Compensation yet not yet recognized | $ 3.9 | ||
Compensation yet not yet recognized period | 2 years 1 month 6 days | ||
Restricted Stock | Minimum | |||
Share and Incentive Based Compensation Arrangement | |||
Vesting period | 1 year | ||
Restricted Stock | Maximum | |||
Share and Incentive Based Compensation Arrangement | |||
Vesting period | 3 years |
Share and Incentive-Based Com_4
Share and Incentive-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | $ 1,073 | $ 16,055 |
Liability-classified awards compensation expense, Performance units | 3,486 | |
Total share and incentive-based compensation expense | 19,541 | |
Less: Capitalized compensation expense | (77) | (210) |
Share-based compensation expense, net | 996 | 19,331 |
Recurring Compensation Expense | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 1,073 | 3,105 |
Liability-classified awards compensation expense, Performance units | 530 | |
Total share and incentive-based compensation expense | 3,635 | |
Less: Capitalized compensation expense | (77) | (210) |
Share-based compensation expense, net | 996 | 3,425 |
Executive Terminations | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 0 | 9,114 |
Liability-classified awards compensation expense, Performance units | 2,367 | |
Total share and incentive-based compensation expense | 11,481 | |
Less: Capitalized compensation expense | 0 | 0 |
Share-based compensation expense, net | 0 | 11,481 |
Reduction in Force | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 0 | 3,836 |
Liability-classified awards compensation expense, Performance units | 589 | |
Total share and incentive-based compensation expense | 4,425 | |
Less: Capitalized compensation expense | 0 | 0 |
Share-based compensation expense, net | 0 | 4,425 |
Restricted Stock | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 745 | 14,602 |
Restricted Stock | Recurring Compensation Expense | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 745 | 2,776 |
Restricted Stock | Executive Terminations | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 0 | 8,140 |
Restricted Stock | Reduction in Force | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 0 | 3,686 |
Performance Share Units | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 198 | 1,453 |
Performance Share Units | Recurring Compensation Expense | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 198 | 329 |
Performance Share Units | Executive Terminations | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 0 | 974 |
Performance Share Units | Reduction in Force | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 0 | $ 150 |
Stock Option | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 130 | |
Stock Option | Recurring Compensation Expense | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 130 | |
Stock Option | Executive Terminations | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | 0 | |
Stock Option | Reduction in Force | ||
Share and Incentive-Based Compensation Arrangement by Award, Compensation Cost | ||
Equity-classified awards compensation expense | $ 0 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue | ||
Total revenues | $ 73,236 | $ 87,128 |
Oil | ||
Disaggregation of Revenue | ||
Total revenues | 43,159 | 53,335 |
NGL | ||
Disaggregation of Revenue | ||
Total revenues | 13,111 | 16,389 |
Natural gas | ||
Disaggregation of Revenue | ||
Total revenues | 16,778 | 17,242 |
Other | ||
Disaggregation of Revenue | ||
Total revenues | $ 188 | $ 162 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue Receivable from Contract With Customers | ||
Revenues Receivable from Customer | ||
Revenues receivable | $ 28.1 | $ 31.8 |
Uncategorized Items - sd-201903
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (57,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (57,000) |