Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 12, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001792849 | |
Entity Registrant Name | HighPeak Energy, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39464 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-3533602 | |
Entity Address, Address Line One | 421 W. 3rd St., Suite 1000 | |
Entity Address, Postal Zip Code | 76102 | |
Entity Address, City or Town | Fort Worth | |
Entity Address, State or Province | TX | |
City Area Code | 817 | |
Local Phone Number | 850-9200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 104,704,073 | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Common Stock | |
Trading Symbol | HPKEW | |
Security Exchange Name | NASDAQ | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | HPK | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 35,850 | $ 34,869 |
Accounts receivable | 46,167 | 39,378 |
Prepaid expenses | 15,080 | 7,154 |
Inventory | 3,986 | 3,304 |
Derivatives | 0 | 2,199 |
Deposits | 50 | 50 |
Total current assets | 101,133 | 86,954 |
Crude oil and natural gas properties, using the successful efforts method of accounting: | ||
Proved properties | 999,110 | 699,701 |
Unproved properties | 137,765 | 108,392 |
Accumulated depletion, depreciation and amortization | (99,442) | (82,478) |
Total crude oil and natural gas properties, net | 1,037,433 | 725,615 |
Other property and equipment, net | 1,637 | 1,600 |
Other noncurrent assets | 4,515 | 4,791 |
Total assets | 1,144,718 | 818,960 |
Current liabilities: | ||
Accounts payable - trade | 59,062 | 38,144 |
Accrued liabilities | 58,083 | 32,409 |
Derivatives | 51,758 | 13,591 |
Advances from joint interest owners | 4,067 | 10,841 |
Other current liabilities | 6,676 | 8,015 |
Total current liabilities | 179,646 | 103,000 |
Noncurrent liabilities: | ||
Long-term debt, net | 203,197 | 97,929 |
Deferred income taxes | 55,490 | 55,802 |
Derivatives | 5,342 | 4,075 |
Asset retirement obligations | 5,082 | 4,260 |
Other | 2,080 | 831 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at March 31, 2022 and December 31, 2021 | 0 | 0 |
Common stock, $0.0001 par value, 600,000,000 shares authorized, 103,810,939 and 96,774,185 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 10 | 10 |
Additional paid-in capital | 777,501 | 617,489 |
Accumulated deficit | 83,630 | 64,436 |
Total stockholders' equity | 693,881 | 553,063 |
Total liabilities and stockholders' equity | $ 1,144,718 | $ 818,960 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 103,810,939 | 96,774,185 |
Common stock, shares outstanding (in shares) | 103,810,939 | 96,774,185 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Operating revenues | $ 92,229 | $ 25,717 |
Operating Costs and Expenses: | ||
Crude oil and natural gas production | 9,446 | 2,227 |
Production and ad valorem taxes | 5,006 | 1,664 |
Exploration and abandonments | 209 | 191 |
Depletion, depreciation and amortization | 17,024 | 12,963 |
Accretion of discount | 54 | 35 |
General and administrative | 1,940 | 1,759 |
Stock-based compensation | 3,976 | 966 |
Total operating costs and expenses | 37,655 | 19,805 |
Income from operations | 54,574 | 5,912 |
Interest and other income | 250 | 1 |
Interest expense | (5,252) | (54) |
Derivative loss, net | (66,394) | 0 |
Income before income taxes | (16,822) | 5,859 |
Income tax expense (benefit) | (312) | 1,115 |
Net income (loss) | $ (16,510) | $ 4,744 |
Earnings (loss) per share: | ||
Basic net income (loss) (in dollars per share) | $ (0.17) | $ 0.05 |
Diluted net income (loss) (in dollars per share) | $ (0.17) | $ 0.05 |
Weighted average shares outstanding: | ||
Basic (in shares) | 95,841 | 92,592 |
Diluted (in shares) | 95,841 | 93,996 |
Dividends declared, per share (in dollars per share) | $ 0.025 | |
Crude Oil Sales [Member] | ||
Operating Revenues: | ||
Operating revenues | $ 86,938 | $ 24,870 |
Natural Gas and NGL Sales [Member] | ||
Operating Revenues: | ||
Operating revenues | $ 5,291 | $ 847 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 91,968,000 | |||
Balance at Dec. 31, 2020 | $ 9 | $ 581,426 | $ (107,209) | $ 474,226 |
Exercise of warrants (in shares) | 554,000 | |||
Exercise of warrants | $ 0 | 5,466 | 0 | 5,466 |
Shares issued upon options being exercised (in shares) | 154,000 | |||
Shares issued upon options being exercised | $ 0 | 1,574 | 0 | 1,574 |
Compensation costs included in net income | 0 | 966 | 0 | 966 |
Net income (loss) | $ 0 | 0 | 4,744 | 4,744 |
Balance (in shares) at Mar. 31, 2021 | 92,676,000 | |||
Balance at Mar. 31, 2021 | $ 9 | 589,432 | (102,465) | 486,976 |
Balance (in shares) at Dec. 31, 2020 | 91,968,000 | |||
Balance at Dec. 31, 2020 | $ 9 | 581,426 | (107,209) | $ 474,226 |
Shares issued upon options being exercised (in shares) | 154,268 | |||
Balance (in shares) at Dec. 31, 2021 | 96,774,000 | |||
Balance at Dec. 31, 2021 | $ 10 | 617,489 | (64,436) | $ 553,063 |
Dividends declared | 0 | 0 | (2,434) | (2,434) |
Dividend equivalents declared on outstanding stock options | $ 0 | 0 | (250) | (250) |
Stock issued for acquisition (in shares) | 6,960,000 | |||
Stock issued for acquisition | $ 0 | 156,599 | 0 | 156,599 |
Stock issuance costs | $ 0 | (55) | 0 | (55) |
Exercise of warrants (in shares) | 69,000 | |||
Exercise of warrants | $ 0 | 779 | 0 | $ 779 |
Shares issued upon options being exercised (in shares) | 8,000 | 7,500 | ||
Shares issued upon options being exercised | $ 0 | 75 | 0 | $ 75 |
Compensation costs included in net income | 0 | 2,614 | 0 | 2,614 |
Net income (loss) | $ 0 | 0 | (16,510) | (16,510) |
Balance (in shares) at Mar. 31, 2022 | 103,811,000 | |||
Balance at Mar. 31, 2022 | $ 10 | $ 777,501 | $ (83,630) | $ 693,881 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) | 3 Months Ended |
Mar. 31, 2022$ / shares | |
Dividends declared, per share (in dollars per share) | $ 0.025 |
Dividend equivalents declared, per share (in dollars per share) | $ 0.025 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (16,510) | $ 4,744 |
Adjustments to reconcile net income (loss) to net cash provided by operations: | ||
Exploration and abandonment expense | 32 | 49 |
Depletion, depreciation and amortization expense | 17,024 | 12,963 |
Accretion expense | 54 | 35 |
Stock-based compensation expense | 3,976 | 966 |
Amortization of debt issuance costs | 645 | 29 |
Amortization of original issue discount on senior notes | 893 | 0 |
Derivative-related activity | 41,633 | 0 |
Deferred income taxes | (312) | 1,115 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (6,789) | (9,193) |
Prepaid expenses, inventory and other assets | (941) | (12) |
Accounts payable, accrued liabilities and other current liabilities | 10,242 | 677 |
Net cash provided by operating activities | 49,947 | 11,373 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to crude oil and natural gas properties | (165,099) | (44,875) |
Changes in working capital associated with crude oil and natural gas property additions | 20,644 | 13,263 |
Acquisitions of crude oil and natural gas properties | (6,348) | (309) |
Other property additions | (96) | 0 |
Net cash used in investing activities | (150,899) | (31,921) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of senior unsecured notes, net of discount | 210,179 | 0 |
Repayments under revolving credit facility | (115,000) | 0 |
Borrowings under revolving credit facility | 15,000 | 0 |
Proceeds from exercises of warrants | 779 | 5,466 |
Proceeds from subscription receivable from exercises of warrants | 0 | 3,596 |
Proceeds from exercises of stock options | 75 | 1,574 |
Debt issuance costs | (6,449) | (2) |
Dividends paid | (2,382) | 0 |
Dividend equivalents paid | (214) | 0 |
Stock offering costs | (55) | 0 |
Net cash provided by financing activities | 101,933 | 10,634 |
Net increase (decrease) in cash and cash equivalents | 981 | (9,914) |
Cash and cash equivalents, beginning of period | 34,869 | 19,552 |
Cash and cash equivalents, end of period | 35,850 | 9,638 |
Supplemental disclosure of non-cash transactions: | ||
Interest paid | 1,081 | 4 |
Income taxes paid | 0 | 0 |
Stock issued for acquisition | 156,600 | 0 |
Additions to asset retirement obligations | $ 768 | $ 153 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. HighPeak Energy, Inc. ("HighPeak Energy" or the "Company,") is a Delaware corporation, formed in October 2019. 10 December 31, 2021 HighPeak Energy’s common stock and warrants are listed and traded on the Nasdaq Global Market (the "Nasdaq") under the ticker symbols “HPK” and “HPKEW,” respectively. HighPeak Energy’s Contingent Value Rights (“CVRs”) are currently traded on the Over-The-Counter market under the ticker symbol “HPKER.” The Company is an independent crude oil and natural gas exploration and production company that explores for, develops and produces crude oil, NGL and natural gas in the Permian Basin in West Texas, more specifically, the Midland Basin in Howard and Borden Counties. Our acreage is composed of two |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2. Presentation. March 31, 2022 three March 31, 2022 2021 three March 31, 2022 not Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim condensed consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2021. Principles of consolidation. Use of estimates in the preparation of financial statements. not Cash and cash equivalents. 90 may Accounts receivable. March 31, 2022 December 31, 2021, zero March 31, 2022 December 31, 2021, no Concentration of credit risk. three March 31, 2022 2021, not not Prepaid expenses. third March 31, 2022 December 31, 2021 Inventory. March 31, 2022 December 31, 2021 not Crude oil and natural gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 6 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other crude oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties are credited to proved or unproved oil and natural gas properties, as the case may not no The Company performs assessments of its long-lived assets to be held and used, including proved crude oil and natural gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved crude oil and natural gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not Other property and equipment, net. March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021 Land $ 1,122 $ 1,122 Transportation equipment 257 202 Leasehold improvements 167 143 Information technology 83 125 Field equipment 8 8 Total other property and equipment, net $ 1,637 $ 1,600 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not five seven three The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Aid-in-construction assets. March 31, 2022 December 31, 2021, third four Debt issuance costs and original issue discount. three March 31, 2022, three March 31, 2022 2021, three March 31, 2022 2021, March 31, 2022 December 31, 2021, Leases. not may 12 not 10 Current liabilities. March 31, 2022 December 31, 2021 Asset retirement obligations. 8 Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its crude oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two March 31, 2022 December 31, 2021, Crude Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not Derivatives. may The Company’s credit risk related to derivatives is a counterparties’ failure to perform under derivative contracts owed to the Company. The Company uses credit and other financial criteria to evaluate the credit standing of, and to select, counterparties to its derivative instruments. Although the Company does not The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the counterparties with rights of set off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not may 5 Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not March 31, 2022 December 31, 2021. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 13 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the consolidated statements of operations of which there have been none The Company is also subject to Texas Margin Tax. The Company realized no not Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to outside directors with no Segments. Impact of the COVID- 19 19" 2019 March 2020, 19 19 19 19 February 2020. 19 New accounting pronouncements. not not |
Note 3 - Acquisitions
Note 3 - Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Acquisitions [Text Block] | NOTE 3. Acquisitions Acquisitions. three March 31, 2022, Contingent Acquisition. may May 31, 2022. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 4. The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not The three ● Level 1 ● Level 2 not ● Level 3 Assets and liabilities measured at fair value on a recurring basis. March 31, 2022 December 31, 2021 As of March 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Commodity price derivatives $ — $ — $ — $ — Liabilities: Commodity price derivatives – current — 51,758 — 51,758 Commodity price derivatives – noncurrent — 5,342 — 5,342 Total liabilities — 57,100 — 57,100 Total recurring fair value measurements $ — $ (57,100 ) $ — $ (57,100 ) As of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Commodity price derivatives $ — $ 2,199 $ — $ 2,199 Liabilities: Commodity price derivatives – current — 13,591 — 13,591 Commodity price derivatives – noncurrent — 4,075 — 4,075 Total liabilities — 17,666 — 17,666 Total recurring fair value measurements $ — $ (15,467 ) $ — $ (15,467 ) Commodity price derivatives. third third 2 Assets and liabilities measured at fair value on a nonrecurring basis. not 1 2 3 may not not Financial instruments not not As of March 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents $ 35,850 $ 35,850 $ 34,869 $ 34,869 Liabilities: Long-term debt: Senior notes (a) $ 205,052 $ 225,000 $ — $ — (a) Fair value is determined using Level 2 not 7 The Company has other financial instruments consisting primarily of accounts receivable, accounts payable, long-term debt, specifically the revolving credit facility, and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 5. The Company primarily utilizes commodity swap contracts to (i) reduce the effect of price volatility on the commodities the Company produces and sells, and (ii) support the Company’s capital budgeting and expenditure plans, (iii) protect the Company’s borrowing base under its Revolving Credit Facility, (iv) adhere to the hedge obligations included in the senior unsecured notes and (v) support the payment of contractual obligations. The following table summarizes the effect of derivatives on the Company’s consolidated statements of operations (in thousands): Three Months Ended March 31, 2022 2021 Noncash derivative gain (loss), net $ (41,633 ) $ — Derivative settlements, net (24,761 ) — Derivative gain (loss), net $ (66,394 ) $ — Crude oil production derivatives. The Company’s outstanding crude oil derivative contracts as of March 31, 2022 Remainder of 2022 2023 Second Third Fourth First Second Total Total Quarter Quarter Quarter Quarter Quarter Crude Oil Price Swaps - WTI: Volume (MBbls) 1,039.8 456.4 487.4 1,983.6 441.0 200.2 641.2 Price per Bbl $ 71.96 $ 75.15 $ 70.14 $ 72.25 $ 70.05 $ 57.22 $ 66.04 The Company uses credit and other financial criteria to evaluate the credit standings of, and to select, counterparties to its derivative financial instruments. Although the Company does not Net derivative liabilities associated with the Company’s open commodity derivatives by counterparty are as follows (in thousands): As of March 31, 2022 Fifth Third Bank, National Association $ (35,464 ) Bank of America, National Association (11,765 ) Bank of Oklahoma, National Association (7,939 ) Citizens Bank, National Association (1,932 ) $ (57,100 ) |
Note 6 - Exploratory Well Costs
Note 6 - Exploratory Well Costs | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Exploratory Well Costs [Text Block] | NOTE 6. The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are included in proved properties in the consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The changes in capitalized exploratory well costs are as follows (in thousands): Three Months Ended March 31, 2022 Beginning capitalized exploratory well costs $ 28,076 Additions to exploratory well costs 70,728 Reclassification to proved properties (74,081 ) Exploratory well costs charged to exploration and abandonment expense — Ending capitalized exploratory well costs $ 24,723 All capitalized exploratory well costs have been capitalized for less than one |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 7. The components of long-term debt, including the effects of debt issuance costs, are as follows (in thousands): March 31, 2022 December 31, 2021 10.00% Senior Notes due 2024 $ 225,000 $ — Revolving Credit Facility due 2024 — 100,000 Debt issuance costs, net (a) (7,876 ) (2,071 ) Discounts, net (b) (13,927 ) — Total debt 203,197 97,929 Less current portion of long-term debt — — Long-term debt, net $ 203,197 $ 97,929 (a) Debt issuance costs as of March 31, 2022 December 31, 2021 (b) Discounts as of March 31, 2022 December 31, 2021 zero zero Revolving Credit Facility December 2020, June 17, 2024. June 2021, October 2021, February 2022, $195.0 $138.8 The borrowing capacity under the Revolving Credit Facility is equal to the lowest of (i) the borrowing base (which stands at $138.8 million as of March 31, 2022), ( $138.8 March 31, 2022) March 31, 2022 December 31, 2021, February 2022 one three six February 2022, zero 1 3 first April October. The Revolving Credit Facility requires the maintenance of a ratio of total debt to EBITDAX, subject to certain adjustments, not 1.00 1.00 The Company has limited equity cure rights for a breach of the above-listed financial covenants. Additionally, the Revolving Credit Facility contains additional restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, incur additional liens, make investments and loans, enter into mergers and acquisitions, make or declare dividends and other payments, enter into certain hedging transactions, sell assets and engage in transactions with affiliates. The Revolving Credit Facility contains customary mandatory prepayments, including a monthly mandatory prepayment if the Consolidated Cash Balance (as defined in the Credit Agreement) is in excess of $20.0 million. In addition, the Credit Agreement is subject to customary events of default, including a change in control. If an event of default occurs and is continuing, the administrative agent or the majority of the lenders may Senior notes. February 2022, February 15, 2024 ( zero August 15 February 15 Both the Revolving Credit Facility and the Senior Notes have hedging obligations that the Company adheres to. |
Note 8 - Asset Retirement Oblig
Note 8 - Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 8. The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. Asset retirement obligations activity is as follows (in thousands): Three Months Ended March 31, 2022 Beginning asset retirement obligations $ 4,260 Liabilities incurred from wells acquired 523 Liabilities incurred from new wells 245 Accretion of discount 54 Ending asset retirement obligations $ 5,082 As of March 31, 2022 December 31, 2021, |
Note 9 - Incentive Plans
Note 9 - Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 9. 401 401 “401 401 1986, 401 three may 401 401 401 four 401 three March 31, 2022 2021, 401 Long-Term Incentive Plan. March 31, 2022 March 31, 2022 Approved and authorized awards 13,174,746 Awards issued under plan (11,607,006 ) Awards available for future grant 1,567,740 Stock Options. August 24, 2020 November 4, 2021. three March 31, 2022 2021 March 31, 2022 December 31, 2021 two The Company estimates the fair values of stock options granted on the grant date using a Black-Scholes option valuation model, which requires the Company to make several assumptions. The expected term of options granted was determined based on the simplified method of the midpoint between the vesting dates and the contractual term of the options. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the option at the date of grant and the volatility was based on the volatility of either an index of exploration and production crude oil and natural gas companies or on a peer group of companies with similar characteristics of the Company on the date of grant since the Company had minimal or did not Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Awards granted 442,500 $ 14.36 Exercised (154,268 ) $ 10.00 Forfeitures (10,000 ) $ 10.00 Outstanding at December 31, 2021 9,983,727 $ 10.19 8.7 $ 44,395 Exercised (7,500 ) $ 10.00 Outstanding at March 31, 2022 9,976,227 $ 10.19 7.8 $ 119,781 Vested at December 31, 2021 8,551,070 $ 10.13 8.7 $ 38,556 Exercisable at December 31, 2021 8,551,070 $ 10.13 8.7 $ 38,556 Vested at March 31, 2022 8,543,570 $ 10.13 7.8 $ 103,110 Exercisable at March 31, 2022 8,543,570 $ 10.13 7.8 $ 103,110 Restricted Stock Issued to Employee Members of the Board. November 4, 2021, three three March 31, 2022 three three March 31, 2022, March 31, 2022 not March 31, 2022 December 31, 2021, Stock Issued to Outside Directors. June 1, 2021, January 2022. three March 31, 2022, |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10. Leases. 842, March 31, 2022 December 31, 2021 not March 31, 2022 Remainder of 2022 $ 397 2023 349 Total lease payments 746 Less present value discount (23 ) Present value of lease liabilities $ 723 Legal actions. may not Indemnifications. Environmental. no not Salt-water disposal commitments. third July 24, 2020 July 24, 2022. March 31, 2022, not not March 31, 2022. Crude oil delivery commitments. May 2021, October 2021 first second eight October 1, 2021 March 31, 2022, March 31, 2022, Natural gas purchasing replacement contract. May 2021, not Power contracts. June 2021, 13 May 2022 50 Also in June 2021, 12 fifteen 15 May 20, 2023. Sand commitments. two second 2022. March 31, 2022 |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 11. Water Treatment. September 2021, 25,000 third March 1, 2022, July 1, 2022 three March 31, 2022, |
Note 12 - Major Customers
Note 12 - Major Customers | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 12. Lion Oil Trading and Transportation, LLC (“Lion”) accounted for approximately 93% and 96% of the Company’s revenues during the three March 31, 2022 2021, not |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 13. The Company’s income tax expense (benefit) attributable to income (loss) from operations consisted of the following (in thousands): Three Months Ended March 31, 2022 2021 Current income tax expense (benefit): Federal $ — $ — State — — Total current income tax expense (benefit) — — Deferred income tax expense (benefit): Federal (188 ) 1,115 State (124 ) — Deferred income tax expense (benefit) (312 ) 1,115 Total income tax expense (benefit) $ (312 ) $ 1,115 The reconciliation between the income tax expense (benefit) computed by multiplying pre-tax income by the U.S. federal statutory rate and the reported amounts of income tax expense is as follows (in thousands, except rate): Three Months Ended March 31, 2022 2021 Income tax expense (benefit) at U.S. federal statutory rate $ (3,533 ) $ 1,230 Limited tax benefit due to stock-based compensation 3,606 (109 ) State deferred income taxes (124 ) — Other, net (261 ) (6 ) Income tax expense (benefit) $ (312 ) $ 1,115 Effective income tax rate 1.9 % 19.0 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows as of March 31, 2022 December 31, 2021 ( March 31, 2022 December 31, 2021 Deferred tax assets: Unrecognized derivative losses $ 12,329 $ 3,248 Net operating loss carryforwards 3,681 2,870 Stock-based compensation 1,357 4,373 Interest expense limitations 968 — Other 293 31 Deferred tax assets 18,628 10,522 Deferred tax liabilities: Crude oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (74,118 ) (66,324 ) Net deferred tax liabilities $ (55,490 ) $ (55,802 ) The effective income tax rate differs from the U.S. statutory rate of 21 percent primarily due to establishing a valuation allowance primarily related to stock-based compensation, deferred state income taxes and permanent differences between GAAP income and taxable income. As required by ASC Topic 740, 740” not” not not may not March 31, 2022 December 31, 2021, not not” 740. 162 162 $1.0 three March 31, 2022. The Company is also subject to Texas Margin Tax. The Company realized no not 2022 2021. March 31, 2022 December 31, 2021, |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 14. The Company uses the two The Company’s basic earnings per share attributable to common stockholders is computed as (i) net income as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings per share attributable to common stockholders is computed as (i) basic earnings attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding. The following table reconciles the Company’s earnings from operations and earnings attributable to common stockholders to the basic and diluted earnings used to determine the Company’s earnings per share amounts for the three March 31, 2022 2021 two Three Months Ended March 31, 2022 2021 Net income as reported $ (16,510 ) $ 4,744 Participating basic earnings (a) (214 ) (336 ) Basic earnings attributable to common stockholders (16,724 ) 4,408 Reallocation of participating earnings — 2 Diluted net income attributable to common stockholders $ (16,724 ) $ 4,410 Basic weighted average shares outstanding 95,841 92,592 Dilutive warrants and unvested stock options — 1,404 Dilutive unvested restricted stock — — Diluted weighted average shares outstanding 95,841 93,996 (a) Certain unvested restricted stock awarded to outside directors represent participating securities because they participate in nonforfeitable dividends with the common equity holders of the Company. Vested stock options represent participating securities because they participate in dividend equivalents with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Certain unvested restricted stock awarded to employee members of the board of directors do not not The calculation for weighted average shares reflects shares outstanding over the reporting period based on the actual number of days the shares were outstanding. |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 15. Equity Issuance of Common Stock. March 25, 2022, three March 31, 2022 Dividends and dividend equivalents. January 2022, February 25, 2022. February 2022 August 2022, November 2022 November 2023, no November 2021 November 2024. Outstanding Securities. March 31, 2022 December 31, 2021, August 21, 2025 10,209,300 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16. Hannathon Acquisition. April 2022, third 2022 Dividends and dividend equivalents. April 2022, $2.6 May 25, 2022. May 2022 August 2022, November 2022 November 2023, no November 2021 November 2024. Warrant exercises. March 31, 2022 May 4, 2022, 602,669 Water treatment. May 2022, one July 1, 2022 third Stock-based compensation. May 4, 2022, two second 2022 nine December 31, 2022, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Presentation. March 31, 2022 three March 31, 2022 2021 three March 31, 2022 not Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim condensed consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2021. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates in the preparation of financial statements. not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents. 90 may |
Accounts Receivable [Policy Text Block] | Accounts receivable. March 31, 2022 December 31, 2021, zero March 31, 2022 December 31, 2021, no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk. three March 31, 2022 2021, not not |
Prepaid Expense [Policy Text Block] | Prepaid expenses. third March 31, 2022 December 31, 2021 |
Inventory, Policy [Policy Text Block] | Inventory. March 31, 2022 December 31, 2021 not |
Industry-Specific Policies, Oil and Gas [Policy Text Block] | Crude oil and natural gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 6 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other crude oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties are credited to proved or unproved oil and natural gas properties, as the case may not no The Company performs assessments of its long-lived assets to be held and used, including proved crude oil and natural gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved crude oil and natural gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not |
Property, Plant and Equipment, Policy [Policy Text Block] | Other property and equipment, net. March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021 Land $ 1,122 $ 1,122 Transportation equipment 257 202 Leasehold improvements 167 143 Information technology 83 125 Field equipment 8 8 Total other property and equipment, net $ 1,637 $ 1,600 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not five seven three The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Other Non-current Assets, Aid-in-Construction Assets, Policy [Policy Text Block] | Aid-in-construction assets. March 31, 2022 December 31, 2021, third four |
Debt, Policy [Policy Text Block] | Debt issuance costs and original issue discount. three March 31, 2022, three March 31, 2022 2021, three March 31, 2022 2021, March 31, 2022 December 31, 2021, |
Lessee, Leases [Policy Text Block] | Leases. not may 12 not 10 |
Accounts Payable and Accrued Liabilities, Policy [Policy Text Block] | Current liabilities. March 31, 2022 December 31, 2021 |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligations. 8 |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its crude oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two March 31, 2022 December 31, 2021, Crude Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not |
Derivatives, Policy [Policy Text Block] | Derivatives. may The Company’s credit risk related to derivatives is a counterparties’ failure to perform under derivative contracts owed to the Company. The Company uses credit and other financial criteria to evaluate the credit standing of, and to select, counterparties to its derivative instruments. Although the Company does not The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the counterparties with rights of set off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not may 5 |
Income Tax, Policy [Policy Text Block] | Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not March 31, 2022 December 31, 2021. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 13 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the consolidated statements of operations of which there have been none The Company is also subject to Texas Margin Tax. The Company realized no not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to outside directors with no |
Segment Reporting, Policy [Policy Text Block] | Segments. |
Effect of Covid-19 Pandemic [Policy Text Block] | Impact of the COVID- 19 19" 2019 March 2020, 19 19 19 19 February 2020. 19 |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements. not not |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2022 December 31, 2021 Land $ 1,122 $ 1,122 Transportation equipment 257 202 Leasehold improvements 167 143 Information technology 83 125 Field equipment 8 8 Total other property and equipment, net $ 1,637 $ 1,600 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | As of March 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Commodity price derivatives $ — $ — $ — $ — Liabilities: Commodity price derivatives – current — 51,758 — 51,758 Commodity price derivatives – noncurrent — 5,342 — 5,342 Total liabilities — 57,100 — 57,100 Total recurring fair value measurements $ — $ (57,100 ) $ — $ (57,100 ) As of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Commodity price derivatives $ — $ 2,199 $ — $ 2,199 Liabilities: Commodity price derivatives – current — 13,591 — 13,591 Commodity price derivatives – noncurrent — 4,075 — 4,075 Total liabilities — 17,666 — 17,666 Total recurring fair value measurements $ — $ (15,467 ) $ — $ (15,467 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of March 31, 2022 As of December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Assets: Cash and cash equivalents $ 35,850 $ 35,850 $ 34,869 $ 34,869 Liabilities: Long-term debt: Senior notes (a) $ 205,052 $ 225,000 $ — $ — |
Note 5 - Derivative Financial_2
Note 5 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2022 2021 Noncash derivative gain (loss), net $ (41,633 ) $ — Derivative settlements, net (24,761 ) — Derivative gain (loss), net $ (66,394 ) $ — |
Schedule of Price Risk Derivatives [Table Text Block] | Remainder of 2022 2023 Second Third Fourth First Second Total Total Quarter Quarter Quarter Quarter Quarter Crude Oil Price Swaps - WTI: Volume (MBbls) 1,039.8 456.4 487.4 1,983.6 441.0 200.2 641.2 Price per Bbl $ 71.96 $ 75.15 $ 70.14 $ 72.25 $ 70.05 $ 57.22 $ 66.04 |
Schedule of Derivative Assets and Liabilities By Counterparty [Table Text Block] | As of March 31, 2022 Fifth Third Bank, National Association $ (35,464 ) Bank of America, National Association (11,765 ) Bank of Oklahoma, National Association (7,939 ) Citizens Bank, National Association (1,932 ) $ (57,100 ) |
Note 6 - Exploratory Well Cos_2
Note 6 - Exploratory Well Costs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Capitalized Exploratory Well Costs, Roll Forward [Table Text Block] | Three Months Ended March 31, 2022 Beginning capitalized exploratory well costs $ 28,076 Additions to exploratory well costs 70,728 Reclassification to proved properties (74,081 ) Exploratory well costs charged to exploration and abandonment expense — Ending capitalized exploratory well costs $ 24,723 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2022 December 31, 2021 10.00% Senior Notes due 2024 $ 225,000 $ — Revolving Credit Facility due 2024 — 100,000 Debt issuance costs, net (a) (7,876 ) (2,071 ) Discounts, net (b) (13,927 ) — Total debt 203,197 97,929 Less current portion of long-term debt — — Long-term debt, net $ 203,197 $ 97,929 |
Note 8 - Asset Retirement Obl_2
Note 8 - Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Three Months Ended March 31, 2022 Beginning asset retirement obligations $ 4,260 Liabilities incurred from wells acquired 523 Liabilities incurred from new wells 245 Accretion of discount 54 Ending asset retirement obligations $ 5,082 |
Note 9 - Incentive Plans (Table
Note 9 - Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Shares Available Under Long-term Incentive Plan [Table Text Block] | March 31, 2022 Approved and authorized awards 13,174,746 Awards issued under plan (11,607,006 ) Awards available for future grant 1,567,740 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Awards granted 442,500 $ 14.36 Exercised (154,268 ) $ 10.00 Forfeitures (10,000 ) $ 10.00 Outstanding at December 31, 2021 9,983,727 $ 10.19 8.7 $ 44,395 Exercised (7,500 ) $ 10.00 Outstanding at March 31, 2022 9,976,227 $ 10.19 7.8 $ 119,781 Vested at December 31, 2021 8,551,070 $ 10.13 8.7 $ 38,556 Exercisable at December 31, 2021 8,551,070 $ 10.13 8.7 $ 38,556 Vested at March 31, 2022 8,543,570 $ 10.13 7.8 $ 103,110 Exercisable at March 31, 2022 8,543,570 $ 10.13 7.8 $ 103,110 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | March 31, 2022 Remainder of 2022 $ 397 2023 349 Total lease payments 746 Less present value discount (23 ) Present value of lease liabilities $ 723 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2022 2021 Current income tax expense (benefit): Federal $ — $ — State — — Total current income tax expense (benefit) — — Deferred income tax expense (benefit): Federal (188 ) 1,115 State (124 ) — Deferred income tax expense (benefit) (312 ) 1,115 Total income tax expense (benefit) $ (312 ) $ 1,115 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended March 31, 2022 2021 Income tax expense (benefit) at U.S. federal statutory rate $ (3,533 ) $ 1,230 Limited tax benefit due to stock-based compensation 3,606 (109 ) State deferred income taxes (124 ) — Other, net (261 ) (6 ) Income tax expense (benefit) $ (312 ) $ 1,115 Effective income tax rate 1.9 % 19.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2022 December 31, 2021 Deferred tax assets: Unrecognized derivative losses $ 12,329 $ 3,248 Net operating loss carryforwards 3,681 2,870 Stock-based compensation 1,357 4,373 Interest expense limitations 968 — Other 293 31 Deferred tax assets 18,628 10,522 Deferred tax liabilities: Crude oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (74,118 ) (66,324 ) Net deferred tax liabilities $ (55,490 ) $ (55,802 ) |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Net income as reported $ (16,510 ) $ 4,744 Participating basic earnings (a) (214 ) (336 ) Basic earnings attributable to common stockholders (16,724 ) 4,408 Reallocation of participating earnings — 2 Diluted net income attributable to common stockholders $ (16,724 ) $ 4,410 Basic weighted average shares outstanding 95,841 92,592 Dilutive warrants and unvested stock options — 1,404 Dilutive unvested restricted stock — — Diluted weighted average shares outstanding 95,841 93,996 |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 46,167,000 | $ 46,167,000 | $ 39,378,000 | |||
Income Taxes Receivable | 3,200,000 | 3,200,000 | 3,200,000 | |||
Oil and Gas Joint Interest Billing Receivables | 1,900,000 | 1,900,000 | 3,100,000 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 0 | 0 | 771,000 | |||
Prepaid Expense | 15,100,000 | 15,100,000 | 7,200,000 | |||
Inventory, Raw Materials and Supplies, Gross, Total | 4,000,000 | 4,000,000 | 3,300,000 | |||
Inventory, LIFO Reserve | 0 | 0 | 0 | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 497,000 | 497,000 | 438,000 | |||
Payments of Debt Issuance Costs | 6,449,000 | $ 2,000 | ||||
Amortization of Debt Issuance Costs | 645,000 | 29,000 | ||||
Debt Instrument, Unamortized Discount, Total | [1] | 13,927,000 | 13,927,000 | 0 | ||
Amortization of Debt Discount (Premium) | 893,000 | 0 | ||||
Accounts Payable and Accrued Liabilities, Current, Total | 179,600,000 | 179,600,000 | 103,000,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | 0 | ||||
Number of Operating Segments | 1 | |||||
Minimum [Member] | ||||||
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month) | 1 month | |||||
Maximum [Member] | ||||||
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month) | 2 months | |||||
Senior Unsecured Notes and Revolving Credit Facility [Member] | ||||||
Payments of Debt Issuance Costs | $ 6,400,000 | 9,000,000 | ||||
Amortization of Debt Issuance Costs | 644,000 | 29,000 | ||||
Senior Unsecured Notes Due 2024 [Member] | ||||||
Payments of Debt Issuance Costs | $ 21,200,000 | |||||
Debt Instrument, Unamortized Discount, Total | $ 14,800,000 | |||||
Amortization of Debt Discount (Premium) | $ 893,000 | $ 0 | ||||
Transportation Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Field Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Largest Purchaser [Member] | ||||||
Concentration Risk, Percentage | 93.00% | 96.00% | ||||
Refunds From Pipe Suppliers [Member] | ||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 0 | 0 | 3,200,000 | |||
Aid-in-construction Receivables [Member] | WTG Gas Processing, L.P. [Member] | ||||||
Accounts Receivable, after Allowance for Credit Loss, Total | 3,800,000 | 3,800,000 | 3,900,000 | |||
Crude Oil, Natural Gas and Natural Gas Liquids [Member] | ||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 41,100,000 | $ 41,100,000 | $ 29,000,000 | |||
[1] | Discounts as of March 31, 2022 and December 31, 2021 consisted of $14.8 million and zero, respectively, in discounts less accumulated amortization of $893,000 and zero, respectively. |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Other Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other property and equipment, net | $ 1,637 | $ 1,600 |
Land [Member] | ||
Other property and equipment, net | 1,122 | 1,122 |
Transportation Equipment [Member] | ||
Other property and equipment, net | 257 | 202 |
Leasehold Improvements [Member] | ||
Other property and equipment, net | 167 | 143 |
Technology Equipment [Member] | ||
Other property and equipment, net | 83 | 125 |
Field Equipment [Member] | ||
Other property and equipment, net | $ 8 | $ 8 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) - USD ($) $ in Millions | Mar. 25, 2022 | Feb. 25, 2022 | Mar. 31, 2022 |
Asset Acquisition, Consideration Transferred, Total | $ 162.9 | ||
Flat Top Operating Area [Member] | |||
Asset Acquisition, Consideration Transferred, Total | $ 10,200 | ||
Stock Issued During Period, Shares, Acquisitions (in shares) | 6,960,000 | 6,960,000 | |
Payments to Acquire Oil and Gas Property and Equipment, Total | $ 156.6 | ||
Flat Top Operating Area [Member] | Contingent Option Agreement [Member] | |||
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 773,333 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Assets and Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives | $ 51,758 | $ 13,591 |
Derivatives | 5,342 | 4,075 |
Commodity Contract [Member] | ||
Total liabilities | 57,100 | |
Commodity Contract [Member] | Fair Value, Recurring [Member] | ||
Derivative assets | 0 | 2,199 |
Derivatives | 51,758 | 13,591 |
Derivatives | 5,342 | 4,075 |
Total liabilities | 57,100 | 17,666 |
Total recurring fair value measurements | (57,100) | (15,467) |
Commodity Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | 0 | 0 |
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Total recurring fair value measurements | 0 | 0 |
Commodity Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | 0 | 2,199 |
Derivatives | 51,758 | 13,591 |
Derivatives | 5,342 | 4,075 |
Total liabilities | 57,100 | 17,666 |
Total recurring fair value measurements | (57,100) | (15,467) |
Commodity Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | 0 | 0 |
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Total recurring fair value measurements | $ 0 | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Financial Instruments Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Reported Value Measurement [Member] | |||
Cash and cash equivalents | $ 35,850 | $ 34,869 | |
Senior notes (a) | [1] | 205,052 | 0 |
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | 35,850 | 34,869 | |
Senior notes (a) | [1] | $ 225,000 | $ 0 |
[1] | Fair value is determined using Level 2 inputs. The Company's senior notes are quoted, but not actively traded on major exchanges; therefore, fair value is based on periodic values as quoted on major exchanges. See Note 7 for additional information. |
Note 5 - Derivative Financial_3
Note 5 - Derivative Financial Instruments - Summary of the Effect of Derivatives on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Noncash derivative gain (loss), net | $ (41,633) | $ 0 |
Derivative settlements, net | (24,761) | 0 |
Derivative gain (loss), net | $ (66,394) | $ 0 |
Note 5 - Derivative Financial_4
Note 5 - Derivative Financial Instruments - Commodity Derivative Contracts (Details) - Not Designated as Hedging Instrument [Member] | 3 Months Ended |
Mar. 31, 2022$ / bblbbl | |
Crude Oil Derivative Swap Q1 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 1,039.8 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 71.96 |
Crude Oil Derivative Swap Q2 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 456.4 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 75.15 |
Crude Oil Derivative Swap Q3 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 487.4 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 70.14 |
Crude Oil Derivative Swap Q4 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 1,983.6 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 72.25 |
Crude Oil Derivative Swap 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 441 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 70.05 |
Crude Oil Derivative Swap Q1 2023 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 200.2 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 57.22 |
Crude Oil Derivative Swap Q2 2023 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 641.2 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 66.04 |
Note 5 - Derivative Financial_5
Note 5 - Derivative Financial Instruments - Net Derivative Liabilities By Counterparty (Details) - Commodity Contract [Member] $ in Thousands | Mar. 31, 2022USD ($) |
Net derivative liabilities | $ (57,100) |
Fifth Third Bank, National Association [Member] | |
Net derivative liabilities | (35,464) |
Bank of America, National Association [Member] | |
Derivative assets | (11,765) |
Bank of Oklahoma, National Association [Member] | |
Derivative assets | (7,939) |
Citizens Bank, National Association [Member] | |
Derivative assets | $ (1,932) |
Note 6 - Exploratory Well Cos_3
Note 6 - Exploratory Well Costs (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Capitalized Exploratory Well Costs, Maximum Term (Year) | 1 year |
Note 6 - Exploratory Well Cos_4
Note 6 - Exploratory Well Costs - Exploratory Well Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Beginning capitalized exploratory well costs | $ 28,076 |
Additions to exploratory well costs | 70,728 |
Reclassification to proved properties | (74,081) |
Exploratory well costs charged to exploration and abandonment expense | 0 |
Ending capitalized exploratory well costs | $ 24,723 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2022 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Oct. 01, 2021 | Jun. 30, 2021 | ||
Debt Instrument, Unamortized Discount, Total | [1] | $ 13,927,000 | $ 0 | ||||||
Payments of Debt Issuance Costs | 6,449,000 | $ 2,000 | |||||||
Senior Unsecured Notes Due 2024 [Member] | |||||||||
Debt Instrument, Unamortized Discount, Total | $ 14,800,000 | ||||||||
Debt Instrument, Face Amount | $ 225,000,000 | ||||||||
Long-Term Debt, Gross | 225,000,000 | 0 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||
Payments of Debt Issuance Costs | $ 21,200,000 | ||||||||
Proceeds from Issuance of Debt | 203,800,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Long-Term Debt, Gross | 0 | 100,000,000 | |||||||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | $ 40,000,000 | $ 195,000,000 | $ 125,000,000 | |||||
Line of Credit Facility, Commitment Fee Amount | 20,000,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 138,800,000 | $ 20,000,000 | $ 20,000,000 | $ 195,000,000 | $ 125,000,000 | ||||
Debt Instrument, Face Amount | 500,000,000 | ||||||||
Long-Term Debt, Gross | $ 0 | 100,000,000 | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||||||||
Debt Instrument, Covenant, Minimum Cash Threshold for Prepayment to be Due | $ 20,000,000 | ||||||||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Maximum [Member] | |||||||||
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio | 3 | ||||||||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Minimum [Member] | |||||||||
Debt Instrument, Covenant, Minimum Current Ratio | 1 | ||||||||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Letter of Credit [Member] | Fifth Third Bank, National Association [Member] | London Interbank Offered Rate (LIBOR), Applicable Margin [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.125% | ||||||||
Other Noncurrent Assets [Member] | |||||||||
Debt Issuance Costs, Gross | $ 9,000,000 | 2,600,000 | |||||||
Accumulated Amortization, Debt Issuance Costs | 1,100,000 | 502,000 | |||||||
Debt Instrument, Unamortized Discount, Total | 14,800,000 | 0 | |||||||
Accumulated Amortization, Debt Discount | $ 893,000 | $ 0 | |||||||
[1] | Discounts as of March 31, 2022 and December 31, 2021 consisted of $14.8 million and zero, respectively, in discounts less accumulated amortization of $893,000 and zero, respectively. |
Note 7 - Long-term Debt - Long-
Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | |
Debt issuance costs, net (a) | [1] | $ (7,876) | $ (2,071) | |
Discounts, net (b) | [2] | (13,927) | 0 | |
Long term debt | 203,197 | 97,929 | ||
Less current portion of long-term debt | 0 | 0 | ||
Long-term debt, net | 203,197 | 97,929 | ||
Revolving Credit Facility [Member] | ||||
Long-term debt | 0 | 100,000 | ||
Senior Unsecured Notes Due 2024 [Member] | ||||
Long-term debt | $ 225,000 | $ 0 | ||
Discounts, net (b) | $ (14,800) | |||
[1] | Debt issuance costs as of March 31, 2022 and December 31, 2021 consisted of $9.0 million and $2.6 million, respectively, in costs less accumulated amortization of $1.1 million and $502,000, respectively. | |||
[2] | Discounts as of March 31, 2022 and December 31, 2021 consisted of $14.8 million and zero, respectively, in discounts less accumulated amortization of $893,000 and zero, respectively. |
Note 8 - Asset Retirement Obl_3
Note 8 - Asset Retirement Obligations - Asset Retirement Obligations Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Beginning asset retirement obligations | $ 4,260 | |
Liabilities incurred from wells acquired | 523 | |
Liabilities incurred from new wells | 245 | |
Accretion of discount | 54 | $ 35 |
Ending asset retirement obligations | $ 5,082 |
Note 9 - Incentive Plans (Detai
Note 9 - Incentive Plans (Details Textual) - USD ($) | Nov. 04, 2021 | Jun. 01, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Share-Based Payment Arrangement, Expense | $ 3,976,000 | $ 966,000 | |||
Share Price (in dollars per share) | $ 22.20 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 525,000 | 966,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,300,000 | $ 1,800,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||||
Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 1,800,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,500,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 18,600,000 | ||||
Restricted Stock [Member] | Outside Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 67,779 | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 284,000 | ||||
Contractual Equity-based Bonus [Member] | |||||
Share-Based Payment Arrangement, Expense | 1,400,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 600,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 11,500,000 | ||||
Deferred Compensation Share-Based Arrangements, Liability, Classified, Noncurrent | $ 1,900,000 | $ 488,000 | |||
The 401K Plan [Member] | |||||
Defined Contribution Plan, Period of Employment for Eligibility (Month) | 3 months | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 80.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 76,000 | $ 56,000 |
Note 9 - Incentive Plans - Numb
Note 9 - Incentive Plans - Number of Shares Available for Grant Pursuant to Long-term Incentive Plan (Details) - shares | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Awards issued under plan (in shares) | (9,976,227) | (9,983,727) | (9,705,495) |
The 2020 Long-term Incentive Plan [Member] | |||
Approved and authorized awards (in shares) | 13,174,746 | ||
Awards issued under plan (in shares) | (11,607,006) | ||
Awards available for future grant (in shares) | 1,567,740 |
Note 9 - Incentive Plans - Stoc
Note 9 - Incentive Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding balance (in shares) | 9,983,727 | 9,705,495 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 10.19 | $ 10 | |
Outstanding, remaining term (Year) | 7 years 9 months 18 days | 8 years 8 months 12 days | 9 years 8 months 12 days |
Outstanding, intrinsic value | $ 119,781 | $ 44,395 | $ 57,942 |
Awards granted (in shares) | 442,500 | ||
Awards granted, weighted average exercise price (in dollars per share) | $ 14.36 | ||
Exercised (in shares) | (7,500) | (154,268) | |
Exercised, weighted average exercise price (in dollars per share) | $ 10 | $ 10 | |
Forfeitures (in shares) | (10,000) | ||
Forfeitures, weighted average exercise price (in dollars per share) | $ 10 | ||
Outstanding balance (in shares) | 9,976,227 | 9,983,727 | 9,705,495 |
Outstanding, weighted average exercise price (in dollars per share) | $ 10.19 | $ 10.19 | $ 10 |
Vested (in shares) | 8,543,570 | 8,551,070 | |
Vested, weighted average exercise price (in dollars per share) | $ 10.13 | $ 10.13 | |
Vested, remaining term (Year) | 7 years 9 months 18 days | 8 years 8 months 12 days | |
Vested, intrinsic value | $ 103,110 | $ 38,556 | |
Exercisable (in shares) | 8,543,570 | 8,551,070 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 10.13 | $ 10.13 | |
Exercisable, remaining term (Year) | 7 years 9 months 18 days | 8 years 8 months 12 days | |
Exercisable, intrinsic value | $ 103,110 | $ 38,556 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 3 Months Ended | ||
May 31, 2021bbl | Mar. 31, 2022USD ($)bblMMBbls | Dec. 31, 2021USD ($) | Jun. 30, 2021USD ($)a | |
Oncor [Member] | ||||
Letters of Credit Outstanding, Amount | $ 1,900,000 | |||
TEXAS | ||||
Area of Land (Acre) | a | 80 | |||
The Salt-Water Disposal Agreement Due on July 24, 2022 [Member] | ||||
Number of Barrels to be Delivered (Million Barrels of Oil) | MMBbls | 3,000,000 | |||
Number of Barrels, Delivered (Million Barrels of Oil) | MMBbls | 2.7 | |||
Supply Commitment, Remaining Minimum Amount Committed | $ 114,000 | |||
Crude Oil Delivery Commitments [Member] | ||||
Number of Barrels, Delivered (Million Barrels of Oil) | bbl | 15,141 | |||
Supply Commitment, Gross Barrels of Oil Delivered Per Day, Year One (Barrel of Oil) | bbl | 5,000 | |||
Supply Commitment, Gross Barrels of Oil Delivered Per Day, Year Two (Barrel of Oil) | bbl | 7,500 | |||
Supply Commitment, Gross Barrels of Oil Delivered Per Day, Remaining Term of Contract (Barrel of Oil) | bbl | 10,000 | |||
Supply Commitment, Remaining Term of Contract (Year) | 8 years | |||
Supply Commitment, Amount Committed | $ 23,600,000 | |||
Sand Commitments [Member] | ||||
Supply Commitment, Amount Committed | $ 8,700,000 | |||
Supply Commitment, Minimum Tons of Sand | 600,000 | |||
Other Noncurrent Assets [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 715,000 | $ 852,000 | ||
Other Liabilities [Member] | ||||
Operating Lease, Liability, Total | 723,000 | 856,000 | ||
Other Current Liabilities [Member] | ||||
Operating Lease, Liability, Noncurrent | 493,000 | 513,000 | ||
Other Noncurrent Liabilities [Member] | ||||
Operating Lease, Liability, Noncurrent | $ 230,000 | $ 343,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Operating Lease Obligations (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Remainder of 2022 | $ 397,000 | |
2023 | 349,000 | |
Total lease payments | 746,000 | |
Less present value discount | (23,000) | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 723,000 | $ 856,000 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Pilot Exploration Inc. [Member] | Water Treatment Services [Member] | |
Related Party Transaction, Amounts of Transaction | $ 632,000 |
Note 12 - Major Customers (Deta
Note 12 - Major Customers (Details Textual) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Lion Oil Trading and Transportation, LLC [Member] | ||
Concentration Risk, Percentage | 93.00% | 96.00% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 | |
Income Tax Expense (Benefit), Total | (312) | $ 1,115 | |
Deferred Income Tax Liabilities, Net | 55,490 | 55,802 | |
State and Local Jurisdiction [Member] | Texas Margin Tax [Member] | |||
Deferred Income Tax Liabilities, Net | 1,700 | $ 1,800 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Deferred Tax Assets, Gross, Total | (3,400) | ||
Income Tax Expense (Benefit), Total | $ 3,400 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Benefit and Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Federal | $ 0 | $ 0 |
State | 0 | 0 |
Total current income tax expense (benefit) | 0 | 0 |
Federal | (188) | 1,115 |
State | (124) | 0 |
Deferred income tax expense (benefit) | (312) | 1,115 |
Income tax expense (benefit) | $ (312) | $ 1,115 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income tax expense (benefit) at U.S. federal statutory rate | $ (3,533) | $ 1,230 |
Limited tax benefit due to stock-based compensation | 3,606 | (109) |
State deferred income taxes | (124) | 0 |
Other, net | (261) | (6) |
Income tax expense (benefit) | $ (312) | $ 1,115 |
Effective income tax rate | 1.90% | 19.00% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Unrecognized derivative losses | $ 12,329 | $ 3,248 |
Net operating loss carryforwards | 3,681 | 2,870 |
Stock-based compensation | 1,357 | 4,373 |
Interest expense limitations | 968 | 0 |
Other | 293 | 31 |
Deferred tax assets | 18,628 | 10,522 |
Crude oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes | (74,118) | (66,324) |
Net deferred tax liabilities | $ (55,490) | $ (55,802) |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Net income (loss) | $ (16,510) | $ 4,744 | |
Participating basic earnings (a) | [1] | (214) | (336) |
Basic earnings attributable to common stockholders | (16,724) | 4,408 | |
Reallocation of participating earnings | 0 | 2 | |
Diluted net income attributable to common stockholders | $ (16,724) | $ 4,410 | |
Basic weighted average shares outstanding (in shares) | 95,841 | 92,592 | |
Dilutive warrants and unvested stock options (in shares) | 0 | 1,404 | |
Dilutive unvested restricted stock (in shares) | 0 | 0 | |
Diluted weighted average shares outstanding (in shares) | 95,841 | 93,996 | |
[1] | Certain unvested restricted stock awarded to outside directors represent participating securities because they participate in nonforfeitable dividends with the common equity holders of the Company. Vested stock options represent participating securities because they participate in dividend equivalents with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Certain unvested restricted stock awarded to employee members of the board of directors do not represent participating securities because, while they participate in dividends with the common equity holders of the Company, the dividends associated with such unvested restricted stock are forfeitable in connection with the forfeitability of the underlying restricted stock. Unvested stock options do not represent participating securities because, while they participate in dividend equivalents with the common equity holders of the Company, the dividend equivalents associated with unvested stock options are forfeitable in connection with the forfeitability of the underlying stock options. |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Details Textual) - USD ($) | Aug. 31, 2022 | Mar. 25, 2022 | Feb. 25, 2022 | Jul. 01, 2021 | Nov. 30, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 |
Stock Issued During Period, Shares, Warrants and Stock Options Exercised (in shares) | 76,754 | |||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.025 | |||||||||||
Dividends, Total | $ 2,400,000 | $ 214,000 | ||||||||||
Dividends Payable | $ 53,000 | $ 53,000 | ||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 103,810,939 | 96,774,185 | ||||||||||
Class of Warrant or Right, Outstanding (in shares) | 9,422,741 | 9,500,166 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | $ 11.50 | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 21,694,763 | |||||||||||
Contingent Value Right [Member] | ||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 10,209,300 | 10,209,300 | ||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 2.125 | 2.125 | ||||||||||
Forecast [Member] | ||||||||||||
Dividends, Total | $ 31,000 | $ 2,000 | $ 2,000 | $ 31,000 | $ 214,000 | |||||||
Quarterly Dividend [Member] | ||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.025 | |||||||||||
Flat Top Operating Area [Member] | ||||||||||||
Stock Issued During Period, Shares, Acquisitions (in shares) | 6,960,000 | 6,960,000 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) | Aug. 31, 2022USD ($) | May 04, 2022USD ($)shares | Feb. 25, 2022USD ($) | Jul. 01, 2021$ / shares | Nov. 30, 2023USD ($) | Nov. 30, 2022USD ($) | Aug. 31, 2022USD ($) | May 31, 2022USD ($) | May 04, 2022USD ($)shares | Apr. 30, 2022USD ($)a$ / sharesshares | Feb. 28, 2022USD ($) | May 16, 2022USD ($)shares | Jun. 30, 2022USD ($) | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021shares | Nov. 30, 2021USD ($) |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.025 | |||||||||||||||||
Dividends, Total | $ 2,400,000 | $ 214,000 | ||||||||||||||||
Dividends Payable | $ 53,000 | $ 53,000 | ||||||||||||||||
Proceeds from Warrant Exercises | $ 779,000 | $ 5,466,000 | ||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | shares | 9,422,741 | 9,500,166 | ||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 442,500 | |||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 3,976,000 | $ 966,000 | ||||||||||||||||
Forecast [Member] | ||||||||||||||||||
Dividends, Total | $ 31,000 | $ 2,000 | $ 2,000 | $ 31,000 | $ 214,000 | |||||||||||||
Share-Based Payment Arrangement, Expense | $ 9,700,000 | $ 10,200,000 | ||||||||||||||||
Quarterly Dividend [Member] | ||||||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.025 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Proceeds from Warrant Exercises | $ 6,900,000 | |||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | shares | 602,669 | |||||||||||||||||
Stock Issued During Period, Shares, Exercise of Warrants (in shares) | shares | 602,669 | |||||||||||||||||
Stock Issued During Period, Shares, Cashless Exercise of Warrants (in shares) | shares | 290,465 | |||||||||||||||||
Class of Warrant or Right, Exercised During Period, Cashless (in shares) | shares | 526,300 | |||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | shares | 8,293,772 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 824,500 | |||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 10,900,000 | $ 10,900,000 | ||||||||||||||||
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 729,833 | |||||||||||||||||
Subsequent Event [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |||||||||||||||||
Subsequent Event [Member] | Pilot Exploration Inc. [Member] | ||||||||||||||||||
Supply Commitment, Minimum Barrels of Produced Water | 29,200,000 | |||||||||||||||||
Supply Commitment, Amount Committed | $ 6,000,000 | |||||||||||||||||
Subsequent Event [Member] | Quarterly Dividend [Member] | ||||||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.025 | |||||||||||||||||
Dividends, Total | $ 2,600,000 | |||||||||||||||||
Subsequent Event [Member] | Hannathon Petroleum, LLC Property [Member] | ||||||||||||||||||
Area of Land (Acre) | a | 18,600 | |||||||||||||||||
Asset Acquisition, Percent of Interests Acquired | 60.00% | |||||||||||||||||
Payments to Acquire Oil and Gas Property and Equipment, Total | $ 255,000,000 | |||||||||||||||||
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 3,800,000 |