Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 07, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Carbon Energy Corp | |
Entity Central Index Key | 0000086264 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 7,949,128 | |
Entity File Number | 000-02040 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | DE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,740 | $ 904 |
Accounts receivable: | ||
Revenue | 10,331 | 12,886 |
Joint interest billings and other | 1,583 | 1,552 |
Commodity derivative asset (Note 12) | 18,078 | 5,915 |
Prepaid expenses, deposits, and other current assets | 2,352 | 2,500 |
Inventory | 1,943 | 2,512 |
Total current assets | 36,027 | 26,269 |
Oil and gas properties, full cost method of accounting: | ||
Proved, net | 239,842 | 242,144 |
Unproved | 4,906 | 4,872 |
Other property and equipment, net | 15,768 | 15,984 |
Total property and equipment, net | 260,516 | 263,000 |
Investments in affiliates | 67 | 625 |
Commodity derivative asset - non-current (Note 12) | 5,107 | 1,164 |
Right-of-use assets | 5,689 | 6,104 |
Other non-current assets | 980 | 1,092 |
Total non-current assets | 272,359 | 271,985 |
Total assets | 308,386 | 298,254 |
Current liabilities: | ||
Accounts payable and accrued liabilities (Note 4) | 30,280 | 35,157 |
Firm transportation contract obligations (Note 13) | 5,571 | 5,679 |
Lease liability - current | 1,638 | 1,625 |
Commodity derivative liability (Note 12) | 469 | |
Credit facilities and notes payable (Note 6) | 3,311 | 5,788 |
Total current liabilities | 40,800 | 48,718 |
Non-current liabilities: | ||
Firm transportation contract obligations (Note 13) | 8,049 | 8,905 |
Lease liability - non-current | 3,966 | 4,383 |
Commodity derivative liability - non-current (Note 12) | 25 | 87 |
Production and property taxes payable | 3,173 | 2,815 |
Asset retirement obligations (Note 5) | 17,456 | 17,514 |
Credit facilities and notes payable (Note 6) | 96,520 | 94,870 |
Notes payable - related party (Note 6) | 46,517 | 44,741 |
Total non-current liabilities | 175,706 | 173,315 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; liquidation preference of $599 and $524 at March 31, 2020 and December 31, 2019, respectively; authorized 1,000,000 shares, 50,000 shares issued and outstanding at March 31, 2020 and December 31, 2019 | 1 | 1 |
Common stock, $0.01 par value; authorized 35,000,000 shares, 7,899,020 and 7,796,085 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 79 | 78 |
Additional paid-in capital | 86,037 | 85,834 |
Accumulated deficit | (26,043) | (35,842) |
Total Carbon stockholders' equity | 60,074 | 50,071 |
Non-controlling interests | 31,806 | 26,150 |
Total stockholders' equity | 91,880 | 76,221 |
Total liabilities and stockholders' equity | $ 308,386 | $ 298,254 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 50,000 | 50,000 |
Preferred stock, shares outstanding | 50,000 | 50,000 |
Preferred stock, liquidation preference | $ 599 | $ 524 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 35,000,000 | 35,000,000 |
Common stock, shares issued | 7,899,020 | 7,796,085 |
Common stock, shares outstanding | 7,899,020 | 7,796,085 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue: | ||
Commodity derivative gain (loss) | $ 19,714 | $ (9,306) |
Other (loss) income | (2) | 26 |
Total revenue | 42,465 | 24,950 |
Expenses: | ||
Lease operating expenses | 7,372 | 6,616 |
Pipeline operating expenses | 2,692 | 3,085 |
Transportation and gathering costs | 2,576 | 1,669 |
Production and property taxes | 10 | 2,010 |
Marketing gas purchases | 3,472 | 6,302 |
General and administrative | 3,303 | 4,689 |
Depreciation, depletion and amortization | 3,811 | 3,980 |
Accretion of asset retirement obligations | 478 | 394 |
Total expenses | 23,714 | 28,745 |
Operating income (loss) | 18,751 | (3,795) |
Other income (expense): | ||
Interest expense | (2,872) | (2,914) |
Investments in affiliates | (421) | 19 |
Total other expense | (3,293) | (2,895) |
Income (loss) before income taxes | 15,458 | (6,690) |
Provision for income taxes | ||
Net income (loss) before non-controlling interests and preferred shares | 15,458 | (6,690) |
Net income (loss) attributable to non-controlling interests | 5,659 | (2,590) |
Net income (loss) attributable to controlling interests before preferred shares | 9,799 | (4,100) |
Net income attributable to preferred shares - preferred return | 75 | 75 |
Net income (loss) attributable to common shares | $ 9,724 | $ (4,175) |
Net income (loss) per common share: | ||
Basic | $ 1.25 | $ (0.54) |
Diluted | $ 1.2 | $ (0.54) |
Weighted average common shares outstanding: | ||
Basic | 7,809 | 7,663 |
Diluted | 8,090 | 7,663 |
Natural gas liquids [Member] | ||
Revenue: | ||
Total revenue | $ 152 | $ 247 |
Oil sales [Member] | ||
Revenue: | ||
Total revenue | 7,216 | 8,989 |
Transportation and handling [Member] | ||
Revenue: | ||
Total revenue | 633 | 734 |
Marketing gas sales [Member] | ||
Revenue: | ||
Total revenue | 6,318 | 4,944 |
Natural gas sales [Member] | ||
Revenue: | ||
Total revenue | $ 8,434 | $ 19,316 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Preferred Stock | Additional Paid-In Capital | Non- controlling Interests | Accumulated Deficit | Total |
Balance at Dec. 31, 2018 | $ 77 | $ 1 | $ 84,612 | $ 28,284 | $ (36,939) | $ 76,035 |
Balance, shares at Dec. 31, 2018 | 7,656 | 50 | ||||
Stock-based compensation | 222 | 222 | ||||
Stock-based compensation, shares | ||||||
Restricted stock vested | $ 1 | 1 | ||||
Restricted stock vested, shares | 40 | |||||
Performance units vested | $ 1 | (1) | ||||
Performance units vested, shares | 95 | |||||
Non-controlling interests' distributions, net | 22 | 22 | ||||
Net income (loss) | (2,590) | (4,100) | (6,690) | |||
Balance at Mar. 31, 2019 | $ 79 | $ 1 | 84,833 | 25,716 | (41,039) | 69,590 |
Balance, shares at Mar. 31, 2019 | 7,791 | 50 | ||||
Balance at Dec. 31, 2019 | $ 78 | $ 1 | 85,834 | 26,150 | (35,842) | 76,221 |
Balance, shares at Dec. 31, 2019 | 7,796 | 50 | ||||
Stock-based compensation | 204 | 204 | ||||
Stock-based compensation, shares | ||||||
Restricted stock vested | ||||||
Restricted stock vested, shares | 20 | |||||
Performance units vested | $ 1 | (1) | ||||
Performance units vested, shares | 83 | |||||
Non-controlling interests' distributions, net | (3) | (3) | ||||
Net income (loss) | 5,659 | 9,799 | 15,458 | |||
Balance at Mar. 31, 2020 | $ 79 | $ 1 | $ 86,037 | $ 31,806 | $ (26,043) | $ 91,880 |
Balance, shares at Mar. 31, 2020 | 7,899 | 50 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 15,458 | $ (6,690) |
Items not involving cash: | ||
Depreciation, depletion and amortization | 3,811 | 3,980 |
Accretion of asset retirement obligations | 478 | 394 |
Unrealized commodity derivative (gain) loss | (16,636) | 8,850 |
Stock-based compensation expense | 204 | 222 |
Loss on sale of affiliate investment | 419 | |
Investments in affiliates | 9 | (19) |
Amortization of debt costs | 212 | 277 |
Interest expense paid-in-kind | 662 | 594 |
Net change in: | ||
Accounts receivable | 2,524 | 6,091 |
Prepaid expenses, deposits and other current assets | 148 | 375 |
Accounts payable, accrued liabilities and firm transportation contract obligations | (6,589) | (6,079) |
Inventory and other non-current items | 577 | 316 |
Net cash provided by operating activities | 1,277 | 8,311 |
Cash flows from investing activities: | ||
Development and acquisition of properties and equipment | (1,013) | (500) |
Proceeds received - disposition of oil and gas properties and other property and equipment | 256 | 164 |
Proceeds from sale of affiliate investment | 131 | |
Net cash used in investing activities | (626) | (336) |
Cash flows from financing activities: | ||
Proceeds from credit facilities and notes payable | 5,000 | 3,000 |
Payments on credit facilities and notes payable | (4,812) | (5,676) |
Payments of debt issuance costs | (41) | |
(Distributions to) contributions from non-controlling interests, net | (3) | 22 |
Net cash provided by (used in) financing activities | 185 | (2,695) |
Net increase in cash and cash equivalents | 836 | 5,280 |
Cash and cash equivalents, beginning of period | 904 | 5,736 |
Cash and cash equivalents, end of period | $ 1,740 | $ 11,016 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 1 – ORGANIZATION Carbon Energy Corporation is an independent oil and natural gas company engaged in the acquisition, exploration, development and production of oil, natural gas and natural gas liquids properties located in the United States. The terms "we", "us", "our", the "Company" or "Carbon" refer to Carbon Energy Corporation and our consolidated subsidiaries (described below). The following is an organization chart of the key subsidiaries discussed in this report as of March 31, 2020: Appalachian and Illinois Basin Operations In the Appalachian and Illinois Basins, operations are conducted by Nytis Exploration Company, LLC (" Nytis LLC We hold all of the Class A Units of Carbon Appalachian Company, LLC, a Delaware limited liability company (" Carbon Appalachia Ventura Basin Operations In California, Carbon California Operating Company, LLC conducts operations on behalf of Carbon California Company, LLC, a Delaware limited liability company (" Carbon California Prudential |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (" SEC GAAP Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. Partnerships and subsidiaries in which we have a controlling interest are consolidated. We are currently consolidating 46 partnerships, Carbon Appalachia, and Carbon California, and we reflect the non-controlling ownership interest in partnerships and subsidiaries as non-controlling interests on our unaudited condensed consolidated statements of operations and also reflect the non-controlling ownership interest in the net assets of the partnerships as non-controlling interests within stockholders' equity on our unaudited condensed consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated. In accordance with established practice in the oil and gas industry, our unaudited condensed consolidated financial statements also include our pro-rata share of assets, liabilities, income, lease operating costs and general and administrative expenses of the oil and gas partnerships in which we have a non-controlling interest. Non-majority owned investments that do not meet the criteria for pro-rata consolidation are accounted for using the equity method when we have the ability to significantly influence the operating decisions of the investee. When we do not have the ability to significantly influence the operating decisions of an investee, the cost method is used. All transactions, if any, with investees have been eliminated in the accompanying unaudited condensed consolidated financial statements. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board issued ASU 2020-04 as an update to provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform (ASC Topic 848) on financial reporting. The amendments in ASU 2020-04 are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference the London interbank offered rate (" LIBOR |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment, net consists of the following: (in thousands) March 31, 2020 December 31, 2019 Oil and gas properties: Proved oil and gas properties $352,561 $351,488 Unproved properties 4,906 4,872 Accumulated depreciation, depletion, amortization and impairment (112,719 ) (109,344 ) Oil and gas properties, net 244,748 247,016 Pipeline facilities and equipment 12,820 12,814 Base gas 1,937 1,937 Furniture and fixtures, computer hardware and software, and other equipment 6,967 6,762 Accumulated depreciation and amortization (5,956 ) (5,529 ) Other property and equipment, net 15,768 15,984 Total property and equipment, net $ 260,516 $ 263,000 Unproved oil and gas properties not subject to depletion are excluded from the full cost pool until it is determined if reserves can be assigned to the related properties. Subject to industry conditions, evaluation of most of these properties and the inclusion of their costs in the full cost pool is expected to be completed within five years. Unproved properties are assessed for impairment at least annually. During the three months ended March 31, 2020 and 2019, there were no expiring or impaired leasehold costs that were reclassified into proved property. We capitalized overhead applicable to acquisition, development and exploration activities of approximately $238,000 and $68,000 for the three months ended March 31, 2020 and 2019, respectively. Depletion expense related to oil and gas properties for the three months ended March 31, 2020 and 2019 was approximately $3.4 million and $3.5 million, respectively. For the three months ended March 31, 2020 and 2019, we did not recognize any ceiling test impairments as our full cost pool did not exceed the ceiling limitations. Future declines in oil and natural gas prices, increases in future operating expenses and future development costs could result in impairments of our oil and gas properties in future periods. Impairment changes are a non-cash charge and accordingly would not affect cash flows but would adversely affect our net income and stockholders' equity. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | NOTE 4 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consist of the following: (in thousands) March 31, 2020 December 31, 2019 Accounts payable $ 4,631 $ 9,875 Oil and gas revenue suspense 3,517 3,620 Gathering and transportation payables 2,014 1,877 Production taxes payable 2,768 3,212 Accrued lease operating costs 734 664 Accrued ad valorem taxes-current 4,114 4,407 Accrued general and administrative expenses 3,186 3,260 Asset retirement obligations-current 5,564 5,021 Accrued interest 1,180 1,335 Accrued gas purchases 1,220 1,392 Other liabilities 1,352 494 Total accounts payable and accrued liabilities $ 30,280 $ 35,157 |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligation [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | NOTE 5 – ASSET RETIREMENT OBLIGATIONS The Company's asset retirement obligations (" ARO The ARO liability is based on estimated economic lives, estimates of the cost to abandon the wells in the future, and federal and state regulatory requirements. The liability is discounted using a credit-adjusted risk-free rate estimated at the time the liability is incurred or adjusted as a result of a reassessment of expected cash flows and assumptions inherent in the estimation of the liability. Revisions to the liability could occur due to changes in estimated abandonment costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells. The following table is a reconciliation of ARO: Three Months Ended (in thousands) 2020 2019 Balance at beginning of period $ 22,535 $ 22,310 Accretion expense 478 394 Additions 7 - Balance at end of period $ 23,020 $ 22,704 Less: Current portion (5,564 ) (3,392 ) Non-current portion $ 17,456 $ 19,312 |
Credit Facilities and Notes Pay
Credit Facilities and Notes Payable | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
CREDIT FACILITIES AND NOTES PAYABLE | NOTE 6 – CREDIT FACILITIES AND NOTES PAYABLE The table below summarizes the outstanding credit facilities and notes payable: (in thousands) March 31, 2020 December 31, 2018 Credit Facility – revolver $ 70,150 $ 69,150 2018 Credit Facility – term note 3,333 5,833 Old Ironsides Notes 26,336 25,675 Other debt 34 45 Total debt 99,853 100,703 Less: unamortized debt discount (22 ) (45 ) Total credit facilities and notes payable 99,831 100,658 Current portion of credit facilities and notes payable (3,311 ) (5,788 ) Non-current debt, net of current portion and unamortized debt discount $ 96,520 $ 94,870 Carbon Appalachia 2018 Credit Facility In 2018, the Company and its subsidiaries amended and restated its prior credit facilities and entered into a $500.0 million senior secured asset-based revolving credit facility maturing December 31, 2022 and a $15.0 million term loan maturing in 2020 (the "2018 Credit Facility" "CAE" Nytis USA "Borrowers" The 2018 Credit Facility is guaranteed by each existing and future direct or indirect subsidiary of the Borrowers and certain other subsidiaries of the Company (subject to various exceptions) and the obligations under the 2018 Credit Facility are secured by essentially all tangible, intangible and real property (subject to certain exclusions). Interest accrues on borrowings under the 2018 Credit Facility at a rate per annum equal to either (i) the base rate plus a margin equal to 0.25% - 0.75% depending on the utilization percentage or (ii) the Adjusted LIBOR plus a margin equal to 2.75% - 3.75% depending on the utilization percentage, at the Borrowers' option. The Borrowers are obligated to pay certain fees and expenses in connection with the 2018 Credit Facility, including a commitment fee for any unused amounts of 0.50% and an origination fee of 0.50%. Loans under the 2018 Credit Facility may be prepaid without premium or penalty. The 2018 Credit Facility also provides for a $15.0 million term loan which bears interest at a rate of 6.25% and is payable in 18 equal monthly installments beginning February 1, 2019 with the last payment due on July 1, 2020. The 2018 Credit Facility contains certain affirmative and negative covenants that, among other things, limit the Borrowers' ability to (i) incur additional debt; (ii) incur additional liens; (iii) sell, transfer or dispose of assets; (iv) merge or consolidate, wind-up, dissolve or liquidate; (v) make dividends and distribution on, or repurchase of, equity; (vi) make certain investments; (vii) enter into certain transactions with their affiliates; (viii) enter in sale-leaseback transactions; (ix) make optional or voluntary payment of debt other than obligations under the 2018 Credit Facility; (x) change the nature of their business; (xi) change their fiscal year or make changes to the accounting treatment or reporting practices; (xii) amend their constituent documents; and (xiii) enter into certain hedging transactions. The affirmative and negative covenants are subject to various exceptions, including certain basket amounts and acceptable transaction levels. In addition, the 2018 Credit Facility requires the Borrowers' compliance, on a consolidated basis, with a maximum Net Debt (all debt of the Borrowing Parties minus all unencumbered cash and cash equivalents of the Borrowers not to exceed $3.0 million) / EBITDAX (as defined) ratio of 3.50 to 1.00 and a current ratio, as defined, minimum of 1.00 to 1.00, tested quarterly. In August 2019, we amended the 2018 Credit Facility, effective October 1, 2019, to restrict the aging of our accounts payable to 90 days or less, maintain minimum liquidity of $3.0 million and require the sale of certain non-core assets by December 31, 2019. In February 2020, we amended the 2018 Credit Facility to eliminate the minimum liquidity requirement and reduce the borrowing base from $75.0 million to $73.0 million, with subsequent borrowing base reductions totaling $6.0 million scheduled through May 1, 2020. Also, pursuant to this amendment, the lenders agreed to provide a limited waiver of non-compliance with the asset sale covenant included in the amendment from August 2019. In April 2020, we amended the 2018 Credit Facility to extend the remaining borrowing base reductions totaling $4.0 million through June 1, 2020. As of March 31, 2020, there was approximately $70.2 million in outstanding borrowings and no borrowing capacity available under the 2018 Credit Facility, after considering letters of credit outstanding. As of March 31, 2020, we were not in compliance with our current ratio financial covenant. However, we anticipate a full payoff of the 2018 Credit Facility as a result of Contemplated Transactions described in Note 15 prior to any potential event of default. The Company believes given these circumstances it is appropriate to classify the outstanding borrowings associated with the 2018 Credit Facility as non-current. The terms of the 2018 Credit Facility require us to enter into derivative contracts at fixed pricing for a certain percentage of our production. We are party to International Swaps and Derivatives Association Master Agreements (" ISDA Master Agreements Fees paid in connection with the 2018 Credit Facility totaled approximately $824,000, of which $134,000 was associated with the term loan. The current portion of unamortized fees associated with the credit facility is included in prepaid expenses, deposits and other current assets and the non-current portion is included in other non-current assets. The unamortized portion associated with the term loan was $22,000 as of March 31, 2020 and is directly offset against the loan in current liabilities. As of March 31, 2020, we had unamortized deferred issuance costs of approximately $476,000 associated with the credit facility. During the three months ended March 31, 2020 and 2019, we amortized approximately $66,000 and $63,000, respectively, as interest expense associated with the 2018 Credit Facility. Old Ironsides Notes On December 31, 2018, in connection with our acquisition (the " OIE Membership Acquisition Old Ironsides Old Ironsides Notes The interest payable under the Old Ironsides Notes can be paid-in-kind at the election of the Company. This provision allows the Company to increase the principal balance associated with the Old Ironsides Notes. This election creates a second tranche of principal, which bears interest at 12.0% per annum. For the three months ended March 31, 2020, the Company elected payment-in-kind interest of approximately $662,000. Carbon California The table below summarizes the outstanding notes payable – related party: (in thousands) March 31, 2020 December 31, Senior Revolving Notes, related party, due February 15, 2022 $ 34,700 $ 33,000 Subordinated Notes, related party, due February 15, 2024 13,000 13,000 Total principal 47,700 46,000 Less: Deferred notes costs (164 ) (175 ) Less: unamortized debt discount (1,019 ) (1,084 ) Total notes payable – related party $ 46,517 $ 44,741 Senior Revolving Notes, Related Party On February 15, 2017, Carbon California entered into a Note Purchase Agreement (the " Note Purchase Agreement " Senior Revolving Notes Carbon California may elect to incur interest at either (i) 5.50% plus LIBOR or (ii) 4.50% plus the Prime Rate (which is defined as the interest rate published daily by JPMorgan Chase Bank, N.A.). As of December 31, 2019, the effective borrowing rate for the Senior Revolving Notes was 7.10%. In addition, the Senior Revolving Notes include a commitment fee for any unused amounts at 0.50% as well as an annual administrative fee of $75,000, payable on February 15 each year. The Senior Revolving Notes are secured by all the assets of Carbon California. The Senior Revolving Notes require Carbon California, as of January 1 and July 1 of each year, to hedge its anticipated proved developed production at such time for year one, two and three at a rate of 75%, 65% and 50%, respectively. Carbon California may make principal payments in minimum installments of $500,000. Distributions to equity members are generally restricted. Carbon California incurred fees directly associated with the issuance of the Senior Revolving Notes and amortizes these fees over the life of the Senior Revolving Notes. The current portion of these fees are included in prepaid expenses and deposits and the long-term portion is included in other non-current assets for a combined value of approximately $528,000. For the three months ended March 31, 2020 and 2019, Carbon California amortized fees of $70,000 and $74,000, respectively. Carbon California may at any time repay the Senior Revolving Notes, in whole or in part, without penalty. Carbon California must pay down Senior Revolving Notes or provide mortgages of additional oil and natural gas properties to the extent that outstanding loans and letters of credit exceed the borrowing base. Subordinated Notes, Related Party On February 15, 2017, Carbon California entered into a Securities Purchase Agreement (the " Securities Purchase Agreement Subordinated Notes Prudential received an additional 1,425 Class A Units, representing 5.0% of the total sharing percentage, for the issuance of the Subordinated Notes. Carbon California valued this unit issuance based on the relative fair value by valuing the units at $1,000 per unit and aggregating the amount with the outstanding Subordinated Notes of $10.0 million. The Company then allocated the non-cash value of the units of approximately $1.3 million, which was recorded as a discount to the Subordinated Notes. As of March 31, 2020, Carbon California had an outstanding discount of approximately $691,000, which is presented net of the Subordinated Notes within Notes payable-related party on the unaudited condensed consolidated balance sheets. During the three months ended March 31, 2020, Carbon California amortized $45,000 and $45,000, respectively, associated with the Subordinated Notes. The Subordinated Notes require Carbon California, as of January 1 and July 1 of each year, to hedge its anticipated production at such time for year one, two and three at a rate of 67.5%, 58.5% and 45.0%, respectively. Prepayment of the Subordinated Notes is allowed at 100%, subject to a 3.0% fee of outstanding principal. Prepayment is not subject to a prepayment fee after February 17, 2020. Distributions to equity members are generally restricted. 2018 Subordinated Notes, Related Party On May 1, 2018, Carbon California entered into an agreement with Prudential for the issuance and sale of $3.0 million in subordinated notes due February 15, 2024, bearing interest of 12.0% per annum (the " 2018 Subordinated Notes Prudential received 585 Class A Units, representing an approximate 2.0% additional sharing percentage, for the issuance of the 2018 Subordinated Notes. Carbon California valued this unit issuance based on the relative fair value by valuing the units at $1,000 per unit and aggregating the amount with the outstanding 2018 Subordinated Notes of $3.0 million. The Company then allocated the non-cash value of the units of approximately $490,000, which was recorded as a discount to the 2018 Subordinated Notes. As of March 31, 2020, Carbon California had an outstanding discount of $328,000 associated with these notes, which is presented net of the 2018 Subordinated Notes within Notes payable - related party on the unaudited condensed consolidated balance sheets. During the three months ended March 31, 2020 and 2019, Carbon California amortized $21,000 and $21,000, respectively, associated with the 2018 Subordinated Notes. The 2018 Subordinated Notes require Carbon California, as of January 1 and July 1 of each year, to hedge its anticipated production at such time for year one, two and three at a rate of 67.5%, 58.5% and 45.0%, respectively. Prepayment of the 2018 Subordinated Notes is allowed at 100%, subject to a 3.0% fee of outstanding principal. Prepayment is not subject to a prepayment fee after February 17, 2020. Distributions to equity members are generally restricted. Restrictions and Covenants The Senior Revolving Notes, Subordinated Notes and 2018 Subordinated Notes contain affirmative and negative covenants that, among other things, limit Carbon California's ability to (i) incur additional debt; (ii) incur additional liens; (iii) sell, transfer or dispose of assets; (iv) merge or consolidate, wind-up, dissolve or liquidate; (v) make dividends and distributions on, or repurchases of, equity; (vi) make certain investments; (vii) enter into certain transactions with our affiliates; (viii) enter into sales-leaseback transactions; (ix) make optional or voluntary payments of debt; (x) change the nature of our business; (xi) change our fiscal year to make changes to the accounting treatment or reporting practices; (xii) amend constituent documents; and (xiii) enter into certain hedging transactions. In December 2019, Carbon California amended the Senior Revolving Notes, the Subordinated Notes and the 2018 Subordinated Notes to amend the total leverage ratio and senior leverage ratio, effective September 30, 2019. The Senior Revolving Notes were also amended to provide a mechanism to determine a successor reference rate to LIBOR. The affirmative and negative covenants are subject to various exceptions, including basket amounts and acceptable transaction levels. In addition, (i) the Senior Revolving Notes require at December 31, 2019 Carbon California's compliance with (A) a maximum Debt/EBITDA ratio of 4.5 to 1.0 (B) a maximum Senior Revolving Notes/EBITDA ratio of 3.5 to 1.0 and (C) a minimum interest coverage ratio of 2.0 to 1 and (ii) the Subordinated Notes require at December 31, 2019 Carbon California's compliance with (A) a maximum Debt/EBITDA ratio of 5.18 to 1.0, (B) a maximum Senior Revolving Notes/EBITDA ratio of 4.03 to 1.0, (C) a minimum interest coverage ratio of 1.6 to 1.0, (D) an asset coverage test whereby indebtedness may not exceed the product of 0.65 times Adjusted PV-10 of proved developed reserves set forth in the most recent reserve report, (E) maintenance of a minimum borrowing base of $30.0 million under the Senior Revolving Notes and (F) a minimum current ratio of 0.85 to 1.00. As of March 31, 2020, Carbon California was not in compliance with its Senior Revolving Notes/EBITDA ratio. We are currently negotiating an amendment to the covenant requirements with Prudential and are confident we will be successful in amending the covenants. While we have historically been successful in renegotiating covenant requirements with our lenders, there can be no assurance that we will be able to do so successfully in the future. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
REVENUE | NOTE 7 – REVENUE The following tables present our disaggregated revenue by primary region within the United States and major product line for the three months ended March 31, 2020 and 2019 (in thousands): Appalachian and Illinois Basins Ventura Basin Total Three Months Ended Three Months Ended Three Months Ended 2020 2019 2020 2019 2020 2019 Natural gas sales $ 8,019 $ 18,792 $ 415 $ 524 $ 8,434 $ 19,316 Natural gas liquids sales - - 152 247 152 247 Oil sales 1,147 1,537 6,069 7,452 7,216 8,989 Transportation and handling 633 734 - - 633 734 Marketing gas sales 6,318 4,944 - - 6,318 4,944 Total $ 16,117 $ 26,007 $ 6,636 $ 8,223 $ 22,753 $ 34,230 We record revenue in the month production is delivered to the purchaser, but settlement statements may not be received until 30 to 90 days after the month of production. As such, we estimate the production delivered and the related pricing. The estimated revenue is recorded within Accounts receivable – Revenue on the consolidated balance sheets. Any differences between our initial estimates and actuals are recorded in the month payment is received from the customer. These differences have not historically been material. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION PLANS | NOTE 8 – STOCK-BASED COMPENSATION PLANS We have three stock plans, the Carbon 2011 Stock Incentive Plan, the Carbon 2015 Stock Incentive Plan and the Carbon 2019 Long Term Incentive Plan (collectively the " Carbon Plans The Carbon Plans provide for the granting of incentive stock options, non-qualified stock options, restricted stock awards, performance awards and phantom stock awards, or a combination of the foregoing, to employees, officers, directors or consultants, provided that only employees may be granted incentive stock options and directors may only be granted restricted stock awards and phantom stock awards. Restricted Stock As of March 31, 2020, approximately 748,000 shares of restricted stock have been granted under the terms of the Carbon Plans. Restricted stock awards for employees vest ratably over a three-year service period or cliff vest at the end of a three-year service period. For non-employee directors, the awards vest upon the earlier of a change in control of us or the date their membership on the Board of Directors is terminated other than for cause as defined in the agreement. During the three months ended March 31, 2020, approximately 20,000 restricted stock units vested. Compensation costs recognized for restricted stock grants were approximately $204,000 and $179,000 for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there was approximately $1.3 million unrecognized compensation costs related to these restricted stock grants which we expect to be recognized over the next 6.0 years. Restricted Performance Units As of March 31, 2020, approximately 699,000 shares of performance units have been granted under the terms of the Carbon Plans. Performance units represent a contractual right to receive one share of our common stock subject to the terms and conditions of the agreements, including the achievement of certain performance measures relative to a defined peer group or the growth of certain performance measures over a defined period of time as well as, in some cases, continued service requirements. During the three months ended March 31, 2020, approximately 83,000 performance units vested. We account for the performance units granted during 2018 and 2019 at their fair value determined at the date of grant, which were $9.80 and $10.00 per share, respectively. The final measurement of compensation cost will be based on the number of performance units that ultimately vest. At March 31, 2020, we estimated that none of the performance units granted in 2019 and 2018 would vest, and, accordingly, no compensation cost has been recorded for these performance units. As of March 31, 2020, if a change in control and other performance provisions pursuant to the terms and conditions of these award agreements as defined in the agreement were met in full, the estimated unrecognized compensation cost related to unvested performance units would be approximately $3.2 million. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER COMMON SHARE | NOTE 9 – EARNINGS (LOSS) PER COMMON SHARE Basic earnings (loss) per common share is computed by dividing the net income (loss) attributable to common stockholders for the period by the basic weighted average number of common shares outstanding during the period. Diluted earnings (loss) per common share includes potentially issuable shares consisting primarily of non-vested restricted stock and contingent restricted performance units, using the treasury stock method. In periods when we report a net loss, all common stock equivalents are excluded from the calculation of diluted weighted average shares outstanding because they would have an anti-dilutive effect, meaning the loss per share would be reduced. For the three months ended March 31, 2019, approximately 269,000 shares of restricted stock, respectively, were considered anti-dilutive and were excluded from the computation of diluted earnings per share. For the three months ended March 31, 2020 and 2019, approximately 193,000 and 200,000 shares of restricted performance units, respectively, subject to future contingencies were excluded from the computation of basic and diluted earnings per share. The following table sets forth the calculation of basic and diluted income (loss) per share: Three Months Ended (in thousands, except per share amounts) 2020 2019 Net income (loss) attributable to common stockholders, basic and diluted 9,724 (4,175 ) Weighted-average number of common shares outstanding, basic 7,809 7,663 Add dilutive effects of non-vested shares of restricted stock and restricted performance units 281 - Weighted-average number of common shares outstanding, diluted 8,090 7,663 Net income (loss) per common share, basic $ 1.25 $ (0.54 ) Net income (loss) per common share, diluted $ 1.20 $ (0.54 ) Series B Convertible Preferred Stock - Related Party In May 2018, we raised $5.0 million through the issuance of 50,000 shares of Series B Convertible Preferred Stock, par value $0.01 per share ("Preferred Stock") to Yorktown. The Preferred Stock converts into common stock at the election of the holder or will automatically convert into shares of our common stock upon completion of a qualifying equity financing event. The number of shares of common stock issuable upon conversion is dependent upon the price per share of common stock issued in connection with any such qualifying equity financing but has a floor conversion price equal to $8.00 per share. The conversion ratio at which the Preferred Stock will convert into common stock is equal to an amount per share of $100 plus all accrued but unpaid dividends payable in respect thereof divided by the greater of (i) $8.00 per share or (ii) the price that is 15.0% less than the lowest price per share of shares sold to the public in the next equity financing. Using the floor of $8.00 per share would yield 12.5 shares of common stock for every unit of Preferred Stock. The conversion price will be proportionately increased or decreased to reflect changes to the outstanding shares of common stock, such as the result of a combination, reclassification, subdivision, stock split, stock dividend or other similar transaction involving the common stock. Additionally, after the third anniversary of the issuance of the Preferred Stock, we have the option to redeem the shares for cash. The Preferred Stock accrues cash dividends at a rate of 6.0% of the initial issue price of $100 per share per annum. The holders of the Preferred Stock are entitled to the same number of votes of common stock that such share of Preferred Stock would represent on an as converted basis. The holders of the Preferred Stock receive liquidation preference based on the initial issue price of $100 per share plus a preferred return over common stockholders and the holders of any junior ranking stock. The preferred return was approximately $599,000 as of March 31, 2020 and increased by $75,000 during the three months ended March 31, 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 10 – INCOME TAXES We recognize deferred income tax assets and liabilities for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We have net operating loss carryforwards available in certain jurisdictions to reduce future taxable income. Future tax benefits from net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established. At March 31, 2020, the Company has established a full valuation allowance against the balance of net deferred tax assets. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 11 – FAIR VALUE MEASUREMENTS The following table presents our financial assets and liabilities that were accounted for at fair value on a recurring basis by level: (in thousands) Fair Value Measurements Using Level 1 Level 2 Level 3 Total March 31, 2020 Assets: Commodity derivatives $ - $ 23,185 $ - $ 23,185 Liabilities: Commodity derivatives $ - $ 25 $ - $ 25 December 31, 2019 Assets: Commodity derivatives $ - $ 7,079 $ - $ 7,079 Liabilities: Commodity derivatives $ - $ 556 $ - $ 556 Commodity Derivative As of March 31, 2020, our commodity derivative financial instruments are comprised of natural gas and oil swaps and costless collars. The fair values of these agreements are determined under an income valuation technique. The valuation model requires a variety of inputs, including contractual terms, published forward prices, volatilities for options and discount rates, as appropriate. Our estimates of fair value of derivatives include consideration of the counterparty's credit worthiness, our credit worthiness and the time value of money. The consideration of these factors results in an estimated exit-price for each derivative asset or liability under a marketplace participant's view. All significant inputs are observable, either directly or indirectly; therefore, our derivative instruments are included within the Level 2 fair value hierarchy. Assets and Liabilities Measured and Recorded at Fair Value on a Non-Recurring Basis Certain assets and liabilities are measured at fair value on a non-recurring basis. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances. The fair value of the following assets and liabilities are based on unobservable pricing inputs and therefore, are included within the Level 3 fair value hierarchy. Firm transportation contracts Debt Discount. Asset Retirement Obligations |
Commodity Derivatives
Commodity Derivatives | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
COMMODITY DERIVATIVES | NOTE 12 – COMMODITY DERIVATIVES We historically use commodity-based derivative contracts to manage exposures to commodity price on a portion of our oil and natural gas production. We do not hold or issue derivative financial instruments for speculative or trading purposes. We also have entered into, on occasion, oil and natural gas physical delivery contracts to effectively provide commodity price hedges. Because these contracts are not expected to be net cash settled, they are considered to be normal sales contracts and not derivatives. These contracts are not recorded at fair value in the unaudited condensed consolidated financial statements. We have entered into swap and costless collar derivative agreements to hedge a portion of our oil and natural gas production through December 2022. As of March 31, 2020, these derivative agreements consisted of the following: Natural Gas Swaps Natural Gas Collars Weighted Weighted Year MMBtu Price (a) MMBtu Range (a) 2020 9,262,000 $ 2.70 2,541,000 $ 2.10 – $2.75 2021 6,448,000 $ 2.58 6,395,000 $ 2.00 – $2.75 Oil Swaps* Oil Collars* Year WTI Bbl Weighted Average Price (b) Brent Bbl Weighted Average Price (c) WTI Bbl Weighted Average Price (b) Brent Bbl Weighted Average Price (c) 2020 98,844 $ 55.37 172,403 $ 64.58 20,600 $ 47.00 - $60.15 46,700 $ 47.00 - $75.00 2021 - $ - 86,341 $ 67.12 66,200 $ 47.00 - $60.15 190,000 $ 47.00 - $75.00 2022 - $ - - $ - - $ - 199,900 $ 50.00 - $61.00 * Includes 100% of Carbon California's outstanding derivative hedges at March 31, 2020, and not our proportionate share. (a) NYMEX Henry Hub Natural Gas futures contracts for the respective period. (b) NYMEX Light Sweet Crude West Texas Intermediate futures contracts for the respective period. (c) Brent future contracts for the respective period. For our swap instruments, we receive a fixed price for the hedged commodity and pay a floating price to the counterparty. The fixed-price payment and the floating-price payment are netted, resulting in a net amount due to or from the counterparty. Costless collars are designed to establish floor and ceiling prices on anticipated future oil and gas production. The ceiling establishes a maximum price that the Company will receive for the volumes under contract, while the floor establishes a minimum price. The following table summarizes the fair value of the derivatives recorded in the unaudited condensed consolidated balance sheets. These derivative instruments are not designated as cash flow hedging instruments for accounting purposes: (in thousands) March 31, 2020 December 31, Commodity derivative contracts: Commodity derivative asset $ 18,078 $ 5,915 Commodity derivative asset – non-current $ 5,107 $ 1,164 Commodity derivative liability $ - $ 469 Commodity derivative liability – non-current $ 25 $ 87 The table below summarizes the commodity settlements and unrealized gains and losses related to the Company's derivative instruments for the three months ended March 31, 2020 and 2019. Changes in the fair value of commodity derivative contracts are recognized in revenues in the unaudited condensed consolidated statements of operations and gains and losses are included within the cash flows from operating activities in the unaudited condensed consolidated statements of cash flows. Three Months Ended (in thousands) 2020 2019 Commodity derivative contracts: Settlement gain (loss) $ 3,078 $ (456 ) Unrealized gain (loss) 16,636 (8,850 ) Total commodity derivative gain (loss) $ 19,714 $ (9,306 ) Commodity derivative settlement gains and losses are included within the cash flows from operating activities in the unaudited condensed consolidated statements of cash flows. We net our derivative instrument fair value amounts pursuant to ISDA Master Agreements, which provide for the net settlement over the term of the contracts and in the event of default or termination of the contracts. The following table summarizes the effect of netting arrangements for recognized derivative assets and liabilities that are subject to master netting arrangements or similar arrangements in the unaudited condensed consolidated balance sheet as of March 31, 2020: Net Gross Recognized Recognized Gross Fair Value Assets/ Amounts Assets/ Balance Sheet Classification (in thousands) Liabilities Offset Liabilities Commodity derivative assets: Commodity derivative asset $ 18,441 $ (363 ) $ 18,078 Commodity derivative asset – non-current 7,144 (2,037 ) 5,107 Total derivative assets $ 25,585 $ (2,400 ) $ 23,185 Commodity derivative liabilities: Commodity derivative liability $ (363 ) $ 363 $ - Commodity derivative liability – non-current (2,062 ) 2,037 (25 ) Total derivative liabilities $ (2,425 ) $ 24,00 $ (25 ) Due to the volatility of oil and natural gas prices, the estimated fair value of our derivatives is subject to fluctuations from period to period. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 13 – COMMITMENTS AND CONTINGENCIES Delivery Commitments We have entered into firm transportation contracts to ensure the transport for certain of our gas production to purchasers. Firm transportation volumes and the related demand charges for the remaining term of these contracts as of March 31, 2020 are summarized in the table below. Period Dekatherms Demand Charges Apr 2020 – May 2020 57,791 $ 0.20 - 0.56 Jun 2020 – Oct 2020 56,641 $ 0.20 - 0.56 Nov 2020 – Aug 2022 50,341 $ 0.20 - 0.56 Sep 2022 – May 2027 30,990 $ 0.20 - 0.21 Jun 2027 – May 2036 1,000 $ 0.20 As of March 31, 2020, the remaining commitment related to the firm transportation contracts assumed in the EXCO Acquisition in October 2016 and the OIE Membership Acquisition in December 2018 is $13.6 million and reflected in the Company's unaudited condensed consolidated balance sheet. These contractual obligations are reduced monthly as the Company pays these firm transportation obligations. Natural gas processing agreement We have entered into an initial five-year gas processing agreement expiring in 2022. We have an option to extend the term of the agreement by another five years. The related demand charges for volume commitments over the remaining term of the agreement are approximately $1.8 million per year. We will pay a processing fee of $2.50 per Mcf for the term of the agreement, with a minimum annual volume commitment of 720,000 Mcf. Capital Commitments As of March 31, 2020, we had no capital commitments. Litigation The Company is subject to litigation and claims arising in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. In the opinion of management, the anticipated results of any pending litigation and claims are not expected to have a material effect on the results of operations, the financial position, or the cash flows of the Company. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosure | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW DISCLOSURE | NOTE 14 – SUPPLEMENTAL CASH FLOW DISCLOSURE Supplemental cash flow disclosures for the three months ended March 31, 2020 and 2019 are presented below: Three Months Ended (in thousands) 2020 2019 Cash paid for interest $ 1,794 $ 1,875 Non-cash transactions: Capital expenditures included in accounts payable and accrued liabilities $ (564 ) $ (82 ) Increase in asset retirement obligations $ 7 $ - |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 15 – SUBSEQUENT EVENTS Contemplated Transactions On April 7, 2020, Carbon Energy Corporation, together with Nytis USA (the " Sellers MIPA Contemplated Transactions Upon closing of the Contemplated Transactions, the Company's remaining assets will be located solely in the Ventura Basin of California. Proceeds from the Contemplated Transactions will be used to settle all outstanding amounts associated with the 2018 Credit Facility and a portion of the Old Ironsides Notes. COVID-19 Like other oil and gas companies, our business is being adversely affected by the COVID-19 pandemic and measures being taken to mitigate its impact. The pandemic has resulted in widespread adverse impacts on the global economy and on our employees, customers, suppliers and other parties with whom we have business relations. As the coronavirus pandemic and government responses are rapidly evolving, the extent of the impact on domestic exploration and production companies remains unknown. Further, the impact of the pandemic, including the resulting significant reduction in global demand for oil and gas, coupled with the sharp decline in oil prices following the announcement of price reductions and production increases in March 2020 by members of the Organization of the Petroleum Exporting Countries (" OPEC We cannot predict the full impact that COVID-19 or the significant disruption and volatility currently being experienced in the oil and natural gas markets will have on our business, cash flows, liquidity, financial condition and results of operations at this time, due to numerous uncertainties. The ultimate impacts will depend on future developments, including, among others, the ultimate geographic spread of the virus, the consequences of governmental and other measures designed to prevent the spread of the virus, the development of effective treatments, the duration of the outbreak, actions taken by governmental authorities, customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume. Oil Pricing Environment In the midst of the ongoing COVID-19 pandemic, oil prices declined significantly due to potential increases in supply emanating from the disagreement on production cuts among members of OPEC and certain non-OPEC, oil-producing countries. The resulting supply and demand imbalance is having disruptive impacts on the oil and natural gas exploration and production industry and on other industries that serve exploration and production companies. These industry conditions, coupled with those resulting from the COVID-19 pandemic, could lead to significant global economic contraction generally and in our industry in particular. Although OPEC agreed in April to cut production, the responses of oil and gas producers to the lower demand for, and price of, oil, natural gas and NGLs are constantly evolving and remain uncertain. In addition, the dramatic decrease in oil and gas prices could have substantial negative implications for our revenue sources that are related to or underpinned by commodity prices. As a result, these factors could have a material adverse effect on our business, future results of operations, financial position or cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (" SEC GAAP |
Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. Partnerships and subsidiaries in which we have a controlling interest are consolidated. We are currently consolidating 46 partnerships, Carbon Appalachia, and Carbon California, and we reflect the non-controlling ownership interest in partnerships and subsidiaries as non-controlling interests on our unaudited condensed consolidated statements of operations and also reflect the non-controlling ownership interest in the net assets of the partnerships as non-controlling interests within stockholders' equity on our unaudited condensed consolidated balance sheets. All significant intercompany accounts and transactions have been eliminated. In accordance with established practice in the oil and gas industry, our unaudited condensed consolidated financial statements also include our pro-rata share of assets, liabilities, income, lease operating costs and general and administrative expenses of the oil and gas partnerships in which we have a non-controlling interest. Non-majority owned investments that do not meet the criteria for pro-rata consolidation are accounted for using the equity method when we have the ability to significantly influence the operating decisions of the investee. When we do not have the ability to significantly influence the operating decisions of an investee, the cost method is used. All transactions, if any, with investees have been eliminated in the accompanying unaudited condensed consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board issued ASU 2020-04 as an update to provide optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform (ASC Topic 848) on financial reporting. The amendments in ASU 2020-04 are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference the London interbank offered rate (" LIBOR |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of net property and equipment | (in thousands) March 31, 2020 December 31, 2019 Oil and gas properties: Proved oil and gas properties $352,561 $351,488 Unproved properties 4,906 4,872 Accumulated depreciation, depletion, amortization and impairment (112,719 ) (109,344 ) Oil and gas properties, net 244,748 247,016 Pipeline facilities and equipment 12,820 12,814 Base gas 1,937 1,937 Furniture and fixtures, computer hardware and software, and other equipment 6,967 6,762 Accumulated depreciation and amortization (5,956 ) (5,529 ) Other property and equipment, net 15,768 15,984 Total property and equipment, net $ 260,516 $ 263,000 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued liabilities | (in thousands) March 31, 2020 December 31, 2019 Accounts payable $ 4,631 $ 9,875 Oil and gas revenue suspense 3,517 3,620 Gathering and transportation payables 2,014 1,877 Production taxes payable 2,768 3,212 Accrued lease operating costs 734 664 Accrued ad valorem taxes-current 4,114 4,407 Accrued general and administrative expenses 3,186 3,260 Asset retirement obligations-current 5,564 5,021 Accrued interest 1,180 1,335 Accrued gas purchases 1,220 1,392 Other liabilities 1,352 494 Total accounts payable and accrued liabilities $ 30,280 $ 35,157 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Asset Retirement Obligation [Abstract] | |
Schedule of reconciliation of the ARO | Three Months Ended (in thousands) 2020 2019 Balance at beginning of period $ 22,535 $ 22,310 Accretion expense 478 394 Additions 7 - Balance at end of period $ 23,020 $ 22,704 Less: Current portion (5,564 ) (3,392 ) Non-current portion $ 17,456 $ 19,312 |
Credit Facilities and Notes P_2
Credit Facilities and Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of outstanding credit facilities and notes payable | (in thousands) March 31, 2020 December 31, 2018 Credit Facility – revolver $ 70,150 $ 69,150 2018 Credit Facility – term note 3,333 5,833 Old Ironsides Notes 26,336 25,675 Other debt 34 45 Total debt 99,853 100,703 Less: unamortized debt discount (22 ) (45 ) Total credit facilities and notes payable 99,831 100,658 Current portion of credit facilities and notes payable (3,311 ) (5,788 ) Non-current debt, net of current portion and unamortized debt discount $ 96,520 $ 94,870 |
Schedule of outstanding notes payable - related party | (in thousands) March 31, 2020 December 31, Senior Revolving Notes, related party, due February 15, 2022 $ 34,700 $ 33,000 Subordinated Notes, related party, due February 15, 2024 13,000 13,000 Total principal 47,700 46,000 Less: Deferred notes costs (164 ) (175 ) Less: unamortized debt discount (1,019 ) (1,084 ) Total notes payable – related party $ 46,517 $ 44,741 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of disaggregation of revenue | Appalachian and Illinois Basins Ventura Basin Total Three Months Ended Three Months Ended Three Months Ended 2020 2019 2020 2019 2020 2019 Natural gas sales $ 8,019 $ 18,792 $ 415 $ 524 $ 8,434 $ 19,316 Natural gas liquids sales - - 152 247 152 247 Oil sales 1,147 1,537 6,069 7,452 7,216 8,989 Transportation and handling 633 734 - - 633 734 Marketing gas sales 6,318 4,944 - - 6,318 4,944 Total $ 16,117 $ 26,007 $ 6,636 $ 8,223 $ 22,753 $ 34,230 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted (loss) income per share | Three Months Ended (in thousands, except per share amounts) 2020 2019 Net income (loss) attributable to common stockholders, basic and diluted 9,724 (4,175 ) Weighted-average number of common shares outstanding, basic 7,809 7,663 Add dilutive effects of non-vested shares of restricted stock and restricted performance units 281 - Weighted-average number of common shares outstanding, diluted 8,090 7,663 Net income (loss) per common share, basic $ 1.25 $ (0.54 ) Net income (loss) per common share, diluted $ 1.20 $ (0.54 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities at fair value | (in thousands) Fair Value Measurements Using Level 1 Level 2 Level 3 Total March 31, 2020 Assets: Commodity derivatives $ - $ 23,185 $ - $ 23,185 Liabilities: Commodity derivatives $ - $ 25 $ - $ 25 December 31, 2019 Assets: Commodity derivatives $ - $ 7,079 $ - $ 7,079 Liabilities: Commodity derivatives $ - $ 556 $ - $ 556 |
Commodity Derivatives (Tables)
Commodity Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of commodity derivative contracts | Natural Gas Swaps Natural Gas Collars Weighted Weighted Year MMBtu Price (a) MMBtu Range (a) 2020 9,262,000 $ 2.70 2,541,000 $ 2.10 – $2.75 2021 6,448,000 $ 2.58 6,395,000 $ 2.00 – $2.75 Oil Swaps* Oil Collars* Year WTI Bbl Weighted Average Price (b) Brent Bbl Weighted Average Price (c) WTI Bbl Weighted Average Price (b) Brent Bbl Weighted Average Price (c) 2020 98,844 $ 55.37 172,403 $ 64.58 20,600 $ 47.00 - $60.15 46,700 $ 47.00 - $75.00 2021 - $ - 86,341 $ 67.12 66,200 $ 47.00 - $60.15 190,000 $ 47.00 - $75.00 2022 - $ - - $ - - $ - 199,900 $ 50.00 - $61.00 * Includes 100% of Carbon California's outstanding derivative hedges at March 31, 2020, and not our proportionate share. (a) NYMEX Henry Hub Natural Gas futures contracts for the respective period. (b) NYMEX Light Sweet Crude West Texas Intermediate futures contracts for the respective period. (c) Brent future contracts for the respective period. |
Schedule of derivatives positions and balance sheet location | (in thousands) March 31, 2020 December 31, Commodity derivative contracts: Commodity derivative asset $ 18,078 $ 5,915 Commodity derivative asset – non-current $ 5,107 $ 1,164 Commodity derivative liability $ - $ 469 Commodity derivative liability – non-current $ 25 $ 87 |
Schedule of realized and unrealized gains and losses | Three Months Ended (in thousands) 2020 2019 Commodity derivative contracts: Settlement gain (loss) $ 3,078 $ (456 ) Unrealized gain (loss) 16,636 (8,850 ) Total commodity derivative gain (loss) $ 19,714 $ (9,306 ) |
Schedule of commodity derivative contracts subject to master netting arrangements | Net Gross Recognized Recognized Gross Fair Value Assets/ Amounts Assets/ Balance Sheet Classification (in thousands) Liabilities Offset Liabilities Commodity derivative assets: Commodity derivative asset $ 18,441 $ (363 ) $ 18,078 Commodity derivative asset – non-current 7,144 (2,037 ) 5,107 Total derivative assets $ 25,585 $ (2,400 ) $ 23,185 Commodity derivative liabilities: Commodity derivative liability $ (363 ) $ 363 $ - Commodity derivative liability – non-current (2,062 ) 2,037 (25 ) Total derivative liabilities $ (2,425 ) $ 24,00 $ (25 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of firm transportation volumes and related demand charges | Period Dekatherms Demand Charges Apr 2020 – May 2020 57,791 $ 0.20 - 0.56 Jun 2020 – Oct 2020 56,641 $ 0.20 - 0.56 Nov 2020 – Aug 2022 50,341 $ 0.20 - 0.56 Sep 2022 – May 2027 30,990 $ 0.20 - 0.21 Jun 2027 – May 2036 1,000 $ 0.20 |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosure (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow disclosures | Three Months Ended (in thousands) 2020 2019 Cash paid for interest $ 1,794 $ 1,875 Non-cash transactions: Capital expenditures included in accounts payable and accrued liabilities $ (564 ) $ (82 ) Increase in asset retirement obligations $ 7 $ - |
Organization (Details)
Organization (Details) - Carbon California [Member] | Mar. 31, 2020 |
Ownership percentage | 53.92% |
Prudential [Member] | |
Ownership percentage | 46.08% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2020Partnerships | |
Accounting Policies [Abstract] | |
Number of consolidated partnerships | 46 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Oil and gas properties: | ||
Proved oil and gas properties | $ 352,561 | $ 351,488 |
Unproved properties | 4,906 | 4,872 |
Accumulated depreciation, depletion, amortization and impairment | (112,719) | (109,344) |
Oil and gas properties, net | 244,748 | 247,016 |
Pipeline facilities and equipment | 12,820 | 12,814 |
Base gas | 1,937 | 1,937 |
Furniture and fixtures, computer hardware and software, and other equipment | 6,967 | 6,762 |
Accumulated depreciation and amortization | (5,956) | (5,529) |
Other property and equipment, net | 15,768 | 15,984 |
Total property and equipment, net | $ 260,516 | $ 263,000 |
Property and Equipment (Detai_2
Property and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Capitalized overhead | $ 238 | $ 68 |
Depletion expense related to oil and gas properties | 3,400 | 3,500 |
Leasehold costs reclassified into proved property |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Payables and Accruals [Abstract] | |||
Accounts payable | $ 4,631 | $ 9,875 | |
Oil and gas revenue suspense | 3,517 | 3,620 | |
Gathering and transportation payables | 2,014 | 1,877 | |
Production taxes payable | 2,768 | 3,212 | |
Accrued lease operating costs | 734 | 664 | |
Accrued ad valorem taxes-current | 4,114 | 4,407 | |
Accrued general and administrative expenses | 3,186 | 3,260 | |
Asset retirement obligations-current | 5,564 | 5,021 | $ 3,392 |
Accrued interest | 1,180 | 1,335 | |
Accrued gas purchases | 1,220 | 1,392 | |
Other liabilities | 1,352 | 494 | |
Total accounts payable and accrued liabilities | $ 30,280 | $ 35,157 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Asset Retirement Obligation [Abstract] | |||
Balance at beginning of period | $ 22,535 | $ 22,310 | |
Accretion expense | 478 | 394 | |
Additions | 7 | ||
Balance at end of period | 23,020 | 22,704 | |
Less: Current portion | (5,564) | (3,392) | $ (5,021) |
Non-current portion | $ 17,456 | $ 19,312 | $ 17,514 |
Credit Facilities and Notes P_3
Credit Facilities and Notes Payable (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2018 Credit Facility - revolver [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 70,150 | $ 69,150 |
2018 Credit Facility - term note [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 3,333 | 5,833 |
Old Ironsides Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 26,336 | 25,675 |
Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 34 | 45 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 99,853 | 100,703 |
Less: unamortized debt discount | (22) | (45) |
Total credit facilities and notes payable | 99,831 | 100,658 |
Current portion of credit facilities and notes payable | (3,311) | (5,788) |
Non-current debt, net of current portion and unamortized debt discount | $ 96,520 | $ 94,870 |
Credit Facilities and Notes P_4
Credit Facilities and Notes Payable (Details 1) - Prudential [Member] - Carbon California [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total principal | $ 47,700 | $ 46,000 |
Less: Deferred notes costs | (164) | (175) |
Less: unamortized debt discount | (1,019) | (1,084) |
Total notes payable - related party | 46,517 | 44,741 |
Senior Revolving Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 34,700 | 33,000 |
Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 13,000 | $ 13,000 |
Credit Facilities and Notes P_5
Credit Facilities and Notes Payable (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2019 | Feb. 01, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 01, 2020 | May 01, 2020 | Feb. 29, 2020 |
Credit Facilities and Notes Payable (Textual) | |||||||
Senior secured asset-based revolving credit facility | $ 5,000 | $ 3,000 | |||||
Amortization of deferred issuance costs | 212 | 277 | |||||
Paid in kind interest | 662 | 594 | |||||
One-time principal reduction payment | $ 4,812 | $ 5,676 | |||||
Line Of Credit [Member] | Minimum [Member] | |||||||
Credit Facilities and Notes Payable (Textual) | |||||||
Funded debt ratio required to be maintained | 1 | ||||||
Debt Instrument, covenant, current ratio | 1 | ||||||
Old Ironsides Notes [Member] | Carbon Appalachia [Member] | |||||||
Credit Facilities and Notes Payable (Textual) | |||||||
Bank credit facility, terms | 5 years | ||||||
Amount of unsecured notes issuance | $ 25,100 | ||||||
Interest rate (as a percent) | 10.00% | ||||||
Number of monthly installments | 24 | ||||||
One-time principal reduction payment | $ 2,000 | ||||||
Old Ironsides Notes [Member] | Carbon Appalachia [Member] | Payment in Kind (PIK) Note [Member] | |||||||
Credit Facilities and Notes Payable (Textual) | |||||||
Interest rate (as a percent) | 12.00% | ||||||
Paid in kind interest | $ 662 | ||||||
2018 Credit Facility [Member] | Carbon Appalachia [Member] | |||||||
Credit Facilities and Notes Payable (Textual) | |||||||
Unamortized deferred issuance costs | 476 | ||||||
Unamortized debt discount, term note | 22 | ||||||
Senior secured asset-based revolving credit facility | $ 500,000 | ||||||
Commitment fee (as a percent) | 0.50% | ||||||
Origination fee (as a percent) | 0.50% | ||||||
Credit facility | $ 75,000 | $ 73,000 | |||||
Credit facility remained | 71,000 | ||||||
Additional borrowing capacity available | |||||||
Debt Instrument, covenant, ratio of debt to EBITDAX | 3.50 | ||||||
Debt Instrument, covenant, current ratio | 1 | ||||||
Credit facility-revolver outstanding | $ 70,200 | ||||||
Debt instrument, covenant, minimum liquidity | $ 3,000 | ||||||
Debt instrument, covenant, minimum liquidity, term | 90 days | ||||||
Amortization of deferred issuance costs | $ 66 | $ 63 | |||||
Revolving credit facility maturing date | Dec. 31, 2022 | ||||||
Cash and cash equivalents of borrowers not to exceed | $ 3,000 | ||||||
Debt issuance costs paid, revolver and term loan | 824 | ||||||
Debt issuance costs paid, term loan | 134 | ||||||
Term loan | 15,000 | ||||||
Sublimit for letters of credit | $ 1,500 | ||||||
Interest rate (as a percent) | 6.25% | ||||||
Number of monthly installments | 18 | ||||||
2018 Credit Facility [Member] | Carbon Appalachia [Member] | Subsequent Event [Member] | |||||||
Credit Facilities and Notes Payable (Textual) | |||||||
Total future borrowing base reductions | $ 4,000 | $ 6,000 | |||||
2018 Credit Facility [Member] | Minimum [Member] | Carbon Appalachia [Member] | Base rate [Member] | |||||||
Credit Facilities and Notes Payable (Textual) | |||||||
Spread on variable base rate (as a percent) | 0.25% | ||||||
2018 Credit Facility [Member] | Minimum [Member] | Carbon Appalachia [Member] | London interbank offered rate [Member] | |||||||
Credit Facilities and Notes Payable (Textual) | |||||||
Spread on variable base rate (as a percent) | 2.75% | ||||||
2018 Credit Facility [Member] | Maximum [Member] | Carbon Appalachia [Member] | Base rate [Member] | |||||||
Credit Facilities and Notes Payable (Textual) | |||||||
Spread on variable base rate (as a percent) | 0.75% | ||||||
2018 Credit Facility [Member] | Maximum [Member] | Carbon Appalachia [Member] | London interbank offered rate [Member] | |||||||
Credit Facilities and Notes Payable (Textual) | |||||||
Spread on variable base rate (as a percent) | 3.75% |
Credit Facilities and Notes P_6
Credit Facilities and Notes Payable (Details Textual 1) - USD ($) $ in Thousands | May 01, 2018 | Feb. 15, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 01, 2020 |
Credit Facilities and Notes Payable (Textual) | |||||
Amortization of deferred issuance costs | $ 212 | $ 277 | |||
Carbon California [Member] | |||||
Credit Facilities and Notes Payable (Textual) | |||||
Business acquisitions, description | The sale and issuance by Carbon California of Senior Revolving Notes in the principal amount of $10.0 million. | ||||
Carbon California [Member] | Prudential [Member] | Senior Revolving Notes [Member] | |||||
Credit Facilities and Notes Payable (Textual) | |||||
Initial revolving borrowing capacity | $ 25,000 | ||||
Notes maturity date | Feb. 15, 2022 | ||||
Principal outstanding | 10,000 | ||||
Borrowing base amount | 45,000 | ||||
Outstanding borrowings | $ 34,700 | ||||
Effective borrowing rate | 7.10% | ||||
Commitment fee (as a percent) | 0.50% | ||||
Annual administrative fee payable | $ 75 | ||||
Percentage of production hedged by commodity derivatives, year one | 75.00% | ||||
Percentage of production hedged by commodity derivatives, year two | 65.00% | ||||
Percentage of production hedged by commodity derivatives, year three | 50.00% | ||||
Principal payments in minimum installments | $ 500 | ||||
Current portion of fees | $ 528 | ||||
Amortization of deferred issuance costs | 70 | 74 | |||
Debt instrument, covenant, debt to EBITDA ratio | 4.5 | ||||
Debt instrument, covenant, senior revolving notes to EBITDA ratio | 3.5 | ||||
Debt instrument, covenant, interest coverage ratio | 2 | ||||
Debt instrument, covenant, current ratio | 1 | ||||
Carbon California [Member] | Prudential [Member] | Senior Revolving Notes [Member] | Subsequent Event [Member] | |||||
Credit Facilities and Notes Payable (Textual) | |||||
Borrowing base amount | $ 40,000 | ||||
Carbon California [Member] | Prudential [Member] | Senior Revolving Notes [Member] | LIBOR [Member] | |||||
Credit Facilities and Notes Payable (Textual) | |||||
Effective borrowing rate | 5.50% | ||||
Carbon California [Member] | Prudential [Member] | Senior Revolving Notes [Member] | Prime Rate [Member] | |||||
Credit Facilities and Notes Payable (Textual) | |||||
Effective borrowing rate | 4.50% | ||||
Carbon California [Member] | Prudential [Member] | Subordinated Notes [Member] | |||||
Credit Facilities and Notes Payable (Textual) | |||||
Notes maturity date | Feb. 15, 2024 | ||||
Principal outstanding | 10,000 | ||||
Percentage of production hedged by commodity derivatives, year one | 67.50% | ||||
Percentage of production hedged by commodity derivatives, year two | 58.50% | ||||
Percentage of production hedged by commodity derivatives, year three | 45.00% | ||||
Amortization of debt discount | 45 | 45 | |||
Interest rate (as a percent) | 12.00% | ||||
Number of common units issued | 1,425 | ||||
Increase in sharing percentage by noncontroling interest | 5.00% | ||||
Fair value per Class A unit | $ 1,000 | ||||
Fair value of debt discount | 1,300 | ||||
Outstanding discount amount of notes | 691 | ||||
Proceeds from debt | $ 30,000 | ||||
Principal prepayment allowed (as a percent) | 100.00% | ||||
Prepayment fee (as a percent) | 3.00% | ||||
Debt instrument, covenant, debt to EBITDA ratio | 5.18 | ||||
Debt instrument, covenant, senior revolving notes to EBITDA ratio | 4.03 | ||||
Debt instrument, covenant, interest coverage ratio | 1.6 | ||||
Debt instrument, covenant, current ratio | 0.85 | ||||
Percentage of adjusted PV-10 not to exceed indebtedness | 0.65% | ||||
Carbon California [Member] | Prudential [Member] | 2018 Subordinated Notes [Member] | |||||
Credit Facilities and Notes Payable (Textual) | |||||
Notes maturity date | Feb. 15, 2024 | ||||
Principal outstanding | 3,000 | ||||
Percentage of production hedged by commodity derivatives, year one | 67.50% | ||||
Percentage of production hedged by commodity derivatives, year two | 58.50% | ||||
Percentage of production hedged by commodity derivatives, year three | 45.00% | ||||
Amortization of debt discount | $ 21 | $ 21 | |||
Interest rate (as a percent) | 12.00% | ||||
Number of common units issued | 585 | ||||
Increase in sharing percentage by noncontroling interest | 2.00% | ||||
Fair value per Class A unit | $ 1,000 | ||||
Fair value of debt discount | 490 | ||||
Proceeds from debt | $ 3,000 | ||||
Principal prepayment allowed (as a percent) | 100.00% | ||||
Prepayment fee (as a percent) | 3.00% |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | $ 22,753 | $ 34,230 |
Natural gas sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 8,434 | 19,316 |
Natural gas liquids sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 152 | 247 |
Oil sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 7,216 | 8,989 |
Transportation and handling [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 633 | 734 |
Marketing gas sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 6,318 | 4,944 |
Appalachian and Illinois Basins [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 16,117 | 26,007 |
Appalachian and Illinois Basins [Member] | Natural gas sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 8,019 | 18,792 |
Appalachian and Illinois Basins [Member] | Natural gas liquids sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | ||
Appalachian and Illinois Basins [Member] | Oil sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 1,147 | 1,537 |
Appalachian and Illinois Basins [Member] | Transportation and handling [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 633 | 734 |
Appalachian and Illinois Basins [Member] | Marketing gas sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 6,318 | 4,944 |
Ventura Basin [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 8,223 | 22,753 |
Ventura Basin [Member] | Natural gas sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 415 | 524 |
Ventura Basin [Member] | Natural gas liquids sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 152 | 247 |
Ventura Basin [Member] | Oil sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | 6,069 | 7,452 |
Ventura Basin [Member] | Transportation and handling [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total | ||
Ventura Basin [Member] | Marketing gas sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||||
Shares authorized | 1,600,000 | |||
Restricted Performance Units [Member] | ||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||||
Granted (in shares) | 699,000 | |||
Vested (in shares) | 83,000 | |||
Fair value of performance units at date of grant | $ 9.80 | $ 10 | ||
Unrecognized compensation costs | $ 3,200 | |||
Restricted Stock [Member] | ||||
Share-based Arrangements with Employees and Nonemployees [Abstract] | ||||
Granted (in shares) | 748,000 | |||
Vested (in shares) | 20,000 | |||
Compensation costs | $ 204 | $ 179 | ||
Unrecognized compensation costs | $ 1,300 | |||
Compensation recognized period | 6 years |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to common stockholders | $ 9,724 | $ (4,175) |
Weighted-average number of common shares outstanding, basic | 7,809,000 | 7,663,000 |
Add dilutive effects of non-vested shares of restricted stock and restricted performance units | 281 | |
Weighted-average number of common shares outstanding, diluted | 8,090,000 | 7,663,000 |
Net income (loss) per common share, basic | $ 1.25 | $ (0.54) |
Net income (loss) per common share, diluted | $ 1.2 | $ (0.54) |
Earnings (Loss) Per Common Sh_4
Earnings (Loss) Per Common Share (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
May 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Issuance of preferred stock, value | $ 1 | $ 1 | ||
Issuance of preferred stock, shares | 50,000 | 50,000 | ||
Preferred return | $ 599 | $ 524 | ||
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from computation of diluted earnings per share | 269,000 | |||
Restricted Performance Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive shares excluded from computation of diluted earnings per share | 193,000 | 200,000 | ||
Series B Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Issue price, per share | $ 0.01 | |||
Series B Convertible Preferred Stock [Member] | Yorktown [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Issuance of preferred stock, value | $ 5,000 | |||
Issuance of preferred stock, shares | 50,000 | |||
Conversion price, per share | $ 8 | |||
Annual per share dividend rate | 6.00% | |||
Issue price, per share | $ 100 | |||
Preferred return | $ 599 | |||
Preferred return increased | $ 75 | |||
Convertible preferred stock shares issued upon conversion | 12.5 | |||
Preferred stock, conversion ratio, stock price trigger | 15.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value Measurements [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Commodity derivatives | $ 23,185 | $ 7,079 |
Liabilities: | ||
Commodity derivatives | 25 | 556 |
Level 1 [Member] | ||
Assets: | ||
Commodity derivatives | ||
Liabilities: | ||
Commodity derivatives | ||
Level 2 [Member] | ||
Assets: | ||
Commodity derivatives | 23,185 | 7,079 |
Liabilities: | ||
Commodity derivatives | 25 | 556 |
Level 3 [Member] | ||
Assets: | ||
Commodity derivatives | ||
Liabilities: | ||
Commodity derivatives |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details Textual) - Fair Value, Inputs, Level 3 [Member] - Non-Recurring [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)shares | |
Minimum [Member] | Abandonment Costs Member [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset retirement obligation liability | $ 20 |
Minimum [Member] | Inflation rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset retirement obligation, measurement input rate | 1.52% |
Minimum [Member] | Risk-free rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset retirement obligation, measurement input rate | 3.28% |
Minimum [Member] | Reclamation Period [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Estimated timing of reclamation range (in years) | 1 year |
Maximum [Member] | Abandonment Costs Member [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset retirement obligation liability | $ 45 |
Maximum [Member] | Inflation rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset retirement obligation, measurement input rate | 2.79% |
Maximum [Member] | Risk-free rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset retirement obligation, measurement input rate | 8.27% |
Maximum [Member] | Reclamation Period [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Estimated timing of reclamation range (in years) | 75 years |
Class A Units [Member] | Subordinated Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Number of common units issued | shares | 1,425 |
Fair value of debt discount | $ 1,300 |
Fair value per Class A unit | $ 1 |
Class A Units [Member] | 2018 Subordinated Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Number of common units issued | shares | 585 |
Fair value of debt discount | $ 490 |
Commodity Derivatives (Details)
Commodity Derivatives (Details) - Carbon California [Member] | 3 Months Ended | |
Mar. 31, 2020bblMMBTU$ / MMBTU$ / Bbl | ||
2020 [Member] | Natural Gas Swaps [Member] | MMBtu [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in MMBtu) | MMBTU | 9,262,000 | |
Weighted Average Price | $ / MMBTU | 2.70 | [1] |
2020 [Member] | Natural Gas Collars [Member] | MMBtu [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in MMBtu) | MMBTU | 2,541,000 | |
2020 [Member] | Natural Gas Collars [Member] | MMBtu [Member] | Minimum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / MMBTU | 2.10 | [1] |
2020 [Member] | Natural Gas Collars [Member] | MMBtu [Member] | Maximum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / MMBTU | 2.75 | [1] |
2020 [Member] | Oil Swaps [Member] | WTI Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | 98,844 | [2] |
Weighted Average Price | $ / bbl | 55.37 | [2],[3] |
2020 [Member] | Oil Swaps [Member] | Brent Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | 172,403 | [2] |
Weighted Average Price | $ / bbl | 64.58 | [2],[4] |
2020 [Member] | Oil Collars [Member] | WTI Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | 20,600 | [2] |
2020 [Member] | Oil Collars [Member] | WTI Bbl [Member] | Minimum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 47 | [2],[3] |
2020 [Member] | Oil Collars [Member] | WTI Bbl [Member] | Maximum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 60.15 | [2],[3] |
2020 [Member] | Oil Collars [Member] | Brent Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | 46,700 | [2] |
2020 [Member] | Oil Collars [Member] | Brent Bbl [Member] | Minimum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 47 | [2],[4] |
2020 [Member] | Oil Collars [Member] | Brent Bbl [Member] | Maximum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 75 | [2],[4] |
2021 [Member] | Natural Gas Swaps [Member] | MMBtu [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in MMBtu) | MMBTU | 6,448,000 | |
Weighted Average Price | $ / MMBTU | 2.58 | [1] |
2021 [Member] | Natural Gas Collars [Member] | MMBtu [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in MMBtu) | MMBTU | 6,395,000 | |
2021 [Member] | Natural Gas Collars [Member] | MMBtu [Member] | Minimum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / MMBTU | 2 | [1] |
2021 [Member] | Natural Gas Collars [Member] | MMBtu [Member] | Maximum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / MMBTU | 2.75 | [1] |
2021 [Member] | Oil Swaps [Member] | WTI Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | [2] | |
Weighted Average Price | $ / bbl | [2],[3] | |
2021 [Member] | Oil Swaps [Member] | Brent Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | 86,341 | [2] |
Weighted Average Price | $ / bbl | 67.12 | [2],[4] |
2021 [Member] | Oil Collars [Member] | WTI Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | 66,200 | [2] |
2021 [Member] | Oil Collars [Member] | WTI Bbl [Member] | Minimum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 47 | [2],[3] |
2021 [Member] | Oil Collars [Member] | WTI Bbl [Member] | Maximum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 60.15 | [2],[3] |
2021 [Member] | Oil Collars [Member] | Brent Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | 190,000 | [2] |
2021 [Member] | Oil Collars [Member] | Brent Bbl [Member] | Minimum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 47 | [2],[4] |
2021 [Member] | Oil Collars [Member] | Brent Bbl [Member] | Maximum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 75 | [2],[4] |
2022 [Member] | Oil Swaps [Member] | WTI Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | [2] | |
Weighted Average Price | $ / bbl | [2],[3] | |
2022 [Member] | Oil Swaps [Member] | Brent Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | [2] | |
Weighted Average Price | $ / bbl | [2],[4] | |
2022 [Member] | Oil Collars [Member] | WTI Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | [2] | |
Weighted Average Price | $ / bbl | [2],[3] | |
2022 [Member] | Oil Collars [Member] | Brent Bbl [Member] | ||
Derivative agreements details: | ||
Crude oil, notional amount (in Bbl) | bbl | 199,900 | [2] |
2022 [Member] | Oil Collars [Member] | Brent Bbl [Member] | Minimum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 50 | [2],[4] |
2022 [Member] | Oil Collars [Member] | Brent Bbl [Member] | Maximum [Member] | ||
Derivative agreements details: | ||
Weighted Average Price | $ / bbl | 61 | [2],[4] |
[1] | NYMEX Henry Hub Natural Gas futures contracts for the respective period. | |
[2] | Includes 100% of Carbon California's outstanding derivative hedges at March 31, 2020, and not our proportionate share. | |
[3] | NYMEX Light Sweet Crude West Texas Intermediate futures contracts for the respective period. | |
[4] | Brent future contracts for the respective period. |
Commodity Derivatives (Details
Commodity Derivatives (Details 1) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commodity derivative contracts: | ||
Commodity derivative asset | $ 18,078 | $ 5,915 |
Commodity derivative asset - non-current | 5,107 | 1,164 |
Commodity derivative liability | 469 | |
Commodity derivative liability - non-current | $ 25 | $ 87 |
Commodity Derivatives (Detail_2
Commodity Derivatives (Details 2) - Commodity derivative contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Settlement gain (loss) | $ 3,078 | $ (456) |
Unrealized gain (loss) | 16,636 | (8,850) |
Total commodity derivative gain (loss) | $ 19,714 | $ (9,306) |
Commodity Derivatives (Detail_3
Commodity Derivatives (Details 3) $ in Thousands | Mar. 31, 2020USD ($) |
Commodity derivative asset - current [Member] | |
Derivatives, Fair Value [Line Items] | |
Gross Recognized Assets | $ 18,441 |
Gross Amounts Offset | 7,144 |
Net Recognized Fair Value Assets | 25,585 |
Commodity derivative asset - non-current [Member] | |
Derivatives, Fair Value [Line Items] | |
Gross Recognized Assets | (363) |
Gross Amounts Offset | (2,037) |
Net Recognized Fair Value Assets | (2,400) |
Total derivative assets [Member] | |
Derivatives, Fair Value [Line Items] | |
Gross Recognized Assets | 18,078 |
Gross Amounts Offset | 5,107 |
Net Recognized Fair Value Assets | 23,185 |
Commodity derivative liability - current [Member] | |
Derivatives, Fair Value [Line Items] | |
Gross Recognized Liabilities | (363) |
Gross Amounts Offset | (2,062) |
Net Recognized Fair Value Liabilities | (2,425) |
Commodity derivative liability - non-current [Member] | |
Derivatives, Fair Value [Line Items] | |
Gross Recognized Liabilities | 363 |
Gross Amounts Offset | 2,037 |
Net Recognized Fair Value Liabilities | 2,400 |
Total derivative liabilities [Member] | |
Derivatives, Fair Value [Line Items] | |
Gross Recognized Liabilities | |
Gross Amounts Offset | (25) |
Net Recognized Fair Value Liabilities | $ (25) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - Transportation Commitments [Member] | 3 Months Ended |
Mar. 31, 2020$ / DekathermDekatherms | |
Apr 2020 - May 2020 [Member] | |
Other Commitments [Line Items] | |
Capacity levels (Dekatherms per day) | Dekatherms | 57,791 |
Apr 2020 - May 2020 [Member] | Minimum [Member] | |
Other Commitments [Line Items] | |
Demand Charges (in dollars per dekatherm) | 0.20 |
Apr 2020 - May 2020 [Member] | Maximum [Member] | |
Other Commitments [Line Items] | |
Demand Charges (in dollars per dekatherm) | 0.56 |
Jun 2020 - Oct 2020 [Member] | |
Other Commitments [Line Items] | |
Capacity levels (Dekatherms per day) | Dekatherms | 56,641 |
Jun 2020 - Oct 2020 [Member] | Minimum [Member] | |
Other Commitments [Line Items] | |
Demand Charges (in dollars per dekatherm) | 0.20 |
Jun 2020 - Oct 2020 [Member] | Maximum [Member] | |
Other Commitments [Line Items] | |
Demand Charges (in dollars per dekatherm) | 0.56 |
Nov 2020 - Aug 2022 [Member] | |
Other Commitments [Line Items] | |
Capacity levels (Dekatherms per day) | Dekatherms | 50,341 |
Nov 2020 - Aug 2022 [Member] | Minimum [Member] | |
Other Commitments [Line Items] | |
Demand Charges (in dollars per dekatherm) | 0.20 |
Nov 2020 - Aug 2022 [Member] | Maximum [Member] | |
Other Commitments [Line Items] | |
Demand Charges (in dollars per dekatherm) | 0.56 |
Sep 2022 - May 2027 [Member] | |
Other Commitments [Line Items] | |
Capacity levels (Dekatherms per day) | Dekatherms | 30,990 |
Sep 2022 - May 2027 [Member] | Minimum [Member] | |
Other Commitments [Line Items] | |
Demand Charges (in dollars per dekatherm) | 0.20 |
Sep 2022 - May 2027 [Member] | Maximum [Member] | |
Other Commitments [Line Items] | |
Demand Charges (in dollars per dekatherm) | 0.21 |
Jun 2027 - May 2036 [Member] | |
Other Commitments [Line Items] | |
Capacity levels (Dekatherms per day) | Dekatherms | 1,000 |
Demand Charges (in dollars per dekatherm) | 0.20 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / McfMcf | |
Commitments and Contingencies Disclosure [Abstract] | |
Firm transportation contract obligations, current and non-current | $ 13,600 |
Natural gas processing agreement initial term | 5 years |
Natural gas processing agreement extension period | 5 years |
Annual demand charges for volume commitments | $ 1,800 |
Minimum annual volume commitment | Mcf | 720 |
Natural gas processing fee | $ / Mcf | 2.50 |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosure (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 1,794 | $ 1,875 |
Non-cash transactions: | ||
Capital expenditures included in accounts payable and accrued liabilities | (564) | (82) |
Increase in asset retirement obligations | $ 7 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands | Apr. 07, 2020USD ($) |
Consideration for sale of subsidiaries | $ 110,000 |
Contingent consideration | 15,000 |
Termination fee payable under certain circumstances | $ 3,800 |