Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 06, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | ABRAXAS PETROLEUM CORP | |
Entity Central Index Key | 867,665 | |
Trading Symbol | axas | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 166,713,357 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 882 | $ 1,618 |
Accounts receivable: | ||
Joint owners, net | 19,399 | 14,218 |
Oil and gas production sales | 13,323 | 17,789 |
Other | 2 | 86 |
32,724 | 32,093 | |
Other current assets | 703 | 778 |
Total current assets | 34,309 | 34,489 |
Oil and gas properties, full cost method of accounting: | ||
Proved | 999,295 | 923,237 |
Other property and equipment | 39,770 | 39,136 |
Total | 1,039,065 | 962,373 |
Less accumulated depreciation, depletion, amortization and impairment | (744,109) | (724,606) |
Total property and equipment - net | 294,956 | 237,767 |
Deferred financing fees - net | 1,277 | 1,285 |
Other assets | 265 | 265 |
Total assets | 330,807 | 273,806 |
Current liabilities: | ||
Accounts payable | 54,519 | 45,570 |
Joint interest oil and gas production payable | 10,121 | 11,502 |
Accrued interest | 179 | 140 |
Other accrued liabilities | 951 | 539 |
Derivative liabilities | 21,477 | 10,837 |
Current maturities of long-term debt | 261 | 262 |
Total current liabilities | 87,508 | 68,850 |
Long-term debt - less current maturities | 115,226 | 87,354 |
Other liabilities | 132 | 132 |
Derivative liabilities long-term | 10,852 | 2,387 |
Future site restoration | 9,075 | 8,775 |
Total liabilities | 222,793 | 167,498 |
Commitments and contingencies (Note 9) | ||
Stockholders' Equity | ||
Preferred stock, par value $0.01 per share - authorized 1,000,000 shares; - 0- shares issued and outstanding. | ||
Common stock, par value $0.01 per share, authorized 400,000,000 shares; 166,711,210 and 165,889,901 issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 1,667 | 1,659 |
Additional paid-in capital | 416,944 | 415,471 |
Accumulated deficit | (310,597) | (310,822) |
Total stockholders' equity | 108,014 | 106,308 |
Total liabilities and stockholders' equity | $ 330,807 | $ 273,806 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 166,711,210 | 165,889,901 |
Common stock, shares outstanding (in shares) | 166,711,210 | 165,889,901 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Other | $ 1 | $ 16 | $ 37 | $ 31 |
30,916 | 13,152 | 71,546 | 31,954 | |
Operating costs and expenses | ||||
Lease operating | 5,730 | 3,421 | 10,299 | 7,539 |
Production and ad valorem taxes | 2,485 | 1,158 | 5,598 | 2,778 |
Depreciation, depletion and amortization | 8,705 | 4,415 | 18,835 | 9,789 |
General and administrative (including stock-based compensation of $879, $979, $1,466 and $1,749, respectively) | 3,065 | 2,898 | 5,793 | 5,635 |
19,985 | 11,892 | 40,525 | 25,741 | |
Operating income | 10,931 | 1,260 | 31,021 | 6,213 |
Other (income) expense: | ||||
Interest income | (1) | (1) | (1) | (1) |
Interest expense | 1,627 | 501 | 2,956 | 1,008 |
Amortization of deferred financing fees | 111 | 117 | 207 | 254 |
Loss (gain) on derivative contracts | 19,763 | (6,450) | 27,646 | (15,831) |
Gain on sale of non-oil and gas assets | (15) | (102) | (12) | (102) |
21,485 | (5,935) | 30,796 | (14,672) | |
(Loss) income before income tax | (10,554) | 7,195 | 225 | 20,885 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net (loss) income | $ (10,554) | $ 7,195 | $ 225 | $ 20,885 |
Net (loss) income per common share - basic (in dollars per share) | $ (0.06) | $ 0.04 | $ 0 | $ 0.13 |
Net (loss) income per common share - diluted (in dollars per share) | $ (0.06) | $ 0.04 | $ 0 | $ 0.13 |
Weighted average shares outstanding | ||||
Basic (in shares) | 165,162 | 162,357 | 164,812 | 158,259 |
Diluted (in shares) | 165,162 | 163,805 | 167,715 | 159,942 |
Oil Revenues [Member] | ||||
Revenues: | ||||
Revenues | $ 27,472 | $ 11,313 | $ 63,466 | $ 26,814 |
Gas Revenues [Member] | ||||
Revenues: | ||||
Revenues | 1,608 | 1,063 | 3,985 | 3,045 |
Natural Gas Liquids Revenues [Member] | ||||
Revenues: | ||||
Revenues | 1,835 | 760 | 4,058 | 2,064 |
Oil and Gas [Member] | ||||
Revenues: | ||||
Revenues | $ 30,915 | $ 13,136 | $ 71,509 | $ 31,923 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock-based compensation | $ 879 | $ 979 | $ 1,466 | $ 1,749 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Activities: | ||
Net income | $ 225 | $ 20,885 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on sale of non-oil and gas assets | (12) | (102) |
Net loss (gain) on derivative contracts | 27,646 | (15,831) |
Derivative contract settlements | (9,847) | 2,000 |
Depreciation, depletion and amortization | 18,835 | 9,789 |
Amortization of deferred financing fees | 207 | 254 |
Accretion expense and other | 264 | 224 |
Stock-based compensation | 1,466 | 1,749 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (631) | 1,895 |
Other assets | 1,381 | (1,041) |
Accounts payable and accrued expenses | 5,752 | (6,875) |
Net cash provided by operating activities | 45,286 | 12,947 |
Investing Activities | ||
Capital expenditures, including purchase and development of properties | (73,818) | (25,002) |
Proceeds from the sale of oil and gas properties | 82 | 10,653 |
Proceeds from the sale of non-oil and gas assets | 27 | 204 |
Net cash used in investing activities | (73,709) | (14,145) |
Financing Activities | ||
Proceeds from long-term borrowings | 35,000 | 20,000 |
Payments of long-term borrowings | (7,129) | (82,659) |
Exercise of stock options | 15 | |
Proceeds from issuance of common stock | 65,223 | |
Deferred financing fees | (199) | (714) |
Net cash provided by financing activities | 27,687 | 1,850 |
(Decrease) increase in cash and cash equivalents | (736) | 652 |
Cash and cash equivalents at beginning of period | 1,618 | |
Cash and cash equivalents at end of period | 882 | 652 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 2,577 | 802 |
Non-cash investing and financing activities | ||
Change in capital expenditures included in accounts payable | 2,267 | 15,451 |
Increase in asset retirement obligation in capital expenditures | 36 | |
$ 2,303 | $ 15,451 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | ABRAXAS PETROLEUM CORPORATION NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (tabular amounts in thousands, except per share data) 1. The accounting policies followed by Abraxas Petroleum Corporation and its subsidiaries (the “Company”) are set forth in the notes to the Company’s audited consolidated financial statements in the Annual Report on Form 10 December 31, 2017 March 16, 2018. not not not three six June 30, 2018 not 10 December 31, 2017. Reclassifications Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications had no Consolidation Principles The terms “Abraxas,” “Abraxas Petroleum,” “we,” “us,” “our” or the “Company” refer to Abraxas Petroleum Corporation and all of its subsidiaries, including Raven Drilling, LLC (“Raven Drilling”). Rig Accounting In accordance with SEC Regulation S- X, no not Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Adopted Accounting Standards and Disclosures In May 2014, No. 2014 09, Revenue from Contracts with Customers not January 1, 2018, No 2. 606 3. Recent Accounting Standards and Disclosures Not In February 2016, 2016 02, 842 2016 02 2016 02 January 2018, 2018 01, 842 842" 2018 01 not 2016 02 not 2016 02. July 2018, 2018 11, 842 2018 11 2016 02 2014 09. 2016 02 December 31, 2018, 2018 11 may The Company is continuing its assessment of ASU 2016 02 2016 02 not 2018 01 not not not 2016 02 not Stock-Based Compensation and Option Plans Stock Options The Company currently utilizes a standard option-pricing model (i.e., Black-Scholes) to measure the fair value of stock options granted to employees and directors. The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 $ 574 $ 635 $ 914 $ 1,069 The following table summarizes the Company’s stock option activity for the six June 30, 2018 ( Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2017 8,317 $ 2.35 $ 1.67 Granted 300 $ 2.80 $ 1.87 Exercised (365 ) $ 1.70 $ 1.18 Forfeited (335 ) $ 2.17 $ 1.55 Outstanding, June 30, 2018 7,917 $ 2.40 $ 1.71 As of June 30, 2018, $1.0 2018 2021. Restricted Stock Awards Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the recipient of the award terminates employment with the Company prior to the lapse of the restrictions. The fair value of such shares of restricted stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. The following table summarizes the Company’s restricted stock activity for the six June 30, 2018 ( Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2017 1,479 $ 3.43 Granted 753 $ 2.22 Vested/ Released (733 ) $ 3.15 Forfeited (77 ) $ 3.16 Unvested June 30, 2018 1,422 $ 2.95 The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 $ 221 $ 344 $ 468 $ 680 As of June 30, 2018, $1.6 2018 2021. Performance Based Restricted Stock Awards Effective on April 1, 2018, 2005 2021 three zero 200% The table below provides a summary of Performance Based Restricted Stock as of the date indicated (shares in thousands): Number of Shares Weighted Average Option Exercise Price Per Share Unvested, December 31, 2017 - $ - Granted 464 $ 2.37 Vested/ Released - $ - Forfeited (31 ) $ 2.37 Unvested June 30, 2018 433 $ 2.37 Compensation expense associated with the performance based restricted stock is based on the grant date fair value of a single share as determined using a Monte Carlo Simulation model which utilizes a stochastic process to create a range of potential future outcomes given a variety of inputs. As the Compensation Committee intends to settle the performance based restricted stock awards with shares of the Company's common stock, the awards are accounted for as equity awards and the expense is calculated on the grant date assuming a 100% Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 $ 84 $ - $ 84 $ - As of June 30, 2018, $0.9 2018 2021. Oil and Gas Properties The Company follows the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful as well as unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10%, not 10% No June 30, 2018 2017, not Restoration, Removal and Environmental Liabilities The Company is subject to extensive federal, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may no Liabilities for expenditures of a non-capital nature are recorded when environmental assessments and/or remediation is probable, and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component is fixed or reliably determinable. The Company accounts for future site restoration obligations based on the guidance of ASC 410 410 The following table summarizes the Company’s future site restoration obligation transactions for the six June 30, 2018 December 31, 2017: June 30, 2018 December 31, 2017 Beginning future site restoration obligation $ 8,775 $ 8,623 New wells placed on production and other 452 1,088 Deletions related to property disposals and plugging costs (445 ) (1,551 ) Accretion expense and other 264 451 Revisions and other 29 164 Ending future site restoration obligation $ 9,075 $ 8,775 |
Note 2 - Impact of ASC 606 Adop
Note 2 - Impact of ASC 606 Adoption | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. 606 On January 1, 2018, No. 2014 09, Revenue from Contracts with Customers 2014 09” 2014 09 January 1, 2018 not ASU 2014 09 five For the six June 30, 2018, no 2014 09, no January 1, 2018 2014 09. |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition Sales of oil, gas and NGL are recognized at the point in time when control of the product is transferred to the customer and collectability is reasonably assured. The Company's contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, physical location, quality of the oil or gas, and prevailing supply and demand conditions. As a result, the price of the oil, gas and NGL fluctuates to remain competitive with other available oil, gas and NGL supplies in the market. The Company believes that the pricing provisions of our oil, gas and NGL contracts are customary in the industry. Oil sales The Company's oil sales contracts are generally structured such that it sells its oil production to a purchaser at a contractually specified delivery point at or near the wellhead. The crude oil production is priced on the delivery date based upon prevailing index prices less certain deductions related to oil quality, physical location and transportation costs incurred by the purchaser subsequent to delivery. The Company recognizes revenue when control transfers to the purchaser upon delivery at or near the wellhead at the net price received from the purchaser. Gas and NGL Sales Under the Company's gas processing contracts, it delivers wet gas to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity processes the gas and remits proceeds to the Company based upon either (i) the resulting sales price of NGL and residue gas received by the midstream processing entity from third In these scenarios, the Company evaluates whether it is the principal or the agent in the transaction. In the Company's gas purchase contracts, the Company has concluded that it is the agent, and thus, the midstream processing entity is its customer. Accordingly, the Company recognizes revenue upon delivery to the midstream processing entity based on the net amount of the proceeds received from the midstream processing entity. Imbalances The Company utilizes the sales method to account for gas production imbalances. Under this method, income is recorded based on the Company’s net revenue interest in production taken for delivery. The Company had no June 30, 2018 2017. Disaggregation of Revenue The Company is focused on the development of oil and natural gas properties primarily located in the following three Three Months Ended June 30, 2018 2017 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 9,664 $ 609 $ 613 $ 1,662 $ 571 $ 312 Rocky Mountain $ 15,479 $ 674 $ 1,180 $ 8,244 $ 429 $ 421 South Texas $ 2,329 $ 325 $ 42 $ 1,407 $ 63 $ 27 Six Months Ended June 30, 2018 2017 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 24,039 $ 1,528 $ 1,411 $ 4,149 $ 1,327 $ 701 Rocky Mountain $ 34,719 $ 1,802 $ 2,583 $ 19,641 $ 1,300 $ 1,316 South Texas $ 4,708 $ 655 $ 64 $ 3,024 $ 418 $ 47 Significant Judgments Principal versus agent The Company engages in various types of transactions in which midstream entities process the Company's gas and subsequently market resulting NGL and residue gas to third Transaction price allocated to remaining performance obligations A significant number of the Company's product sales are short-term in nature with a contract term of one 606 10 50 14 one For product sales that have a contract term greater than one 606 10 50 14 not not Contract balances Under the Company's product sales contracts, the Company is entitled to payment from purchasers once its performance obligations have been satisfied upon delivery of the product, at which point payment is unconditional. The Company records invoiced amounts as “Accounts receivable - Oil and gas production sales” in the accompanying condensed consolidated balance sheet. To the extent actual volumes and prices of oil and natural gas are unavailable for a given reporting period because of timing or information not third not 2014 09. June 30, 2018 December 31, 2017, $13.3 $17.8 Prior-period performance obligations The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain gas and NGL sales may not 30 60 not third The Company records the differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Any identified differences between its revenue estimates and actual revenue received historically have not three six June 30, 2018, not |
Note 4 - Income Taxes
Note 4 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. The Company records income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the tax rates and laws expected to be in effect when the differences are expected to reverse. For the three six June 30, 2018 2017, no At December 31, 2017, $255.0 2018 2023 2037, not 100% January 1, 2018 80% January 1, 2018, no The use of the Company's NOLs will be limited if there is an "ownership change" in its common stock, generally a cumulative ownership change exceeding 50% three 382 June 30, 2018, not 382. $80.4 December 31, 2017. As of June 30, 2018, not 2013 2017 New tax legislation, commonly referred to as the Tax Cuts and Jobs Act (H.R. 1 December 22, 2017. 740, Accounting for Income Taxes December 31, 2017. 21% not not may 30% 2017 80% 2017, 100% not may |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 5. The following is a description of the Company’s debt as of June 30, 2018 December 31, 2017, June 30, 2018 December 31, 2017 (In thousands) Senior secured credit facility $ 112,000 $ 84,000 Real estate lien note 3,487 3,616 115,487 87,616 Less current maturities (261 ) (262 ) $ 115,226 $ 87,354 Credit Facility The Company has a senior secured credit facility with Société Générale, as administrative agent and issuing lender, and certain other lenders, which we refer to as the credit facility. As of June 30, 2018, $112.0 The credit facility has a maximum commitment of $300.0 June 30, 2018, $175.0 one one may one six one six not may not 5% 5% $300.0 3% x 0.5%, one 1.5% 2.5%, 2.5% 3.5% June 30, 2018, 5.1% Subject to earlier termination rights and events of default, the stated maturity date of the credit facility is May 16, 2021. not Each of the Company's subsidiaries has guaranteed our obligations under the credit facility on a senior secured basis. Obligations under the credit facility are secured by a first 90% 10 Under the credit facility, the Company is subject to customary covenants, including certain financial covenants and reporting requirements. The Company is required to maintain a current ratio, as defined in the credit facility, as of the last day of each quarter of not 1.00 1.00 not 2.50 1.00. not 3.50 1.00. 815 410 20 815 410 20. four 718, 815 410 20 $1.0 12 815 410 20. four . At June 30, 2018, June 30, 2018, 17.11 1.00, 1.49 1.00, 1.48 1.00. The credit facility contains a number of covenants that, among other things, restrict our ability to: • incur or guarantee additional indebtedness; • transfer or sell assets; • create liens on assets; • engage in transactions with affiliates other than on an “arm’s length” basis; • make any change in the principal nature of our business; and • permit a change of control. The credit facility also contains certain additional covenants including requirements that: • 100% • if the sum of our cash on hand plus liquid investments exceeds $10.0 $10.0 The credit facility also contains customary events of default, including nonpayment of principal or interest, violations of covenants, cross default and cross acceleration to certain other indebtedness, bankruptcy and material judgments and liabilities. As of June 30, 2018, Real Estate Lien Note The Company has a real estate lien note secured by a first June 20, 2018 4.9% $35,672. July 20, 2023. June 30, 2018, December 31, 2017, $3.5 $3.6 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except per share data) Numerator: Net income $ (10,554 ) $ 7,195 $ 225 $ 20,885 Denominator for basic earnings per share - weighted-average common shares outstanding 165,162 162,357 164,812 158,259 Effect of dilutive securities: Stock options, restricted shares and performance based shares - 1,448 2,903 1,683 Denominator for diluted earnings per share - adjusted weighted-average shares and assumed exercise of options, restricted shares and performance based shares 165,162 163,805 167,715 159,942 Net (loss) income per common share - basic $ (0.06 ) $ 0.04 $ 0.00 $ 0.13 Net (loss) income per common share - diluted $ (0.06 ) $ 0.04 $ 0.00 $ 0.13 Basic net (loss) income per share, excluding any dilutive effects of stock options, unvested restricted stock and unvested performance based shares, is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed in a manner similar to basic; however diluted net income per share reflects the assumed conversion of all potentially dilutive securities. For the three June 30, 2018, 3.2 |
Note 7 - Hedging Program and De
Note 7 - Hedging Program and Derivatives | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Hedging Program and Derivatives The derivative contracts the Company utilizes are based on index prices that may not no no The following table sets forth the summary position of our derivative contracts as of June 30, 2018: Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2018 July - December 4,238 $ 53.70 2019 January - December 2,800 $ 55.66 2020 January - December 2,200 $ 54.34 The following table illustrates the impact of derivative contracts on the Company’s balance sheet: Fair Value Derivative Contracts as of June 30, 2018 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives - current $ - Derivatives - current $ 21,477 Commodity price derivatives Derivatives - long-term - Derivatives - long-term 10,852 $ - $ 32,329 Fair Value Derivative Contracts as of December 31, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives - current $ - Derivatives - current $ 10,837 Commodity price derivatives Derivatives - long-term - Derivatives - long-term 2,387 $ - $ 13,224 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Assets and liabilities measured at fair value are categorized into one three three • Level 1 • Level 2 • Level 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company is further required to assess the creditworthiness of the counter-party to the derivative contract. The results of the assessment of non-performance risk, based on the counter-party’s credit risk, could result in an adjustment of the carrying value of the derivative instrument. The following tables sets forth information about the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2018 December 31, 2017, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of June 30, 2018 Assets: NYMEX fixed price derivative contracts $ - $ - $ - $ - Total Assets $ - $ - $ - $ - Liabilities: NYMEX fixed price derivative contracts $ - $ 32,329 $ - $ 32,329 Total Liabilities $ - $ 32,329 $ - $ 32,329 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2017 Assets: NYMEX fixed price derivative contracts $ - $ - $ - $ - Total Assets $ - $ - $ - $ - Liabilities: NYMEX fixed price derivative contracts $ - $ 13,208 $ - $ 13,208 NYMEX basis differential swap - - 16 16 Total Liabilities $ - $ 13,208 $ 16 $ 13,224 The Company’s derivative contracts consisted of NYMEX-based fixed price swaps as of June 30, 2018, December 31, 2017. 2. third third not 3. The following is additional information for the Company's recurring fair value measurements using significant unobservable inputs (Level 3 six June 30, 2018. Unobservable inputs at January 1, 2018 $ (16 ) Changes in market value — Settlements during the period 16 Unobservable inputs at June 30, 2018 $ — Nonrecurring Fair Value Measurements The Company follows the provisions of ASC 820 10 820 10 may The asset retirement obligation estimates are derived from historical costs as well as management’s expectation of future cost environments. As there is no 3. 1. Other Financial Instruments The carrying amounts of the Company's cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. The carrying value of our debt approximates fair value as the interest rates are market rates and this debt is considered Level 2. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. At June 30, 2018, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications had no |
Consolidation, Policy [Policy Text Block] | Consolidation Principles The terms “Abraxas,” “Abraxas Petroleum,” “we,” “us,” “our” or the “Company” refer to Abraxas Petroleum Corporation and all of its subsidiaries, including Raven Drilling, LLC (“Raven Drilling”). |
Rig Accounting [Policy Text Block] | Rig Accounting In accordance with SEC Regulation S- X, no not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards and Disclosures In May 2014, No. 2014 09, Revenue from Contracts with Customers not January 1, 2018, No 2. 606 3. Recent Accounting Standards and Disclosures Not In February 2016, 2016 02, 842 2016 02 2016 02 January 2018, 2018 01, 842 842" 2018 01 not 2016 02 not 2016 02. July 2018, 2018 11, 842 2018 11 2016 02 2014 09. 2016 02 December 31, 2018, 2018 11 may The Company is continuing its assessment of ASU 2016 02 2016 02 not 2018 01 not not not 2016 02 not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation and Option Plans Stock Options The Company currently utilizes a standard option-pricing model (i.e., Black-Scholes) to measure the fair value of stock options granted to employees and directors. The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 $ 574 $ 635 $ 914 $ 1,069 The following table summarizes the Company’s stock option activity for the six June 30, 2018 ( Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2017 8,317 $ 2.35 $ 1.67 Granted 300 $ 2.80 $ 1.87 Exercised (365 ) $ 1.70 $ 1.18 Forfeited (335 ) $ 2.17 $ 1.55 Outstanding, June 30, 2018 7,917 $ 2.40 $ 1.71 As of June 30, 2018, $1.0 2018 2021. Restricted Stock Awards Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the recipient of the award terminates employment with the Company prior to the lapse of the restrictions. The fair value of such shares of restricted stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. The following table summarizes the Company’s restricted stock activity for the six June 30, 2018 ( Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2017 1,479 $ 3.43 Granted 753 $ 2.22 Vested/ Released (733 ) $ 3.15 Forfeited (77 ) $ 3.16 Unvested June 30, 2018 1,422 $ 2.95 The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 $ 221 $ 344 $ 468 $ 680 As of June 30, 2018, $1.6 2018 2021. Performance Based Restricted Stock Awards Effective on April 1, 2018, 2005 2021 three zero 200% The table below provides a summary of Performance Based Restricted Stock as of the date indicated (shares in thousands): Number of Shares Weighted Average Option Exercise Price Per Share Unvested, December 31, 2017 - $ - Granted 464 $ 2.37 Vested/ Released - $ - Forfeited (31 ) $ 2.37 Unvested June 30, 2018 433 $ 2.37 Compensation expense associated with the performance based restricted stock is based on the grant date fair value of a single share as determined using a Monte Carlo Simulation model which utilizes a stochastic process to create a range of potential future outcomes given a variety of inputs. As the Compensation Committee intends to settle the performance based restricted stock awards with shares of the Company's common stock, the awards are accounted for as equity awards and the expense is calculated on the grant date assuming a 100% Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 $ 84 $ - $ 84 $ - As of June 30, 2018, $0.9 2018 2021. |
Oil and Gas Properties Policy [Policy Text Block] | Oil and Gas Properties The Company follows the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful as well as unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10%, not 10% No June 30, 2018 2017, not |
Asset Retirement Obligation and Environmental Cost [Policy Text Block] | Restoration, Removal and Environmental Liabilities The Company is subject to extensive federal, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may no Liabilities for expenditures of a non-capital nature are recorded when environmental assessments and/or remediation is probable, and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component is fixed or reliably determinable. The Company accounts for future site restoration obligations based on the guidance of ASC 410 410 The following table summarizes the Company’s future site restoration obligation transactions for the six June 30, 2018 December 31, 2017: June 30, 2018 December 31, 2017 Beginning future site restoration obligation $ 8,775 $ 8,623 New wells placed on production and other 452 1,088 Deletions related to property disposals and plugging costs (445 ) (1,551 ) Accretion expense and other 264 451 Revisions and other 29 164 Ending future site restoration obligation $ 9,075 $ 8,775 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 $ 574 $ 635 $ 914 $ 1,069 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 $ 221 $ 344 $ 468 $ 680 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 $ 84 $ - $ 84 $ - |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2017 8,317 $ 2.35 $ 1.67 Granted 300 $ 2.80 $ 1.87 Exercised (365 ) $ 1.70 $ 1.18 Forfeited (335 ) $ 2.17 $ 1.55 Outstanding, June 30, 2018 7,917 $ 2.40 $ 1.71 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2017 1,479 $ 3.43 Granted 753 $ 2.22 Vested/ Released (733 ) $ 3.15 Forfeited (77 ) $ 3.16 Unvested June 30, 2018 1,422 $ 2.95 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Number of Shares Weighted Average Option Exercise Price Per Share Unvested, December 31, 2017 - $ - Granted 464 $ 2.37 Vested/ Released - $ - Forfeited (31 ) $ 2.37 Unvested June 30, 2018 433 $ 2.37 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | June 30, 2018 December 31, 2017 Beginning future site restoration obligation $ 8,775 $ 8,623 New wells placed on production and other 452 1,088 Deletions related to property disposals and plugging costs (445 ) (1,551 ) Accretion expense and other 264 451 Revisions and other 29 164 Ending future site restoration obligation $ 9,075 $ 8,775 |
Note 3 - Revenue From Contrac18
Note 3 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2018 2017 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 9,664 $ 609 $ 613 $ 1,662 $ 571 $ 312 Rocky Mountain $ 15,479 $ 674 $ 1,180 $ 8,244 $ 429 $ 421 South Texas $ 2,329 $ 325 $ 42 $ 1,407 $ 63 $ 27 Six Months Ended June 30, 2018 2017 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 24,039 $ 1,528 $ 1,411 $ 4,149 $ 1,327 $ 701 Rocky Mountain $ 34,719 $ 1,802 $ 2,583 $ 19,641 $ 1,300 $ 1,316 South Texas $ 4,708 $ 655 $ 64 $ 3,024 $ 418 $ 47 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2018 December 31, 2017 (In thousands) Senior secured credit facility $ 112,000 $ 84,000 Real estate lien note 3,487 3,616 115,487 87,616 Less current maturities (261 ) (262 ) $ 115,226 $ 87,354 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands, except per share data) Numerator: Net income $ (10,554 ) $ 7,195 $ 225 $ 20,885 Denominator for basic earnings per share - weighted-average common shares outstanding 165,162 162,357 164,812 158,259 Effect of dilutive securities: Stock options, restricted shares and performance based shares - 1,448 2,903 1,683 Denominator for diluted earnings per share - adjusted weighted-average shares and assumed exercise of options, restricted shares and performance based shares 165,162 163,805 167,715 159,942 Net (loss) income per common share - basic $ (0.06 ) $ 0.04 $ 0.00 $ 0.13 Net (loss) income per common share - diluted $ (0.06 ) $ 0.04 $ 0.00 $ 0.13 |
Note 7 - Hedging Program and 21
Note 7 - Hedging Program and Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2018 July - December 4,238 $ 53.70 2019 January - December 2,800 $ 55.66 2020 January - December 2,200 $ 54.34 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value Derivative Contracts as of June 30, 2018 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives - current $ - Derivatives - current $ 21,477 Commodity price derivatives Derivatives - long-term - Derivatives - long-term 10,852 $ - $ 32,329 Fair Value Derivative Contracts as of December 31, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives - current $ - Derivatives - current $ 10,837 Commodity price derivatives Derivatives - long-term - Derivatives - long-term 2,387 $ - $ 13,224 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of June 30, 2018 Assets: NYMEX fixed price derivative contracts $ - $ - $ - $ - Total Assets $ - $ - $ - $ - Liabilities: NYMEX fixed price derivative contracts $ - $ 32,329 $ - $ 32,329 Total Liabilities $ - $ 32,329 $ - $ 32,329 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2017 Assets: NYMEX fixed price derivative contracts $ - $ - $ - $ - Total Assets $ - $ - $ - $ - Liabilities: NYMEX fixed price derivative contracts $ - $ 13,208 $ - $ 13,208 NYMEX basis differential swap - - 16 16 Total Liabilities $ - $ 13,208 $ 16 $ 13,224 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Unobservable inputs at January 1, 2018 $ (16 ) Changes in market value — Settlements during the period 16 Unobservable inputs at June 30, 2018 $ — |
Note 1 - Basis of Presentatio23
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands | Apr. 01, 2018 | Jun. 30, 2018 |
Discount Rate Used in Future Net Cash Flows Relating to Proved Oil and Gas Reserves | 10.00% | |
Employee Stock Option [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,000 | |
Restricted Stock [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 1,600 | |
Performance Shares [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Performance Shares [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment, Award, Percentage of Performance Shares that are Received | 0.00% | |
Performance Shares [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment, Award, Percentage of Performance Shares that are Received | 200.00% | |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 0 |
Note 1 - Basis of Presentatio24
Note 1 - Basis of Presentation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Stock Option [Member] | ||||
Stock-based compensation expense | $ 574 | $ 635 | $ 914 | $ 1,069 |
Restricted Stock [Member] | ||||
Stock-based compensation expense | 221 | 344 | 468 | 680 |
Performance Shares [Member] | ||||
Stock-based compensation expense | $ 84 | $ 84 |
Note 1 - Basis of Presentatio25
Note 1 - Basis of Presentation - Stock Option Activity (Details) - Employee Stock Option [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Outstanding, number of shares (in shares) | shares | 8,317 |
Outstanding, weighted average option exercise price (in dollars per share) | $ 2.35 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 1.67 |
Granted, number of shares (in shares) | shares | 300 |
Granted, weighted average option exercise price (in dollars per share) | $ 2.80 |
Granted, weighted average grant date fair value (in dollars per share) | $ 1.87 |
Exercised, number of shares (in shares) | shares | (365) |
Exercised, weighted average option exercise price (in dollars per share) | $ 1.70 |
Exercised, weighted average grant date fair value (in dollars per share) | $ 1.18 |
Forfeited, number of shares (in shares) | shares | (335) |
Forfeited, weighted average option exercise price (in dollars per share) | $ 2.17 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 1.55 |
Outstanding, number of shares (in shares) | shares | 7,917 |
Outstanding, weighted average option exercise price (in dollars per share) | $ 2.40 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 1.71 |
Note 1 - Basis of Presentatio26
Note 1 - Basis of Presentation - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Unvested, number of shares (in shares) | shares | 1,479 |
Unvested, weighted average option exercise price per share (in dollars per share) | $ / shares | $ 3.43 |
Granted, number of shares (in shares) | shares | 753 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.22 |
Vested/Released, number of shares (in shares) | shares | (733) |
Vested/ Released, weighted average option exercise price per share (in dollars per share) | $ / shares | $ 3.15 |
Forfeited, number of shares (in shares) | shares | (77) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.16 |
Unvested, number of shares (in shares) | shares | 1,422 |
Unvested, weighted average option exercise price per share (in dollars per share) | $ / shares | $ 2.95 |
Note 1 - Basis of Presentatio27
Note 1 - Basis of Presentation - Performance Based Restricted Stock Activity (Details) - Performance Shares [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Unvested, number of shares (in shares) | shares | |
Unvested, weighted average option exercise price per share (in dollars per share) | $ / shares | |
Granted, number of shares (in shares) | shares | 464 |
Granted, weighted average option exercise price per share (in dollars per share) | $ / shares | $ 2.37 |
Vested/Released, number of shares (in shares) | shares | |
Vested/ Released, weighted average option exercise price per share (in dollars per share) | $ / shares | |
Forfeited, number of shares (in shares) | shares | (31) |
Forfeited, weighted average option exercise price per share (in dollars per share) | $ / shares | $ 2.37 |
Unvested, number of shares (in shares) | shares | 433 |
Unvested, weighted average option exercise price per share (in dollars per share) | $ / shares | $ 2.37 |
Note 1 - Basis of Presentatio28
Note 1 - Basis of Presentation - Future Site Restoration Obligation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Beginning future site restoration obligation | $ 8,775 | $ 8,623 | $ 8,623 |
New wells placed on production and other | 452 | 1,088 | |
Deletions related to property disposals and plugging costs | (445) | (1,551) | |
Accretion expense and other | 264 | $ 224 | 451 |
Revisions and other | 29 | 164 | |
Ending future site restoration obligation | $ 9,075 | $ 8,775 |
Note 2 - Impact of ASC 606 Ad29
Note 2 - Impact of ASC 606 Adoption (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Accounting Standards Update 2014-09 [Member] | |
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 0 |
Note 3 - Revenue From Contrac30
Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Receivable, Gross, Current | $ 13,323 | $ 17,789 |
Note 3 - Revenue From Contrac31
Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Oil Revenues [Member] | ||||
Revenues | $ 27,472 | $ 11,313 | $ 63,466 | $ 26,814 |
Gas Revenues [Member] | ||||
Revenues | 1,608 | 1,063 | 3,985 | 3,045 |
Natural Gas Liquids Revenues [Member] | ||||
Revenues | 1,835 | 760 | 4,058 | 2,064 |
Permian / Delaware Basin [Member] | Oil Revenues [Member] | ||||
Revenues | 9,664 | 1,662 | 24,039 | 4,149 |
Permian / Delaware Basin [Member] | Gas Revenues [Member] | ||||
Revenues | 609 | 571 | 1,528 | 1,327 |
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member] | ||||
Revenues | 613 | 312 | 1,411 | 701 |
Rocky Mountain [Member] | Oil Revenues [Member] | ||||
Revenues | 15,479 | 8,244 | 34,719 | 19,641 |
Rocky Mountain [Member] | Gas Revenues [Member] | ||||
Revenues | 674 | 429 | 1,802 | 1,300 |
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member] | ||||
Revenues | 1,180 | 421 | 2,583 | 1,316 |
South Texas [Member] | Oil Revenues [Member] | ||||
Revenues | 2,329 | 1,407 | 4,708 | 3,024 |
South Texas [Member] | Gas Revenues [Member] | ||||
Revenues | 325 | 63 | 655 | 418 |
South Texas [Member] | Natural Gas Liquids Revenues [Member] | ||||
Revenues | $ 42 | $ 27 | $ 64 | $ 47 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 255,000 | ||||
Deferred Tax Assets, Valuation Allowance, Total | $ 80,400 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | |||
Open Tax Year | 2013 2014 2015 2016 2017 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Earliest Tax Year [Member] | |||||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2023 | ||||
Latest Tax Year [Member] | |||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) | 6 Months Ended | |
Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Financial Covenants, Minimum Current Ratio | 1 | |
Financial Covenants, Interest Coverage Ratio | 2.5 | |
Financial Covenants, Total Debt to EBITDAX Ratio | 3.5 | |
Debt Instrument Covenants, Extraordinary Expenses Included in Determining EBITDAX | $ 1,000,000 | |
Interest Coverage Ratio | 17.11 | |
Total Debt to EBITDAX Ratio | 1.49 | |
Current Ratio | 1.48 | |
Line of Credit Covenant, Percentage of Net Proceeds to be Used for Repayment | 100.00% | |
Line of Credit Covenant, Cash and Liquid Investments Triggering Credit Repayment | $ 10,000,000 | |
Long-term Debt, Total | 115,487,000 | $ 87,616,000 |
Line of Credit [Member] | ||
Long-term Line of Credit, Total | 112,000,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | |
Line of Credit Facility, Current Borrowing Capacity | $ 175,000,000 | |
Line of Credit, Market Value of Property, Minimum Percentage | 5.00% | |
Line of Credit, Reduced Collateral Value, Minimum Percentage | 5.00% | |
Line of Credit, Default, Minimum Interest Rate | 3.00% | |
Debt Instrument, Spread on Elected Variable Rate | 0.50% | |
Line of Credit Facility, Interest Rate at Period End | 5.10% | |
Debt Instrument, Maturity Date | May 16, 2021 | |
Debt Instrument, Collateral Eligible, Minimum Percent of PV-10 Required | 90.00% | |
Long-term Debt, Total | $ 112,000,000 | 84,000,000 |
Line of Credit [Member] | Minimum [Member] | ||
Debt Instrument, Spread on Elected Variable Rate | 2.50% | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Line of Credit [Member] | Maximum [Member] | ||
Debt Instrument, Spread on Elected Variable Rate | 3.50% | |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Mortgages [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | |
Debt Instrument, Periodic Payment, Total | $ 35,672 | |
Long-term Debt, Total | $ 3,487,000 | $ 3,616,000 |
Note 5 - Long-term Debt - Debt
Note 5 - Long-term Debt - Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Long-term debt | $ 115,487 | $ 87,616 |
Less current maturities | (261) | (262) |
115,226 | 87,354 | |
Line of Credit [Member] | ||
Long-term debt | 112,000 | 84,000 |
Mortgages [Member] | ||
Long-term debt | $ 3,487 | $ 3,616 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) | 3 Months Ended |
Jun. 30, 2018shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.2 |
Note 6 - Earnings Per Share - C
Note 6 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator: | ||||
Net income | $ (10,554) | $ 7,195 | $ 225 | $ 20,885 |
Basic (in shares) | 165,162 | 162,357 | 164,812 | 158,259 |
Effect of dilutive securities: Stock options, restricted shares and performance based shares (in shares) | 1,448 | 2,903 | 1,683 | |
Diluted (in shares) | 165,162 | 163,805 | 167,715 | 159,942 |
Net (loss) income per common share - basic (in dollars per share) | $ (0.06) | $ 0.04 | $ 0 | $ 0.13 |
Net (loss) income per common share - diluted (in dollars per share) | $ (0.06) | $ 0.04 | $ 0 | $ 0.13 |
Note 7 - Hedging Program and 37
Note 7 - Hedging Program and Derivatives - Summary Position of Derivative Contracts (Details) - Oil - WTI [Member] bbl in Thousands | 6 Months Ended |
Jun. 30, 2018$ / bblbbl | |
Fixed Swap, Contract Period 2018 July - December [Member] | |
Daily volume (Barrel of Oil) | bbl | 4,238 |
Swap price (in USD per Barrel of Oil) | $ / bbl | 53.7 |
Fixed Swap, Contract Period 2019 January - December [Member] | |
Daily volume (Barrel of Oil) | bbl | 2,800 |
Swap price (in USD per Barrel of Oil) | $ / bbl | 55.66 |
Fixed Swap, Contract Period 2020 January - December [Member] | |
Daily volume (Barrel of Oil) | bbl | 2,200 |
Swap price (in USD per Barrel of Oil) | $ / bbl | 54.34 |
Note 7 - Hedging Program and 38
Note 7 - Hedging Program and Derivatives - Impact of Derivative Contracts on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative liabilities | $ 21,477 | $ 10,837 |
Derivative liabilities long-term | 10,852 | 2,387 |
Total Assets | ||
Total Liabilities | 32,329 | 13,224 |
Commodity Contract [Member] | Derivative Assets Current [Member] | ||
Derivative asset, current | ||
Commodity Contract [Member] | Derivative Liabilities Current [Member] | ||
Derivative liabilities | 21,477 | 10,837 |
Commodity Contract [Member] | Derivative Assets Noncurrent [Member] | ||
Derivative asset, long-term | ||
Commodity Contract [Member] | Derivative Liabilities Noncurrent [Member] | ||
Derivative liabilities long-term | $ 10,852 | $ 2,387 |
Note 8 - Financial Instrument39
Note 8 - Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
NYMEX fixed price derivative contracts | ||
Total Assets | ||
Derivative liabilities | 32,329 | 13,224 |
Total Liabilities | 32,329 | 13,224 |
Fair Value, Measurements, Recurring [Member] | ||
NYMEX fixed price derivative contracts | ||
Total Assets | ||
Derivative liabilities | 13,224 | |
Total Liabilities | 13,224 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
NYMEX fixed price derivative contracts | ||
Total Assets | ||
Derivative liabilities | ||
Total Liabilities | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
NYMEX fixed price derivative contracts | ||
Total Assets | ||
Derivative liabilities | 13,208 | |
Total Liabilities | 13,208 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
NYMEX fixed price derivative contracts | ||
Total Assets | ||
Derivative liabilities | 16 | |
Total Liabilities | 16 | |
Fixed Price Derivative Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
NYMEX fixed price derivative contracts | ||
Total Assets | ||
Derivative liabilities | 32,329 | 13,208 |
Total Liabilities | 32,329 | 13,208 |
Fixed Price Derivative Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
NYMEX fixed price derivative contracts | ||
Total Assets | ||
Derivative liabilities | ||
Total Liabilities | ||
Fixed Price Derivative Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
NYMEX fixed price derivative contracts | ||
Total Assets | ||
Derivative liabilities | 32,329 | 13,208 |
Total Liabilities | 32,329 | 13,208 |
Fixed Price Derivative Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
NYMEX fixed price derivative contracts | ||
Total Assets | ||
Derivative liabilities | ||
Total Liabilities | ||
Collars [Member] | Fair Value, Measurements, Recurring [Member] | ||
Derivative liabilities | 16 | |
Total Liabilities | 16 | |
Collars [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liabilities | ||
Total Liabilities | ||
Collars [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liabilities | ||
Total Liabilities | ||
Collars [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liabilities | 16 | |
Total Liabilities | $ 16 |
Note 8 - Financial Instrument40
Note 8 - Financial Instruments - Recurring Fair Value Measurements Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Unobservable inputs | $ (16) |
Changes in market value | |
Settlements during the period | 16 |
Unobservable inputs |