CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
Oct. 11, 2016 |
Dec. 31, 2016 |
Oct. 10, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Oct. 10, 2016 |
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ (387)
|
$ (8,985)
|
|
$ 212,736
|
$ 83,555
|
|
|
|
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
| Depreciation, depletion and amortization |
|
|
14,877
|
|
326,462
|
161,628
|
|
|
|
|
|
| Incentive unit compensation |
|
|
0
|
|
0
|
0
|
|
|
|
|
|
| Stock-based compensation expense |
|
|
1,333
|
|
20,670
|
13,759
|
|
|
|
|
|
| Non-cash transaction cost |
|
|
0
|
|
0
|
0
|
|
|
|
|
|
| Impairment and abandonment expense |
|
|
0
|
|
11,136
|
(29)
|
|
|
|
|
|
| Exploratory dry hole costs |
|
|
0
|
|
528
|
5,658
|
|
|
|
|
|
| Deferred tax expense (benefit) |
|
|
0
|
|
59,440
|
29,930
|
|
|
|
|
|
| (Gain) loss on sale of oil and natural gas properties |
|
|
(24)
|
|
(475)
|
(8,796)
|
|
|
|
|
|
| Non-cash portion of derivative (gain) loss |
|
|
2,602
|
|
5,274
|
(5,805)
|
|
|
|
|
|
| Amortization of debt issuance costs |
|
|
70
|
|
1,749
|
887
|
|
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| (Increase) decrease in accounts receivable |
|
|
(983)
|
|
(33,001)
|
(43,553)
|
|
|
|
|
|
| Increase in prepaid and other assets |
|
|
(1,092)
|
|
(1,168)
|
(4,088)
|
|
|
|
|
|
| Increase in accounts payable and other liabilities |
|
|
1,612
|
|
66,660
|
26,772
|
|
|
|
|
|
| Net cash provided by operating activities |
|
|
9,410
|
|
670,011
|
259,918
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
| Acquisition of oil and natural gas properties |
|
|
(849,642)
|
|
(212,513)
|
(435,547)
|
|
|
|
|
|
| Drilling and development capital expenditures |
|
|
(24,107)
|
|
(998,242)
|
(574,334)
|
|
|
|
|
|
| Purchases of other property and equipment |
|
|
(801)
|
|
(6,058)
|
(4,921)
|
|
|
|
|
|
| Proceeds withdrawn from trust account |
|
|
500,561
|
|
0
|
0
|
|
|
|
|
|
| Acquisition of Centennial Resource Production, LLC |
|
|
(1,375,744)
|
|
0
|
0
|
|
|
|
|
|
| Proceeds from sales of oil and natural gas properties |
|
|
0
|
|
148,149
|
22,496
|
|
|
|
|
|
| Net cash used in investing activities |
|
|
(1,749,733)
|
|
(1,068,664)
|
(992,306)
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
| Issuance of Class A common shares |
|
|
1,540,556
|
|
0
|
340,750
|
|
|
|
|
|
| Issuance of Preferred Series B Shares |
|
|
379,494
|
|
0
|
0
|
|
|
|
|
|
| Underwriting discount and offering costs |
|
|
(27,104)
|
|
0
|
(7,291)
|
|
|
|
|
|
| Payment of deferred underwriting compensation |
|
|
(17,500)
|
|
0
|
0
|
|
|
|
|
|
| Proceeds from revolving credit facility |
|
|
0
|
|
475,000
|
275,000
|
|
|
|
|
|
| Repayment of revolving credit facility |
|
|
0
|
|
(175,000)
|
(275,000)
|
|
|
|
|
|
| Proceeds from senior notes |
|
|
0
|
|
0
|
400,000
|
|
|
|
|
|
| Proceeds from stock options exercised |
|
|
0
|
|
982
|
877
|
|
|
|
|
|
| Restricted stock used for tax withholdings |
|
|
0
|
|
(1,665)
|
(644)
|
|
|
|
|
|
| Debt issuance costs |
|
|
(1,115)
|
|
(5,157)
|
(9,472)
|
|
|
|
|
|
| Financing obligation |
|
|
(63)
|
|
0
|
0
|
|
|
|
|
|
| Net cash provided by financing activities |
|
|
1,874,268
|
|
294,160
|
724,220
|
|
|
|
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
133,945
|
|
(104,493)
|
(8,168)
|
|
|
|
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
138
|
138
|
|
125,915
|
134,083
|
|
|
|
|
|
| Cash, cash equivalents and restricted cash, end of period |
|
|
134,083
|
$ 138
|
21,422
|
125,915
|
$ 134,083
|
|
|
|
|
| Supplemental cash flow information |
|
|
|
|
|
|
|
|
|
|
|
| Cash paid for interest |
|
|
234
|
|
18,284
|
4,280
|
|
|
|
|
|
| Supplemental non-cash activity |
|
|
|
|
|
|
|
|
|
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
|
|
65,217
|
|
119,492
|
126,480
|
|
|
|
|
|
| Asset retirement obligations incurred, including changes in estimate |
|
|
186
|
|
1,451
|
4,044
|
|
|
|
|
|
| Restricted Cash and Cash Equivalents [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
|
|
|
$ 18,157
|
$ 117,315
|
$ 134,083
|
|
| Restricted cash |
[1] |
|
|
|
|
|
|
3,265
|
8,600
|
0
|
|
| Total cash, cash equivalents and restricted cash |
|
138
|
134,083
|
138
|
$ 125,915
|
$ 134,083
|
134,083
|
$ 21,422
|
$ 125,915
|
$ 134,083
|
$ 138
|
| Predecessor |
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
|
(218,724)
|
|
|
|
|
|
|
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
| Depreciation, depletion and amortization |
|
|
|
62,964
|
|
|
|
|
|
|
|
| Incentive unit compensation |
|
|
|
165,394
|
|
|
|
|
|
|
|
| Stock-based compensation expense |
|
|
|
0
|
|
|
|
|
|
|
|
| Non-cash transaction cost |
|
|
|
14,049
|
|
|
|
|
|
|
|
| Impairment and abandonment expense |
|
|
|
2,545
|
|
|
|
|
|
|
|
| Exploratory dry hole costs |
|
|
|
0
|
|
|
|
|
|
|
|
| Deferred tax expense (benefit) |
|
|
|
(406)
|
|
|
|
|
|
|
|
| (Gain) loss on sale of oil and natural gas properties |
|
|
|
(11)
|
|
|
|
|
|
|
|
| Non-cash portion of derivative (gain) loss |
|
|
|
23,461
|
|
|
|
|
|
|
|
| Amortization of debt issuance costs |
|
|
|
376
|
|
|
|
|
|
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| (Increase) decrease in accounts receivable |
|
|
|
969
|
|
|
|
|
|
|
|
| Increase in prepaid and other assets |
|
|
|
(170)
|
|
|
|
|
|
|
|
| Increase in accounts payable and other liabilities |
|
|
|
1,293
|
|
|
|
|
|
|
|
| Net cash provided by operating activities |
|
|
|
51,740
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
| Acquisition of oil and natural gas properties |
|
|
|
(55,564)
|
|
|
|
|
|
|
|
| Drilling and development capital expenditures |
|
|
|
(45,605)
|
|
|
|
|
|
|
|
| Purchases of other property and equipment |
|
|
|
(265)
|
|
|
|
|
|
|
|
| Proceeds withdrawn from trust account |
|
|
|
0
|
|
|
|
|
|
|
|
| Acquisition of Centennial Resource Production, LLC |
|
|
|
0
|
|
|
|
|
|
|
|
| Proceeds from sales of oil and natural gas properties |
|
|
|
0
|
|
|
|
|
|
|
|
| Net cash used in investing activities |
|
|
|
(101,434)
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
| Issuance of Class A common shares |
|
|
|
0
|
|
|
|
|
|
|
|
| Issuance of Preferred Series B Shares |
|
|
|
0
|
|
|
|
|
|
|
|
| Underwriting discount and offering costs |
|
|
|
0
|
|
|
|
|
|
|
|
| Payment of deferred underwriting compensation |
|
|
|
0
|
|
|
|
|
|
|
|
| Proceeds from revolving credit facility |
|
|
|
55,000
|
|
|
|
|
|
|
|
| Repayment of revolving credit facility |
|
|
|
(5,000)
|
|
|
|
|
|
|
|
| Proceeds from senior notes |
|
|
|
0
|
|
|
|
|
|
|
|
| Proceeds from stock options exercised |
|
|
|
0
|
|
|
|
|
|
|
|
| Restricted stock used for tax withholdings |
|
|
|
0
|
|
|
|
|
|
|
|
| Debt issuance costs |
|
|
|
0
|
|
|
|
|
|
|
|
| Financing obligation |
|
|
|
(2,074)
|
|
|
|
|
|
|
|
| Net cash provided by financing activities |
|
|
|
47,926
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
|
(1,768)
|
|
|
|
|
|
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
0
|
0
|
1,768
|
|
|
1,768
|
|
|
|
|
| Cash, cash equivalents and restricted cash, end of period |
|
|
|
0
|
|
|
|
|
|
|
|
| Supplemental cash flow information |
|
|
|
|
|
|
|
|
|
|
|
| Cash paid for interest |
|
|
|
5,092
|
|
|
|
|
|
|
|
| Supplemental non-cash activity |
|
|
|
|
|
|
|
|
|
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
|
|
|
21,025
|
|
|
|
|
|
|
|
| Asset retirement obligations incurred, including changes in estimate |
|
|
|
206
|
|
|
|
|
|
|
|
| Restricted Cash and Cash Equivalents [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
0
|
| Restricted cash |
[1] |
|
|
|
|
|
|
|
|
|
0
|
| Total cash, cash equivalents and restricted cash |
|
$ 0
|
$ 0
|
$ 1,768
|
|
|
$ 1,768
|
|
|
|
$ 0
|
|
|