CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Cash flows from operating activities: |
|
|
|
|
| Net income (loss) |
|
$ 749,840
|
$ 138,175
|
$ (685,199)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
| Depreciation, depletion and amortization |
|
444,678
|
289,122
|
358,554
|
| Stock-based compensation expense - equity awards |
|
116,480
|
37,541
|
20,966
|
| Stock-based compensation expense - liability awards |
|
(24,174)
|
20,573
|
3,602
|
| Impairment and abandonment expense |
|
3,875
|
32,511
|
691,190
|
| Exploratory dry hole costs |
|
0
|
0
|
6,615
|
| Deferred tax expense (benefit) |
|
119,679
|
569
|
(85,124)
|
| Net (gain) loss on sale of long-lived assets |
|
1,314
|
(34,168)
|
(398)
|
| Non-cash portion of derivative (gain) loss |
|
(77,737)
|
16,700
|
17,884
|
| Amortization of debt issuance costs and debt discount |
|
15,362
|
4,992
|
5,923
|
| (Gain) loss on extinguishment of debt |
|
0
|
22,156
|
(143,443)
|
| Changes in operating assets and liabilities: |
|
|
|
|
| (Increase) decrease in accounts receivable |
|
(66,824)
|
(21,475)
|
44,572
|
| (Increase) decrease in prepaid and other assets |
|
(1,751)
|
2,907
|
(3,804)
|
| Increase (decrease) in accounts payable and other liabilities |
|
90,929
|
16,016
|
(59,962)
|
| Net cash provided by operating activities |
|
1,371,671
|
525,619
|
171,376
|
| Cash flows from investing activities: |
|
|
|
|
| Acquisition of oil and natural gas properties |
|
(8,858)
|
(6,510)
|
(8,464)
|
| Drilling and development capital expenditures |
|
(771,577)
|
(319,640)
|
(318,465)
|
| Cash Acquired in Excess of Payments to Acquire Business |
|
496,671
|
0
|
0
|
| Purchases of other property and equipment |
|
(3,563)
|
(901)
|
(1,083)
|
| Proceeds from sales of oil and natural gas properties |
|
75,620
|
100,575
|
1,689
|
| Net cash used in investing activities |
|
(1,205,049)
|
(226,476)
|
(326,323)
|
| Cash flows from financing activities: |
|
|
|
|
| Proceeds from borrowings under revolving credit facility |
|
1,115,000
|
570,000
|
570,000
|
| Repayment of borrowings under revolving credit facility |
|
(755,000)
|
(875,000)
|
(415,000)
|
| Repayment of credit facility acquired in the Merger |
|
(400,000)
|
0
|
0
|
| Proceeds from issuance of senior notes |
|
0
|
170,000
|
0
|
| Debt exchange and debt issuance costs |
|
(19,833)
|
(6,421)
|
(6,650)
|
| Premiums paid on capped call transactions |
|
0
|
(14,688)
|
0
|
| Redemption of senior secured notes |
|
0
|
(127,073)
|
0
|
| Proceeds from exercise of stock options |
|
109
|
132
|
0
|
| Dividends Paid |
|
(14,426)
|
0
|
0
|
| Distributions paid to noncontrolling interest owners |
|
13,465
|
0
|
0
|
| Class A Common Stock repurchased from employees for taxes due upon share vestings |
|
(19,010)
|
(14,497)
|
(607)
|
| Net cash (used in) provided by financing activities |
|
(106,625)
|
(297,547)
|
147,743
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
59,997
|
1,596
|
(7,204)
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
9,935
|
8,339
|
15,543
|
| Cash, cash equivalents and restricted cash, end of period |
|
69,932
|
9,935
|
8,339
|
| Supplemental cash flow information |
|
|
|
|
| Cash paid for interest |
|
60,700
|
57,943
|
69,675
|
| Cash paid for income taxes |
|
613
|
0
|
0
|
| Supplemental non-cash activity |
|
|
|
|
| Equity issued and long-term debt assumed to acquire oil and gas properties via the Merger |
|
3,317,797
|
0
|
0
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
|
166,062
|
29,128
|
23,409
|
| Asset retirement obligations incurred, including revisions to estimates |
|
22,648
|
249
|
(563)
|
| Dividends payable |
|
1,059
|
0
|
0
|
| Senior Secured Notes issued in the debt exchange, net of debt discount |
|
0
|
0
|
106,030
|
| Restricted Cash and Cash Equivalents [Abstract] |
|
|
|
|
| Cash and cash equivalents |
|
59,545
|
9,380
|
5,800
|
| Restricted cash |
[1] |
10,387
|
555
|
2,539
|
| Total cash, cash equivalents and restricted cash |
|
69,932
|
9,935
|
8,339
|
| Senior Notes Due 2026 | Senior Notes |
|
|
|
|
| Supplemental non-cash activity |
|
|
|
|
| Extinguishment of Debt, Amount |
|
0
|
0
|
(108,632)
|
| Senior Notes Due 2027 | Senior Notes |
|
|
|
|
| Supplemental non-cash activity |
|
|
|
|
| Extinguishment of Debt, Amount |
|
$ 0
|
$ 0
|
$ (140,840)
|
|
|