CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 70,772
|
$ 10,707
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation, depletion and amortization |
66,010
|
26,160
|
| Stock-based compensation expense |
4,333
|
2,610
|
| Exploratory dry hole cost |
221
|
0
|
| Deferred tax expense |
19,137
|
0
|
| (Gain) loss on sale of oil and natural gas properties |
(15)
|
(166)
|
| Non-cash portion of derivative (gain) loss |
(7,482)
|
(4,156)
|
| Amortization of debt issuance costs |
379
|
93
|
| Changes in operating assets and liabilities: |
|
|
| (Increase) decrease in accounts receivable |
(29,555)
|
(9,143)
|
| Increase in prepaid and other assets |
(7)
|
(382)
|
| Increase (decrease) in accounts payable and other liabilities |
8,033
|
(6,475)
|
| Net cash provided by operating activities |
131,826
|
19,248
|
| Cash flows from investing activities: |
|
|
| Acquisitions of oil and natural gas properties |
(101,753)
|
(38,678)
|
| Drilling and development capital expenditures |
(250,548)
|
(62,121)
|
| Purchases of other property and equipment |
(1,763)
|
(1,139)
|
| Proceeds from sales of oil and natural gas properties |
135,481
|
3,518
|
| Net cash used in investing activities |
(218,583)
|
(98,420)
|
| Cash flows from financing activities: |
|
|
| Proceeds from revolving credit facility |
85,000
|
0
|
| Repayment of revolving credit facility |
(85,000)
|
0
|
| Proceeds from stock options exercised |
164
|
0
|
| Restricted stock used for tax withholdings |
(192)
|
0
|
| Debt issuance costs |
(906)
|
(37)
|
| Net cash used in financing activities |
(934)
|
(37)
|
| Net decrease in cash and cash equivalents and restricted cash |
(87,691)
|
(79,209)
|
| Cash and cash equivalents and restricted cash, beginning of period |
125,915
|
134,083
|
| Cash and cash equivalents, end of period |
38,224
|
54,874
|
| Supplemental cash flow information |
|
|
| Cash paid for interest |
784
|
226
|
| Supplemental non-cash activity |
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
111,824
|
63,978
|
| Asset retirement obligations incurred, including revisions to estimates |
$ 243
|
$ 274
|