CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 138,254
|
$ 33,905
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation, depletion and amortization |
140,956
|
60,460
|
| Stock-based compensation expense |
8,988
|
5,595
|
| Abandonment expense and impairment of unproved properties |
1,784
|
(29)
|
| Exploratory dry hole cost |
395
|
0
|
| Deferred tax expense |
39,077
|
9,069
|
| (Gain) loss on sale of oil and natural gas properties |
126
|
(7,357)
|
| Non-cash portion of derivative (gain) loss |
(19,016)
|
(6,412)
|
| Amortization of debt issuance costs |
806
|
214
|
| Changes in operating assets and liabilities: |
|
|
| (Increase) decrease in accounts receivable |
(16,687)
|
(20,567)
|
| (Increase) decrease in prepaid and other assets |
294
|
(172)
|
| Increase (decrease) in accounts payable and other liabilities |
28,925
|
18,434
|
| Net cash provided by operating activities |
323,902
|
93,140
|
| Cash flows from investing activities: |
|
|
| Acquisitions of oil and natural gas properties |
(107,193)
|
(405,244)
|
| Drilling and development capital expenditures |
(469,004)
|
(198,299)
|
| Purchases of other property and equipment |
(3,264)
|
(2,457)
|
| Proceeds from sales of oil and natural gas properties |
146,090
|
10,675
|
| Net cash used in investing activities |
(433,371)
|
(595,325)
|
| Cash flows from financing activities: |
|
|
| Issuance of Class A common shares |
0
|
340,750
|
| Underwriters discount and offering costs |
0
|
(7,233)
|
| Proceeds from revolving credit facility |
115,000
|
50,000
|
| Repayment of revolving credit facility |
(85,000)
|
(15,000)
|
| Proceeds from stock options exercised |
575
|
0
|
| Restricted stock used for tax withholdings |
(257)
|
0
|
| Debt issuance costs |
(4,044)
|
(415)
|
| Net cash provided by financing activities |
26,274
|
368,102
|
| Net decrease in cash and cash equivalents and restricted cash |
(83,195)
|
(134,083)
|
| Cash and cash equivalents and restricted cash, beginning of period |
125,915
|
134,083
|
| Cash and cash equivalents, end of period |
42,720
|
0
|
| Supplemental cash flow information |
|
|
| Cash paid for interest |
1,157
|
723
|
| Supplemental non-cash activity |
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
97,711
|
80,651
|
| Asset retirement obligations incurred, including revisions to estimates |
$ 659
|
$ 649
|