CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2019 |
Mar. 31, 2018 |
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ (8,537)
|
$ 70,772
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
| Depreciation, depletion and amortization |
96,558
|
66,010
|
| Stock-based compensation expense |
6,483
|
4,333
|
| Impairment and abandonment expense |
31,264
|
0
|
| Exploratory dry hole costs |
0
|
221
|
| Deferred tax (benefit) expense |
(2,263)
|
19,137
|
| (Gain) loss on sale of oil and natural gas properties |
2
|
(15)
|
| Non-cash portion of derivative (gain) loss |
5,494
|
(7,482)
|
| Amortization of debt issuance costs |
512
|
379
|
| Changes in operating assets and liabilities: |
|
|
| (Increase) decrease in accounts receivable |
(18,708)
|
(29,555)
|
| (Increase) decrease in prepaid and other assets |
(205)
|
(7)
|
| Increase (decrease) in accounts payable and other liabilities |
(9,572)
|
8,033
|
| Net cash provided by operating activities |
101,028
|
131,826
|
| Cash flows from investing activities: |
|
|
| Acquisition of oil and natural gas properties |
(25,691)
|
(101,753)
|
| Drilling and development capital expenditures |
(217,158)
|
(250,548)
|
| Purchases of other property and equipment |
(1,738)
|
(1,763)
|
| Proceeds from sales of oil and natural gas properties |
25,709
|
135,481
|
| Net cash used in investing activities |
(218,878)
|
(218,583)
|
| Cash flows from financing activities: |
|
|
| Proceeds from borrowing under revolving credit facility |
130,000
|
85,000
|
| Repayment of borrowings under revolving credit facility |
(430,000)
|
(85,000)
|
| Proceeds from issuance of 2027 Senior Notes |
496,175
|
0
|
| Debt issuance costs |
(6,698)
|
(906)
|
| Proceeds from stock options exercised |
0
|
164
|
| Restricted stock used for tax withholdings |
(291)
|
(192)
|
| Net cash provided by (used) in financing activities |
189,186
|
(934)
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
71,336
|
(87,691)
|
| Cash, cash equivalents and restricted cash, beginning of period |
21,422
|
125,915
|
| Cash, cash equivalents and restricted cash, end of period |
92,758
|
38,224
|
| Supplemental cash flow information |
|
|
| Cash paid for interest |
15,210
|
784
|
| Operating cash flows from operating leases |
4,905
|
|
| Investing cash flows from operating leases |
5,682
|
|
| Supplemental non-cash activity |
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
136,113
|
111,824
|
| Asset retirement obligations incurred, including revisions to estimates |
264
|
243
|
| Right-of-use assets obtained in exchange for operating lease liabilities |
34,385
|
|
| Total cash, cash equivalents and restricted cash |
$ 21,422
|
$ 125,915
|