CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2020 |
Sep. 30, 2019 |
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ (596,544)
|
$ 6,752
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation, depletion and amortization |
283,722
|
321,392
|
| Stock-based compensation expense |
16,164
|
21,351
|
| Impairment and abandonment expense |
650,629
|
42,427
|
| Deferred tax expense (benefit) |
(85,124)
|
5,058
|
| Net (gain) loss on sale of long-lived assets |
(388)
|
15
|
| Non-cash portion of derivative (gain) loss |
(1,103)
|
14
|
| Amortization of debt issuance costs and discount |
4,112
|
2,070
|
| Gain on exchange of debt |
(143,443)
|
0
|
| Changes in operating assets and liabilities: |
|
|
| (Increase) decrease in accounts receivable |
48,139
|
(47,771)
|
| (Increase) decrease in prepaid and other assets |
(2,825)
|
(995)
|
| Increase (decrease) in accounts payable and other liabilities |
(43,107)
|
34,562
|
| Net cash provided by operating activities |
130,232
|
384,875
|
| Cash flows from investing activities: |
|
|
| Acquisition of oil and natural gas properties |
(7,689)
|
(73,346)
|
| Drilling and development capital expenditures |
(300,660)
|
(644,945)
|
| Purchases of other property and equipment |
(1,035)
|
(8,207)
|
| Proceeds from sales of oil and natural gas properties |
1,375
|
28,378
|
| Net cash used in investing activities |
(308,009)
|
(698,120)
|
| Cash flows from financing activities: |
|
|
| Proceeds from borrowings under revolving credit facility |
490,000
|
345,000
|
| Repayment of borrowings under revolving credit facility |
(310,000)
|
(525,000)
|
| Proceeds from issuance of senior notes |
|
496,175
|
| Debt exchange and debt issuance costs |
(6,650)
|
(7,200)
|
| Restricted stock used for tax withholdings |
(598)
|
(911)
|
| Net cash provided by financing activities |
172,752
|
308,064
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
(5,025)
|
(5,181)
|
| Cash, cash equivalents and restricted cash, beginning of period |
15,543
|
21,422
|
| Cash, cash equivalents and restricted cash, end of period |
10,518
|
16,241
|
| Supplemental cash flow information |
|
|
| Cash paid for interest |
48,331
|
27,985
|
| Cash used in operating activities |
5,510
|
16,808
|
| Cash used in investing activities |
2,019
|
13,946
|
| Supplemental non-cash activity |
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
13,593
|
120,238
|
| Asset retirement obligations incurred, including revisions to estimates |
579
|
1,075
|
| Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities |
(3,711)
|
35,686
|
| Aggregate principal amount of Senior Secured Notes issued in the debt exchange |
106,030
|
0
|
| Total cash, cash equivalents and restricted cash |
10,518
|
16,241
|
| Senior Notes Due 2026 | Senior Notes |
|
|
| Supplemental non-cash activity |
|
|
| Senior Notes extinguished in the debt exchange |
(108,632)
|
0
|
| Senior Notes Due 2027 | Senior Notes |
|
|
| Supplemental non-cash activity |
|
|
| Senior Notes extinguished in the debt exchange |
$ (140,840)
|
$ 0
|