CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2021 |
Mar. 31, 2020 |
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ (34,645)
|
$ (550,345)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
| Depreciation, depletion and amortization |
63,783
|
101,258
|
| Stock-based compensation expense - equity awards |
4,585
|
6,409
|
| Stock-based compensation expense - liability awards |
10,414
|
0
|
| Impairment and abandonment expense |
9,200
|
611,300
|
| Deferred tax expense (benefit) |
0
|
(83,208)
|
| Net (gain) loss on sale of long-lived assets |
(44)
|
(245)
|
| Non-cash portion of derivative (gain) loss |
28,313
|
8,452
|
| Amortization of debt issuance costs and discount |
1,847
|
799
|
| Changes in operating assets and liabilities: |
|
|
| (Increase) decrease in accounts receivable |
(14,997)
|
41,026
|
| (Increase) decrease in prepaid and other assets |
(264)
|
(263)
|
| Increase (decrease) in accounts payable and other liabilities |
4,154
|
(34,365)
|
| Net cash provided by operating activities |
72,346
|
100,818
|
| Cash flows from investing activities: |
|
|
| Acquisition of oil and natural gas properties |
(433)
|
(5,795)
|
| Drilling and development capital expenditures |
(46,152)
|
(161,895)
|
| Purchases of other property and equipment |
(181)
|
(486)
|
| Proceeds from sales of oil and natural gas properties |
168
|
1,200
|
| Net cash used in investing activities |
(46,598)
|
(166,976)
|
| Cash flows from financing activities: |
|
|
| Proceeds from borrowings under revolving credit facility |
70,000
|
195,000
|
| Repayment of borrowings under revolving credit facility |
(240,000)
|
(135,000)
|
| Proceeds from issuance of convertible senior notes |
170,000
|
0
|
| Debt issuance costs |
(5,444)
|
0
|
| Premiums paid on capped call transactions |
(14,688)
|
0
|
| Restricted stock used for tax withholdings |
(477)
|
(208)
|
| Net cash (used in) provided by financing activities |
(20,609)
|
59,792
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
5,139
|
(6,366)
|
| Cash, cash equivalents and restricted cash, beginning of period |
8,339
|
15,543
|
| Cash, cash equivalents and restricted cash, end of period |
13,478
|
9,177
|
| Supplemental cash flow information |
|
|
| Cash paid for interest |
11,272
|
12,977
|
| Supplemental non-cash activity |
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
50,333
|
108,282
|
| Asset retirement obligations incurred, including revisions to estimates |
24
|
413
|
| Restricted Cash and Cash Equivalents [Abstract] |
|
|
| Total cash, cash equivalents and restricted cash |
$ 13,478
|
$ 9,177
|