CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2021 |
Jun. 30, 2020 |
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
|
$ (59,700)
|
$ (545,015)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation, depletion and amortization |
|
137,212
|
194,278
|
| Stock-based compensation expense - equity awards |
|
9,066
|
11,136
|
| Stock-based compensation expense - liability awards |
|
25,074
|
0
|
| Impairment and abandonment expense |
|
18,399
|
630,725
|
| Deferred tax expense (benefit) |
|
0
|
(85,124)
|
| Net (gain) loss on sale of long-lived assets |
|
(36)
|
(243)
|
| Non-cash portion of derivative (gain) loss |
|
45,759
|
31,415
|
| Amortization of debt issuance costs and debt discount |
|
2,886
|
2,334
|
| (Gain) loss on extinguishment of debt |
|
22,156
|
(143,443)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
|
(33,483)
|
36,065
|
| (Increase) decrease in prepaid and other assets |
|
(9)
|
41
|
| Increase (decrease) in accounts payable and other liabilities |
|
12,301
|
(47,666)
|
| Net cash provided by operating activities |
|
179,625
|
84,503
|
| Cash flows from investing activities: |
|
|
|
| Acquisition of oil and natural gas properties |
|
(638)
|
(6,113)
|
| Drilling and development capital expenditures |
|
(126,665)
|
(271,389)
|
| Purchases of other property and equipment |
|
(471)
|
(811)
|
| Proceeds from sales of oil and natural gas properties |
|
698
|
1,263
|
| Net cash used in investing activities |
|
(127,076)
|
(277,050)
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from borrowings under revolving credit facility |
|
320,000
|
385,000
|
| Repayment of borrowings under revolving credit facility |
|
(395,000)
|
(190,000)
|
| Proceeds from issuance of convertible senior notes |
|
170,000
|
0
|
| Debt issuance costs |
|
(6,421)
|
(5,141)
|
| Premiums paid on capped call transactions |
|
(14,688)
|
0
|
| Repayments of Senior Debt |
|
(127,073)
|
0
|
| Proceeds from Stock Options Exercised |
|
15
|
0
|
| Restricted stock used for tax withholdings |
|
(477)
|
(301)
|
| Net cash (used in) provided by financing activities |
|
(53,644)
|
189,558
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(1,095)
|
(2,989)
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
8,339
|
15,543
|
| Cash, cash equivalents and restricted cash, end of period |
|
7,244
|
12,554
|
| Supplemental cash flow information |
|
|
|
| Cash paid for interest |
|
30,124
|
36,618
|
| Supplemental non-cash activity |
|
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
|
53,096
|
22,474
|
| Asset retirement obligations incurred, including revisions to estimates |
|
66
|
542
|
| Senior Secured Notes issued in the debt exchange, net of debt discount |
|
0
|
106,030
|
| Restricted Cash and Cash Equivalents [Abstract] |
|
|
|
| Cash and cash equivalents |
|
4,702
|
7,214
|
| Restricted cash(1) |
[1] |
2,542
|
5,340
|
| Total cash, cash equivalents and restricted cash |
|
7,244
|
12,554
|
| Senior Notes Due 2026 | Senior Notes |
|
|
|
| Supplemental non-cash activity |
|
|
|
| Notes Reduction |
|
0
|
108,632
|
| Senior Notes Due 2027 | Senior Notes |
|
|
|
| Supplemental non-cash activity |
|
|
|
| Notes Reduction |
|
$ 0
|
$ 140,840
|
|
|