CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2022 |
Jun. 30, 2021 |
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
|
$ 207,628
|
$ (59,700)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation, depletion and amortization |
|
153,126
|
137,212
|
| Stock-based compensation expense - equity awards |
|
12,202
|
9,066
|
| Stock-based compensation expense - liability awards |
|
5,127
|
25,074
|
| Impairment and abandonment expense |
|
3,133
|
18,399
|
| Deferred tax expense (benefit) |
|
47,663
|
0
|
| Net (gain) loss on sale of long-lived assets |
|
1,324
|
(36)
|
| Non-cash portion of derivative (gain) loss |
|
47,131
|
45,759
|
| Amortization of debt issuance costs and debt discount |
|
4,226
|
2,886
|
| Gain (loss) on extinguishment of debt |
|
0
|
(22,156)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
|
(62,751)
|
(33,483)
|
| (Increase) decrease in prepaid and other assets |
|
(6,201)
|
(9)
|
| Increase (decrease) in accounts payable and other liabilities |
|
42,491
|
12,301
|
| Net cash provided by operating activities |
|
455,099
|
179,625
|
| Cash flows from investing activities: |
|
|
|
| Acquisition of oil and natural gas properties |
|
(2,592)
|
(638)
|
| Drilling and development capital expenditures |
|
(224,011)
|
(126,665)
|
| Purchases of other property and equipment |
|
(2,863)
|
(471)
|
| Proceeds from sales of oil and natural gas properties |
|
863
|
698
|
| Net cash used in investing activities |
|
(228,603)
|
(127,076)
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from borrowings under revolving credit facility |
|
170,000
|
320,000
|
| Repayment of borrowings under revolving credit facility |
|
(195,000)
|
(395,000)
|
| Proceeds from issuance of senior notes |
|
0
|
170,000
|
| Debt issuance costs |
|
(8,533)
|
(6,421)
|
| Premiums paid on capped call transactions |
|
0
|
(14,688)
|
| Repayments of Senior Debt |
|
0
|
127,073
|
| Proceeds from Stock Options Exercised |
|
8
|
15
|
| Restricted stock used for tax withholdings |
|
(1,259)
|
(477)
|
| Net cash used in financing activities |
|
(34,784)
|
(53,644)
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
191,712
|
(1,095)
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
9,935
|
8,339
|
| Cash, cash equivalents and restricted cash, end of period |
|
201,647
|
7,244
|
| Supplemental cash flow information |
|
|
|
| Cash paid for interest |
|
24,276
|
30,124
|
| Income Taxes Paid |
|
600
|
0
|
| Supplemental non-cash activity |
|
|
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
|
63,486
|
53,096
|
| Asset retirement obligations incurred, including revisions to estimates |
|
389
|
66
|
| Restricted Cash and Cash Equivalents [Abstract] |
|
|
|
| Cash and cash equivalents |
|
201,092
|
4,702
|
| Restricted cash(1) |
[1] |
555
|
2,542
|
| Total cash, cash equivalents and restricted cash |
|
$ 201,647
|
$ 7,244
|
|
|