CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2021 |
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
|
$ 551,132
|
$ (22,576)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation, depletion and amortization |
|
262,626
|
213,259
|
| Stock-based compensation expense - equity awards |
|
60,971
|
32,299
|
| Stock-based compensation expense - liability awards |
|
(24,174)
|
19,950
|
| Impairment and abandonment expense |
|
3,631
|
26,111
|
| Deferred tax expense (benefit) |
|
78,832
|
0
|
| Net (gain) loss on sale of long-lived assets |
|
1,327
|
254
|
| Non-cash portion of derivative (gain) loss |
|
(166,372)
|
61,490
|
| Amortization of debt issuance costs and debt discount |
|
12,555
|
3,935
|
| Gain (loss) on extinguishment of debt |
|
0
|
(22,156)
|
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in accounts receivable |
|
(6,753)
|
(42,998)
|
| (Increase) decrease in prepaid and other assets |
|
(38)
|
1,803
|
| Increase (decrease) in accounts payable and other liabilities |
|
69,639
|
17,449
|
| Net cash provided by operating activities |
|
843,376
|
333,132
|
| Cash flows from investing activities: |
|
|
|
| Acquisition of oil and natural gas properties |
|
(4,866)
|
(4,285)
|
| Drilling and development capital expenditures |
|
(397,892)
|
(215,358)
|
| Cash paid for business acquired in the Merger, net of cash acquired |
|
(496,671)
|
0
|
| Purchases of other property and equipment |
|
(3,199)
|
(686)
|
| Proceeds from sales of oil and natural gas properties |
|
6,190
|
4,011
|
| Net cash used in investing activities |
|
(896,438)
|
(216,318)
|
| Cash flows from financing activities: |
|
|
|
| Proceeds from borrowings under revolving credit facility |
|
970,000
|
450,000
|
| Repayment of borrowings under revolving credit facility |
|
(445,000)
|
(575,000)
|
| Repayment of credit facility acquired in the Merger |
|
(400,000)
|
0
|
| Proceeds from issuance of senior notes |
|
0
|
170,000
|
| Debt issuance costs |
|
(19,611)
|
(6,421)
|
| Premiums paid on capped call transactions |
|
0
|
(14,688)
|
| Redemption of senior secured notes |
|
0
|
127,073
|
| Proceeds from exercise of stock options |
|
46
|
15
|
| Class A Common Stock repurchased from employees for taxes due upon share vestings |
|
(16,241)
|
(14,459)
|
| Net cash provided by (used in) financing activities |
|
89,194
|
(117,626)
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
36,132
|
(812)
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
9,935
|
8,339
|
| Cash, cash equivalents and restricted cash, end of period |
|
46,067
|
7,527
|
| Supplemental cash flow information |
|
|
|
| Cash paid for interest |
|
36,653
|
40,548
|
| Cash paid for income taxes |
|
600
|
0
|
| Supplemental non-cash activity |
|
|
|
| Equity issued and long-term debt assumed to acquire oil and gas properties via the Merger |
|
3,526,688
|
0
|
| Accrued capital expenditures included in accounts payable and accrued expenses |
|
95,149
|
44,591
|
| Asset retirement obligations incurred, including revisions to estimates |
|
22,068
|
110
|
| Restricted Cash and Cash Equivalents [Abstract] |
|
|
|
| Cash and cash equivalents |
|
45,514
|
4,985
|
| Restricted cash(1) |
[1] |
553
|
2,542
|
| Total cash, cash equivalents and restricted cash |
|
$ 46,067
|
$ 7,527
|
|
|