Delaware | 001-35371 | 61-1630631 |
(State or other jurisdiction of incorporation or organization) | (Commission File No.) | (I.R.S. employer identification number) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Exhibits. |
Exhibit No. | Description |
Bonanza Creek Energy, Inc. | |||
Dated: November 8, 2018 | By: | /s/ Cyrus D. Marter IV | |
Name: | Cyrus D. Marter IV | ||
Title: | Senior Vice President, General Counsel and Secretary | ||
Exhibit Number | Description |
99.1 | Press release issued November 8, 2018. |
• | Third quarter sales volumes averaged 17.7 MBoe per day ("MBoe/d"), at midpoint of guidance |
• | Wattenberg lease operating expenses ("LOE") of $4.26 per Boe decreased 29% sequentially and compared favorably to guidance midpoint of $4.60 per Boe |
• | Wattenberg gathering and midstream expenses of $1.00 per Boe compared to guidance midpoint of $1.35 per Boe |
• | Company growth not impacted by basin-wide gas processing constraints |
• | Rocky Mountain Infrastructure (“RMI”) providing low gathering system pressures at the wellhead and access to four gas processors through eleven interconnects |
• | Third quarter GAAP net income of $43.4 million, or $2.10 per diluted share; Adjusted net income(1) of $26.8 million, or $1.30 per diluted share |
• | Adjusted EBITDAX(1) of $38.4 million, 10% growth over second quarter 2018, despite Mid-Con sale |
• | Proved reserves of $749 million (PV-10) as of September 30, 2018(2), 56% growth in Wattenberg PV-10 compared to year-end 2017 |
• | Executed French Lake joint development agreement |
Average Realized Prices (Before Derivatives) | |
Three Months Ended September 30, 2018 | |
Oil (per Bbl) | $63.50 |
Gas (per Mcf) | $2.22 |
NGL (per Bbl) | $24.32 |
Boe (Per Boe) | $45.31 |
Three Months Ended September 30, 2018 | |||||||||||||||||||||||
Wattenberg | Mid-Continent | Total Company | |||||||||||||||||||||
($M) | ($/Boe) | ($M) | ($/Boe) | ($M) | ($/Boe) | ||||||||||||||||||
Lease operating expense | $ | 6,571 | $ | 4.26 | $ | 1,380 | $ | 15.43 | $ | 7,951 | $ | 4.87 | |||||||||||
Gas plant and midstream operating expense | $ | 1,546 | $ | 1.00 | $ | 703 | $ | 7.86 | $ | 2,249 | $ | 1.38 | |||||||||||
Total | $ | 8,117 | $ | 5.26 | $ | 2,083 | $ | 23.29 | $ | 10,200 | $ | 6.25 |
Guidance Summary | ||||||
Three Months Ended December 31, 2018 | Twelve Months Ended December 31, 2018 (Pro-forma)(1) | Twelve Months Ended December 31, 2018 | ||||
Production (MBoe/d) | 17.6 - 18.2 | 15.8 - 16.0 | 17.5 - 17.7 | |||
LOE ($/Boe) | $3.90 - $4.30 | $4.95 - $5.05 | $5.65 - $5.75 | |||
Midstream expense ($/Boe) | $1.20 - $1.40 | $1.37 - $1.47 | $1.70 - $1.80 | |||
Recurring cash G&A* ($MM) | $32.5 - $33.5 | |||||
Production taxes (% of pre-derivative realization) | 7% - 8% | |||||
Total CAPEX ($MM) | $275 - $295 | |||||
* Recurring Cash G&A is a non-GAAP measure that excludes the Company's stock based compensation. The Company does not guide to GAAP G&A expense as it has excessive uncertainty due to the stock-based compensation portion of GAAP G&A. | ||||||
(1) The Company's estimate for the full year of 2018 excluding results from the Mid-Continent operations. |
Type | Phone Number | Passcode |
Live Participant | 877-793-4362 | 2465519 |
Replay | 855-859-2056 | 2465519 |
Successor | |||||||
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | ||||||
Operating net revenues: | |||||||
Oil and gas sales | $ | 74,380 | $ | 45,232 | |||
Operating expenses: | |||||||
Lease operating expense | 7,951 | 9,643 | |||||
Gas plant and midstream operating expense | 2,249 | 3,265 | |||||
Gathering, transportation, and processing | 2,749 | — | |||||
Severance and ad valorem taxes | 6,485 | 2,434 | |||||
Exploration | (6 | ) | — | ||||
Depreciation, depletion, and amortization | 10,987 | 7,350 | |||||
Abandonment and impairment of unproved properties(1) | 430 | — | |||||
General and administrative (including $1,741 and $2,646, respectively, of stock-based compensation) | 10,899 | 15,181 | |||||
Total operating expenses | 41,744 | 37,873 | |||||
Income from operations | 32,636 | 7,359 | |||||
Other income (expense): | |||||||
Derivative loss | (16,078 | ) | (2,762 | ) | |||
Interest expense | (608 | ) | (265 | ) | |||
Gain on sale of properties | 26,720 | — | |||||
Other income (expense) | 693 | (4 | ) | ||||
Total other income (expense) | 10,727 | (3,031 | ) | ||||
Income from operations before taxes | 43,363 | 4,328 | |||||
Income tax benefit (expense) | — | — | |||||
Net income | $ | 43,363 | $ | 4,328 | |||
Comprehensive income | $ | 43,363 | $ | 4,328 | |||
Basic net income per common share | $ | 2.11 | $ | 0.21 | |||
Diluted net income per common share | $ | 2.10 | $ | 0.21 | |||
Basic weighted-average common shares outstanding | 20,541 | 20,439 | |||||
Diluted weighted-average common shares outstanding | 20,631 | 20,447 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2018 | April 29, 2017 through September 30, 2017 | January 1, 2017 through April 28, 2017 | ||||||||||
Operating net revenues: | ||||||||||||
Oil and gas sales | $ | 210,444 | $ | 73,346 | $ | 68,589 | ||||||
Operating expenses: | ||||||||||||
Lease operating expense | 29,726 | 15,796 | 13,128 | |||||||||
Gas plant and midstream operating expense | 9,109 | 5,027 | 3,541 | |||||||||
Gathering, transportation, and processing | 6,747 | — | — | |||||||||
Severance and ad valorem taxes | 17,788 | 4,842 | 5,671 | |||||||||
Exploration | 244 | 359 | 3,699 | |||||||||
Depreciation, depletion, and amortization | 28,059 | 12,186 | 28,065 | |||||||||
Abandonment and impairment of unproved properties(1) | 5,409 | — | — | |||||||||
Unused commitments | 21 | — | 993 | |||||||||
General and administrative (including $4,933, $10,595 and $2,116, respectively, of stock-based compensation) | 30,350 | 31,320 | 15,092 | |||||||||
Total operating expenses | 127,453 | 69,530 | 70,189 | |||||||||
Income (loss) from operations | 82,991 | 3,816 | (1,600 | ) | ||||||||
Other income (expense): | ||||||||||||
Derivative loss | (46,832 | ) | (2,762 | ) | — | |||||||
Interest expense | (1,770 | ) | (460 | ) | (5,656 | ) | ||||||
Gain on sale of properties | 26,720 | — | — | |||||||||
Reorganization items, net (note 2) | — | — | 8,808 | |||||||||
Other income | 983 | 154 | 1,108 | |||||||||
Total other income (expense) | (20,899 | ) | (3,068 | ) | 4,260 | |||||||
Income from operations before taxes | 62,092 | 748 | 2,660 | |||||||||
Income tax benefit (expense) | — | — | — | |||||||||
Net income | $ | 62,092 | $ | 748 | $ | 2,660 | ||||||
Comprehensive income | $ | 62,092 | $ | 748 | $ | 2,660 | ||||||
Basic net income per common share | $ | 3.03 | $ | 0.04 | $ | 0.05 | ||||||
Diluted net income per common share | $ | 3.02 | $ | 0.04 | $ | 0.05 | ||||||
Basic weighted-average common shares outstanding | 20,495 | 20,410 | 49,559 | |||||||||
Diluted weighted-average common shares outstanding | 20,587 | 20,438 | 50,971 |
Successor | |||||||
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 43,363 | $ | 4,328 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, depletion, and amortization | 10,987 | 7,350 | |||||
Abandonment and impairment of unproved properties | 430 | — | |||||
Well abandonment costs and dry hole expense | — | 10 | |||||
Stock-based compensation | 1,741 | 2,646 | |||||
Derivative loss | 16,078 | 2,762 | |||||
Derivative cash settlements | (8,322 | ) | — | ||||
Gain on sale of oil and gas properties | (26,720 | ) | — | ||||
Other | (172 | ) | 2 | ||||
Changes in current assets and liabilities: | |||||||
Accounts receivable | (22,447 | ) | (8,447 | ) | |||
Prepaid expenses and other assets | 48 | (350 | ) | ||||
Accounts payable and accrued liabilities | 10,587 | 7,428 | |||||
Settlement of asset retirement obligations | (700 | ) | (477 | ) | |||
Net cash provided by operating activities | 24,873 | 15,252 | |||||
Cash flows from investing activities: | |||||||
Acquisition of oil and gas properties | (634 | ) | (92 | ) | |||
Exploration and development of oil and gas properties | (65,338 | ) | (37,442 | ) | |||
Proceeds from sale of oil and gas properties | 103,114 | — | |||||
Additions to property and equipment - non oil and gas | (60 | ) | (506 | ) | |||
Net cash used in investing activities | 37,082 | (38,040 | ) | ||||
Cash flows from financing activities: | |||||||
Payments to credit facility | (60,000 | ) | — | ||||
Proceeds from exercise of stock options | 132 | — | |||||
Payment of employee tax withholdings in exchange for the return of common stock | (69 | ) | (318 | ) | |||
Net cash provided by (used in) financing activities | (59,937 | ) | (318 | ) | |||
Net change in cash, cash equivalents and restricted cash | 2,018 | (23,106 | ) | ||||
Cash, cash equivalents and restricted cash: | |||||||
Beginning of period | 22,068 | 54,275 | |||||
End of period | $ | 24,086 | $ | 31,169 |
Successor | Predecessor | |||||||||||
Nine Months Ended September 30, 2018 | April 29, 2017 through September 30, 2017 | January 1, 2017 through April 28, 2017 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 62,092 | $ | 748 | $ | 2,660 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation, depletion, and amortization | 28,059 | 12,186 | 28,065 | |||||||||
Non-cash reorganization items | — | — | (44,160 | ) | ||||||||
Abandonment and impairment of unproved properties | 5,409 | — | — | |||||||||
Well abandonment costs and dry hole expense | — | 74 | 2,931 | |||||||||
Stock-based compensation | 4,933 | 10,595 | 2,116 | |||||||||
Amortization of deferred financing costs and debt premium | — | — | 374 | |||||||||
Derivative loss | 46,832 | 2,762 | — | |||||||||
Derivative cash settlements | (19,944 | ) | — | — | ||||||||
Gain on sale of oil and gas properties | (26,720 | ) | — | — | ||||||||
Other | — | 7 | 18 | |||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable | (42,823 | ) | (2,027 | ) | (6,640 | ) | ||||||
Prepaid expenses and other assets | 983 | (80 | ) | 963 | ||||||||
Accounts payable and accrued liabilities | 9,698 | (11,910 | ) | (5,880 | ) | |||||||
Settlement of asset retirement obligations | (1,497 | ) | (936 | ) | (331 | ) | ||||||
Net cash provided by (used in) operating activities | 67,022 | 11,419 | (19,884 | ) | ||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of oil and gas properties | (1,929 | ) | (5,074 | ) | (445 | ) | ||||||
Exploration and development of oil and gas properties | (156,820 | ) | (42,355 | ) | (5,123 | ) | ||||||
Proceeds from sale of oil and gas properties | 103,134 | — | — | |||||||||
Additions to property and equipment - non oil and gas | (340 | ) | (667 | ) | (454 | ) | ||||||
Net cash used in investing activities | (55,955 | ) | (48,096 | ) | (6,022 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from credit facility | 60,000 | — | — | |||||||||
Payments to credit facility | (60,000 | ) | — | (191,667 | ) | |||||||
Proceeds from sale of common stock | — | — | 207,500 | |||||||||
Proceeds from exercise of stock options | 1,100 | — | — | |||||||||
Payment of employee tax withholdings in exchange for the return of common stock | (863 | ) | (2,398 | ) | (427 | ) | ||||||
Net cash provided by (used in) financing activities | 237 | (2,398 | ) | 15,406 | ||||||||
Net change in cash, cash equivalents and restricted cash | 11,304 | (39,075 | ) | (10,500 | ) | |||||||
Cash, cash equivalents and restricted cash: | ||||||||||||
Beginning of period | 12,782 | 70,246 | 80,746 | |||||||||
End of period | $ | 24,086 | $ | 31,171 | $ | 70,246 |
Successor | |||||||
September 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 24,007 | $ | 12,711 | |||
Accounts receivable: | |||||||
Oil and gas sales | 36,085 | 28,549 | |||||
Joint interest and other | 39,118 | 3,831 | |||||
Prepaid expenses and other | 5,365 | 6,555 | |||||
Inventory of oilfield equipment | 1,759 | 1,019 | |||||
Derivative assets | 134 | 488 | |||||
Total current assets | 106,468 | 53,153 | |||||
Property and equipment (successful efforts method): | |||||||
Proved properties | 584,672 | 555,341 | |||||
Less: accumulated depreciation, depletion and amortization | (39,644 | ) | (17,032 | ) | |||
Total proved properties, net | 545,028 | 538,309 | |||||
Unproved properties | 177,552 | 183,843 | |||||
Wells in progress | 102,462 | 47,224 | |||||
Other property and equipment, net of accumulated depreciation of $2,382 in 2018 and $2,224 in 2017 | 3,766 | 4,706 | |||||
Total property and equipment, net | 828,808 | 774,082 | |||||
Long-term derivative assets | — | 6 | |||||
Other noncurrent assets | 3,159 | 3,130 | |||||
Total assets | $ | 938,435 | $ | 830,371 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 72,720 | $ | 62,129 | |||
Oil and gas revenue distribution payable | 16,119 | 15,667 | |||||
Derivative liability | 34,419 | 11,423 | |||||
Total current liabilities | 123,258 | 89,219 | |||||
Long-term liabilities: | |||||||
Credit facility | — | — | |||||
Ad valorem taxes | 25,174 | 11,584 | |||||
Long-term derivative liability | 6,504 | 2,972 | |||||
Asset retirement obligations for oil and gas properties | 27,903 | 38,262 | |||||
Total liabilities | 182,839 | 142,037 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding | — | — | |||||
Common stock, $.01 par value, 225,000,000 shares authorized, 20,543,940 and 20,453,549 issued and outstanding in 2018 and 2017, respectively | 4,286 | 4,286 | |||||
Additional paid-in capital | 694,238 | 689,068 | |||||
Retained earnings (deficit) | 57,072 | (5,020 | ) | ||||
Total stockholders’ equity | 755,596 | 688,334 | |||||
Total liabilities and stockholders’ equity | $ | 938,435 | $ | 830,371 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Wellhead Volumes and Prices | |||||||||||||||
Crude Oil and Condensate Sales Volumes (Bbl/d) | |||||||||||||||
Rocky Mountains | 10,135 | 6,447 | 9,101 | 6,632 | |||||||||||
Mid-Continent | 484 | 1,816 | 1,246 | 1,871 | |||||||||||
Total | 10,619 | 8,263 | 10,347 | 8,503 | |||||||||||
Crude Oil and Condensate Realized Prices ($/Bbl) | |||||||||||||||
Rocky Mountains | $ | 63.26 | $ | 43.90 | $ | 61.31 | $ | 45.27 | |||||||
Mid-Continent | $ | 68.64 | $ | 47.63 | $ | 65.21 | $ | 49.00 | |||||||
Composite | $ | 63.50 | $ | 44.72 | $ | 61.78 | $ | 46.09 | |||||||
Composite (after derivatives) | $ | 55.02 | $ | 44.72 | $ | 54.66 | $ | 46.09 | |||||||
Natural Gas Liquids Sales Volumes (Bbl/d) | |||||||||||||||
Rocky Mountains | 3,013 | 2,842 | 2,853 | 3,069 | |||||||||||
Mid-Continent | 136 | 463 | 340 | 470 | |||||||||||
Total | 3,149 | 3,305 | 3,193 | 3,539 | |||||||||||
Natural Gas Liquids Realized Prices ($/Bbl) | |||||||||||||||
Rocky Mountains | $ | 23.74 | $ | 16.31 | $ | 20.91 | $ | 16.03 | |||||||
Mid-Continent | $ | 37.14 | $ | 26.88 | $ | 31.76 | $ | 24.51 | |||||||
Composite | $ | 24.32 | $ | 17.79 | $ | 22.06 | $ | 17.16 | |||||||
Composite (after derivatives) | $ | 24.32 | $ | 17.79 | $ | 22.06 | $ | 17.16 | |||||||
Natural Gas Sales Volumes (Mcf/d) | |||||||||||||||
Rocky Mountains | 21,728 | 19,459 | 19,512 | 20,414 | |||||||||||
Mid-Continent | 2,114 | 5,982 | 4,322 | 6,182 | |||||||||||
Total | 23,842 | 25,441 | 23,834 | 26,596 | |||||||||||
Natural Gas Realized Prices ($/Mcf) | |||||||||||||||
Rocky Mountains | $ | 2.15 | $ | 2.12 | $ | 2.24 | $ | 2.24 | |||||||
Mid-Continent | $ | 2.93 | $ | 3.02 | $ | 2.97 | $ | 3.11 | |||||||
Composite | $ | 2.22 | $ | 2.33 | $ | 2.37 | $ | 2.44 | |||||||
Composite (after derivatives) | $ | 2.20 | $ | 2.33 | $ | 2.40 | $ | 2.44 | |||||||
Crude Oil Equivalent Sales Volumes (Boe/d) | |||||||||||||||
Rocky Mountains | 16,769 | 12,532 | 15,206 | 13,104 | |||||||||||
Mid-Continent | 972 | 3,276 | 2,306 | 3,372 | |||||||||||
Total | 17,741 | 15,808 | 17,512 | 16,476 | |||||||||||
Crude Oil Equivalent Sales Prices ($/Boe) | |||||||||||||||
Rocky Mountains | $ | 45.28 | $ | 29.58 | $ | 43.49 | $ | 30.15 | |||||||
Mid-Continent | $ | 45.74 | $ | 35.71 | $ | 45.47 | $ | 36.30 | |||||||
Composite | $ | 45.31 | $ | 30.85 | $ | 43.75 | $ | 31.41 | |||||||
Composite (after derivatives) | $ | 40.21 | $ | 30.85 | $ | 39.58 | $ | 31.41 | |||||||
Total Sales Volumes (MBoe) | 1,632.2 | 1,454.4 | 4,781.0 | 4,481.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2018 | 2017 | Percent Change | 2018 | 2017 | Percent Change | ||||||||||||||||
Sales volume | |||||||||||||||||||||
Oil (MBbl) | 977 | 760 | 29 | % | 2,825 | 2,313 | 22 | % | |||||||||||||
Gas (MMcf) | 2,193 | 2,341 | (6 | )% | 6,506 | 7,234 | (10 | )% | |||||||||||||
NGL (MBbl) | 290 | 304 | (5 | )% | 872 | 963 | (9 | )% | |||||||||||||
Equivalent (MBoe) | 1,632 | 1,454 | 12 | % | 4,781 | 4,481 | 7 | % | |||||||||||||
Realized pricing (before derivatives) | |||||||||||||||||||||
Oil ($/Bbl) | $ | 63.50 | $ | 44.72 | 42 | % | $ | 61.78 | $ | 46.09 | 34 | % | |||||||||
Gas ($/Mcf) | $ | 2.22 | $ | 2.33 | (5 | )% | $ | 2.37 | $ | 2.44 | (3 | )% | |||||||||
NGL ($/Bbl) | $ | 24.32 | $ | 17.79 | 37 | % | $ | 22.06 | $ | 17.16 | 29 | % | |||||||||
Equivalent ($/Boe) | $ | 45.31 | $ | 30.85 | 47 | % | $ | 43.75 | $ | 31.41 | 39 | % | |||||||||
Per Unit Costs ($/Boe) | |||||||||||||||||||||
Realized price equivalent (before derivatives) | $ | 45.31 | $ | 30.85 | 47 | % | $ | 43.75 | $ | 31.41 | 39 | % | |||||||||
Lease operating expense | 4.87 | 6.63 | (27 | )% | 6.22 | 6.45 | (4 | )% | |||||||||||||
Gathering, transportation and processing | 1.68 | — | — | % | 1.41 | — | — | % | |||||||||||||
Gas plant and midstream operating expense | 1.38 | 2.24 | (38 | )% | 1.91 | 1.91 | — | % | |||||||||||||
Severance and ad valorem | 3.97 | 1.67 | 138 | % | 3.72 | 2.35 | 58 | % | |||||||||||||
Cash general and administrative | 5.61 | 8.62 | (35 | )% | 5.32 | 7.52 | (29 | )% | |||||||||||||
Total cash operating costs | $ | 17.51 | $ | 19.16 | (9 | )% | $ | 18.58 | $ | 18.23 | 2 | % | |||||||||
Cash operating margin (before derivatives) | $ | 27.80 | $ | 11.69 | 138 | % | $ | 25.17 | $ | 13.18 | 91 | % | |||||||||
Derivative cash settlements | (5.10 | ) | — | — | % | (4.17 | ) | — | — | % | |||||||||||
Cash operating margin (after derivatives) | $ | 22.70 | $ | 11.69 | 94 | % | $ | 21.00 | $ | 13.18 | 59 | % | |||||||||
Non-cash items | |||||||||||||||||||||
Non-cash general and administrative | $ | 1.07 | $ | 1.82 | (41 | )% | $ | 1.03 | $ | 2.84 | (64 | )% |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income | $ | 43,363 | $ | 4,328 | $ | 62,092 | $ | 3,408 | ||||||||
Adjustments to net income: | ||||||||||||||||
Derivative loss | 16,078 | 2,762 | 46,832 | 2,762 | ||||||||||||
Derivative cash settlements | (8,322 | ) | — | (19,944 | ) | — | ||||||||||
Gain on sale of oil and gas properties | (26,720 | ) | — | (26,720 | ) | — | ||||||||||
Abandonment and impairment of unproved properties | 430 | — | 5,409 | — | ||||||||||||
Exploratory dry hole expense | — | 10 | — | 3,005 | ||||||||||||
Unused commitments | — | — | 21 | — | ||||||||||||
Stock-based compensation (1) | 1,741 | 2,646 | 4,933 | 12,711 | ||||||||||||
Severance costs (1) | 279 | 1,605 | 279 | 1,605 | ||||||||||||
Reorganization items, net | — | — | — | (8,808 | ) | |||||||||||
Pre-petition advisory fees (1) | — | — | — | 683 | ||||||||||||
Post-petition restructuring fees (1) | — | 2,317 | — | 3,740 | ||||||||||||
Total adjustments before taxes | (16,514 | ) | 9,340 | 10,810 | 15,698 | |||||||||||
Income tax effect | — | — | — | — | ||||||||||||
Total adjustments after taxes | $ | (16,514 | ) | $ | 9,340 | $ | 10,810 | $ | 15,698 | |||||||
Adjusted net income | $ | 26,849 | $ | 13,668 | $ | 72,902 | $ | 19,106 | ||||||||
Adjusted net income per diluted share (2) | $ | 1.30 | $ | 0.67 | $ | 3.54 | $ | 0.93 | ||||||||
Diluted weighted-average common shares outstanding (2) | 20,631 | 20,447 | 20,587 | 20,438 | ||||||||||||
(1) Included as a portion of general and administrative expense in the consolidated statements of operations. | ||||||||||||||||
(2) For the three and nine month periods ended September 30, 2017, the Company used the Successor's diluted weighted average share count to calculate adjusted net income per diluted share. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net income | $ | 43,363 | $ | 4,328 | $ | 62,092 | $ | 3,408 | ||||||||
Exploration | (6 | ) | — | 244 | 4,058 | |||||||||||
Depreciation, depletion and amortization | 10,987 | 7,350 | 28,059 | 40,251 | ||||||||||||
Abandonment and impairment of unproved properties | 430 | — | 5,409 | — | ||||||||||||
Unused commitments | — | — | 21 | — | ||||||||||||
Stock-based compensation (1) | 1,741 | 2,646 | 4,933 | 12,711 | ||||||||||||
Severance costs (1) | 279 | 1,605 | 279 | 1,605 | ||||||||||||
Interest expense | 608 | 265 | 1,770 | 6,116 | ||||||||||||
Derivative loss | 16,078 | 2,762 | 46,832 | 2,762 | ||||||||||||
Derivative cash settlements | (8,322 | ) | — | (19,944 | ) | — | ||||||||||
Gain on sale of oil and gas properties | (26,720 | ) | — | (26,720 | ) | — | ||||||||||
Pre-petition advisory fees (1) | — | — | — | 683 | ||||||||||||
Post-petition restructuring fees (1) | — | 2,317 | — | 3,740 | ||||||||||||
Reorganization items, net | — | — | — | (8,808 | ) | |||||||||||
Adjusted EBITDAX | $ | 38,438 | $ | 21,273 | $ | 102,975 | $ | 66,526 | ||||||||
(1) Included as a portion of general and administrative expense in the consolidated statements of operations. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
General and administrative | $ | 10,899 | $ | 15,181 | $ | 30,350 | $ | 46,412 | ||||||||
Stock-based compensation | (1,741 | ) | (2,646 | ) | (4,933 | ) | (12,711 | ) | ||||||||
Cash G&A | $ | 9,158 | $ | 12,535 | $ | 25,417 | $ | 33,701 | ||||||||
Pre-petition restructuring fees | — | — | — | (683 | ) | |||||||||||
Post-petition restructuring fees | — | (2,317 | ) | — | (2,317 | ) | ||||||||||
Other non-recurring expense | (279 | ) | (1,605 | ) | (279 | ) | (1,606 | ) | ||||||||
Recurring Cash G&A | $ | 8,879 | $ | 8,613 | $ | 25,138 | $ | 29,095 |
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