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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 103,528 $ 67,067 $ 168,186
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion, and amortization 91,242 76,453 41,883
Deferred income tax benefit (60,520) 0 0
Abandonment and impairment of unproved properties 37,343 11,201 5,271
Well abandonment costs and dry hole expense (8) 172 0
Stock-based compensation 6,156 6,886 7,156
Non-cash lease component (249) 668 0
Amortization of deferred financing costs 864 487 30
Derivative (gain) loss (53,462) 37,145 (30,271)
Derivative cash settlements 49,406 1,691 (18,160)
(Gain) loss on property transactions, net 1,398 (1,177) (27,324)
Other 71 3,559 (3,311)
Changes in current assets and liabilities:      
Accounts receivable, net 24,945 (2,688) (46,988)
Prepaid expenses and other assets 3,352 (2,415) 2,214
Accounts payable and accrued liabilities (41,278) 28,320 19,953
Settlement of asset retirement obligations (3,992) (2,722) (2,041)
Net cash provided by operating activities 158,796 224,647 116,598
Cash flows from investing activities:      
Acquisition of oil and gas properties (3,210) (14,087) (2,892)
Exploration and development of oil and gas properties (60,149) (242,487) (264,231)
Proceeds from sale of oil and gas properties 0 1,757 103,134
Additions to property and equipment - non oil and gas (440) (341) (387)
Net cash used in investing activities (63,799) (255,158) (164,376)
Cash flows from financing activities:      
Proceeds from credit facility 45,000 55,000 140,000
Payments to credit facility (125,000) (25,000) (90,000)
Proceeds from exercise of stock options 0 0 1,100
Payment of employee tax withholdings in exchange for the return of common stock (1,122) (1,176) (863)
Deferred financing costs (23) (220) (2,239)
Principal payments on finance lease obligations (102) 0 0
Net cash provided by (used in) financing activities (81,247) 28,604 47,998
Net change in cash, cash equivalents, and restricted cash 13,750 (1,907) 220
Cash, cash equivalents, and restricted cash:      
Beginning of period 11,095 13,002 12,782
End of period 24,845 11,095 13,002
Supplemental Cash Flow Disclosure:      
Cash paid for interest, net of capitalization [1] 1,546 4,110 2,582
Severance and ad valorem tax refund [1] 0 352 0
Receivables exchanged for additional interests in oil and gas properties [1] 8,299 0 0
Changes in working capital related to drilling expenditures [1] $ 2,795 $ 30,354 $ 11,769
[1] (1) Refer to Note 2 - Leases in the notes to the consolidated financial statements for discussion of right-of-use assets obtained in exchange for lease liabilities.