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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 224,185 $ 69,498
Adjustments to reconcile net income to net cash provided by operating activities    
Unrealized loss on derivatives 75,029 43,423
Depletion, depreciation and amortization 95,853 74,863
Accretion of asset retirement obligations 543 500
Stock-based compensation expense 3,014 855
Deferred income tax provision 53,119 2,840
Amortization of debt issuance cost 943 724
Net loss on asset sales and impairment 198 0
Changes in operating assets and liabilities    
Accounts receivable (125,345) (39,680)
Lease and well equipment inventory (78) 112
Prepaid expenses and other current assets (7,796) (802)
Other long-term assets 97 19
Accounts payable, accrued liabilities and other current liabilities (5,668) 8,560
Royalties payable 8,311 5,741
Advances from joint interest owners (1,331) 2,809
Income taxes payable 15,409 0
Other long-term liabilities (7,529) (67)
Net cash provided by operating activities 328,954 169,395
Investing activities    
Drilling, completion and equipping capital expenditures (207,829) (85,986)
Acquisition of oil and natural gas properties (43,761) (6,676)
Midstream capital expenditures (11,992) (16,380)
Expenditures for other property and equipment (225) (133)
Proceeds from sale of assets 11,911 280
Net cash used in investing activities (251,896) (108,895)
Financing activities    
Repayments of borrowings under Credit Agreement (210,000) (100,000)
Borrowings under Credit Agreement 160,000 0
Repayments of borrowings under San Mateo Credit Facility (30,000) (11,000)
Borrowings under San Mateo Credit Facility 50,000 11,000
Dividends paid (5,866) (2,913)
Contributions related to formation of San Mateo 22,750 15,376
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries (18,375) (14,210)
Taxes paid related to net share settlement of stock-based compensation (12,184) (1,721)
Other (146) (158)
Net cash used in financing activities (43,821) (103,626)
Increase (decrease) in cash and restricted cash 33,237 (43,126)
Cash and restricted cash at beginning of period 86,920 91,383
Cash and restricted cash at end of period $ 120,157 $ 48,257