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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 660,380 $ 191,329
Adjustments to reconcile net income to net cash provided by operating activities    
Unrealized loss on derivatives 44,599 86,227
Depletion, depreciation and amortization 215,877 166,307
Accretion of asset retirement obligations 1,060 1,011
Stock-based compensation expense 7,077 2,650
Deferred income tax provision 152,818 8,189
Amortization of debt issuance cost and other debt-related costs 1,206 1,655
Net loss on asset sales and impairment 198 0
Changes in operating assets and liabilities    
Accounts receivable (211,023) (78,900)
Lease and well equipment inventory (829) (437)
Prepaid expenses and other current assets (14,717) (4,483)
Other long-term assets 227 91
Accounts payable, accrued liabilities and other current liabilities 30,492 34,345
Royalties payable 56,539 16,207
Advances from joint interest owners 857 2,017
Income taxes payable 38,170 0
Other long-term liabilities (7,675) 1,387
Net cash provided by operating activities 975,256 427,595
Investing activities    
Drilling, completion and equipping capital expenditures (389,893) (210,725)
Acquisition of oil and natural gas properties (73,114) (15,356)
Midstream capital expenditures (28,310) (25,092)
Acquisition of midstream assets (75,816) 0
Expenditures for other property and equipment (283) (245)
Proceeds from sale of assets 46,412 296
Net cash used in investing activities (521,004) (251,122)
Financing activities    
Purchase of senior unsecured notes (142,404) 0
Repayments of borrowings under Credit Agreement (300,000) (240,000)
Borrowings under Credit Agreement 200,000 40,000
Repayments of borrowings under San Mateo Credit Facility (70,000) (34,000)
Borrowings under San Mateo Credit Facility 105,000 52,500
Cost to amend credit facilities 506 830
Dividends paid (11,744) (5,826)
Contributions related to formation of San Mateo 22,750 31,626
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries (44,835) (28,910)
Taxes paid related to net share settlement of stock-based compensation (16,852) (2,884)
Other (298) (324)
Net cash used in financing activities (258,889) (188,648)
Increase (decrease) in cash and restricted cash 195,363 (12,175)
Cash and restricted cash at beginning of period 86,920 91,383
Cash and restricted cash at end of period $ 282,283 $ 79,208