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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 1,014,408 $ 409,391
Adjustments to reconcile net income to net cash provided by operating activities    
Unrealized loss on derivatives 1,502 77,178
Depletion, depreciation and amortization 334,747 255,368
Accretion of asset retirement obligations 1,739 1,529
Stock-based compensation expense 10,887 5,617
Deferred income tax provision 266,489 1,488
Amortization of debt issuance cost and other debt-related costs (682) 2,443
Net loss on asset sales and impairment 1,311 251
Changes in operating assets and liabilities    
Accounts receivable (170,101) (111,221)
Lease and well equipment inventory (1,732) (1,179)
Prepaid expenses and other current assets (21,886) (9,515)
Other long-term assets 257 637
Accounts payable, accrued liabilities and other current liabilities 51,078 60,619
Royalties payable 40,014 25,313
Advances from joint interest owners 8,919 1,149
Income taxes payable 3,439 0
Other long-term liabilities (8,173) (242)
Net cash provided by operating activities 1,532,216 718,826
Investing activities    
Drilling, completion and equipping capital expenditures (545,453) (317,486)
Acquisition of oil and natural gas properties (134,255) (29,720)
Midstream capital expenditures (51,413) (40,222)
Acquisition of midstream assets (75,816) 0
Expenditures for other property and equipment (690) (465)
Proceeds from sale of assets 46,507 4,215
Net cash used in investing activities (761,120) (383,678)
Financing activities    
Purchase of senior unsecured notes (283,960) 0
Repayments of borrowings under Credit Agreement (300,000) (390,000)
Borrowings under Credit Agreement 200,000 70,000
Repayments of borrowings under San Mateo Credit Facility (120,000) (64,000)
Borrowings under San Mateo Credit Facility 175,000 87,500
Payments of Debt Restructuring Costs (506) (878)
Proceeds from stock options exercised 0 213
Dividends paid (23,494) (8,741)
Contributions related to formation of San Mateo 22,750 37,626
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries (67,375) (45,815)
Taxes paid related to net share settlement of stock-based compensation (18,264) (4,161)
Other (447) (484)
Net cash used in financing activities (416,296) (318,740)
Increase in cash and restricted cash 354,800 16,408
Cash and restricted cash at beginning of period 86,920 91,383
Cash and restricted cash at end of period $ 441,720 $ 107,791