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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 356,019 $ 660,380
Adjustments to reconcile net income to net cash provided by operating activities    
Unrealized loss on derivatives 15,726 44,599
Depletion, depreciation and amortization 303,839 215,877
Accretion of asset retirement obligations 1,491 1,060
Stock-based compensation expense 6,221 7,077
Deferred income tax provision 113,978 152,818
Amortization of debt issuance cost and other debt-related costs 2,895 1,206
Other non-cash changes (15,682) 198
Changes in operating assets and liabilities    
Accounts receivable 56,407 (211,023)
Lease and well equipment inventory (7,237) (829)
Prepaid expenses and other current assets (24,124) (14,717)
Other long-term assets 2,072 227
Accounts payable, accrued liabilities and other current liabilities (28,232) 30,492
Royalties payable 10,085 56,539
Advances from joint interest owners (4,979) 857
Income taxes payable (1,677) 38,170
Other long-term liabilities 1,709 (7,675)
Net cash provided by operating activities 788,511 975,256
Investing activities    
Drilling, completion and equipping capital expenditures (539,511) (389,893)
Acquisition of oil and natural gas properties (55,897) (73,114)
Midstream capital expenditures (32,871) (28,310)
Expenditures for other property and equipment (2,478) (283)
Proceeds from sale of assets 451 46,412
Net cash used in investing activities (2,238,733) (521,004)
Financing activities    
Purchase of senior unsecured notes 0 (142,404)
Repayments of borrowings under Credit Agreement (2,190,000) (300,000)
Borrowings under Credit Agreement 2,750,000 200,000
Repayments of borrowings under San Mateo Credit Facility (108,000) (70,000)
Borrowings under San Mateo Credit Facility 103,000 105,000
Cost to amend credit facilities (8,645) (506)
Proceeds from issuance of senior unsecured notes 494,800 0
Cost to issue senior unsecured notes (8,255) 0
Dividends paid (35,685) (11,744)
Contributions related to formation of San Mateo 14,700 22,750
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries 24,500 0
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries (44,443) (44,835)
Taxes paid related to net share settlement of stock-based compensation (22,790) (16,852)
Other (452) (298)
Net cash provided by (used in) financing activities 968,730 (258,889)
Change in cash and restricted cash (481,492) 195,363
Cash and restricted cash at beginning of period 547,330 86,920
Cash and restricted cash at end of period 65,838 282,283
Advance    
Investing activities    
Acquisition (1,608,427) 0
Midstream    
Investing activities    
Acquisition $ 0 $ (75,816)