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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 213,190 $ 178,924
Adjustments to reconcile net income to net cash provided by operating activities    
Unrealized (gain) loss on derivatives (2,075) 7,067
Depletion, depreciation and amortization 212,311 126,325
Accretion of asset retirement obligations 1,273 699
Stock-based compensation expense 2,838 2,290
Deferred income tax provision 49,506 51,743
Amortization of debt issuance cost and other debt-related costs 4,644 838
Other non-cash changes (333) 0
Changes in operating assets and liabilities    
Accounts receivable (55,519) 40,906
Lease and well equipment inventory (2,044) (4,423)
Prepaid expenses and other current assets (1,474) (16,517)
Other long-term assets 254 35
Accounts payable, accrued liabilities and other current liabilities (4,814) (39,871)
Royalties payable 16,522 376
Advances from joint interest owners 17,771 (9,805)
Income taxes payable 16,025 723
Other long-term liabilities 487 190
Net cash provided by operating activities 468,562 339,500
Investing activities    
Drilling, completion and equipping capital expenditures (236,639) (224,144)
Acquisition of oil and natural gas properties (202,264) (103,863)
Midstream capital expenditures (105,086) (14,141)
Expenditures for other property and equipment (226) (1,769)
Proceeds from sale of assets 900 451
Net cash used in investing activities (543,315) (343,466)
Financing activities    
Repayments of borrowings under Credit Agreement (930,000) 0
Borrowings under Credit Agreement 690,000 0
Repayments of borrowings under San Mateo Credit Facility (65,000) (55,000)
Borrowings under San Mateo Credit Facility 69,000 65,000
Cost to amend credit facilities (11,292) (8,645)
Proceeds from issuance of common stock 344,663 0
Cost to issue equity (53) 0
Dividends paid (23,858) (17,768)
Contributions related to formation of San Mateo 1,500 14,700
Contributions from non-controlling interest owners of less-than-wholly-owned subsidiaries 7,350 0
Distributions to non-controlling interest owners of less-than-wholly-owned subsidiaries (25,725) (19,110)
Taxes paid related to net share settlement of stock-based compensation (13,515) (18,909)
Other (289) (204)
Net cash provided by (used in) financing activities 42,781 (39,936)
Change in cash and restricted cash (31,972) (43,902)
Cash and restricted cash at beginning of period 106,298 547,330
Cash and restricted cash at end of period $ 74,326 $ 503,428