Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Acquisition [Line Items]

Schedule of estimated fair values of assets acquired and liabilities assumed

The following represents the fair value of the assets and liabilities assumed on the acquisition date. The aggregate consideration transferred was $2.5 billion, resulting in no goodwill or bargain purchase gain.

	(in thousands)
Proved oil and natural gas properties	$	386,308
Unevaluated oil and natural gas properties	2,122,597
Midstream assets	47,432
Prepaid capital costs	3,460
Oil inventory	839
Equipment	163
Revenues and royalties payable	(9,650		)
Asset retirement obligations	(1,550		)
Total fair value of net assets	$	2,549,599

The following table sets forth the Company’s preliminary purchase price allocation:

	(In thousands)
Consideration:
Fair value of the Company's common stock issued	$	7,136,037
Total consideration	$	7,136,037
Fair value of liabilities assumed:
Current liabilities	$	349,254
Asset retirement obligation	104,907
Long-term debt	1,087,244
Noncurrent derivative instruments	17,308
Deferred income taxes	1,402,834
Other long-term liabilities	6,087
Amount attributable to liabilities assumed	$	2,967,634
Fair value of assets acquired:
Total current assets	305,086
Oil and natural gas properties	9,270,692
Midstream assets	262,752
Investment in real estate	10,700
Other property, equipment and land	58,388
Asset retirement obligation	104,907
Other postretirement assets	2,944
Noncurrent income tax receivable, net	75,713
Other long term assets	12,489
Amount attributable to assets acquired	$	10,103,671

Schedule of business acquisition pro forma

The pro forma data also necessarily exclude various operation expenses related to the properties and the financial statements should not be viewed as indicative of operations in future periods.

	Year Ended December 31,
	2017		2016
	(in thousands, except per share amounts)
Revenues	$	1,228,040	$	627,301
Income from operations	619,369		(12,812		)
Net income	472,649		(109,229		)
Basic earnings per common share	4.85		(1.45		)
Diluted earnings per common share	4.84		(1.45		)

The pro forma consolidated statement of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Merger taken place on January 1, 2017 and is not intended to be a projection of future results.

	Year Ended December 31,
	2018		2017
	(in thousands, except per share amounts)
Revenues	$	3,531,609	$	2,195,726
Income from operations	1,559,141		900,435
Net income	1,319,967		875,382
Basic earnings per common share	7.54		5.26
Diluted earnings per common share	7.53		5.24