Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2020

The following table sets forth the Company’s final allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date.


						Final Purchase Price Allocation
						(In thousands)
Consideration:
Fair value of the Company’s common stock issued						$765,373
Total consideration						$765,373

Liabilities:
Accounts payable						$37,657
Revenues and royalties payable						52,449
Operating lease liabilities - current						29,924
Fair value of derivatives - current						61,015
Other current liabilities						88,346
Long-term debt						1,984,135
Operating lease liabilities - non-current						30,070
Asset retirement obligation						26,151
Fair value of derivatives - non-current						26,960
Other long-term liabilities						17,887
Common stock warrants						10,029
Total liabilities assumed						$2,364,623

Assets:
Accounts receivable, net						$48,479
Fair value of derivatives - current						17,451
Other current assets						11,640
Evaluated oil and natural gas properties						2,133,280
Unevaluated properties						679,900
Other property and equipment						9,614
Fair value of derivatives - non-current						4,518
Deferred tax asset						162,629
Operating lease right-of-use-assets						59,907
Other long term assets						2,578
Total assets acquired						$3,129,996

The following table sets forth the Company’s final allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date.


			Purchase Price Allocation
			(In thousands)
Assets
Oil and natural gas properties
Evaluated properties			$253,089
Unevaluated properties			287,000
Total oil and natural gas properties			$540,089
Total assets acquired			$540,089

Liabilities
Asset retirement obligations			($570)
Total liabilities assumed			($570)
Net Assets Acquired			$539,519

Unaudited Summary Pro Forma Financial Information

The pro forma consolidated statements 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, 2018 and is not intended to be a projection of future results.


	Years Ended December 31,
	2019	2018
	(In thousands)
Revenues	$1,620,357	$1,661,171
Income from operations	614,668	767,628
Net income	369,777	734,527
Basic earnings per common share	$0.89	$1.87
Diluted earnings per common share	$0.89	$1.87

The following unaudited pro forma financial information presents a summary of the Company’s consolidated results of operations for the year ended December 31, 2018, assuming the Delaware Asset Acquisition had been completed as of January 1, 2017, including adjustments to reflect the acquisition date fair values assigned to the assets acquired and liabilities assumed. The pro forma financial information does not purport to represent what the actual results of operations would have been had the transactions been completed as of the date assumed, nor is this information necessarily indicative of future consolidated results of operations. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the Delaware Asset Acquisition.


						Year Ended December 31, 2018
						(In thousands)
Revenues						$669,236
Income from operations						299,090
Net income						324,318
Basic earnings per common share						$1.49
Diluted earnings per common share						$1.49