(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(Address of Principal Executive Offices, and Zip Code) |
(Registrant’s Telephone Number, Including Area Code) |
(Former Name or Former Address, if Changed Since Last Report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Approve the Issuance Proposal | ||||||||||||||||||||
For | Against | Abstain | Broker Non-Votes | |||||||||||||||||
33,939,568 | 852,510 | 54,803 | — |
Exhibit Number | Title of Document | |||||||
99.1 |
Callon Petroleum Company | |||||||||||
(Registrant) | |||||||||||
/s/ Kevin Haggard | |||||||||||
Kevin Haggard | |||||||||||
Senior Vice President and Chief Financial Officer |
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Operational | Capitalized | Capitalized | Total Capital | |||||||||||||||||||||||
Capital (a) | Interest | G&A | Expenditures | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Cash basis (b) | $151,086 | $16,429 | $9,034 | $176,549 | ||||||||||||||||||||||
Timing adjustments (c) | (30,160) | 7,161 | — | ($22,999) | ||||||||||||||||||||||
Non-cash items | (5,962) | 2,500 | 1,392 | ($2,070) | ||||||||||||||||||||||
Accrual basis | $114,964 | $26,090 | $10,426 | $151,480 |
For the Remainder | For the Full Year | For the Full Year | ||||||||||||||||||
Oil contracts (WTI) | 2021(a) | 2022(a) | 2023 | |||||||||||||||||
Swap contracts | ||||||||||||||||||||
Total volume (Bbls) | 1,748,000 | 4,066,000 | 315,000 | |||||||||||||||||
Weighted average price per Bbl | $56.87 | $65.84 | $70.01 | |||||||||||||||||
Collar contracts | ||||||||||||||||||||
Total volume (Bbls) | 2,290,450 | 7,097,500 | — | |||||||||||||||||
Weighted average price per Bbl | ||||||||||||||||||||
Ceiling (short call) | $46.97 | $67.70 | $— | |||||||||||||||||
Floor (long put) | $39.37 | $56.15 | $— | |||||||||||||||||
Long put contracts | ||||||||||||||||||||
Total volume (Bbls) | 414,000 | — | — | |||||||||||||||||
Weighted average price per Bbl | $62.50 | $— | $— | |||||||||||||||||
Short call contracts | ||||||||||||||||||||
Total volume (Bbls) | 1,216,240 | (b) | — | — | ||||||||||||||||
Weighted average price per Bbl | $63.62 | $— | $— | |||||||||||||||||
Short call swaption contracts | ||||||||||||||||||||
Total volume (Bbls) | — | 1,825,000 | (c) | 1,825,000 | (c) | |||||||||||||||
Weighted average price per Bbl | $— | $52.18 | $72.00 | |||||||||||||||||
Oil contracts (Brent ICE) (d) | ||||||||||||||||||||
Collar contracts | ||||||||||||||||||||
Total volume (Bbls) | 184,000 | — | — | |||||||||||||||||
Weighted average price per Bbl | ||||||||||||||||||||
Ceiling (short call) | $50.00 | $— | $— | |||||||||||||||||
Floor (long put) | $45.00 | $— | $— | |||||||||||||||||
Oil contracts (Midland basis differential) | ||||||||||||||||||||
Swap contracts | ||||||||||||||||||||
Total volume (Bbls) | 892,400 | — | — | |||||||||||||||||
Weighted average price per Bbl | $0.33 | $— | $— | |||||||||||||||||
Oil contracts (Argus Houston MEH) | ||||||||||||||||||||
Collar contracts | ||||||||||||||||||||
Total volume (Bbls) | — | 452,500 | — | |||||||||||||||||
Weighted average price per Bbl | ||||||||||||||||||||
Ceiling (short call) | $— | $63.15 | $— | |||||||||||||||||
Floor (long put) | $— | $51.25 | $— |
For the Remainder | For the Full Year | |||||||||||||
Natural gas contracts (Henry Hub) | 2021 | 2022 | ||||||||||||
Swap contracts | ||||||||||||||
Total volume (MMBtu) | 4,357,000 | 7,320,000 | ||||||||||||
Weighted average price per MMBtu | $2.96 | $3.08 | ||||||||||||
Collar contracts | ||||||||||||||
Total volume (MMBtu) | 1,840,000 | 5,740,000 | ||||||||||||
Weighted average price per MMBtu | ||||||||||||||
Ceiling (short call) | $2.80 | $3.64 | ||||||||||||
Floor (long put) | $2.50 | $2.83 | ||||||||||||
Short call contracts | ||||||||||||||
Total volume (MMBtu) | 1,840,000 | (a) | — | |||||||||||
Weighted average price per MMBtu | $3.09 | $— | ||||||||||||
Natural gas contracts (Waha basis differential) | ||||||||||||||
Swap contracts | ||||||||||||||
Total volume (MMBtu) | 4,140,000 | 5,475,000 | ||||||||||||
Weighted average price per MMBtu | ($0.42) | ($0.21) |
For the Remainder | For the Full Year | |||||||||||||
NGL contracts (OPIS Mont Belvieu Purity Ethane) | 2021 | 2022 | ||||||||||||
Swap contracts | ||||||||||||||
Total volume (Bbls) | 460,000 | 378,000 | ||||||||||||
Weighted average price per Bbl | $7.62 | $15.70 | ||||||||||||
NGL contracts (OPIS Mont Belvieu Propane) | ||||||||||||||
Swap contracts | ||||||||||||||
Total volume (Bbls) | 266,800 | 252,000 | ||||||||||||
Weighted average price per Bbl | $52.15 | $48.43 | ||||||||||||
NGL contracts (OPIS Mont Belvieu Butane) | ||||||||||||||
Swap contracts | ||||||||||||||
Total volume (Bbls) | 101,200 | 99,000 | ||||||||||||
Weighted average price per Bbl | $59.43 | $54.39 | ||||||||||||
NGL contracts (OPIS Mont Belvieu Isobutane) | ||||||||||||||
Swap contracts | ||||||||||||||
Total volume (Bbls) | 55,200 | 54,000 | ||||||||||||
Weighted average price per Bbl | $58.96 | $54.29 |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||||||||||||||
Total production | ||||||||||||||||||||
Oil (MBbls) | ||||||||||||||||||||
Permian | 3,428 | 3,232 | 3,441 | |||||||||||||||||
Eagle Ford | 2,447 | 1,870 | 2,434 | |||||||||||||||||
Total oil (MBbls) | 5,875 | 5,102 | 5,875 | |||||||||||||||||
Natural gas (MMcf) | ||||||||||||||||||||
Permian | 7,153 | 7,138 | 7,868 | |||||||||||||||||
Eagle Ford | 2,242 | 1,745 | 2,393 | |||||||||||||||||
Total natural gas (MMcf) | 9,395 | 8,883 | 10,261 | |||||||||||||||||
NGLs (MBbls) | ||||||||||||||||||||
Permian | 1,315 | 1,216 | 1,423 | |||||||||||||||||
Eagle Ford | 417 | 299 | 379 | |||||||||||||||||
Total NGLs (MBbls) | 1,732 | 1,515 | 1,802 | |||||||||||||||||
Total production (MBoe) | ||||||||||||||||||||
Permian | 5,936 | 5,637 | 6,175 | |||||||||||||||||
Eagle Ford | 3,237 | 2,460 | 3,212 | |||||||||||||||||
Total barrels of oil equivalent (MBoe) | 9,173 | 8,097 | 9,387 | |||||||||||||||||
Total daily production (Boe/d) | ||||||||||||||||||||
Permian | 64,517 | 61,948 | 67,117 | |||||||||||||||||
Eagle Ford | 35,186 | 27,033 | 34,912 | |||||||||||||||||
Total barrels of oil equivalent (Boe/d) | 99,703 | 88,981 | 102,029 | |||||||||||||||||
Oil as % of total daily production | 64 | % | 63 | % | 63 | % | ||||||||||||||
Average realized sales price (excluding impact of settled derivatives) | ||||||||||||||||||||
Oil (per Bbl) | ||||||||||||||||||||
Permian | $69.60 | $65.08 | $39.42 | |||||||||||||||||
Eagle Ford | 69.76 | 65.83 | 39.44 | |||||||||||||||||
Total oil (per Bbl) | $69.67 | $65.36 | $39.43 | |||||||||||||||||
Natural gas (per Mcf) | ||||||||||||||||||||
Permian | $3.78 | $2.68 | $1.31 | |||||||||||||||||
Eagle Ford | 4.22 | 2.82 | 1.99 | |||||||||||||||||
Total natural gas (per Mcf) | $3.89 | $2.71 | $1.47 | |||||||||||||||||
NGLs (per Bbl) | ||||||||||||||||||||
Permian | $34.41 | $24.71 | $12.68 | |||||||||||||||||
Eagle Ford | 30.81 | 22.00 | 13.13 | |||||||||||||||||
Total NGLs (per Bbl) | $33.54 | $24.17 | $12.78 | |||||||||||||||||
Average realized sales price (per Boe) | ||||||||||||||||||||
Permian | $52.37 | $46.04 | $26.55 | |||||||||||||||||
Eagle Ford | 59.63 | 54.72 | 32.92 | |||||||||||||||||
Total average realized sales price (per Boe) | $54.93 | $48.68 | $28.73 | |||||||||||||||||
Average realized sales price (including impact of settled derivatives) | ||||||||||||||||||||
Oil (per Bbl) | $54.00 | $46.82 | $39.00 | |||||||||||||||||
Natural gas (per Mcf) | 2.21 | 2.25 | 1.17 | |||||||||||||||||
NGLs (per Bbl) | 31.71 | 23.21 | 12.78 | |||||||||||||||||
Total average realized sales price (per Boe) | $42.84 | $36.31 | $28.14 | |||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||||||||||||||
Revenues (in thousands)(a) | ||||||||||||||||||||
Oil | ||||||||||||||||||||
Permian | $238,582 | $210,340 | $135,648 | |||||||||||||||||
Eagle Ford | 170,711 | 123,102 | 96,006 | |||||||||||||||||
Total oil | $409,293 | $333,442 | $231,654 | |||||||||||||||||
Natural gas | ||||||||||||||||||||
Permian | $27,065 | $19,152 | $10,271 | |||||||||||||||||
Eagle Ford | 9,454 | 4,928 | 4,763 | |||||||||||||||||
Total natural gas | $36,519 | $24,080 | $15,034 | |||||||||||||||||
NGLs | ||||||||||||||||||||
Permian | $45,249 | $30,047 | $18,049 | |||||||||||||||||
Eagle Ford | 12,848 | 6,578 | 4,976 | |||||||||||||||||
Total NGLs | $58,097 | $36,625 | $23,025 | |||||||||||||||||
Total revenues | ||||||||||||||||||||
Permian | $310,896 | $259,539 | $163,968 | |||||||||||||||||
Eagle Ford | 193,013 | 134,608 | 105,745 | |||||||||||||||||
Total revenues | $503,909 | $394,147 | $269,713 | |||||||||||||||||
Additional per Boe data | ||||||||||||||||||||
Sales price (b) | ||||||||||||||||||||
Permian | $52.37 | $46.04 | $26.55 | |||||||||||||||||
Eagle Ford | 59.63 | 54.72 | 32.92 | |||||||||||||||||
Total sales price | $54.93 | $48.68 | $28.73 | |||||||||||||||||
Lease operating | ||||||||||||||||||||
Permian | $4.19 | $4.60 | $4.38 | |||||||||||||||||
Eagle Ford | 5.51 | 8.34 | 5.86 | |||||||||||||||||
Total lease operating | $4.66 | $5.74 | $4.89 | |||||||||||||||||
Production and ad valorem taxes | ||||||||||||||||||||
Permian | $2.80 | $2.53 | $1.57 | |||||||||||||||||
Eagle Ford | 2.89 | 3.12 | 2.00 | |||||||||||||||||
Total production and ad valorem taxes | $2.84 | $2.71 | $1.72 | |||||||||||||||||
Gathering, transportation and processing | ||||||||||||||||||||
Permian | $2.70 | $2.75 | $2.55 | |||||||||||||||||
Eagle Ford | 1.49 | 1.84 | 2.00 | |||||||||||||||||
Total gathering, transportation and processing | $2.28 | $2.47 | $2.36 | |||||||||||||||||
Operating margin | ||||||||||||||||||||
Permian | $42.68 | $36.16 | $18.05 | |||||||||||||||||
Eagle Ford | 49.74 | 41.42 | 23.06 | |||||||||||||||||
Total operating margin | $45.16 | $37.76 | $19.76 | |||||||||||||||||
Depreciation, depletion and amortization | $9.80 | $10.27 | $12.17 | |||||||||||||||||
General and administrative | $1.04 | $1.37 | $0.88 | |||||||||||||||||
Adjusted G&A 1 | ||||||||||||||||||||
Cash component (c) | $1.13 | $0.71 | $0.87 | |||||||||||||||||
Non-cash component | $0.17 | $0.21 | $0.18 |
Three Months Ended September 30, 2021 | |||||
Loss on oil derivatives | $67,198 | ||||
Loss on natural gas derivatives | 33,026 | ||||
Loss on NGL derivatives | 10,242 | ||||
Loss on commodity derivative contracts | $110,466 |
Three Months Ended September 30, 2021 | |||||
Cash paid on oil derivatives | ($98,752) | ||||
Cash paid on natural gas derivatives | (9,592) | ||||
Cash paid on NGL derivatives | (2,463) | ||||
Cash paid for commodity derivative settlements, net | ($110,807) |
Three Months Ended | |||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||
Total G&A | $9,503 | $11,065 | $8,224 | ||||||||||||||
Change in the fair value of liability share-based awards (non-cash) | 2,492 | (3,555) | 1,582 | ||||||||||||||
Adjusted G&A – total | 11,995 | 7,510 | 9,806 | ||||||||||||||
Equity-settled, share-based compensation (non-cash) and other non-recurring expenses | (1,589) | (1,724) | (1,674) | ||||||||||||||
Adjusted G&A – cash component | $10,406 | $5,786 | $8,132 | ||||||||||||||
Capitalized cash G&A | 9,034 | 7,404 | 6,831 | ||||||||||||||
Full cash G&A | $19,440 | $13,190 | $14,963 |
Three Months Ended | |||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Net income (loss) | $171,902 | ($11,695) | ($680,384) | ||||||||||||||
Loss on derivative contracts | 107,169 | 190,463 | 27,038 | ||||||||||||||
Loss on commodity derivative settlements, net | (110,960) | (100,128) | (5,540) | ||||||||||||||
Non-cash expense (benefit) related to share-based awards | (903) | 5,279 | (94) | ||||||||||||||
Impairment of evaluated oil and gas properties | — | — | 684,956 | ||||||||||||||
Merger, integration and transaction | 3,018 | — | 2,465 | ||||||||||||||
Other (income) expense | 4,305 | 5,584 | 3,567 | ||||||||||||||
Gain on extinguishment of debt | (2,420) | — | — | ||||||||||||||
Tax effect on adjustments above(a) | (44) | (21,252) | (149,602) | ||||||||||||||
Change in valuation allowance | (34,190) | 2,079 | 143,152 | ||||||||||||||
Adjusted income | $137,877 | $70,330 | $25,558 | ||||||||||||||
Adjusted income per diluted share | $2.93 | $1.49 | $0.64 | ||||||||||||||
Basic WASO | 46,290 | 46,267 | 39,746 | ||||||||||||||
Diluted WASO (GAAP) | 47,096 | 46,267 | 39,746 | ||||||||||||||
Effect of potentially dilutive instruments | — | 862 | 35 | ||||||||||||||
Adjusted Diluted WASO | 47,096 | 47,129 | 39,781 |
Three Months Ended | |||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
Net income (loss) | $171,902 | ($11,695) | ($680,384) | ||||||||||||||
Loss on derivative contracts | 107,169 | 190,463 | 27,038 | ||||||||||||||
Loss on commodity derivative settlements, net | (110,960) | (100,128) | (5,540) | ||||||||||||||
Non-cash expense (benefit) related to share-based awards | (903) | 5,279 | (94) | ||||||||||||||
Impairment of evaluated oil and gas properties | — | — | 684,956 | ||||||||||||||
Merger, integration and transaction | 3,018 | — | 2,465 | ||||||||||||||
Other (income) expense | 4,305 | 5,584 | 3,567 | ||||||||||||||
Income tax (benefit) expense | 2,416 | (478) | — | ||||||||||||||
Interest expense, net | 27,736 | 24,634 | 24,683 | ||||||||||||||
Depreciation, depletion and amortization | 89,890 | 83,128 | 114,201 | ||||||||||||||
Gain on extinguishment of debt | (2,420) | — | — | ||||||||||||||
Adjusted EBITDA | $292,153 | $196,787 | $170,892 |
Three Months Ended | |||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided by operating activities | $294,565 | $175,603 | $135,701 | ||||||||||||||
Changes in working capital and other | (30,355) | 13,520 | 14,473 | ||||||||||||||
Change in accrued hedge settlements | (153) | (14,719) | (5,993) | ||||||||||||||
Cash interest expense, net | 25,078 | 22,383 | 24,246 | ||||||||||||||
Merger, integration and transaction | 3,018 | — | 2,465 | ||||||||||||||
Adjusted EBITDA | 292,153 | 196,787 | 170,892 | ||||||||||||||
Less: Operational capital expenditures (accrual) | 114,964 | 138,321 | 38,408 | ||||||||||||||
Less: Capitalized interest | 23,590 | 21,740 | 20,675 | ||||||||||||||
Less: Interest expense, net of capitalized amounts | 25,078 | 22,383 | 24,683 | ||||||||||||||
Less: Capitalized cash G&A | 9,034 | 7,404 | 6,831 | ||||||||||||||
Adjusted free cash flow (a) | $119,487 | $6,939 | $80,295 |
Three Months Ended | |||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||||||
(In thousands) | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $171,902 | ($11,695) | ($680,384) | ||||||||||||||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||||||||||||
Depreciation, depletion and amortization | 89,890 | 83,128 | 114,201 | ||||||||||||||
Impairment of evaluated oil and gas properties | — | — | 684,956 | ||||||||||||||
Amortization of non-cash debt related items, net | 2,658 | 2,252 | 437 | ||||||||||||||
Deferred income tax expense | — | — | — | ||||||||||||||
Loss on derivative contracts | 107,169 | 190,463 | 27,038 | ||||||||||||||
Cash received (paid) for commodity derivative settlements, net | (110,807) | (85,409) | 453 | ||||||||||||||
Gain on extinguishment of debt | (2,420) | — | — | ||||||||||||||
Non-cash expense (benefit) related to share-based awards | (903) | 5,279 | (94) | ||||||||||||||
Merger, integration and transaction | 3,018 | — | 2,465 | ||||||||||||||
Other, net | 6,495 | 3,294 | 2,099 | ||||||||||||||
Adjusted discretionary cash flow | $267,002 | $187,312 | $151,171 | ||||||||||||||
Changes in working capital | 30,581 | (11,709) | (13,005) | ||||||||||||||
Merger, integration and transaction | (3,018) | — | (2,465) | ||||||||||||||
Net cash provided by operating activities | $294,565 | $175,603 | $135,701 |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating revenues | ||||||||||||||||||||
Oil | $409,293 | $333,442 | $231,654 | |||||||||||||||||
Natural gas | 36,519 | 24,080 | 15,034 | |||||||||||||||||
NGLs | 58,097 | 36,625 | 23,025 | |||||||||||||||||
Total operating revenues | $503,909 | $394,147 | $269,713 | |||||||||||||||||
Impact of settled derivatives | (110,960) | (100,128) | (5,540) | |||||||||||||||||
Adjusted total revenue | $392,949 | $294,019 | $264,173 |
September 30, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $3,699 | $20,236 | ||||||||||||
Accounts receivable, net | 216,116 | 133,109 | ||||||||||||
Fair value of derivatives | 18,605 | 921 | ||||||||||||
Other current assets | 30,110 | 24,103 | ||||||||||||
Total current assets | 268,530 | 178,369 | ||||||||||||
Oil and natural gas properties, full cost accounting method: | ||||||||||||||
Evaluated properties, net | 2,565,601 | 2,355,710 | ||||||||||||
Unevaluated properties | 1,712,428 | 1,733,250 | ||||||||||||
Total oil and natural gas properties, net | 4,278,029 | 4,088,960 | ||||||||||||
Other property and equipment, net | 30,591 | 31,640 | ||||||||||||
Deferred financing costs | 19,274 | 23,643 | ||||||||||||
Other assets, net | 89,992 | 40,256 | ||||||||||||
Total assets | $4,686,416 | $4,362,868 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $442,053 | $341,519 | ||||||||||||
Fair value of derivatives | 324,682 | 97,060 | ||||||||||||
Other current liabilities | 61,641 | 58,529 | ||||||||||||
Total current liabilities | 828,376 | 497,108 | ||||||||||||
Long-term debt | 2,809,610 | 2,969,264 | ||||||||||||
Asset retirement obligations | 58,703 | 57,209 | ||||||||||||
Fair value of derivatives | 15,250 | 88,046 | ||||||||||||
Other long-term liabilities | 41,448 | 40,239 | ||||||||||||
Total liabilities | 3,753,387 | 3,651,866 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock, $0.01 par value, 78,750,000 and 52,500,000 shares authorized; 46,290,611 and 39,758,817 shares outstanding, respectively | 463 | 398 | ||||||||||||
Capital in excess of par value | 3,365,121 | 3,222,959 | ||||||||||||
Accumulated deficit | (2,432,555) | (2,512,355) | ||||||||||||
Total stockholders’ equity | 933,029 | 711,002 | ||||||||||||
Total liabilities and stockholders’ equity | $4,686,416 | $4,362,868 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||||
Oil | $409,293 | $231,654 | $1,009,780 | $627,934 | |||||||||||||||||||
Natural gas | 36,519 | 15,034 | 84,819 | 33,305 | |||||||||||||||||||
Natural gas liquids | 58,097 | 23,025 | 124,079 | 55,627 | |||||||||||||||||||
Sales of purchased oil and gas | 48,653 | 20,313 | 134,164 | 21,469 | |||||||||||||||||||
Total operating revenues | 552,562 | 290,026 | 1,352,842 | 738,335 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Lease operating | 42,706 | 45,870 | 129,619 | 149,091 | |||||||||||||||||||
Production and ad valorem taxes | 26,070 | 16,110 | 66,467 | 46,151 | |||||||||||||||||||
Gathering, transportation and processing | 20,875 | 22,200 | 58,887 | 56,615 | |||||||||||||||||||
Cost of purchased oil and gas | 49,392 | 21,282 | 139,558 | 22,450 | |||||||||||||||||||
Depreciation, depletion and amortization | 89,890 | 114,201 | 244,005 | 384,594 | |||||||||||||||||||
General and administrative | 9,503 | 8,224 | 37,367 | 26,573 | |||||||||||||||||||
Impairment of evaluated oil and gas properties | — | 684,956 | — | 1,961,474 | |||||||||||||||||||
Merger, integration and transaction | 3,018 | 2,465 | 3,018 | 26,362 | |||||||||||||||||||
Other operating | — | 4,425 | 3,366 | 8,548 | |||||||||||||||||||
Total operating expenses | 241,454 | 919,733 | 682,287 | 2,681,858 | |||||||||||||||||||
Income (Loss) From Operations | 311,108 | (629,707) | 670,555 | (1,943,523) | |||||||||||||||||||
Other (Income) Expenses: | |||||||||||||||||||||||
Interest expense, net of capitalized amounts | 27,736 | 24,683 | 76,786 | 67,843 | |||||||||||||||||||
(Gain) loss on derivative contracts | 107,169 | 27,038 | 512,155 | (97,966) | |||||||||||||||||||
Gain on extinguishment of debt | (2,420) | — | (2,420) | — | |||||||||||||||||||
Other (income) expense | 4,305 | (1,044) | 3,217 | (149) | |||||||||||||||||||
Total other (income) expense | 136,790 | 50,677 | 589,738 | (30,272) | |||||||||||||||||||
Income (Loss) Before Income Taxes | 174,318 | (680,384) | 80,817 | (1,913,251) | |||||||||||||||||||
Income tax expense | (2,416) | — | (1,017) | (115,299) | |||||||||||||||||||
Net Income (Loss) | $171,902 | ($680,384) | $79,800 | ($2,028,550) | |||||||||||||||||||
Net Income (Loss) Per Common Share: | |||||||||||||||||||||||
Basic | $3.71 | ($17.12) | $1.77 | ($51.09) | |||||||||||||||||||
Diluted | $3.65 | ($17.12) | $1.69 | ($51.09) | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||
Basic | 46,290 | 39,746 | 45,063 | 39,707 | |||||||||||||||||||
Diluted | 47,096 | 39,746 | 47,119 | 39,707 | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income (loss) | $171,902 | ($680,384) | $79,800 | ($2,028,550) | |||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation, depletion and amortization | 89,890 | 114,201 | 244,005 | 384,594 | |||||||||||||||||||
Impairment of evaluated oil and gas properties | — | 684,956 | — | 1,961,474 | |||||||||||||||||||
Amortization of non-cash debt related items, net | 2,658 | 437 | 7,166 | 1,582 | |||||||||||||||||||
Deferred income tax expense | — | — | — | 115,299 | |||||||||||||||||||
(Gain) loss on derivative contracts | 107,169 | 27,038 | 512,155 | (97,966) | |||||||||||||||||||
Cash received (paid) for commodity derivative settlements, net | (110,807) | 453 | (238,378) | 101,754 | |||||||||||||||||||
Gain on extinguishment of debt | (2,420) | — | (2,420) | — | |||||||||||||||||||
Non-cash expense (benefit) related to share-based awards | (903) | (94) | 11,984 | (305) | |||||||||||||||||||
Other, net | 6,495 | 2,084 | 11,006 | 5,740 | |||||||||||||||||||
Changes in current assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (15,870) | (16,930) | (83,227) | 96,110 | |||||||||||||||||||
Other current assets | (1,278) | (2,208) | (8,701) | (6,556) | |||||||||||||||||||
Accounts payable and accrued liabilities | 47,729 | 6,148 | 74,443 | (107,979) | |||||||||||||||||||
Net cash provided by operating activities | 294,565 | 135,701 | 607,833 | 425,197 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Capital expenditures | (176,549) | (136,534) | (427,552) | (555,222) | |||||||||||||||||||
Acquisition of oil and gas properties | (4,904) | (643) | (7,119) | (12,524) | |||||||||||||||||||
Deposit for acquisition of oil and gas properties | (60,117) | — | (60,117) | — | |||||||||||||||||||
Proceeds from sale of assets | 3,804 | 139,739 | 35,415 | 149,818 | |||||||||||||||||||
Cash paid for settlements of contingent consideration arrangements, net | — | — | — | (40,000) | |||||||||||||||||||
Other, net | (14) | 1,427 | 4,206 | 8,261 | |||||||||||||||||||
Net cash provided by (used in) investing activities | (237,780) | 3,989 | (455,167) | (449,667) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Borrowings on Credit Facility | 500,000 | 312,000 | 1,236,500 | 5,087,500 | |||||||||||||||||||
Payments on Credit Facility | (652,000) | (737,000) | (1,498,500) | (5,347,500) | |||||||||||||||||||
Redemption of 6.25% Senior Notes | (542,755) | — | (542,755) | — | |||||||||||||||||||
Issuance of 8.00% Senior Notes due 2028 | 650,000 | — | 650,000 | — | |||||||||||||||||||
Issuance of 9.00% Second Lien Senior Secured Notes due 2025 | — | 300,000 | — | 300,000 | |||||||||||||||||||
Discount on the issuance of 9.00% Second Lien Senior Secured Notes due 2025 | — | (35,270) | — | (35,270) | |||||||||||||||||||
Issuance of September 2020 Warrants | — | 23,909 | — | 23,909 | |||||||||||||||||||
Payment of deferred financing costs | (12,131) | (301) | (12,168) | (6,312) | |||||||||||||||||||
Tax withholdings related to restricted stock units | — | (107) | (2,280) | (495) | |||||||||||||||||||
Other, net | — | 79 | — | (203) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (56,886) | (136,690) | (169,203) | 21,629 | |||||||||||||||||||
Net change in cash and cash equivalents | (101) | 3,000 | (16,537) | (2,841) | |||||||||||||||||||
Balance, beginning of period | 3,800 | 7,500 | 20,236 | 13,341 | |||||||||||||||||||
Balance, end of period | $3,699 | $10,500 | $3,699 | $10,500 |
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