Investor Relations

Financials

v3.6.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 18,615 $ 66,499
Accounts receivable:    
Oil and natural gas sales 25,728 12,527
Trade 6,805 12,156
Commodity derivative assets 297 6,572
Other current assets 2,739 1,944
Total current assets 54,184 99,698
Property and equipment:    
Unproved properties and land, not subject to depletion 398,547 93,600
Proved properties, net of accumulated depletion 424,082 411,291
Costs of wells in progress 81,780 21,310
Oil and gas properties, net 904,409 526,201
Other property and equipment, net 4,327 646
Total property and equipment, net 908,736 526,847
Cash held in escrow and other deposits 18,248 0
Commodity derivative assets 0 2,996
Goodwill 40,711 40,711
Other assets 2,234 2,364
Total assets 1,024,113 672,616
Current liabilities:    
Accounts payable and accrued expenses 52,453 36,573
Revenue payable 16,557 13,603
Production taxes payable 17,673 24,530
Asset retirement obligations 2,683 0
Commodity derivative liabilities 2,874 0
Total current liabilities 92,240 74,706
Revolving credit facility 0 78,000
Notes payable, net of issuance costs 75,614 0
Asset retirement obligations 13,775 13,400
Other liabilities 1,745  
Total liabilities 183,374 166,106
Commitments and contingencies (See Note16)
Shareholders' equity:    
Preferred stock - $0.01 par value, 10,000,000 shares authorized: no shares issued and outstanding 0 0
Common stock - $0.001 par value, 300,000,000 shares authorized: 200,647,572 and 110,033,601 shares issued and outstanding, respectively 201 110
Additional paid-in capital 1,148,998 595,671
Retained deficit (308,460) (89,271)
Total shareholders' equity 840,739 506,510
Total liabilities and shareholders' equity $ 1,024,113 $ 672,616
v3.6.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
4 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2016
Aug. 31, 2015
Aug. 31, 2014
Income Statement [Abstract]        
Oil and natural gas revenues $ 34,138 $ 107,149 $ 124,843 $ 104,219
Expenses:        
Lease operating expenses 5,812 19,949 15,017 7,991
Production taxes 3,104 5,732 11,340 9,667
Depreciation, depletion, and accretion 18,776 46,678 65,869 32,958
Full cost ceiling impairment 125,230 215,223 16,000 0
Transportation commitment charge 2,802 597 0 0
General and administrative 17,875 30,545 18,995 10,139
Total expenses 173,599 318,724 127,221 60,755
Operating (loss) income (139,461) (211,575) (2,378) 43,464
Other income (expense):        
Commodity derivative gain (loss) 6,482 (7,750) 32,256 321
Interest expense, net 0 0 (245) 0
Interest income 40 242 86 82
Total other income (expense) 6,522 (7,508) 32,097 403
(Loss) Income before income taxes (132,939) (219,083) 29,719 43,867
Income tax expense (benefit) (10,007) 106 11,677 15,014
Net (loss) income $ (122,932) $ (219,189) $ 18,042 $ 28,853
Net (loss) income per common share:        
Basic (in dollars per share) $ (1.14) $ (1.26) $ 0.19 $ 0.38
Diluted (in dollars per share) $ (1.14) $ (1.26) $ 0.19 $ 0.37
Weighted-average shares outstanding:        
Basic (in shares) 107,789,554 173,774,035 94,628,665 76,214,737
Diluted (in shares) 107,789,554 173,774,035 95,319,269 77,808,054
v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
4 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2016
Aug. 31, 2015
Aug. 31, 2014
Cash flows from operating activities:        
Net (loss) income $ (122,932) $ (219,189) $ 18,042 $ 28,853
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Depletion, depreciation, and accretion 18,776 46,678 65,869 32,958
Full cost ceiling impairment 125,230 215,223 16,000 0
Provision for deferred taxes (10,007) 0 11,679 15,014
Stock-based compensation 8,431 9,491 7,691 2,968
Total (gain) loss on commodity derivative contracts (6,482) 7,750 (32,256) (321)
Cash settlements on commodity derivative contracts 1,954 5,374 31,721 (2,138)
Cash premiums paid for commodity derivative contracts (956) 0 (4,117) 0
Changes in operating assets and liabilities:        
Accounts receivable 5,696 (13,063) 3,446 (20,311)
Accounts payable and accrued expenses 3,954 2,283 (2,307) 1,246
Revenue payable (5,441) 2,254 4,557 8,406
Production taxes payable 3,631 (7,095) 5,121 8,099
Other (1,782) (1,018) (359) 131
Net cash provided by operating activities 20,072 48,688 125,087 74,905
Cash flows from investing activities:        
Acquisitions of oil and gas properties and leaseholds (37,150) (511,173) (82,584) (52,066)
Capital expenditures for drilling and completion activities (41,581) (119,571) (186,135) (97,225)
Other capital expenditures (5,811) (7,044) (6,375) (2,216)
Land and other property and equipment (395) (5,478) (714) (4,095)
Short-term investments 0 0 0 60,018
Cash held in escrow 0 (18,219) 0 0
Net proceeds from sales of oil and gas properties and land 0 25,350 6,239 704
Net cash used in investing activities (84,937) (636,135) (269,569) (94,880)
Cash flows from financing activities:        
Proceeds from equity offerings 0 565,398 200,100 0
Offering costs 0 (21,987) (9,255) 0
Proceeds from exercise of warrants and employee exercise of stock options 0 68 15,370 35,634
Payment of employee payroll taxes in connection with shares withheld (2,544) (757) (1,262) (369)
Proceeds from revolving credit facility 0 55,000 186,000 0
Principal repayments on revolving credit facility 0 (133,000) (145,000) 0
Proceeds from issuance of notes payable 0 80,000 0 0
Financing fees on issuance of notes payable and amendments to revolving credit facility 0 (5,159) (2,316) 0
Net cash provided by (used in) financing activities (2,544) 539,563 243,637 35,265
Net (decrease) increase in cash and equivalents (67,409) (47,884) 99,155 15,290
Cash and equivalents at beginning of period 133,908 66,499 34,753 19,463
Cash and equivalents at end of period $ 66,499 $ 18,615 $ 133,908 $ 34,753