(Mark One) | ||||||||
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the fiscal year ended | December 31, | |||||||
OR | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the transition period from _______________ to _______________ |
Delaware | 45-0466694 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||
Common Stock ($0.01 par value) | XEC | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Item | Page | ||||||||||
Item | Page | ||
Proved Reserves (MBOE) | ||||||
Reserves at December 31, | ||||||
Revisions of previous estimates | ||||||
Extensions and discoveries | ||||||
Production | ||||||
Sales of reserves | ||||||
Reserves at December 31, |
December 31, | December 31, | ||||||||||||||||||||||||
2018 | 2017 | 2016 | 2020 | 2019 | 2018 | ||||||||||||||||||||
Proved reserves: | Proved reserves: | ||||||||||||||||||||||||
Gas (MMcf) | 1,591,321 | 1,607,635 | 1,471,420 | Gas (MMcf) | 1,362,842 | 1,532,145 | 1,591,321 | ||||||||||||||||||
Oil (MBbls) | 146,538 | 137,238 | 105,878 | Oil (MBbls) | 144,063 | 169,770 | 146,538 | ||||||||||||||||||
NGL (MBbls) | 179,436 | 153,860 | 130,633 | NGL (MBbls) | 159,818 | 194,468 | 179,436 | ||||||||||||||||||
Total (MBOE) | 591,195 | 559,037 | 481,748 | Total (MBOE) | 531,021 | 619,595 | 591,195 | ||||||||||||||||||
Percent developed | 85 | % | 83 | % | 79 | % | Percent developed | 84 | % | 86 | % | 85 | % |
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | % of Total Proved Reserves | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | % of Total Proved Reserves | ||||||||||||||||||||||||||||||||||
Mid-Continent | 861,440 | 29,908 | 82,826 | 256,307 | 43 | % | Mid-Continent | 570,578 | 17,491 | 56,130 | 168,717 | 32 | % | ||||||||||||||||||||||||||||||
Permian Basin | 727,985 | 116,378 | 96,533 | 334,241 | 57 | % | Permian Basin | 790,750 | 126,327 | 103,606 | 361,725 | 68 | % | ||||||||||||||||||||||||||||||
Other | 1,896 | 252 | 77 | 647 | — | % | Other | 1,514 | 245 | 82 | 579 | — | % | ||||||||||||||||||||||||||||||
1,591,321 | 146,538 | 179,436 | 591,195 | 100 | % | 1,362,842 | 144,063 | 159,818 | 531,021 | 100 | % |
Total Production Volumes | Average Daily Production Volumes | |||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Permian Basin | 148,227 | 24,810 | 17,831 | 67,345 | 405.0 | 67.8 | 48.7 | 184.0 | ||||||||||||||||||||||||||||||||||||||||||
Mid-Continent | 84,016 | 3,219 | 7,700 | 24,922 | 229.6 | 8.8 | 21.0 | 68.1 | ||||||||||||||||||||||||||||||||||||||||||
Other | 382 | 58 | 23 | 145 | 1.0 | 0.1 | 0.1 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||
Total company | 232,625 | 28,087 | 25,554 | 92,412 | 635.6 | 76.7 | 69.8 | 252.5 | ||||||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Permian Basin | 145,612 | 26,376 | 18,973 | 69,618 | 398.9 | 72.3 | 52.0 | 190.8 | ||||||||||||||||||||||||||||||||||||||||||
Mid-Continent | 105,515 | 5,033 | 9,263 | 31,882 | 289.1 | 13.8 | 25.4 | 87.3 | ||||||||||||||||||||||||||||||||||||||||||
Other | 440 | 54 | 18 | 145 | 1.2 | 0.1 | — | 0.4 | ||||||||||||||||||||||||||||||||||||||||||
Total company | 251,567 | 31,463 | 28,254 | 101,645 | 689.2 | 86.2 | 77.4 | 278.5 | ||||||||||||||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Permian Basin | 92,593 | 19,104 | 11,499 | 46,035 | 253.7 | 52.3 | 31.5 | 126.1 | ||||||||||||||||||||||||||||||||||||||||||
Mid-Continent | 112,697 | 5,530 | 10,474 | 34,787 | 308.8 | 15.2 | 28.7 | 95.3 | ||||||||||||||||||||||||||||||||||||||||||
Other | 547 | 76 | 21 | 188 | 1.4 | 0.2 | 0.1 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||
Total company | 205,837 | 24,710 | 21,994 | 81,010 | 563.9 | 67.7 | 60.3 | 221.9 |
Total Production Volumes | Average Daily Production Volumes | |||||||||||||||||||||||
Years Ended December 31, | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||
2018 | ||||||||||||||||||||||||
Permian Basin | 92,593 | 19,104 | 11,499 | 46,035 | 253.7 | 52.3 | 31.5 | 126.1 | ||||||||||||||||
Mid-Continent | 112,697 | 5,530 | 10,474 | 34,787 | 308.8 | 15.2 | 28.7 | 95.3 | ||||||||||||||||
Other | 547 | 76 | 21 | 188 | 1.4 | 0.2 | 0.1 | 0.5 | ||||||||||||||||
Total company | 205,837 | 24,710 | 21,994 | 81,010 | 563.9 | 67.7 | 60.3 | 221.9 | ||||||||||||||||
2017 | ||||||||||||||||||||||||
Permian Basin | 79,521 | 16,271 | 8,858 | 38,382 | 217.9 | 44.6 | 24.3 | 105.2 | ||||||||||||||||
Mid-Continent | 107,463 | 4,547 | 8,503 | 30,960 | 294.4 | 12.5 | 23.3 | 84.8 | ||||||||||||||||
Other | 484 | 43 | 13 | 137 | 1.3 | 0.1 | — | 0.4 | ||||||||||||||||
Total company | 187,468 | 20,861 | 17,374 | 69,479 | 513.6 | 57.2 | 47.6 | 190.4 | ||||||||||||||||
2016 | ||||||||||||||||||||||||
Permian Basin | 65,191 | 13,183 | 6,677 | 30,725 | 178.1 | 36.0 | 18.2 | 83.9 | ||||||||||||||||
Mid-Continent | 102,501 | 3,283 | 7,508 | 27,874 | 280.1 | 9.0 | 20.5 | 76.2 | ||||||||||||||||
Other | 535 | 62 | 15 | 166 | 1.4 | 0.2 | 0.1 | 0.5 | ||||||||||||||||
Total company | 168,227 | 16,528 | 14,200 | 58,765 | 459.6 | 45.2 | 38.8 | 160.6 |
Total Production Volumes | Average Daily Production Volumes | |||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watonga-Chickasha | 70,434 | 2,917 | 7,201 | 21,858 | 192.4 | 8.0 | 19.7 | 59.7 | ||||||||||||||||||||||||||||||||||||||||||
Dixieland | 45,463 | 8,478 | 5,397 | 21,453 | 124.2 | 23.2 | 14.7 | 58.6 | ||||||||||||||||||||||||||||||||||||||||||
Ford West | 42,832 | 4,485 | 5,095 | 16,719 | 117.0 | 12.3 | 13.9 | 45.7 | ||||||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watonga-Chickasha | 90,148 | 4,643 | 8,689 | 28,357 | 247.0 | 12.7 | 23.8 | 77.7 | ||||||||||||||||||||||||||||||||||||||||||
Dixieland | 42,658 | 8,938 | 5,934 | 21,982 | 116.9 | 24.5 | 16.3 | 60.2 | ||||||||||||||||||||||||||||||||||||||||||
Ford West | 41,087 | 5,042 | 5,212 | 17,102 | 112.6 | 13.8 | 14.3 | 46.9 | ||||||||||||||||||||||||||||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Watonga-Chickasha | 96,043 | 5,072 | 9,809 | 30,889 | 263.1 | 13.9 | 26.9 | 84.6 | ||||||||||||||||||||||||||||||||||||||||||
Dixieland | 11,940 | 2,902 | 1,538 | 6,430 | 32.7 | 7.9 | 4.2 | 17.6 | ||||||||||||||||||||||||||||||||||||||||||
Ford West | 30,976 | 3,777 | 3,823 | 12,763 | 84.9 | 10.3 | 10.5 | 35.0 |
Total Production Volumes | Average Daily Production Volumes | |||||||||||||||||||||||
Years Ended December 31, | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||
2018 | ||||||||||||||||||||||||
Watonga-Chickasha | 96,373 | 5,094 | 9,774 | 30,930 | 264.0 | 14.0 | 26.8 | 84.7 | ||||||||||||||||
Ford West | 30,958 | 3,748 | 3,804 | 12,711 | 84.8 | 10.3 | 10.4 | 34.8 | ||||||||||||||||
2017 | ||||||||||||||||||||||||
Watonga-Chickasha | 88,557 | 4,156 | 7,829 | 26,744 | 242.6 | 11.4 | 21.4 | 73.3 | ||||||||||||||||
Ford West | 26,405 | 3,370 | 2,883 | 10,654 | 72.3 | 9.2 | 7.9 | 29.2 | ||||||||||||||||
2016 | ||||||||||||||||||||||||
Watonga-Chickasha | 81,757 | 2,823 | 6,764 | 23,213 | 223.4 | 7.7 | 18.5 | 63.4 | ||||||||||||||||
Ford West | 20,034 | 2,258 | 1,927 | 7,525 | 54.7 | 6.2 | 5.3 | 20.6 |
Average Realized Price | Production Cost (per BOE) | |||||||||||||||||||||||||
Years Ended December 31, | Gas (per Mcf) | Oil (per Bbl) | NGL (per Bbl) | |||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||
Permian Basin | $ | 0.69 | $ | 35.66 | $ | 9.64 | $ | 3.14 | ||||||||||||||||||
Mid-Continent | $ | 1.67 | $ | 34.97 | $ | 12.60 | $ | 2.92 | ||||||||||||||||||
Other | $ | 1.98 | $ | 41.15 | $ | 9.42 | $ | 6.13 | ||||||||||||||||||
Total company | $ | 1.05 | $ | 35.59 | $ | 10.53 | $ | 3.09 | ||||||||||||||||||
2019 | ||||||||||||||||||||||||||
Permian Basin | $ | 0.49 | $ | 52.55 | $ | 12.62 | $ | 3.47 | ||||||||||||||||||
Mid-Continent | $ | 1.95 | $ | 53.89 | $ | 15.47 | $ | 3.04 | ||||||||||||||||||
Other | $ | 2.44 | $ | 56.52 | $ | 15.70 | $ | 9.59 | ||||||||||||||||||
Total company | $ | 1.11 | $ | 52.77 | $ | 13.55 | $ | 3.34 | ||||||||||||||||||
2018 | ||||||||||||||||||||||||||
Permian Basin | $ | 1.69 | $ | 54.95 | $ | 22.84 | $ | 4.37 | ||||||||||||||||||
Mid-Continent | $ | 2.23 | $ | 62.31 | $ | 21.67 | $ | 2.69 | ||||||||||||||||||
Other | $ | 2.97 | $ | 58.40 | $ | 26.46 | $ | 7.63 | ||||||||||||||||||
Total company | $ | 1.99 | $ | 56.61 | $ | 22.28 | $ | 3.66 |
Average Realized Price | Production Cost (per BOE) | |||||||||||||||
Years Ended December 31, | Gas (per Mcf) | Oil (per Bbl) | NGL (per Bbl) | |||||||||||||
2018 | ||||||||||||||||
Permian Basin | $ | 1.69 | $ | 54.95 | $ | 22.84 | $ | 4.30 | ||||||||
Mid-Continent | $ | 2.23 | $ | 62.31 | $ | 21.67 | $ | 2.69 | ||||||||
Other | $ | 2.97 | $ | 58.40 | $ | 26.46 | $ | 7.63 | ||||||||
Total Company | $ | 1.99 | $ | 56.61 | $ | 22.28 | $ | 3.62 | ||||||||
2017 | ||||||||||||||||
Permian Basin | $ | 2.72 | $ | 46.96 | $ | 20.25 | $ | 4.70 | ||||||||
Mid-Continent | $ | 2.78 | $ | 47.42 | $ | 23.02 | $ | 2.60 | ||||||||
Other | $ | 2.74 | $ | 46.53 | $ | 23.11 | $ | 9.03 | ||||||||
Total Company | $ | 2.76 | $ | 47.06 | $ | 21.61 | $ | 3.77 | ||||||||
2016 | ||||||||||||||||
Permian Basin | $ | 2.35 | $ | 38.45 | $ | 12.32 | $ | 5.16 | ||||||||
Mid-Continent | $ | 2.29 | $ | 37.65 | $ | 15.59 | $ | 2.57 | ||||||||
Other | $ | 2.00 | $ | 38.86 | $ | 14.80 | $ | 9.56 | ||||||||
Total Company | $ | 2.31 | $ | 38.30 | $ | 14.05 | $ | 3.95 |
Capital Investment | Gross Productive Wells Completed | Net Productive Wells Completed | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Exploration and development: | |||||||||||||||||||||||
Permian Basin | $ | 503,304 | 92 | 48.1 | |||||||||||||||||||
Mid-Continent | 40,825 | 57 | 2.9 | ||||||||||||||||||||
Other | 727 | — | — | ||||||||||||||||||||
544,856 | 149 | 51.0 | |||||||||||||||||||||
Saltwater disposal/Midstream | 32,297 | ||||||||||||||||||||||
Total capital investment | $ | 577,153 |
E&D Capital | Gross Wells Completed | Net Wells Completed | % Completed As Producers | |||||||||
(in millions) | ||||||||||||
Permian Basin | $ | 1,092 | 129 | 79.9 | 100 | % | ||||||
Mid-Continent | 472 | 220 | 42.2 | 100 | % | |||||||
Other | 6 | — | — | — | % | |||||||
$ | 1,570 | 349 | 122.1 | 100 | % |
Wells Completed | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
Development | |||||||||||||||||||||||||||||||||||
Productive | 149 | 51.0 | 289 | 90.2 | 349 | 122.1 | |||||||||||||||||||||||||||||
Dry | 2 | 1.5 | 2 | 1.9 | — | — | |||||||||||||||||||||||||||||
Total | 151 | 52.5 | 291 | 92.1 | 349 | 122.1 |
Wells Completed | |||||||||||||||||
2018 | 2017 | 2016 | |||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||
Developmental | |||||||||||||||||
Productive | 349 | 122.1 | 314 | 96.4 | 153 | 61.0 | |||||||||||
Dry | — | — | 5 | 1.6 | 1 | — | |||||||||||
Total | 349 | 122.1 | 319 | 98.0 | 154 | 61.0 |
Gas | Oil | ||||||||||||||||||||||
Gross | Net | Gross | Net | ||||||||||||||||||||
Mid-Continent | 3,876 | 1,449 | 869 | 175 | |||||||||||||||||||
Permian Basin | 705 | 310 | 4,495 | 827 | |||||||||||||||||||
Other | 103 | 3 | 13 | 1 | |||||||||||||||||||
4,684 | 1,762 | 5,377 | 1,003 |
Gas | Oil | ||||||||||
Gross | Net | Gross | Net | ||||||||
Mid-Continent | 3,992 | 1,513 | 791 | 197 | |||||||
Permian Basin | 769 | 342 | 4,702 | 842 | |||||||
Other | 93 | 6 | 15 | 2 | |||||||
4,854 | 1,861 | 5,508 | 1,041 |
Acreage | |||||||||||||||||||||||||||||||||||
Undeveloped | Developed | Total | |||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||
Mid-Continent | |||||||||||||||||||||||||||||||||||
Kansas | 16,822 | 16,782 | — | — | 16,822 | 16,782 | |||||||||||||||||||||||||||||
Oklahoma | 156,179 | 47,624 | 774,542 | 306,849 | 930,721 | 354,473 | |||||||||||||||||||||||||||||
Texas | 22,544 | 9,317 | 108,536 | 52,676 | 131,080 | 61,993 | |||||||||||||||||||||||||||||
195,545 | 73,723 | 883,078 | 359,525 | 1,078,623 | 433,248 | ||||||||||||||||||||||||||||||
Permian Basin | |||||||||||||||||||||||||||||||||||
New Mexico | 123,460 | 49,306 | 175,144 | 120,106 | 298,604 | 169,412 | |||||||||||||||||||||||||||||
Texas | 45,962 | 26,971 | 222,445 | 134,233 | 268,407 | 161,204 | |||||||||||||||||||||||||||||
169,422 | 76,277 | 397,589 | 254,339 | 567,011 | 330,616 | ||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Arizona | 2,097,841 | 2,097,841 | 17,212 | 17,207 | 2,115,053 | 2,115,048 | |||||||||||||||||||||||||||||
California | 383,487 | 383,487 | — | — | 383,487 | 383,487 | |||||||||||||||||||||||||||||
Colorado | 38,092 | 18,767 | 43,459 | 1,642 | 81,551 | 20,409 | |||||||||||||||||||||||||||||
Gulf of Mexico | 20,000 | 11,000 | 26,345 | 6,381 | 46,345 | 17,381 | |||||||||||||||||||||||||||||
Nevada | 1,007,167 | 1,007,167 | 440 | 1 | 1,007,607 | 1,007,168 | |||||||||||||||||||||||||||||
New Mexico | 1,640,153 | 1,634,459 | 18,538 | 2,436 | 1,658,691 | 1,636,895 | |||||||||||||||||||||||||||||
Texas | 6,487 | 2,616 | 10,831 | 4,866 | 17,318 | 7,482 | |||||||||||||||||||||||||||||
Utah | 66,380 | 58,933 | 42,458 | 1,445 | 108,838 | 60,378 | |||||||||||||||||||||||||||||
Wyoming | 79,640 | 18,557 | 51,947 | 3,980 | 131,587 | 22,537 | |||||||||||||||||||||||||||||
Other | 235,647 | 182,286 | 21,770 | 4,827 | 257,417 | 187,113 | |||||||||||||||||||||||||||||
5,574,894 | 5,415,113 | 233,000 | 42,785 | 5,807,894 | 5,457,898 | ||||||||||||||||||||||||||||||
5,939,861 | 5,565,113 | 1,513,667 | 656,649 | 7,453,528 | 6,221,762 |
Acreage | |||||||||||||||||
Undeveloped | Developed | Total | |||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||
Mid-Continent | |||||||||||||||||
Kansas | 18,231 | 18,191 | — | — | 18,231 | 18,191 | |||||||||||
Oklahoma | 97,203 | 65,250 | 687,246 | 305,702 | 784,449 | 370,952 | |||||||||||
Texas | 17,975 | 12,302 | 128,956 | 54,255 | 146,931 | 66,557 | |||||||||||
133,409 | 95,743 | 816,202 | 359,957 | 949,611 | 455,700 | ||||||||||||
Permian Basin | |||||||||||||||||
New Mexico | 74,227 | 54,657 | 175,974 | 119,892 | 250,201 | 174,549 | |||||||||||
Texas | 69,566 | 50,852 | 182,717 | 121,933 | 252,283 | 172,785 | |||||||||||
143,793 | 105,509 | 358,691 | 241,825 | 502,484 | 347,334 | ||||||||||||
Other | |||||||||||||||||
Arizona | 2,097,841 | 2,097,841 | 17,207 | — | 2,115,048 | 2,097,841 | |||||||||||
California | 383,487 | 383,487 | — | — | 383,487 | 383,487 | |||||||||||
Colorado | 40,232 | 18,867 | 41,384 | 1,642 | 81,616 | 20,509 | |||||||||||
Gulf of Mexico | 25,000 | 13,000 | 28,848 | 6,381 | 53,848 | 19,381 | |||||||||||
Louisiana | 132,842 | 129,792 | 2,868 | 168 | 135,710 | 129,960 | |||||||||||
Michigan | 234 | 156 | 587 | 587 | 821 | 743 | |||||||||||
Montana | 30,755 | 7,687 | 7,688 | 1,721 | 38,443 | 9,408 | |||||||||||
Nevada | 1,007,167 | 1,007,167 | 440 | 1 | 1,007,607 | 1,007,168 | |||||||||||
New Mexico | 1,641,126 | 1,633,819 | 18,331 | 2,436 | 1,659,457 | 1,636,255 | |||||||||||
Texas | 8,888 | 2,696 | 23,549 | 4,784 | 32,437 | 7,480 | |||||||||||
Utah | 80,527 | 59,433 | 31,912 | 1,495 | 112,439 | 60,928 | |||||||||||
Wyoming | 96,454 | 13,944 | 41,629 | 3,829 | 138,083 | 17,773 | |||||||||||
Other | 168,034 | 145,680 | 9,627 | 3,351 | 177,661 | 149,031 | |||||||||||
5,712,587 | 5,513,569 | 224,070 | 26,395 | 5,936,657 | 5,539,964 | ||||||||||||
Total | 5,989,789 | 5,714,821 | 1,398,963 | 628,177 | 7,388,752 | 6,342,998 |
Acreage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Continent | 8,074 | 6,583 | 3,101 | 1,946 | 1,233 | 465 | 420 | 330 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Permian Basin | 10,835 | 4,878 | 4,394 | 1,978 | 960 | 960 | 40 | 40 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 124,148 | 120,590 | 34,413 | 31,592 | 6,840 | 5,729 | 1,302 | 1,241 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
143,057 | 132,051 | 41,908 | 35,516 | 9,033 | 7,154 | 1,762 | 1,611 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
% of total undeveloped acreage | 2.4 | 2.4 | 0.7 | 0.6 | 0.2 | 0.1 | — | — | — | — |
Acreage | |||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||
Mid-Continent | 1,940 | 1,543 | 10,942 | 10,923 | 6,682 | 6,682 | 1,848 | 1,848 | 284 | 284 | |||||||||||||||||||
Permian Basin | 15,224 | 15,224 | 10,154 | 10,154 | 4,290 | 4,290 | 2,148 | 2,148 | 960 | 960 | |||||||||||||||||||
Other | 180,509 | 176,413 | 34,934 | 34,901 | 10,706 | 10,626 | 31,961 | 30,940 | 7,105 | 6,963 | |||||||||||||||||||
197,673 | 193,180 | 56,030 | 55,978 | 21,678 | 21,598 | 35,957 | 34,936 | 8,349 | 8,207 | ||||||||||||||||||||
% of undeveloped acreage | 3.3 | 3.4 | 0.9 | 1.0 | 0.4 | 0.4 | 0.6 | 0.6 | 0.1 | 0.1 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | |||||||||
January 1-31, 2018 | 2,421 | $ | 126.16 | — | — | ||||||||
April 1-30, 2018 | 3,527 | 98.86 | — | — | |||||||||
May 1-31, 2018 | 2,970 | 98.37 | — | — | |||||||||
July 1-31, 2018 | 49,241 | 99.80 | — | — | |||||||||
September 1-30, 2018 | 6,123 | 89.73 | — | — | |||||||||
November 1-30, 2018 | 1,174 | 91.37 | — | — | |||||||||
December 1-31, 2018 | 74,790 | 75.22 | — | — | |||||||||
Total | 140,246 | $ | 86.58 | — | — |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | ||||||||||||||||||||||
January 1-31, 2020 | — | $ | — | — | — | |||||||||||||||||||||
February 1-29, 2020 | — | — | — | — | ||||||||||||||||||||||
March 1-31, 2020 | 12,199 | 13.56 | — | — | ||||||||||||||||||||||
April 1-30, 2020 | 1,160 | 20.53 | — | — | ||||||||||||||||||||||
May 1-31, 2020 | — | — | — | — | ||||||||||||||||||||||
June 1-30, 2020 | — | — | — | — | ||||||||||||||||||||||
July 1-31, 2020 | 94,245 | 24.57 | — | — | ||||||||||||||||||||||
August 1-31, 2020 | — | — | — | — | ||||||||||||||||||||||
September 1-30, 2020 | — | — | — | — | ||||||||||||||||||||||
October 1-31, 2020 | — | — | — | — | ||||||||||||||||||||||
November 1-30, 2020 | 1,468 | 31.25 | — | — | ||||||||||||||||||||||
December 1-31, 2020 | 52,620 | 36.21 | — | — | ||||||||||||||||||||||
Total | 161,692 | $ | 26.73 | — | — |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
Cimarex Energy Co. | $ | 100.00 | $ | 152.64 | $ | 137.42 | $ | 69.88 | $ | 60.39 | $ | 44.43 | |||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 111.96 | $ | 136.40 | $ | 130.42 | $ | 171.49 | $ | 203.04 | |||||||||||||||||||||||
Dow Jones US Exploration & Production | $ | 100.00 | $ | 124.48 | $ | 126.10 | $ | 103.69 | $ | 115.51 | $ | 76.64 | |||||||||||||||||||||||
S&P Oil & Gas Exploration & Production | $ | 100.00 | $ | 132.86 | $ | 124.48 | $ | 100.20 | $ | 112.25 | $ | 72.49 |
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||
Cimarex Energy Co. | $ | 100.00 | $ | 101.56 | $ | 86.11 | $ | 131.44 | $ | 118.33 | $ | 60.17 | |||||||||||
S&P 500 | $ | 100.00 | $ | 113.69 | $ | 115.26 | $ | 129.05 | $ | 157.22 | $ | 150.33 | |||||||||||
Dow Jones US Exploration & Production | $ | 100.00 | $ | 89.23 | $ | 68.05 | $ | 84.71 | $ | 85.81 | $ | 70.57 | |||||||||||
S&P Oil & Gas Exploration & Production | $ | 100.00 | $ | 89.41 | $ | 58.87 | $ | 78.22 | $ | 73.29 | $ | 58.99 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||
Operating results: | |||||||||||||||||||||||||||||
Oil, gas, and NGL sales | $ | 1,512,688 | $ | 2,321,921 | $ | 2,297,645 | $ | 1,874,003 | $ | 1,221,218 | |||||||||||||||||||
Total revenues (1) | $ | 1,558,595 | $ | 2,362,969 | $ | 2,339,017 | $ | 1,918,249 | $ | 1,257,345 | |||||||||||||||||||
Net (loss) income (2) | $ | (1,967,458) | $ | (124,619) | $ | 791,851 | $ | 494,329 | $ | (408,803) | |||||||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||||||||||||||
Basic | $ | (19.73) | $ | (1.33) | $ | 8.32 | $ | 5.19 | $ | (4.38) | |||||||||||||||||||
Diluted | $ | (19.73) | $ | (1.33) | $ | 8.32 | $ | 5.19 | $ | (4.38) | |||||||||||||||||||
Cash dividends declared per common share | $ | 0.88 | $ | 0.80 | $ | 0.68 | $ | 0.32 | $ | 0.32 | |||||||||||||||||||
Cash flow data: | |||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 904,167 | $ | 1,343,966 | $ | 1,550,994 | $ | 1,096,564 | $ | 625,849 | |||||||||||||||||||
Net cash used by investing activities | $ | (578,875) | $ | (1,577,882) | $ | (1,085,618) | $ | (1,265,897) | $ | (692,410) | |||||||||||||||||||
Net cash used by financing activities | $ | (146,869) | $ | (472,028) | $ | (65,244) | $ | (83,009) | $ | (59,945) |
December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
(in thousands, except proved reserves amounts) | |||||||||||||||||||||||||||||
Balance sheet data: | |||||||||||||||||||||||||||||
Cash and cash equivalents (3) | $ | 273,145 | $ | 94,722 | $ | 800,666 | $ | 400,534 | $ | 652,876 | |||||||||||||||||||
Oil and gas properties, net (2) (3) | $ | 3,436,669 | $ | 5,210,698 | $ | 3,715,330 | $ | 3,241,530 | $ | 2,354,267 | |||||||||||||||||||
Goodwill (3) | $ | — | $ | 716,865 | $ | 620,232 | $ | 620,232 | $ | 620,232 | |||||||||||||||||||
Total assets (2) (3) | $ | 4,621,989 | $ | 7,140,029 | $ | 6,062,084 | $ | 5,042,639 | $ | 4,237,724 | |||||||||||||||||||
Deferred income tax (asset) liability | $ | (20,472) | $ | 338,424 | $ | 334,473 | $ | 101,618 | $ | (55,835) | |||||||||||||||||||
Long-term obligations: | |||||||||||||||||||||||||||||
Long-term debt (principal) (4) | $ | 2,000,000 | $ | 2,000,000 | $ | 1,500,000 | $ | 1,500,000 | $ | 1,500,000 | |||||||||||||||||||
Operating and finance leases (5) | $ | 154,436 | $ | 202,921 | $ | — | $ | — | $ | — | |||||||||||||||||||
Other | $ | 229,794 | $ | 197,056 | $ | 200,564 | $ | 206,249 | $ | 184,444 | |||||||||||||||||||
Redeemable preferred stock (3) | $ | 36,781 | $ | 81,620 | $ | — | $ | — | $ | — | |||||||||||||||||||
Stockholders’ equity (2) | $ | 1,553,454 | $ | 3,576,141 | $ | 3,329,786 | $ | 2,568,278 | $ | 2,042,989 | |||||||||||||||||||
Proved Reserves: | |||||||||||||||||||||||||||||
Oil (MBbls) | 144,063 | 169,770 | 146,538 | 137,238 | 105,878 | ||||||||||||||||||||||||
Gas (Bcf) | 1,363 | 1,532 | 1,591 | 1,608 | 1,471 | ||||||||||||||||||||||||
NGL (MBbls) | 159,818 | 194,468 | 179,436 | 153,860 | 130,633 | ||||||||||||||||||||||||
Total (MBOE) | 531,021 | 619,595 | 591,195 | 559,037 | 481,748 |
Years Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||
Operating results: | |||||||||||||||||||
Oil, gas, and NGL sales | $ | 2,297,645 | $ | 1,874,003 | $ | 1,221,218 | $ | 1,417,538 | $ | 2,372,829 | |||||||||
Total revenues (1) | $ | 2,339,017 | $ | 1,918,249 | $ | 1,257,345 | $ | 1,452,619 | $ | 2,424,176 | |||||||||
Net income (loss) (2) | $ | 791,851 | $ | 494,329 | $ | (408,803 | ) | $ | (2,579,604 | ) | $ | 526,498 | |||||||
Earnings (loss) per share to common stockholders: | |||||||||||||||||||
Basic | $ | 8.32 | $ | 5.19 | $ | (4.38 | ) | $ | (27.75 | ) | $ | 6.01 | |||||||
Diluted | $ | 8.32 | $ | 5.19 | $ | (4.38 | ) | $ | (27.75 | ) | $ | 6.00 | |||||||
Cash dividends declared per share | $ | 0.68 | $ | 0.32 | $ | 0.32 | $ | 0.64 | $ | 0.64 | |||||||||
Cash flow data: | |||||||||||||||||||
Net cash provided by operating activities (3) | $ | 1,550,994 | $ | 1,096,564 | $ | 625,849 | $ | 725,728 | $ | 1,632,925 | |||||||||
Net cash used by investing activities | $ | (1,085,618 | ) | $ | (1,265,897 | ) | $ | (692,410 | ) | $ | (1,008,605 | ) | $ | (1,740,467 | ) | ||||
Net cash (used) provided by financing activities (3) | $ | (65,244 | ) | $ | (83,009 | ) | $ | (59,945 | ) | $ | 656,397 | $ | 508,873 |
December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
(in thousands, except proved reserves amounts) | |||||||||||||||||||
Balance sheet data: | |||||||||||||||||||
Cash and cash equivalents | $ | 800,666 | $ | 400,534 | $ | 652,876 | $ | 779,382 | $ | 405,862 | |||||||||
Oil and gas properties, net (2) | $ | 3,715,330 | $ | 3,241,530 | $ | 2,354,267 | $ | 2,741,282 | $ | 6,637,796 | |||||||||
Goodwill | $ | 620,232 | $ | 620,232 | $ | 620,232 | $ | 620,232 | $ | 620,232 | |||||||||
Total assets (2) (4) | $ | 6,062,084 | $ | 5,042,639 | $ | 4,237,724 | $ | 4,708,422 | $ | 8,442,554 | |||||||||
Deferred income tax liability (asset) | $ | 334,473 | $ | 101,618 | $ | (55,835 | ) | $ | 157,162 | $ | 1,657,456 | ||||||||
Long-term obligations: | |||||||||||||||||||
Long-term debt (principal) | $ | 1,500,000 | $ | 1,500,000 | $ | 1,500,000 | $ | 1,500,000 | $ | 1,500,000 | |||||||||
Other | $ | 200,564 | $ | 206,249 | $ | 184,444 | $ | 197,216 | $ | 193,629 | |||||||||
Stockholders’ equity | $ | 3,329,786 | $ | 2,568,278 | $ | 2,042,989 | $ | 2,458,357 | $ | 4,331,966 | |||||||||
Proved Reserves: | |||||||||||||||||||
Oil (MBbls) | 146,538 | 137,238 | 105,878 | 107,798 | 118,992 | ||||||||||||||
Gas (Bcf) | 1,591 | 1,608 | 1,471 | 1,517 | 1,667 | ||||||||||||||
NGL (MBbls) | 179,436 | 153,860 | 130,633 | 124,277 | 125,273 | ||||||||||||||
Total (MBOE) | 591,195 | 559,037 | 481,748 | 484,901 | 522,054 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Average NYMEX price | ||||||||||||||||||||
Oil — per barrel | $ | 39.40 | $ | 57.03 | (31)% | |||||||||||||||
Gas — per Mcf | $ | 2.08 | $ | 2.63 | (21)% | |||||||||||||||
Average realized price | ||||||||||||||||||||
Oil — per barrel | $ | 35.59 | $ | 52.77 | (33)% | |||||||||||||||
Gas — per Mcf | $ | 1.05 | $ | 1.11 | (5)% | |||||||||||||||
NGL — per barrel | $ | 10.53 | $ | 13.55 | (22)% | |||||||||||||||
Average price differential | ||||||||||||||||||||
Oil — per barrel | $ | (3.81) | $ | (4.26) | 11% | |||||||||||||||
Gas — per Mcf | $ | (1.03) | $ | (1.52) | 32% |
Average Price Differentials | ||||||||||||||||||||||||||||||||
Year | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Oil | ||||||||||||||||||||||||||||||||
Permian Basin | $ | (3.74) | $ | (2.79) | $ | (2.71) | $ | (8.12) | $ | (2.00) | ||||||||||||||||||||||
Mid-Continent | $ | (4.43) | $ | (0.99) | $ | (5.06) | $ | (9.53) | $ | (2.02) | ||||||||||||||||||||||
Total Company | $ | (3.81) | $ | (2.57) | $ | (2.99) | $ | (8.28) | $ | (1.99) | ||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||||||||
Permian Basin | $ | (1.39) | $ | (1.34) | $ | (1.15) | $ | (1.09) | $ | (1.85) | ||||||||||||||||||||||
Mid-Continent | $ | (0.41) | $ | (0.36) | $ | (0.31) | $ | (0.31) | $ | (0.57) | ||||||||||||||||||||||
Total Company | $ | (1.03) | $ | (0.98) | $ | (0.84) | $ | (0.80) | $ | (1.40) | ||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Oil | ||||||||||||||||||||||||||||||||
Permian Basin | $ | (4.48) | $ | (2.18) | $ | (3.76) | $ | (5.80) | $ | (6.90) | ||||||||||||||||||||||
Mid-Continent | $ | (3.14) | $ | (2.05) | $ | (3.72) | $ | (4.39) | $ | (2.17) | ||||||||||||||||||||||
Total Company | $ | (4.26) | $ | (2.16) | $ | (3.74) | $ | (5.58) | $ | (6.03) | ||||||||||||||||||||||
Gas | ||||||||||||||||||||||||||||||||
Permian Basin | $ | (2.14) | $ | (1.67) | $ | (1.83) | $ | (3.10) | $ | (1.91) | ||||||||||||||||||||||
Mid-Continent | $ | (0.68) | $ | (0.74) | $ | (0.66) | $ | (0.86) | $ | (0.46) | ||||||||||||||||||||||
Total Company | $ | (1.52) | $ | (1.31) | $ | (1.35) | $ | (2.14) | $ | (1.24) |
Average Price Differentials | ||||||||||||||||||||
2018 | Year | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||||
Permian Basin oil | $ | 9.82 | $ | 11.64 | $ | 14.34 | $ | 8.05 | $ | 3.12 | ||||||||||
Mid-Continent oil | $ | 2.46 | $ | 2.33 | $ | 1.08 | $ | 2.18 | $ | 2.34 | ||||||||||
Permian Basin gas | $ | 1.40 | $ | 2.21 | $ | 1.25 | $ | 1.31 | $ | 0.78 | ||||||||||
Mid-Continent gas | $ | 0.86 | $ | 0.83 | $ | 0.94 | $ | 1.03 | $ | 0.70 | ||||||||||
2017 | ||||||||||||||||||||
Permian Basin oil | $ | 3.98 | $ | 3.99 | $ | 4.06 | $ | 4.14 | $ | 3.96 | ||||||||||
Mid-Continent oil | $ | 3.52 | $ | 2.65 | $ | 2.99 | $ | 4.19 | $ | 5.10 | ||||||||||
Permian Basin gas | $ | 0.39 | $ | 0.37 | $ | 0.29 | $ | 0.42 | $ | 0.43 | ||||||||||
Mid-Continent gas | $ | 0.33 | $ | 0.33 | $ | 0.38 | $ | 0.34 | $ | 0.23 |
December 31, 2018 | December 31, 2020 | |||||||||||||||||||||||||||||||||
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | |||||||||||||||||||||||||||
Permian Basin | 727,985 | 116,378 | 96,533 | 334,241 | Permian Basin | 790,750 | 126,327 | 103,606 | 361,725 | |||||||||||||||||||||||||
Mid-Continent | 861,440 | 29,908 | 82,826 | 256,307 | Mid-Continent | 570,578 | 17,491 | 56,130 | 168,717 | |||||||||||||||||||||||||
Other | 1,896 | 252 | 77 | 647 | Other | 1,514 | 245 | 82 | 579 | |||||||||||||||||||||||||
Total | 1,591,321 | 146,538 | 179,436 | 591,195 | ||||||||||||||||||||||||||||||
1,362,842 | 144,063 | 159,818 | 531,021 |
December 31, 2019 | |||||||||||||||||||||||
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||||||
Permian Basin | 870,208 | 147,662 | 130,007 | 422,703 | |||||||||||||||||||
Mid-Continent | 660,161 | 21,848 | 64,377 | 196,252 | |||||||||||||||||||
Other | 1,776 | 260 | 84 | 640 | |||||||||||||||||||
1,532,145 | 169,770 | 194,468 | 619,595 |
December 31, 2017 | |||||||||||
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||
Permian Basin | 573,757 | 105,198 | 68,530 | 269,354 | |||||||
Mid-Continent | 1,032,695 | 31,853 | 85,292 | 289,261 | |||||||
Other | 1,183 | 187 | 38 | 422 | |||||||
Total | 1,607,635 | 137,238 | 153,860 | 559,037 |
Years Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
(in thousands) | Pre- ASC 606 Adoption | Impact of ASC 606 | Post- ASC 606 Adoption | As Reported | As Reported | |||||||||||||||
Oil sales | $ | 1,398,813 | $ | — | $ | 1,398,813 | $ | 981,646 | $ | 632,934 | ||||||||||
Gas sales | 425,233 | (16,482 | ) | 408,751 | 516,936 | 388,786 | ||||||||||||||
NGL sales | 518,410 | (28,329 | ) | 490,081 | 375,421 | 199,498 | ||||||||||||||
Total oil, gas, and NGL sales | $ | 2,342,456 | $ | (44,811 | ) | $ | 2,297,645 | $ | 1,874,003 | $ | 1,221,218 | |||||||||
Transportation, processing, and other operating costs | $ | 245,613 | $ | (44,811 | ) | $ | 200,802 | $ | 231,640 | $ | 190,725 |
Years Ended December 31, | Price / Volume Variance | |||||||||||||||||||||||||||||||||||||||||||
Production Revenue (in thousands) | 2020 | 2019 | Variance Between 2020 / 2019 | Price | Volume | Total | ||||||||||||||||||||||||||||||||||||||
Oil sales | $ | 999,682 | $ | 1,660,210 | $ | (660,528) | (40) | % | $ | (482,534) | $ | (177,994) | $ | (660,528) | ||||||||||||||||||||||||||||||
Gas sales | 243,932 | 278,776 | (34,844) | (12) | % | (13,958) | (20,886) | (34,844) | ||||||||||||||||||||||||||||||||||||
NGL sales | 269,074 | 382,935 | (113,861) | (30) | % | (77,172) | (36,689) | (113,861) | ||||||||||||||||||||||||||||||||||||
$ | 1,512,688 | $ | 2,321,921 | $ | (809,233) | (35) | % | $ | (573,664) | $ | (235,569) | $ | (809,233) |
Years Ended December 31, | Price / Volume Variance | ||||||||||||||||||||||||||
Production Revenue (in thousands) | 2018 | 2017 | Variance Between 2018 / 2017 | Price | Volume | Total | |||||||||||||||||||||
Oil sales | $ | 1,398,813 | $ | 981,646 | $ | 417,167 | 42 | % | $ | 235,981 | $ | 181,186 | $ | 417,167 | |||||||||||||
Gas sales | 408,751 | 516,936 | (108,185 | ) | (21 | )% | (158,494 | ) | 50,309 | (108,185 | ) | ||||||||||||||||
NGL sales | 490,081 | 375,421 | 114,660 | 31 | % | 14,736 | 99,924 | 114,660 | |||||||||||||||||||
$ | 2,297,645 | $ | 1,874,003 | $ | 423,642 | 23 | % | $ | 92,223 | $ | 331,419 | $ | 423,642 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Oil | ||||||||||||||||||||||||||
Total volume — MBbls | 28,087 | 31,463 | (3,376) | (11) | % | |||||||||||||||||||||
Total volume — MBbls per day | 76.7 | 86.2 | (9.5) | (11) | % | |||||||||||||||||||||
Percentage of total production | 30 | % | 31 | % | ||||||||||||||||||||||
Average realized price — per barrel | $ | 35.59 | $ | 52.77 | $ | (17.18) | (33) | % | ||||||||||||||||||
Average WTI Midland price — per barrel | $ | 39.71 | $ | 55.53 | $ | (15.82) | (28) | % | ||||||||||||||||||
Average WTI Cushing price — per barrel | $ | 39.40 | $ | 57.03 | $ | (17.63) | (31) | % | ||||||||||||||||||
Gas | ||||||||||||||||||||||||||
Total volume — MMcf | 232,625 | 251,567 | (18,942) | (8) | % | |||||||||||||||||||||
Total volume — MMcf per day | 635.6 | 689.2 | (53.6) | (8) | % | |||||||||||||||||||||
Percentage of total production | 42 | % | 41 | % | ||||||||||||||||||||||
Average realized price — per Mcf | $ | 1.05 | $ | 1.11 | $ | (0.06) | (5) | % | ||||||||||||||||||
Average Henry Hub price — per Mcf | $ | 2.08 | $ | 2.63 | $ | (0.55) | (21) | % | ||||||||||||||||||
NGL | ||||||||||||||||||||||||||
Total volume — MBbls | 25,554 | 28,254 | (2,700) | (10) | % | |||||||||||||||||||||
Total volume — MBbls per day | 69.8 | 77.4 | (7.6) | (10) | % | |||||||||||||||||||||
Percentage of total production | 28 | % | 28 | % | ||||||||||||||||||||||
Average realized price — per barrel | $ | 10.53 | $ | 13.55 | $ | (3.02) | (22) | % | ||||||||||||||||||
Total | ||||||||||||||||||||||||||
Total production — MBOE | 92,412 | 101,645 | (9,233) | (9) | % | |||||||||||||||||||||
Total production — MBOE per day | 252.5 | 278.5 | (26.0) | (9) | % | |||||||||||||||||||||
Average realized price — per BOE | $ | 16.37 | $ | 22.84 | $ | (6.47) | (28) | % |
Years Ended December 31, | Variance Between 2018 / 2017 | ||||||||||||||
2018 | 2017 | ||||||||||||||
Oil | |||||||||||||||
Total volume — MBbls | 24,710 | 20,861 | 3,849 | 18 | % | ||||||||||
Total volume — MBbls per day | 67.7 | 57.2 | 10.5 | 18 | % | ||||||||||
Percentage of total production | 31 | % | 30 | % | |||||||||||
Average realized price — per barrel | $ | 56.61 | $ | 47.06 | $ | 9.55 | 20 | % | |||||||
Average WTI Midland price — per barrel | $ | 58.31 | $ | 50.45 | $ | 7.86 | 16 | % | |||||||
Average WTI Cushing price — per barrel | $ | 64.77 | $ | 50.94 | $ | 13.83 | 27 | % | |||||||
Gas | |||||||||||||||
Total volume — MMcf | 205,837 | 187,468 | 18,369 | 10 | % | ||||||||||
Total volume — MMcf per day | 563.9 | 513.6 | 50.3 | 10 | % | ||||||||||
Percentage of total production | 42 | % | 45 | % | |||||||||||
Average realized price — per Mcf | $ | 1.99 | (1) | $ | 2.76 | $ | (0.77 | ) | (28 | )% | |||||
Average Henry Hub price — per Mcf | $ | 3.09 | $ | 3.11 | $ | (0.02 | ) | (1 | )% | ||||||
NGL | |||||||||||||||
Total volume — MBbls | 21,994 | 17,374 | 4,620 | 27 | % | ||||||||||
Total volume — MBbls per day | 60.3 | 47.6 | 12.7 | 27 | % | ||||||||||
Percentage of total production | 27 | % | 25 | % | |||||||||||
Average realized price — per barrel | $ | 22.28 | (2) | $ | 21.61 | $ | 0.67 | 3 | % | ||||||
Total | |||||||||||||||
Total production — MBOE | 81,010 | 69,479 | 11,531 | 17 | % | ||||||||||
Total production — MBOE per day | 221.9 | 190.4 | 31.5 | 17 | % | ||||||||||
Average realized price — per BOE | $ | 28.36 | (3) | $ | 26.97 | $ | 1.39 | 5 | % |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
Gas Gathering and Marketing Revenues (in thousands) | 2020 | 2019 | ||||||||||||||||||
Gas gathering and other | $ | 47,842 | $ | 42,454 | $ | 5,388 | ||||||||||||||
Gas marketing | $ | (1,935) | $ | (1,406) | $ | (529) |
Years Ended December 31, | Variance Between 2018 / 2017 | |||||||||||
Gas Gathering and Marketing (in thousands): | 2018 | 2017 | ||||||||||
Gas gathering and other | $ | 41,180 | $ | 43,751 | $ | (2,571 | ) | |||||
Gas marketing | $ | 192 | $ | 495 | $ | (303 | ) |
Years Ended December 31, | Variance Between 2020 / 2019 | Per BOE | ||||||||||||||||||||||||||||||
Operating Costs and Expenses (in thousands, except per BOE) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
Impairment of oil and gas properties | $ | 1,638,329 | $ | 618,693 | $ | 1,019,636 | N/A | N/A | ||||||||||||||||||||||||
Depreciation, depletion, and amortization | 695,954 | 882,173 | (186,219) | $ | 7.53 | $ | 8.68 | |||||||||||||||||||||||||
Asset retirement obligation | 14,653 | 8,586 | 6,067 | $ | 0.16 | $ | 0.08 | |||||||||||||||||||||||||
Impairment of goodwill | 714,447 | — | 714,447 | N/A | N/A | |||||||||||||||||||||||||||
Production | 285,324 | 339,941 | (54,617) | $ | 3.09 | $ | 3.34 | |||||||||||||||||||||||||
Transportation, processing, and other operating | 213,366 | 238,259 | (24,893) | $ | 2.31 | $ | 2.34 | |||||||||||||||||||||||||
Gas gathering and other | 23,591 | 23,294 | 297 | $ | 0.26 | $ | 0.23 | |||||||||||||||||||||||||
Taxes other than income | 79,699 | 148,953 | (69,254) | $ | 0.86 | $ | 1.47 | |||||||||||||||||||||||||
General and administrative | 111,005 | 95,843 | 15,162 | $ | 1.20 | $ | 0.94 | |||||||||||||||||||||||||
Stock-based compensation | 29,895 | 26,398 | 3,497 | $ | 0.32 | $ | 0.26 | |||||||||||||||||||||||||
Loss on derivative instruments, net | 35,534 | 76,850 | (41,316) | N/A | N/A | |||||||||||||||||||||||||||
Other operating expense, net | 839 | 19,305 | (18,466) | N/A | N/A | |||||||||||||||||||||||||||
$ | 3,842,636 | $ | 2,478,295 | $ | 1,364,341 |
Years Ended December 31, | Variance Between 2018 / 2017 | Per BOE | ||||||||||||||||||
Operating Costs and Expenses (in thousands, except per BOE) | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Depreciation, depletion, and amortization | $ | 590,473 | $ | 446,031 | $ | 144,442 | $ | 7.29 | $ | 6.42 | ||||||||||
Asset retirement obligation | 7,142 | 15,624 | (8,482 | ) | $ | 0.09 | $ | 0.22 | ||||||||||||
Production | 293,213 | 262,180 | 31,033 | $ | 3.62 | $ | 3.77 | |||||||||||||
Transportation, processing, and other operating | 200,802 | 231,640 | (30,838 | ) | $ | 2.48 | $ | 3.33 | ||||||||||||
Gas gathering and other | 41,964 | 35,840 | 6,124 | $ | 0.52 | $ | 0.52 | |||||||||||||
Taxes other than income | 125,169 | 89,864 | 35,305 | $ | 1.55 | $ | 1.29 | |||||||||||||
General and administrative | 80,850 | 79,996 | 854 | $ | 1.00 | $ | 1.15 | |||||||||||||
Stock compensation | 22,895 | 26,256 | (3,361 | ) | $ | 0.28 | $ | 0.38 | ||||||||||||
Gain on derivative instruments, net | (85,959 | ) | (21,210 | ) | (64,749 | ) | N/A | N/A | ||||||||||||
Other operating expense, net | 15,500 | 1,314 | 14,186 | N/A | N/A | |||||||||||||||
$ | 1,292,049 | $ | 1,167,535 | $ | 124,514 |
Years Ended December 31, | Variance Between 2020 / 2019 | Per BOE | ||||||||||||||||||||||||||||||
DD&A Expense (in thousands, except per BOE) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||
Depletion | $ | 625,481 | $ | 817,099 | $ | (191,618) | $ | 6.77 | $ | 8.04 | ||||||||||||||||||||||
Depreciation | 70,473 | 65,074 | 5,399 | 0.76 | 0.64 | |||||||||||||||||||||||||||
$ | 695,954 | $ | 882,173 | $ | (186,219) | $ | 7.53 | $ | 8.68 |
Years Ended December 31, | Variance Between 2018 / 2017 | Per BOE | ||||||||||||||||||
DD&A Expense (in thousands, except per BOE) | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Depletion | $ | 538,919 | $ | 399,328 | $ | 139,591 | $ | 6.65 | $ | 5.75 | ||||||||||
Depreciation | 51,554 | 46,703 | 4,851 | 0.64 | 0.67 | |||||||||||||||
$ | 590,473 | $ | 446,031 | $ | 144,442 | $ | 7.29 | $ | 6.42 |
Years Ended December 31, | Variance Between 2018 / 2017 | Per BOE | Years Ended December 31, | Variance Between 2020 / 2019 | Per BOE | |||||||||||||||||||||||||||||||||||||||||||||||
Production Expense (in thousands, except per BOE) | 2018 | 2017 | 2018 | 2017 | Production Expense (in thousands, except per BOE) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
Lease operating expense | $ | 241,885 | $ | 215,148 | $ | 26,737 | $ | 2.99 | $ | 3.10 | Lease operating expense | $ | 244,397 | $ | 273,092 | $ | (28,695) | $ | 2.65 | $ | 2.68 | |||||||||||||||||||||||||||||||
Workover expense | 51,328 | 47,032 | 4,296 | 0.63 | 0.67 | Workover expense | 40,927 | 66,849 | (25,922) | 0.44 | 0.66 | |||||||||||||||||||||||||||||||||||||||||
$ | 293,213 | $ | 262,180 | $ | 31,033 | $ | 3.62 | $ | 3.77 | $ | 285,324 | $ | 339,941 | $ | (54,617) | $ | 3.09 | $ | 3.34 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
Taxes Other than Income (in thousands) | 2020 | 2019 | ||||||||||||||||||
Production | $ | 64,075 | $ | 111,819 | $ | (47,744) | ||||||||||||||
Ad valorem | 14,500 | 36,291 | (21,791) | |||||||||||||||||
Other | 1,124 | 843 | 281 | |||||||||||||||||
$ | 79,699 | $ | 148,953 | $ | (69,254) | |||||||||||||||
Taxes other than income as a percentage of production revenue | 5.3 | % | 6.4 | % |
Years Ended December 31, | Variance Between 2018 / 2017 | |||||||||||
General and Administrative Expense (in thousands): | 2018 | 2017 | ||||||||||
Gross G&A | $ | 152,827 | $ | 156,389 | $ | (3,562 | ) | |||||
Less amounts capitalized to oil and gas properties | (71,977 | ) | (76,393 | ) | 4,416 | |||||||
G&A expense | $ | 80,850 | $ | 79,996 | $ | 854 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
General and Administrative Expense (in thousands) | 2020 | 2019 | ||||||||||||||||||
Gross G&A | $ | 168,815 | $ | 170,757 | $ | (1,942) | ||||||||||||||
Less amounts capitalized to oil and gas properties | (57,810) | (74,914) | 17,104 | |||||||||||||||||
G&A expense | $ | 111,005 | $ | 95,843 | $ | 15,162 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||||||||||||||
Years Ended December 31, | Variance Between 2018 / 2017 | |||||||||||||||||||||||||||||||
Stock Compensation Expense (in thousands): | 2018 | 2017 | ||||||||||||||||||||||||||||||
Stock-based Compensation Expense (in thousands) | Stock-based Compensation Expense (in thousands) | 2020 | 2019 | Variance Between 2020 / 2019 | ||||||||||||||||||||||||||||
Restricted stock awards: | Restricted stock awards: | |||||||||||||||||||||||||||||||
Performance stock awards | $ | 23,083 | $ | 26,020 | $ | (2,937 | ) | Performance stock awards | $ | 17,338 | $ | 21,590 | $ | (4,252) | ||||||||||||||||||
Service-based stock awards | 20,385 | 19,746 | 639 | Service-based stock awards | 26,014 | 25,611 | 403 | |||||||||||||||||||||||||
43,468 | 45,766 | (2,298 | ) | 43,352 | 47,201 | (3,849) | ||||||||||||||||||||||||||
Stock option awards | 2,456 | 2,599 | (143 | ) | Stock option awards | 1,460 | 1,903 | (443) | ||||||||||||||||||||||||
Total stock compensation cost | 45,924 | 48,365 | (2,441 | ) | ||||||||||||||||||||||||||||
Total stock-based compensation cost | Total stock-based compensation cost | 44,812 | 49,104 | (4,292) | ||||||||||||||||||||||||||||
Less amounts capitalized to oil and gas properties | (23,029 | ) | (22,109 | ) | (920 | ) | Less amounts capitalized to oil and gas properties | (14,917) | (22,706) | 7,789 | ||||||||||||||||||||||
Stock compensation expense | $ | 22,895 | $ | 26,256 | $ | (3,361 | ) | |||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | $ | 29,895 | $ | 26,398 | $ | 3,497 |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||||||||||||||
Years Ended December 31, | Variance Between 2018 / 2017 | |||||||||||||||||||||||||||||||
Gain on Derivative Instruments, Net (in thousands): | 2018 | 2017 | ||||||||||||||||||||||||||||||
Loss on Derivative Instruments, Net (in thousands) | Loss on Derivative Instruments, Net (in thousands) | 2020 | 2019 | Variance Between 2020 / 2019 | ||||||||||||||||||||||||||||
Decrease (increase) in fair value of derivative instruments, net: | Decrease (increase) in fair value of derivative instruments, net: | |||||||||||||||||||||||||||||||
Gas contracts | $ | 15,742 | $ | (40,226 | ) | $ | 55,968 | Gas contracts | $ | 56,475 | $ | (13,114) | $ | 69,589 | ||||||||||||||||||
Oil contracts | (126,130 | ) | 17,383 | (143,513 | ) | Oil contracts | 98,306 | 76,833 | 21,473 | |||||||||||||||||||||||
(110,388 | ) | (22,843 | ) | (87,545 | ) | 154,781 | 63,719 | 91,062 | ||||||||||||||||||||||||
Cash (receipts) payments on derivative instruments, net: | Cash (receipts) payments on derivative instruments, net: | |||||||||||||||||||||||||||||||
Gas contracts | (13,794 | ) | (4,557 | ) | (9,237 | ) | Gas contracts | (15,476) | (40,114) | 24,638 | ||||||||||||||||||||||
Oil contracts | 38,223 | 6,190 | 32,033 | Oil contracts | (103,771) | 53,245 | (157,016) | |||||||||||||||||||||||||
24,429 | 1,633 | 22,796 | (119,247) | 13,131 | (132,378) | |||||||||||||||||||||||||||
Gain on derivative instruments, net | $ | (85,959 | ) | $ | (21,210 | ) | $ | (64,749 | ) | |||||||||||||||||||||||
Loss on derivative instruments, net | Loss on derivative instruments, net | $ | 35,534 | $ | 76,850 | $ | (41,316) |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||||||||||||||
Years Ended December 31, | Variance Between 2018 / 2017 | |||||||||||||||||||||||||||||||
Other Income and Expense (in thousands): | 2018 | 2017 | ||||||||||||||||||||||||||||||
Other Income and Expense (in thousands) | Other Income and Expense (in thousands) | 2020 | 2019 | Variance Between 2020 / 2019 | ||||||||||||||||||||||||||||
Interest expense | $ | 68,224 | $ | 74,821 | $ | (6,597 | ) | Interest expense | $ | 92,914 | $ | 93,386 | ||||||||||||||||||||
Capitalized interest | (20,855 | ) | (22,948 | ) | 2,093 | Capitalized interest | (50,030) | (56,232) | 6,202 | |||||||||||||||||||||||
Loss on early extinguishment of debt | — | 28,187 | (28,187 | ) | Loss on early extinguishment of debt | — | 4,250 | (4,250) | ||||||||||||||||||||||||
Other, net | (22,908 | ) | (11,342 | ) | (11,566 | ) | Other, net | (540) | (5,741) | 5,201 | ||||||||||||||||||||||
$ | 24,461 | $ | 68,718 | $ | (44,257 | ) | $ | 42,344 | $ | 35,663 | $ | 6,681 |
Years Ended December 31, | Variance Between 2018 / 2017 | |||||||||||
Income Tax Expense (Benefit) (in thousands): | 2018 | 2017 | ||||||||||
Current tax benefit | $ | (2,624 | ) | $ | (2,812 | ) | $ | 188 | ||||
Deferred tax expense | 233,280 | 190,479 | 42,801 | |||||||||
$ | 230,656 | $ | 187,667 | $ | 42,989 | |||||||
Combined federal and state effective income tax rate | 22.6 | % | 27.5 | % |
Years Ended December 31, | Variance Between 2020 / 2019 | |||||||||||||||||||
Income Tax Benefit (in thousands) | 2020 | 2019 | ||||||||||||||||||
Current tax (benefit) expense | $ | (31) | $ | 532 | $ | (563) | ||||||||||||||
Deferred tax benefit | (358,896) | (26,902) | (331,994) | |||||||||||||||||
$ | (358,927) | $ | (26,370) | $ | (332,557) | |||||||||||||||
Combined federal and state effective income tax rate | 15.4 | % | 17.5 | % |
Years Ended December 31, | Price / Volume Variance | ||||||||||||||||||||||||||
Production Revenue (in thousands) | 2017 | 2016 | Variance Between 2017 / 2016 | Price | Volume | Total | |||||||||||||||||||||
Oil sales | $ | 981,646 | $ | 632,934 | $ | 348,712 | 55 | % | $ | 182,742 | $ | 165,970 | $ | 348,712 | |||||||||||||
Gas sales | 516,936 | 388,786 | 128,150 | 33 | % | 84,361 | 43,789 | 128,150 | |||||||||||||||||||
NGL sales | 375,421 | 199,498 | 175,923 | 88 | % | 131,347 | 44,576 | 175,923 | |||||||||||||||||||
$ | 1,874,003 | $ | 1,221,218 | $ | 652,785 | 53 | % | $ | 398,450 | $ | 254,335 | $ | 652,785 |
Years Ended December 31, | Variance Between 2017 / 2016 | ||||||||||||||
2017 | 2016 | ||||||||||||||
Oil | |||||||||||||||
Total volume — MBbls | 20,861 | 16,528 | 4,333 | 26 | % | ||||||||||
Total volume — MBbls per day | 57.2 | 45.2 | 12.0 | 27 | % | ||||||||||
Percentage of total production | 30 | % | 28 | % | |||||||||||
Average realized price — per barrel | $ | 47.06 | $ | 38.30 | $ | 8.76 | 23 | % | |||||||
Average WTI Midland price — per barrel | $ | 50.45 | $ | 43.34 | $ | 7.11 | 16 | % | |||||||
Average WTI Cushing price — per barrel | $ | 50.94 | $ | 43.32 | $ | 7.62 | 18 | % | |||||||
Gas | |||||||||||||||
Total volume — MMcf | 187,468 | 168,227 | 19,241 | 11 | % | ||||||||||
Total volume — MMcf per day | 513.6 | 459.6 | 54.0 | 12 | % | ||||||||||
Percentage of total production | 45 | % | 48 | % | |||||||||||
Average realized price — per Mcf | $ | 2.76 | $ | 2.31 | $ | 0.45 | 19 | % | |||||||
Average Henry Hub price — per Mcf | $ | 3.11 | $ | 2.46 | $ | 0.65 | 26 | % | |||||||
NGL | |||||||||||||||
Total volume — MBbls | 17,374 | 14,200 | 3,174 | 22 | % | ||||||||||
Total volume — MBbls per day | 47.6 | 38.8 | 8.8 | 23 | % | ||||||||||
Percentage of total production | 25 | % | 24 | % | |||||||||||
Average realized price — per barrel | $ | 21.61 | $ | 14.05 | $ | 7.56 | 54 | % | |||||||
Total | |||||||||||||||
Total production — MBOE | 69,479 | 58,765 | 10,714 | 18 | % | ||||||||||
Total production — MBOE per day | 190.4 | 160.6 | 29.8 | 19 | % | ||||||||||
Average realized price — per BOE | $ | 26.97 | $ | 20.78 | $ | 6.19 | 30 | % |
Years Ended December 31, | Variance Between 2017 / 2016 | |||||||||||
Gas Gathering and Marketing (in thousands): | 2017 | 2016 | ||||||||||
Gas gathering and other | $ | 43,751 | $ | 36,033 | $ | 7,718 | ||||||
Gas marketing | $ | 495 | $ | 94 | $ | 401 |
Years Ended December 31, | Variance Between 2017 / 2016 | Per BOE | ||||||||||||||||||
Operating Costs and Expenses (in thousands, except per BOE) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Impairment of oil and gas properties | $ | — | $ | 757,670 | $ | (757,670 | ) | N/A | N/A | |||||||||||
Depreciation, depletion, and amortization | 446,031 | 392,348 | 53,683 | $ | 6.42 | $ | 6.68 | |||||||||||||
Asset retirement obligation | 15,624 | 7,828 | 7,796 | $ | 0.22 | $ | 0.13 | |||||||||||||
Production | 262,180 | 232,002 | 30,178 | $ | 3.77 | $ | 3.95 | |||||||||||||
Transportation, processing, and other operating | 231,640 | 190,725 | 40,915 | $ | 3.33 | $ | 3.25 | |||||||||||||
Gas gathering and other | 35,840 | 31,785 | 4,055 | $ | 0.52 | $ | 0.54 | |||||||||||||
Taxes other than income | 89,864 | 61,946 | 27,918 | $ | 1.29 | $ | 1.05 | |||||||||||||
General and administrative | 79,996 | 73,901 | 6,095 | $ | 1.15 | $ | 1.26 | |||||||||||||
Stock compensation | 26,256 | 24,523 | 1,733 | $ | 0.38 | $ | 0.42 | |||||||||||||
(Gain) loss on derivative instruments, net | (21,210 | ) | 55,749 | (76,959 | ) | N/A | N/A | |||||||||||||
Other operating expense, net | 1,314 | 755 | 559 | N/A | N/A | |||||||||||||||
$ | 1,167,535 | $ | 1,829,232 | $ | (661,697 | ) |
Years Ended December 31, | Variance Between 2017 / 2016 | Per BOE | ||||||||||||||||||
DD&A Expense (in thousands, except per BOE) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Depletion | $ | 399,328 | $ | 346,003 | $ | 53,325 | $ | 5.75 | $ | 5.89 | ||||||||||
Depreciation | 46,703 | 46,345 | 358 | 0.67 | 0.79 | |||||||||||||||
$ | 446,031 | $ | 392,348 | $ | 53,683 | $ | 6.42 | $ | 6.68 |
Years Ended December 31, | Variance Between 2017 / 2016 | Per BOE | ||||||||||||||||||
Production Expense (in thousands, except per BOE) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Lease operating expense | $ | 215,148 | $ | 189,291 | $ | 25,857 | $ | 3.10 | $ | 3.22 | ||||||||||
Workover expense | 47,032 | 42,711 | 4,321 | 0.67 | 0.73 | |||||||||||||||
$ | 262,180 | $ | 232,002 | $ | 30,178 | $ | 3.77 | $ | 3.95 |
Years Ended December 31, | Variance Between 2017 / 2016 | |||||||||||
General and Administrative Expense (in thousands): | 2017 | 2016 | ||||||||||
Gross G&A | $ | 156,389 | $ | 146,432 | $ | 9,957 | ||||||
Less amounts capitalized to oil and gas properties | (76,393 | ) | (72,531 | ) | (3,862 | ) | ||||||
G&A expense | $ | 79,996 | $ | 73,901 | $ | 6,095 |
Years Ended December 31, | Variance Between 2017 / 2016 | |||||||||||
Stock Compensation Expense (in thousands): | 2017 | 2016 | ||||||||||
Restricted stock awards: | ||||||||||||
Performance stock awards | $ | 26,020 | $ | 24,183 | $ | 1,837 | ||||||
Service-based stock awards | 19,746 | 18,391 | 1,355 | |||||||||
45,766 | 42,574 | 3,192 | ||||||||||
Stock option awards | 2,599 | 2,565 | 34 | |||||||||
Total stock compensation cost | 48,365 | 45,139 | 3,226 | |||||||||
Less amounts capitalized to oil and gas properties | (22,109 | ) | (20,616 | ) | (1,493 | ) | ||||||
Stock compensation expense | $ | 26,256 | $ | 24,523 | $ | 1,733 |
Years Ended December 31, | Variance Between 2017 / 2016 | |||||||||||
(Gain) Loss on Derivative Instruments, Net (in thousands): | 2017 | 2016 | ||||||||||
Decrease (increase) in fair value of derivative instruments, net: | ||||||||||||
Gas contracts | $ | (40,226 | ) | $ | 27,462 | $ | (67,688 | ) | ||||
Oil contracts | 17,383 | 35,724 | (18,341 | ) | ||||||||
(22,843 | ) | 63,186 | (86,029 | ) | ||||||||
Cash (receipts) payments on derivative instruments, net: | ||||||||||||
Gas contracts | (4,557 | ) | (6,467 | ) | 1,910 | |||||||
Oil contracts | 6,190 | (970 | ) | 7,160 | ||||||||
1,633 | (7,437 | ) | 9,070 | |||||||||
(Gain) loss on derivative instruments, net | $ | (21,210 | ) | $ | 55,749 | $ | (76,959 | ) |
Years Ended December 31, | Variance Between 2017 / 2016 | |||||||||||
Other Income and Expense (in thousands): | 2017 | 2016 | ||||||||||
Interest expense | $ | 74,821 | $ | 83,272 | $ | (8,451 | ) | |||||
Capitalized interest | (22,948 | ) | (21,248 | ) | (1,700 | ) | ||||||
Loss on early extinguishment of debt | 28,187 | — | 28,187 | |||||||||
Other, net | (11,342 | ) | (10,707 | ) | (635 | ) | ||||||
$ | 68,718 | $ | 51,317 | $ | 17,401 |
Years Ended December 31, | Variance Between 2017 / 2016 | |||||||||||
Income Tax Expense (Benefit) (in thousands): | 2017 | 2016 | ||||||||||
Current tax benefit | $ | (2,812 | ) | $ | (1,115 | ) | $ | (1,697 | ) | |||
Deferred tax expense (benefit) | 190,479 | (213,286 | ) | 403,765 | ||||||||
$ | 187,667 | $ | (214,401 | ) | $ | 402,068 | ||||||
Combined federal and state effective income tax rate | 27.5 | % | 34.4 | % |
Years Ended December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Net cash provided by operating activities | $ | 904,167 | $ | 1,343,966 | ||||||||||
Net cash used by investing activities | $ | (578,875) | $ | (1,577,882) | ||||||||||
Net cash used by financing activities | $ | (146,869) | $ | (472,028) |
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Net cash provided by operating activities | $ | 1,550,994 | $ | 1,096,564 | $ | 625,849 | ||||||
Net cash used by investing activities | $ | (1,085,618 | ) | $ | (1,265,897 | ) | $ | (692,410 | ) | |||
Net cash used by financing activities | $ | (65,244 | ) | $ | (83,009 | ) | $ | (59,945 | ) |
Years Ended December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Acquisitions: | ||||||||||||||
Proved | $ | 11,878 | $ | 695,450 | ||||||||||
Unproved | — | 1,025,376 | ||||||||||||
11,878 | 1,720,826 | |||||||||||||
Exploration and development: | ||||||||||||||
Land and seismic | 48,468 | 60,175 | ||||||||||||
Exploration and development | 496,388 | 1,181,605 | ||||||||||||
544,856 | 1,241,780 | |||||||||||||
Total acquisition, exploration, and development capital expenditures | $ | 556,734 | $ | 2,962,606 | ||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Acquisitions: | ||||||||||||
Proved | $ | 62 | $ | 938 | $ | 2,678 | ||||||
Unproved | 26,216 | 6,853 | 11,865 | |||||||||
26,278 | 7,791 | 14,543 | ||||||||||
Exploration and development: | ||||||||||||
Land and seismic | 82,791 | 140,516 | 61,870 | |||||||||
Exploration and development | 1,487,453 | 1,140,548 | 672,882 | |||||||||
1,570,244 | 1,281,064 | 734,752 | ||||||||||
Property sales | (581,799 | ) | (11,680 | ) | (24,687 | ) | ||||||
$ | 1,014,723 | $ | 1,277,175 | $ | 724,608 |
December 31, 2018 | December 31, 2017 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Principal | Unamortized Debt Issuance Costs and Discount (1) | Long-term Debt, net | Principal | Unamortized Debt Issuance Costs and Discount (1) | Long-term Debt, net | (in thousands) | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | |||||||||||||||||||||||||||||||||||||||||||||||||
4.375% Senior Notes | $ | 750,000 | $ | (4,439 | ) | $ | 745,561 | $ | 750,000 | $ | (5,383 | ) | $ | 744,617 | ||||||||||||||||||||||||||||||||||||||||||||||||
3.90% Senior Notes | 750,000 | (7,007 | ) | 742,993 | 750,000 | (7,697 | ) | 742,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.375% notes due 2024 | 4.375% notes due 2024 | $ | 750,000 | $ | (2,672) | $ | 747,328 | $ | 750,000 | $ | (3,535) | $ | 746,465 | |||||||||||||||||||||||||||||||||||||||||||||||||
3.90% notes due 2027 | 3.90% notes due 2027 | 750,000 | (5,541) | 744,459 | 750,000 | (6,289) | 743,711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.375% notes due 2029 | 4.375% notes due 2029 | 500,000 | (4,488) | 495,512 | 500,000 | (4,930) | 495,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 1,500,000 | $ | (11,446 | ) | $ | 1,488,554 | $ | 1,500,000 | $ | (13,080 | ) | $ | 1,486,920 | Total long-term debt | $ | 2,000,000 | $ | (12,701) | $ | 1,987,299 | $ | 2,000,000 | $ | (14,754) | $ | 1,985,246 |
Payments Due by Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments Due by Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligations (in thousands): | Total | 1/1/19 - 12/31/19 | 1/1/20 - 12/31/21 | 1/1/22 - 12/31/23 | 1/1/24 and Thereafter | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt-principal (1) | $ | 1,500,000 | $ | — | $ | — | $ | — | $ | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt-interest (1) | 429,094 | 60,844 | 124,125 | 124,125 | 120,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual obligations (in thousands) | Contractual obligations (in thousands) | Total | 1/1/21 - 12/31/21 | 1/1/22 - 12/31/23 | 1/1/24 - 12/31/25 | 1/1/26 and Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt - principal (1) | Long-term debt - principal (1) | $ | 2,000,000 | $ | — | $ | — | $ | 750,000 | $ | 1,250,000 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt - interest (1) | Long-term debt - interest (1) | 490,967 | 81,868 | 167,875 | 118,656 | 122,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases (2) | 109,832 | 23,007 | 43,431 | 22,563 | 20,831 | Operating leases (2) | 101,749 | 27,255 | 31,736 | 23,687 | 19,071 | |||||||||||||||||||||||||||||||||||||||||||||
Unconditional purchase obligations (3) | 64,593 | 24,263 | 27,967 | 6,900 | 5,463 | Unconditional purchase obligations (3) | 18,903 | 7,854 | 6,167 | 4,882 | — | |||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 29,894 | 27,627 | 2,267 | — | — | Derivative liabilities | 163,147 | 145,398 | 17,749 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Asset retirement obligation (4) | 166,904 | 14,146 | — | (4) | — | (4) | — | (4) | Asset retirement obligation (4) | 177,867 | 12,272 | — | (4) | — | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||||
Other long-term liabilities (5) | 36,926 | 1,390 | 2,903 | 5,048 | 27,585 | Other long-term liabilities (5) | 49,318 | 4,460 | 11,028 | 10,324 | 23,506 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 2,337,243 | $ | 151,277 | $ | 200,693 | $ | 158,636 | $ | 1,673,879 | $ | 3,001,951 | $ | 279,107 | $ | 234,555 | $ | 907,549 | $ | 1,415,145 |
Impact on Revenue | ||||||||||||||
Change in Realized Price | Year Ended December 31, | |||||||||||||
(in thousands) | ||||||||||||||
Oil | ± $1.00 | per barrel | ± | |||||||||||
Gas | ± $0.10 | per Mcf | ± | |||||||||||
NGL | ± $1.00 | per barrel | ± | |||||||||||
± |
Impact on Fair Value | ||||||||||||||
Change in Forward Price | December 31, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Oil | -10% | $ | 71,853 | |||||||||||
Oil | +10% | $ | (74,237) | |||||||||||
Gas | -10% | $ | 23,760 | |||||||||||
Gas | +10% | $ | (24,515) |
Impact on Fair Value | ||||||
Change in Forward Price | December 31, 2018 | |||||
(in thousands) | ||||||
Oil | -$1.00 | $ | 7,718 | |||
Oil | +$1.00 | $ | (7,539 | ) | ||
Gas | -$0.10 | $ | 5,670 | |||
Gas | +$0.10 | $ | (5,606 | ) |
Page | |||||
December 31, | |||||||
2018 | 2017 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 800,666 | $ | 400,534 | |||
Accounts receivable, net of allowance: | |||||||
Trade | 122,065 | 100,356 | |||||
Oil and gas sales | 315,063 | 344,552 | |||||
Gas gathering, processing, and marketing | 17,072 | 15,266 | |||||
Oil and gas well equipment and supplies | 55,553 | 49,722 | |||||
Derivative instruments | 101,939 | 15,151 | |||||
Prepaid expenses | 7,554 | 8,518 | |||||
Other current assets | 4,227 | 1,536 | |||||
Total current assets | 1,424,139 | 935,635 | |||||
Oil and gas properties at cost, using the full cost method of accounting: | |||||||
Proved properties | 18,566,757 | 17,513,460 | |||||
Unproved properties and properties under development, not being amortized | 436,325 | 476,903 | |||||
19,003,082 | 17,990,363 | ||||||
Less—accumulated depreciation, depletion, amortization, and impairment | (15,287,752 | ) | (14,748,833 | ) | |||
Net oil and gas properties | 3,715,330 | 3,241,530 | |||||
Fixed assets, net of accumulated depreciation of $324,631 and $290,114, respectively | 257,686 | 210,922 | |||||
Goodwill | 620,232 | 620,232 | |||||
Derivative instruments | 9,246 | 2,086 | |||||
Other assets | 35,451 | 32,234 | |||||
$ | 6,062,084 | $ | 5,042,639 | ||||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable: | |||||||
Trade | $ | 76,927 | $ | 68,883 | |||
Gas gathering, processing, and marketing | 29,887 | 29,503 | |||||
Accrued liabilities: | |||||||
Exploration and development | 124,674 | 115,762 | |||||
Taxes other than income | 33,622 | 23,687 | |||||
Other | 221,159 | 212,400 | |||||
Derivative instruments | 27,627 | 42,066 | |||||
Revenue payable | 194,811 | 187,273 | |||||
Total current liabilities | 708,707 | 679,574 | |||||
Long-term debt: | |||||||
Principal | 1,500,000 | 1,500,000 | |||||
Less—unamortized debt issuance costs and discount | (11,446 | ) | (13,080 | ) | |||
Long-term debt, net | 1,488,554 | 1,486,920 | |||||
Deferred income taxes | 334,473 | 101,618 | |||||
Asset retirement obligation | 152,758 | 158,421 | |||||
Derivative instruments | 2,267 | 4,268 | |||||
Other liabilities | 45,539 | 43,560 | |||||
Total liabilities | 2,732,298 | 2,474,361 | |||||
Commitments and contingencies (Note 10) | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.01 par value, 15,000,000 shares authorized, no shares issued | — | — | |||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 95,755,797 and 95,437,434 shares issued, respectively | 958 | 954 | |||||
Additional paid-in capital | 2,785,188 | 2,764,384 | |||||
Retained earnings (accumulated deficit) | 542,885 | (199,259 | ) | ||||
Accumulated other comprehensive income | 755 | 2,199 | |||||
Total stockholders’ equity | 3,329,786 | 2,568,278 | |||||
$ | 6,062,084 | $ | 5,042,639 |
December 31, | |||||||||||
2020 | 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 273,145 | $ | 94,722 | |||||||
Accounts receivable, net of allowance: | |||||||||||
Trade | 49,650 | 57,879 | |||||||||
Oil and gas sales | 271,141 | 384,707 | |||||||||
Gas gathering, processing, and marketing | 11,694 | 5,998 | |||||||||
Oil and gas well equipment and supplies | 37,150 | 47,893 | |||||||||
Derivative instruments | 6,848 | 17,944 | |||||||||
Prepaid expenses | 7,113 | 10,759 | |||||||||
Other current assets | 597 | 1,584 | |||||||||
Total current assets | 657,338 | 621,486 | |||||||||
Oil and gas properties at cost, using the full cost method of accounting: | |||||||||||
Proved properties | 21,281,840 | 20,678,334 | |||||||||
Unproved properties and properties under development, not being amortized | 1,142,183 | 1,255,908 | |||||||||
22,424,023 | 21,934,242 | ||||||||||
Less—accumulated depreciation, depletion, amortization, and impairment | (18,987,354) | (16,723,544) | |||||||||
Net oil and gas properties | 3,436,669 | 5,210,698 | |||||||||
Fixed assets, net of accumulated depreciation of $455,815 and $389,458, respectively | 436,101 | 519,291 | |||||||||
Goodwill | 0 | 716,865 | |||||||||
Derivative instruments | 2,342 | 580 | |||||||||
Deferred income taxes | 20,472 | 0 | |||||||||
Other assets | 69,067 | 71,109 | |||||||||
$ | 4,621,989 | $ | 7,140,029 | ||||||||
Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable: | |||||||||||
Trade | $ | 21,902 | $ | 36,280 | |||||||
Gas gathering, processing, and marketing | 22,388 | 12,740 | |||||||||
Accrued liabilities: | |||||||||||
Exploration and development | 50,014 | 112,228 | |||||||||
Taxes other than income | 29,051 | 54,446 | |||||||||
Other | 201,784 | 252,304 | |||||||||
Derivative instruments | 145,398 | 16,681 | |||||||||
Revenue payable | 130,637 | 207,939 | |||||||||
Operating leases | 59,051 | 66,003 | |||||||||
Total current liabilities | 660,225 | 758,621 | |||||||||
Long-term debt: | |||||||||||
Principal | 2,000,000 | 2,000,000 | |||||||||
Less—unamortized debt issuance costs and discounts | (12,701) | (14,754) | |||||||||
Long-term debt, net | 1,987,299 | 1,985,246 | |||||||||
Deferred income taxes | 0 | 338,424 | |||||||||
Asset retirement obligation | 165,595 | 154,045 | |||||||||
Derivative instruments | 17,749 | 1,018 | |||||||||
Operating leases | 134,705 | 184,172 | |||||||||
Other liabilities | 66,181 | 60,742 | |||||||||
Total liabilities | 3,031,754 | 3,482,268 | |||||||||
Commitments and contingencies (Note 10) | 0 | 0 | |||||||||
Redeemable preferred stock - 8.125% Series A Cumulative Perpetual Convertible Preferred Stock, $0.01 par value, 28,165 shares authorized and issued and 62,500 shares authorized and issued, respectively (Note 2) | 36,781 | 81,620 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 102,866,806 and 102,144,577 shares issued, respectively | 1,029 | 1,021 | |||||||||
Additional paid-in capital | 3,211,562 | 3,243,325 | |||||||||
(Accumulated deficit) retained earnings | (1,659,137) | 331,795 | |||||||||
Total stockholders’ equity | 1,553,454 | 3,576,141 | |||||||||
$ | 4,621,989 | $ | 7,140,029 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Revenues: | |||||||||||||||||
Oil sales | $ | 999,682 | $ | 1,660,210 | $ | 1,398,813 | |||||||||||
Gas and NGL sales | 513,006 | 661,711 | 898,832 | ||||||||||||||
Gas gathering and other | 47,842 | 42,454 | 41,180 | ||||||||||||||
Gas marketing | (1,935) | (1,406) | 192 | ||||||||||||||
1,558,595 | 2,362,969 | 2,339,017 | |||||||||||||||
Costs and expenses: | |||||||||||||||||
Impairment of oil and gas properties | 1,638,329 | 618,693 | 0 | ||||||||||||||
Depreciation, depletion, and amortization | 695,954 | 882,173 | 590,473 | ||||||||||||||
Asset retirement obligation | 14,653 | 8,586 | 7,142 | ||||||||||||||
Impairment of goodwill | 714,447 | 0 | 0 | ||||||||||||||
Production | 285,324 | 339,941 | 296,189 | ||||||||||||||
Transportation, processing, and other operating | 213,366 | 238,259 | 211,463 | ||||||||||||||
Gas gathering and other | 23,591 | 23,294 | 28,327 | ||||||||||||||
Taxes other than income | 79,699 | 148,953 | 125,169 | ||||||||||||||
General and administrative | 111,005 | 95,843 | 77,843 | ||||||||||||||
Stock-based compensation | 29,895 | 26,398 | 22,895 | ||||||||||||||
Loss (gain) on derivative instruments, net | 35,534 | 76,850 | (85,959) | ||||||||||||||
Other operating expense, net | 839 | 19,305 | 18,507 | ||||||||||||||
3,842,636 | 2,478,295 | 1,292,049 | |||||||||||||||
Operating (loss) income | (2,284,041) | (115,326) | 1,046,968 | ||||||||||||||
Other (income) and expense: | |||||||||||||||||
Interest expense | 92,914 | 93,386 | 68,224 | ||||||||||||||
Capitalized interest | (50,030) | (56,232) | (20,855) | ||||||||||||||
Loss on early extinguishment of debt | 0 | 4,250 | 0 | ||||||||||||||
Other, net | (540) | (5,741) | (22,908) | ||||||||||||||
(Loss) income before income tax | (2,326,385) | (150,989) | 1,022,507 | ||||||||||||||
Income tax (benefit) expense | (358,927) | (26,370) | 230,656 | ||||||||||||||
Net (loss) income | $ | (1,967,458) | $ | (124,619) | $ | 791,851 | |||||||||||
Earnings (loss) per share to common stockholders: | |||||||||||||||||
Basic | $ | (19.73) | $ | (1.33) | $ | 8.32 | |||||||||||
Diluted | $ | (19.73) | $ | (1.33) | $ | 8.32 | |||||||||||
Comprehensive (loss) income: | |||||||||||||||||
Net (loss) income | $ | (1,967,458) | $ | (124,619) | $ | 791,851 | |||||||||||
Other comprehensive (loss) income: | |||||||||||||||||
Change in fair value of investments, net of tax of $0, $(222), and $(425), respectively | 0 | (755) | (1,444) | ||||||||||||||
Total comprehensive (loss) income | $ | (1,967,458) | $ | (125,374) | $ | 790,407 |
Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Revenues: | |||||||||||
Oil sales | $ | 1,398,813 | $ | 981,646 | $ | 632,934 | |||||
Gas and NGL sales | 898,832 | 892,357 | 588,284 | ||||||||
Gas gathering and other | 41,180 | 43,751 | 36,033 | ||||||||
Gas marketing | 192 | 495 | 94 | ||||||||
2,339,017 | 1,918,249 | 1,257,345 | |||||||||
Costs and expenses: | |||||||||||
Impairment of oil and gas properties | — | — | 757,670 | ||||||||
Depreciation, depletion, and amortization | 590,473 | 446,031 | 392,348 | ||||||||
Asset retirement obligation | 7,142 | 15,624 | 7,828 | ||||||||
Production | 293,213 | 262,180 | 232,002 | ||||||||
Transportation, processing, and other operating | 200,802 | 231,640 | 190,725 | ||||||||
Gas gathering and other | 41,964 | 35,840 | 31,785 | ||||||||
Taxes other than income | 125,169 | 89,864 | 61,946 | ||||||||
General and administrative | 80,850 | 79,996 | 73,901 | ||||||||
Stock compensation | 22,895 | 26,256 | 24,523 | ||||||||
(Gain) loss on derivative instruments, net | (85,959 | ) | (21,210 | ) | 55,749 | ||||||
Other operating expense, net | 15,500 | 1,314 | 755 | ||||||||
1,292,049 | 1,167,535 | 1,829,232 | |||||||||
Operating income (loss) | 1,046,968 | 750,714 | (571,887 | ) | |||||||
Other (income) and expense: | |||||||||||
Interest expense | 68,224 | 74,821 | 83,272 | ||||||||
Capitalized interest | (20,855 | ) | (22,948 | ) | (21,248 | ) | |||||
Loss on early extinguishment of debt | — | 28,187 | — | ||||||||
Other, net | (22,908 | ) | (11,342 | ) | (10,707 | ) | |||||
Income (loss) before income tax | 1,022,507 | 681,996 | (623,204 | ) | |||||||
Income tax expense (benefit) | 230,656 | 187,667 | (214,401 | ) | |||||||
Net income (loss) | $ | 791,851 | $ | 494,329 | $ | (408,803 | ) | ||||
Earnings (loss) per share to common stockholders: | |||||||||||
Basic | $ | 8.32 | $ | 5.19 | $ | (4.38 | ) | ||||
Diluted | $ | 8.32 | $ | 5.19 | $ | (4.38 | ) | ||||
Comprehensive income (loss): | |||||||||||
Net income (loss) | $ | 791,851 | $ | 494,329 | $ | (408,803 | ) | ||||
Other comprehensive income (loss): | |||||||||||
Change in fair value of investments, net of tax of $(425), $106, and $289, respectively | (1,444 | ) | 1,254 | 504 | |||||||
Total comprehensive income (loss) | $ | 790,407 | $ | 495,583 | $ | (408,299 | ) |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net (loss) income | $ | (1,967,458) | $ | (124,619) | $ | 791,851 | |||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||||||
Impairment of oil and gas properties | 1,638,329 | 618,693 | 0 | ||||||||||||||
Depreciation, depletion, and amortization | 695,954 | 882,173 | 590,473 | ||||||||||||||
Asset retirement obligation | 14,653 | 8,586 | 7,142 | ||||||||||||||
Impairment of goodwill | 714,447 | 0 | 0 | ||||||||||||||
Deferred income taxes | (358,896) | (26,902) | 233,280 | ||||||||||||||
Stock-based compensation | 29,895 | 26,398 | 22,895 | ||||||||||||||
Loss (gain) on derivative instruments, net | 35,534 | 76,850 | (85,959) | ||||||||||||||
Settlements on derivative instruments | 119,247 | (13,131) | (24,429) | ||||||||||||||
Loss on early extinguishment of debt | 0 | 4,250 | 0 | ||||||||||||||
Changes in non-current assets and liabilities | 7,189 | (2,797) | (1,779) | ||||||||||||||
Other, net | 15,305 | 14,639 | 105 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | 116,492 | 65,128 | 5,421 | ||||||||||||||
Other current assets | 5,134 | (739) | (1,957) | ||||||||||||||
Accounts payable and other current liabilities | (161,658) | (184,563) | 13,951 | ||||||||||||||
Net cash provided by operating activities | 904,167 | 1,343,966 | 1,550,994 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Oil and gas capital expenditures | (594,796) | (1,245,457) | (1,540,305) | ||||||||||||||
Acquisition of oil and gas properties | (11,878) | (288,781) | (26,278) | ||||||||||||||
Other capital expenditures | (44,302) | (73,693) | (103,459) | ||||||||||||||
Sales of oil and gas assets | 69,983 | 28,945 | 580,652 | ||||||||||||||
Sales of other assets | 2,118 | 1,104 | 3,772 | ||||||||||||||
Net cash used by investing activities | (578,875) | (1,577,882) | (1,085,618) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Borrowings of long-term debt | 172,000 | 2,619,310 | 0 | ||||||||||||||
Repayments of long-term debt | (172,000) | (2,990,000) | 0 | ||||||||||||||
Financing, underwriting, and debt redemption fees | (1,566) | (11,798) | (100) | ||||||||||||||
Finance lease payments | (4,842) | (3,869) | 0 | ||||||||||||||
Dividends paid | (92,976) | (81,709) | (55,243) | ||||||||||||||
Repurchase of redeemable preferred stock | (43,029) | 0 | 0 | ||||||||||||||
Employee withholding taxes paid upon the net settlement of equity-classified stock awards | (4,456) | (5,229) | (12,142) | ||||||||||||||
Proceeds from exercise of stock options | 0 | 1,267 | 2,241 | ||||||||||||||
Net cash used by financing activities | (146,869) | (472,028) | (65,244) | ||||||||||||||
Net change in cash and cash equivalents | 178,423 | (705,944) | 400,132 | ||||||||||||||
Cash and cash equivalents at beginning of period | 94,722 | 800,666 | 400,534 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 273,145 | $ | 94,722 | $ | 800,666 |
Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 791,851 | $ | 494,329 | $ | (408,803 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Impairment of oil and gas properties | — | — | 757,670 | ||||||||
Depreciation, depletion, and amortization | 590,473 | 446,031 | 392,348 | ||||||||
Asset retirement obligation | 7,142 | 15,624 | 7,828 | ||||||||
Deferred income taxes | 233,280 | 190,479 | (213,286 | ) | |||||||
Stock compensation | 22,895 | 26,256 | 24,523 | ||||||||
(Gain) loss on derivative instruments, net | (85,959 | ) | (21,210 | ) | 55,749 | ||||||
Settlements on derivative instruments | (24,429 | ) | (1,633 | ) | 7,437 | ||||||
Loss on early extinguishment of debt | — | 28,187 | — | ||||||||
Changes in non-current assets and liabilities | (1,779 | ) | 1,891 | 3,867 | |||||||
Other, net | 105 | 5,677 | 1,805 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 5,421 | (186,157 | ) | (49,340 | ) | ||||||
Other current assets | (1,957 | ) | (17,931 | ) | 20,880 | ||||||
Accounts payable and other current liabilities | 13,951 | 115,021 | 25,171 | ||||||||
Net cash provided by operating activities | 1,550,994 | 1,096,564 | 625,849 | ||||||||
Cash flows from investing activities: | |||||||||||
Oil and gas capital expenditures | (1,566,583 | ) | (1,233,126 | ) | (699,558 | ) | |||||
Other capital expenditures | (103,459 | ) | (45,352 | ) | (22,228 | ) | |||||
Sales of oil and gas assets | 580,652 | 11,680 | 21,487 | ||||||||
Sales of other assets | 3,772 | 901 | 7,889 | ||||||||
Net cash used by investing activities | (1,085,618 | ) | (1,265,897 | ) | (692,410 | ) | |||||
Cash flows from financing activities: | |||||||||||
Borrowings of long-term debt | — | 748,110 | — | ||||||||
Repayments of long-term debt | — | (750,000 | ) | — | |||||||
Call premium, financing, and underwriting fees | (100 | ) | (29,312 | ) | (101 | ) | |||||
Dividends paid | (55,243 | ) | (30,532 | ) | (38,024 | ) | |||||
Employee withholding taxes paid upon the net settlement of equity-classified stock awards | (12,142 | ) | (21,669 | ) | (26,624 | ) | |||||
Proceeds from exercise of stock options | 2,241 | 394 | 4,804 | ||||||||
Net cash used by financing activities | (65,244 | ) | (83,009 | ) | (59,945 | ) | |||||
Net change in cash and cash equivalents | 400,132 | (252,342 | ) | (126,506 | ) | ||||||
Cash and cash equivalents at beginning of period | 400,534 | 652,876 | 779,382 | ||||||||
Cash and cash equivalents at end of period | $ | 800,666 | $ | 400,534 | $ | 652,876 |
Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2015 | 94,821 | $ | 948 | $ | 2,762,976 | $ | (306,008 | ) | $ | 441 | $ | 2,458,357 | |||||||||||||||||||||||||||||||||||||||||||||
Dividends paid on stock awards subsequently forfeited | — | — | 2 | 35 | — | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.32 per share) | — | — | (22,805 | ) | (7,583 | ) | — | (30,388 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (408,803 | ) | — | (408,803 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized change in fair value of investments, net of tax | — | — | — | — | 504 | 504 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | 479 | 5 | (5 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock reacquired and retired | (208 | ) | (3 | ) | (26,622 | ) | — | — | (26,625 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeited and retired | (32 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 64 | 1 | 4,803 | — | — | 4,804 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 45,103 | — | — | 45,103 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | 95,124 | 951 | 2,763,452 | (722,359 | ) | 945 | 2,042,989 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid on stock awards subsequently forfeited | — | — | 11 | 32 | — | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.32 per share) | — | — | (30,489 | ) | — | — | (30,489 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 494,329 | — | 494,329 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized change in fair value of investments, net of tax | — | — | — | — | 1,254 | 1,254 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | 552 | 5 | (5 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock reacquired and retired | (204 | ) | (2 | ) | (21,667 | ) | — | — | (21,669 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeited and retired | (41 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 6 | — | 394 | — | — | 394 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 48,321 | — | — | 48,321 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment of adopting ASU 2016-09 (Note 6) | — | — | 4,393 | 28,739 | — | 33,132 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (26 | ) | — | — | (26 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2017 | 95,437 | 954 | 2,764,384 | (199,259 | ) | 2,199 | 2,568,278 | Balance, December 31, 2017 | 95,437 | $ | 954 | $ | 2,764,384 | $ | (199,259) | $ | 2,199 | $ | 2,568,278 | ||||||||||||||||||||||||||||||||||||||
Dividends paid on stock awards subsequently forfeited | — | — | 34 | 18 | — | 52 | Dividends paid on stock awards subsequently forfeited | — | — | 34 | 18 | — | 52 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.68 per share) | — | — | (15,196 | ) | (49,725 | ) | — | (64,921 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.68 per share) | Dividends declared on common stock ($0.68 per share) | — | — | (15,196) | (49,725) | — | (64,921) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 791,851 | — | 791,851 | Net income | — | — | — | 791,851 | — | 791,851 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized change in fair value of investments, net of tax | — | — | — | — | (1,444 | ) | (1,444 | ) | Unrealized change in fair value of investments, net of tax | — | — | — | — | (1,444) | (1,444) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | 593 | 6 | (6 | ) | — | — | — | Issuance of restricted stock awards | 593 | 6 | (6) | — | — | 0 | |||||||||||||||||||||||||||||||||||||||||||
Common stock reacquired and retired | (139 | ) | — | (12,142 | ) | — | — | (12,142 | ) | Common stock reacquired and retired | (139) | 0 | (12,142) | — | — | (12,142) | |||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeited or canceled and retired | (168 | ) | (2 | ) | 2 | — | — | — | Restricted stock forfeited or canceled and retired | (168) | (2) | 2 | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 33 | — | 2,241 | — | — | 2,241 | Exercise of stock options | 33 | — | 2,241 | — | — | 2,241 | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 45,871 | — | — | 45,871 | Stock-based compensation | — | — | 45,871 | — | — | 45,871 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | 95,756 | $ | 958 | $ | 2,785,188 | $ | 542,885 | $ | 755 | $ | 3,329,786 | Balance, December 31, 2018 | 95,756 | 958 | 2,785,188 | 542,885 | 755 | 3,329,786 | |||||||||||||||||||||||||||||||||||||||
Dividends paid on stock awards subsequently forfeited | Dividends paid on stock awards subsequently forfeited | — | — | 8 | 18 | — | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.80 per share) | Dividends declared on common stock ($0.80 per share) | — | — | 61 | (81,411) | — | (81,350) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on redeemable preferred stock ($81.25 per share) | Dividends declared on redeemable preferred stock ($81.25 per share) | — | — | — | (5,078) | — | (5,078) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | — | — | — | (124,619) | — | (124,619) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock for Resolute Energy acquisition (Note 13) | Issuance of stock for Resolute Energy acquisition (Note 13) | 5,652 | 56 | 412,959 | — | — | 413,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized change in fair value of investments, net of tax | Unrealized change in fair value of investments, net of tax | — | — | — | — | (755) | (755) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | Issuance of restricted stock awards | 946 | 9 | (9) | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock reacquired and retired | Common stock reacquired and retired | (105) | (1) | (5,228) | — | — | (5,229) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeited or canceled and retired | Restricted stock forfeited or canceled and retired | (133) | (1) | 1 | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | Exercise of stock options | 29 | — | 1,267 | — | — | 1,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | 49,078 | — | — | 49,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | Balance, December 31, 2019 | 102,145 | 1,021 | 3,243,325 | 331,795 | 0 | 3,576,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid on stock awards subsequently forfeited | Dividends paid on stock awards subsequently forfeited | — | — | 32 | 124 | — | 156 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock ($0.88 per share) | Dividends declared on common stock ($0.88 per share) | — | — | (67,658) | (22,329) | — | (89,987) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on redeemable preferred stock ($81.25 per share) | Dividends declared on redeemable preferred stock ($81.25 per share) | — | — | (3,592) | (1,269) | — | (4,861) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Return from repurchase of redeemable preferred stock | Return from repurchase of redeemable preferred stock | — | — | 1,810 | — | — | 1,810 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | — | — | — | (1,967,458) | — | (1,967,458) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | Issuance of restricted stock awards | 1,159 | 13 | (13) | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock reacquired and retired | Common stock reacquired and retired | (162) | (2) | (4,454) | — | — | (4,456) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeited or canceled and retired | Restricted stock forfeited or canceled and retired | (275) | (3) | 3 | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | 42,109 | — | — | 42,109 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | Balance, December 31, 2020 | 102,867 | $ | 1,029 | $ | 3,211,562 | $ | (1,659,137) | $ | 0 | $ | 1,553,454 |
(in thousands) | Year Ended December 31, 2020 | |||||||
Goodwill balance at January 1, 2020 | $ | 716,865 | ||||||
Resolute acquisition purchase price adjustments (Note 13) | (2,418) | |||||||
Impairment | (714,447) | |||||||
Goodwill balance at December 31, 2020 | $ | 0 |
Years Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
(in thousands) | Pre- ASC 606 Adoption | Impact of ASC 606 | Post- ASC 606 Adoption | As Reported | As Reported | |||||||||||||||
Oil sales | $ | 1,398,813 | $ | — | $ | 1,398,813 | $ | 981,646 | $ | 632,934 | ||||||||||
Gas sales | 425,233 | (16,482 | ) | 408,751 | 516,936 | 388,786 | ||||||||||||||
NGL sales | 518,410 | (28,329 | ) | 490,081 | 375,421 | 199,498 | ||||||||||||||
Total oil, gas, and NGL sales | $ | 2,342,456 | $ | (44,811 | ) | $ | 2,297,645 | $ | 1,874,003 | $ | 1,221,218 | |||||||||
Transportation, processing, and other operating costs | $ | 245,613 | $ | (44,811 | ) | $ | 200,802 | $ | 231,640 | $ | 190,725 |
December 31, 2018 | December 31, 2017 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Principal | Unamortized Debt Issuance Costs and Discount (1) | Long-term Debt, net | Principal | Unamortized Debt Issuance Costs and Discount (1) | Long-term Debt, net | (in thousands) | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | Principal | Unamortized Debt Issuance Costs and Discounts (1) | Long-term Debt, net | |||||||||||||||||||||||||||||||||||||||||||||||||
4.375% Senior Notes | $ | 750,000 | $ | (4,439 | ) | $ | 745,561 | $ | 750,000 | $ | (5,383 | ) | $ | 744,617 | ||||||||||||||||||||||||||||||||||||||||||||||||
3.90% Senior Notes | 750,000 | (7,007 | ) | 742,993 | 750,000 | (7,697 | ) | 742,303 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.375% notes due 2024 | 4.375% notes due 2024 | $ | 750,000 | $ | (2,672) | $ | 747,328 | $ | 750,000 | $ | (3,535) | $ | 746,465 | |||||||||||||||||||||||||||||||||||||||||||||||||
3.90% notes due 2027 | 3.90% notes due 2027 | 750,000 | (5,541) | 744,459 | 750,000 | (6,289) | 743,711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4.375% notes due 2029 | 4.375% notes due 2029 | 500,000 | (4,488) | 495,512 | 500,000 | (4,930) | 495,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 1,500,000 | $ | (11,446 | ) | $ | 1,488,554 | $ | 1,500,000 | $ | (13,080 | ) | $ | 1,486,920 | Total long-term debt | $ | 2,000,000 | $ | (12,701) | $ | 1,987,299 | $ | 2,000,000 | $ | (14,754) | $ | 1,985,246 |
Oil Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||
WTI (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 3,600,000 | 3,094,000 | 3,680,000 | 3,680,000 | 14,054,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 38.06 | $ | 34.62 | $ | 34.65 | $ | 34.65 | $ | 35.52 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 46.45 | $ | 43.28 | $ | 44.37 | $ | 44.37 | $ | 44.66 | ||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||||||||
WTI (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 2,340,000 | 1,729,000 | 920,000 | 0 | 4,989,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 37.31 | $ | 38.16 | $ | 40.00 | $ | 0 | $ | 38.10 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 48.41 | $ | 49.56 | $ | 49.19 | $ | 0 | $ | 48.95 |
Oil Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2019: | ||||||||||||||||||||
WTI (1) | ||||||||||||||||||||
Volume (Bbls) | 2,790,000 | 2,821,000 | 2,208,000 | 1,472,000 | 9,291,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 53.94 | $ | 53.94 | $ | 55.67 | $ | 58.50 | $ | 55.07 | ||||||||||
Weighted Avg Price - Ceiling | $ | 66.88 | $ | 66.88 | $ | 70.03 | $ | 71.94 | $ | 68.43 | ||||||||||
2020: | ||||||||||||||||||||
WTI (1) | ||||||||||||||||||||
Volume (Bbls) | 728,000 | — | — | — | 728,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 60.00 | $ | — | $ | — | $ | — | $ | 60.00 | ||||||||||
Weighted Avg Price - Ceiling | $ | 75.85 | $ | — | $ | — | $ | — | $ | 75.85 |
Gas Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 9,000,000 | 9,100,000 | 8,280,000 | 8,280,000 | 34,660,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 1.83 | $ | 1.89 | $ | 2.00 | $ | 2.00 | $ | 1.93 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 2.23 | $ | 2.28 | $ | 2.42 | $ | 2.42 | $ | 2.33 | ||||||||||||||||||||||
Perm EP (2) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 6,300,000 | 7,280,000 | 6,440,000 | 6,440,000 | 26,460,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 1.50 | $ | 1.62 | $ | 1.86 | $ | 1.86 | $ | 1.71 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 1.79 | $ | 1.92 | $ | 2.22 | $ | 2.22 | $ | 2.03 | ||||||||||||||||||||||
Waha (3) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 8,100,000 | 9,100,000 | 8,280,000 | 8,280,000 | 33,760,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 1.52 | $ | 1.61 | $ | 1.82 | $ | 1.82 | $ | 1.69 | ||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 1.83 | $ | 1.93 | $ | 2.17 | $ | 2.17 | $ | 2.03 | ||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 5,400,000 | 1,820,000 | 0 | 0 | 7,220,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 2.13 | $ | 2.40 | 0 | 0 | $ | 2.20 | ||||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 2.55 | $ | 2.86 | 0 | 0 | $ | 2.63 | ||||||||||||||||||||||||
Perm EP (2) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 3,600,000 | 1,820,000 | 0 | 0 | 5,420,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 2.13 | $ | 2.40 | 0 | 0 | $ | 2.22 | ||||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 2.53 | $ | 2.88 | 0 | 0 | $ | 2.65 | ||||||||||||||||||||||||
Waha (3) | ||||||||||||||||||||||||||||||||
Volume (MMBtu) | 5,400,000 | 1,820,000 | 0 | 0 | 7,220,000 | |||||||||||||||||||||||||||
Weighted Avg Price - Floor | $ | 1.98 | $ | 2.40 | 0 | 0 | $ | 2.09 | ||||||||||||||||||||||||
Weighted Avg Price - Ceiling | $ | 2.39 | $ | 2.86 | 0 | 0 | $ | 2.50 | ||||||||||||||||||||||||
Gas Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2019: | ||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||
Volume (MMBtu) | 10,800,000 | 10,920,000 | 8,280,000 | 5,520,000 | 35,520,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 2.05 | $ | 2.05 | $ | 1.93 | $ | 1.93 | $ | 2.00 | ||||||||||
Weighted Avg Price - Ceiling | $ | 2.42 | $ | 2.42 | $ | 2.34 | $ | 2.42 | $ | 2.40 | ||||||||||
Perm EP (2) | ||||||||||||||||||||
Volume (MMBtu) | 7,200,000 | 7,280,000 | 5,520,000 | 2,760,000 | 22,760,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.69 | $ | 1.69 | $ | 1.48 | $ | 1.37 | $ | 1.60 | ||||||||||
Weighted Avg Price - Ceiling | $ | 1.92 | $ | 1.92 | $ | 1.74 | $ | 1.60 | $ | 1.84 | ||||||||||
Waha (3) | ||||||||||||||||||||
Volume (MMBtu) | 2,700,000 | 2,730,000 | 2,760,000 | 2,760,000 | 10,950,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.38 | $ | 1.38 | $ | 1.38 | $ | 1.38 | $ | 1.38 | ||||||||||
Weighted Avg Price - Ceiling | $ | 1.67 | $ | 1.67 | $ | 1.67 | $ | 1.67 | $ | 1.67 | ||||||||||
2020: | ||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||
Volume (MMBtu) | 2,730,000 | — | — | — | 2,730,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.97 | $ | — | $ | — | $ | — | $ | 1.97 | ||||||||||
Weighted Avg Price - Ceiling | $ | 2.51 | $ | — | $ | — | $ | — | $ | 2.51 | ||||||||||
Perm EP (2) | ||||||||||||||||||||
Volume (MMBtu) | 910,000 | — | — | — | 910,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.40 | $ | — | $ | — | $ | — | $ | 1.40 | ||||||||||
Weighted Avg Price - Ceiling | $ | 1.70 | $ | — | $ | — | $ | — | $ | 1.70 | ||||||||||
Waha (3) | ||||||||||||||||||||
Volume (MMBtu) | 1,820,000 | — | — | — | 1,820,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.40 | $ | — | $ | — | $ | — | $ | 1.40 | ||||||||||
Weighted Avg Price - Ceiling | $ | 1.73 | $ | — | $ | — | $ | — | $ | 1.73 |
Oil Basis Swaps | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2019: | ||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||
Volume (Bbls) | 2,610,000 | 2,639,000 | 2,208,000 | 1,472,000 | 8,929,000 | |||||||||||||||
Weighted Avg Differential (2) | $ | (5.46 | ) | $ | (5.46 | ) | $ | (6.50 | ) | $ | (7.79 | ) | $ | (6.10 | ) | |||||
2020: | ||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||
Volume (Bbls) | 637,000 | 637,000 | — | — | 1,274,000 | |||||||||||||||
Weighted Avg Differential (2) | $ | (0.40 | ) | $ | (0.40 | ) | $ | — | $ | — | $ | (0.40 | ) |
Oil Basis Swaps | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 2,790,000 | 3,003,000 | 3,220,000 | 3,220,000 | 12,233,000 | |||||||||||||||||||||||||||
Weighted Avg Differential (2) | $ | 0.03 | $ | (0.02) | $ | (0.08) | $ | (0.08) | $ | (0.04) | ||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||||||||
WTI Midland (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 1,980,000 | 1,365,000 | 644,000 | 0 | 3,989,000 | |||||||||||||||||||||||||||
Weighted Avg Differential (2) | $ | 0.25 | $ | 0.31 | $ | 0.38 | $ | 0 | $ | 0.29 |
Oil Roll Differential Swaps | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||
WTI (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 630,000 | 1,001,000 | 1,656,000 | 1,656,000 | 4,943,000 | |||||||||||||||||||||||||||
Weighted Avg Price | $ | (0.24) | $ | (0.22) | $ | (0.10) | $ | (0.10) | $ | (0.14) | ||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||||||||
WTI (1) | ||||||||||||||||||||||||||||||||
Volume (Bbls) | 1,620,000 | 1,001,000 | 644,000 | 0 | 3,265,000 | |||||||||||||||||||||||||||
Weighted Avg Price | $ | (0.10) | $ | (0.01) | $ | 0.10 | $ | 0 | $ | (0.03) |
Oil Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2019: | ||||||||||||||||||||
WTI (1) | ||||||||||||||||||||
Volume (Bbls) | 62,000 | 182,000 | 184,000 | 184,000 | 612,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 50.00 | $ | 50.00 | $ | 50.00 | $ | 50.00 | $ | 50.00 | ||||||||||
Weighted Avg Price - Ceiling | $ | 62.60 | $ | 62.60 | $ | 62.60 | $ | 62.60 | $ | 62.60 | ||||||||||
2020: | ||||||||||||||||||||
WTI (1) | ||||||||||||||||||||
Volume (Bbls) | 182,000 | 182,000 | — | — | 364,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 50.00 | $ | 50.00 | $ | — | $ | — | $ | 50.00 | ||||||||||
Weighted Avg Price - Ceiling | $ | 62.60 | $ | 62.60 | $ | — | $ | — | $ | 62.60 |
Gas Collars | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2019: | ||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||
Volume (MMBtu) | 1,770,000 | 2,730,000 | 2,760,000 | 2,760,000 | 10,020,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.95 | $ | 1.95 | $ | 1.95 | $ | 1.95 | $ | 1.95 | ||||||||||
Weighted Avg Price - Ceiling | $ | 2.26 | $ | 2.26 | $ | 2.26 | $ | 2.26 | $ | 2.26 | ||||||||||
Perm EP (2) | ||||||||||||||||||||
Volume (MMBtu) | 590,000 | 910,000 | 920,000 | 920,000 | 3,340,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.50 | $ | 1.50 | $ | 1.50 | $ | 1.50 | $ | 1.50 | ||||||||||
Weighted Avg Price - Ceiling | $ | 2.13 | $ | 2.13 | $ | 2.13 | $ | 2.13 | $ | 2.13 | ||||||||||
Waha (3) | ||||||||||||||||||||
Volume (MMBtu) | 590,000 | 910,000 | 920,000 | 920,000 | 3,340,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.50 | $ | 1.50 | $ | 1.50 | $ | 1.50 | $ | 1.50 | ||||||||||
Weighted Avg Price - Ceiling | $ | 1.90 | $ | 1.90 | $ | 1.90 | $ | 1.90 | $ | 1.90 | ||||||||||
2020: | ||||||||||||||||||||
PEPL (1) | ||||||||||||||||||||
Volume (MMBtu) | 2,730,000 | 2,730,000 | — | — | 5,460,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.95 | $ | 1.95 | $ | — | $ | — | $ | 1.95 | ||||||||||
Weighted Avg Price - Ceiling | $ | 2.26 | $ | 2.26 | $ | — | $ | — | $ | 2.26 | ||||||||||
Perm EP (2) | ||||||||||||||||||||
Volume (MMBtu) | 910,000 | 910,000 | — | — | 1,820,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.50 | $ | 1.50 | $ | — | $ | — | $ | 1.50 | ||||||||||
Weighted Avg Price - Ceiling | $ | 2.13 | $ | 2.13 | $ | — | $ | — | $ | 2.13 | ||||||||||
Waha (3) | ||||||||||||||||||||
Volume (MMBtu) | 910,000 | 910,000 | — | — | 1,820,000 | |||||||||||||||
Weighted Avg Price - Floor | $ | 1.50 | $ | 1.50 | $ | — | $ | — | $ | 1.50 | ||||||||||
Weighted Avg Price - Ceiling | $ | 1.90 | $ | 1.90 | $ | — | $ | — | $ | 1.90 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Decrease (increase) in fair value of derivative instruments, net: | ||||||||||||||||||||
Gas contracts | $ | 56,475 | $ | (13,114) | $ | 15,742 | ||||||||||||||
Oil contracts | 98,306 | 76,833 | (126,130) | |||||||||||||||||
154,781 | 63,719 | (110,388) | ||||||||||||||||||
Cash (receipts) payments on derivative instruments, net: | ||||||||||||||||||||
Gas contracts | (15,476) | (40,114) | (13,794) | |||||||||||||||||
Oil contracts | (103,771) | 53,245 | 38,223 | |||||||||||||||||
(119,247) | 13,131 | 24,429 | ||||||||||||||||||
Loss (gain) on derivative instruments, net | $ | 35,534 | $ | 76,850 | $ | (85,959) |
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Decrease (increase) in fair value of derivative instruments, net: | ||||||||||||
Gas contracts | $ | 15,742 | $ | (40,226 | ) | $ | 27,462 | |||||
Oil contracts | (126,130 | ) | 17,383 | 35,724 | ||||||||
(110,388 | ) | (22,843 | ) | 63,186 | ||||||||
Cash (receipts) payments on derivative instruments, net: | ||||||||||||
Gas contracts | (13,794 | ) | (4,557 | ) | (6,467 | ) | ||||||
Oil contracts | 38,223 | 6,190 | (970 | ) | ||||||||
24,429 | 1,633 | (7,437 | ) | |||||||||
(Gain) loss on derivative instruments, net | $ | (85,959 | ) | $ | (21,210 | ) | $ | 55,749 |
December 31, 2018 | December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Balance Sheet Location | Asset | Liability | (in thousands) | Balance Sheet Location | Asset | Liability | |||||||||||||||||||||||
Oil contracts | Current assets — Derivative instruments | $ | 94,240 | $ | — | Oil contracts | Current assets — Derivative instruments | $ | 5,425 | $ | — | |||||||||||||||||||
Gas contracts | Current assets — Derivative instruments | 7,699 | — | Gas contracts | Current assets — Derivative instruments | 1,423 | — | |||||||||||||||||||||||
Oil contracts | Non-current assets — Derivative instruments | 9,246 | — | |||||||||||||||||||||||||||
Gas contracts | Gas contracts | Non-current assets — Derivative instruments | 2,342 | — | ||||||||||||||||||||||||||
Oil contracts | Current liabilities — Derivative instruments | — | 23,378 | Oil contracts | Current liabilities — Derivative instruments | — | 106,507 | |||||||||||||||||||||||
Gas contracts | Current liabilities — Derivative instruments | — | 4,249 | Gas contracts | Current liabilities — Derivative instruments | — | 38,891 | |||||||||||||||||||||||
Oil contracts | Non-current liabilities — Derivative instruments | — | 311 | Oil contracts | Non-current liabilities — Derivative instruments | — | 12,526 | |||||||||||||||||||||||
Gas contracts | Non-current liabilities — Derivative instruments | — | 1,956 | Gas contracts | Non-current liabilities — Derivative instruments | — | 5,223 | |||||||||||||||||||||||
Total gross amounts presented in the balance sheet | Total gross amounts presented in the balance sheet | 111,185 | 29,894 | Total gross amounts presented in the balance sheet | 9,190 | 163,147 | ||||||||||||||||||||||||
Less: gross amounts not offset in the balance sheet | Less: gross amounts not offset in the balance sheet | (29,894 | ) | (29,894 | ) | Less: gross amounts not offset in the balance sheet | (8,863) | (8,863) | ||||||||||||||||||||||
Net amount | Net amount | $ | 81,291 | $ | — | Net amount | $ | 327 | $ | 154,284 |
December 31, 2019 | ||||||||||||||||||||
(in thousands) | Balance Sheet Location | Asset | Liability | |||||||||||||||||
Oil contracts | Current assets — Derivative instruments | $ | 1,624 | $ | — | |||||||||||||||
Gas contracts | Current assets — Derivative instruments | 16,320 | — | |||||||||||||||||
Oil contracts | Non-current assets — Derivative instruments | 580 | — | |||||||||||||||||
Oil contracts | Current liabilities — Derivative instruments | — | 16,681 | |||||||||||||||||
Oil contracts | Non-current liabilities — Derivative instruments | — | 824 | |||||||||||||||||
Gas contracts | Non-current liabilities — Derivative instruments | — | 194 | |||||||||||||||||
Total gross amounts presented in the balance sheet | 18,524 | 17,699 | ||||||||||||||||||
Less: gross amounts not offset in the balance sheet | (9,865) | (9,865) | ||||||||||||||||||
Net amount | $ | 8,659 | $ | 7,834 |
December 31, 2017 | ||||||||||
(in thousands) | Balance Sheet Location | Asset | Liability | |||||||
Gas contracts | Current assets — Derivative instruments | $ | 15,151 | $ | — | |||||
Gas contracts | Non-current assets — Derivative instruments | 2,086 | — | |||||||
Oil contracts | Current liabilities — Derivative instruments | — | 42,066 | |||||||
Oil contracts | Non-current liabilities — Derivative instruments | — | 4,268 | |||||||
Total gross amounts presented in the balance sheet | 17,237 | 46,334 | ||||||||
Less: gross amounts not offset in the balance sheet | (17,237 | ) | (17,237 | ) | ||||||
Net amount | $ | — | $ | 29,097 |
December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
(in thousands) | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||
Financial Assets (Liabilities): | ||||||||||||||||||||||||||
4.375% Notes due 2024 | $ | (750,000) | $ | (818,025) | $ | (750,000) | $ | (792,225) | ||||||||||||||||||
3.90% Notes due 2027 | $ | (750,000) | $ | (826,575) | $ | (750,000) | $ | (778,050) | ||||||||||||||||||
4.375% Notes due 2029 | $ | (500,000) | $ | (567,250) | $ | (500,000) | $ | (530,400) | ||||||||||||||||||
Derivative instruments — assets | $ | 9,190 | $ | 9,190 | $ | 18,524 | $ | 18,524 | ||||||||||||||||||
Derivative instruments — liabilities | $ | (163,147) | $ | (163,147) | $ | (17,699) | $ | (17,699) |
December 31, 2018 | December 31, 2017 | |||||||||||||||
(in thousands) | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||
Financial Assets (Liabilities): | ||||||||||||||||
4.375% Notes due 2024 | $ | (750,000 | ) | $ | (744,578 | ) | $ | (750,000 | ) | $ | (797,010 | ) | ||||
3.90% Notes due 2027 | $ | (750,000 | ) | $ | (701,273 | ) | $ | (750,000 | ) | $ | (767,813 | ) | ||||
Derivative instruments — assets | $ | 111,185 | $ | 111,185 | $ | 17,237 | $ | 17,237 | ||||||||
Derivative instruments — liabilities | $ | (29,894 | ) | $ | (29,894 | ) | $ | (46,334 | ) | $ | (46,334 | ) |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Restricted stock awards: | ||||||||||||||||||||
Performance stock awards | $ | 17,338 | $ | 21,590 | $ | 23,083 | ||||||||||||||
Service-based stock awards | 26,014 | 25,611 | 20,385 | |||||||||||||||||
43,352 | 47,201 | 43,468 | ||||||||||||||||||
Stock option awards | 1,460 | 1,903 | 2,456 | |||||||||||||||||
Total stock-based compensation cost | 44,812 | 49,104 | 45,924 | |||||||||||||||||
Less amounts capitalized to oil and gas properties | (14,917) | (22,706) | (23,029) | |||||||||||||||||
Stock-based compensation expense | $ | 29,895 | $ | 26,398 | $ | 22,895 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Restricted stock awards: | ||||||||||||
Performance stock awards | $ | 23,083 | $ | 26,020 | $ | 24,183 | ||||||
Service-based stock awards | 20,385 | 19,746 | 18,391 | |||||||||
43,468 | 45,766 | 42,574 | ||||||||||
Stock option awards | 2,456 | 2,599 | 2,565 | |||||||||
Total stock compensation cost | 45,924 | 48,365 | 45,139 | |||||||||
Less amounts capitalized to oil and gas properties | (23,029 | ) | (22,109 | ) | (20,616 | ) | ||||||
Stock compensation expense | $ | 22,895 | $ | 26,256 | $ | 24,523 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||||
Performance stock awards | 311,974 | $ | 29.84 | 264,393 | $ | 47.66 | 123,533 | $ | 90.26 | ||||||||||||||||||||||||||
Service-based stock awards | 846,918 | $ | 35.54 | 681,988 | $ | 45.88 | 469,438 | $ | 81.29 | ||||||||||||||||||||||||||
Total restricted stock awards | 1,158,892 | $ | 34.01 | 946,381 | $ | 46.38 | 592,971 | $ | 83.16 |
Years Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||
Performance stock awards | 123,533 | $ | 90.26 | 300,525 | $ | 89.46 | 269,915 | $ | 117.63 | |||||||||||
Service-based stock awards | 469,438 | $ | 81.29 | 251,312 | $ | 94.04 | 208,724 | $ | 114.61 | |||||||||||
Total restricted stock awards | 592,971 | $ | 83.16 | 551,837 | $ | 91.55 | 478,639 | $ | 116.31 |
Service-based | Performance (subject to market conditions) | |||||||||||||||||||||||||||||||||||
Service-based | Performance (subject to market conditions) | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||||||||||
Outstanding as of January 1, 2018 | 910,251 | $ | 103.98 | 834,379 | $ | 97.83 | ||||||||||||||||||||||||||||||
Outstanding as of January 1, 2020 | Outstanding as of January 1, 2020 | 1,639,069 | $ | 74.51 | 664,977 | $ | 72.99 | |||||||||||||||||||||||||||||
Vested | (213,983 | ) | $ | 80.17 | (170,045 | ) | $ | 87.12 | Vested | (237,616) | $ | 94.23 | (205,746) | $ | 82.83 | |||||||||||||||||||||
Granted | 469,438 | $ | 81.29 | 123,533 | $ | 90.26 | Granted | 846,918 | $ | 35.54 | 311,974 | $ | 29.84 | |||||||||||||||||||||||
Canceled (1) | — | $ | — | (75,533 | ) | $ | 87.13 | Canceled (1) | 0 | $ | 0 | (119,521) | $ | 89.46 | ||||||||||||||||||||||
Forfeited | (29,824 | ) | $ | 102.35 | (62,238 | ) | $ | 98.01 | Forfeited | (155,450) | $ | 78.43 | 0 | $ | 0 | |||||||||||||||||||||
Outstanding as of December 31, 2018 | 1,135,882 | $ | 99.12 | 650,096 | $ | 100.42 | ||||||||||||||||||||||||||||||
Outstanding as of December 31, 2020 | Outstanding as of December 31, 2020 | 2,092,921 | $ | 56.21 | 651,684 | $ | 46.20 |
Years Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Options granted | 194,900 | 132,900 | 92,050 | ||||||||||||||
Weighted average grant date fair value | $ | 12.61 | $ | 12.14 | $ | 26.71 | |||||||||||
Weighted average exercise price | $ | 34.06 | $ | 42.78 | $ | 83.28 | |||||||||||
Total fair value (in thousands) | $ | 2,458 | $ | 1,613 | $ | 2,458 | |||||||||||
Expected years until exercise | 4.9 | 4.9 | 5.0 | ||||||||||||||
Expected stock volatility | 53.9 | % | 37.1 | % | 34.7 | % | |||||||||||
Dividend yield | 2.6 | % | 1.9 | % | 0.9 | % | |||||||||||
Risk-free interest rate | 0.4 | % | 1.4 | % | 2.7 | % |
Years Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Options granted | 92,050 | 96,100 | 89,850 | ||||||||
Weighted average grant date fair value | $ | 26.71 | $ | 28.37 | $ | 33.38 | |||||
Weighted average exercise price | $ | 83.28 | $ | 92.37 | $ | 114.07 | |||||
Total fair value (in thousands) | $ | 2,458 | $ | 2,727 | $ | 2,999 | |||||
Expected years until exercise | 5.0 | 4.5 | 4.0 | ||||||||
Expected stock volatility | 34.7 | % | 35.0 | % | 36.7 | % | |||||
Dividend yield | 0.9 | % | 0.3 | % | 0.3 | % | |||||
Risk-free interest rate | 2.7 | % | 1.7 | % | 1.0 | % |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Term | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding as of January 1, 2020 | 495,538 | $ | 87.17 | ||||||||||||||||||||
Exercised | 0 | $ | 0 | ||||||||||||||||||||
Granted | 194,900 | $ | 34.06 | ||||||||||||||||||||
Canceled | (107,025) | $ | 94.29 | ||||||||||||||||||||
Forfeited | (36,036) | $ | 55.69 | ||||||||||||||||||||
Outstanding as of December 31, 2020 | 547,377 | $ | 68.94 | 4.6 years | $ | 711 | |||||||||||||||||
Exercisable as of December 31, 2020 | 271,827 | $ | 99.38 | 3.0 years | $ | 0 |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Term | Aggregate Intrinsic Value (in thousands) | |||||||||
Outstanding as of January 1, 2018 | 382,688 | $ | 100.17 | |||||||||
Exercised | (33,233 | ) | $ | 67.44 | ||||||||
Granted | 92,050 | $ | 83.28 | |||||||||
Canceled | (5,345 | ) | $ | 117.27 | ||||||||
Forfeited | (15,828 | ) | $ | 95.70 | ||||||||
Outstanding as of December 31, 2018 | 420,332 | $ | 99.01 | 4.2 years | $ | 526 | ||||||
Exercisable as of December 31, 2018 | 250,091 | $ | 104.43 | 3.1 years | $ | 526 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash received from option exercises | $ | 0 | $ | 1,267 | $ | 2,241 | ||||||||||||||
Intrinsic value of options exercised | $ | 0 | $ | 425 | $ | 1,030 | ||||||||||||||
Grant date fair value of options vested | $ | 1,855 | $ | 2,262 | $ | 2,547 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Cash received from option exercises | $ | 2,241 | $ | 394 | $ | 4,804 | ||||||
Intrinsic value of options exercised | $ | 1,030 | $ | 257 | $ | 2,994 | ||||||
Grant date fair value of options vested | $ | 2,547 | $ | 2,227 | $ | 2,486 |
Number of Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | ||||||||
Non-vested as of January 1, 2018 | 172,906 | $ | 31.08 | $ | 102.15 | |||||
Vested | (78,887 | ) | $ | 32.28 | $ | 105.37 | ||||
Granted | 92,050 | $ | 26.71 | $ | 83.28 | |||||
Forfeited | (15,828 | ) | $ | 29.61 | $ | 95.70 | ||||
Non-vested as of December 31, 2018 | 170,241 | $ | 28.29 | $ | 91.05 |
Number of Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | |||||||||||||||
Non-vested as of January 1, 2020 | 208,255 | $ | 17.60 | $ | 58.47 | ||||||||||||
Vested | (91,569) | $ | 20.26 | $ | 66.47 | ||||||||||||
Granted | 194,900 | $ | 12.61 | $ | 34.06 | ||||||||||||
Forfeited | (36,036) | $ | 16.74 | $ | 55.69 | ||||||||||||
Non-vested as of December 31, 2020 | 275,550 | 0 | 0 |
Year Ended December 31, 2020 | ||||||||||||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||||
Net loss | $ | (1,967,458) | ||||||||||||||||||
Plus: return from repurchase of redeemable preferred stock | 1,810 | |||||||||||||||||||
Less: dividends attributable to participating securities (1) | (1,808) | |||||||||||||||||||
Less: redeemable preferred stock dividends | (4,861) | |||||||||||||||||||
Basic loss per share | ||||||||||||||||||||
Loss available to common stockholders | (1,972,317) | 99,952 | $ | (19.73) | ||||||||||||||||
Effects of dilutive securities | ||||||||||||||||||||
Dilutive securities (2) | 0 | 0 | ||||||||||||||||||
Diluted loss per share | ||||||||||||||||||||
Loss available to common stockholders and assumed conversions | $ | (1,972,317) | 99,952 | $ | (19.73) |
Year Ended December 31, 2019 | ||||||||||||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||||
Net loss | $ | (124,619) | ||||||||||||||||||
Less: dividends attributable to participating securities (1) | (1,519) | |||||||||||||||||||
Less: redeemable preferred stock dividends | (5,078) | |||||||||||||||||||
Basic loss per share | ||||||||||||||||||||
Loss available to common stockholders | (131,216) | 98,789 | $ | (1.33) | ||||||||||||||||
Effects of dilutive securities | ||||||||||||||||||||
Dilutive securities (2) | 0 | 0 | ||||||||||||||||||
Diluted loss per share | ||||||||||||||||||||
Loss available to common stockholders and assumed conversions | $ | (131,216) | 98,789 | $ | (1.33) |
Year Ended December 31, 2018 | ||||||||||||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | |||||||||||||||||
Net income | $ | 791,851 | ||||||||||||||||||
Less: dividends and net income attributable to participating securities | (11,087) | |||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||
Income available to common stockholders | 780,764 | 93,793 | $ | 8.32 | ||||||||||||||||
Effects of dilutive securities | ||||||||||||||||||||
Dilutive securities (2) | 3 | 27 | ||||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||
Income available to common stockholders and assumed conversions | $ | 780,767 | 93,820 | $ | 8.32 |
Year Ended December 31, 2018 | |||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | ||||||||
Net income | $ | 791,851 | |||||||||
Less: net income attributable to participating securities | (11,087 | ) | |||||||||
Basic earnings per share | |||||||||||
Income available to common stockholders | 780,764 | 93,793 | $ | 8.32 | |||||||
Effects of dilutive securities | |||||||||||
Options (1) | 3 | 27 | |||||||||
Diluted earnings per share | |||||||||||
Income available to common stockholders and assumed conversions | $ | 780,767 | 93,820 | $ | 8.32 |
Year Ended December 31, 2017 | |||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | ||||||||
Net income | $ | 494,329 | |||||||||
Less: net income attributable to participating securities | (8,551 | ) | |||||||||
Basic earnings per share | |||||||||||
Income available to common stockholders | 485,778 | 93,466 | $ | 5.19 | |||||||
Effects of dilutive securities | |||||||||||
Options (1) | 3 | 43 | |||||||||
Diluted earnings per share | |||||||||||
Income available to common stockholders and assumed conversions | $ | 485,781 | 93,509 | $ | 5.19 |
Year Ended December 31, 2016 | |||||||||||
(in thousands, except per share information) | Income (Numerator) | Shares (Denominator) | Per-Share Amount | ||||||||
Net loss | $ | (408,803 | ) | ||||||||
Less: net loss attributable to participating securities (2) | — | ||||||||||
Basic loss per share | |||||||||||
Loss available to common stockholders | (408,803 | ) | 93,379 | $ | (4.38 | ) | |||||
Effects of dilutive securities | |||||||||||
Options (1) | — | — | |||||||||
Diluted loss per share | |||||||||||
Loss available to common stockholders and assumed conversions | $ | (408,803 | ) | 93,379 | $ | (4.38 | ) |
(in thousands) | 2020 | 2019 | ||||||||||||
Asset retirement obligation at January 1, | $ | 181,869 | $ | 166,904 | ||||||||||
Liabilities incurred | 4,491 | 21,511 | ||||||||||||
Liability settlements and disposals | (21,922) | (19,595) | ||||||||||||
Accretion expense | 7,485 | 7,499 | ||||||||||||
Revisions of estimated liabilities | 5,944 | 5,550 | ||||||||||||
Asset retirement obligation at December 31, | 177,867 | 181,869 | ||||||||||||
Less current obligation | 12,272 | 27,824 | ||||||||||||
Long-term asset retirement obligation | $ | 165,595 | $ | 154,045 |
(in thousands) | 2018 | 2017 | ||||||
Asset retirement obligation at January 1, | $ | 169,469 | $ | 154,523 | ||||
Liabilities incurred | 9,899 | 17,996 | ||||||
Liability settlements and disposals | (21,550 | ) | (12,947 | ) | ||||
Accretion expense | 7,318 | 7,534 | ||||||
Revisions of estimated liabilities | 1,768 | 2,363 | ||||||
Asset retirement obligation at December 31, | 166,904 | 169,469 | ||||||
Less current obligation | 14,146 | 11,048 | ||||||
Long-term asset retirement obligation | $ | 152,758 | $ | 158,421 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Current taxes: | ||||||||||||
Federal benefit | $ | (3,007 | ) | $ | (2,810 | ) | $ | — | ||||
State expense (benefit) | 383 | (2 | ) | (1,115 | ) | |||||||
(2,624 | ) | (2,812 | ) | (1,115 | ) | |||||||
Deferred taxes: | ||||||||||||
Federal expense (benefit) | 211,717 | 173,859 | (201,529 | ) | ||||||||
State expense (benefit) | 21,563 | 16,620 | (11,757 | ) | ||||||||
233,280 | 190,479 | (213,286 | ) | |||||||||
$ | 230,656 | $ | 187,667 | $ | (214,401 | ) |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Current taxes: | ||||||||||||||||||||
Federal benefit | $ | (198) | $ | 0 | $ | (3,007) | ||||||||||||||
State expense | 167 | 532 | 383 | |||||||||||||||||
(31) | 532 | (2,624) | ||||||||||||||||||
Deferred taxes: | ||||||||||||||||||||
Federal (benefit) expense | (323,597) | (24,055) | 211,717 | |||||||||||||||||
State (benefit) expense | (35,299) | (2,847) | 21,563 | |||||||||||||||||
(358,896) | (26,902) | 233,280 | ||||||||||||||||||
$ | (358,927) | $ | (26,370) | $ | 230,656 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Provision at statutory rate | $ | (488,541) | $ | (31,708) | $ | 214,726 | ||||||||||||||
Effect of state taxes | (29,467) | (1,717) | 18,795 | |||||||||||||||||
Acquisition-related costs | 0 | 1,318 | 0 | |||||||||||||||||
Tax credits and other permanent differences | 1,365 | 2,548 | 1,583 | |||||||||||||||||
Change in valuation allowance, net | (4,221) | 0 | (1,376) | |||||||||||||||||
Stock-based compensation | 11,903 | 3,189 | (3,072) | |||||||||||||||||
Goodwill impairment | 150,034 | 0 | 0 | |||||||||||||||||
Income tax (benefit) expense | $ | (358,927) | $ | (26,370) | $ | 230,656 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Provision at statutory rate | $ | 214,726 | $ | 238,699 | $ | (218,122 | ) | |||||
Effect of state taxes | 18,795 | 10,074 | (10,237 | ) | ||||||||
Revision of previous balances | — | — | 7,181 | |||||||||
Tax credits and other permanent differences | 1,583 | 5,442 | 5,296 | |||||||||
Change in valuation allowance, net | (1,376 | ) | 486 | 1,481 | ||||||||
Stock-based compensation | (3,072 | ) | (5,888 | ) | — | |||||||
Impact of reduction in federal statutory rate | — | (61,146 | ) | — | ||||||||
Income tax expense (benefit) | $ | 230,656 | $ | 187,667 | $ | (214,401 | ) |
December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Assets: | ||||||||||||||
Stock-based compensation and other accrued amounts | $ | 59,659 | $ | 31,521 | ||||||||||
Net operating loss and other carryforwards, net of valuation allowance | 456,613 | 454,743 | ||||||||||||
Credit carryforward, net of valuation allowance | 4,223 | 3,936 | ||||||||||||
520,495 | 490,200 | |||||||||||||
Liabilities: | ||||||||||||||
Property, plant and equipment | (500,023) | (828,624) | ||||||||||||
Net deferred tax assets (liabilities) | $ | 20,472 | $ | (338,424) |
December 31, | ||||||||
(in thousands) | 2018 | 2017 | ||||||
Assets: | ||||||||
Stock compensation and other accrued amounts | $ | 8,229 | $ | 31,044 | ||||
Net operating loss carryforward, net of valuation allowance | 266,011 | 313,738 | ||||||
Credit carryforward | 3,513 | 3,995 | ||||||
277,753 | 348,777 | |||||||
Liabilities: | ||||||||
Property, plant and equipment | (612,226 | ) | (450,395 | ) | ||||
Net deferred tax liabilities | $ | (334,473 | ) | $ | (101,618 | ) |
December 31, | ||||||||||||||||||||
(in thousands) | Balance Sheet Location | 2020 | 2019 | |||||||||||||||||
Operating lease right-of-use assets | Non-current assets — Fixed assets, net | $ | 185,118 | $ | 240,263 | |||||||||||||||
Finance lease right-of-use asset | Non-current assets — Other assets | 25,052 | 24,849 | |||||||||||||||||
Total right-of-use assets | $ | 210,170 | $ | 265,112 |
December 31, | ||||||||||||||||||||
(in thousands) | Balance Sheet Location | 2020 | 2019 | |||||||||||||||||
Operating lease liabilities — current | Current liabilities — Operating leases | $ | 59,051 | $ | 66,003 | |||||||||||||||
Operating lease liabilities — non-current | Non-current liabilities — Operating leases | 134,705 | 184,172 | |||||||||||||||||
Finance lease liability — current | Current liabilities — Accrued liabilities — Other | 7,099 | 7,328 | |||||||||||||||||
Finance lease liability — non-current | Non-current liabilities — Other liabilities | 19,731 | 18,749 | |||||||||||||||||
Total lease liabilities | $ | 220,586 | $ | 276,252 |
Years Ended December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use asset | $ | 5,286 | $ | 4,385 | ||||||||||
Interest on lease liability | 1,663 | 1,719 | ||||||||||||
Operating lease cost: | ||||||||||||||
Production expense (1) | 19,914 | 20,965 | ||||||||||||
Transportation, processing, and other operating (1) | 21,386 | 17,264 | ||||||||||||
Gas gathering and other expense (1) | 991 | 5,607 | ||||||||||||
General and administrative expense (2) | 12,701 | 12,421 | ||||||||||||
Short-term lease cost (3) | 235,840 | 539,110 | ||||||||||||
Total lease cost | $ | 297,781 | $ | 601,471 |
Years Ended December 31, | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Financing cash outflows from finance lease | $ | 4,842 | $ | 3,869 | ||||||||||
Operating cash outflows from operating leases | $ | 53,066 | $ | 54,044 | ||||||||||
Cash paid for short-term leases and variable lease payments: | ||||||||||||||
Operating cash outflows from operating leases | $ | 3,169 | $ | 3,103 | ||||||||||
Investing cash outflows from operating leases | $ | 235,024 | $ | 551,325 |
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Weighted-average remaining lease term (in years): | ||||||||||||||
Finance lease | 4.7 | 5.9 | ||||||||||||
Operating leases | 3.9 | 4.1 | ||||||||||||
Weighted-average discount rate: | ||||||||||||||
Finance lease | 6.3 | % | 5.7 | % | ||||||||||
Operating leases | 5.0 | % | 3.9 | % |
(in thousands) | ||||
2019 | $ | 9,849 | ||
2020 | 10,790 | |||
2021 | 11,000 | |||
2022 | 11,130 | |||
2023 | 11,433 | |||
Later years | 20,831 | |||
Total future minimum lease payments | $ | 75,033 |
December 31, 2020 | ||||||||||||||
(in thousands) | Operating Leases | Finance Lease | ||||||||||||
January 1, 2021 — December 31, 2021 | $ | 67,330 | $ | 7,618 | ||||||||||
January 1, 2022 — December 31, 2022 | 61,595 | 6,666 | ||||||||||||
January 1, 2023 — December 31, 2023 | 41,567 | 6,340 | ||||||||||||
January 1, 2024 — December 31, 2024 | 21,259 | 6,015 | ||||||||||||
January 1, 2025 — December 31, 2025 | 8,438 | 3,829 | ||||||||||||
Remaining periods | 14,695 | 0 | ||||||||||||
Total undiscounted future cash flows | 214,884 | 30,468 | ||||||||||||
Less effects of discounting | (21,128) | (3,638) | ||||||||||||
Lease liabilities recognized | $ | 193,756 | $ | 26,830 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||
Interest expense (net of capitalized amounts of $48,306, $49,944, and $19,969, respectively) (1) | $ | 41,407 | $ | 50,601 | $ | 45,357 | ||||||||||||||
Income taxes | $ | 300 | $ | 1,364 | $ | 0 | ||||||||||||||
Cash received for income tax refunds | $ | 2,118 | $ | 2,033 | $ | 760 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Cash paid during the period for: | ||||||||||||
Interest expense (net of capitalized amounts of $19,969, $23,113, and $20,308, respectively) | $ | 45,357 | $ | 52,245 | $ | 59,282 | ||||||
Income taxes | $ | — | $ | 3 | $ | 13 | ||||||
Cash received for income tax refunds | $ | 760 | $ | 111 | $ | 1,450 |
(in thousands) | Fair Value of Consideration Transferred | |||||||
Cash | $ | 325,677 | ||||||
Common stock (5,652 shares issued) | 413,015 | |||||||
Preferred stock (63 shares issued) | 81,620 | |||||||
$ | 820,312 |
(in thousands) | March 1, 2019 | Adjustments | March 1, 2020 | |||||||||||||||||
Cash | $ | 41,236 | $ | 0 | $ | 41,236 | ||||||||||||||
Accounts receivable | 50,739 | 11,521 | 62,260 | |||||||||||||||||
Other current assets | 13,280 | (1,176) | 12,104 | |||||||||||||||||
Proved oil and gas properties | 692,600 | 0 | 692,600 | |||||||||||||||||
Unproved oil and gas properties | 1,054,200 | (30,314) | 1,023,886 | |||||||||||||||||
Fixed assets | 5,355 | (32) | 5,323 | |||||||||||||||||
Goodwill | 107,341 | (13,126) | 94,215 | |||||||||||||||||
Other assets | 142 | 0 | 142 | |||||||||||||||||
Current liabilities | (202,735) | 1,790 | (200,945) | |||||||||||||||||
Long-term debt | (870,000) | 0 | (870,000) | |||||||||||||||||
Deferred income taxes | (62,409) | 31,337 | (31,072) | |||||||||||||||||
Asset retirement obligation | (9,437) | 0 | (9,437) | |||||||||||||||||
Total identifiable net assets | $ | 820,312 | $ | 0 | $ | 820,312 |
Years Ended December 31, | ||||||||||||||
(in thousands, except per share information) | 2019 | 2018 | ||||||||||||
Revenue | $ | 2,416,105 | $ | 2,667,561 | ||||||||||
Net (loss) income | $ | (139,553) | $ | 872,140 | ||||||||||
Net (loss) income per common share: | ||||||||||||||
Basic | $ | (1.47) | $ | 8.65 | ||||||||||
Diluted | $ | (1.47) | $ | 8.65 |
December 31, | December 31, | |||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Gas price per Mcf | $ | 3.10 | $ | 2.98 | $ | 2.48 | Gas price per Mcf | $ | 1.99 | $ | 2.58 | $ | 3.10 | |||||||||||||||
Oil price per Bbl | $ | 65.56 | $ | 51.34 | $ | 42.75 | Oil price per Bbl | $ | 39.54 | $ | 55.67 | $ | 65.56 | |||||||||||||||
NGL price per Bbl | $ | 21.03 | $ | 19.09 | $ | 14.37 |
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||||||||||||||
Total proved reserves: | |||||||||||||||||||||||
December 31, 2017 | 1,607,635 | 137,238 | 153,860 | 559,037 | |||||||||||||||||||
Revisions of previous estimates | (132,577) | (4,348) | 3,777 | (22,667) | |||||||||||||||||||
Extensions and discoveries | 342,810 | 53,763 | 47,614 | 158,512 | |||||||||||||||||||
Purchases of reserves | 3 | — | — | 1 | |||||||||||||||||||
Production | (205,837) | (24,710) | (21,994) | (81,010) | |||||||||||||||||||
Sales of reserves | (20,713) | (15,405) | (3,821) | (22,678) | |||||||||||||||||||
December 31, 2018 | 1,591,321 | 146,538 | 179,436 | 591,195 | |||||||||||||||||||
Revisions of previous estimates | (180,632) | (8,516) | (12,038) | (50,661) | |||||||||||||||||||
Extensions and discoveries | 247,406 | 41,193 | 36,834 | 119,261 | |||||||||||||||||||
Purchases of reserves | 129,435 | 22,628 | 18,818 | 63,019 | |||||||||||||||||||
Production | (251,567) | (31,463) | (28,254) | (101,645) | |||||||||||||||||||
Sales of reserves | (3,818) | (610) | (328) | (1,574) | |||||||||||||||||||
December 31, 2019 | 1,532,145 | 169,770 | 194,468 | 619,595 | |||||||||||||||||||
Revisions of previous estimates | (43,504) | (19,692) | (25,488) | (52,430) | |||||||||||||||||||
Extensions and discoveries | 107,322 | 22,269 | 16,419 | 56,575 | |||||||||||||||||||
Purchases of reserves | — | — | — | — | |||||||||||||||||||
Production | (232,625) | (28,087) | (25,554) | (92,412) | |||||||||||||||||||
Sales of reserves | (496) | (197) | (27) | (307) | |||||||||||||||||||
December 31, 2020 | 1,362,842 | 144,063 | 159,818 | 531,021 | |||||||||||||||||||
Proved developed reserves: | |||||||||||||||||||||||
December 31, 2017 | 1,334,510 | 114,116 | 126,227 | 462,761 | |||||||||||||||||||
December 31, 2018 | 1,398,729 | 116,339 | 151,566 | 501,027 | |||||||||||||||||||
December 31, 2019 | 1,358,329 | 138,783 | 166,552 | 531,722 | |||||||||||||||||||
December 31, 2020 | 1,190,907 | 112,785 | 135,901 | 447,170 | |||||||||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||||||
December 31, 2017 | 273,125 | 23,122 | 27,633 | 96,276 | |||||||||||||||||||
December 31, 2018 | 192,592 | 30,199 | 27,870 | 90,168 | |||||||||||||||||||
December 31, 2019 | 173,816 | 30,987 | 27,916 | 87,873 | |||||||||||||||||||
December 31, 2020 | 171,935 | 31,278 | 23,917 | 83,851 |
Gas (MMcf) | Oil (MBbls) | NGL (MBbls) | Total (MBOE) | ||||||||
Total proved reserves: | |||||||||||
December 31, 2015 | 1,516,952 | 107,798 | 124,277 | 484,901 | |||||||
Revisions of previous estimates | 5,888 | (4,357 | ) | 6,670 | 3,293 | ||||||
Extensions and discoveries | 123,175 | 19,419 | 14,050 | 53,998 | |||||||
Purchases of reserves | 959 | 1 | — | 161 | |||||||
Production | (168,227 | ) | (16,528 | ) | (14,200 | ) | (58,765 | ) | |||
Sales of reserves | (7,327 | ) | (455 | ) | (164 | ) | (1,840 | ) | |||
December 31, 2016 | 1,471,420 | 105,878 | 130,633 | 481,748 | |||||||
Revisions of previous estimates | (39,749 | ) | (1,225 | ) | (2,099 | ) | (9,951 | ) | |||
Extensions and discoveries | 363,774 | 53,464 | 42,692 | 156,786 | |||||||
Purchases of reserves | 642 | 42 | 78 | 227 | |||||||
Production | (187,468 | ) | (20,861 | ) | (17,374 | ) | (69,479 | ) | |||
Sales of reserves | (984 | ) | (60 | ) | (70 | ) | (294 | ) | |||
December 31, 2017 | 1,607,635 | 137,238 | 153,860 | 559,037 | |||||||
Revisions of previous estimates | (132,577 | ) | (4,348 | ) | 3,777 | (22,667 | ) | ||||
Extensions and discoveries | 342,810 | 53,763 | 47,614 | 158,512 | |||||||
Purchases of reserves | 3 | — | — | 1 | |||||||
Production | (205,837 | ) | (24,710 | ) | (21,994 | ) | (81,010 | ) | |||
Sales of reserves | (20,713 | ) | (15,405 | ) | (3,821 | ) | (22,678 | ) | |||
December 31, 2018 | 1,591,321 | 146,538 | 179,436 | 591,195 | |||||||
Proved developed reserves: | |||||||||||
December 31, 2015 | 1,129,490 | 89,189 | 87,549 | 364,987 | |||||||
December 31, 2016 | 1,144,720 | 92,032 | 99,176 | 381,994 | |||||||
December 31, 2017 | 1,334,510 | 114,116 | 126,227 | 462,761 | |||||||
December 31, 2018 | 1,398,729 | 116,339 | 151,566 | 501,027 | |||||||
Proved undeveloped reserves: | |||||||||||
December 31, 2015 | 387,462 | 18,609 | 36,728 | 119,914 | |||||||
December 31, 2016 | 326,700 | 13,846 | 31,457 | 99,754 | |||||||
December 31, 2017 | 273,125 | 23,122 | 27,633 | 96,276 | |||||||
December 31, 2018 | 192,592 | 30,199 | 27,870 | 90,168 |
PUD Reserves (MMBOE) | |||||
PUD reserves at December 31, 2019 | 87.9 | ||||
Converted to developed | (30.5) | ||||
Additions | 40.5 | ||||
Net revisions | (14.0) | ||||
PUD reserves at December 31, 2020 | 83.9 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Acquisition of properties | ||||||||||||||||||||
Proved | $ | 11,878 | $ | 695,450 | $ | 62 | ||||||||||||||
Unproved | 46,946 | 1,083,230 | 102,666 | |||||||||||||||||
Exploration | 1,522 | 2,321 | 6,341 | |||||||||||||||||
Development | 496,388 | 1,181,605 | 1,487,453 | |||||||||||||||||
$ | 556,734 | $ | 2,962,606 | $ | 1,596,522 | |||||||||||||||
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Costs incurred during the year: | ||||||||||||
Acquisition of properties | ||||||||||||
Proved | $ | 62 | $ | 938 | $ | 2,678 | ||||||
Unproved | 102,666 | 135,565 | 67,961 | |||||||||
Exploration | 6,341 | 11,804 | 5,814 | |||||||||
Development | 1,487,453 | 1,140,548 | 672,842 | |||||||||
Oil and gas expenditures | 1,596,522 | 1,288,855 | 749,295 | |||||||||
Property sales | (581,799 | ) | (11,680 | ) | (24,687 | ) | ||||||
1,014,723 | 1,277,175 | 724,608 | ||||||||||
Asset retirement obligation, net | (2,004 | ) | 9,416 | (7,950 | ) | |||||||
$ | 1,012,719 | $ | 1,286,591 | $ | 716,658 |
(in thousands) | December 31, 2020 | |||||||
Proved properties | $ | 21,281,840 | ||||||
Unproved properties and properties under development, not being amortized | 1,142,183 | |||||||
22,424,023 | ||||||||
Less—accumulated depreciation, depletion, amortization, and impairment | (18,987,354) | |||||||
Net oil and gas properties | $ | 3,436,669 |
(in thousands) | ||||
Proved properties | $ | 18,566,757 | ||
Unproved properties and properties under development, not being amortized | 436,325 | |||
19,003,082 | ||||
Less-accumulated depreciation, depletion, amortization, and impairments | (15,287,752 | ) | ||
Net oil and gas properties | $ | 3,715,330 |
(in thousands) | December 31, 2020 | |||||||
2020 | $ | 197,861 | ||||||
2019 | 827,418 | |||||||
2018 | 65,770 | |||||||
2017 and prior | 51,134 | |||||||
$ | 1,142,183 |
(in thousands) | ||||
2018 | $ | 198,949 | ||
2017 | 102,258 | |||
2016 | 39,846 | |||
2015 and prior | 95,272 | |||
$ | 436,325 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands, except per BOE) | 2020 | 2019 | 2018 | |||||||||||||||||
Oil, gas, and NGL revenues from production | $ | 1,512,688 | $ | 2,321,921 | $ | 2,297,645 | ||||||||||||||
Less operating costs and income taxes: | ||||||||||||||||||||
Impairment of oil and gas properties | 1,638,329 | 618,693 | — | |||||||||||||||||
Depletion | 625,481 | 817,099 | 538,919 | |||||||||||||||||
Asset retirement obligation | 14,653 | 8,586 | 7,142 | |||||||||||||||||
Production | 285,324 | 339,941 | 296,189 | |||||||||||||||||
Transportation, processing, and other operating | 213,366 | 238,259 | 211,463 | |||||||||||||||||
Taxes other than income | 79,699 | 148,953 | 125,169 | |||||||||||||||||
Income tax (benefit) expense | (295,716) | 26,318 | 252,840 | |||||||||||||||||
2,561,136 | 2,197,849 | 1,431,722 | ||||||||||||||||||
Results of operations from oil and gas producing activities | $ | (1,048,448) | $ | 124,072 | $ | 865,923 | ||||||||||||||
Depletion rate per BOE | $ | 6.77 | $ | 8.04 | $ | 6.65 |
Years Ended December 31, | ||||||||||||
(in thousands, except per��BOE) | 2018 | 2017 | 2016 | |||||||||
Oil, gas, and NGL revenues from production | $ | 2,297,645 | $ | 1,874,003 | $ | 1,221,218 | ||||||
Less operating costs and income taxes: | ||||||||||||
Impairment of oil and gas properties | — | — | 757,670 | |||||||||
Depletion | 538,919 | 399,328 | 346,003 | |||||||||
Asset retirement obligation | 7,142 | 15,624 | 7,828 | |||||||||
Production | 293,213 | 262,180 | 232,002 | |||||||||
Transportation, processing, and other operating | 218,614 | 254,730 | 210,144 | |||||||||
Taxes other than income | 125,169 | 89,864 | 61,946 | |||||||||
Income tax expense (benefit) | 251,897 | 310,937 | (135,665 | ) | ||||||||
1,434,954 | 1,332,663 | 1,479,928 | ||||||||||
Results of operations from oil and gas producing activities | $ | 862,691 | $ | 541,340 | $ | (258,710 | ) | |||||
Depletion rate per BOE | $ | 6.65 | $ | 5.75 | $ | 5.89 |
December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Future cash inflows | $ | 7,167,623 | $ | 11,726,488 | $ | 14,050,367 | ||||||||||||||
Future production costs | (3,193,242) | (4,619,438) | (4,889,601) | |||||||||||||||||
Future development costs | (525,714) | (814,397) | (1,017,318) | |||||||||||||||||
Future income tax expenses | (66,555) | (578,675) | (1,303,762) | |||||||||||||||||
Future net cash flows | 3,382,112 | 5,713,978 | 6,839,686 | |||||||||||||||||
10% annual discount for estimated timing of cash flows | (1,129,593) | (2,084,952) | (2,824,499) | |||||||||||||||||
Standardized measure of discounted future net cash flows | $ | 2,252,519 | $ | 3,629,026 | $ | 4,015,187 |
December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Future cash inflows | $ | 14,050,367 | $ | 11,967,325 | $ | 7,576,211 | ||||||
Future production costs | (4,889,601 | ) | (4,360,599 | ) | (2,970,891 | ) | ||||||
Future development costs | (1,017,318 | ) | (948,735 | ) | (794,298 | ) | ||||||
Future income tax expenses | (1,303,762 | ) | (882,519 | ) | (507,145 | ) | ||||||
Future net cash flows | 6,839,686 | 5,775,472 | 3,303,877 | |||||||||
10% annual discount for estimated timing of cash flows | (2,824,499 | ) | (2,490,471 | ) | (1,411,259 | ) | ||||||
Standardized measure of discounted future net cash flows | $ | 4,015,187 | $ | 3,285,001 | $ | 1,892,618 |
Years Ended December 31, | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Standardized measure, beginning of period | $ | 3,629,026 | $ | 4,015,187 | $ | 3,285,001 | ||||||||||||||
Sales, net of production costs | (934,299) | (1,594,768) | (1,660,649) | |||||||||||||||||
Net change in sales prices and in production costs related to future production | (1,465,206) | (1,267,223) | 377,178 | |||||||||||||||||
Extensions and discoveries, net of future production and development costs | 261,090 | 758,685 | 1,738,993 | |||||||||||||||||
Changes in estimated future development costs | 130,440 | 35,940 | 194,523 | |||||||||||||||||
Previously estimated development costs incurred during the period | 306,225 | 640,292 | 335,954 | |||||||||||||||||
Revisions of quantity estimates | (273,738) | (304,217) | 96,783 | |||||||||||||||||
Accretion of discount | 394,835 | 473,919 | 372,482 | |||||||||||||||||
Change in income taxes | 283,764 | 404,681 | (284,186) | |||||||||||||||||
Purchases of reserves in place | — | 568,897 | — | |||||||||||||||||
Sales of reserves in place | (3,838) | (18,330) | (300,592) | |||||||||||||||||
Change in production rates and other | (75,780) | (84,037) | (140,300) | |||||||||||||||||
Standardized measure, end of period | $ | 2,252,519 | $ | 3,629,026 | $ | 4,015,187 |
Years Ended December 31, | ||||||||||||
(in thousands) | 2018 | 2017 | 2016 | |||||||||
Standardized Measure, beginning of period | $ | 3,285,001 | $ | 1,892,618 | $ | 1,934,131 | ||||||
Sales, net of production costs | (1,660,649 | ) | (1,267,229 | ) | (717,126 | ) | ||||||
Net change in sales prices, net of production costs | 377,178 | 855,024 | (429,956 | ) | ||||||||
Extensions and discoveries, net of future production and development costs | 1,738,993 | 1,443,577 | 517,702 | |||||||||
Changes in future development costs | 194,523 | 298,819 | 167,387 | |||||||||
Previously estimated development costs incurred during the period | 335,954 | 78,398 | 110,945 | |||||||||
Revision of quantity estimates | 96,783 | (65,376 | ) | 15,701 | ||||||||
Accretion of discount | 372,482 | 212,192 | 227,904 | |||||||||
Change in income taxes | (284,186 | ) | (210,519 | ) | 115,609 | |||||||
Purchases of reserves in place | — | 2,255 | 429 | |||||||||
Sales of reserves | (300,592 | ) | (1,666 | ) | (9,440 | ) | ||||||
Change in production rates and other | (140,300 | ) | 46,908 | (40,668 | ) | |||||||
Standardized Measure, end of period | $ | 4,015,187 | $ | 3,285,001 | $ | 1,892,618 |
Quarter | ||||||||||||||||
2018 | First | Second | Third | Fourth | ||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenues | $ | 567,134 | $ | 556,274 | $ | 591,488 | $ | 624,121 | ||||||||
Expenses, net | 380,816 | 415,277 | 443,134 | 307,939 | ||||||||||||
Net income | $ | 186,318 | $ | 140,997 | $ | 148,354 | $ | 316,182 | ||||||||
Earnings per share to common stockholders: | ||||||||||||||||
Basic | $ | 1.96 | $ | 1.48 | $ | 1.56 | $ | 3.32 | ||||||||
Diluted | $ | 1.96 | $ | 1.48 | $ | 1.56 | $ | 3.32 |
Quarter | ||||||||||||||||
2017 | First | Second | Third | Fourth | ||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Revenues | $ | 447,176 | $ | 456,452 | $ | 463,681 | $ | 550,940 | ||||||||
Expenses, net | 316,204 | 359,190 | 372,282 | 376,244 | ||||||||||||
Net income | $ | 130,972 | $ | 97,262 | $ | 91,399 | $ | 174,696 | ||||||||
Earnings per share to common stockholders: | ||||||||||||||||
Basic | $ | 1.38 | $ | 1.02 | $ | 0.96 | $ | 1.83 | ||||||||
Diluted | $ | 1.38 | $ | 1.02 | $ | 0.96 | $ | 1.83 |
Quarter | ||||||||||||||||||||||||||
2020 | First | Second | Third | Fourth | ||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
Revenues | $ | 472,830 | $ | 249,383 | $ | 401,659 | $ | 434,723 | ||||||||||||||||||
Expenses, net | 1,247,112 | 1,174,530 | 694,399 | 410,012 | ||||||||||||||||||||||
Net (loss) income | $ | (774,282) | $ | (925,147) | $ | (292,740) | $ | 24,711 | ||||||||||||||||||
Earnings (loss) per share to common stockholders: | ||||||||||||||||||||||||||
Basic | $ | (7.77) | $ | (9.28) | $ | (2.94) | $ | 0.25 | ||||||||||||||||||
Diluted | $ | (7.77) | $ | (9.28) | $ | (2.94) | $ | 0.25 |
Quarter | ||||||||||||||||||||||||||
2019 | First | Second | Third | Fourth | ||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||
Revenues | $ | 576,957 | $ | 546,463 | $ | 582,305 | $ | 657,244 | ||||||||||||||||||
Expenses, net | 550,641 | 437,154 | 458,458 | 1,041,335 | ||||||||||||||||||||||
Net income (loss) | $ | 26,316 | $ | 109,309 | $ | 123,847 | $ | (384,091) | ||||||||||||||||||
Earnings (loss) per share to common stockholders: | ||||||||||||||||||||||||||
Basic | $ | 0.26 | $ | 1.07 | $ | 1.21 | $ | (3.87) | ||||||||||||||||||
Diluted | $ | 0.26 | $ | 1.07 | $ | 1.21 | $ | (3.87) |
Name | Age | Office | ||||||||||||
Thomas E. Jorden | Chairman of the Board, Chief Executive Officer, and President | |||||||||||||
Stephen P. Bell | Executive Vice President — Business Development | |||||||||||||
G. Mark Burford | Senior Vice President and Chief Financial Officer | |||||||||||||
Francis B. Barron | Senior Vice President — General Counsel | |||||||||||||
John A. Lambuth | Executive Vice President — Exploration | |||||||||||||
Christopher H. Clason | 54 | Senior Vice President and Chief Human Resources Officer | ||||||||||||
Thomas F. McCoy | 58 | Senior Vice President — | ||||||||||||
Blake A. Sirgo | 38 | Vice President — Operations | ||||||||||||
Gary R. Abbott | Vice President — Corporate Engineering | |||||||||||||
Timothy A. Ficker | Vice President — Controller, Chief Accounting Officer, and Assistant Secretary |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants, and rights | (b) Weighted-average exercise price of outstanding options, warrants, and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||||
Equity compensation plans approved by security holders | 547,377 | $ | 68.94 | 1,674,858 | ||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||
Total | 547,377 | $ | 68.94 | 1,674,858 |
Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants, and rights | (b) Weighted-average exercise price of outstanding options, warrants, and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||
Equity compensation plans approved by security holders | 420,332 | $ | 99.01 | 908,278 | ||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||
Total | 420,332 | $ | 99.01 | 908,278 |
Page | |||||||||
(a) (1) | The following financial statements are included in Item 8 to this 10-K: | ||||||||
Exhibit | Title | |||||||
Exhibit | Title | |||||||
Exhibit | Title | |||||||
Exhibit | Title | |||||||
Exhibit | Title | |||||||
Exhibit | Title | |||||||
Exhibit | Title | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
CIMAREX ENERGY CO. | ||||||||
By: | /s/ Thomas E. Jorden | |||||||
Thomas E. Jorden Chairman of the Board, Chief Executive Officer, and President |
Signature | Title | Date | ||||||||||||||||
/s/ Thomas E. Jorden | Chairman of the Board, Director, Chief Executive Officer, | |||||||||||||||||
Thomas E. Jorden | and President (Principal Executive Officer) | February | ||||||||||||||||
/s/ G. Mark Burford | Senior Vice President and Chief Financial Officer | |||||||||||||||||
G. Mark Burford | (Principal Financial Officer) | February | ||||||||||||||||
/s/ Timothy A. Ficker | Vice President, Controller, Chief Accounting Officer | |||||||||||||||||
Timothy A. Ficker | (Principal Accounting Officer) | February | ||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Hans Helmerich | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February 23, 2021 | ||||||||||||||||
Kathleen A. Hogenson | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February 23, 2021 | ||||||||||||||||
Harold R. Logan, Jr. | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Floyd R. Price | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Monroe W. Robertson | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Lisa A. Stewart | ||||||||||||||||||
* | ||||||||||||||||||
Attorney-in-Fact | Director | February | ||||||||||||||||
Frances M. Vallejo | ||||||||||||||||||
*By: | /s/ G. Mark Burford | Senior Vice President and Chief Financial Officer | ||||||||||||||||
G. Mark Burford Attorney-in-Fact | (Principal Financial Officer) | February |