Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34018 | |
Entity Registrant Name | GRAN TIERRA ENERGY INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-0479924 | |
Entity Address, Address Line One | 500 Centre Street S.E. | |
Entity Address, City or Town | Calgary, | |
Entity Address, State or Province | AB | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | T2G 1A6 | |
City Area Code | 403 | |
Local Phone Number | 265-3221 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | GTE | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 368,904,496 | |
Entity Central Index Key | 0001273441 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
OIL SALES (Note 6) | $ 144,190 | $ 174,569 |
EXPENSES | ||
Operating | 41,369 | 34,935 |
Transportation | 3,066 | 2,834 |
Depletion, depreciation and accretion (Note 3) | 51,721 | 40,963 |
Inventory impairment | 475 | 0 |
General and administrative (Note 9) | 12,696 | 12,336 |
Foreign exchange loss (gain) | 1,702 | (3,725) |
Derivative instruments loss (Note 9) | 0 | 21,439 |
Gain on re-purchase of Senior Notes (Note 4) | (1,090) | 0 |
Interest expense (Note 4) | 11,836 | 12,128 |
EXPENSES | 121,775 | 120,910 |
INTEREST INCOME | 768 | 0 |
INCOME BEFORE INCOME TAXES | 23,183 | 53,659 |
INCOME TAX EXPENSE | ||
Current (Note 7) | 17,606 | 20,827 |
Deferred (Note 7) | 15,277 | 18,713 |
INCOME TAX EXPENSE | 32,883 | 39,540 |
NET AND COMPREHENSIVE (LOSS) INCOME | $ (9,700) | $ 14,119 |
NET (LOSS) INCOME PER SHARE | ||
BASIC (in dollars per share) | $ (0.03) | $ 0.04 |
DILUTED (in dollars per share) | $ (0.03) | $ 0.04 |
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (Note 5) (in shares) | 344,513,998 | 367,386,664 |
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (Note 5) (in shares) | 344,513,998 | 372,375,245 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents (Note 10) | $ 105,684 | $ 126,873 |
Restricted cash and cash equivalents (Note 10) | 1,142 | 1,142 |
Accounts receivable | 13,596 | 10,706 |
Inventory | 20,075 | 20,192 |
Taxes receivable | 113 | 54 |
Other current assets (Note 9) | 11,681 | 9,620 |
Total Current Assets | 152,291 | 168,587 |
Oil and Gas Properties | ||
Proved | 1,036,350 | 1,000,424 |
Unproved | 63,454 | 74,471 |
Total Oil and Gas Properties | 1,099,804 | 1,074,895 |
Other capital assets | 25,319 | 26,007 |
Total Property, Plant and Equipment (Note 3) | 1,125,123 | 1,100,902 |
Other Long-Term Assets | ||
Deferred tax assets | 11,806 | 22,990 |
Taxes receivable | 31,273 | 27,796 |
Other long-term assets (Note 9) | 5,923 | 15,335 |
Total Other Long-Term Assets | 49,002 | 66,121 |
Total Assets | 1,326,416 | 1,335,610 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 187,598 | 167,579 |
Taxes payable | 65,202 | 58,978 |
Equity compensation award liability (Note 5 and 9) | 8,011 | 15,082 |
Total Current Liabilities | 260,811 | 241,639 |
Long-Term Liabilities | ||
Long-term debt (Notes 4 and 9) | 581,391 | 589,593 |
Deferred tax liabilities | 5,377 | 28 |
Asset retirement obligation | 65,159 | 63,358 |
Equity compensation award liability (Note 5 and 9) | 8,592 | 16,437 |
Other long-term liabilities | 7,319 | 6,989 |
Total Long-Term Liabilities | 667,838 | 676,405 |
Contingencies (Note 8) | ||
Shareholders' Equity | ||
Common Stock (Note 5) (368,898,619 issued, 333,069,042 and 346,151,157 outstanding shares of Common Stock, par value $0.001 per share, as at March 31, 2023, and December 31, 2022, respectively) | 10,272 | 10,272 |
Additional paid-in capital | 1,291,973 | 1,291,354 |
Treasury Stock (Note 5) | (38,035) | (27,317) |
Deficit | (866,443) | (856,743) |
Total Shareholders’ Equity | 397,767 | 417,566 |
Total Liabilities and Shareholders’ Equity | $ 1,326,416 | $ 1,335,610 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, shares issued (in shares) | 368,898,619 | 368,898,619 |
Common stock, shares outstanding (in shares) | 333,069,042 | 346,151,157 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Activities | ||
Net (loss) income | $ (9,700) | $ 14,119 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depletion, depreciation and accretion | 51,721 | 40,963 |
Inventory impairment | 475 | 0 |
Deferred tax expense | 15,277 | 18,713 |
Stock-based compensation expense (Note 5) | 1,500 | 4,557 |
Amortization of debt issuance costs (Note 4) | 781 | 887 |
Unrealized foreign exchange loss (gain) | 514 | (4,839) |
Gain on re-purchase of Senior Notes (Note 4) | (1,090) | 0 |
Derivative instruments loss | 0 | 21,439 |
Cash settlements on derivatives instruments | 0 | (8,596) |
Cash settlement of asset retirement obligation | 0 | (5) |
Non-cash lease expenses | 1,144 | 411 |
Lease payments | (606) | (344) |
Net change in assets and liabilities from operating activities (Note 10) | (10,763) | 16,520 |
Net cash provided by operating activities | 49,253 | 103,825 |
Investing Activities | ||
Additions to property, plant and equipment | (71,062) | (41,483) |
Changes in non-cash investing working capital (Note 10) | 14,871 | (1,803) |
Net cash used in investing activities | (56,191) | (43,286) |
Financing Activities | ||
Debt issuance costs (Note 4) | (50) | 0 |
Repayment of debt (Note 4) | 0 | (27,525) |
Re-purchase of Senior Notes (Note 4) | (4,225) | 0 |
Re-purchase of shares of Common Stock (Note 5) | (10,718) | 0 |
Proceeds from issuance of Common Stock, net of issuance costs | 0 | 2 |
Proceeds from exercise of stock options | 0 | 980 |
Lease payments | (1,105) | (777) |
Net cash used in financing activities | (16,098) | (27,320) |
Foreign exchange loss on cash, cash equivalents and restricted cash and cash equivalents | 2,214 | 478 |
Net (decrease) increase in cash, cash equivalents and restricted cash and cash equivalents | (20,822) | 33,697 |
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period (Note 10) | 133,358 | 31,404 |
Cash, cash equivalents and restricted cash and cash equivalents, end of period (Note 10) | $ 112,536 | $ 65,101 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Share Capital | Additional Paid-in Capital | Treasury Stock | Deficit |
Balance, beginning of period at Dec. 31, 2021 | $ 10,270 | $ 1,287,582 | $ 0 | $ (995,772) | |
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock (Note 5) | 2 | ||||
Exercise of stock options | 980 | ||||
Stock-based compensation (Note 5) | 600 | ||||
Purchase of treasury shares (Note 5) | 0 | ||||
Net (loss) income | $ 14,119 | 14,119 | |||
Balance, end of period at Mar. 31, 2022 | 317,781 | 10,272 | 1,289,162 | 0 | (981,653) |
Balance, beginning of period at Dec. 31, 2022 | 10,272 | 1,291,354 | (27,317) | (856,743) | |
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock (Note 5) | 0 | ||||
Exercise of stock options | 0 | ||||
Stock-based compensation (Note 5) | 619 | ||||
Purchase of treasury shares (Note 5) | (10,718) | ||||
Net (loss) income | (9,700) | (9,700) | |||
Balance, end of period at Mar. 31, 2023 | $ 397,767 | $ 10,272 | $ 1,291,973 | $ (38,035) | $ (866,443) |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Gran Tierra Energy Inc. a Delaware corporation (the “Company” or “Gran Tierra”), is a publicly traded company focused on international oil and natural gas exploration and production with assets currently in Colombia and Ecuador. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies These interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The information furnished herein reflects all normal recurring adjustments that are, in the opinion of management, necessary for the fair presentation of results for the interim periods. The note disclosure requirements of annual consolidated financial statements provide additional disclosures required for interim unaudited condensed consolidated financial statements. Accordingly, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements as at and for the year ended December 31, 2022, included in the Company’s 2022 Annual Report on Form 10-K. The Company’s significant accounting policies are described in Note 2 of the consolidated financial statements, which are included in the Company’s 2022 Annual Report on Form 10-K and are the same policies followed in these interim unaudited condensed consolidated financial statements. The Company has evaluated all subsequent events to the date these interim unaudited condensed consolidated financial statements were issued. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment (Thousands of U.S. Dollars) As at March 31, 2023 As at December 31, 2022 Oil and natural gas properties Proved $ 4,702,991 $ 4,617,804 Unproved 63,454 74,471 4,766,445 4,692,275 Other (1) 59,180 61,386 4,825,625 4,753,661 Accumulated depletion, depreciation and impairment (3,700,502) (3,652,759) $ 1,125,123 $ 1,100,902 (1) The “other” category includes right-of-use assets for operating and finance leases of $38.3 million, which had a net book value of $24.0 million as at March 31, 2023 (December 31, 2022 - $38.9 million, which had a net book value of $24.6 million). For the three months ended March 31, 2023 and 2022, respectively, the Company had no ceiling test impairment losses. The Company used a 12-month unweighted average of the first-day-of the month Brent price prior to the ending date of the periods March 31, 2023, and 2022 of $95.99 and $77.41 per bbl, respectively, for the purpose of the ceiling test calculations. |
Debt and Debt Issuance Costs
Debt and Debt Issuance Costs | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Debt Issuance Costs | Debt and Debt Issuance Costs The Company’s debt at March 31, 2023, and December 31, 2022, was as follows: (Thousands of U.S. Dollars) As at March 31, 2023 As at December 31, 2022 Long-Term 6.25% Senior Notes, due February 2025 $ 271,909 $ 279,909 7.75% Senior Notes, due May 2027 300,000 300,000 Unamortized debt issuance costs (11,651) (10,992) 560,258 568,917 Long-term lease obligation (1) 21,133 20,676 Total debt $ 581,391 $ 589,593 (1) The current portion of the lease obligation has been included in accounts payable and accrued liabilities on the Company’s balance sheet and totaled $4.8 million as at March 31, 2023 (December 31, 2022 - $4.8 million). As of March 31, 2023, the Company had a credit facility with a market lender in the global commodities industry. The credit facility has a borrowing base of up to $150 million, with $100 million as an initial commitment available at March 31, 2023, and an option for an additional $50 million upon mutual agreement by the Company and the lender. The credit facility bears interest based on the secured overnight financing rate posted by the Federal Reserve Bank of New York plus a credit margin of 6.00% and a credit-adjusted spread of 0.26%. Undrawn amounts under the credit facility bear interest at 2.10% per annum, based on the amount available. The credit facility is secured by the Company’s Colombian assets and economic rights. It has a final maturity date of August 15, 2024, which may be extended to February 18, 2025, upon the satisfaction of certain conditions. The availability period for the draws under the credit facility expires on August 20, 2023. As of March 31, 2023, and December 31, 2022, the credit facility remained undrawn. Under the terms of the credit facility, the Company is required to maintain compliance with the following financial covenants: i. Global Coverage Ratio of at least 150%, calculated using the net present value of the consolidated future cash flows of the Company up to the final maturity date discounted at 10% over the outstanding amount on the credit facility at each reporting period. The net present value of the consolidated future cash flows of the Company is required to be based on 80% of the prevailing ICE Brent forward strip. ii. Prepayment Life Coverage Ratio of at least 150%, calculated using the estimated aggregate value of commodities to be delivered under the commercial contract from the commencement date to the final maturity date based on 80% of the prevailing ICE Brent forward strip and adjusted for quality and transportation discounts over the outstanding amount on the credit facility including interest and all other costs payable to the lender. i. Liquidity ratio where the Company’s projected sources of cash exceed projected uses of cash by at least 1.15 times in each quarter period included in one year consolidated future cash flows. The future cash flows represent forecasted expected cash flows from operations, less anticipated capital expenditures, and certain other adjustments. The commodity pricing assumption used in this covenant is required to be 90% of the prevailing ICE Brent forward strip for the projected future cash flows. Senior Notes During the three months ended March 31, 2023, the Company re-purchased in the open market $8.0 million of 6.25% Senior Notes for cash consideration of $6.8 million, of which $2.6 million was included in accounts payable on the Company’s balance sheet as of March 31, 2023. The re-purchase resulted in a $1.1 million gain, which included the write-off of deferred financing fees of $0.1 million. The re-purchased 6.25% Senior Notes were not canceled and held by the Company as treasury bonds as of March 31, 2023. Interest Expense The following table presents the total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2023 2022 Contractual interest and other financing expenses $ 11,055 $ 11,241 Amortization of debt issuance costs 781 887 $ 11,836 $ 12,128 |
Share Capital
Share Capital | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share Capital | Share Capital Shares of Common Stock Shares issued at December 31, 2022 and March 31, 2023 368,898,619 Shares outstanding at December 31, 2022 346,151,157 Treasury stock (13,082,115) Shares outstanding at March 31, 2023 333,069,042 During the year ended December 31, 2022, the Company implemented a share re-purchase program (the “2022 Program”) through the facilities of the Toronto Stock Exchange (“TSX”) and eligible alternative trading platforms in Canada. Under the 2022 Program, the Company is able to purchase at prevailing market prices up to 36,033,969 shares of Common Stock, representing approximately 10% of the issued and outstanding shares of Common Stock as of August 22, 2022. The 2022 Program will expire on August 31, 2023, or earlier if the 10% share maximum is reached. Re-purchases are subject to the availability of stock, prevailing market conditions, the trading price of the Company’s stock, the Company’s financial performance and other conditions. During the three months ended March 31, 2023, the Company re-purchased 13,082,115 shares at a weighted average price of $0.82 per share (three months ended March 31, 2022 - nil). The re-purchased shares were held by the Company and recorded as treasury stock. As of March 31, 2023, the Company held 35,829,577 treasury stock shares (December 31, 2022 - 22,747,462). Equity Compensation Awards The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), and stock option activity for the three months ended March 31, 2023: PSUs DSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2022 31,528,233 6,561,859 17,302,860 1.15 Granted 14,614,248 220,124 4,010,289 0.86 Exercised (15,234,082) — — — Forfeited (30,448) — (13,799) 1.01 Expired — — (1,267,481) 2.47 Balance, March 31, 2023 30,877,951 6,781,983 20,031,869 1.01 Basic net loss or income per share is calculated by dividing net loss or income attributable to common shareholders by the weighted average number of shares of common stock issued and outstanding during each period. Diluted net loss or income per share is calculated using the treasury stock method for share-based compensation arrangements. The treasury stock method assumes that any proceeds obtained on the exercise of share-based compensation arrangements would be used to purchase common shares at the average market price during the period. The weighted average number of shares is then adjusted by the difference between the number of shares issued from the exercise of share-based compensation arrangements and shares re-purchased from the related proceeds. Anti-dilutive shares represent potentially dilutive securities excluded from the computation of diluted loss or income per share as their impact would be anti-dilutive. Weighted Average Shares Outstanding Three Months Ended March 31, 2023 2022 Weighted average number of common shares outstanding 344,513,998 367,386,664 Shares issuable pursuant to stock options — 12,950,523 Shares assumed to be purchased from proceeds of stock options — (7,961,942) Weighted average number of diluted common shares outstanding 344,513,998 372,375,245 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company’s revenues are generated from oil sales at prices that reflect the blended prices received upon shipment by the purchaser at defined sales points or defined by contract relative to ICE Brent and adjusted for Vasconia, Oriente or Castilla crude differentials, quality and transportation discounts and premiums each month. For the three months ended March 31, 2023, 100% (three months ended March 31, 2022 - 100%) of the Company’s revenue resulted from oil sales. During the three months ended March 31, 2023, quality and transportation discounts were 22% of the average ICE Brent price (three months ended March 31, 2022 - 13%). During the three months ended March 31, 2023, the Company’s production was sold primarily to one major customer in Colombia, representing 97% of the total sales volumes (three months ended March 31, 2022 - two customers, representing 57% and 43% of the total sales volumes). |
Taxes
Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes The Company's effective tax rate was 142% for the three months ended March 31, 2023, compared to 74% in the comparative period of 2022. Current income tax expense was $17.6 million for the three months ended March 31, 2023, compared to $20.8 million in the corresponding period of 2022, primarily due to a decrease in taxable income. The deferred income tax expense for the three months ended March 31, 2023, was $15.3 million mainly the result of tax depreciation being higher than accounting depreciation and the use of tax losses to offset taxable income in Colombia. The deferred income tax expense in the comparative period of 2022 was $18.7 million as the result of tax depreciation being higher compared to accounting depreciation in Colombia. For the three months ended March 31, 2023, the difference between the effective tax rate of 142% and the 50% Colombian tax rate was primarily due to an increase in non-deductible foreign translation adjustments, the impact of foreign taxes, non-deductible royalty in Colombia and increase in the valuation allowance. These were partially offset by other permanent differences. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal Proceedings Gran Tierra has several lawsuits and claims pending. The outcome of the lawsuits and disputes cannot be predicted with certainty; Gran Tierra believes the resolution of these matters would not have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. Gran Tierra records costs as they are incurred or become probable and determinable. Letters of credit and other credit support At March 31, 2023, the Company had provided letters of credit and other credit support totaling $109.6 million (December 31, 2022 - $111.1 million) as security relating to work commitment guarantees in Colombia and Ecuador contained in exploration contracts and other capital or operating requirements. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurement | Financial Instruments and Fair Value Measurement Financial Instruments Financial instruments are initially recorded at fair value, defined as the price that would be received to sell an asset or paid to market participants to settle liability at the measurement date. For financial instruments carried at fair value, GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels: • Level 1 - Inputs representing quoted market prices in active markets for identical assets and liabilities • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly • Level 3 - Unobservable inputs for assets and liabilities At March 31, 2023, the Company’s financial instruments recognized on the balance sheet consist of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, other long-term assets, accounts payable and accrued liabilities, other short-term payables, long-term debt, short-term and long-term equity compensation reward liability and other long-term liabilities. The Company uses appropriate valuation techniques based on the available information to measure the fair values of assets and liabilities. Fair Value Measurement The following table presents the Company’s fair value measurements of its financial instruments as of March 31, 2023, and December 31, 2022: As at March 31, 2023 As at December 31, 2022 (Thousands of U.S. Dollars) Level 1 Assets PEF - current (2) $ 8,874 $ 5,981 PEF - long-term (1) — 9,975 $ 8,874 $ 15,956 Liabilities DSUs liability - long-term (3) $ 5,962 $ 6,496 6.25% Senior Notes 233,645 243,801 7.75% Senior Notes 235,500 241,455 $ 475,107 $ 491,752 Level 2 Assets Restricted cash and cash equivalents - long-term (1) 5,710 5,344 $ 5,710 $ 5,344 Liabilities PSUs liability - current 8,011 15,082 PSUs liability - long-term (3) 2,630 9,941 $ 10,641 $ 25,023 (1) The long-term portion of restricted cash and PEF is included in the other long-term assets on the Company’s balance sheet (2) The current portion of PEF is included in the other current assets on the Company’s balance sheet (3) Long-term DSUs and PSUs liabilities are included in the long-term equity compensation award liability on the Company’s balance sheet The fair values of cash and cash equivalents, current restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of these instruments. . Restricted cash - long-term The fair value of long-term restricted cash and cash equivalents approximated their carrying value because interest rates are variable and reflective of market rates. Prepaid Equity Forward (“PEF”) To reduce the Company’s exposure to changes in the trading price of the Company’s common shares on outstanding PSUs and DSUs, the Company entered into a PEF. At the end of the term, the counterparty will pay the Company an amount equivalent to the notional amount of the shares using the price of the Company’s common shares at the valuation date. The Company has the discretion to increase or decrease the notional amount of the PEF or terminate the agreement early. As at March 31, 2023, the Company’s PEF had a notional amount of 10 million shares with a fair value of $8.9 million (As at December 31, 2022 - 16 million shares with a fair value of $16.0 million). During the three months ended March 31, 2023, the Company recorded a $1.7 million loss on the PEF in general and administrative expenses (three months ended March 31, 2022- $7.8 million gain). The fair value of the PEF asset was estimated using the Company’s share price quoted in active markets at the end of each reporting period. DSUs liability The fair value of DSUs liability was estimated using the Company’s share price quoted in active markets at the end of each reporting period. PSUs liability The fair value of the PSUs liability was estimated based on a pricing model using inputs such as Company’s share price and PSUs performance factor. Senior Notes Financial instruments not recorded at fair value at March 31, 2023, were the Senior Notes (Note 4). At March 31, 2023, the carrying amounts of the 6.25% Senior Notes and the 7.75% Senior Notes were $268.5 million and $293.6 million, respectively, which represented the aggregate principal amount less unamortized debt issuance costs, and the fair values were $233.6 million and $235.5 million, respectively. During the three months ended March 31, 2023, the Company did not incur any gains or losses related to derivatives (three months ended March 31, 2022 - $21.4 million loss related to commodity price derivatives). |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents shown as a sum of these amounts in the interim unaudited condensed consolidated statements of cash flows: As at March 31, As at December 31, (Thousands of U.S. Dollars) 2023 2022 2022 2021 Cash and cash equivalents $ 105,684 $ 58,707 $ 126,873 $ 26,109 Restricted cash and cash equivalents - current 1,142 1,142 1,142 392 Restricted cash and cash equivalents - long-term (1) 5,710 5,252 5,343 4,903 $ 112,536 $ 65,101 $ 133,358 $ 31,404 (1) Included in other long-term assets on the Company’s balance sheet Net changes in assets and liabilities from operating activities were as follows: Three Months Ended March 31, (Thousands of U.S. Dollars) 2023 2022 Accounts receivable and other long-term assets $ (3,022) $ (10,150) Derivatives — 3,276 Prepaid Equity Forward 7,806 (10,982) Prepaids & Inventory 740 (159) Accounts payable and accrued and other long-term liabilities (17,252) 12,021 Taxes receivable and payable 965 22,514 Net changes in assets and liabilities from operating activities $ (10,763) $ 16,520 Changes in non-cash investing working capital for the three months ended March 31, 2023, were comprised of an increase in accounts payable and accrued liabilities of $14.9 million (three months ended March 31, 2022, a decrease in accounts payable and accrued liabilities of $1.7 million and an increase in accounts receivable of $0.1 million). The following table provides additional supplemental cash flow disclosures: Three Months Ended March 31, (Thousands of U.S. Dollars) 2023 2022 Cash paid for income taxes $ 8,461 $ 9,703 Cash paid for interest $ 8,781 $ 10,042 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 69,989 $ 28,339 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | These interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The information furnished herein reflects all normal recurring adjustments that are, in the opinion of management, necessary for the fair presentation of results for the interim periods. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | (Thousands of U.S. Dollars) As at March 31, 2023 As at December 31, 2022 Oil and natural gas properties Proved $ 4,702,991 $ 4,617,804 Unproved 63,454 74,471 4,766,445 4,692,275 Other (1) 59,180 61,386 4,825,625 4,753,661 Accumulated depletion, depreciation and impairment (3,700,502) (3,652,759) $ 1,125,123 $ 1,100,902 (1) The “other” category includes right-of-use assets for operating and finance leases of $38.3 million, which had a net book value of $24.0 million as at March 31, 2023 (December 31, 2022 - $38.9 million, which had a net book value of $24.6 million). |
Debt and Debt Issuance Costs (T
Debt and Debt Issuance Costs (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s debt at March 31, 2023, and December 31, 2022, was as follows: (Thousands of U.S. Dollars) As at March 31, 2023 As at December 31, 2022 Long-Term 6.25% Senior Notes, due February 2025 $ 271,909 $ 279,909 7.75% Senior Notes, due May 2027 300,000 300,000 Unamortized debt issuance costs (11,651) (10,992) 560,258 568,917 Long-term lease obligation (1) 21,133 20,676 Total debt $ 581,391 $ 589,593 (1) The current portion of the lease obligation has been included in accounts payable and accrued liabilities on the Company’s balance sheet and totaled $4.8 million as at March 31, 2023 (December 31, 2022 - $4.8 million). |
Schedule of Interest Expense Recognized | The following table presents the total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: Three Months Ended March 31, (Thousands of U.S. Dollars) 2023 2022 Contractual interest and other financing expenses $ 11,055 $ 11,241 Amortization of debt issuance costs 781 887 $ 11,836 $ 12,128 |
Share Capital (Tables)
Share Capital (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Common Stock | Shares of Common Stock Shares issued at December 31, 2022 and March 31, 2023 368,898,619 Shares outstanding at December 31, 2022 346,151,157 Treasury stock (13,082,115) Shares outstanding at March 31, 2023 333,069,042 |
Schedule of PSU, DSU, RSU and Stock Option Activity | The following table provides information about p erformance stock units (“PSUs”), deferred share units (“DSUs”), and stock option activity for the three months ended March 31, 2023: PSUs DSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price/Stock Option ($) Balance, December 31, 2022 31,528,233 6,561,859 17,302,860 1.15 Granted 14,614,248 220,124 4,010,289 0.86 Exercised (15,234,082) — — — Forfeited (30,448) — (13,799) 1.01 Expired — — (1,267,481) 2.47 Balance, March 31, 2023 30,877,951 6,781,983 20,031,869 1.01 |
Schedule of Weighted Average Shares Outstanding | Weighted Average Shares Outstanding Three Months Ended March 31, 2023 2022 Weighted average number of common shares outstanding 344,513,998 367,386,664 Shares issuable pursuant to stock options — 12,950,523 Shares assumed to be purchased from proceeds of stock options — (7,961,942) Weighted average number of diluted common shares outstanding 344,513,998 372,375,245 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements | The following table presents the Company’s fair value measurements of its financial instruments as of March 31, 2023, and December 31, 2022: As at March 31, 2023 As at December 31, 2022 (Thousands of U.S. Dollars) Level 1 Assets PEF - current (2) $ 8,874 $ 5,981 PEF - long-term (1) — 9,975 $ 8,874 $ 15,956 Liabilities DSUs liability - long-term (3) $ 5,962 $ 6,496 6.25% Senior Notes 233,645 243,801 7.75% Senior Notes 235,500 241,455 $ 475,107 $ 491,752 Level 2 Assets Restricted cash and cash equivalents - long-term (1) 5,710 5,344 $ 5,710 $ 5,344 Liabilities PSUs liability - current 8,011 15,082 PSUs liability - long-term (3) 2,630 9,941 $ 10,641 $ 25,023 (1) The long-term portion of restricted cash and PEF is included in the other long-term assets on the Company’s balance sheet (2) The current portion of PEF is included in the other current assets on the Company’s balance sheet (3) Long-term DSUs and PSUs liabilities are included in the long-term equity compensation award liability on the Company’s balance sheet |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents shown as a sum of these amounts in the interim unaudited condensed consolidated statements of cash flows: As at March 31, As at December 31, (Thousands of U.S. Dollars) 2023 2022 2022 2021 Cash and cash equivalents $ 105,684 $ 58,707 $ 126,873 $ 26,109 Restricted cash and cash equivalents - current 1,142 1,142 1,142 392 Restricted cash and cash equivalents - long-term (1) 5,710 5,252 5,343 4,903 $ 112,536 $ 65,101 $ 133,358 $ 31,404 (1) Included in other long-term assets on the Company’s balance sheet |
Schedule of Net Changes in Assets and Liabilities | Net changes in assets and liabilities from operating activities were as follows: Three Months Ended March 31, (Thousands of U.S. Dollars) 2023 2022 Accounts receivable and other long-term assets $ (3,022) $ (10,150) Derivatives — 3,276 Prepaid Equity Forward 7,806 (10,982) Prepaids & Inventory 740 (159) Accounts payable and accrued and other long-term liabilities (17,252) 12,021 Taxes receivable and payable 965 22,514 Net changes in assets and liabilities from operating activities $ (10,763) $ 16,520 |
Schedule of Additional Supplemental Cash Flow Disclosures | The following table provides additional supplemental cash flow disclosures: Three Months Ended March 31, (Thousands of U.S. Dollars) 2023 2022 Cash paid for income taxes $ 8,461 $ 9,703 Cash paid for interest $ 8,781 $ 10,042 Non-cash investing activities: Net liabilities related to property, plant and equipment, end of period $ 69,989 $ 28,339 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) $ / bbl | Mar. 31, 2022 $ / bbl | Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 4,825,625 | $ 4,753,661 | |
Accumulated depletion, depreciation and impairment | (3,700,502) | (3,652,759) | |
Total Property, Plant and Equipment (Note 3) | 1,125,123 | 1,100,902 | |
Right-of-use asset, gross | 38,300 | 38,900 | |
Right-of-use asset, net | $ 24,000 | 24,600 | |
Crude Oil and NGL | |||
Property, Plant and Equipment [Line Items] | |||
Average brent price per barrel (in USD per barrel) | $ / bbl | 95.99 | 77.41 | |
Oil and natural gas properties | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 4,766,445 | 4,692,275 | |
Proved | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,702,991 | 4,617,804 | |
Unproved | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 63,454 | 74,471 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 59,180 | $ 61,386 |
Debt and Debt Issuance Costs -
Debt and Debt Issuance Costs - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Long-Term | ||
Unamortized debt issuance costs | $ (11,651) | $ (10,992) |
Long-term debt, total | 560,258 | 568,917 |
Long-term lease obligation | 21,133 | 20,676 |
Total debt | 581,391 | 589,593 |
Current portion of lease obligation | $ 4,800 | 4,800 |
Senior notes | 6.25% Senior Notes, due February 2025 | ||
Long-Term | ||
Stated interest rate | 6.25% | |
Convertible senior notes and revolving credit facility | $ 271,909 | 279,909 |
Senior notes | 7.75% Senior Notes, due May 2027 | ||
Long-Term | ||
Stated interest rate | 7.75% | |
Convertible senior notes and revolving credit facility | $ 300,000 | $ 300,000 |
Debt and Debt Issuance Costs _2
Debt and Debt Issuance Costs - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Re-purchase of senior notes | $ 4,225,000 | $ 0 |
Gain on re-purchase | 1,090,000 | $ 0 |
Line of Credit | Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Borrowing base | $ 150,000,000 | |
Interest rate | 2.10% | |
Debt instrument, net present value as percent of consolidated future cash flows | 80% | |
Liquidity, ratio | 115% | |
Line of Credit | Revolving credit facility | Plan | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, net present value as percent of consolidated future cash flows | 90% | |
Line of Credit | Revolving credit facility | Minimum | ||
Line of Credit Facility [Line Items] | ||
Global coverage ratio | 150% | |
Discount rate over outstanding balance | 0.10 | |
Prepayment life coverage ratio | 150% | |
Line of Credit | Revolving credit facility | Risk- Free Rate by Federal Reserve Bank of New York | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 6% | |
Credit adjusted spread | 0.26% | |
Line of Credit | Revolving credit facility | Readily Available | ||
Line of Credit Facility [Line Items] | ||
Borrowing base | $ 100,000,000 | |
Line of Credit | Revolving credit facility | Additional Option | ||
Line of Credit Facility [Line Items] | ||
Borrowing base | 50,000,000 | |
Senior notes | 6.25% Senior Notes, due February 2025 | ||
Line of Credit Facility [Line Items] | ||
Repurchased face amount | $ 8,000,000 | |
Stated interest rate | 6.25% | |
Re-purchase of senior notes | $ 6,800,000 | |
Gain on re-purchase | 1,100,000 | |
Write-off of deferred financing cost | 100,000 | |
Senior notes | 6.25% Senior Notes, due February 2025 | Accounts payable | ||
Line of Credit Facility [Line Items] | ||
Re-purchase of senior notes | $ 2,600,000 |
Debt and Debt Issuance Costs _3
Debt and Debt Issuance Costs - Schedule of Interest Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Contractual interest and other financing expenses | $ 11,055 | $ 11,241 |
Amortization of debt issuance costs | 781 | 887 |
Total interest expense recognized | $ 11,836 | $ 12,128 |
Share Capital - Schedule of Com
Share Capital - Schedule of Common Stock (Details) | 3 Months Ended |
Mar. 31, 2023 shares | |
Increase (Decrease) in Common Stock | |
Common stock, shares issued, beginning of period (in shares) | 368,898,619 |
Common stock, shares outstanding, as at beginning of period (in shares) | 346,151,157 |
Common stock, shares outstanding, as at period end (in shares) | 333,069,042 |
Common stock, shares issued, end of period (in shares) | 368,898,619 |
Shares of Common Stock | |
Increase (Decrease) in Common Stock | |
Common stock, shares outstanding, as at beginning of period (in shares) | 346,151,157 |
Treasury stock (in shares) | (13,082,115) |
Common stock, shares outstanding, as at period end (in shares) | 333,069,042 |
Share Capital - Narrative (Deta
Share Capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 22, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares outstanding (in shares) | 333,069,042 | 346,151,157 | ||
Stock-based compensation expense (recovery) | $ 1.5 | $ 4.6 | ||
Unrecognized compensation cost | $ 19.5 | $ 10.5 | ||
Weighted average period for recognition | 2 years 1 month 6 days | |||
Shares of Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares outstanding (in shares) | 333,069,042 | 346,151,157 | ||
Treasury stock (in shares) | 35,829,577 | 22,747,462 | ||
Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Securities excluded from diluted income (loss) per share calculation (in shares) | 5,331,160 | |||
PSUs | Vested on December 31, 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments for units vested in period | $ 15.1 | |||
PSUs | Vested on December 31, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments for units vested in period | $ 2.4 | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock purchased as percent of shares issued and outstanding | 10% | 10% | ||
2022 program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock repurchased during period (in shares) | 13,082,115 | |||
Stock repurchased during period, weighted average price (in dollars per share) | $ 0.82 | $ 0 | ||
2022 program | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares outstanding (in shares) | 36,033,969 |
Share Capital - Schedule of PSU
Share Capital - Schedule of PSU, DSU, RSU and Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Number of Outstanding Stock Options | |
Beginning balance (in shares) | 17,302,860 |
Granted (in shares) | 4,010,289 |
Exercised (in shares) | 0 |
Forfeited (in shares) | (13,799) |
Expired (in shares) | (1,267,481) |
Ending balance (in shares) | 20,031,869 |
Weighted Average Exercise Price/Stock Option ($) | |
Beginning balance (in dollars per share) | $ / shares | $ 1.15 |
Granted (in dollars per share) | $ / shares | 0.86 |
Exercised (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 1.01 |
Expired (in dollars per share) | $ / shares | 2.47 |
Ending balance (in dollars per share) | $ / shares | $ 1.01 |
PSUs | |
Number of Outstanding Share Units | |
Beginning balance (in shares) | 31,528,233 |
Granted (in shares) | 14,614,248 |
Exercised (in shares) | (15,234,082) |
Forfeited (in shares) | (30,448) |
Expired (in shares) | 0 |
Ending balance (in shares) | 30,877,951 |
DSUs | |
Number of Outstanding Share Units | |
Beginning balance (in shares) | 6,561,859 |
Granted (in shares) | 220,124 |
Exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
Expired (in shares) | 0 |
Ending balance (in shares) | 6,781,983 |
Share Capital - Weighted Averag
Share Capital - Weighted Average Shares Outstanding (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Weighted average number of common shares outstanding, basic (in shares) | 344,513,998 | 367,386,664 |
Shares issuable pursuant to stock options (in shares) | 0 | 12,950,523 |
Shares assumed to be purchased from proceeds of stock options (in shares) | 0 | (7,961,942) |
Weighted average number of diluted common shares outstanding (in shares) | 344,513,998 | 372,375,245 |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | |||
Variable adjustment for transportation, location, quality, and other elements, percentage | 22% | 13% | |
Accrued sales revenue | $ 3,200,000 | $ 0 | |
Product Concentration Risk | Revenue from Contract with Customer | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Product Concentration Risk | Revenue from Contract with Customer | Colombia | Customer 1 | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 97% | 57% | |
Product Concentration Risk | Revenue from Contract with Customer | Colombia | Customer 2 | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 43% |
Taxes (Details)
Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Contingency [Line Items] | ||
Effective tax rate | 142% | 74% |
Current income tax expense | $ 17,606 | $ 20,827 |
Deferred tax expense | $ 15,277 | $ 18,713 |
Colombia | ||
Income Tax Contingency [Line Items] | ||
Effective tax rate | 50% | 35% |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Letters of credit and other credit support provided | $ 109.6 | $ 111.1 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurement - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Restricted cash and cash equivalents - long-term | $ 5,710 | $ 5,343 | $ 5,252 | $ 4,903 |
Total Assets | 1,326,416 | 1,335,610 | ||
Liability - long-term | 667,838 | 676,405 | ||
Liability - current | $ 260,811 | 241,639 | ||
Senior notes | 6.25% Senior Notes, due February 2025 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Stated interest rate | 6.25% | |||
Senior notes | 7.75% Senior Notes, due May 2027 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Stated interest rate | 7.75% | |||
Recurring | Not Designated as Hedging Instrument | Senior notes | 6.25% Senior Notes, due February 2025 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt instrument, fair value disclosure | $ 233,600 | |||
Recurring | Not Designated as Hedging Instrument | Senior notes | 7.75% Senior Notes, due May 2027 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt instrument, fair value disclosure | 235,500 | |||
Recurring | Not Designated as Hedging Instrument | Level 1 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
PEF - current | 8,874 | 5,981 | ||
PEF - long-term | 0 | 9,975 | ||
Total Assets | 8,874 | 15,956 | ||
Liabilities | 475,107 | 491,752 | ||
Recurring | Not Designated as Hedging Instrument | Level 1 | Senior notes | 6.25% Senior Notes, due February 2025 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt instrument, fair value disclosure | 233,645 | 243,801 | ||
Recurring | Not Designated as Hedging Instrument | Level 1 | Senior notes | 7.75% Senior Notes, due May 2027 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Debt instrument, fair value disclosure | 235,500 | 241,455 | ||
Recurring | Not Designated as Hedging Instrument | Level 1 | DSUs | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liability - long-term | 5,962 | 6,496 | ||
Recurring | Not Designated as Hedging Instrument | Level 2 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Restricted cash and cash equivalents - long-term | 5,710 | 5,344 | ||
Total Assets | 5,710 | 5,344 | ||
Liabilities | 10,641 | 25,023 | ||
Recurring | Not Designated as Hedging Instrument | Level 2 | PSUs | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liability - long-term | $ 2,630 | $ 9,941 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
PEF, notional amount (in shares) | 10,000,000 | 16,000,000 | |
Investments, fair value | $ 8,900 | $ 16,000 | |
(Loss) gain on prepaid equity forwards | (1,700) | $ 7,800 | |
Derivative instruments loss | $ 0 | $ 21,439 | |
Senior notes | 6.25% Senior Notes, due February 2025 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Stated interest rate | 6.25% | ||
Senior notes | 6.25% Senior Notes, due February 2025 | Recurring | Not Designated as Hedging Instrument | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, fair value disclosure | $ 233,600 | ||
Senior notes | 7.75% Senior Notes, due May 2027 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Stated interest rate | 7.75% | ||
Senior notes | 7.75% Senior Notes, due May 2027 | Recurring | Not Designated as Hedging Instrument | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, fair value disclosure | $ 235,500 | ||
Carrying amount | Senior notes | 6.25% Senior Notes, due February 2025 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, fair value disclosure | 268,500 | ||
Carrying amount | Senior notes | 7.75% Senior Notes, due May 2027 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, fair value disclosure | $ 293,600 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 105,684 | $ 126,873 | $ 58,707 | $ 26,109 |
Restricted cash and cash equivalents - current | 1,142 | 1,142 | 1,142 | 392 |
Restricted cash and cash equivalents - long-term | 5,710 | 5,343 | 5,252 | 4,903 |
Cash, cash equivalents and restricted cash and cash equivalents | $ 112,536 | $ 133,358 | $ 65,101 | $ 31,404 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Schedule of Net Changes in Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accounts receivable and other long-term assets | $ (3,022) | $ (10,150) |
Derivatives | 0 | 3,276 |
Prepaid Equity Forward | 7,806 | (10,982) |
Prepaids & Inventory | 740 | (159) |
Accounts payable and accrued and other long-term liabilities | (17,252) | 12,021 |
Taxes receivable and payable | 965 | 22,514 |
Net changes in assets and liabilities from operating activities | $ (10,763) | $ 16,520 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Increase (decrease) in accounts payable and accrued liabilities | $ 14.9 | $ (1.7) |
Increase in accounts receivable | $ 0.1 |
Supplemental Cash Flow Inform_6
Supplemental Cash Flow Information - Schedule of Additional Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for income taxes | $ 8,461 | $ 9,703 |
Cash paid for interest | 8,781 | 10,042 |
Non-cash investing activities: | ||
Net liabilities related to property, plant and equipment, end of period | $ 69,989 | $ 28,339 |