Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Jun. 19, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | W&T OFFSHORE INC | |
Entity Central Index Key | 0001288403 | |
Trading Symbol | wti | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 141,778,318 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.00001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 47,574 | $ 32,433 |
Receivables: | ||
Oil and natural gas sales | 35,413 | 57,367 |
Joint interest and other, net | 12,277 | 19,400 |
Income taxes | 1,861 | 1,861 |
Total receivables | 49,551 | 78,628 |
Prepaid expenses and other assets (Note 1) | 78,658 | 30,691 |
Total current assets | 175,783 | 141,752 |
Oil and natural gas properties and other, net - at cost (Note 1) | 730,044 | 748,798 |
Restricted deposits for asset retirement obligations | 15,574 | 15,806 |
Deferred income taxes | 57,418 | 63,916 |
Other assets (Note 1) | 30,084 | 33,447 |
Total assets | 1,008,903 | 1,003,719 |
Current liabilities: | ||
Accounts payable | 61,729 | 102,344 |
Undistributed oil and natural gas proceeds | 28,176 | 29,450 |
Advances from joint interest partners | 18,285 | 5,279 |
Asset retirement obligations | 2,803 | 21,991 |
Accrued liabilities (Note 1) | 34,428 | 30,896 |
Total current liabilities | 145,421 | 189,960 |
Long-term debt: (Note 2) | ||
Principal | 677,525 | 730,000 |
Carrying value adjustments | (9,467) | (10,467) |
Long term debt - carrying value | 668,058 | 719,533 |
Asset retirement obligations, less current portion | 361,297 | 333,603 |
Other liabilities (Note 1) | 16,464 | 9,988 |
Commitments and contingencies | ||
Shareholders’ deficit: | ||
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued for both dates presented | ||
Common stock, $0.00001 par value; 200,000 shares authorized; 144,538 issued and 141,669 outstanding for both dates presented | 1 | 1 |
Additional paid-in capital | 548,098 | 547,050 |
Retained deficit | (706,269) | (772,249) |
Treasury stock, at cost; 2,869 shares for both dates presented | (24,167) | (24,167) |
Total shareholders’ deficit | (182,337) | (249,365) |
Total liabilities and shareholders’ deficit | $ 1,008,903 | $ 1,003,719 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 144,538 | 141,669 |
Common stock, shares outstanding (in shares) | 144,538 | 141,669 |
Treasury stock, shares (in shares) | 2,869 | 2,869 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Total revenues | $ 124,128 | $ 116,080 |
Operating costs and expenses: | ||
Lease operating expenses | 54,775 | 43,456 |
Production taxes | 916 | 416 |
Gathering and transportation | 5,449 | 6,423 |
Depreciation, depletion, amortization and accretion | 39,126 | 33,766 |
General and administrative expenses | 13,963 | 14,109 |
Derivative (gain) loss | (61,912) | 48,886 |
Total costs and expenses | 52,317 | 147,056 |
Operating income (loss) | 71,811 | (30,976) |
Interest expense, net | 17,110 | 16,282 |
Gain on purchase of debt | (18,501) | |
Other expense, net | 723 | 331 |
Income (loss) before income tax expense | 72,479 | (47,589) |
Income tax expense | 6,499 | 172 |
Net income (loss) | $ 65,980 | $ (47,761) |
Basic and diluted earnings (loss) per common share (in dollars per share) | $ 0.46 | $ (0.34) |
Oil and Condensate [Member] | ||
Revenues: | ||
Total revenues | $ 84,650 | $ 86,703 |
Natural Gas Liquids [Member] | ||
Revenues: | ||
Total revenues | 6,452 | 6,448 |
Natural Gas, Production [Member] | ||
Revenues: | ||
Total revenues | 29,300 | 21,838 |
Product and Service, Other [Member] | ||
Revenues: | ||
Total revenues | $ 3,726 | $ 1,091 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balances (in shares) at Dec. 31, 2018 | 140,644 | 2,869 | |||
Balances at Dec. 31, 2018 | $ 1 | $ 545,705 | $ (846,335) | $ (24,167) | $ (324,796) |
Share-based compensation | (78) | (78) | |||
Net loss | (47,761) | (47,761) | |||
Balances (in shares) at Mar. 31, 2019 | 140,644 | 2,869 | |||
Balances at Mar. 31, 2019 | $ 1 | 545,627 | (894,096) | $ (24,167) | (372,635) |
Balances (in shares) at Dec. 31, 2019 | 141,669 | 2,869 | |||
Balances at Dec. 31, 2019 | $ 1 | 547,050 | (772,249) | $ (24,167) | (249,365) |
Net loss | 65,980 | 65,980 | |||
Share-based compensation | 1,048 | 1,048 | |||
Balances (in shares) at Mar. 31, 2020 | 141,669 | 2,869 | |||
Balances at Mar. 31, 2020 | $ 1 | $ 548,098 | $ (706,269) | $ (24,167) | $ (182,337) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net income (loss) | $ 65,980 | $ (47,761) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion | 39,126 | 33,766 |
Amortization of debt items and other items | 1,625 | 1,152 |
Share-based compensation | 1,048 | (78) |
Derivative (gain) loss | (61,912) | 48,886 |
Cash receipts on derivative settlements, net | 4,404 | 11,948 |
Gain on purchase of debt | (18,501) | |
Deferred Income taxes | 6,499 | 172 |
Changes in operating assets and liabilities: | ||
Oil and natural gas receivables | 21,954 | 6,496 |
Joint interest receivables | 7,123 | (2,986) |
Prepaid expenses and other assets | 11,011 | (4,269) |
Asset retirement obligation settlements | (249) | (254) |
Cash advances from JV partners | 13,006 | 44,644 |
Accounts payable, accrued liabilities and other | (6,790) | (6,871) |
Net cash provided by operating activities | 84,324 | 84,845 |
Investing activities: | ||
Investment in oil and natural gas properties and equipment | (33,575) | (31,581) |
Acquisition of property interest | (2,002) | |
Purchases of furniture, fixtures and other | (70) | |
Net cash used in investing activities | (35,647) | (31,581) |
Financing activities: | ||
Repayments on credit facility | (25,000) | |
Purchase of Senior Second Lien Notes | (8,536) | |
Debt issuance costs and other | (441) | |
Net cash used in financing activities | (33,536) | (441) |
Increase in cash and cash equivalents | 15,141 | 52,823 |
Cash and cash equivalents, beginning of period | 32,433 | 33,293 |
Cash and cash equivalents, end of period | $ 47,574 | $ 86,116 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation Operations. 100% 4. Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2019. Use of Estimates. Recent Events. 19” March 2020. June 2020 April 2020, 2020 12, Subsequent Events Accounting Standard Updates effective January 1, 2020 Credit Losses - June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” not not Derivatives and Hedging - August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 not not Revenue Recognition 12 Credit Risk and Allowance for Credit Losses. December 31, 2019 three March 31, 2020, 63% 57%, three ten Joint interest and other, net Allowance for credit losses, December 31, 2019 $ 9,898 Additional provisions 36 Uncollectible accounts written off — Allowance for credit losses, March 31, 2020 $ 9,934 Prepaid Expenses and Other Assets. one March 31, 2020 December 31, 2019 Derivatives - current (1) $ 64,039 $ 7,266 Unamortized bond/insurance premiums 4,478 4,357 Prepaid deposits related to royalties 7,555 7,980 Prepayment to vendors 1,825 10,202 Other 761 886 Prepaid expenses and other assets $ 78,658 $ 30,691 ( 1 Includes closed contracts which have not Oil and Natural Gas Properties and Other, Net – At Cost. no March 31, 2020 December 31, 2019 Oil and natural gas properties and equipment, at cost $ 8,546,778 $ 8,532,196 Furniture, fixtures and other 20,387 20,317 Total property and equipment 8,567,165 8,552,513 Less: Accumulated depreciation, depletion and amortization 7,837,121 7,803,715 Oil and natural gas properties and other, net $ 730,044 $ 748,798 Other Assets (long-term). March 31, 2020 December 31, 2019 Right-of-Use assets (Note 7) $ 12,745 $ 7,936 Unamortized debt issuance costs 3,458 3,798 Investment in White Cap, LLC 2,917 2,590 Unamortized brokerage fee for Monza 2,881 3,423 Proportional consolidation of Monza's other assets (Note 4) 4,222 5,308 Derivative assets 2,847 2,653 Appeal bond deposits — 6,925 Other 1,014 814 Total other assets (long-term) $ 30,084 $ 33,447 Accrued Liabilities. March 31, 2020 December 31, 2019 Accrued interest $ 24,497 $ 10,180 Accrued salaries/payroll taxes/benefits 2,715 2,377 Incentive compensation plans 1,069 9,794 Litigation accruals 3,673 3,673 Lease liability (Note 7) 2,472 2,716 Derivatives - current — 1,785 Other 2 371 Total accrued liabilities $ 34,428 $ 30,896 Other Liabilities (long-term). March 31, 2020 December 31, 2019 Dispute related to royalty deductions $ 4,687 $ 4,687 Dispute related to royalty-in-kind 250 250 Derivatives 1,245 — Lease liability (Note 7) 9,581 4,419 Other 701 632 Total other liabilities (long-term) $ 16,464 $ 9,988 |
Note 2 - Long-term Debt
Note 2 - Long-term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 2. Long-Term Debt The components of our long-term debt are presented in the following table (in thousands): March 31, 2020 December 31, 2019 Credit Agreement borrowings $ 80,000 $ 105,000 Senior Second Lien Notes: Principal 597,525 625,000 Unamortized debt issuance costs (9,467 ) (10,467 ) Total Senior Second Lien Notes 588,058 614,533 Total long-term debt $ 668,058 $ 719,533 Credit Agreement On October 18, 2018, October 18, 2022. • As of March 31, 2020, $250.0 • Letters of credit may $30.0 March 31, 2020 December 31, 2019, $5.8 • For the period ended March 31, 2020, not 3.00 1.00. • For the period ended March 31, 2020, 1.00 1.00. Availability under the Credit Agreement is subject to semi-annual redeterminations of our borrowing base in or around May November may 12, Subsequent Events 2020 The Credit Agreement is collateralized by a first 85% three March 31, 2020 4.5%, whic 9.75% 2023 On October 18, 2018, $625.0 9.75% 2023 9.75% November 1, 2023, 10.4% , w h ich includes amortization of debt issuance costs. Interest on the Senior Second Lien Notes is payable in arrears on May 1 November 1 During the three March 31, 2020, $27.5 $8.5 $18.5 $0.4 March 31, 2020 ( 12, The Senior Second Lien Notes are secured by a second not no Covenants As of March 31, 2020 Fair Value Measurements For information about fair value measurements of our long-term debt, refer to Note 3. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. Fair Value Measurements Derivative Financial Instruments We measure the fair value of our open derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 6, Derivative Financial Instruments The following table presents the fair value of our open derivative financial instruments (in thousands): March 31, 2020 December 31, 2019 Assets: Derivatives instruments - open contracts, current $ 54,358 $ 6,921 Derivatives instruments - open contracts, long-term 2,847 2,653 Liabilities: Derivatives instruments - open contracts, current — 1,785 Derivatives instruments - open contracts, long-term 1,245 — Long-Term Debt We believe the carrying value of our debt under the Credit Agreement approximates fair value because the interest rates are variable and reflective of current market rates. The fair value of our Senior Second Lien Notes was measured using quoted prices, although the market is not 2 2, Long-Term Debt The following table presents the carrying value and fair value of our long-term debt (in thousands): March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 80,000 $ 80,000 $ 105,000 $ 105,000 Senior Second Lien Notes 588,058 136,421 614,533 597,188 |
Note 4 - Joint Venture Drilling
Note 4 - Joint Venture Drilling Program | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Joint Venture Drilling Program [Text Block] | 4. Joint Venture Drilling Program In March 2018, two 2018 $361.4 March 31, 2020, nine March 31, 2020, one not 88.94% 11.06% 30.0% 20.0% seven nine March 31, 2020. The members of Monza are made up of third third 4.5% $14.5 Monza is an entity separate from any other entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Monza’s assets prior to any value in Monza becoming available to holders of its equity. The assets of Monza are not Through March 31, 2020, $289.3 $45.9 March 31, 2020 $57.1 Consolidation and Carrying Amounts Our interest in Monza is considered to be a variable interest that we account for using proportional consolidation. Through March 31, 2020, no not not March 31, 2020, $15.1 $4.2 $0.1 $2.4 December 31, 2019, $16.1 $5.3 $0.1 $2.7 three March 31, 2020 December 31, 2019, March 31, 2020 December 31, 2019 $18.3 $5.3 three March 31, 2020, $3.3 $3.1 three March 31, 2019, $1.6 $0.9 |
Note 5 - Asset Retirement Oblig
Note 5 - Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 5. Asset Retirement Obligations Our asset retirement obligations (“ARO”) represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives. A summary of the changes to our ARO is as follows (in thousands): Balances, December 31, 2019 $ 355,594 Liabilities settled (249 ) Accretion of discount 5,716 Liabilities incurred, including acquisitions 2,704 Revisions of estimated liabilities 335 Balances, March 31, 2020 364,100 Less current portion 2,803 Long-term $ 361,297 |
Note 6 - Derivative Financial I
Note 6 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. Derivative Financial Instruments Our market risk exposure relates primarily to commodity prices and, from time to time, we use various derivative instruments to manage our exposure to this commodity price risk from sales of our crude oil and natural gas. All of the present derivative counterparties are also lenders or affiliates of lenders participating in our Credit Agreement. We are exposed to credit loss in the event of nonperformance by the derivative counterparties; however, we currently anticipate that each of our derivative counterparties will be able to fulfill their contractual obligations. We are not not We have elected not Net cash provided by operating activities We entered into commodity contracts for crude oil and natural gas which related to a portion of our expected future production. The crude oil contracts are based on West Texas Intermediate (“WTI”) crude oil prices and the natural gas contracts are based off the Henry Hub prices, both of which are quoted off the New York Mercantile Exchange (“NYMEX”). The open contracts as of March 31, 2020 Crude Oil: Open Swap Contracts, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Weighted Average Strike Price Apr 2020 - May 2020 10,000 610,000 $ 60.92 Crude Oil: Open Call Contracts - Bought, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Strike Price Apr 2020 - May 2020 10,000 610,000 $ 61.00 June 2020 - Dec. 2020 10,000 2,140,000 $ 67.50 ( 1 Bbls = Barrels Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Put Option Call Option June 2020 - Dec. 2020 10,000 2,140,000 $ 45.00 $ 63.51 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Put Option Strike Price (Bought) Call Option Strike Price (Sold) May 2020 - Dec. 2022 40,000 39,000,000 $ 1.83 $ 3.00 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price May 2020 - Dec. 2022 40,000 39,000,000 $ 3.00 ( 2 MMBtu = Million British Thermal Units The following amounts were recorded in the Condensed Consolidated Balance Sheets in the categories presented and include the fair value of open contracts, and closed contracts which had not March 31, December 31, 2020 2019 Prepaid expenses and other assets $ 64,039 $ 7,266 Other assets (long-term) 2,847 2,653 Accrued liabilities — 1,785 Other liabilities (long-term) 1,245 — The amounts recorded on the Condensed Consolidated Balance Sheets are on a gross basis. If these were recorded on a net settlement basis, it would not Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands): Three Months Ended March 31, 2020 2019 Derivative (gain) loss $ (61,912) $ 48,886 Cash receipts on commodity derivative contract settlements, net, are included within Net cash provided by operating activities Three Months Ended March 31, 2020 2019 Cash receipts on derivative settlements, net $ 4,404 $ 11,948 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Leases Our contract arrangements accounted for under the applicable GAAP for lease contracts consist of office leases, a land lease and various pipeline right-of-way contracts. For these contracts, a right-of-use ("ROU") asset and lease liability was established based on our assumptions of the term, inflation rates and incremental borrowing rates. During the three March 31, 2020, December 2020. February 2032. The term of each pipeline right-of-way contract is 10 ten 10 five 2085. We recorded ROU assets and lease liabilities using a discount rate of 9.75% 10.75% Amounts related to leases recorded within our Condensed Consolidated Balance Sheet are as follows (in thousands): March 31, 2020 December 31, 2019 ROU assets $ 12,745 $ 7,936 Lease liability: Accrued liabilities $ 2,472 $ 2,716 Other liabilities 9,581 4,419 Total lease liability $ 12,053 $ 7,135 |
Note 8 - Share-based Compensati
Note 8 - Share-based Compensation and Cash-based Incentive Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. Share-Based Compensation and Cash-Based Incentive Compensation Awards to Employees. 2010, 2019, 2018 2017, may may As of March 31, 2020, 10,874,043 one one RSUs currently outstanding relate to the 2019 2018 2019 2018 December second We recognize compensation cost for share-based payments to employees over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the RSUs granted during 2019, 2018 2017 All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. A summary of activity related to RSUs during the three March 31, 2020 Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2019 1,614,722 $ 5.73 Forfeited (22,645) 6.37 Nonvested, March 31, 2020 1,592,077 5.72 For the outstanding RSUs issued to the eligible employees as of March 31, 2020, Restricted Stock Units 2020 803,995 2021 788,082 Total 1,592,077 Awards to Non-Employee Directors . 2004 2019, 2018 2017. March 31, 2020, 82,620 second 2020, 500,000 second 2020, 109,376 one one We recognize compensation cost for share-based payments to non-employee directors over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the Restricted Shares granted were determined using the Company’s closing price on the grant date. No The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods unless otherwise approved by the Board of Directors. Restricted Shares cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. There was no three March 31, 2020. For the outstanding Restricted Shares issued to the non-employee directors as of March 31, 2020, Restricted Shares 2020 78,424 2021 29,300 2022 15,456 Total 123,180 Share-Based Compensation. General and administrative expense not Three Months Ended March 31, 2020 2019 Share-based compensation expense from: Restricted stock units (1) $ 978 $ (148 ) Restricted Shares 70 70 Total $ 1,048 $ (78 ) ( 1 For the three March 31, 2019, Unrecognized Share-Based Compensation. March 31, 2020, $4.0 $0.4 November 2021 April 2022 Cash-Based Incentive Compensation. 2019 2018. one three 2018, • For the 2019 $200 four January 2019 February 2020 March 2020 2019 • In 2018, three • For the 2018 2018 September 2018 November 2020 2018 December 14, 2020 • For the 2018 2018 2018 January 2018 February 2019 2018 March 2019. A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): Three Months Ended March 31, 2020 2019 Share-based compensation included in: General and administrative expenses $ 1,048 $ (78 ) Cash-based incentive compensation included in: Lease operating expense (1) 849 (123 ) General and administrative expenses (1) 3,631 2,095 Total charged to operating income $ 5,528 $ 1,894 ( 1 Includes adjustments of accruals to actual payments. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes Tax Expense and Tax Rate. three March 31, 2020 2019 $6.5 $0.2 three March 31, 2020, March 27, 2020. 163 three March 31, 2019, 9.0% three March 31, 2020 not three March 31, 2019. Valuation Allowance. not not As of March 31, 2020 December 31, 2019, $47.8 $54.4 Income Taxes Receivable. March 31, 2020 December 31, 2019, $1.9 2017 During the three March 31, 2020 2019, not The tax years 2016 2019 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Earnings Per Share The following table presents the calculation of basic and diluted earnings (loss) per common share (in thousands, except per share amounts): Three Months Ended March 31, 2020 2019 Net income (loss) $ 65,980 $ (47,761 ) Less portion allocated to nonvested shares 791 — Net income (loss) allocated to common shares $ 65,189 $ (47,761 ) Weighted average common shares outstanding 141,546 140,462 Basic and diluted earnings (loss) per common share $ 0.46 $ (0.34 ) Shares excluded due to being anti-dilutive (weighted-average) — 3,342 |
Note 11 - Contingencies
Note 11 - Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Contingencies Appeal with the Office of Natural Resources Revenue (“ONRR”). 2009, 2010, 2010, $4.7 2010 May 2014. June 17, 2014, January 27, 2017, $4.7 March 27, 2017. July 25, 2017 $7.2 $6.9 first 2020. December 4, 2018, February 4, 2019, first July 9, 2019, July 31, 2019, December 18, 2019, in camera in camera 2020. Royalties – “Unbundling” Initiative. 84 second 2015, not 10 not three March 31, 2020 2019 not Notices of Proposed Civil Penalty Assessment. three March 31, 2020 2019, not nine not 10 July 2012 January 2018. $7.7 March 31, 2020 December 31, 2019, $3.5 Other Claims. may no may not not |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. Subsequent Events COVID- 19 January 30, 2020, 19 March 2020, 19 The COVID- 19 19 We are actively monitoring the impact on our results of operations, financial position, and liquidity for the remainder of 2020. 2020, Purchase of Senior Second Lien Notes. second 2020, $45.1 $15.4 Paycheck Protection Program ( PPP ) April 15, 2020, $8.4 not no April 10, 2025 1%. Spring 2020 June 17, 2020, not • The borrowing base under the Credit Agreement was reduced from $250.0 $215.0 • Increase the interest rate margin by 25 • Amend the financial covenants as follows: • From the period ended June 30, 2020 December 31, 2021 ( not • During the Waiver Period, the Company will be required to maintain a 2.00 1.00 first four • Increase the requirement to provide first 85% 90%. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2019. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
Subsequent Events, Policy [Policy Text Block] | Recent Events. 19” March 2020. June 2020 April 2020, 2020 12, Subsequent Events |
New Accounting Pronouncements, Adopted [Policy Text Block] | Accounting Standard Updates effective January 1, 2020 Credit Losses - June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” not not Derivatives and Hedging - August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 not not |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition 12 |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | Credit Risk and Allowance for Credit Losses. December 31, 2019 three March 31, 2020, 63% 57%, three ten Joint interest and other, net Allowance for credit losses, December 31, 2019 $ 9,898 Additional provisions 36 Uncollectible accounts written off — Allowance for credit losses, March 31, 2020 $ 9,934 |
Prepaid Expenses and Other Assets [Policy Text Block] | Prepaid Expenses and Other Assets. one March 31, 2020 December 31, 2019 Derivatives - current (1) $ 64,039 $ 7,266 Unamortized bond/insurance premiums 4,478 4,357 Prepaid deposits related to royalties 7,555 7,980 Prepayment to vendors 1,825 10,202 Other 761 886 Prepaid expenses and other assets $ 78,658 $ 30,691 ( 1 Includes closed contracts which have not |
Property, Plant and Equipment, Policy [Policy Text Block] | Oil and Natural Gas Properties and Other, Net – At Cost. no March 31, 2020 December 31, 2019 Oil and natural gas properties and equipment, at cost $ 8,546,778 $ 8,532,196 Furniture, fixtures and other 20,387 20,317 Total property and equipment 8,567,165 8,552,513 Less: Accumulated depreciation, depletion and amortization 7,837,121 7,803,715 Oil and natural gas properties and other, net $ 730,044 $ 748,798 |
Other Noncurrent Assets [Policy Text Block] | Other Assets (long-term). March 31, 2020 December 31, 2019 Right-of-Use assets (Note 7) $ 12,745 $ 7,936 Unamortized debt issuance costs 3,458 3,798 Investment in White Cap, LLC 2,917 2,590 Unamortized brokerage fee for Monza 2,881 3,423 Proportional consolidation of Monza's other assets (Note 4) 4,222 5,308 Derivative assets 2,847 2,653 Appeal bond deposits — 6,925 Other 1,014 814 Total other assets (long-term) $ 30,084 $ 33,447 |
Accrued Liabilities Policy [Policy Text Block] | Accrued Liabilities. March 31, 2020 December 31, 2019 Accrued interest $ 24,497 $ 10,180 Accrued salaries/payroll taxes/benefits 2,715 2,377 Incentive compensation plans 1,069 9,794 Litigation accruals 3,673 3,673 Lease liability (Note 7) 2,472 2,716 Derivatives - current — 1,785 Other 2 371 Total accrued liabilities $ 34,428 $ 30,896 |
Other Noncurrent Liabilities [Policy Text Block] | Other Liabilities (long-term). March 31, 2020 December 31, 2019 Dispute related to royalty deductions $ 4,687 $ 4,687 Dispute related to royalty-in-kind 250 250 Derivatives 1,245 — Lease liability (Note 7) 9,581 4,419 Other 701 632 Total other liabilities (long-term) $ 16,464 $ 9,988 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for credit losses, December 31, 2019 $ 9,898 Additional provisions 36 Uncollectible accounts written off — Allowance for credit losses, March 31, 2020 $ 9,934 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, 2020 December 31, 2019 Derivatives - current (1) $ 64,039 $ 7,266 Unamortized bond/insurance premiums 4,478 4,357 Prepaid deposits related to royalties 7,555 7,980 Prepayment to vendors 1,825 10,202 Other 761 886 Prepaid expenses and other assets $ 78,658 $ 30,691 |
Property, Plant and Equipment [Table Text Block] | March 31, 2020 December 31, 2019 Oil and natural gas properties and equipment, at cost $ 8,546,778 $ 8,532,196 Furniture, fixtures and other 20,387 20,317 Total property and equipment 8,567,165 8,552,513 Less: Accumulated depreciation, depletion and amortization 7,837,121 7,803,715 Oil and natural gas properties and other, net $ 730,044 $ 748,798 |
Schedule of Other Assets, Noncurrent [Table Text Block] | March 31, 2020 December 31, 2019 Right-of-Use assets (Note 7) $ 12,745 $ 7,936 Unamortized debt issuance costs 3,458 3,798 Investment in White Cap, LLC 2,917 2,590 Unamortized brokerage fee for Monza 2,881 3,423 Proportional consolidation of Monza's other assets (Note 4) 4,222 5,308 Derivative assets 2,847 2,653 Appeal bond deposits — 6,925 Other 1,014 814 Total other assets (long-term) $ 30,084 $ 33,447 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2020 December 31, 2019 Accrued interest $ 24,497 $ 10,180 Accrued salaries/payroll taxes/benefits 2,715 2,377 Incentive compensation plans 1,069 9,794 Litigation accruals 3,673 3,673 Lease liability (Note 7) 2,472 2,716 Derivatives - current — 1,785 Other 2 371 Total accrued liabilities $ 34,428 $ 30,896 |
Other Noncurrent Liabilities [Table Text Block] | March 31, 2020 December 31, 2019 Dispute related to royalty deductions $ 4,687 $ 4,687 Dispute related to royalty-in-kind 250 250 Derivatives 1,245 — Lease liability (Note 7) 9,581 4,419 Other 701 632 Total other liabilities (long-term) $ 16,464 $ 9,988 |
Note 2 - Long-term Debt (Tables
Note 2 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2020 December 31, 2019 Credit Agreement borrowings $ 80,000 $ 105,000 Senior Second Lien Notes: Principal 597,525 625,000 Unamortized debt issuance costs (9,467 ) (10,467 ) Total Senior Second Lien Notes 588,058 614,533 Total long-term debt $ 668,058 $ 719,533 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Assets at Fair Value [Table Text Block] | March 31, 2020 December 31, 2019 Assets: Derivatives instruments - open contracts, current $ 54,358 $ 6,921 Derivatives instruments - open contracts, long-term 2,847 2,653 Liabilities: Derivatives instruments - open contracts, current — 1,785 Derivatives instruments - open contracts, long-term 1,245 — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | March 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 80,000 $ 80,000 $ 105,000 $ 105,000 Senior Second Lien Notes 588,058 136,421 614,533 597,188 |
Note 5 - Asset Retirement Obl_2
Note 5 - Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Balances, December 31, 2019 $ 355,594 Liabilities settled (249 ) Accretion of discount 5,716 Liabilities incurred, including acquisitions 2,704 Revisions of estimated liabilities 335 Balances, March 31, 2020 364,100 Less current portion 2,803 Long-term $ 361,297 |
Note 6 - Derivative Financial_2
Note 6 - Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Crude Oil: Open Swap Contracts, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Weighted Average Strike Price Apr 2020 - May 2020 10,000 610,000 $ 60.92 Crude Oil: Open Call Contracts - Bought, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Strike Price Apr 2020 - May 2020 10,000 610,000 $ 61.00 June 2020 - Dec. 2020 10,000 2,140,000 $ 67.50 Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Put Option Call Option June 2020 - Dec. 2020 10,000 2,140,000 $ 45.00 $ 63.51 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Put Option Strike Price (Bought) Call Option Strike Price (Sold) May 2020 - Dec. 2022 40,000 39,000,000 $ 1.83 $ 3.00 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price May 2020 - Dec. 2022 40,000 39,000,000 $ 3.00 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | March 31, December 31, 2020 2019 Prepaid expenses and other assets $ 64,039 $ 7,266 Other assets (long-term) 2,847 2,653 Accrued liabilities — 1,785 Other liabilities (long-term) 1,245 — Three Months Ended March 31, 2020 2019 Derivative (gain) loss $ (61,912) $ 48,886 |
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block] | Three Months Ended March 31, 2020 2019 Cash receipts on derivative settlements, net $ 4,404 $ 11,948 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Operating Lease, Lessee, Assets and Liabilities [Table Text Block] | March 31, 2020 December 31, 2019 ROU assets $ 12,745 $ 7,936 Lease liability: Accrued liabilities $ 2,472 $ 2,716 Other liabilities 9,581 4,419 Total lease liability $ 12,053 $ 7,135 |
Note 8 - Share-based Compensa_2
Note 8 - Share-based Compensation and Cash-based Incentive Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2019 1,614,722 $ 5.73 Forfeited (22,645) 6.37 Nonvested, March 31, 2020 1,592,077 5.72 |
Schedule of Nonvested Restricted Stock Units, Vesting Schedule [Table Text Block] | Restricted Stock Units 2020 803,995 2021 788,082 Total 1,592,077 |
Schedule of Nonvested Restricted Stock, Vesting Schedule [Table Text Block] | Restricted Shares 2020 78,424 2021 29,300 2022 15,456 Total 123,180 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended March 31, 2020 2019 Share-based compensation expense from: Restricted stock units (1) $ 978 $ (148 ) Restricted Shares 70 70 Total $ 1,048 $ (78 ) |
Schedule of Incentive Compensation Expense [Table Text Block] | Three Months Ended March 31, 2020 2019 Share-based compensation included in: General and administrative expenses $ 1,048 $ (78 ) Cash-based incentive compensation included in: Lease operating expense (1) 849 (123 ) General and administrative expenses (1) 3,631 2,095 Total charged to operating income $ 5,528 $ 1,894 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 Net income (loss) $ 65,980 $ (47,761 ) Less portion allocated to nonvested shares 791 — Net income (loss) allocated to common shares $ 65,189 $ (47,761 ) Weighted average common shares outstanding 141,546 140,462 Basic and diluted earnings (loss) per common share $ 0.46 $ (0.34 ) Shares excluded due to being anti-dilutive (weighted-average) — 3,342 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] - Three Major Oil and Gas Companies [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk, Percentage | 57.00% | 63.00% |
Number of Major Customers | 3 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Credit Risk and Allowance for Doubtful Accounts (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Allowance for credit losses, December 31, 2019 | $ 9,898 |
Additional provisions | 36 |
Uncollectible accounts written off | |
Allowance for credit losses, March 31, 2020 | $ 9,934 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Derivatives - current | [1] | $ 64,039 | $ 7,266 |
Unamortized bond/insurance premiums | 4,478 | 4,357 | |
Prepaid deposits related to royalties | 7,555 | 7,980 | |
Prepayment to vendors | 1,825 | 10,202 | |
Other | 761 | 886 | |
Prepaid expenses and other assets | $ 78,658 | $ 30,691 | |
[1] | Includes closed contracts which have not yet settled. |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Oil and natural gas properties and equipment, at cost | $ 8,546,778 | $ 8,532,196 |
Furniture, fixtures and other | 20,387 | 20,317 |
Total property and equipment | 8,567,165 | 8,552,513 |
Less: Accumulated depreciation, depletion and amortization | 7,837,121 | 7,803,715 |
Oil and natural gas properties and other, net | $ 730,044 | $ 748,798 |
Note 1 - Basis of Presentatio_6
Note 1 - Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Right-of-Use assets (Note 7) | $ 12,745 | $ 7,936 |
Unamortized debt issuance costs | 3,458 | 3,798 |
Investment in White Cap, LLC | 2,917 | 2,590 |
Unamortized brokerage fee for Monza | 2,881 | 3,423 |
Proportional consolidation of Monza's other assets (Note 4) | 4,222 | 5,308 |
Derivative assets | 2,847 | 2,653 |
Appeal bond deposits | 6,925 | |
Other assets, long-term | 1,014 | 814 |
Total other assets (long-term) | $ 30,084 | $ 33,447 |
Note 1 - Basis of Presentatio_7
Note 1 - Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivatives - current | $ 1,785 | |
Total accrued liabilities | 34,428 | 30,896 |
Accrued Liabilities [Member] | ||
Accrued interest | 24,497 | 10,180 |
Accrued salaries/payroll taxes/benefits | 2,715 | 2,377 |
Incentive compensation plans | 1,069 | 9,794 |
Litigation accruals | 3,673 | 3,673 |
Lease liability (Note 7) | 2,472 | 2,716 |
Other | $ 2 | $ 371 |
Note 1 - Basis of Presentatio_8
Note 1 - Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Total other liabilities (long-term) | $ 16,464 | $ 9,988 |
Other Noncurrent Liabilities [Member] | ||
Dispute related to royalty deductions | 4,687 | 4,687 |
Dispute related to royalty-in-kind | 250 | 250 |
Derivatives | 1,245 | |
Lease liability (Note 7) | 9,581 | 4,419 |
Other liabilities, long-term | $ 701 | $ 632 |
Note 2 - Long-term Debt (Detail
Note 2 - Long-term Debt (Details Textual) $ in Thousands | Oct. 18, 2018USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
Gain (Loss) on Extinguishment of Debt, Total | $ 18,501 | |||
Credit Agreement [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||
Letters of Credit Outstanding, Amount | $ 5,800 | $ 5,800 | ||
Credit Agreement, Maximum Leverage Ratio | 3 | |||
Credit Agreement, Minimum Current Ratio | 1 | |||
Credit Agreement, Minimum Percentage of Total Proved Reserves | 85.00% | |||
Debt Instrument, Interest Rate During Period | 4.50% | |||
Credit Agreement [Member] | Letter of Credit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||
Senior Second Lien Notes Due November 2023 [Member] | ||||
Debt Instrument, Face Amount | $ 625,000 | $ 597,525 | $ 625,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | |||
Debt Instrument, Interest Rate, Effective Percentage | 10.40% | |||
Extinguishment of Debt, Amount | 27,500 | |||
Repayments of Long-term Debt, Total | 8,500 | |||
Gain (Loss) on Extinguishment of Debt, Total | 18,500 | |||
Write off of Deferred Debt Issuance Cost | $ 400 |
Note 2 - Long-term Debt - Compo
Note 2 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 18, 2018 | |
Debt instrument | $ 677,525 | $ 730,000 | ||
Total long-term debt | 668,058 | 719,533 | ||
Credit Agreement [Member] | ||||
Debt instrument | [1] | 80,000 | 105,000 | |
Total long-term debt | 80,000 | 105,000 | ||
Senior Second Lien Notes Due November 2023 [Member] | ||||
Debt instrument | [1] | 588,058 | 614,533 | |
Principal | 597,525 | 625,000 | $ 625,000 | |
Unamortized debt issuance costs | (9,467) | (10,467) | ||
Total long-term debt | $ 588,058 | $ 614,533 | ||
[1] | Defined below |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements - Fair Value of Open Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Derivatives - current | [1] | $ 64,039 | $ 7,266 |
Derivative assets | 2,847 | 2,653 | |
Derivatives instruments - open contracts, current | 1,785 | ||
Open Contracts [Member] | |||
Derivatives - current | 54,358 | 6,921 | |
Derivative assets | 2,847 | 2,653 | |
Derivatives instruments - open contracts, current | 1,785 | ||
Derivatives | $ 1,245 | ||
[1] | Includes closed contracts which have not yet settled. |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term debt, carrying value | $ 668,058 | $ 719,533 |
Credit Agreement [Member] | ||
Long-term debt, carrying value | 80,000 | 105,000 |
Long-term debt, fair value | 80,000 | 105,000 |
Senior Second Lien Notes Due November 2023 [Member] | ||
Long-term debt, carrying value | 588,058 | 614,533 |
Long-term debt, fair value | $ 136,421 | $ 597,188 |
Note 4 - Joint Venture Drilli_2
Note 4 - Joint Venture Drilling Program (Details Textual) - USD ($) $ in Thousands | Mar. 12, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Property, Plant and Equipment, Net, Ending Balance | $ 730,044 | $ 748,798 | ||
Other Assets, Noncurrent, Total | 30,084 | 33,447 | ||
Asset Retirement Obligation, Ending Balance | 364,100 | 355,594 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 124,128 | $ 116,080 | ||
JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member] | ||||
Minority Interest Ownership Percentage By Joint Venture | 4.50% | |||
Monza Energy, LLC [Member] | ||||
Property, Plant and Equipment, Net, Ending Balance | 15,100 | 16,100 | ||
Other Assets, Noncurrent, Total | 4,200 | 5,300 | ||
Asset Retirement Obligation, Ending Balance | 100 | 100 | ||
Increase (Decrease) in Working Capital | 2,400 | 2,700 | ||
Cash Call Balance | 18,300 | $ 5,300 | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 3,300 | 1,600 | ||
Operating Costs and Expenses, Total | 3,100 | $ 900 | ||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | ||||
Amount Committed by Investors | $ 361,400 | |||
Joint Venture Working Interest Percentage Contributed to Related Party | 88.94% | |||
Joint Venture Working Interest Percent | 11.06% | |||
Oil and Gas Revenue, Percent | 30.00% | |||
Well Cost, Percent | 20.00% | |||
Capital Contribution Payments from Related Party | 289,300 | |||
Capital Contributions from Related Party During Period | 45,900 | |||
Capital Contribution Payments to Related Party, Net | $ 57,100 | |||
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member] | ||||
Capital Commitment to Joint Venture | $ 14,500 |
Note 5 - Asset Retirement Obl_3
Note 5 - Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Balances, December 31, 2019 | $ 355,594 | |
Liabilities settled | (249) | |
Accretion of discount | 5,716 | |
Liabilities incurred, including acquisitions | 2,704 | |
Revisions of estimated liabilities | 335 | |
Balances, March 31, 2020 | 364,100 | |
Less current portion | 2,803 | $ 21,991 |
Long-term | $ 361,297 | $ 333,603 |
Note 6 - Derivative Financial_3
Note 6 - Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details) | 3 Months Ended | |
Mar. 31, 2020$ / sharesbbl | ||
Period | May 2020 - Dec. 2022 | |
Notional Quantity (Barrel of Oil) | bbl | 40,000 | [1] |
Notional Quantity | 39,000,000 | [1] |
Weighted Average Strike Price (in dollars per share) | $ 3 | |
Period | May 2020 - Dec. 2022 | |
Notional Quantity (Barrel of Oil) | bbl | 40,000 | [1] |
Notional Quantity | 39,000,000 | [1] |
Strike Price (in dollars per share) | $ 3 | |
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 1 [Member] | ||
Period | Apr 2020 - May 2020 | |
Notional Quantity (Barrel of Oil) | bbl | 10,000 | [2] |
Notional Quantity | 610,000 | [2] |
Weighted Average Strike Price (in dollars per share) | $ 60.92 | |
Period | Apr 2020 - May 2020 | |
Notional Quantity (Barrel of Oil) | bbl | 10,000 | [2] |
Notional Quantity | 610,000 | [2] |
Strike Price (in dollars per share) | $ 60.92 | |
NYMEX Crude Oil Calls [Member] | Open Crude Oil Derivative Contracts 1 [Member] | ||
Period | Apr 2020 - May 2020 | |
Notional Quantity (Barrel of Oil) | bbl | 10,000 | [2] |
Notional Quantity | 610,000 | [2] |
Weighted Average Strike Price (in dollars per share) | $ 61 | |
Period | Apr 2020 - May 2020 | |
Notional Quantity (Barrel of Oil) | bbl | 10,000 | [2] |
Notional Quantity | 610,000 | [2] |
Strike Price (in dollars per share) | $ 61 | |
NYMEX Crude Oil Calls [Member] | Open Crude Oil Derivative Contracts 2 [Member] | ||
Period | June 2020 - Dec. 2020 | |
Notional Quantity (Barrel of Oil) | bbl | 10,000 | [2] |
Notional Quantity | 2,140,000 | [2] |
Weighted Average Strike Price (in dollars per share) | $ 67.50 | |
Period | June 2020 - Dec. 2020 | |
Notional Quantity (Barrel of Oil) | bbl | 10,000 | [2] |
Notional Quantity | 2,140,000 | [2] |
Strike Price (in dollars per share) | $ 67.50 | |
NYMEX Crude Oil Collar [Member] | Crude Oil, Open Collar Contracts [Member] | ||
Period | June 2020 - Dec. 2020 | |
Notional Quantity (Barrel of Oil) | bbl | 10,000 | [2] |
Notional Quantity | 2,140,000 | [2] |
Period | June 2020 - Dec. 2020 | |
Notional Quantity (Barrel of Oil) | bbl | 10,000 | [2] |
Notional Quantity | 2,140,000 | [2] |
NYMEX Crude Oil Collar [Member] | Crude Oil, Open Collar Contracts [Member] | Put Option [Member] | ||
Weighted Average Strike Price (in dollars per share) | $ 45 | |
Strike Price (in dollars per share) | 45 | |
NYMEX Crude Oil Collar [Member] | Crude Oil, Open Collar Contracts [Member] | Call Option [Member] | ||
Weighted Average Strike Price (in dollars per share) | 63.51 | |
Strike Price (in dollars per share) | $ 63.51 | |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | ||
Period | May 2020 - Dec. 2022 | |
Notional Quantity (Barrel of Oil) | bbl | 40,000 | [1] |
Notional Quantity | 39,000,000 | [1] |
Period | May 2020 - Dec. 2022 | |
Notional Quantity (Barrel of Oil) | bbl | 40,000 | [1] |
Notional Quantity | 39,000,000 | [1] |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | Put Option [Member] | ||
Weighted Average Strike Price (in dollars per share) | $ 1.83 | |
Strike Price (in dollars per share) | 1.83 | |
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | Call Option [Member] | ||
Weighted Average Strike Price (in dollars per share) | 3 | |
Strike Price (in dollars per share) | $ 3 | |
[1] | MMBtu = Million British Thermal Units | |
[2] | Bbls = Barrels |
Note 6 - Derivative Financial_4
Note 6 - Derivative Financial Instruments - Fair Value of Open and Closed Contracts Which Had Not Yet Settled (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Prepaid expenses and other assets | [1] | $ 64,039 | $ 7,266 | |
Other assets (long-term) | 2,847 | 2,653 | ||
Derivatives - current | 1,785 | |||
Derivative (gain) loss | (61,912) | $ 48,886 | ||
Other Noncurrent Liabilities [Member] | ||||
Other liabilities (long-term) | 1,245 | |||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||
Prepaid expenses and other assets | 64,039 | 7,266 | ||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other Noncurrent Assets [Member] | ||||
Other assets (long-term) | 2,847 | 2,653 | ||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Accrued Liabilities [Member] | ||||
Derivatives - current | 1,785 | |||
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other Noncurrent Liabilities [Member] | ||||
Other liabilities (long-term) | $ 1,245 | |||
[1] | Includes closed contracts which have not yet settled. |
Note 6 - Derivative Financial_5
Note 6 - Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash receipts on derivative settlements, net | $ 4,404 | $ 11,948 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | Mar. 31, 2020 |
Pipeline Right-of-way Contracts [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 10 years |
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Land Acquired in Mobile Bay Properties Acquisition [Member] | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Office Lease [Member] | |
Lessee, Operating Lease, Discount Rate | 9.75% |
Other Leases [Member] | |
Lessee, Operating Lease, Discount Rate | 10.75% |
Note 7 - Leases - Lessee Assets
Note 7 - Leases - Lessee Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ROU assets | $ 12,745 | $ 7,936 |
Total lease liability | 12,053 | 7,135 |
Other Noncurrent Assets [Member] | ||
ROU assets | 12,745 | 7,936 |
Accrued Liabilities [Member] | ||
Accrued liabilities | 2,472 | 2,716 |
Other Noncurrent Liabilities [Member] | ||
Other liabilities | $ 9,581 | $ 4,419 |
Note 8 - Share-based Compensa_3
Note 8 - Share-based Compensation and Cash-based Incentive Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 23, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 10,874,043 | ||
Restricted Stock [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4 | $ 0.4 | |
Cash-based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Adjusted EBITDA Less Interest, Minimum | $ 200 | ||
Directors Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 82,620 | ||
Directors Compensation Plan [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.00% | ||
Directors Compensation Plan [Member] | Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 500,000 | ||
Directors Compensation Plan [Member] | Subsequent Event [Member] | Restricted Stock [Member] | Non-employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 109,376 |
Note 8 - Share-based Compensa_4
Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Nonvested, units (in shares) | shares | 1,614,722 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 5.73 |
Forfeited, units (in shares) | shares | (22,645) |
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 6.37 |
Nonvested, units (in shares) | shares | 1,592,077 |
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares | $ 5.72 |
Note 8 - Share-based Compensa_5
Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees (Details) - Restricted Stock Units (RSUs) [Member] - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Awards expected to vest (in shares) | 1,592,077 | 1,614,722 |
Vesting in 2020 [Member] | ||
Awards expected to vest (in shares) | 803,995 | |
Vesting in 2021 [Member] | ||
Awards expected to vest (in shares) | 788,082 |
Note 8 - Share-based Compensa_6
Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Schedule of Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Stock [Member] | Mar. 31, 2020shares |
Awards expected to vest by period (in shares) | 123,180 |
Vesting in 2020 [Member] | |
Awards expected to vest by period (in shares) | 78,424 |
Vesting in 2021 [Member] | |
Awards expected to vest by period (in shares) | 29,300 |
Vesting in 2022 [Member] | |
Awards expected to vest by period (in shares) | 15,456 |
Note 8 - Share-based Compensa_7
Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Share-based compensation expense | $ 1,048 | $ (78) | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based compensation expense | [1] | 978 | (148) |
Restricted Stock [Member] | |||
Share-based compensation expense | $ 70 | $ 70 | |
[1] | For the three months ended March 31, 2019, share-based compensation expense includes adjustments for a former executive's' forfeitures. |
Note 8 - Share-based Compensa_8
Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Compensation Expense Related to Share-Based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Share-based compensation expense | $ 1,048 | $ (78) | |
Total charged to operating income | 5,528 | 1,894 | |
General and Administrative Expense [Member] | |||
Share-based compensation expense | 1,048 | (78) | |
Cash-based incentive compensation | [1] | 3,631 | 2,095 |
Lease Operating Expense [Member] | |||
Cash-based incentive compensation | [1] | $ 849 | $ (123) |
[1] | Includes adjustments of accruals to actual payments. |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Taxes Paid | $ 6,500 | $ 200 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 9.00% | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 47,800 | $ 54,400 | |
Income Taxes Receivable, Current | $ 1,861 | $ 1,861 | |
Open Tax Year | 2016 2017 2018 2019 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income (loss) | $ 65,980 | $ (47,761) |
Less portion allocated to nonvested shares | 791 | |
Net income (loss) allocated to common shares | $ 65,189 | $ (47,761) |
Weighted average common shares outstanding (in shares) | 141,546 | 140,462 |
Basic and diluted earnings (loss) per common share (in dollars per share) | $ 0.46 | $ (0.34) |
Shares excluded due to being anti-dilutive (weighted-average) (in shares) | 3,342 |
Note 11 - Contingencies (Detail
Note 11 - Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Jul. 25, 2017 | Jan. 27, 2017 | Dec. 31, 2010 | |
Additional Royalty Due to Disallowed Deductions | $ 4,700 | $ 4,700 | |||
Bonds Posted to Appeal IBLA Decision | $ 7,200 | ||||
Collateral for Bonds Posted Related to Appeal with IBLA | $ 6,900 | ||||
BSEE [Member] | |||||
Payment for Civil Penalty | $ 0 | $ 0 | |||
Proposed Civil Penalties | 7,700 | ||||
Loss Contingency Accrual, Ending Balance | $ 3,500 | $ 3,500 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) $ in Millions | Jun. 17, 2020 | Apr. 15, 2020 | Oct. 18, 2018 | Jun. 30, 2020 | Mar. 31, 2020 |
Subsequent Event [Member] | |||||
Proceeds from Paycheck Protection Program Under CARES Act | $ 8.4 | ||||
Senior Second Lien Notes Due November 2023 [Member] | |||||
Extinguishment of Debt, Amount | $ 27.5 | ||||
Repayments of Long-term Debt, Total | $ 8.5 | ||||
Senior Second Lien Notes Due November 2023 [Member] | Forecast [Member] | |||||
Extinguishment of Debt, Amount | $ 45.1 | ||||
Repayments of Long-term Debt, Total | $ 15.4 | ||||
Credit Agreement [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | ||||
Credit Agreement, Minimum Percentage of Total Proved Reserves | 85.00% | ||||
Credit Agreement [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 215 | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.25% | ||||
Credit Agreement, Leverage Ratio | 2 | ||||
Credit Agreement, Minimum Percentage of Total Proved Reserves | 90.00% |