Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AMPY | |
Entity Registrant Name | AMPLIFY ENERGY CORP | |
Entity Central Index Key | 0001521847 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 22,212,290 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 24,876 | $ 49,704 |
Restricted cash | 325 | 325 |
Accounts receivable | 25,086 | 29,514 |
Short-term derivative instruments | 276 | 18,813 |
Prepaid expenses and other current assets | 9,738 | 7,241 |
Total current assets | 60,301 | 105,597 |
Property and equipment, at cost: | ||
Oil and natural gas properties, successful efforts method | 609,414 | 598,331 |
Support equipment and facilities | 110,725 | 108,760 |
Other | 6,687 | 6,625 |
Accumulated depreciation, depletion and impairment | (96,701) | (85,535) |
Property and equipment, net | 630,125 | 628,181 |
Long-term derivative instruments | 288 | 2,469 |
Restricted investments | 94,536 | 94,467 |
Operating lease - long term right-of-use asset | 5,011 | 0 |
Other long-term assets | 5,922 | 6,129 |
Total assets | 796,183 | 836,843 |
Current liabilities: | ||
Accounts payable | 4,580 | 2,345 |
Revenues payable | 24,136 | 24,779 |
Accrued liabilities (see Note 13) | 21,199 | 23,155 |
Short-term derivative instruments | 9,108 | 139 |
Total current liabilities | 59,023 | 50,418 |
Long-term debt (see Note 8) | 270,000 | 294,000 |
Asset retirement obligations | 77,082 | 75,867 |
Long-term derivative instruments | 1,429 | 0 |
Operating lease liability | 3,090 | 0 |
Other long-term liabilities | 62 | 0 |
Total liabilities | 410,686 | 420,285 |
Commitments and contingencies (see Note 15) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: 45,000,000 shares authorized; no shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 0 | 0 |
Warrants, 2,173,913 warrants issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 4,788 | 4,788 |
Common stock, $0.0001 par value: 300,000,000 shares authorized; 22,258,450 and 22,181,881 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 3 | 3 |
Additional paid-in capital | 356,288 | 355,872 |
Accumulated earnings (deficit) | 24,418 | 55,895 |
Total stockholders' equity | 385,497 | 416,558 |
Total liabilities and equity | $ 796,183 | $ 836,843 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 45,000,000 | 45,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Warrants issued | 2,173,913 | 2,173,913 |
Warrants outstanding | 2,173,913 | 2,173,913 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 22,258,450 | 22,181,881 |
Common stock, shares outstanding | 22,258,450 | 22,181,881 |
UNAUDITED CONDENSED STATEMENTS
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Total revenues | $ 65,155,000 | $ 87,932,000 |
Costs and expenses: | ||
Lease operating expense | 28,910,000 | 29,570,000 |
Exploration | 15,000 | 34,000 |
Taxes other than income | 4,409,000 | 5,037,000 |
Depreciation, depletion and amortization | 11,166,000 | 12,958,000 |
General and administrative expense | 9,308,000 | 10,657,000 |
Accretion of asset retirement obligations | 1,311,000 | 1,718,000 |
(Gain) loss on commodity derivative instruments | 32,487,000 | 10,456,000 |
(Gain) loss on sale of properties | 0 | 2,373,000 |
Other, net | 143,000 | 0 |
Total costs and expenses | 92,406,000 | 78,403,000 |
Operating income (loss) | (27,251,000) | 9,529,000 |
Other income (expense): | ||
Interest expense, net | (4,089,000) | (5,772,000) |
Total other income (expense) | (4,089,000) | (5,772,000) |
Income (loss) before reorganization items, net and income taxes | (31,340,000) | 3,757,000 |
Reorganization items, net | (187,000) | (518,000) |
Income tax benefit (expense) | 50,000 | 0 |
Net income (loss) | (31,477,000) | 3,239,000 |
Net (income) loss allocated to participating restricted stockholders | 0 | (83,000) |
Net income (loss) attributable to common stockholders | $ (31,477,000) | $ 3,156,000 |
Earnings per share: (See Note 10) | ||
Basic and diluted earnings per share | $ (1.42) | $ 0.13 |
Weighted average common shares outstanding: | ||
Basic and diluted | 22,179 | 25,000 |
Oil and Natural Gas Sales [Member] | ||
Revenues: | ||
Total revenues | $ 65,067,000 | $ 87,847,000 |
Other Revenues [Member] | ||
Revenues: | ||
Total revenues | 88,000 | 85,000 |
Gathering, Processing and Transportation [Member] | ||
Costs and expenses: | ||
Gathering, processing and transportation | $ 4,657,000 | $ 5,600,000 |
UNAUDITED CONDENSED STATEMENT_2
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (31,477) | $ 3,239 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 11,166 | 12,958 |
(Gain) loss on derivative instruments | 32,393 | 10,456 |
Cash settlements (paid) received on expired derivative instruments | (1,277) | 4,876 |
Bad debt expense | 101 | 0 |
Amortization of deferred financing costs | 308 | 541 |
Accretion of asset retirement obligations | 1,311 | 1,718 |
(Gain) loss on sale of properties | 0 | 2,373 |
Share-based compensation (see Note 11) | 1,443 | 1,176 |
Settlement of asset retirement obligations | (162) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,326 | 2,839 |
Prepaid expenses and other assets | (6,856) | (115) |
Payables and accrued liabilities | (537) | 2,086 |
Other | 61 | 0 |
Net cash provided by operating activities | 10,800 | 42,147 |
Cash flows from investing activities: | ||
Additions to oil and gas properties | (10,370) | (13,098) |
Additions to other property and equipment | (62) | 0 |
Additions to restricted investments | (68) | (186) |
Net cash used in investing activities | (10,500) | (13,284) |
Cash flows from financing activities: | ||
Advances on revolving credit facilities | 0 | 5,000 |
Payments on revolving credit facilities | (24,000) | (34,000) |
Deferred financing costs | (101) | 0 |
Costs incurred in conjunction with tender offer | (107) | 0 |
Common stock repurchased and retired under the share repurchase program | (920) | 0 |
Other | 0 | (213) |
Net cash used in financing activities | (25,128) | (29,213) |
Net change in cash, cash equivalents and restricted cash | (24,828) | (350) |
Cash, cash equivalents and restricted cash, beginning of period | 50,029 | 6,392 |
Cash, cash equivalents and restricted cash, end of period | $ 25,201 | $ 6,042 |
UNAUDITED CONDENSED STATEMENT_3
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Warrants [Member] | Additional Paid in Capital [Member] | Accumulated Earnings (Deficit) [Member] |
Balance at Dec. 31, 2017 | $ 393,933 | $ 3 | $ 4,788 | $ 387,856 | $ 1,286 |
Net income (loss) | 3,239 | 0 | 0 | 0 | 3,239 |
Share-based compensation expense | 1,176 | 0 | 0 | 1,176 | 0 |
Other | (208) | 0 | 0 | (208) | 0 |
Balance at Mar. 31, 2018 | 398,140 | 3 | 4,788 | 388,824 | 4,525 |
Balance at Dec. 31, 2018 | 416,558 | 3 | 4,788 | 355,872 | 55,895 |
Net income (loss) | (31,477) | 0 | 0 | 0 | (31,477) |
Costs incurred in conjunction with tender offer | (107) | 0 | 0 | (107) | 0 |
Share-based compensation expense | 1,443 | 0 | 0 | 1,443 | 0 |
Common stock repurchased and retired under the share repurchase program | (920) | 0 | 0 | (920) | 0 |
Restricted shares repurchased | 0 | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 | 0 |
Balance at Mar. 31, 2019 | $ 385,497 | $ 3 | $ 4,788 | $ 356,288 | $ 24,418 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Basis of Presentation | General When referring to Amplify Energy Corp. (formerly known as Memorial Production Partners LP and also referred to as “Amplify Energy,” or the “Company”), the intent is to refer to Amplify Energy, a newly formed Delaware corporation, and its consolidated subsidiaries as a whole or on an individual basis, depending on the context in which the statements are made. Amplify Energy is the successor reporting company of Memorial Production Partners LP (“MEMP”) pursuant to Rule 15d-5 of the Securities Exchange Act of 1934, as amended. We operate in one reportable segment engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Our management evaluates performance based on one reportable business segment as the economic environments are not different within the operation of our oil and natural gas properties. Our assets consist primarily of producing oil and natural gas properties and are located in the Rockies, federal waters offshore Southern California, East Texas / North Louisiana and South Texas. Most of our oil and natural gas properties are located in large, mature oil and natural gas reservoirs. The Company’s properties consist primarily of operated and non-operated working interests in producing and undeveloped leasehold acreage and working interests in identified producing wells. Basis of Presentation Our Unaudited Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and guidelines of the Securities and Exchange Commission (the “SEC”). The results reported in these Unaudited Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the SEC. The Unaudited Condensed Consolidated Financial Statements have been prepared as if the Company is a going concern and reflect the application of Accounting Standards Codification 852 “Reorganizations” (“ASC 852”). ASC 852 requires that the financial statements, for periods subsequent to the Chapter 11 filing, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain expenses, gains and losses that were realized or incurred in the bankruptcy proceedings are recorded in “reorganization items, net” on the Company’s Unaudited Condensed Statements of Consolidated Operations. All material intercompany transactions and balances have been eliminated in preparation of our consolidated financial statements. Beginning in 2019, the Company has elected to change its reporting convention from natural gas equivalent (Mcfe) to barrels of oil equivalent (Boe). The change in presentation reflects our liquids-weighted production and reserve profile with a balanced approach to development of our oil and natural gas asset portfolio. The Company’s proved reserves as of year-end 2018 were 50% crude oil, 15% natural gas liquids and 35% natural gas. Use of Estimates The preparation of the accompanying Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, oil and natural gas reserves; depreciation, depletion, and amortization of proved oil and natural gas properties; future cash flows from oil and natural gas properties; impairment of long-lived assets; fair value of derivatives; fair value of equity compensation; fair values of assets acquired and liabilities assumed in business combinations and asset retirement obligations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | A discussion of our significant accounting policies and estimates is included in our 2018 Form 10-K. Reorganization Items, Net The Company has incurred significant costs associated with the reorganization. Reorganization items, net, which are expensed as incurred, represent costs and income directly associated with the Chapter 11 proceedings since January 16, 2017, the petition date. The following table summarizes the components of reorganization items, net included in the accompanying Unaudited Condensed Statements of Consolidated Operations (in thousands): For the Three Months Ended March 31, 2019 2018 Professional fees (26 ) (414 ) Other (161 ) (104 ) Reorganization items, net $ (187 ) $ (518 ) Lease Recognition In February 2016, the FASB issued guidance regarding the accounting for leases. The FASB retained a dual model, requiring leases to be classified as either direct financing or operating leases. The classification will be based on criteria that are similar to the current lease accounting treatment. The Company is the lessee under various agreements for office space, compressors, equipment, vehicles and surface rentals (right of use assets) that are currently accounted for as operating leases. The Company applied the revised lease rules for our interim and annual reporting periods starting January 1, 2019 using the modified retrospective approach with a cumulative impact to retained earnings in that period, and including several optional practical expedients relating to leases commenced before the effective date. The practical expedients the Company adopted are: (1) the original correct assessment of a contract containing a lease will be accepted without further review on all existing or expired contracts; (2) the original lease classification as an operating lease will convert as an operating lease under the new guidance; (3) initial direct costs for any existing leases will not be reassessed; (4) existing land easements or right of use agreements will continue under current accounting policy and only new agreements will be evaluated in the future; and (5) short-term leases for twelve months or less will not be evaluated under the guidance. See Note 12 for additional information regarding the adoption of the leases standard. New Accounting Pronouncements Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations and cash flows. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Revenue from contracts with customers The Company adopted Accounting Standard Update (ASU) No. 2014-09, revenue from contracts with customers (ASC 606), on January 1, 2018 using the modified retrospective method of adoption. Adoption of the ASU did not require an adjustment to the opening balance of equity and did not materially change the Company's amount and timing of revenues. The Company applied the ASU only to contracts that were not completed as of January 1, 2018. The reclassification of certain fees between oil and natural gas sales and gathering, processing and transportation is the result of the Company’s assessment of the point in time at which its performance obligations under its commodity sales contracts are satisfied and control of the commodity is transferred to the customer. The Company has determined that its contracts for the sale of crude oil, unprocessed natural gas, residue gas and NGLs contain monthly performance obligations to deliver product at locations specified in the contract. Control is transferred at the delivery location, at which point the performance obligation has been satisfied and revenue is recognized. Fees included in the contract that are incurred prior to control transfer are classified as gathering, processing and transportation and fees incurred after control transfers are included as a reduction to the transaction price. The transaction price at which revenue is recognized consists entirely of variable consideration based on quoted market prices less various fees and the quantity of volumes delivered. Oil and natural gas revenues are recorded using the sales method. Under this method, revenues are recognized based on actual volumes of oil and natural gas sold to purchasers, regardless of whether the sales are proportionate to our ownership in the property. An asset or a liability is recognized to the extent there is an imbalance in excess of the proportionate share of the remaining recoverable reserves on the underlying properties. No significant imbalances existed at March 31, 2019. Disaggregation of Revenue We have identified three material revenue streams in our business: oil, natural gas and NGLs. The following table present our revenues disaggregated by revenue stream. For the Three Months Ended March 31, 2019 2018 (in thousands) Revenues Oil $ 40,057 $ 54,726 NGLs $ 5,865 $ 10,946 Natural gas $ 19,145 $ 22,175 Oil and natural gas sales $ 65,067 $ 87,847 Contract Balances Under our sales contracts, we invoice customers once our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our contracts do not give rise to contract assets or liabilities. Accounts receivable attributable to our revenue contracts with customers was $24.8 million at March 31, 2019 and $25.0 million at December 31, 2018. Transaction Price Allocated to Remaining Performance Obligations For our contracts that have a contract term greater than one year, we have utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under our contracts, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. For our contracts that have a contract term of one year or less, we have utilized the practical expedient in ASC 606, which states that a company is not required to disclose the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisition and Divestiture Related Expenses Acquisition and divestiture related expenses for both related party and third party transactions are included in general and administrative expense in the accompanying Unaudited Condensed Statements of Consolidated Operations for the periods indicated below (in thousands): For the Three Months Ended March 31, 2019 2018 $ 364 $ 208 Acquisitions and Divestitures There were no material acquisitions or divestitures during the three months ended March 31, 2019. On May 30, 2018, we closed a transaction to divest certain of our non-core assets located in South Texas (the “South Texas Divestiture”) for total proceeds of approximately $17.1 million, including final post-closing adjustments. |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Instruments | Note 5. Fair Value Measurements of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk. A three-tier hierarchy has been established that classifies fair value amounts recognized or disclosed in the financial statements. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). All of the derivative instruments reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets were considered Level 2. The carrying values of accounts receivables, accounts payables (including accrued liabilities), restricted investments and amounts outstanding under long-term debt agreements with variable rates included in the accompanying Unaudited Condensed Consolidated Balance Sheets approximated fair value at March 31, 2019 and December 31, 2018. The fair value estimates are based upon observable market data and are classified within Level 2 of the fair value hierarchy. These assets and liabilities are not presented in the following tables. Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair market values of the derivative financial instruments reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 were based on estimated forward commodity prices. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement in its entirety. The significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following table presents the gross derivative assets and liabilities that are measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018 for each of the fair value hierarchy levels: Fair Value Measurements at March 31, 2019 Using Quoted Prices in Significant Other Significant Active Market Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Fair Value (In thousands) Assets: Commodity derivatives $ — $ 7,992 $ — $ 7,992 Interest rate derivatives — 142 — 142 Total assets $ — $ 8,134 $ — $ 8,134 Liabilities: Commodity derivatives $ — $ 18,058 $ — $ 18,058 Interest rate derivatives — 49 — 49 Total liabilities $ — $ 18,107 $ — $ 18,107 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Significant Other Significant Active Market Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Fair Value (In thousands) Assets: Commodity derivatives $ — $ 25,515 $ — $ 25,515 Liabilities: Commodity derivatives $ — $ 4,372 $ — $ 4,372 See Note 6 for additional information regarding our derivative instruments. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are reported at fair value on a nonrecurring basis as reflected on the accompanying Unaudited Condensed Consolidated Balance Sheets. The following methods and assumptions are used to estimate the fair values: • The fair value of asset retirement obligations (“AROs”) is based on discounted cash flow projections using numerous estimates, assumptions and judgments regarding factors such as the existence of a legal obligation for an ARO; amounts and timing of settlements; the credit-adjusted risk-free rate; and inflation rates. The initial fair value estimates are based on unobservable market data and are classified within Level 3 of the fair value hierarchy. See Note 7 for a summary of changes in AROs. • Proved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of such properties. The factors used to determine fair value include, but are not limited to, estimates of proved reserves, estimates of probable reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and natural gas properties. • Unproved oil and natural gas properties are reviewed for impairment based on time or geologic factors. Information such as drilling results, reservoir performance, seismic interpretation or future plans to develop acreage is also considered. • No impairments were recognized during the three months ended March 31, 2019 and 2018, respectively. |
Risk Management and Derivative
Risk Management and Derivative Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Risk Management and Derivative Instruments | Derivative instruments are utilized to manage exposure to commodity price fluctuations and achieve a more predictable cash flow in connection with natural gas and oil sales from production and borrowing related activities. These instruments limit exposure to declines in prices, but also limit the benefits that would be realized if prices increase. Certain inherent business risks are associated with commodity derivative contracts, including market risk and credit risk. Market risk is the risk that the price of natural gas or oil will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by the counterparty to a contract. It is our policy to enter into derivative contracts, only with creditworthy counterparties, which generally are financial institutions, deemed by management as competent and competitive market makers. Some of the lenders, or certain of their affiliates, under our previous and current credit agreements are counterparties to our derivative contracts. While collateral is generally not required to be posted by counterparties, credit risk associated with derivative instruments is minimized by limiting exposure to any single counterparty and entering into derivative instruments only with creditworthy counterparties that are generally large financial institutions. Additionally, master netting agreements are used to mitigate risk of loss due to default with counterparties on derivative instruments. We have also entered into International Swaps and Derivatives Association Master Agreements (“ISDA Agreements”) with each of our counterparties. The terms of the ISDA Agreements provide us and each of our counterparties with rights of set-off upon the occurrence of defined acts of default by either us or our counterparty to a derivative, whereby the party not in default may set-off all liabilities owed to the defaulting party against all net derivative asset receivables from the defaulting party. At March 31, 2019, after taking into effect netting arrangements, we had no counterparty exposure related to our derivative instruments. As a result, had all counterparties failed completely to perform according to the terms of the existing contracts, we would have had the right to offset $0.1 million against amounts outstanding under our New Revolving Credit Facility (as defined below) at March 31, 2019. See Note 8 for additional information regarding our Emergence Credit Facility and our New Revolving Credit Facility (as defined below). Commodity Derivatives We may use a combination of commodity derivatives (e.g., floating-for-fixed swaps, put options, and costless collars) to manage exposure to commodity price volatility. We recognize all derivative instruments at fair value. We enter into natural gas derivative contracts that are indexed to NYMEX-Henry Hub. We also enter into oil derivative contracts indexed to either NYMEX-WTI or ICE Brent. Our NGL derivative contracts are primarily indexed to OPIS Mont Belvieu. At March 31, 2019, we had the following open commodity positions: Remaining 2019 2020 2021 Natural Gas Derivative Contracts: Fixed price swap contracts: Average monthly volume (MMBtu) 1,540,000 150,000 — Weighted-average fixed price $ 2.88 $ 2.65 $ — Collar contracts: Average monthly volume (MMBtu) — 520,000 87,500 Weighted-average floor price — $ 2.64 $ 2.66 Weighted-average ceiling price $ — $ 2.96 $ 2.99 Crude Oil Derivative Contracts: Fixed price swap contracts: Average monthly volume (Bbls) 135,333 75,000 33,750 Weighted-average fixed price $ 52.60 $ 56.33 $ 55.93 Collar contracts: Average monthly volume (Bbls) 50,667 14,300 — Weighted-average floor price $ 55.00 $ 55.00 $ — Weighted-average ceiling price $ 63.85 $ 62.10 $ — Purchased put option contracts: Average Monthly Volume (Bbls) — 25,550 — Weighted-average strike price $ — $ 55.00 $ — Weighted-average deferred premium $ — $ 7.09 $ — NGL Derivative Contracts: Fixed price swap contracts: Average monthly volume (Bbls) 72,000 37,925 5,500 Weighted-average fixed price $ 29.96 $ 27.94 $ 27.23 Interest Rate Swaps Periodically, we enter into interest rate swaps to mitigate exposure to market rate fluctuations by converting variable interest rates such as those in our credit agreement to fixed interest rates. At March 31, 2019, we had the following interest rate swap open positions: Remaining 2019 2020 2021 Average Monthly Notional (in thousands) $ 50,000 $ 50,000 $ 50,000 Weighted-average fixed rate 2.109 % 2.109 % 2.109 % Floating rate 1 Month LIBOR 1 Month LIBOR 1 Month LIBOR Balance Sheet Presentation The following table summarizes both: (i) the gross fair value of derivative instruments by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the balance sheet and (ii) the net recorded fair value as reflected on the balance sheet at March 31, 2019 and December 31, 2018. There was no cash collateral received or pledged associated with our derivative instruments since most of the counterparties, or certain of their affiliates, to our derivative contracts are lenders under our credit agreement. Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives March 31, March 31, December 31, December 31, Type Balance Sheet Location 2019 2019 2018 2018 (In thousands) Commodity contracts Short-term derivative instruments $ 4,504 $ 13,469 $ 21,217 $ 2,543 Interest rate swaps Short-term derivative instruments 133 — — — Gross fair value 4,637 13,469 21,217 2,543 Netting arrangements (4,361 ) (4,361 ) (2,404 ) (2,404 ) Net recorded fair value Short-term derivative instruments $ 276 $ 9,108 $ 18,813 $ 139 Commodity contracts Long-term derivative instruments $ 3,489 $ 4,590 $ 4,298 $ 1,829 Interest rate swaps Long-term derivative instruments 9 49 — — Gross fair value 3,498 4,639 4,298 1,829 Netting arrangements (3,210 ) (3,210 ) (1,829 ) (1,829 ) Net recorded fair value Long-term derivative instruments $ 288 $ 1,429 $ 2,469 $ — (Gains) Losses on Derivatives We do not designate derivative instruments as hedging instruments for accounting and financial reporting purposes. Accordingly, all gains and losses, including changes in the derivative instruments’ fair values, have been recorded in the accompanying Unaudited Condensed Statements of Consolidated Operations. The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands): For the Three Months Ended Statements of March 31, Operations Location 2019 2018 Commodity derivative contracts (Gain) loss on commodity derivatives $ 32,487 $ 10,456 Interest rate derivatives Interest expense, net (94 ) — |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | The Company’s asset retirement obligations primarily relate to the Company’s portion of future plugging and abandonment costs for wells and related facilities. The following table presents the changes in the asset retirement obligations for the three months ended March 31, 2019 (in thousands): Asset retirement obligations at beginning of period $ 76,344 Liabilities added from acquisition or drilling 7 Liabilities settled (162 ) Accretion expense 1,311 Revision of estimates 59 Asset retirement obligation at end of period 77,559 Less: Current portion (477 ) Asset retirement obligations - long-term portion $ 77,082 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | The following table presents our consolidated debt obligations at the dates indicated: March 31, December 31, 2019 2018 (In thousands) $425.0 million New Revolving Credit Facility, variable-rate, due November 2023 (1) $ 270,000 $ 294,000 Long-term debt $ 270,000 $ 294,000 (1) The carrying amount of our New Revolving Credit Facility approximates fair value because the interest rates are variable and reflective of market rates. New Revolving Credit Facility Amplify Energy Operating LLC, our wholly owned subsidiary, is a party to a reserve-based revolving credit facility (the “New Revolving Credit Facility”), subject to a borrowing base of $425.0 million as of March 31, 2019, which is guaranteed by us and all of our current subsidiaries. Our borrowing base under our New Revolving Credit Facility is subject to redetermination on at least a semi-annual basis primarily based on a reserve engineering report with respect to our estimated natural gas, oil and NGL reserves, which takes into account the prevailing natural gas, oil and NGL prices at such time, as adjusted for the impact of our commodity derivative contracts. Emergence Credit Facility At March 31, 2018, Amplify Energy Operating LLC, our wholly owned subsidiary (“OLLC”), was a party to a $1.0 billion revolving credit facility (our “Emergence Credit Facility”) which was guaranteed by us and all of our current subsidiaries. On November 2, 2018, in connection with entry into our New Revolving Credit Facility, the Emergence Credit Facility was terminated and repaid in full. Weighted-Average Interest Rates The following table presents the weighted-average interest rates paid, excluding commitment fees, on our consolidated variable-rate debt obligations for the periods presented: For the Three Months Ended March 31, 2019 2018 New Revolving Credit Facility 5.07% n/a Emergence Credit Facility n/a 5.48% Letters of Credit At March 31, 2019, we had $1.7 million of letters of credit outstanding, primarily related to operations at our Wyoming properties. Unamortized Deferred Financing Costs Unamortized deferred financing costs associated with our New Revolving Credit Facility was $4.8 million at March 31, 2019. At March 31, 2019, the unamortized deferred financing costs are amortized over the remaining life of our New Revolving Credit Facility. |
Equity (Deficit)
Equity (Deficit) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Equity (Deficit) | Common Stock The Company’s authorized capital stock includes 300,000,000 shares of common stock, $0.0001 par value per share. The following is a summary of the changes in our common stock issued for the three months ended March 31, 2019: Common Shares Balance, December 31, 2018 22,181,881 Issuance of common stock — Restricted stock units vested 287,658 Repurchase of common shares (88,508 ) Common stock repurchased and retired under share repurchase program (122,581 ) Balance, March 31, 2019 22,258,450 Warrants On the May 4, 2017 (the “Effective Date”), the Company entered into a warrant agreement with American Stock Transfer & Trust Company, LLC, as warrant agent, pursuant to which the Company issued warrants to purchase up to 2,173,913 shares of the Company’s common stock (representing 8% of the Company’s outstanding common stock as of the Effective Date including shares of the Company’s common stock issuable upon full exercise of the warrants, but excluding any common stock issuable under the Management Incentive Plan (the “MIP”)), exercisable for a five-year period commencing on the Effective Date at an exercise price of $42.60 per share. Share Repurchase Program On December 21, 2018, the Company’s board of directors authorized the repurchase of up to $25.0 million of the Company’s outstanding shares of common stock, with repurchases beginning on January 9, 2019. During the three months ended March 31, 2019, the Company repurchased 122,581 shares of common stock at an average price of $7.82 for a total cost of approximately $0.9 million. At March 31, 2019, approximately $24.1 million remains available for repurchase under the program. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | The following sets forth the calculation of earnings (loss) per share, or EPS, for the periods indicated (in thousands, except per share amounts): For the Three Months Ended March 31, 2019 2018 Net income (loss) $ (31,477 ) $ 3,239 Less: Net income allocated to participating restricted stockholders — (83 ) Basic and diluted earnings available to common stockholders $ (31,477 ) $ 3,156 Common shares/units: Common shares outstanding — basic 22,179 25,000 Dilutive effect of potential common shares — — Common shares outstanding — diluted 22,179 25,000 Net earnings per share: Basic $ (1.42 ) $ 0.13 Diluted $ (1.42 ) $ 0.13 Antidilutive stock options (1) — 513 Antidilutive warrants (2) 2,174 2,174 (1) Amount represents options to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. (2) Amount represents warrants to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. |
Long-Term Incentive Plans
Long-Term Incentive Plans | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Incentive Plans | In May 2017, the Company implemented the Management Incentive Plan (the “MIP”). At March 31, 2019, an aggregate of 2,322,404 shares of the Company’s common stock are reserved for issuance under the MIP. Restricted Stock Units Restricted Stock Units with Service Vesting Condition The restricted stock units with service vesting conditions (“TSUs”) are accounted for as equity-classified awards. The grant-date fair value is recognized as compensation cost on a straight-line basis over the requisite service period and forfeitures are accounted for as they occur. Compensation costs are recorded as general and administrative expense. The unrecognized cost associated with the TSUs was $4.8 million at March 31, 2019. We expect to recognize the unrecognized compensation cost for these awards over a weighted-average period of approximately 2.0 years. The following table summarizes information regarding the TSUs granted under the MIP for the period presented: Weighted- Average Grant Number of Date Fair Value Units per Unit (1) TSUs outstanding at December 31, 2018 598,024 $ 11.35 Granted (2) 276,398 $ 6.92 Forfeited (17,250 ) $ 10.00 Vested (276,849 ) $ 7.07 TSUs outstanding at March 31, 2019 580,323 $ 11.32 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2) The aggregate grant date fair value of TSUs issued for the three months ended March 31, 2019 was $1.9 million based on a grant date market price ranging from $6.87 to $8.70 per share. Restricted Stock Units with Market and Service Vesting Conditions The restricted stock units with market and service vesting conditions (“PSUs”) are accounted for as equity-classified awards. The grant-date fair value is recognized as compensation cost on a graded-vesting basis. As such, the Company recognizes compensation cost over the requisite service period for each separately vesting tranche of the award as though the award were, in substance, multiple awards. The Company accounts for forfeitures as they occur. Compensation costs are recorded as general and administrative expense. The unrecognized cost related to the PSUs was $1.3 million at March 31, 2019. We expect to recognize the unrecognized compensation cost for these awards over a weighted-average period of approximately 1.4 years. During the three months ended March 31, 2019, the Company granted PSUs to certain new employees of the Company. The PSUs will vest based on the satisfaction of service and market vesting conditions with market vesting based on the Company’s achievement of certain share price targets. The PSUs are subject to service-based vesting such that 50% of the PSUs service vest on the applicable market vesting date and an additional 25% of the PSUs service vest on each of the first and second anniversaries of the applicable market vesting date. In the event of a qualifying termination, subject to certain conditions, (i) all PSUs that have satisfied the market vesting conditions will fully service vest, upon such termination, and (ii) if the termination occurs between the second and third anniversaries of the grant date, then PSUs that have not market vested as of the termination will market vest to the extent that the share targets (in each case, reduced by $0.25) are achieved as of such termination. Subject to the foregoing, any unvested PSUs will be forfeited upon termination of employment. A Monte Carlo simulation was used in order to determine the fair value of these awards at the grant date. The assumptions used to estimate the fair value of the PSUs are as follows: Share price targets $ 12.50 $ 15.00 $ 17.50 Risk-free interest rate: Awards Issued on January 1, 2019 2.44 % 2.44 % 2.44 % Dividend yield — — — Expected volatility: Awards Issued on January 1, 2019 54.0 % 54.0 % 54.0 % Calculated fair value per PSU: Awards Issued on January 1, 2019 $ 6.76 $ 5.86 $ 5.11 The following table summarizes information regarding the PSUs granted under the MIP for the period presented: Weighted- Average Grant Number of Date Fair Value Units per Unit (1) PSUs outstanding at December 31, 2018 393,500 $ 8.14 Granted (2) 7,750 $ 5.91 Forfeited (13,250 ) $ 7.59 Vested — $ — PSUs outstanding at March 31, 2019 388,000 $ 8.11 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2) The aggregate grant date fair value of PSUs issued for the three months ended March 31, 2019 was less than $0.1 million based on a calculated fair value price ranging from $5.11 to $6.76 per share. 2017 Non-Employee Directors Compensation Plan In June 2017, the Company implemented the 2017 Non-Employee Directors Compensation Plan (“Directors Compensation Plan”) to attract and retain services of experienced non-employee directors of the Company or its subsidiaries. An aggregate of 200,000 shares of the Company’s common stock are reserved for issuance under the Directors Compensation Plan. The restricted stock units with a service vesting condition (“Board RSUs”) are accounted for as equity-classified awards. The grant-date fair value is recognized as compensation cost on a straight-line basis over the requisite service period and forfeitures are accounted for as they occur. Compensation costs are recorded as general and administrative expense. The unrecognized cost associated with restricted stock unit awards was $0.2 million at March 31, 2019. We expect to recognize the unrecognized compensation cost for these awards over a weighted-average period of approximately 1.8 years. The following table summarizes information regarding the Board RSUs granted under the Directors Compensation Plan for the period presented: Weighted- Average Grant Number of Date Fair Value Units per Unit (1) Board RSUs outstanding at December 31, 2018 39,604 $ 11.36 Granted — $ — Forfeited — $ — Vested (10,809 ) $ 11.57 Board RSUs outstanding at March 31, 2019 28,795 $ 11.29 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. Compensation Expense The following table summarizes the amount of recognized compensation expense associated with the MIP and Directors Compensation Plan, which are reflected in the accompanying Unaudited Condensed Statements of Consolidated Operations for the periods presented (in thousands): For the Three Months Ended March 31, 2019 2018 Equity classified awards TSUs $ 669 $ 948 PSUs 396 — Board RSUs 113 19 Restricted stock options — 209 $ 1,178 $ 1,176 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 12. Leases As discussed in Note 2, the Company adopted ASU 842, leases, on January 1, 2019 using the modified retrospective approach with a cumulative impact to retained earnings. The adoption of this standard has resulted in an increase in the assets and liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheet. The Company has completed the review and evaluation of current and potential leases which resulted primarily in our corporate office lease and some minor equipment and vehicle leases qualifying under the new guidance. Based upon this analysis, the impact of the new guidance established a liability and the corresponding asset of $5.4 million at January 1, 2019. For the quarter ended March 31, 2019, our leases qualify as operating leases and we did not have any existing or new leases qualifying as financing leases. We have leases for office space and equipment in our corporate office and operating regions as well as vehicles, compressors and surface rentals related to our business operations. In addition, we have offshore Southern California pipeline right-of-way use agreements. Most of our leases, other than our corporate office lease, have an initial term and may be extended on a month-to-month basis after expiration of the initial term. Most of our leases can be terminated with 30-day prior written notice. The majority of our month-to-month leases are not included as a lease liability in our balance sheet under ASC 842 because continuation of the lease is not reasonably certain. Additionally, the Company elected the short-term practical expedient to exclude leases with a term of twelve months or less. Our corporate office lease does not provide an implicit rate. To determine the present value of the lease payments, we use our incremental borrowing rate based on the information available at the inception date. To determine the incremental borrowing rate, we apply a portfolio approach based on the applicable lease terms and the current economic environment. We use a reasonable market interest rate for our office equipment and vehicle leases. The following table presents the Company’s right-of-use assets and lease liabilities as of March 31, 2019. March 31, 2019 (In thousands) Right-of-use asset $ 5,011 Lease liabilities: Current lease liability 1,921 Long-term lease liability 3,090 Total lease liability $ 5,011 The following table reflects the Company’s maturity analysis of the minimum lease payment obligations under non-cancelable operating leases with a remaining term in excess of one year (in thousands): Office lease Leased vehicles and office equipment Total Remaining 2019 $ 1,533 $ 388 $ 1,921 2020 1,561 357 1,918 2021 1,320 219 1,539 2022 and thereafter — — — Total lease payments $ 4,414 $ 964 $ 5,378 Less: interest $ 319 $ 48 $ 367 Present value of lease liabilities $ 4,095 $ 916 $ 5,011 The following is a schedule of the Company’s future contractual payment for operating leases prepared in accordance with accounting standards prior to the adoption of ASC 842, as of December 31, 2018: Payment or Settlement Due by Period Operating leases Total 2019 2020 2021 2022 2023 Thereafter Operating leases $ 11,846 $ 5,893 $ 2,072 $ 2,109 $ 337 $ 205 $ 1,230 The weighted average remaining lease terms and discount rate for all of our operating leases were as follow as of March 31, 2019: March 31, 2019 Weighted average remaining lease term (years): Corporate office 2.32 Vehicles 0.40 Office equipment 0.12 Weighted average discount rate: Corporate office 4.12 % Vehicles 0.48 % Office equipment 0.21 % We have instituted internal controls going forward to monitor and evaluate new leases for appropriate accounting under the new guidance. |
Supplemental Disclosures to the
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Disclosures To Condensed Consolidated Statements Of Cash Flows [Abstract] | |
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows | Note 13. Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows Accrued Liabilities Current accrued liabilities consisted of the following at the dates indicated (in thousands): March 31, December 31, 2019 2018 Accrued lease operating expense $ 9,090 $ 10,469 Accrued interest payable 3,724 2,476 Accrued capital expenditures 2,602 4,349 Accrued general and administrative expense 2,398 4,393 Operating lease liability 1,921 — Accrued ad valorem tax 987 729 Asset retirement obligations 477 477 Other — 262 Accrued liabilities $ 21,199 $ 23,155 Cash and Cash Equivalents Reconciliation The following table provides a reconciliation of cash and cash equivalents on the Unaudited Condensed Consolidated Balance Sheet to cash, cash equivalents and restricted cash on the Unaudited Condensed Statements of Consolidated Cash Flows (in thousands): March 31, December 31, 2019 2018 Cash and cash equivalents $ 24,876 $ 49,704 Restricted cash 325 325 Total cash, cash equivalents and restricted cash $ 25,201 $ 50,029 Supplemental Cash Flows Supplemental cash flows for the periods presented (in thousands): For the Three Months Ended March 31, 2019 2018 Supplemental cash flows: Cash paid for interest, net of amounts capitalized $ 2,325 $ 6,028 Cash paid for reorganization items, net 187 656 Noncash investing and financing activities: Increase (decrease) in capital expenditures in payables and accrued liabilities (2,612 ) 1,890 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Agreements There have been no transactions in excess of $120,000 between us and any related person in which the related person had a direct or indirect material interest for the three months ended March 31, 2019 and 2018, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Litigation and Environmental As part of our normal business activities, we may be named as defendants in litigation and legal proceedings, including those arising from regulatory and environmental matters. On January 13, 2017, the Company received a letter from the Environmental Protection Agency (“EPA”) concerning potential violations of the Clean Air Act (“CAA”) section 112(r) associated with our Bairoil complex in Wyoming. The Company met with the EPA on February 16, 2017 to present relevant information related to the allegations. On March 12, 2017, the EPA filed an Administrative Compliance Order on Consent for which the Company was required to bring all outstanding issues to closure no later than June 30, 2018. On June 14, 2018, we sent the EPA a letter informing the EPA that we had completed all remedial action items related to the Administrative Compliance Order on Consent. In March 2018, we came to an agreement regarding the potential violations, noting no material impact on the Company’s financial position, results of operations or cash flows. Other than the Chapter 11 proceedings and the alleged CAA violations discussed herein, based on facts currently available, we are not aware of any litigation, pending or threatened, that we believe will have a material adverse effect on our financial position, results of operations or cash flows; however, cash flow could be significantly impacted in the reporting periods in which such matters are resolved. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to indemnify us against liabilities arising from future legal proceedings. At March 31, 2019 and December 31, 2018, we had no environmental reserves recorded on our Unaudited Condensed Consolidated Balance Sheet. Supplemental Bond for Decommissioning Liabilities Trust Agreement Beta Operating Company, LLC (“Beta”), has an obligation with the BOEM in connection with its 2009 acquisition of our properties in federal waters offshore Southern California. Beta’s decommissioning obligations remain fully supported by A-rated surety bonds and $90.0 million of cash. The held-to-maturity investments held in the at March 31, 2019 for the U.S. Bank money market cash equivalent was $90.2 million. In 2015, the Bureau of Safety and Environmental Enforcement issued a preliminary report that indicated the estimated costs of decommissioning may further increase. The implementation of this increase is currently on hold and we do not expect resolution of a negotiated decommissioning estimate until later in 2019. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16. Income Taxes The Company had less than $0.1 million income tax benefit/(expense) for the three months ended March 31, 2019 and no income tax benefit/(expense) for the three months ended March 31, 2018. The Company’s effective tax rate was 0.0% for the three months ended March 31, 2019 and 2018, respectively. The effective tax rates for the three months ended March 31, 2019 and 2018 are different from the statutory U.S. federal income tax rate primarily due to our recorded valuation allowances. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17. Subsequent Events Proposed Merger On May 5, 2019, the Company, Midstates Petroleum Company, Inc. (“Midstates”) and Midstates Holdings, Inc., a direct, wholly owned subsidiary of Midstates (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which, in an all-stock transaction, the Company will merge with and into Merger Sub, with the Company surviving as a wholly owned subsidiary of Midstates (the “Merger”). Pursuant to the Merger Agreement, Amplify Energy stockholders will receive 0.933 shares of Midstates common stock, par value $0.01 per share, for each share of Amplify Energy common stock that they hold (such newly issued common stock, the “Stock Issuance”). Following the closing of the Merger, current Amplify Energy and Midstates stockholders will each own 50% of the outstanding stock of the combined company. Completion of the Merger is subject to the terms and conditions set forth in the Merger Agreement, including holders of a majority of votes cast by Midstates stockholders at the special meeting voting in favor of the Stock Issuance, holders of a majority of the issued and outstanding shares of Amplify common stock voting in favor of the Merger, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. Subject to the terms and conditions set forth in the Merger Agreement, the Merger is expected to close in the third quarter of 2019. The foregoing description of the Merger Agreement is qualified in its entirety by reference to the Merger Agreement, which is attached as Exhibit 2.1 to the Company’s current report on Form 8-K filed on May 6, 2019. First Amendment to Credit Agreement On May 5, 2019, OLLC entered into the First Amendment to Credit Agreement, among OLLC, Amplify Acquisitionco Inc., Amplify Energy, the guarantors party thereto, the lenders party thereto and Bank of Montreal, as administrative agent (the “First Amendment”). The First Amendment amends the New Revolving Credit Facility to, among other things (i) modify certain defined terms in connection with the completion of the transactions contemplated by the Merger Agreement, including the Merger; (ii) allow certain structural changes for tax planning activities; and (iii) modify certain covenants in the New Revolving Credit Facility that restrict Amplify Energy’s ability to take certain actions or engage in certain business such that, once the First Amendment is effective, the occurrence of such actions or business in connection with the Merger Agreement or completion of the transactions contemplated thereby, including the Merger, will not be so restricted. Certain of the modifications to the New Revolving Credit Facility, including those permitting pre-Merger tax restrictions, became effective upon the signing of the First Amendment. The remaining modifications become effective concurrently with the consummation of the Merger, subject to certain closing conditions. The First Amendment also contains customary representations, warranties and agreements of OLLC and the guarantors. All other material terms and conditions of the New Revolving Credit Facility were unchanged by the First Amendment. The foregoing description of the First Amendment is qualified in its entirety by reference to the First Amendment, which is attached as Exhibit 10.1 to the Company’s current report on Form 8-K filed on May 6, 2019. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
General | General When referring to Amplify Energy Corp. (formerly known as Memorial Production Partners LP and also referred to as “Amplify Energy,” or the “Company”), the intent is to refer to Amplify Energy, a newly formed Delaware corporation, and its consolidated subsidiaries as a whole or on an individual basis, depending on the context in which the statements are made. Amplify Energy is the successor reporting company of Memorial Production Partners LP (“MEMP”) pursuant to Rule 15d-5 of the Securities Exchange Act of 1934, as amended. We operate in one reportable segment engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Our management evaluates performance based on one reportable business segment as the economic environments are not different within the operation of our oil and natural gas properties. Our assets consist primarily of producing oil and natural gas properties and are located in the Rockies, federal waters offshore Southern California, East Texas / North Louisiana and South Texas. Most of our oil and natural gas properties are located in large, mature oil and natural gas reservoirs. The Company’s properties consist primarily of operated and non-operated working interests in producing and undeveloped leasehold acreage and working interests in identified producing wells. |
Basis of Presentation | Basis of Presentation Our Unaudited Condensed Consolidated Financial Statements included herein have been prepared pursuant to the rules and guidelines of the Securities and Exchange Commission (the “SEC”). The results reported in these Unaudited Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the SEC. The Unaudited Condensed Consolidated Financial Statements have been prepared as if the Company is a going concern and reflect the application of Accounting Standards Codification 852 “Reorganizations” (“ASC 852”). ASC 852 requires that the financial statements, for periods subsequent to the Chapter 11 filing, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain expenses, gains and losses that were realized or incurred in the bankruptcy proceedings are recorded in “reorganization items, net” on the Company’s Unaudited Condensed Statements of Consolidated Operations. All material intercompany transactions and balances have been eliminated in preparation of our consolidated financial statements. Beginning in 2019, the Company has elected to change its reporting convention from natural gas equivalent (Mcfe) to barrels of oil equivalent (Boe). The change in presentation reflects our liquids-weighted production and reserve profile with a balanced approach to development of our oil and natural gas asset portfolio. The Company’s proved reserves as of year-end 2018 were 50% crude oil, 15% natural gas liquids and 35% natural gas. |
Use of Estimates | Use of Estimates The preparation of the accompanying Unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, oil and natural gas reserves; depreciation, depletion, and amortization of proved oil and natural gas properties; future cash flows from oil and natural gas properties; impairment of long-lived assets; fair value of derivatives; fair value of equity compensation; fair values of assets acquired and liabilities assumed in business combinations and asset retirement obligations. |
Lease Recognition | Lease Recognition In February 2016, the FASB issued guidance regarding the accounting for leases. The FASB retained a dual model, requiring leases to be classified as either direct financing or operating leases. The classification will be based on criteria that are similar to the current lease accounting treatment. The Company is the lessee under various agreements for office space, compressors, equipment, vehicles and surface rentals (right of use assets) that are currently accounted for as operating leases. The Company applied the revised lease rules for our interim and annual reporting periods starting January 1, 2019 using the modified retrospective approach with a cumulative impact to retained earnings in that period, and including several optional practical expedients relating to leases commenced before the effective date. The practical expedients the Company adopted are: (1) the original correct assessment of a contract containing a lease will be accepted without further review on all existing or expired contracts; (2) the original lease classification as an operating lease will convert as an operating lease under the new guidance; (3) initial direct costs for any existing leases will not be reassessed; (4) existing land easements or right of use agreements will continue under current accounting policy and only new agreements will be evaluated in the future; and (5) short-term leases for twelve months or less will not be evaluated under the guidance. See Note 12 for additional information regarding the adoption of the leases standard. |
New Accounting Pronouncements | New Accounting Pronouncements Other accounting standards that have been issued by the FASB or other standards-setting bodies are not expected to have a material impact on the Company’s financial position, results of operations and cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Reorganization Items, Net | The following table summarizes the components of reorganization items, net included in the accompanying Unaudited Condensed Statements of Consolidated Operations (in thousands): For the Three Months Ended March 31, 2019 2018 Professional fees (26 ) (414 ) Other (161 ) (104 ) Reorganization items, net $ (187 ) $ (518 ) |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues Disaggregated | We have identified three material revenue streams in our business: oil, natural gas and NGLs. The following table present our revenues disaggregated by revenue stream. For the Three Months Ended March 31, 2019 2018 (in thousands) Revenues Oil $ 40,057 $ 54,726 NGLs $ 5,865 $ 10,946 Natural gas $ 19,145 $ 22,175 Oil and natural gas sales $ 65,067 $ 87,847 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition and Divestiture Related Expenses | Acquisition and divestiture related expenses for both related party and third party transactions are included in general and administrative expense in the accompanying Unaudited Condensed Statements of Consolidated Operations for the periods indicated below (in thousands): For the Three Months Ended March 31, 2019 2018 $ 364 $ 208 |
Fair Value Measurements of Fi_2
Fair Value Measurements of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the gross derivative assets and liabilities that are measured at fair value on a recurring basis at March 31, 2019 and December 31, 2018 for each of the fair value hierarchy levels: Fair Value Measurements at March 31, 2019 Using Quoted Prices in Significant Other Significant Active Market Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Fair Value (In thousands) Assets: Commodity derivatives $ — $ 7,992 $ — $ 7,992 Interest rate derivatives — 142 — 142 Total assets $ — $ 8,134 $ — $ 8,134 Liabilities: Commodity derivatives $ — $ 18,058 $ — $ 18,058 Interest rate derivatives — 49 — 49 Total liabilities $ — $ 18,107 $ — $ 18,107 Fair Value Measurements at December 31, 2018 Using Quoted Prices in Significant Other Significant Active Market Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Fair Value (In thousands) Assets: Commodity derivatives $ — $ 25,515 $ — $ 25,515 Liabilities: Commodity derivatives $ — $ 4,372 $ — $ 4,372 |
Risk Management and Derivativ_2
Risk Management and Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Open Commodity Positions | At March 31, 2019, we had the following open commodity positions: Remaining 2019 2020 2021 Natural Gas Derivative Contracts: Fixed price swap contracts: Average monthly volume (MMBtu) 1,540,000 150,000 — Weighted-average fixed price $ 2.88 $ 2.65 $ — Collar contracts: Average monthly volume (MMBtu) — 520,000 87,500 Weighted-average floor price — $ 2.64 $ 2.66 Weighted-average ceiling price $ — $ 2.96 $ 2.99 Crude Oil Derivative Contracts: Fixed price swap contracts: Average monthly volume (Bbls) 135,333 75,000 33,750 Weighted-average fixed price $ 52.60 $ 56.33 $ 55.93 Collar contracts: Average monthly volume (Bbls) 50,667 14,300 — Weighted-average floor price $ 55.00 $ 55.00 $ — Weighted-average ceiling price $ 63.85 $ 62.10 $ — Purchased put option contracts: Average Monthly Volume (Bbls) — 25,550 — Weighted-average strike price $ — $ 55.00 $ — Weighted-average deferred premium $ — $ 7.09 $ — NGL Derivative Contracts: Fixed price swap contracts: Average monthly volume (Bbls) 72,000 37,925 5,500 Weighted-average fixed price $ 29.96 $ 27.94 $ 27.23 |
Interest Rate Swap Open Positions | At March 31, 2019, we had the following interest rate swap open positions: Remaining 2019 2020 2021 Average Monthly Notional (in thousands) $ 50,000 $ 50,000 $ 50,000 Weighted-average fixed rate 2.109 % 2.109 % 2.109 % Floating rate 1 Month LIBOR 1 Month LIBOR 1 Month LIBOR |
Gross Fair Value of Derivative Instruments by Appropriate Balance Sheet | The following table summarizes both: (i) the gross fair value of derivative instruments by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the balance sheet and (ii) the net recorded fair value as reflected on the balance sheet at March 31, 2019 and December 31, 2018. There was no cash collateral received or pledged associated with our derivative instruments since most of the counterparties, or certain of their affiliates, to our derivative contracts are lenders under our credit agreement. Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives March 31, March 31, December 31, December 31, Type Balance Sheet Location 2019 2019 2018 2018 (In thousands) Commodity contracts Short-term derivative instruments $ 4,504 $ 13,469 $ 21,217 $ 2,543 Interest rate swaps Short-term derivative instruments 133 — — — Gross fair value 4,637 13,469 21,217 2,543 Netting arrangements (4,361 ) (4,361 ) (2,404 ) (2,404 ) Net recorded fair value Short-term derivative instruments $ 276 $ 9,108 $ 18,813 $ 139 Commodity contracts Long-term derivative instruments $ 3,489 $ 4,590 $ 4,298 $ 1,829 Interest rate swaps Long-term derivative instruments 9 49 — — Gross fair value 3,498 4,639 4,298 1,829 Netting arrangements (3,210 ) (3,210 ) (1,829 ) (1,829 ) Net recorded fair value Long-term derivative instruments $ 288 $ 1,429 $ 2,469 $ — |
Unrealized and Realized Gains and Losses Related to Derivative Instruments | The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands): For the Three Months Ended Statements of March 31, Operations Location 2019 2018 Commodity derivative contracts (Gain) loss on commodity derivatives $ 32,487 $ 10,456 Interest rate derivatives Interest expense, net (94 ) — |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of Changes in Asset Retirement Obligations | The Company’s asset retirement obligations primarily relate to the Company’s portion of future plugging and abandonment costs for wells and related facilities. The following table presents the changes in the asset retirement obligations for the three months ended March 31, 2019 (in thousands): Asset retirement obligations at beginning of period $ 76,344 Liabilities added from acquisition or drilling 7 Liabilities settled (162 ) Accretion expense 1,311 Revision of estimates 59 Asset retirement obligation at end of period 77,559 Less: Current portion (477 ) Asset retirement obligations - long-term portion $ 77,082 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Consolidated Debt Obligations | The following table presents our consolidated debt obligations at the dates indicated: March 31, December 31, 2019 2018 (In thousands) $425.0 million New Revolving Credit Facility, variable-rate, due November 2023 (1) $ 270,000 $ 294,000 Long-term debt $ 270,000 $ 294,000 (1) The carrying amount of our New Revolving Credit Facility approximates fair value because the interest rates are variable and reflective of market rates. |
Summary of Weighted-Average Interest Rates Paid Excluding Commitment Fees on Variable-Rate Debt Obligations | The following table presents the weighted-average interest rates paid, excluding commitment fees, on our consolidated variable-rate debt obligations for the periods presented: For the Three Months Ended March 31, 2019 2018 New Revolving Credit Facility 5.07% n/a Emergence Credit Facility n/a 5.48% |
Equity (Deficit) (Tables)
Equity (Deficit) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary of Changes in Common Stock Issued | The following is a summary of the changes in our common stock issued for the three months ended March 31, 2019: Common Shares Balance, December 31, 2018 22,181,881 Issuance of common stock — Restricted stock units vested 287,658 Repurchase of common shares (88,508 ) Common stock repurchased and retired under share repurchase program (122,581 ) Balance, March 31, 2019 22,258,450 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings (Loss) per Share | The following sets forth the calculation of earnings (loss) per share, or EPS, for the periods indicated (in thousands, except per share amounts): For the Three Months Ended March 31, 2019 2018 Net income (loss) $ (31,477 ) $ 3,239 Less: Net income allocated to participating restricted stockholders — (83 ) Basic and diluted earnings available to common stockholders $ (31,477 ) $ 3,156 Common shares/units: Common shares outstanding — basic 22,179 25,000 Dilutive effect of potential common shares — — Common shares outstanding — diluted 22,179 25,000 Net earnings per share: Basic $ (1.42 ) $ 0.13 Diluted $ (1.42 ) $ 0.13 Antidilutive stock options (1) — 513 Antidilutive warrants (2) 2,174 2,174 (1) Amount represents options to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. (2) Amount represents warrants to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. |
Long-Term Incentive Plans (Tabl
Long-Term Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Amount of Compensation Expense Recognized | The following table summarizes the amount of recognized compensation expense associated with the MIP and Directors Compensation Plan, which are reflected in the accompanying Unaudited Condensed Statements of Consolidated Operations for the periods presented (in thousands): For the Three Months Ended March 31, 2019 2018 Equity classified awards TSUs $ 669 $ 948 PSUs 396 — Board RSUs 113 19 Restricted stock options — 209 $ 1,178 $ 1,176 |
2017 Non-Employee Directors Compensation Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information Regarding Restricted Stock Unit Awards | The following table summarizes information regarding the Board RSUs granted under the Directors Compensation Plan for the period presented: Weighted- Average Grant Number of Date Fair Value Units per Unit (1) Board RSUs outstanding at December 31, 2018 39,604 $ 11.36 Granted — $ — Forfeited — $ — Vested (10,809 ) $ 11.57 Board RSUs outstanding at March 31, 2019 28,795 $ 11.29 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. |
TSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information Regarding Restricted Stock Unit Awards | The following table summarizes information regarding the TSUs granted under the MIP for the period presented: Weighted- Average Grant Number of Date Fair Value Units per Unit (1) TSUs outstanding at December 31, 2018 598,024 $ 11.35 Granted (2) 276,398 $ 6.92 Forfeited (17,250 ) $ 10.00 Vested (276,849 ) $ 7.07 TSUs outstanding at March 31, 2019 580,323 $ 11.32 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2) The aggregate grant date fair value of TSUs issued for the three months ended March 31, 2019 was $1.9 million based on a grant date market price ranging from $6.87 to $8.70 per share. |
PSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Information Regarding Restricted Stock Unit Awards | The following table summarizes information regarding the PSUs granted under the MIP for the period presented: Weighted- Average Grant Number of Date Fair Value Units per Unit (1) PSUs outstanding at December 31, 2018 393,500 $ 8.14 Granted (2) 7,750 $ 5.91 Forfeited (13,250 ) $ 7.59 Vested — $ — PSUs outstanding at March 31, 2019 388,000 $ 8.11 (1) Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. (2) The aggregate grant date fair value of PSUs issued for the three months ended March 31, 2019 was less than $0.1 million based on a calculated fair value price ranging from $5.11 to $6.76 per share. |
Schedule of Fair Value Assumptions for PSUs | A Monte Carlo simulation was used in order to determine the fair value of these awards at the grant date. The assumptions used to estimate the fair value of the PSUs are as follows: Share price targets $ 12.50 $ 15.00 $ 17.50 Risk-free interest rate: Awards Issued on January 1, 2019 2.44 % 2.44 % 2.44 % Dividend yield — — — Expected volatility: Awards Issued on January 1, 2019 54.0 % 54.0 % 54.0 % Calculated fair value per PSU: Awards Issued on January 1, 2019 $ 6.76 $ 5.86 $ 5.11 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Right-of-Use Assets and Lease Liabilities | The following table presents the Company’s right-of-use assets and lease liabilities as of March 31, 2019. March 31, 2019 (In thousands) Right-of-use asset $ 5,011 Lease liabilities: Current lease liability 1,921 Long-term lease liability 3,090 Total lease liability $ 5,011 |
Schedule of Maturity Analysis of Minimum Lease Payment Obligation Under Non-cancellable Operating Leases | The following table reflects the Company’s maturity analysis of the minimum lease payment obligations under non-cancelable operating leases with a remaining term in excess of one year (in thousands): Office lease Leased vehicles and office equipment Total Remaining 2019 $ 1,533 $ 388 $ 1,921 2020 1,561 357 1,918 2021 1,320 219 1,539 2022 and thereafter — — — Total lease payments $ 4,414 $ 964 $ 5,378 Less: interest $ 319 $ 48 $ 367 Present value of lease liabilities $ 4,095 $ 916 $ 5,011 |
Schedule of Future Contractual Payment for Operating Leases | The following is a schedule of the Company’s future contractual payment for operating leases prepared in accordance with accounting standards prior to the adoption of ASC 842, as of December 31, 2018: Payment or Settlement Due by Period Operating leases Total 2019 2020 2021 2022 2023 Thereafter Operating leases $ 11,846 $ 5,893 $ 2,072 $ 2,109 $ 337 $ 205 $ 1,230 |
Schedule of Weighted Average Remaining Lease Terms and Discount Rate of Operating Leases | The weighted average remaining lease terms and discount rate for all of our operating leases were as follow as of March 31, 2019: March 31, 2019 Weighted average remaining lease term (years): Corporate office 2.32 Vehicles 0.40 Office equipment 0.12 Weighted average discount rate: Corporate office 4.12 % Vehicles 0.48 % Office equipment 0.21 % |
Supplemental Disclosures to t_2
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Current Accrued Liabilities | Current accrued liabilities consisted of the following at the dates indicated (in thousands): March 31, December 31, 2019 2018 Accrued lease operating expense $ 9,090 $ 10,469 Accrued interest payable 3,724 2,476 Accrued capital expenditures 2,602 4,349 Accrued general and administrative expense 2,398 4,393 Operating lease liability 1,921 — Accrued ad valorem tax 987 729 Asset retirement obligations 477 477 Other — 262 Accrued liabilities $ 21,199 $ 23,155 |
Summary of Cash and Cash Equivalents Reconciliation | The following table provides a reconciliation of cash and cash equivalents on the Unaudited Condensed Consolidated Balance Sheet to cash, cash equivalents and restricted cash on the Unaudited Condensed Statements of Consolidated Cash Flows (in thousands): March 31, December 31, 2019 2018 Cash and cash equivalents $ 24,876 $ 49,704 Restricted cash 325 325 Total cash, cash equivalents and restricted cash $ 25,201 $ 50,029 |
Summary of Supplemental Cash Flows | Supplemental cash flows for the periods presented (in thousands): For the Three Months Ended March 31, 2019 2018 Supplemental cash flows: Cash paid for interest, net of amounts capitalized $ 2,325 $ 6,028 Cash paid for reorganization items, net 187 656 Noncash investing and financing activities: Increase (decrease) in capital expenditures in payables and accrued liabilities (2,612 ) 1,890 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Additional Information (Detail) - Segment | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Consolidation And Basis Of Presentation [Line Items] | ||
Number of reportable business segments | 1 | |
Crude Oil Reserves [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Proved reserves | 50.00% | |
Natural Gas Reserves [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Proved reserves | 35.00% | |
Natural Gas Liquids Reserves [Member] | ||
Consolidation And Basis Of Presentation [Line Items] | ||
Proved reserves | 15.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Schedule of Reorganization Items, net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Professional fees | $ (26) | $ (414) |
Other | (161) | (104) |
Reorganization items, net | $ (187) | $ (518) |
Revenue - Summary of Revenues D
Revenue - Summary of Revenues Disaggregated (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Total revenues | $ 65,155 | $ 87,932 |
Oil and Natural Gas Sales [Member] | ||
Revenues: | ||
Total revenues | 65,067 | 87,847 |
Oil [Member] | ||
Revenues: | ||
Total revenues | 40,057 | 54,726 |
NGLs [Member] | ||
Revenues: | ||
Total revenues | 5,865 | 10,946 |
Natural Gas [Member] | ||
Revenues: | ||
Total revenues | $ 19,145 | $ 22,175 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue From Contract With Customer [Abstract] | ||
Accounts receivable attributable to revenue contracts with customers | $ 24.8 | $ 25 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Acquisition and Divestiture Related Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
General and Administrative Expense [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition and Divestiture, Related Expenses | $ 364 | $ 208 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Additional Information (Detail) $ in Millions | May 30, 2018USD ($) |
Disposal Group Not Discontinued Operation [Member] | South Texas Divestiture [Member] | |
Business Acquisition And Divestiture [Line Items] | |
Total net proceeds from divestitures | $ 17.1 |
Fair Value Measurements of Fi_3
Fair Value Measurements of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | $ 8,134 | |
Total liabilities | 18,107 | |
Quoted Prices in Active Market (Level 1) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | |
Total liabilities | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 8,134 | |
Total liabilities | 18,107 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | |
Total liabilities | 0 | |
Commodity derivatives [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 7,992 | $ 25,515 |
Total liabilities | 18,058 | 4,372 |
Commodity derivatives [Member] | Quoted Prices in Active Market (Level 1) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Commodity derivatives [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 7,992 | 25,515 |
Total liabilities | 18,058 | 4,372 |
Commodity derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | $ 0 |
Interest rate derivatives [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 142 | |
Total liabilities | 49 | |
Interest rate derivatives [Member] | Quoted Prices in Active Market (Level 1) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | |
Total liabilities | 0 | |
Interest rate derivatives [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 142 | |
Total liabilities | 49 | |
Interest rate derivatives [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | ||
Total assets | 0 | |
Total liabilities | $ 0 |
Fair Value Measurements of Fi_4
Fair Value Measurements of Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Impairment of proved oil and natural gas properties | $ 0 | $ 0 |
Risk Management and Derivativ_3
Risk Management and Derivative Instruments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Counterparty exposure | $ 0 |
Conditional rights of set-off under ISDA Master Agreement reduce the maximum amount of loss due to credit risk | $ 100,000 |
Risk Management and Derivativ_4
Risk Management and Derivative Instruments - Open Commodity Positions (Detail) | 3 Months Ended |
Mar. 31, 2019MMBTU$ / MMBTU$ / bblbbl | |
Natural Gas Derivative Contracts Fixed Price Swap 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 0 |
Weighted-average fixed price | $ / MMBTU | 0 |
Natural Gas Derivative Collar Contracts 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 87,500 |
Weighted-average floor price | 2.66 |
Weighted-average ceiling price | 2.99 |
Crude Oil Derivative Contracts Fixed Price Swap 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 33,750 |
Weighted-average fixed price | 55.93 |
Crude Oil Derivative Collar Contracts 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 0 |
Weighted-average floor price | 0 |
Weighted-average ceiling price | 0 |
NGL Derivative Contracts Fixed Price Swap 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 5,500 |
Weighted-average fixed price | 27.23 |
Crude Oil Derivative Purchased Put Option 2021 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 0 |
Weighted-average strike price | 0 |
Weighted-average deferred premium | 0 |
Natural Gas Derivative Contracts Fixed Price Swap 2020 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 150,000 |
Weighted-average fixed price | $ / MMBTU | 2.65 |
Natural Gas Derivative Collar Contracts 2020 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 520,000 |
Weighted-average floor price | 2.64 |
Weighted-average ceiling price | 2.96 |
Crude Oil Derivative Contracts Fixed Price Swap 2020 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 75,000 |
Weighted-average fixed price | 56.33 |
Crude Oil Derivative Collar Contracts 2020 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 14,300 |
Weighted-average floor price | 55 |
Weighted-average ceiling price | 62.10 |
NGL Derivative Contracts Fixed Price Swap 2020 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 37,925 |
Weighted-average fixed price | 27.94 |
Crude Oil Derivative Purchased Put Option 2020 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 25,550 |
Weighted-average strike price | 55 |
Weighted-average deferred premium | 7.09 |
Natural Gas Derivative Contracts Fixed Price Swap Remaining 2019 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 1,540,000 |
Weighted-average fixed price | $ / MMBTU | 2.88 |
Natural Gas Derivative Collar Contracts Remaining 2019 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 0 |
Weighted-average floor price | 0 |
Weighted-average ceiling price | 0 |
Crude Oil Derivative Contracts Fixed Price Swap Remaining 2019 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 135,333 |
Weighted-average fixed price | 52.60 |
Crude Oil Derivative Collar Contracts Remaining 2019 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 50,667 |
Weighted-average floor price | 55 |
Weighted-average ceiling price | 63.85 |
NGL Derivative Contracts Fixed Price Swap Remaining 2019 [Member] | |
Derivative [Line Items] | |
Average monthly volume (Bbls) | bbl | 72,000 |
Weighted-average fixed price | 29.96 |
Crude Oil Derivative Purchased Put Option Remaining 2019 [Member] | |
Derivative [Line Items] | |
Average monthly volume (MMBtu) | MMBTU | 0 |
Weighted-average strike price | 0 |
Weighted-average deferred premium | 0 |
Risk Management and Derivativ_5
Risk Management and Derivative Instruments - Interest Rate Swap Open Positions (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Interest Rate Swap Open Position Remaining 2019 [Member] | |
Derivative [Line Items] | |
Average Monthly Notional (in thousands) | $ 50,000,000 |
Weighted-average fixed rate | 2.109% |
Floating rate | 1 Month LIBOR |
Interest Rate Swap Open Position 2020 [Member] | |
Derivative [Line Items] | |
Average Monthly Notional (in thousands) | $ 50,000,000 |
Weighted-average fixed rate | 2.109% |
Floating rate | 1 Month LIBOR |
Interest Rate Swap Open Position 2021 [Member] | |
Derivative [Line Items] | |
Average Monthly Notional (in thousands) | $ 50,000,000 |
Weighted-average fixed rate | 2.109% |
Floating rate | 1 Month LIBOR |
Risk Management and Derivativ_6
Risk Management and Derivative Instruments - Gross Fair Value of Derivative Instruments by Appropriate Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Asset Derivatives, Net recorded fair value | $ 276 | $ 18,813 |
Asset Derivatives, Net recorded fair value | 288 | 2,469 |
Liability Derivatives, Net recorded fair value | 9,108 | 139 |
Liability Derivatives, Net recorded fair value | 1,429 | 0 |
Short-Term Derivative Instruments [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Asset Derivatives, Gross fair value | 4,637 | 21,217 |
Asset Derivatives, Netting arrangements | (4,361) | (2,404) |
Asset Derivatives, Net recorded fair value | 276 | 18,813 |
Liability Derivatives, Gross fair value | 13,469 | 2,543 |
Liability Derivatives, Netting arrangements | (4,361) | (2,404) |
Liability Derivatives, Net recorded fair value | 9,108 | 139 |
Short-Term Derivative Instruments [Member] | Commodity derivatives [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Asset Derivatives, Gross fair value | 4,504 | 21,217 |
Liability Derivatives, Gross fair value | 13,469 | 2,543 |
Short-Term Derivative Instruments [Member] | Interest Rate Swaps [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Asset Derivatives, Gross fair value | 133 | 0 |
Liability Derivatives, Gross fair value | 0 | 0 |
Long-Term Derivative Instruments [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Asset Derivatives, Gross fair value | 3,498 | 4,298 |
Asset Derivatives, Netting arrangements | (3,210) | (1,829) |
Asset Derivatives, Net recorded fair value | 288 | 2,469 |
Liability Derivatives, Gross fair value | 4,639 | 1,829 |
Liability Derivatives, Netting arrangements | (3,210) | (1,829) |
Liability Derivatives, Net recorded fair value | 1,429 | 0 |
Long-Term Derivative Instruments [Member] | Commodity derivatives [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Asset Derivatives, Gross fair value | 3,489 | 4,298 |
Liability Derivatives, Gross fair value | 4,590 | 1,829 |
Long-Term Derivative Instruments [Member] | Interest Rate Swaps [Member] | ||
Derivative Instruments and Hedges, Assets [Abstract] | ||
Asset Derivatives, Gross fair value | 9 | 0 |
Liability Derivatives, Gross fair value | $ 49 | $ 0 |
Risk Management and Derivativ_7
Risk Management and Derivative Instruments - Unrealized and Realized Gains and Losses Related to Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments Gain Loss [Line Items] | ||
(Gain) loss on commodity derivative instruments | $ 32,487 | $ 10,456 |
Interest expense, net | (4,089) | (5,772) |
Commodity derivatives [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
(Gain) loss on commodity derivative instruments | 32,487 | $ 10,456 |
Interest rate derivatives [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Interest expense, net | $ (94) |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary of Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset retirement obligations at beginning of period | $ 76,344 | ||
Liabilities added from acquisition or drilling | 7 | ||
Liabilities settled | (162) | ||
Accretion expense | 1,311 | $ 1,718 | |
Revision of estimates | 59 | ||
Asset retirement obligation at end of period | 77,559 | ||
Less: Current portion | (477) | $ (477) | |
Asset retirement obligations - long-term portion | $ 77,082 | $ 75,867 |
Long-Term Debt - Consolidated D
Long-Term Debt - Consolidated Debt Obligations (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 270,000 | $ 294,000 |
$425.0 million New Revolving Credit Facility, variable-rate, due November 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate principal outstanding | $ 270,000 | $ 294,000 |
Long-Term Debt - Consolidated_2
Long-Term Debt - Consolidated Debt Obligations (Parenthetical) (Detail) - $425.0 million New Revolving Credit Facility, variable-rate, due November 2023 [Member] | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Revolving credit facility | $ 425,000,000 |
Maturity date | Nov. 30, 2023 |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facility - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Mar. 31, 2018 |
Line Of Credit Facility [Line Items] | ||
Letters of credit outstanding | $ 1.7 | |
New Revolving Credit Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Borrowing base | $ 425 | |
Emergence Credit Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Revolving credit facility | $ 1,000 |
Long-Term Debt - Summary of Wei
Long-Term Debt - Summary of Weighted-Average Interest Rates Paid Excluding Commitment Fees on Variable-Rate Debt Obligations (Detail) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
$425.0 million New Revolving Credit Facility, variable-rate, due November 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, weighted-average interest rates | 5.07% | |
$1.0 billion Emergence Credit Facility, variable-rate, due March 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, weighted-average interest rates | 5.48% |
Long-Term Debt - Unamortized De
Long-Term Debt - Unamortized Deferred Financing Costs - Additional Information (Detail) $ in Millions | Mar. 31, 2019USD ($) |
New Revolving Credit Facility [Member] | |
Line Of Credit Facility [Line Items] | |
Unamortized deferred financing costs | $ 4.8 |
Equity (Deficit)- Additional In
Equity (Deficit)- Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 04, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 21, 2018 |
Equity And Distributions [Line Items] | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common Stock [Member] | ||||
Equity And Distributions [Line Items] | ||||
Stock repurchase authorized amount | $ 25 | |||
Shares repurchased during period | 122,581 | |||
Average common stock price | $ 7.82 | |||
Total cost of share repurchase | $ 0.9 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 24.1 | |||
Warrants [Member] | ||||
Equity And Distributions [Line Items] | ||||
Warrant life period | 5 years | |||
Percentage of common shares to be issued upon exercise of warrants | 8.00% | |||
Warrant issued during period | 2,173,913 | |||
Warrant exercise price | $ 42.60 |
Equity (Deficit) - Summary of C
Equity (Deficit) - Summary of Changes in Number of Outstanding Common Units and Shares of Common Stock (Detail) | 3 Months Ended |
Mar. 31, 2019shares | |
Equity [Abstract] | |
Balance, December 31, 2018 | 22,181,881 |
Issuance of common stock | 0 |
Restricted stock units vested | 287,658 |
Repurchase of common shares | (88,508) |
Common stock repurchased and retired under share repurchase program | (122,581) |
Balance, March 31, 2019 | 22,258,450 |
Earnings per Share - Calculatio
Earnings per Share - Calculation of Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Earnings Per Share [Line Items] | |||
Net income (loss) | $ (31,477) | $ 3,239 | |
Less: Net income allocated to participating restricted stockholders | 0 | (83) | |
Net income (loss) attributable to common stockholders | $ (31,477) | $ 3,156 | |
Common shares/units: | |||
Common shares outstanding — basic | 22,179 | 25,000 | |
Dilutive effect of potential common shares | 0 | 0 | |
Common shares outstanding — diluted | 22,179 | 25,000 | |
Net earnings per share: | |||
Basic | $ (1.42) | $ 0.13 | |
Diluted | $ (1.42) | $ 0.13 | |
Stock Options [Member] | |||
Net earnings per share: | |||
Antidilutive stock options or warrants | [1] | 0 | 513 |
Warrants [Member] | |||
Net earnings per share: | |||
Antidilutive stock options or warrants | [2] | 2,174 | 2,174 |
[1] | Amount represents options to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. | ||
[2] | Amount represents warrants to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. |
Long-Term Incentive Plans - Add
Long-Term Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Jun. 30, 2017 | |
TSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 4.8 | |
Weighted-average period of unrecognized compensation cost | 2 years | |
PSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation cost | $ 1.3 | |
Weighted-average period of unrecognized compensation cost | 1 year 4 months 24 days | |
Decrease in share targets | $ 0.25 | |
PSUs [Member] | Market Vesting Date [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock units vesting percentage | 50.00% | |
PSUs [Member] | First Anniversary Market-Vesting Date [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock units vesting percentage | 25.00% | |
PSUs [Member] | Second Anniversary Market-Vesting Date [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock units vesting percentage | 25.00% | |
Management Incentive Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Aggregate shares of common stock reserved for issuance | 2,322,404 | |
2017 Non-Employee Directors Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Aggregate shares of common stock reserved for issuance | 200,000 | |
Unrecognized compensation cost | $ 0.2 | |
Weighted-average period of unrecognized compensation cost | 1 year 9 months 18 days |
Long-Term Incentive Plans - Sum
Long-Term Incentive Plans - Summary of Information Regarding Restricted Stock Unit Awards (Detail) | 3 Months Ended | |
Mar. 31, 2019$ / sharesshares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vested, Number of Units | (287,658) | |
Management Incentive Plan [Member] | TSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Number of Units, Beginning Balance | 598,024 | |
Granted, Number of Units | 276,398 | [1] |
Forfeited, Number of Units | (17,250) | |
Vested, Number of Units | (276,849) | |
Outstanding, Number of Units, Ending Balance | 580,323 | |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Beginning balance | $ / shares | $ 11.35 | [2] |
Granted, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 6.92 | [2] |
Forfeited, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 10 | [2] |
Vested, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 7.07 | [2] |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Ending balance | $ / shares | $ 11.32 | [2] |
Management Incentive Plan [Member] | PSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, Number of Units, Beginning Balance | 393,500 | |
Granted, Number of Units | 7,750 | [3] |
Forfeited, Number of Units | (13,250) | |
Vested, Number of Units | 0 | |
Outstanding, Number of Units, Ending Balance | 388,000 | |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Beginning balance | $ / shares | $ 8.14 | [2] |
Granted, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 5.91 | [2],[3] |
Forfeited, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 7.59 | [2] |
Vested, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 0 | [2] |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Ending balance | $ / shares | $ 8.11 | [2] |
[1] | The aggregate grant date fair value of TSUs issued for the three months ended March 31, 2019 was $1.9 million based on a grant date market price ranging from $6.87 to $8.70 per share. | |
[2] | Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. | |
[3] | The aggregate grant date fair value of PSUs issued for the three months ended March 31, 2019 was less than $0.1 million based on a calculated fair value price ranging from $5.11 to $6.76 per share. |
Long-Term Incentive Plans - S_2
Long-Term Incentive Plans - Summary of Information Regarding Restricted Stock Unit Awards (Parenthetical) (Detail) $ / shares in Units, $ in Millions | Mar. 31, 2019USD ($)$ / shares |
TSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate grant date fair value of restricted stock units issued | $ | $ 1.9 |
TSUs [Member] | Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant Date Market Price | $ 6.87 |
TSUs [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Grant Date Market Price | 8.70 |
PSUs [Member] | Minimum [Member] | Management Incentive Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Calculated fair value price | $ 5.11 |
PSUs [Member] | Maximum [Member] | Management Incentive Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate grant date fair value of restricted stock units issued | $ | $ 0.1 |
Calculated fair value price | $ 6.76 |
Long-Term Incentive Plans - S_3
Long-Term Incentive Plans - Summary of Fair Value Assumptions (Detail) - PSUs [Member] - $ / shares | Jan. 01, 2019 | Mar. 31, 2019 |
Share Price Target 12.50 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share price targets | $ 12.50 | |
Risk-free interest rate | 2.44% | |
Dividend yield | 0.00% | |
Expected volatility | 54.00% | |
Calculated fair value per PSU | $ 6.76 | |
Share Price Target 15.00 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share price targets | $ 15 | |
Risk-free interest rate | 2.44% | |
Dividend yield | 0.00% | |
Expected volatility | 54.00% | |
Calculated fair value per PSU | $ 5.86 | |
Share Price Target 17.50 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share price targets | $ 17.50 | |
Risk-free interest rate | 2.44% | |
Dividend yield | 0.00% | |
Expected volatility | 54.00% | |
Calculated fair value per PSU | $ 5.11 |
Long-Term Incentive Plans - S_4
Long-Term Incentive Plans - Summary of Information Regarding Board RSUs Granted (Detail) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vested, Number of Units | (287,658) |
2017 Non-Employee Directors Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Outstanding, Number of Units, Beginning Balance | 39,604 |
Granted, Number of Units | 0 |
Forfeited, Number of Units | 0 |
Vested, Number of Units | (10,809) |
Outstanding, Number of Units, Ending Balance | 28,795 |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Beginning balance | $ / shares | $ 11.36 |
Granted, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 0 |
Forfeited, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 0 |
Vested, Weighted-Average Grant Date Fair Value per Unit | $ / shares | 11.57 |
Outstanding, Weighted-Average Grant Date Fair Value per unit, Ending balance | $ / shares | $ 11.29 |
Long-Term Incentive Plans - S_5
Long-Term Incentive Plans - Summary of Amount of Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Equity based compensation expense (benefit) | $ 1,178 | $ 1,176 |
TSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Equity based compensation expense (benefit) | 669 | 948 |
PSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Equity based compensation expense (benefit) | 396 | 0 |
Board RSUs [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Equity based compensation expense (benefit) | 113 | 19 |
Restricted Stock Options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Equity based compensation expense (benefit) | $ 0 | $ 209 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Jan. 01, 2019 | |
Lessee Lease Description [Line Items] | ||
Lease, option to terminate | leases can be terminated with 30-day prior written notice | |
Lease termination period with prior written notice | 30 days | |
ASU 2016-02 [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating lease assets and liabilities | $ 5.4 |
Leases - Schedule of Right-of-U
Leases - Schedule of Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating lease - long term right-of-use asset | $ 5,011 | $ 0 |
Current lease liability | 1,921 | 0 |
Operating lease liability | 3,090 | $ 0 |
Total lease liability | $ 5,011 |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Minimum Lease Payment Obligation Under Non-cancellable Operating Leases (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Lessee Lease Description [Line Items] | |
Remaining 2019 | $ 1,921 |
2020 | 1,918 |
2021 | 1,539 |
2022 and thereafter | 0 |
Total lease payments | 5,378 |
Less: interest | 367 |
Present value of lease liabilities | 5,011 |
Office Lease [Member] | |
Lessee Lease Description [Line Items] | |
Remaining 2019 | 1,533 |
2020 | 1,561 |
2021 | 1,320 |
2022 and thereafter | 0 |
Total lease payments | 4,414 |
Less: interest | 319 |
Present value of lease liabilities | 4,095 |
Leased Vehicles and Office Equipment [Member] | |
Lessee Lease Description [Line Items] | |
Remaining 2019 | 388 |
2020 | 357 |
2021 | 219 |
2022 and thereafter | 0 |
Total lease payments | 964 |
Less: interest | 48 |
Present value of lease liabilities | $ 916 |
Leases - Schedule of Future Con
Leases - Schedule of Future Contractual Payment for Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Future contractual payment for operating leases, Total | $ 11,846 |
Future contractual payment for operating leases, 2019 | 5,893 |
Future contractual payment for operating leases, 2020 | 2,072 |
Future contractual payment for operating leases, 2021 | 2,109 |
Future contractual payment for operating leases, 2022 | 337 |
Future contractual payment for operating leases, 2023 | 205 |
Future contractual payment for operating leases, After 2023 | $ 1,230 |
Leases - Schedule of Weighted A
Leases - Schedule of Weighted Average Remaining Lease Terms and Discount Rate of Operating Leases (Detail) | Mar. 31, 2019 |
Corporate Office [Member] | |
Lessee Lease Description [Line Items] | |
Weighted average remaing lease term | 2 years 3 months 25 days |
Weighted average discount rate | 4.12% |
Vehicles [Member] | |
Lessee Lease Description [Line Items] | |
Weighted average remaing lease term | 4 months 24 days |
Weighted average discount rate | 0.48% |
Office Equipment [Member] | |
Lessee Lease Description [Line Items] | |
Weighted average remaing lease term | 1 month 13 days |
Weighted average discount rate | 0.21% |
Supplemental Disclosures to t_3
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows - Summary of Current Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities Current [Abstract] | ||
Accrued lease operating expense | $ 9,090 | $ 10,469 |
Accrued interest payable | 3,724 | 2,476 |
Accrued capital expenditures | 2,602 | 4,349 |
Accrued general and administrative expense | 2,398 | 4,393 |
Operating lease liability | 1,921 | 0 |
Accrued ad valorem tax | 987 | 729 |
Asset retirement obligations | 477 | 477 |
Other | 0 | 262 |
Accrued liabilities | $ 21,199 | $ 23,155 |
Supplemental Disclosures to t_4
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows - Summary of Cash and Cash Equivalents Reconciliation (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 24,876 | $ 49,704 | ||
Restricted cash | 325 | 325 | ||
Total cash, cash equivalents and restricted cash | $ 25,201 | $ 50,029 | $ 6,042 | $ 6,392 |
Supplemental Disclosures to t_5
Supplemental Disclosures to the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Cash Flows - Summary of Supplemental Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Supplemental cash flows: | ||
Cash paid for interest, net of amounts capitalized | $ 2,325 | $ 6,028 |
Cash paid for reorganization items, net | 187 | 656 |
Noncash investing and financing activities: | ||
Increase (decrease) in capital expenditures in payables and accrued liabilities | $ (2,612) | $ 1,890 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Maximum [Member] | ||
Related Party Transaction [Line Items] | ||
Amount of related party transaction | $ 120,000 | $ 120,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Mar. 12, 2017 | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Additional Textual [Abstract] | |||
Remaining environmental accrued liability recorded | $ 0 | $ 0 | |
Beta's decommissioning obligations, cash | 90,000,000 | ||
U S Bank Money Market [Member] | |||
Commitments and Contingencies Additional Textual [Abstract] | |||
Held-to-maturity investment, amortized cost | $ 90,200,000 | ||
Environmental Protection Agency [Member] | |||
Commitments and Contingencies Additional Textual [Abstract] | |||
Final date to close outstanding environmental related issues | Jun. 30, 2018 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||
Income tax benefit (expense) | $ 50,000 | $ 0 |
Effective tax rate | 0.00% | |
Maximum [Member] | ||
Income Tax Disclosure [Line Items] | ||
Income tax benefit (expense) | $ 100,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | May 05, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||
Common stock par value per share | $ 0.0001 | $ 0.0001 | |
Subsequent Event [Member] | Midstates Petroleum Company, Inc and Midstates Holdings, Inc [Member] | |||
Subsequent Event [Line Items] | |||
Business acquisition equity interest received number of shares | 0.933 | ||
Common stock par value per share | $ 0.01 | ||
Percentage of outstanding stock owned | 50.00% |