Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 05, 2019 | Jun. 30, 2018 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HPR | ||
Entity Registrant Name | HighPoint Resources Corp | ||
Entity Central Index Key | 1,725,526 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 212,532,655 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 662,241,218 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 32,774 | $ 314,466 |
Accounts receivable, net of allowance for doubtful accounts | 72,943 | 51,415 |
Derivative assets | 81,166 | 0 |
Prepayments and other current assets | 2,898 | 1,782 |
Total current assets | 189,781 | 367,663 |
Property and equipment - at cost, successful efforts method for oil and gas properties: | ||
Proved oil and gas properties | 2,195,310 | 1,361,168 |
Unproved oil and gas properties, excluded from amortization | 468,208 | 84,676 |
Furniture, equipment and other | 20,662 | 17,899 |
Property, plant and equipment, gross | 2,684,180 | 1,463,743 |
Accumulated depreciation, depletion, amortization and impairment | (654,657) | (444,863) |
Total property and equipment, net | 2,029,523 | 1,018,880 |
Derivative assets | 27,289 | 0 |
Deferred financing costs and other noncurrent assets | 5,867 | 4,163 |
Total | 2,252,460 | 1,390,706 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 131,379 | 84,055 |
Amounts payable to oil and gas property owners | 55,792 | 16,594 |
Production taxes payable | 59,155 | 26,876 |
Derivative liabilities | 0 | 20,940 |
Current portion of long-term debt | 1,859 | 469 |
Total current liabilities | 248,185 | 148,934 |
Long-term debt, net of debt issuance costs | 617,387 | 617,744 |
Asset retirement obligations | 27,330 | 16,097 |
Deferred income taxes | 139,534 | 0 |
Derivatives and other noncurrent liabilities | 7,926 | 9,377 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value; authorized 400,000,000 and 300,000,000 shares at December 31, 2018 and 2017 respectively; 212,477,101 and 110,363,539 shares issued and outstanding at December 31, 2018 and 2017, respectively, with 2,912,166 and 1,394,868 shares subject to restrictions, respectively | 210 | 109 |
Additional paid-in capital | 1,771,730 | 1,279,507 |
Retained earnings (accumulated deficit) | (559,842) | (681,062) |
Treasury stock, at cost: zero shares at December 31, 2018 and 2017 | 0 | 0 |
Total stockholders' equity | 1,212,098 | 598,554 |
Total | $ 2,252,460 | $ 1,390,706 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 300,000,000 |
Common stock, shares issued | 212,477,101 | 110,363,539 |
Common stock, shares outstanding | 212,477,101 | 110,363,539 |
Common stock, shares subject to restrictions | 2,912,166 | 1,394,868 |
Treasury stock, shares | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Revenues: | |||
Total operating revenues | $ 453,017 | $ 252,839 | $ 178,819 |
Operating Expenses: | |||
Production tax expense | 36,762 | 14,476 | 10,638 |
Exploration expense | 70 | 83 | 83 |
Impairment, dry hole costs and abandonment expense | 719 | 49,553 | 4,249 |
(Gain) loss on sale of properties | 1,046 | (92) | 1,078 |
Depreciation, depletion and amortization | 228,480 | 159,964 | 171,641 |
Unused commitments | 18,187 | 18,231 | 18,272 |
General and administrative expense | 45,130 | 42,476 | 42,169 |
Merger transaction expense | 7,991 | 8,749 | 0 |
Other operating expenses, net | 1,273 | (1,514) | (316) |
Total operating expenses | 372,152 | 318,764 | 278,065 |
Operating Income (Loss) | 80,865 | (65,925) | (99,246) |
Other Income and Expense: | |||
Interest and other income | 1,793 | 1,359 | 235 |
Interest expense | (52,703) | (57,710) | (59,373) |
Commodity derivative gain (loss) | 93,349 | (9,112) | (20,720) |
Gain (loss) on extinguishment of debt | (257) | (8,239) | 8,726 |
Total other income (expense) | 42,182 | (73,702) | (71,132) |
Income (Loss) before Income Taxes | 123,047 | (139,627) | (170,378) |
(Provision for) Benefit from Income Taxes | (1,827) | 1,402 | 0 |
Net income (loss) | $ 121,220 | $ (138,225) | $ (170,378) |
Net Income (Loss) Per Common Share, Basic (in dollars per share) | $ 0.64 | $ (1.80) | $ (3.08) |
Net Income (Loss) Per Common Share, Diluted (in dollars per share) | $ 0.64 | $ (1.80) | $ (3.08) |
Weighted Average Common Shares Outstanding, Basic (in shares) | 188,299,074 | 76,858,815 | 55,384,020 |
Weighted Average Common Shares Outstanding, Diluted (in shares) | 189,241,036 | 76,858,815 | 55,384,020 |
Oil, gas and NGL production | |||
Operating Revenues: | |||
Production and other revenues | $ 452,917 | $ 251,215 | $ 178,328 |
Other operating revenues, net | |||
Operating Revenues: | |||
Production and other revenues | 100 | 1,624 | 491 |
Lease operating expense | |||
Operating Expenses: | |||
Cost of goods and services | 27,850 | 24,223 | 27,886 |
Gathering, transportation and processing expense | |||
Operating Expenses: | |||
Cost of goods and services | $ 4,644 | $ 2,615 | $ 2,365 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 121,220 | $ (138,225) | $ (170,378) |
Other Comprehensive Income (Loss), net of tax: | |||
Other comprehensive income (loss) | 0 | 0 | 0 |
Comprehensive Income (Loss) | $ 121,220 | $ (138,225) | $ (170,378) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | |||
Net Income (Loss) | $ 121,220 | $ (138,225) | $ (170,378) |
Adjustments to reconcile to net cash provided by operations: | |||
Depreciation, depletion and amortization | 228,480 | 159,964 | 171,641 |
Deferred income taxes | 1,827 | 0 | 0 |
Impairment, dry hole costs and abandonment expense | 719 | 49,553 | 4,249 |
Commodity derivative (gain) loss | (93,349) | 9,112 | 20,720 |
Settlements of commodity derivatives | (47,587) | 19,099 | 95,598 |
Stock compensation and other non-cash charges | 8,337 | 6,596 | 8,982 |
Amortization of deferred financing costs | 2,365 | 2,194 | 2,834 |
(Gain) loss on extinguishment of debt | 257 | 8,239 | (8,726) |
(Gain) loss on sale of properties | 1,046 | (92) | 1,078 |
Change in operating assets and liabilities: | |||
Accounts receivable | (13,697) | (18,578) | 10,624 |
Prepayments and other assets | (793) | (1,848) | 350 |
Accounts payable, accrued and other liabilities | (40,324) | 11,690 | (2,893) |
Amounts payable to oil and gas property owners | 34,499 | 10,402 | (9,465) |
Production taxes payable | 28,441 | 3,884 | (2,878) |
Net cash provided by (used in) operating activities | 231,441 | 121,990 | 121,736 |
Investing Activities: | |||
Additions to oil and gas properties, including acquisitions | (453,616) | (239,631) | (106,870) |
Additions of furniture, equipment and other | (853) | (926) | (1,195) |
Repayment of debt associated with merger, net of cash acquired | (53,357) | 0 | 0 |
Proceeds from sale of properties and other investing activities | 143 | 101,546 | 24,927 |
Net cash provided by (used in) investing activities | (507,683) | (139,011) | (83,138) |
Financing Activities: | |||
Proceeds from debt | 0 | 275,000 | 0 |
Principal and redemption premium payments on debt | (469) | (322,343) | (440) |
Proceeds from sale of common stock, net of offering costs | 1 | 110,710 | 110,003 |
Deferred financing costs and other | (4,982) | (7,721) | (1,156) |
Net cash provided by (used in) financing activities | (5,450) | 55,646 | 108,407 |
Increase (Decrease) in Cash and Cash Equivalents | (281,692) | 38,625 | 147,005 |
Beginning Cash and Cash Equivalents | 314,466 | 275,841 | 128,836 |
Ending Cash and Cash Equivalents | $ 32,774 | $ 314,466 | $ 275,841 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Deficit) [Member] | Treasury Stock [Member] | |
Balance at Dec. 31, 2015 | $ 549,416 | $ 48 | $ 921,318 | $ (371,950) | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Restricted stock activity and shares exchanged for tax withholding | (1,113) | 1 | 0 | (1,114) | ||
Stock-based compensation | 9,455 | 9,455 | ||||
Retirement of treasury stock | 0 | (1,114) | 1,114 | |||
Exchange of senior notes for shares of common stock | 74,400 | 10 | 74,390 | |||
Issuance of common stock, net of offering costs | 109,763 | 15 | 109,748 | |||
Net Income (Loss) | (170,378) | (170,378) | ||||
Balance at Dec. 31, 2016 | 571,543 | 74 | 1,113,797 | (542,328) | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of accounting change | (329) | 180 | (509) | |||
Restricted stock activity and shares exchanged for tax withholding | (1,252) | 1 | 0 | (1,253) | ||
Stock-based compensation | 7,099 | 7,099 | ||||
Retirement of treasury stock | 0 | (1,253) | 1,253 | |||
Exchange of senior notes for shares of common stock | 48,992 | 11 | 48,981 | |||
Issuance of common stock, net of offering costs | 110,726 | 23 | 110,703 | |||
Net Income (Loss) | (138,225) | (138,225) | ||||
Balance at Dec. 31, 2017 | 598,554 | 109 | 1,279,507 | (681,062) | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Restricted stock activity and shares exchanged for tax withholding | (1,534) | 1 | 0 | (1,535) | ||
Stock-based compensation | [1] | 9,858 | 9,858 | |||
Retirement of treasury stock | 0 | (1,535) | 1,535 | |||
Issuance of common stock, merger | 484,000 | 100 | 483,900 | |||
Net Income (Loss) | 121,220 | 121,220 | ||||
Balance at Dec. 31, 2018 | $ 1,212,098 | $ 210 | $ 1,771,730 | $ (559,842) | $ 0 | |
[1] | As of December 31, 2018, includes the modification of the 2016 Program and 2017 Program from performance-based liability awards to service-based equity awards. See Note 11 for additional information. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization HighPoint Resources Corporation, a Delaware corporation, together with its wholly-owned subsidiary (collectively, the "Company"), is an independent oil and gas company engaged in the exploration, development and production of oil, natural gas and natural gas liquids ("NGLs"). The Company became the successor to Bill Barrett Corporation ("Bill Barrett"), on March 19, 2018, upon closing of the transactions contemplated by the Agreement and Plan of Merger, dated December 4, 2017 (the "Merger Agreement"), pursuant to which Bill Barrett combined with Fifth Creek Energy Operating Company, LLC ("Fifth Creek") (the "Merger"). As a result of the Merger, Bill Barrett became a wholly-owned subsidiary of HighPoint Resources Corporation and subsequently Bill Barrett changed its name to HighPoint Operating Corporation. The Company currently conducts its activities principally in the Denver Julesburg Basin ("DJ Basin") in Colorado. Except where the context indicates otherwise, references herein to the "Company" with respect to periods prior to the completion of the Merger refer to Bill Barrett and its subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation. The accompanying Consolidated Financial Statements include the accounts of the Company. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates. In the course of preparing the Company's financial statements in accordance with GAAP, management makes various assumptions, judgments and estimates to determine the reported amount of assets, liabilities, revenues and expenses and in the disclosure of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. Areas requiring the use of assumptions, judgments and estimates relate to volumes of oil, natural gas and NGL reserves used in calculating depreciation, depletion and amortization ("DD&A"), the amount of expected future cash flows used in determining possible impairments of oil and gas properties and the amount of future capital costs used in these calculations. Assumptions, judgments and estimates also are required in determining the fair values of assets acquired and liabilities assumed in business combinations, asset retirement obligations, the timing of dry hole costs, impairments of proved and unproved properties, valuing deferred tax assets and estimating fair values of derivative instruments and stock-based payment awards. Cash and Cash Equivalents. The Company considers all highly liquid investments with a remaining maturity of three months or less when purchased to be cash equivalents. Accounts Receivable. Accounts receivable is comprised of the following: As of December 31, 2018 2017 (in thousands) Accrued oil, gas and NGL sales $ 44,860 $ 36,569 Due from joint interest owners 27,435 14,779 Other 754 270 Allowance for doubtful accounts (106 ) (203 ) Total accounts receivable $ 72,943 $ 51,415 Oil and Gas Properties. The Company's oil, gas and NGL exploration and production activities are accounted for using the successful efforts method. Under this method, all property acquisition costs and costs of exploratory and development wells are capitalized when incurred, pending determination of whether the well has found proved reserves. If an exploratory well does not find proved reserves, the costs of drilling the well are charged to expense and remain within cash flows from investing activities in the Consolidated Statements of Cash Flows. If an exploratory well does find proved reserves, the costs remain capitalized and are included within additions to oil and gas properties and remain within cash flows from investing activities in the Consolidated Statements of Cash Flows. The costs of development wells are capitalized whether proved reserves are added or not. Oil and gas lease acquisition costs are also capitalized. Upon sale or retirement of depreciable or depletable property, the cost and related accumulated DD&A are eliminated from the accounts and the resulting gain or loss is recognized. Other exploration costs, including certain geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the unit-of-production amortization rate. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized to the appropriate property and equipment accounts. Unproved oil and gas property costs are transferred to proved oil and gas properties if the properties are subsequently determined to be productive or are assigned proved reserves. Proceeds from sales of partial interests in unproved leases are accounted for as a recovery of cost without recognizing any gain until all costs are recovered. Unproved oil and gas properties are assessed periodically for impairment based on remaining lease terms, drilling results, reservoir performance, commodity price outlooks, future plans to develop acreage, recent sales prices of comparable properties and other relevant matters. Materials and supplies consist primarily of tubular goods and well equipment to be used in future drilling operations or repair operations and are carried at the lower of cost or market value. The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities: As of December 31, 2018 2017 (in thousands) Proved properties $ 663,485 $ 230,800 Wells and related equipment and facilities 1,438,092 1,088,692 Support equipment and facilities 75,392 38,776 Materials and supplies 18,341 2,900 Total proved oil and gas properties $ 2,195,310 $ 1,361,168 Unproved properties 328,409 18,832 Wells and facilities in progress 139,799 65,844 Total unproved oil and gas properties, excluded from amortization $ 468,208 $ 84,676 Accumulated depreciation, depletion, amortization and impairment (642,645 ) (433,234 ) Total oil and gas properties, net (1) $ 2,020,873 $ 1,012,610 (1) Total oil and gas properties, net includes $722.6 million of properties acquired in the Merger. See Note 4 for additional information regarding the Merger. All exploratory wells are evaluated for economic viability within one year of well completion. Exploratory wells that discover potentially economic reserves in areas where a major capital expenditure would be required before production could begin, and where the economic viability of that major capital expenditure depends upon the successful completion of further exploratory work in the area, remain capitalized if the well finds a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. As of December 31, 2018 and 2017 , there were no exploratory well costs that had been capitalized for a period greater than one year since the completion of drilling. The Company reviews proved oil and natural gas properties for impairment on a quarterly basis or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. The Company estimates the expected undiscounted future net cash flows of its oil and gas properties using proved and risked probable and possible reserves based on the Company's development plans and best estimate of future production, commodity pricing, reserve risking, gathering and transportation deductions, production tax rates, lease operating expenses and future development costs. The Company compares such undiscounted future net cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the undiscounted future net cash flows exceed the carrying amount of the oil and gas properties, no impairment is taken. If the carrying amount of a property exceeds the undiscounted future net cash flows, the Company will impair the carrying value to fair value based on an analysis of quantitative and qualitative factors existing as of the balance sheet date. The Company does not believe that the undiscounted future net cash flows of its oil and gas properties represent the applicable market value. The factors used to determine fair value may include, but are not limited to, recent sales prices of comparable properties, indications from marketing activities, the present value of future revenues, net of estimated operating and development costs using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk and current market conditions associated with realizing the projected cash flows. Oil and gas properties are also assessed for impairment once they meet the criteria to be classified as held for sale. Assets held for sale are carried at the lower of carrying cost or fair value less costs to sell. The fair value of the assets is determined using a market approach, based on an estimated selling price, as evidenced by current marketing activities, if possible. If an estimated selling price is not available, the Company utilizes the income valuation technique which involves calculating the present value of future revenues, as discussed above. If the carrying amount of the assets exceeds the fair value less costs to sell, an impairment will result to reduce the value of the properties down to fair value less costs to sell. The estimated fair value of assets held for sale may be materially different from sales proceeds that the Company eventually realizes due to a number of factors including but not limited to the differences in expected future commodity pricing, location and quality differentials, the Company's relative desire to dispose of such properties based on facts and circumstances impacting the Company's business at the time the Company agrees to sell, such as the Company's position in the field subsequent to the sale and plans for future acquisitions or development in core areas. The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Consolidated Statements of Operations, as follows: Year Ended December 31, 2018 2017 2016 (in thousands) Impairment of proved oil and gas properties (1) $ — $ 37,945 $ — Impairment of unproved oil and gas properties (2) — 11,153 183 Dry hole costs — — 97 Abandonment expense 719 455 3,969 Total impairment, dry hole costs and abandonment expense $ 719 $ 49,553 $ 4,249 (1) The Company recognized a non-cash impairment charge associated with the Company's Uinta Oil Program proved properties during the year ended December 31, 2017. The properties were sold on December 29, 2017. (2) As a result of no future plans to develop certain acreage and/or estimated market values below carrying value, the Company recognized non-cash impairment charges of $9.1 million associated with certain unproved properties in the Cottonwood Gulch area of the Piceance Basin and $2.1 million associated with certain non-core unproved properties in the DJ Basin. The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. Natural gas and NGLs are converted to an oil equivalent, Boe, at the standard rate of six Mcf to one Boe and forty-two gallons to one Boe, respectively. Estimated future dismantlement, restoration and abandonment costs are taken into consideration by this calculation. Accounts Payable and Accrued Liabilities. Accounts payable and accrued liabilities are comprised of the following: As of December 31, 2018 2017 (in thousands) Accrued drilling, completion and facility costs $ 69,830 $ 35,856 Accrued lease operating, gathering, transportation and processing expenses 6,970 4,360 Accrued general and administrative expenses 8,774 11,134 Accrued interest payable 6,758 6,484 Accrued merger transaction expenses 550 8,278 Prepayments from partners 862 2,524 Trade payables 31,057 10,067 Other 6,578 5,352 Total accounts payable and accrued liabilities $ 131,379 $ 84,055 Environmental Liabilities. Environmental expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue generation are expensed. Environmental liabilities are accrued when environmental assessments and/or clean-ups are probable, and the costs can be reasonably estimated. Recent case law in Wyoming has exposed the Company to potential obligations for plugging and abandoning wells, and associated reclamation, for assets that were sold to other industry parties in prior years. If such third parties become unable to fulfill their contractual obligations to the Company as provided for in purchase and sale agreements, regulatory agencies and landowners may demand that the Company perform such activities. The Company recognized $1.9 million and $0.7 million associated with these obligations in other operating expenses in the Consolidated Statement of Operations for the years ended December 31, 2018 and 2017 , respectively. Revenue Recognition. All of the Company's sales of oil, gas and NGLs are made under contracts with customers, whereby revenues are recognized when the Company satisfies its performance obligations and the customer obtains control of the product. Performance obligations under the Company's contracts with customers are typically satisfied at a point-in-time through monthly delivery of oil, gas and/or NGLs. Accordingly, at the end of the reporting period, the Company does not have any unsatisfied performance obligations. The Company's contracts with customers typically include variable consideration based on monthly pricing tied to local indices and volumes delivered in the current month. The nature of the Company's contracts with customers does not require the Company to constrain variable consideration for accounting purposes. As of December 31, 2018 , the Company had open contracts with customers with terms of 1 month to 19 years , as well as evergreen contracts that renew on a periodic basis if not canceled by the Company or the customer. The Company's contracts with customers typically require payment within one month of delivery. Under the Company's contracts with customers, natural gas and its components, including NGLs, are either sold to a midstream entity (which processes the natural gas and subsequently sells the resulting residue gas and NGLs) or are sold to a gas or NGL purchaser after being processed by a third party for a fee. Regardless of the contract structure type, the terms of these contracts compensate the Company for the value of the residue gas and NGLs at current market prices for each product. The Company's oil is sold to multiple oil purchasers at specific delivery points at or near the wellhead. All costs incurred to gather, transport and/or process the Company's oil, gas and NGLs after control has transferred to the customer are considered components of the consideration received from the customer and thus recorded in oil, gas and NGL production revenues in the Consolidated Statements of Operations. All costs incurred prior to the transfer of control to the customer are included in gathering, transportation and processing expense in the Consolidated Statements of Operations. Gas imbalances from the sale of natural gas are recorded on the basis of gas actually sold by the Company. If the Company's aggregate sales volumes for a well are greater (or less) than its proportionate share of production from the well, a liability (or receivable) is established to the extent there are insufficient proved reserves available to make-up the overproduced (or underproduced) imbalance. Imbalances have not been significant in the periods presented. Derivative Instruments and Hedging Activities. The Company periodically uses derivative financial instruments to achieve a more predictable cash flow from its oil, natural gas and NGL sales by reducing its exposure to price fluctuations. Derivative instruments are recorded at fair market value and are included in the Consolidated Balance Sheets as assets or liabilities. Income Taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets are recovered or liabilities are settled. Deferred tax assets also include tax credits and net operating losses that are available to offset future income taxes. Deferred income taxes are measured by applying currently enacted tax rates. A valuation allowance is recorded if it is more likely than not that all or some portion of the Company's deferred tax assets will not be realized. The Company regularly assess the realizability of the deferred tax assets considering all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, planning strategies and results of recent operations. The assumptions about future taxable income require significant judgment to determine if a valuation allowance is required. Changes to the Company's development plans, increases in market prices for hydrocarbons, improvements in operating results, or other factors could change the valuation allowance in future periods, resulting in recognition of tax expense or benefit. The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. Only tax positions that meet the more-likely-than-not recognition threshold are recognized. The Company does not have any uncertain tax positions recorded as of December 31, 2018 or 2017 . Earnings/Loss Per Share. Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding during each period. Diluted net income (loss) per common share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding and other dilutive securities. Potentially dilutive securities for the diluted net income per common share calculations consist of nonvested shares of common stock and outstanding in-the-money stock options to purchase the Company's common stock. The dilutive net income per common share excludes the anti-dilutive effect of 407,949 stock options and nonvested shares of common stock for the year ended December 31, 2018 . The Company was in a net loss position for the years ended December 31, 2017 and 2016 , therefore, all potentially dilutive securities were anti-dilutive. The following table sets forth the calculation of basic and diluted net income (loss) per share: Year Ended December 31, 2018 2017 2016 (in thousands, except per share amounts) Net income (loss) $ 121,220 $ (138,225 ) $ (170,378 ) Basic weighted-average common shares outstanding in period 188,299 76,859 55,384 Add dilutive effects of stock options and nonvested equity shares of common stock 942 — — Diluted weighted-average common shares outstanding in period 189,241 76,859 55,384 Basic net income (loss) per common share $ 0.64 $ (1.80 ) $ (3.08 ) Diluted net income (loss) per common share $ 0.64 $ (1.80 ) $ (3.08 ) Industry Segment and Geographic Information. The Company operates in one industry segment, which is the development and production of crude oil, natural gas and NGLs, and all of the Company's operations are conducted in the continental United States. Consequently, the Company currently reports as a single industry segment. New Accounting Pronouncements. In August 2018, the Securities and Exchange Commission, ("SEC") issued a final rule, Disclosure Update and Simplification , that updates and simplifies SEC disclosure requirements. The primary changes include removing the requirement to disclose outside of the consolidated financial statements historical and pro forma ratios of earnings to fixed charges and historical low and high trading prices of the Company's common stock and adding a requirement to provide within the interim financial statements an analysis of changes in stockholders' equity for the current and comparative quarterly and year-to-date periods. Other changes included requirements related to segment, geographic area and dividend disclosures. The final rule was effective November 5, 2018. The Company adopted the standard for this annual report ending December 31, 2018, and it did not have a material impact on the Company's disclosures. In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of this update is to improve the effectiveness of fair value measurement disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The standard will only impact the Company's disclosures. In June 2018, the FASB issued ASU 2018-07, Stock Compensation-Improvements to Non-employee Share-Based Payment Accounting . The objective of this update is to simplify several aspects of the accounting for non-employee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation- Stock Compensation , to include share-based payment transactions for acquiring goods and services from non-employees. ASU 2018-07 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The standard will not have a material impact on the Company's disclosures and financial statements. In May 2017, the FASB issued ASU 2017-09, Stock Compensation-Scope of Modification Accounting . The objective of this update is to provide clarity and reduce both diversity in practice and cost and complexity when applying a change to the terms or conditions of a share-based payment award. ASU 2017-09 was effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The standard was adopted on January 1, 2018 and did not have a material impact on the Company's disclosures and financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the definition of a business . The objective of this update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 was effective for annual and interim periods beginning after December 15, 2017. The standard was adopted prospectively on January 1, 2018 and did not have a material impact on the Company's disclosures and financial statements. The accounting treatment of the Merger was not affected by this guidance. See Note 4 for additional information regarding the Merger. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments . The objective of this update is to address eight specific cash flow issues in order to reduce the existing diversity in practice. ASU 2016-15 was effective for the annual periods beginning after December 15, 2017, and interim periods within those annual periods. The standard was adopted on January 1, 2018 and did not have a significant impact on the Company's disclosures and financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, followed by additional accounting standards updates that provided additional practical expedients and policy election options (collectively, Accounting Standards Codification Topic 842, ("ASC 842")). The objective of ASC 842 is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASC 842 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Company will adopt ASC 842 using the modified retrospective method and elect the option to not apply ASC 842 to comparative periods. The Company has also elected the following practical expedients: • not to recognize lease assets or liabilities on the balance sheet when lease terms are less than twelve months, • carryforward previous conclusions related to current lease classification under the current lease accounting standard to lease classification for these existing leases under ASC 842, • exclude from evaluation under ASC 842 land easements that existed or expired before adoption of ASC 842, and • to combine lease and non-lease components for certain asset classes. The adoption of ASC 842 will result in an increase in right-of-use assets and related liabilities on the Company's Consolidated Balance Sheets. Right of use assets that the Company expects to record on the balance sheet include office space, vehicle, and certain compressor leases, all classified as operating leases. Refer to the "Lease and Other Commitments" table within Note 13 for information regarding approximate undiscounted future lease payments for leases that will result in right-of-use assets. The Consolidated Statements of Operations and Cash Flows will not be affected. The Company has compiled and analyzed its contracts and has identified its full lease population. The Company is still in the process of populating its leasing software and implementing new controls associated with this standard. In addition, the Company is still evaluating the footnote disclosure requirements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The objective of this update is to clarify the principles for recognizing revenue and to develop a common revenue standard. The FASB subsequently issued ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, which provided additional implementation guidance and deferred the effective date of ASU 2014-09. The standard was effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. The standard was adopted on January 1, 2018 using the modified retrospective transition method, which was applied to contracts in place at the date of adoption. The adoption required the Company to net some additional gathering, transportation and processing expenses against its oil, gas, and NGL production revenues. However, the cash flow and timing of the Company's revenue was not impacted and therefore no impact on the Company's net income (loss) or net income (loss) per common share. The standard also required additional footnote disclosures. As the adoption did not have a significant impact on the Company's operations, the pro forma disclosures to present 2018 results as if accounted for under the previous standard are immaterial. See the " Revenue Recognition" section above for additional disclosures. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information Supplemental cash flow information is as follows: Year Ended December 31, 2018 2017 2016 (in thousands) Cash paid for interest $ 50,063 $ 61,295 $ 58,193 Cash paid for income taxes — — — Supplemental disclosures of non-cash investing and financing activities: Accrued liabilities - oil and gas properties 98,346 43,980 23,944 Change in asset retirement obligations, net of disposals 10,778 5,376 (4,799 ) Fair value of debt exchanged for common stock — 48,992 74,400 Retirement of treasury stock (1,535 ) (1,253 ) (1,114 ) Properties exchanged in non-cash transactions — 13,323 — Issuance of common stock for Merger 484,000 — — |
Mergers, Acquisitions, Exchange
Mergers, Acquisitions, Exchanges and Divestitures | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Mergers, Acquisitions, Exchanges and Divestitures | Divestitures 2018 Merger with Fifth Creek Energy Operating Company, LLC On March 19, 2018, the Company completed the Merger with Fifth Creek. Assets acquired included approximately 81,000 net acres in Weld County in the DJ Basin, substantially all of which are operated, and 62 producing standard-length lateral wells and 10 producing extended-reach lateral wells. In addition, the Company recorded net proved reserves of 9.3 MMBoe, of which 4.7 MMBoe were proved developed reserves and 4.6 MMBoe were proved undeveloped reserves. The Merger was effected through the issuance of 100 million shares of the Company's common stock, with a fair value of $484.0 million on the date of closing, and the repayment of $53.9 million of Fifth Creek debt. In connection with the Merger, the Company incurred costs of $8.0 million and $8.7 million of severance, consulting, advisory, legal and other merger-related fees in the Company's Consolidated Statement of Operations for the year ended December 31, 2018 and 2017 , respectively. Purchase Price Allocation The transaction was accounted for as a business combination, using the acquisition method, with the Company being the acquirer for accounting purposes. The following table represents the allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed based on the estimated fair values at the acquisition date. The following table sets forth the Company's purchase price allocation: March 19, 2018 (in thousands) Purchase Price: Fair value of common stock issued $ 484,000 Plus: Repayment of Fifth Creek debt 53,900 Total purchase price 537,900 Plus Liabilities Assumed: Accounts payable and accrued liabilities 25,782 Current unfavorable contract 2,651 Other current liabilities 13,797 Asset retirement obligations 7,361 Long-term deferred tax liability 137,707 Long-term unfavorable contract 4,449 Other noncurrent liabilities 2,354 Total purchase price plus liabilities assumed $ 732,001 Fair Value of Assets Acquired: Cash 543 Accounts receivable 7,831 Oil and Gas Properties: Proved oil and gas properties 105,702 Unproved oil and gas properties 609,568 Asset retirement obligations 7,361 Furniture, equipment and other 931 Other noncurrent assets 65 Total asset value $ 732,001 The fair value measurements of oil and natural gas properties and asset retirement obligations are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair values of proved oil and natural gas properties and asset retirement obligations were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation of oil and natural gas properties included estimates of: (i) recoverable reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average cost of capital rate. The fair value of unproved properties was determined using a market approach utilizing recent transactions of a similar nature in the same basin. These inputs required significant judgments and estimates by management at the time of the valuation and are the most sensitive to possible future changes. The results of operations attributable to the merged companies are included in the Consolidated Statements of Operations beginning on March 19, 2018. The Company generated revenues of approximately $59.4 million from the Fifth Creek assets during the year ended December 31, 2018 and expenses of approximately $44.2 million during the year ended December 31, 2018 . Pro Forma Financial Information The following pro forma condensed combined financial information was derived from the historical financial statements of the Company and Fifth Creek and gives effect to the acquisition as if it had occurred on January 1, 2017. The below information reflects pro forma adjustments based on available information and certain assumptions that the Company believes are reasonable, including (i) the repayment of Fifth Creek's debt, (ii) depletion of Fifth Creek's fair-valued proved crude oil and natural gas properties, and (iii) the estimated tax impacts of the pro forma adjustments. Additionally, pro forma earnings for the year ended December 31, 2018 and 2017 were adjusted to exclude merger-related costs of $8.0 million and $8.7 million , respectively, incurred by the Company and $4.0 million and $2.2 million , respectively, incurred by Fifth Creek. The pro forma results of operations do not include any cost savings or other synergies that may have occurred as a result of the acquisition or any estimated costs that have been incurred by the Company to integrate the Fifth Creek assets. The pro forma condensed combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the acquisition taken place on January 1, 2017; furthermore, the financial information is not intended to be a projection of future results. Year Ended December 31, 2018 2017 (in thousands, except per share data) Revenues $ 468,949 $ 291,991 Net Income (Loss) and Comprehensive Income (Loss) 125,281 (143,530 ) Net Income (Loss) per Common Share, Basic 0.60 (0.81 ) Net Income (Loss) per Common Share, Diluted 0.60 (0.81 ) 2017 Acquisitions, Exchanges and Divestitures On February 28, 2017, the Company acquired acreage in the DJ Basin for $11.6 million , after final closing adjustments. The transaction was considered an asset acquisition and therefore the properties were recorded based on the fair value of the total consideration transferred on the acquisition date and transaction costs were capitalized as a component of the cost of the assets acquired. The acquisition included $9.1 million and $11.2 million of proved and unevaluated properties, respectively, and asset retirement obligations of $8.7 million . During the year ended December 31, 2017, the Company completed two acreage exchange transactions to consolidate certain acreage positions in the DJ Basin. Pursuant to the transactions, the Company exchanged leasehold interests in certain proved undeveloped acreage. The Company's future cash flows are not expected to significantly change as a result of the exchange transactions, therefore, the non-monetary exchanges were measured based on the carrying values and not on the fair values of the assets exchanged. On December 29, 2017, the Company completed the sale of its remaining non-core assets in the Uinta Basin. The Company received $101.3 million in cash proceeds, after final closing adjustments in 2018. In addition to the cash proceeds, the Company recognized non-cash proceeds of $4.8 million related to relief from the Company's asset retirement obligation. During the year ended December 31, 2017, the Company recognized proved property impairment of $37.9 million with respect to these properties in the Consolidated Statement of Operations. During the year ended December 31, 2018, the Company recognized an additional loss on sale of $1.0 million with respect to these properties in the Consolidated Statement of Operations. The carrying amounts by major asset class within the disposal group for the Uinta Basin are summarized below (in thousands): Assets: Proved oil and gas properties $ 409,957 Unproved oil and gas properties, excluded from amortization 397 Furniture, equipment and other 1,593 Accumulated depreciation, depletion, amortization and impairment (304,939 ) Total assets 107,008 Liabilities: Asset retirement obligations 4,773 Total liabilities 4,773 Net assets $ 102,235 2016 Divestitures On July 14, 2016, the Company sold certain non-core assets in the Uinta Basin. The Company received $27.8 million in cash proceeds, after final closing adjustments. In addition to the cash proceeds, the Company recognized non-cash proceeds of $4.8 million related to relief from the Company's asset retirement obligation. Assets sold included $30.6 million in proved oil and gas properties, net of accumulated depreciation, depletion, amortization and impairment, and $2.0 million in unproved oil and gas properties. Liabilities sold included $4.8 million of asset retirement obligations. The transaction was accounted for as a cost recovery. Therefore, no gain or loss was recognized. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The Company's outstanding debt is summarized below: As of December 31, 2018 As of December 31, 2017 Maturity Date Principal Debt Carrying Principal Debt Carrying (in thousands) Amended Credit Facility September 14, 2023 $ — $ — $ — $ — $ — $ — 7.0% Senior Notes (1) October 15, 2022 350,000 (3,210 ) 346,790 350,000 (4,033 ) 345,967 8.75% Senior Notes (2) June 15, 2025 275,000 (4,403 ) 270,597 275,000 (5,080 ) 269,920 Lease Financing Obligation (3) August 10, 2020 1,859 — 1,859 2,328 (2 ) 2,326 Total Debt $ 626,859 $ (7,613 ) $ 619,246 $ 627,328 $ (9,115 ) $ 618,213 Less: Current Portion of Long-Term Debt (4) 1,859 — 1,859 469 — 469 Total Long-Term Debt $ 625,000 $ (7,613 ) $ 617,387 $ 626,859 $ (9,115 ) $ 617,744 (1) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $329.7 million and $356.1 million as of December 31, 2018 and 2017 , respectively, based on reported market trades of these instruments. (2) The aggregate estimated fair value of the 8.75% Senior Notes was approximately $264.7 million and $305.3 million as of December 31, 2018 and 2017 , respectively, based on reported market trades of these instruments. (3) The aggregate estimated fair value of the Lease Financing Obligation was approximately $1.8 million and $2.1 million as of December 31, 2018 and 2017 , respectively. As there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments. (4) The current portion of long-term debt includes the current portion of the Lease Financing Obligation. The Company has elected to exercise the early buyout option pursuant to which the Company will purchase the equipment for $1.8 million on February 10, 2019. Amended Credit Facility On September 14, 2018, the Company entered into a fourth amended and restated credit facility (the "Amended Credit Facility"), which extends the maturity date to September 14, 2023 , and provides for a maximum credit amount of $1.5 billion , an initial elected commitment amount of $500.0 million and an initial borrowing base of $500.0 million . Due to the amendment, the Company recognized a loss on extinguishment of debt of $0.3 million on the Consolidated Statements of Operations for the year ended December 31, 2018. As credit support for future payment under a contractual obligation, a $26.0 million letter of credit has been issued under the Amended Credit Facility, which reduced the available borrowing capacity of the Amended Credit Facility as of December 31, 2018 to $474.0 million . There were no borrowings under the Amended Credit Facility (or, as applicable, the facility then in place) in 2018 or 2017. Interest rates are either adjusted LIBOR plus applicable margins of 1.5% to 2.5% or an alternate base rate plus applicable margins of 0.5% to 1.5% , and the unused commitment fee is between 0.375% to 0.5% . The applicable margin and the unused commitment fee rate are determined based on borrowing base utilization. The borrowing base under the Amended Credit Facility is determined at the discretion of the lenders, based on the collateral value of the Company's proved reserves that have been mortgaged to the lenders, and is subject to regular re-determination on or about April 1 and October 1 of each year, as well as following any property sales. Borrowing bases are computed based on proved oil, natural gas and NGL reserves, hedge positions and estimated future cash flows from the reserves calculated using future commodity pricing provided by the Company's lenders, as well as any other outstanding debt. Lower commodity prices could result in a decreased borrowing base. The Amended Credit Facility contains certain financial covenants. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance. If the Company fails to comply with the covenants or other terms of any agreements governing the Company's debt, the lenders under the Amended Credit Facility and holders of the Company's senior notes may have the right to accelerate the maturity of the relevant debt and foreclose upon the collateral, if any, securing that debt. The occurrence of any such event would adversely affect the Company's financial condition. 7.0% Senior Notes Due 2022 The Company's $350.0 million aggregate principal amount 7.0% Senior Notes mature on October 15, 2022 at par, unless earlier redeemed or purchased by the Company. Interest is payable in arrears semi-annually on April 15 and October 15 of each year. The 7.0% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company's other existing and future senior unsecured indebtedness, including the 8.75% Senior Notes. The 7.0% Senior Notes are redeemable at the Company's option at redemption prices of 102.333% , 101.167% and 100.000% of the principal amount on or after October 15, 2018, 2019 and 2020, respectively. 8.75% Senior Notes due 2025 The Company's $275.0 million in aggregate principal amount 8.75% Senior Notes mature on June 15, 2025 at par, unless earlier redeemed or purchased by the Company. Interest is payable in arrears semi-annually on June 15 and December 15 of each year. The 8.75% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company's other existing and future senior unsecured indebtedness, including the 7.0% Senior Notes. The 8.75% Senior Notes will become redeemable at the Company's option on or after June 15, 2020, 2021, 2022 and 2023 at redemption prices of 106.563% , 104.375% , 102.188% and 100.000% of the principal amount, respectively. Prior to June 15, 2020, the Company may use proceeds of an equity offering to redeem up to 35% of the principal amount at a redemption price of 108.750% of the principal amount. In addition, prior to June 15, 2020, the Company may redeem the notes at a redemption price equal to 100.000% of the principal amount plus a specified "make-whole" premium. The issuer of the 7.0% Senior Notes and the 8.75% Senior Notes is HighPoint Operating Corporation (f/k/a Bill Barrett). Pursuant to supplemental indentures entered into in connection with the Merger, HighPoint Resources Corporation became a guarantor of the 7.0% Senior Notes and the 8.75% Senior Notes in March 2018. All covenants in the indentures governing the notes limit certain activities of HighPoint Operating Corporation, including limitations on the ability to pay dividends, incur additional indebtedness, make restricted payments, credit liens, sell assets or make loans to HighPoint Resources Corporation, but in most cases the covenants in the indentures are not applicable to HighPoint Resources Corporation. HighPoint Operating Corporation is currently in compliance with all covenants since issuance. Nothing in the indentures governing the 7.0% Senior Notes or the 8.75% Senior Notes prohibits the Company from repurchasing any of the notes from time to time at any price in open market purchases, negotiated transactions or by tender offer or otherwise without any notice to or consent of the holders. Lease Financing Obligation Due 2020 The Company has a lease financing obligation with a balance of $1.9 million as of December 31, 2018 resulting from the Company's sale and subsequent lease back of certain compressors and related facilities owned by the Company (the "Lease Financing Obligation"). On February 10, 2019, the Company elected to purchase the equipment under the early buyout option for $1.8 million . The lease payments related to the equipment were recognized as principal and interest expense based on a weighted average implicit interest rate of 3.3% . 2017 Debt Transactions Due to the redemption of the Company's 5.0% Convertible Notes and 7.625% Senior Notes on May 30, 2017 with the proceeds from its 8.75% Senior Notes issued on April 28, 2017, the Company recognized a $7.9 million loss on extinguishment of debt on the Consolidated Statement of Operations for the year ended December 31, 2017. 2016 Debt Transactions On June 3, 2016, the Company completed a debt exchange with a holder of the 7.625% Senior Notes (the "2016 Debt Exchange"). The holder exchanged $84.7 million principal amount of the 7.625% Senior Notes for 10,000,000 newly issued shares of the Company's common stock. Based on the fair value of the shares issued, the Company recognized an $8.7 million gain on extinguishment of debt on the Consolidated Statement of Operations for the year ended December 31, 2016. Following the 2016 Debt Exchange, the remaining aggregate principal amount was $315.3 million , which, as indicated above, was then redeemed on May 30, 2017. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations A reconciliation of the Company's asset retirement obligations for the year ended December 31, 2018 , 2017 and 2016 is as follows: Year Ended December 31, 2018 2017 2016 (in thousands) Beginning of period $ 17,586 $ 11,238 $ 15,176 Liabilities incurred (1)(2) 10,649 10,683 83 Liabilities settled (1,630 ) (1,063 ) (16 ) Disposition of properties (351 ) (5,138 ) (4,840 ) Accretion expense 1,291 972 861 Revisions to estimate 2,110 894 (26 ) End of period $ 29,655 $ 17,586 $ 11,238 Less: Current asset retirement obligations 2,325 1,489 535 Long-term asset retirement obligations $ 27,330 $ 16,097 $ 10,703 (1) The year ended December 31, 2018 includes $7.4 million associated with properties acquired in the Merger. See Note 4 for additional information regarding the Merger. (2) The year ended December 31, 2017 includes $8.7 million associated with properties acquired in the DJ Basin. See Note 4 for additional information regarding this acquisition. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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 the measurement date (exit price). The Company uses market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. These inputs can be readily observable, market corroborated or generally unobservable. A fair value hierarchy was established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Quoted prices are available in active markets for similar assets or liabilities and in non-active markets for identical or similar instruments. Model-derived valuations have inputs that are observable or whose significant value drivers are observable. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 – Pricing inputs include significant inputs that are generally less observable than objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. At each balance sheet date, the Company performs an analysis of all applicable instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs. Assets and Liabilities Measured at Fair Value on a Recurring Basis Certain assets and liabilities are measured at fair value on a recurring basis in the Company's consolidated balance sheet. The following methods and assumptions were used to estimate the fair values: Cash equivalents – The highly liquid cash equivalents are recorded at fair value. Carrying value approximates fair value, which represents a Level 1 input. Deferred compensation plan – The Company maintains a non-qualified deferred compensation plan which allows certain management employees to defer receipt of a portion of their compensation. The Company maintains assets for the deferred compensation plan in a rabbi trust. The assets of the rabbi trust are invested in publicly traded mutual funds and are recorded in other current and other long-term assets in the Consolidated Balance Sheets. The deferred compensation plan financial assets are reported at fair value based on active market quotes, which represent Level 1 inputs. Commodity derivatives – The fair value of crude oil, natural gas and NGL swaps and costless collars are valued based on an income approach using various assumptions, such as quoted forward prices for commodities and time value factors. These assumptions are observable in the marketplace throughout the full term of the contract, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace, and are, therefore, designated as Level 2 inputs. The Company utilizes its counterparties' valuations to assess the reasonableness of its own valuations. At times, the Company utilizes an independent third party to perform the valuations. The commodity derivatives have been adjusted for non-performance risk. For applicable financial assets carried at fair value, the credit standing of the counterparties is analyzed and factored into the fair value measurement of those assets. In addition, the fair value measurement of a liability has been adjusted to reflect the nonperformance risk of the Company. The following tables set forth by level within the fair value hierarchy the Company's financial assets and liabilities that were measured at fair value on a recurring basis in the Consolidated Balance Sheets. Level 1 Level 2 Level 3 Total (in thousands) As of December 31, 2018 Financial Assets Cash equivalents $ 12,188 $ — $ — $ 12,188 Deferred compensation plan 1,392 — — 1,392 Commodity derivatives — 109,494 — 109,494 Financial Liabilities Commodity derivatives — 1,039 — 1,039 As of December 31, 2017 Financial Assets Cash equivalents 271,027 — — 271,027 Deferred compensation plan 1,749 — — 1,749 Commodity derivatives — 656 — 656 Financial Liabilities Commodity derivatives — 25,714 — 25,714 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis in the Company's consolidated balance sheets. The following methods and assumptions were used to estimate the fair values: Oil and gas properties – Oil and gas property costs are evaluated for impairment and reduced to fair value when there is an indication that the carrying costs may not be recoverable. If an impairment is necessary, the fair value is estimated by using either a market approach based on recent sales prices of comparable properties and/or indications from marketing activities or by using the income valuation technique, which involves calculating the present value of future net revenues. The present value, net of estimated operating and development costs, is calculated using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk and current market conditions associated with realizing the projected cash flows, predominantly all of which are designated as Level 3 inputs within the fair value hierarchy. Information about the impaired assets is as follows: Level 1 Level 2 Level 3 Net Book (1) Impairment (2) (in thousands) As of December 31, 2018 Oil and gas properties $ — $ — $ — $ — $ — As of December 31, 2017 Uinta Basin oil and gas properties (3) — — 106,587 144,532 37,945 DJ Basin unproved properties — — 18,832 20,887 2,055 Piceance Basin unproved properties — — — 9,098 9,098 (1) Amount represents net book value at the date of assessment. (2) See Note 2 for additional information regarding oil and gas property impairments. (3) The Uinta Basin properties were sold in December 2017. See Note 4 for additional information regarding the sale of the Uinta Basin properties. Purchase price allocation – The Merger was accounted for as a business combination, using the acquisition method. The allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed was based on the fair values at the acquisition date. See Note 4 for additional information regarding the fair value of the Merger. Additional Fair Value Disclosures Long-term Debt – Long-term debt is not presented at fair value on the Consolidated Balance Sheets, as it is recorded at carrying value, net of unamortized debt issuance costs. The fair values of the Company's fixed rate 7.0% Senior Notes and 8.75% Senior Notes totaled $594.4 million and $661.4 million as of December 31, 2018 and 2017 , respectively. The fair values of the Company's fixed rate Senior Notes are based on active market quotes, which represent Level 1 inputs. There is no active, public market for the Amended Credit Facility or Lease Financing Obligation. The recorded value of the Amended Credit Facility approximates its fair value due to its floating rate structure based on the LIBOR spread, secured interest, and the Company's borrowing base utilization. The Amended Credit Facility had a balance of zero as of both December 31, 2018 and 2017 . The Lease Financing Obligation fair values of $1.8 million and $2.1 million as of December 31, 2018 and 2017 , respectively, are measured based on market-based parameters of comparable term secured financing instruments. The fair value measurements for the Amended Credit Facility and Lease Financing Obligation represent Level 2 inputs. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company uses financial derivative instruments as part of its price risk management program to achieve a more predictable cash flow from its production revenues by reducing its exposure to commodity price fluctuations. The Company has entered into financial commodity swap contracts and costless collars related to the sale of a portion of the Company's production. The Company does not enter into derivative instruments for speculative or trading purposes. In addition to financial contracts, the Company may at times be party to various physical commodity contracts for the sale of oil, natural gas and NGLs that have varying terms and pricing provisions. These physical commodity contracts qualify for the normal purchase and normal sale exception and, therefore, are not subject to hedge or mark-to-market accounting. The financial impact of physical commodity contracts is included in oil, natural gas and NGL production revenues at the time of settlement. All derivative instruments, other than those that meet the normal purchase and normal sale exception, as mentioned above, are recorded at fair value and included on the Consolidated Balance Sheets as assets or liabilities. The following table summarizes the location, as well as the gross and net fair value amounts, of all derivative instruments presented on the Consolidated Balance Sheets as of the dates indicated. As of December 31, 2018 Balance Sheet Gross Amounts of Gross Amounts Net Amounts of (in thousands) Derivative assets current $ 82,205 $ (1,039 ) (1) $ 81,166 Derivative assets non-current 27,289 — 27,289 Total derivative assets $ 109,494 $ (1,039 ) $ 108,455 Gross Amounts of Gross Amounts Net Amounts of (in thousands) Derivative liabilities $ (1,039 ) $ 1,039 (1) $ — Derivatives and other noncurrent liabilities — — — Total derivative liabilities $ (1,039 ) $ 1,039 $ — As of December 31, 2017 Balance Sheet Gross Amounts of Gross Amounts Net Amounts of (in thousands) Derivative assets current $ 594 $ (594 ) (1) $ — Derivative assets non-current 62 (62 ) (1) — Total derivative assets $ 656 $ (656 ) $ — Gross Amounts of Gross Amounts Net Amounts of (in thousands) Derivative liabilities $ (21,534 ) $ 594 (1) $ (20,940 ) Derivatives and other noncurrent liabilities (4,180 ) 62 (1) (4,118 ) Total derivative liabilities $ (25,714 ) $ 656 $ (25,058 ) (1) Asset and liability balances with the same counterparty are presented as a net asset or liability on the Consolidated Balance Sheets. As of December 31, 2018 , the Company had swap contracts in place to hedge the following volumes for the periods indicated: For the Year 2019 For the Year 2020 Derivative Volumes Weighted Average Price Derivative Volumes Weighted Average Price Oil (Bbls) 6,704,184 $ 58.85 2,469,000 $ 60.79 Natural Gas (MMbtu) 3,050,000 2.46 — — As of December 31, 2018 , the Company had cashless collars (purchased put options and written call options) in place to hedge the following volumes for the periods indicated: For the Year 2019 Derivative Volumes Weighted Average Floor Price Weighted Average Ceiling Price Oil (Bbls) 552,000 $ 55.00 $ 77.56 Natural Gas (MMbtu) 225,000 3.25 4.45 The Company's derivative financial instruments are generally executed with major financial or commodities trading institutions. The instruments expose the Company to market and credit risks and may, at times, be concentrated with certain counterparties or groups of counterparties. The Company had derivatives in place with eight different counterparties as of December 31, 2018 . Although notional amounts are used to express the volume of these contracts, the amounts potentially subject to credit risk in the event of non-performance by the counterparties are substantially smaller. The creditworthiness of counterparties is subject to continual review by management, and the Company believes all of these institutions currently are acceptable credit risks. Full performance is anticipated, and the Company has no past due receivables from any of its counterparties. It is the Company's policy to enter into derivative contracts with counterparties that are lenders in the Amended Credit Facility, affiliates of lenders in the Amended Credit Facility or potential lenders in the Amended Credit Facility. The Company's derivative contracts are documented using an industry standard contract known as a Schedule to the Master Agreement and International Swaps and Derivative Association, Inc. ("ISDA") Master Agreement or other contracts. Typical terms for these contracts include credit support requirements, cross default provisions, termination events and set-off provisions. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the properties securing the Amended Credit Facility. The Company has set-off provisions in its derivative contracts with lenders under its Amended Credit Facility which, in the event of a counterparty default, allow the Company to set-off amounts owed to the defaulting counterparty under the Amended Credit Facility or other obligations against monies owed the Company under derivative contracts. Where the counterparty is not a lender under the Company's Amended Credit Facility, the Company may not be able to set-off amounts owed by the Company under the Amended Credit Facility, even if such counterparty is an affiliate of a lender under such facility. The Company does not have any derivative balances that are offset by cash collateral. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The (expense) benefit for income taxes consisted of the following for the periods indicated: Year Ended December 31, 2018 2017 2016 (in thousands) Current: Federal $ — $ 1,402 $ — State — — — Deferred: Federal (1,777 ) — — State (50 ) — — Total $ (1,827 ) $ 1,402 $ — Income tax (expense) benefit differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pretax income for the year ended December 31, 2018 and 35% to pretax income for the years ended December 31, 2017 and 2016 from continuing operations as a result of the following: Year Ended December 31, 2018 2017 2016 (in thousands) Income tax (expense) benefit at the federal statutory rate $ (25,840 ) $ 48,869 $ 59,632 State income taxes, net of federal tax effect (5,144 ) 4,030 4,971 Change in federal tax rate — (64,949 ) — Refundable AMT credits — 1,402 — Nondeductible equity-based compensation (3,101 ) (13,655 ) (64 ) Nondeductible costs in connection with Merger (2,545 ) — — Other permanent items (418 ) (37 ) (62 ) Change in valuation allowance 36,321 (35,684 ) (64,477 ) Change in valuation allowance due to TCJA — 64,949 — Change in valuation allowance - Section 382 64,994 — — Change in apportioned state tax rates (723 ) (1,086 ) — Eliminate UT jurisdiction NOL's and credits — (2,647 ) — Change in ownership - Section 382 (64,994 ) — — Other, net (377 ) 210 — Income tax (expense) benefit $ (1,827 ) $ 1,402 $ — On the date of the Merger, the Fifth Creek assets were acquired in a nontaxable transaction pursuant to Section 351 of the Internal Revenue Code. Accordingly, a deferred tax liability of $137.7 million was recorded to reflect the difference between the fair value recorded and the income tax basis of the assets acquired and liabilities assumed. The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2018 and 2017 are presented below: As of December 31, 2018 2017 (in thousands) Long-term: Deferred tax assets: Net operating loss carryforward $ 112,898 $ 170,536 Stock-based compensation 1,962 3,826 Deferred rent 628 163 Deferred compensation — 1,824 State tax credit carryforwards — 6,499 Financing obligation 1,174 705 Accrued expenses 250 248 Derivative instruments — 6,158 Other assets 2,409 228 Capital loss carryforward 1,028 — Less: Valuation allowance (13,215 ) (114,530 ) Total long-term deferred tax assets 107,134 75,657 Deferred tax liabilities: Oil and gas properties (219,390 ) (75,409 ) Long-term derivative instruments (26,700 ) — Prepaid expenses (374 ) (248 ) Deferred compensation (204 ) — Total long-term deferred tax assets (liabilities) (246,668 ) (75,657 ) Net long-term deferred tax assets (liabilities) $ (139,534 ) $ — In connection with the Merger, the Company had a greater than 50% ownership change pursuant to Section 382 of the Internal Revenue Code. As a result of the ownership change, the Company's ability to use pre-change net operating losses ("NOLs") and credits against post-change taxable income is limited to an annual amount plus any built-in gains recognized within five years of the ownership change. The Company's annual limitation amount is approximately $11.7 million and the net unrealized built-in gain is projected to be $176.9 million . The Company has reduced its federal and state NOLs by $276.1 million and $14.0 million , respectively, and eliminated its state tax credits by $8.2 million to reflect the expected impact of the Section 382 limitation. Deferred tax assets and the corresponding valuation allowance have been reduced by $65.0 million for the expected tax effect of the Section 382 limitation. As of December 31, 2018 , the Company projected approximately $457.8 million and $458.2 million of federal and state NOLs, respectively. The federal NOLs begin to expire in 2025 and the state NOLs begin to expire in 2029. On December 22, 2017, Congress signed into law the Tax Cut and Jobs Act of 2017 ("TCJA"). The TCJA included significant changes to the U.S. corporate tax systems including a rate reduction from 35% to 21% beginning in January of 2018. Accordingly, the 21% federal tax rate was utilized in computing the Company's annualized effective tax rate. Other provisions of TCJA included the elimination of the corporate alternative minimum tax ("AMT"), the acceleration of depreciation for US tax purposes, limitations on deductibility of interest expense, expanded Section 162(m) limitations on the deductibility of officer's compensation, the elimination of net operating loss carrybacks and indefinite carryforwards on losses generated after 2017, subject to restrictions on their utilization. In assessing the ability to realize the benefit of the deferred tax assets, management must consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management considers all available evidence (both positive and negative) in determining whether a valuation allowance is required. Such evidence includes the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment, and judgment is required in considering the relative weight of negative and positive evidence. In regard to the Company's deferred tax assets, the Company considered all available evidence in assessing the need for a valuation allowance. In the fourth quarter of 2018, the Company implemented a development plan for its oil and gas properties and reclassified a significant portion of unproved assets to proved, therefore indicating that sufficient taxable income would be generated to reverse most of the valuation allowance. The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits. The Company did not have any additions, reductions or settlements of unrecognized tax benefits. In 2018 , the Company generated no uncertain tax positions. The Company's policy is to classify accrued penalties and interest related to unrecognized tax benefits in the Company's income tax provision. As of December 31, 2018 , the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the current year. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and in various states. With few exceptions, the Company is subject to U.S. federal tax examination for years 2015 through 2018 and is subject to state tax examination for years 2014 through 2018 . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common and Preferred Stock. The Company's authorized capital structure consists of 75,000,000 shares of preferred stock, par value $0.001 per share, and 400,000,000 shares of common stock, par value $0.001 per share. In March 2018, the Company adopted an amended and restated Certificate of Incorporation which increased the number of authorized shares of common stock from 300,000,000 to 400,000,000 . There are no issued and outstanding shares of preferred stock. In March 2018, the Company completed the Merger with Fifth Creek. Pursuant to the Merger Agreement, each share of Bill Barrett common stock, par value $0.001 per share (the "BBG Common Stock"), issued and outstanding immediately prior to the closing of the Merger was converted into one share of the Company's common stock and all outstanding equity interests in Fifth Creek, in the aggregate, were converted into 100,000,000 shares of the Company's common stock. In addition, all options to purchase shares of BBG Common Stock and all common stock awards and performance-based cash unit awards relating to BBG Common Stock that were outstanding immediately prior to the closing of the Merger were generally converted into corresponding awards relating to shares of the Company's common stock on the same terms and conditions (excluding performance conditions) as applied prior to the closing of the Merger (with 2016 and 2017 Program performance-based cash units converting into time-based common stock awards based on actual performance for the 2016 program and target performance for the 2017 program through the closing date). See Note 11 for additional information on equity compensation. In March 2018, the Company terminated the Equity Distribution Agreement, dated as of June 2015, by and between the Company and Goldman, Sachs and Co., which established an "at-the-market" program for sales of common stock from time to time. The agreement was terminable at will upon written notification by the Company with no penalty. No shares had been sold pursuant to this Agreement. In December 2017, the Company completed a public offering of its common stock, selling 23,205,529 shares at a price of $5.00 per share, par value $0.001 per share. The sale included the partial exercise of 2,205,529 shares of common stock by the underwriters from their option to purchase 3,150,000 shares of common stock. Net proceeds from the sale, after deducting fees and estimated expenses, were approximately $110.8 million . In December 2017, the Company issued 10,863,000 shares of common stock pursuant to the 2017 Debt Exchange with a holder of the Company's 7.0% Senior Notes. The holder exchanged $50.0 million principal amount of the 7.0% Senior Notes for 10,863,000 newly issued shares of the Company's common stock. In December 2016, the Company completed a public offering of its common stock, selling 15,525,000 shares at a price of $7.40 per share, par value $0.001 per share. The sale included the full exercise by the underwriters of their option to purchase 2,025,000 shares of common stock. Net proceeds from the sale of common stock, after deducting fees and expenses, were $109.7 million . In June 2016, the Company issued 10,000,000 shares of common stock pursuant to the 2016 Debt Exchange with a holder of the Company's 7.625% Senior Notes. The holder exchanged $84.7 million principal amount of the 7.625% Senior Notes for 10,000,000 newly issued shares of the Company's common stock. Treasury Stock. The Company may occasionally acquire treasury stock, which is recorded at cost, in connection with the vesting and exercise of stock-based awards or for other reasons. As of December 31, 2018 , all treasury stock held by the Company was retired. The following table reflects the activity in the Company's common and treasury stock for the periods indicated: Year Ended December 31, 2018 2017 2016 Common Stock Outstanding: Shares at beginning of period 110,363,539 75,721,360 49,864,512 Shares issued for directors' fees 187,566 68,486 97,299 Shares issued for nonvested shares of common stock 2,332,114 801,579 686,500 Shares issued for debt exchange — 10,863,000 10,000,000 Shares issued for equity offering — 23,205,529 15,525,000 Shares issued for merger, common stock 100,000,000 — — Shares retired or forfeited (406,118 ) (296,415 ) (451,951 ) Shares at end of period 212,477,101 110,363,539 75,721,360 Treasury Stock: Shares at beginning of period — — — Treasury stock acquired 285,807 243,389 227,561 Treasury stock retired (285,807 ) (243,389 ) (227,561 ) Shares at end of period — — — |
Equity Incentive Compensation P
Equity Incentive Compensation Plans and Other Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Compensation Plans and Other Employee Benefits | Equity Incentive Compensation Plans and Other Long-term Incentive Programs The Company maintains various stock-based compensation plans and other employee benefit plans as discussed below. Stock-based compensation is measured at the grant date based on the value of the awards, and the fair value is recognized on a straight-line basis over the requisite service period (usually the vesting period). Nonvested shares of common stock generally vest ratably over a three year service period, and nonvested shares of common stock units vest over a one year service period. Cash-based compensation is measured at fair value at each reporting date and is recognized on a straight-line basis over the requisite service period (usually the vesting period). Cash-based awards generally have a cliff vest of three years. The following table presents the long-term equity and cash incentive compensation related to awards for the periods indicated: Year Ended December 31, 2018 2017 2016 (in thousands) Common stock options (1) $ — $ — $ 69 Nonvested common stock (1) 6,036 5,852 6,696 Nonvested common stock units (1) 1,138 690 883 Nonvested performance-based shares (1) — 558 1,808 Nonvested performance cash units (2)(3) 52 1,189 2,485 Total $ 7,226 $ 8,289 $ 11,941 (1) Unrecognized compensation cost as of December 31, 2018 was $8.1 million related to grants of nonvested shares of common stock that are expected to be recognized over a weighted-average period of 1.8 years. (2) The nonvested performance-based cash units are accounted for as liability awards with $1.4 million in accounts payable and accrued liabilities as of December 31, 2017, and $0.3 million , $3.0 million and $2.9 million in derivatives and other noncurrent liabilities as of December 31, 2018 , 2017 and 2016 , respectively, in the Consolidated Balance Sheets. (3) Liability awards are fair valued at each reporting date. The expense for the period will increase or decrease based on updated fair values of these awards at each reporting date. Stock Options and Nonvested Equity and Cash Awards. In May 2012, the Company's stockholders approved and adopted its 2012 Equity Incentive Plan (the "2012 Incentive Plan"). The purpose of the 2012 Incentive Plan is to enhance the Company's ability to attract and retain officers, employees and directors and to provide such persons with an interest in the Company aligned with the interests of stockholders. The 2012 Incentive Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options) and other awards, including performance units, performance shares, share awards, share units, restricted stock, cash incentive, and stock appreciation rights or SARs. In February 2018, the Company's stockholders approved an amendment to the 2012 Incentive Plan (the "Amendment"). Pursuant to the Amendment under the 2012 Incentive Plan, the Company is authorized to issue 6,500,000 shares, less any shares issued under the 2012 Incentive Plan on or after the Amendment adoption date, and plus any shares that again become available for grant. Shares underlying grants that expire without being exercised or are forfeited are available for grant under the 2012 Incentive Plan; however, shares withheld by the Company to satisfy any tax withholding obligation will not be available for future issuance. As of December 31, 2018 , 4,565,902 shares remain available for grant under the 2012 Incentive Plan. Currently, the Company's practice is to issue new shares upon stock option exercise. The Company does not expect to repurchase any shares in the open market or issue treasury shares to settle any such exercises. For the years ended December 31, 2018 , 2017 and 2016 , the Company did not pay cash to repurchase any stock option exercises. A summary of share-based option activity under all the Company's plans as of December 31, 2018 , and changes during the year then ended, is presented below: Option Awards Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2018 199,123 $ 31.42 Granted (1) — — Exercised — — Forfeited or expired (72,280 ) 38.75 Outstanding at December 31, 2018 (2) 126,843 27.25 0.12 $ — (1) The Company has not granted any share-based option awards since 2012. (2) At December 31, 2017, all share-based options granted have vested and are exercisable. There have been no stock options exercised for the years ended December 31, 2018 , 2017 and 2016 . The Company grants service-based shares of common stock to employees, which generally vest ratably over a three year service period. These awards are measured at fair value based on the closing price of the Company's common stock on the date of grant. A summary of the Company's nonvested common stock awards for the years ended December 31, 2018 , 2017 and 2016 is presented below: Year Ended December 31, 2018 2017 2016 Nonvested Common Stock Awards Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1, 1,394,868 $ 7.00 1,169,099 $ 9.33 1,002,947 $ 15.53 Granted 1,185,809 5.47 791,129 5.99 686,500 5.11 Modified (1) 1,146,305 4.84 — — — — Vested (2) (694,505 ) 8.24 (513,376 ) 10.74 (451,329 ) 15.90 Forfeited or expired (120,311 ) 5.93 (51,984 ) 7.91 (69,019 ) 14.14 Outstanding at December 31, 2,912,166 5.27 1,394,868 7.00 1,169,099 9.33 (1) Due to the closing of the Merger, the 2016 and 2017 Performance Cash Programs were converted from nonvested performance-based cash units to nonvested common stock awards, resulting in an increase of nonvested common stock awards for the year ended December 31, 2018. (2) The fair value of common stock awards vested was $3.7 million , $2.9 million and $1.7 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company grants service-based shares of common stock units to non-employee or outside directors, which generally vest over a one year service period. These awards are measured at fair value based on the closing price of the Company's common stock on the date of grant. The common stock units are the directors' annual compensation and are settled in common stock on a one-to-one basis. The outside directors may also elect to receive all or a portion of their quarterly cash compensation in the form of common stock units. Common stock units have only been granted to directors. A summary of the Company's nonvested common stock units for the years ended December 31, 2018 , 2017 and 2016 is presented in the table below: Year Ended December 31, 2018 2017 2016 Nonvested Common Stock Unit Awards Units Weighted Units Weighted Units Weighted Outstanding at January 1, 272,559 $ 6.37 147,167 $ 10.09 145,492 $ 11.07 Granted 226,244 5.83 193,878 3.56 98,974 7.02 Vested (1) (187,566 ) 4.24 (68,486 ) 6.42 (97,299 ) 8.43 Forfeited or expired — — — — — — Outstanding at December 31, 311,237 7.26 272,559 6.37 147,167 10.09 (1) The fair value of common stock unit awards vested was $1.1 million , $0.2 million and $0.7 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. For the years ended December 31, 2018 , 2017 and 2016 , the Company granted performance-based cash units that will settle in cash. These awards are accounted for as liability awards and are measured at fair value at each reporting date. A summary of the Company's nonvested performance-based cash units for the years ended December 31, 2018 , 2017 and 2016 is presented below: Year Ended December 31, 2018 2017 2016 Nonvested Performance-Based Units Weighted Units Weighted Units Weighted Outstanding at January 1, 1,548,083 942,326 391,278 Granted 935,293 669,043 646,572 Performance goal adjustment (1) 11,289 — — Modified (2) (1,211,478 ) — — Vested (3) (286,652 ) — — Forfeited or expired (86,950 ) (63,286 ) (95,524 ) Outstanding at December 31, 909,585 $ 1.23 1,548,083 $ 5.10 942,326 $ 8.89 (1) The 2015 Program vested at 104.1% in excess of target level and resulted in additional units vested in March 2018. These units are included in the vested line item for the year ended December 31, 2018. (2) Due to the closing of the Merger, the 2016 and 2017 Performance Cash Programs were converted from nonvested performance-based cash units to nonvested common stock awards, resulting in a decrease in nonvested performance-based cash units for the year ended December 31, 2018. The 2016 Program converted based on its performance through March 19, 2018, which resulted in 89% of the units converting to nonvested common stock awards or a reduction of 65,173 units converting to nonvested common stock awards. (3) The fair value of performance-based cash unit awards vested was $1.5 million for the year ended December 31, 2018 . No awards vested in 2017 or 2016. For the year ended December 31, 2014 and prior, the Company granted performance-based shares that settled in common stock. These awards are accounted for as equity awards. The market-based goals or total shareholder return ("TSR") goals associated with these awards are valued at each reporting date using a Monte Carlo simulation. The non-market-based goals are measured at fair value based on the closing price of the Company's common stock on the date of grant. A summary of the Company's vested performance-based shares of common stock for the years ended December 31, 2018 , 2017 and 2016 is presented below: Year Ended December 31, 2018 2017 2016 Nonvested Performance-Based Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1, — $ — 156,615 $ 19.54 468,561 $ 18.46 Granted (1) — — — — — — Performance goal adjustment (2) — — 10,450 24.45 — — Vested (3)(4) — — (166,023 ) 24.45 (156,575 ) 19.81 Forfeited or expired — — (1,042 ) 24.62 (155,371 ) 20.44 Outstanding at December 31, — — — — 156,615 19.54 (1) The Company has not granted any performance-based common stock awards since 2014. (2) The 2014 Program vested at 106.7% in excess of target level and resulted in additional shares vested in May 2017. These shares are included in the vested line item for the year ended December 31, 2017. (3) The Compensation Committee approved a special retention award on July 18, 2013. A debt performance gate was required to be met as of December 31, 2013 in which the shares would vest on July 18, 2014, 2015 and 2016. The vested shares of 15,495 are included in the vested line item for the year ended December 31, 2016. (4) The fair value of performance-based common stock awards vested was $0.6 million and $1.2 million for the years ended December 31, 2017 and 2016 , respectively. No awards vested in 2018. Performance Cash and Share Programs 2018 Program. In February 2018, the Compensation Committee of the Board of Directors of the Company approved a performance cash program (the "2018 Program") granting performance cash units that will settle in cash and are accounted for as liability awards. The performance-based awards contingently vest in February 2021, depending on the level at which the performance goal is achieved. The performance goal, which will be measured over the three -year period ending December 31, 2020, will be the Company's total shareholder return ("TSR") based on a matrix measurement of (1) the Company's absolute performance and (2) the Company's ranking relative to a defined peer group's individual TSRs ("Relative TSR"). The Company's absolute performance is measured against the December 29, 2017 closing share price of $5.13 . If the Company's absolute performance is lower than the $5.13 share price, the payout is zero for this portion. If the Company's absolute performance is greater than the $5.13 share price, the performance cash units will vest 1% for each 1% in growth, up to 150% of the original grant. If the Company's Relative TSR is less than the median, the payout is zero for this portion. If the Company's Relative TSR is above the median, the payout is equal to the Company's percentile rank above the median, up to 50% of the original grant. The Company's combined absolute performance and Relative TSR have a maximum vest of up to 200% of the original grant. 2017 Program. In February 2017, the Compensation Committee approved a performance cash program (the "2017 Program") granting performance cash units that will settle in cash and are accounted for as liability awards. In March 2018, upon the Merger closing, each award under the 2017 Program was converted to a nonvested common stock award at 100% of the original award. At the time of the modification, 619,006 units were converted to 619,006 nonvested shares of the Company's common stock affecting 34 employees. These awards no longer have a performance criterion, but continue to have a service-based criterion through the cliff vest in February 2020. The conversion of the performance-based liability award to a service-based equity award was accounted for as a modification in accordance with ASC 718, Compensation - Stock Compensation . The total incremental compensation cost resulting from the modification was an increase of $0.5 million . The Company recorded an increase to additional paid-in capital ("APIC") and a decrease to derivative and other noncurrent liabilities of $0.9 million as of December 31, 2018 in the Consolidated Statement of Stockholders' Equity and the Consolidated Balance Sheets, respectively. 2016 Program. In March 2016, the Compensation Committee approved a performance cash program (the "2016 Program") granting performance cash units that would settle in cash and were accounted for as liability awards. In March 2018, upon the Merger closing, each award under the 2016 Program was converted to a nonvested common stock award at 89% of the original award based on the Company's performance through March 19, 2018. At the time of the modification, 592,472 units were converted to 527,299 nonvested shares of the Company's common stock affecting 23 employees. These awards no longer have a performance criterion, but continue to have a service-based criterion through the cliff vest in February 2019. The conversion of the performance-based liability award to a service-based equity award was accounted for as a modification in accordance with ASC 718, Compensation - Stock Compensation . The total incremental compensation cost resulting from the modification was zero . The Company recorded an increase to APIC and a decrease to derivative and other noncurrent liabilities of $1.8 million as of December 31, 2018 in the Consolidated Statement of Stockholders' Equity and the Consolidated Balance Sheets, respectively. 2015 Program. In February 2015, the Compensation Committee approved a performance cash program (the "2015 Program") granting performance cash units that will settle in cash and are accounted for as liability awards. The performance-based awards vested in May 2018, based on the level at which the performance goals were achieved. The performance goals, which were measured over the three year period ending December 31, 2017, consisted of the TSR compared to Relative TSR (weighted at 60% ) and the percentage change in discretionary cash flow per debt adjusted share relative to a defined peer group's percentage calculation ("DCF per Debt Adjusted Share") (weighted at 40% ). The Relative TSR and DCF per Debt Adjusted Share goals were to vest at 25% or 50% , respectively, of the total award for performance met at the threshold level, 100% at the target level and 200% at the stretch level. If the actual results for a metric are between the threshold and target levels or between the target and stretch levels, the vested number of units will be prorated based on the actual results compared to the threshold, target and stretch goals. If the threshold metrics are not met, no units will vest. In any event, the total number of units that could vest will not exceed 200% of the original number of performance cash units granted. At the end of the three year vesting period, any units that have not vested will be forfeited. A total of 422,345 units were granted under this program during the year ended December 31, 2015. All compensation expense related to the TSR metric was recognized if the requisite service period is fulfilled, even if the market condition was not achieved. All compensation expense related to the DCF per Debt Adjusted Share metric was based on the number of shares expected to vest at the end of the three year period. The Company modified the vesting date of these awards from May 2018 to March 2018. Based upon the Company's performance through 2017, 104.1% or 286,652 units of the 2015 Program vested in March 2018. 2014 Program. In February 2014, the Compensation Committee approved a performance share program (the "2014 Program") pursuant to the 2012 Equity Incentive Plan. The awards in this program settled in shares of common stock. The performance-based awards vested in May 2017, based on the level at which the performance goals were achieved. The performance goals, which were measured over the three year period ending December 31, 2016, consisted of the TSR compared to Relative TSR (weighted at 60% ) and the percentage change in DCF per Debt Adjusted Share (weighted at 40% ). The Relative TSR and DCF per Debt Adjusted Share goals were to vest at 25% of the total award for performance met at the threshold level, 100% at the target level and 200% at the stretch level. If the actual results for a metric were between the threshold and target levels or between the target and stretch levels, the vested number of shares would be prorated based on the actual results compared to the threshold, target and stretch goals. If the threshold metrics were not met, no shares would vest. In any event, the total number of shares of common stock that could vest would not exceed 200% of the original number of performance shares granted. At the end of the three year vesting period, any shares that did not vest were forfeited. A total of 315,661 shares were granted under this program during the year ended December 31, 2014. All compensation expense related to the TSR metric was recognized if the requisite service period was fulfilled, even if the market condition was not achieved. All compensation expense related to the DCF per Debt Adjusted Share metric was based on the number of shares expected to vest at the end of the three year period. Based upon the Company's performance through 2016, 106.7% or 166,023 shares of the 2014 Program vested in May 2017. 2013 Program. In February 2013, the Compensation Committee approved a new performance share program (the "2013 Program") pursuant to the 2012 Equity Incentive Plan. The performance-based awards vested in May 2016, based on the level at which the performance goals were achieved. The performance goals were measured over the three year period ending December 31, 2015, and consisted of the Relative TSR (weighted at 33 1/3% ), the percentage change in DCF per Debt Adjusted Share (weighted at 33 1/3% ) and percentage change in proved oil, natural gas and NGL reserves per debt adjusted share ("Reserves per Debt Adjusted Share") (weighted at 33 1/3% ). The Relative TSR and DCF per Debt Adjusted Share goals were to vest at 25% of the total award for performance met at the threshold level, 100% at the target level and 200% at the stretch level. The Reserves per Debt Adjusted Share goal were to vest at 50% of the total award for performance met at the threshold level, 100% at the target level and 200% at the stretch level. If the threshold metrics were not met, no shares would vest. The total number of vested shares of common stock would not exceed 200% of the original number of performance shares granted. At the end of the three year vesting period, any shares that were not vested would be forfeited. All compensation expense related to the Relative TSR metric was recognized to the extent the requisite service period was fulfilled, even if the market condition was not achieved. All compensation expense related to the DCF per Debt Adjusted Share metric and the Reserves per Debt Adjusted Share metric was based upon the number of shares expected to vest at the end of the three year period. A total of 450,544 shares were granted under this program during the year ended December 31, 2013. Based upon the Company's performance through 2015, 59.6% or 141,080 shares of the 2013 Program vested in May 2016. Other Employee Benefits-401(k) Savings Plan. The Company has an employee-directed 401(k) savings plan (the "401(k) Plan") for all eligible employees over the age of 21 . Under the 401(k) Plan, employees may make voluntary contributions based on a percentage of their pretax income, subject to statutory limitations. The Company matches 100% of each employee's contribution, up to 6% of the employee's pretax income in cash. The Company's cash contributions are fully vested upon the date of match. The Company made matching cash contributions of $1.2 million , $1.0 million and $1.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Deferred Compensation Plan. In 2010, the Company adopted a non-qualified deferred compensation plan for certain employees and officers whose eligibility to participate in the plan was determined by the Compensation Committee. The Company makes matching cash contributions on behalf of eligible employees up to 6% of the employee's cash compensation once the contribution limits are reached in the Company's 401(k) Plan. All amounts deferred and matched under the plan vest immediately. Deferred compensation, including accumulated earnings on the participant-directed investment selections, is distributable in cash at participant-specified dates or upon retirement, death, disability, change in control or termination of employment. The table below summarizes the activity in the plan as of December 31, 2018 and 2017 , and the Company's ending deferred compensation liability as of December 31, 2018 and 2017 : As of December 31, 2018 2017 (in thousands) Beginning deferred compensation liability balance $ 1,749 $ 1,447 Employee contributions 370 244 Company matching contributions 198 116 Distributions (806 ) (274 ) Participant earnings (losses) (119 ) 216 Ending deferred compensation liability balance $ 1,392 $ 1,749 Amount to be paid within one year $ 94 $ 169 Remaining balance to be paid beyond one year $ 1,298 $ 1,580 The Company has established a rabbi trust to offset the deferred compensation liability and protect the interests of the plan participants. The investments in the rabbi trust seek to offset the change in the value of the related liability. As a result, there is no expected impact on earnings or earnings per share from the changes in market value of the investment assets because the changes in market value of the trust assets are offset by changes in the value of the deferred compensation plan liability. The gains and losses from changes in fair value of the investments are included in interest and other income in the Consolidated Statements of Operations. The following table represents the Company's activity in the investment assets held in the rabbi trust as of December 31, 2018 and 2017 : As of December 31, 2018 2017 (in thousands) Beginning investment balance $ 1,749 $ 1,447 Investment purchases 568 360 Distributions (806 ) (274 ) Earnings (losses) (119 ) 216 Ending investment balance $ 1,392 $ 1,749 |
Significant Customers and Other
Significant Customers and Other Concentrations | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Significant Customers and Other Concentrations | Significant Customers and Other Concentrations Significant Customers. During 2018 , four customers individually accounted for over 10% of the Company's oil, gas and NGL production revenues. During 2017 , three customers individually accounted for over 10% of the Company's oil, gas and NGL production revenues. During 2016 , three customers individually accounted for over 10% of the Company's oil, gas and NGL production revenues. Collectability is dependent upon the financial stability of each individual company and is influenced by the general economic conditions of the industry. The Company normally sells production to a relatively small number of customers, as is customary in the development and production business. The Company sells natural gas and related NGLs to two primary gas gathering and processing companies. Based on where the Company operates and the availability of other purchasers and markets, the Company believes that its production could be sold in the market in the event that it is not sold to its existing customers. However, in some circumstances, a change in customers may entail significant costs during the transition to a new customer. Concentrations of Market Risk. The future results of the Company's oil and gas operations will be affected by the market prices of oil, natural gas and NGLs. A readily available market for oil, natural gas and NGLs in the future will depend on numerous factors beyond the control of the Company, including weather, imports, marketing of competitive fuels, proximity and capacity of oil and gas pipelines and other transportation facilities, any oversupply or undersupply of oil, gas and NGLs, the regulatory environment, the economic environment and other regional, national and international economic and political events, none of which can be predicted with certainty. The Company operates in the exploration, development and production phase of the oil and gas industry. Its receivables include amounts due from purchasers of oil and gas production and amounts due from joint venture partners for their respective portions of operating expenses and exploration and development costs. The Company believes that no single customer or joint venture partner exposes the Company to significant credit risk. While certain of these customers and joint venture partners are affected by periodic downturns in the economy in general or in their specific segment of the natural gas or oil industry, the Company believes that its level of credit-related losses due to such economic fluctuations has been and will continue to be immaterial to the Company's results of operations in the long-term. Trade receivables are generally not collateralized. The Company analyzes customers' and joint venture partners' historical credit positions and payment histories prior to extending credit and continuously monitors all credit activities. Concentrations of Credit Risk. Derivative financial instruments that hedge the price of oil, natural gas and NGLs are generally executed with major financial or commodities trading institutions which expose the Company to market and credit risks and may, at times, be concentrated with certain counterparties or groups of counterparties. The Company's policy is to execute financial derivatives only with major, creditworthy financial institutions. The Company has derivative instruments with eight different counterparties, of which all are lenders or affiliates of lenders in the Amended Credit Facility. The creditworthiness of counterparties is subject to continuing review, and the Company believes all of these institutions currently are acceptable credit risks. Full performance is anticipated, and the Company has no past due receivables from any of its counterparties. Where the counterparty is a lender under the Amended Credit Facility, the counterparty risk is mitigated to the extent that the Company is indebted to such lender under the Amended Credit Facility. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Financing Obligation. As of December 31, 2018, the Company had a Lease Financing Obligation with Bank of America Leasing & Capital, LLC as the lead bank as discussed in Note 5 . The aggregate undiscounted minimum future lease payments, including both principal and interest components, are presented below. The Company elected to purchase the equipment under the early buyout option for $1.8 million on February 10, 2019. As of December 31, 2018 (in thousands) 2019 $ 1,869 Thereafter — Total $ 1,869 Firm Transportation Agreements . The Company is party to two firm transportation contracts, through July 2021, to provide capacity on natural gas pipeline systems. The contracts require the Company to pay transportation charges regardless of the amount of pipeline capacity utilized by the Company. These monthly transportation payments are included in unused commitments expense in the Consolidated Statements of Operations. As a result of previous divestitures in 2013 and 2014, the Company will likely not utilize the firm capacity on the natural gas pipelines. The amounts in the table below represent the Company's future minimum transportation charges: As of December 31, 2018 (in thousands) 2019 $ 18,485 2020 18,691 2021 10,903 Thereafter — Total $ 48,079 Gas Gathering and Processing Agreements. The Company is party to two minimum volume commitments and one reimbursement obligation. The minimum volume commitments require the Company to deliver a minimum volume of natural gas to midstream entities for gathering and processing. The contracts require the Company to pay a fee associated with the contracted volumes regardless of the amount delivered. The reimbursement obligation requires the Company to pay a monthly gathering and processing fee per Mcf of production over a one year period to reimburse a midstream entity for its costs to construct gas gathering and processing facilities. If the costs are not reimbursed by the Company via the monthly gathering and processing fees through August 2019, the Company must pay the difference. The amounts in the table below represent the Company's future minimum charges under both agreements: As of December 31, 2018 (in thousands) 2019 (1) $ 10,049 2020 2,167 2021 1,996 Thereafter — Total $ 14,212 (1) Includes $6.8 million associated with the reimbursement obligation discussed above. Lease and Other Commitments. The Company leases office space, vehicles and certain equipment under non-cancelable operating leases. The Company incurred rent expense related to these operating leases of $4.0 million , $3.6 million and $3.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company also has non-cancelable agreements for telecommunication and geological and geophysical services. Future minimum annual payments under lease and other agreements are as follows: As of December 31, 2018 (in thousands) 2019 $ 4,597 2020 3,032 2021 3,331 2022 3,263 2023 3,036 Thereafter 13,112 Total $ 30,371 Litigation. The Company is subject to litigation, claims and governmental and regulatory proceedings arising in the course of ordinary business. It is the opinion of the Company's management that current claims and litigation involving the Company are not likely to have a material adverse effect on its consolidated balance sheets, cash flows or statements of operations. |
Guarantor Subsidiaries
Guarantor Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Guarantor Subsidiaries | Guarantor Subsidiaries The condensed consolidating financial information as of and for the periods ended December 31, 2018 presents the results of operations, financial position and cash flows of HighPoint Resources Corporation, or parent guarantor, and HighPoint Operating Corporation (f/k/a Bill Barrett), or subsidiary issuer, as well as the consolidating adjustments necessary to present HighPoint Resources Corporation's results on a consolidated basis. The parent guarantor fully and unconditionally guarantees the debt securities of the subsidiary issuer. The indentures governing those securities limit the ability of the subsidiary issuer to pay dividends or otherwise provide funding to the parent guarantor. In September 2018, Circle B Land Company LLC, a 100% owned subsidiary, merged into its parent company, HighPoint Operating Corporation. Prior periods are presented under the structure of the Company prior to the Merger and prior to the elimination of Circle B Land Company LLC. Circle B Land Company LLC and Aurora Gathering, LLC (both of which were 100% owned subsidiaries of the Company), on a joint and several basis, fully and unconditionally guaranteed the debt of Bill Barrett, the parent issuer. On December 29, 2017, the Company completed the sale of its remaining assets in the Uinta Basin, which included the equity of Aurora Gathering, LLC. For the purpose of the following financial information, investments in subsidiaries are reflected in accordance with the equity method of accounting. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had the subsidiaries operated as independent entities. Condensed Consolidating Balance Sheets As of December 31, 2018 Parent Guarantor Subsidiary Issuer Intercompany Consolidated (in thousands) Assets: Cash and cash equivalents $ — $ 32,774 $ — $ 32,774 Accounts receivable, net of allowance for doubtful accounts — 72,943 — 72,943 Other current assets — 84,064 — 84,064 Property and equipment, net — 2,029,523 — 2,029,523 Investment in subsidiaries 1,212,098 — (1,212,098 ) — Noncurrent assets — 33,156 — 33,156 Total assets $ 1,212,098 $ 2,252,460 $ (1,212,098 ) $ 2,252,460 Liabilities and Stockholders' Equity: Accounts payable and accrued liabilities $ — $ 131,379 $ — $ 131,379 Other current liabilities — 116,806 — 116,806 Long-term debt — 617,387 — 617,387 Deferred income taxes — 139,534 — 139,534 Other noncurrent liabilities — 35,256 — 35,256 Stockholders' equity 1,212,098 1,212,098 (1,212,098 ) 1,212,098 Total liabilities and stockholders' equity $ 1,212,098 $ 2,252,460 $ (1,212,098 ) $ 2,252,460 As of December 31, 2017 Parent Subsidiary Intercompany Consolidated (in thousands) Assets: Cash and cash equivalents $ 314,466 $ — $ — $ 314,466 Accounts receivable, net of allowance for doubtful accounts 51,415 — — 51,415 Other current assets 1,782 — — 1,782 Property and equipment, net 1,016,986 1,894 — 1,018,880 Intercompany receivable 854 — (854 ) — Investment in subsidiaries 1,040 — (1,040 ) — Noncurrent assets 4,163 — — 4,163 Total assets $ 1,390,706 $ 1,894 $ (1,894 ) $ 1,390,706 Liabilities and Stockholders' Equity: Accounts payable and accrued liabilities $ 84,055 $ — $ — $ 84,055 Other current liabilities 64,879 — — 64,879 Intercompany payable — 854 (854 ) — Long-term debt 617,744 — — 617,744 Other noncurrent liabilities 25,474 — — 25,474 Stockholders' equity 598,554 1,040 (1,040 ) 598,554 Total liabilities and stockholders' equity $ 1,390,706 $ 1,894 $ (1,894 ) $ 1,390,706 Condensed Consolidating Statements of Operations Year Ended December 31, 2018 Parent Guarantor Subsidiary Issuer Intercompany Consolidated (in thousands) Operating and other revenues $ — $ 453,017 $ — $ 453,017 Operating expenses — (319,031 ) — (319,031 ) General and administrative — (45,130 ) — (45,130 ) Merger transaction expense — (7,991 ) — (7,991 ) Interest expense — (52,703 ) — (52,703 ) Interest income and other income (expense) — 94,885 — 94,885 Income (loss) before income taxes and equity in earnings (loss) of subsidiaries — 123,047 — 123,047 (Provision for) Benefit from income taxes — (1,827 ) — (1,827 ) Equity in earnings (loss) of subsidiaries 121,220 — (121,220 ) — Net income (loss) $ 121,220 $ 121,220 $ (121,220 ) $ 121,220 Year Ended December 31, 2017 Parent Subsidiary Intercompany Consolidated (in thousands) Operating and other revenues $ 252,257 $ 582 $ — $ 252,839 Operating expenses (266,119 ) (1,420 ) — (267,539 ) General and administrative (42,476 ) — — (42,476 ) Merger transaction expense (8,749 ) — — (8,749 ) Interest expense (57,710 ) — — (57,710 ) Interest income and other income (expense) (15,992 ) — — (15,992 ) Income (loss) before income taxes and equity in earnings (loss) of subsidiaries (138,789 ) (838 ) — (139,627 ) (Provision for) Benefit from income taxes 1,402 — — 1,402 Equity in earnings (loss) of subsidiaries (838 ) — 838 — Net income (loss) $ (138,225 ) $ (838 ) $ 838 $ (138,225 ) Year Ended December 31, 2016 Parent Subsidiary Intercompany Consolidated (in thousands) Operating and other revenues $ 178,191 $ 628 $ — $ 178,819 Operating expenses (235,181 ) (715 ) — (235,896 ) General and administrative (42,169 ) — — (42,169 ) Interest expense (59,373 ) — — (59,373 ) Interest and other income (expense) (11,759 ) — — (11,759 ) Income (loss) before income taxes and equity in earnings (loss) of subsidiaries (170,291 ) (87 ) — (170,378 ) (Provision for) Benefit from income taxes — — — — Equity in earnings (loss) of subsidiaries (87 ) — 87 — Net income (loss) $ (170,378 ) $ (87 ) $ 87 $ (170,378 ) Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2018 Parent Guarantor Subsidiary Issuer Intercompany Consolidated (in thousands) Net Income (Loss) $ 121,220 $ 121,220 $ (121,220 ) $ 121,220 Other comprehensive income (loss) — — — — Comprehensive Income (Loss) $ 121,220 $ 121,220 $ (121,220 ) $ 121,220 Year Ended December 31, 2017 Parent Subsidiary Intercompany Consolidated (in thousands) Net Income (Loss) $ (138,225 ) $ (838 ) $ 838 $ (138,225 ) Other comprehensive income (loss) — — — — Comprehensive Income (Loss) $ (138,225 ) $ (838 ) $ 838 $ (138,225 ) Year Ended December 31, 2016 Parent Subsidiary Intercompany Consolidated (in thousands) Net Income (Loss) $ (170,378 ) $ (87 ) $ 87 $ (170,378 ) Other comprehensive income (loss) — — — — Comprehensive Income (Loss) $ (170,378 ) $ (87 ) $ 87 $ (170,378 ) Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Guarantor Subsidiary Issuer Intercompany Consolidated (in thousands) Cash flows from operating activities $ — $ 231,441 $ — $ 231,441 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions — (453,616 ) — (453,616 ) Additions to furniture, fixtures and other — (853 ) — (853 ) Repayment of debt associated with merger, net of cash acquired — (53,357 ) — (53,357 ) Proceeds from sale of properties and other investing activities — 143 — 143 Cash flows from financing activities: Proceeds from debt — — — — Principal payments on debt — (469 ) — (469 ) Proceeds from sale of common stock, net of offering costs — 1 — 1 Other financing activities — (4,982 ) — (4,982 ) Change in cash and cash equivalents — (281,692 ) — (281,692 ) Beginning cash and cash equivalents — 314,466 — 314,466 Ending cash and cash equivalents $ — $ 32,774 $ — $ 32,774 Year Ended December 31, 2017 Parent Guarantor Intercompany Consolidated (in thousands) Cash flows from operating activities $ 121,480 $ 510 $ — $ 121,990 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (239,631 ) — — (239,631 ) Additions to furniture, fixtures and other (926 ) — — (926 ) Proceeds from sale of properties and other investing activities 99,016 2,530 — 101,546 Intercompany transfers 3,040 — (3,040 ) — Cash flows from financing activities: Proceeds from debt 275,000 — — 275,000 Principal payments on debt (322,343 ) — — (322,343 ) Proceeds from sale of common stock, net of offering costs 110,710 — — 110,710 Intercompany transfers — (3,040 ) 3,040 — Other financing activities (7,721 ) — — (7,721 ) Change in cash and cash equivalents 38,625 — — 38,625 Beginning cash and cash equivalents 275,841 — — 275,841 Ending cash and cash equivalents $ 314,466 $ — $ — $ 314,466 Year Ended December 31, 2016 Parent Guarantor Intercompany Consolidated (in thousands) Cash flows from operating activities $ 121,109 $ 627 $ — $ 121,736 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (106,852 ) (18 ) — (106,870 ) Additions to furniture, fixtures and other (1,195 ) — — (1,195 ) Proceeds from sale of properties and other investing activities 24,802 125 — 24,927 Intercompany transfers 734 — (734 ) — Cash flows from financing activities: Principal payments on debt (440 ) — — (440 ) Proceeds from sale of common stock, net of offering costs 110,003 — — 110,003 Intercompany transfers — (734 ) 734 — Other financing activities (1,156 ) — — (1,156 ) Change in cash and cash equivalents 147,005 — — 147,005 Beginning cash and cash equivalents 128,836 — — 128,836 Ending cash and cash equivalents $ 275,841 $ — $ — $ 275,841 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The accompanying Consolidated Financial Statements include the accounts of the Company. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates. In the course of preparing the Company's financial statements in accordance with GAAP, management makes various assumptions, judgments and estimates to determine the reported amount of assets, liabilities, revenues and expenses and in the disclosure of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. Areas requiring the use of assumptions, judgments and estimates relate to volumes of oil, natural gas and NGL reserves used in calculating depreciation, depletion and amortization ("DD&A"), the amount of expected future cash flows used in determining possible impairments of oil and gas properties and the amount of future capital costs used in these calculations. Assumptions, judgments and estimates also are required in determining the fair values of assets acquired and liabilities assumed in business combinations, asset retirement obligations, the timing of dry hole costs, impairments of proved and unproved properties, valuing deferred tax assets and estimating fair values of derivative instruments and stock-based payment awards. |
Oil and Gas Properties | Oil and Gas Properties. The Company's oil, gas and NGL exploration and production activities are accounted for using the successful efforts method. Under this method, all property acquisition costs and costs of exploratory and development wells are capitalized when incurred, pending determination of whether the well has found proved reserves. If an exploratory well does not find proved reserves, the costs of drilling the well are charged to expense and remain within cash flows from investing activities in the Consolidated Statements of Cash Flows. If an exploratory well does find proved reserves, the costs remain capitalized and are included within additions to oil and gas properties and remain within cash flows from investing activities in the Consolidated Statements of Cash Flows. The costs of development wells are capitalized whether proved reserves are added or not. Oil and gas lease acquisition costs are also capitalized. Upon sale or retirement of depreciable or depletable property, the cost and related accumulated DD&A are eliminated from the accounts and the resulting gain or loss is recognized. Other exploration costs, including certain geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the unit-of-production amortization rate. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized to the appropriate property and equipment accounts. Unproved oil and gas property costs are transferred to proved oil and gas properties if the properties are subsequently determined to be productive or are assigned proved reserves. Proceeds from sales of partial interests in unproved leases are accounted for as a recovery of cost without recognizing any gain until all costs are recovered. Unproved oil and gas properties are assessed periodically for impairment based on remaining lease terms, drilling results, reservoir performance, commodity price outlooks, future plans to develop acreage, recent sales prices of comparable properties and other relevant matters. Materials and supplies consist primarily of tubular goods and well equipment to be used in future drilling operations or repair operations and are carried at the lower of cost or market value. The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities: As of December 31, 2018 2017 (in thousands) Proved properties $ 663,485 $ 230,800 Wells and related equipment and facilities 1,438,092 1,088,692 Support equipment and facilities 75,392 38,776 Materials and supplies 18,341 2,900 Total proved oil and gas properties $ 2,195,310 $ 1,361,168 Unproved properties 328,409 18,832 Wells and facilities in progress 139,799 65,844 Total unproved oil and gas properties, excluded from amortization $ 468,208 $ 84,676 Accumulated depreciation, depletion, amortization and impairment (642,645 ) (433,234 ) Total oil and gas properties, net (1) $ 2,020,873 $ 1,012,610 (1) Total oil and gas properties, net includes $722.6 million of properties acquired in the Merger. See Note 4 for additional information regarding the Merger. All exploratory wells are evaluated for economic viability within one year of well completion. Exploratory wells that discover potentially economic reserves in areas where a major capital expenditure would be required before production could begin, and where the economic viability of that major capital expenditure depends upon the successful completion of further exploratory work in the area, remain capitalized if the well finds a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. As of December 31, 2018 and 2017 , there were no exploratory well costs that had been capitalized for a period greater than one year since the completion of drilling. The Company reviews proved oil and natural gas properties for impairment on a quarterly basis or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. The Company estimates the expected undiscounted future net cash flows of its oil and gas properties using proved and risked probable and possible reserves based on the Company's development plans and best estimate of future production, commodity pricing, reserve risking, gathering and transportation deductions, production tax rates, lease operating expenses and future development costs. The Company compares such undiscounted future net cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the undiscounted future net cash flows exceed the carrying amount of the oil and gas properties, no impairment is taken. If the carrying amount of a property exceeds the undiscounted future net cash flows, the Company will impair the carrying value to fair value based on an analysis of quantitative and qualitative factors existing as of the balance sheet date. The Company does not believe that the undiscounted future net cash flows of its oil and gas properties represent the applicable market value. The factors used to determine fair value may include, but are not limited to, recent sales prices of comparable properties, indications from marketing activities, the present value of future revenues, net of estimated operating and development costs using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk and current market conditions associated with realizing the projected cash flows. Oil and gas properties are also assessed for impairment once they meet the criteria to be classified as held for sale. Assets held for sale are carried at the lower of carrying cost or fair value less costs to sell. The fair value of the assets is determined using a market approach, based on an estimated selling price, as evidenced by current marketing activities, if possible. If an estimated selling price is not available, the Company utilizes the income valuation technique which involves calculating the present value of future revenues, as discussed above. If the carrying amount of the assets exceeds the fair value less costs to sell, an impairment will result to reduce the value of the properties down to fair value less costs to sell. The estimated fair value of assets held for sale may be materially different from sales proceeds that the Company eventually realizes due to a number of factors including but not limited to the differences in expected future commodity pricing, location and quality differentials, the Company's relative desire to dispose of such properties based on facts and circumstances impacting the Company's business at the time the Company agrees to sell, such as the Company's position in the field subsequent to the sale and plans for future acquisitions or development in core areas. The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Consolidated Statements of Operations, as follows: Year Ended December 31, 2018 2017 2016 (in thousands) Impairment of proved oil and gas properties (1) $ — $ 37,945 $ — Impairment of unproved oil and gas properties (2) — 11,153 183 Dry hole costs — — 97 Abandonment expense 719 455 3,969 Total impairment, dry hole costs and abandonment expense $ 719 $ 49,553 $ 4,249 (1) The Company recognized a non-cash impairment charge associated with the Company's Uinta Oil Program proved properties during the year ended December 31, 2017. The properties were sold on December 29, 2017. (2) As a result of no future plans to develop certain acreage and/or estimated market values below carrying value, the Company recognized non-cash impairment charges of $9.1 million associated with certain unproved properties in the Cottonwood Gulch area of the Piceance Basin and $2.1 million associated with certain non-core unproved properties in the DJ Basin. The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. Natural gas and NGLs are converted to an oil equivalent, Boe, at the standard rate of six Mcf to one Boe and forty-two gallons to one Boe, respectively. Estimated future dismantlement, restoration and abandonment costs are taken into consideration by this calculation. |
Environmental Liabilities | Environmental Liabilities. Environmental expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue generation are expensed. Environmental liabilities are accrued when environmental assessments and/or clean-ups are probable, and the costs can be reasonably estimated. Recent case law in Wyoming has exposed the Company to potential obligations for plugging and abandoning wells, and associated reclamation, for assets that were sold to other industry parties in prior years. If such third parties become unable to fulfill their contractual obligations to the Company as provided for in purchase and sale agreements, regulatory agencies and landowners may demand that the Company perform such activities. The Company recognized $1.9 million and $0.7 million associated with these obligations in other operating expenses in the Consolidated Statement of Operations for the years ended December 31, 2018 and 2017 , respectively. |
Revenue Recognition | Revenue Recognition. All of the Company's sales of oil, gas and NGLs are made under contracts with customers, whereby revenues are recognized when the Company satisfies its performance obligations and the customer obtains control of the product. Performance obligations under the Company's contracts with customers are typically satisfied at a point-in-time through monthly delivery of oil, gas and/or NGLs. Accordingly, at the end of the reporting period, the Company does not have any unsatisfied performance obligations. The Company's contracts with customers typically include variable consideration based on monthly pricing tied to local indices and volumes delivered in the current month. The nature of the Company's contracts with customers does not require the Company to constrain variable consideration for accounting purposes. As of December 31, 2018 , the Company had open contracts with customers with terms of 1 month to 19 years , as well as evergreen contracts that renew on a periodic basis if not canceled by the Company or the customer. The Company's contracts with customers typically require payment within one month of delivery. Under the Company's contracts with customers, natural gas and its components, including NGLs, are either sold to a midstream entity (which processes the natural gas and subsequently sells the resulting residue gas and NGLs) or are sold to a gas or NGL purchaser after being processed by a third party for a fee. Regardless of the contract structure type, the terms of these contracts compensate the Company for the value of the residue gas and NGLs at current market prices for each product. The Company's oil is sold to multiple oil purchasers at specific delivery points at or near the wellhead. All costs incurred to gather, transport and/or process the Company's oil, gas and NGLs after control has transferred to the customer are considered components of the consideration received from the customer and thus recorded in oil, gas and NGL production revenues in the Consolidated Statements of Operations. All costs incurred prior to the transfer of control to the customer are included in gathering, transportation and processing expense in the Consolidated Statements of Operations. Gas imbalances from the sale of natural gas are recorded on the basis of gas actually sold by the Company. If the Company's aggregate sales volumes for a well are greater (or less) than its proportionate share of production from the well, a liability (or receivable) is established to the extent there are insufficient proved reserves available to make-up the overproduced (or underproduced) imbalance. Imbalances have not been significant in the periods presented. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities. The Company periodically uses derivative financial instruments to achieve a more predictable cash flow from its oil, natural gas and NGL sales by reducing its exposure to price fluctuations. Derivative instruments are recorded at fair market value and are included in the Consolidated Balance Sheets as assets or liabilities. |
Income Taxes | Income Taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets are recovered or liabilities are settled. Deferred tax assets also include tax credits and net operating losses that are available to offset future income taxes. Deferred income taxes are measured by applying currently enacted tax rates. A valuation allowance is recorded if it is more likely than not that all or some portion of the Company's deferred tax assets will not be realized. The Company regularly assess the realizability of the deferred tax assets considering all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, planning strategies and results of recent operations. The assumptions about future taxable income require significant judgment to determine if a valuation allowance is required. Changes to the Company's development plans, increases in market prices for hydrocarbons, improvements in operating results, or other factors could change the valuation allowance in future periods, resulting in recognition of tax expense or benefit. The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. Only tax positions that meet the more-likely-than-not recognition threshold are recognized. The Company does not have any uncertain tax positions recorded as of December 31, 2018 or 2017 . |
Earnings/Loss Per Share | Earnings/Loss Per Share. Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding during each period. Diluted net income (loss) per common share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding and other dilutive securities. Potentially dilutive securities for the diluted net income per common share calculations consist of nonvested shares of common stock and outstanding in-the-money stock options to purchase the Company's common stock. The dilutive net income per common share excludes the anti-dilutive effect of 407,949 stock options and nonvested shares of common stock for the year ended December 31, 2018 . The Company was in a net loss position for the years ended December 31, 2017 and 2016 , therefore, all potentially dilutive securities were anti-dilutive. The following table sets forth the calculation of basic and diluted net income (loss) per share: Year Ended December 31, 2018 2017 2016 (in thousands, except per share amounts) Net income (loss) $ 121,220 $ (138,225 ) $ (170,378 ) Basic weighted-average common shares outstanding in period 188,299 76,859 55,384 Add dilutive effects of stock options and nonvested equity shares of common stock 942 — — Diluted weighted-average common shares outstanding in period 189,241 76,859 55,384 Basic net income (loss) per common share $ 0.64 $ (1.80 ) $ (3.08 ) Diluted net income (loss) per common share $ 0.64 $ (1.80 ) $ (3.08 ) |
Industry Segment and Geographic Information | Industry Segment and Geographic Information. The Company operates in one industry segment, which is the development and production of crude oil, natural gas and NGLs, and all of the Company's operations are conducted in the continental United States. Consequently, the Company currently reports as a single industry segment. |
New Accounting Pronouncements | New Accounting Pronouncements. In August 2018, the Securities and Exchange Commission, ("SEC") issued a final rule, Disclosure Update and Simplification , that updates and simplifies SEC disclosure requirements. The primary changes include removing the requirement to disclose outside of the consolidated financial statements historical and pro forma ratios of earnings to fixed charges and historical low and high trading prices of the Company's common stock and adding a requirement to provide within the interim financial statements an analysis of changes in stockholders' equity for the current and comparative quarterly and year-to-date periods. Other changes included requirements related to segment, geographic area and dividend disclosures. The final rule was effective November 5, 2018. The Company adopted the standard for this annual report ending December 31, 2018, and it did not have a material impact on the Company's disclosures. In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of this update is to improve the effectiveness of fair value measurement disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The standard will only impact the Company's disclosures. In June 2018, the FASB issued ASU 2018-07, Stock Compensation-Improvements to Non-employee Share-Based Payment Accounting . The objective of this update is to simplify several aspects of the accounting for non-employee share-based payment transactions resulting from expanding the scope of Topic 718, Compensation- Stock Compensation , to include share-based payment transactions for acquiring goods and services from non-employees. ASU 2018-07 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The standard will not have a material impact on the Company's disclosures and financial statements. In May 2017, the FASB issued ASU 2017-09, Stock Compensation-Scope of Modification Accounting . The objective of this update is to provide clarity and reduce both diversity in practice and cost and complexity when applying a change to the terms or conditions of a share-based payment award. ASU 2017-09 was effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The standard was adopted on January 1, 2018 and did not have a material impact on the Company's disclosures and financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the definition of a business . The objective of this update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 was effective for annual and interim periods beginning after December 15, 2017. The standard was adopted prospectively on January 1, 2018 and did not have a material impact on the Company's disclosures and financial statements. The accounting treatment of the Merger was not affected by this guidance. See Note 4 for additional information regarding the Merger. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments . The objective of this update is to address eight specific cash flow issues in order to reduce the existing diversity in practice. ASU 2016-15 was effective for the annual periods beginning after December 15, 2017, and interim periods within those annual periods. The standard was adopted on January 1, 2018 and did not have a significant impact on the Company's disclosures and financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, followed by additional accounting standards updates that provided additional practical expedients and policy election options (collectively, Accounting Standards Codification Topic 842, ("ASC 842")). The objective of ASC 842 is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASC 842 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Company will adopt ASC 842 using the modified retrospective method and elect the option to not apply ASC 842 to comparative periods. The Company has also elected the following practical expedients: • not to recognize lease assets or liabilities on the balance sheet when lease terms are less than twelve months, • carryforward previous conclusions related to current lease classification under the current lease accounting standard to lease classification for these existing leases under ASC 842, • exclude from evaluation under ASC 842 land easements that existed or expired before adoption of ASC 842, and • to combine lease and non-lease components for certain asset classes. The adoption of ASC 842 will result in an increase in right-of-use assets and related liabilities on the Company's Consolidated Balance Sheets. Right of use assets that the Company expects to record on the balance sheet include office space, vehicle, and certain compressor leases, all classified as operating leases. Refer to the "Lease and Other Commitments" table within Note 13 for information regarding approximate undiscounted future lease payments for leases that will result in right-of-use assets. The Consolidated Statements of Operations and Cash Flows will not be affected. The Company has compiled and analyzed its contracts and has identified its full lease population. The Company is still in the process of populating its leasing software and implementing new controls associated with this standard. In addition, the Company is still evaluating the footnote disclosure requirements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The objective of this update is to clarify the principles for recognizing revenue and to develop a common revenue standard. The FASB subsequently issued ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, which provided additional implementation guidance and deferred the effective date of ASU 2014-09. The standard was effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. The standard was adopted on January 1, 2018 using the modified retrospective transition method, which was applied to contracts in place at the date of adoption. The adoption required the Company to net some additional gathering, transportation and processing expenses against its oil, gas, and NGL production revenues. However, the cash flow and timing of the Company's revenue was not impacted and therefore no impact on the Company's net income (loss) or net income (loss) per common share. The standard also required additional footnote disclosures. As the adoption did not have a significant impact on the Company's operations, the pro forma disclosures to present 2018 results as if accounted for under the previous standard are immaterial. See the " Revenue Recognition" section above for additional disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Accounts Receivable | Accounts receivable is comprised of the following: As of December 31, 2018 2017 (in thousands) Accrued oil, gas and NGL sales $ 44,860 $ 36,569 Due from joint interest owners 27,435 14,779 Other 754 270 Allowance for doubtful accounts (106 ) (203 ) Total accounts receivable $ 72,943 $ 51,415 |
Net Capitalized Costs and Associated Accumulated DD&A and Non Cash Impairments | The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities: As of December 31, 2018 2017 (in thousands) Proved properties $ 663,485 $ 230,800 Wells and related equipment and facilities 1,438,092 1,088,692 Support equipment and facilities 75,392 38,776 Materials and supplies 18,341 2,900 Total proved oil and gas properties $ 2,195,310 $ 1,361,168 Unproved properties 328,409 18,832 Wells and facilities in progress 139,799 65,844 Total unproved oil and gas properties, excluded from amortization $ 468,208 $ 84,676 Accumulated depreciation, depletion, amortization and impairment (642,645 ) (433,234 ) Total oil and gas properties, net (1) $ 2,020,873 $ 1,012,610 (1) Total oil and gas properties, net includes $722.6 million of properties acquired in the Merger. See Note 4 for additional information regarding the Merger. |
Non-Cash Impairment Charges, Included within Impairment, Dry Hole Costs and Abandonment Expense in Consolidated Statements of Operations | The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Consolidated Statements of Operations, as follows: Year Ended December 31, 2018 2017 2016 (in thousands) Impairment of proved oil and gas properties (1) $ — $ 37,945 $ — Impairment of unproved oil and gas properties (2) — 11,153 183 Dry hole costs — — 97 Abandonment expense 719 455 3,969 Total impairment, dry hole costs and abandonment expense $ 719 $ 49,553 $ 4,249 (1) The Company recognized a non-cash impairment charge associated with the Company's Uinta Oil Program proved properties during the year ended December 31, 2017. The properties were sold on December 29, 2017. (2) As a result of no future plans to develop certain acreage and/or estimated market values below carrying value, the Company recognized non-cash impairment charges of $9.1 million associated with certain unproved properties in the Cottonwood Gulch area of the Piceance Basin and $2.1 million associated with certain non-core unproved properties in the DJ Basin. |
Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities are comprised of the following: As of December 31, 2018 2017 (in thousands) Accrued drilling, completion and facility costs $ 69,830 $ 35,856 Accrued lease operating, gathering, transportation and processing expenses 6,970 4,360 Accrued general and administrative expenses 8,774 11,134 Accrued interest payable 6,758 6,484 Accrued merger transaction expenses 550 8,278 Prepayments from partners 862 2,524 Trade payables 31,057 10,067 Other 6,578 5,352 Total accounts payable and accrued liabilities $ 131,379 $ 84,055 |
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the calculation of basic and diluted net income (loss) per share: Year Ended December 31, 2018 2017 2016 (in thousands, except per share amounts) Net income (loss) $ 121,220 $ (138,225 ) $ (170,378 ) Basic weighted-average common shares outstanding in period 188,299 76,859 55,384 Add dilutive effects of stock options and nonvested equity shares of common stock 942 — — Diluted weighted-average common shares outstanding in period 189,241 76,859 55,384 Basic net income (loss) per common share $ 0.64 $ (1.80 ) $ (3.08 ) Diluted net income (loss) per common share $ 0.64 $ (1.80 ) $ (3.08 ) |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Year Ended December 31, 2018 2017 2016 (in thousands) Cash paid for interest $ 50,063 $ 61,295 $ 58,193 Cash paid for income taxes — — — Supplemental disclosures of non-cash investing and financing activities: Accrued liabilities - oil and gas properties 98,346 43,980 23,944 Change in asset retirement obligations, net of disposals 10,778 5,376 (4,799 ) Fair value of debt exchanged for common stock — 48,992 74,400 Retirement of treasury stock (1,535 ) (1,253 ) (1,114 ) Properties exchanged in non-cash transactions — 13,323 — Issuance of common stock for Merger 484,000 — — |
Mergers, Acquisitions, Exchan_2
Mergers, Acquisitions, Exchanges and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The pro forma condensed combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the acquisition taken place on January 1, 2017; furthermore, the financial information is not intended to be a projection of future results. Year Ended December 31, 2018 2017 (in thousands, except per share data) Revenues $ 468,949 $ 291,991 Net Income (Loss) and Comprehensive Income (Loss) 125,281 (143,530 ) Net Income (Loss) per Common Share, Basic 0.60 (0.81 ) Net Income (Loss) per Common Share, Diluted 0.60 (0.81 ) |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table sets forth the Company's purchase price allocation: March 19, 2018 (in thousands) Purchase Price: Fair value of common stock issued $ 484,000 Plus: Repayment of Fifth Creek debt 53,900 Total purchase price 537,900 Plus Liabilities Assumed: Accounts payable and accrued liabilities 25,782 Current unfavorable contract 2,651 Other current liabilities 13,797 Asset retirement obligations 7,361 Long-term deferred tax liability 137,707 Long-term unfavorable contract 4,449 Other noncurrent liabilities 2,354 Total purchase price plus liabilities assumed $ 732,001 Fair Value of Assets Acquired: Cash 543 Accounts receivable 7,831 Oil and Gas Properties: Proved oil and gas properties 105,702 Unproved oil and gas properties 609,568 Asset retirement obligations 7,361 Furniture, equipment and other 931 Other noncurrent assets 65 Total asset value $ 732,001 |
Disposal Groups Excluding Discontinued Operations Disclosure | The carrying amounts by major asset class within the disposal group for the Uinta Basin are summarized below (in thousands): Assets: Proved oil and gas properties $ 409,957 Unproved oil and gas properties, excluded from amortization 397 Furniture, equipment and other 1,593 Accumulated depreciation, depletion, amortization and impairment (304,939 ) Total assets 107,008 Liabilities: Asset retirement obligations 4,773 Total liabilities 4,773 Net assets $ 102,235 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | The Company's outstanding debt is summarized below: As of December 31, 2018 As of December 31, 2017 Maturity Date Principal Debt Carrying Principal Debt Carrying (in thousands) Amended Credit Facility September 14, 2023 $ — $ — $ — $ — $ — $ — 7.0% Senior Notes (1) October 15, 2022 350,000 (3,210 ) 346,790 350,000 (4,033 ) 345,967 8.75% Senior Notes (2) June 15, 2025 275,000 (4,403 ) 270,597 275,000 (5,080 ) 269,920 Lease Financing Obligation (3) August 10, 2020 1,859 — 1,859 2,328 (2 ) 2,326 Total Debt $ 626,859 $ (7,613 ) $ 619,246 $ 627,328 $ (9,115 ) $ 618,213 Less: Current Portion of Long-Term Debt (4) 1,859 — 1,859 469 — 469 Total Long-Term Debt $ 625,000 $ (7,613 ) $ 617,387 $ 626,859 $ (9,115 ) $ 617,744 (1) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $329.7 million and $356.1 million as of December 31, 2018 and 2017 , respectively, based on reported market trades of these instruments. (2) The aggregate estimated fair value of the 8.75% Senior Notes was approximately $264.7 million and $305.3 million as of December 31, 2018 and 2017 , respectively, based on reported market trades of these instruments. (3) The aggregate estimated fair value of the Lease Financing Obligation was approximately $1.8 million and $2.1 million as of December 31, 2018 and 2017 , respectively. As there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments. (4) The current portion of long-term debt includes the current portion of the Lease Financing Obligation. The Company has elected to exercise the early buyout option pursuant to which the Company will purchase the equipment for $1.8 million on February 10, 2019. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | A reconciliation of the Company's asset retirement obligations for the year ended December 31, 2018 , 2017 and 2016 is as follows: Year Ended December 31, 2018 2017 2016 (in thousands) Beginning of period $ 17,586 $ 11,238 $ 15,176 Liabilities incurred (1)(2) 10,649 10,683 83 Liabilities settled (1,630 ) (1,063 ) (16 ) Disposition of properties (351 ) (5,138 ) (4,840 ) Accretion expense 1,291 972 861 Revisions to estimate 2,110 894 (26 ) End of period $ 29,655 $ 17,586 $ 11,238 Less: Current asset retirement obligations 2,325 1,489 535 Long-term asset retirement obligations $ 27,330 $ 16,097 $ 10,703 (1) The year ended December 31, 2018 includes $7.4 million associated with properties acquired in the Merger. See Note 4 for additional information regarding the Merger. (2) The year ended December 31, 2017 includes $8.7 million associated with properties acquired in the DJ Basin. See Note 4 for additional information regarding this acquisition. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Recurring | The following tables set forth by level within the fair value hierarchy the Company's financial assets and liabilities that were measured at fair value on a recurring basis in the Consolidated Balance Sheets. Level 1 Level 2 Level 3 Total (in thousands) As of December 31, 2018 Financial Assets Cash equivalents $ 12,188 $ — $ — $ 12,188 Deferred compensation plan 1,392 — — 1,392 Commodity derivatives — 109,494 — 109,494 Financial Liabilities Commodity derivatives — 1,039 — 1,039 As of December 31, 2017 Financial Assets Cash equivalents 271,027 — — 271,027 Deferred compensation plan 1,749 — — 1,749 Commodity derivatives — 656 — 656 Financial Liabilities Commodity derivatives — 25,714 — 25,714 |
Fair Value, Nonrecurring | Information about the impaired assets is as follows: Level 1 Level 2 Level 3 Net Book (1) Impairment (2) (in thousands) As of December 31, 2018 Oil and gas properties $ — $ — $ — $ — $ — As of December 31, 2017 Uinta Basin oil and gas properties (3) — — 106,587 144,532 37,945 DJ Basin unproved properties — — 18,832 20,887 2,055 Piceance Basin unproved properties — — — 9,098 9,098 (1) Amount represents net book value at the date of assessment. (2) See Note 2 for additional information regarding oil and gas property impairments. (3) The Uinta Basin properties were sold in December 2017. See Note 4 for additional information regarding the sale of the Uinta Basin properties. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Fair Value Amounts of Derivative Instruments | The following table summarizes the location, as well as the gross and net fair value amounts, of all derivative instruments presented on the Consolidated Balance Sheets as of the dates indicated. As of December 31, 2018 Balance Sheet Gross Amounts of Gross Amounts Net Amounts of (in thousands) Derivative assets current $ 82,205 $ (1,039 ) (1) $ 81,166 Derivative assets non-current 27,289 — 27,289 Total derivative assets $ 109,494 $ (1,039 ) $ 108,455 Gross Amounts of Gross Amounts Net Amounts of (in thousands) Derivative liabilities $ (1,039 ) $ 1,039 (1) $ — Derivatives and other noncurrent liabilities — — — Total derivative liabilities $ (1,039 ) $ 1,039 $ — As of December 31, 2017 Balance Sheet Gross Amounts of Gross Amounts Net Amounts of (in thousands) Derivative assets current $ 594 $ (594 ) (1) $ — Derivative assets non-current 62 (62 ) (1) — Total derivative assets $ 656 $ (656 ) $ — Gross Amounts of Gross Amounts Net Amounts of (in thousands) Derivative liabilities $ (21,534 ) $ 594 (1) $ (20,940 ) Derivatives and other noncurrent liabilities (4,180 ) 62 (1) (4,118 ) Total derivative liabilities $ (25,714 ) $ 656 $ (25,058 ) (1) Asset and liability balances with the same counterparty are presented as a net asset or liability on the Consolidated Balance Sheets. |
Financial Instruments for Hedging Volumes | As of December 31, 2018 , the Company had swap contracts in place to hedge the following volumes for the periods indicated: For the Year 2019 For the Year 2020 Derivative Volumes Weighted Average Price Derivative Volumes Weighted Average Price Oil (Bbls) 6,704,184 $ 58.85 2,469,000 $ 60.79 Natural Gas (MMbtu) 3,050,000 2.46 — — |
Cashless Collars [Domain] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Instruments for Hedging Volumes | As of December 31, 2018 , the Company had cashless collars (purchased put options and written call options) in place to hedge the following volumes for the periods indicated: For the Year 2019 Derivative Volumes Weighted Average Floor Price Weighted Average Ceiling Price Oil (Bbls) 552,000 $ 55.00 $ 77.56 Natural Gas (MMbtu) 225,000 3.25 4.45 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
(Expense) Benefit for Income Taxes | The (expense) benefit for income taxes consisted of the following for the periods indicated: Year Ended December 31, 2018 2017 2016 (in thousands) Current: Federal $ — $ 1,402 $ — State — — — Deferred: Federal (1,777 ) — — State (50 ) — — Total $ (1,827 ) $ 1,402 $ — |
Reconciliation of Actual Income Tax (Expense) Benefit | Income tax (expense) benefit differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pretax income for the year ended December 31, 2018 and 35% to pretax income for the years ended December 31, 2017 and 2016 from continuing operations as a result of the following: Year Ended December 31, 2018 2017 2016 (in thousands) Income tax (expense) benefit at the federal statutory rate $ (25,840 ) $ 48,869 $ 59,632 State income taxes, net of federal tax effect (5,144 ) 4,030 4,971 Change in federal tax rate — (64,949 ) — Refundable AMT credits — 1,402 — Nondeductible equity-based compensation (3,101 ) (13,655 ) (64 ) Nondeductible costs in connection with Merger (2,545 ) — — Other permanent items (418 ) (37 ) (62 ) Change in valuation allowance 36,321 (35,684 ) (64,477 ) Change in valuation allowance due to TCJA — 64,949 — Change in valuation allowance - Section 382 64,994 — — Change in apportioned state tax rates (723 ) (1,086 ) — Eliminate UT jurisdiction NOL's and credits — (2,647 ) — Change in ownership - Section 382 (64,994 ) — — Other, net (377 ) 210 — Income tax (expense) benefit $ (1,827 ) $ 1,402 $ — |
Components of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant components of the deferred tax assets and deferred tax liabilities as of December 31, 2018 and 2017 are presented below: As of December 31, 2018 2017 (in thousands) Long-term: Deferred tax assets: Net operating loss carryforward $ 112,898 $ 170,536 Stock-based compensation 1,962 3,826 Deferred rent 628 163 Deferred compensation — 1,824 State tax credit carryforwards — 6,499 Financing obligation 1,174 705 Accrued expenses 250 248 Derivative instruments — 6,158 Other assets 2,409 228 Capital loss carryforward 1,028 — Less: Valuation allowance (13,215 ) (114,530 ) Total long-term deferred tax assets 107,134 75,657 Deferred tax liabilities: Oil and gas properties (219,390 ) (75,409 ) Long-term derivative instruments (26,700 ) — Prepaid expenses (374 ) (248 ) Deferred compensation (204 ) — Total long-term deferred tax assets (liabilities) (246,668 ) (75,657 ) Net long-term deferred tax assets (liabilities) $ (139,534 ) $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following table reflects the activity in the Company's common and treasury stock for the periods indicated: Year Ended December 31, 2018 2017 2016 Common Stock Outstanding: Shares at beginning of period 110,363,539 75,721,360 49,864,512 Shares issued for directors' fees 187,566 68,486 97,299 Shares issued for nonvested shares of common stock 2,332,114 801,579 686,500 Shares issued for debt exchange — 10,863,000 10,000,000 Shares issued for equity offering — 23,205,529 15,525,000 Shares issued for merger, common stock 100,000,000 — — Shares retired or forfeited (406,118 ) (296,415 ) (451,951 ) Shares at end of period 212,477,101 110,363,539 75,721,360 Treasury Stock: Shares at beginning of period — — — Treasury stock acquired 285,807 243,389 227,561 Treasury stock retired (285,807 ) (243,389 ) (227,561 ) Shares at end of period — — — |
Equity Incentive Compensation_2
Equity Incentive Compensation Plans and Other Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-Cash Stock-Based Compensation Cost Related to Equity Awards | The following table presents the long-term equity and cash incentive compensation related to awards for the periods indicated: Year Ended December 31, 2018 2017 2016 (in thousands) Common stock options (1) $ — $ — $ 69 Nonvested common stock (1) 6,036 5,852 6,696 Nonvested common stock units (1) 1,138 690 883 Nonvested performance-based shares (1) — 558 1,808 Nonvested performance cash units (2)(3) 52 1,189 2,485 Total $ 7,226 $ 8,289 $ 11,941 (1) Unrecognized compensation cost as of December 31, 2018 was $8.1 million related to grants of nonvested shares of common stock that are expected to be recognized over a weighted-average period of 1.8 years. (2) The nonvested performance-based cash units are accounted for as liability awards with $1.4 million in accounts payable and accrued liabilities as of December 31, 2017, and $0.3 million , $3.0 million and $2.9 million in derivatives and other noncurrent liabilities as of December 31, 2018 , 2017 and 2016 , respectively, in the Consolidated Balance Sheets. (3) Liability awards are fair valued at each reporting date. The expense for the period will increase or decrease based on updated fair values of these awards at each reporting date. |
Summary of Share-Based Option Activity | A summary of share-based option activity under all the Company's plans as of December 31, 2018 , and changes during the year then ended, is presented below: Option Awards Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at January 1, 2018 199,123 $ 31.42 Granted (1) — — Exercised — — Forfeited or expired (72,280 ) 38.75 Outstanding at December 31, 2018 (2) 126,843 27.25 0.12 $ — (1) The Company has not granted any share-based option awards since 2012. (2) At December 31, 2017, all share-based options granted have vested and are exercisable. |
Deferred Compensation Liability | The table below summarizes the activity in the plan as of December 31, 2018 and 2017 , and the Company's ending deferred compensation liability as of December 31, 2018 and 2017 : As of December 31, 2018 2017 (in thousands) Beginning deferred compensation liability balance $ 1,749 $ 1,447 Employee contributions 370 244 Company matching contributions 198 116 Distributions (806 ) (274 ) Participant earnings (losses) (119 ) 216 Ending deferred compensation liability balance $ 1,392 $ 1,749 Amount to be paid within one year $ 94 $ 169 Remaining balance to be paid beyond one year $ 1,298 $ 1,580 |
Deferred Compensation Investment Assets | The following table represents the Company's activity in the investment assets held in the rabbi trust as of December 31, 2018 and 2017 : As of December 31, 2018 2017 (in thousands) Beginning investment balance $ 1,749 $ 1,447 Investment purchases 568 360 Distributions (806 ) (274 ) Earnings (losses) (119 ) 216 Ending investment balance $ 1,392 $ 1,749 |
Director [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Nonvested Equity Shares of Common Stock | A summary of the Company's nonvested common stock units for the years ended December 31, 2018 , 2017 and 2016 is presented in the table below: Year Ended December 31, 2018 2017 2016 Nonvested Common Stock Unit Awards Units Weighted Units Weighted Units Weighted Outstanding at January 1, 272,559 $ 6.37 147,167 $ 10.09 145,492 $ 11.07 Granted 226,244 5.83 193,878 3.56 98,974 7.02 Vested (1) (187,566 ) 4.24 (68,486 ) 6.42 (97,299 ) 8.43 Forfeited or expired — — — — — — Outstanding at December 31, 311,237 7.26 272,559 6.37 147,167 10.09 (1) The fair value of common stock unit awards vested was $1.1 million , $0.2 million and $0.7 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Nonvested Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Nonvested Equity Shares of Common Stock | A summary of the Company's nonvested common stock awards for the years ended December 31, 2018 , 2017 and 2016 is presented below: Year Ended December 31, 2018 2017 2016 Nonvested Common Stock Awards Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1, 1,394,868 $ 7.00 1,169,099 $ 9.33 1,002,947 $ 15.53 Granted 1,185,809 5.47 791,129 5.99 686,500 5.11 Modified (1) 1,146,305 4.84 — — — — Vested (2) (694,505 ) 8.24 (513,376 ) 10.74 (451,329 ) 15.90 Forfeited or expired (120,311 ) 5.93 (51,984 ) 7.91 (69,019 ) 14.14 Outstanding at December 31, 2,912,166 5.27 1,394,868 7.00 1,169,099 9.33 (1) Due to the closing of the Merger, the 2016 and 2017 Performance Cash Programs were converted from nonvested performance-based cash units to nonvested common stock awards, resulting in an increase of nonvested common stock awards for the year ended December 31, 2018. (2) The fair value of common stock awards vested was $3.7 million , $2.9 million and $1.7 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Nonvested Performance Cash Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Nonvested Performance-Based Equity Shares of Common Stock | A summary of the Company's nonvested performance-based cash units for the years ended December 31, 2018 , 2017 and 2016 is presented below: Year Ended December 31, 2018 2017 2016 Nonvested Performance-Based Units Weighted Units Weighted Units Weighted Outstanding at January 1, 1,548,083 942,326 391,278 Granted 935,293 669,043 646,572 Performance goal adjustment (1) 11,289 — — Modified (2) (1,211,478 ) — — Vested (3) (286,652 ) — — Forfeited or expired (86,950 ) (63,286 ) (95,524 ) Outstanding at December 31, 909,585 $ 1.23 1,548,083 $ 5.10 942,326 $ 8.89 (1) The 2015 Program vested at 104.1% in excess of target level and resulted in additional units vested in March 2018. These units are included in the vested line item for the year ended December 31, 2018. (2) Due to the closing of the Merger, the 2016 and 2017 Performance Cash Programs were converted from nonvested performance-based cash units to nonvested common stock awards, resulting in a decrease in nonvested performance-based cash units for the year ended December 31, 2018. The 2016 Program converted based on its performance through March 19, 2018, which resulted in 89% of the units converting to nonvested common stock awards or a reduction of 65,173 units converting to nonvested common stock awards. (3) The fair value of performance-based cash unit awards vested was $1.5 million for the year ended December 31, 2018 . No awards vested in 2017 or 2016. |
Nonvested Performance-Based Equity [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Nonvested Equity Shares of Common Stock | A summary of the Company's vested performance-based shares of common stock for the years ended December 31, 2018 , 2017 and 2016 is presented below: Year Ended December 31, 2018 2017 2016 Nonvested Performance-Based Shares Weighted Shares Weighted Shares Weighted Outstanding at January 1, — $ — 156,615 $ 19.54 468,561 $ 18.46 Granted (1) — — — — — — Performance goal adjustment (2) — — 10,450 24.45 — — Vested (3)(4) — — (166,023 ) 24.45 (156,575 ) 19.81 Forfeited or expired — — (1,042 ) 24.62 (155,371 ) 20.44 Outstanding at December 31, — — — — 156,615 19.54 (1) The Company has not granted any performance-based common stock awards since 2014. (2) The 2014 Program vested at 106.7% in excess of target level and resulted in additional shares vested in May 2017. These shares are included in the vested line item for the year ended December 31, 2017. (3) The Compensation Committee approved a special retention award on July 18, 2013. A debt performance gate was required to be met as of December 31, 2013 in which the shares would vest on July 18, 2014, 2015 and 2016. The vested shares of 15,495 are included in the vested line item for the year ended December 31, 2016. (4) The fair value of performance-based common stock awards vested was $0.6 million and $1.2 million for the years ended December 31, 2017 and 2016 , respectively. No awards vested in 2018. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Gross Future Minimum Volume Charges [Table Text Block] | The amounts in the table below represent the Company's future minimum charges under both agreements: As of December 31, 2018 (in thousands) 2019 (1) $ 10,049 2020 2,167 2021 1,996 Thereafter — Total $ 14,212 (1) Includes $6.8 million associated with the reimbursement obligation discussed above. |
Schedule of Aggregate Undiscounted Minimum Future Lease Payments | As of December 31, 2018, the Company had a Lease Financing Obligation with Bank of America Leasing & Capital, LLC as the lead bank as discussed in Note 5 . The aggregate undiscounted minimum future lease payments, including both principal and interest components, are presented below. The Company elected to purchase the equipment under the early buyout option for $1.8 million on February 10, 2019. As of December 31, 2018 (in thousands) 2019 $ 1,869 Thereafter — Total $ 1,869 |
Gross Future Minimum Transportation Demand and Firm Processing Charges | The amounts in the table below represent the Company's future minimum transportation charges: As of December 31, 2018 (in thousands) 2019 $ 18,485 2020 18,691 2021 10,903 Thereafter — Total $ 48,079 |
Future Minimum Annual Payments Under Drilling, Lease and Other Agreements | Future minimum annual payments under lease and other agreements are as follows: As of December 31, 2018 (in thousands) 2019 $ 4,597 2020 3,032 2021 3,331 2022 3,263 2023 3,036 Thereafter 13,112 Total $ 30,371 |
Guarantor Subsidiaries (Tables)
Guarantor Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets As of December 31, 2018 Parent Guarantor Subsidiary Issuer Intercompany Consolidated (in thousands) Assets: Cash and cash equivalents $ — $ 32,774 $ — $ 32,774 Accounts receivable, net of allowance for doubtful accounts — 72,943 — 72,943 Other current assets — 84,064 — 84,064 Property and equipment, net — 2,029,523 — 2,029,523 Investment in subsidiaries 1,212,098 — (1,212,098 ) — Noncurrent assets — 33,156 — 33,156 Total assets $ 1,212,098 $ 2,252,460 $ (1,212,098 ) $ 2,252,460 Liabilities and Stockholders' Equity: Accounts payable and accrued liabilities $ — $ 131,379 $ — $ 131,379 Other current liabilities — 116,806 — 116,806 Long-term debt — 617,387 — 617,387 Deferred income taxes — 139,534 — 139,534 Other noncurrent liabilities — 35,256 — 35,256 Stockholders' equity 1,212,098 1,212,098 (1,212,098 ) 1,212,098 Total liabilities and stockholders' equity $ 1,212,098 $ 2,252,460 $ (1,212,098 ) $ 2,252,460 As of December 31, 2017 Parent Subsidiary Intercompany Consolidated (in thousands) Assets: Cash and cash equivalents $ 314,466 $ — $ — $ 314,466 Accounts receivable, net of allowance for doubtful accounts 51,415 — — 51,415 Other current assets 1,782 — — 1,782 Property and equipment, net 1,016,986 1,894 — 1,018,880 Intercompany receivable 854 — (854 ) — Investment in subsidiaries 1,040 — (1,040 ) — Noncurrent assets 4,163 — — 4,163 Total assets $ 1,390,706 $ 1,894 $ (1,894 ) $ 1,390,706 Liabilities and Stockholders' Equity: Accounts payable and accrued liabilities $ 84,055 $ — $ — $ 84,055 Other current liabilities 64,879 — — 64,879 Intercompany payable — 854 (854 ) — Long-term debt 617,744 — — 617,744 Other noncurrent liabilities 25,474 — — 25,474 Stockholders' equity 598,554 1,040 (1,040 ) 598,554 Total liabilities and stockholders' equity $ 1,390,706 $ 1,894 $ (1,894 ) $ 1,390,706 |
Schedule of Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations Year Ended December 31, 2018 Parent Guarantor Subsidiary Issuer Intercompany Consolidated (in thousands) Operating and other revenues $ — $ 453,017 $ — $ 453,017 Operating expenses — (319,031 ) — (319,031 ) General and administrative — (45,130 ) — (45,130 ) Merger transaction expense — (7,991 ) — (7,991 ) Interest expense — (52,703 ) — (52,703 ) Interest income and other income (expense) — 94,885 — 94,885 Income (loss) before income taxes and equity in earnings (loss) of subsidiaries — 123,047 — 123,047 (Provision for) Benefit from income taxes — (1,827 ) — (1,827 ) Equity in earnings (loss) of subsidiaries 121,220 — (121,220 ) — Net income (loss) $ 121,220 $ 121,220 $ (121,220 ) $ 121,220 Year Ended December 31, 2017 Parent Subsidiary Intercompany Consolidated (in thousands) Operating and other revenues $ 252,257 $ 582 $ — $ 252,839 Operating expenses (266,119 ) (1,420 ) — (267,539 ) General and administrative (42,476 ) — — (42,476 ) Merger transaction expense (8,749 ) — — (8,749 ) Interest expense (57,710 ) — — (57,710 ) Interest income and other income (expense) (15,992 ) — — (15,992 ) Income (loss) before income taxes and equity in earnings (loss) of subsidiaries (138,789 ) (838 ) — (139,627 ) (Provision for) Benefit from income taxes 1,402 — — 1,402 Equity in earnings (loss) of subsidiaries (838 ) — 838 — Net income (loss) $ (138,225 ) $ (838 ) $ 838 $ (138,225 ) Year Ended December 31, 2016 Parent Subsidiary Intercompany Consolidated (in thousands) Operating and other revenues $ 178,191 $ 628 $ — $ 178,819 Operating expenses (235,181 ) (715 ) — (235,896 ) General and administrative (42,169 ) — — (42,169 ) Interest expense (59,373 ) — — (59,373 ) Interest and other income (expense) (11,759 ) — — (11,759 ) Income (loss) before income taxes and equity in earnings (loss) of subsidiaries (170,291 ) (87 ) — (170,378 ) (Provision for) Benefit from income taxes — — — — Equity in earnings (loss) of subsidiaries (87 ) — 87 — Net income (loss) $ (170,378 ) $ (87 ) $ 87 $ (170,378 ) |
Schedule of Condensed Consolidating Statements of Comprehensive Income | Condensed Consolidating Statements of Comprehensive Income (Loss) Year Ended December 31, 2018 Parent Guarantor Subsidiary Issuer Intercompany Consolidated (in thousands) Net Income (Loss) $ 121,220 $ 121,220 $ (121,220 ) $ 121,220 Other comprehensive income (loss) — — — — Comprehensive Income (Loss) $ 121,220 $ 121,220 $ (121,220 ) $ 121,220 Year Ended December 31, 2017 Parent Subsidiary Intercompany Consolidated (in thousands) Net Income (Loss) $ (138,225 ) $ (838 ) $ 838 $ (138,225 ) Other comprehensive income (loss) — — — — Comprehensive Income (Loss) $ (138,225 ) $ (838 ) $ 838 $ (138,225 ) Year Ended December 31, 2016 Parent Subsidiary Intercompany Consolidated (in thousands) Net Income (Loss) $ (170,378 ) $ (87 ) $ 87 $ (170,378 ) Other comprehensive income (loss) — — — — Comprehensive Income (Loss) $ (170,378 ) $ (87 ) $ 87 $ (170,378 ) |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Guarantor Subsidiary Issuer Intercompany Consolidated (in thousands) Cash flows from operating activities $ — $ 231,441 $ — $ 231,441 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions — (453,616 ) — (453,616 ) Additions to furniture, fixtures and other — (853 ) — (853 ) Repayment of debt associated with merger, net of cash acquired — (53,357 ) — (53,357 ) Proceeds from sale of properties and other investing activities — 143 — 143 Cash flows from financing activities: Proceeds from debt — — — — Principal payments on debt — (469 ) — (469 ) Proceeds from sale of common stock, net of offering costs — 1 — 1 Other financing activities — (4,982 ) — (4,982 ) Change in cash and cash equivalents — (281,692 ) — (281,692 ) Beginning cash and cash equivalents — 314,466 — 314,466 Ending cash and cash equivalents $ — $ 32,774 $ — $ 32,774 Year Ended December 31, 2017 Parent Guarantor Intercompany Consolidated (in thousands) Cash flows from operating activities $ 121,480 $ 510 $ — $ 121,990 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (239,631 ) — — (239,631 ) Additions to furniture, fixtures and other (926 ) — — (926 ) Proceeds from sale of properties and other investing activities 99,016 2,530 — 101,546 Intercompany transfers 3,040 — (3,040 ) — Cash flows from financing activities: Proceeds from debt 275,000 — — 275,000 Principal payments on debt (322,343 ) — — (322,343 ) Proceeds from sale of common stock, net of offering costs 110,710 — — 110,710 Intercompany transfers — (3,040 ) 3,040 — Other financing activities (7,721 ) — — (7,721 ) Change in cash and cash equivalents 38,625 — — 38,625 Beginning cash and cash equivalents 275,841 — — 275,841 Ending cash and cash equivalents $ 314,466 $ — $ — $ 314,466 Year Ended December 31, 2016 Parent Guarantor Intercompany Consolidated (in thousands) Cash flows from operating activities $ 121,109 $ 627 $ — $ 121,736 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (106,852 ) (18 ) — (106,870 ) Additions to furniture, fixtures and other (1,195 ) — — (1,195 ) Proceeds from sale of properties and other investing activities 24,802 125 — 24,927 Intercompany transfers 734 — (734 ) — Cash flows from financing activities: Principal payments on debt (440 ) — — (440 ) Proceeds from sale of common stock, net of offering costs 110,003 — — 110,003 Intercompany transfers — (734 ) 734 — Other financing activities (1,156 ) — — (1,156 ) Change in cash and cash equivalents 147,005 — — 147,005 Beginning cash and cash equivalents 128,836 — — 128,836 Ending cash and cash equivalents $ 275,841 $ — $ — $ 275,841 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Capitalized Costs, Oil and Gas Producing Activities, Net | $ 2,020,873 | $ 1,012,610 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 407,949 | ||
Cumulative effect of accounting change | $ (329) | ||
Non-cash impairment of oil and gas properties | $ 0 | ||
Environmental Remediation Expense | $ 1,900 | 700 | |
Contract Payment Term | 1 month | ||
Piceance [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Non-cash impairment of oil and gas properties | 9,100 | ||
DJ Basin, non-core [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Non-cash impairment of oil and gas properties | $ 2,100 | ||
Additional Paid-In Capital [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cumulative effect of accounting change | $ 180 | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenue, Contract Term | 1 month | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenue, Contract Term | 19 years | ||
Fifth Creek [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Capitalized Costs, Oil and Gas Producing Activities, Net | $ 722,600 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (106) | $ (203) |
Total accounts receivable | 72,943 | 51,415 |
Accrued oil, gas and NGL sales [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable gross | 44,860 | 36,569 |
Due from joint interest owners [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable gross | 27,435 | 14,779 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable gross | $ 754 | $ 270 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Net Capitalized Costs and Associated Accumulated Depreciation, Depletion & Amortization and Non Cash Impairments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Proved properties | $ 663,485 | $ 230,800 |
Wells and related equipment and facilities | 1,438,092 | 1,088,692 |
Support equipment and facilities | 75,392 | 38,776 |
Materials and supplies | 18,341 | 2,900 |
Total proved oil and gas properties | 2,195,310 | 1,361,168 |
Unproved properties | 328,409 | 18,832 |
Wells and facilities in progress | 139,799 | 65,844 |
Total unproved oil and gas properties, excluded from amortization | 468,208 | 84,676 |
Accumulated depreciation, depletion, amortization and impairment | (642,645) | (433,234) |
Total oil and gas properties, net (1) | $ 2,020,873 | $ 1,012,610 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Non-Cash Impairment Charges, Included within Impairment, Dry Hole Costs and Abandonment Expense in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Non-cash impairment of oil and gas properties | $ 0 | ||
Dry hole costs | 0 | $ 0 | $ 97 |
Abandonment expense | 719 | 455 | 3,969 |
Total impairment, dry hole costs and abandonment expense | 719 | 49,553 | 4,249 |
Proved Oil And Gas Properties [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Non-cash impairment of oil and gas properties | 0 | 37,945 | 0 |
Unproved Oil And Gas Properties [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Non-cash impairment of oil and gas properties | $ 0 | $ 11,153 | $ 183 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Accrued drilling, completion and facility costs | $ 69,830 | $ 35,856 |
Accrued lease operating, gathering, transportation and processing expenses | 6,970 | 4,360 |
Accrued general and administrative expenses | 8,774 | 11,134 |
Accrued interest payable | 6,758 | 6,484 |
Accrued merger transaction expenses | 550 | 8,278 |
Prepayments from partners | 862 | 2,524 |
Trade payables | 31,057 | 10,067 |
Other | 6,578 | 5,352 |
Total accounts payable and accrued liabilities | $ 131,379 | $ 84,055 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Calculation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Net Income (Loss) | $ 121,220 | $ (138,225) | $ (170,378) |
Basic weighted-average common shares outstanding in period (in shares) | 188,299,074 | 76,858,815 | 55,384,020 |
Add dilutive effects of stock options and nonvested equity shares of common stock (in shares) | 941,962 | 0 | 0 |
Diluted weighted-average common shares outstanding in period (in shares) | 189,241,036 | 76,858,815 | 55,384,020 |
Basic net income (loss) per common share (in dollars per share) | $ 0.64 | $ (1.80) | $ (3.08) |
Diluted net income (loss) per common share (in dollars per share) | $ 0.64 | $ (1.80) | $ (3.08) |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest | $ 50,063 | $ 61,295 | $ 58,193 |
Cash paid for income taxes | 0 | 0 | 0 |
Supplemental disclosures of non-cash investing and financing activities: | |||
Accrued liabilities - oil and gas properties | 98,346 | 43,980 | 23,944 |
Change in asset retirement obligations, net of disposals | 10,778 | 5,376 | (4,799) |
Fair value of debt exchanged for common stock | 0 | 48,992 | 74,400 |
Retirement of treasury stock | (1,535) | (1,253) | (1,114) |
Properties exchanged in non-cash transactions | 0 | 13,323 | 0 |
Issuance of common stock for Merger | $ 484,000 | $ 0 | $ 0 |
Mergers, Acquisitions, Exchan_3
Mergers, Acquisitions, Exchanges and Divestitures - Additional Information (Detail) $ / shares in Units, $ in Thousands | Mar. 19, 2018USD ($)awell | Dec. 31, 2018USD ($)MMBoe$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) |
Business Acquisition, Pro Forma Revenue | $ 468,949 | $ 291,991 | ||
Asset retirement obligations | 8,700 | |||
Non-cash impairment of oil and gas properties | 0 | |||
Accumulated Depreciation Depletion Amortization And Impairment Property Plant And Equipment | 654,657 | 444,863 | ||
Gain (Loss) on Disposition of Oil and Gas Property | (1,046) | 92 | $ (1,078) | |
Merger transaction expense | 7,991 | 8,749 | 0 | |
Business Acquisition, Pro Forma Net Income (Loss) | $ 125,281 | $ (143,530) | ||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Basic | $ / shares | $ 0.60 | $ (0.81) | ||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax, Per Share, Diluted | $ / shares | $ 0.60 | $ (0.81) | ||
Uinta Basin [Member] | ||||
Proceeds from Divestiture of Businesses | $ 101,300 | 27,800 | ||
Disposal Group, Including Discontinued Operation, Liabilities | 4,800 | |||
Proved Oil And Gas Properties Sold, Net Of DD&A And Impairment | 30,600 | |||
Unproved Oil And Gas Properties Sold | 2,000 | |||
Non-cash impairment of oil and gas properties | 37,900 | |||
Unproved Oil and Gas Assets Sold | 397 | |||
Proved properties | 409,957 | |||
Furniture, equipment and other | 1,593 | |||
Accumulated depreciation, depletion, amortization and impairment | (304,939) | |||
Total assets | 107,008 | |||
Asset retirement obligation | 4,773 | |||
Total liabilities | 4,773 | |||
Net assets | 102,235 | |||
Gain (Loss) on Disposition of Proved Property | $ (1,000) | |||
Proved Oil And Gas Properties [Member] | ||||
Acquisition Costs, Period Cost | 9,100 | |||
Non-cash impairment of oil and gas properties | 0 | 37,945 | 0 | |
Unproved Oil And Gas Properties [Member] | ||||
Acquisition Costs, Period Cost | 11,200 | |||
Non-cash impairment of oil and gas properties | 0 | 11,153 | $ 183 | |
Level 3 [Member] | ||||
Acquisition Costs, Period Cost | 11,600 | |||
Fifth Creek [Member] | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 59,400 | |||
Business Combination, Pro Forma Information, Expenses of Acquiree since Acquisition Date, Actual | $ 44,200 | |||
Fair value of common stock issued | $ 484,000 | |||
Plus: Repayment of Fifth Creek debt | 53,900 | |||
Total purchase price | 537,900 | |||
Accounts payable and accrued liabilities | 25,782 | |||
Current unfavorable contract | 2,651 | |||
Other current liabilities | 13,797 | |||
Asset retirement obligations | 7,361 | |||
Long-term deferred tax liability | 137,707 | |||
Long-term unfavorable contract | 4,449 | |||
Other noncurrent liabilities | 2,354 | |||
Total purchase price plus liabilities assumed | 732,001 | |||
Cash | 543 | |||
Accounts receivable | 7,831 | |||
Proved oil and gas properties | 105,702 | |||
Unproved oil and gas properties | 609,568 | |||
Asset retirement obligations | 7,361 | |||
Furniture, equipment and other | 931 | |||
Other noncurrent assets | 65 | |||
Total asset value | $ 732,001 | |||
Net Acreage Acquired | a | 81,000 | |||
Productive Oil Wells, Standard Length, Number of Wells Acquired | well | 62 | |||
Productive Oil Wells, Extended Reach, Number of Wells Acquired | well | 10 | |||
Proved Developed and Undeveloped Reserve, Net (Energy) | MMBoe | 9.3 | |||
Proved Developed Reserves (Energy) | MMBoe | 4.7 | |||
Proved Undeveloped Reserves (Energy) | MMBoe | 4.6 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 100,000,000 | |||
Acquisition-related Costs [Member] | Fifth Creek [Member] | ||||
Merger transaction expense | $ 4,000 | $ 2,200 |
Long-Term Debt - Outstanding De
Long-Term Debt - Outstanding Debt (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Principal | $ 625,000,000 | $ 626,859,000 | |
Debt Issuance Costs | (7,613,000) | (9,115,000) | |
Carrying Amount | 617,387,000 | 617,744,000 | |
Debt Instrument, Fair Value Disclosure | 594,400,000 | 661,400,000 | |
Amended Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 0 | 0 | |
Debt Issuance Costs | 0 | 0 | |
Carrying Amount | 0 | 0 | |
Debt Instrument, Fair Value Disclosure | $ 0 | ||
7.625% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal | $ 315,300,000 | ||
Debt, stated interest rate | 7.625% | ||
7.0% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal | $ 350,000,000 | 350,000,000 | |
Debt Issuance Costs | (3,210,000) | (4,033,000) | |
Carrying Amount | $ 346,790,000 | 345,967,000 | |
Debt, stated interest rate | 7.00% | ||
Debt Instrument, Fair Value Disclosure | $ 329,700,000 | 356,100,000 | |
Eight Point Seven Five Percentage Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 275,000,000 | 275,000,000 | |
Debt Issuance Costs | (4,403,000) | (5,080,000) | |
Carrying Amount | $ 270,597,000 | 269,920,000 | |
Debt, stated interest rate | 8.75% | ||
Debt Instrument, Fair Value Disclosure | $ 264,700,000 | 305,300,000 | |
Lease Financing Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 1,859,000 | 2,328,000 | |
Debt Issuance Costs | 0 | (2,000) | |
Carrying Amount | 1,859,000 | 2,326,000 | |
Debt Instrument, Fair Value Disclosure | 1,800,000 | 2,100,000 | |
Total Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 626,859,000 | 627,328,000 | |
Debt Issuance Costs | (7,613,000) | (9,115,000) | |
Carrying Amount | 619,246,000 | 618,213,000 | |
Current Portion of Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 1,859,000 | 469,000 | |
Debt Issuance Costs | 0 | 0 | |
Carrying Amount | $ 1,859,000 | $ 469,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Line of credit facility, reduced borrowing capacity | $ 474,000,000 | ||
Principal amount | 625,000,000 | $ 626,859,000 | |
(Gain) loss on extinguishment of debt | 257,000 | 8,239,000 | $ (8,726,000) |
Debt Instrument, Fair Value Disclosure | $ 594,400,000 | 661,400,000 | |
Common Stock Shares Issued for Debt Exchange | 0 | ||
Purchase of equipment | $ 1,800,000 | ||
Maximum Credit Amount, Maximum Commitments That Could Be Elected By Lenders | 1,500,000,000 | ||
Commitments and Contingencies | |||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, interest rate above London Interbank Offered Rate | 1.50% | ||
Revolving credit facility interest rate percent above LIBOR alternate interest rate | 0.50% | ||
Commitment fee percentage | 0.375% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, interest rate above London Interbank Offered Rate | 2.50% | ||
Revolving credit facility interest rate percent above LIBOR alternate interest rate | 1.50% | ||
Commitment fee percentage | 0.50% | ||
Amended Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | ||
Letters of credit issued amount | 26,000,000 | ||
Principal amount | 0 | 0 | |
Debt Instrument, Fair Value Disclosure | $ 0 | ||
7.625% Senior Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt, stated interest rate | 7.625% | ||
7.0% Senior Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | Oct. 15, 2022 | ||
7.625% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 315,300,000 | ||
(Gain) loss on extinguishment of debt | 7,900,000 | (8,700,000) | |
Debt, stated interest rate | 7.625% | ||
Face Amount of Outstanding 7.625% Senior Notes Exchanged for Common Stock | $ 84,700,000 | ||
Common Stock Shares Issued for Debt Exchange | 10,000,000 | ||
7.0% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 350,000,000 | 350,000,000 | |
Debt, stated interest rate | 7.00% | ||
Debt Instrument, Fair Value Disclosure | $ 329,700,000 | $ 356,100,000 | |
Common Stock Shares Issued for Debt Exchange | 10,863,000 | ||
Eight Point Seven Five Percentage Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 275,000,000 | $ 275,000,000 | |
Debt, stated interest rate | 8.75% | ||
Debt Instrument, Fair Value Disclosure | $ 264,700,000 | 305,300,000 | |
Lease Financing Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | 1,859,000 | 2,328,000 | |
Debt Instrument, Fair Value Disclosure | $ 1,800,000 | $ 2,100,000 | |
Weighted average implicit rate based on interest expense | 3.30% | ||
2018 [Member] | 7.0% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Par value of senior notes | 102.333% | ||
2019 [Member] | 7.0% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Par value of senior notes | 101.167% | ||
2020 [Member] | 7.0% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Par value of senior notes | 100.00% | ||
2020 [Member] | Eight Point Seven Five Percentage Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Par value of senior notes | 106.563% | ||
2021 [Member] | Eight Point Seven Five Percentage Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Par value of senior notes | 104.375% | ||
2022 [Member] | Eight Point Seven Five Percentage Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Par value of senior notes | 102.188% | ||
2023 [Member] | Eight Point Seven Five Percentage Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Par value of senior notes | 100.00% | ||
Prior to June 15, 2020 [Member] | Eight Point Seven Five Percentage Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Par value of senior notes | 100.00% | ||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | ||
Redemption Price As Percentage Of Principal Redeemed If Equity Offering Proceeds Used | 108.75% |
Long-Term Debt - Cash and Non-C
Long-Term Debt - Cash and Non-Cash Portion of Interest Expense Related to Long Term Debt (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Principal | $ 625,000,000 | $ 626,859,000 | |
7.625% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt, stated interest rate | 7.625% | ||
Principal | $ 315,300,000 | ||
7.0% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt, stated interest rate | 7.00% | ||
Principal | $ 350,000,000 | 350,000,000 | |
Lease Financing Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Principal | $ 1,859,000 | $ 2,328,000 |
Asset Retirement Obligations -
Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset Retirement Obligations Acquisition of Properties | $ 8,700 | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning of period | $ 17,586 | 11,238 | $ 15,176 |
Liabilities incurred (1)(2) | 10,649 | 10,683 | 83 |
Liabilities settled | (1,630) | (1,063) | (16) |
Disposition of properties | (351) | (5,138) | (4,840) |
Accretion expense | 1,291 | 972 | 861 |
Revisions to estimate | 2,110 | 894 | (26) |
End of period | 29,655 | 17,586 | 11,238 |
Less: Current asset retirement obligations | 2,325 | 1,489 | 535 |
Long-term asset retirement obligations | $ 27,330 | $ 16,097 | $ 10,703 |
Fair Value Measurements - Balan
Fair Value Measurements - Balance Sheet Grouping (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Assets | ||||
Cash equivalents | $ 32,774 | $ 314,466 | $ 275,841 | $ 128,836 |
Deferred compensation plan | 1,392 | 1,749 | ||
Level 1 [Member] | ||||
Financial Assets | ||||
Deferred compensation plan | 1,392 | 1,749 | ||
Level 2 [Member] | ||||
Financial Assets | ||||
Deferred compensation plan | 0 | 0 | ||
Level 3 [Member] | ||||
Financial Assets | ||||
Deferred compensation plan | 0 | 0 | ||
Cash Equivalents - Money Market Funds [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Cash equivalents | 12,188 | 271,027 | ||
Cash Equivalents - Money Market Funds [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Cash equivalents | 0 | 0 | ||
Cash Equivalents - Money Market Funds [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Cash equivalents | 0 | 0 | ||
Commodity Derivatives [Member] | ||||
Financial Assets | ||||
Commodity derivatives | 109,494 | 656 | ||
Financial Liabilities | ||||
Commodity derivatives | 1,039 | 25,714 | ||
Commodity Derivatives [Member] | Level 1 [Member] | ||||
Financial Assets | ||||
Commodity derivatives | 0 | 0 | ||
Financial Liabilities | ||||
Commodity derivatives | 0 | 0 | ||
Commodity Derivatives [Member] | Level 2 [Member] | ||||
Financial Assets | ||||
Commodity derivatives | 109,494 | 656 | ||
Financial Liabilities | ||||
Commodity derivatives | 1,039 | 25,714 | ||
Commodity Derivatives [Member] | Level 3 [Member] | ||||
Financial Assets | ||||
Commodity derivatives | 0 | 0 | ||
Financial Liabilities | ||||
Commodity derivatives | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Cash Equivalents - Money Market Funds [Member] | ||||
Financial Assets | ||||
Cash equivalents | $ 12,188 | $ 271,027 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Book Value Prior To Impairment | $ 0 | |
Non-cash impairment of oil and gas properties | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | $ 0 | |
Uinta Basin [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Book Value Prior To Impairment | $ 144,532 | |
Non-cash impairment of oil and gas properties | 37,945 | |
Uinta Basin [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 0 | |
Uinta Basin [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 0 | |
Uinta Basin [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 106,587 | |
DJ Basin, Unproved [Domain] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Book Value Prior To Impairment | 20,887 | |
Non-cash impairment of oil and gas properties | 2,055 | |
DJ Basin, Unproved [Domain] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 0 | |
DJ Basin, Unproved [Domain] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 0 | |
DJ Basin, Unproved [Domain] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 18,832 | |
Piceance Basin, Unproved [Domain] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net Book Value Prior To Impairment | 9,098 | |
Non-cash impairment of oil and gas properties | 9,098 | |
Piceance Basin, Unproved [Domain] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 0 | |
Piceance Basin, Unproved [Domain] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | 0 | |
Piceance Basin, Unproved [Domain] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Oil and Gas Property, Successful Effort Method, Net | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Measurements [Line Items] | |||
Non-cash impairment of oil and gas properties | $ 0 | ||
Debt Instrument, Fair Value Disclosure | 594,400 | $ 661,400 | |
Gains (Losses) on Extinguishment of Debt | $ (257) | (8,239) | $ 8,726 |
7.625% Senior Notes [Member] | |||
Fair Value Measurements [Line Items] | |||
Debt, stated interest rate | 7.625% | ||
Gains (Losses) on Extinguishment of Debt | (7,900) | $ 8,700 | |
Eight Point Seven Five Percentage Senior Notes [Member] | |||
Fair Value Measurements [Line Items] | |||
Debt, stated interest rate | 8.75% | ||
Debt Instrument, Fair Value Disclosure | $ 264,700 | 305,300 | |
7.0% Senior Notes [Member] | |||
Fair Value Measurements [Line Items] | |||
Debt, stated interest rate | 7.00% | ||
Debt Instrument, Fair Value Disclosure | $ 329,700 | 356,100 | |
Amended Credit Facility [Member] | |||
Fair Value Measurements [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 0 | ||
Lease Financing Obligation [Member] | |||
Fair Value Measurements [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 1,800 | $ 2,100 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets | $ 109,494 | $ 656 |
Gross Amounts Offset in the Balance Sheet | (1,039) | (656) |
Net Amounts of Assets Presented in the Balance Sheet | 108,455 | 0 |
Gross Amounts of Recognized Liabilities | (1,039) | (25,714) |
Derivative Liability, Fair Value, Gross Asset | 1,039 | 656 |
Net Amounts of Liabilities Presented in the Balance Sheet | 0 | (25,058) |
Derivative assets current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets | 82,205 | 594 |
Gross Amounts Offset in the Balance Sheet | (1,039) | (594) |
Net Amounts of Assets Presented in the Balance Sheet | 81,166 | 0 |
Derivative assets non-current | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets | 27,289 | 62 |
Gross Amounts Offset in the Balance Sheet | 0 | (62) |
Net Amounts of Assets Presented in the Balance Sheet | 27,289 | 0 |
Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | (1,039) | (21,534) |
Derivative Liability, Fair Value, Gross Asset | 1,039 | 594 |
Net Amounts of Liabilities Presented in the Balance Sheet | 0 | (20,940) |
Derivatives and other noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | 0 | (4,180) |
Derivative Liability, Fair Value, Gross Asset | 0 | 62 |
Net Amounts of Liabilities Presented in the Balance Sheet | $ 0 | $ (4,118) |
Derivative Instruments - Financ
Derivative Instruments - Financial Instruments for Hedging Volume (Detail) | Dec. 31, 2018MMBTUUSD ($)$ / unitbbl |
2019 [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Oil (Bbls) | bbl | 6,704,184 |
Weighted Average Price, Hedge Backed Oil Volumes | $ | 58.85 |
Natural Gas (MMbtu) | MMBTU | 3,050,000 |
Weighted Average Price, Hedge Backed Gas Volumes | $ | 2.46 |
2020 [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Oil (Bbls) | bbl | 2,469,000 |
Weighted Average Price, Hedge Backed Oil Volumes | $ | 60.79 |
Natural Gas (MMbtu) | MMBTU | 0 |
Weighted Average Price, Hedge Backed Gas Volumes | $ | 0 |
Crude Oil [Member] | Cashless Collars [Domain] | 2019 [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Oil (Bbls) | bbl | 552,000 |
Derivative, Average Floor Price | $ / unit | 55 |
Derivative, Average Ceiling Price | $ / unit | 77.56 |
Natural Gas [Member] | Cashless Collars [Domain] | 2019 [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Natural Gas (MMbtu) | MMBTU | 225,000 |
Derivative, Average Floor Price | $ / unit | 3.25 |
Derivative, Average Ceiling Price | $ / unit | 4.45 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforward, Annual limitation | $ 11,700 | ||
Unrealized Built In Gain, For Realizing Future NOLs | $ 176,900 | ||
U.S. federal income tax rate | 21.00% | 35.00% | |
Change In Valuation Allowance Due To Tax Cuts And Jobs Act | $ 0 | $ (64,949) | $ 0 |
Refundable Alternative Minimum Tax Credits | 0 | 1,402 | 0 |
Federal tax net operating loss carryforwards | 457,800 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 458,200 | ||
Change in valuation allowance | (64,994) | 0 | $ 0 |
Deferred income taxes | 139,534 | $ 0 | |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Increase (Decrease) in Operating Loss Carryforward | (276,100) | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Increase (Decrease) in Operating Loss Carryforward | (14,000) | ||
Increase (Decrease) in Tax Credit Carryforward | (8,200) | ||
Fifth Creek [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred income taxes | $ 137,700 |
Income Taxes - Expense for Inco
Income Taxes - Expense for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current Federal | $ 0 | $ 1,402 | $ 0 |
Current State | 0 | 0 | 0 |
Deferred Federal | (1,777) | 0 | 0 |
Deferred State | (50) | 0 | 0 |
Income tax (expense) benefit | $ (1,827) | $ 1,402 | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Actual Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax (expense) benefit at the federal statutory rate | $ (25,840) | $ 48,869 | $ 59,632 |
State income taxes, net of federal tax effect | (5,144) | 4,030 | 4,971 |
Change in federal tax rate | 0 | (64,949) | 0 |
Refundable AMT credits | 0 | (1,402) | 0 |
Nondeductible equity-based compensation | 3,101 | 13,655 | 64 |
Nondeductible costs in connection with Merger | (2,545) | 0 | 0 |
Other permanent items | (418) | (37) | (62) |
Change in valuation allowance | 36,321 | (35,684) | (64,477) |
Change in valuation allowance due to TCJA | 0 | 64,949 | 0 |
Change in valuation allowance - Section 382 | 64,994 | 0 | 0 |
Change in apportioned state tax rates | 723 | 1,086 | 0 |
Eliminate UT jurisdiction NOL's and credits | 0 | (2,647) | 0 |
Change in ownership - Section 382 | (64,994) | 0 | 0 |
Other, net | (377) | 210 | 0 |
Income tax (expense) benefit | $ (1,827) | $ 1,402 | $ 0 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Net operating loss carryforward | $ 112,898 | $ 170,536 |
Stock-based compensation | 1,962 | 3,826 |
Deferred rent | 628 | 163 |
Deferred compensation | 0 | 1,824 |
State tax credit carryforwards | 0 | 6,499 |
Financing obligation | 1,174 | 705 |
Accrued expenses | 250 | 248 |
Derivative instruments | 0 | 6,158 |
Other assets | 2,409 | 228 |
Capital loss carryforward | 1,028 | 0 |
Less: Valuation allowance | (13,215) | (114,530) |
Total long-term deferred tax assets | 107,134 | 75,657 |
Oil and gas properties | (219,390) | (75,409) |
Long-term derivative instruments | (26,700) | 0 |
Prepaid expenses | (374) | (248) |
Deferred compensation | (204) | 0 |
Total long-term deferred tax assets (liabilities) | (246,668) | (75,657) |
Deferred Tax Liabilities, Net, Noncurrent | $ (139,534) | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Preferred stock, shares authorized | 75,000,000 | ||
Preferred stock, par value | $ 0.001 | ||
Common stock, shares authorized | 300,000,000 | 400,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares outstanding | 0 | ||
Preferred stock, shares issued | 0 | ||
Number of Shares Sold, Equity Distribution Agreement | 0 | ||
Common Stock Shares Issued for Debt Exchange | 0 | ||
Shares, Issued | 110,363,539 | 212,477,101 | |
Equity Offering [Member] | |||
Class of Stock [Line Items] | |||
Partial Exercise Of Option To Upsize Purchase Of Common Stock | 2,205,529 | ||
Shares, Issued | 23,205,529 | 15,525,000 | 0 |
Shares Issued, Price Per Share | $ 5 | $ 7.40 | |
Option To Upsize Purchase Of Common Stock | 3,150,000 | 2,025,000 | |
Proceeds from Issuance or Sale of Equity | $ 110.8 | $ 109.7 | |
Seven Point Six Two Five Percentage Senior Notes [Member] | |||
Class of Stock [Line Items] | |||
Common Stock Shares Issued for Debt Exchange | 10,000,000 | ||
Debt, stated interest rate | 7.625% | ||
Amount of debt converted | $ 84.7 | ||
Seven Point Six Two Five Percentage Senior Notes Due Two Thousand And Nineteen [Member] | |||
Class of Stock [Line Items] | |||
Debt, stated interest rate | 7.625% | ||
Seven Point Zero Percentage Senior Notes [Member] | |||
Class of Stock [Line Items] | |||
Common Stock Shares Issued for Debt Exchange | 10,863,000 | ||
Debt, stated interest rate | 7.00% | ||
Amount of debt converted | $ 50 | ||
Merger [Member] | |||
Class of Stock [Line Items] | |||
Shares, Issued | 0 | 0 | 100,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stockholders Equity (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares at beginning of period | 110,363,539 | 75,721,360 | 49,864,512 |
Shares issued for directors' fees | 187,566 | 68,486 | 97,299 |
Shares issued for nonvested shares of common stock | 2,332,114 | 801,579 | 686,500 |
Shares issued for debt exchange | 0 | ||
Shares retired or forfeited | (406,118) | (296,415) | (451,951) |
Shares at end of period | 212,477,101 | 110,363,539 | 75,721,360 |
Shares at beginning of period | 0 | 0 | 0 |
Treasury stock acquired | 285,807 | 243,389 | 227,561 |
Treasury stock retired | (285,807) | (243,389) | (227,561) |
Shares at end of period | 0 | 0 | 0 |
Common stock, shares issued | 212,477,101 | 110,363,539 | |
Seven Point Zero Percentage Senior Notes [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued for debt exchange | 10,863,000 | ||
Seven Point Six Two Five Percentage Senior Notes [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued for debt exchange | 10,000,000 | ||
Equity Offering [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock, shares issued | 0 | 23,205,529 | 15,525,000 |
Merger [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock, shares issued | 100,000,000 | 0 | 0 |
Equity Incentive Compensation_3
Equity Incentive Compensation Plans and Other Employee Benefits - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018USD ($)integerunit$ / sharesageshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015unit | Dec. 31, 2014shares | Dec. 31, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise of common stock options | 0 | 0 | 0 | |||
Shares Vested From Special Retention Grant Of Performance-Based Shares | 15,495 | |||||
Unrecognized compensation cost | $ | $ 8,100 | |||||
Weighted-average period (years) | 1 year 9 months | |||||
Non-cash stock based compensation | $ | $ 7,226 | $ 8,289 | $ 11,941 | |||
Minimum age for employees to be eligible under employee directed savings plan | age | 21 | |||||
Percentage of employee's contribution matched by the company | 100.00% | |||||
Percentage of employee's pretax income | 6.00% | |||||
Cash and common stock contributions | $ | $ 1,200 | $ 1,000 | $ 1,000 | |||
Percentage of employee's cash compensation reached under cash matching contributions | 6.00% | |||||
2012 Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 6,500,000 | |||||
Number of shares available for grant | 4,565,902 | |||||
2016 Performance Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Employees Affected | integer | 23 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ | $ 0 | |||||
Adjustments to Additional Paid in Capital, Other | $ | $ 1,800 | |||||
Percentage Of Original Award Converted To Nonvested Common Stock Award | 89.00% | |||||
Number Of Units Converted To Nonvested Common Stock | integer | 592,472 | |||||
Number Of Shares, Converted From Performance Cash Units | 527,299 | |||||
Number Of Units Not Converted To Nonvested Common Stock | integer | 65,173 | |||||
2015 Performance Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Weighted percentage of stockholders return related to performance goals | 60.00% | |||||
Performance goals percentage for change in discretionary cash flows | 40.00% | |||||
Vested, Shares | 286,652 | |||||
Percent of Performance Based Shares Vested | 104.10% | |||||
Maximum Number Of Cash Units Vest As Percentage Of Performance Cash Units Granted | 200.00% | |||||
Number Of Performance Cash Units Granted | unit | 422,345 | |||||
2015 Performance Program [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of performance-based awards allowed to vest within a year | 25.00% | |||||
2015 Performance Program [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of total grant that will vest for metrics met at stretch level | 200.00% | |||||
Percentage of total grant that will vest for metrics met at target level | 100.00% | |||||
Percentage of performance-based awards allowed to vest within a year | 50.00% | |||||
2014 Performance Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted percentage of stockholders return related to performance goals | 60.00% | |||||
Performance goals percentage for change in discretionary cash flows | 40.00% | |||||
Vested, Shares | 166,023 | |||||
Percent of Performance Based Shares Vested | 106.70% | |||||
2014 Performance Program [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of total grant that will vest for metrics met at stretch level | 200.00% | |||||
Percentage of total grant that will vest for metrics met at target level | 100.00% | |||||
Percentage of performance-based awards allowed to vest within a year | 25.00% | |||||
Two Thousand Eighteen Performance Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash Program Vesting Period | 3 years | |||||
Closing Share Price, December 29, 2017 | $ / shares | $ 5.13 | |||||
Payout If Share Price Less Than $5.13 | unit | 0 | |||||
One Percent Vest For Each One Percent Growth | 1.00% | |||||
Payout If Relative TSR Is Less Than Median | unit | 0 | |||||
Two Thousand And Seventeen Performance Program [Domain] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Employees Affected | integer | 34 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ | $ 500 | |||||
Adjustments to Additional Paid in Capital, Other | $ | $ 900 | |||||
Percentage Of Original Award Converted To Nonvested Common Stock Award | 100.00% | |||||
Number Of Units Converted To Nonvested Common Stock | integer | 619,006 | |||||
Number Of Shares, Converted From Performance Cash Units | 619,006 | |||||
2013 Performance Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of total grant that will vest for metrics met at stretch level | 200.00% | |||||
Weighted percentage of stockholders return related to performance goals | 33.30% | |||||
Performance goals percentage for change in discretionary cash flows | 33.30% | |||||
Performance goals percentage weight for change in proved properties | 33.30% | |||||
Percentage of performance-based awards allowed to vest within a year | 50.00% | |||||
Percentage of total grant that will vest for metrics met at target level | 100.00% | |||||
Performance shares set as side at the end of plan | 450,544 | |||||
Percentage of performance-based awards allowed to vest within a year | 25.00% | |||||
Maximum number of common stock vest as percentage of performance shares granted | 200.00% | |||||
Vested, Shares | 141,080 | |||||
Percent of Performance Based Shares Vested | 59.60% | |||||
2013 Performance Program [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of total grant that will vest for metrics met at stretch level | 200.00% | |||||
Percentage of total grant that will vest for metrics met at target level | 100.00% | |||||
Nonvested Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Fair value of performance-based shares vested in year | $ | $ (3,700) | $ (2,900) | $ (1,700) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,185,809 | 791,129 | 686,500 | |||
Non-cash stock based compensation | $ | $ 6,036 | $ 5,852 | $ 6,696 | |||
Vested, Shares | 694,505 | 513,376 | 451,329 | |||
Nonvested Equity Common Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Non-cash stock based compensation | $ | $ 1,138 | $ 690 | $ 883 | |||
Cash-Based Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Nonvested Performance Cash Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred Compensation Cash-based Arrangements, Liability, Classified, Noncurrent | $ | $ 300 | 3,000 | $ 2,900 | |||
Deferred Compensation Cash-based Arrangements, Liability, Current | $ | $ 1,400 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 935,293 | 669,043 | 646,572 | |||
Vested, Shares | 286,652 | 0 | 0 | |||
Fair Value Performance Based Cash Unit Awards Vested | $ | $ 1,500 | $ 0 | ||||
Nonvested Performance-Based Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of performance-based shares vested in year | $ | $ 0 | $ (600) | $ (1,200) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 | |||
Non-cash stock based compensation | $ | $ 0 | $ 558 | $ 1,808 | |||
Vested, Shares | 0 | 166,023 | 156,575 | |||
Nonvested Performance-Based Equity [Member] | 2014 Performance Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 315,661 | |||||
Absolute Performance [Member] | Two Thousand Eighteen Performance Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150.00% | |||||
Relative TSR [Member] | Two Thousand Eighteen Performance Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
Absolute Performance and Relative TSR [Member] | Two Thousand Eighteen Performance Program [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | |||||
Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of performance-based shares vested in year | $ | $ (1,100) | $ (200) | $ (700) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 226,244 | 193,878 | 98,974 | |||
Vested, Shares | 187,566 | 68,486 | 97,299 |
Equity Incentive Compensation_4
Equity Incentive Compensation Plans and Other Employee Benefits - Non-Cash Stock-Based Compensation Cost Related to Equity Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Based Compensation [Line Items] | |||
Non-cash stock based compensation | $ 7,226 | $ 8,289 | $ 11,941 |
Common Stock Options [Member] | |||
Stock Based Compensation [Line Items] | |||
Non-cash stock based compensation | 0 | 0 | 69 |
Nonvested Common Stock [Member] | |||
Stock Based Compensation [Line Items] | |||
Non-cash stock based compensation | 6,036 | 5,852 | 6,696 |
Nonvested Equity Common Stock Units [Member] | |||
Stock Based Compensation [Line Items] | |||
Non-cash stock based compensation | 1,138 | 690 | 883 |
Nonvested Performance-Based Equity [Member] | |||
Stock Based Compensation [Line Items] | |||
Non-cash stock based compensation | 0 | 558 | 1,808 |
Nonvested Performance Cash Units [Member] | |||
Stock Based Compensation [Line Items] | |||
Cash Unit Based Compensation Awards | $ 52 | $ 1,189 | $ 2,485 |
Equity Incentive Compensation_5
Equity Incentive Compensation Plans and Other Employee Benefits - Summary of Share-Based Option Activity (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding at January 1, 2018 | 199,123 | ||
Granted (1) | 0 | ||
Exercised | 0 | 0 | 0 |
Forfeited or expired | (72,280) | ||
Outstanding at December 31, 2018 (2) | 126,843 | 199,123 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding at January 1, 2018 | $ 31.42 | ||
Granted | 0 | ||
Exercised | 0 | ||
Forfeited or expired | 38.75 | ||
Outstanding at December 31, 2018 (2) | $ 27.25 | $ 31.42 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Outstanding at December 31, 2016, Weighted-average remaining contractual term | 1 month 12 days | ||
Outstanding at December 31, 2016, Aggregate intrinsic value | $ 0 |
Equity Incentive Compensation_6
Equity Incentive Compensation Plans and Other Employee Benefits - Summary of Nonvested Equity Shares of Common Stock (Detail) - Nonvested Common Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding Beginning, Shares | 1,394,868 | 1,169,099 | 1,002,947 |
Granted, Shares | 1,185,809 | 791,129 | 686,500 |
Modified, Shares | 1,146,305 | 0 | 0 |
Vested, Shares | (694,505) | (513,376) | (451,329) |
Forfeited or expired, Shares | (120,311) | (51,984) | (69,019) |
Outstanding Ending, Shares | 2,912,166 | 1,394,868 | 1,169,099 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding Beginning, Weighted-average Grant Date Fair-Value | $ 7 | $ 9.33 | $ 15.53 |
Granted, Weighted-average Grant Date Fair-Value | 5.47 | 5.99 | 5.11 |
Modified, Weighted-average Grant Date Fair-Value | 4.84 | 0 | 0 |
Vested, Weighted-average Grant Date Fair-Value | 8.24 | 10.74 | 15.90 |
Forfeited or expired, Weighted-average Grant Date Fair-Value | 5.93 | 7.91 | 14.14 |
Outstanding Ending, Weighted-average Grant Date Fair-Value | $ 5.27 | $ 7 | $ 9.33 |
Equity Incentive Compensation_7
Equity Incentive Compensation Plans and Other Employee Benefits - Summary of Nonvested Equity Shares of Common Stock Issued for Payment of Director Fees (Detail) - Director [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding Beginning, Shares | 272,559 | 147,167 | 145,492 |
Granted, Shares | 226,244 | 193,878 | 98,974 |
Vested, Shares | (187,566) | (68,486) | (97,299) |
Forfeited or expired, Shares | 0 | 0 | 0 |
Outstanding Ending, Shares | 311,237 | 272,559 | 147,167 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding Beginning, Weighted-average Grant Date Fair-Value | $ 6.37 | $ 10.09 | $ 11.07 |
Granted, Weighted-average Grant Date Fair-Value | 5.83 | 3.56 | 7.02 |
Vested, Weighted-average Grant Date Fair-Value | 4.24 | 6.42 | 8.43 |
Forfeited or expired, Weighted-average Grant Date Fair-Value | 0 | 0 | 0 |
Outstanding Ending, Weighted-average Grant Date Fair-Value | $ 7.26 | $ 6.37 | $ 10.09 |
Equity Incentive Compensation_8
Equity Incentive Compensation Plans and Other Employee Benefits - Summary of Nonvested Performance-based Cash Units (Details) - Nonvested Performance Cash Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding Beginning, Shares | 1,548,083 | 942,326 | 391,278 |
Granted, Shares | 935,293 | 669,043 | 646,572 |
Share-Based Compensation, Performance Goal Adjustment | 11,289 | 0 | 0 |
Share Based Compensation, Modification | (1,211,478) | 0 | 0 |
Vested, Shares | (286,652) | 0 | 0 |
Forfeited or expired, Shares | (86,950) | (63,286) | (95,524) |
Outstanding Ending, Shares | 909,585 | 1,548,083 | 942,326 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding, Weighted-average Grant Date Fair-Value | $ 1.23 | $ 5.10 | $ 8.89 |
Equity Incentive Compensation_9
Equity Incentive Compensation Plans and Other Employee Benefits - Summary of Nonvested Performance-Based Equity Shares of Common Stock (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Nonvested Performance-Based Equity [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Outstanding Beginning, Shares | 0 | 156,615 | 468,561 | |
Vested, Shares | 0 | (166,023) | (156,575) | |
Granted, Shares | 0 | 0 | 0 | |
Forfeited or expired, Shares | 0 | (1,042) | (155,371) | |
Outstanding Ending, Shares | 0 | 0 | 156,615 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding Beginning, Weighted-average Grant Date Fair-Value | $ 0 | $ 19.54 | $ 18.46 | |
Vested, Weighted-average Grant Date Fair-Value | 0 | 24.45 | 19.81 | |
Granted, Weighted-average Grant Date Fair-Value | 0 | 0 | 0 | |
Forfeited or expired, Weighted-average Grant Date Fair-Value | 0 | 24.62 | 20.44 | |
Outstanding Ending, Weighted-average Grant Date Fair-Value | $ 0 | $ 0 | $ 19.54 | |
Share-Based Compensation, Performance Goal Adjustment | 0 | 10,450 | 0 | |
Share-Based Compensation, Performance Goal Adjustment Weighted Average Grant Date Fair Value Per Share | $ 0 | $ 24.45 | $ 0 | |
2014 Performance Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Vested, Shares | (166,023) | |||
2014 Performance Program [Member] | Nonvested Performance-Based Equity [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted, Shares | 315,661 |
Equity Incentive Compensatio_10
Equity Incentive Compensation Plans and Other Employee Benefits - Deferred Compensation Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Compensation Liability [Roll Forward] | ||
Beginning deferred compensation liability balance | $ 1,749 | $ 1,447 |
Employee contributions | 370 | 244 |
Company matching contributions | 198 | 116 |
Distributions | (806) | (274) |
Participant earnings (losses) | (119) | 216 |
Ending deferred compensation liability balance | 1,392 | 1,749 |
Deferred Compensation Liability [Abstract] | ||
Amount to be paid within one year | 94 | 169 |
Remaining balance to be paid beyond one year | $ 1,298 | $ 1,580 |
Equity Incentive Compensatio_11
Equity Incentive Compensation Plans and Other Employee Benefits - Deferred Compensation Investment Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation Liability [Roll Forward] | ||
Beginning investment balance | $ 1,749 | $ 1,447 |
Investment purchases | 568 | 360 |
Distributions | (806) | (274) |
Earnings (losses) | (119) | 216 |
Ending investment balance | $ 1,392 | $ 1,749 |
Significant Customers and Oth_2
Significant Customers and Other Concentrations - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018counterpartyCustomer | Dec. 31, 2017Customer | Dec. 31, 2016Customer | |
Concentration Risk [Line Items] | |||
Counterparties With Hedges In Place Number | counterparty | 8 | ||
Sales Revenue, Product Line [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Customers account for production revenues | Customer | 4 | 3 | 3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)integer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Contingencies And Commitments [Line Items] | |||
Reimbursement Obligation To Construct Gas Gathering And Processing Facilities | $ 6.8 | ||
Minimum Volume Commitment | integer | 2 | ||
Number Of GTP Reimbursement Obligations | integer | 1 | ||
Operating Leases, Rent Expense | $ 4 | $ 3.6 | $ 3.1 |
Commitments and Contingencies | |||
Sale Leaseback Transaction Early Buyout Option To Purchase Equipment | $ 1.8 | ||
Number of Firm Transportation Contracts | 2 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Aggregate Undiscounted Minimum Future Lease Payments (Detail) - Lease Financing Obligation [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | |
2,019 | $ 1,869 |
Thereafter | 0 |
Total | $ 1,869 |
Commitments and Contingencies_3
Commitments and Contingencies - Gross Future Minimum Transportation Demand and Firm Processing Charges (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 18,485 |
2,020 | 18,691 |
2,021 | 10,903 |
Thereafter | 0 |
Total | $ 48,079 |
Commitments and Contingencies_4
Commitments and Contingencies - Future Minimum Annual Payments under Drilling, Lease and Other Agreements (Detail) - Office & Equipment Leases $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 4,597 |
2,020 | 3,032 |
2,021 | 3,331 |
2,022 | 3,263 |
2,023 | 3,036 |
Thereafter | 13,112 |
Total | $ 30,371 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Gross Future Minimum Volume Charges (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies - Gross Future Minimum Volume Charges [Abstract] | |
2,019 | $ 10,049 |
2,020 | 2,167 |
2,021 | 1,996 |
Thereafter | 0 |
Total | $ 14,212 |
Guarantor Subsidiaries - Additi
Guarantor Subsidiaries - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Guarantor Subsidiaries [Line Items] | |
Percentage of Guarantor Subsidiaries | 100.00% |
7.625% Senior Notes [Member] | |
Guarantor Subsidiaries [Line Items] | |
Debt, stated interest rate | 7.625% |
7.0% Senior Notes [Member] | |
Guarantor Subsidiaries [Line Items] | |
Debt, stated interest rate | 7.00% |
Eight Point Seven Five Percentage Senior Notes [Member] | |
Guarantor Subsidiaries [Line Items] | |
Debt, stated interest rate | 8.75% |
Guarantor Subsidiaries - Schedu
Guarantor Subsidiaries - Schedule of Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||||
Cash and cash equivalents | $ 32,774 | $ 314,466 | $ 275,841 | $ 128,836 |
Accounts receivable, net of allowance for doubtful accounts | 72,943 | 51,415 | ||
Other current assets | 84,064 | 1,782 | ||
Property and equipment, net | 2,029,523 | 1,018,880 | ||
Intercompany receivable | 0 | |||
Investment in subsidiaries | 0 | 0 | ||
Noncurrent assets | 33,156 | 4,163 | ||
Total | 2,252,460 | 1,390,706 | ||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 131,379 | 84,055 | ||
Other current liabilities | 116,806 | 64,879 | ||
Intercompany payable | 0 | |||
Long-term debt, net of debt issuance costs | 617,387 | 617,744 | ||
Deferred income taxes | 139,534 | 0 | ||
Other noncurrent liabilities | 35,256 | 25,474 | ||
Stockholders' equity | 1,212,098 | 598,554 | 571,543 | 549,416 |
Total | 2,252,460 | 1,390,706 | ||
Reportable Legal Entities [Member] | Parent Guarantor | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net of allowance for doubtful accounts | 0 | |||
Other current assets | 0 | |||
Property and equipment, net | 0 | |||
Investment in subsidiaries | 1,212,098 | |||
Noncurrent assets | 0 | |||
Total | 1,212,098 | |||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 0 | |||
Other current liabilities | 0 | |||
Long-term debt, net of debt issuance costs | 0 | |||
Deferred income taxes | 0 | |||
Other noncurrent liabilities | 0 | |||
Stockholders' equity | 1,212,098 | |||
Total | 1,212,098 | |||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 32,774 | 314,466 | ||
Accounts receivable, net of allowance for doubtful accounts | 72,943 | |||
Other current assets | 84,064 | |||
Property and equipment, net | 2,029,523 | |||
Investment in subsidiaries | 0 | |||
Noncurrent assets | 33,156 | |||
Total | 2,252,460 | |||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 131,379 | |||
Other current liabilities | 116,806 | |||
Long-term debt, net of debt issuance costs | 617,387 | |||
Deferred income taxes | 139,534 | |||
Other noncurrent liabilities | 35,256 | |||
Stockholders' equity | 1,212,098 | |||
Total | 2,252,460 | |||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | |
Accounts receivable, net of allowance for doubtful accounts | 0 | |||
Other current assets | 0 | |||
Property and equipment, net | 1,894 | |||
Intercompany receivable | 0 | |||
Investment in subsidiaries | 0 | |||
Noncurrent assets | 0 | |||
Total | 1,894 | |||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 0 | |||
Other current liabilities | 0 | |||
Intercompany payable | 854 | |||
Long-term debt, net of debt issuance costs | 0 | |||
Other noncurrent liabilities | 0 | |||
Stockholders' equity | 1,040 | |||
Total | 1,894 | |||
Reportable Legal Entities [Member] | Parent Issuer [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 314,466 | 275,841 | 128,836 | |
Accounts receivable, net of allowance for doubtful accounts | 51,415 | |||
Other current assets | 1,782 | |||
Property and equipment, net | 1,016,986 | |||
Intercompany receivable | 854 | |||
Investment in subsidiaries | 1,040 | |||
Noncurrent assets | 4,163 | |||
Total | 1,390,706 | |||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 84,055 | |||
Other current liabilities | 64,879 | |||
Intercompany payable | 0 | |||
Long-term debt, net of debt issuance costs | 617,744 | |||
Other noncurrent liabilities | 25,474 | |||
Stockholders' equity | 598,554 | |||
Total | 1,390,706 | |||
Intercompany Eliminations [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Intercompany receivable | (854) | |||
Investment in subsidiaries | (1,212,098) | (1,040) | ||
Noncurrent assets | 0 | 0 | ||
Total | (1,212,098) | (1,894) | ||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Intercompany payable | (854) | |||
Long-term debt, net of debt issuance costs | 0 | 0 | ||
Deferred income taxes | 0 | |||
Other noncurrent liabilities | 0 | 0 | ||
Stockholders' equity | (1,212,098) | (1,040) | ||
Total | $ (1,212,098) | $ (1,894) |
Guarantor Subsidiaries - Sche_2
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Operating and other revenues | $ (453,017) | $ (252,839) | $ (178,819) |
Operating expenses | (319,031) | (267,539) | (235,896) |
General and administrative | (45,130) | (42,476) | (42,169) |
Merger transaction expense | 7,991 | 8,749 | 0 |
Interest expense | (52,703) | (57,710) | (59,373) |
Interest income and other income (expense) | 94,885 | (15,992) | (11,759) |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | 123,047 | (139,627) | (170,378) |
(Provision for) Benefit from income taxes | (1,827) | 1,402 | 0 |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 |
Net income (loss) | 121,220 | (138,225) | (170,378) |
Reportable Legal Entities [Member] | Parent Guarantor | |||
Condensed Financial Statements, Captions [Line Items] | |||
Operating and other revenues | 0 | ||
Operating expenses | 0 | ||
General and administrative | 0 | ||
Merger transaction expense | 0 | ||
Interest expense | 0 | ||
Interest income and other income (expense) | 0 | ||
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | 0 | ||
(Provision for) Benefit from income taxes | 0 | ||
Equity in earnings (loss) of subsidiaries | 121,220 | ||
Net income (loss) | 121,220 | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Operating and other revenues | (453,017) | ||
Operating expenses | (319,031) | ||
General and administrative | (45,130) | ||
Merger transaction expense | 7,991 | ||
Interest expense | (52,703) | ||
Interest income and other income (expense) | 94,885 | ||
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | 123,047 | ||
(Provision for) Benefit from income taxes | (1,827) | ||
Equity in earnings (loss) of subsidiaries | 0 | ||
Net income (loss) | 121,220 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Operating and other revenues | (582) | (628) | |
Operating expenses | (1,420) | (715) | |
General and administrative | 0 | 0 | |
Merger transaction expense | 0 | ||
Interest expense | 0 | 0 | |
Interest income and other income (expense) | 0 | 0 | |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | (838) | (87) | |
(Provision for) Benefit from income taxes | 0 | 0 | |
Equity in earnings (loss) of subsidiaries | 0 | 0 | |
Net income (loss) | (838) | (87) | |
Reportable Legal Entities [Member] | Parent Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Operating and other revenues | (252,257) | (178,191) | |
Operating expenses | (266,119) | (235,181) | |
General and administrative | (42,476) | (42,169) | |
Merger transaction expense | 8,749 | ||
Interest expense | (57,710) | (59,373) | |
Interest income and other income (expense) | (15,992) | (11,759) | |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | (138,789) | (170,291) | |
(Provision for) Benefit from income taxes | 1,402 | 0 | |
Equity in earnings (loss) of subsidiaries | (838) | (87) | |
Net income (loss) | (138,225) | (170,378) | |
Intercompany Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Operating and other revenues | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 |
Merger transaction expense | 0 | 0 | |
Interest expense | 0 | 0 | 0 |
Interest income and other income (expense) | 0 | 0 | 0 |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | 0 | 0 | 0 |
(Provision for) Benefit from income taxes | 0 | 0 | 0 |
Equity in earnings (loss) of subsidiaries | (121,220) | 838 | 87 |
Net income (loss) | $ (121,220) | $ 838 | $ 87 |
Guarantor Subsidiaries - Sche_3
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net Income (Loss) | $ 121,220 | $ (138,225) | $ (170,378) |
Other comprehensive income (loss) | 0 | 0 | 0 |
Comprehensive Income (Loss) | 121,220 | (138,225) | (170,378) |
Reportable Legal Entities [Member] | Parent Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Income (Loss) | (138,225) | (170,378) | |
Other comprehensive income (loss) | 0 | 0 | |
Comprehensive Income (Loss) | (138,225) | (170,378) | |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Income (Loss) | (838) | (87) | |
Other comprehensive income (loss) | 0 | 0 | |
Comprehensive Income (Loss) | (838) | (87) | |
Reportable Legal Entities [Member] | Parent Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Income (Loss) | 121,220 | ||
Other comprehensive income (loss) | 0 | ||
Comprehensive Income (Loss) | 121,220 | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Income (Loss) | 121,220 | ||
Other comprehensive income (loss) | 0 | ||
Comprehensive Income (Loss) | 121,220 | ||
Intercompany Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net Income (Loss) | (121,220) | 838 | 87 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Comprehensive Income (Loss) | $ (121,220) | $ 838 | $ 87 |
Guarantor Subsidiaries - Sche_4
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | $ 231,441 | $ 121,990 | $ 121,736 |
Cash flows from investing activities: | |||
Additions to oil and gas properties, including acquisitions | (453,616) | (239,631) | (106,870) |
Additions to furniture, fixtures and other | (853) | (926) | (1,195) |
Repayment of debt associated with merger, net of cash acquired | (53,357) | 0 | 0 |
Proceeds from sale of properties and other investing activities | 143 | 101,546 | 24,927 |
Intercompany transfers | 0 | 0 | |
Cash flows from financing activities: | |||
Proceeds from debt | 0 | 275,000 | |
Principal and redemption premium payments on debt | (469) | (322,343) | (440) |
Proceeds from sale of common stock, net of offering costs | 1 | 110,710 | 110,003 |
Intercompany transfers | 0 | 0 | |
Other financing activities | (4,982) | (7,721) | (1,156) |
Increase (Decrease) in Cash and Cash Equivalents | (281,692) | 38,625 | 147,005 |
Beginning Cash and Cash Equivalents | 314,466 | 275,841 | 128,836 |
Ending Cash and Cash Equivalents | 32,774 | 314,466 | 275,841 |
Reportable Legal Entities [Member] | Parent Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 121,480 | 121,109 | |
Cash flows from investing activities: | |||
Additions to oil and gas properties, including acquisitions | (239,631) | (106,852) | |
Additions to furniture, fixtures and other | (926) | (1,195) | |
Proceeds from sale of properties and other investing activities | 99,016 | 24,802 | |
Intercompany transfers | 3,040 | 734 | |
Cash flows from financing activities: | |||
Proceeds from debt | 275,000 | ||
Principal and redemption premium payments on debt | (322,343) | (440) | |
Proceeds from sale of common stock, net of offering costs | 110,710 | 110,003 | |
Intercompany transfers | 0 | 0 | |
Other financing activities | (7,721) | (1,156) | |
Increase (Decrease) in Cash and Cash Equivalents | 38,625 | 147,005 | |
Beginning Cash and Cash Equivalents | 314,466 | 275,841 | 128,836 |
Ending Cash and Cash Equivalents | 314,466 | 275,841 | |
Reportable Legal Entities [Member] | Parent Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 0 | ||
Cash flows from investing activities: | |||
Additions to oil and gas properties, including acquisitions | 0 | ||
Additions to furniture, fixtures and other | 0 | ||
Repayment of debt associated with merger, net of cash acquired | 0 | ||
Proceeds from sale of properties and other investing activities | 0 | ||
Cash flows from financing activities: | |||
Proceeds from debt | 0 | ||
Principal and redemption premium payments on debt | 0 | ||
Proceeds from sale of common stock, net of offering costs | 0 | ||
Other financing activities | 0 | ||
Increase (Decrease) in Cash and Cash Equivalents | 0 | ||
Beginning Cash and Cash Equivalents | 0 | ||
Ending Cash and Cash Equivalents | 0 | 0 | |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 510 | 627 | |
Cash flows from investing activities: | |||
Additions to oil and gas properties, including acquisitions | 0 | (18) | |
Additions to furniture, fixtures and other | 0 | 0 | |
Proceeds from sale of properties and other investing activities | 2,530 | 125 | |
Intercompany transfers | 0 | 0 | |
Cash flows from financing activities: | |||
Proceeds from debt | 0 | ||
Principal and redemption premium payments on debt | 0 | 0 | |
Proceeds from sale of common stock, net of offering costs | 0 | 0 | |
Intercompany transfers | (3,040) | (734) | |
Other financing activities | 0 | 0 | |
Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | |
Beginning Cash and Cash Equivalents | 0 | 0 | 0 |
Ending Cash and Cash Equivalents | 0 | 0 | |
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 231,441 | ||
Cash flows from investing activities: | |||
Additions to oil and gas properties, including acquisitions | (453,616) | ||
Additions to furniture, fixtures and other | (853) | ||
Repayment of debt associated with merger, net of cash acquired | (53,357) | ||
Proceeds from sale of properties and other investing activities | 143 | ||
Cash flows from financing activities: | |||
Proceeds from debt | 0 | ||
Principal and redemption premium payments on debt | (469) | ||
Proceeds from sale of common stock, net of offering costs | 1 | ||
Other financing activities | (4,982) | ||
Increase (Decrease) in Cash and Cash Equivalents | (281,692) | ||
Beginning Cash and Cash Equivalents | 314,466 | ||
Ending Cash and Cash Equivalents | 32,774 | 314,466 | |
Intercompany Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash flows from operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Additions to oil and gas properties, including acquisitions | 0 | 0 | 0 |
Additions to furniture, fixtures and other | 0 | 0 | 0 |
Repayment of debt associated with merger, net of cash acquired | 0 | ||
Proceeds from sale of properties and other investing activities | 0 | 0 | 0 |
Intercompany transfers | (3,040) | (734) | |
Cash flows from financing activities: | |||
Proceeds from debt | 0 | 0 | |
Principal and redemption premium payments on debt | 0 | 0 | 0 |
Proceeds from sale of common stock, net of offering costs | 0 | 0 | 0 |
Intercompany transfers | 3,040 | 734 | |
Other financing activities | 0 | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | 0 |
Beginning Cash and Cash Equivalents | 0 | 0 | 0 |
Ending Cash and Cash Equivalents | $ 0 | $ 0 | $ 0 |