Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Documentand Entity Information [Abstract] | ||
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 23-1184320 | |
Entity File Number | 1-13283 | |
Entity Address, Address Line One | 16285 PARK TEN PLACE, SUITE 500 | |
Entity Address, City or Town | HOUSTON | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77084 | |
City Area Code | 713 | |
Local Phone Number | 722-6500 | |
Entity Incorporation, State or Country Code | VA | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Mar. 31, 2021 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PVAC | |
Entity Registrant Name | PENN VIRGINIA CORP | |
Entity Central Index Key | 0000077159 | |
Current Fiscal Year End Date | --12-31 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 15,309,821 | |
Entity Emerging Growth Company | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Total revenues | $ 88,555 | $ 91,379 |
Operating expenses | ||
Lease operating | 8,825 | 10,532 |
Gathering, processing and transportation | 4,674 | 5,444 |
Production and ad valorem taxes | 5,513 | 6,154 |
General and administrative | 13,177 | 7,230 |
Depreciation, depletion and amortization | 23,884 | 40,718 |
Impairments of oil and gas properties | 1,811 | 0 |
Total operating expenses | 57,884 | 70,078 |
Operating income (loss) | 30,671 | 21,301 |
Other income (expense) | ||
Interest expense | (5,397) | (8,180) |
Gain (Loss) on Extinguishment of Debt | (1,231) | 0 |
Derivatives | (44,368) | 151,119 |
Other, net | (6) | (8) |
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax | (20,331) | 164,232 |
Income tax benefit (expense) | 310 | (1,138) |
Net income (loss) | (20,021) | 163,094 |
Net loss attributable to Noncontrolling interest | 6,449 | 0 |
Net income (loss) attributable to common shareholders | $ (13,572) | $ 163,094 |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ (0.89) | $ 10.76 |
Diluted (in dollars per share) | $ (0.89) | $ 10.76 |
Weighted average shares outstanding – basic (in shares) | 15,263 | 15,152 |
Weighted average shares outstanding – diluted (in shares) | 15,263 | 15,160 |
Oil and Gas, Exploration and Production [Member] | ||
Revenues | ||
Revenues and other | $ 81,913 | $ 86,308 |
Oil and Condensate [Member] | ||
Revenues | ||
Revenues and other | 3,562 | 1,893 |
Natural Gas, Production [Member] | ||
Revenues | ||
Revenues and other | 2,833 | 2,690 |
Product and Service, Other [Member] | ||
Revenues | ||
Revenues and other | $ 247 | $ 488 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (20,021) | $ 163,094 |
Other comprehensive loss: | ||
Change in pension and postretirement obligations, net of tax | 2 | (1) |
Total other comprehensive income (loss), net | 2 | (1) |
Comprehensive income (loss) | (20,019) | 163,093 |
Net loss attributable to Noncontrolling interest | 6,449 | 0 |
Other comprehensive income attributable to Noncontrolling interest | (1) | 0 |
Comprehensive income (loss) attributable to common shareholders | $ (13,571) | $ 163,093 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 11,868 | $ 13,020 |
Accounts receivable, net of allowance for credit losses | 66,371 | 45,849 |
Derivative Asset, Current | 13,093 | 75,506 |
Prepaid and other current assets | 19,547 | 19,045 |
Total current assets | 110,879 | 153,420 |
Property and equipment, net (full cost method) | 792,077 | 723,549 |
Derivative Asset, Noncurrent | 5,269 | 25,449 |
Other assets | 4,906 | 4,908 |
Total assets | 913,131 | 907,326 |
Current liabilities | ||
Accounts payable and accrued liabilities | 99,950 | 63,089 |
Derivative liabilities | 44,328 | 85,106 |
Long-term Debt, Current Maturities | 7,500 | 0 |
Total current liabilities | 151,778 | 148,195 |
Deferred income taxes | 397 | 0 |
Derivative liabilities | 14,914 | 28,434 |
Other Liabilities, Noncurrent | 8,337 | 8,362 |
Long-term debt, net | 363,562 | 509,497 |
Commitments and contingencies (Note 12) | ||
Equity | ||
Preferred stock of $0.01 par value – 5,000,000 shares authorized; 225,481.09 and none issued at March 31, 2021 and December 31, 2020, respectively | 2 | 0 |
Common stock of $0.01 par value – 45,000,000 shares authorized; 15,309,821 and 15,200,435 shares issued as of March 31, 2021 and December 31, 2020, respectively | 153 | 152 |
Paid-in capital | 155,164 | 203,463 |
Retained earnings (Accumulated deficit) | (4,218) | 9,354 |
Accumulated other comprehensive loss | (130) | (131) |
Noncontrolling interest | 223,172 | 0 |
Total equity | 374,143 | 212,838 |
Total liabilities and equity | $ 913,131 | $ 907,326 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
Common stock, shares, issued (in shares) | 15,309,821 | 15,200,435 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 225,481.09 | 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ (20,021) | $ 163,094 |
Cash flows from operating activities | ||
Loss on exchange of debt | 1,231 | 0 |
Depreciation, depletion and amortization | 23,884 | 40,718 |
Impairments of oil and gas properties | 1,811 | 0 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Net (gains) losses | 44,368 | (151,119) |
Cash settlements and premiums received (paid), net | 7,169 | 269 |
Deferred income tax expense (benefit) | (310) | 2,320 |
Gain (Loss) on Disposition of Other Assets | (4) | (6) |
Noncash Interest Expense | 611 | 823 |
Share-based compensation | 2,246 | 856 |
Other, net | 6 | 8 |
Changes in operating assets and liabilities, net | (14,442) | 16,048 |
Net Cash Provided by (Used in) Operating Activities | 32,211 | 72,473 |
Cash flows from investing activities | ||
Capital expenditures | (34,758) | (62,015) |
Proceeds from sales of assets, net | 4 | 75 |
Net cash used in investing activities | (34,754) | (61,940) |
Cash flows from financing activities | ||
Proceeds from credit facility borrowings | 0 | 46,000 |
Repayment of credit facility borrowings | (85,500) | (9,000) |
Repayments of 2nd Lien Term | 53,140 | 0 |
Proceeds from Issuance of Common Limited Partners Units | 151,160 | 0 |
Proceeds from Issuance of Redeemable Preferred Stock | 2 | 0 |
Transaction costs of noncontrolling interest paid | 5,543 | 0 |
Issue costs of noncontrolling interest securities paid | (3,758) | 0 |
Debt issuance costs paid | (1,830) | 0 |
Net cash provided by financing activities | 1,391 | 37,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (1,152) | 47,533 |
Cash and cash equivalents – beginning of period | 13,020 | 7,798 |
Cash and cash equivalents – end of period | 11,868 | 55,331 |
Cash paid for: | ||
Interest, net of amounts capitalized | 4,888 | 7,442 |
Non-cash investing and financing activities: | ||
Changes in property and equipment related to capital contributions | (38,415) | 0 |
Changes in asset retirement obligation related to capital contributions | 14 | 0 |
Changes in accrued liabilities related to capital expenditures | $ 20,246 | $ 18,660 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of OperationsPenn Virginia Corporation (together with its consolidated subsidiaries, unless the context otherwise requires, “Penn Virginia,” the “Company,” “we,” “us” or “our”) is an independent oil and gas company focused on the onshore exploration, development and production of oil, natural gas liquids (“NGLs”) and natural gas. Our current operations consist of drilling unconventional horizontal development wells and operating our producing wells in the Eagle Ford Shale (the “Eagle Ford”) in Gonzales, Lavaca, Fayette and DeWitt Counties in South Texas. We operate in and report our financial results and disclosures as one segment, which is the exploration, development and production of crude oil, NGLs and natural gas. |
Juniper Transaction
Juniper Transaction | 3 Months Ended |
Mar. 31, 2021 | |
Juniper Transaction [Abstract] | |
Juniper Transaction | Juniper Transactions On January 15, 2021 (the “Closing Date”), the Company consummated the previously announced transactions (collectively, the “Juniper Transactions”) contemplated by: (i) the Contribution Agreement, dated November 2, 2020 (the “Contribution Agreement”), by and among the Company, PV Energy Holdings, L.P. (the “Partnership”) and JSTX Holdings, LLC (“JSTX”), an affiliate of Juniper Capital Advisors, L.P. (“Juniper Capital” and, together with its affiliates “Juniper”); and (ii) the Contribution Agreement, dated November 2, 2020 (the “Asset Agreement,” and, together with the Contribution Agreement, the “Juniper Transaction Agreements”), by and among Rocky Creek Resources, LLC, an affiliate of Juniper Capital (“Rocky Creek”), the Company and the Partnership. In connection with the consummation of the Juniper Transactions, the Company completed a reorganization into an up-C structure which is intended to, among other things, result in the holders of the Series A Preferred Stock, par value $0.01 per share, of the Company (“Series A Preferred Stock”) having a voting interest in the Company that is commensurate with such holders’ economic interest in the Partnership, including (i) the conversion of each of the Company’s corporate subsidiaries into limited liability companies which are disregarded for U.S. federal income tax purposes, including the conversion of Penn Virginia Holding Corp. into Penn Virginia Holdings, LLC, a Delaware limited liability company (“Holdings”), and (ii) the Company’s contribution of all of its equity interests in Holdings to the Partnership in exchange for 15,268,686 newly issued common units representing limited partner interests (the “Common Units”). On the Closing Date, (i) pursuant to the terms of the Contribution Agreement, JSTX contributed to the Partnership, as a capital contribution, $150 million in cash in exchange for 17,142,857 newly issued Common Units and the Company issued to JSTX 171,428.57 shares of Series A Preferred Stock at a price equal to the par value of the shares acquired, and (ii) pursuant to the terms of the Asset Agreement, including certain closing adjustments based on a September 1, 2020 effective date (the “Effective Date”), Rocky Creek contributed to our operating subsidiary certain oil and gas assets in exchange for 5,405,252 newly issued Common Units and the Company issued to Rocky Creek 54,052.52 shares of Series A Preferred Stock at a price equal to the par value of the shares acquired, including 495,900 Common Units and 4,959 shares of Series A Preferred Stock placed in an indemnity escrow to support post-closing indemnification claims, 50% of such escrowed amount to be disbursed 180 days after the Closing and the remainder one year after the Closing. In connection with the contribution of the oil and gas assets under the Asset Agreement, we received $1.2 million of revenues attributable to production from the Rocky Creek assets for the period from December 2020 through the Closing Date. We incurred a total of $19.0 million of professional fees, including advisory, legal, consulting fees and other costs in connection with the Juniper Transactions. A total of $5.0 million were attributable to services and costs incurred and recognized in 2020 as general and administrative expenses (“G&A”). The remaining $14.0 million of costs were incurred in January 2021 or otherwise incurred contingent upon the closing of the Juniper Transactions, including $5.5 million of transaction costs incurred by Juniper that were required to be paid by the Company under the Juniper Transaction Agreements as well as $3.8 million of costs incurred by us related to the issuance of the Series A Preferred Stock and Common Units. Collectively, these amounts were classified as a reduction to the capital contribution on our Consolidated Balance Sheet. The remainder of $4.7 million, representing professional fees and other costs, has been recognized as a component of G&A in the quarter ended March 31, 2021. In determining the appropriate accounting for the Partnership and Juniper’s interest, we considered the guidance in Accounting Standards Codification (“ASC”) 810, Consolidation . The Partnership is considered a variable interest entity for which the Company is the primary beneficiary as it has a controlling financial interest in the Partnership and has the power to direct the activities most significant to the Partnership’s economic performance, as well as the obligation to absorb losses and receive benefits that are potentially significant. As such, the Partnership is reflected as a consolidated subsidiary in the Condensed Consolidated Financial Statements. The ownership interest in the Partnership held by Juniper (the “Noncontrolling interest”) is included in the Condensed Consolidated Balance Sheet as Noncontrolling interest, which is classified within permanent equity. The Noncontrolling interest is classified in permanent equity as it does not meet the definition of a liability under ASC 480, Distinguishing Liabilities from Equity and, among other considerations, the Common Units are optionally redeemable by the holder for a fixed number of shares (on a one-for-one basis) on and after July 14, 2021 and there’s no fixed or determinable date or fixed or determinable price for redemption; further, while the Common Units may be redeemed with Common Stock or cash, the method of settlement is solely at the discretion of the Company, with the Company having the ability to settle the redemption in shares. Additionally, while the holders of the Series A Preferred Stock, who also own the Common Units, could cause the Non-controlling interest to be redeemed through an event that is not solely within the control of the Company such as a change in control, through their majority voting rights, all holders of equally and more subordinated equity interests in the Company would be entitled to receive the same form of consideration upon such event. The Noncontrolling interest percentage is based on the proportionate amount of the number of Common Units held by Juniper to the total Common Units outstanding which is also equivalent to the voting power in the Company associated with the Series A Preferred Stock held by Juniper. The Noncontrolling interest was initially measured on the Closing Date as the sum of (i) total Shareholders’ equity immediately prior to the closing the Juniper Transactions, (ii) the fair value of Juniper’s and Rocky Creek’s contributions provided in exchange for Common Units and Series A Preferred Stock (net of the of Juniper transaction costs and securities issuance costs paid by the Company and including the cash received directly by the Company for a portion of the Rocky Creek revenues as discussed above and asset retirement obligations (“AROs”) associated with the contributed properties); and (iii) a deferred income tax adjustment attributable to the Juniper Transactions, the total of which was then multiplied by the Noncontrolling interest percentage. The difference between the calculated Noncontrolling interest and the fair value of the consideration received was recorded as a reduction to paid-in capital. The following table reconciles the initial investment by Juniper and the carrying value of their Noncontrolling interest as of the Closing Date with changes through and as of March 31, 2021: Cash contribution $ 150,000 Issue costs paid for Noncontrolling interest securities (3,758) Transaction costs paid on behalf of Noncontrolling interest (5,543) Fair value of Rocky Creek oil and gas properties contributed 38,415 Revenues received attributable to contributed properties 1,160 Asset retirement obligations of the contributed properties (14) Fair value of capital contributions 180,260 Income tax adjustment attributable to the Juniper Transactions (708) Total shareholders’ equity prior to the Closing Date 205,558 $ 385,110 Juniper voting power through Series A Preferred Stock 59.6 % Noncontrolling interest as of the Closing Date $ 229,620 Net loss attributable to Noncontrolling interest (6,449) Other comprehensive income attributable to Noncontrolling interest 1 Noncontrolling interest as of March 31, 2021 $ 223,172 |
Accounts Receivable and Revenue
Accounts Receivable and Revenues from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure | Accounts Receivable and Revenues from Contracts with Customers Accounts Receivable and Major Customers The following table summarizes our accounts receivable by type as of the dates presented: March 31, December 31, 2021 2020 Customers $ 52,623 $ 39,672 Joint interest partners 11,270 3,079 Derivative settlements from counterparties 2,835 3,287 Other 7 8 66,735 46,046 Less: Allowance for credit losses (364) (197) $ 66,371 $ 45,849 Revenue from Contracts with Customers For the three months ended March 31, 2021, three customers accounted for $54.1 million, or approximately 61%, of our consolidated product revenues. The revenues generated from these customers during the three months ended March 31, 2021, were $23.0 million, $20.1 million and $11.0 million, or 26%, 23% and 12% of the consolidated total, respectively. For the three months ended March 31, 2020, four customers accounted for $66.5 million, or approximately 73%, of our consolidated product revenues. As of March 31, 2021 and December 31, 2020, $23.5 million and $24.1 million, or approximately 45% and 61%, respectively, of our consolidated accounts receivable from customers was related to these customers. No significant uncertainties exist related to the collectability of amounts owed to us by any of these customers. Credit Losses and Allowance for Credit Losses In accordance with our accounting policies, we assess our portfolio of accounts receivable for credit losses by assigning credit risks to receivables originating by portfolio segment type as described below. Customers . We sell our commodity products to approximately 16 customers. A substantial majority of these customers are large, internationally recognized refiners and marketers in the case of our crude oil sales and large domestic processors and interstate pipelines with respect to our NGL and natural gas sales. Due primarily to the historical market efficiencies and generally timely settlements associated with commodity sale transactions for crude oil, NGLs and natural gas, we have assessed this portfolio segment at zero risk for those receivables originated during the three months ended March 31, 2021. Mutual Operators . As of March 31, 2021, we had mutual joint interest partner relationships with two upstream producers that also operate properties for which we have non-operated working interests. We have assessed receivables from these operators that originated in the three months ended March 31, 2021 with a five percent risk. Large Partners . As of March 31, 2021, five legal entities had working interests of 10 percent or greater in properties that we operate. These entities are primarily passive investors. We have assessed receivables from these entities that originated in the three months ended March 31, 2021 with a two percent risk. All Others . As of March 31, 2021, approximately 15 legal entities had working interests of less than 10 percent in properties that we operate. We have assessed receivables from these entities that originated in the three months ended March 31, 2021 with a 10 percent risk. As of March 31, 2021 and December 31, 2020, approximately $0.2 million of accounts receivables attributable to this portfolio segment was past due, or over 60 days. In addition, the derivative settlements from counterparties referenced in the table above have been assessed zero risk. Collectability from these counterparties is discussed further in Note 5. As of March 31, 2021 and December 31, 2020, the allowance for credit losses is entirely attributable to receivables from joint interest partners. The following table summarizes the activity in our allowance for credit losses, by portfolio segment, for the three months ended March 31, 2021: Mutual Operators Large Partners All Others Total Balance at beginning of period $ 9 $ 87 $ 101 $ 197 Provision for expected credit losses (7) 202 (28) 167 Write-offs and recoveries — — — — Balance at end of period $ 2 $ 289 $ 73 $ 364 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Derivative Instruments We utilize derivative instruments, typically swaps, put options and call options which are placed with financial institutions that we believe are acceptable credit risks, to mitigate our financial exposure to commodity price volatility associated with anticipated sales of our future production and volatility in interest rates attributable to our variable rate debt instruments. Our derivative instruments are not formally designated as hedges in the context of GAAP. While the use of derivative instruments limits the risk of adverse commodity price and interest rate movements, such use may also limit the beneficial impact of future product revenues and interest expense from favorable commodity price and interest rate movements. From time to time, we may enter into incremental derivative contracts in order to increase the notional volume of production we are hedging, restructure existing derivative contracts or enter into other derivative contracts resulting in modification to the terms of existing contracts. In accordance with our internal policies, we do not utilize derivative instruments for speculative purposes. Commodity Derivatives The following is a general description of the commodity derivative instruments we have employed: Swaps . A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, or the swap price, with the payments calculated by reference to specified commodities or indexes. The counterparty to a swap contract is required to make a payment to us based on the amount of the swap price in excess of the settlement price multiplied by the notional volume if the settlement price for any settlement period is below the swap price for such contract. We are required to make a payment to the counterparty based on the amount of the settlement price in excess of the swap price multiplied by the notional volume if the settlement price for any settlement period is above the swap price for such contract. Put Options . A put option has a defined strike, or floor price. We have entered into put option contracts in the roles of buyer and seller depending upon our particular hedging objective. The buyer of the put option pays the seller a premium to enter into the contract. When the settlement price is below the floor price, the seller pays the buyer an amount equal to the difference between the settlement price and the strike price multiplied by the notional volume. When the settlement price is above the floor price, the put option expires worthless. Certain of our purchased put options have deferred premiums. For the deferred premium puts, we agree to pay a premium to the counterparty at the time of settlement. Call Options . A call option has a defined strike, or ceiling price. We have entered into call option contracts in the roles of buyer and seller depending upon our particular hedging objective. The buyer of the call option pays the seller a premium to enter into the call option. When the settlement price is above the ceiling price, the seller pays the buyer an amount equal to the difference between the settlement price and the strike price multiplied by the notional volume. When the settlement price is below the ceiling price, the call option expires worthless. We typically combine swaps, purchased put options, purchased call options, sold put options and sold call options in order to achieve various hedging objectives. Certain of these objectives result in combinations that operate as collars which include purchased put options and sold call options, three-way collars which include purchased put options, sold put options and sold call options, and enhanced swaps, which include either sold put options or sold call options with the associated premiums rolled into an enhanced fixed price swap, among others. We determine the fair values of our commodity derivative instruments using industry-standard models that consider various assumptions, including current market value and contractual prices for the underlying instruments, implied volatilities, time value and nonperformance risk. For the current market prices, we use third-party quoted forward prices, as applicable, for NYMEX West Texas Intermediate (“NYMEX WTI”), Magellan East Houston (“MEH”) crude oil, NYMEX Henry Hub (“NYMEX HH”) natural gas and OPIS Mt. Belvieu Ethane (“OPIS Mt Belv Ethane”) natural gas liquids closing prices as of the end of the reporting period. Nonperformance risk is incorporated by utilizing discount rates adjusted for the credit risk of our counterparties if the derivative is in an asset position, and our own credit risk if the derivative is in a liability position. The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of March 31, 2021: 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 NYMEX WTI Crude Swaps Average Volume Per Day (bbl) 3,297 815 815 Weighted Average Swap Price ($/bbl) $ 55.89 $ 45.54 $ 45.54 NYMEX WTI Crude Collars Average Volume Per Day (bbl) 12,088 10,870 8,152 5,417 4,533 4,484 4,484 2,917 2,855 Weighted Average Purchased Put Price ($/bbl) $ 43.82 $ 41.80 $ 40.40 $ 40.00 $ 40.00 $ 40.00 $ 40.00 40.00 40.00 Weighted Average Sold Call Price ($/bbl) $ 54.67 $ 56.09 $ 52.10 $ 53.49 $ 52.47 $ 52.47 $ 52.47 50.00 50.00 NYMEX WTI Sold Puts Average Volume Per Day (bbl) 4,945 5,707 5,707 Weighted Average Sold Put Price ($/bbl) $ 29.83 $ 35.14 $ 35.14 NYMEX WTI Crude CMA Roll Basis Swaps Average Volume Per Day (bbl) 18,132 17,935 17,935 Weighted Average Swap Price ($/bbl) $ 0.17 $ 0.17 $ 0.17 NYMEX HH Collars Average Volume Per Day (MMBtu) 9,890 9,783 9,783 Weighted Average Purchased Put Price ($/MMBtu) $ 2.607 $ 2.607 $ 2.607 Weighted Average Sold Call Price($/MMBtu) $ 3.117 $ 3.117 $ 3.117 NYMEX HH Sold Puts Average Volume Per Day (MMBtu) 6,593 6,522 6,522 Weighted Average Sold Put Price ($/MMBtu) $ 2.000 $ 2.000 $ 2.000 OPIS Mt Belv Ethane Swaps Average Volume per Day (gal) 36,264 35,870 Weighted Average Fixed Price ($/gal) $ 0.2263 $ 0.2288 Interest Rate Derivatives We have a series of interest rate swap contracts (the “Interest Rate Swaps”) establishing fixed interest rates on a portion of our variable interest rate indebtedness under the credit agreement (the “Credit Facility”) and the Second Lien Credit Agreement, dated as of September 29, 2017 (the “Second Lien Facility”). The notional amount of the Interest Rate Swaps totals $300 million, with us paying a weighted average fixed rate of 1.36% on the notional amount, and the counterparties paying a variable rate equal to LIBOR through May 2022. Financial Statement Impact of Derivatives The impact of our derivative activities on income is included in the “Derivatives” caption on our Condensed Consolidated Statements of Operations. Derivative contracts that have expired at the end of a period, but for which cash had not been received or paid as of the balance sheet date, have been recognized as components of “Accounts receivable” (see Note 4) and “Accounts payable and accrued liabilities” (see Note 10) on the Condensed Consolidated Balance Sheets. The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net income to net cash provided by operating activities. These items are recorded in the “Derivative contracts” section of our Condensed Consolidated Statements of Cash Flows under “Net (gains) losses” and “Cash settlements and premiums received (paid), net.” The following table summarizes the effects of our derivative activities for the periods presented: Three Months Ended March 31, 2021 2020 Interest rate swap gains (losses) recognized in the Condensed Consolidated Statements of Operations $ 32 $ (6,683) Commodity gains (losses) recognized in the Condensed Consolidated Statements of Operations (44,400) 157,802 $ (44,368) $ 151,119 Interest rate cash settlements recognized in the Condensed Consolidated Statements of Cash Flows $ (922) $ 68 Commodity cash settlements and premiums received (paid) recognized in the Condensed Consolidated Statements of Cash Flows (6,247) (337) $ (7,169) $ (269) The following table summarizes the fair values of our derivative instruments, which we elect to present on a gross basis, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented: March 31, 2021 December 31, 2020 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities - current $ — $ 3,730 $ — $ 3,655 Commodity contracts Derivative assets/liabilities – current 13,093 40,598 75,506 81,451 Interest rate contracts Derivative assets/liabilities - noncurrent — 615 — 1,645 Commodity contracts Derivative assets/liabilities – noncurrent 5,269 14,299 25,449 26,789 $ 18,362 $ 59,242 $ 100,955 $ 113,540 As of March 31, 2021, we reported net commodity derivative liabilities of $36.5 million and net Interest Rate Swap liabilities of $4.3 million. The contracts associated with these positions are with seven counterparties for commodity derivatives and four counterparties for Interest Rate Swaps, all of which are investment grade financial institutions and are participants in the Credit Facility. This concentration may impact our overall credit risk in that these counterparties may be similarly affected by changes in economic or other conditions. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property and Equipment The following table summarizes our property and equipment as of the dates presented: March 31, December 31, 2021 2020 Oil and gas properties: Proved $ 1,626,435 $ 1,545,910 Unproved 63,489 49,935 Total oil and gas properties 1,689,924 1,595,845 Other property and equipment 27,796 27,746 Total properties and equipment 1,717,720 1,623,591 Accumulated depreciation, depletion and amortization (925,643) (900,042) $ 792,077 $ 723,549 Unproved property costs of $63.5 million and $49.9 million have been excluded from amortization as of March 31, 2021 and December 31, 2020, respectively. An additional $0.5 million and $1.2 million of costs, associated with wells in-progress for which we had not previously recognized any proved undeveloped reserves, were excluded from amortization as of March 31, 2021 and December 31, 2020, respectively. We transferred $7.6 million and $1.4 million of undeveloped leasehold costs associated with acreage unlikely to be drilled or associated with proved undeveloped reserves, including capitalized interest, from unproved properties to the full cost pool during the three months ended March 31, 2021 and 2020, respectively. We capitalized internal costs of $0.7 million and $0.8 million and interest of $0.8 million and $0.7 million during the three months ended March 31, 2021 and 2020, respectively, in accordance with our accounting policies. Average depreciation, depletion and amortization per barrel of oil equivalent of proved oil and gas properties was $12.92 and $16.73 for the three months ended March 31, 2021 and 2020, respectively. At the end of each quarterly reporting period, the unamortized cost of our oil and gas properties, net of deferred income taxes, is limited to the sum of the estimated after-tax discounted future net revenues from proved properties adjusted for costs excluded from amortization (the “Ceiling Test”). As of March 31, 2021, the carrying value of our proved oil and gas properties exceeded the limit determined by the Ceiling Test, resulting in a $1.8 million impairment for the quarter. |
Long-Term Debt
Long-Term Debt | 3 Months Ended | |
Mar. 31, 2021 | ||
Debt Disclosure [Abstract] | ||
Long-Term Debt | Long-Term Debt The following table summarizes our debt obligations as of the dates presented: March 31, 2021 December 31, 2020 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Credit facility $ 228,900 $ 314,400 Second lien term loan 146,860 $ 4,698 200,000 $ 4,903 Totals 375,760 $ 4,698 514,400 $ 4,903 Less: Unamortized discount 2 (1,096) (1,604) Less: Unamortized deferred issuance costs 1, 2 (3,602) (3,299) Totals, net $ 371,062 $ 509,497 Less: Current portion (7,500) — Long-term debt $ 363,562 $ 509,497 _______________________ 1 Excludes issuance costs of the Credit Facility, which represent costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 10) and are being amortized over the term of the Credit Facility using the straight-line method. 2 Discount and issuance costs of the Second Lien Facility are being amortized over the term of the underlying loan using the effective-interest method. Credit Facility The Credit Facility provides for a $1.0 billion revolving commitment and a $375 million borrowing base, including a $25 million sublimit for the issuance of letters of credit. Availability under the Credit Facility may not exceed the lesser of the aggregate commitments or the borrowing base; however, outstanding borrowings under the Credit Facility are limited to a maximum of $350 million. The borrowing base under the Credit Facility is redetermined semi-annually, generally in the Spring and Fall of each year. Additionally, we and the Credit Facility lenders generally may, upon request, initiate a redetermination at any time during the six-month period between scheduled redeterminations. However, we have the option to forego a redetermination until Fall 2021 assuming we continue to satisfy certain minimum hedging conditions that became effective with the Agreement and Amendment No. 9 to Credit Agreement (the “Ninth Amendment”) in January 2021. The Credit Facility is available to us for general corporate purposes, including working capital. The Credit Facility is scheduled to mature in May 2024. We had $0.4 million in letters of credit outstanding as of March 31, 2021 and December 31, 2020. During the three months ended March 31, 2021, we incurred and capitalized approximately $0.4 million of issue costs associated with the Ninth Amendment. The outstanding borrowings under the Credit Facility bear interest at a rate equal to, at our option, either (a) a customary reference rate plus an applicable margin ranging from 1.50% to 2.50%, determined based on the utilization level under the Credit Facility or (b) a Eurodollar rate, including LIBOR through 2021, plus an applicable margin ranging from 2.50% to 3.50%, determined based on the utilization level under the Credit Facility. Interest on reference rate borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on Eurodollar borrowings is payable every one three The Credit Facility is guaranteed by the Partnership and all of its subsidiaries (excluding the borrower subsidiary) ( the “Guarantor Subsidiaries”). The guarantees under the Credit Facility are full and unconditional and joint and several. Substantially all of our consolidated assets are held by the Guarantor Subsidiaries. There are no significant restrictions on the ability of the borrower or any of the Guarantor Subsidiaries to obtain funds through dividends, advances or loans. The obligations under the Credit Facility are secured by a first priority lien on substantially all of our subsidiaries’ assets. The Credit Facility requires us to maintain (1) a minimum current ratio (as defined in the Credit Facility, which considers the unused portion of the total commitment as a current asset), measured as of the last day of each fiscal quarter of 1.00 to 1.00, (2) a maximum leverage ratio (consolidated indebtedness to adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses, both as defined in the Credit Facility), measured as of the last day of each fiscal quarter of 3.50 to 1.00 and (3) a maximum first lien leverage ratio (consolidated secured indebtedness to adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses, both as defined in the Credit Facility), measured as of the last day of each fiscal quarter, of 2.50 to 1.00. The Credit Facility also contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports and budgets, weekly cash balance reports, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens and indebtedness, merger, consolidation or sale of assets, payment of dividends, and transactions with affiliates and other customary covenants. In addition, the Credit Facility contains certain anti-cash hoarding provisions, including the requirement to repay outstanding loans and cash collateralize outstanding letters of credit on a weekly basis in the amount of any cash on the balance sheet (subject to certain exceptions) in excess of $25 million. The Credit Facility contains events of default and remedies. If we do not comply with the financial and other covenants in the Credit Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Credit Facility. As of March 31, 2021, we were in compliance with all of the covenants under the Credit Facility. Second Lien Facility We entered into the $200 million Second Lien Facility in September 2017 at which time we received proceeds of $187.8 million, net of an original issue discount (“OID”) of $4.0 million and issue costs of $8.2 million, that were used to fund a significant acquisition and related fees and expenses. In January 2021, the amendment dated November 2, 2020 (the “Second Lien Amendment”) became effective at which time we made a $50 million prepayment as well as a $1.3 million principal payment to a single participant lender to liquidate their interest in the Second Lien Facility. The Second Lien Amendment provided for (i) the extension of the maturity date of the Second Lien Facility to September 29, 2024, (ii) an increase to the margin applicable to advances under the Second Lien Facility, (iii) the imposition of certain limitations on capital expenditures, acquisitions and investments if the Asset Coverage Ratio (as defined therein) at the end of any fiscal quarter is less than 1.25 to 1.00, (iv) the requirement for maximum and, in certain circumstances as described therein, minimum hedging arrangements, (v) beginning in 2021, a requirement to make quarterly amortization payments equal to $1.875 million and (vi) a provision for the replacement of the LIBOR interest rate upon its expiration. We incurred and capitalized $1.4 million of issue costs in connection with the Second Lien Amendment and wrote off $1.2 million of previously capitalized issue costs and OID allocable to the aforementioned prepayments as a loss on the extinguishment of debt. The outstanding borrowings under the Second Lien Facility bear interest at a rate equal to, at our option, either (a) a customary reference rate plus an applicable margin of 7.25% or (b) a Eurodollar rate, including LIBOR through 2021, with a floor of 1.00%, plus an applicable margin of 8.25%; provided that the applicable margin will increase to 8.25% and 9.25%, respectively, during any quarter in which the quarterly amortization payment is not made. As of March 31, 2021, the actual interest rate of outstanding borrowings under the Second Lien Facility was 9.25%. Interest on reference rate borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on Eurodollar borrowings is payable every one or three months (including in three month intervals if we select a six-month interest period), at our election and is computed on the basis of a 360-day year. We have the right, to the extent permitted under the Credit Facility and an intercreditor agreement between the lenders under the Credit Facility and the lenders under the Second Lien Facility, to prepay loans under the Second Lien Facility at any time, subject to the following prepayment premiums (in addition to customary “breakage” costs with respect to Eurodollar loans): from January 15, 2021 through January 14, 2022, 102% of the amount being prepaid; from January 15, 2022 through January 14, 2023, 101% of the amount being prepaid; and thereafter, no premium. The Second Lien Facility also provides for the following prepayment premiums in the event of a change in control that results in an offer of prepayment that is accepted by the lenders under the Second Lien Facility: from January 15, 2021 through January 14, 2022, 102% of the amount being prepaid; from January 15, 2023 through January 14, 2023, 101% of the amount being prepaid; and thereafter, no premium. The Second Lien Facility is collateralized by substantially all of the Partnership’s and its subsidiaries’ assets with lien priority subordinated to the liens securing the Credit Facility. The obligations under the Second Lien Facility are guaranteed by the Partnership and the Guarantor Subsidiaries. The Second Lien Facility has no financial covenants, but contains affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports and budgets, maintenance and operation of property (including oil and gas properties), limitations on capital expenditures, investments, the incurrence of liens and indebtedness, merger, consolidation or sale of assets, payment of dividends and transactions with affiliates and other customary covenants. | [1] |
[1] | ssuance costs of the Credit Facility, which represent costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 10) and are being amortized over the term of the Credit Facility using the straight-line method. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision for the three months ended March 31, 2021 resulted in a benefit of $0.3 million. The federal portion was fully offset by an adjustment to the valuation allowance against our net deferred tax assets resulting in an effective tax rate of 1.5%, which is fully attributable to the State of Texas. In connection with the Juniper Transactions, we recorded an adjustment of $0.7 million to “Paid-in capital” (see Note 3) attributable to certain state deferred income tax effects associated with the change in legal entity structure. Our net deferred income tax liability balance of $0.4 million as of March 31, 2021 is also fully attributable to the State of Texas and primarily related to property. We recognized a federal and state income tax expense for the three months ended March 31, 2020 of $1.1 million. T he feder al and state tax expense was offset by an adjustment to the valuation allowance against our net deferred tax assets resulting in an effective tax rate of 0.7% which was fully attributable to the State of Texas. The provision also reflected a reclassification of $1.2 million from deferred tax assets to current income taxes receivable for certain refundable alternative minimum tax credit carryforwards that were later received in June 2020. We had no liability for unrecognized tax benefits as of March 31, 2021. There were no interest and penalty charges recognized during the periods ended March 31, 2021 and 2020. Tax years from 2015 forward remain open to examination by the major taxing jurisdictions to which the Company is subject; however, net operating losses originating in prior years are subject to examination when utilized. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases We generally have lease arrangements for office facilities and certain office equipment, certain field equipment including compressors, drilling rigs, crude oil storage tank capacity, land easements and similar arrangements for rights-of-way and certain gas gathering and gas lift assets. Our short-term leases included in the disclosures below are primarily comprised of our contractual arrangements with certain vendors for operated drilling rigs, crude oil storage tank capacity and our field compressors. Our primary variable lease was represented by our field gas gathering and gas lift agreement with a midstream service provider and the lease payments are charged on a volumetric basis at a contractual fixed rate. The following table summarizes the components of our total lease cost for the periods presented: Three Months Ended March 31, 2021 2020 Operating lease cost $ 216 $ 210 Short-term lease cost 2,752 11,296 Variable lease cost 4,874 5,657 Less: Amounts charged as drilling costs 1 (2,082) (10,621) Total lease cost recognized in the Condensed Consolidated Statement of Operations 2 $ 5,760 $ 6,542 ___________________ 1 Represents the combined gross amounts incurred and (i) capitalized as drilling costs for our working interest share and (ii) billed to joint interest partners for their working interest share for short-term leases of operated drilling rigs. 2 Includes $2.2 million and $2.8 million recognized in Gathering, processing and transportation expense (“GPT”), $3.3 million and $3.5 million recognized in Lease operating expense (“LOE”) for the three months ended March 31, 2021 and 2020, respectively, and $0.2 million recognized in G&A for each of the three months ended March 31, 2021 and 2020. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We apply the authoritative accounting provisions included in GAAP for measuring the fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives and our Credit Facility and Second Lien Facility borrowings. As of March 31, 2021 and December 31, 2020, the carrying values of all of these financial instruments approximated fair value. Recurring Fair Value Measurements Certain financial assets and liabilities are measured at fair value on a recurring basis on our Condensed Consolidated Balance Sheets. The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: As of March 31, 2021 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 13,093 $ — $ 13,093 $ — Commodity derivative assets – noncurrent $ 5,269 $ — $ 5,269 $ — Liabilities: Interest rate swap liabilities – current $ (3,730) $ — $ (3,730) $ — Interest rate swap liabilities – noncurrent $ (615) $ — $ (615) $ — Commodity derivative liabilities – current $ (40,598) $ — $ (40,598) $ — Commodity derivative liabilities – noncurrent $ (14,299) $ — $ (14,299) $ — As of December 31, 2020 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 75,506 $ — $ 75,506 $ — Commodity derivative assets – noncurrent $ 25,449 $ — $ 25,449 $ — Liabilities: Interest rate swap liabilities – current $ (3,655) $ — $ (3,655) $ — Interest rate swap liabilities – noncurrent $ (1,645) $ — $ (1,645) $ — Commodity derivative liabilities – current $ (81,451) $ — $ (81,451) $ — Commodity derivative liabilities – noncurrent $ (26,789) $ — $ (26,789) $ — Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one level of the fair value hierarchy to another level. In such instances, the transfer is deemed to have occurred at the beginning of the quarterly period in which the event or change in circumstances that caused the transfer occurred. There were no transfers during the three months ended March 31, 2021 and 2020. We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: • Commodity derivatives : We determine the fair values of our commodity derivative instruments using industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied volatilities, time value and non-performance risk. For the current market prices, we use third-party quoted forward prices, as applicable, for NYMEX WTI, MEH crude oil, NYMEX HH natural gas and OPIS Mt Belv Ethane natural gas liquids closing prices as of the end of the reporting periods. Each of these is a Level 2 input. • Interest rate swaps : We determine the fair values of our interest rate swaps using an income approach valuation technique which discounts future cash flows back to a single present value. We estimate the fair value of the swaps based on published interest rate yield curves as of the date of the estimate. Each of these is a Level 2 input. Non-Recurring Fair Value Measurements In addition to the fair value measurements applied with respect to assets contributed in the Juniper Transactions, the most significant non-recurring fair value measurements utilized in the preparation of our Condensed Consolidated Financial Statements are those attributable to the initial determination of AROs associated with the ongoing development of new oil and gas properties and certain share-based compensation awards. The determination of the fair value of AROs is based upon regional market and facility specific information. The amount of an ARO and the costs capitalized represent the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor after discounting the future cost back to the date that the abandonment obligation was incurred using a rate commensurate with the risk, which approximates our cost of funds. Because these significant fair value inputs are typically not observable, we have categorized the initial estimates as Level 3 inputs. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Drilling and Completion Commitments As of March 31, 2021, we had contractual commitments on a pad-to-pad basis for two drilling rigs. Additionally, we have an agreement, effective January 2, 2021, which can be terminated with 30 days’ notice by either party, to utilize certain frac services and related materials, with no minimum commitment, through December 31, 2021. In March 2021, we made a prepayment of $12 million under the frac services agreement in advance of completion projects for the second quarter of 2021. Gathering and Intermediate Transportation Commitments We have long-term agreements with Nuevo G&T and Nuevo Dos Marketing, LLC (“Nuevo Marketing” and together with Nuevo G&T, collectively “Nuevo”) to provide gathering and intermediate pipeline transportation services for a substantial portion of our crude oil and condensate production in as well as volume capacity support for certain downstream interstate pipeline transportation. Nuevo is obligated to gather and transport our crude oil and condensate from within a dedicated area in the Eagle Ford via a gathering system and intermediate takeaway pipeline connecting to a downstream interstate pipeline operated by a third party through 2041. We have a minimum volume commitment (“MVC”) of 8,000 gross barrels of oil per day to Nuevo through 2031 under the gathering agreement. We are obligated to deliver the first 20,000 gross barrels of oil per day produced from Gonzales, Lavaca, Fayette and DeWitt Counties, Texas. Under a marketing agreement, we have a commitment to sell 8,000 barrels per day of crude oil (gross) to Nuevo, or to any third party, utilizing Nuevo Marketing’s capacity on a downstream interstate pipeline through 2026. Under each of the agreements with Nuevo, credits for deliveries of volumes in excess of the volume commitment may be applied to any deficiency arising in the succeeding 12-month period. Excluding the application of existing credits that we have earned during the preceding 12-month period ended March 31, 2021 for deliveries of volumes in excess of the volume commitment, and the potential impact of the effects of price escalation from commodity price changes, if any, the minimum fee requirements attributable to the MVC under the gathering, transportation and marketing agreements are as follows: $10.5 million for the remainder of 2021, approximately $13.9 million per year for 2022 through 2025, $7.8 million for 2026, $3.8 million per year for 2027 through 2030 and $0.6 million for 2031. Crude Oil Storage As a component of the crude oil gathering agreement referenced above, we have access to up to approximately 180,000 barrels of dedicated tank capacity for no additional charge at the service provider’s central delivery point facility (“CDP”), in Lavaca County, Texas through February 2041. We have also contracted for access to up to an additional 70,000 barrels of tank capacity at the CDP on a month-to-month basis which can be terminated by either party with 45-days’ notice to the counterparty. We have also contracted for crude oil storage capacity for up to 90,000 barrels with a downstream interstate pipeline at a facility in DeWitt County, Texas, on a month-to-month basis which can be terminated by either party with 45-days’ notice to the counterparty. Finally, we have an agreement with a marketing affiliate of the aforementioned downstream interstate pipeline to utilize up to 62,000 barrels of capacity within their system on a firm basis and an additional 120,000 barrels, if available, on a flexible basis through July 2021. Costs associated with these agreements are in the form of monthly fixed rate short-term leases and are charged as incurred on a monthly basis to GPT. Legal, Environmental Compliance and Other Claims We are involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, our management believes that these claims will not have a material effect on our financial position, results of operations or cash flows. As of March 31, 2021, we had AROs of approximately $5.6 million attributable to the plugging of abandoned wells. As of March 31, 2021, we had an estimated reserve of approximately $0.1 million for certain claims made against us regarding previously divested operations included in “Accounts payable and accrued liabilities.” |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Equity The following tables summarize the components of equity and the changes therein as of and for the quarterly periods in 2021 and 2020. Preferred Stock Common Stock Paid-in Capital Retained Earnings/(Accumulated Deficit) Accumulated Other Comprehensive Loss Noncontrolling interest Total Equity Balance as of December 31, 2020 $ — $ 152 $ 203,463 $ 9,354 $ (131) $ — $ 212,838 Net loss — — — (13,572) — (6,449) (20,021) Issuance of preferred stock 2 — — — — — 2 Issuance of Noncontrolling interest — — (50,068) — — 229,620 179,552 All other changes 1 — 1 1,769 — 1 1 1,772 Balance as of March 31, 2021 $ 2 $ 153 $ 155,164 $ (4,218) $ (130) $ 223,172 $ 374,143 _______________________ 1 Includes equity-classified share-based compensation of $2.2 million during the three months ended March 31, 2021. During the three months ended March 31, 2021, 102,586 and 6,800 shares of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”), net of shares withheld for income taxes. Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Equity Balance as of December 31, 2019 $ 151 $ 200,666 $ 319,987 $ (59) $ 520,745 Net income — — 163,094 — 163,094 Cumulative effect of change in accounting principle 1 — — (76) — (76) All other changes 2 1 556 — (1) 556 Balance as of March 31, 2020 $ 152 $ 201,222 $ 483,005 $ (60) $ 684,319 _______________________ 1 Attributable to the adoption of Accounting Standards Update 2016–13, Measurement of Credit Losses on Financial Instruments, as of January 1, 2020. |
Share-Based Compensation and Ot
Share-Based Compensation and Other Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | Share-Based Compensation and Other Benefit Plans Share-Based Compensation We recognize share-based compensation expense related to our share-based compensation plans as a component of G&A expenses in our Condensed Consolidated Statements of Operations. We reserved a total of 4,424,600 shares of common stock for issuance under the Penn Virginia Corporation Management Incentive Plan (the “Plan”) for share-based compensation awards. A total of 608,938 RSUs and 201,491 PRSUs have been granted to employees and directors under the Plan through March 31, 2021. Additionally, in the third quarter of 2020 and first quarter of 2021, 57,500 and 24,200 RSUs and 57,500 and 24,200 PRSUs, respectively, were issued outside the Plan to Mr. Henke and to Ms. Gwaltney as an inducement awards upon their appointments as President and CEO and Senior Vice President, Development, respectively. As of March 31, 2021, a total of 209,486 RSUs and 150,512 PRSUs are unvested and outstanding. We recognized $2.2 million, including approximately $1.9 million as a result of change-in-control event associated with the Juniper transactions, and $0.9 million of expense attributable to the RSUs and PRSUs for the three months ended March 31, 2021 and 2020, respectively A total of 48,641 RSUs were granted during the three months ended March 31, 2021 with an average grant-date fair value of $13.69. A total of 223,882 RSUs were granted during the three months ended March 31, 2020 with an average grant-date fair value of $2.78. The RSUs are being charged to expense on a straight-line basis over a range of less than one During the three months ended March 31, 2021, 24,200 PRSUs were granted. A total of 87,899 PRSUs were granted during the three months ended March 31, 2020. For the PRSUs granted in 2019 and March 2020, the performance period is 2020 through 2022. The performance period for Mr. Henke’s September 2020 PRSU inducement grant and Ms. Gwaltney’s January 2021 grant is 2021 through 2023. Vesting of the PRSUs can range from zero to 200 percent of the original grant based on the performance of our common stock relative to a defined peer group. Due to their market condition, the PRSUs are being charged to expense using graded vesting over a maximum of three years. The fair value of each PRSU award was estimated on their applicable grant date using a Monte Carlo simulation with $34.02 per PRSU for the 2019 grants, a range of $2.40 to $16.02 per PRSU for the 2020 grants and $21.82 per PRSU for the 2021 grant. In the three months ended March 31, 2021, 6,800 shares were issued upon settlement of PRSUs, net of shares withheld for income taxes. The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2021, 2020 and 2019 are presented as follows: 2021 2020 2019 Expected volatility 126.2 % 101.32% to 117.71% 49.9 % Dividend yield 0.0 % 0.0 % 0.0 % Risk-free interest rate 0.22 % 0.18% to 0.51% 1.66 % Other Benefit Plans We maintain the Penn Virginia Corporation and Affiliated Companies Employees 401(k) Plan (the “401(k) Plan”), a defined contribution plan, which covers substantially all of our employees. We recognized $0.2 million and $0.2 million of expense attributable to the 401(k) Plan for the three months ended March 31, 2021 and 2020, respectively. The charges for the 401(k) Plan are recorded as a component of G&A expenses in our Condensed Consolidated Statements of Operation. We maintain unqualified legacy defined benefit pension and defined benefit postretirement plans that cover a limited number of former employees, all of whom retired prior to January 1, 2000. The combined expense recognized with respect to these plans was less than $0.1 million for each of the three months ended March 31, 2021 and 2020. The charges for these plans are recorded as a component of “Other income (expense)” in our Condensed Consolidated Statements of Operation. |
Interest Expense
Interest Expense | 3 Months Ended |
Mar. 31, 2021 | |
Interest Expense [Abstract] | |
Interest Income and Interest Expense Disclosure | Interest Expense The following table summarizes the components of interest expense for the periods presented: Three Months Ended March 31, 2021 2020 Interest on borrowings and related fees $ 5,632 $ 8,045 Accretion of original issue discount 1 105 196 Amortization of debt issuance costs 506 627 Capitalized interest (846) (688) $ 5,397 $ 8,180 ___________________ 1 Attributable to the Second Lien Facility (see Note 7). |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic net earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders (excluding net income or loss attributable to Noncontrolling interest, as applicable to the three months ended March 31, 2021; see Note 3) by the weighted average common shares outstanding for the period. In computing diluted earnings (loss) per share, basic net earnings (loss) per share is adjusted based on the assumption that dilutive RSUs and PBRSUs have vested and outstanding Common Units and shares of Series A Preferred Stock held by Juniper as a Noncontrolling interest are exchanged for common shares, as applicable to the three months ended March 31, 2021 (see Note 3). The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended March 31, 2021 2020 Net income (loss) $ (20,021) $ 163,094 Net income (loss) attributable to Noncontrolling interest 6,449 — Net income (loss) attributable to common shareholders - basic (13,572) 163,094 Reallocation of Noncontrolling interest assuming exchange of Common Units and Series A Preferred Stock held by Noncontrolling interest (6,449) — Net income (loss) attributable to common shareholders - diluted $ (20,021) $ 163,094 Weighted-average shares – basic 15,263 15,152 Effect of dilutive securities: Common Units and Series A Preferred Stock that are exchangeable for common shares — — RSUs and PRSUs — 8 Weighted-average shares – diluted 1 15,263 15,160 ___________________ 1 For the three months ended March 31, 2021, approximately 22.7 million potentially dilutive securities represented by approximately 22.5 million Common Units and 0.2 million shares of Series A Preferred Stock as well as 0.2 million of RSUs and PRSUs, respectively, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Policies [Line Items] | |
Basis of Presentation | Basis of Presentation Our unaudited Condensed Consolidated Financial Statements include the accounts of Penn Virginia and all of our subsidiaries. Intercompany balances and transactions have been eliminated. A substantial nonncontrolling interest in our subsidiaries is provided for in our Condensed Consolidated Statements of Operations and Comprehensive Income as well as our Condensed Consolidated Balance Sheets as of and for the period ended March 31, 2021 (see Note 3 for additional detail including the basis of presentation of the noncontrolling interest). Our Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Preparation of these statements involves the use of estimates and judgments where appropriate. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of our Condensed Consolidated Financial Statements, have been included. Our Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain amounts on the Condensed Consolidated Statements of Operation for the three months ended March 31, 2020 and the Condensed Consolidated Balance Sheet as of December 31, 2020 have been reclassified to conform to the 2021 presentation. Subsequent Events Management has evaluated all of our activities through the issuance date of our Condensed Consolidated Financial Statements and has concluded that no subsequent events have occurred that would require recognition or disclosure in our Condensed Consolidated Financial Statements or disclosure in the Notes thereto. |
Fair Value, Measurements, Nonrecurring | |
Schedule of Policies [Line Items] | |
Fair Value Measurements | Non-Recurring Fair Value Measurements In addition to the fair value measurements applied with respect to assets contributed in the Juniper Transactions, the most significant non-recurring fair value measurements utilized in the preparation of our Condensed Consolidated Financial Statements are those attributable to the initial determination of AROs associated with the ongoing development of new oil and gas properties and certain share-based compensation awards. The determination of the fair value of AROs is based upon regional market and facility specific information. The amount of an ARO and the costs capitalized represent the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor after discounting the future cost back to the date that the abandonment obligation was incurred using a rate commensurate with the risk, which approximates our cost of funds. Because these significant fair value inputs are typically not observable, we have categorized the initial estimates as Level 3 inputs. |
Juniper Transaction (Tables)
Juniper Transaction (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Juniper Transaction [Abstract] | |
Reconciliation of Initial Investment and CV of NCI | The following table reconciles the initial investment by Juniper and the carrying value of their Noncontrolling interest as of the Closing Date with changes through and as of March 31, 2021: Cash contribution $ 150,000 Issue costs paid for Noncontrolling interest securities (3,758) Transaction costs paid on behalf of Noncontrolling interest (5,543) Fair value of Rocky Creek oil and gas properties contributed 38,415 Revenues received attributable to contributed properties 1,160 Asset retirement obligations of the contributed properties (14) Fair value of capital contributions 180,260 Income tax adjustment attributable to the Juniper Transactions (708) Total shareholders’ equity prior to the Closing Date 205,558 $ 385,110 Juniper voting power through Series A Preferred Stock 59.6 % Noncontrolling interest as of the Closing Date $ 229,620 Net loss attributable to Noncontrolling interest (6,449) Other comprehensive income attributable to Noncontrolling interest 1 Noncontrolling interest as of March 31, 2021 $ 223,172 |
Accounts Receivable and Reven_2
Accounts Receivable and Revenues from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | The following table summarizes our accounts receivable by type as of the dates presented: March 31, December 31, 2021 2020 Customers $ 52,623 $ 39,672 Joint interest partners 11,270 3,079 Derivative settlements from counterparties 2,835 3,287 Other 7 8 66,735 46,046 Less: Allowance for credit losses (364) (197) $ 66,371 $ 45,849 |
Financing Receivable, Allowance for Credit Loss | The following table summarizes the activity in our allowance for credit losses, by portfolio segment, for the three months ended March 31, 2021: Mutual Operators Large Partners All Others Total Balance at beginning of period $ 9 $ 87 $ 101 $ 197 Provision for expected credit losses (7) 202 (28) 167 Write-offs and recoveries — — — — Balance at end of period $ 2 $ 289 $ 73 $ 364 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Commodity Derivative Positions | The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of March 31, 2021: 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 NYMEX WTI Crude Swaps Average Volume Per Day (bbl) 3,297 815 815 Weighted Average Swap Price ($/bbl) $ 55.89 $ 45.54 $ 45.54 NYMEX WTI Crude Collars Average Volume Per Day (bbl) 12,088 10,870 8,152 5,417 4,533 4,484 4,484 2,917 2,855 Weighted Average Purchased Put Price ($/bbl) $ 43.82 $ 41.80 $ 40.40 $ 40.00 $ 40.00 $ 40.00 $ 40.00 40.00 40.00 Weighted Average Sold Call Price ($/bbl) $ 54.67 $ 56.09 $ 52.10 $ 53.49 $ 52.47 $ 52.47 $ 52.47 50.00 50.00 NYMEX WTI Sold Puts Average Volume Per Day (bbl) 4,945 5,707 5,707 Weighted Average Sold Put Price ($/bbl) $ 29.83 $ 35.14 $ 35.14 NYMEX WTI Crude CMA Roll Basis Swaps Average Volume Per Day (bbl) 18,132 17,935 17,935 Weighted Average Swap Price ($/bbl) $ 0.17 $ 0.17 $ 0.17 NYMEX HH Collars Average Volume Per Day (MMBtu) 9,890 9,783 9,783 Weighted Average Purchased Put Price ($/MMBtu) $ 2.607 $ 2.607 $ 2.607 Weighted Average Sold Call Price($/MMBtu) $ 3.117 $ 3.117 $ 3.117 NYMEX HH Sold Puts Average Volume Per Day (MMBtu) 6,593 6,522 6,522 Weighted Average Sold Put Price ($/MMBtu) $ 2.000 $ 2.000 $ 2.000 OPIS Mt Belv Ethane Swaps Average Volume per Day (gal) 36,264 35,870 Weighted Average Fixed Price ($/gal) $ 0.2263 $ 0.2288 |
Impact of Derivative Activities on Condensed Consolidated Statements of Income | The impact of our derivative activities on income is included in the “Derivatives” caption on our Condensed Consolidated Statements of Operations. Derivative contracts that have expired at the end of a period, but for which cash had not been received or paid as of the balance sheet date, have been recognized as components of “Accounts receivable” (see Note 4) and “Accounts payable and accrued liabilities” (see Note 10) on the Condensed Consolidated Balance Sheets. The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net income to net cash provided by operating activities. These items are recorded in the “Derivative contracts” section of our Condensed Consolidated Statements of Cash Flows under “Net (gains) losses” and “Cash settlements and premiums received (paid), net.” The following table summarizes the effects of our derivative activities for the periods presented: Three Months Ended March 31, 2021 2020 Interest rate swap gains (losses) recognized in the Condensed Consolidated Statements of Operations $ 32 $ (6,683) Commodity gains (losses) recognized in the Condensed Consolidated Statements of Operations (44,400) 157,802 $ (44,368) $ 151,119 Interest rate cash settlements recognized in the Condensed Consolidated Statements of Cash Flows $ (922) $ 68 Commodity cash settlements and premiums received (paid) recognized in the Condensed Consolidated Statements of Cash Flows (6,247) (337) $ (7,169) $ (269) |
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets | The following table summarizes the fair values of our derivative instruments, which we elect to present on a gross basis, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented: March 31, 2021 December 31, 2020 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities - current $ — $ 3,730 $ — $ 3,655 Commodity contracts Derivative assets/liabilities – current 13,093 40,598 75,506 81,451 Interest rate contracts Derivative assets/liabilities - noncurrent — 615 — 1,645 Commodity contracts Derivative assets/liabilities – noncurrent 5,269 14,299 25,449 26,789 $ 18,362 $ 59,242 $ 100,955 $ 113,540 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | The following table summarizes our property and equipment as of the dates presented: March 31, December 31, 2021 2020 Oil and gas properties: Proved $ 1,626,435 $ 1,545,910 Unproved 63,489 49,935 Total oil and gas properties 1,689,924 1,595,845 Other property and equipment 27,796 27,746 Total properties and equipment 1,717,720 1,623,591 Accumulated depreciation, depletion and amortization (925,643) (900,042) $ 792,077 $ 723,549 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Tables) | 3 Months Ended | |
Mar. 31, 2021 | ||
Debt Disclosure [Abstract] | ||
Schedule of Long-term Debt Instruments | The following table summarizes our debt obligations as of the dates presented: March 31, 2021 December 31, 2020 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Principal Unamortized Discount and Deferred Issuance Costs 1, 2 Credit facility $ 228,900 $ 314,400 Second lien term loan 146,860 $ 4,698 200,000 $ 4,903 Totals 375,760 $ 4,698 514,400 $ 4,903 Less: Unamortized discount 2 (1,096) (1,604) Less: Unamortized deferred issuance costs 1, 2 (3,602) (3,299) Totals, net $ 371,062 $ 509,497 Less: Current portion (7,500) — Long-term debt $ 363,562 $ 509,497 _______________________ 1 Excludes issuance costs of the Credit Facility, which represent costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 10) and are being amortized over the term of the Credit Facility using the straight-line method. | [1],[2] |
[1] | Discount and issuance costs of the Second Lien Facility are being amortized over the term of the underlying loan using the effective-interest method | |
[2] | ssuance costs of the Credit Facility, which represent costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 10) and are being amortized over the term of the Credit Facility using the straight-line method. |
Leases (Tables)
Leases (Tables) | 3 Months Ended | |
Mar. 31, 2021 | ||
Leases [Abstract] | ||
Lease, Cost | The following table summarizes the components of our total lease cost for the periods presented: Three Months Ended March 31, 2021 2020 Operating lease cost $ 216 $ 210 Short-term lease cost 2,752 11,296 Variable lease cost 4,874 5,657 Less: Amounts charged as drilling costs 1 (2,082) (10,621) Total lease cost recognized in the Condensed Consolidated Statement of Operations 2 $ 5,760 $ 6,542 ___________________ 1 Represents the combined gross amounts incurred and (i) capitalized as drilling costs for our working interest share and (ii) billed to joint interest partners for their working interest share for short-term leases of operated drilling rigs. 2 Includes $2.2 million and $2.8 million recognized in Gathering, processing and transportation expense (“GPT”), $3.3 million and $3.5 million recognized in Lease operating expense (“LOE”) for the three months ended March 31, 2021 and 2020, respectively, and $0.2 million recognized in G&A for each of the three months ended March 31, 2021 and 2020. | [1] |
[1] | 1 Represents the combined gross amounts incurred and (i) capitalized as drilling costs for our working interest share and (ii) billed to joint interest partners for their working interest share for short-term leases of operated drilling rigs. |
Supplemental Balance Sheet Deta
Supplemental Balance Sheet Detail (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components of Selected Balance Sheet Accounts | The following table summarizes components of selected balance sheet accounts as of the dates presented: March 31, December 31, 2021 2020 Prepaid and other current assets: Inventories 1 $ 4,036 $ 4,274 Prepaid expenses 2 15,511 14,771 $ 19,547 $ 19,045 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 2,542 $ 2,349 Right-of-use assets – operating leases 2,237 2,432 Other 127 127 $ 4,906 $ 4,908 Accounts payable and accrued liabilities: Trade accounts payable $ 29,137 $ 7,055 Drilling and other lease operating costs 18,002 16,088 Royalties 34,223 26,615 Production, ad valorem and other taxes 5,242 3,094 Derivative settlements to counterparties 8,773 321 Compensation 2,270 4,222 Interest 401 504 Current operating lease obligations 894 936 Other 3 1,008 4,254 $ 99,950 $ 63,089 Other liabilities: Asset retirement obligations $ 5,648 $ 5,461 Noncurrent operating lease obligations 1,553 1,752 Defined benefit pension obligations 845 865 Postretirement health care benefit obligations 291 284 $ 8,337 $ 8,362 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: As of March 31, 2021 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 13,093 $ — $ 13,093 $ — Commodity derivative assets – noncurrent $ 5,269 $ — $ 5,269 $ — Liabilities: Interest rate swap liabilities – current $ (3,730) $ — $ (3,730) $ — Interest rate swap liabilities – noncurrent $ (615) $ — $ (615) $ — Commodity derivative liabilities – current $ (40,598) $ — $ (40,598) $ — Commodity derivative liabilities – noncurrent $ (14,299) $ — $ (14,299) $ — As of December 31, 2020 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 75,506 $ — $ 75,506 $ — Commodity derivative assets – noncurrent $ 25,449 $ — $ 25,449 $ — Liabilities: Interest rate swap liabilities – current $ (3,655) $ — $ (3,655) $ — Interest rate swap liabilities – noncurrent $ (1,645) $ — $ (1,645) $ — Commodity derivative liabilities – current $ (81,451) $ — $ (81,451) $ — Commodity derivative liabilities – noncurrent $ (26,789) $ — $ (26,789) $ — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended | |
Mar. 31, 2021 | ||
Equity [Abstract] | ||
Schedule of Stockholders Equity | The following tables summarize the components of equity and the changes therein as of and for the quarterly periods in 2021 and 2020. Preferred Stock Common Stock Paid-in Capital Retained Earnings/(Accumulated Deficit) Accumulated Other Comprehensive Loss Noncontrolling interest Total Equity Balance as of December 31, 2020 $ — $ 152 $ 203,463 $ 9,354 $ (131) $ — $ 212,838 Net loss — — — (13,572) — (6,449) (20,021) Issuance of preferred stock 2 — — — — — 2 Issuance of Noncontrolling interest — — (50,068) — — 229,620 179,552 All other changes 1 — 1 1,769 — 1 1 1,772 Balance as of March 31, 2021 $ 2 $ 153 $ 155,164 $ (4,218) $ (130) $ 223,172 $ 374,143 _______________________ 1 Includes equity-classified share-based compensation of $2.2 million during the three months ended March 31, 2021. During the three months ended March 31, 2021, 102,586 and 6,800 shares of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”), net of shares withheld for income taxes. Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Equity Balance as of December 31, 2019 $ 151 $ 200,666 $ 319,987 $ (59) $ 520,745 Net income — — 163,094 — 163,094 Cumulative effect of change in accounting principle 1 — — (76) — (76) All other changes 2 1 556 — (1) 556 Balance as of March 31, 2020 $ 152 $ 201,222 $ 483,005 $ (60) $ 684,319 _______________________ 1 Attributable to the adoption of Accounting Standards Update 2016–13, Measurement of Credit Losses on Financial Instruments, as of January 1, 2020. | [1] |
[1] | The following tables summarize the components of equity and the changes therein as of and for the quarterly periods in 2021 and 2020. Preferred Stock Common Stock Paid-in Capital Retained Earnings/(Accumulated Deficit) Accumulated Other Comprehensive Loss Noncontrolling interest Total Equity Balance as of December 31, 2020 $ — $ 152 $ 203,463 $ 9,354 $ (131) $ — $ 212,838 Net loss — — — (13,572) — (6,449) (20,021) Issuance of preferred stock 2 — — — — — 2 Issuance of Noncontrolling interest — — (50,068) — — 229,620 179,552 All other changes 1 — 1 1,769 — 1 1 1,772 Balance as of March 31, 2021 $ 2 $ 153 $ 155,164 $ (4,218) $ (130) $ 223,172 $ 374,143 _______________________ 1 Includes equity-classified share-based compensation of $2.2 million during the three months ended March 31, 2021. During the three months ended March 31, 2021, 102,586 and 6,800 shares of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”), net of shares withheld for income taxes. Common Stock Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Equity Balance as of December 31, 2019 $ 151 $ 200,666 $ 319,987 $ (59) $ 520,745 Net income — — 163,094 — 163,094 Cumulative effect of change in accounting principle 1 — — (76) — (76) All other changes 2 1 556 — (1) 556 Balance as of March 31, 2020 $ 152 $ 201,222 $ 483,005 $ (60) $ 684,319 _______________________ 1 Attributable to the adoption of Accounting Standards Update 2016–13, Measurement of Credit Losses on Financial Instruments, as of January 1, 2020. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Valuation Assumptions | The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2021, 2020 and 2019 are presented as follows: 2021 2020 2019 Expected volatility 126.2 % 101.32% to 117.71% 49.9 % Dividend yield 0.0 % 0.0 % 0.0 % Risk-free interest rate 0.22 % 0.18% to 0.51% 1.66 % |
Interest Expense (Tables)
Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Interest Expense [Abstract] | |
Interest Expense Net Disclosure | The following table summarizes the components of interest expense for the periods presented: Three Months Ended March 31, 2021 2020 Interest on borrowings and related fees $ 5,632 $ 8,045 Accretion of original issue discount 1 105 196 Amortization of debt issuance costs 506 627 Capitalized interest (846) (688) $ 5,397 $ 8,180 ___________________ 1 Attributable to the Second Lien Facility (see Note 7). |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Components of Calculation of Basic and Diluted Earnings Per Share | The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share for the periods presented: Three Months Ended March 31, 2021 2020 Net income (loss) $ (20,021) $ 163,094 Net income (loss) attributable to Noncontrolling interest 6,449 — Net income (loss) attributable to common shareholders - basic (13,572) 163,094 Reallocation of Noncontrolling interest assuming exchange of Common Units and Series A Preferred Stock held by Noncontrolling interest (6,449) — Net income (loss) attributable to common shareholders - diluted $ (20,021) $ 163,094 Weighted-average shares – basic 15,263 15,152 Effect of dilutive securities: Common Units and Series A Preferred Stock that are exchangeable for common shares — — RSUs and PRSUs — 8 Weighted-average shares – diluted 1 15,263 15,160 ___________________ 1 For the three months ended March 31, 2021, approximately 22.7 million potentially dilutive securities represented by approximately 22.5 million Common Units and 0.2 million shares of Series A Preferred Stock as well as 0.2 million of RSUs and PRSUs, respectively, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share. |
Juniper Transaction (Details)
Juniper Transaction (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 15, 2021 | Jan. 31, 2021 | Jan. 15, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 14, 2021 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||||||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 | ||||||
Common Unit, Issued | 15,268,686 | 15,268,686 | ||||||
Proceeds from Contributed Capital | $ 150,000 | |||||||
Contribution Agreement - Common Units | 17,142,857 | 17,142,857 | ||||||
Contribution Agreement - Preferred Shares | 171,428.57 | 171,428.57 | ||||||
Asset Agreement - Common Units | 5,405,252 | 5,405,252 | ||||||
Asset Agreement - Preferred Shares | 54,052.52 | 54,052.52 | ||||||
Common Units Placed in Indemnity Escrow | 495,900 | 495,900 | ||||||
Preferred Shares Placed in Indemnity Escrow | 4,959 | 4,959 | ||||||
Cash Received Related to Revenues Attributable to Production from RCR | $ 1,160 | $ 1,200 | ||||||
Issue costs of noncontrolling interest securities paid | (3,758) | $ (3,758) | $ 0 | |||||
Transaction costs of noncontrolling interest paid | (5,543) | (5,543) | 0 | |||||
Oil and Gas Property Contributed | 38,415 | |||||||
Asset Retirement Obligations of Contributed Property | (14) | |||||||
Capital contributions Fair Value | 180,260 | |||||||
Shareholder's equity, noncontrolling interest | 385,110 | 385,110 | $ 374,143 | 684,319 | $ 212,838 | $ 205,558 | $ 520,745 | |
Percentage of ownership after transaction | 59.60% | |||||||
Noncontrolling interest | 229,620 | $ 229,620 | $ 223,172 | 0 | ||||
Net loss attributable to Noncontrolling interest | (6,449) | 0 | ||||||
Other comprehensive income attributable to Noncontrolling interest | 1 | $ 0 | ||||||
Juniper Transaction | ||||||||
Business Acquisition [Line Items] | ||||||||
Professional Fees And Other Costs | 19,000 | |||||||
Income Tax Adjustment | $ (708) | |||||||
Juniper Transaction | Costs And Services Incurred In Current Period | ||||||||
Business Acquisition [Line Items] | ||||||||
Professional Fees And Other Costs | $ 14,000 | |||||||
Juniper Transaction | Contingent Transaction Costs To Be Paid Upon Closing | ||||||||
Business Acquisition [Line Items] | ||||||||
Professional Fees And Other Costs | 5,500 | |||||||
Juniper Transaction | Costs Related to Issuance of Preferred Shares and Common Units | ||||||||
Business Acquisition [Line Items] | ||||||||
Professional Fees And Other Costs | 3,800 | |||||||
Juniper Transaction | Costs And Services - G&A | ||||||||
Business Acquisition [Line Items] | ||||||||
Professional Fees And Other Costs | $ 4,700 | $ 5,000 |
Accounts Receivable and Reven_3
Accounts Receivable and Revenues from Contracts with Customers - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Customers | $ 52,623 | $ 39,672 |
Joint interest partners | 11,270 | 3,079 |
Derivative settlements receivable from counterparties | 2,835 | 3,287 |
Other | 7 | 8 |
Accounts Receivable, Gross, Current, Total | 66,735 | 46,046 |
Less: Allowance for credit losses | (364) | (197) |
Accounts receivable, net of allowance for doubtful accounts | $ 66,371 | $ 45,849 |
Accounts Receivable and Reven_4
Accounts Receivable and Revenues from Contracts with Customers - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021USD ($)Customer | Mar. 31, 2020USD ($)Customer | Jun. 30, 2020 | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Retained earnings (Accumulated deficit) | $ (4,218) | $ 9,354 | ||
Accounts Receivable, Allowance for Credit Loss | 364 | 197 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | 167 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 0 | |||
Name of Major Customer [Domain] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commodity Products, Number of Customers | Customer | 16 | |||
Financing Receivable, Credit Risk Percentage | 0.00% | |||
Joint Interest Partners, Mutual Operators [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commodity Products, Number of Customers | Customer | 2 | |||
Financing Receivable, Credit Risk Percentage | 5.00% | |||
Accounts Receivable, Allowance for Credit Loss | $ 2 | 9 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | (7) | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 0 | |||
Joint Interest Partners, Large Partners [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commodity Products, Number of Customers | Customer | 5 | |||
Financing Receivable, Credit Risk Percentage | 2.00% | |||
Accounts Receivable, Allowance for Credit Loss | $ 289 | 87 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | 202 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 0 | |||
Joint Interest Partners, All Others [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commodity Products, Number of Customers | Customer | 15 | |||
Financing Receivable, Credit Risk Percentage | 10.00% | |||
Financing Receivable, Past Due | 200 | |||
Accounts Receivable, Allowance for Credit Loss | $ 73 | 101 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | (28) | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 0 | |||
Accounts Receivable | Credit Concentration Risk | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Concentration risk, percentage | 45.00% | 61.00% | ||
Accounts receivable, major customers | $ 23,500 | $ 24,100 | ||
Accounts Receivable | Customer Concentration Risk [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of major customers | Customer | 3 | 4 | ||
Revenues, major customers | $ (54,100) | $ (66,500) | ||
Concentration risk, percentage | 61.00% | 73.00% | ||
Accounts Receivable | Customer Concentration Risk [Member] | Major Customer 1 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenues, major customers | $ (23,000) | |||
Concentration risk, percentage | 26.00% | |||
Accounts Receivable | Customer Concentration Risk [Member] | Major Customer 2 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenues, major customers | $ (20,100) | |||
Concentration risk, percentage | 23.00% | |||
Accounts Receivable | Customer Concentration Risk [Member] | Major Customer 3 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Revenues, major customers | $ (11,000) | |||
Concentration risk, percentage | 12.00% |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)Customer | Dec. 31, 2020USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Derivative assets | $ 59,242 | $ 113,540 |
Derivative Asset | 18,362 | $ 100,955 |
Interest Rate Swap | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Derivative assets | $ 4,300 | |
Number of derivative counterparties | Customer | 4 | |
Derivative, Notional Amount | $ 300,000 | |
Derivative, Average Fixed Interest Rate | 136.00% | |
Commodity contracts | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Derivative assets | $ 36,500 | |
Number of derivative counterparties | Customer | 7 | |
Commodity contracts | Crude Oil | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Third-party quoted forward prices | NYMEX WTI | |
Commodity contracts | MEH [Member] | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Third-party quoted forward prices | MEH | |
Commodity contracts | Natural Gas [Member] | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Third-party quoted forward prices | NYMEX HH | |
Commodity contracts | Natural Gas Liquids | ||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
Third-party quoted forward prices | OPIS Mt Belv Ethane |
Derivative Instruments - Commod
Derivative Instruments - Commodity Derivative Positions (Detail) | Mar. 31, 2021bbl$ / bbl |
Crude Oil | Swap | Second Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 55.89 |
Derivative, Nonmonetary Notional Amount | bbl | 3,297 |
Crude Oil | Swap | Third Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 45.54 |
Derivative, Nonmonetary Notional Amount | bbl | 815 |
Crude Oil | Swap | Fourth Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 45.54 |
Derivative, Nonmonetary Notional Amount | bbl | 815 |
Crude Oil | 2-Way Collars [Domain] | Second Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 43.82 |
Derivative, Average Cap Price | 54.67 |
Derivative, Nonmonetary Notional Amount | bbl | 12,088 |
Crude Oil | 2-Way Collars [Domain] | Third Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 41.80 |
Derivative, Average Cap Price | 56.09 |
Derivative, Nonmonetary Notional Amount | bbl | 10,870 |
Crude Oil | 2-Way Collars [Domain] | Fourth Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 40.40 |
Derivative, Average Cap Price | 52.10 |
Derivative, Nonmonetary Notional Amount | bbl | 8,152 |
Crude Oil | 2-Way Collars [Domain] | First Quarter 2022 | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 40 |
Derivative, Average Cap Price | 53.49 |
Derivative, Nonmonetary Notional Amount | bbl | 5,417 |
Crude Oil | 2-Way Collars [Domain] | Second Quarter 2022 | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 40 |
Derivative, Average Cap Price | 52.47 |
Derivative, Nonmonetary Notional Amount | bbl | 4,533 |
Crude Oil | 2-Way Collars [Domain] | Third Quarter 2022 | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 40 |
Derivative, Average Cap Price | 52.47 |
Derivative, Nonmonetary Notional Amount | bbl | 4,484 |
Crude Oil | 2-Way Collars [Domain] | Fourth Quarter 2022 | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 40 |
Derivative, Average Cap Price | 52.47 |
Derivative, Nonmonetary Notional Amount | bbl | 4,484 |
Crude Oil | 2-Way Collars [Domain] | First Quarter 2023 | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 40 |
Derivative, Average Cap Price | 50 |
Derivative, Nonmonetary Notional Amount | bbl | 2,917 |
Crude Oil | 2-Way Collars [Domain] | Second Quarter 2023 | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 40 |
Derivative, Average Cap Price | 50 |
Derivative, Nonmonetary Notional Amount | bbl | 2,855 |
Crude Oil | Sold Put | Second Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 29.83 |
Derivative, Nonmonetary Notional Amount | bbl | 4,945 |
Crude Oil | Sold Put | Third Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 35.14 |
Derivative, Nonmonetary Notional Amount | bbl | 5,707 |
Crude Oil | Sold Put | Fourth Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 35.14 |
Derivative, Nonmonetary Notional Amount | bbl | 5,707 |
Crude Oil | CMA Roll Basis Swap [Domain] | Second Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, CMA Roll Basis Swap, Price | 0.17 |
Derivative, Nonmonetary Notional Amount | bbl | 18,132 |
Crude Oil | CMA Roll Basis Swap [Domain] | Third Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, CMA Roll Basis Swap, Price | 0.17 |
Derivative, Nonmonetary Notional Amount | bbl | 17,935 |
Crude Oil | CMA Roll Basis Swap [Domain] | Fourth Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, CMA Roll Basis Swap, Price | 0.17 |
Derivative, Nonmonetary Notional Amount | bbl | 17,935 |
Natural Gas [Member] | 2-Way Collars [Domain] | Second Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 2.607 |
Derivative, Average Cap Price | 3.117 |
Derivative, Nonmonetary Notional Amount | bbl | 9,890 |
Natural Gas [Member] | 2-Way Collars [Domain] | Third Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 2.607 |
Derivative, Average Cap Price | 3.117 |
Derivative, Nonmonetary Notional Amount | bbl | 9,783 |
Natural Gas [Member] | 2-Way Collars [Domain] | Fourth Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Average Floor Price | 2.607 |
Derivative, Average Cap Price | 3.117 |
Derivative, Nonmonetary Notional Amount | bbl | 9,783 |
Natural Gas [Member] | Sold Put | Second Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 2 |
Derivative, Nonmonetary Notional Amount | bbl | 6,593 |
Natural Gas [Member] | Sold Put | Third Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 2 |
Derivative, Nonmonetary Notional Amount | bbl | 6,522 |
Natural Gas [Member] | Sold Put | Fourth Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 2 |
Derivative, Nonmonetary Notional Amount | bbl | 6,522 |
Natural Gas Liquids | Swap | Second Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 0.2263 |
Derivative, Nonmonetary Notional Amount | bbl | 36,264 |
Natural Gas Liquids | Swap | Third Quarter 2021 [Domain] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Swap Type, Average Fixed Price | 0.2288 |
Derivative, Nonmonetary Notional Amount | bbl | 35,870 |
Derivative Instruments - Impact
Derivative Instruments - Impact of Derivative Activities on Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives | $ (44,368) | $ 151,119 |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 32 | (6,683) |
Gain (Loss) on Commodity Derivative Instruments | (44,400) | 157,802 |
Cash Settlements Interest Rate Swap Operating Activities | (922) | 68 |
Cash Settlements Commodity Operating Activities | (6,247) | (337) |
Cash settlements and premiums received (paid), net | $ (7,169) | $ (269) |
Fair Value of Derivative Instru
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 13,093 | $ 75,506 |
Derivative liabilities | 44,328 | 85,106 |
Derivative Asset, Noncurrent | 5,269 | 25,449 |
Derivative Liability, Noncurrent | 14,914 | 28,434 |
Derivative Liability | 59,242 | 113,540 |
Derivative Asset | 18,362 | 100,955 |
Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 36,500 | |
Commodity contracts | Current Derivative Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 13,093 | 75,506 |
Derivative liabilities | 40,598 | 81,451 |
Commodity contracts | Noncurrent Derivative Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Noncurrent | 5,269 | 25,449 |
Derivative Liability, Noncurrent | 14,299 | 26,789 |
Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 4,300 | |
Interest Rate Swap | Current Derivative Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Derivative liabilities | 3,730 | 3,655 |
Interest Rate Swap | Noncurrent Derivative Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Noncurrent | 0 | 0 |
Derivative Liability, Noncurrent | 615 | 1,645 |
Fair Value, Measurements, Recurring | Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | 13,093 | 75,506 |
Derivative liabilities | 40,598 | (81,451) |
Derivative Asset, Noncurrent | 5,269 | 25,449 |
Derivative Liability, Noncurrent | 14,299 | $ 26,789 |
Fair Value, Measurements, Recurring | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 3,730 | |
Derivative Liability, Noncurrent | $ 615 |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)$ / bbl | Mar. 31, 2020USD ($)$ / bbl | Dec. 31, 2020USD ($) | |
Property, Plant and Equipment [Abstract] | |||
Proved Oil and Gas Property, Full Cost Method | $ 1,626,435 | $ 1,545,910 | |
Unproved Oil and Gas Property, Full Cost Method | 63,489 | 49,935 | |
Oil and Gas Property, Full Cost Method, Gross | 1,689,924 | 1,595,845 | |
Total properties and equipment | 1,717,720 | 1,623,591 | |
Other property and equipment | 27,796 | 27,746 | |
Accumulated depreciation, depletion and amortization | (925,643) | (900,042) | |
Property and equipment, net (successful efforts method) | 792,077 | 723,549 | |
Unproved Oil and Gas Property excluded | 63,500 | 49,900 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Period Cost | $ 500 | $ 1,200 | |
Undeveloped Leasehold Costs Transferred | 7,600 | 1,400 | |
Capitalized Costs, Proved Properties | 700 | 800 | |
Interest Costs Capitalized | $ 800 | $ 700 | |
Amortization Expense Per Physical Unit of Production | $ / bbl | 12.92 | 16.73 | |
Impairments of oil and gas properties | $ 1,811 | $ 0 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 29, 2017 | |
Debt Instrument [Line Items] | ||||
Revolving credit facility | $ 228,900 | $ 314,400 | ||
Second Lien Facility | 146,860 | 200,000 | $ 200,000 | |
Long-term Debt, Gross | 375,760 | 514,400 | ||
Debt Instrument, Unamortized Discount | (1,096) | (1,604) | (4,000) | |
Unamortized Debt Issuance Expense | (3,602) | (3,299) | $ (8,200) | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 371,062 | 509,497 | ||
Long-term Debt, Current Maturities | (7,500) | 0 | ||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | [1],[2] | 4,698 | 4,903 | |
Long-term Debt | $ 363,562 | $ 509,497 | ||
[1] | Discount and issuance costs of the Second Lien Facility are being amortized over the term of the underlying loan using the effective-interest method | |||
[2] | ssuance costs of the Credit Facility, which represent costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 10) and are being amortized over the term of the Credit Facility using the straight-line method. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | May 03, 2019 | Sep. 29, 2017 | |
Debt Disclosure [Line Items] | |||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 400,000 | ||||
Letters of credit outstanding | $ 400,000 | $ 400,000 | |||
Current Ratio | 1 | ||||
Debt To E B I T D Ratio Maximum | 3.50 | ||||
Anti-hording provision, Max cash | $ 25,000,000 | ||||
Second Lien Facility | 146,860,000 | 200,000,000 | $ 200,000,000 | ||
Proceeds from Debt, Net of Issuance Costs | 187,800,000 | ||||
Debt Instrument, Unamortized Discount | 1,096,000 | 1,604,000 | 4,000,000 | ||
Unamortized Debt Issuance Expense | $ 3,602,000 | $ 3,299,000 | $ 8,200,000 | ||
First Lien Debt To E B I T D Ratio Maximum | 2.50 | ||||
Amortization Payment | $ 1,875,000 | ||||
Revolving Credit Facility | |||||
Debt Disclosure [Line Items] | |||||
Commitment fee | 0.50% | ||||
Minimum [Member] | Revolving Credit Facility | |||||
Debt Disclosure [Line Items] | |||||
Interest rate | 1.50% | ||||
Minimum [Member] | LIBOR | Revolving Credit Facility | |||||
Debt Disclosure [Line Items] | |||||
Applicable margin | 2.50% | ||||
Maximum [Member] | Revolving Credit Facility | |||||
Debt Disclosure [Line Items] | |||||
Interest rate | 2.50% | ||||
Maximum [Member] | LIBOR | Revolving Credit Facility | |||||
Debt Disclosure [Line Items] | |||||
Applicable margin | 3.50% | ||||
Revolving Credit Facility | |||||
Debt Disclosure [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 375,000,000 | $ 1,000,000,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 350,000,000 | ||||
Interest Rate at Period End | 3.11% | ||||
Revolving Credit Facility | Interest Payable One [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt Instrument, Interest Payable Period | 1 month | ||||
Revolving Credit Facility | Interest Payable Two [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt Instrument, Interest Payable Period | 3 months | ||||
Revolving Credit Facility | Interest Payable Three [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt Instrument, Interest Payable Period | 6 months | ||||
Line of Credit [Member] | Year 1 [Domain] | |||||
Debt Disclosure [Line Items] | |||||
Prepayment Premium | 102.00% | ||||
Line of Credit [Member] | Year 2 [Domain] | |||||
Debt Disclosure [Line Items] | |||||
Prepayment Premium | 101.00% | ||||
Line of Credit [Member] | Letter of Credit | |||||
Debt Disclosure [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||
Second Lien Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 1,400,000 | ||||
Interest rate option two, applicable margin rate | 8.25% | 7.25% | |||
Interest rate option one, applicable margin rate over Adjusted LIBOR | 825.00% | 9.25% | |||
Debt Instrument, Interest Rate Floor | 1.00% | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 50,000,000 | ||||
Repayments of Debt | $ 1,300,000 | ||||
Asset Coverage Ratio | 1.25 | ||||
Write off Deferred Debt Issuance and Original Issuance Costs | $ 1,200,000 | ||||
Second Lien Facility Interest Rate | 9.25% | ||||
Second Lien Facility [Member] | Year 1 [Domain] | |||||
Debt Disclosure [Line Items] | |||||
Prepayment Premium | 102.00% | ||||
Year 2 [Domain] | Year 1 [Domain] | |||||
Debt Disclosure [Line Items] | |||||
Prepayment Premium | 101.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Jan. 15, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Income Tax Examination [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 1.50% | 0.70% | |
Deferred Tax Liabilities, Tax Deferred Income | $ 400,000 | ||
Current Federal, State and Local, Tax Expense (Benefit) | $ 1,100,000 | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 1,200,000 | ||
Unrecognized Tax Benefits | 0 | ||
Income Tax Examination, Penalties and Interest Expense | $ 0 | $ 0 | |
Juniper Transaction | |||
Income Tax Examination [Line Items] | |||
Income Tax Adjustment | $ (708,000) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Lessee, Lease, Description [Line Items] | ||||
Operating Lease, Right-of-Use Asset | $ 2,237 | $ 2,432 | ||
Operating Lease, Liability, Current | 894 | 936 | ||
Noncurrent operating lease obligations | 1,553 | $ 1,752 | ||
Operating Lease, Cost | 216 | $ 210 | ||
Short-term Lease, Cost | 2,752 | 11,296 | ||
Variable Lease, Cost | 4,874 | 5,657 | ||
Amounts charged as dilling costs | [1] | (2,082) | (10,621) | |
Lease, Cost | [2] | 5,760 | 6,542 | |
Estimated Litigation Liability, Current | 100 | |||
Natural Gas, Gathering, Transportation, Marketing and Processing [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease, Cost | [2] | 2,200 | 2,800 | |
Operating Expense [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease, Cost | [2] | 3,300 | 3,500 | |
General and Administrative Expense [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease, Cost | [2] | $ 200 | $ 200 | |
[1] | 1 Represents the combined gross amounts incurred and (i) capitalized as drilling costs for our working interest share and (ii) billed to joint interest partners for their working interest share for short-term leases of operated drilling rigs. | |||
[2] | 2 Includes $2.2 million and $2.8 million recognized in Gathering, processing and transportation expense (“GPT”), $3.3 million and $3.5 million recognized in Lease operating expense (“LOE”) for the three months ended March 31, 2021 and 2020, respectively, and $0.2 million recognized in G&A for each of the three months ended March 31, 2021 and 2020. |
Supplemental Balance Sheet (Det
Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid and other current assets: | ||
Inventories 1 | $ 4,036 | $ 4,274 |
Prepaid expenses 2 | 15,511 | 14,771 |
Other Assets, Current | 19,547 | 19,045 |
Other assets: | ||
Deferred issuance costs of the Revolver | 2,542 | 2,349 |
Operating Lease, Right-of-Use Asset | 2,237 | 2,432 |
Other | 127 | 127 |
Other assets | 4,906 | 4,908 |
Accounts payable and accrued liabilities: | ||
Trade accounts payable | 29,137 | 7,055 |
Drilling and other lease operating costs | 18,002 | 16,088 |
Royalties | 34,223 | 26,615 |
Production, ad valorem and other taxes | 5,242 | 3,094 |
Derivative Liability Settlements to Counterparties | 8,773 | 321 |
Compensation | 2,270 | 4,222 |
Interest | 401 | 504 |
Operating Lease, Liability, Current | 894 | 936 |
Other | 1,008 | 4,254 |
Accounts payable and accrued liabilities | 99,950 | 63,089 |
Other liabilities: | ||
Asset retirement obligations | 5,648 | 5,461 |
Noncurrent operating lease obligations | 1,553 | 1,752 |
Defined benefit pension obligations | 845 | 865 |
Postretirement health care benefit obligations | 291 | 284 |
Other Liabilities, Noncurrent | 8,337 | 8,362 |
Tubular Inventory and Well Materials | 3,300 | 3,900 |
Capitalized Costs - Crude Oil in Storage | 700 | 400 |
Drilling and Completion Prepayment | $ 13,900 | 13,600 |
Accrued Expenses - Juniper Transaction | $ 3,500 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | $ 13,093 | $ 75,506 |
Derivative Asset, Noncurrent | 5,269 | 25,449 |
Liabilities: | ||
Commodity derivative liabilities – current | (44,328) | (85,106) |
Derivative Liability, Noncurrent | (14,914) | (28,434) |
Fair Value, Measurements, Recurring | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 13,093 | 75,506 |
Derivative Asset, Noncurrent | 5,269 | 25,449 |
Liabilities: | ||
Commodity derivative liabilities – current | (40,598) | 81,451 |
Derivative Liability, Noncurrent | (14,299) | (26,789) |
Fair Value, Measurements, Recurring | Commodity contracts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Derivative Asset, Noncurrent | 0 | 0 |
Liabilities: | ||
Commodity derivative liabilities – current | 0 | 0 |
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Measurements, Recurring | Commodity contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 13,093 | 75,506 |
Derivative Asset, Noncurrent | 5,269 | 25,449 |
Liabilities: | ||
Commodity derivative liabilities – current | (40,598) | 81,451 |
Derivative Liability, Noncurrent | (14,299) | (26,789) |
Fair Value, Measurements, Recurring | Commodity contracts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Derivative Asset, Noncurrent | 0 | 0 |
Liabilities: | ||
Commodity derivative liabilities – current | 0 | 0 |
Derivative Liability, Noncurrent | 0 | 0 |
Fair Value, Measurements, Recurring | Interest Rate Swap | ||
Liabilities: | ||
Commodity derivative liabilities – current | (3,730) | |
Derivative Liability, Noncurrent | (615) | |
Fair Value, Measurements, Recurring | Interest Rate Swap | Level 2 | ||
Liabilities: | ||
Commodity derivative liabilities – current | (3,730) | (3,655) |
Derivative Liability, Noncurrent | $ (615) | $ (1,645) |
Crude Oil | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Third-party quoted forward prices | NYMEX WTI | |
MEH [Member] | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Third-party quoted forward prices | MEH | |
Natural Gas [Member] | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Third-party quoted forward prices | NYMEX HH | |
Natural Gas Liquids | Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Third-party quoted forward prices | OPIS Mt Belv Ethane |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)bbl | |
Commitments and Contingencies Disclosure [Line Items] | |
Number of barrels | bbl | 8,000 |
Asset Retirement Obligation | $ 5,600 |
Estimated Litigation Liability, Current | 100 |
Frac Services Prepayment | $ 12,000 |
Gonzales, Lavaca and Fayette Counties, Texas | |
Commitments and Contingencies Disclosure [Line Items] | |
Number of barrels | bbl | 20,000 |
Crude Oil Storage Capacity | Nuevo G&T | |
Commitments and Contingencies Disclosure [Line Items] | |
Number of barrels | bbl | 180,000 |
Crude Oil Gathering And Transportation Services | |
Commitments and Contingencies Disclosure [Line Items] | |
Contractual Obligation, Remainder of the Current Year | $ 10,500 |
Contractual Obligation, Due 2022 through 2025 | 13,900 |
Contractual Obligation, Due 2026 | 7,800 |
Contractual Obligation, Due 2027 through 2030 | 3,800 |
Contractual Obligation, Due 2031 | $ 600 |
Crude Oil Storage Capacity with Downstream Interstate Pipeline | Nuevo G&T | |
Commitments and Contingencies Disclosure [Line Items] | |
Number of barrels | bbl | 90,000 |
Crude Oil Storage Capacity with Downstream Interstate Pipeline | Nuevo Dos Gathering and Transportation, LLC-Marketing Affiliate | |
Commitments and Contingencies Disclosure [Line Items] | |
Number of barrels | bbl | 62,000 |
Tank Capacity | Nuevo G&T | |
Commitments and Contingencies Disclosure [Line Items] | |
Number of barrels | bbl | 70,000 |
Additional Crude Oil Storage Capacity With Downstream Interstate Pipeline | Nuevo Dos Gathering and Transportation, LLC-Marketing Affiliate | |
Commitments and Contingencies Disclosure [Line Items] | |
Number of barrels | bbl | 120,000 |
Shareholders' Equity Rollforwar
Shareholders' Equity Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
As of beginning balance | $ 212,838 | $ 520,745 | |||
Net income (loss) | (20,021) | 163,094 | |||
Issuance of preferred stock | 2 | ||||
Issuance of Noncontrolling interest | 179,552 | ||||
All Other Changes | 1,772 | 556 | [1] | ||
As of ending balance | 374,143 | 684,319 | |||
Share-based compensation | 2,246 | 856 | |||
Accounting Standards Update 2016-02 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
As of ending balance | [2] | (76) | |||
Preferred Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
As of beginning balance | 0 | ||||
Issuance of preferred stock | 2 | ||||
As of ending balance | 2 | ||||
Common Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
As of beginning balance | 152 | 151 | |||
All Other Changes | 1 | 1 | |||
As of ending balance | 153 | 152 | |||
Paid-in Capital | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
As of beginning balance | 203,463 | 200,666 | |||
Issuance of Noncontrolling interest | (50,068) | ||||
All Other Changes | 1,769 | [3] | 556 | [1] | |
As of ending balance | 155,164 | 201,222 | |||
Retained Earnings/(Accumulated Deficit) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
As of beginning balance | 9,354 | 319,987 | |||
Net income (loss) | (13,572) | 163,094 | |||
All Other Changes | 0 | 0 | |||
As of ending balance | (4,218) | 483,005 | |||
Retained Earnings/(Accumulated Deficit) | Accounting Standards Update 2016-02 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
As of ending balance | [2] | (76) | |||
Accumulated Other Comprehensive Loss | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
As of beginning balance | (131) | (59) | |||
All Other Changes | 1 | (1) | |||
As of ending balance | (130) | $ (60) | |||
Noncontrolling Interest | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
As of beginning balance | 0 | ||||
Net income (loss) | (6,449) | ||||
Issuance of Noncontrolling interest | 229,620 | ||||
All Other Changes | 1 | ||||
As of ending balance | $ 223,172 | ||||
[1] | Includes equity-classified share-based compensation of $0.9 million during the three months ended March 31, 2020. During the three months ended March 31, 2020, 22,321 shares of common stock were issued in connection with the vesting of certain RSUs, net of shares withheld for income taxes. | ||||
[2] | 1 Attributable to the adoption of Accounting Standards Update 2016–13, Measurement of Credit Losses on Financial Instruments, | ||||
[3] | Includes equity-classified share-based compensation of $2.2 million during the three months ended March 31, 2021. During the three months ended March 31, 2021, 102,586 and 6,800 shares of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”), net of shares withheld for income taxes. |
Share-Based Compensation and _2
Share-Based Compensation and Other Benefit Plans - Summary of Share-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based compensation | $ 2,246 | $ 856 | ||||
Defined Contribution Plan, Cost | 200 | 200 | ||||
Other Pension, Postretirement and Supplemental Plans [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $ 100 | $ 100 | ||||
Time Vested Restricted Stock Units - Employees [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 48,641 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 608,938 | 223,882 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 13.69 | $ 2.78 | ||||
Shares, Issued | 102,586 | 22,321 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 209,486 | |||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 24,200 | 57,500 | ||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangements By Share-based Payment Award, Award Amortization Period | 1 year | |||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangements By Share-based Payment Award, Award Amortization Period | 3 years | |||||
Performance Shares [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 24,200 | 87,899 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 49.90% | |||||
Share-based Compensation Arrangements By Share-based Payment Award, Award Amortization Period | 3 years | |||||
Shares, Issued | 6,800 | |||||
Share-based Compensation Arrangements By Share-based Payment Award, Performance Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 201,491 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.18% | 1.66% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 0.22% | 0.51% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 150,512 | |||||
Performance Shares [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 24,200 | 57,500 | ||||
Performance Shares [Member] | Minimum [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 101.32% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Expected to Vest, Percentage | 0.00% | |||||
Performance Shares [Member] | Maximum [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 126.20% | 117.71% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Expected to Vest, Percentage | 200.00% | |||||
Performance Shares [Member] | Year 1 [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 34.02 | |||||
Performance Shares [Member] | Year 1 [Member] | Minimum [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.40 | |||||
Performance Shares [Member] | Year 1 [Member] | Maximum [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.82 | $ 16.02 | ||||
Change in Control | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based compensation | $ 1,900 | |||||
Employees and Directors [Member] | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,424,600 |
Interest Expense Components of
Interest Expense Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Interest Expense [Abstract] | |||
Interest Expense, Borrowings | $ 5,632 | $ 8,045 | |
Amortization of Debt Discount (Premium) | [1] | 105 | 196 |
Amortization of Debt Issuance Costs | 506 | 627 | |
Interest Paid, Capitalized, Investing Activities | (846) | (688) | |
Interest Expense | 5,397 | 8,180 | |
Share-based compensation | $ 2,246 | $ 856 | |
[1] | Attributable to the Second Lien Facility (see Note 7). |
Components of Calculation of Ba
Components of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net income (loss) | $ (20,021) | $ 163,094 |
Net loss attributable to Noncontrolling interest | 6,449 | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | (13,572) | 163,094 |
Noncontrolling Interest, Amount Represented by Preferred Stock | (6,449) | 0 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (20,021) | $ 163,094 |
Weighted-average shares – basic (in shares) | 15,263 | 15,152 |
Common Units and Series A Preferred Stock that are exchangeable for common share (in shares) | 0 | 0 |
RSUs and PRSUs (in shares) | 0 | 8 |
Weighted-average shares – diluted (in shares) | 15,263 | 15,160 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,700 | |
Restricted Stock Units and Performance Stock Units | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 | |
Common Units | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,500 | |
Series A Preferred Stock [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 |