| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income (loss) | ||||||||||
67,928 | 300,360 | 120,424 | -91,813 | -240,139 | 37,766 | 4,304 | 2,747 | 106,396 | 8,386 | 46,796 |
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||
Depreciation, depletion and amortization | ||||||||||
245,936 | 185,605 | 118,728 | 73,072 | 69,891 | 58,014 | 45,393 | 51,043 | 49,753 | 32,629 | 34,274 |
Write-down of oil and natural gas properties | ||||||||||
- | - | - | 95,788 | 208,435 | - | - | - | - | - | - |
Accretion expense | ||||||||||
- | - | - | 958 | 660 | 826 | 1,785 | 2,253 | 2,338 | 2,446 | 3,149 |
Amortization of non-cash debt related items | ||||||||||
2,900 | 2,500 | 2,200 | 3,115 | 3,123 | 1,272 | 471 | 402 | 461 | 397 | - |
Income Tax Expense (Benefit) | ||||||||||
35,301 | 8,110 | 1,273 | - | - | - | - | - | - | - | - |
Equity in earnings of Medusa Spar LLC | ||||||||||
- | - | - | - | - | - | 17 | 226 | 799 | 427 | 660 |
Deferred income tax (benefit) expense | ||||||||||
- | - | - | -14 | 38,474 | 23,134 | 2,778 | 2,223 | 10,928 | 1,503 | 18,816 |
Valuation allowance | ||||||||||
- | - | - | - | - | - | - | - | 80,211 | 1,503 | 11,193 |
(Gain) loss on derivative contracts | ||||||||||
-62,109 | 48,544 | -18,901 | -38,135 | -6,658 | 27,650 | -2,730 | 1,683 | 0 | 0 | - |
Cash (paid) received for commodity derivative settlements | ||||||||||
3,789 | 27,272 | 8,472 | - | - | - | - | - | - | - | - |
Loss on sale of other property and equipment | ||||||||||
90 | 144 | -62 | 0 | 0 | 1,080 | - | - | - | - | - |
Impairment of other property and equipment | ||||||||||
- | - | - | - | - | - | 1,707 | 1,176 | 0 | 0 | - |
Non-cash loss on early extinguishment of debt | ||||||||||
-4,881 | 0 | 0 | -9,883 | 0 | 151 | 3,696 | 1,366 | 1,942 | -339 | 0 |
Non-cash interest expense for Callon Entrada non-recourse credit agreement | ||||||||||
- | - | - | - | - | - | - | - | - | - | 3,693 |
Gain on acquired equipment | ||||||||||
- | - | - | - | - | - | - | - | 4,995 | 0 | 0 |
Amortization of deferred credit | ||||||||||
- | - | - | - | - | - | - | - | - | - | -294 |
Non-cash expense related to equity share-based awards | ||||||||||
9,767 | 6,289 | 8,254 | 2,765 | 2,688 | 1,126 | 2,092 | 1,697 | 1,337 | 2,347 | 2,335 |
Change in the fair value of liability share-based awards | ||||||||||
1,624 | 375 | 3,288 | 6,953 | 6,612 | 3,936 | 2,903 | 1,620 | 761 | 760 | - |
Payments to settle asset retirement obligations | ||||||||||
4,148 | 1,469 | 2,047 | 1,471 | 3,258 | 3,808 | 721 | 1,314 | 2,563 | 2,486 | 6,657 |
Payments for cash-settled restricted stock unit awards related to early retirements related to early retirements | ||||||||||
- | - | - | - | 3,538 | 1,417 | - | - | - | - | - |
Payments for cash-settled restricted stock unit awards | ||||||||||
1,425 | 4,990 | 13,173 | 10,300 | 3,925 | 2,052 | 239 | 3,383 | 0 | 0 | - |
Other, net | ||||||||||
8,114 | -2,508 | -6,057 | 0 | - | - | - | - | - | - | - |
Changes in current assets and liabilities: | ||||||||||
Accounts receivable | ||||||||||
35,071 | 17,351 | 44,495 | 30,055 | 4,761 | 7,915 | 3,497 | 883 | 3,734 | -59,527 | 45,573 |
Other current assets | ||||||||||
4,166 | 7,601 | -108 | 786 | 20 | -622 | 560 | -100 | -180 | 209 | 468 |
Current liabilities | ||||||||||
86,438 | 74,311 | 30,947 | 25,288 | 8,001 | 12,805 | 3,583 | 1,753 | 4,695 | 907 | -27,260 |
Other long-term liabilities | ||||||||||
- | - | - | 96 | 80 | -106 | -711 | 103 | 100 | -115 | -12 |
Long-term prepaid | ||||||||||
- | - | - | - | 0 | - | - | - | - | - | - |
Change in natural gas balancing receivable | ||||||||||
- | - | - | - | - | - | - | - | -252 | -347 | -279 |
Change in natural gas balancing payable | ||||||||||
- | - | - | - | - | - | - | - | 115 | 300 | 312 |
Other | ||||||||||
- | - | - | 840 | -338 | 448 | 666 | 1,886 | 520 | 776 | 31 |
Net cash provided by operating activities | ||||||||||
476,316 | 467,654 | 229,891 | 120,774 | 89,319 | 94,387 | 54,475 | 51,290 | 79,167 | 100,102 | 19,698 |
Cash flows from investing activities: | ||||||||||
Capital expenditures | ||||||||||
640,540 | 611,173 | 419,839 | 190,032 | 227,292 | 232,596 | 159,724 | 133,299 | 100,243 | 59,908 | 29,133 |
Acquisitions | ||||||||||
42,266 | 718,793 | 718,456 | 654,679 | 32,245 | 222,883 | 10,885 | 2,075 | 0 | 995 | 15,756 |
Acquisition deposit | ||||||||||
0 | 0 | 45,238 | -46,138 | 0 | - | - | - | - | - | - |
Proceeds from Sale of Productive Assets | ||||||||||
294,417 | 9,009 | 20,525 | 24,562 | 377 | 2,978 | 89,992 | 39,936 | 7,615 | 0 | 0 |
Other, net | ||||||||||
0 | 3,100 | 0 | 0 | - | - | - | - | - | - | - |
Distribution from Medusa Spar LLC | ||||||||||
- | - | - | - | - | - | 813 | 1,735 | 1,267 | 1,540 | 1,700 |
Investment in restricted assets related to plugging and abandonment | ||||||||||
- | - | - | - | - | - | - | - | 150 | 375 | 0 |
Net cash used in investing activities | ||||||||||
-388,389 | -1,324,057 | -1,072,532 | -866,287 | -259,160 | -452,501 | -79,804 | -93,703 | -91,511 | -59,738 | -43,189 |
Cash flows from financing activities: | ||||||||||
Borrowings on senior secured revolving credit facility | ||||||||||
2,455,900 | 500,000 | 25,000 | 217,000 | 181,000 | 132,500 | 80,000 | 53,000 | 0 | 0 | 20,337 |
Payments on senior secured revolving credit facility | ||||||||||
895,500 | 325,000 | 0 | 257,000 | 176,000 | 119,500 | 68,000 | 43,000 | 0 | 10,000 | 10,337 |
Payment to terminate Prior Credit Facility | ||||||||||
475,400 | 0 | 0 | - | - | - | - | - | - | - | - |
Repayment of Carrizo’s senior secured revolving credit facility | ||||||||||
853,549 | 0 | 0 | - | - | - | - | - | - | - | - |
Redemption of preferred stock | ||||||||||
73,017 | 0 | 0 | - | - | - | - | - | - | - | - |
Borrowings on term loans | ||||||||||
- | - | - | - | - | 382,500 | - | - | - | - | - |
Payments on term loans | ||||||||||
- | - | - | 300,000 | 0 | 84,149 | - | - | - | 16,212 | 0 |
Issuance of senior unsecured notes | ||||||||||
- | - | - | - | 0 | - | - | - | - | - | - |
Premium on the issuance of 6.125% Senior Notes due 2024 | ||||||||||
0 | 0 | 8,250 | 0 | 0 | -487 | -3,164 | -3,086 | -3,155 | -3,670 | 2,816 |
Redemption of 13% senior notes due 2016 | ||||||||||
- | - | - | - | - | 50,057 | 50,060 | 10,225 | 35,062 | 0 | 0 |
Issuance of preferred stock | ||||||||||
- | - | - | - | - | - | 70,035 | - | 0 | - | - |
Proceeds from Issuance of Common Stock | ||||||||||
0 | 287,988 | 0 | 1,357,577 | 175,459 | 122,450 | - | - | 73,765 | 0 | - |
Payment of preferred stock dividends | ||||||||||
3,997 | 7,295 | 7,295 | 7,295 | 7,895 | 7,895 | 4,627 | - | 0 | - | - |
Payment of deferred financing costs | ||||||||||
22,480 | 9,430 | 7,194 | 10,793 | 0 | 19,779 | 146 | - | - | - | - |
Tax withholdings related to restricted stock units | ||||||||||
2,195 | 1,804 | 1,118 | 2,207 | 2,467 | - | - | 18 | 0 | 40 | - |
Equity issued related to employee stock plans | ||||||||||
- | - | - | - | - | - | - | - | - | - | 0 |
Net cash provided by financing activities | ||||||||||
-90,637 | 844,459 | 217,643 | 1,397,282 | 170,097 | 356,070 | 27,202 | -243 | 38,703 | -26,252 | 10,000 |
Net change in cash and cash equivalents | ||||||||||
-2,710 | -11,944 | -624,998 | 651,769 | 256 | -2,044 | 1,873 | -42,656 | 26,359 | 14,112 | -13,491 |
Less: Cash held by subsidiary deconsolidated at January 1, 2010 | ||||||||||
- | - | - | - | - | - | - | - | - | -311 | 0 |
Carrizo | ||||||||||
Redemption of preferred stock | ||||||||||
220,399 | 0 | 0 | - | - | - | - | - | - | - | - |
6.125% Senior Notes due 2024 | ||||||||||
Issuance of senior unsecured notes | ||||||||||
0 | 0 | 200,000 | 400,000 | - | - | - | - | - | - | - |
6.375% Senior Notes due 2026 | ||||||||||
Issuance of senior unsecured notes | ||||||||||
0 | 400,000 | 0 | 0 | - | - | - | - | - | - | - |