| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||
Net income (loss) | ||||||||
-1,233 | -161,722 | -742,279 | -21,850 | -113,806 | 17,976 | 30,485 | 6,185 | -45,243 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depletion, depreciation and amortization | ||||||||
92,089 | 50,462 | 94,338 | 132,154 | 116,344 | 78,414 | 57,664 | 47,016 | 11,541 |
Impairment of proved oil and gas properties | ||||||||
0 | 58,000 | 705,000 | 120,000 | 188,000 | 0 | - | - | - |
Amortization of deferred financing costs and long-term debt premium and discount | ||||||||
9,336 | 5,240 | 11,578 | 2,337 | 2,481 | 1,691 | 1,044 | 757 | - |
Stock-based compensation | ||||||||
12,161 | 6,315 | 12,148 | 16,331 | 14,924 | 9,399 | 7,927 | 6,247 | 1,084 |
Commodity derivative instruments (gain) loss | ||||||||
-5,655 | -19,784 | 76,492 | 118,141 | -15,336 | 5,176 | -5,321 | -9,566 | -46,321 |
Commodity derivative settlement gain (loss) | ||||||||
3,730 | 88,010 | 93,150 | 4,988 | 35,812 | 22,920 | 20,799 | - | - |
Unrealized contingent payment derivative instrument gain | ||||||||
3,464 | - | - | - | - | - | - | - | - |
Write-off of deferred acquisition costs | ||||||||
- | - | - | - | - | - | - | - | 3,500 |
Deferred income tax benefit | ||||||||
- | - | -22,354 | -4,140 | -64,663 | 11,865 | 17,870 | 6,005 | -19,813 |
Change in operating assets and liabilities: | ||||||||
Accounts receivable | ||||||||
7,592 | 18,019 | -21,216 | -36,768 | 15,961 | 15,317 | 16,535 | 17,941 | 3,786 |
Other current assets | ||||||||
577 | -109 | -322 | 706 | -539 | -138 | 233 | -334 | 883 |
Accounts payable and accrued expenses | ||||||||
25,337 | 35,520 | -27,173 | -14,297 | 25,905 | -4,859 | 18,634 | 361 | -4,866 |
Accrued interest payable | ||||||||
1,790 | 20 | 25 | - | 41 | 5,560 | -291 | -35 | - |
Accounts payable - related party | ||||||||
- | - | - | - | - | - | - | - | -19 |
Net cash provided by operating activities | ||||||||
137,232 | 83,719 | 69,479 | 143,468 | 133,328 | 76,771 | 101,087 | 58,495 | -12,164 |
Investing activities: | ||||||||
Acquisition of subsidiary, net of cash acquired | ||||||||
- | - | - | - | - | - | - | - | 323,822 |
Decrease (increase) in cash and cash equivalents in trust | ||||||||
- | - | - | - | - | - | - | - | -250,024 |
Purchase of marketable securities held in trust | ||||||||
- | - | - | - | - | - | - | - | 249,654 |
Sales / maturities of marketable securities held in trust | ||||||||
- | - | - | - | - | - | - | - | 539,771 |
Oil and gas exploration and development expenditures | ||||||||
306,073 | 128,340 | 67,636 | 183,565 | 261,758 | 212,241 | 169,216 | 65,254 | 6,640 |
Proceeds from sale of oil and gas properties | ||||||||
198,175 | 35,477 | 268,773 | 11,122 | 121,361 | 49,692 | 4,744 | 260 | 59 |
Purchase of oil and gas properties | ||||||||
161,264 | 95,940 | - | - | 257,948 | 286,636 | 49,604 | - | - |
Purchase of other property and equipment | ||||||||
3,402 | 106 | 124 | 1,925 | 2,467 | 1,532 | 1,201 | 459 | 224 |
Restricted cash | ||||||||
-1,044 | 1,640 | 1,489 | 1,639 | -203 | 1,821 | 1,820 | 1,817 | - |
Other long-term assets | ||||||||
-31 | -82 | -59 | -114 | 4,909 | -5,091 | -91 | 1,853 | -421 |
Settlement of notes receivable - related parties | ||||||||
- | - | - | - | - | - | - | - | 52 |
Net cash used in investing activities | ||||||||
-271,489 | -190,467 | 199,583 | -175,893 | -405,518 | -447,447 | -217,006 | -69,123 | 209,987 |
Financing activities: | ||||||||
Payment of deferred underwriters' fees | ||||||||
- | - | - | - | - | - | - | - | 5,650 |
Proceeds from bank borrowings | ||||||||
381,000 | 156,500 | 183,000 | 433,500 | 638,000 | 649,600 | 353,200 | 215,275 | 53,376 |
Repayments of bank borrowings | ||||||||
361,000 | 146,500 | 418,000 | 533,500 | 465,000 | 657,600 | 311,100 | 196,950 | 43,000 |
Proceeds from issuance of senior notes | ||||||||
126,875 | - | - | - | - | - | - | - | - |
Repayment of term loan | ||||||||
128,303 | - | 71,697 | - | 0 | - | - | - | - |
Payment of financing costs | ||||||||
5,295 | - | 3,744 | 1,007 | 1,934 | 12,275 | 195 | 4,039 | - |
Payment of preferred dividend | ||||||||
5,205 | - | - | - | - | - | - | - | - |
Redemption of restricted stock for employee income taxes | ||||||||
3,394 | 122 | 176 | 1,735 | 1,551 | 1,126 | 1,112 | - | - |
Proceeds from exercise of employee options to purchase common stock | ||||||||
252 | 98 | - | - | - | - | - | - | - |
Proceeds from exercise of warrants | ||||||||
- | - | - | - | - | - | 74,417 | 1 | - |
Proceeds from issuance of common stock, net of underwriters discounts and commissions | ||||||||
- | 160,887 | - | - | 101,760 | 0 | - | - | - |
Proceeds from issuance of preferred stock, net of underwriters discounts and commissions | ||||||||
- | 59,677 | - | - | - | - | - | - | - |
Proceeds from issuance of term loans | ||||||||
- | - | 46,500 | 139,500 | 0 | 401,875 | - | - | - |
Redemption of restricted stock for employee income taxes and restricted stock forfeitures | ||||||||
- | - | - | - | - | - | - | 2,270 | - |
Payments due to Holdings | ||||||||
- | - | - | - | - | - | - | - | 1,248 |
Redemption of common stock | ||||||||
- | - | - | - | - | - | - | - | 113,139 |
Forward purchase of common stock | ||||||||
- | - | - | - | - | - | - | - | 73,346 |
Retirement of public warrants | ||||||||
- | - | - | - | - | 9,999 | - | - | 15,180 |
Net cash provided by financing activities | ||||||||
4,930 | 230,540 | -264,117 | 36,758 | 271,275 | 370,475 | 115,210 | 12,017 | -198,187 |
Net decrease in cash and cash equivalents | ||||||||
-129,327 | 123,792 | 4,945 | 4,333 | -915 | -201 | -709 | 1,389 | -364 |
Cash paid during the period for: | ||||||||
Interest, net of amounts capitalized | ||||||||
32,323 | 50,684 | 64,364 | 31,890 | 29,280 | 10,051 | 3,091 | 4,135 | 3,584 |
Income taxes | ||||||||
63 | - | - | - | 0 | 8 | - | 32 | 1,004 |
Supplemental schedule of non-cash investing and financing activities: | ||||||||
Issuance of common stock for purchase of oil and gas properties | ||||||||
- | 62,293 | - | - | - | - | - | - | - |
Capital expenditures financed through current liabilities | ||||||||
25,883 | 18,440 | 10,482 | 17,651 | 30,069 | 39,008 | 26,608 | 15,855 | 2,755 |
Increase (decrease) to asset retirement obligations | ||||||||
1,424 | 412 | 333 | -2,012 | 11,421 | 315 | 1,862 | - | - |
Increase to asset retirement obligations | ||||||||
- | - | - | - | - | - | - | 6,215 | - |
Asset retirement obligations assumed | ||||||||
23 | 587 | - | - | 1,659 | 2,557 | - | - | - |
Asset retirement obligations sold | ||||||||
19,680 | 1,081 | 14,985 | 157 | 723 | 0 | 1,307 | - | - |
Issuance of common stock for acquisition | ||||||||
- | - | - | - | - | - | - | - | 88,780 |
Issuance of warrants for acquisition | ||||||||
- | - | - | - | - | - | - | - | 3,202 |
Issuance of earnout shares for acquisition | ||||||||
- | - | - | - | - | - | - | - | 10,024 |
Forgiveness of deferred underwriters' commission | ||||||||
- | - | - | - | - | - | - | - | 11,738 |