XML 18 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ 86,211 $ (51,877)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 110,750 34,326
Accretion of asset retirement obligations 629 397
Settlement of asset retirement obligations (539) (201)
Loss on sale of oil and gas properties 3,140 0
Gain on sale of office and other equipment (33) (22)
Total loss on derivative contracts, net 26,464 151,480
Operating portion of net cash paid in settlement of derivative contracts (7,025) (31,686)
Stock-based compensation - equity and liability awards 4,618 5,830
Deferred income taxes 18,601 (1,327)
Write-off of deferred financing costs 5,109 0
Amortization of deferred financing costs 1,769 627
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable 34,955 (48,735)
(Increase) decrease in prepaid expenses and other current assets (5,752) (1,896)
Increase (decrease) in accounts payable and accrued expenses (53,028) 18,254
Increase (decrease) in revenues and royalties payable 31,532 14,932
Increase (decrease) in advances 929 (7,100)
Net cash provided by operating activities 258,330 83,002
Cash flows from investing activities:    
Acquisition of oil and gas properties, net of cash acquired (737) (324,198)
Additions to oil and gas properties (181,569) (55,925)
Additions to office and other equipment (291) (590)
Proceeds from sales of oil and gas properties 1,843 0
Net cash used in investing activities (180,754) (380,713)
Cash flows from financing activities:    
Proceeds from borrowings under Credit Agreement 958,360 582,498
Repayments of borrowings under Credit Agreement (776,338) (278,269)
Repayment of term loan (250,000) 0
Cash paid related to the exchange and cancellation of Class A Common Stock (6,342) (3,898)
Cash paid for finance leases (204) 0
Deferred financing costs (3,052) (6,151)
Net cash (used in) provided by financing activities (77,576) 294,180
Net decrease in cash 0 (3,531)
Cash at beginning of period 0 4,013
Cash at end of period $ 0 $ 482