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Prospectus
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Actual(1)
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Pro forma
combined(2) |
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Estimated proved reserves:
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| | | | | | | | | | | | |
Oil (MBbl)
|
| | | | 165,275 | | | | | | 274,040 | | |
Natural gas (MMcf)
|
| | | | 642,283 | | | | | | 1,058,862 | | |
Natural gas liquids (MBbl)
|
| | | | 111,774 | | | | | | 176,003 | | |
Total equivalent reserves (Mboe)
|
| | | | 384,097 | | | | | | 626,522 | | |
(in thousands, except per share data)
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Six months ended
June 30, 2023 |
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Year ended
December 31, 2022 |
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Statement of operations data: | | | | | | | | | | | | | |
Total revenues
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| | | $ | 667,569 | | | | | $ | 1,920,796 | | |
Total costs and expenses
|
| | | $ | 423,754 | | | | | $ | 859,555 | | |
Operating income
|
| | | $ | 244,206 | | | | | $ | 1,060,162 | | |
Total non-operating expense, net
|
| | | $ | 55,679 | | | | | $ | 423,148 | | |
Income before income taxes
|
| | | $ | 188,527 | | | | | $ | 637,014 | | |
Total income tax benefit (expense)
|
| | | $ | 220,224 | | | | | $ | (5,502) | | |
Net income
|
| | | $ | 408,751 | | | | | $ | 631,512 | | |
Net income per common share:
|
| | | | | | | | | | | | |
Basic
|
| | | $ | 23.71 | | | | | $ | 37.88 | | |
Diluted
|
| | | $ | 23.60 | | | | | $ | 37.44 | | |
(in thousands)
|
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As of
June 30, 2023 |
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As of
December 31, 2022 |
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Balance sheet data: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 71,696 | | | | | $ | 44,435 | | |
Property and equipment, net
|
| | | $ | 3,176,009 | | | | | $ | 2,410,540 | | |
Total assets
|
| | | $ | 3,815,429 | | | | | $ | 2,726,114 | | |
Total current liabilities
|
| | | $ | 433,745 | | | | | $ | 415,276 | | |
Long-term debt, net
|
| | | $ | 1,619,599 | | | | | $ | 1,113,023 | | |
Total stockholders’ equity
|
| | | $ | 1,603,573 | | | | | $ | 1,110,746 | | |
(in thousands)
|
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Six months ended
June 30, 2023 |
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Year ended
December 31, 2022 |
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Other financial data: | | | | | | | | | | | | | |
Net cash provided by operating activities
|
| | | $ | 365,013 | | | | | $ | 829,620 | | |
Net cash used in investing activities
|
| | | $ | (838,820) | | | | | $ | (475,952) | | |
Net cash provided by (used in) financing activities
|
| | | $ | 501,068 | | | | | $ | (366,031) | | |
Consolidated EBITDAX(1)
|
| | | $ | 453,634 | | | | | $ | 913,482 | | |
Free Cash Flow(2)
|
| | | $ | 56,794 | | | | | $ | 219,941 | | |
(in thousands)
|
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Six months
ended June 30, 2023 |
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Year ended
December 31, 2022 |
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Net income
|
| | | $ | 408,751 | | | | | $ | 631,512 | | |
Plus: | | | | | | | | | | | | | |
Share-settled equity-based compensation, net
|
| | | | 5,465 | | | | | | 8,403 | | |
Depletion, depreciation and amortization
|
| | | | 190,119 | | | | | | 311,640 | | |
Impairment expense
|
| | | | — | | | | | | 40 | | |
Organizational restructuring expenses
|
| | | | — | | | | | | 10,420 | | |
(Gain) loss on disposal of assets, net
|
| | | | (391) | | | | | | 1,079 | | |
Mark-to-market on derivatives:
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(Gain) loss on derivatives, net
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| | | | (2,446) | | | | | | 298,723 | | |
Settlements received (paid) for matured derivatives, net
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| | | | 9,020 | | | | | | (486,753) | | |
Settlements received for contingent consideration
|
| | | | 1,455 | | | | | | 2,457 | | |
Accretion expense
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| | | | 1,802 | | | | | | 3,879 | | |
Interest expense
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| | | | 60,083 | | | | | | 125,121 | | |
Loss on extinguishment of debt, net
|
| | | | — | | | | | | 1,459 | | |
Income tax expense
|
| | | | (220,224) | | | | | | 5,502 | | |
Consolidated EBITDAX
|
| | | $ | 453,634 | | | | | $ | 913,482 | | |
(in thousands)
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Six months
ended June 30, 2023 |
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Year ended
December 31, 2022 |
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Net cash provided by operating activities
|
| | | $ | 365,013 | | | | | $ | 829,620 | | |
Plus: | | | | | | | | | | | | | |
Interest expense
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| | | | 60,083 | | | | | | 125,121 | | |
Current income tax expense
|
| | | | 1,834 | | | | | | 6,121 | | |
Net changes in operating assets and liabilities
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| | | | 28,014 | | | | | | (29,103) | | |
Organizational restructuring expenses
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| | | | — | | | | | | 10,420 | | |
Settlements received for contingent consideration
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| | | | 1,455 | | | | | | 2,457 | | |
Other, net
|
| | | | (2,765) | | | | | | (31,154) | | |
Consolidated EBITDAX
|
| | | $ | 453,634 | | | | | $ | 913,482 | | |
(in thousands)
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Six months
ended June 30, 2023 |
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Year ended
December 31, 2022 |
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Net cash provided by operating activities
|
| | | $ | 365,013 | | | | | $ | 829,620 | | |
Less: | | | | | | | | | | | | | |
Net changes in operating assets and liabilities
|
| | | | (28,014) | | | | | | 29,103 | | |
Cash flows from operating activities before net changes in operating assets and liabilities and non-budgeted acquisition costs
|
| | | | 393,027 | | | | | | 800,517 | | |
Less incurred capital expenditures, excluding non-budgeted acquisition costs:
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| | | | | | | | | | | | |
Oil and natural gas properties
|
| | | | 328,464 | | | | | | 566,831 | | |
Midstream and other fixed assets
|
| | | | 7,769 | | | | | | 13,745 | | |
Total incurred capital expenditures, excluding non-budgeted acquisition costs
|
| | | | 336,233 | | | | | | 580,576 | | |
Free Cash Flow (non-GAAP)
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| | | $ | 56,794 | | | | | $ | 219,941 | | |
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As of June 30, 2023
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(in thousands)
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Actual
|
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As adjusted
for Pending Acquisitions |
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As further
adjusted for equity offering |
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As further
adjusted for this offering |
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Cash and cash equivalents
|
| | | $ | 71,696 | | | | | $ | 71,696 | | | | | $ | 71,696 | | | | | $ | 71,696 | | |
Long-term debt, including current maturities | | | | | | | | | | | | | | | | | | | | | | | | | |
Senior Secured Credit Facility
|
| | | $ | 575,000 | | | | | $ | 874,700 | | | | | $ | 748,700 | | | | | $ | 419,608 | | |
2025 Notes
|
| | | $ | 455,628 | | | | | $ | 455,628 | | | | | $ | 455,628 | | | | | $ | — | | |
2028 Notes
|
| | | $ | 300,309 | | | | | $ | 300,309 | | | | | $ | 300,309 | | | | | $ | 600,309(1) | | |
2029 Notes
|
| | | $ | 298,214 | | | | | $ | 298,214 | | | | | $ | 298,214 | | | | | $ | 298,214 | | |
2030 Notes offered hereby
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 500,000 | | |
Stockholders’ equity
|
| | | $ | 1,603,573 | | | | | $ | 2,385,573 | | | | | $ | 2,520,573 | | | | | $ | 2,520,573 | | |
Total capitalization
|
| | | $ | 3,232,724 | | | | | $ | 4,314,424 | | | | | $ | 4,323,424 | | | | | $ | 4,338,704 | | |
Year
|
| |
Redemption
Price |
| |||
2023
|
| | | | 107.594% | | |
2024
|
| | | | 105.063% | | |
2025
|
| | | | 102.531% | | |
2026 and thereafter
|
| | | | 100.000% | | |
Year
|
| |
Redemption
Price |
| |||
2026
|
| | | | % | | |
2027
|
| | | | % | | |
2028 and thereafter
|
| | | | 100.000% | | |
Underwriters
|
| |
Principal Amount of
2028 Notes |
| |
Principal Amount of
2030 Notes |
| ||||||
Wells Fargo Securities, LLC
|
| | | $ | | | | | $ | | | ||
BofA Securities, Inc.
|
| | | | | | | | | | | | |
Mizuho Securities USA LLC
|
| | | | | | | | | | | | |
Truist Securities, Inc.
|
| | | | | | | | | | | | |
Capital One Securities, Inc.
|
| | | | | | | | | | | | |
Citigroup Global Markets Inc.
|
| | | | | | | | | | | | |
KeyBanc Capital Markets Inc.
|
| | | | | | | | | | | | |
PNC Capital Markets LLC
|
| | | | | | | | | | | | |
U.S. Bancorp Investments, Inc.
|
| | | | | | | | | | | | |
Amegy Bank
|
| | | | | | | | | | | | |
BOK Financial Securities, Inc.
|
| | | | | | | | | | | | |
Comerica Securities, Inc.
|
| | | | | | | | | | | | |
Total
|
| | | $ | 300,000,000 | | | | | $ | 500,000,000 | | |
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