Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Acquisition and Divestiture Related Expenses

Acquisition and divestiture related expenses for both related party and third party transactions are included in general and administrative expense in the accompanying Unaudited Condensed Statements of Consolidated Operations for the periods indicated below (in thousands):

For the Three Months Ended				For the Nine Months Ended
September 30,				September 30,
2019		2018		2019		2018
$	12,833	$	82	$	16,655	$	969

Summary of Preliminary Purchase Price Allocation to Identifiable Assets Acquired and Liabilities Assumed

The following table represents the preliminary allocation of the total purchase price of Midstates to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.

	Purchase Price Allocation
	(In thousands)
Consideration:
Fair value of Midstates common stock issued in the Merger (a)	$	90,150
Fair value of  Midstates warrants issued in the Merger		2
Total consideration	$	90,152
Fair value of liabilities assumed:
Current liabilities	$	24,135
Long-term debt		76,559
Long-term asset retirement obligation		9,440
Other long-term liabilities		5,067
Amounts attributable to liabilities assumed	$	115,201
Fair value of assets acquired:
Cash and cash equivalents	$	19,250
Other current assets		17,862
Oil and natural gas properties		142,642
Other property and equipment		6,280
Long-term asset retirement cost		9,440
Other non-current assets		9,879
Amounts attributable to assets acquired	$	205,353
Total identifiable net assets	$	90,152

(a) Based on 20,415,005 Midstates common shares issued at closing at $4.12 per share (closing price as of August 6, 2019).

Summary of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information for the three and nine months ended September 30, 2019 and 2018, respectively, is based on our historical consolidated financial statements adjusted to reflect as if the Merger had occurred on January 1, 2018.

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
(Unaudited)	(In thousands, except per unit amounts)
Revenues	$	80,482	$	139,870	$	258,547	$	425,306
Net income (loss)		6,845		20,542		6,236		25,269
Earnings per share:
Basic	$	0.20	$	0.41	$	0.24	$	0.50
Diluted	$	0.20	$	0.41	$	0.24	$	0.50