Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounts receivable is comprised of the following:



	As of December 31,
	2018			2017
	(in thousands)
Accrued oil, gas and NGL sales	$	44,860		$	36,569
Due from joint interest owners	27,435			14,779
Other	754			270
Allowance for doubtful accounts	(106		)	(203		)
Total accounts receivable	$	72,943		$	51,415

Net Capitalized Costs and Associated Accumulated DD&A and Non Cash Impairments

The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities:



	As of December 31,
	2018			2017
	(in thousands)
Proved properties	$	663,485		$	230,800
Wells and related equipment and facilities	1,438,092			1,088,692
Support equipment and facilities	75,392			38,776
Materials and supplies	18,341			2,900
Total proved oil and gas properties	$	2,195,310		$	1,361,168
Unproved properties	328,409			18,832
Wells and facilities in progress	139,799			65,844
Total unproved oil and gas properties, excluded from amortization	$	468,208		$	84,676
Accumulated depreciation, depletion, amortization and impairment	(642,645		)	(433,234		)
Total oil and gas properties, net ⁽¹⁾	$	2,020,873		$	1,012,610


(1)	Total oil and gas properties, net includes $722.6 million of properties acquired in the Merger. See Note 4 for additional information regarding the Merger.

Non-Cash Impairment Charges, Included within Impairment, Dry Hole Costs and Abandonment Expense in Consolidated Statements of Operations

The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Consolidated Statements of Operations, as follows:



	Year Ended December 31,
	2018		2017		2016
	(in thousands)
Impairment of proved oil and gas properties ⁽¹⁾	$	—	$	37,945	$	—
Impairment of unproved oil and gas properties ⁽²⁾	—		11,153		183
Dry hole costs	—		—		97
Abandonment expense	719		455		3,969
Total impairment, dry hole costs and abandonment expense	$	719	$	49,553	$	4,249


(1)	The Company recognized a non-cash impairment charge associated with the Company's Uinta Oil Program proved properties during the year ended December 31, 2017. The properties were sold on December 29, 2017.


(2)	As a result of no future plans to develop certain acreage and/or estimated market values below carrying value, the Company recognized non-cash impairment charges of $9.1 million associated with certain unproved properties in the Cottonwood Gulch area of the Piceance Basin and $2.1 million associated with certain non-core unproved properties in the DJ Basin.

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities are comprised of the following:



	As of December 31,
	2018		2017
	(in thousands)
Accrued drilling, completion and facility costs	$	69,830	$	35,856
Accrued lease operating, gathering, transportation and processing expenses	6,970		4,360
Accrued general and administrative expenses	8,774		11,134
Accrued interest payable	6,758		6,484
Accrued merger transaction expenses	550		8,278
Prepayments from partners	862		2,524
Trade payables	31,057		10,067
Other	6,578		5,352
Total accounts payable and accrued liabilities	$	131,379	$	84,055

Calculation of Basic and Diluted Earnings Per Share

The following table sets forth the calculation of basic and diluted net income (loss) per share:



	Year Ended December 31,
	2018		2017			2016
	(in thousands, except per share amounts)
Net income (loss)	$	121,220	$	(138,225	)	$	(170,378	)
Basic weighted-average common shares outstanding in period	188,299		76,859			55,384
Add dilutive effects of stock options and nonvested equity shares of common stock	942		—			—
Diluted weighted-average common shares outstanding in period	189,241		76,859			55,384
Basic net income (loss) per common share	$	0.64	$	(1.80	)	$	(3.08	)
Diluted net income (loss) per common share	$	0.64	$	(1.80	)	$	(3.08	)