Parent and Subsidiary Guarantor (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Consolidating Balance Sheets



	As of December 31, 2019
	Parent Guarantor		Subsidiary Issuer		Subsidiary Guarantor		Intercompany Eliminations			Consolidated
	(in thousands)
Assets:
Cash and cash equivalents	$	—	$	16,449	$	—	$	—		$	16,449
Accounts receivable, net of allowance for doubtful accounts	—		62,098		22		—			62,120
Other current assets	—		7,868		—		—			7,868
Property and equipment, net	—		2,063,798		376		—			2,064,174
Intercompany receivable	—		363		—		(363		)	—
Investment in subsidiaries	1,083,318		34		—		(1,083,352		)	—
Noncurrent assets	—		5,441		—		—			5,441
Total assets	$	1,083,318	$	2,156,051	$	398	$	(1,083,715	)	$	2,156,052
Liabilities and Stockholders' Equity:
Accounts payable and accrued liabilities	$	—	$	71,638	$	—	$	—		$	71,638
Other current liabilities	—		103,839		1		—			103,840
Intercompany payable	—		—		363		(363		)	—
Long-term debt	—		758,911		—		—			758,911
Deferred income taxes	—		97,418		—		—			97,418
Other noncurrent liabilities	—		40,927		—		—			40,927
Stockholders' equity	1,083,318		1,083,318		34		(1,083,352		)	1,083,318
Total liabilities and stockholders' equity	$	1,083,318	$	2,156,051	$	398	$	(1,083,715	)	$	2,156,052



	As of December 31, 2018
	Parent Guarantor		Subsidiary Issuer		Intercompany Eliminations			Consolidated
	(in thousands)
Assets:
Cash and cash equivalents	$	—	$	32,774	$	—		$	32,774
Accounts receivable, net of allowance for doubtful accounts	—		72,943		—			72,943
Other current assets	—		84,064		—			84,064
Property and equipment, net	—		2,029,523		—			2,029,523
Investment in subsidiaries	1,212,098		—		(1,212,098		)	—
Noncurrent assets	—		33,156		—			33,156
Total assets	$	1,212,098	$	2,252,460	$	(1,212,098	)	$	2,252,460
Liabilities and Stockholders' Equity:
Accounts payable and accrued liabilities	$	—	$	131,379	$	—		$	131,379
Other current liabilities	—		116,806		—			116,806
Long-term debt	—		617,387		—			617,387
Deferred income taxes	—		139,534		—			139,534
Other noncurrent liabilities	—		35,256		—			35,256
Stockholders' equity	1,212,098		1,212,098		(1,212,098		)	1,212,098
Total liabilities and stockholders' equity	$	1,212,098	$	2,252,460	$	(1,212,098	)	$	2,252,460

Condensed Consolidating Statements of Operations



	Year Ended December 31, 2019
	Parent Guarantor			Subsidiary Issuer			Subsidiary Guarantor			Intercompany Eliminations		Consolidated
	(in thousands)
Operating and other revenues	$	—		$	452,623		$	36		$	—	$	452,659
Operating expenses	—			(424,090		)	(2		)	—		(424,092		)
General and administrative	—			(44,759		)	—			—		(44,759		)
Merger transaction expense	—			(4,492		)	—			—		(4,492		)
Interest expense	—			(58,100		)	—			—		(58,100		)
Interest income and other income (expense)	—			(98,162		)	—			—		(98,162		)
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries	—			(176,980		)	34			—		(176,946		)
(Provision for) Benefit from income taxes	—			42,116			—			—		42,116
Equity in earnings (loss) of subsidiaries	(134,830		)	34			—			134,796		—
Net income (loss)	$	(134,830	)	$	(134,830	)	$	34		$	134,796	$	(134,830	)



	Year Ended December 31, 2018
	Parent Guarantor		Subsidiary Issuer			Intercompany Eliminations			Consolidated
	(in thousands)
Operating and other revenues	$	—	$	453,017		$	—		$	453,017
Operating expenses	—		(319,031		)	—			(319,031		)
General and administrative	—		(45,130		)	—			(45,130		)
Merger transaction expense	—		(7,991		)	—			(7,991		)
Interest expense	—		(52,703		)	—			(52,703		)
Interest income and other income (expense)	—		94,885			—			94,885
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries	—		123,047			—			123,047
(Provision for) Benefit from income taxes	—		(1,827		)	—			(1,827		)
Equity in earnings (loss) of subsidiaries	121,220		—			(121,220		)	—
Net income (loss)	$	121,220	$	121,220		$	(121,220	)	$	121,220



	Year Ended December 31, 2017
	Parent Issuer			Subsidiary Guarantor			Intercompany Eliminations		Consolidated
	(in thousands)
Operating and other revenues	$	252,257		$	582		$	—	$	252,839
Operating expenses	(266,119		)	(1,420		)	—		(267,539		)
General and administrative	(42,476		)	—			—		(42,476		)
Merger transaction expense	(8,749		)	—			—		(8,749		)
Interest expense	(57,710		)	—			—		(57,710		)
Interest and other income (expense)	(15,992		)	—			—		(15,992		)
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries	(138,789		)	(838		)	—		(139,627		)
(Provision for) Benefit from income taxes	1,402			—			—		1,402
Equity in earnings (loss) of subsidiaries	(838		)	—			838		—
Net income (loss)	$	(138,225	)	$	(838	)	$	838	$	(138,225	)

Condensed Consolidating Statements of Cash Flows



	Year Ended December 31, 2019
	Parent Guarantor		Subsidiary Issuer			Subsidiary Guarantor			Intercompany Eliminations			Consolidated
	(in thousands)
Cash flows from operating activities	$	—	$	278,622		$	13		$	—		$	278,635
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	—		(426,416		)	—			—			(426,416		)
Additions to furniture, fixtures and other	—		(4,286		)	(376		)	—			(4,662		)
Proceeds from sale of properties	—		1,334			—			—			1,334
Other investing activities	—		(1,612		)	—			—			(1,612		)
Intercompany transfers	—		(363		)	—			363			—
Cash flows from financing activities:
Proceeds from debt	—		222,000			—			—			222,000
Principal payments on debt	—		(83,859		)	—			—			(83,859		)
Proceeds from sale of common stock, net of offering costs	—		1			—			—			1
Intercompany transfers	—		—			363			(363		)	—
Other financing activities	—		(1,746		)	—			—			(1,746		)
Change in cash and cash equivalents	—		(16,325		)	—			—			(16,325		)
Beginning cash and cash equivalents	—		32,774			—			—			32,774
Ending cash and cash equivalents	$	—	$	16,449		$	—		$	—		$	16,449



	Year Ended December 31, 2018
	Parent Guarantor		Subsidiary Issuer			Intercompany Eliminations		Consolidated
	(in thousands)
Cash flows from operating activities	$	—	$	231,441		$	—	$	231,441
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	—		(453,616		)	—		(453,616		)
Additions to furniture, fixtures and other	—		(853		)	—		(853		)
Repayment of debt associated with merger, net of cash acquired	—		(53,357		)	—		(53,357		)
Proceeds from sale of properties	—		(221		)	—		(221		)
Other investing activities	—		364			—		364
Cash flows from financing activities:
Principal payments on debt	—		(469		)	—		(469		)
Proceeds from sale of common stock, net of offering costs	—		1			—		1
Other financing activities	—		(4,982		)	—		(4,982		)
Change in cash and cash equivalents	—		(281,692		)	—		(281,692		)
Beginning cash and cash equivalents	—		314,466			—		314,466
Ending cash and cash equivalents	$	—	$	32,774		$	—	$	32,774



	Year Ended December 31, 2017
	Parent Issuer			Subsidiary Guarantor			Intercompany Eliminations			Consolidated
	(in thousands)
Cash flows from operating activities	$	121,480		$	510		$	—		$	121,990
Cash flows from investing activities:
Additions to oil and gas properties, including acquisitions	(239,631		)	—			—			(239,631		)
Additions to furniture, fixtures and other	(926		)	—			—			(926		)
Proceeds from sale of properties	99,315			2,530			—			101,845
Other investing activities	(299		)	—			—			(299		)
Intercompany transfers	3,040			—			(3,040		)	—
Cash flows from financing activities:
Proceeds from debt	275,000			—			—			275,000
Principal payments on debt	(322,343		)	—			—			(322,343		)
Proceeds from sale of common stock, net of offering costs	110,710			—			—			110,710
Intercompany transfers	—			(3,040		)	3,040			—
Other financing activities	(7,721		)	—			—			(7,721		)
Change in cash and cash equivalents	38,625			—			—			38,625
Beginning cash and cash equivalents	275,841			—			—			275,841
Ending cash and cash equivalents	$	314,466		$	—		$	—		$	314,466