XML 25 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ 215,866 $ 236,854 $ 55,559
Adjustments to reconcile net income to net cash provided by operations:      
Provision for deferred income taxes 65,905 75,361 16,904
Loss on extinguishment of debt 27,300 0 0
(Gain) loss on derivative instruments, net (27,602) 60,005 26,734
Cash paid on settlement of derivative instruments (24,194) (58,096) (11,267)
Amortization of debt issuance costs 11,411 5,635 498
Amortization of discounts on long-term debt 15,140 7,735 0
Stock-based compensation expense 25,957 33,352 6,676
Accretion expense 522 370 167
Depletion, depreciation and amortization expense 424,424 177,742 65,201
Exploration and abandonment expense 4,242 146 742
Changes in operating assets and liabilities:      
Accounts receivable 2,007 (57,218) (31,655)
Prepaid expenses, inventory and other assets 6,923 (11,959) (7,053)
Accounts payable, accrued liabilities and other current liabilities 8,488 34,087 24,509
Net cash provided by operating activities 756,389 504,014 147,015
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to crude oil and natural gas properties (1,009,855) (1,046,739) (236,242)
Changes in working capital associated with oil and gas property additions (100,802) 128,938 37,259
Acquisitions of crude oil and natural gas properties (15,085) (262,363) (54,045)
Proceeds from sales of properties 0 0 3,366
Other property additions (193) (2,244) (709)
Net cash used in investing activities (1,125,935) (1,182,408) (250,371)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of senior notes, net of discount 0 440,179 0
Repayments under Prior Credit Agreement (525,000) (755,000) (20,000)
Repayments of 10.000% Senior Notes and 10.625% Senior Notes (475,000) 0 0
Premium on extinguishment of debt (4,457) 0 0
Proceeds from issuance of common stock 155,768 85,000 25,300
Proceeds from exercises of warrants 4,028 7,805 5,466
Proceeds from subscription receivable from exercises of warrants 0 0 3,596
Proceeds from exercises of stock options 148 120 1,573
Debt issuance costs (28,444) (17,128) (2,169)
Stock offering costs (5,371) (339) (2,463)
Dividends paid (11,864) (10,412) (11,593)
Dividend equivalents paid (1,251) (1,196) (1,037)
Net cash provided by financing activities 533,557 674,029 118,673
Net increase (decrease) in cash and cash equivalents 164,011 (4,365) 15,317
Cash and cash equivalents, beginning of period 30,504 34,869 19,552
Cash and cash equivalents, end of period 194,515 30,504 34,869
Supplemental cash flow information:      
Cash paid for interest 133,104 24,268 1,811
Cash paid for income taxes 0 0 0
Supplemental disclosure of non-cash transactions:      
Stock issued for acquisitions 0 264,982 0
Additions to asset retirement obligations 6,048 2,879 1,844
Term Loan Credit Agreement [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings under Term Loan Credit Agreement, net of discount 1,170,000 0 0
Senior Credit Facility Agreement Due 2026 [Member]      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings under Prior Credit Agreement $ 255,000 $ 925,000 $ 120,000