(State of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
PART I – FINANCIAL INFORMATION | Page | ||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II – OTHER INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Fair value of derivatives | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Properties and equipment, net | ||||||||||||||
Fair value of derivatives | ||||||||||||||
Other assets | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Liabilities | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Production tax liability | ||||||||||||||
Fair value of derivatives | ||||||||||||||
Funds held for distribution | ||||||||||||||
Accrued interest payable | ||||||||||||||
Other accrued expenses | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Asset retirement obligations | ||||||||||||||
Fair value of derivatives | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingent liabilities | ||||||||||||||
Stockholders’ equity | ||||||||||||||
Common shares - par value $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings (accumulated deficit) | ( | |||||||||||||
Treasury shares - at cost, | ( | ( | ||||||||||||
Total stockholders’ equity | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Crude oil, natural gas and NGLs sales | $ | $ | $ | $ | ||||||||||||||||||||||
Commodity price risk management gain (loss), net | ( | ( | ( | |||||||||||||||||||||||
Other income | ||||||||||||||||||||||||||
Total revenues | ||||||||||||||||||||||||||
Costs, expenses and other | ||||||||||||||||||||||||||
Lease operating expense | ||||||||||||||||||||||||||
Production taxes | ||||||||||||||||||||||||||
Transportation, gathering and processing expense | ||||||||||||||||||||||||||
Exploration, geologic and geophysical expense | ||||||||||||||||||||||||||
General and administrative expense | ||||||||||||||||||||||||||
Depreciation, depletion and amortization | ||||||||||||||||||||||||||
Accretion of asset retirement obligations | ||||||||||||||||||||||||||
Impairment of properties and equipment | ||||||||||||||||||||||||||
Loss (gain) on sale of properties and equipment | ( | ( | ( | |||||||||||||||||||||||
Other expense | ||||||||||||||||||||||||||
Total costs, expenses and other | ||||||||||||||||||||||||||
Income (loss) from operations | ||||||||||||||||||||||||||
Interest expense, net | ( | ( | ( | ( | ||||||||||||||||||||||
(Adjustment to) Gain on bargain purchase | ( | |||||||||||||||||||||||||
Income (loss) before income taxes | ||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ( | ( | ( | ||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ||||||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | $ | ||||||||||||
Adjustments to net income (loss) to reconcile to net cash from operating activities: | ||||||||||||||
Net change in fair value of unsettled commodity derivatives | ( | |||||||||||||
Depreciation, depletion and amortization | ||||||||||||||
Impairment of properties and equipment | ||||||||||||||
Exploratory dry hole costs | ||||||||||||||
Accretion of asset retirement obligations | ||||||||||||||
Non-cash stock-based compensation | ||||||||||||||
Loss (gain) on sale of properties and equipment | ( | |||||||||||||
Amortization of debt discount, premium and issuance costs | ||||||||||||||
Deferred income taxes | ||||||||||||||
Gain on bargain purchase | ( | |||||||||||||
Other | ( | |||||||||||||
Changes in assets and liabilities | ( | |||||||||||||
Net cash from operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures for development of crude oil and natural gas properties | ( | ( | ||||||||||||
Capital expenditures for midstream assets | ( | |||||||||||||
Capital expenditures for other properties and equipment | ( | ( | ||||||||||||
Cash paid for acquisition of an exploration and production business | ( | |||||||||||||
Proceeds from sale of properties and equipment | ||||||||||||||
Proceeds from divestitures | ||||||||||||||
Net cash from investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from revolving credit facility and other borrowings | ||||||||||||||
Repayment of revolving credit facility and other borrowings | ( | ( | ||||||||||||
Repayment of convertible notes | ( | |||||||||||||
Payment of debt issuance costs | ( | |||||||||||||
Purchase of treasury shares for employee stock-based compensation tax withholding obligations | ( | ( | ||||||||||||
Purchase of treasury shares under stock repurchase program | ( | ( | ||||||||||||
Dividends paid | ( | ( | ||||||||||||
Principal payments under financing lease obligations | ( | ( | ||||||||||||
Net cash from financing activities | ( | ( | ||||||||||||
Net change in cash and cash equivalents | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | $ |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022 | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares for employee stock-based compensation tax withholding obligations | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Retirement of treasury shares for employee stock-based compensation tax withholding obligations | ( | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | ( | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of treasury shares | — | — | — | ||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares under stock repurchase program | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of stock pursuant to acquisition | — | — | — | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares for employee stock-based compensation tax withholding obligations | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Retirement of treasury shares for employee stock-based compensation tax withholding obligations | ( | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | ( | ( | ( | — | |||||||||||||||||||||||||||||||||||||
Issuance of treasury shares | — | — | — | ||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares under stock repurchase program | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | ( | — | |||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares for employee stock-based compensation tax withholding obligations | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Retirement of treasury shares for employee stock-based compensation tax withholding obligations | ( | — | ( | ( | — | ||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Issuance of treasury shares | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares under stock repurchase program | — | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | $ | ( | $ | ( | $ | $ |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Issuance pursuant to acquisition | — | — | — | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares for employee stock-based compensation tax withholding obligations | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Retirement of treasury shares for employee stock-based compensation tax withholding obligations | ( | ( | — | — | |||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | ( | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Issuance of treasury shares | — | — | — | ||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares under stock repurchase program | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares for employee stock-based compensation tax withholding obligations | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Retirement of treasury shares for employee stock-based compensation tax withholding obligations | ( | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | ( | ( | ( | — | |||||||||||||||||||||||||||||||||||||
Issuance of treasury shares | — | — | — | ||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares under stock repurchase program | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares for employee stock-based compensation tax withholding obligations | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Retirement of treasury shares for employee stock-based compensation tax withholding obligations | ( | — | ( | — | — | ||||||||||||||||||||||||||||||||||||
Retirement of treasury shares | ( | ( | ( | — | |||||||||||||||||||||||||||||||||||||
Issuance of treasury shares | — | ||||||||||||||||||||||||||||||||||||||||
Purchase of treasury shares under stock repurchase program | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Retirement of treasury shares | ( | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | ( | $ | ( | $ | ( | $ |
(in thousands, except share and per share data) | ||||||||
Consideration: | ||||||||
Cash | $ | |||||||
Retirement of Great Western’s credit facility | ||||||||
Extinguishment of Great Western’s secured senior notes | ||||||||
Total cash consideration | $ | |||||||
Common stock issued | ||||||||
Fair value of PDC common stock on May 6, 2022 | $ | |||||||
Total fair value of common stock issued | ||||||||
Total consideration | $ | |||||||
Assets acquired: | ||||||||
Cash | $ | |||||||
Accounts receivable | ||||||||
Other current assets | ||||||||
Properties and equipment, net - proved | ||||||||
Properties and equipment, net - other | ||||||||
Other noncurrent assets | ||||||||
Total assets acquired | $ | |||||||
Liabilities assumed: | ||||||||
Accounts payable | $ | ( | ||||||
Production tax liability | ( | |||||||
Funds held for distribution | ( | |||||||
Other current liabilities | ( | |||||||
Fair value of derivatives | ( | |||||||
Asset retirement obligations | ( | |||||||
Deferred tax liabilities | ( | |||||||
Other liabilities | ( | |||||||
Total liabilities assumed | $ | ( | ||||||
Total identifiable net assets acquired | $ | |||||||
Gain on bargain purchase | ||||||||
Purchase price consideration | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
2021 | 2022 | 2021 | ||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
Total revenues | $ | $ | $ | |||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | $ | $ | $ | ( | ||||||||||||||||
Diluted | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
Revenue by Commodity and Operating Region | 2022 | 2021 | Percent Change | 2022 | 2021 | Percent Change | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Crude oil | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | $ | $ | % | $ | $ | % | ||||||||||||||||||||||||||||||||
Delaware Basin | % | % | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | % | % | ||||||||||||||||||||||||||||||||||
Natural gas | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | $ | $ | % | % | ||||||||||||||||||||||||||||||||||
Delaware Basin | % | % | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | % | % | ||||||||||||||||||||||||||||||||||
NGLs | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | $ | $ | % | % | ||||||||||||||||||||||||||||||||||
Delaware Basin | % | % | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | % | % | ||||||||||||||||||||||||||||||||||
Crude oil, natural gas and NGLs | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | $ | $ | % | % | ||||||||||||||||||||||||||||||||||
Delaware Basin | % | % | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | % | $ | $ | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheet Line Item | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||||||
Current | Fair value of derivatives | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Non-current | Fair value of derivatives | ||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||||||||
Current | Fair value of derivatives | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Non-current | Fair value of derivatives | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Fair value of Level 3 instruments, net asset (liability) beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Changes in fair value included on condensed consolidated statements of operations line item: | ||||||||||||||||||||||||||
Commodity price risk management gain (loss), net | ( | ( | ( | |||||||||||||||||||||||
Settlements included on condensed consolidated statement of operations line items: | ||||||||||||||||||||||||||
Commodity price risk management gain (loss), net | ||||||||||||||||||||||||||
Fair value of Level 3 instruments, net asset (liability) end of period | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Net change in fair value of Level 3 unsettled derivatives included on condensed consolidated statements of operations line item: | ||||||||||||||||||||||||||
Commodity price risk management gain (loss), net | $ | $ | ( | $ | ( | $ | ( |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
Nominal Interest | Estimated Fair Value | Percent of Par | Estimated Fair Value | Percent of Par | ||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||
Senior Notes: | ||||||||||||||||||||||||||||||||
2024 Senior Notes | 6.125 | % | $ | % | $ | % | ||||||||||||||||||||||||||
2026 Senior Notes | 5.75 | % | % | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Condensed Consolidated Statement of Operations Line Item | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Commodity price risk management gain (loss), net | ||||||||||||||||||||||||||
Net settlements | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Net change in fair value of unsettled derivatives | ( | ( | ||||||||||||||||||||||||
Total commodity price risk management gain (loss), net | $ | $ | ( | $ | ( | $ | ( |
Collars | Fixed-Price Swaps | |||||||||||||||||||||||||||||||||||||
Commodity/ Index/ Maturity Period | Quantity (Crude oil - MBbls Natural Gas - BBtu) | Weighted Average Contract Price | Quantity (Crude Oil - MBbls Gas and Basis- BBtu) | Weighted Average Contract Price | Fair Value September 30, 2022 (in thousands) | |||||||||||||||||||||||||||||||||
Floors | Ceilings | |||||||||||||||||||||||||||||||||||||
Crude Oil | ||||||||||||||||||||||||||||||||||||||
NYMEX | ||||||||||||||||||||||||||||||||||||||
2022 | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||
2023 | ( | |||||||||||||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||||||||||||||
Total Crude Oil | ( | |||||||||||||||||||||||||||||||||||||
Natural Gas | ||||||||||||||||||||||||||||||||||||||
NYMEX | ||||||||||||||||||||||||||||||||||||||
2022 | ( | |||||||||||||||||||||||||||||||||||||
2023 | ( | |||||||||||||||||||||||||||||||||||||
2024 | ( | |||||||||||||||||||||||||||||||||||||
2025 | ||||||||||||||||||||||||||||||||||||||
( | ||||||||||||||||||||||||||||||||||||||
CIG | ||||||||||||||||||||||||||||||||||||||
2023 | — | — | — | ( | ||||||||||||||||||||||||||||||||||
2025 | — | — | — | ( | ||||||||||||||||||||||||||||||||||
— | ( | |||||||||||||||||||||||||||||||||||||
Total Natural Gas | ( | |||||||||||||||||||||||||||||||||||||
Basis Protection - Natural Gas | ||||||||||||||||||||||||||||||||||||||
CIG | ||||||||||||||||||||||||||||||||||||||
2022 | ( | |||||||||||||||||||||||||||||||||||||
2023 | ( | |||||||||||||||||||||||||||||||||||||
2024 | ( | ( | ||||||||||||||||||||||||||||||||||||
2025 | ( | ( | ||||||||||||||||||||||||||||||||||||
Total Basis Protection - Natural Gas | ||||||||||||||||||||||||||||||||||||||
Commodity Derivatives Fair Value | $ | ( |
Total Gross Amount Presented on the Balance Sheet | Effect of Master Netting Agreements | Total Net Amount | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||
Derivative instruments, at fair value | $ | $ | ( | $ | ||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Derivative instruments, at fair value | $ | $ | ( | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Properties and equipment, net: | |||||||||||
Crude oil and natural gas properties | |||||||||||
Proved | $ | $ | |||||||||
Unproved | |||||||||||
Total crude oil and natural gas properties | |||||||||||
Equipment and other | |||||||||||
Land and buildings | |||||||||||
Construction in progress | |||||||||||
Properties and equipment, at cost | |||||||||||
Accumulated DD&A | ( | ( | |||||||||
Properties and equipment, net | $ | $ |
Year Ended December 31, 2021 | ||||||||
(in thousands, except for number of wells) | ||||||||
Beginning balance | $ | |||||||
Additions to capitalized exploratory well costs pending the determination of proved reserves | ||||||||
Reclassifications to proved properties | ( | |||||||
Ending balance | $ | |||||||
Number of wells pending determination at period-end |
September 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Crude oil, natural gas and NGLs sales | $ | $ | |||||||||
Joint interest billings | |||||||||||
Other | |||||||||||
Allowance for doubtful accounts | ( | ( | |||||||||
Accounts receivable, net | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Employee benefits | $ | $ | ||||||||||||
Asset retirement obligations | ||||||||||||||
Environmental expenses | ||||||||||||||
Operating and finance leases | ||||||||||||||
Other | ||||||||||||||
Other accrued expenses | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Deferred midstream gathering credits | $ | $ | ||||||||||||
Production taxes | ||||||||||||||
Operating and finance leases | ||||||||||||||
Other | ||||||||||||||
Other liabilities | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Transportation, gathering and processing expense | $ | $ | $ | $ | ||||||||||||||||||||||
Lease operating expense |
September 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Revolving credit facility due November 2026 | $ | $ | |||||||||
6.125% Senior Notes due September 2024 | |||||||||||
5.75% Senior Notes due May 2026 | |||||||||||
Total debt, net of unamortized discount, premium and debt issuance costs | $ | $ | |||||||||
2024 Senior Notes | 2026 Senior Notes | |||||||||||||
Outstanding principal amounts (in thousands) | $ | $ | ||||||||||||
Interest rate | % | % | ||||||||||||
Maturity date | ||||||||||||||
Interest payment dates | ||||||||||||||
Redemption periods (1) |
Leases | Condensed Consolidated Balance Sheet Line Item | September 30, 2022 | December 31, 2021 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating lease right-of-use assets | Other assets | $ | $ | |||||||||||||||||
Finance lease right-of-use assets | Properties and equipment, net | |||||||||||||||||||
Total right-of-use assets | $ | 27,680 | $ | 11,113 | ||||||||||||||||
Operating lease obligation - current | Other accrued expenses | |||||||||||||||||||
Operating lease obligation - non-current | Other liabilities | |||||||||||||||||||
Finance lease obligation - current | Other accrued expenses | |||||||||||||||||||
Finance lease obligation - non-current | Other liabilities | |||||||||||||||||||
Total lease liabilities | $ | 48,081 | $ | 13,471 | ||||||||||||||||
Weighted average remaining lease term (years) | ||||||||||||||||||||
Weighted average discount rate | % | % |
(in thousands) | |||||
Asset retirement obligations at beginning of period | $ | ||||
Obligations incurred with development activities and other | |||||
Obligations incurred with acquisition | |||||
Accretion expense | |||||
Revisions in estimated cash flows | ( | ||||
Obligations discharged with asset retirements and divestitures | ( | ||||
Asset retirement obligations at end of period | |||||
Current portion (1) | ( | ||||
Long-term portion | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
General and administrative expense | $ | $ | $ | $ | ||||||||||||||||||||||
Lease operating expense | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Shares | Weighted Average Grant-Date Fair Value per Share | ||||||||||
Non-vested at beginning of period | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Non-vested at end of period |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Expected term of award (in years) | |||||||||||
Risk-free interest rate | |||||||||||
Expected volatility | |||||||||||
Weighted average grant date fair value per share | $ | $ |
Shares | Weighted Average Grant-Date Fair Value per Share | |||||||||||||
Non-vested at beginning of period | $ | |||||||||||||
Granted | ||||||||||||||
Granted for performance multiple (1) | ||||||||||||||
Released (1) | ( | |||||||||||||
Non-vested at end of period |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Weighted average common shares outstanding - basic | |||||||||||||||||||||||
Dilutive effect of: | |||||||||||||||||||||||
RSUs and PSUs | |||||||||||||||||||||||
Other equity-based awards | |||||||||||||||||||||||
Weighted average common shares and equivalents outstanding - diluted | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Weighted average common share equivalents excluded from diluted earnings per share due to their anti-dilutive effect: | |||||||||||||||||||||||
RSUs and PSUs | |||||||||||||||||||||||
Other stock-based awards | |||||||||||||||||||||||
Total anti-dilutive common share equivalents |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Supplemental cash flow information: | ||||||||||||||
Cash payments (receipts) for: | ||||||||||||||
Interest, net of capitalized interest | $ | $ | ||||||||||||
Income taxes | ( | |||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Change in accounts payable related to capital expenditures | $ | ( | $ | |||||||||||
Change in asset retirement obligations, with a corresponding change to crude oil and natural gas properties, net of disposals | ( | |||||||||||||
Issuance of common stock for acquisition of an exploration and production business | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | ||||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||
Operating leases (1) | $ | $ | ||||||||||||
Finance leases |
September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Restricted cash (1) | ||||||||||||||
$ | $ |
Operated Wells | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | Delaware Basin | Total | ||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||
In-process as of December 31, 2021 | 143 | 133.0 | 21 | 20.6 | 164 | 153.6 | ||||||||||||||||||||||||||||||||
Wells spud | 121 | 111.8 | 13 | 12.9 | 134 | 124.7 | ||||||||||||||||||||||||||||||||
Wells acquired in-process (1) | 48 | 41.4 | — | — | 48 | 41.4 | ||||||||||||||||||||||||||||||||
Wells turned-in-line | (114) | (104.7) | (19) | (18.8) | (133) | (123.5) | ||||||||||||||||||||||||||||||||
Developmental and exploratory dry hole | (1) | (0.7) | (3) | (3.0) | (4) | (3.7) | ||||||||||||||||||||||||||||||||
In-process as of September 30, 2022 | 197 | 180.8 | 12 | 11.7 | 209 | 192.5 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | Percent Change | September 30, 2022 | September 30, 2021 | Percent Change | ||||||||||||||||||||||||||||||
(dollars in millions, except per unit data) | |||||||||||||||||||||||||||||||||||
Production: | |||||||||||||||||||||||||||||||||||
Crude oil (MBbls) | 7,409 | 6,844 | 8 | % | 20,106 | 16,357 | 23 | % | |||||||||||||||||||||||||||
Natural gas (MMcf) | 52,947 | 49,817 | 6 | % | 145,883 | 128,714 | 13 | % | |||||||||||||||||||||||||||
NGLs (MBbls) | 6,747 | 6,263 | 8 | % | 17,895 | 14,119 | 27 | % | |||||||||||||||||||||||||||
Crude oil equivalent (MBoe) | 22,980 | 21,410 | 7 | % | 62,315 | 51,928 | 20 | % | |||||||||||||||||||||||||||
Average Boe per day (Boe) | 249,783 | 235,275 | 6 | % | 228,260 | 190,212 | 20 | % | |||||||||||||||||||||||||||
Crude Oil, Natural Gas and NGLs Sales: | |||||||||||||||||||||||||||||||||||
Crude oil | $ | 680.7 | $ | 740.9 | (8) | % | $ | 1,971.3 | $ | 1,046.9 | 88 | % | |||||||||||||||||||||||
Natural gas | 319.2 | 277.7 | 15 | % | 760.0 | 326.9 | 132 | % | |||||||||||||||||||||||||||
NGLs | 200.7 | 219.1 | (8) | % | 589.4 | 330.6 | 78 | % | |||||||||||||||||||||||||||
Total crude oil, natural gas and NGLs sales | $ | 1,200.6 | $ | 1,237.7 | (3) | % | $ | 3,320.7 | $ | 1,704.4 | 95 | % | |||||||||||||||||||||||
Net Settlements on Commodity Derivatives | ` | ||||||||||||||||||||||||||||||||||
Crude oil | $ | (146.9) | $ | (231.4) | (37) | % | $ | (509.4) | $ | (166.4) | 206 | % | |||||||||||||||||||||||
Natural gas | (105.9) | (67.3) | 57 | % | (203.7) | (49.0) | * | ||||||||||||||||||||||||||||
Total net settlements on derivatives | $ | (252.8) | $ | (298.7) | (15) | % | $ | (713.1) | $ | (215.4) | 231 | % | |||||||||||||||||||||||
Average Sales Price (excluding net settlements on derivatives): | |||||||||||||||||||||||||||||||||||
Crude oil (per Bbl) | $ | 91.88 | $ | 108.24 | (15) | % | $ | 98.05 | $ | 64.00 | 53 | % | |||||||||||||||||||||||
Natural gas (per Mcf) | 6.03 | 5.57 | 8 | % | 5.21 | 2.54 | 105 | % | |||||||||||||||||||||||||||
NGLs (per Bbl) | 29.75 | 34.99 | (15) | % | 32.93 | 23.41 | 41 | % | |||||||||||||||||||||||||||
Crude oil equivalent (per Boe) | 52.25 | 57.81 | (10) | % | 53.29 | 32.82 | 62 | % | |||||||||||||||||||||||||||
Average Costs and Expenses (per Boe): | |||||||||||||||||||||||||||||||||||
Lease operating expense | $ | 3.01 | $ | 3.30 | (9) | % | $ | 3.11 | $ | 2.50 | 24 | % | |||||||||||||||||||||||
Production taxes | 4.27 | 4.17 | 2 | % | 4.02 | 1.95 | 106 | % | |||||||||||||||||||||||||||
Transportation, gathering and processing expense | 1.41 | 1.38 | 2 | % | 1.44 | 1.43 | 1 | % | |||||||||||||||||||||||||||
General and administrative expense | 1.75 | 2.13 | (18) | % | 1.92 | 1.86 | 3 | % | |||||||||||||||||||||||||||
Depreciation, depletion and amortization | 8.95 | 8.92 | — | % | 8.79 | 9.22 | (5) | % | |||||||||||||||||||||||||||
Lease Operating Expense by Operating Region (per Boe) | |||||||||||||||||||||||||||||||||||
Wattenberg Field | $ | 2.46 | $ | 2.85 | (14) | % | $ | 2.58 | $ | 2.20 | 17 | % | |||||||||||||||||||||||
Delaware Basin | 6.92 | 5.98 | 16 | % | 6.50 | 4.50 | 44 | % |
Change Between | |||||||||||
June 30, 2022 - September 30, 2022 | September 30, 2021 - September 30, 2022 | ||||||||||
(in millions) | |||||||||||
Change in: | |||||||||||
Production | $ | 95.4 | $ | 372.0 | |||||||
Average crude oil price | (121.2) | 684.4 | |||||||||
Average natural gas price | 24.0 | 389.5 | |||||||||
Average NGLs price | (35.3) | 170.4 | |||||||||
Total change in crude oil, natural gas and NGLs sales revenue | $ | (37.1) | $ | 1,616.3 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
Production by Operating Region | September 30, 2022 | June 30, 2022 | Percent Change | September 30, 2022 | September 30, 2021 | Percent Change | ||||||||||||||||||||||||||||||||
Crude oil (MBbls) | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | 6,299 | 5,545 | 14 | % | 16,676 | 13,595 | 23 | % | ||||||||||||||||||||||||||||||
Delaware Basin | 1,110 | 1,299 | (15) | % | 3,430 | 2,762 | 24 | % | ||||||||||||||||||||||||||||||
Total | 7,409 | 6,844 | 8 | % | 20,106 | 16,357 | 23 | % | ||||||||||||||||||||||||||||||
Natural gas (MMcf) | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | 46,631 | 43,244 | 8 | % | 127,538 | 113,280 | 13 | % | ||||||||||||||||||||||||||||||
Delaware Basin | 6,316 | 6,573 | (4) | % | 18,345 | 15,434 | 19 | % | ||||||||||||||||||||||||||||||
Total | 52,947 | 49,817 | 6 | % | 145,883 | 128,714 | 13 | % | ||||||||||||||||||||||||||||||
NGLs (MBbls) | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | 6,083 | 5,575 | 9 | % | 15,949 | 12,685 | 26 | % | ||||||||||||||||||||||||||||||
Delaware Basin | 664 | 688 | (3) | % | 1,946 | 1,434 | 36 | % | ||||||||||||||||||||||||||||||
Total | 6,747 | 6,263 | 8 | % | 17,895 | 14,119 | 27 | % | ||||||||||||||||||||||||||||||
Crude oil equivalent (MBoe) | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | 20,153 | 18,328 | 10 | % | 53,881 | 45,160 | 19 | % | ||||||||||||||||||||||||||||||
Delaware Basin | 2,827 | 3,082 | (8) | % | 8,434 | 6,768 | 25 | % | ||||||||||||||||||||||||||||||
Total | 22,980 | 21,410 | 7 | % | 62,315 | 51,928 | 20 | % | ||||||||||||||||||||||||||||||
Average crude oil equivalent per day (Boe) | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | 219,055 | 201,407 | 9 | % | 197,366 | 165,421 | 19 | % | ||||||||||||||||||||||||||||||
Delaware Basin | 30,728 | 33,868 | (9) | % | 30,894 | 24,791 | 25 | % | ||||||||||||||||||||||||||||||
Total | 249,783 | 235,275 | 6 | % | 228,260 | 190,212 | 20 | % |
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Crude Oil | Natural Gas | NGLs | Total | |||||||||||||||||||||||
Wattenberg Field | 31% | 39% | 30% | 100% | ||||||||||||||||||||||
Delaware Basin | 39% | 37% | 24% | 100% | ||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Crude Oil | Natural Gas | NGLs | Total | |||||||||||||||||||||||
Wattenberg Field | 30% | 39% | 31% | 100% | ||||||||||||||||||||||
Delaware Basin | 42% | 36% | 22% | 100% | ||||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Crude Oil | Natural Gas | NGLs | Total | |||||||||||||||||||||||
Wattenberg Field | 31% | 39% | 30% | 100% | ||||||||||||||||||||||
Delaware Basin | 41% | 36% | 23% | 100% | ||||||||||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Crude Oil | Natural Gas | NGLs | Total | |||||||||||||||||||||||
Wattenberg Field | 30% | 42% | 28% | 100% | ||||||||||||||||||||||
Delaware Basin | 41% | 38% | 21% | 100% |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
Weighted Average Realized Sales Price by Operating Region | September 30, 2022 | June 30, 2022 | Percent Change | September 30, 2022 | September 30, 2021 | Percent Change | ||||||||||||||||||||||||||||||||
(excluding net settlements on derivatives) | ||||||||||||||||||||||||||||||||||||||
Crude oil (per Bbl) | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | $ | 91.68 | $ | 108.05 | (15) | % | $ | 97.66 | $ | 63.94 | 53 | % | ||||||||||||||||||||||||||
Delaware Basin | 93.00 | 109.06 | (15) | % | 99.93 | 64.31 | 55 | % | ||||||||||||||||||||||||||||||
Weighted average price | 91.88 | 108.24 | (15) | % | 98.05 | 64.00 | 53 | % | ||||||||||||||||||||||||||||||
Natural gas (per Mcf) | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | $ | 5.94 | $ | 5.50 | 8 | % | $ | 5.16 | $ | 2.54 | 103 | % | ||||||||||||||||||||||||||
Delaware Basin | 6.66 | 6.09 | 9 | % | 5.53 | 2.52 | 119 | % | ||||||||||||||||||||||||||||||
Weighted average price | 6.03 | 5.57 | 8 | % | 5.21 | 2.54 | 105 | % | ||||||||||||||||||||||||||||||
NGLs (per Bbl) | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | $ | 28.06 | $ | 32.56 | (14) | % | $ | 30.79 | $ | 22.32 | 38 | % | ||||||||||||||||||||||||||
Delaware Basin | 45.26 | 54.62 | (17) | % | 50.49 | 33.08 | 53 | % | ||||||||||||||||||||||||||||||
Weighted average price | 29.75 | 34.99 | (15) | % | 32.93 | 23.41 | 41 | % | ||||||||||||||||||||||||||||||
Crude oil equivalent (per Boe) | ||||||||||||||||||||||||||||||||||||||
Wattenberg Field | $ | 50.87 | $ | 55.57 | (8) | % | $ | 51.56 | $ | 31.90 | 62 | % | ||||||||||||||||||||||||||
Delaware Basin | 62.04 | 71.13 | (13) | % | 64.33 | 39.01 | 65 | % | ||||||||||||||||||||||||||||||
Weighted average price | 52.25 | 57.81 | (10) | % | 53.29 | 32.82 | 62 | % |
Three Months Ended September 30, 2022 | Average NYMEX Price | Average Realized Price Before TGP Expense | Average Realization Percentage Before TGP Expense | Average TGP Expense (1) | Average Realized Price After TGP Expense | Average Realization Percentage After TGP Expense | ||||||||||||||||||||||||||||||||
Crude oil (per Bbl) | $ | 91.56 | $ | 91.88 | 100 | % | $ | 2.50 | $ | 89.38 | 98 | % | ||||||||||||||||||||||||||
Natural gas (per MMBtu) | 8.20 | 6.03 | 74 | % | 0.19 | 5.84 | 71 | % | ||||||||||||||||||||||||||||||
NGLs (per Bbl) | 91.56 | 29.75 | 32 | % | — | 29.75 | 32 | % | ||||||||||||||||||||||||||||||
Crude oil equivalent (per Boe) | 75.28 | 52.25 | 69 | % | 1.23 | 51.02 | 68 | % | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Average NYMEX Price | Average Realized Price Before TGP Expense | Average Realization Percentage Before TGP Expense | Average TGP Expense (1) | Average Realized Price After TGP Expense | Average Realization Percentage After TGP Expense | ||||||||||||||||||||||||||||||||
Crude oil (per Bbl) | $ | 108.41 | $ | 108.24 | 100 | % | $ | 2.37 | $ | 105.87 | 98 | % | ||||||||||||||||||||||||||
Natural gas (per MMBtu) | 7.17 | 5.58 | 78 | % | 0.22 | 5.36 | 75 | % | ||||||||||||||||||||||||||||||
NGLs (per Bbl) | 108.41 | 34.99 | 32 | % | — | 34.99 | 32 | % | ||||||||||||||||||||||||||||||
Crude oil equivalent (per Boe) | 83.05 | 57.81 | 70 | % | 1.26 | 56.55 | 68 | % | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Average NYMEX Price | Average Realized Price Before TGP Expense | Average Realization Percentage Before TGP Expense | Average TGP Expense (1) | Average Realized Price After TGP Expense | Average Realization Percentage After TGP Expense | ||||||||||||||||||||||||||||||||
Crude oil (per Bbl) | $ | 98.09 | $ | 98.05 | 100 | % | $ | 2.59 | $ | 95.46 | 97 | % | ||||||||||||||||||||||||||
Natural gas (per MMBtu) | 6.77 | 5.21 | 77 | % | 0.21 | 5.00 | 74 | % | ||||||||||||||||||||||||||||||
NGLs (per Bbl) | 98.09 | 32.93 | 34 | % | — | 32.93 | 34 | % | ||||||||||||||||||||||||||||||
Crude oil equivalent (per Boe) | 75.67 | 53.29 | 70 | % | 1.32 | 51.97 | 69 | % | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Average NYMEX Price | Average Realized Price Before TGP Expense | Average Realization Percentage Before TGP Expense | Average TGP Expense (1) | Average Realized Price After TGP Expense | Average Realization Percentage After TGP Expense | ||||||||||||||||||||||||||||||||
Crude oil (per Bbl) | $ | 64.82 | $ | 64.00 | 99 | % | $ | 3.25 | $ | 60.75 | 94 | % | ||||||||||||||||||||||||||
Natural gas (per MMBtu) | 3.18 | 2.54 | 80 | % | 0.12 | 2.42 | 76 | % | ||||||||||||||||||||||||||||||
NGLs (per Bbl) | 64.82 | 23.41 | 36 | % | — | 23.41 | 36 | % | ||||||||||||||||||||||||||||||
Crude oil equivalent (per Boe) | 45.92 | 32.82 | 71 | % | 1.33 | 31.49 | 69 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Commodity price risk management gain (loss), net: | |||||||||||||||||||||||
Net settlements of commodity derivative instruments: | |||||||||||||||||||||||
Crude oil collars and fixed price exchanges | $ | (146.9) | $ | (231.4) | $ | (509.4) | $ | (166.4) | |||||||||||||||
Natural gas collars and fixed price exchanges | (115.6) | (75.7) | (219.4) | (40.1) | |||||||||||||||||||
Natural gas basis protection exchanges | 9.6 | 8.4 | 15.7 | (8.9) | |||||||||||||||||||
Total net settlements of commodity derivative instruments | (252.9) | (298.7) | (713.1) | (215.4) | |||||||||||||||||||
Change in fair value of unsettled commodity derivative instruments: | |||||||||||||||||||||||
Reclassification of settlements included in prior period changes in fair value of commodity derivative instruments | 250.2 | 173.9 | 231.1 | 20.4 | |||||||||||||||||||
Crude oil collars and fixed price exchanges | 370.7 | (6.6) | 213.0 | (326.0) | |||||||||||||||||||
Natural gas collars and fixed price exchanges | (88.5) | 41.4 | (110.4) | (185.0) | |||||||||||||||||||
Natural gas basis protection exchanges | 27.2 | (12.0) | 16.1 | (1.2) | |||||||||||||||||||
Net change in fair value of unsettled commodity derivative instruments | 559.6 | 196.7 | 349.8 | (491.8) | |||||||||||||||||||
Total commodity price risk management gain (loss), net | $ | 306.7 | $ | (102.0) | $ | (363.3) | $ | (707.2) |
Change Between | ||||||||||||||
June 30, 2022 - September 30, 2022 | September 30, 2021 - September 30, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Increase (decrease) in production | $ | 12.8 | $ | 94.7 | ||||||||||
Increase (decrease) in weighted average depreciation, depletion and amortization rates | 1.6 | (25.4) | ||||||||||||
Total increase (decrease) in DD&A expense related to crude oil and natural gas properties | $ | 14.4 | $ | 69.3 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
(per Boe) | |||||||||||||||||||||||
Operating Region/Area | |||||||||||||||||||||||
Wattenberg Field | $ | 8.72 | $ | 8.52 | $ | 8.45 | $ | 9.04 | |||||||||||||||
Delaware Basin | 9.86 | 10.68 | 10.30 | 9.54 | |||||||||||||||||||
Total weighted average DD&A expense rate | 8.86 | 8.83 | 8.70 | 9.10 |
Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Cash flows from operating activities | $ | 2,084,791 | $ | 1,027,820 | ||||||||||
Cash flows from investing activities | (1,848,263) | (424,474) | ||||||||||||
Cash flows from financing activities | (216,578) | (506,047) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 19,950 | $ | 97,299 |
As of/Nine Months Ended | As of/Year Ended | |||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Issuer | Guarantors | Issuer | Guarantor | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets | $ | 661.6 | $ | 66.4 | $ | 402.6 | $ | 56.0 | ||||||||||||||||||
Intercompany accounts receivable, guarantor subsidiary | — | 289.0 | — | 40.8 | ||||||||||||||||||||||
Investment in guarantor subsidiary | 1,767.2 | — | 1,767.2 | — | ||||||||||||||||||||||
Properties and equipment, net | 6,117.5 | 1,009.8 | 3,875.0 | 939.9 | ||||||||||||||||||||||
Other non-current assets | 165.6 | 7.2 | 58.5 | 4.8 | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Current liabilities | $ | 1,443.6 | $ | 67.4 | $ | 862.5 | $ | 57.6 | ||||||||||||||||||
Intercompany accounts payable | 289.0 | — | 27.9 | — | ||||||||||||||||||||||
Long-term debt | 1,393.5 | — | 942.1 | — | ||||||||||||||||||||||
Other non-current liabilities | 977.2 | 165.0 | 392.3 | 172.0 | ||||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||||||||
Crude oil, natural gas and NGLs sales | $ | 2,778.1 | $ | 542.5 | $ | 2,163.1 | $ | 389.5 | ||||||||||||||||||
Commodity price risk management gain (loss), net | (363.3) | — | (701.5) | — | ||||||||||||||||||||||
Total revenues | 2,418.7 | 547.5 | 1,464.5 | 391.4 | ||||||||||||||||||||||
Production costs | 868.2 | 213.7 | 892.4 | 189.0 | ||||||||||||||||||||||
Gross profit (1) | 1,910.0 | 328.9 | 1,270.7 | 200.4 | ||||||||||||||||||||||
Impairment of properties and equipment | 0.8 | 0.9 | 0.4 | — | ||||||||||||||||||||||
Net income (loss) | 1,113.1 | 315.3 | 327.7 | 194.9 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Cash flows from operations to adjusted cash flows from operations and adjusted free cash flow: | |||||||||||||||||||||||
Net cash from operating activities | $ | 848.4 | $ | 747.4 | $ | 2,084.8 | $ | 1,027.8 | |||||||||||||||
Changes in assets and liabilities | (147.1) | (52.7) | (150.1) | 31.7 | |||||||||||||||||||
Adjusted cash flows from operations | 701.3 | 694.7 | 1,934.7 | 1,059.5 | |||||||||||||||||||
Capital expenditures for development of crude oil and natural gas properties | (240.2) | (346.7) | (773.7) | (428.8) | |||||||||||||||||||
Capital expenditures for midstream assets | (5.7) | (3.0) | (8.7) | — | |||||||||||||||||||
Change in accounts payable related to capital expenditures for oil and gas development activities and midstream assets | (15.0) | 58.8 | 10.7 | (21.2) | |||||||||||||||||||
Adjusted free cash flow | $ | 440.4 | $ | 403.8 | $ | 1,163.0 | $ | 609.5 | |||||||||||||||
Net income (loss) to adjusted net income (loss): | |||||||||||||||||||||||
Net income (loss) | $ | 798.0 | $ | 662.4 | $ | 1,428.4 | $ | 49.2 | |||||||||||||||
Loss (gain) on commodity derivative instruments | (306.7) | 102.0 | 363.3 | 707.2 | |||||||||||||||||||
Net settlements on commodity derivative instruments | (252.8) | (298.7) | (713.1) | (215.4) | |||||||||||||||||||
Tax effect of above adjustments (1) | 124.2 | 36.4 | 74.1 | — | |||||||||||||||||||
Adjusted net income (loss) | $ | 362.7 | $ | 502.1 | $ | 1,152.7 | $ | 541.0 | |||||||||||||||
Net income (loss) to adjusted EBITDAX: | |||||||||||||||||||||||
Net income (loss) | $ | 798.0 | $ | 662.4 | $ | 1,428.4 | $ | 49.2 | |||||||||||||||
Loss (gain) on commodity derivative instruments | (306.7) | 102.0 | 363.3 | 707.2 | |||||||||||||||||||
Net settlements on commodity derivative instruments | (252.8) | (298.7) | (713.1) | (215.4) | |||||||||||||||||||
Non-cash stock-based compensation | 7.2 | 7.2 | 20.0 | 17.3 | |||||||||||||||||||
Interest expense, net | 18.6 | 17.6 | 49.1 | 59.2 | |||||||||||||||||||
Income tax expense (benefit) | 229.3 | 128.0 | 358.5 | 0.1 | |||||||||||||||||||
Impairment of properties and equipment | 0.2 | 0.5 | 1.6 | 0.3 | |||||||||||||||||||
Exploration, geologic and geophysical expense | 11.8 | 0.3 | 12.4 | 0.9 | |||||||||||||||||||
Depreciation, depletion and amortization | 205.6 | 191.1 | 547.7 | 478.6 | |||||||||||||||||||
Accretion of asset retirement obligations | 3.5 | 3.4 | 9.8 | 9.2 | |||||||||||||||||||
Loss (gain) on sale of properties and equipment | (0.1) | 0.5 | 0.3 | (0.6) | |||||||||||||||||||
Adjusted EBITDAX | $ | 714.6 | $ | 814.3 | $ | 2,078.0 | $ | 1,106.0 | |||||||||||||||
Cash from operating activities to adjusted EBITDAX: | |||||||||||||||||||||||
Net cash from operating activities | $ | 848.4 | $ | 747.4 | $ | 2,084.8 | $ | 1,027.8 | |||||||||||||||
Gain on bargain purchase | (4.6) | 100.3 | 95.7 | — | |||||||||||||||||||
Interest expense, net | 18.6 | 17.6 | 49.1 | 59.2 | |||||||||||||||||||
Amortization and write-off of debt discount, premium and issuance costs | (1.4) | (1.3) | (4.1) | (11.2) | |||||||||||||||||||
Exploration, geologic and geophysical expense | 0.3 | 0.3 | 0.9 | 0.9 | |||||||||||||||||||
Other | 0.4 | 2.7 | 1.7 | (2.4) | |||||||||||||||||||
Changes in assets and liabilities | (147.1) | (52.7) | (150.1) | 31.7 | |||||||||||||||||||
Adjusted EBITDAX | $ | 714.6 | $ | 814.3 | $ | 2,078.0 | $ | 1,106.0 |
Period | Total Number of Shares Purchased (1) (2) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) (in millions) | ||||||||||||||||||||||
July | 866,538 | $ | 58.71 | 864,738 | $ | 927.3 | ||||||||||||||||||||
August | 2,187,393 | 63.38 | 2,187,240 | 788.7 | ||||||||||||||||||||||
September | 1,153,214 | 62.22 | 1,153,214 | 716.9 | ||||||||||||||||||||||
Total third quarter 2022 purchases | 4,207,145 | 62.10 | 4,205,192 | 716.9 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | SEC File Number | Exhibit | Filing Date | Filed Herewith | ||||||||||||||||||||||||||||||||
22 | X | |||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1* | ||||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | X | ||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | X | ||||||||||||||||||||||||||||||||||||
PDC Energy, Inc. | |||||
(Registrant) | |||||
Date: November 2, 2022 | /s/ Barton Brookman | ||||
Barton Brookman | |||||
President and Chief Executive Officer | |||||
(principal executive officer) | |||||
/s/ R. Scott Meyers | |||||
R. Scott Meyers | |||||
Senior Vice President and Chief Financial Officer | |||||
(principal financial officer) |
Guaranteed Security | Subsidiary Guarantors | |||||||
6.125 % Senior Notes, due September 15, 2024 | PDC Permian, Inc. Pioneer Water Pipeline, LLC | |||||||
5.75% Senior Notes, due May 15, 2026 | PDC Permian, Inc. Pioneer Water Pipeline, LLC |
Date: | November 2, 2022 | ||||
/s/ Barton Brookman | |||||
Barton Brookman | |||||
President and Chief Executive Officer | |||||
(principal executive officer) |
Date: | November 2, 2022 | ||||
/s/ R. Scott Meyers | |||||
R. Scott Meyers | |||||
Senior Vice President and Chief Financial Officer | |||||
(principal financial officer) |
/s/ Barton Brookman | November 2, 2022 | |||||||
Barton Brookman | ||||||||
President and Chief Executive Officer | ||||||||
(principal executive officer) | ||||||||
/s/ R. Scott Meyers | November 2, 2022 | |||||||
R. Scott Meyers | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
(principal financial officer) |
Balance Sheet Parenthetical (Parentheticals) - $ / shares |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 150,000,000 | |
Common stock, shares issued | 92,857,134 | 96,468,071 |
Treasury shares, at cost | 130,091 | 54,960 |
Common stock, par value | $ 0.01 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Revenues: | ||||
Crude oil, natural gas and NGLs sales | $ 1,200,619 | $ 703,136 | $ 3,320,678 | $ 1,704,396 |
Commodity price risk management gain (loss), net | 306,749 | (217,678) | (363,283) | (707,187) |
Other income | 3,921 | 904 | 8,833 | 4,058 |
Total revenues | 1,511,289 | 486,362 | 2,966,228 | 1,001,267 |
Costs, expenses and other: | ||||
Lease operating expense | 69,155 | 45,649 | 193,922 | 129,848 |
Production taxes | 98,142 | 44,654 | 250,309 | 101,114 |
Transportation, gathering and processing expense | 32,327 | 26,732 | 89,882 | 74,453 |
Exploration, geologic and geophysical expense | 11,843 | 222 | 12,416 | 862 |
General and administrative expense | 40,103 | 30,847 | 119,859 | 96,367 |
Depreciation, depletion and amortization | 205,604 | 169,644 | 547,720 | 478,617 |
Accretion of asset retirement obligations | 3,484 | 2,825 | 9,823 | 9,185 |
Impairment of properties and equipment | 184 | 77 | 1,637 | 329 |
Loss (gain) on sale of properties and equipment | (86) | (220) | 287 | (561) |
Other expense | 0 | 303 | 0 | 2,496 |
Total cost, expenses and other | 460,756 | 320,733 | 1,225,855 | 892,710 |
Income (loss) from operations | 1,050,533 | 165,629 | 1,740,373 | 108,557 |
Interest expense | (18,629) | (20,098) | (49,139) | (59,199) |
(Adjustment to) Gain on bargain purchase | (4,621) | 0 | 95,652 | 0 |
Income (loss) before income taxes | 1,027,283 | 145,531 | 1,786,886 | 49,358 |
Income tax (expense) benefit | (229,318) | (210) | (358,500) | (110) |
Net income (loss) | $ 797,965 | $ 145,321 | $ 1,428,386 | $ 49,248 |
Earnings per share: | ||||
Basic | $ 8.40 | $ 1.48 | $ 14.87 | $ 0.50 |
Diluted | $ 8.30 | $ 1.45 | $ 14.66 | $ 0.49 |
Weighted-average common shares outstanding | ||||
Basic | 94,950 | 98,183 | 96,065 | 99,018 |
Diluted | 96,122 | 99,966 | 97,467 | 100,534 |
(Adjustment to) Gain on bargain purchase | $ (4,621) | $ 0 | $ 95,652 | $ 0 |
Statement of Financial Position, Classified |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Statement of Financial Position [Abstract] | |
Income Tax Disclosure | NOTE 13 - INCOME TAXES We compute our quarterly tax provision using the effective tax rate method by applying the anticipated annual effective rate to our year-to-date income or loss, except for discrete items. Income tax on discrete items is computed and recorded in the period in which the specific transaction occurs. We consider whether a portion, or all, of our deferred tax assets (“DTAs”) will be realized based on a more likely than not standard of judgment. The ultimate realization of DTAs is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, management considers the available taxes in carryback periods, the future reversals of existing taxable temporary differences, tax planning strategies and projected future taxable income in making this assessment. Our oil and gas property impairments and cumulative pre-tax losses were key considerations that led us to provide a valuation allowance against our DTAs beginning January 1, 2020 since we previously could not conclude that it is more likely than not that our DTAs will be fully realized in future periods. As we previously disclosed in our 2021 Form 10-K, we maintained a valuation allowance on our net federal deferred tax assets and continued to do so until sufficient positive evidence existed to support a reversal of the allowance. In the second quarter of 2022, continued higher commodity prices increased our income, resulting in the reversal of objective negative evidence of cumulative loss in recent years, and we determined that we have sufficient positive evidence to release the valuation allowance. As a result, we released $22.5 million and $45.0 million of the valuation allowance against our deferred income tax assets and recognized a corresponding decrease to income tax expense in the three and nine months ended September 30, 2022, respectively. The remainder of the valuation allowance of $11.6 million will be recognized as a decrease to income tax expense in the fourth quarter of 2022. Excluding the discrete gain on bargain purchase, the effective income tax rates for the three and nine months ended September 30, 2022 were 22.2 percent and 21.2 percent, respectively, and 0.1 percent and 0.2 percent provision on the respective pre-tax income for the three and nine months ended September 30, 2021, respectively. The effective tax rates differ from the amount that would be provided by applying the statutory U.S. federal income tax rate of 21 percent to the pre-tax income due to state income taxes offset by the effect of the valuation allowance or changes in the valuation allowance against our deferred income tax asset. As of September 30, 2022, there is no liability for unrecognized income tax benefits. As of the date of this report, we are current with our income tax filings in all applicable state jurisdictions and are not currently under any state income tax examinations. The IRS has accepted our 2020 federal income tax return with no tax adjustments. We continue to voluntarily participate in the IRS CAP program for the review of our 2021 tax year. Participation in the IRS CAP Program has enabled us to have minimal uncertain tax benefits associated with our federal tax return filings. In August 2022, the Inflation Reduction Act (“IRA”) was signed into law. The IRA includes implementation of a new alternative minimum tax, an excise tax on stock buybacks, and significant tax incentives for energy and climate initiatives, among other provisions. The alternative minimum tax and excise tax on stock buyback provisions are effective for tax years beginning after December 31, 2022. We continue to monitor updates to the IRA and the impact to our financial position, results of operations and liquidity, however, we do not believe it will have a material impact on our stock buyback program or our financial position.
|
NATURE OF OPERATIONS AND BASIS OF PRESENTATION |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION [Abstract] | |
Nature of Operations | NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION PDC Energy, Inc. is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and the Delaware Basin in west Texas. Our operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and our Delaware Basin operations are primarily focused in the horizontal Wolfcamp zones. As of September 30, 2022, we owned an interest in approximately 4,200 gross productive wells. The accompanying unaudited condensed consolidated financial statements include the accounts of PDC and our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results of interim periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The December 31, 2021 condensed consolidated balance sheet data was derived from audited statements, but does not include all disclosures required by U.S. GAAP. The information presented in this Quarterly Report on Form 10-Q should be read in conjunction with our audited consolidated financial statements and notes thereto included in our 2021 Form 10-K. Our results of operations and cash flows for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other future period.
|
Business Combination (Notes) |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | NOTE 2 - BUSINESS COMBINATION On May 6, 2022, we completed the acquisition of Great Western Petroleum, LLC (“Great Western”), for approximately $1.4 billion, inclusive of Great Western’s net debt (the “Great Western Acquisition”). Great Western was an independent oil and gas company focused on the exploration, production and development of crude oil and natural gas in the Wattenberg Field of Colorado. The consideration paid was $542.5 million in cash and approximately 4.0 million shares of our common stock, valued at $293.3 million on the acquisition date. In addition, we paid off the Great Western secured credit facility totaling $235.8 million and irrevocably deposited $361.2 million on Great Western’s behalf to pay and discharge on May 20, 2022 Great Western’s 12 percent senior secured notes due 2025, inclusive of unpaid accrued interest and a premium for early termination. The cash portion of the purchase price and the termination of Great Western’s debt were funded through a combination of cash on hand and availability under our revolving credit facility. Purchase Price Allocation The Great Western Acquisition has been accounted for using the acquisition method under Accounting Standards Codification (“ASC”) 805, Business Combinations, with PDC being treated as the accounting acquirer. Accordingly, we conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. The following table presents our preliminary allocation of the total purchase price of Great Western to the identifiable assets acquired and liabilities assumed based on the fair values as of the acquisition date:
Determining the fair values of the assets and liabilities of Great Western requires judgement and certain assumptions to be made, the most significant of these being related to the valuation of crude oil and natural gas properties. The majority of the measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market, and therefore represent Level 3 inputs. The fair values of crude oil and natural gas properties and asset retirement obligations were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs and assumptions to the valuation of proved and unproved crude oil and natural gas properties include estimates of reserve volumes, future operating and development costs, future commodity prices, lease terms and expirations and a market-based weighted-average cost of capital rate of 14.25 percent. These inputs require significant judgments and estimates by management at the time of the valuation. Due to this, the final purchase price allocation is considered an ongoing process and the measurement period will extend into the fourth quarter of 2022. Through September 30, 2022, there have been immaterial adjustments made to the allocation presented in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with the SEC on August 3, 2022. ASC 805, Business Combinations, requires that any excess of purchase price over the fair value of assets acquired, including identifiable intangibles and liabilities assumed, be recognized as goodwill and any excess of fair value of acquired net assets, including identifiable intangible assets over the acquisition consideration, results in a gain from bargain purchase. Prior to recording a gain, the acquiring entity must reassess whether all assets acquired and assumed liabilities have been identified and recognized and perform re-measurements to verify that the consideration paid, assets acquired and liabilities assumed have been properly valued. The Great Western Acquisition resulted in a gain on bargain purchase due to the estimated fair value of the identifiable net assets acquired exceeding the purchase consideration transferred by $95.7 million and is shown as a gain on bargain purchase on our condensed consolidated statement of operations, net of related income taxes of $30.1 million. Upon completion of our assessment, we concluded that recording a gain on bargain purchase was appropriate and required under ASC 805. The bargain purchase was primarily attributable to the increase in commodity price forecasts from the date we entered into the definitive purchase agreement with Great Western, February 26, 2022, to the closing date of the acquisition, May 6, 2022, when the fair value of crude oil and natural gas reserves acquired were determined. Additionally, the majority of the acquisition consideration was fixed and therefore did not fluctuate as a result of market increases or decreases between the date of entry into the agreement through the closing date. The results of operations for the Great Western Acquisition since the closing date have been included on our condensed consolidated financial statements for the three and nine months ended September 30, 2022 and include approximately $266.1 million and $458.9 million of total revenues, respectively, and $162.2 million and $293.3 million of income from operations, respectively. During the three and nine months ended September 30, 2022, we recognized total transaction costs of $1.2 million and $11.7 million, respectively, which are included in general and administrative expense on the condensed consolidated statement of operations. Pro Forma Information. The following unaudited pro forma financial information represents a summary of the condensed consolidated results of operations for the three months ended September 30, 2021 and nine months ended September 30, 2022 and 2021, assuming the acquisition had been completed as of January 1, 2021. The financial information for the three months ended September 30, 2022 was included on our condensed consolidated financial statements and therefore does not require a pro forma disclosure. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the acquisition had been effective as of these dates, or of future results. The information below reflects certain nonrecurring pro forma adjustments that were directly related to the business combination based on available information and certain assumptions that we believe are reasonable, including (i) our common stock issued to the owners of Great Western, (ii) the increase in depletion reflecting the relative fair values and production volumes attributable to Great Western’s properties and the revision to the depletion rate reflecting the reserve volumes acquired, (iii) adjustments to interest expense as a result of payoff of Great Western’s credit facility and secured senior notes, (iv) the adjustment to reflect the gain on bargain purchase, and (v) the estimated tax impacts of the pro forma adjustments. In addition, pro forma earnings were adjusted to exclude acquisition-related costs incurred by us and Great Western totaling approximately $4.9 million and $33.4 million for the three and nine months ended September 30, 2022, respectively, and included the total costs of $33.4 million for the nine months ended September 30, 2021.
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Revenue Recognition (Notes) |
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Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | NOTE 3 - REVENUE RECOGNITION Disaggregated Revenue. The following table presents crude oil, natural gas and NGLs sales disaggregated by commodity and operating region for the periods presented:
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Fair Value Measurements and Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure | NOTE 4 - FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements Derivative Financial Instruments. We measure the fair value of our commodity derivative instruments based upon a pricing model that utilizes market-based inputs, including, but not limited to, the contractual price of the underlying position, current market prices, crude oil and natural gas forward curves, discount rates, volatility factors and nonperformance risk. Nonperformance risk considers the effect of our credit standing on the fair value of derivative liabilities and the effect of our counterparties’ credit standings on the fair value of derivative assets. Both inputs to the model are based on published credit default exchange rates and the duration of each outstanding derivative position. We use our counterparties’ valuations to assess reasonableness of our fair value measurement. Our crude oil and natural gas fixed-price exchanges and basis exchanges are included in Level 2. Our collars are included in Level 3. The following table presents, for each applicable level within the fair value hierarchy, our derivative assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis as of the dates indicated:
The following table presents a reconciliation of our Level 3 assets and liabilities measured at fair value for the periods presented:
The significant unobservable input used in the fair value measurement of our derivative contracts is the implied volatility curve. A significant increase or decrease in the implied volatility, in isolation, would have a directionally similar effect resulting in a significantly higher or lower fair value measurement of our Level 3 derivative contracts. There has been no change in the methodology we apply to measure the fair value of our Level 3 derivative contracts during the periods covered by the financial statements. Nonrecurring Fair Value Measurements Acquisitions and Impairment of Long-lived Assets. We measure fair value using inputs that are not observable in the market, and are therefore designated as Level 3 within the valuation hierarchy, on a nonrecurring basis for any acquired assets or businesses and to review our proved and unproved crude oil and natural gas properties for possible impairment. Asset Retirement Obligations. We measure the fair value of asset retirement obligations as of the date a well begins drilling or when production equipment and facilities are installed using a discounted cash flow model based on inputs that are not observable in the market and therefore are designated as Level 3 within the valuation hierarchy. Other Financial Instruments The carrying value of the financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Long-term Debt. The portion of our long-term debt related to our revolving credit facility approximates fair value, as the applicable interest rates are variable and reflective of market rates. We have elected not to account for the portion of our debt related to our senior notes under the fair value option; however, we have determined an estimate of the fair values based on measurements of trading activity and broker or dealer quotes, which are published market prices, and therefore are Level 2 inputs. The table below presents these estimates of the fair value of the portion of our long-term debt related to our senior notes as of the dates indicated:
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Derivative Financial Instruments |
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Derivative Instruments Not Designated as Hedging Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 5 - COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS Objective and Strategy. Our results of operations and operating cash flows are affected by changes in market prices for crude oil, natural gas and NGLs. To manage a portion of our exposure to price volatility from producing crude oil and natural gas we enter into commodity derivative contracts such as collars, fixed-price exchanges and basis protection exchanges, to protect against price declines in future periods. We do not enter into derivative contracts for speculative or trading purposes. We believe our commodity derivative instruments continue to be effective in achieving the risk management objectives for which they were intended. Depending on changes in crude oil and natural gas futures markets and management’s view of underlying supply and demand trends, we may increase or decrease our derivative positions from current levels. As of September 30, 2022, we had derivative instruments in place for a portion of our anticipated production in 2022 through 2025. Our commodity derivative contracts have been entered into at no upfront cost to us as we hedge our anticipated production at the then-prevailing commodity market prices, without adjustment for premium or discount. Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations. The following table presents the impact of our derivative instruments on our condensed consolidated statements of operations for the periods presented:
Commodity Derivative Contracts. As of September 30, 2022, we had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is presented:
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet. The balance sheet line items and fair value amounts of our derivative instruments are disclosed in Note 4 - Fair Value Measurements. Our financial derivative agreements contain master netting provisions that provide for the net settlement of contracts through a single payment in the event of early termination. We have elected not to offset the fair value positions recorded on our condensed consolidated balance sheets. The following table reflects the impact of netting agreements on gross derivative assets and liabilities as of September 30, 2022:
Derivative Counterparties. Our commodity derivative instruments expose us to the risk of non-performance by our counterparties. We use financial institutions who are also lenders under our revolving credit facility as counterparties to our commodity derivative contracts. To date, we have had no derivative counterparty default losses. We have evaluated the credit risk of our derivative assets from our counterparties using relevant credit market default rates, giving consideration to amounts outstanding for each counterparty and the duration of each outstanding derivative position. Based on our evaluation, we have determined that the potential impact of nonperformance of our current counterparties on the fair value of our derivative instruments is not significant at September 30, 2022; however, this determination may change.
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Properties and Equipment |
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Property, Plant and Equipment Disclosure | NOTE 6 - PROPERTIES AND EQUIPMENT, NET The following table presents the components of properties and equipment, net of accumulated depreciation, depletion and amortization (“DD&A”) as of the dates indicated:
Suspended Well Costs. The following table presents the capitalized exploratory well cost pending determination of proved reserves and included in properties and equipment for the periods presented:
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Other Accrued Expenses and Other Liabilities (Notes) |
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Accrued Liabilities and Other Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Other Expense Disclosure [Text Block] | NOTE 7 - ACCOUNTS RECEIVABLE, OTHER ACCRUED EXPENSES AND OTHER LIABILITIES Accounts Receivable. The following table presents the components of accounts receivable, net of allowance for doubtful accounts, as of the dates indicated:
Other Accrued Expenses. The following table presents the components of other accrued expenses as of the dates indicated:
Other Liabilities. The following table presents the components of other liabilities as of the dates indicated:
Deferred Midstream Gathering Credits. In 2019, we entered into agreements pursuant to which we dedicated the gathering of certain of our production and all water gathering and disposal volumes in the Delaware Basin. The terms of these agreements range from 15 to 22 years. The acreage dedication agreements resulted in initial cash receipts and are being amortized on a units-of-production basis. The amortization rates are assessed on an annual basis for changes in estimated future production. The following table presents the amortization charges related to our deferred credits recognized on the condensed consolidated statements of operations for the periods indicated:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases | NOTE 9 - LEASES We have operating leases for office space and well equipment, and finance leases for vehicles. Our leases have remaining lease terms ranging from one to eleven years. We had short-term lease costs of $75.0 million and $48.2 million for the three months ended September 30, 2022 and September 30, 2021, respectively, and $230.5 million and $158.4 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. Our short-term lease costs include amounts that are capitalized as part of the cost of assets and are recorded as properties and equipment, or recognized as expense. The following table presents the balance sheet classification of our leases as of the dates indicated:
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Lessee, Finance Leases | NOTE 9 - LEASES We have operating leases for office space and well equipment, and finance leases for vehicles. Our leases have remaining lease terms ranging from one to eleven years. We had short-term lease costs of $75.0 million and $48.2 million for the three months ended September 30, 2022 and September 30, 2021, respectively, and $230.5 million and $158.4 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. Our short-term lease costs include amounts that are capitalized as part of the cost of assets and are recorded as properties and equipment, or recognized as expense. The following table presents the balance sheet classification of our leases as of the dates indicated:
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Asset Retirement Obligations |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligation Disclosure | The following table presents the changes in carrying amounts of the asset retirement obligations associated with our working interests in crude oil and natural gas properties for the nine months ended September 30, 2022:
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | NOTE 11 - COMMITMENTS AND CONTINGENCIES Commitments. We routinely enter into, extend or amend operating agreements in the ordinary course of business. We have long-term transportation, sales, processing and facility expansion agreements for pipeline capacity and water delivery and disposal commitments. There were no significant commitments entered into during the nine months ended September 30, 2022, other than the commitments assumed as a result of the Great Western Acquisition including an aggregate of approximately $393.3 million in various sales, transportation, gathering and processing contractual obligations. For details of our existing commitments excluding the Great Western Acquisition, refer to Note 13 - Commitments and Contingencies in Item 8. Financial Statements and Supplementary Data included in our 2021 Form 10-K. Litigation and Legal Items. We are involved in various legal proceedings. We review the status of these proceedings on an ongoing basis and, from time to time, may settle or otherwise resolve these matters on terms and conditions that management believes are in our best interests. We have provided the necessary estimated accruals in the accompanying condensed consolidated balance sheets where deemed appropriate for litigation and legal related items that are ongoing and not yet concluded. Although the results cannot be known with certainty, we currently believe that the ultimate results of such proceedings will not have a material adverse effect on our financial position, results of operations or liquidity.
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Common Stock Common Stock (Notes) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | NOTE 12 - COMMON STOCK Stock-Based Compensation Plans 2018 Equity Incentive Plan. In May 2020, our stockholders approved an amendment to increase the number of shares of our common stock reserved for issuance pursuant to our long-term equity compensation plan for employees and non-employee directors (the “2018 Plan”) to 7,050,000 shares. As of September 30, 2022, there were 3,834,293 shares available for grant under the 2018 Plan. 2010 Long-Term Equity Compensation Plan. Our Amended and Restated 2010 Long-Term Equity Compensation Plan, approved in 2013 (the “2010 Plan”), remains outstanding and we continue to use the 2010 Plan to grant awards. No awards may be granted under the 2010 Plan on or after June 5, 2023. As of September 30, 2022, there were 240,910 shares available for grant under the 2010 Plan. The following table provides a summary of the impact of our outstanding stock-based compensation plans on the results of operations for the periods presented:
Restricted Stock Units The following table presents the changes in non-vested time-based RSUs to eligible employees, including executive officers, for the nine months ended September 30, 2022:
The weighted average grant-date fair value of restricted stock units was $70.28 and $33.48 for the nine months ended September 30, 2022 and 2021, respectively. The total grant-date fair value of restricted stock units that vested for the nine months ended September 30, 2022 and 2021 was $14.1 million and $13.3 million, respectively. Total compensation cost related to non-vested time-based awards and not yet recognized on our condensed consolidated statements of operations as of September 30, 2022 was $29.5 million. This cost is expected to be recognized over a weighted average period of 1.6 years. Performance Stock Units The Compensation Committee awarded a total of 102,098 market-based PSUs to our executive officers during the nine months ended September 30, 2022. In addition to continuous employment, the vesting of these PSUs is contingent on a combination of absolute stock performance and our total stockholder return (“TSR”), which is essentially our stock price change, including any dividends, over a three-year period ending on December 31, 2024, as compared to the TSR of a group of peer companies over the same period. The PSUs will result in a payout between zero and 250 percent of the target PSUs awarded. The grant-date fair value was estimated using a Monte Carlo valuation model. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. The expected term of the awards was based on the requisite service period. The risk-free interest rate was based on the U.S. Treasury yields in effect at the time of grant and extrapolated to approximate the life of the award. The expected volatility was based on our common stock historical volatility, as well as that of our peer group. The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the periods presented:
The following table presents the change in non-vested market-based awards during the nine months ended September 30, 2022:
(1) Upon completion of the performance period for the PSUs granted in 2019 and a portion of the PSUs granted in 2020, a performance multiple of 190% was applied to each of the grants resulting in additional grants of PSUs in January 2022. Total compensation cost related to non-vested market-based awards not yet recognized on our condensed consolidated statements of operations as of September 30, 2022 was $14.2 million. This cost is expected to be recognized over a weighted average period of one year. Preferred Stock We are authorized to issue 50,000,000 shares of preferred stock, par value $0.01 per share, which may be issued in one or more series, with such rights, preferences, privileges, and restrictions as shall be fixed by our board of directors from time to time. Through September 30, 2022, no shares of preferred stock have been issued. Stock Repurchase Program In 2019, our board of directors approved a program pursuant to which we may acquire shares of our common stock from time to time. At December 31, 2021, $187.3 million of the approved $525.0 million remained available for repurchase under the stock repurchase program. In February 2022, our board of directors approved a new stock repurchase program that reset the total repurchase value to $1.25 billion. The stock repurchase program does not require any specific number of shares to be acquired and can be modified or discontinued by our board of directors at any time. Repurchases under the program can be made in open markets at our discretion and in compliance with safe harbor provisions, or in privately negotiated transactions. Pursuant to the program, we repurchased 8.5 million and 2.7 million shares of outstanding common stock at a cost of $561.2 million and $108.3 million during the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, $716.9 million remained available under the program for repurchases of our outstanding common stock. Dividends During the first, second, and third quarters of 2022, our board of directors approved the declaration and payment of quarterly cash dividends of $0.25, $0.35, and $0.35 per share of common stock, respectively. For the nine months ended September 30, 2022, our dividends totaled $92.4 million or $0.95 per share of outstanding common stock. All RSUs and PSUs receive a dividend equivalent per unit, recognized as a liability included in other liabilities on our condensed consolidated balance sheets, until the recipients receive the equivalents upon vesting. Dividends declared were recorded as a reduction of retained earnings; however, if there were no retained earnings as of the date of declaration, dividends declared were recorded as a reduction of additional paid-in capital. Future dividend payments must be approved by our board of directors and will depend on our liquidity, financial requirements, and other factors considered relevant by our board.
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Income Taxes |
9 Months Ended |
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Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | NOTE 13 - INCOME TAXES We compute our quarterly tax provision using the effective tax rate method by applying the anticipated annual effective rate to our year-to-date income or loss, except for discrete items. Income tax on discrete items is computed and recorded in the period in which the specific transaction occurs. We consider whether a portion, or all, of our deferred tax assets (“DTAs”) will be realized based on a more likely than not standard of judgment. The ultimate realization of DTAs is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. At each reporting period, management considers the available taxes in carryback periods, the future reversals of existing taxable temporary differences, tax planning strategies and projected future taxable income in making this assessment. Our oil and gas property impairments and cumulative pre-tax losses were key considerations that led us to provide a valuation allowance against our DTAs beginning January 1, 2020 since we previously could not conclude that it is more likely than not that our DTAs will be fully realized in future periods. As we previously disclosed in our 2021 Form 10-K, we maintained a valuation allowance on our net federal deferred tax assets and continued to do so until sufficient positive evidence existed to support a reversal of the allowance. In the second quarter of 2022, continued higher commodity prices increased our income, resulting in the reversal of objective negative evidence of cumulative loss in recent years, and we determined that we have sufficient positive evidence to release the valuation allowance. As a result, we released $22.5 million and $45.0 million of the valuation allowance against our deferred income tax assets and recognized a corresponding decrease to income tax expense in the three and nine months ended September 30, 2022, respectively. The remainder of the valuation allowance of $11.6 million will be recognized as a decrease to income tax expense in the fourth quarter of 2022. Excluding the discrete gain on bargain purchase, the effective income tax rates for the three and nine months ended September 30, 2022 were 22.2 percent and 21.2 percent, respectively, and 0.1 percent and 0.2 percent provision on the respective pre-tax income for the three and nine months ended September 30, 2021, respectively. The effective tax rates differ from the amount that would be provided by applying the statutory U.S. federal income tax rate of 21 percent to the pre-tax income due to state income taxes offset by the effect of the valuation allowance or changes in the valuation allowance against our deferred income tax asset. As of September 30, 2022, there is no liability for unrecognized income tax benefits. As of the date of this report, we are current with our income tax filings in all applicable state jurisdictions and are not currently under any state income tax examinations. The IRS has accepted our 2020 federal income tax return with no tax adjustments. We continue to voluntarily participate in the IRS CAP program for the review of our 2021 tax year. Participation in the IRS CAP Program has enabled us to have minimal uncertain tax benefits associated with our federal tax return filings. In August 2022, the Inflation Reduction Act (“IRA”) was signed into law. The IRA includes implementation of a new alternative minimum tax, an excise tax on stock buybacks, and significant tax incentives for energy and climate initiatives, among other provisions. The alternative minimum tax and excise tax on stock buyback provisions are effective for tax years beginning after December 31, 2022. We continue to monitor updates to the IRA and the impact to our financial position, results of operations and liquidity, however, we do not believe it will have a material impact on our stock buyback program or our financial position.
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Earnings per share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | NOTE 14 - EARNINGS PER SHARE Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted earnings per share is similarly computed, except that the denominator includes the effect, using the treasury stock method, of unvested stock-based employee awards and shares held pursuant to our non-employee director deferred compensation plan, if including such potential shares of common stock is dilutive. The following table presents our weighted average basic and diluted shares outstanding for the periods presented:
The following table presents the weighted average common share equivalents excluded from the calculation of diluted earnings per share due to their anti-dilutive effect for the periods presented:
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Supplemental Cash Flow Information |
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Cash Flow, Supplemental Disclosures [Text Block] |
(1) Includes $3.1 million operating lease acquired from Great Western. Cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flow is comprised of the following:
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Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy | The accompanying unaudited condensed consolidated financial statements include the accounts of PDC and our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation |
Basis of Accounting, Policy | In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results of interim periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The December 31, 2021 condensed consolidated balance sheet data was derived from audited statements, but does not include all disclosures required by U.S. GAAP. The information presented in this Quarterly Report on Form 10-Q should be read in conjunction with our audited consolidated financial statements and notes thereto included in our 2021 Form 10-K. Our results of operations and cash flows for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other future period |
Earnings Per Share, Policy | Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted earnings per share is similarly computed, except that the denominator includes the effect, using the treasury stock method, of unvested stock-based employee awards and shares held pursuant to our non-employee director deferred compensation plan, if including such potential shares of common stock is dilutive. |
Asset Retirement Obligations Asset Retirement Obligations (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation [Policy Text Block] | Our estimated asset retirement obligations liability is based on historical experience in plugging and abandoning wells, estimated economic lives and estimated plugging, abandonment and surface reclamation costs considering federal and state regulatory requirements in effect at the time that the obligation is incurred. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred or revised. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligations liability, a corresponding adjustment is made to the properties and equipment balance. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense. |
Business Combination Purchase Price Transaction Details (Tables) |
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Business Combination, Separately Recognized Transactions [Table Text Block] | The following table presents our preliminary allocation of the total purchase price of Great Western to the identifiable assets acquired and liabilities assumed based on the fair values as of the acquisition date:
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Business Acquisition, Pro Forma Information [Table Text Block] | The information below reflects certain nonrecurring pro forma adjustments that were directly related to the business combination based on available information and certain assumptions that we believe are reasonable, including (i) our common stock issued to the owners of Great Western, (ii) the increase in depletion reflecting the relative fair values and production volumes attributable to Great Western’s properties and the revision to the depletion rate reflecting the reserve volumes acquired, (iii) adjustments to interest expense as a result of payoff of Great Western’s credit facility and secured senior notes, (iv) the adjustment to reflect the gain on bargain purchase, and (v) the estimated tax impacts of the pro forma adjustments. In addition, pro forma earnings were adjusted to exclude acquisition-related costs incurred by us and Great Western totaling approximately $4.9 million and $33.4 million for the three and nine months ended September 30, 2022, respectively, and included the total costs of $33.4 million for the nine months ended September 30, 2021.
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Revenue Recognition (Tables) |
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Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue. The following table presents crude oil, natural gas and NGLs sales disaggregated by commodity and operating region for the periods presented:
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Fair Value Measurements and Disclosures (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Long-term Debt. The portion of our long-term debt related to our revolving credit facility approximates fair value, as the applicable interest rates are variable and reflective of market rates. We have elected not to account for the portion of our debt related to our senior notes under the fair value option; however, we have determined an estimate of the fair values based on measurements of trading activity and broker or dealer quotes, which are published market prices, and therefore are Level 2 inputs. The table below presents these estimates of the fair value of the portion of our long-term debt related to our senior notes as of the dates indicated:
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Our crude oil and natural gas fixed-price exchanges and basis exchanges are included in Level 2. Our collars are included in Level 3. The following table presents, for each applicable level within the fair value hierarchy, our derivative assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis as of the dates indicated:
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Fair Value Assets and Liabilities Unobservable Input Reconciliation | The following table presents a reconciliation of our Level 3 assets and liabilities measured at fair value for the periods presented:
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Derivative Financial Instruments (Tables) |
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Derivative Instruments Not Designated as Hedging Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the impact of our derivative instruments on our condensed consolidated statements of operations for the periods presented:
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of September 30, 2022, we had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is presented:
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Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table reflects the impact of netting agreements on gross derivative assets and liabilities as of September 30, 2022:
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Properties and Equipment (Tables) |
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Oil and Gas Property [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | The following table presents the components of properties and equipment, net of accumulated depreciation, depletion and amortization (“DD&A”) as of the dates indicated:
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Schedule of Aging of Capitalized Exploratory Well Costs [Table Text Block] | The following table presents the capitalized exploratory well cost pending determination of proved reserves and included in properties and equipment for the periods presented:
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Other Accrued Expenses and Other Liabilities (Tables) |
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Accrued Liabilities and Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | The following table presents the components of other accrued expenses as of the dates indicated:
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Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block] | The following table presents the components of other liabilities as of the dates indicated:
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Schedule of Other Assets and Other Liabilities | Other Liabilities. The following table presents the components of other liabilities as of the dates indicated:
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Deferred Midstream Gathering Credits | The following table presents the amortization charges related to our deferred credits recognized on the condensed consolidated statements of operations for the periods indicated:
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Accounts Receivable, Allowance for Credit Loss | Accounts Receivable. The following table presents the components of accounts receivable, net of allowance for doubtful accounts, as of the dates indicated:
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Long-Term Debt (Tables) |
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt, net of unamortized discounts, premiums, and debt issuance costs totaling $6.5 million and $7.9 million as of September 30, 2022 and December 31, 2021, respectively, consists of the following:
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Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes the face values, interest rates, maturity dates, semi-annual interest payment dates, and optional redemption periods related to our outstanding senior note obligations as of September 30, 2022:
(1) At any time prior to the indicated dates, we have the option to redeem all or a portion of our senior notes of the applicable series at the redemption amounts specified in the respective senior note indenture plus accrued and unpaid interest to the date of redemption. On or after the indicated dates, we may redeem all or a portion of the senior notes at a redemption amount equal to 100% of the principal amount of the senior notes being redeemed plus accrued and unpaid interest to the date of redemption.
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Leases (Tables) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating and Financing Leases Financial Statement Location [Table Text Block] | The following table presents the balance sheet classification of our leases as of the dates indicated:
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Asset Retirement Obligations (Tables) |
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Asset Retirement Obligation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Asset Retirement Obligation | NOTE 10 - ASSET RETIREMENT OBLIGATIONS The following table presents the changes in carrying amounts of the asset retirement obligations associated with our working interests in crude oil and natural gas properties for the nine months ended September 30, 2022:
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Common Stock Common Stock (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table provides a summary of the impact of our outstanding stock-based compensation plans on the results of operations for the periods presented:
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Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table presents the changes in non-vested time-based RSUs to eligible employees, including executive officers, for the nine months ended September 30, 2022:
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Restricted Stock Awards, Market-Based, Valuation assumptions [Table Text Block] | The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the periods presented:
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Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table presents the change in non-vested market-based awards during the nine months ended September 30, 2022:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Reconciliation | The following table presents our weighted average basic and diluted shares outstanding for the periods presented:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the weighted average common share equivalents excluded from the calculation of diluted earnings per share due to their anti-dilutive effect for the periods presented:
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Supplemental Cash Flow Information (Tables) |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
(1) Includes $3.1 million operating lease acquired from Great Western. Cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flow is comprised of the following:
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Nature of Operations and Basis of Presentation Additional Information (Details) |
Sep. 30, 2022 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Oil and gas producing wells, gross | 4,200 |
Business Combination Proforma (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |
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Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Business Combinations [Abstract] | |||
Business Acquisition, Pro Forma Revenue | $ 570,736 | $ 3,017,856 | $ 1,189,724 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 128,818 | $ 1,299,632 | $ (8,654) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 1.26 | $ 12.99 | $ (0.08) |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 1.24 | $ 12.81 | $ (0.08) |
Reconciliation of Level 3 Fair Value Measurements (Details) - Derivative Financial Instrument Net Assets - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Roll-forward of Level 3 Assets | ||||
Fair Value, net assets (liabilities), beginning of period | $ (205,520) | $ (117,985) | $ (62,540) | $ (8,427) |
Fair Value, net assets (liabilities), end of period | (72,488) | (158,653) | (72,488) | (158,653) |
Commodity Price Risk Management (loss), net | ||||
Roll-forward of Level 3 Assets | ||||
Changes in fair value included in statement of operations line item: | 61,565 | (87,036) | (211,363) | (214,556) |
Settlements included in statement of operations line items: | 71,467 | 46,368 | 201,415 | 64,330 |
Net change in fair value of unsettled derivatives included in statement of operations line item | $ 67,566 | $ (78,786) | $ (54,500) | $ (210,430) |
Fair Value Measurements and Disclosures of Senior Notes (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 153,321 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (144,133) | |
Derivative liability, gross | 490,094 | |
6.125% Senior Notes due 2024 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 198,600 | $ 202,800 |
Senior Notes Percent of Par | 99.30% | 101.40% |
5.75% Senior Notes due 2026 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 694,500 | $ 775,500 |
Senior Notes Percent of Par | 92.60% | 103.40% |
Impact of Derivative Instruments on Statement of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (252,826) | $ (129,571) | $ (713,081) | $ (215,357) |
Net change in fair value of unsettled derivatives | 559,575 | (88,107) | 349,798 | (491,830) |
Commodity price risk management gain (loss), net | 306,749 | (217,678) | (363,283) | (707,187) |
Commodity Price Risk Management (loss), net | ||||
Derivative [Line Items] | ||||
Commodity price risk management gain (loss), net | $ 306,749 | $ (217,678) | $ (363,283) | $ (707,187) |
Derivative Financial Instruments Impact of Netting Agreements (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
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Derivative Asset: | |
Derivative Asset, Fair Value, Gross Asset | $ 153,321 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (144,133) |
Derivative asset, net | 9,188 |
Derivative Liability: | |
Derivative liability, gross | 490,094 |
Effect of master netting agreements | (144,133) |
Derivative liability, net | $ 345,961 |
Other Accrued Expense (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
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Sep. 30, 2022 |
Dec. 31, 2021 |
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Schedule of Other Accrued Expense [Line Items] | ||
Asset Retirement Obligation, Current | $ 24,276 | |
Other accrued expenses | 102,024 | $ 91,409 |
Current Liabilities | ||
Schedule of Other Accrued Expense [Line Items] | ||
Accrued Employee Benefits, Current | 25,945 | 29,319 |
Asset Retirement Obligation, Current | 24,276 | 32,146 |
Accrued Environmental Loss Contingencies, Current | 27,387 | 11,942 |
Operating and Finance Lease Liability, Current | 6,211 | 7,197 |
Other Accrued Liabilities | 18,205 | 10,805 |
Other accrued expenses | $ 102,024 | $ 91,409 |
Other Liabilities (Details) - Non Current Liabilities - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
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Schedule of Other Liabilities [Line Items] | ||
Production Tax Liability | $ 253,481 | $ 131,865 |
Deferred Midstream gathering credits | 150,468 | 159,788 |
Operating and Finance Lease Liability, Noncurrent | 41,870 | 6,274 |
Other Accrued Liabilities | 28,791 | 16,842 |
Other Accrued Liabilities, Noncurrent | $ 474,610 | $ 314,769 |
Other Accrued Expenses Deferred Midstream Gathering Credits (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Midstream Gas Gathering | ||||
Deferred Midstream Gathering Credits [Line Items] | ||||
Amortization of Other Deferred Charges | $ 3,361 | $ 2,014 | $ 7,691 | $ 5,343 |
Midstream Water Gathering | ||||
Deferred Midstream Gathering Credits [Line Items] | ||||
Amortization of Other Deferred Charges | $ 815 | $ 732 | $ 2,281 | $ 1,817 |
Accounts Receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts receivable [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 609,440 | $ 398,605 |
Accounts Receivable, Allowance for Credit Loss, Current | (5,502) | (6,055) |
joint interest billing | ||
Accounts receivable [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss | 45,087 | 24,860 |
Revenue, Segment Benchmark | ||
Accounts receivable [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss | 555,931 | 368,991 |
Other Accounts Receivable | ||
Accounts receivable [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss | $ 13,924 | $ 10,809 |
Schedule of Long-Term Debt (Details) - USD ($) |
Oct. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Nov. 02, 2021 |
---|---|---|---|---|
Debt Instrument | ||||
Unamortized Debt Issuance Expense | $ 6,500,000 | $ 7,900,000 | ||
Debt, Long-term and Short-term, Combined Amount | 1,393,528,000 | 942,084,000 | ||
Line Of Credit Facility Initial Borrowing Capacity | 3,000,000,000 | $ 2,400,000,000 | ||
Elected commitment [Member] | ||||
Debt Instrument | ||||
Line of Credit Facility, Current Borrowing Capacity | 1,500,000,000 | |||
Subsequent Event [Member] | ||||
Debt Instrument | ||||
Line Of Credit Facility Initial Borrowing Capacity | $ 3,500,000,000 | |||
Subsequent Event [Member] | Elected commitment [Member] | ||||
Debt Instrument | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,500,000,000 | |||
6.125% Senior Notes due 2024 [Member] | ||||
Debt Instrument | ||||
Senior Notes, Noncurrent | 199,041,000 | 198,674,000 | ||
5.75% Senior Notes due 2026 [Member] | ||||
Debt Instrument | ||||
Senior Notes, Noncurrent | 744,487,000 | 743,410,000 | ||
Revolving Credit Facility | ||||
Debt Instrument | ||||
Revolving credit facility | $ 450,000,000 | $ 0 |
Leases Leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Mar. 31, 2023 |
|
Leases [Abstract] | |||||
Short-term Lease, Cost | $ 75,000 | $ 48,200 | $ 230,500 | $ 158,400 | |
Total Operating Lease Payments | $ 34,000 |
Leases Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Assets and Liabilities, Lessee [Abstract] | |||
Operating lease right-of-use assets | $ 21,662 | $ 7,630 | |
Operating lease obligation - current | 4,174 | 5,937 | |
Operating lease obligation - non-current | 37,831 | 4,044 | |
Finance lease right-of-use assets | 6,018 | 3,483 | |
Finance lease obligation - current | 2,037 | 1,260 | |
Finance lease obligation - non-current | $ 4,039 | $ 2,230 | |
Operating And Finance Lease, Weighted Average Remaining Lease Term | 7 years 8 months 12 days | 2 years 9 months 18 days | |
Operating and Finance Lease, Weighted Average Discount Rate, Percent | 5.00% | 4.80% |
Asset Retirement Obligations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Asset Retirement Obligation, Roll Forward Analysis | |||||
Balance at beginning of period | $ 159,672 | ||||
Obligations incurred with development activities | 3,654 | ||||
Accretion expense | $ 3,484 | $ 2,825 | 9,823 | $ 9,185 | |
Asset Retirement Obligation, Revision of Estimate | (284) | ||||
Obligations discharged asset retirements | (19,322) | ||||
Balance end of period | 176,985 | 176,985 | |||
Less current portion | (24,276) | (24,276) | |||
Asset retirement obligations | $ 152,709 | 152,709 | $ 127,526 | ||
Great Western Petroleum, LLC | |||||
Asset Retirement Obligation, Roll Forward Analysis | |||||
Obligations incurred with development activities | $ 23,442 |
Commitments and Contingencies Commitments and Contigencies (Details) $ in Thousands |
May 06, 2022
USD ($)
|
---|---|
Great Western Petroleum, LLC | |
Long-Term Purchase Commitment [Line Items] | |
Dollar Commitment ($ in thousands) | $ 393,300 |
Common Stock Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Sep. 30, 2022 |
|
Equity [Abstract] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.35 | $ 0.35 | $ 0.25 | $ 0.12 | $ 0.12 | $ 0.95 |
Dividends, Common Stock | $ (92,400) |
Common Stock Stock Based Compensation Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
May 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 7,182 | $ 5,779 | $ 19,952 | $ 17,294 | |
Common Stock, Capital Shares Reserved for Future Issuance | 7,050,000 | ||||
2018 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares remain avaliable for issuance | 3,834,293 | 3,834,293 | |||
2010 Long-Term Equity Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares remain avaliable for issuance | 240,910 | 240,910 |
Common Stock Stock Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 7,182 | $ 5,779 | $ 19,952 | $ 17,294 |
Stock-based Compensation - G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 6,811 | $ 5,479 | $ 18,731 | $ 16,420 |
Common Stock Preferred Stock (Details) - $ / shares |
Sep. 30, 2022 |
Jun. 23, 2008 |
---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Preferred stock, par value | $ 0.01 | |
Preferred Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Preferred Stock, Shares Authorized | 50,000,000 | |
Preferred Stock, Shares Issued | 0 |
Stock-based compensation composition (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 7,182 | $ 5,779 | $ 19,952 | $ 17,294 |
Stock-based Compensation - G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 6,811 | 5,479 | 18,731 | 16,420 |
Stock-based Compensation - LOE | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 371 | $ 300 | $ 1,221 | $ 874 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
May 06, 2022 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Valuation Allowance | $ 11,600 | $ 11,600 | $ 11,600 | |||
Unrecognized Tax Benefits | 0 | 0 | 0 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 22,500 | 45,000 | ||||
(Adjustment to) Gain on bargain purchase | $ 95,652 | $ 95,700 | $ (4,621) | $ 0 | $ 95,652 | $ 0 |
Effective Income Tax Rate, Continuing Operations | 22.20% | 0.10% | 21.20% | 0.20% |
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