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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Northern Oil and Gas Inc | AMEX:NOG | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 0 | 01:00:00 |
Delaware | 95-3848122 | ||||
(State or Other Jurisdiction of
Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.001 | NOG |
NYSE American
|
Large Accelerated Filer
☐
|
Accelerated Filer
☒
|
|||||||
Non-Accelerated Filer
☐
|
Smaller Reporting Company ☐
Emerging Growth Company ☐
|
Page | |||||||||||
PART I – FINANCIAL INFORMATION | |||||||||||
Item 1. | Condensed Financial Statements (unaudited) | ||||||||||
Condensed Balance Sheets | |||||||||||
Condensed Statements of Operations | |||||||||||
Condensed Statements of Cash Flows | |||||||||||
Condensed Statements of Stockholders’ Equity | |||||||||||
Notes to Condensed Financial Statements | |||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | ||||||||||
Item 4. | Controls and Procedures | ||||||||||
PART II – OTHER INFORMATION | |||||||||||
Item 1. | Legal Proceedings | ||||||||||
Item 1A. | Risk Factors | ||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||
Item 6. | Exhibits | ||||||||||
Signatures |
(In thousands, except par value and share data) | June 30, 2019 | December 31, 2018 | ||||||||||||||||||
ASSETS | (Unaudited) | |||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 2,794 | $ | 2,358 | ||||||||||||||||
Accounts Receivable, Net | 87,697 | 96,353 | ||||||||||||||||||
Advances to Operators | 1,425 | 268 | ||||||||||||||||||
Prepaid Expenses and Other | 8,226 | 12,360 | ||||||||||||||||||
Derivative Instruments | 32,531 | 115,870 | ||||||||||||||||||
Income Tax Receivable | 395 | 1,205 | ||||||||||||||||||
Total Current Assets | 133,068 | 228,415 | ||||||||||||||||||
Property and Equipment: | ||||||||||||||||||||
Oil and Natural Gas Properties, Full Cost Method of Accounting | ||||||||||||||||||||
Proved | 3,607,214 | 3,431,428 | ||||||||||||||||||
Unproved | 9,249 | 4,307 | ||||||||||||||||||
Other Property and Equipment | 1,609 | 998 | ||||||||||||||||||
Total Property and Equipment | 3,618,072 | 3,436,732 | ||||||||||||||||||
Less – Accumulated Depreciation, Depletion and Impairment | (2,324,790) | (2,233,987) | ||||||||||||||||||
Total Property and Equipment, Net | 1,293,282 | 1,202,745 | ||||||||||||||||||
Derivative Instruments | 26,610 | 61,843 | ||||||||||||||||||
Deferred Income Taxes | 420 | 420 | ||||||||||||||||||
Acquisition Deposit | 31,000 | — | ||||||||||||||||||
Other Noncurrent Assets, Net | 10,012 | 10,223 | ||||||||||||||||||
Total Assets | $ | 1,494,391 | $ | 1,503,645 | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Accounts Payable | $ | 93,355 | $ | 55,015 | ||||||||||||||||
Accrued Liabilities | 83,880 | 83,237 | ||||||||||||||||||
Accrued Interest | 15,050 | 16,468 | ||||||||||||||||||
Debt Exchange Derivative | 2,791 | 18,183 | ||||||||||||||||||
Derivative Instruments | 95 | — | ||||||||||||||||||
Contingent Consideration | 36,992 | 58,069 | ||||||||||||||||||
Other Current Liabilities | 566 | 555 | ||||||||||||||||||
Total Current Liabilities | 232,726 | 231,526 | ||||||||||||||||||
Long-term Debt, Net | 857,198 | 830,203 | ||||||||||||||||||
Derivative Instruments | 1,644 | — | ||||||||||||||||||
Asset Retirement Obligations | 12,845 | 11,946 | ||||||||||||||||||
Other Noncurrent Liabilities | 329 | 105 | ||||||||||||||||||
TOTAL LIABILITIES | $ | 1,104,742 | $ | 1,073,780 | ||||||||||||||||
COMMITMENTS AND CONTINGENCIES (NOTE 8) |
STOCKHOLDERS’ EQUITY | |||||||||||
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding
|
— | — | |||||||||
Common Stock, Par Value $.001; 675,000,000 Shares Authorized;
389,435,991 Shares Outstanding at 6/30/2019
378,333,070 Shares Outstanding at 12/31/2018
|
389 | 378 | |||||||||
Additional Paid-In Capital | 1,248,906 | 1,226,371 | |||||||||
Retained Deficit | (859,647) | (796,884) | |||||||||
Total Stockholders’ Equity | 389,649 | 429,865 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,494,391 | $ | 1,503,645 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||||||||||||||
Oil and Gas Sales | $ | 149,847 | $ | 109,047 | $ | 282,530 | $ | 195,928 | |||||||||||||||||||||||||||
Gain (Loss) on Derivative Instruments, Net | 36,591 | (42,203) | (103,031) | (62,474) | |||||||||||||||||||||||||||||||
Other Revenue | 2 | 2 | 7 | 5 | |||||||||||||||||||||||||||||||
Total Revenues | 186,440 | 66,846 | 179,506 | 133,459 | |||||||||||||||||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||||||||||||||
Production Expenses | 26,132 | 14,549 | 50,799 | 27,037 | |||||||||||||||||||||||||||||||
Production Taxes | 14,034 | 10,132 | 26,553 | 18,054 | |||||||||||||||||||||||||||||||
General and Administrative Expense | 5,250 | 3,251 | 11,300 | 4,918 | |||||||||||||||||||||||||||||||
Depletion, Depreciation, Amortization and Accretion | 46,091 | 22,596 | 91,225 | 41,227 | |||||||||||||||||||||||||||||||
Impairment of Other Current Assets | 2,694 | — | 2,694 | — | |||||||||||||||||||||||||||||||
Total Operating Expenses | 94,200 | 50,528 | 182,571 | 91,236 | |||||||||||||||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 92,239 | 16,318 | (3,065) | 42,223 | |||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||||||||||||||||||
Interest Expense, Net of Capitalization | (17,778) | (22,403) | (37,327) | (45,510) | |||||||||||||||||||||||||||||||
Loss on the Extinguishment of Debt | (425) | (90,833) | (425) | (90,833) | |||||||||||||||||||||||||||||||
Debt Exchange Derivative Gain/(Loss) | (4,873) | — | 1,413 | — | |||||||||||||||||||||||||||||||
Contingent Consideration Loss | (24,763) | — | (23,371) | — | |||||||||||||||||||||||||||||||
Other Income (Expense) | (1) | 371 | 14 | 538 | |||||||||||||||||||||||||||||||
Total Other Income (Expense) | (47,840) | (112,865) | (59,696) | (135,805) | |||||||||||||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 44,399 | (96,547) | (62,762) | (93,582) | |||||||||||||||||||||||||||||||
INCOME TAX PROVISION (BENEFIT) | — | — | — | — | |||||||||||||||||||||||||||||||
NET INCOME (LOSS) | $ | 44,399 | $ | (96,547) | $ | (62,762) | $ | (93,582) | |||||||||||||||||||||||||||
Net Income (Loss) Per Common Share – Basic | $ | 0.12 | $ | (0.49) | $ | (0.17) | $ | (0.71) | |||||||||||||||||||||||||||
Net Income (Loss) Per Common Share – Diluted | $ | 0.12 | $ | (0.49) | $ | (0.17) | $ | (0.71) | |||||||||||||||||||||||||||
Weighted Average Shares Outstanding – Basic | 378,368,462 | 196,140,610 | 374,927,630 | 131,039,552 | |||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding – Diluted | 378,724,511 | 196,140,610 | 374,927,630 | 131,039,552 |
Six Months Ended
June 30, |
|||||||||||||||||
(In thousands) | 2019 | 2018 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net Loss | $ | (62,762) | $ | (93,582) | |||||||||||||
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: | |||||||||||||||||
Depletion, Depreciation, Amortization and Accretion | 91,225 | 41,227 | |||||||||||||||
Amortization of Debt Issuance Costs | 2,616 | 2,635 | |||||||||||||||
Loss on Extinguishment of Debt | 425 | 90,833 | |||||||||||||||
Amortization of Bond (Premium) Discount on Long-term Debt | (1,498) | 173 | |||||||||||||||
Loss on the Mark-to-Market of Derivative Instruments | 120,311 | 42,077 | |||||||||||||||
Gain on Debt Exchange Derivative | (1,413) | — | |||||||||||||||
Loss on Contingent Consideration | 23,371 | — | |||||||||||||||
PIK Interest on Second Lien Notes | 1,742 | — | |||||||||||||||
Stock-Based Compensation Expense | 4,394 | 580 | |||||||||||||||
Impairment of Other Current Assets | 2,694 | — | |||||||||||||||
Other | (31) | (104) | |||||||||||||||
Changes in Working Capital and Other Items: | |||||||||||||||||
Accounts Receivable, Net | 8,845 | (21,232) | |||||||||||||||
Prepaid and Other Expenses | 1,440 | (3,251) | |||||||||||||||
Accounts Payable | 5,940 | 11,427 | |||||||||||||||
Accrued Interest | 318 | 26 | |||||||||||||||
Accrued Liabilities | 682 | (7,191) | |||||||||||||||
Net Cash Provided by Operating Activities | 198,300 | 63,617 | |||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Drilling and Development Capital Expenditures | (140,092) | (110,720) | |||||||||||||||
Acquisition of Oil and Natural Gas Properties | (19,438) | (48,975) | |||||||||||||||
Acquisition Deposit | (31,000) | — | |||||||||||||||
Proceeds from Sale of Oil and Natural Gas Properties | — | 22 | |||||||||||||||
Proceeds from Sale of Other Property and Equipment | — | 46 | |||||||||||||||
Purchases of Other Property and Equipment | (611) | (52) | |||||||||||||||
Net Cash Used for Investing Activities | (191,141) | (159,679) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Advances on Revolving Credit Facility | 123,000 | — | |||||||||||||||
Repayments on Revolving Credit Facility | (90,000) | — | |||||||||||||||
Borrowings on Term Loan Credit Agreement | — | 60,000 | |||||||||||||||
Repayment of Second Lien Notes | (10,488) | — | |||||||||||||||
Debt Issuance Costs Paid | (120) | (6,557) | |||||||||||||||
Debt Exchange Derivative Settlements | (894) | — | |||||||||||||||
Contingent Consideration Settlements | (12,528) | — | |||||||||||||||
Issuance of Common Stock | — | 141,710 | |||||||||||||||
Repurchases of Common Stock | (15,108) | — | |||||||||||||||
Restricted Stock Surrenders - Tax Obligations | (584) | (349) | |||||||||||||||
Net Cash (Used for) Provided by Financing Activities | (6,723) | 194,804 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 436 | 98,741 | |||||||||
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD | 2,358 | 102,183 | |||||||||
CASH AND CASH EQUIVALENTS – END OF PERIOD | 2,794 | 200,924 | |||||||||
Common Stock | Additional Paid-In | Retained | Total Stockholders’ | ||||||||||||||||||||||||||||||||
( In thousands, except share data) | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||||||||||
December 31, 2018 | 378,333,070 | $ | 378 | $ | 1,226,371 | $ | (796,884) | $ | 429,865 | ||||||||||||||||||||||||||
Issuance of Common Stock | 3,160,200 | 3 | — | — | 3 | ||||||||||||||||||||||||||||||
Restricted Stock Forfeitures | (4,802) | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-Based Compensation | — | — | 2,832 | — | 2,832 | ||||||||||||||||||||||||||||||
Restricted Stock Surrenders - Tax Obligations | (220,531) | — | (558) | — | (558) | ||||||||||||||||||||||||||||||
Repurchases of Common Stock | (5,635,003) | (6) | (15,102) | — | (15,108) | ||||||||||||||||||||||||||||||
Contingent Consideration Settlements | 1,167,544 | 1 | 2,886 | — | 2,887 | ||||||||||||||||||||||||||||||
Net Loss | — | — | — | (107,162) | (107,162) | ||||||||||||||||||||||||||||||
March 31, 2019 | 376,800,478 | $ | 377 | $ | 1,216,429 | $ | (904,046) | $ | 312,760 | ||||||||||||||||||||||||||
Issuance of Common Stock | 9,000 | — | — | — | — | ||||||||||||||||||||||||||||||
Restricted Stock Forfeitures | (402,033) | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-Based Compensation | — | — | 1,750 | — | 1,750 | ||||||||||||||||||||||||||||||
Restricted Stock Surrenders - Tax Obligations | (9,440) | — | (26) | — | (26) | ||||||||||||||||||||||||||||||
Debt Exchange Agreements | 5,249,879 | 5 | 12,186 | — | 12,192 | ||||||||||||||||||||||||||||||
Contingent Consideration Settlements | 7,788,107 | 8 | 18,567 | — | 18,575 | ||||||||||||||||||||||||||||||
Net Income | — | — | — | 44,399 | 44,399 | ||||||||||||||||||||||||||||||
June 30, 2019 | 389,435,991 | 389 | 1,248,906 | (859,647) | 389,649 |
Common Stock | Additional Paid-In | Retained | Total Stockholders’ | ||||||||||||||||||||||||||||||||
( In thousands, except share data) | Shares | Amount | Capital | Deficit | Equity (Deficit) | ||||||||||||||||||||||||||||||
December 31, 2017 | 66,791,633 | $ | 67 | $ | 449,666 | $ | (940,574) | $ | (490,841) | ||||||||||||||||||||||||||
Issuance of Common Stock | 127,999 | — | — | — | — | ||||||||||||||||||||||||||||||
Restricted Stock Forfeitures | (892,086) | (1) | — | — | (1) | ||||||||||||||||||||||||||||||
Stock-Based Compensation | — | — | (712) | — | (712) | ||||||||||||||||||||||||||||||
Restricted Stock Surrenders - Tax Obligations | (89,601) | — | (188) | — | (188) | ||||||||||||||||||||||||||||||
Net Income | — | — | — | 2,965 | 2,965 | ||||||||||||||||||||||||||||||
March 31, 2018 | 65,937,945 | $ | 66 | $ | 448,766 | $ | (937,609) | $ | (488,776) | ||||||||||||||||||||||||||
Issuance of Common Stock | 3,025,303 | 3 | — | — | 3 | ||||||||||||||||||||||||||||||
Stock-Based Compensation | — | — | 1,397 | — | 1,397 | ||||||||||||||||||||||||||||||
Restricted Stock Surrenders - Tax Obligations | (63,820) | — | (161) | — | (161) | ||||||||||||||||||||||||||||||
Equity Offerings | 96,926,019 | 97 | 141,613 | — | 141,710 | ||||||||||||||||||||||||||||||
Debt Exchange Agreements | 121,774,822 | 122 | 279,192 | — | 279,314 | ||||||||||||||||||||||||||||||
Acquisition of Oil and Natural Gas Properties | 6,000,000 | 6 | 15,234 | — | 15,240 | ||||||||||||||||||||||||||||||
Net Loss | — | — | — | (96,547) | (96,547) | ||||||||||||||||||||||||||||||
June 30, 2018 | 293,600,269 | 294 | 886,041 | (1,034,155) | (147,820) |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 44,399 | $ | (96,547) | $ | (62,762) | $ | (93,582) | |||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding – Basic | 378,368,462 | 196,140,610 | 374,927,630 | 131,039,552 | |||||||||||||||||||||||||||||||
Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock | 356,049 | — | — | — | |||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding – Diluted | 378,724,511 | 196,140,610 | 374,927,630 | 131,039,552 | |||||||||||||||||||||||||||||||
Net Income (Loss) per Common Share: | |||||||||||||||||||||||||||||||||||
Basic | $ | 0.12 | $ | (0.49) | $ | (0.17) | $ | (0.71) | |||||||||||||||||||||||||||
Diluted | $ | 0.12 | $ | (0.49) | $ | (0.17) | $ | (0.71) | |||||||||||||||||||||||||||
Shares underlying Restricted Stock Awards and Stock Options Excluded from EPS Due to Anti-Dilutive Effect | 20,812 | 367,329 | 825,184 | 301,675 |
Six Months Ended June 30, | |||||||||||||||||
(In thousands) | 2019 | 2018 | |||||||||||||||
Supplemental Cash Items: | |||||||||||||||||
Cash Paid During the Period for Interest | $ | 34,403 | $ | 35,064 | |||||||||||||
Non-cash Investing Activities: | |||||||||||||||||
Oil and Natural Gas Properties Included in Accounts Payable and Accrued Liabilities | 151,145 | 80,097 | |||||||||||||||
Capitalized Asset Retirement Obligations | 470 | 593 | |||||||||||||||
Compensation Capitalized on Oil and Gas Properties | 190 | 107 | |||||||||||||||
Issuance of Common Stock - Acquisitions of Oil and Natural Gas Properties | — | 15,240 | |||||||||||||||
Non-cash Financing Activities: | |||||||||||||||||
Exchange transactions - non-cash securities issued: | |||||||||||||||||
Issuance of 8.50% Second Lien Notes due 2023
|
— | 344,279 | |||||||||||||||
Issuance of Common Stock - fair value at issuance date | — | 279,314 | |||||||||||||||
Issuance of 8.50% Second Lien Notes due 2023 - PIK Interest
|
3,480 | — | |||||||||||||||
Debt Exchange Derivative Liability Settlements | 12,192 | — | |||||||||||||||
Contingent Consideration Settlements | 21,462 | — | |||||||||||||||
Exchange Transactions - non-cash securities exchanged: | |||||||||||||||||
8.00% Unsecured Senior Notes due 2020 - carrying value
|
— | (543,683) |
(In thousands) | ||||||||
Fair value of net assets: | ||||||||
Proved oil and natural gas properties | $ | 341,633 | ||||||
Asset retirement cost | 939 | |||||||
Total assets acquired | 342,572 | |||||||
Asset retirement obligations | (939) | |||||||
Net assets acquired | $ | 341,633 | ||||||
Fair value of consideration paid for net assets: | ||||||||
Cash consideration | $ | 97,838 | ||||||
Issuance of common stock (51.5 million shares at $4.29 per share)
|
220,836 | |||||||
Contingent consideration | 22,959 | |||||||
Total fair value of consideration transferred | $ | 341,633 |
(In thousands) | ||||||||
Fair value of net assets: | ||||||||
Proved oil and natural gas properties | $ | 146,134 | ||||||
Asset retirement cost | 644 | |||||||
Total assets acquired | 146,778 | |||||||
Asset retirement obligations | (644) | |||||||
Net assets acquired | $ | 146,134 | ||||||
Fair value of consideration paid for net assets: | ||||||||
Cash consideration | $ | 48,189 | ||||||
Issuance of common stock (25.8 million shares at $3.44 per share)
|
88,592 | |||||||
Contingent consideration | 9,353 | |||||||
Total fair value of consideration transferred | $ | 146,134 |
(In thousands) | 2018 | 2018 | ||||||||||||||||||||||||
Revenues | $ | 107,465 | $ | 205,092 | ||||||||||||||||||||||
Net Income (Loss) | (80,590) | (137,317) |
(In thousands) | ||||||||
Fair value of net assets: | ||||||||
Proved oil and natural gas properties | $ | 59,978 | ||||||
Asset retirement cost | 154 | |||||||
Total assets acquired | 60,132 | |||||||
Asset retirement obligations | (154) | |||||||
Net assets acquired | $ | 59,978 | ||||||
Fair value of consideration paid for net assets: | ||||||||
Cash consideration | $ | 44,738 | ||||||
Issuance of common stock (6.0 million shares at $2.54 per share)
|
15,240 | |||||||
Total fair value of consideration transferred | $ | 59,978 |
June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Principal Balance | Unamortized Premium | Debt Issuance Costs, Net | Long-term Debt, Net | |||||||||||||||||||||||||||||||||||||
Second Lien Notes due 2023 | $ | 688,491 | $ | 11,566 | $ | (15,860) | $ | 684,198 | |||||||||||||||||||||||||||||||||
Revolving Credit Facility
(1)
|
173,000 | — | — | 173,000 | |||||||||||||||||||||||||||||||||||||
Total | $ | 861,491 | $ | 11,566 | $ | (15,860) | $ | 857,198 | |||||||||||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||
Principal Balance | Unamortized Premium | Debt Issuance Costs, Net | Long-term Debt, Net | ||||||||||||||||||||||||||||||||||||||
Second Lien Notes due 2023 | $ | 695,140 | $ | 13,237 | $ | (18,173) | $ | 690,203 | |||||||||||||||||||||||||||||||||
Revolving Credit Facility
(1)
|
140,000 | — | — | 140,000 | |||||||||||||||||||||||||||||||||||||
Total | $ | 835,140 | $ | 13,237 | $ | (18,173) | $ | 830,203 |
(In thousands) |
Six Months Ended
June 30, 2019 |
Year Ended December 31, 2018 | |||||||||
Beginning Balance | 378,333 | 66,792 | |||||||||
Repurchases of Common Stock | (5,635) | (7,360) | |||||||||
Stock Options Exercised - Net | — | 63 | |||||||||
Restricted Stock Grants | 3,169 | 3,295 | |||||||||
Debt Exchanges | 5,250 | 136,064 | |||||||||
Equity Offerings | — | 96,926 | |||||||||
Stock Consideration for Acquisitions of Oil and Natural Gas Properties | — | 83,731 | |||||||||
Contingent Consideration Settlements | 8,956 | — | |||||||||
Other Surrenders - Tax Obligations | (230) | (267) | |||||||||
Other Forfeitures | (407) | (911) | |||||||||
Ending Balance | 389,436 | 378,333 |
2019 | |||||
Risk-free interest rate | 2.57 | % | |||
Dividend yield | — | % | |||
Expected volatility | 85.00 | % | |||
Company's closing stock price on grant date | $ | 2.71 |
Service-based Awards | Service and Performance-based Awards | Service and Market-based Awards | Service, Performance, and Market-based Awards | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Weighted-average Grant Date Fair Value | Number of Shares | Weighted-average Grant Date Fair Value | Number of Shares | Weighted-average Grant Date Fair Value | Number of Shares | Weighted-average Grant Date Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding at December 31, 2018 | 632,759 | $ | 2.72 | 1,018,500 | $ | 2.70 | 1,176,600 | $ | 1.67 | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares granted | 847,200 | 2.71 | — | — | 1,254,000 | 1.82 | 1,068,000 | 0.98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares forfeited | (4,802) | 3.07 | (4,000) | 2.70 | (398,033) | 1.67 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares vested | (504,421) | 2.90 | (339,500) | 2.70 | (164,206) | 1.67 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding at June 30, 2019 | 970,736 | $ | 2.62 | 675,000 | $ | 2.70 | 1,868,361 | $ | 1.77 | 1,068,000 | $ | 0.98 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Restricted stock award compensation | $ | 1,749 | $ | 1,400 | $ | 4,584 | $ | 687 | |||||||||||||||||||||||||||
Less amounts capitalized in oil and natural gas properties | (106) | (76) | (190) | (107) | |||||||||||||||||||||||||||||||
Total stock-based compensation, net | $ | 1,643 | $ | 1,324 | $ | 4,394 | $ | 580 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Current Income Tax Provision (Benefit) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Deferred Income Tax Provision (Benefit) | |||||||||||||||||||||||||||||||||||
Federal | 8,340 | (19,180) | (12,897) | (18,560) | |||||||||||||||||||||||||||||||
State | 1,829 | (4,228) | (2,828) | (4,091) | |||||||||||||||||||||||||||||||
Valuation Allowance | (10,169) | 23,408 | 15,725 | 22,651 | |||||||||||||||||||||||||||||||
Total Income Tax Provision (Benefit) | $ | — | $ | — | $ | — | $ | — |
Fair Value Measurements at June 30, 2019 Using | |||||||||||||||||||||||||||||
(In thousands) |
Quoted Prices in Active Markets for Identical Assets (Liabilities)
(Level 1) |
Significant Other Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
||||||||||||||||||||||||||
Commodity Derivatives – Current Asset (crude oil price and basis swaps) | $ | — | $ | 32,531 | $ | — | |||||||||||||||||||||||
Commodity Derivatives – Noncurrent Asset (crude oil price swaps) | — | 26,610 | — | ||||||||||||||||||||||||||
Commodity Derivatives – Current Liabilities (crude oil price swaps) | — | (95) | — | ||||||||||||||||||||||||||
Commodity Derivatives – Noncurrent Liabilities (crude oil price swaps) | — | (1,644) | — | ||||||||||||||||||||||||||
Contingent Consideration – Current Liabilities | — | — | (36,992) | ||||||||||||||||||||||||||
Debt Exchange Derivatives – Current Liabilities | — | — | (2,791) | ||||||||||||||||||||||||||
Total | $ | — | $ | 57,402 | $ | (39,783) |
Fair Value Measurements at December 31, 2018 Using | |||||||||||||||||||||||||||||
(In thousands) |
Quoted Prices in Active Markets for Identical Assets (Liabilities)
(Level 1) |
Significant Other Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
||||||||||||||||||||||||||
Commodity Derivatives – Current Asset (crude oil price and basis swaps) | $ | — | $ | 115,870 | $ | — | |||||||||||||||||||||||
Commodity Derivatives – Noncurrent Asset (crude oil price swaps) | — | 61,843 | — | ||||||||||||||||||||||||||
Contingent Consideration – Current Liabilities | — | — | (58,069) | ||||||||||||||||||||||||||
Debt Exchange Derivatives – Current Liabilities | — | — | (18,183) | ||||||||||||||||||||||||||
Total | $ | — | $ | 177,713 | $ | (76,252) |
(In thousands) | Six Months Ended June 30, 2019 | ||||
Beginning Balance | $ | (76,252) | |||
Debt exchange derivative liability settlements
(1)
|
13,979 | ||||
Change in fair value of debt exchange derivative liability | 1,413 | ||||
Contingent consideration settlements
(2)
|
44,448 | ||||
Change in fair value of contingent consideration | (23,371) | ||||
Ending Balance | $ | (39,783) |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Cash Received (Paid) on Settled Derivatives | $ | 4,734 | $ | (12,267) | $ | 17,280 | $ | (20,397) | |||||||||||||||||||||||||||
Non-Cash Mark-to-Market Gain (Loss) on Derivatives | 31,857 | (29,936) | (120,311) | (42,077) | |||||||||||||||||||||||||||||||
Gain (Loss) on Derivative Instruments, Net | $ | 36,591 | $ | (42,203) | $ | (103,031) | $ | (62,474) |
Year | Volumes (Bbl) |
Weighted
Average Price ($) |
||||||||||||
2019 | 4,164,280 | $ | 62.96 | |||||||||||
2020 | 7,848,330 | 59.31 | ||||||||||||
2021 | 2,906,350 | 57.96 | ||||||||||||
2022 and beyond | 500,000 | 55.06 |
Settlement Period | Total Volumes (Bbls) |
Weighted
Average Differential ($/Bbl) |
||||||||||||
07/01/19 – 12/31/19 | 1,840,000 | $ | (2.41) |
Type of Crude Oil Contract | Balance Sheet Location | June 30, 2019 Estimated Fair Value | December 31, 2018 Estimated Fair Value | |||||||||||||||||||||||
Derivative Assets: | (In thousands) | |||||||||||||||||||||||||
Swap Price Contracts | Current Assets | $ | 32,411 | $ | 108,514 | |||||||||||||||||||||
Basis Swap Contracts | Current Assets | 120 | 7,356 | |||||||||||||||||||||||
Swap Price Contracts | Noncurrent Assets | 26,610 | 61,843 | |||||||||||||||||||||||
Total Derivative Assets | $ | 59,141 | $ | 177,713 | ||||||||||||||||||||||
Derivative Liabilities: | ||||||||||||||||||||||||||
Swap Price Contracts | Current Liabilities | $ | (95) | $ | — | |||||||||||||||||||||
Swap Price Contracts | Noncurrent Liabilities | (1,644) | — | |||||||||||||||||||||||
Total Derivative Liabilities | $ | (1,739) | $ | — |
Estimated Fair Value at June 30, 2019 | |||||||||||||||||||||||||||||
(In thousands) |
Gross Amounts of
Recognized Assets (Liabilities) |
Gross Amounts Offset
in the Balance Sheet |
Net Amounts of Assets (Liabilities) Presented in the Balance Sheet | ||||||||||||||||||||||||||
Offsetting of Derivative Assets: | |||||||||||||||||||||||||||||
Current Assets | $ | 44,830 | $ | (12,299) | $ | 32,531 | |||||||||||||||||||||||
Noncurrent Assets | 28,580 | (1,970) | 26,610 | ||||||||||||||||||||||||||
Total Derivative Assets | $ | 73,410 | $ | (14,269) | $ | 59,141 | |||||||||||||||||||||||
Offsetting of Derivative Liabilities: | |||||||||||||||||||||||||||||
Current Liabilities | $ | (12,394) | $ | 12,299 | $ | (95) | |||||||||||||||||||||||
Noncurrent Liabilities | (3,614) | 1,970 | (1,644) | ||||||||||||||||||||||||||
Total Derivative Liabilities | $ | (16,008) | $ | 14,269 | $ | (1,739) |
Estimated Fair Value at December 31, 2018 | |||||||||||||||||||||||||||||
(In thousands) |
Gross Amounts of
Recognized Assets (Liabilities) |
Gross Amounts Offset
in the Balance Sheet |
Net Amounts of Assets (Liabilities) Presented in the Balance Sheet | ||||||||||||||||||||||||||
Offsetting of Derivative Assets: | |||||||||||||||||||||||||||||
Current Assets | $ | 116,620 | $ | (750) | $ | 115,870 | |||||||||||||||||||||||
Non-Current Assets | 61,857 | (14) | 61,843 | ||||||||||||||||||||||||||
Total Derivative Assets | $ | 178,477 | $ | (764) | $ | 177,713 | |||||||||||||||||||||||
Offsetting of Derivative Liabilities: | |||||||||||||||||||||||||||||
Current Liabilities | $ | (750) | $ | 750 | $ | — | |||||||||||||||||||||||
Non-Current Liabilities | (14) | 14 | — | ||||||||||||||||||||||||||
Total Derivative Liabilities | $ | (764) | $ | 764 | $ | — |
Three Months Ended June 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Average NYMEX Prices(1) | |||||||||||||||||
Natural Gas (per Mcf) | $ | 2.56 | $ | 2.83 | |||||||||||||
Oil (per Bbl) | $ | 59.89 | $ | 67.97 |
Six Months Ended June 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Average NYMEX Prices(1) | |||||||||||||||||
Natural Gas (per Mcf) | $ | 2.74 | $ | 2.96 | |||||||||||||
Oil (per Bbl) | $ | 57.42 | $ | 65.49 |
Year | Volumes (Bbl) |
Weighted
Average Price ($/Bbl) |
||||||||||||
2019 | 4,164,280 | 62.96 | ||||||||||||
2020 | 7,848,330 | 59.31 | ||||||||||||
2021 | 2,906,350 | 57.96 | ||||||||||||
2022 and beyond | 500,000 | 55.06 |
Settlement Period | Total Volumes (Bbls) |
Weighted
Average Differential ($/Bbl) |
||||||||||||
07/01/19 – 12/31/19 | 1,840,000 | (2.41) |
Three Months Ended June 30, | |||||||||||||||||||||||||||||
2019 | 2018 | % Change | |||||||||||||||||||||||||||
Net Production: | |||||||||||||||||||||||||||||
Oil (Bbl) | 2,562,513 | 1,625,788 | 58 | % | |||||||||||||||||||||||||
Natural Gas and NGLs (Mcf) | 3,715,936 | 1,736,651 | 114 | % | |||||||||||||||||||||||||
Total (Boe) | 3,181,835 | 1,915,230 | 66 | % | |||||||||||||||||||||||||
Net Sales (in thousands): | |||||||||||||||||||||||||||||
Oil Sales | $ | 139,810 | $ | 101,037 | 38 | % | |||||||||||||||||||||||
Natural Gas and NGL Sales | 10,037 | 8,010 | 25 | % | |||||||||||||||||||||||||
Gain (Loss) on Settled Derivatives | 4,734 | (12,267) | |||||||||||||||||||||||||||
Gain (Loss) on Mark-to-Market of Derivative Instruments | 31,857 | (29,936) | |||||||||||||||||||||||||||
Other Revenue | 2 | 3 | |||||||||||||||||||||||||||
Total Revenues | 186,440 | 66,846 | 179 | % | |||||||||||||||||||||||||
Average Sales Prices: | |||||||||||||||||||||||||||||
Oil (per Bbl) | $ | 54.56 | $ | 62.20 | (12) | % | |||||||||||||||||||||||
Effect of Gain (Loss) on Settled Derivatives on Average Price (per Bbl) | 1.85 | (7.55) | |||||||||||||||||||||||||||
Oil Net of Settled Derivatives (per Bbl) | 56.41 | 54.65 | 3 | % | |||||||||||||||||||||||||
Natural Gas and NGLs (per Mcf) | 2.70 | 4.61 | (41) | % | |||||||||||||||||||||||||
Realized Price on a Boe Basis Including All Realized Derivative Settlements | 48.58 | 50.58 | (4) | % | |||||||||||||||||||||||||
Operating Expenses (in thousands): | |||||||||||||||||||||||||||||
Production Expenses | $ | 26,132 | $ | 14,549 | 80 | % | |||||||||||||||||||||||
Production Taxes | 14,033 | 10,132 | 39 | % | |||||||||||||||||||||||||
General and Administrative Expenses | 5,250 | 3,251 | 61 | % | |||||||||||||||||||||||||
Depletion, Depreciation, Amortization and Accretion | 46,091 | 22,596 | 104 | % | |||||||||||||||||||||||||
Costs and Expenses (per Boe): | |||||||||||||||||||||||||||||
Production Expenses | $ | 8.21 | $ | 7.60 | 8 | % | |||||||||||||||||||||||
Production Taxes | 4.41 | 5.29 | (17) | % | |||||||||||||||||||||||||
General and Administrative Expenses | 1.65 | 1.70 | (3) | % | |||||||||||||||||||||||||
Depletion, Depreciation, Amortization and Accretion | 14.49 | 11.80 | 23 | % | |||||||||||||||||||||||||
Net Producing Wells at Period End | 340.6 | 248.3 | 37 | % |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||
Depletion | $ | 14.43 | $ | 11.70 | $ | 2.73 | 23 | % | |||||||||||||||||||||||||||||||||
Depreciation, Amortization and Accretion | 0.08 | 0.10 | (0.02) | (20) | % | ||||||||||||||||||||||||||||||||||||
Total DD&A Expense | $ | 14.51 | $ | 11.80 | $ | 2.71 | 23 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2019 | 2018 | % Change | |||||||||||||||||||||||||||
Net Production: | |||||||||||||||||||||||||||||
Oil (Bbl) | 5,103,745 | 2,980,390 | 71 | % | |||||||||||||||||||||||||
Natural Gas and NGLs (Mcf) | 7,151,720 | 3,326,165 | 115 | % | |||||||||||||||||||||||||
Total (Boe) | 6,295,698 | 3,534,751 | 78 | % | |||||||||||||||||||||||||
Net Sales (in thousands): | |||||||||||||||||||||||||||||
Oil Sales | $ | 263,423 | $ | 180,180 | 46 | % | |||||||||||||||||||||||
Natural Gas and NGL Sales | 19,107 | 15,748 | 21 | % | |||||||||||||||||||||||||
Gain (Loss) on Settled Derivatives | 17,280 | (20,397) | (185) | % | |||||||||||||||||||||||||
Loss on Mark-to-Market of Derivative Instruments | (120,311) | (42,077) | 186 | % | |||||||||||||||||||||||||
Other Revenue | 7 | 6 | 16 | % | |||||||||||||||||||||||||
Total Revenues | 179,506 | 133,459 | 35 | % | |||||||||||||||||||||||||
Average Sales Prices: | |||||||||||||||||||||||||||||
Oil (per Bbl) | $ | 51.65 | $ | 60.52 | (15) | % | |||||||||||||||||||||||
Effect of Gain (Loss) on Settled Derivatives on Average Price (per Bbl) | 3.39 | (6.84) | (150) | % | |||||||||||||||||||||||||
Oil Net of Settled Derivatives (per Bbl) | 55.04 | 53.68 | 3 | % | |||||||||||||||||||||||||
Natural Gas and NGLs (per Mcf) | 2.67 | 4.73 | (44) | % | |||||||||||||||||||||||||
Realized Price on a Boe Basis Including All Realized Derivative Settlements | 47.65 | 49.71 | (4) | % | |||||||||||||||||||||||||
Operating Expenses (in thousands): | |||||||||||||||||||||||||||||
Production Expenses | $ | 50,799 | $ | 27,037 | 88 | % | |||||||||||||||||||||||
Production Taxes | 26,553 | 18,054 | 47 | % | |||||||||||||||||||||||||
General and Administrative Expenses | 11,300 | 4,918 | 130 | % | |||||||||||||||||||||||||
Depletion, Depreciation, Amortization and Accretion | 91,225 | 41,227 | 121 | % | |||||||||||||||||||||||||
Costs and Expenses (per Boe): | |||||||||||||||||||||||||||||
Production Expenses | $ | 8.07 | $ | 7.65 | 5 | % | |||||||||||||||||||||||
Production Taxes | 4.22 | 5.11 | (17) | % | |||||||||||||||||||||||||
General and Administrative Expenses | 1.79 | 1.39 | 29 | % | |||||||||||||||||||||||||
Depletion, Depreciation, Amortization and Accretion | 14.49 | 11.66 | 24 | % | |||||||||||||||||||||||||
Net Producing Wells at Period End | 340.6 | 248.3 | 37 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||
Depletion | $ | 14.43 | $ | 11.56 | $ | 2.87 | 25 | % | |||||||||||||||||||||||||||||||||
Depreciation, Amortization and Accretion | 0.07 | 0.10 | (0.03) | (30) | % | ||||||||||||||||||||||||||||||||||||
Total DD&A Expense | $ | 14.50 | $ | 11.66 | $ | 2.84 | 24 | % |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 44,399 | $ | (96,547) | $ | (62,762) | $ | (93,582) | |||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||
Impact of Selected Items: | |||||||||||||||||||||||||||||||||||
(Gain) Loss on the Mark-to-Market of Derivative Instruments | (31,857) | 29,936 | 120,311 | 42,077 | |||||||||||||||||||||||||||||||
Impairment of Other Current Assets | 2,694 | — | 2,694 | — | |||||||||||||||||||||||||||||||
Loss on the Extinguishment of Debt | 425 | 90,833 | 425 | 90,833 | |||||||||||||||||||||||||||||||
Debt Exchange Derivative (Gain) Loss | 4,873 | — | (1,413) | — | |||||||||||||||||||||||||||||||
Contingent Consideration (Gain) Loss | 24,763 | — | 23,371 | — | |||||||||||||||||||||||||||||||
Acquisition Transaction Costs | 513 | — | 513 | — | |||||||||||||||||||||||||||||||
Selected Items, Before Income Taxes | 1,411 | 120,769 | 145,901 | 132,910 | |||||||||||||||||||||||||||||||
Income Tax of Selected Items(1) | (346) | (6,180) | (20,696) | (9,912) | |||||||||||||||||||||||||||||||
Selected Items, Net of Income Taxes | 1,065 | 114,589 | 125,205 | 122,998 | |||||||||||||||||||||||||||||||
Adjusted Net Income | $ | 45,465 | $ | 18,042 | $ | 62,443 | $ | 29,417 | |||||||||||||||||||||||||||
Weighted Average Shares Outstanding – Basic | 378,368,462 | 196,140,610 | 374,927,630 | 131,039,552 | |||||||||||||||||||||||||||||||
Weighted Average Shares Outstanding – Diluted | 378,724,511 | 196,413,013 | 375,736,820 | 131,248,726 | |||||||||||||||||||||||||||||||
Net Income (Loss) Per Common Share – Basic | $ | 0.12 | $ | (0.49) | $ | (0.17) | $ | (0.71) | |||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||
Impact of Selected Items, Net of Income Taxes | — | 0.58 | 0.33 | 0.93 | |||||||||||||||||||||||||||||||
Adjusted Net Income Per Common Share – Basic | $ | 0.12 | $ | 0.09 | $ | 0.16 | $ | 0.22 | |||||||||||||||||||||||||||
Net Income (Loss) Per Common Share – Diluted | $ | 0.12 | $ | (0.49) | $ | (0.17) | $ | (0.71) | |||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||
Impact of Selected Items, Net of Income Taxes | — | 0.58 | 0.33 | 0.93 | |||||||||||||||||||||||||||||||
Adjusted Net Income Per Common Share – Diluted | $ | 0.12 | $ | 0.09 | $ | 0.16 | $ | 0.22 |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||||||||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 44,399 | $ | (96,547) | $ | (62,762) | $ | (93,582) | |||||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||
Interest Expense | 17,778 | 22,403 | 37,327 | 45,510 | |||||||||||||||||||||||||||||||
Income Tax Provision (Benefit) | — | — | — | — | |||||||||||||||||||||||||||||||
Depreciation, Depletion, Amortization and Accretion | 46,091 | 22,596 | 91,225 | 41,227 | |||||||||||||||||||||||||||||||
Impairment of Other Current Assets | 2,694 | — | 2,694 | — | |||||||||||||||||||||||||||||||
Non-Cash Stock-Based Compensation | 1,643 | 1,324 | 4,394 | 438 | |||||||||||||||||||||||||||||||
Loss on the Extinguishment of Debt | 425 | 90,833 | 425 | 90,833 | |||||||||||||||||||||||||||||||
Debt Exchange Derivative (Gain) Loss | 4,873 | — | (1,413) | — | |||||||||||||||||||||||||||||||
Contingent Consideration (Gain) Loss | 24,763 | — | (23,371) | — | |||||||||||||||||||||||||||||||
(Gain) Loss on the Mark-to-Market of Derivative Instruments | (31,857) | 29,936 | 120,311 | 42,077 | |||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 110,810 | $ | 70,546 | $ | 215,572 | $ | 126,504 |
Six Months Ended
June 30, |
|||||||||||||||||
2019 | 2018 | ||||||||||||||||
(in thousands, unaudited) | |||||||||||||||||
Net Cash Provided by Operating Activities | $ | 198,300 | $ | 63,617 | |||||||||||||
Net Cash Used for Investing Activities | (191,141) | (159,679) | |||||||||||||||
Net Cash (Used for) Provided by Financing Activities | (6,723) | 194,804 | |||||||||||||||
Net Change in Cash | $ | 436 | $ | 98,741 |
Six Months Ended
June 30, |
|||||||||||||||||
2019 | 2018 | ||||||||||||||||
(in millions, unaudited) | |||||||||||||||||
Drilling and Development Capital Expenditures | $ | 139.6 | $ | 110.4 | |||||||||||||
Acquisition of Oil and Natural Gas Properties | 19.4 | 49.0 | |||||||||||||||
Other Capital Expenditures | 0.5 | 0.3 | |||||||||||||||
Total | $ | 159.5 | $ | 159.7 |
Settlement Period | Oil (Barrels) | Weighted Average Price ($) | ||||||||||||
Swaps-Crude Oil | ||||||||||||||
2019: | ||||||||||||||
Q3 | 2,057,480 | $ | 62.93 | |||||||||||
Q4 | 2,106,800 | 63.00 | ||||||||||||
2020: | ||||||||||||||
Q1 | 2,006,550 | $ | 60.10 | |||||||||||
Q2 | 2,029,300 | 59.26 | ||||||||||||
Q3 | 1,982,600 | 59.19 | ||||||||||||
Q4 | 1,829,880 | 58.65 | ||||||||||||
2021: | ||||||||||||||
Q1 | 1,109,700 | $ | 58.52 | |||||||||||
Q2 | 1,014,650 | 59.43 | ||||||||||||
Q3 | 391,000 | 55.25 | ||||||||||||
Q4 | 391,000 | 55.25 | ||||||||||||
2022: | ||||||||||||||
Q1 | 225,000 | $ | 55.03 | |||||||||||
Q2 | 91,000 | 55.08 | ||||||||||||
Q3 | 92,000 | 55.08 | ||||||||||||
Q4 | 92,000 | 55.08 |
Settlement Period | Total Volumes (Bbls) |
Weighted
Average Differential ($/Bbl) |
||||||||||||
07/01/19 – 12/31/19 | 1,840,000 | $ | (2.41) |
Period |
Total Number of Shares
Purchased
(1)
|
Average Price Paid Per Share |
Total Number of Shares
Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
(2)
|
||||||||||||||||||||||
Month #1 | ||||||||||||||||||||||||||
April 1, 2019 to April 30, 2019 | 9,440 | $ | 2.74 | — | $ 68.1 million | |||||||||||||||||||||
Month #2 | ||||||||||||||||||||||||||
May 1, 2019 to May 31, 2019 | — | — | — | 68.1 million | ||||||||||||||||||||||
Month #3 | ||||||||||||||||||||||||||
June 1, 2019 to June 30, 2019 | — | — | — | 68.1 million | ||||||||||||||||||||||
Total | 9,440 | $ | 2.74 | — | $ 68.1 million |
Exhibit No. | Description | Reference | ||||||||||||
Purchase and Sale Agreement, dated April 18, 2019, by and between Northern Oil and Gas, Inc. and VEN Bakken, LLC | Incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 22, 2019 | |||||||||||||
Restated Certificate of Incorporation of Northern Oil and Gas, Inc. dated August 24, 2018 | Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 27, 2018 | |||||||||||||
By-Laws of Northern Oil and Gas, Inc. | Incorporated by reference to Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 15, 2018 | |||||||||||||
Third Amendment to the Amended and Restated Credit Agreement, dated April 18, 2019, by and among Northern Oil and Gas, Inc., Royal Bank of Canada, and the lenders party thereto | Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 22, 2019 | |||||||||||||
Senior Unsecured Promissory Note, dated July 1, 2019, by and among Northern Oil and Gas, Inc. and VEN Bakken, LLC | Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 2, 2019 | |||||||||||||
Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||
Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||
Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith | |||||||||||||
101.INS | XBRL Instance Document | Filed herewith | ||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||||||||
104 | The cover page from Northern Oil and Gas, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in Inline XBRL | Filed herewith |
Date: | August 2, 2019 | By: | /s/ Brandon Elliott | |||||||||||
Brandon Elliott, Chief Executive Officer and principal executive officer
(on behalf of Registrant) |
||||||||||||||
Date: | August 2, 2019 | By: | /s/ Chad Allen | |||||||||||
Chad Allen, Chief Accounting Officer and principal accounting officer |
1 Year Northern Oil and Gas Chart |
1 Month Northern Oil and Gas Chart |
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