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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Alta Mesa Resources Inc | NASDAQ:AMR | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.08 | 0.0771 | 0.082 | 0 | 01:00:00 |
|
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Delaware
|
81-4433840
|
|||
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(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|||
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15021 Katy Freeway,
|
Suite 400,
|
Houston,
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Texas
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77094
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(Address of principal executive offices)
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(Zip Code)
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|||
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Title of each class
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Trading Symbol(s)
|
Name of each exchange on which registered
|
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Class A Common Stock, par value $0.0001 per share
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AMRQQ
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OTC Pink Marketplace
|
|
Warrants to purchase one share of Class A Common Stock
|
AMRWQ
|
OTC Pink Marketplace
|
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
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Non-accelerated filer
|
☐
|
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Smaller reporting company
|
☒
|
Emerging growth company
|
☐
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Page Number
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PART I - FINANCIAL INFORMATION
|
|
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PART II - OTHER INFORMATION
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Company Specific Terms -
|
|
|
2018 10-K -
|
Alta Mesa Resources, Inc. Annual Report on Form 10-K for the year ended December 31, 2018.
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2018 Period -
|
The combined Predecessor Period and Successor Period from February 9, 2018 through June 30, 2018 and January 1, 2018 through February 8, 2018.
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|
2019 Period -
|
The six months ended June 30, 2019.
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|
2024 Notes -
|
$500 million aggregate principal amount of 7.875% senior unsecured notes maturing December 2024.
|
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Alta Mesa -
|
Alta Mesa Holdings, LP. This entity conducts our Upstream activities.
|
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Alta Mesa GP -
|
Alta Mesa Holdings GP, LLC, a majority owned subsidiary of SRII Opco, LP.
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Alta Mesa RBL -
|
Alta Mesa Eighth Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, as amended. This credit agreement is a reserve based loan or RBL.
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Alta Mesa Services -
|
Alta Mesa Services, LP is a wholly owned subsidiary of Alta Mesa Holdings, LP.
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AMH Debtors -
|
Alta Mesa Holdings, LP, Alta Mesa Holdings GP, LLC, OEM GP, LLC, Alta Mesa Finance Services Corp, Alta Mesa Services, LP and Oklahoma Energy Acquisitions, LP.
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ARM -
|
ARM Energy Management, LLC, a company that marketed our oil and gas production and provided services relating to our derivatives.
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Bankruptcy Code -
|
Chapter 11 of the United States Bankruptcy Code.
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Bankruptcy Court -
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United States Bankruptcy Court for the Southern District of Texas.
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BCE -
|
BCE-STACK Development LLC, a fund advised by Bayou City Management, LLC.
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Business Combination -
|
The acquisition by Alta Mesa Resources, Inc. of controlling interests in Alta Mesa Holdings GP, LLC, Alta Mesa Holdings, LP, and KFM Midstream, LLC.
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Debtors -
|
Alta Mesa Resources, Inc., Alta Mesa Holdings, LP, Alta Mesa Holdings GP, LLC, OEM GP, LLC, Alta Mesa Finance Services Corp, Alta Mesa Services, LP and Oklahoma Energy Acquisitions, LP.
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High Mesa -
|
High Mesa Holdings, LP, a partnership formed in connection with executing the Business Combination.
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HMI -
|
High Mesa, Inc., the predecessor owner of Alta Mesa Holdings, LP.
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|
KFM -
|
Kingfisher Midstream, LLC. This entity conducts our Midstream activities.
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KFM Credit Facility -
|
Kingfisher Midstream, LLC amended and restated senior secured revolving credit facility with Wells Fargo Bank, National Association, as the administrative agent.
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Midstream -
|
Reportable business segment representing our midstream activities.
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Predecessor Period -
|
The period from January 1, 2018 through February 8, 2018.
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PSU's -
|
Performance-based restricted stock units issued to employees under the Alta Mesa Resources, Inc. 2018 Long-Term Incentive Plan.
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SRII Opco -
|
SRII Opco, LP is a subsidiary of Alta Mesa Resources, Inc. and direct owner of Alta Mesa Holdings, LP and Kingfisher Midstream, LLC.
|
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Successor Period -
|
The period from February 9, 2018 through June 30, 2018, and all periods thereafter.
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Upstream -
|
Reportable business segment representing our exploration and production activities.
|
|
Oil, Gas and Other Terms -
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|
|
Basin -
|
A large natural depression on the earth’s surface in which sediments generally brought by water accumulate.
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|
bbl -
|
One stock tank barrel, of 42 U.S. gallons liquid volume, used herein to describe volumes of crude oil, condensate or natural gas liquids.
|
|
bbld -
|
Barrels per day.
|
|
Bcf -
|
One billion cubic feet of natural gas.
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|
Bcfe -
|
One billion cubic feet of natural gas equivalent with one barrel of oil converted to six thousand cubic feet of natural gas. The ratio of six thousand cubic feet of natural gas to one bbl of oil or natural gas liquids is commonly used in the oil and natural gas business and represents the approximate energy equivalency of six thousand cubic feet of natural gas to one bbl of oil or natural gas liquids.
|
|
Boe -
|
One barrel of oil equivalent is determined using the ratio of six Mcf of natural gas to one barrel of oil, condensate or natural gas liquids. The ratio of six Mcf of natural gas to one bbl of oil or natural gas liquids is commonly used in our business and represents the approximate ratio of energy content between natural gas and oil, and does not represent the price equivalency of natural gas to oil or natural gas liquids.
|
|
Boed -
|
One boe per day.
|
|
Btu or
British Thermal Unit - |
The quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.
|
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Completion -
|
The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil.
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|
Condensate -
|
A mixture of hydrocarbons that exists in the gaseous phase at original reservoir temperature and pressure, but that, when produced, is in the liquid phase at surface pressure and temperature.
|
|
Cryogenic -
|
The process of using extreme cold to separate NGLs from the natural gas stream.
|
|
DD&A -
|
Depreciation, depletion and amortization.
|
|
Development costs -
|
Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing the oil and natural gas.
|
|
Development project -
|
A development project is the means by which petroleum resources are brought to the status of economically producible. As examples, the development of a single reservoir or field, an incremental development in a producing field or the integrated development of a group of several fields and associated facilities with a common ownership may constitute a development project.
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|
Differential -
|
An adjustment to the market reference price of oil, natural gas or natural gas liquids from an established spot market price to reflect differences in the quality and/or location of oil or natural gas.
|
|
Dry hole -
|
A well found to be incapable of producing hydrocarbons in commercial quantities.
|
|
Dth -
|
A dekatherm is a unit of energy used primarily to measure natural gas and is equal to 1,000,000 Btu.
|
|
Dthd -
|
1,000,000 Btu per day.
|
|
EBITDA -
|
Earnings before interest, taxes, depreciation, depletion and amortization.
|
|
EBITDAX -
|
Earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses.
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|
Enhanced recovery -
|
The recovery of oil and natural gas through the injection of liquids or gases into the reservoir, supplementing its natural energy. Enhanced recovery methods are often applied when production slows due to depletion of the natural pressure.
|
|
Exploitation -
|
A development or other project which may target proven or unproven reserves (such as probable or possible reserves), but which generally has a lower risk than that associated with exploration projects.
|
|
Formation -
|
A layer of rock which has distinct characteristics that differs from adjacent rock.
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|
Fracing, fracture stimulation technology, hydraulic fracturing -
|
A well stimulation technique to improve a well’s production by pumping a mixture of fluids into the formation to create hydraulic fractures which intersect existing natural fractures. As part of this technique, sand or other material may also be injected to keep the hydraulic fracture open, so that fluids or natural gases may more easily flow through the formation.
|
|
Held by production -
|
Acreage covered by mineral leases that perpetuates a company’s right to operate a property usually requiring production to be maintained at a minimum economic quantity of production.
|
|
Horizontal drilling -
|
A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at an angle within a specified interval.
|
|
Lease operating expenses -
|
The expenses of lifting oil or natural gas from a producing formation to the surface, constituting part of the current operating expenses of a well. Such expenses include labor, supplies, repairs, utilities, environmental and safety, maintenance, allocated overhead costs, severance taxes, insurance and other expenses incidental to production, but excluding lease acquisition, drilling or completion expenses.
|
|
Mbbl -
|
One thousand barrels of crude oil, condensate, natural gas liquids, or produced water.
|
|
Mbbld -
|
One thousand barrels per day.
|
|
MBoe -
|
One thousand boe.
|
|
MBoed -
|
One thousand boe per day.
|
|
Mcf -
|
One thousand cubic feet of natural gas.
|
|
Mcfd -
|
One thousand cubic feet per day.
|
|
Mcfe -
|
One thousand cubic feet equivalent determined using the ratio of one barrel of oil, condensate or natural gas liquids to six Mcf of natural gas.
|
|
Mcfed -
|
Mcfe per day.
|
|
MMBbl -
|
One million barrels of crude oil, condensate or natural gas liquids.
|
|
MMBoe -
|
One million boe.
|
|
MMBtu -
|
One million British thermal units.
|
|
MMBtud -
|
One million British thermal units per day.
|
|
MMcf -
|
One million cubic feet of natural gas.
|
|
MMcfd -
|
One million cubic feet per day.
|
|
MMcfe -
|
Million cubic feet equivalent, determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids.
|
|
MMcfed -
|
MMcfe per day.
|
|
Net acres -
|
The total acres a working interest owner has attributable to a particular number of acres, or a specified tract.
|
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Net production -
|
Portion of production owned by us after production attributable to royalty and other owners.
|
|
NGLs or natural gas liquids -
|
Natural gas liquids are a group of hydrocarbons including ethane, propane, normal butane, isobutane and natural gasoline.
|
|
Non-operated working interests -
|
The working interest or fraction thereof in a lease or unit, the owner of which is without operating rights by reason of an operating agreement.
|
|
NYMEX -
|
The New York Mercantile Exchange.
|
|
Proved properties -
|
Properties with proved reserves.
|
|
Proved reserves -
|
Quantities of oil and natural gas, which can be estimated with reasonable certainty to be economically producible from known reservoirs, and under existing economic conditions, operating methods and government regulations.
|
|
Realized price -
|
The cash market price less all expected quality, transportation and demand adjustments.
|
|
Recompletion -
|
The process of treating an existing wellbore in an attempt to establish or increase existing production.
|
|
Reserves -
|
Estimated remaining quantities of oil and natural gas anticipated to be economically producible from known accumulations.
|
|
Resources -
|
Quantities of oil and natural gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to be recoverable and another portion may be considered unrecoverable.
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|
Royalty -
|
An interest in an oil and natural gas lease that gives the owner the right to receive a portion of the production from the leased acreage (or of the proceeds from the sale thereof), but does not require the owner to pay any portion of the production or development costs on the leased acreage.
|
|
SEC -
|
United States Securities and Exchange Commission.
|
|
Service well -
|
A well drilled or completed for the purpose of supporting production in an existing field. Specific purposes of service wells include gas injection, water injection, steam injection, air injection, produced water disposal, water supply for injection, observation, or injection for in-situ combustion.
|
|
Spacing -
|
The distance between wells producing from the same reservoir. Spacing in horizontal development plays is often expressed in terms of feet, e.g., 1000 foot spacing, and is often established by regulatory agencies.
|
|
STACK -
|
An oilfield in the eastern portion of the Anadarko Basin; STACK is an acronym describing both its location—Sooner Trend Anadarko Basin Canadian and Kingfisher County—and the multiple, stacked productive formations present in the area.
|
|
Unproved properties -
|
Properties with no proved reserves.
|
|
Wellbore -
|
The hole drilled by the bit that is equipped for natural gas production on a completed well. Also called a well or borehole.
|
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Working interest -
|
The right granted to the lessee of a property to explore for and to produce and own natural gas or other minerals. The working interest owners bear the exploration, development, and operating costs.
|
|
Workover -
|
Operations on a producing well to restore or increase production.
|
|
•
|
our ability to continue as a going concern;
|
|
•
|
the outcome or timing of our emergence from bankruptcy, including limitations placed upon us by the process and our ability to develop, confirm and consummate a plan under Chapter 11 or an alternative restructuring or sale transaction;
|
|
•
|
our ability to maintain relationships with suppliers, customers, employees and other third parties as a result of our Chapter 11 filing;
|
|
•
|
decisions by the KFM Board of Directors regarding making liquidity available to us during bankruptcy proceedings and any impact of those decisions on our ability to maintain compliance with the covenants in the KFM Credit Facility;
|
|
•
|
the sufficiency of liquidity to fund our operations and capital expenditures;
|
|
•
|
our access to capital, including constraints from the cost and availability of debt and equity financing;
|
|
•
|
our ability to comply with, or amend the terms of, the covenants and restrictions imposed by the KFM Credit Facility;
|
|
•
|
our ability to execute our stated business strategy;
|
|
•
|
our reserve quantities and the present value of our reserves;
|
|
•
|
our ability to replace the reserves we produce through drilling and through acquisitions;
|
|
•
|
our exploration and drilling prospects, inventories, projects and programs;
|
|
•
|
our drilling, completion and production technology;
|
|
•
|
future oil and gas prices;
|
|
•
|
the supply and demand for our production and our midstream services;
|
|
•
|
the timing and amount of our future production;
|
|
•
|
our hedging strategy and expected results;
|
|
•
|
competition and government regulation;
|
|
•
|
our ability to obtain permits and governmental approvals;
|
|
•
|
expected or anticipated regulatory changes, including to the Oklahoma forced pooling system;
|
|
•
|
pending legal and environmental matters;
|
|
•
|
our future drilling plans, spacing plans and development pace;
|
|
•
|
our marketing of our production;
|
|
•
|
our leasehold or business acquisitions;
|
|
•
|
our costs of developing our properties;
|
|
•
|
our ability to hire, train or retain qualified personnel;
|
|
•
|
general economic conditions;
|
|
•
|
operating hazards and other risks incidental to transporting, storing, gathering and processing natural gas, natural gas liquids and crude oil;
|
|
•
|
our future operating results, including production levels, initial production rates and yields in our type curve areas;
|
|
•
|
the costs, terms and availability of midstream services;
|
|
•
|
our ability to collect receivables from High Mesa, Inc. and its subsidiaries; and
|
|
•
|
our plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.
|
|
|
Successor
|
|
|
Predecessor
|
|||||||||||||||||
|
|
Three Months Ended
June 30, 2019 |
|
Three Months Ended
June 30, 2018 |
|
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||||||
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Oil
|
$
|
90,668
|
|
|
$
|
75,291
|
|
|
|
$
|
177,031
|
|
|
$
|
115,569
|
|
|
|
$
|
30,972
|
|
|
Natural gas
|
12,384
|
|
|
7,980
|
|
|
|
30,834
|
|
|
13,190
|
|
|
|
4,276
|
|
|||||
|
Natural gas liquids
|
10,251
|
|
|
10,241
|
|
|
|
21,467
|
|
|
14,955
|
|
|
|
4,000
|
|
|||||
|
Sales of gathered production
|
10,439
|
|
|
8,924
|
|
|
|
19,999
|
|
|
12,797
|
|
|
|
—
|
|
|||||
|
Midstream revenue
|
6,549
|
|
|
6,817
|
|
|
|
13,704
|
|
|
10,077
|
|
|
|
—
|
|
|||||
|
Other
|
3,014
|
|
|
2,229
|
|
|
|
6,099
|
|
|
2,784
|
|
|
|
888
|
|
|||||
|
Operating revenue
|
133,305
|
|
|
111,482
|
|
|
|
269,134
|
|
|
169,372
|
|
|
|
40,136
|
|
|||||
|
Gain (loss) on sale of assets
|
—
|
|
|
(63
|
)
|
|
|
1,483
|
|
|
5,076
|
|
|
|
840
|
|
|||||
|
Gain (loss) on derivatives
|
12,412
|
|
|
(29,219
|
)
|
|
|
(11,365
|
)
|
|
(51,230
|
)
|
|
|
6,663
|
|
|||||
|
Total revenue
|
145,717
|
|
|
82,200
|
|
|
|
259,252
|
|
|
123,218
|
|
|
|
47,639
|
|
|||||
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Lease operating
|
15,114
|
|
|
12,679
|
|
|
|
35,058
|
|
|
20,996
|
|
|
|
4,408
|
|
|||||
|
Transportation, processing and marketing
|
6,837
|
|
|
5,396
|
|
|
|
11,440
|
|
|
8,755
|
|
|
|
3,725
|
|
|||||
|
Midstream operating
|
6,520
|
|
|
3,313
|
|
|
|
12,671
|
|
|
3,900
|
|
|
|
—
|
|
|||||
|
Cost of sales for purchased gathered production
|
8,720
|
|
|
8,902
|
|
|
|
18,415
|
|
|
12,711
|
|
|
|
—
|
|
|||||
|
Production taxes
|
5,117
|
|
|
2,606
|
|
|
|
10,600
|
|
|
4,021
|
|
|
|
953
|
|
|||||
|
Workovers
|
807
|
|
|
333
|
|
|
|
1,120
|
|
|
1,578
|
|
|
|
423
|
|
|||||
|
Exploration
|
3,289
|
|
|
8,083
|
|
|
|
5,343
|
|
|
9,668
|
|
|
|
7,003
|
|
|||||
|
Depreciation, depletion and amortization
|
38,009
|
|
|
33,934
|
|
|
|
75,908
|
|
|
49,613
|
|
|
|
11,670
|
|
|||||
|
Impairment of assets
|
6,500
|
|
|
—
|
|
|
|
6,500
|
|
|
—
|
|
|
|
—
|
|
|||||
|
General and administrative
|
27,172
|
|
|
22,456
|
|
|
|
56,690
|
|
|
60,208
|
|
|
|
21,234
|
|
|||||
|
Total operating expenses
|
118,085
|
|
|
97,702
|
|
|
|
233,745
|
|
|
171,450
|
|
|
|
49,416
|
|
|||||
|
Operating income
|
27,632
|
|
|
(15,502
|
)
|
|
|
25,507
|
|
|
(48,232
|
)
|
|
|
(1,777
|
)
|
|||||
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense
|
(16,755
|
)
|
|
(11,779
|
)
|
|
|
(32,215
|
)
|
|
(17,223
|
)
|
|
|
(5,511
|
)
|
|||||
|
Interest income
|
79
|
|
|
824
|
|
|
|
130
|
|
|
1,370
|
|
|
|
172
|
|
|||||
|
Equity in earnings of unconsolidated subsidiaries
|
643
|
|
|
—
|
|
|
|
742
|
|
|
—
|
|
|
|
—
|
|
|||||
|
Total other income (expense), net
|
(16,033
|
)
|
|
(10,955
|
)
|
|
|
(31,343
|
)
|
|
(15,853
|
)
|
|
|
(5,339
|
)
|
|||||
|
Income (loss) from continuing operations before income taxes
|
11,599
|
|
|
(26,457
|
)
|
|
|
(5,836
|
)
|
|
(64,085
|
)
|
|
|
(7,116
|
)
|
|||||
|
Income tax provision (benefit)
|
—
|
|
|
(3,791
|
)
|
|
|
—
|
|
|
(7,665
|
)
|
|
|
—
|
|
|||||
|
Income (loss) from continuing operations
|
11,599
|
|
|
(22,666
|
)
|
|
|
(5,836
|
)
|
|
(56,420
|
)
|
|
|
(7,116
|
)
|
|||||
|
Loss from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(7,746
|
)
|
|||||
|
Net income (loss)
|
11,599
|
|
|
(22,666
|
)
|
|
|
(5,836
|
)
|
|
(56,420
|
)
|
|
|
$
|
(14,862
|
)
|
||||
|
Net income (loss) attributable to noncontrolling interests
|
9,354
|
|
|
(16,066
|
)
|
|
|
326
|
|
|
(36,490
|
)
|
|
|
|
||||||
|
Net income (loss) attributable to Alta Mesa Resources, Inc. stockholders
|
$
|
2,245
|
|
|
$
|
(6,600
|
)
|
|
|
$
|
(6,162
|
)
|
|
$
|
(19,930
|
)
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Attributable to Alta Mesa Resources, Inc. stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Income (loss) per share - basic and diluted
|
$
|
0.01
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.12
|
)
|
|
|
|
||
|
Weighted average shares outstanding - basic
|
180,742,049
|
|
|
173,345,982
|
|
|
|
180,505,318
|
|
|
171,908,486
|
|
|
|
|
||||||
|
Weighted average shares outstanding - diluted
|
180,742,049
|
|
|
207,965,929
|
|
|
|
180,505,318
|
|
|
208,112,707
|
|
|
|
|
||||||
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
ASSETS
|
|
|
|
||||
|
Current assets
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
91,111
|
|
|
$
|
26,854
|
|
|
Restricted cash
|
890
|
|
|
1,001
|
|
||
|
Accounts receivable, net
|
73,776
|
|
|
87,842
|
|
||
|
Other receivables
|
3,635
|
|
|
6,331
|
|
||
|
Related party receivables, net
|
2,310
|
|
|
3,341
|
|
||
|
Prepaid expenses and other
|
5,575
|
|
|
1,125
|
|
||
|
Derivatives
|
4,727
|
|
|
16,423
|
|
||
|
Total current assets
|
182,024
|
|
|
142,917
|
|
||
|
Property and equipment, net
|
|
|
|
||||
|
Oil and gas properties, successful efforts method
|
784,079
|
|
|
763,337
|
|
||
|
Other property and equipment
|
470,547
|
|
|
444,269
|
|
||
|
Total property and equipment, net
|
1,254,626
|
|
|
1,207,606
|
|
||
|
Other assets
|
|
|
|
||||
|
Operating lease right-of-use assets, net
|
8,180
|
|
|
—
|
|
||
|
Equity method investment
|
1,842
|
|
|
1,100
|
|
||
|
Deferred financing costs, net
|
2,836
|
|
|
3,195
|
|
||
|
Deposits and other long-term assets
|
41
|
|
|
65
|
|
||
|
Derivatives
|
2,508
|
|
|
2,947
|
|
||
|
Total other assets
|
15,407
|
|
|
7,307
|
|
||
|
Total assets
|
$
|
1,452,057
|
|
|
$
|
1,357,830
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
|
Current liabilities
|
|
|
|
||||
|
Current portion of debt
|
$
|
1,089,162
|
|
|
$
|
690,123
|
|
|
Accounts payable and accrued liabilities
|
109,901
|
|
|
247,439
|
|
||
|
Advances from non-operators
|
1,755
|
|
|
5,193
|
|
||
|
Advances from related party
|
4,003
|
|
|
9,839
|
|
||
|
Asset retirement obligations, current portion
|
44
|
|
|
2,079
|
|
||
|
Current operating lease liability
|
1,018
|
|
|
—
|
|
||
|
Derivatives
|
840
|
|
|
1,710
|
|
||
|
Total current liabilities
|
1,206,723
|
|
|
956,383
|
|
||
|
Long-term liabilities
|
|
|
|
||||
|
Asset retirement obligations, net of current portion
|
12,442
|
|
|
9,473
|
|
||
|
Long-term debt, net
|
—
|
|
|
174,000
|
|
||
|
Other long-term liabilities
|
5,096
|
|
|
1,667
|
|
||
|
Operating lease liabilities, net of current portion
|
13,962
|
|
|
—
|
|
||
|
Derivatives
|
189
|
|
|
180
|
|
||
|
Total long-term liabilities
|
31,689
|
|
|
185,320
|
|
||
|
Total liabilities
|
1,238,412
|
|
|
1,141,703
|
|
||
|
Preferred Stock, $0.0001 par value
|
|
|
|
|
|
||
|
Class A: 1,000,000 shares authorized; 3 shares issued; 2 outstanding
|
—
|
|
|
—
|
|
||
|
Class B: 1,000,000 shares authorized; 1 share issued and outstanding
|
—
|
|
|
—
|
|
||
|
Common stock, $0.0001 par value
|
|
|
|
||||
|
Class A: 1,200,000,000 shares authorized; 182,636,433 shares issued and outstanding (180,072,227 issued and outstanding at December 31, 2018)
|
18
|
|
|
18
|
|
||
|
Class C: 280,000,000 shares authorized; 199,987,976 and 202,169,576 issued and outstanding at June 30, 2019 and December 31, 2018
|
20
|
|
|
20
|
|
||
|
Additional paid in capital
|
1,509,716
|
|
|
1,503,382
|
|
||
|
Accumulated deficit
|
(1,538,975
|
)
|
|
(1,532,813
|
)
|
||
|
Total stockholders’ equity
|
(29,221
|
)
|
|
(29,393
|
)
|
||
|
Noncontrolling interests
|
242,866
|
|
|
245,520
|
|
||
|
Total equity
|
213,645
|
|
|
216,127
|
|
||
|
Total liabilities and stockholders’ equity
|
$
|
1,452,057
|
|
|
$
|
1,357,830
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||
|
Net loss
|
$
|
(5,836
|
)
|
|
$
|
(56,420
|
)
|
|
|
$
|
(14,862
|
)
|
|
Adjustments to reconcile net loss to cash from operating activities:
|
|
|
|
|
|
|
||||||
|
Depreciation, depletion and amortization
|
75,908
|
|
|
49,613
|
|
|
|
12,554
|
|
|||
|
Non-cash lease expense
|
1,675
|
|
|
—
|
|
|
|
—
|
|
|||
|
Provision for uncollectible receivables
|
1,177
|
|
|
—
|
|
|
|
—
|
|
|||
|
Impairment of assets
|
6,500
|
|
|
—
|
|
|
|
5,560
|
|
|||
|
Amortization of deferred financing costs
|
368
|
|
|
152
|
|
|
|
171
|
|
|||
|
Amortization of debt premium
|
(2,462
|
)
|
|
(2,051
|
)
|
|
|
—
|
|
|||
|
Equity-based compensation expense
|
3,519
|
|
|
7,729
|
|
|
|
—
|
|
|||
|
Non-cash exploration expense
|
388
|
|
|
7,288
|
|
|
|
4,575
|
|
|||
|
(Gain) loss on derivatives
|
11,365
|
|
|
51,230
|
|
|
|
(6,663
|
)
|
|||
|
Cash settlements of derivatives
|
909
|
|
|
(18,334
|
)
|
|
|
(2,296
|
)
|
|||
|
Premium paid on derivatives
|
(1,000
|
)
|
|
—
|
|
|
|
—
|
|
|||
|
Interest converted into debt
|
—
|
|
|
—
|
|
|
|
103
|
|
|||
|
Interest added to notes receivable from affiliate
|
—
|
|
|
(417
|
)
|
|
|
(85
|
)
|
|||
|
Deferred tax provision (benefit)
|
—
|
|
|
(7,665
|
)
|
|
|
—
|
|
|||
|
Loss on sale of fixed assets
|
114
|
|
|
63
|
|
|
|
1,923
|
|
|||
|
Equity in earnings of unconsolidated subsidiaries
|
(742
|
)
|
|
—
|
|
|
|
—
|
|
|||
|
Impact on cash from changes in:
|
|
|
|
|
|
|
||||||
|
Accounts receivable
|
13,744
|
|
|
(9,143
|
)
|
|
|
(21,184
|
)
|
|||
|
Other receivables
|
2,696
|
|
|
996
|
|
|
|
(662
|
)
|
|||
|
Related party receivables
|
179
|
|
|
(6,260
|
)
|
|
|
(117
|
)
|
|||
|
Prepaid expenses and other assets
|
(4,426
|
)
|
|
8,116
|
|
|
|
(591
|
)
|
|||
|
Advances from related party
|
(154
|
)
|
|
(10,371
|
)
|
|
|
24,116
|
|
|||
|
Settlement of asset retirement obligations
|
(5,835
|
)
|
|
(806
|
)
|
|
|
(63
|
)
|
|||
|
Accounts payable, accrued liabilities and other liabilities
|
(12,123
|
)
|
|
(78,542
|
)
|
|
|
23,857
|
|
|||
|
Operating lease obligations
|
(1,376
|
)
|
|
—
|
|
|
|
—
|
|
|||
|
Cash from operating activities
|
84,588
|
|
|
(64,822
|
)
|
|
|
26,336
|
|
|||
|
Cash flows from investing activities:
|
|
|
|
|
|
|
||||||
|
Capital expenditures
|
(247,942
|
)
|
|
(340,631
|
)
|
|
|
(36,695
|
)
|
|||
|
Acquisitions, net of cash acquired
|
—
|
|
|
(791,819
|
)
|
|
|
(1,218
|
)
|
|||
|
Proceeds withdrawn from trust account
|
—
|
|
|
1,042,742
|
|
|
|
—
|
|
|||
|
Investment in equity affiliate and other, net
|
—
|
|
|
(6,945
|
)
|
|
|
—
|
|
|||
|
Cash from investing activities
|
(247,942
|
)
|
|
(96,653
|
)
|
|
|
(37,913
|
)
|
|||
|
Cash flows from financing activities:
|
|
|
|
|
|
|
||||||
|
Proceeds from long-term debt borrowings
|
227,500
|
|
|
80,000
|
|
|
|
60,000
|
|
|||
|
Repayments of long-term debt
|
—
|
|
|
(193,565
|
)
|
|
|
(43,000
|
)
|
|||
|
Deferred financing costs paid
|
—
|
|
|
(3,670
|
)
|
|
|
—
|
|
|||
|
Capital distributions
|
—
|
|
|
—
|
|
|
|
(68
|
)
|
|||
|
Proceeds from issuance of Class A shares
|
—
|
|
|
400,000
|
|
|
|
—
|
|
|||
|
Repayment of sponsor note
|
—
|
|
|
(2,000
|
)
|
|
|
—
|
|
|||
|
Repayment of deferred underwriting compensation
|
—
|
|
|
(36,225
|
)
|
|
|
—
|
|
|||
|
Redemption of Class A common shares
|
—
|
|
|
(33
|
)
|
|
|
—
|
|
|||
|
Cash from financing activities
|
227,500
|
|
|
244,507
|
|
|
|
16,932
|
|
|||
|
Net increase in cash, cash equivalents and restricted cash
|
64,146
|
|
|
83,032
|
|
|
|
5,355
|
|
|||
|
Cash, cash equivalents and restricted cash, beginning of period
|
27,855
|
|
|
388
|
|
|
|
4,990
|
|
|||
|
Cash, cash equivalents and restricted cash, end of period
|
$
|
92,001
|
|
|
$
|
83,420
|
|
|
|
$
|
10,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
Common Stock
|
|
|
|
|
|
Total
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Class A
|
|
Class B
|
|
Class C
|
|
Paid-In
|
|
Accumulated
|
|
Stockholders’
|
|
Noncontrolling
|
|
Total
|
|||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Deficit
|
|
Equity
|
|
Interests
|
|
Equity
|
|||||||||||||||||||
|
Balance at February 8, 2018
|
3,862
|
|
|
$
|
—
|
|
|
25,875
|
|
|
$
|
3
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
3,106
|
|
|
$
|
(8,114
|
)
|
|
$
|
(5,005
|
)
|
|
$
|
—
|
|
|
$
|
(5,005
|
)
|
|
Conversion of common shares from Class B to Class A at closing of Business Combination
|
25,875
|
|
|
3
|
|
|
(25,875
|
)
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Class A common shares released from possible redemption
|
99,638
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
996,374
|
|
|
—
|
|
|
996,384
|
|
|
—
|
|
|
996,384
|
|
||||||||
|
Class A common shares redeemed
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
(33
|
)
|
||||||||
|
Sale of Class A common shares
|
40,000
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
399,996
|
|
|
—
|
|
|
400,000
|
|
|
—
|
|
|
400,000
|
|
||||||||
|
Class C common shares issued in connection with the closing of the Business Combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
213,402
|
|
|
21
|
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Noncontrolling interest in SRII Opco issued in the Business Combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,058,635
|
|
|
2,058,635
|
|
||||||||
|
Balance at February 9, 2018
|
169,372
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
213,402
|
|
|
21
|
|
|
1,399,422
|
|
|
(8,114
|
)
|
|
1,391,346
|
|
|
2,058,635
|
|
|
3,449,981
|
|
||||||||
|
Equity based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,466
|
|
|
—
|
|
|
3,466
|
|
|
—
|
|
|
3,466
|
|
||||||||
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,330
|
)
|
|
(13,330
|
)
|
|
(20,424
|
)
|
|
(33,754
|
)
|
||||||||
|
Balance at March 31, 2018
|
169,372
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
213,402
|
|
|
21
|
|
|
1,402,888
|
|
|
(21,444
|
)
|
|
1,381,482
|
|
|
2,038,211
|
|
|
3,419,693
|
|
||||||||
|
Additional Class C common shares issued in connection with the settlement of the purchase consideration in the business combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Noncontrolling interest in SRII Opco assumed in the business combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,758
|
|
|
8,758
|
|
||||||||
|
Redemption of noncontrolling interests and Class C common shares for Class A common shares
|
9,589
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(9,589
|
)
|
|
(1
|
)
|
|
90,872
|
|
|
—
|
|
|
90,872
|
|
|
(91,309
|
)
|
|
(437
|
)
|
||||||||
|
Restricted stock awards vested
|
98
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Equity based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,263
|
|
|
—
|
|
|
4,263
|
|
|
—
|
|
|
4,263
|
|
||||||||
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,600
|
)
|
|
(6,600
|
)
|
|
(16,066
|
)
|
|
(22,666
|
)
|
||||||||
|
Balance at June 30, 2018
|
179,059
|
|
|
$
|
18
|
|
|
—
|
|
|
$
|
—
|
|
|
204,922
|
|
|
$
|
20
|
|
|
$
|
1,498,023
|
|
|
$
|
(28,044
|
)
|
|
$
|
1,470,017
|
|
|
$
|
1,939,594
|
|
|
$
|
3,409,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
Common Stock
|
|
|
|
|
|
Total
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
Class A
|
|
Class B
|
|
Class C
|
|
Paid-In
|
|
Accumulated
|
|
Stockholders’
|
|
Noncontrolling
|
|
Total
|
|||||||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Deficit
|
|
Equity
|
|
Interests
|
|
Equity
|
|||||||||||||||||||
|
Balance at January 1, 2019
|
180,072
|
|
|
$
|
18
|
|
|
—
|
|
|
$
|
—
|
|
|
202,170
|
|
|
$
|
20
|
|
|
$
|
1,503,382
|
|
|
$
|
(1,532,813
|
)
|
|
$
|
(29,393
|
)
|
|
$
|
245,520
|
|
|
$
|
216,127
|
|
|
Restricted stock awards vested, net of taxes
|
338
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
67
|
|
|
(209
|
)
|
|
(142
|
)
|
||||||||
|
Equity-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,679
|
|
|
—
|
|
|
2,679
|
|
|
—
|
|
|
2,679
|
|
||||||||
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,407
|
)
|
|
(8,407
|
)
|
|
(9,028
|
)
|
|
(17,435
|
)
|
||||||||
|
Balance at March 31, 2019
|
180,410
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
202,170
|
|
|
20
|
|
|
1,506,128
|
|
|
(1,541,220
|
)
|
|
(35,054
|
)
|
|
236,283
|
|
|
201,229
|
|
||||||||
|
Conversion of commons shares from Class C shares to Class A
|
2,182
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,182
|
)
|
|
—
|
|
|
2,756
|
|
|
—
|
|
|
2,756
|
|
|
(2,756
|
)
|
|
—
|
|
||||||||
|
Restricted stock awards vested, net of taxes
|
44
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|
(15
|
)
|
|
(23
|
)
|
||||||||
|
Equity-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
840
|
|
|
—
|
|
|
840
|
|
|
—
|
|
|
840
|
|
||||||||
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,245
|
|
|
2,245
|
|
|
9,354
|
|
|
11,599
|
|
||||||||
|
Balance at June 30, 2019
|
182,636
|
|
|
$
|
18
|
|
|
—
|
|
|
$
|
—
|
|
|
199,988
|
|
|
$
|
20
|
|
|
$
|
1,509,716
|
|
|
$
|
(1,538,975
|
)
|
|
$
|
(29,221
|
)
|
|
$
|
242,866
|
|
|
$
|
213,645
|
|
|
|
Predecessor
|
||
|
Balance, December 31, 2017
|
$
|
154,445
|
|
|
Distribution of non-STACK oil and gas assets, net of associated liabilities
|
43,482
|
|
|
|
Net loss
|
(14,862
|
)
|
|
|
Balance, February 8, 2018
|
$
|
183,065
|
|
|
Practical expedient package
|
|
We did not reassess whether any expired or existing contracts are, or contain, leases.
|
|
|
|
We did not reassess the lease classification of any expired or existing leases.
|
|
|
|
We did not reassess initial direct costs of any expired or existing leases.
|
|
|
|
|
|
Hindsight practical expedient
|
|
We did not elect to use the hindsight practical expedient which allows for the use of hindsight when determining lease term, including option periods, and impairment of operating assets.
|
|
|
|
|
|
Easement expedient
|
|
We elected to maintain the current accounting treatment of existing contracts and not reassess whether those contracts met the definition of a lease.
|
|
|
|
|
|
Combining lease and non-lease components expedient
|
|
We elected to account for lease and non-lease components as a single component.
|
|
|
|
|
|
Short-term lease expedient
|
|
We elected the short-term lease recognition exemption for all classes of underlying assets. Expense for short-term leases is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less and that do not include an option to purchase the underlying asset that is reasonably certain to be recognized are not recorded on the balance sheet.
|
|
(in thousands)
|
|
Three Months Ended
June 30, 2019 |
|
Six Months Ended June 30, 2019
|
||||
|
Operating lease cost
|
|
$
|
828
|
|
|
$
|
1,675
|
|
|
Variable lease cost
|
|
478
|
|
|
849
|
|
||
|
Short-term lease cost
|
|
1,071
|
|
|
3,686
|
|
||
|
Total lease cost
|
|
$
|
2,377
|
|
|
$
|
6,210
|
|
|
|
|
|
|
|
||||
|
Reported in:
|
|
|
|
|
||||
|
Lease operating expense
|
|
$
|
1,029
|
|
|
$
|
3,675
|
|
|
General and administrative expense
|
|
1,348
|
|
|
2,535
|
|
||
|
Total lease cost
|
|
$
|
2,377
|
|
|
$
|
6,210
|
|
|
Fiscal year
|
|
(in thousands)
|
||
|
Remainder of 2019
|
|
$
|
1,528
|
|
|
2020
|
|
3,081
|
|
|
|
2021
|
|
3,048
|
|
|
|
2022
|
|
3,108
|
|
|
|
2023
|
|
2,718
|
|
|
|
Thereafter
|
|
12,647
|
|
|
|
Total lease payments
|
|
26,130
|
|
|
|
Less: imputed interest
|
|
(11,150
|
)
|
|
|
Present value of operating lease liabilities
|
|
$
|
14,980
|
|
|
|
|
|
||
|
Current portion of operating lease liabilities
|
|
$
|
1,018
|
|
|
Operating lease liabilities, net of current portion
|
|
13,962
|
|
|
|
Present value of operating lease liabilities
|
|
$
|
14,980
|
|
|
|
Three Months Ended
June 30, 2019 |
|
Three Months Ended
June 30, 2018 |
|
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
||||||||
|
|
(in thousands, except shares and per share data)
|
|||||||||||||||
|
Net income (loss) attributable to AMR Class A common stockholders
|
$
|
2,245
|
|
|
$
|
(6,600
|
)
|
|
|
$
|
(6,162
|
)
|
|
$
|
(19,930
|
)
|
|
Effect of dilutive Class C securities:
|
|
|
|
|
|
|
|
|
||||||||
|
Net loss attributable to noncontrolling interests assumed to be redeemed for Class A Common Stock, net of tax
|
—
|
|
|
(2,157
|
)
|
|
|
—
|
|
|
(4,914
|
)
|
||||
|
Net income (loss) attributable to AMR Class A common stockholders after assumed redemption
|
$
|
2,245
|
|
|
$
|
(8,757
|
)
|
|
|
$
|
(6,162
|
)
|
|
$
|
(24,844
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average Class A common shares outstanding (Basic)
|
180,742,049
|
|
|
173,345,982
|
|
|
|
180,505,318
|
|
|
171,908,486
|
|
||||
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
||||||||
|
Class A shares assumed issued to holders of noncontrolling interests upon redemption
|
—
|
|
|
34,619,947
|
|
|
|
—
|
|
|
36,204,221
|
|
||||
|
Weighted average common shares outstanding (Diluted)
|
180,742,049
|
|
|
207,965,929
|
|
|
|
180,505,318
|
|
|
208,112,707
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income (loss) per common share attributable to AMR common stockholders:
|
|
|
|
|
|
|
|
|
||||||||
|
Basic
|
$
|
0.01
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.12
|
)
|
|
Diluted
|
$
|
0.01
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.12
|
)
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Supplemental cash flow information:
|
|
|
|
|
|
|
||||||
|
Cash paid for interest
|
$
|
29,513
|
|
|
$
|
22,996
|
|
|
|
$
|
1,145
|
|
|
Cash paid for income taxes, net of refunds
|
706
|
|
|
1,573
|
|
|
|
—
|
|
|||
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
||||||
|
Increase in asset retirement obligations
|
634
|
|
|
877
|
|
|
|
—
|
|
|||
|
Increase (decrease) in accruals or payables for capital expenditures
|
(127,875
|
)
|
|
(25,798
|
)
|
|
|
4,896
|
|
|||
|
Increase in withholding tax accruals for share-based compensation
|
165
|
|
|
—
|
|
|
|
—
|
|
|||
|
Distribution of non-STACK assets, net of liabilities
|
—
|
|
|
—
|
|
|
|
43,482
|
|
|||
|
Equity issued in Business Combination
|
—
|
|
|
2,067,393
|
|
|
—
|
|
||||
|
Release of common stock from possible redemption
|
—
|
|
|
966,384
|
|
|
—
|
|
||||
|
Tax effect of redemption of noncontrolling interests in SRII Opco for Class A common shares and other
|
—
|
|
|
(437)
|
|
|
—
|
|
||||
|
(in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Production and processing sales and fees
|
$
|
41,844
|
|
|
$
|
51,004
|
|
|
Joint interest billings
|
20,836
|
|
|
18,147
|
|
||
|
Pooling interest (1)
|
11,506
|
|
|
18,786
|
|
||
|
Allowance for doubtful accounts
|
(410
|
)
|
|
(95
|
)
|
||
|
Total accounts receivable, net
|
$
|
73,776
|
|
|
$
|
87,842
|
|
|
(1)
|
Pooling interest relates to Oklahoma’s forced pooling process which permits mineral interest owners the option to participate in the drilling of proposed wells. The pooling interest listed above represents unbilled costs for wells where the option remains pending. Depending upon the mineral owner’s decision, these costs will be billed to them or added to oil and gas properties.
|
|
(in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Related party receivables
|
$
|
12,197
|
|
|
$
|
12,375
|
|
|
Allowance for doubtful accounts
|
(9,887
|
)
|
|
(9,034
|
)
|
||
|
Related party receivables, net
|
2,310
|
|
|
3,341
|
|
||
|
|
|
|
|
||||
|
Notes receivable from related parties
|
13,403
|
|
|
13,403
|
|
||
|
Allowance for doubtful accounts
|
(13,403
|
)
|
|
(13,403
|
)
|
||
|
Notes receivable from related parties, net
|
—
|
|
|
—
|
|
||
|
Related party receivables, net
|
$
|
2,310
|
|
|
$
|
3,341
|
|
|
(in thousands)
|
June 30, 2019
|
||
|
High Mesa related party receivable at December 31, 2018
|
$
|
10,066
|
|
|
Additions
|
894
|
|
|
|
Payments
|
(1,073
|
)
|
|
|
High Mesa related party receivable at June 30, 2019
|
9,887
|
|
|
|
Allowance for uncollectibility(1)
|
(9,887
|
)
|
|
|
Balance at June 30, 2019, net
|
$
|
—
|
|
|
(1)
|
$9.0 million of the allowance was recognized during the 2018 Successor Period.
|
|
(in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Oil and gas properties
|
|
|
|
||||
|
Unproved properties
|
$
|
76,665
|
|
|
$
|
74,217
|
|
|
|
|
|
|
||||
|
Proved oil and gas properties
|
2,196,605
|
|
|
2,110,346
|
|
||
|
Accumulated depletion and impairment
|
(1,489,191
|
)
|
|
(1,421,226
|
)
|
||
|
Proved oil and gas properties, net
|
707,414
|
|
|
689,120
|
|
||
|
Total oil and gas properties, net
|
784,079
|
|
|
763,337
|
|
||
|
Other property and equipment
|
|
|
|
||||
|
Land
|
5,600
|
|
|
5,600
|
|
||
|
Fresh water wells
|
27,373
|
|
|
27,366
|
|
||
|
Produced water disposal system
|
106,467
|
|
|
104,498
|
|
||
|
Gas processing plant and gathering lines
|
412,193
|
|
|
380,470
|
|
||
|
Office furniture, equipment and vehicles
|
3,755
|
|
|
3,703
|
|
||
|
Accumulated depreciation and impairment
|
(84,841
|
)
|
|
(77,368
|
)
|
||
|
Other property and equipment, net
|
470,547
|
|
|
444,269
|
|
||
|
Total property and equipment, net
|
$
|
1,254,626
|
|
|
$
|
1,207,606
|
|
|
|
Successor
|
|
|
Predecessor
|
|||||||||||||||||
|
(in thousands)
|
Three Months Ended
June 30, 2019 |
|
Three Months Ended
June 30, 2018 |
|
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||||||
|
Oil and gas properties depletion
|
$
|
33,923
|
|
|
$
|
26,086
|
|
|
|
$
|
67,965
|
|
|
$
|
36,859
|
|
|
|
$
|
11,021
|
|
|
Midstream tangible asset depreciation
|
3,504
|
|
|
2,010
|
|
|
|
6,724
|
|
|
3,132
|
|
|
|
—
|
|
|||||
|
Other property and equipment depreciation
|
341
|
|
|
423
|
|
|
|
749
|
|
|
586
|
|
|
|
609
|
|
|||||
|
Total depletion and depreciation
|
$
|
37,768
|
|
|
$
|
28,519
|
|
|
|
$
|
75,438
|
|
|
$
|
40,577
|
|
|
|
$
|
11,630
|
|
|
|
Predecessor
|
||
|
(in thousands)
|
January 1, 2018
Through February 8, 2018 |
||
|
Revenue
|
|
||
|
Oil
|
$
|
1,617
|
|
|
Natural gas
|
1,023
|
|
|
|
Natural gas liquids
|
236
|
|
|
|
Other
|
16
|
|
|
|
Operating revenue
|
2,892
|
|
|
|
Loss on sale of assets
|
(1,923
|
)
|
|
|
Total revenue
|
969
|
|
|
|
Operating expenses
|
|
||
|
Lease operating
|
1,770
|
|
|
|
Transportation and marketing
|
83
|
|
|
|
Production taxes
|
167
|
|
|
|
Workovers
|
127
|
|
|
|
Depreciation, depletion and amortization
|
884
|
|
|
|
Impairment of assets
|
5,560
|
|
|
|
General and administrative
|
21
|
|
|
|
Total operating expenses
|
8,612
|
|
|
|
Other expense
|
|
||
|
Interest expense
|
(103
|
)
|
|
|
Loss from discontinued operations, net of tax
|
$
|
(7,746
|
)
|
|
|
Predecessor
|
||
|
(in thousands)
|
January 1, 2018
Through February 8, 2018 |
||
|
Total operating cash flows of discontinued operations
|
$
|
2,974
|
|
|
Total investing cash flows of discontinued operations
|
(601
|
)
|
|
|
|
|
June 30, 2019
|
||||||||||
|
Balance sheet location
|
|
Gross
fair value
of assets
|
|
Gross liabilities
offset against assets
in the Balance Sheet
|
|
Net fair
value of assets
presented in
the Balance Sheet
|
||||||
|
|
|
(in thousands)
|
||||||||||
|
Derivatives, current assets
|
|
$
|
13,855
|
|
|
$
|
(9,128
|
)
|
|
$
|
4,727
|
|
|
Derivatives, long-term assets
|
|
11,977
|
|
|
(9,469
|
)
|
|
2,508
|
|
|||
|
Total
|
|
$
|
25,832
|
|
|
$
|
(18,597
|
)
|
|
$
|
7,235
|
|
|
Balance sheet location
|
|
Gross
fair value
of liabilities
|
|
Gross assets
offset against liabilities
in the Balance Sheet
|
|
Net fair
value of liabilities
presented in
the Balance Sheet
|
||||||
|
|
|
(in thousands)
|
||||||||||
|
Derivatives, current liabilities
|
|
$
|
9,968
|
|
|
$
|
(9,128
|
)
|
|
$
|
840
|
|
|
Derivatives, long-term liabilities
|
|
9,658
|
|
|
(9,469
|
)
|
|
189
|
|
|||
|
Total
|
|
$
|
19,626
|
|
|
$
|
(18,597
|
)
|
|
$
|
1,029
|
|
|
|
|
December 31, 2018
|
||||||||||
|
Balance sheet location
|
|
Gross
fair value
of assets
|
|
Gross liabilities
offset against assets
in the Balance Sheet
|
|
Net fair
value of assets
presented in
the Balance Sheet
|
||||||
|
|
|
(in thousands)
|
||||||||||
|
Derivatives, current assets
|
|
$
|
22,512
|
|
|
$
|
(6,089
|
)
|
|
$
|
16,423
|
|
|
Derivatives, long-term assets
|
|
7,910
|
|
|
(4,963
|
)
|
|
2,947
|
|
|||
|
Total
|
|
$
|
30,422
|
|
|
$
|
(11,052
|
)
|
|
$
|
19,370
|
|
|
Balance sheet location
|
|
Gross
fair value
of liabilities
|
|
Gross assets
offset against liabilities
in the Balance Sheet
|
|
Net fair
value of liabilities
presented in
the Balance Sheet
|
||||||
|
|
|
(in thousands)
|
||||||||||
|
Derivatives, current liabilities
|
|
$
|
7,799
|
|
|
$
|
(6,089
|
)
|
|
$
|
1,710
|
|
|
Derivatives, long-term liabilities
|
|
5,143
|
|
|
(4,963
|
)
|
|
180
|
|
|||
|
Total
|
|
$
|
12,942
|
|
|
$
|
(11,052
|
)
|
|
$
|
1,890
|
|
|
|
Successor
|
|
|
Predecessor
|
|||||||||||||||||
|
Derivatives not designated as hedges
|
Three Months Ended
June 30, 2019 |
|
Three Months Ended
June 30, 2018 |
|
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||||||
|
Gain (loss) on derivatives -
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Oil
|
$
|
5,134
|
|
|
$
|
(28,712
|
)
|
|
|
$
|
(16,535
|
)
|
|
$
|
(50,656
|
)
|
|
|
$
|
4,796
|
|
|
Natural gas
|
7,278
|
|
|
(507
|
)
|
|
|
5,170
|
|
|
(574
|
)
|
|
|
1,867
|
|
|||||
|
Total gain (loss) on derivatives
|
$
|
12,412
|
|
|
$
|
(29,219
|
)
|
|
|
$
|
(11,365
|
)
|
|
$
|
(51,230
|
)
|
|
|
$
|
6,663
|
|
|
|
|
Volume
|
|
Weighted
|
|
Range
|
|||||||||
|
Settlement Period and Type of Contract
|
|
in bbls
|
|
Average
|
|
High
|
|
Low
|
|||||||
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Price Swap Contracts
|
|
92,000
|
|
|
$
|
63.03
|
|
|
$
|
63.03
|
|
|
$
|
63.03
|
|
|
Collar Contracts
|
|
|
|
|
|
|
|
|
|||||||
|
Short Call Options
|
|
1,361,600
|
|
|
66.31
|
|
|
75.20
|
|
|
56.50
|
|
|||
|
Long Put Options
|
|
1,453,600
|
|
|
53.80
|
|
|
62.00
|
|
|
50.00
|
|
|||
|
Short Put Options
|
|
1,453,600
|
|
|
42.72
|
|
|
52.00
|
|
|
37.50
|
|
|||
|
2020
|
|
|
|
|
|
|
|
|
|||||||
|
Collar Contracts
|
|
|
|
|
|
|
|
|
|||||||
|
Short Call Options
|
|
1,017,600
|
|
|
63.95
|
|
|
73.80
|
|
|
59.55
|
|
|||
|
Long Put Options
|
|
1,566,600
|
|
|
56.81
|
|
|
62.50
|
|
|
50.00
|
|
|||
|
Short Put Options
|
|
1,566,600
|
|
|
42.81
|
|
|
50.00
|
|
|
37.50
|
|
|||
|
2021
|
|
|
|
|
|
|
|
|
|||||||
|
Collar Contracts
|
|
|
|
|
|
|
|
|
|||||||
|
Short Call Options
|
|
279,750
|
|
|
63.51
|
|
|
63.75
|
|
|
63.35
|
|
|||
|
Long Put Options
|
|
659,850
|
|
|
46.94
|
|
|
55.00
|
|
|
41.00
|
|
|||
|
Short Put Options
|
|
279,750
|
|
|
43.00
|
|
|
43.00
|
|
|
43.00
|
|
|||
|
|
|
Volume
|
|
Weighted
|
|
Range
|
|||||||||
|
Settlement Period and Type of Contract
|
|
in MMBtu
|
|
Average
|
|
High
|
|
Low
|
|||||||
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Price Swap Contracts
|
|
7,980,000
|
|
|
$
|
2.67
|
|
|
$
|
2.72
|
|
|
$
|
2.64
|
|
|
Basis Swap Contracts
|
|
9,680,000
|
|
|
(0.72
|
)
|
|
(0.49
|
)
|
|
(0.93
|
)
|
|||
|
Collar Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Short Call Options
|
|
1,525,000
|
|
|
3.19
|
|
|
3.20
|
|
|
3.17
|
|
|||
|
Long Put Options
|
|
1,525,000
|
|
|
2.70
|
|
|
2.70
|
|
|
2.70
|
|
|||
|
Short Put Options
|
|
1,525,000
|
|
|
2.20
|
|
|
2.20
|
|
|
2.20
|
|
|||
|
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Price Swap Contracts
|
|
1,284,000
|
|
|
2.54
|
|
|
2.54
|
|
|
2.54
|
|
|||
|
Basis Swap Contracts
|
|
910,000
|
|
|
(0.49
|
)
|
|
(0.49
|
)
|
|
(0.50
|
)
|
|||
|
Collar Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Short Call Options
|
|
3,874,500
|
|
|
3.19
|
|
|
3.69
|
|
|
2.77
|
|
|||
|
Long Put Options
|
|
10,749,500
|
|
|
2.59
|
|
|
3.00
|
|
|
2.50
|
|
|||
|
Short Put Options
|
|
9,696,000
|
|
|
2.10
|
|
|
2.50
|
|
|
2.00
|
|
|||
|
2021
|
|
|
|
|
|
|
|
|
|||||||
|
Collar Contracts
|
|
|
|
|
|
|
|
|
|||||||
|
Short Call Options
|
|
540,000
|
|
|
3.25
|
|
|
3.25
|
|
|
3.25
|
|
|||
|
Long Put Options
|
|
2,790,000
|
|
|
2.62
|
|
|
2.65
|
|
|
2.50
|
|
|||
|
Short Put Options
|
|
2,250,000
|
|
|
2.15
|
|
|
2.15
|
|
|
2.15
|
|
|||
|
Total Gas Volumes in MMBtu(1) over
Remaining Term
|
|
Reference Price 1 (1)
|
|
Reference Price 2 (1)
|
|
Period
|
|
Weighted
Average Spread
($ per MMBtu)
|
||||||
|
460,000
|
|
OneOK
|
|
NYMEX Henry Hub
|
|
Jul '19
|
|
—
|
|
Dec '19
|
|
$
|
(0.93
|
)
|
|
7,990,000
|
|
Tex/OKL Panhandle Eastern Pipeline
|
|
NYMEX Henry Hub
|
|
Jul '19
|
|
—
|
|
Dec '19
|
|
(0.70
|
)
|
|
|
910,000
|
|
Tex/OKL Panhandle Eastern Pipeline
|
|
NYMEX Henry Hub
|
|
Jan '20
|
|
—
|
|
Mar '20
|
|
(0.49
|
)
|
|
|
1,230,000
|
|
San Juan
|
|
NYMEX Henry Hub
|
|
Jul '19
|
|
—
|
|
Oct '19
|
|
(0.81
|
)
|
|
|
(1)
|
Represents short swaps that fix the basis differentials between OneOK, Tex/OKL Panhandle Eastern Pipeline (“PEPL”), San Juan and NYMEX Henry Hub.
|
|
(in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Accounts payable
|
$
|
12,526
|
|
|
$
|
20,422
|
|
|
|
|
|
|
||||
|
Accruals for capital expenditures
|
22,669
|
|
|
139,904
|
|
||
|
Revenue and royalties payable
|
41,304
|
|
|
50,241
|
|
||
|
Accruals for operating expenses
|
14,853
|
|
|
21,830
|
|
||
|
Accrued interest
|
6,922
|
|
|
2,477
|
|
||
|
Derivative settlements
|
743
|
|
|
109
|
|
||
|
Other
|
10,884
|
|
|
12,456
|
|
||
|
Total accrued liabilities
|
97,375
|
|
|
227,017
|
|
||
|
Accounts payable and accrued liabilities
|
$
|
109,901
|
|
|
$
|
247,439
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Balance, beginning of period
|
$
|
11,552
|
|
|
$
|
—
|
|
|
|
$
|
10,469
|
|
|
Liabilities assumed in Business Combination
|
—
|
|
|
5,998
|
|
|
|
—
|
|
|||
|
Liabilities incurred
|
634
|
|
|
877
|
|
|
|
—
|
|
|||
|
Liabilities settled
|
(162
|
)
|
|
(806
|
)
|
|
|
(63
|
)
|
|||
|
Liabilities transferred in sale of properties
|
—
|
|
|
(20
|
)
|
|
|
—
|
|
|||
|
Revisions to estimates
|
(8
|
)
|
|
665
|
|
|
|
63
|
|
|||
|
Accretion expense
|
470
|
|
|
263
|
|
|
|
40
|
|
|||
|
Balance, end of period
|
12,486
|
|
|
6,977
|
|
|
|
10,509
|
|
|||
|
Less: current portion
|
44
|
|
|
538
|
|
|
|
33
|
|
|||
|
Long-term portion
|
$
|
12,442
|
|
|
$
|
6,439
|
|
|
|
$
|
10,476
|
|
|
(in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Alta Mesa RBL
|
$
|
344,500
|
|
|
$
|
161,000
|
|
|
KFM Credit Facility
|
218,000
|
|
|
174,000
|
|
||
|
2024 Notes
|
500,000
|
|
|
500,000
|
|
||
|
Unamortized premium on 2024 Notes
|
26,662
|
|
|
29,123
|
|
||
|
Total debt, net
|
1,089,162
|
|
|
864,123
|
|
||
|
Less: Current portion
|
1,089,162
|
|
|
690,123
|
|
||
|
Long-term debt, net
|
$
|
—
|
|
|
$
|
174,000
|
|
|
•
|
a ratio of Alta Mesa’s current assets to current liabilities, inclusive of specified adjustments, of not less than 1.0 to 1.0; and
|
|
•
|
a ratio of Alta Mesa’s consolidated debt to its consolidated Adjusted EBITDAX (the “leverage ratio”) of not greater than 4.0 to 1.0.
|
|
•
|
a ratio of KFM’s total debt to its consolidated adjusted EBITDA of not greater than 4.5 to 1.0, (which increases to 4.75 after KFM exceeds consolidated EBITDA of $75.0 million) for any 4 quarter period; and
|
|
•
|
a minimum interest coverage ratio of KFM’s adjusted EBITDA to interest expense of not less than 2.5 to 1.0.
|
|
Fiscal year
|
|
(in thousands)
|
||
|
2019
|
|
$
|
—
|
|
|
2020
|
|
—
|
|
|
|
2021
|
|
—
|
|
|
|
2022
|
|
—
|
|
|
|
2023
|
|
562,500
|
|
|
|
Thereafter
|
|
500,000
|
|
|
|
|
|
$
|
1,062,500
|
|
|
|
Successor
|
|
|
Predecessor
|
|||||||||||||||||
|
(in thousands)
|
Three Months Ended
June 30, 2019 |
|
Three Months Ended
June 30, 2018 |
|
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||||||
|
Revenue marketed by ARM on our behalf
|
$
|
25,833
|
|
|
$
|
90,206
|
|
|
|
$
|
119,224
|
|
|
$
|
131,422
|
|
|
|
$
|
28,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Marketing and management fees paid to ARM
|
$
|
519
|
|
|
$
|
—
|
|
|
|
$
|
1,216
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Fees paid to ARM for services relating to our derivatives
|
218
|
|
|
209
|
|
|
|
411
|
|
|
283
|
|
|
|
66
|
|
|||||
|
Total fees paid to ARM
|
$
|
737
|
|
|
$
|
209
|
|
|
|
$
|
1,627
|
|
|
$
|
283
|
|
|
|
$
|
66
|
|
|
|
Successor
|
|
|
Predecessor
|
|||||||||||||||||
|
(in thousands)
|
Three Months Ended
June 30, 2019 |
|
Three Months Ended
June 30, 2018 |
|
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||||||
|
Stock options
|
$
|
660
|
|
|
$
|
1,722
|
|
|
|
$
|
1,899
|
|
|
$
|
2,787
|
|
|
|
$
|
—
|
|
|
Restricted stock awards
|
35
|
|
|
1,260
|
|
|
|
1,468
|
|
|
2,493
|
|
|
|
—
|
|
|||||
|
Performance-based restricted stock units
|
145
|
|
|
1,281
|
|
|
|
152
|
|
|
2,449
|
|
|
|
—
|
|
|||||
|
Total compensation expense
|
$
|
840
|
|
|
$
|
4,263
|
|
|
|
$
|
3,519
|
|
|
$
|
7,729
|
|
|
|
$
|
—
|
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||
|
(in thousands)
|
Exploration &
Production
|
|
Midstream
|
|
Corporate and Eliminations
|
|
Total
|
||||||||
|
Revenue
|
|
|
|
|
|
|
|
||||||||
|
Oil
|
$
|
90,668
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90,668
|
|
|
Natural gas
|
12,384
|
|
|
—
|
|
|
—
|
|
|
12,384
|
|
||||
|
Natural gas liquids
|
10,251
|
|
|
—
|
|
|
—
|
|
|
10,251
|
|
||||
|
Sales of gathered production
|
—
|
|
|
10,439
|
|
|
—
|
|
|
10,439
|
|
||||
|
Midstream revenue
|
—
|
|
|
22,112
|
|
|
(15,563
|
)
|
|
6,549
|
|
||||
|
Segment sales revenue
|
113,303
|
|
|
32,551
|
|
|
(15,563
|
)
|
|
130,291
|
|
||||
|
Other revenue
|
330
|
|
|
6,693
|
|
|
(4,009
|
)
|
|
3,014
|
|
||||
|
Operating revenue
|
113,633
|
|
|
39,244
|
|
|
(19,572
|
)
|
|
133,305
|
|
||||
|
Gain on sale of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Gain (loss) on derivatives
|
12,412
|
|
|
—
|
|
|
—
|
|
|
12,412
|
|
||||
|
Total revenue
|
126,045
|
|
|
39,244
|
|
|
(19,572
|
)
|
|
145,717
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Lease operating
|
19,123
|
|
|
—
|
|
|
(4,009
|
)
|
|
15,114
|
|
||||
|
Transportation, processing and marketing
|
19,614
|
|
|
2,786
|
|
|
(15,563
|
)
|
|
6,837
|
|
||||
|
Midstream operating
|
—
|
|
|
6,520
|
|
|
—
|
|
|
6,520
|
|
||||
|
Cost of sales for purchased gathered production
|
—
|
|
|
8,720
|
|
|
—
|
|
|
8,720
|
|
||||
|
Production taxes
|
5,117
|
|
|
—
|
|
|
—
|
|
|
5,117
|
|
||||
|
Workovers
|
412
|
|
|
395
|
|
|
—
|
|
|
807
|
|
||||
|
Exploration
|
3,289
|
|
|
—
|
|
|
—
|
|
|
3,289
|
|
||||
|
Depreciation, depletion and amortization
|
34,504
|
|
|
3,505
|
|
|
—
|
|
|
38,009
|
|
||||
|
Impairment of assets
|
6,500
|
|
|
—
|
|
|
—
|
|
|
6,500
|
|
||||
|
General and administrative
|
15,723
|
|
|
5,324
|
|
|
6,125
|
|
|
27,172
|
|
||||
|
Total operating expenses
|
104,282
|
|
|
27,250
|
|
|
(13,447
|
)
|
|
118,085
|
|
||||
|
Operating income
|
21,763
|
|
|
11,994
|
|
|
(6,125
|
)
|
|
27,632
|
|
||||
|
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
(14,071
|
)
|
|
(2,684
|
)
|
|
—
|
|
|
(16,755
|
)
|
||||
|
Interest income
|
54
|
|
|
6
|
|
|
19
|
|
|
79
|
|
||||
|
Equity in earnings of unconsolidated subsidiaries
|
—
|
|
|
643
|
|
|
—
|
|
|
643
|
|
||||
|
Total other income (expense)
|
(14,017
|
)
|
|
(2,035
|
)
|
|
19
|
|
|
(16,033
|
)
|
||||
|
Income (loss) from continuing operations before income taxes
|
7,746
|
|
|
9,959
|
|
|
(6,106
|
)
|
|
11,599
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
14,071
|
|
|
2,684
|
|
|
—
|
|
|
16,755
|
|
||||
|
Depreciation, depletion and amortization
|
34,504
|
|
|
3,505
|
|
|
—
|
|
|
38,009
|
|
||||
|
Gain on unrealized hedges
|
(11,868
|
)
|
|
—
|
|
|
—
|
|
|
(11,868
|
)
|
||||
|
Impairment of assets
|
6,500
|
|
|
—
|
|
|
—
|
|
|
6,500
|
|
||||
|
Equity-based compensation
|
1,396
|
|
|
(556
|
)
|
|
—
|
|
|
840
|
|
||||
|
Exploration
|
3,289
|
|
|
—
|
|
|
—
|
|
|
3,289
|
|
||||
|
Severance costs
|
609
|
|
|
88
|
|
|
—
|
|
|
697
|
|
||||
|
Strategic costs
|
4,061
|
|
|
—
|
|
|
—
|
|
|
4,061
|
|
||||
|
Adjusted EBITDAX
|
$
|
60,308
|
|
|
$
|
15,680
|
|
|
$
|
(6,106
|
)
|
|
$
|
69,882
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Equity method investment at period end
|
$
|
—
|
|
|
$
|
1,842
|
|
|
$
|
—
|
|
|
$
|
1,842
|
|
|
Capital expenditures
|
47,061
|
|
|
39,533
|
|
|
—
|
|
|
86,594
|
|
||||
|
|
Three Months Ended June 30, 2018
|
||||||||||||||
|
(in thousands)
|
Exploration &
Production
|
|
Midstream
|
|
Corporate and Eliminations
|
|
Total
|
||||||||
|
Revenue
|
|
|
|
|
|
|
|
||||||||
|
Oil
|
$
|
75,291
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75,291
|
|
|
Natural gas
|
7,980
|
|
|
—
|
|
|
—
|
|
|
7,980
|
|
||||
|
Natural gas liquids
|
10,241
|
|
|
—
|
|
|
—
|
|
|
10,241
|
|
||||
|
Sales of gathered production
|
—
|
|
|
21,024
|
|
|
(12,100
|
)
|
|
8,924
|
|
||||
|
Midstream revenue
|
—
|
|
|
15,849
|
|
|
(9,032
|
)
|
|
6,817
|
|
||||
|
Segment sales revenue
|
93,512
|
|
|
36,873
|
|
|
(21,132
|
)
|
|
109,253
|
|
||||
|
Other revenue
|
2,229
|
|
|
—
|
|
|
—
|
|
|
2,229
|
|
||||
|
Operating revenue
|
95,741
|
|
|
36,873
|
|
|
(21,132
|
)
|
|
111,482
|
|
||||
|
Gain on sale of assets
|
(63
|
)
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
||||
|
Gain (loss) on derivatives
|
(29,219
|
)
|
|
—
|
|
|
—
|
|
|
(29,219
|
)
|
||||
|
Total revenue
|
66,459
|
|
|
36,873
|
|
|
(21,132
|
)
|
|
82,200
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Lease operating
|
12,679
|
|
|
—
|
|
|
—
|
|
|
12,679
|
|
||||
|
Transportation, processing and marketing
|
11,205
|
|
|
3,223
|
|
|
(9,032
|
)
|
|
5,396
|
|
||||
|
Midstream operating
|
—
|
|
|
3,313
|
|
|
—
|
|
|
3,313
|
|
||||
|
Cost of sales for purchased gathered production
|
—
|
|
|
21,002
|
|
|
(12,100
|
)
|
|
8,902
|
|
||||
|
Production taxes
|
2,606
|
|
|
—
|
|
|
—
|
|
|
2,606
|
|
||||
|
Workovers
|
333
|
|
|
—
|
|
|
—
|
|
|
333
|
|
||||
|
Exploration
|
8,083
|
|
|
—
|
|
|
—
|
|
|
8,083
|
|
||||
|
Depreciation, depletion and amortization
|
26,670
|
|
|
7,264
|
|
|
—
|
|
|
33,934
|
|
||||
|
Impairment of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
General and administrative
|
17,811
|
|
|
4,140
|
|
|
505
|
|
|
22,456
|
|
||||
|
Total operating expenses
|
79,387
|
|
|
38,942
|
|
|
(20,627
|
)
|
|
97,702
|
|
||||
|
Operating income
|
(12,928
|
)
|
|
(2,069
|
)
|
|
(505
|
)
|
|
(15,502
|
)
|
||||
|
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
(10,361
|
)
|
|
(1,418
|
)
|
|
—
|
|
|
(11,779
|
)
|
||||
|
Interest income
|
820
|
|
|
—
|
|
|
4
|
|
|
824
|
|
||||
|
Total other income (expense)
|
(9,541
|
)
|
|
(1,418
|
)
|
|
4
|
|
|
(10,955
|
)
|
||||
|
Income (loss) from continuing operations before income taxes
|
(22,469
|
)
|
|
(3,487
|
)
|
|
(501
|
)
|
|
(26,457
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
10,361
|
|
|
1,418
|
|
|
—
|
|
|
11,779
|
|
||||
|
Depreciation, depletion and amortization
|
26,670
|
|
|
7,264
|
|
|
—
|
|
|
33,934
|
|
||||
|
Loss on unrealized hedges
|
14,860
|
|
|
—
|
|
|
—
|
|
|
14,860
|
|
||||
|
Equity-based compensation
|
3,621
|
|
|
465
|
|
|
177
|
|
|
4,263
|
|
||||
|
Exploration
|
8,083
|
|
|
—
|
|
|
—
|
|
|
8,083
|
|
||||
|
Business Combination
|
443
|
|
|
—
|
|
|
—
|
|
|
443
|
|
||||
|
Adjusted EBITDAX
|
$
|
41,569
|
|
|
$
|
5,660
|
|
|
$
|
(324
|
)
|
|
$
|
46,905
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Capital expenditures
|
$
|
189,732
|
|
|
$
|
17,844
|
|
|
$
|
—
|
|
|
$
|
207,576
|
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||
|
(in thousands)
|
Exploration &
Production
|
|
Midstream
|
|
Corporate and Eliminations
|
|
Total
|
||||||||
|
Revenue
|
|
|
|
|
|
|
|
||||||||
|
Oil
|
$
|
177,031
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
177,031
|
|
|
Natural gas
|
30,834
|
|
|
—
|
|
|
—
|
|
|
30,834
|
|
||||
|
Natural gas liquids
|
21,467
|
|
|
—
|
|
|
—
|
|
|
21,467
|
|
||||
|
Sales of gathered production
|
—
|
|
|
19,999
|
|
|
—
|
|
|
19,999
|
|
||||
|
Midstream revenue
|
—
|
|
|
44,488
|
|
|
(30,784
|
)
|
|
13,704
|
|
||||
|
Segment sales revenue
|
229,332
|
|
|
64,487
|
|
|
(30,784
|
)
|
|
263,035
|
|
||||
|
Other revenue
|
898
|
|
|
14,374
|
|
|
(9,173
|
)
|
|
6,099
|
|
||||
|
Operating revenue
|
230,230
|
|
|
78,861
|
|
|
(39,957
|
)
|
|
269,134
|
|
||||
|
Gain on sale of assets
|
1,483
|
|
|
—
|
|
|
—
|
|
|
1,483
|
|
||||
|
Gain (loss) on derivatives
|
(11,365
|
)
|
|
—
|
|
|
—
|
|
|
(11,365
|
)
|
||||
|
Total revenue
|
220,348
|
|
|
78,861
|
|
|
(39,957
|
)
|
|
259,252
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Lease operating
|
44,231
|
|
|
—
|
|
|
(9,173
|
)
|
|
35,058
|
|
||||
|
Transportation, processing and marketing
|
37,375
|
|
|
4,849
|
|
|
(30,784
|
)
|
|
11,440
|
|
||||
|
Midstream operating
|
—
|
|
|
12,671
|
|
|
—
|
|
|
12,671
|
|
||||
|
Cost of sales for purchased gathered production
|
—
|
|
|
18,415
|
|
|
—
|
|
|
18,415
|
|
||||
|
Production taxes
|
10,600
|
|
|
—
|
|
|
—
|
|
|
10,600
|
|
||||
|
Workovers
|
609
|
|
|
511
|
|
|
—
|
|
|
1,120
|
|
||||
|
Exploration
|
5,343
|
|
|
—
|
|
|
—
|
|
|
5,343
|
|
||||
|
Depreciation, depletion and amortization
|
69,179
|
|
|
6,729
|
|
|
—
|
|
|
75,908
|
|
||||
|
Impairment of assets
|
6,500
|
|
|
—
|
|
|
—
|
|
|
6,500
|
|
||||
|
General and administrative
|
36,670
|
|
|
13,387
|
|
|
6,633
|
|
|
56,690
|
|
||||
|
Total operating expenses
|
210,507
|
|
|
56,562
|
|
|
(33,324
|
)
|
|
233,745
|
|
||||
|
Operating income
|
9,841
|
|
|
22,299
|
|
|
(6,633
|
)
|
|
25,507
|
|
||||
|
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
(26,901
|
)
|
|
(5,314
|
)
|
|
—
|
|
|
(32,215
|
)
|
||||
|
Interest income
|
81
|
|
|
10
|
|
|
39
|
|
|
130
|
|
||||
|
Equity in earnings of unconsolidated subsidiaries
|
—
|
|
|
742
|
|
|
—
|
|
|
742
|
|
||||
|
Total other income (expense)
|
(26,820
|
)
|
|
(4,562
|
)
|
|
39
|
|
|
(31,343
|
)
|
||||
|
Income (loss) from continuing operations before income taxes
|
(16,979
|
)
|
|
17,737
|
|
|
(6,594
|
)
|
|
(5,836
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
26,901
|
|
|
5,314
|
|
|
—
|
|
|
32,215
|
|
||||
|
Depreciation, depletion and amortization
|
69,179
|
|
|
6,729
|
|
|
—
|
|
|
75,908
|
|
||||
|
Loss on unrealized hedges
|
12,274
|
|
|
—
|
|
|
—
|
|
|
12,274
|
|
||||
|
Impairment of assets
|
6,500
|
|
|
—
|
|
|
—
|
|
|
6,500
|
|
||||
|
Equity-based compensation
|
3,057
|
|
|
462
|
|
|
—
|
|
|
3,519
|
|
||||
|
Exploration
|
5,343
|
|
|
—
|
|
|
—
|
|
|
5,343
|
|
||||
|
Severance costs
|
4,584
|
|
|
1,984
|
|
|
—
|
|
|
6,568
|
|
||||
|
Strategic costs
|
4,061
|
|
|
—
|
|
|
—
|
|
|
4,061
|
|
||||
|
Business Combination
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||
|
Adjusted EBITDAX
|
$
|
114,930
|
|
|
$
|
32,226
|
|
|
$
|
(6,594
|
)
|
|
$
|
140,562
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Equity method investment at period end
|
$
|
—
|
|
|
$
|
1,842
|
|
|
$
|
—
|
|
|
$
|
1,842
|
|
|
Capital expenditures
|
180,138
|
|
|
67,804
|
|
|
—
|
|
|
247,942
|
|
||||
|
Total assets at period end
|
999,744
|
|
|
458,882
|
|
|
(6,569
|
)
|
|
1,452,057
|
|
||||
|
|
February 9, 2018 Through June 30, 2018
|
||||||||||||||
|
(in thousands)
|
Exploration &
Production
|
|
Midstream
|
|
Corporate and Eliminations
|
|
Total
|
||||||||
|
Revenue
|
|
|
|
|
|
|
|
||||||||
|
Oil
|
$
|
115,569
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
115,569
|
|
|
Natural gas
|
13,190
|
|
|
—
|
|
|
—
|
|
|
13,190
|
|
||||
|
Natural gas liquids
|
14,955
|
|
|
—
|
|
|
—
|
|
|
14,955
|
|
||||
|
Sales of gathered production
|
—
|
|
|
31,634
|
|
|
(18,837
|
)
|
|
12,797
|
|
||||
|
Midstream revenue
|
—
|
|
|
23,671
|
|
|
(13,594
|
)
|
|
10,077
|
|
||||
|
Segment sales revenue
|
143,714
|
|
|
55,305
|
|
|
(32,431
|
)
|
|
166,588
|
|
||||
|
Other revenue
|
2,784
|
|
|
—
|
|
|
—
|
|
|
2,784
|
|
||||
|
Operating revenue
|
146,498
|
|
|
55,305
|
|
|
(32,431
|
)
|
|
169,372
|
|
||||
|
Gain (loss) on sale of assets
|
5,076
|
|
|
—
|
|
|
—
|
|
|
5,076
|
|
||||
|
Gain (loss) on derivatives
|
(51,230
|
)
|
|
—
|
|
|
—
|
|
|
(51,230
|
)
|
||||
|
Total revenue
|
100,344
|
|
|
55,305
|
|
|
(32,431
|
)
|
|
123,218
|
|
||||
|
Operating expenses
|
|
|
|
|
|
|
|
||||||||
|
Lease operating
|
20,996
|
|
|
—
|
|
|
—
|
|
|
20,996
|
|
||||
|
Transportation, processing and marketing
|
16,788
|
|
|
5,561
|
|
|
(13,594
|
)
|
|
8,755
|
|
||||
|
Midstream operating
|
—
|
|
|
3,900
|
|
|
—
|
|
|
3,900
|
|
||||
|
Cost of sales for purchased gathered production
|
—
|
|
|
31,548
|
|
|
(18,837
|
)
|
|
12,711
|
|
||||
|
Production taxes
|
4,021
|
|
|
—
|
|
|
—
|
|
|
4,021
|
|
||||
|
Workovers
|
1,578
|
|
|
—
|
|
|
—
|
|
|
1,578
|
|
||||
|
Exploration
|
9,668
|
|
|
—
|
|
|
—
|
|
|
9,668
|
|
||||
|
Depreciation, depletion and amortization
|
37,708
|
|
|
11,905
|
|
|
—
|
|
|
49,613
|
|
||||
|
Impairment of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
General and administrative
|
52,465
|
|
|
6,313
|
|
|
1,430
|
|
|
60,208
|
|
||||
|
Total operating expenses
|
143,224
|
|
|
59,227
|
|
|
(31,001
|
)
|
|
171,450
|
|
||||
|
Operating income
|
(42,880
|
)
|
|
(3,922
|
)
|
|
(1,430
|
)
|
|
(48,232
|
)
|
||||
|
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
(15,557
|
)
|
|
(1,666
|
)
|
|
—
|
|
|
(17,223
|
)
|
||||
|
Interest income
|
1,366
|
|
|
—
|
|
|
4
|
|
|
1,370
|
|
||||
|
Total other income (expense)
|
(14,191
|
)
|
|
(1,666
|
)
|
|
4
|
|
|
(15,853
|
)
|
||||
|
Income (loss) from continuing operations before income taxes
|
(57,071
|
)
|
|
(5,588
|
)
|
|
(1,426
|
)
|
|
(64,085
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense
|
15,557
|
|
|
1,666
|
|
|
—
|
|
|
17,223
|
|
||||
|
Depreciation, depletion and amortization
|
37,708
|
|
|
11,905
|
|
|
—
|
|
|
49,613
|
|
||||
|
Loss on unrealized hedges
|
32,896
|
|
|
—
|
|
|
—
|
|
|
32,896
|
|
||||
|
Loss on sale of fixed assets
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
||||
|
Equity-based compensation
|
6,389
|
|
|
507
|
|
|
833
|
|
|
7,729
|
|
||||
|
Exploration
|
9,668
|
|
|
—
|
|
|
—
|
|
|
9,668
|
|
||||
|
Business Combination
|
23,717
|
|
|
—
|
|
|
—
|
|
|
23,717
|
|
||||
|
Adjusted EBITDAX
|
$
|
68,927
|
|
|
$
|
8,490
|
|
|
$
|
(593
|
)
|
|
$
|
76,824
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Capital expenditures
|
$
|
319,042
|
|
|
$
|
21,589
|
|
|
$
|
—
|
|
|
$
|
340,631
|
|
|
Total assets at period end
|
2,817,714
|
|
|
1,427,792
|
|
|
8,152
|
|
|
4,253,658
|
|
||||
|
•
|
Production;
|
|
•
|
General and administrative costs (excluding strategic costs);
|
|
•
|
Lease operating expense;
|
|
•
|
Well drilling and completion costs; and
|
|
•
|
Adjusted EBITDA or EBITDAX.
|
|
(in thousands, except per unit data)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
Net production:
|
|
|
|
||||
|
Oil (Mbbls)
|
1,545
|
|
|
1,123
|
|
||
|
Natural gas (MMcf)
|
6,283
|
|
|
3,944
|
|
||
|
NGLs (Mbbls)
|
819
|
|
|
554
|
|
||
|
Total (MBoe)
|
3,411
|
|
|
2,334
|
|
||
|
|
|
|
|
||||
|
Average net daily production volumes:
|
|
|
|
||||
|
Oil (Mbblsd)
|
17.0
|
|
|
12.3
|
|
||
|
Natural gas (MMcfd)
|
69.0
|
|
|
43.3
|
|
||
|
NGLs (Mbblsd)
|
9.0
|
|
|
6.1
|
|
||
|
Total (MBoed)
|
37.5
|
|
|
25.6
|
|
||
|
|
|
|
|
||||
|
Average sales prices:
|
|
|
|
||||
|
Oil (per bbl)
|
$
|
58.67
|
|
|
$
|
67.09
|
|
|
Effect of realized derivatives settlements (per bbl)
|
0.12
|
|
|
(12.80
|
)
|
||
|
Oil, after hedging (per bbl)
|
$
|
58.79
|
|
|
$
|
54.29
|
|
|
Percentage of unhedged realized oil price to NYMEX oil price
|
98
|
%
|
|
99
|
%
|
||
|
|
|
|
|
||||
|
Natural gas (per Mcf)
|
$
|
1.97
|
|
|
$
|
2.02
|
|
|
Effect of realized derivatives settlements (per Mcf)
|
0.06
|
|
|
—
|
|
||
|
Natural gas, after hedging (per Mcf)
|
$
|
2.03
|
|
|
$
|
2.02
|
|
|
|
|
|
|
||||
|
NGLs (per bbl)
|
$
|
12.52
|
|
|
$
|
18.47
|
|
|
Effect of realized derivatives settlements (per bbl)
|
—
|
|
|
—
|
|
||
|
NGLs, after hedging (per bbl)
|
$
|
12.52
|
|
|
$
|
18.47
|
|
|
|
|
|
|
||||
|
Revenue
|
|
|
|
||||
|
Oil sales
|
$
|
90,668
|
|
|
$
|
75,291
|
|
|
Natural gas sales
|
12,384
|
|
|
7,980
|
|
||
|
NGL sales
|
10,251
|
|
|
10,241
|
|
||
|
Total sales revenue
|
$
|
113,303
|
|
|
$
|
93,512
|
|
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
Gain (loss) on derivatives:
|
|
|
|
||||
|
Oil
|
$
|
191
|
|
|
$
|
(14,362
|
)
|
|
Natural gas
|
353
|
|
|
3
|
|
||
|
Total realized gains (losses)
|
544
|
|
|
(14,359
|
)
|
||
|
Unrealized gains (losses)
|
11,868
|
|
|
(14,860
|
)
|
||
|
Total gain (loss) on derivatives
|
$
|
12,412
|
|
|
$
|
(29,219
|
)
|
|
(in thousands, except per unit data)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
Operating expenses:
|
|
|
|
||||
|
Lease operating
|
$
|
19,123
|
|
|
$
|
12,679
|
|
|
Transportation and marketing
|
19,614
|
|
|
11,205
|
|
||
|
Production taxes
|
5,117
|
|
|
2,606
|
|
||
|
Workovers
|
412
|
|
|
333
|
|
||
|
Exploration
|
3,289
|
|
|
8,083
|
|
||
|
Depreciation, depletion and amortization
|
34,504
|
|
|
26,670
|
|
||
|
Impairment
|
6,500
|
|
|
—
|
|
||
|
General and administrative
|
15,723
|
|
|
17,811
|
|
||
|
Total operating expense
|
$
|
104,282
|
|
|
$
|
79,387
|
|
|
|
|
|
|
||||
|
Operating expenses per BOE:
|
|
|
|
||||
|
Lease operating
|
$
|
5.61
|
|
|
$
|
5.43
|
|
|
Transportation and marketing
|
5.75
|
|
|
4.80
|
|
||
|
Production taxes
|
1.50
|
|
|
1.12
|
|
||
|
Workovers
|
0.12
|
|
|
0.14
|
|
||
|
Depreciation, depletion and amortization
|
10.12
|
|
|
11.43
|
|
||
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
Exploration expense:
|
|
|
|
||||
|
Geological and geophysical costs
|
$
|
366
|
|
|
$
|
1,139
|
|
|
Other exploration expense, including expired leases
|
2,909
|
|
|
6,579
|
|
||
|
ARO settlements in excess of recorded liabilities
|
14
|
|
|
365
|
|
||
|
Total exploration expense
|
$
|
3,289
|
|
|
$
|
8,083
|
|
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
General and administrative expense:
|
|
|
|
||||
|
Employee-related costs
|
$
|
6,649
|
|
|
$
|
6,126
|
|
|
Equity-based compensation
|
1,396
|
|
|
3,621
|
|
||
|
Professional fees
|
126
|
|
|
3,843
|
|
||
|
Strategic costs
|
4,061
|
|
|
—
|
|
||
|
Business Combination
|
—
|
|
|
443
|
|
||
|
Severance costs
|
609
|
|
|
—
|
|
||
|
Information technology
|
946
|
|
|
2,146
|
|
||
|
Operating leases
|
1,293
|
|
|
995
|
|
||
|
Provision for uncollectible receivables
|
298
|
|
|
—
|
|
||
|
Other
|
345
|
|
|
637
|
|
||
|
Total general and administrative expense
|
$
|
15,723
|
|
|
$
|
17,811
|
|
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
Income (loss) from continuing operations before income taxes
|
$
|
7,746
|
|
|
$
|
(22,469
|
)
|
|
|
|
|
|
||||
|
Interest expense
|
14,071
|
|
|
10,361
|
|
||
|
Depreciation, depletion and amortization
|
34,504
|
|
|
26,670
|
|
||
|
Exploration
|
3,289
|
|
|
8,083
|
|
||
|
Loss (gain) on unrealized hedges
|
(11,868
|
)
|
|
14,860
|
|
||
|
Impairment of assets
|
6,500
|
|
|
—
|
|
||
|
Equity-based compensation
|
1,396
|
|
|
3,621
|
|
||
|
Severance costs
|
609
|
|
|
—
|
|
||
|
Strategic costs
|
4,061
|
|
|
—
|
|
||
|
Business Combination
|
—
|
|
|
443
|
|
||
|
Adjusted EBITDAX
|
$
|
60,308
|
|
|
$
|
41,569
|
|
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
Alta Mesa RBL
|
$
|
5,204
|
|
|
$
|
—
|
|
|
2024 Notes
|
9,844
|
|
|
9,844
|
|
||
|
Bond premium amortization
|
(1,231
|
)
|
|
(1,231
|
)
|
||
|
Deferred financing cost amortization
|
94
|
|
|
80
|
|
||
|
Other
|
160
|
|
|
1,668
|
|
||
|
Total interest expense
|
14,071
|
|
|
10,361
|
|
||
|
Interest income
|
(54
|
)
|
|
(820
|
)
|
||
|
Total other (income) expense, net
|
$
|
14,017
|
|
|
$
|
9,541
|
|
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
Sales of gathered production
|
$
|
10,439
|
|
|
$
|
21,024
|
|
|
Midstream revenue
|
22,112
|
|
|
15,849
|
|
||
|
Produced water disposal fees
|
6,693
|
|
|
—
|
|
||
|
Total Midstream revenue
|
$
|
39,244
|
|
|
$
|
36,873
|
|
|
|
|
|
|
||||
|
KFM gas volumes (MMcf)
|
12,736
|
|
|
8,704
|
|
||
|
KFM crude oil volumes (Mbbls)
|
443
|
|
|
301
|
|
||
|
KFM produced water gathering volumes (Mbbls)
|
6,941
|
|
|
—
|
|
||
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
Midstream operating
|
$
|
6,520
|
|
|
$
|
3,313
|
|
|
Cost of sales for purchased gathered production
|
8,720
|
|
|
21,002
|
|
||
|
Transportation and processing
|
2,786
|
|
|
3,223
|
|
||
|
Workovers
|
395
|
|
|
—
|
|
||
|
Depreciation and amortization
|
3,505
|
|
|
7,264
|
|
||
|
General and administrative
|
5,324
|
|
|
4,140
|
|
||
|
Total operating expenses
|
$
|
27,250
|
|
|
$
|
38,942
|
|
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
General and administrative expenses:
|
|
|
|
||||
|
Employee-related costs
|
$
|
3,745
|
|
|
$
|
2,995
|
|
|
Equity-based compensation
|
(556
|
)
|
|
465
|
|
||
|
Professional fees
|
748
|
|
|
415
|
|
||
|
Strategic costs
|
648
|
|
|
5
|
|
||
|
Severance costs
|
88
|
|
|
—
|
|
||
|
Information technology
|
—
|
|
|
4
|
|
||
|
Operating leases
|
55
|
|
|
25
|
|
||
|
Other
|
596
|
|
|
231
|
|
||
|
Total general and administrative expense
|
$
|
5,324
|
|
|
$
|
4,140
|
|
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
Income (loss) from continuing operations before income taxes
|
$
|
9,959
|
|
|
$
|
(3,487
|
)
|
|
|
|
|
|
||||
|
Interest expense
|
2,684
|
|
|
1,418
|
|
||
|
Depreciation and amortization
|
3,505
|
|
|
7,264
|
|
||
|
Impairment of assets
|
—
|
|
|
—
|
|
||
|
Equity-based compensation
|
(556
|
)
|
|
465
|
|
||
|
Severance costs
|
88
|
|
|
—
|
|
||
|
Adjusted Midstream EBITDA
|
$
|
15,680
|
|
|
$
|
5,660
|
|
|
(in thousands)
|
Second Quarter 2019
|
|
Second Quarter 2018
|
||||
|
KFM Credit Facility
|
$
|
2,429
|
|
|
$
|
322
|
|
|
Predecessor revolving credit facility
|
—
|
|
|
827
|
|
||
|
Deferred financing cost amortization
|
154
|
|
|
72
|
|
||
|
Other
|
101
|
|
|
197
|
|
||
|
Total interest expense
|
2,684
|
|
|
1,418
|
|
||
|
Interest income
|
(6
|
)
|
|
—
|
|
||
|
Equity in earnings of unconsolidated subsidiaries
|
(643
|
)
|
|
—
|
|
||
|
Total other (income) expense, net
|
$
|
2,035
|
|
|
$
|
1,418
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands, except per unit data)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through
February 8, 2018
|
||||||
|
Net production:
|
|
|
|
|
|
|
||||||
|
Oil (Mbbl)
|
3,164
|
|
|
1,774
|
|
|
|
494
|
|
|||
|
Natural gas (MMcf)
|
12,114
|
|
|
6,192
|
|
|
|
1,609
|
|
|||
|
NGLs (Mbbl)
|
1,614
|
|
|
777
|
|
|
|
151
|
|
|||
|
Total (MBoe)
|
6,797
|
|
|
3,583
|
|
|
|
914
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
Average net daily production volumes:
|
|
|
|
|
|
|
||||||
|
Oil (Mbbld)
|
17.5
|
|
|
12.5
|
|
|
|
12.7
|
|
|||
|
Natural gas (MMcfd)
|
66.9
|
|
|
43.6
|
|
|
|
41.2
|
|
|||
|
NGLs (Mbbld)
|
8.9
|
|
|
5.5
|
|
|
|
3.9
|
|
|||
|
Total (MBoed)
|
37.6
|
|
|
25.2
|
|
|
|
23.4
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
Average sales prices:
|
|
|
|
|
|
|
||||||
|
Oil (per bbl)
|
$
|
55.94
|
|
|
$
|
65.16
|
|
|
|
$
|
62.68
|
|
|
Effect of realized derivatives settlements (per bbl)
|
0.61
|
|
|
(11.01
|
)
|
|
|
(6.44
|
)
|
|||
|
Oil, after hedging (per bbl)
|
$
|
56.55
|
|
|
$
|
54.15
|
|
|
|
$
|
56.24
|
|
|
Percentage of unhedged realized oil price to NYMEX oil price
|
97
|
%
|
|
99
|
%
|
|
|
99
|
%
|
|||
|
|
|
|
|
|
|
|
||||||
|
Natural gas (per Mcf)
|
$
|
2.55
|
|
|
$
|
2.13
|
|
|
|
$
|
2.66
|
|
|
Effect of realized derivatives settlements (per Mcf)
|
(0.08
|
)
|
|
0.09
|
|
|
|
0.94
|
|
|||
|
Natural gas, after hedging (per Mcf)
|
$
|
2.47
|
|
|
$
|
2.22
|
|
|
|
$
|
3.60
|
|
|
|
|
|
|
|
|
|
||||||
|
NGLs (per bbl)
|
$
|
13.30
|
|
|
$
|
19.25
|
|
|
|
$
|
26.41
|
|
|
Effect of realized derivatives settlements (per bbl)
|
—
|
|
|
—
|
|
|
|
—
|
|
|||
|
NGLs, after hedging (per bbl)
|
$
|
13.30
|
|
|
$
|
19.25
|
|
|
|
$
|
26.41
|
|
|
|
|
|
|
|
|
|
||||||
|
Revenue
|
|
|
|
|
|
|
||||||
|
Oil sales
|
$
|
177,031
|
|
|
$
|
115,569
|
|
|
|
$
|
30,972
|
|
|
Natural gas sales
|
30,834
|
|
|
13,190
|
|
|
|
4,276
|
|
|||
|
NGL sales
|
21,467
|
|
|
14,955
|
|
|
|
4,000
|
|
|||
|
Total sales
|
$
|
229,332
|
|
|
$
|
143,714
|
|
|
|
$
|
39,248
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Gain (loss) on derivatives:
|
|
|
|
|
|
|
||||||
|
Oil
|
$
|
1,936
|
|
|
$
|
(18,892
|
)
|
|
|
$
|
(3,819
|
)
|
|
Natural gas
|
(1,027
|
)
|
|
558
|
|
|
|
1,523
|
|
|||
|
Total realized gains (losses)
|
909
|
|
|
(18,334
|
)
|
|
|
(2,296
|
)
|
|||
|
Unrealized gains (losses)
|
(12,274
|
)
|
|
(32,896
|
)
|
|
|
8,959
|
|
|||
|
Total gain (loss) on derivatives
|
$
|
(11,365
|
)
|
|
$
|
(51,230
|
)
|
|
|
$
|
6,663
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands, except per unit data)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Operating expenses:
|
|
|
|
|
|
|
||||||
|
Lease operating
|
$
|
44,231
|
|
|
$
|
20,996
|
|
|
|
$
|
4,408
|
|
|
Transportation and marketing
|
37,375
|
|
|
16,788
|
|
|
|
3,725
|
|
|||
|
Production taxes
|
10,600
|
|
|
4,021
|
|
|
|
953
|
|
|||
|
Workovers
|
609
|
|
|
1,578
|
|
|
|
423
|
|
|||
|
Exploration
|
5,343
|
|
|
9,668
|
|
|
|
7,003
|
|
|||
|
Depreciation, depletion and amortization
|
69,179
|
|
|
37,708
|
|
|
|
11,670
|
|
|||
|
Impairment of assets
|
6,500
|
|
|
—
|
|
|
|
—
|
|
|||
|
General and administrative
|
36,670
|
|
|
52,465
|
|
|
|
21,234
|
|
|||
|
Total operating expense
|
$
|
210,507
|
|
|
$
|
143,224
|
|
|
|
$
|
49,416
|
|
|
|
|
|
|
|
|
|
||||||
|
Operating expenses per BOE:
|
|
|
|
|
|
|
||||||
|
Lease operating
|
$
|
6.51
|
|
|
$
|
5.86
|
|
|
|
$
|
4.82
|
|
|
Transportation and marketing
|
5.50
|
|
|
4.69
|
|
|
|
4.08
|
|
|||
|
Production taxes
|
1.56
|
|
|
1.12
|
|
|
|
1.04
|
|
|||
|
Workovers
|
0.09
|
|
|
0.44
|
|
|
|
0.46
|
|
|||
|
Depreciation, depletion and amortization
|
10.18
|
|
|
10.52
|
|
|
|
12.77
|
|
|||
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Exploration expense:
|
|
|
|
|
|
|
||||||
|
Geological and geophysical costs
|
$
|
678
|
|
|
$
|
1,590
|
|
|
|
$
|
2,440
|
|
|
Other exploration expense, including expired leases
|
4,604
|
|
|
7,412
|
|
|
|
4,504
|
|
|||
|
ARO settlements in excess of recorded liabilities
|
61
|
|
|
666
|
|
|
|
59
|
|
|||
|
Total exploration expense
|
$
|
5,343
|
|
|
$
|
9,668
|
|
|
|
$
|
7,003
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
General and administrative expense:
|
|
|
|
|
|
|
||||||
|
Employee-related costs
|
$
|
14,957
|
|
|
$
|
12,646
|
|
|
|
$
|
1,032
|
|
|
Equity-based compensation
|
3,057
|
|
|
6,389
|
|
|
|
—
|
|
|||
|
Professional fees
|
3,723
|
|
|
5,083
|
|
|
|
1,019
|
|
|||
|
Strategic costs
|
4,061
|
|
|
—
|
|
|
|
—
|
|
|||
|
Business Combination
|
10
|
|
|
23,717
|
|
|
|
17,040
|
|
|||
|
Severance costs
|
4,584
|
|
|
—
|
|
|
|
—
|
|
|||
|
Information technology
|
1,980
|
|
|
2,649
|
|
|
|
—
|
|
|||
|
Operating leases
|
2,317
|
|
|
1,486
|
|
|
|
208
|
|
|||
|
Provision for uncollectible receivables
|
1,177
|
|
|
—
|
|
|
|
—
|
|
|||
|
Other
|
804
|
|
|
495
|
|
|
|
1,935
|
|
|||
|
Total general and administrative expense
|
$
|
36,670
|
|
|
$
|
52,465
|
|
|
|
$
|
21,234
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Income (loss) from continuing operations before income taxes
|
$
|
(16,979
|
)
|
|
$
|
(57,071
|
)
|
|
|
$
|
(7,116
|
)
|
|
|
|
|
|
|
|
|
||||||
|
Interest expense
|
26,901
|
|
|
15,557
|
|
|
|
5,511
|
|
|||
|
Depreciation, depletion and amortization
|
69,179
|
|
|
37,708
|
|
|
|
11,670
|
|
|||
|
Exploration
|
5,343
|
|
|
9,668
|
|
|
|
7,003
|
|
|||
|
Loss (gain) on unrealized hedges
|
12,274
|
|
|
32,896
|
|
|
|
(8,959
|
)
|
|||
|
Loss on sale of property and equipment
|
—
|
|
|
63
|
|
|
|
—
|
|
|||
|
Impairment of assets
|
6,500
|
|
|
—
|
|
|
|
—
|
|
|||
|
Equity-based compensation
|
3,057
|
|
|
6,389
|
|
|
|
—
|
|
|||
|
Severance costs
|
4,584
|
|
|
—
|
|
|
|
—
|
|
|||
|
Strategic costs
|
4,061
|
|
|
—
|
|
|
|
—
|
|
|||
|
Business Combination
|
10
|
|
|
23,717
|
|
|
|
17,040
|
|
|||
|
Adjusted EBITDAX
|
$
|
114,930
|
|
|
$
|
68,927
|
|
|
|
$
|
25,149
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Alta Mesa RBL
|
$
|
8,783
|
|
|
$
|
252
|
|
|
|
$
|
815
|
|
|
2024 Notes
|
19,688
|
|
|
16,406
|
|
|
|
3,281
|
|
|||
|
Bond premium amortization
|
(2,462
|
)
|
|
(2,051
|
)
|
|
|
—
|
|
|||
|
Deferred financing cost amortization
|
139
|
|
|
80
|
|
|
|
171
|
|
|||
|
Other
|
753
|
|
|
870
|
|
|
|
1,244
|
|
|||
|
Total interest expense
|
26,901
|
|
|
15,557
|
|
|
|
5,511
|
|
|||
|
Interest income
|
(81
|
)
|
|
(1,366
|
)
|
|
|
(172
|
)
|
|||
|
Total other (income) expense, net
|
$
|
26,820
|
|
|
$
|
14,191
|
|
|
|
$
|
5,339
|
|
|
(in thousands)
|
Six Months Ended June 30, 2019
|
|
February 9, 2018
Through June 30, 2018 |
||||
|
Sales of gathered production
|
$
|
19,999
|
|
|
$
|
31,634
|
|
|
Midstream revenue
|
44,488
|
|
|
23,671
|
|
||
|
Produced water disposal fees
|
14,374
|
|
|
—
|
|
||
|
Total Midstream revenue
|
$
|
78,861
|
|
|
$
|
55,305
|
|
|
|
|
|
|
||||
|
KFM gas volumes (MMcf)
|
25,100
|
|
|
12,944
|
|
||
|
KFM crude oil volumes (Mbbls)
|
1,037
|
|
|
433
|
|
||
|
KFM produced water gathering volumes (Mbbls)
|
14,622
|
|
|
—
|
|
||
|
(in thousands)
|
Six Months Ended June 30, 2019
|
|
February 9, 2018
Through June 30, 2018 |
||||
|
Midstream operating
|
$
|
12,671
|
|
|
$
|
3,900
|
|
|
Cost of sales for purchased gathered production
|
18,415
|
|
|
31,548
|
|
||
|
Transportation and processing
|
4,849
|
|
|
5,561
|
|
||
|
Workovers
|
511
|
|
|
—
|
|
||
|
Depreciation and amortization
|
6,729
|
|
|
11,905
|
|
||
|
General and administrative
|
13,387
|
|
|
6,313
|
|
||
|
Total operating expenses
|
$
|
56,562
|
|
|
$
|
59,227
|
|
|
(in thousands)
|
Six Months Ended June 30, 2019
|
|
February 9, 2018
Through June 30, 2018 |
||||
|
General and administrative expenses:
|
|
|
|
||||
|
Employee-related costs
|
$
|
7,723
|
|
|
$
|
4,013
|
|
|
Equity-based compensation
|
462
|
|
|
507
|
|
||
|
Professional fees
|
1,197
|
|
|
532
|
|
||
|
Strategic costs
|
648
|
|
|
10
|
|
||
|
Severance costs
|
1,984
|
|
|
—
|
|
||
|
Information technology
|
126
|
|
|
4
|
|
||
|
Operating leases
|
218
|
|
|
39
|
|
||
|
Other
|
1,029
|
|
|
1,208
|
|
||
|
Total general and administrative expense
|
$
|
13,387
|
|
|
$
|
6,313
|
|
|
(in thousands)
|
Six Months Ended June 30, 2019
|
|
February 9, 2018
Through June 30, 2018 |
||||
|
Income (loss) from continuing operations before income taxes
|
$
|
17,737
|
|
|
$
|
(5,588
|
)
|
|
|
|
|
|
||||
|
Interest expense
|
5,314
|
|
|
1,666
|
|
||
|
Depreciation and amortization
|
6,729
|
|
|
11,905
|
|
||
|
Equity-based compensation
|
462
|
|
|
507
|
|
||
|
Severance costs
|
1,984
|
|
|
—
|
|
||
|
Adjusted Midstream EBITDA
|
$
|
32,226
|
|
|
$
|
8,490
|
|
|
(in thousands)
|
Six Months Ended June 30, 2019
|
|
February 9, 2018
Through June 30, 2018 |
||||
|
KFM Credit Facility
|
$
|
4,811
|
|
|
$
|
322
|
|
|
Predecessor revolving credit facility
|
—
|
|
|
980
|
|
||
|
Deferred financing cost amortization
|
229
|
|
|
72
|
|
||
|
Other
|
274
|
|
|
292
|
|
||
|
Total interest expense
|
5,314
|
|
|
1,666
|
|
||
|
Interest income
|
(10
|
)
|
|
—
|
|
||
|
Equity in earnings of unconsolidated subsidiaries
|
(742
|
)
|
|
—
|
|
||
|
Total other (income) expense, net
|
$
|
4,562
|
|
|
$
|
1,666
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Cash from operating activities
|
$
|
84,588
|
|
|
$
|
(64,822
|
)
|
|
|
$
|
26,336
|
|
|
Cash from investing activities
|
(247,942
|
)
|
|
(96,653
|
)
|
|
|
(37,913
|
)
|
|||
|
Cash from financing activities
|
227,500
|
|
|
244,507
|
|
|
|
16,932
|
|
|||
|
Net increase in cash, cash equivalents and restricted cash
|
$
|
64,146
|
|
|
$
|
83,032
|
|
|
|
$
|
5,355
|
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Cash provided by (used for)
|
|
|
|
|
|
|
||||||
|
Capital expenditures
|
$
|
(247,942
|
)
|
|
$
|
(340,631
|
)
|
|
|
$
|
(36,695
|
)
|
|
Acquisition of acreage
|
—
|
|
|
(791,819
|
)
|
|
|
(1,218
|
)
|
|||
|
Proceeds withdrawn from trust account
|
—
|
|
|
1,042,742
|
|
|
|
—
|
|
|||
|
Investment in equity affiliate and other, net
|
—
|
|
|
(6,945
|
)
|
|
|
—
|
|
|||
|
Cash from investing activities
|
$
|
(247,942
|
)
|
|
$
|
(96,653
|
)
|
|
|
$
|
(37,913
|
)
|
|
|
Successor
|
|
|
Predecessor
|
||||||||
|
(in thousands)
|
Six Months Ended
June 30, 2019 |
|
February 9, 2018
Through June 30, 2018 |
|
|
January 1, 2018
Through February 8, 2018 |
||||||
|
Cash provided by (used for)
|
|
|
|
|
|
|
||||||
|
Proceeds from long-term debt borrowings
|
$
|
227,500
|
|
|
$
|
80,000
|
|
|
|
$
|
60,000
|
|
|
Repayments of long-term debt
|
—
|
|
|
(193,565
|
)
|
|
|
(43,000
|
)
|
|||
|
Capital contributions (distributions), net
|
—
|
|
|
—
|
|
|
|
(68
|
)
|
|||
|
Proceeds from issuance of Class A shares
|
—
|
|
|
400,000
|
|
|
|
—
|
|
|||
|
Repayment of sponsor note
|
—
|
|
|
(2,000
|
)
|
|
|
—
|
|
|||
|
Repayment of deferred underwriting compensation
|
—
|
|
|
(36,225
|
)
|
|
|
—
|
|
|||
|
Redemption of Class A common shares
|
—
|
|
|
(33
|
)
|
|
|
—
|
|
|||
|
Other
|
—
|
|
|
(3,670
|
)
|
|
|
—
|
|
|||
|
Cash from financing activities
|
$
|
227,500
|
|
|
$
|
244,507
|
|
|
|
$
|
16,932
|
|
|
•
|
establishment of formal policies and procedures;
|
|
•
|
ineffective monitoring activities that span the Company to ensure that internal controls processes are functioning properly;
|
|
•
|
ineffective controls over the financial statement close and disclosure process; and
|
|
•
|
over-reliance on and ineffective controls over access to and changes involving critical worksheets.
|
|
•
|
the Debtors’ ability to develop, confirm and consummate a Chapter 11 plan, asset sale or alternative restructuring transaction;
|
|
•
|
the Debtors’ ability to obtain court approval with respect to motions filed in Chapter 11 proceedings from time to time;
|
|
•
|
the Debtors’ ability to continue utilizing their relationships with their suppliers, service providers, customers, employees and other third parties;
|
|
•
|
the Debtors’ ability to maintain contracts that are critical to their operations;
|
|
•
|
the Debtors’ ability to execute their business plans;
|
|
•
|
the ability of third parties to seek and obtain court approval to terminate contracts and other agreements with the Debtors;
|
|
•
|
the Debtors’ ability to access, and maintain access to, sufficient financing for the duration of the Chapter 11 proceedings;
|
|
•
|
the ability of third parties to seek and obtain court approval to terminate or shorten the exclusivity period for the Debtors to propose and confirm a Chapter 11 plan, to appoint a Chapter 11 trustee, or to convert the Chapter 11 proceedings to a proceeding under Chapter 7 of the Bankruptcy Code; and
|
|
•
|
the actions and decisions of the Debtors’ creditors and other third parties who have interests in these Chapter 11 proceedings that may be inconsistent with the Debtors’ plans.
|
|
Exhibit
Number |
Description of Exhibit
|
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
3.5
|
|
|
4.1
|
|
|
4.2
|
|
|
4.3
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1*
|
|
|
32.2*
|
|
|
101*
|
Interactive data files.
|
|
|
|
ALTA MESA RESOURCES, INC.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By
|
/s/ John C. Regan
|
|
|
|
|
John C. Regan
|
|
|
|
|
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
Dated
|
September 30, 2019
|
|
|
1 Year Alta Mesa Resources Chart |
1 Month Alta Mesa Resources Chart |
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