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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Centennial Resource Development Inc | NASDAQ:CDEV | 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% | 7.62 | 7.56 | 7.69 | 0 | 01:00:00 |
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Delaware
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47-5381253
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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Title of each class
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Trading Symbol(s)
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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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CDEV
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The NASDAQ Stock Market LLC
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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☒
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•
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volatility of oil, natural gas and NGL prices or a prolonged period of low oil, natural gas or NGL prices and the effects of actions by, or disputes among or between, members of the Organization of Petroleum Exporting Countries (“OPEC”), such as Saudi Arabia, and other oil and natural gas producing countries, such as Russia, with respect to production levels or other matters related to the price of oil;
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•
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the effects of excess supply of oil and natural gas resulting from the reduced demand caused by the COVID-19 pandemic and the actions by certain oil and natural gas producing countries;
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•
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our business strategy and future drilling plans;
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•
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our reserves and our ability to replace the reserves we produce through drilling and property acquisitions;
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•
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our drilling prospects, inventories, projects and programs;
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•
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our financial strategy, liquidity and capital required for our development program;
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•
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our realized oil, natural gas and NGL prices;
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•
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the timing and amount of our future production of oil, natural gas and NGLs;
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•
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our hedging strategy and results;
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•
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our competition and government regulations;
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•
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our ability to obtain permits and governmental approvals;
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•
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our pending legal or environmental matters;
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•
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the marketing and transportation of our oil, natural gas and NGLs;
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•
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our leasehold or business acquisitions;
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•
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cost of developing our properties;
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•
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our anticipated rate of return;
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•
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general economic conditions;
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•
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credit markets;
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•
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uncertainty regarding our future operating results; and
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•
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our plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.
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September 30, 2020
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December 31, 2019
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ASSETS
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||||
Current assets
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|
||||
Cash and cash equivalents
|
$
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5,177
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$
|
10,223
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Accounts receivable, net
|
51,352
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|
|
101,912
|
|
||
Prepaid and other current assets
|
7,980
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|
7,994
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Total current assets
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64,509
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120,129
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Property and Equipment
|
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|
||||
Oil and natural gas properties, successful efforts method
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|
||||
Unproved properties
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1,282,833
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1,470,903
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Proved properties
|
4,319,617
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3,962,175
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Accumulated depreciation, depletion and amortization
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(1,804,014
|
)
|
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(931,737)
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Total oil and natural gas properties, net
|
3,798,436
|
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|
4,501,341
|
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Other property and equipment, net
|
13,319
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|
14,612
|
|
||
Total property and equipment, net
|
3,811,755
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4,515,953
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Noncurrent assets
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|
||||
Operating lease right-of-use assets
|
4,025
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|
11,841
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Other noncurrent assets
|
42,747
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|
40,365
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TOTAL ASSETS
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$
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3,923,036
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$
|
4,688,288
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LIABILITIES AND EQUITY
|
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|
||||
Current liabilities
|
|
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|
||||
Accounts payable and accrued expenses
|
$
|
116,377
|
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$
|
244,309
|
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Operating lease liabilities
|
3,415
|
|
|
9,232
|
|
||
Other current liabilities
|
913
|
|
|
925
|
|
||
Total current liabilities
|
120,705
|
|
|
254,466
|
|
||
Noncurrent liabilities
|
|
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|
||||
Long-term debt, net
|
1,092,241
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|
1,057,389
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|
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Asset retirement obligations
|
18,125
|
|
|
16,874
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Deferred income taxes
|
2,589
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|
85,504
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|
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Operating lease liabilities
|
1,097
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|
3,354
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Other noncurrent liabilities
|
456
|
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—
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Total liabilities
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1,235,213
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1,417,587
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Commitments and contingencies (Note 11)
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Shareholders’ equity
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|
||||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized:
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|
||||
Series A: No shares issued and outstanding at September 30, 2020 and 1 share issued and outstanding at December 31, 2019
|
—
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—
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Common stock, $0.0001 par value, 620,000,000 shares authorized:
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||||
Class A: 290,104,427 shares issued and 278,317,272 shares outstanding at September 30, 2020 and 280,650,341 shares issued and 275,811,346 shares outstanding at December 31, 2019
|
29
|
|
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28
|
|
||
Class C (Convertible): No shares issued and outstanding at September 30, 2020 and 1,034,119 shares issued and outstanding at December 31, 2019
|
—
|
|
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—
|
|
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Additional paid-in capital
|
2,999,640
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|
2,975,756
|
|
||
Retained earnings (accumulated deficit)
|
(311,846
|
)
|
|
282,336
|
|
||
Total shareholders’ equity
|
2,687,823
|
|
|
3,258,120
|
|
||
Noncontrolling interest
|
—
|
|
|
12,581
|
|
||
Total equity
|
2,687,823
|
|
|
3,270,701
|
|
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TOTAL LIABILITIES AND EQUITY
|
$
|
3,923,036
|
|
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$
|
4,688,288
|
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|
Three Months Ended September 30,
|
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Nine Months Ended September 30,
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||||||||||||
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2020
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2019
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2020
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2019
|
||||||||
Operating revenues
|
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||||||||
Oil and gas sales
|
$
|
149,101
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$
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229,130
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$
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432,379
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$
|
687,938
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Operating expenses
|
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|
||||||||
Lease operating expenses
|
24,543
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|
42,330
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83,021
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|
107,077
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|
||||
Severance and ad valorem taxes
|
7,839
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12,213
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30,108
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45,519
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|
||||
Gathering, processing and transportation expenses
|
19,130
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|
20,853
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|
53,353
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|
52,120
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|
||||
Depreciation, depletion and amortization
|
89,444
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|
112,720
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|
283,722
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|
321,392
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|
||||
Impairment and abandonment expense
|
19,904
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|
6,745
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650,629
|
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|
42,427
|
|
||||
Exploration and other expenses
|
2,670
|
|
|
2,869
|
|
|
10,730
|
|
|
9,246
|
|
||||
General and administrative expenses
|
17,582
|
|
|
20,036
|
|
|
54,446
|
|
|
56,589
|
|
||||
Total operating expenses
|
181,112
|
|
|
217,766
|
|
|
1,166,009
|
|
|
634,370
|
|
||||
Net gain (loss) on sale of long-lived assets
|
145
|
|
|
(22
|
)
|
|
388
|
|
|
(15
|
)
|
||||
Income (loss) from operations
|
(31,866
|
)
|
|
11,342
|
|
|
(733,242
|
)
|
|
53,553
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(17,718
|
)
|
|
(15,246
|
)
|
|
(51,510
|
)
|
|
(39,843
|
)
|
||||
Gain on exchange of debt
|
—
|
|
|
—
|
|
|
143,443
|
|
|
—
|
|
||||
Net gain (loss) on derivative instruments
|
(1,968
|
)
|
|
1,522
|
|
|
(40,330
|
)
|
|
(2,221
|
)
|
||||
Other income (expense)
|
23
|
|
|
62
|
|
|
(29
|
)
|
|
321
|
|
||||
Total other income (expense)
|
(19,663
|
)
|
|
(13,662
|
)
|
|
51,574
|
|
|
(41,743
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes
|
(51,529
|
)
|
|
(2,320
|
)
|
|
(681,668
|
)
|
|
11,810
|
|
||||
Income tax (expense) benefit
|
—
|
|
|
(1,393
|
)
|
|
85,124
|
|
|
(5,058
|
)
|
||||
Net income (loss)
|
(51,529
|
)
|
|
(3,713
|
)
|
|
(596,544
|
)
|
|
6,752
|
|
||||
Less: Net (income) loss attributable to noncontrolling interest
|
—
|
|
|
128
|
|
|
2,362
|
|
|
(572
|
)
|
||||
Net income (loss) attributable to Class A Common Stock
|
$
|
(51,529
|
)
|
|
$
|
(3,585
|
)
|
|
$
|
(594,182
|
)
|
|
$
|
6,180
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income (loss) per share of Class A Common Stock:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.19
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(2.14
|
)
|
|
$
|
0.02
|
|
Diluted
|
$
|
(0.19
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(2.14
|
)
|
|
$
|
0.02
|
|
|
Nine Months Ended September 30,
|
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
(596,544
|
)
|
|
$
|
6,752
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation, depletion and amortization
|
283,722
|
|
|
321,392
|
|
||
Stock-based compensation expense
|
16,164
|
|
|
21,351
|
|
||
Impairment and abandonment expense
|
650,629
|
|
|
42,427
|
|
||
Deferred tax expense (benefit)
|
(85,124
|
)
|
|
5,058
|
|
||
Net (gain) loss on sale of long-lived assets
|
(388
|
)
|
|
15
|
|
||
Non-cash portion of derivative (gain) loss
|
(1,103
|
)
|
|
14
|
|
||
Amortization of debt issuance costs and discount
|
4,112
|
|
|
2,070
|
|
||
Gain on exchange of debt
|
(143,443
|
)
|
|
—
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
(Increase) decrease in accounts receivable
|
48,139
|
|
|
(47,771
|
)
|
||
(Increase) decrease in prepaid and other assets
|
(2,825
|
)
|
|
(995
|
)
|
||
Increase (decrease) in accounts payable and other liabilities
|
(43,107
|
)
|
|
34,562
|
|
||
Net cash provided by operating activities
|
130,232
|
|
|
384,875
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Acquisition of oil and natural gas properties
|
(7,689
|
)
|
|
(73,346
|
)
|
||
Drilling and development capital expenditures
|
(300,660
|
)
|
|
(644,945
|
)
|
||
Purchases of other property and equipment
|
(1,035
|
)
|
|
(8,207
|
)
|
||
Proceeds from sales of oil and natural gas properties
|
1,375
|
|
|
28,378
|
|
||
Net cash used in investing activities
|
(308,009
|
)
|
|
(698,120
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from borrowings under revolving credit facility
|
490,000
|
|
|
345,000
|
|
||
Repayment of borrowings under revolving credit facility
|
(310,000
|
)
|
|
(525,000
|
)
|
||
Proceeds from issuance of senior notes
|
—
|
|
|
496,175
|
|
||
Debt exchange and debt issuance costs
|
(6,650
|
)
|
|
(7,200
|
)
|
||
Restricted stock used for tax withholdings
|
(598
|
)
|
|
(911
|
)
|
||
Net cash provided by financing activities
|
172,752
|
|
|
308,064
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(5,025
|
)
|
|
(5,181
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
15,543
|
|
|
21,422
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
10,518
|
|
|
$
|
16,241
|
|
|
Nine Months Ended September 30,
|
||||||
|
2020
|
|
2019
|
||||
Supplemental cash flow information
|
|
|
|
||||
Cash paid for interest
|
$
|
48,331
|
|
|
$
|
27,985
|
|
Operating lease liability payments:
|
|
|
|
||||
Cash used in operating activities
|
5,510
|
|
|
16,808
|
|
||
Cash used in investing activities
|
2,019
|
|
|
13,946
|
|
||
Supplemental non-cash activity
|
|
|
|
||||
Accrued capital expenditures included in accounts payable and accrued expenses
|
$
|
13,593
|
|
|
$
|
120,238
|
|
Asset retirement obligations incurred, including revisions to estimates
|
579
|
|
|
1,075
|
|
||
Right-of-use assets recognized (derecognized) with offsetting operating lease liabilities
|
(3,711
|
)
|
|
35,686
|
|
||
Change in Senior Notes from debt exchange
|
|
|
|
||||
Senior Secured Notes issued in the debt exchange, net of debt discount
|
106,030
|
|
|
—
|
|
||
2026 Senior Notes extinguished in the debt exchange, net of unamortized debt issue costs
|
(108,632
|
)
|
|
—
|
|
||
2027 Senior Notes extinguished in the debt exchange, net of unamortized discount and debt issue costs
|
(140,840
|
)
|
|
—
|
|
|
Nine Months Ended September 30,
|
||||||
|
2020
|
|
2019
|
||||
Cash and cash equivalents
|
$
|
5,177
|
|
|
$
|
10,933
|
|
Restricted cash(1)
|
5,341
|
|
|
5,308
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
10,518
|
|
|
$
|
16,241
|
|
|
(1)
|
Included in Prepaid and other current assets and Other noncurrent assets line items in the consolidated balance sheets.
|
|
Common Stock
|
|
Preferred Stock
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Class A
|
|
Class C
|
|
Series A
|
|
Additional Paid-In Capital
|
|
Retained Earnings (Accumulated Deficit)
|
|
Total Shareholders’ Equity
|
|
Non-controlling Interest
|
|
Total Equity
|
|||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||||||||
Balance at December 31, 2019
|
280,650
|
|
|
$
|
28
|
|
|
1,034
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
2,975,756
|
|
|
$
|
282,336
|
|
|
$
|
3,258,120
|
|
|
$
|
12,581
|
|
|
$
|
3,270,701
|
|
Restricted stock issued
|
1,305
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock forfeited
|
(406
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock used for tax withholding
|
(78
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(208
|
)
|
|
—
|
|
|
(208
|
)
|
|
—
|
|
|
(208
|
)
|
||||||||
Issuance of Class A common stock under Employee Stock Purchase Plan
|
59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
230
|
|
|
—
|
|
|
230
|
|
|
—
|
|
|
230
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,409
|
|
|
—
|
|
|
6,409
|
|
|
—
|
|
|
6,409
|
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(547,983
|
)
|
|
(547,983
|
)
|
|
(2,362
|
)
|
|
(550,345
|
)
|
||||||||
Balance at March 31, 2020
|
281,530
|
|
|
28
|
|
|
1,034
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,982,187
|
|
|
(265,647
|
)
|
|
2,716,568
|
|
|
10,219
|
|
|
2,726,787
|
|
||||||||
Restricted stock issued
|
80
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock forfeited
|
(352
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock used for tax withholding
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
|
—
|
|
|
(93
|
)
|
|
—
|
|
|
(93
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,727
|
|
|
—
|
|
|
4,727
|
|
|
—
|
|
|
4,727
|
|
||||||||
Conversion of common stock from Class C to Class A, net of tax
|
1,034
|
|
|
—
|
|
|
(1,034
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,011
|
|
|
—
|
|
|
8,011
|
|
|
(10,219
|
)
|
|
(2,208
|
)
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,330
|
|
|
5,330
|
|
|
—
|
|
|
5,330
|
|
||||||||
Balance at June 30, 2020
|
282,209
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,994,832
|
|
|
(260,317
|
)
|
|
2,734,543
|
|
|
—
|
|
|
2,734,543
|
|
||||||||
Restricted stock issued
|
8,272
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock forfeited
|
(104
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock used for tax withholding
|
(377
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(297
|
)
|
|
—
|
|
|
(297
|
)
|
|
—
|
|
|
(297
|
)
|
||||||||
Issuance of Class A common stock under Employee Stock Purchase Plan
|
104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
78
|
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,028
|
|
|
—
|
|
|
5,028
|
|
|
—
|
|
|
5,028
|
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,529
|
)
|
|
(51,529
|
)
|
|
—
|
|
|
(51,529
|
)
|
||||||||
Balance at September 30, 2020
|
290,104
|
|
|
$
|
29
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
2,999,640
|
|
|
$
|
(311,846
|
)
|
|
$
|
2,687,823
|
|
|
$
|
—
|
|
|
$
|
2,687,823
|
|
|
Common Stock
|
|
Preferred Stock
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Class A
|
|
Class C
|
|
Series A
|
|
Additional Paid-In Capital
|
|
Retained Earnings (Accumulated Deficit)
|
|
Total Shareholders’ Equity
|
|
Non-controlling Interest
|
|
Total Equity
|
|||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
||||||||||||||||||||||||
Balance at December 31, 2018
|
265,859
|
|
|
$
|
27
|
|
|
12,003
|
|
|
$
|
1
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
2,833,611
|
|
|
$
|
266,538
|
|
|
$
|
3,100,177
|
|
|
$
|
143,692
|
|
|
$
|
3,243,869
|
|
Restricted stock issued
|
436
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock forfeited
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock used for tax withholding
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(291
|
)
|
|
—
|
|
|
(291
|
)
|
|
—
|
|
|
(291
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
6,483
|
|
|
—
|
|
|
6,483
|
|
|
—
|
|
|
6,483
|
|
|||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,112
|
)
|
|
(8,112
|
)
|
|
(425
|
)
|
|
(8,537
|
)
|
||||||||
Balance at March 31, 2019
|
266,271
|
|
|
27
|
|
|
12,003
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2,839,803
|
|
|
258,426
|
|
|
3,098,257
|
|
|
143,267
|
|
|
3,241,524
|
|
||||||||
Restricted stock issued
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock forfeited
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock used for tax withholding
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
—
|
|
|
(41
|
)
|
|
—
|
|
|
(41
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,758
|
|
|
—
|
|
|
6,758
|
|
|
—
|
|
|
6,758
|
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,877
|
|
|
17,877
|
|
|
1,125
|
|
|
19,002
|
|
||||||||
Balance at June 30, 2019
|
266,255
|
|
|
27
|
|
|
12,003
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2,846,520
|
|
|
276,303
|
|
|
3,122,851
|
|
|
144,392
|
|
|
3,267,243
|
|
||||||||
Restricted stock issued
|
3,466
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock forfeited
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Restricted stock used for tax withholding
|
(107
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(579
|
)
|
|
—
|
|
|
(579
|
)
|
|
—
|
|
|
(579
|
)
|
||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,110
|
|
|
—
|
|
|
8,110
|
|
|
—
|
|
|
8,110
|
|
||||||||
Conversion of common stock from Class C to Class A, net of tax
|
10,860
|
|
|
1
|
|
|
(10,860
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
113,098
|
|
|
—
|
|
|
113,098
|
|
|
(130,345
|
)
|
|
(17,247
|
)
|
||||||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,585
|
)
|
|
(3,585
|
)
|
|
(128
|
)
|
|
(3,713
|
)
|
||||||||
Balance at September 30, 2019
|
280,444
|
|
|
$
|
28
|
|
|
1,143
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
2,967,149
|
|
|
$
|
272,718
|
|
|
$
|
3,239,895
|
|
|
$
|
13,919
|
|
|
$
|
3,253,814
|
|
(in thousands)
|
September 30, 2020
|
|
December 31, 2019
|
||||
Accrued oil and gas sales receivable, net
|
$
|
38,812
|
|
|
$
|
76,578
|
|
Joint interest billings, net
|
12,428
|
|
|
25,136
|
|
||
Other
|
112
|
|
|
198
|
|
||
Accounts receivable, net
|
$
|
51,352
|
|
|
$
|
101,912
|
|
(in thousands)
|
September 30, 2020
|
|
December 31, 2019
|
||||
Accounts payable
|
$
|
10,270
|
|
|
$
|
21,484
|
|
Accrued capital expenditures
|
9,793
|
|
|
83,002
|
|
||
Revenues payable
|
42,907
|
|
|
82,539
|
|
||
Accrued interest
|
20,210
|
|
|
19,405
|
|
||
Accrued derivative settlements payable
|
9,597
|
|
|
—
|
|
||
Accrued employee compensation and benefits
|
8,860
|
|
|
12,979
|
|
||
Accrued expenses and other
|
14,740
|
|
|
24,900
|
|
||
Accounts payable and accrued expenses
|
$
|
116,377
|
|
|
$
|
244,309
|
|
(in thousands)
|
September 30, 2020
|
|
December 31, 2019
|
||||
Credit Facility due 2023
|
$
|
355,000
|
|
|
$
|
175,000
|
|
|
|
|
|
||||
8.00% Senior Secured Notes due 2025
|
127,073
|
|
|
—
|
|
||
5.375% Senior Notes due 2026
|
289,448
|
|
|
400,000
|
|
||
6.875% Senior Notes due 2027
|
356,351
|
|
|
500,000
|
|
||
Unamortized debt issuance costs on Senior Notes
|
(13,298
|
)
|
|
(14,061
|
)
|
||
Unamortized debt discount
|
(22,333
|
)
|
|
(3,550
|
)
|
||
Senior Notes, net
|
737,241
|
|
|
882,389
|
|
||
|
|
|
|
||||
Total long-term debt, net
|
$
|
1,092,241
|
|
|
$
|
1,057,389
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Equity Awards
|
|
|
|
|
|
|
|
||||||||
Restricted stock awards
|
$
|
3,864
|
|
|
$
|
4,569
|
|
|
$
|
11,605
|
|
|
$
|
11,159
|
|
Stock option awards
|
399
|
|
|
2,557
|
|
|
1,674
|
|
|
7,766
|
|
||||
Performance stock units
|
653
|
|
|
918
|
|
|
2,659
|
|
|
2,360
|
|
||||
Other stock-based compensation expense(1)
|
112
|
|
|
66
|
|
|
226
|
|
|
66
|
|
||||
Total stock-based compensation - equity awards
|
5,028
|
|
|
8,110
|
|
|
16,164
|
|
|
21,351
|
|
||||
Liability Awards
|
|
|
|
|
|
|
|
||||||||
Restricted stock units
|
290
|
|
|
—
|
|
|
290
|
|
|
—
|
|
||||
Performance stock units
|
197
|
|
|
—
|
|
|
197
|
|
|
—
|
|
||||
Total stock-based compensation - liability awards
|
487
|
|
|
—
|
|
|
487
|
|
|
—
|
|
||||
Total stock-based compensation expense
|
$
|
5,515
|
|
|
$
|
8,110
|
|
|
$
|
16,651
|
|
|
$
|
21,351
|
|
|
(1)
|
Includes expenses related to the Company’s Employee Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019. As of September 30, 2020, the Company had 1,837,381 shares of Class A Common Stock available for future issuance.
|
|
Awards
|
|
Weighted Average Grant-Date Fair Value
|
|||
Unvested balance as of December 31, 2019
|
4,838,996
|
|
|
$
|
8.51
|
|
Granted
|
9,657,211
|
|
|
1.10
|
|
|
Vested
|
(1,847,059
|
)
|
|
8.69
|
|
|
Forfeited
|
(861,992
|
)
|
|
5.79
|
|
|
Unvested balance as of September 30, 2020
|
11,787,156
|
|
|
2.45
|
|
|
Nine Months Ended September 30,
|
||||||
|
2020
|
|
2019
|
||||
Weighted average grant-date fair value per share
|
$
|
1.16
|
|
|
$
|
4.47
|
|
Expected term (in years)
|
6
|
|
|
6
|
|
||
Expected stock volatility
|
86
|
%
|
|
46
|
%
|
||
Dividend yield
|
—
|
%
|
|
—
|
%
|
||
Risk-free interest rate
|
1.0
|
%
|
|
2.3
|
%
|
|
Options
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Term
(in years)
|
|
Aggregate Intrinsic Value
(in thousands)
|
|||||
Outstanding as of December 31, 2019
|
4,764,167
|
|
|
$
|
15.99
|
|
|
|
|
|
||
Granted
|
124,000
|
|
|
2.13
|
|
|
|
|
|
|||
Exercised
|
(366
|
)
|
|
0.25
|
|
|
|
|
$
|
—
|
|
|
Forfeited
|
(129,757
|
)
|
|
13.15
|
|
|
|
|
|
|||
Expired
|
(2,325,391
|
)
|
|
16.37
|
|
|
|
|
|
|||
Outstanding as of September 30, 2020
|
2,432,653
|
|
|
15.07
|
|
|
6.6
|
|
$
|
22
|
|
|
Exercisable as of September 30, 2020
|
1,955,295
|
|
|
15.78
|
|
|
6.2
|
|
$
|
—
|
|
|
Awards
|
|
Weighted Average Grant-Date Fair Value
|
|||
Unvested balance as of December 31, 2019
|
872,672
|
|
|
$
|
13.44
|
|
Vested
|
—
|
|
|
—
|
|
|
Granted
|
—
|
|
|
—
|
|
|
Canceled
|
(193,391
|
)
|
|
21.53
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Unvested balance as of September 30, 2020
|
679,281
|
|
|
11.13
|
|
|
Restricted stock units
|
|
Performance stock units
|
Number of simulations
|
10,000,000
|
|
10,000,000
|
Expected stock volatility
|
113.8%
|
|
118.5%
|
Dividend yield
|
—%
|
|
—%
|
Risk-free interest rate
|
0.2%
|
|
0.2%
|
|
Period
|
|
Volume (Bbls)
|
|
Volume
(Bbls/d) |
|
Weighted Average Fixed Price
($/Bbl)(1)
|
||
Crude oil swaps
|
|
|
|
|
|
|
|
||
NYMEX WTI
|
October 2020 - December 2020
|
|
1,196,000
|
|
|
13,000
|
|
|
$38.89
|
|
January 2021 - March 2021
|
|
225,000
|
|
|
2,500
|
|
|
43.07
|
|
April 2021 - June 2021
|
|
91,000
|
|
|
1,000
|
|
|
45.15
|
|
July 2021 - September 2021
|
|
92,000
|
|
|
1,000
|
|
|
45.53
|
|
October 2021 - December 2021
|
|
92,000
|
|
|
1,000
|
|
|
45.65
|
|
|
|
|
|
|
|
|
||
ICE Brent
|
January 2021 - March 2021
|
|
270,000
|
|
|
3,000
|
|
|
$46.85
|
|
April 2021 - June 2021
|
|
182,000
|
|
|
2,000
|
|
|
48.01
|
|
July 2021 - September 2021
|
|
184,000
|
|
|
2,000
|
|
|
48.25
|
|
October 2021 - December 2021
|
|
184,000
|
|
|
2,000
|
|
|
48.50
|
|
|
|
|
|
|
|
|
||
|
Period
|
|
Volume (Bbls)
|
|
Volume
(Bbls/d)
|
|
Weighted Average Differential
($/Bbl)(2)
|
||
Crude oil basis swaps
|
October 2020 - December 2020
|
|
1,196,000
|
|
|
13,000
|
|
|
$0.51
|
|
April 2021 - June 2021
|
|
91,000
|
|
|
1,000
|
|
|
0.25
|
|
July 2021 - September 2021
|
|
92,000
|
|
|
1,000
|
|
|
0.20
|
|
October 2021 - December 2021
|
|
92,000
|
|
|
1,000
|
|
|
0.20
|
|
Period
|
|
Volume (Bbls)
|
|
Volume
(Bbls/d) |
|
Weighted Average Collar Price Ranges ($/Bbl)(3)
|
||||||||
Crude oil collars
|
October 2020 - December 2020
|
|
276,000
|
|
|
3,000
|
|
|
$
|
39.33
|
|
-
|
$
|
45.02
|
|
|
(1)
|
These crude oil swap transactions are settled based on the NYMEX WTI or ICE Brent oil price on each trading day within the specified monthly settlement period.
|
(2)
|
These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period.
|
(3)
|
These crude oil collars are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period and establish floor and ceiling prices for the contracted volumes.
|
|
Period
|
|
Volume (MMBtu)
|
|
Volume (MMBtu/d)
|
|
Weighted Average Fixed Price
($/MMBtu)1)
|
||
Natural gas swaps
|
October 2020 - December 2020
|
|
3,370,000
|
|
|
36,630
|
|
|
$2.65
|
|
January 2021 - March 2021
|
|
4,500,000
|
|
|
50,000
|
|
|
2.89
|
|
April 2021 - June 2021
|
|
910,000
|
|
|
10,000
|
|
|
2.92
|
|
July 2021 - September 2021
|
|
920,000
|
|
|
10,000
|
|
|
2.92
|
|
October 2021 - December 2021
|
|
920,000
|
|
|
10,000
|
|
|
2.92
|
|
|
|
|
|
|
|
|
||
|
Period
|
|
Volume (MMBtu)
|
|
Volume (MMBtu/d)
|
|
Weighted Average Differential
($/MMBtu)(2)
|
||
Natural gas basis swaps
|
October 2020 - December 2020
|
|
930,000
|
|
|
10,109
|
|
|
$(1.62)
|
|
Period
|
|
Volume (MMBtu)
|
|
Volume (MMBtu/d)
|
|
Weighted Average Collar Price Ranges
($/MMBtu)(3)
|
||||||||
Natural gas collars
|
October 2020 - December 2020
|
|
1,220,000
|
|
|
13,261
|
|
|
$
|
2.90
|
|
-
|
$
|
3.64
|
|
|
January 2021 - March 2021
|
|
1,800,000
|
|
|
20,000
|
|
|
2.90
|
|
-
|
3.64
|
|
|
(1)
|
These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period.
|
(2)
|
These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas, during each applicable settlement period.
|
(3)
|
These natural gas collars are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period and establish floor and ceiling prices for the contracted volumes.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net gain (loss) on derivative instruments
|
$
|
(1,968
|
)
|
|
$
|
1,522
|
|
|
$
|
(40,330
|
)
|
|
$
|
(2,221
|
)
|
|
Balance Sheet Classification
|
|
Gross Fair Value Asset/Liability Amounts
|
|
Gross Amounts Offset(1)
|
|
Net Recognized Fair Value Assets/Liabilities
|
||||||
(in thousands)
|
|
|
September 30, 2020
|
||||||||||
Derivative Assets
|
|
|
|
|
|
|
|
||||||
Commodity contracts
|
Prepaid and other current assets
|
|
$
|
5,415
|
|
|
$
|
(4,474
|
)
|
|
$
|
941
|
|
|
Other noncurrent assets
|
|
752
|
|
|
(46
|
)
|
|
706
|
|
|||
Derivative Liabilities
|
|
|
|
|
|
|
|
||||||
Commodity contracts
|
Other current liabilities
|
|
5,343
|
|
|
(4,474
|
)
|
|
869
|
|
|||
|
Other noncurrent liabilities
|
|
46
|
|
|
(46
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
||||||
|
|
|
December 31, 2019
|
||||||||||
Derivative Liabilities
|
|
|
|
|
|
|
|
||||||
Commodity contracts
|
Other current liabilities
|
|
$
|
325
|
|
|
$
|
—
|
|
|
$
|
325
|
|
|
(1)
|
The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or contract termination.
|
•
|
Level 1: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
•
|
Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
•
|
Level 3: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
(in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
September 30, 2020
|
|
|
|
|
|
||||||
Total assets
|
$
|
—
|
|
|
$
|
1,647
|
|
|
$
|
—
|
|
Total liabilities
|
—
|
|
|
869
|
|
|
—
|
|
|||
December 31, 2019
|
|
|
|
|
|
||||||
Total assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total liabilities
|
—
|
|
|
325
|
|
|
—
|
|
|
|
September 30, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
|
|
Carrying Value
|
|
Principal Amount
|
|
Fair Value
|
|
Carrying Value
|
|
Principal Amount
|
|
Fair value
|
||||||||||||
Credit facility due 2023(1)
|
|
$
|
355,000
|
|
|
$
|
355,000
|
|
|
$
|
355,000
|
|
|
$
|
175,000
|
|
|
$
|
175,000
|
|
|
$
|
175,000
|
|
8.00% Senior Secured Notes due 2025(2)
|
|
102,916
|
|
|
127,073
|
|
|
101,658
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
5.375% Senior Notes due 2026(2)
|
|
284,675
|
|
|
289,448
|
|
|
117,226
|
|
|
392,623
|
|
|
400,000
|
|
|
394,480
|
|
||||||
6.875% Senior Notes due 2027(2)
|
|
349,650
|
|
|
356,351
|
|
|
144,322
|
|
|
489,766
|
|
|
500,000
|
|
|
520,000
|
|
|
(1)
|
The carrying values of the amounts outstanding under CRP’s credit agreement approximate fair value because its variable interest rates are tied to current market rates and the applicable credit spreads represent current market rates for the credit risk profile of the Company.
|
(2)
|
The carrying values include associated unamortized debt issuance costs and any debt discounts as reflected in the consolidated balance sheets. The fair values are determined using quoted market prices for these debt securities, a Level 1 classification in the fair value hierarchy, and are based on the aggregate principal amount of the Senior Notes outstanding.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands, except per share data)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net income (loss) attributable to Class A Common Stock
|
$
|
(51,529
|
)
|
|
$
|
(3,585
|
)
|
|
$
|
(594,182
|
)
|
|
$
|
6,180
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares of Class A Common Stock outstanding
|
278,017
|
|
|
266,205
|
|
|
277,038
|
|
|
265,025
|
|
||||
Add: Dilutive effects of potential common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
||||
Diluted weighted average shares of Class A Common Stock outstanding
|
278,017
|
|
|
266,205
|
|
|
277,038
|
|
|
265,085
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic net earnings (loss) per share of Class A Common Stock
|
$
|
(0.19
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(2.14
|
)
|
|
$
|
0.02
|
|
Diluted net earnings (loss) per share of Class A Common Stock
|
$
|
(0.19
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(2.14
|
)
|
|
$
|
0.02
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
(in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Out-of-the-money stock options
|
2,469
|
|
|
4,817
|
|
|
3,983
|
|
|
4,680
|
|
Restricted stock
|
9,572
|
|
|
3,827
|
|
|
6,607
|
|
|
2,313
|
|
Employee Stock Purchase Plan
|
—
|
|
|
8
|
|
|
93
|
|
|
—
|
|
Weighted average shares of Class C Common Stock
|
—
|
|
|
10,351
|
|
|
348
|
|
|
11,446
|
|
Warrants
|
8,000
|
|
|
8,000
|
|
|
8,000
|
|
|
8,000
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Oil and gas sales
|
$
|
1,610
|
|
|
$
|
715
|
|
|
$
|
3,272
|
|
|
$
|
2,511
|
|
Gathering, processing and transportation expenses
|
1,464
|
|
|
793
|
|
|
3,526
|
|
|
1,719
|
|
(in thousands)
|
September 30, 2020
|
|
December 31, 2019
|
||||
Receivable from Lucid(1)
|
$
|
409
|
|
|
$
|
91
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Operating revenues (in thousands):
|
|
|
|
|
|
|
|
||||||||
Oil sales
|
$
|
119,966
|
|
|
$
|
200,196
|
|
|
$
|
363,571
|
|
|
$
|
590,055
|
|
Natural gas sales
|
11,907
|
|
|
11,070
|
|
|
29,052
|
|
|
31,655
|
|
||||
NGL sales
|
17,228
|
|
|
17,864
|
|
|
39,756
|
|
|
66,228
|
|
||||
Oil and gas sales
|
$
|
149,101
|
|
|
$
|
229,130
|
|
|
$
|
432,379
|
|
|
$
|
687,938
|
|
|
|
As of September 30, 2020
|
|
Weighted-average discount rate
|
|
4.96
|
%
|
Weighted-average remaining lease term (years)
|
|
1.27
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Lease costs(1)
|
|
|
|
|
|
|
|
||||||||
Operating lease cost
|
$
|
1,258
|
|
|
$
|
9,361
|
|
|
$
|
7,529
|
|
|
$
|
30,754
|
|
Variable lease cost
|
53
|
|
|
1,819
|
|
|
5,074
|
|
|
3,323
|
|
||||
Short-term lease cost(2)
|
5,823
|
|
|
18,679
|
|
|
37,650
|
|
|
47,587
|
|
||||
Total lease cost
|
$
|
7,134
|
|
|
$
|
29,859
|
|
|
$
|
50,253
|
|
|
$
|
81,664
|
|
|
(1)
|
The majority of the Company’s operating leases relate to the operations, drilling or completion of the Company’s wells. Therefore, the lease costs presented in the above table represent the total gross costs the Company incurs, which are not comparable to the Company’s net costs recorded to the consolidated statements of operations, consolidated statements of cash flows or capitalized in the consolidated balance sheets, as amounts therein are reflected net of amounts billed to the Company’s working interest partners.
|
(2)
|
Includes drilling rig lease costs of $15.8 million for the nine months ended September 30, 2020, which may not necessarily be recurring in these amounts in the near-term based on the Company’s reduction in its drilling plan.
|
(in thousands)
|
Total(2)
|
||
2020(1)
|
$
|
1,068
|
|
2021
|
3,178
|
|
|
2022
|
425
|
|
|
Total lease payments
|
4,671
|
|
|
Less: imputed interest
|
(159
|
)
|
|
Present value of lease liabilities (3)
|
$
|
4,512
|
|
|
(1)
|
Excludes payments made during the nine months ended September 30, 2020.
|
(2)
|
Total lease payments exclude variable lease payments which can be charged under the terms of the lease agreements.
|
(3)
|
Of the total present value of lease liabilities, $3.4 million was recorded to current Operating lease liabilities and $1.1 million was recorded in noncurrent Operating lease liabilities in the consolidated balance sheets as of September 30, 2020.
|
|
2018
|
|
2019
|
|
2020
|
||||||||||||||||||||||||||||||||||||||
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
||||||||||||||||||||||
Crude oil (per Bbl)
|
$
|
62.91
|
|
|
$
|
68.07
|
|
|
$
|
69.50
|
|
|
$
|
58.81
|
|
|
$
|
54.90
|
|
|
$
|
59.81
|
|
|
$
|
56.45
|
|
|
$
|
56.94
|
|
|
$
|
46.19
|
|
|
$
|
28.00
|
|
|
$
|
40.93
|
|
Natural gas (per MMBtu)
|
$
|
3.08
|
|
|
$
|
2.85
|
|
|
$
|
2.93
|
|
|
$
|
3.77
|
|
|
$
|
2.88
|
|
|
$
|
2.51
|
|
|
$
|
2.33
|
|
|
$
|
2.34
|
|
|
$
|
1.88
|
|
|
$
|
1.65
|
|
|
$
|
1.95
|
|
|
Three Months Ended September 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Net revenues (in thousands):
|
|
|
|
|
|
|
|
|||||||
Oil sales
|
$
|
119,966
|
|
|
$
|
200,196
|
|
|
$
|
(80,230
|
)
|
|
(40
|
)%
|
Natural gas sales
|
11,907
|
|
|
11,070
|
|
|
837
|
|
|
8
|
%
|
|||
NGL sales
|
17,228
|
|
|
17,864
|
|
|
(636
|
)
|
|
(4
|
)%
|
|||
Oil and gas sales
|
$
|
149,101
|
|
|
$
|
229,130
|
|
|
$
|
(80,029
|
)
|
|
(35
|
)%
|
|
|
|
|
|
|
|
|
|
||||||
Average sales prices:
|
|
|
|
|
|
|
|
|
||||||
Oil (per Bbl)
|
$
|
36.95
|
|
|
$
|
51.71
|
|
|
$
|
(14.76
|
)
|
|
(29
|
)%
|
Effect of derivative settlements on average price (per Bbl)
|
(9.82
|
)
|
|
(3.00
|
)
|
|
(6.82
|
)
|
|
(227
|
)%
|
|||
Oil net of hedging (per Bbl)
|
$
|
27.13
|
|
|
$
|
48.71
|
|
|
$
|
(21.58
|
)
|
|
(44
|
)%
|
|
|
|
|
|
|
|
|
|
||||||
Average NYMEX price for oil (per Bbl)
|
$
|
40.93
|
|
|
$
|
56.45
|
|
|
$
|
(15.52
|
)
|
|
(27
|
)%
|
Oil differential from NYMEX
|
(3.98
|
)
|
|
(4.74
|
)
|
|
0.76
|
|
|
16
|
%
|
|||
|
|
|
|
|
|
|
|
|
||||||
Natural gas (per Mcf)
|
$
|
1.15
|
|
|
$
|
0.96
|
|
|
$
|
0.19
|
|
|
20
|
%
|
Effect of derivative settlements on average price (per Mcf)
|
(0.25
|
)
|
|
0.30
|
|
|
(0.55
|
)
|
|
(183
|
)%
|
|||
Natural gas net of hedging (per Mcf)
|
$
|
0.90
|
|
|
$
|
1.26
|
|
|
$
|
(0.36
|
)
|
|
(29
|
)%
|
|
|
|
|
|
|
|
|
|
||||||
Average NYMEX price for natural gas (per Mcf)
|
$
|
1.95
|
|
|
$
|
2.33
|
|
|
$
|
(0.38
|
)
|
|
(16
|
)%
|
Natural gas differential from NYMEX
|
(0.80
|
)
|
|
(1.37
|
)
|
|
0.57
|
|
|
42
|
%
|
|||
|
|
|
|
|
|
|
|
|
||||||
NGL (per Bbl)
|
$
|
12.58
|
|
|
$
|
14.47
|
|
|
$
|
(1.89
|
)
|
|
(13
|
)%
|
|
|
|
|
|
|
|
|
|
||||||
Net production:
|
|
|
|
|
|
|
|
|
||||||
Oil (MBbls)
|
3,247
|
|
|
3,872
|
|
|
(625
|
)
|
|
(16
|
)%
|
|||
Natural gas (MMcf)
|
10,354
|
|
|
11,491
|
|
|
(1,137
|
)
|
|
(10
|
)%
|
|||
NGL (MBbls)
|
1,370
|
|
|
1,234
|
|
|
136
|
|
|
11
|
%
|
|||
Total (MBoe)(1)
|
6,342
|
|
|
7,021
|
|
|
(679
|
)
|
|
(10
|
)%
|
|||
|
|
|
|
|
|
|
|
|
||||||
Average daily net production:
|
|
|
|
|
|
|
|
|
||||||
Oil (Bbls/d)
|
35,292
|
|
|
42,079
|
|
|
(6,787
|
)
|
|
(16
|
)%
|
|||
Natural gas (Mcf/d)
|
112,545
|
|
|
124,896
|
|
|
(12,351
|
)
|
|
(10
|
)%
|
|||
NGL (Bbls/d)
|
14,885
|
|
|
13,417
|
|
|
1,468
|
|
|
11
|
%
|
|||
Total (Boe/d)(1)
|
68,934
|
|
|
76,312
|
|
|
(7,378
|
)
|
|
(10
|
)%
|
|
(1)
|
Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe.
|
|
Three Months Ended September 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Operating costs (in thousands):
|
|
|
|
|
|
|
|
|||||||
Lease operating expenses
|
$
|
24,543
|
|
|
$
|
42,330
|
|
|
$
|
(17,787
|
)
|
|
(42
|
)%
|
Severance and ad valorem taxes
|
7,839
|
|
|
12,213
|
|
|
(4,374
|
)
|
|
(36
|
)%
|
|||
Gathering, processing and transportation expenses
|
19,130
|
|
|
20,853
|
|
|
(1,723
|
)
|
|
(8
|
)%
|
|||
Operating costs per Boe:
|
|
|
|
|
|
|
|
|
||||||
Lease operating expenses
|
$
|
3.87
|
|
|
$
|
6.03
|
|
|
$
|
(2.16
|
)
|
|
(36
|
)%
|
Severance and ad valorem taxes
|
1.24
|
|
|
1.74
|
|
|
(0.50
|
)
|
|
(29
|
)%
|
|||
Gathering, processing and transportation expenses
|
3.02
|
|
|
2.97
|
|
|
0.05
|
|
|
2
|
%
|
|
Three Months Ended September 30,
|
||||||
(in thousands, except per Boe data)
|
2020
|
|
2019
|
||||
Depreciation, depletion and amortization
|
$
|
89,444
|
|
|
$
|
112,720
|
|
Depreciation, depletion and amortization per Boe
|
$
|
14.10
|
|
|
$
|
16.06
|
|
|
Three Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Geological and geophysical costs
|
$
|
1,055
|
|
|
$
|
2,116
|
|
Stock-based compensation
|
256
|
|
|
753
|
|
||
Other expenses
|
1,359
|
|
|
—
|
|
||
Exploration and other expenses
|
$
|
2,670
|
|
|
$
|
2,869
|
|
|
Three Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Cash general and administrative expenses
|
$
|
11,741
|
|
|
$
|
12,679
|
|
Stock-based compensation - equity awards
|
4,772
|
|
|
7,357
|
|
||
Stock-based compensation - liability awards
|
487
|
|
|
—
|
|
||
Severance payments
|
582
|
|
|
—
|
|
||
General and administrative expenses
|
$
|
17,582
|
|
|
$
|
20,036
|
|
|
Three Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Credit facility
|
$
|
3,930
|
|
|
$
|
1,566
|
|
8.00% Senior Secured Notes due 2025
|
2,514
|
|
|
—
|
|
||
5.375% Senior Notes due 2026
|
3,889
|
|
|
5,375
|
|
||
6.875% Senior Notes due 2027
|
6,125
|
|
|
8,594
|
|
||
Amortization of debt issuance costs and discount
|
1,778
|
|
|
783
|
|
||
Interest capitalized
|
(518
|
)
|
|
(1,072
|
)
|
||
Total
|
$
|
17,718
|
|
|
$
|
15,246
|
|
|
Three Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Settlement gains (losses)
|
$
|
(34,486
|
)
|
|
$
|
(8,218
|
)
|
Non-cash mark-to-market derivative gain (loss)
|
32,518
|
|
|
9,740
|
|
||
Total
|
$
|
(1,968
|
)
|
|
$
|
1,522
|
|
|
Three Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Income (loss) before income taxes
|
$
|
(51,529
|
)
|
|
$
|
(2,320
|
)
|
Income tax (expense) benefit
|
—
|
|
|
(1,393
|
)
|
|
Nine Months Ended September 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Net revenues (in thousands):
|
|
|
|
|
|
|
|
|||||||
Oil sales
|
$
|
363,571
|
|
|
$
|
590,055
|
|
|
$
|
(226,484
|
)
|
|
(38
|
)%
|
Natural gas sales
|
29,052
|
|
|
31,655
|
|
|
(2,603
|
)
|
|
(8
|
)%
|
|||
NGL sales
|
39,756
|
|
|
66,228
|
|
|
(26,472
|
)
|
|
(40
|
)%
|
|||
Oil and gas sales
|
$
|
432,379
|
|
|
$
|
687,938
|
|
|
$
|
(255,559
|
)
|
|
(37
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Average sales prices:
|
|
|
|
|
|
|
|
|||||||
Oil (per Bbl)
|
$
|
34.86
|
|
|
$
|
51.58
|
|
|
$
|
(16.72
|
)
|
|
(32
|
)%
|
Effect of derivative settlements on average price (per Bbl)
|
(3.58
|
)
|
|
(1.15
|
)
|
|
(2.43
|
)
|
|
(211
|
)%
|
|||
Oil net of hedging (per Bbl)
|
$
|
31.28
|
|
|
$
|
50.43
|
|
|
$
|
(19.15
|
)
|
|
(38
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Average NYMEX price for oil (per Bbl)
|
$
|
38.37
|
|
|
$
|
57.05
|
|
|
$
|
(18.68
|
)
|
|
(33
|
)%
|
Oil differential from NYMEX
|
(3.51
|
)
|
|
(5.47
|
)
|
|
1.96
|
|
|
36
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Natural gas (per Mcf)
|
$
|
0.93
|
|
|
$
|
1.04
|
|
|
$
|
(0.11
|
)
|
|
(11
|
)%
|
Effect of derivative settlements on average price (per Mcf)
|
(0.13
|
)
|
|
0.36
|
|
|
(0.49
|
)
|
|
(136
|
)%
|
|||
Natural gas net of hedging (per Mcf)
|
$
|
0.80
|
|
|
$
|
1.40
|
|
|
$
|
(0.60
|
)
|
|
(43
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Average NYMEX price for natural gas (per Mcf)
|
$
|
1.82
|
|
|
$
|
2.57
|
|
|
$
|
(0.75
|
)
|
|
(29
|
)%
|
Natural gas differential from NYMEX
|
(0.89
|
)
|
|
(1.53
|
)
|
|
0.64
|
|
|
42
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
NGL (per Bbl)
|
$
|
11.50
|
|
|
$
|
16.88
|
|
|
$
|
(5.38
|
)
|
|
(32
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Net production:
|
|
|
|
|
|
|
|
|||||||
Oil (MBbls)
|
10,429
|
|
|
11,440
|
|
|
(1,011
|
)
|
|
(9
|
)%
|
|||
Natural gas (MMcf)
|
31,209
|
|
|
30,409
|
|
|
800
|
|
|
3
|
%
|
|||
NGL (MBbls)
|
3,458
|
|
|
3,923
|
|
|
(465
|
)
|
|
(12
|
)%
|
|||
Total (MBoe)(1)
|
19,088
|
|
|
20,431
|
|
|
(1,343
|
)
|
|
(7
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average daily net production:
|
|
|
|
|
|
|
|
|||||||
Oil (Bbls/d)
|
38,061
|
|
|
41,903
|
|
|
(3,842
|
)
|
|
(9
|
)%
|
|||
Natural gas (Mcf/d)
|
113,900
|
|
|
111,388
|
|
|
2,512
|
|
|
2
|
%
|
|||
NGLs (Bbls/d)
|
12,619
|
|
|
14,371
|
|
|
(1,752
|
)
|
|
(12
|
)%
|
|||
Total (Boe/d)(1)
|
69,664
|
|
|
74,839
|
|
|
(5,175
|
)
|
|
(7
|
)%
|
|
(1)
|
Calculated by converting natural gas to oil equivalent barrels at a ratio of six Mcf of natural gas to one Boe.
|
|
Nine Months Ended September 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
2020
|
|
2019
|
|
$
|
|
%
|
|||||||
Operating costs (in thousands):
|
|
|
|
|
|
|
|
|||||||
Lease operating expenses
|
$
|
83,021
|
|
|
$
|
107,077
|
|
|
$
|
(24,056
|
)
|
|
(22
|
)%
|
Severance and ad valorem taxes
|
30,108
|
|
|
45,519
|
|
|
(15,411
|
)
|
|
(34
|
)%
|
|||
Gathering, processing and transportation expenses
|
53,353
|
|
|
52,120
|
|
|
1,233
|
|
|
2
|
%
|
|||
Operating costs per Boe:
|
|
|
|
|
|
|
|
|
|
|||||
Lease operating expenses
|
$
|
4.35
|
|
|
$
|
5.24
|
|
|
$
|
(0.89
|
)
|
|
(17
|
)%
|
Severance and ad valorem taxes
|
1.58
|
|
|
2.23
|
|
|
(0.65
|
)
|
|
(29
|
)%
|
|||
Gathering, processing and transportation expenses
|
2.80
|
|
|
2.55
|
|
|
0.25
|
|
|
10
|
%
|
|
Nine Months Ended September 30,
|
||||||
(in thousands, except per Boe data)
|
2020
|
|
2019
|
||||
Depreciation, depletion and amortization
|
$
|
283,722
|
|
|
$
|
321,392
|
|
Depreciation, depletion and amortization per Boe
|
$
|
14.86
|
|
|
$
|
15.73
|
|
|
Nine Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Geological and geophysical costs
|
$
|
4,129
|
|
|
$
|
6,928
|
|
Rig termination fees
|
3,046
|
|
|
284
|
|
||
Stock-based compensation
|
1,230
|
|
|
2,034
|
|
||
Severance payments
|
722
|
|
|
—
|
|
||
Other expenses
|
1,603
|
|
|
—
|
|
||
Exploration and other expenses
|
$
|
10,730
|
|
|
$
|
9,246
|
|
|
Nine Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Cash general and administrative expenses
|
$
|
35,559
|
|
|
$
|
37,272
|
|
Stock-based compensation expense - equity awards
|
14,934
|
|
|
19,317
|
|
||
Stock-based compensation expense - liability awards
|
487
|
|
|
—
|
|
||
Severance payments
|
3,466
|
|
|
—
|
|
||
General and administrative expenses
|
$
|
54,446
|
|
|
$
|
56,589
|
|
|
Nine Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Credit facility
|
$
|
9,256
|
|
|
$
|
6,179
|
|
8.00% Senior Secured Notes due 2025
|
3,643
|
|
|
—
|
|
||
5.375% Senior Notes due 2026
|
13,995
|
|
|
16,124
|
|
||
6.875% Senior Notes due 2027
|
22,243
|
|
|
18,716
|
|
||
Amortization of debt issuance costs and discount
|
4,112
|
|
|
2,070
|
|
||
Interest capitalized
|
(1,739
|
)
|
|
(3,246
|
)
|
||
Total
|
$
|
51,510
|
|
|
$
|
39,843
|
|
|
Nine Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Settlement gains (losses)
|
$
|
(41,433
|
)
|
|
$
|
(2,207
|
)
|
Non-cash mark-to-market derivative gain (loss)
|
1,103
|
|
|
(14
|
)
|
||
Total
|
$
|
(40,330
|
)
|
|
$
|
(2,221
|
)
|
|
Nine Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Income (loss) before income taxes
|
$
|
(681,668
|
)
|
|
$
|
11,810
|
|
Income tax (expense) benefit
|
85,124
|
|
|
(5,058
|
)
|
(in millions)
|
Nine Months Ended September 30, 2020
|
||
Drilling and completion capital expenditures
|
$
|
187.9
|
|
Facilities, infrastructure and other
|
33.2
|
|
|
Land
|
3.8
|
|
|
Total capital expenditures incurred
|
$
|
224.9
|
|
|
Nine Months Ended September 30,
|
||||||
(in thousands)
|
2020
|
|
2019
|
||||
Net cash provided by operating activities
|
$
|
130,232
|
|
|
$
|
384,875
|
|
Net cash used in investing activities
|
(308,009
|
)
|
|
(698,120
|
)
|
||
Net cash provided by financing activities
|
172,752
|
|
|
308,064
|
|
|
Period
|
|
Volume (Bbls)
|
|
Volume
(Bbls/d) |
|
Weighted Average
Fixed Price ($/Bbl)(1)
|
||
Crude oil swaps
|
|
|
|
|
|
|
|
||
NYMEX WTI
|
October 2020 - December 2020
|
|
1,196,000
|
|
|
13,000
|
|
|
$38.89
|
|
January 2021 - March 2021
|
|
810,000
|
|
|
9,000
|
|
|
41.81
|
|
April 2021 - June 2021
|
|
273,000
|
|
|
3,000
|
|
|
42.89
|
|
July 2021 - September 2021
|
|
92,000
|
|
|
1,000
|
|
|
45.53
|
|
October 2021 - December 2021
|
|
92,000
|
|
|
1,000
|
|
|
45.65
|
|
|
|
|
|
|
|
|
||
ICE Brent
|
January 2021 - March 2021
|
|
270,000
|
|
|
3,000
|
|
|
$46.85
|
|
April 2021 - June 2021
|
|
182,000
|
|
|
2,000
|
|
|
48.01
|
|
July 2021 - September 2021
|
|
184,000
|
|
|
2,000
|
|
|
48.25
|
|
October 2021 - December 2021
|
|
184,000
|
|
|
2,000
|
|
|
48.50
|
|
|
|
|
|
|
|
|
||
|
Period
|
|
Volume (Bbls)
|
|
Volume
(Bbls/d) |
|
Weighted Average Differential ($/Bbl)(2)
|
||
Crude oil basis swaps
|
October 2020 - December 2020
|
|
1,196,000
|
|
|
13,000
|
|
|
$0.51
|
|
January 2021 - March 2021
|
|
810,000
|
|
|
9,000
|
|
|
0.01
|
|
April 2021 - June 2021
|
|
91,000
|
|
|
1,000
|
|
|
0.25
|
|
July 2021 - September 2021
|
|
92,000
|
|
|
1,000
|
|
|
0.20
|
|
October 2021 - December 2021
|
|
92,000
|
|
|
1,000
|
|
|
0.20
|
|
Period
|
|
Volume (Bbls)
|
|
Volume
(Bbls/d) |
|
Weighted Average Collar Price Ranges
($/Bbl)(3)
|
||||
Crude oil collars
|
October 2020 - December 2020
|
|
276,000
|
|
|
3,000
|
|
|
$39.33
|
-
|
$45.02
|
|
(1)
|
These crude oil swap transactions are settled based on the NYMEX WTI or ICE Brent oil price on each trading day within the specified monthly settlement period.
|
(2)
|
These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period.
|
(3)
|
These crude oil collars are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period and establish floor and ceiling prices for the contracted volumes.
|
|
Period
|
|
Volume (MMBtu)
|
|
Volume (MMBtu/d)
|
|
Weighted Average Fixed Price ($/MMBtu)(1)
|
||
Natural gas swaps
|
October 2020 - December 2020
|
|
3,370,000
|
|
|
36,630
|
|
|
$2.65
|
|
January 2021 - March 2021
|
|
5,400,000
|
|
|
60,000
|
|
|
2.91
|
|
April 2021 - June 2021
|
|
3,640,000
|
|
|
40,000
|
|
|
2.89
|
|
July 2021 - September 2021
|
|
3,680,000
|
|
|
40,000
|
|
|
2.89
|
|
October 2021 - December 2021
|
|
3,680,000
|
|
|
40,000
|
|
|
2.95
|
|
|
|
|
|
|
|
|
||
|
Period
|
|
Volume (MMBtu)
|
|
Volume (MMBtu/d)
|
|
Weighted Average Differential ($/MMBtu)(2)
|
||
Natural gas basis swaps
|
October 2020 - December 2020
|
|
930,000
|
|
|
10,109
|
|
|
$(1.62)
|
|
January 2021 - March 2021
|
|
1,800,000
|
|
|
20,000
|
|
|
(0.30)
|
|
April 2021 - June 2021
|
|
3,640,000
|
|
|
40,000
|
|
|
(0.30)
|
|
July 2021 - September 2021
|
|
3,680,000
|
|
|
40,000
|
|
|
(0.30)
|
|
October 2021 - December 2021
|
|
3,680,000
|
|
|
40,000
|
|
|
(0.28)
|
|
Period
|
|
Volume (MMBtu)
|
|
Volume (MMBtu/d)
|
|
Weighted Average Collar Price Ranges
($/MMBtu)(3) |
||||
Natural gas collars
|
October 2020 - December 2020
|
|
1,220,000
|
|
|
13,261
|
|
|
$2.90
|
-
|
$3.64
|
|
January 2021 - March 2021
|
|
1,800,000
|
|
|
20,000
|
|
|
2.90
|
-
|
3.64
|
|
(1)
|
These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period.
|
(2)
|
These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas, during each applicable settlement period.
|
(3)
|
These natural gas collars are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period and establish floor and ceiling prices for the contracted volumes.
|
(in thousands)
|
|
Commodity derivative asset (liability)
|
||
Net fair value of oil and gas derivative contracts outstanding as of December 31, 2019
|
|
$
|
(325
|
)
|
Contract settlements
|
|
41,433
|
|
|
Change in the futures curve of forecasted commodity prices(1)
|
|
(40,330
|
)
|
|
Net fair value of oil and gas derivative contracts outstanding as of September 30, 2020
|
|
$
|
778
|
|
|
(1)
|
At inception, new derivative contracts entered into by us have no intrinsic value.
|
•
|
the actual prices we receive for oil, natural gas and NGLs;
|
•
|
the actual development and production expenditures;
|
•
|
the amount and timing of actual production; and
|
•
|
changes in governmental regulations or taxation.
|
Exhibit
Number |
|
Description of Exhibit
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
3.5
|
|
|
3.6
|
|
|
10.1#
|
|
|
10.2#
|
|
|
10.3
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1*
|
|
|
32.2*
|
|
|
101.INS*
|
|
Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
101.SCH*
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
101.CAL*
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF*
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB*
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE*
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
CENTENNIAL RESOURCE DEVELOPMENT, INC.
|
|
|
|
|
|
By:
|
/s/ GEORGE S. GLYPHIS
|
|
|
George S. Glyphis
Vice President, Chief Financial Officer and Assistant Secretary
|
|
|
|
|
Date:
|
November 3, 2020
|
1 Year Centennial Resource Deve... Chart |
1 Month Centennial Resource Deve... Chart |
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