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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Carrizo Oil and Gas Inc | NASDAQ:CRZO | 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% | 7.83 | 7.91 | 7.99 | 0 | 01:00:00 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Texas
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76-0415919
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(State or other jurisdiction of
incorporation or organization)
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(IRS Employer
Identification No.)
|
|
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500 Dallas Street, Suite 2300, Houston, Texas
|
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77002
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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þ
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Accelerated filer
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¨
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||||||
Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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PAGE
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Part I. Financial Information
|
|
|
Item 1.
|
Consolidated Financial Statements
(Unaudited)
|
|
|
||
|
||
|
||
|
||
|
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Item 2.
|
||
Item 3.
|
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Item 4.
|
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Part II. Other Information
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
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Item 6.
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Signatures
|
|
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June 30,
2017 |
|
December 31,
2016 |
||||
Assets
|
|
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
|
$2,228
|
|
|
|
$4,194
|
|
Accounts receivable, net
|
|
72,401
|
|
|
64,208
|
|
||
Derivative assets
|
|
15,283
|
|
|
1,237
|
|
||
Other current assets
|
|
5,486
|
|
|
3,349
|
|
||
Total current assets
|
|
95,398
|
|
|
72,988
|
|
||
Property and equipment
|
|
|
|
|
||||
Oil and gas properties, full cost method
|
|
|
|
|
||||
Proved properties, net
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|
1,475,131
|
|
|
1,294,667
|
|
||
Unproved properties, not being amortized
|
|
288,997
|
|
|
240,961
|
|
||
Other property and equipment, net
|
|
9,031
|
|
|
10,132
|
|
||
Total property and equipment, net
|
|
1,773,159
|
|
|
1,545,760
|
|
||
Deposit for pending acquisition of oil and gas properties
|
|
75,000
|
|
|
—
|
|
||
Other assets
|
|
20,262
|
|
|
7,579
|
|
||
Total Assets
|
|
|
$1,963,819
|
|
|
|
$1,626,327
|
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
|
$68,215
|
|
|
|
$55,631
|
|
Revenues and royalties payable
|
|
45,860
|
|
|
38,107
|
|
||
Accrued capital expenditures
|
|
80,435
|
|
|
36,594
|
|
||
Accrued interest
|
|
22,076
|
|
|
22,016
|
|
||
Accrued lease operating expense
|
|
14,732
|
|
|
12,377
|
|
||
Derivative liabilities
|
|
2,012
|
|
|
22,601
|
|
||
Other current liabilities
|
|
25,730
|
|
|
24,633
|
|
||
Total current liabilities
|
|
259,060
|
|
|
211,959
|
|
||
Long-term debt
|
|
1,521,986
|
|
|
1,325,418
|
|
||
Asset retirement obligations
|
|
22,731
|
|
|
20,848
|
|
||
Derivative liabilities
|
|
13,652
|
|
|
27,528
|
|
||
Other liabilities
|
|
14,559
|
|
|
17,116
|
|
||
Total liabilities
|
|
1,831,988
|
|
|
1,602,869
|
|
||
Commitments and contingencies
|
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
|
||||
Common stock, $0.01 par value, 180,000,000 shares authorized; 65,835,820 issued and outstanding as of June 30, 2017 and 90,000,000 shares authorized; 65,132,499 issued and outstanding as of December 31, 2016
|
|
658
|
|
|
651
|
|
||
Additional paid-in capital
|
|
1,677,930
|
|
|
1,665,891
|
|
||
Accumulated deficit
|
|
(1,546,757
|
)
|
|
(1,643,084
|
)
|
||
Total shareholders’ equity
|
|
131,831
|
|
|
23,458
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
|
$1,963,819
|
|
|
|
$1,626,327
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
|
|
|
|
|
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|
||||||||
Crude oil
|
|
$142,806
|
|
|
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$91,608
|
|
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$270,898
|
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|
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$159,604
|
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Natural gas liquids
|
7,786
|
|
|
6,063
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|
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15,211
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|
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9,503
|
|
||||
Natural gas
|
15,891
|
|
|
9,653
|
|
|
31,729
|
|
|
19,479
|
|
||||
Total revenues
|
166,483
|
|
|
107,324
|
|
|
317,838
|
|
|
188,586
|
|
||||
|
|
|
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|
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|
||||||||
Costs and Expenses
|
|
|
|
|
|
|
|
||||||||
Lease operating
|
36,048
|
|
|
23,114
|
|
|
65,893
|
|
|
46,789
|
|
||||
Production taxes
|
7,143
|
|
|
4,623
|
|
|
13,351
|
|
|
8,054
|
|
||||
Ad valorem taxes
|
1,073
|
|
|
454
|
|
|
4,040
|
|
|
2,524
|
|
||||
Depreciation, depletion and amortization
|
59,072
|
|
|
51,966
|
|
|
113,454
|
|
|
111,543
|
|
||||
General and administrative, net
|
11,596
|
|
|
19,624
|
|
|
33,299
|
|
|
40,927
|
|
||||
(Gain) loss on derivatives, net
|
(26,065
|
)
|
|
52,235
|
|
|
(51,381
|
)
|
|
41,682
|
|
||||
Interest expense, net
|
21,106
|
|
|
19,010
|
|
|
41,677
|
|
|
37,723
|
|
||||
Impairment of proved oil and gas properties
|
—
|
|
|
197,070
|
|
|
—
|
|
|
471,483
|
|
||||
Other (income) expense, net
|
204
|
|
|
1,162
|
|
|
1,178
|
|
|
1,069
|
|
||||
Total costs and expenses
|
110,177
|
|
|
369,258
|
|
|
221,511
|
|
|
761,794
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (Loss) Before Income Taxes
|
56,306
|
|
|
(261,934
|
)
|
|
96,327
|
|
|
(573,208
|
)
|
||||
Income tax expense
|
—
|
|
|
(192
|
)
|
|
—
|
|
|
(313
|
)
|
||||
Net Income (Loss)
|
|
$56,306
|
|
|
|
($262,126
|
)
|
|
|
$96,327
|
|
|
|
($573,521
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net Income (Loss) Per Common Share
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$0.86
|
|
|
|
($4.46
|
)
|
|
|
$1.47
|
|
|
|
($9.79
|
)
|
Diluted
|
|
$0.85
|
|
|
|
($4.46
|
)
|
|
|
$1.46
|
|
|
|
($9.79
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Common Shares Outstanding
|
|
|
|
|
|
|
|
||||||||
Basic
|
65,767
|
|
|
58,806
|
|
|
65,479
|
|
|
58,583
|
|
||||
Diluted
|
65,908
|
|
|
58,806
|
|
|
65,866
|
|
|
58,583
|
|
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Deficit |
|
Total
Shareholders’ Equity |
|||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
||||||||||||
Balance as of December 31, 2016
|
|
65,132,499
|
|
|
|
$651
|
|
|
|
$1,665,891
|
|
|
|
($1,643,084
|
)
|
|
|
$23,458
|
|
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
12,063
|
|
|
—
|
|
|
12,063
|
|
||||
Issuance of common stock upon grants of restricted stock awards and vestings of restricted stock units and performance shares
|
|
703,321
|
|
|
7
|
|
|
(24
|
)
|
|
—
|
|
|
(17
|
)
|
||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96,327
|
|
|
96,327
|
|
||||
Balance as of June 30, 2017
|
|
65,835,820
|
|
|
|
$658
|
|
|
|
$1,677,930
|
|
|
|
($1,546,757
|
)
|
|
|
$131,831
|
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
Cash Flows From Operating Activities
|
|
|
|
||||
Net income (loss)
|
|
$96,327
|
|
|
|
($573,521
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities
|
|
|
|
||||
Depreciation, depletion and amortization
|
113,454
|
|
|
111,543
|
|
||
Impairment of proved oil and gas properties
|
—
|
|
|
471,483
|
|
||
(Gain) loss on derivatives, net
|
(51,381
|
)
|
|
41,682
|
|
||
Cash received for derivative settlements, net
|
1,258
|
|
|
78,463
|
|
||
Stock-based compensation expense, net
|
3,596
|
|
|
22,414
|
|
||
Non-cash interest expense, net
|
2,074
|
|
|
2,064
|
|
||
Other, net
|
2,767
|
|
|
2,342
|
|
||
Changes in components of working capital and other assets and liabilities-
|
|
|
|
||||
Accounts receivable
|
(8,094
|
)
|
|
(1,392
|
)
|
||
Accounts payable
|
14,486
|
|
|
(19,200
|
)
|
||
Accrued liabilities
|
5,650
|
|
|
(8,776
|
)
|
||
Other assets and liabilities, net
|
(982
|
)
|
|
(1,063
|
)
|
||
Net cash provided by operating activities
|
179,155
|
|
|
126,039
|
|
||
Cash Flows From Investing Activities
|
|
|
|
||||
Capital expenditures - oil and gas properties
|
(290,625
|
)
|
|
(239,861
|
)
|
||
Acquisitions of oil and gas properties
|
(16,533
|
)
|
|
—
|
|
||
Deposit for pending acquisition of oil and gas properties
|
(75,000
|
)
|
|
—
|
|
||
Proceeds from sales of oil and gas properties, net
|
18,201
|
|
|
14,637
|
|
||
Other, net
|
(2,479
|
)
|
|
(873
|
)
|
||
Net cash used in investing activities
|
(366,436
|
)
|
|
(226,097
|
)
|
||
Cash Flows From Financing Activities
|
|
|
|
||||
Borrowings under credit agreement
|
919,097
|
|
|
290,652
|
|
||
Repayments of borrowings under credit agreement
|
(723,797
|
)
|
|
(229,652
|
)
|
||
Payments of debt issuance costs
|
(4,368
|
)
|
|
(1,150
|
)
|
||
Payment of commitment fee for pending issuance of preferred stock
|
(5,000
|
)
|
|
—
|
|
||
Other, net
|
(617
|
)
|
|
(552
|
)
|
||
Net cash provided by financing activities
|
185,315
|
|
|
59,298
|
|
||
Net Decrease in Cash and Cash Equivalents
|
(1,966
|
)
|
|
(40,760
|
)
|
||
Cash and Cash Equivalents, Beginning of Period
|
4,194
|
|
|
42,918
|
|
||
Cash and Cash Equivalents, End of Period
|
|
$2,228
|
|
|
|
$2,158
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands, except per share amounts)
|
||||||||||||||
Net Income (Loss)
|
|
|
$56,306
|
|
|
|
($262,126
|
)
|
|
|
$96,327
|
|
|
|
($573,521
|
)
|
Basic weighted average common shares outstanding
|
|
65,767
|
|
|
58,806
|
|
|
65,479
|
|
|
58,583
|
|
||||
Effect of dilutive instruments
|
|
141
|
|
|
—
|
|
|
387
|
|
|
—
|
|
||||
Diluted weighted average common shares outstanding
|
|
65,908
|
|
|
58,806
|
|
|
65,866
|
|
|
58,583
|
|
||||
Net Income (Loss) Per Common Share
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
$0.86
|
|
|
|
($4.46
|
)
|
|
|
$1.47
|
|
|
|
($9.79
|
)
|
Diluted
|
|
|
$0.85
|
|
|
|
($4.46
|
)
|
|
|
$1.46
|
|
|
|
($9.79
|
)
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||
|
|
(In thousands)
|
|
||||||||||||
Dilutive
|
|
141
|
|
|
—
|
|
|
387
|
|
|
—
|
|
|
||
Anti-dilutive
|
|
209
|
|
|
675
|
|
(1
|
)
|
78
|
|
|
655
|
|
(1
|
)
|
|
(1)
|
For the
three and six months ended June 30,
2016
, the Company reported a net loss. As a result, all potentially dilutive common shares outstanding were anti-dilutive.
|
|
|
Preliminary Purchase Price Allocation
|
||
|
|
(In thousands)
|
||
Assets
|
|
|
||
Other current assets
|
|
|
$477
|
|
Oil and gas properties
|
|
|
||
Proved properties
|
|
99,938
|
|
|
Unproved properties
|
|
74,536
|
|
|
Total oil and gas properties
|
|
|
$174,474
|
|
Total assets acquired
|
|
|
$174,951
|
|
|
|
|
||
Liabilities
|
|
|
||
Revenues and royalties payable
|
|
|
$1,442
|
|
Other current liabilities
|
|
323
|
|
|
Asset retirement obligations
|
|
2,054
|
|
|
Other liabilities
|
|
1,078
|
|
|
Total liabilities assumed
|
|
|
$4,897
|
|
Net Assets Acquired
|
|
|
$170,054
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(In thousands)
|
||||||
Oil and gas properties, full cost method
|
|
|
|
|
||||
Proved properties
|
|
|
$4,978,535
|
|
|
|
$4,687,416
|
|
Accumulated depreciation, depletion and amortization and impairments
|
|
(3,503,404
|
)
|
|
(3,392,749
|
)
|
||
Proved properties, net
|
|
1,475,131
|
|
|
1,294,667
|
|
||
Unproved properties, not being amortized
|
|
|
|
|
||||
Unevaluated leasehold and seismic costs
|
|
253,787
|
|
|
211,067
|
|
||
Capitalized interest
|
|
35,210
|
|
|
29,894
|
|
||
Total unproved properties, not being amortized
|
|
288,997
|
|
|
240,961
|
|
||
Other property and equipment
|
|
23,284
|
|
|
23,127
|
|
||
Accumulated depreciation
|
|
(14,253
|
)
|
|
(12,995
|
)
|
||
Other property and equipment, net
|
|
9,031
|
|
|
10,132
|
|
||
Total property and equipment, net
|
|
|
$1,773,159
|
|
|
|
$1,545,760
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Income (loss) before income taxes
|
|
|
$56,306
|
|
|
|
($261,934
|
)
|
|
|
$96,327
|
|
|
|
($573,208
|
)
|
Income tax (expense) benefit at the statutory rate
|
|
(19,707
|
)
|
|
91,677
|
|
|
(33,714
|
)
|
|
200,623
|
|
||||
State income tax (expense) benefit, net of U.S. federal income taxes
|
|
(1,017
|
)
|
|
1,665
|
|
|
(1,727
|
)
|
|
3,284
|
|
||||
Tax shortfalls from stock-based compensation expense
|
|
(164
|
)
|
|
—
|
|
|
(2,756
|
)
|
|
—
|
|
||||
(Increase) decrease in deferred tax assets valuation allowance
|
|
20,948
|
|
|
(93,522
|
)
|
|
38,317
|
|
|
(204,201
|
)
|
||||
Other
|
|
(60
|
)
|
|
(12
|
)
|
|
(120
|
)
|
|
(19
|
)
|
||||
Income tax expense
|
|
|
$—
|
|
|
|
($192
|
)
|
|
|
$—
|
|
|
|
($313
|
)
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(In thousands)
|
||||||
Senior Secured Revolving Credit Facility due 2022
|
|
|
$282,300
|
|
|
|
$87,000
|
|
7.50% Senior Notes due 2020
|
|
600,000
|
|
|
600,000
|
|
||
Unamortized premium for 7.50% Senior Notes
|
|
898
|
|
|
1,020
|
|
||
Unamortized debt issuance costs for 7.50% Senior Notes
|
|
(6,796
|
)
|
|
(7,573
|
)
|
||
6.25% Senior Notes due 2023
|
|
650,000
|
|
|
650,000
|
|
||
Unamortized debt issuance costs for 6.25% Senior Notes
|
|
(8,841
|
)
|
|
(9,454
|
)
|
||
Other long-term debt due 2028
|
|
4,425
|
|
|
4,425
|
|
||
Long-term debt
|
|
|
$1,521,986
|
|
|
|
$1,325,418
|
|
Ratio of Outstanding Borrowings and Letters of Credit to Lender Commitments
|
|
Applicable Margin for
Base Rate Loans
|
|
Applicable Margin for
Eurodollar Loans
|
|
Commitment Fee
|
Less than 25%
|
|
1.00%
|
|
2.00%
|
|
0.375%
|
Greater than or equal to 25% but less than 50%
|
|
1.25%
|
|
2.25%
|
|
0.375%
|
Greater than or equal to 50% but less than 75%
|
|
1.50%
|
|
2.50%
|
|
0.500%
|
Greater than or equal to 75% but less than 90%
|
|
1.75%
|
|
2.75%
|
|
0.500%
|
Greater than or equal to 90%
|
|
2.00%
|
|
3.00%
|
|
0.500%
|
|
|
Restricted Stock Awards and Units
|
|
Weighted Average Grant Date
Fair Value
|
|||
For the Six Months Ended June 30, 2017
|
|
|
|
|
|||
Unvested restricted stock awards and units, beginning of period
|
|
1,111,710
|
|
|
|
$36.93
|
|
Granted
|
|
955,944
|
|
|
|
$26.43
|
|
Vested
|
|
(600,274
|
)
|
|
|
$39.48
|
|
Forfeited
|
|
(9,797
|
)
|
|
|
$29.22
|
|
Unvested restricted stock awards and units, end of period
|
|
1,457,583
|
|
|
|
$29.05
|
|
|
|
Stock Appreciation Rights
|
|
Weighted
Average
Exercise
Prices
|
|
Weighted Average Remaining Life
(In years)
|
|
Aggregate Intrinsic Value
(In millions)
|
|
Aggregate Intrinsic Value of Exercises
(In millions)
|
|||||||
For the Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|||||||
Outstanding, beginning of period
|
|
722,638
|
|
|
|
$23.69
|
|
|
|
|
|
|
|
||||
Granted
|
|
342,440
|
|
|
|
$26.94
|
|
|
|
|
|
|
|
||||
Exercised
|
|
(219,279
|
)
|
|
|
$17.28
|
|
|
|
|
|
|
|
$2.1
|
|
||
Forfeited
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|||||
Expired
|
|
(79,721
|
)
|
|
|
$28.68
|
|
|
|
|
|
|
|
||||
Outstanding, end of period
|
|
766,078
|
|
|
|
$26.46
|
|
|
3.9
|
|
|
$—
|
|
|
|
||
Vested, end of period
|
|
237,739
|
|
|
|
$25.11
|
|
|
|
|
|
|
|
||||
Vested and exercisable, end of period
|
|
—
|
|
|
|
$25.11
|
|
|
2.9
|
|
|
$—
|
|
|
|
|
|
Grant Date Fair Value Assumptions
|
|
Expected term (in years)
|
|
4.24
|
|
Expected volatility
|
|
54.3
|
%
|
Risk-free interest rate
|
|
1.8
|
%
|
Dividend yield
|
|
—
|
%
|
|
|
Performance Shares
(1)
|
|
Weighted Average Grant Date
Fair Value
|
|||
For the Six Months Ended June 30, 2017
|
|
|
|
|
|||
Unvested performance shares, beginning of period
|
|
154,510
|
|
|
|
$58.44
|
|
Granted
|
|
46,787
|
|
|
|
$35.14
|
|
Vested
|
|
(56,342
|
)
|
|
|
$68.15
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Unvested performance shares, end of period
|
|
144,955
|
|
|
|
$47.14
|
|
|
(1)
|
The performance shares presented in the table above are the target performance shares. The actual number of common stock issued upon vesting may vary depending on the Company
’
s final TSR ranking for the approximate three year performance period.
|
|
|
Grant Date Fair Value Assumptions
|
|
Number of simulations
|
|
500,000
|
|
Expected term (in years)
|
|
2.98
|
|
Expected volatility
|
|
59.2
|
%
|
Risk-free interest rate
|
|
1.5
|
%
|
Dividend yield
|
|
—
|
%
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Restricted stock awards and units
|
|
|
$5,024
|
|
|
|
$5,998
|
|
|
|
$10,873
|
|
|
|
$17,592
|
|
Stock appreciation rights
|
|
(3,783
|
)
|
|
4,988
|
|
|
(7,469
|
)
|
|
6,220
|
|
||||
Performance shares
|
|
574
|
|
|
714
|
|
|
1,280
|
|
|
1,330
|
|
||||
|
|
1,815
|
|
|
11,700
|
|
|
4,684
|
|
|
25,142
|
|
||||
Less: amounts capitalized to oil and gas properties
|
|
(233
|
)
|
|
(808
|
)
|
|
(1,088
|
)
|
|
(2,728
|
)
|
||||
Total stock-based compensation expense, net
|
|
|
$1,582
|
|
|
|
$10,892
|
|
|
|
$3,596
|
|
|
|
$22,414
|
|
Period
|
|
Type of Contract
|
|
Crude Oil Volumes
(in Bbls/d)
|
|
Weighted
Average Sub-Floor Price ($/Bbl) |
|
Weighted
Average
Floor Price
($/Bbl)
|
|
Weighted
Average
Ceiling Price
($/Bbl)
|
|||||||
Q3 2017
|
|
Fixed Price Swaps
|
|
12,000
|
|
|
|
|
|
$53.71
|
|
|
|
||||
Q4 2017
|
|
Fixed Price Swaps
|
|
9,000
|
|
|
|
|
|
$53.86
|
|
|
|
||||
FY 2018
|
|
Three-Way Collars
|
|
6,000
|
|
|
|
$40.00
|
|
|
|
$50.00
|
|
|
|
$65.00
|
|
FY 2018
|
|
Net Sold Call Options
|
|
3,388
|
|
|
|
|
|
|
|
$71.33
|
|
||||
FY 2019
|
|
Net Sold Call Options
|
|
3,875
|
|
|
|
|
|
|
|
$73.66
|
|
||||
FY 2020
|
|
Net Sold Call Options
|
|
4,575
|
|
|
|
|
|
|
$75.98
|
Period
|
|
Type of Contract
|
|
Natural Gas Volumes
(in MMBtu/d) |
|
Weighted Average
Floor Price ($/MMBtu)
|
|
Weighted
Average Ceiling Price ($/MMBtu) |
|||||
Q3 - Q4 2017
|
|
Fixed Price Swaps
|
|
20,000
|
|
|
|
$3.30
|
|
|
|
||
Q3 - Q4 2017
|
|
Sold Call Options
|
|
33,000
|
|
|
|
|
|
$3.00
|
|
||
FY 2018
|
|
Sold Call Options
|
|
33,000
|
|
|
|
|
|
$3.25
|
|
||
FY 2019
|
|
Sold Call Options
|
|
33,000
|
|
|
|
|
|
$3.25
|
|
||
FY 2020
|
|
Sold Call Options
|
|
33,000
|
|
|
|
|
|
$3.50
|
|
|
|
June 30, 2017
|
||||||||||
|
|
Gross Amounts Recognized
|
|
Gross Amounts Offset in the Consolidated Balance Sheets
|
|
Net Amounts Presented in the Consolidated Balance Sheets
|
||||||
|
|
(In thousands)
|
||||||||||
Derivative instruments
|
|
|
$20,457
|
|
|
|
($3,102
|
)
|
|
|
$17,355
|
|
Deferred premiums
|
|
—
|
|
|
(2,072
|
)
|
|
(2,072
|
)
|
|||
Derivative assets-current
|
|
|
$20,457
|
|
|
|
($5,174
|
)
|
|
|
$15,283
|
|
Derivative instruments
|
|
11,345
|
|
|
(8,610
|
)
|
|
2,735
|
|
|||
Deferred premiums
|
|
—
|
|
|
(1,124
|
)
|
|
(1,124
|
)
|
|||
Other assets-non current
|
|
|
$11,345
|
|
|
|
($9,734
|
)
|
|
|
$1,611
|
|
|
|
|
|
|
|
|
||||||
Derivative instruments
|
|
|
($3,859
|
)
|
|
|
$3,102
|
|
|
|
($757
|
)
|
Deferred premiums
|
|
(3,327
|
)
|
|
2,072
|
|
|
(1,255
|
)
|
|||
Derivative liabilities-current
|
|
|
($7,186
|
)
|
|
|
$5,174
|
|
|
|
($2,012
|
)
|
Derivative instruments
|
|
(15,564
|
)
|
|
8,610
|
|
|
(6,954
|
)
|
|||
Deferred premiums
|
|
(7,822
|
)
|
|
1,124
|
|
|
(6,698
|
)
|
|||
Derivative liabilities-non current
|
|
|
($23,386
|
)
|
|
|
$9,734
|
|
|
|
($13,652
|
)
|
|
|
December 31, 2016
|
||||||||||
|
|
Gross Amounts Recognized
|
|
Gross Amounts Offset in the Consolidated Balance Sheets
|
|
Net Amounts Presented in the Consolidated Balance Sheets
|
||||||
|
|
(In thousands)
|
||||||||||
Derivative instruments
|
|
|
$7,990
|
|
|
|
($6,753
|
)
|
|
|
$1,237
|
|
Deferred premiums
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Derivative assets-current
|
|
|
$7,990
|
|
|
|
($6,753
|
)
|
|
|
$1,237
|
|
Derivative instruments
|
|
3,882
|
|
|
(3,882
|
)
|
|
—
|
|
|||
Deferred premiums
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other assets-non current
|
|
|
$3,882
|
|
|
|
($3,882
|
)
|
|
|
$—
|
|
|
|
|
|
|
|
|
||||||
Derivative instruments
|
|
|
($27,346
|
)
|
|
|
$6,753
|
|
|
|
($20,593
|
)
|
Deferred premiums
|
|
(2,008
|
)
|
|
—
|
|
|
(2,008
|
)
|
|||
Derivative liabilities-current
|
|
|
($29,354
|
)
|
|
|
$6,753
|
|
|
|
($22,601
|
)
|
Derivative instruments
|
|
(28,841
|
)
|
|
3,882
|
|
|
(24,959
|
)
|
|||
Deferred premiums
|
|
(2,569
|
)
|
|
—
|
|
|
(2,569
|
)
|
|||
Derivative liabilities-non current
|
|
|
($31,410
|
)
|
|
|
$3,882
|
|
|
|
($27,528
|
)
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
(Gain) Loss on Derivatives, Net
|
|
|
|
|
|
|
|
|
||||||||
Crude oil
|
|
|
($29,736
|
)
|
|
|
$47,743
|
|
|
|
($48,163
|
)
|
|
|
$20,315
|
|
Natural gas
|
|
(3,883
|
)
|
|
4,417
|
|
|
(10,719
|
)
|
|
15,657
|
|
||||
Deferred premiums
|
|
7,554
|
|
|
75
|
|
|
7,501
|
|
|
5,710
|
|
||||
Total (Gain) Loss on Derivatives, Net
|
|
|
($26,065
|
)
|
|
|
$52,235
|
|
|
|
($51,381
|
)
|
|
|
$41,682
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(In thousands)
|
||||||||||||||
Cash Received (Paid) for Derivative Settlements, Net
|
|
|
|
|
|
|
|
|
||||||||
Crude oil
|
|
|
$409
|
|
|
|
$30,122
|
|
|
|
$3,441
|
|
|
|
$81,384
|
|
Natural gas
|
|
(104
|
)
|
|
—
|
|
|
(1,253
|
)
|
|
—
|
|
||||
Deferred premiums
|
|
(566
|
)
|
|
(2,822
|
)
|
|
(930
|
)
|
|
(2,921
|
)
|
||||
Total Cash Received (Paid) for Derivative Settlements, Net
|
|
|
($261
|
)
|
|
|
$27,300
|
|
|
|
$1,258
|
|
|
|
$78,463
|
|
|
|
June 30, 2017
|
||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
|
|
(In thousands)
|
||||||||||
Derivative instrument assets
|
|
|
$—
|
|
|
|
$20,090
|
|
|
|
$—
|
|
Derivative instrument liabilities
|
|
|
$—
|
|
|
|
($7,711
|
)
|
|
|
$—
|
|
|
|
December 31, 2016
|
||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
|
|
(In thousands)
|
||||||||||
Derivative instrument assets
|
|
|
$—
|
|
|
|
$1,237
|
|
|
|
$—
|
|
Derivative instrument liabilities
|
|
|
$—
|
|
|
|
($45,552
|
)
|
|
|
$—
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
|
|
(In thousands)
|
||||||||||||||
7.50% Senior Notes due 2020
|
|
|
$594,102
|
|
|
|
$603,000
|
|
|
|
$593,447
|
|
|
|
$624,750
|
|
6.25% Senior Notes due 2023
|
|
641,159
|
|
|
617,500
|
|
|
640,546
|
|
|
672,750
|
|
||||
Other long-term debt due 2028
|
|
4,425
|
|
|
4,403
|
|
|
4,425
|
|
|
4,419
|
|
|
|
June 30, 2017
|
||||||||||||||||||
|
|
Parent
Company
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current assets
|
|
|
$2,882,550
|
|
|
|
$70,583
|
|
|
|
$—
|
|
|
|
($2,857,735
|
)
|
|
|
$95,398
|
|
Total property and equipment, net
|
|
38,260
|
|
|
1,735,056
|
|
|
3,800
|
|
|
(3,957
|
)
|
|
1,773,159
|
|
|||||
Investment in subsidiaries
|
|
(1,159,581
|
)
|
|
—
|
|
|
—
|
|
|
1,159,581
|
|
|
—
|
|
|||||
Other assets
|
|
20,107
|
|
|
75,155
|
|
|
—
|
|
|
—
|
|
|
95,262
|
|
|||||
Total Assets
|
|
|
$1,781,336
|
|
|
|
$1,880,794
|
|
|
|
$3,800
|
|
|
|
($1,702,111
|
)
|
|
|
$1,963,819
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
|
|
$104,105
|
|
|
|
$3,011,910
|
|
|
|
$3,800
|
|
|
|
($2,860,755
|
)
|
|
|
$259,060
|
|
Long-term liabilities
|
|
1,528,585
|
|
|
28,465
|
|
|
—
|
|
|
15,878
|
|
|
1,572,928
|
|
|||||
Total shareholders’ equity
|
|
148,646
|
|
|
(1,159,581
|
)
|
|
—
|
|
|
1,142,766
|
|
|
131,831
|
|
|||||
Total Liabilities and Shareholders’ Equity
|
|
|
$1,781,336
|
|
|
|
$1,880,794
|
|
|
|
$3,800
|
|
|
|
($1,702,111
|
)
|
|
|
$1,963,819
|
|
|
|
December 31, 2016
|
||||||||||||||||||
|
|
Parent
Company
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total current assets
|
|
|
$2,735,830
|
|
|
|
$63,513
|
|
|
|
$—
|
|
|
|
($2,726,355
|
)
|
|
|
$72,988
|
|
Total property and equipment, net
|
|
42,181
|
|
|
1,503,695
|
|
|
3,800
|
|
|
(3,916
|
)
|
|
1,545,760
|
|
|||||
Investment in subsidiaries
|
|
(1,282,292
|
)
|
|
—
|
|
|
—
|
|
|
1,282,292
|
|
|
—
|
|
|||||
Other assets
|
|
7,423
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
7,579
|
|
|||||
Total Assets
|
|
|
$1,503,142
|
|
|
|
$1,567,364
|
|
|
|
$3,800
|
|
|
|
($1,447,979
|
)
|
|
|
$1,626,327
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
|
|
$114,805
|
|
|
|
$2,822,729
|
|
|
|
$3,800
|
|
|
|
($2,729,375
|
)
|
|
|
$211,959
|
|
Long-term liabilities
|
|
1,348,105
|
|
|
26,927
|
|
|
—
|
|
|
15,878
|
|
|
1,390,910
|
|
|||||
Total shareholders’ equity
|
|
40,232
|
|
|
(1,282,292
|
)
|
|
—
|
|
|
1,265,518
|
|
|
23,458
|
|
|||||
Total Liabilities and Shareholders’ Equity
|
|
|
$1,503,142
|
|
|
|
$1,567,364
|
|
|
|
$3,800
|
|
|
|
($1,447,979
|
)
|
|
|
$1,626,327
|
|
|
|
Three Months Ended June 30, 2017
|
||||||||||||||||||
|
|
Parent
Company
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Total revenues
|
|
|
$174
|
|
|
|
$166,309
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$166,483
|
|
Total costs and expenses
|
|
7,731
|
|
|
102,415
|
|
|
—
|
|
|
31
|
|
|
110,177
|
|
|||||
Income (loss) before income taxes
|
|
(7,557
|
)
|
|
63,894
|
|
|
—
|
|
|
(31
|
)
|
|
56,306
|
|
|||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|||||
Equity in income of subsidiaries
|
|
63,894
|
|
|
—
|
|
|
—
|
|
|
(63,894
|
)
|
|
—
|
|
|||||
Net income
|
|
|
$56,337
|
|
|
|
$63,894
|
|
|
|
$—
|
|
|
|
($63,925
|
)
|
|
|
$56,306
|
|
|
|
Three Months Ended June 30, 2016
|
||||||||||||||||||
|
|
Parent
Company
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Total revenues
|
|
|
$129
|
|
|
|
$107,195
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$107,324
|
|
Total costs and expenses
|
|
92,982
|
|
|
276,287
|
|
|
—
|
|
|
(11
|
)
|
|
369,258
|
|
|||||
Loss before income taxes
|
|
(92,853
|
)
|
|
(169,092
|
)
|
|
—
|
|
|
11
|
|
|
(261,934
|
)
|
|||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(192
|
)
|
|
(192
|
)
|
|||||
Equity in loss of subsidiaries
|
|
(169,092
|
)
|
|
—
|
|
|
—
|
|
|
169,092
|
|
|
—
|
|
|||||
Net loss
|
|
|
($261,945
|
)
|
|
|
($169,092
|
)
|
|
|
$—
|
|
|
|
$168,911
|
|
|
|
($262,126
|
)
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||
|
|
Parent
Company
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Total revenues
|
|
|
$256
|
|
|
|
$317,582
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$317,838
|
|
Total costs and expenses
|
|
26,599
|
|
|
194,871
|
|
|
—
|
|
|
41
|
|
|
221,511
|
|
|||||
Income (loss) before income taxes
|
|
(26,343
|
)
|
|
122,711
|
|
|
—
|
|
|
(41
|
)
|
|
96,327
|
|
|||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Equity in income of subsidiaries
|
|
122,711
|
|
|
—
|
|
|
—
|
|
|
(122,711
|
)
|
|
—
|
|
|||||
Net income
|
|
|
$96,368
|
|
|
|
$122,711
|
|
|
|
$—
|
|
|
|
($122,752
|
)
|
|
|
$96,327
|
|
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||
|
|
Parent
Company
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Total revenues
|
|
|
$244
|
|
|
|
$188,342
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$188,586
|
|
Total costs and expenses
|
|
122,894
|
|
|
638,535
|
|
|
—
|
|
|
365
|
|
|
761,794
|
|
|||||
Loss before income taxes
|
|
(122,650
|
)
|
|
(450,193
|
)
|
|
—
|
|
|
(365
|
)
|
|
(573,208
|
)
|
|||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(313
|
)
|
|
(313
|
)
|
|||||
Equity in loss of subsidiaries
|
|
(450,193
|
)
|
|
—
|
|
|
—
|
|
|
450,193
|
|
|
—
|
|
|||||
Net loss
|
|
|
($572,843
|
)
|
|
|
($450,193
|
)
|
|
|
$—
|
|
|
|
$449,515
|
|
|
|
($573,521
|
)
|
|
|
Six Months Ended June 30, 2017
|
||||||||||||||||||
|
|
Parent
Company
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by (used in) operating activities
|
|
|
($77,501
|
)
|
|
|
$256,656
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$179,155
|
|
Net cash used in investing activities
|
|
(109,780
|
)
|
|
(364,887
|
)
|
|
—
|
|
|
108,231
|
|
|
(366,436
|
)
|
|||||
Net cash provided by financing activities
|
|
185,315
|
|
|
108,231
|
|
|
—
|
|
|
(108,231
|
)
|
|
185,315
|
|
|||||
Net decrease in cash and cash equivalents
|
|
(1,966
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,966
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
|
4,194
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,194
|
|
|||||
Cash and cash equivalents, end of period
|
|
|
$2,228
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$2,228
|
|
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||
|
|
Parent
Company
|
|
Combined
Guarantor
Subsidiaries
|
|
Combined
Non-
Guarantor
Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
|
|
$609
|
|
|
|
$125,430
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$126,039
|
|
Net cash used in investing activities
|
|
(100,667
|
)
|
|
(224,656
|
)
|
|
(740
|
)
|
|
99,966
|
|
|
(226,097
|
)
|
|||||
Net cash provided by financing activities
|
|
59,298
|
|
|
99,226
|
|
|
740
|
|
|
(99,966
|
)
|
|
59,298
|
|
|||||
Net decrease in cash and cash equivalents
|
|
(40,760
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40,760
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
|
42,918
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,918
|
|
|||||
Cash and cash equivalents, end of period
|
|
|
$2,158
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$2,158
|
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Supplemental cash flow disclosures:
|
|
|
|
|
||||
Cash paid for interest, net of amounts capitalized
|
|
|
$39,603
|
|
|
|
$35,659
|
|
|
|
|
|
|
||||
Non-cash investing activities:
|
|
|
|
|
||||
Increase (decrease) in capital expenditure payables and accruals
|
|
|
$48,395
|
|
|
|
($23,198
|
)
|
Stock-based compensation expense capitalized to oil and gas properties
|
|
1,088
|
|
|
2,728
|
|
||
Asset retirement obligations capitalized to oil and gas properties
|
|
1,177
|
|
|
301
|
|
Period
|
|
Type of Contract
|
|
Crude Oil
Volumes
(in Bbls/d)
|
|
Weighted
Average
Sub-Floor Price
($/Bbl)
|
|
Weighted
Average
Floor Price
($/Bbl)
|
|
Weighted
Average
Ceiling Price
($/Bbl)
|
|||||||
FY 2018
|
|
Three-Way Collars
|
|
12,000
|
|
|
|
$38.75
|
|
|
|
$48.63
|
|
|
|
$58.23
|
|
FY 2019
|
|
Three-Way Collars
|
|
6,000
|
|
|
|
$40.00
|
|
|
|
$47.80
|
|
|
|
$61.45
|
|
|
|
Three Months Ended June 30, 2017
|
|
June 30, 2017
|
|||||||||||||||||||||||
|
|
Drilled
|
|
Completed
|
|
Drilled But Uncompleted
|
|
Producing
|
|
Rig count
|
|||||||||||||||||
Region
|
|
Gross
|
|
Net
|
|
Gross
|
|
Net
|
|
Gross
|
|
Net
|
|
Gross
|
|
Net
|
|
||||||||||
Eagle Ford
|
|
23
|
|
|
21.2
|
|
|
26
|
|
|
21.6
|
|
|
28
|
|
|
26.6
|
|
|
494
|
|
|
431.5
|
|
|
3
|
|
Delaware Basin
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
7.6
|
|
|
—
|
|
Niobrara
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
130
|
|
|
57.9
|
|
|
—
|
|
Marcellus
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
4.3
|
|
|
81
|
|
|
26.0
|
|
|
—
|
|
Utica and other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
3.1
|
|
|
—
|
|
Total
|
|
23
|
|
|
21.2
|
|
|
28
|
|
|
23.6
|
|
|
39
|
|
|
30.9
|
|
|
717
|
|
|
526.1
|
|
|
3
|
|
|
|
Three Months Ended
June 30, |
|
2017 Period
Compared to 2016 Period |
|||||||||||
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
|
% Increase (Decrease)
|
|||||||
Total production volumes -
|
|
|
|
|
|
|
|
|
|||||||
Crude oil (MBbls)
|
|
3,060
|
|
|
2,179
|
|
|
881
|
|
|
40
|
%
|
|||
NGLs (MBbls)
|
|
453
|
|
|
475
|
|
|
(22
|
)
|
|
(5
|
%)
|
|||
Natural gas (MMcf)
|
|
6,775
|
|
|
6,757
|
|
|
18
|
|
|
—
|
%
|
|||
Total barrels of oil equivalent (MBoe)
|
|
4,643
|
|
|
3,780
|
|
|
863
|
|
|
23
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Daily production volumes by product -
|
|
|
|
|
|
|
|
|
|||||||
Crude oil (Bbls/d)
|
|
33,629
|
|
|
23,942
|
|
|
9,687
|
|
|
40
|
%
|
|||
NGLs (Bbls/d)
|
|
4,982
|
|
|
5,217
|
|
|
(235
|
)
|
|
(5
|
%)
|
|||
Natural gas (Mcf/d)
|
|
74,451
|
|
|
74,248
|
|
|
203
|
|
|
—
|
%
|
|||
Total barrels of oil equivalent (Boe/d)
|
|
51,019
|
|
|
41,533
|
|
|
9,486
|
|
|
23
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Daily production volumes by region (Boe/d) -
|
|
|
|
|
|
|
|
|
|||||||
Eagle Ford
|
|
38,055
|
|
|
30,233
|
|
|
7,822
|
|
|
26
|
%
|
|||
Delaware Basin
|
|
2,151
|
|
|
489
|
|
|
1,662
|
|
|
340
|
%
|
|||
Niobrara
|
|
2,694
|
|
|
2,775
|
|
|
(81
|
)
|
|
(3
|
%)
|
|||
Marcellus
|
|
7,379
|
|
|
6,511
|
|
|
868
|
|
|
13
|
%
|
|||
Utica and other
|
|
740
|
|
|
1,525
|
|
|
(785
|
)
|
|
(51
|
%)
|
|||
Total barrels of oil equivalent (Boe/d)
|
|
51,019
|
|
|
41,533
|
|
|
9,486
|
|
|
23
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Average realized prices -
|
|
|
|
|
|
|
|
|
|||||||
Crude oil ($ per Bbl)
|
|
|
$46.67
|
|
|
|
$42.04
|
|
|
|
$4.63
|
|
|
11
|
%
|
NGLs ($ per Bbl)
|
|
17.19
|
|
|
12.76
|
|
|
4.43
|
|
|
35
|
%
|
|||
Natural gas ($ per Mcf)
|
|
2.35
|
|
|
1.43
|
|
|
0.92
|
|
|
64
|
%
|
|||
Total average realized price ($ per Boe)
|
|
|
$35.86
|
|
|
|
$28.39
|
|
|
|
$7.47
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Revenues (In thousands) -
|
|
|
|
|
|
|
|
|
|||||||
Crude oil
|
|
|
$142,806
|
|
|
|
$91,608
|
|
|
|
$51,198
|
|
|
56
|
%
|
NGLs
|
|
7,786
|
|
|
6,063
|
|
|
1,723
|
|
|
28
|
%
|
|||
Natural gas
|
|
15,891
|
|
|
9,653
|
|
|
6,238
|
|
|
65
|
%
|
|||
Total revenues
|
|
|
$166,483
|
|
|
|
$107,324
|
|
|
|
$59,159
|
|
|
55
|
%
|
|
|
Three Months Ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
DD&A of proved oil and gas properties
|
|
|
$57,695
|
|
|
|
$50,690
|
|
Depreciation of other property and equipment
|
|
612
|
|
|
665
|
|
||
Amortization of other assets
|
|
321
|
|
|
268
|
|
||
Accretion of asset retirement obligations
|
|
444
|
|
|
343
|
|
||
Total DD&A
|
|
|
$59,072
|
|
|
|
$51,966
|
|
|
|
Three Months Ended
June 30, |
|||||
|
|
2017
|
|
2016
|
|||
Impairment of proved oil and gas properties (in thousands)
|
|
|
$—
|
|
|
$197,070
|
|
Crude Oil 12-Month Average Realized Price ($/Bbl) - Beginning of period
|
|
$44.98
|
|
$43.14
|
|||
Crude Oil 12-Month Average Realized Price ($/Bbl) - End of period
|
|
$46.80
|
|
$39.84
|
|||
Crude Oil 12-Month Average Realized Price percentage increase (decrease) during period
|
|
4
|
%
|
|
(8
|
%)
|
|
|
Three Months Ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Crude oil derivative positions:
|
|
|
|
|
||||
Gain (loss) due to downward (upward) shift in the futures curve of forecasted crude oil prices during the period on derivative positions outstanding at the beginning of the period
|
|
|
$10,122
|
|
|
|
($47,743
|
)
|
Gain due to new derivative positions executed during the period
|
|
19,614
|
|
|
—
|
|
||
Loss due to deferred premiums
|
|
(7,554
|
)
|
|
(75
|
)
|
||
Natural gas derivative positions:
|
|
|
|
|
||||
Gain (loss) due to downward (upward) shift in the futures curve of forecasted natural gas prices during the period on derivative positions outstanding at the beginning of the period
|
|
3,883
|
|
|
(4,417
|
)
|
||
Gain (loss) on derivatives, net
|
|
|
$26,065
|
|
|
|
($52,235
|
)
|
|
|
Three Months Ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Interest expense on Senior Notes
|
|
|
$21,455
|
|
|
|
$21,455
|
|
Interest expense on revolving credit facility
|
|
2,261
|
|
|
989
|
|
||
Amortization of premiums and debt issuance costs
|
|
1,079
|
|
|
1,134
|
|
||
Other interest expense
|
|
298
|
|
|
260
|
|
||
Interest capitalized
|
|
(3,987
|
)
|
|
(4,828
|
)
|
||
Interest expense, net
|
|
|
$21,106
|
|
|
|
$19,010
|
|
|
|
Six Months Ended
June 30, |
|
2017 Period
Compared to 2016 Period |
|||||||||||
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
|
% Increase (Decrease)
|
|||||||
Total production volumes -
|
|
|
|
|
|
|
|
|
|||||||
Crude oil (MBbls)
|
|
5,656
|
|
|
4,527
|
|
|
1,129
|
|
|
25
|
%
|
|||
NGLs (MBbls)
|
|
859
|
|
|
889
|
|
|
(30
|
)
|
|
(3
|
%)
|
|||
Natural gas (MMcf)
|
|
13,803
|
|
|
13,130
|
|
|
673
|
|
|
5
|
%
|
|||
Total barrels of oil equivalent (MBoe)
|
|
8,816
|
|
|
7,604
|
|
|
1,212
|
|
|
16
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Daily production volumes by product -
|
|
|
|
|
|
|
|
|
|||||||
Crude oil (Bbls/d)
|
|
31,250
|
|
|
24,874
|
|
|
6,376
|
|
|
26
|
%
|
|||
NGLs (Bbls/d)
|
|
4,746
|
|
|
4,882
|
|
|
(136
|
)
|
|
(3
|
%)
|
|||
Natural gas (Mcf/d)
|
|
76,260
|
|
|
72,141
|
|
|
4,119
|
|
|
6
|
%
|
|||
Total barrels of oil equivalent (Boe/d)
|
|
48,706
|
|
|
41,779
|
|
|
6,927
|
|
|
17
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Daily production volumes by region (Boe/d) -
|
|
|
|
|
|
|
|
|
|||||||
Eagle Ford
|
|
35,332
|
|
|
30,602
|
|
|
4,730
|
|
|
15
|
%
|
|||
Delaware Basin
|
|
2,284
|
|
|
315
|
|
|
1,969
|
|
|
625
|
%
|
|||
Niobrara
|
|
2,729
|
|
|
2,980
|
|
|
(251
|
)
|
|
(8
|
%)
|
|||
Marcellus
|
|
7,652
|
|
|
6,269
|
|
|
1,383
|
|
|
22
|
%
|
|||
Utica and other
|
|
709
|
|
|
1,613
|
|
|
(904
|
)
|
|
(56
|
%)
|
|||
Total barrels of oil equivalent (Boe/d)
|
|
48,706
|
|
|
41,779
|
|
|
6,927
|
|
|
17
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Average realized prices -
|
|
|
|
|
|
|
|
|
|||||||
Crude oil ($ per Bbl)
|
|
|
$47.90
|
|
|
|
$35.26
|
|
|
|
$12.64
|
|
|
36
|
%
|
NGLs ($ per Bbl)
|
|
17.71
|
|
|
10.69
|
|
|
7.02
|
|
|
66
|
%
|
|||
Natural gas ($ per Mcf)
|
|
2.30
|
|
|
1.48
|
|
|
0.82
|
|
|
55
|
%
|
|||
Total average realized price ($ per Boe)
|
|
|
$36.05
|
|
|
|
$24.80
|
|
|
|
$11.25
|
|
|
45
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Revenues (In thousands) -
|
|
|
|
|
|
|
|
|
|||||||
Crude oil
|
|
|
$270,898
|
|
|
|
$159,604
|
|
|
|
$111,294
|
|
|
70
|
%
|
NGLs
|
|
15,211
|
|
|
9,503
|
|
|
5,708
|
|
|
60
|
%
|
|||
Natural gas
|
|
31,729
|
|
|
19,479
|
|
|
12,250
|
|
|
63
|
%
|
|||
Total revenues
|
|
|
$317,838
|
|
|
|
$188,586
|
|
|
|
$129,252
|
|
|
69
|
%
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
DD&A of proved oil and gas properties
|
|
|
$110,655
|
|
|
|
$108,893
|
|
Depreciation of other property and equipment
|
|
1,258
|
|
|
1,338
|
|
||
Amortization of other assets
|
|
672
|
|
|
641
|
|
||
Accretion of asset retirement obligations
|
|
869
|
|
|
671
|
|
||
Total DD&A
|
|
|
$113,454
|
|
|
|
$111,543
|
|
|
|
Six Months Ended
June 30, |
|||||
|
|
2017
|
|
2016
|
|||
Impairment of proved oil and gas properties (in thousands)
|
|
|
$—
|
|
|
$471,483
|
|
Crude Oil 12-Month Average Realized Price ($/Bbl) - Beginning of period
|
|
$39.60
|
|
$47.24
|
|||
Crude Oil 12-Month Average Realized Price ($/Bbl) - End of period
|
|
$46.80
|
|
$39.84
|
|||
Crude Oil 12-Month Average Realized Price percentage increase (decrease) during period
|
|
18
|
%
|
|
(16
|
%)
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Crude oil derivative positions:
|
|
|
|
|
||||
Gain (loss) due to downward (upward) shift in the futures curve of forecasted crude oil prices during the period on derivative positions outstanding at the beginning of the period
|
|
|
$28,549
|
|
|
|
($16,512
|
)
|
Gain (loss) due to new derivative positions executed during the period
|
|
19,614
|
|
|
(3,803
|
)
|
||
Loss due to deferred premiums
|
|
(7,501
|
)
|
|
(5,612
|
)
|
||
Natural gas derivative positions:
|
|
|
|
|
||||
Gain due to downward shift in the futures curve of forecasted natural gas prices during the period on derivative positions outstanding at the beginning of the period
|
|
10,719
|
|
|
—
|
|
||
Loss due to new derivative positions executed during the period
|
|
—
|
|
|
(15,657
|
)
|
||
Loss due to deferred premiums
|
|
—
|
|
|
(98
|
)
|
||
Gain (loss) on derivatives, net
|
|
|
$51,381
|
|
|
|
($41,682
|
)
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Interest expense on Senior Notes
|
|
|
$42,910
|
|
|
|
$42,910
|
|
Interest expense on revolving credit facility
|
|
3,687
|
|
|
1,666
|
|
||
Amortization of debt issuance costs, premiums, and discounts
|
|
2,265
|
|
|
3,110
|
|
||
Other interest expense
|
|
583
|
|
|
514
|
|
||
Capitalized interest
|
|
(7,768
|
)
|
|
(10,477
|
)
|
||
Interest expense, net
|
|
|
$41,677
|
|
|
|
$37,723
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
March 31, 2017
|
|
June 30, 2017
|
|
June 30, 2017
|
||||||
|
(In thousands)
|
||||||||||
Drilling and completion
|
|
|
|
|
|
||||||
Eagle Ford
|
|
$111,472
|
|
|
|
$129,933
|
|
|
|
$241,405
|
|
Delaware Basin
|
10,360
|
|
|
11,727
|
|
|
22,087
|
|
|||
All other regions
|
6,412
|
|
|
6,734
|
|
|
13,146
|
|
|||
Total drilling and completion
(1)
|
128,244
|
|
|
148,394
|
|
|
276,638
|
|
|||
Leasehold and seismic
(1)
|
14,516
|
|
|
34,447
|
|
|
48,963
|
|
|||
Total
(2)
|
|
$142,760
|
|
|
|
$182,841
|
|
|
|
$325,601
|
|
|
(1)
|
Capital expenditures included in the table above exclude costs for acquisitions of oil and gas properties.
|
(2)
|
Our drilling and completion capital expenditure plan and the capital expenditures in the table above exclude capitalized general and administrative expense, interest and asset retirement obligations.
|
•
|
Cash provided by operations.
Cash flows from operations are highly dependent on crude oil prices. As such, we hedge a portion of our forecasted production to reduce our exposure to commodity price volatility in order to achieve a more predictable level of cash flows.
|
•
|
Borrowings under revolving credit facility.
As of
August 4, 2017
, our revolving credit facility had a borrowing base of
$900.0 million
, of which
$800.0 million
has been committed by lenders, with
no
borrowings outstanding and
$0.4 million
in letters of credit issued, which reduce the amounts available under our revolving credit facility. Subsequent to June 30, 2017, borrowings outstanding under the revolving credit facility were temporarily repaid with net proceeds from the common stock offering and a portion of the net proceeds from the senior notes offering. See “Note
13.
Subsequent Events” for details of the recent common stock offering and the issuance of the 8.25% Senior Notes. A portion of the purchase price due at closing for the ExL Acquisition will be funded from borrowings under the revolving credit facility. The amount we are able to borrow is subject to compliance with the financial covenants and other provisions of the credit agreement governing our revolving credit facility. See “Note
6.
Long-Term Debt” for details of the recent ninth amendment and tenth amendment to the credit agreement governing our revolving credit facility.
|
•
|
Securities offerings
. As situations or conditions arise, we may choose to issue debt, equity or other securities to supplement our cash flows. However, we may not be able to obtain such financing on terms that are acceptable to us, or at all. See “Note
3.
Acquisitions of Oil and Gas Properties” for details of the pending Preferred Stock and warrants issuance and “Note
13.
Subsequent Events” for details of the recent common stock offering and the issuance of the 8.25% Senior Notes.
|
•
|
Asset sales.
We may consider the sale of certain properties or assets that are not part of our core business or are no longer deemed essential to our future growth, provided we are able to sell such assets on terms that are acceptable to us. See “—General Overview—Consideration of Asset Sales” above for further details.
|
•
|
Joint ventures.
Joint ventures with third parties through which such third parties fund a portion of our exploration activities to earn an interest in our exploration acreage or purchase a portion of interests, or both.
|
•
|
Revolving credit facility.
The borrowing base under our revolving credit facility is affected by assumptions of the administrative agent with respect to, among other things, crude oil and natural gas prices. Our borrowing base may decrease if our administrative agent reduces the crude oil and natural gas prices from those used to determine our existing borrowing base. See “—Sources and Uses of Cash—Borrowings under our revolving credit facility” and “—Financing Arrangements—Senior Secured Revolving Credit Facility” for further details of our revolving credit facility.
|
•
|
Hedging.
To manage our exposure to commodity price risk and to provide a level of certainty in the cash flows to support our drilling and completion capital expenditure plan, we hedge a portion of our forecasted production.
|
Period
|
|
Type of Contract
|
|
Crude Oil
Volumes
(in Bbls/d
|
|
Weighted
Average
Sub-Floor Price
($/Bbl)
|
|
Weighted
Average
Floor Price
($/Bbl)
|
|
Weighted
Average
Ceiling Price
($/Bbl)
|
|||||||
Q3 2017
|
|
Fixed Price Swaps
|
|
12,000
|
|
|
|
|
|
$53.71
|
|
|
|
||||
Q4 2017
|
|
Fixed Price Swaps
|
|
9,000
|
|
|
|
|
|
$53.86
|
|
|
|
||||
FY 2018
|
|
Three-Way Collars
|
|
18,000
|
|
|
|
$39.17
|
|
|
|
$49.08
|
|
|
|
$60.48
|
|
FY 2018
|
|
Net Sold Call Options
|
|
3,388
|
|
|
|
|
|
|
|
$71.33
|
|
||||
FY 2019
|
|
Three-Way Collars
|
|
6,000
|
|
|
|
$40.00
|
|
|
|
$47.80
|
|
|
|
$61.45
|
|
FY 2019
|
|
Net Sold Call Options
|
|
3,875
|
|
|
|
|
|
|
|
$73.66
|
|
||||
FY 2020
|
|
Net Sold Call Options
|
|
4,575
|
|
|
|
|
|
|
$75.98
|
Period
|
|
Type of Contract
|
|
Natural Gas
Volumes
(in MMBtu/d
|
|
Weighted
Average
Floor Price
($/MMBtu)
|
|
Weighted
Average
Ceiling Price
($/MMBtu)
|
|||||
Q3 - Q4 2017
|
|
Fixed Price Swaps
|
|
20,000
|
|
|
|
$3.30
|
|
|
|
||
Q3 - Q4 2017
|
|
Sold Call Options
|
|
33,000
|
|
|
|
|
|
$3.00
|
|
||
FY 2018
|
|
Sold Call Options
|
|
33,000
|
|
|
|
|
|
$3.25
|
|
||
FY 2019
|
|
Sold Call Options
|
|
33,000
|
|
|
|
|
|
$3.25
|
|
||
FY 2020
|
|
Sold Call Options
|
|
33,000
|
|
|
|
|
|
$3.50
|
|
|
July -
December 2017 |
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022 and Thereafter
|
|
Total
|
||||||||||||||
Long-term debt
(1)
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$600,000
|
|
|
|
$—
|
|
|
|
$936,725
|
|
|
|
$1,536,725
|
|
Cash interest on senior notes and other long-term debt
(2)
|
42,909
|
|
|
85,819
|
|
|
85,819
|
|
|
85,819
|
|
|
40,819
|
|
|
62,180
|
|
|
403,365
|
|
|||||||
Cash interest and commitment fees on revolving credit facility
(3)
|
5,960
|
|
|
11,661
|
|
|
11,661
|
|
|
11,661
|
|
|
11,661
|
|
|
4,017
|
|
|
56,621
|
|
|||||||
Capital leases
|
928
|
|
|
1,823
|
|
|
1,800
|
|
|
1,050
|
|
|
—
|
|
|
—
|
|
|
5,601
|
|
|||||||
Operating leases
|
2,407
|
|
|
4,713
|
|
|
4,589
|
|
|
4,488
|
|
|
4,450
|
|
|
1,854
|
|
|
22,501
|
|
|||||||
Drilling rig contracts
(4)
|
10,881
|
|
|
3,957
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,838
|
|
|||||||
Delivery commitments
(5)
|
4,576
|
|
|
8,611
|
|
|
7,298
|
|
|
4,826
|
|
|
3,680
|
|
|
291
|
|
|
29,282
|
|
|||||||
Asset retirement obligations and other
(6)
|
1,304
|
|
|
1,589
|
|
|
385
|
|
|
105
|
|
|
282
|
|
|
21,842
|
|
|
25,507
|
|
|||||||
Total Contractual Obligations
|
|
$68,965
|
|
|
|
$118,173
|
|
|
|
$111,552
|
|
|
|
$707,949
|
|
|
|
$60,892
|
|
|
|
$1,026,909
|
|
|
|
$2,094,440
|
|
|
(1)
|
Long-term debt consists of the principal amounts of the 7.50% Senior Notes due 2020, the 6.25% Senior Notes due 2023, other long-term debt due 2028, and borrowings outstanding under our revolving credit facility which matures in 2022 (subject to a springing maturity date of June 15, 2020 if the 7.50% Senior Notes have not been refinanced on or prior to such time).
|
(2)
|
Cash interest on senior notes and other long-term debt includes cash payments for interest on the 7.50% Senior Notes due 2020, the 6.25% Senior Notes due 2023 and other long-term debt due 2028.
|
(3)
|
Cash interest on our revolving credit facility was calculated using the weighted average interest rate of the outstanding borrowings under the revolving credit facility as of
June 30, 2017
of
3.44%
. Commitment fees on our revolving credit facility were calculated based on the unused portion of lender commitments as of
June 30, 2017
, at the commitment fee rate of
0.375%
. See“Note
6.
Long-Term Debt” for details of the recent changes to our revolving credit facility.
|
(4)
|
Drilling rig contracts represent gross contractual obligations and accordingly, other joint owners in the properties operated by us will generally be billed for their working interest share of such costs. Subsequent to June 30, 2017, we entered into two new drilling rig contracts for terms of one and two years, as well as extended a current drilling rig contract for two years related to expected activity as a result of the ExL Acquisition. The gross contractual obligations for these drilling rig contracts are $37.2 million.
|
(5)
|
Delivery commitments represent contractual obligations we have entered into for certain gathering, processing and transportation throughput commitments, some of which require delivery of a minimum volume of natural gas and NGLs. We may incur volume deficiency fees from time to time if we elect to voluntarily curtail production due to market or operational considerations. The amounts in the table above reflect the aggregate undiscounted deficiency fees assuming no delivery of any natural gas and NGLs.
|
(6)
|
Asset retirement obligations and other are based on estimates and assumptions that affect the reported amounts as of
June 30, 2017
. Certain of such estimates and assumptions are inherently unpredictable and will differ from actual results.
|
|
|
12-Month Average Realized Prices
|
|
Excess of cost center ceiling over net book value, less related deferred income taxes
|
|
Increase (decrease) of cost center ceiling over net book value, less related deferred income taxes
|
||
Full Cost Pool Scenarios
|
|
Crude Oil ($/Bbl)
|
|
Natural Gas ($/Mcf)
|
|
(In millions)
|
|
(In millions)
|
June 30, 2017 Actual
|
|
$46.80
|
|
$2.19
|
|
$525
|
|
|
|
|
|
|
|
|
|
|
|
Crude Oil and Natural Gas Price Sensitivity
|
|
|
|
|
|
|
|
|
Crude Oil and Natural Gas +10%
|
|
$51.69
|
|
$2.53
|
|
$943
|
|
$418
|
Crude Oil and Natural Gas -10%
|
|
$41.95
|
|
$1.84
|
|
$124
|
|
($401)
|
|
|
|
|
|
|
|
|
|
Crude Oil Price Sensitivity
|
|
|
|
|
|
|
|
|
Crude Oil +10%
|
|
$51.69
|
|
$2.19
|
|
$890
|
|
$365
|
Crude Oil -10%
|
|
$41.95
|
|
$2.19
|
|
$166
|
|
($359)
|
|
|
|
|
|
|
|
|
|
Natural Gas Price Sensitivity
|
|
|
|
|
|
|
|
|
Natural Gas +10%
|
|
$46.80
|
|
$2.53
|
|
$577
|
|
$52
|
Natural Gas -10%
|
|
$46.80
|
|
$1.84
|
|
$475
|
|
($50)
|
•
|
our growth strategies;
|
•
|
our ability to explore for and develop oil and gas resources successfully and economically;
|
•
|
our estimates and forecasts of the timing, number, profitability and other results of wells we expect to drill and other exploration activities;
|
•
|
our estimates, guidance and forecasts, including those regarding timing and levels of production;
|
•
|
changes in working capital requirements, reserves, and acreage;
|
•
|
commodity price risk management activities and the impact on our average realized prices;
|
•
|
anticipated trends in our business;
|
•
|
availability of pipeline connections and water disposal on economic terms;
|
•
|
effects of competition on us;
|
•
|
our future results of operations;
|
•
|
profitability of drilling locations;
|
•
|
our liquidity and our ability to finance our exploration and development activities, including accessibility of borrowings under our revolving credit facility, our borrowing base, modification to financial covenants, and the result of any borrowing base redetermination;
|
•
|
our planned expenditures, prospects and capital expenditure plan;
|
•
|
future market conditions in the oil and gas industry;
|
•
|
our ability to make, integrate and develop acquisitions including the ExL Acquisition (as described in this Quarterly Report on Form 10-Q) and realize any expected benefits or effects of any acquisitions or the timing, final purchase price, financing or consummation of any acquisitions including the ExL Acquisition;
|
•
|
our ability to consummate and finance the ExL Acquisition;
|
•
|
results of the ExL Properties;
|
•
|
our use of proceeds from our recent equity and senior notes offerings;
|
•
|
possible future sales or other disposition transactions and the proceeds, results or benefits of any such transactions, including the timing thereof;
|
•
|
the benefits, effects, availability of and results of new and existing joint ventures and sales transactions;
|
•
|
our ability to maintain a sound financial position;
|
•
|
receipt of receivables and proceeds from sales;
|
•
|
our ability to complete planned transactions on desirable terms;
|
•
|
the impact of governmental regulation, taxes, market changes and world events; and
|
•
|
we may not be able to obtain financing in the future on acceptable terms or at all for working capital, capital expenditures, acquisitions, debt service requirements or other purposes;
|
•
|
less-levered competitors could have a competitive advantage because they have lower debt service requirements;
|
•
|
credit rating agencies could downgrade our credit ratings following the ExL Acquisition below currently expected levels; and
|
•
|
we may be less able to take advantage of significant business opportunities and to react to changes in market or industry conditions than our competitors.
|
Exhibit
Number
|
|
Exhibit Description
|
2.1+
|
—
|
|
3.1
|
—
|
|
3.2
|
—
|
|
4.1
|
—
|
|
10.1
|
—
|
|
10.2
|
—
|
|
10.3
|
—
|
|
10.4
|
—
|
|
10.5
|
—
|
|
10.6+
|
—
|
|
*31.1
|
—
|
|
*31.2
|
—
|
|
*32.1
|
—
|
|
*32.2
|
—
|
|
*101
|
—
|
Interactive Data Files
|
|
*
|
Filed herewith.
|
+
|
Schedules to this exhibit have been omitted pursuant to Item 601(b) of Regulation S-K; a copy of the omitted schedules will be furnished to the U.S. Securities and Exchange Commission supplementally upon request.
|
|
|
|
Carrizo Oil & Gas, Inc.
(Registrant)
|
|
|
|
|
|
|
Date:
|
August 9, 2017
|
|
By:
|
/s/ David L. Pitts
|
|
|
|
|
Vice President and Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
Date:
|
August 9, 2017
|
|
By:
|
/s/ Gregory F. Conaway
|
|
|
|
|
Vice President and Chief Accounting Officer
(Principal Accounting Officer)
|
1 Year Carrizo Oil and Gas Chart |
1 Month Carrizo Oil and Gas Chart |
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