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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gulfport Energy Corporation | NASDAQ:GPOR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.1383 | 0.1396 | 0.14 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 | ||||
Delaware | 86-3684669 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) | |||||||
713 Market Drive | ||||||||
Oklahoma City, | Oklahoma | 73114 | ||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.0001 par value per share | GPOR | The New York Stock Exchange |
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Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Gulfport,” the “Company” and “Registrant” refer to Gulfport Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in thousands of U.S. dollars unless otherwise specified. In addition, the following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q: | ||
1145 Indenture. Agreement dated May 17, 2021 between the Company, UMB Bank, National Association, as trustee, and the guarantors party thereto, under section 1145 of the Bankruptcy Code for our 8.000% Senior Notes due 2026. | ||
2026 Senior Notes. 8.000% Senior Notes due 2026. | ||
4(a)(2) Indenture. Certain eligible holders have made an election entitling such holders to receive senior notes issued pursuant to an indenture, dated as of May 17, 2021, by and among the Company, UMB Bank, National Association, as trustee, and the guarantors party thereto, under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) as opposed to its share of the up to $550 million aggregate principal amount of our Senior Notes due 2026. The 4(a)(2) Indenture’s terms are substantially similar to the terms of the 1145 Indenture. The primary differences between the terms of the 4(a)(2) Indenture and the terms of the 1145 Indenture are that (i) affiliates of the Issuer holding 4(a)(2) Notes are permitted to vote in determining whether the holders of the required principal amount of indenture securities have concurred in any direction or consent under the 4(a)(2) Indenture, while affiliates of the Issuer holding 1145 Notes will not be permitted to vote on such matters under the 1145 Indenture, (ii) the covenants of the 1145 Indenture (other than the payment covenant) require that the Issuer comply with the covenants of the 4(a)(2) Indenture, as amended, and (iii) the 1145 Indenture requires that the 1145 Securities be redeemed pro rata with the 4(a)(2) Securities and that the 1145 Indenture be satisfied and discharged if the 4(a)(2) Indenture is satisfied and discharged. | ||
ASC. Accounting Standards Codification. | ||
Bankruptcy Code. Chapter 11 of Title 11 of the United States Code. | ||
Bbl. One stock tank barrel, or 42 U.S. gallons liquid volume, used herein in reference to crude oil or other liquid hydrocarbons. | ||
Btu. British thermal unit, which represents the amount of energy needed to heat one pound of water by one degree Fahrenheit and can be used to describe the energy content of fuels. | ||
Chapter 11 Cases. Voluntary petitions filed on November 13, 2020 by Gulfport Energy Corporation, Gator Marine, Inc., Gator Marine Ivanhoe, Inc., Grizzly Holdings, Inc., Gulfport Appalachia, LLC, Gulfport Midcon, LLC, Gulfport Midstream Holdings, LLC, Jaguar Resources LLC, Mule Sky LLC, Puma Resources, Inc. and Westhawk Minerals LLC. | ||
CODI. Cancellation of indebtedness income. | ||
Completion. The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas, oil and NGL. | ||
Credit Facility. The Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and various lender parties, providing for a new money senior secured reserve-based revolving credit facility effective as of October 14, 2021. | ||
Current Successor Quarter. Period from July 1, 2022 through September 30, 2022. | ||
Current Successor YTD Period. Period from January 1, 2022 through September 30, 2022. | ||
DD&A. Depreciation, depletion and amortization. | ||
Disputed Claims Reserve. Reserve used to settle any pending claims of unsecured creditors that were in dispute as of the effective date of the Plan. | ||
Emergence Date. May 17, 2021. | ||
GAAP. Accounting principles generally accepted in the United States of America. | ||
Gross Acres or Gross Wells. Refers to the total acres or wells in which a working interest is owned. | ||
Guarantors. All existing consolidated subsidiaries that guarantee the Company's revolving credit facility or certain other debt. | ||
Incentive Plan. Gulfport Energy Corporation Stock Incentive Plan effective on the Emergence Date. | ||
Indentures. Collectively, the 1145 Indenture and the 4(a)(2) Indenture governing the 2026 Senior Notes. | ||
IRC. The Internal Revenue Code of 1986, as amended. | ||
LIBOR. London Interbank Offered Rate. | ||
LOE. Lease operating expenses. | ||
MBbl. One thousand barrels of crude oil, condensate or natural gas liquids. | ||
Mcf. One thousand cubic feet of natural gas. | ||
Mcfe. One thousand cubic feet of natural gas equivalent. | ||
MMBtu. One million British thermal units. | ||
MMcf. One million cubic feet of natural gas. | ||
MMcfe. One million cubic feet of natural gas equivalent. | ||
Natural Gas Liquids (NGL). Hydrocarbons in natural gas that are separated from the gas as liquids through the process of absorption, condensation, adsorption or other methods in gas processing or cycling plants. Natural gas liquids primarily include ethane, propane, butane, isobutene, pentane, hexane and natural gasoline. | ||
NYMEX. New York Mercantile Exchange. | ||
Plan. The Amended Joint Chapter 11 Plan of Reorganization of Gulfport Energy Corporation and Its Debtor Subsidiaries. | ||
Prior Combined YTD Period. Period from January 1, 2021 through September 30, 2021. | ||
Prior Predecessor YTD Period. Period from January 1, 2021 through May 17, 2021. | ||
Prior Successor Period. Period from May 18, 2021 through September 30, 2021. | ||
Prior Successor Quarter. Period from July 1, 2021 through September 30, 2021 | ||
Repurchase Program. A stock repurchase program to acquire up to $300 million of Gulfport's outstanding common stock. It is authorized to extend through June 30, 2023, and may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. | ||
SCOOP. Refers to the South Central Oklahoma Oil Province, a term used to describe a defined area that encompasses many of the top hydrocarbon producing counties in Oklahoma within the Anadarko basin. The SCOOP play mainly targets the Devonian to Mississippian aged Woodford, Sycamore and Springer formations. Our acreage is primarily in Garvin, Grady and Stephens Counties. | ||
SEC. The United States Securities and Exchange Commission. | ||
Section 382. Internal Revenue Code Section 382. | ||
SOFR. Secured Overnight Financing Rate. | ||
Utica. Refers to the Utica Play that includes the hydrocarbon bearing rock formations commonly referred to as the Utica formation located in the Appalachian Basin of the United States and Canada. Our acreage is located primarily in Belmont, Harrison, Jefferson and Monroe Counties in eastern Ohio. | ||
Working Interest (WI). The operating interest which gives the owner the right to drill, produce and conduct operating activities on the property and a share of production. | ||
WTI. Refers to West Texas Intermediate. |
Successor | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Assets | (Unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 8,287 | $ | 3,260 | |||||||
Accounts receivable—oil, natural gas, and natural gas liquids sales | 317,528 | 232,854 | |||||||||
Accounts receivable—joint interest and other | 35,480 | 20,383 | |||||||||
Prepaid expenses and other current assets | 9,273 | 12,359 | |||||||||
Short-term derivative instruments | 53,342 | 4,695 | |||||||||
Total current assets | 423,910 | 273,551 | |||||||||
Property and equipment: | |||||||||||
Oil and natural gas properties, full-cost method | |||||||||||
Proved oil and natural gas properties | 2,303,728 | 1,917,833 | |||||||||
Unproved properties | 184,075 | 211,007 | |||||||||
Other property and equipment | 6,153 | 5,329 | |||||||||
Total property and equipment | 2,493,956 | 2,134,169 | |||||||||
Less: accumulated depletion, depreciation and amortization | (467,485) | (278,341) | |||||||||
Total property and equipment, net | 2,026,471 | 1,855,828 | |||||||||
Other assets: | |||||||||||
Long-term derivative instruments | 24,335 | 18,664 | |||||||||
Operating lease assets | 3,060 | 322 | |||||||||
Other assets | 21,570 | 19,867 | |||||||||
Total other assets | 48,965 | 38,853 | |||||||||
Total assets | $ | 2,499,346 | $ | 2,168,232 |
Liabilities, Mezzanine Equity and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 466,563 | $ | 394,011 | |||||||
Short-term derivative instruments | 817,384 | 240,735 | |||||||||
Current portion of operating lease liabilities | 831 | 182 | |||||||||
Total current liabilities | 1,284,778 | 634,928 | |||||||||
Non-current liabilities: | |||||||||||
Long-term derivative instruments | 299,150 | 184,580 | |||||||||
Asset retirement obligation | 30,367 | 28,264 | |||||||||
Non-current operating lease liabilities | 2,229 | 140 | |||||||||
Long-term debt | 728,101 | 712,946 | |||||||||
Total non-current liabilities | 1,059,847 | 925,930 | |||||||||
Total liabilities | $ | 2,344,625 | $ | 1,560,858 | |||||||
Commitments and contingencies (Note 7) | |||||||||||
Mezzanine Equity: | |||||||||||
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 52.3 thousand issued and outstanding at September 30, 2022, and 57.9 thousand issued and outstanding at December 31, 2021 | 52,345 | 57,896 | |||||||||
Stockholders’ Equity: | |||||||||||
Common stock - $0.0001 par value, 42.0 million shares authorized, 19.4 million issued and outstanding at September 30, 2022, and 20.6 million issued and outstanding at December 31, 2021 | 2 | 2 | |||||||||
Additional paid-in capital | 472,846 | 692,521 | |||||||||
Common stock held in reserve, 62 thousand shares at September 30, 2022, and 938 thousand shares at December 31, 2021 | (1,996) | (30,216) | |||||||||
Accumulated deficit | (366,696) | (112,829) | |||||||||
Treasury stock, at cost - 20.4 thousand shares at September 30, 2022, and no shares at December 31, 2021 | (1,780) | — | |||||||||
Total stockholders’ equity | $ | 102,376 | $ | 549,478 | |||||||
Total liabilities, mezzanine equity and stockholders’ equity | $ | 2,499,346 | $ | 2,168,232 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
REVENUES: | |||||||||||
Natural gas sales | $ | 585,596 | $ | 301,516 | |||||||
Oil and condensate sales | 36,050 | 33,279 | |||||||||
Natural gas liquid sales | 44,351 | 45,153 | |||||||||
Net loss on natural gas, oil and NGL derivatives | (474,895) | (622,476) | |||||||||
Total revenues | 191,102 | (242,528) | |||||||||
OPERATING EXPENSES: | |||||||||||
Lease operating expenses | 15,363 | 13,864 | |||||||||
Taxes other than income | 16,529 | 11,844 | |||||||||
Transportation, gathering, processing and compression | 89,234 | 84,435 | |||||||||
Depreciation, depletion and amortization | 64,419 | 62,573 | |||||||||
General and administrative expenses | 8,752 | 16,691 | |||||||||
Restructuring and liability management expenses | — | 2,858 | |||||||||
Accretion expense | 673 | 488 | |||||||||
Total operating expenses | 194,970 | 192,753 | |||||||||
LOSS FROM OPERATIONS | (3,868) | (435,281) | |||||||||
OTHER EXPENSE (INCOME): | |||||||||||
Interest expense | 15,461 | 16,351 | |||||||||
Other, net | (857) | 9,031 | |||||||||
Total other expense | 14,604 | 25,382 | |||||||||
LOSS BEFORE INCOME TAXES | (18,472) | (460,663) | |||||||||
Income tax expense | — | 650 | |||||||||
NET LOSS | $ | (18,472) | $ | (461,313) | |||||||
Dividends on preferred stock | $ | (1,309) | $ | (2,095) | |||||||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (19,781) | $ | (463,408) | |||||||
NET LOSS PER COMMON SHARE: | |||||||||||
Basic | $ | (1.01) | $ | (22.50) | |||||||
Diluted | $ | (1.01) | $ | (22.50) | |||||||
Weighted average common shares outstanding—Basic | 19,635 | 20,598 | |||||||||
Weighted average common shares outstanding—Diluted | 19,635 | 20,598 |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
REVENUES: | ||||||||||||||||||||
Natural gas sales | $ | 1,529,898 | $ | 413,234 | $ | 344,390 | ||||||||||||||
Oil and condensate sales | 111,298 | 50,866 | 29,106 | |||||||||||||||||
Natural gas liquid sales | 143,741 | 61,230 | 36,780 | |||||||||||||||||
Net loss on natural gas, oil and NGL derivatives | (1,436,317) | (762,134) | (137,239) | |||||||||||||||||
Total revenues | 348,620 | (236,804) | 273,037 | |||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||
Lease operating expenses | 47,246 | 17,980 | 19,524 | |||||||||||||||||
Taxes other than income | 45,679 | 16,900 | 12,349 | |||||||||||||||||
Transportation, gathering, processing and compression | 261,778 | 125,811 | 161,086 | |||||||||||||||||
Depreciation, depletion and amortization | 189,305 | 94,935 | 62,764 | |||||||||||||||||
Impairment of oil and natural gas properties | — | 117,813 | — | |||||||||||||||||
Impairment of other property and equipment | — | — | 14,568 | |||||||||||||||||
General and administrative expenses | 24,128 | 23,209 | 19,175 | |||||||||||||||||
Restructuring and liability management expenses | — | 2,858 | — | |||||||||||||||||
Accretion expense | 2,057 | 714 | 1,229 | |||||||||||||||||
Total operating expenses | 570,193 | 400,220 | 290,695 | |||||||||||||||||
LOSS FROM OPERATIONS | (221,573) | (637,024) | (17,658) | |||||||||||||||||
OTHER EXPENSE (INCOME): | ||||||||||||||||||||
Interest expense | 43,679 | 25,245 | 4,159 | |||||||||||||||||
Loss from equity method investments, net | — | — | 342 | |||||||||||||||||
Reorganization items, net | — | — | (266,898) | |||||||||||||||||
Other, net | (11,385) | 7,980 | 1,713 | |||||||||||||||||
Total other expense (income) | 32,294 | 33,225 | (260,684) | |||||||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (253,867) | (670,249) | 243,026 | |||||||||||||||||
Income tax expense (benefit) | — | 650 | (7,968) | |||||||||||||||||
NET (LOSS) INCOME | $ | (253,867) | $ | (670,899) | $ | 250,994 | ||||||||||||||
Dividends on preferred stock | $ | (4,136) | $ | (3,126) | $ | — | ||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (258,003) | $ | (674,025) | $ | 250,994 | ||||||||||||||
NET (LOSS) INCOME PER COMMON SHARE: | ||||||||||||||||||||
Basic | $ | (12.58) | $ | (32.87) | $ | 1.56 | ||||||||||||||
Diluted | $ | (12.58) | $ | (32.87) | $ | 1.56 | ||||||||||||||
Weighted average common shares outstanding—Basic | 20,514 | 20,507 | 160,834 | |||||||||||||||||
Weighted average common shares outstanding—Diluted | 20,514 | 20,507 | 160,834 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Net loss | $ | (18,472) | $ | (461,313) | |||||||
Other comprehensive income | — | — | |||||||||
Comprehensive loss | $ | (18,472) | $ | (461,313) |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Net (loss) income | $ | (253,867) | $ | (670,899) | $ | 250,994 | ||||||||||||||
Foreign currency translation adjustment | — | — | 2,570 | |||||||||||||||||
Other comprehensive income | — | — | 2,570 | |||||||||||||||||
Comprehensive (loss) income | $ | (253,867) | $ | (670,899) | $ | 253,564 |
Common Stock Held in Reserve | Treasury Stock | Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings (Accumulated Deficit) | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 (Predecessor) | 160,762 | $ | 1,607 | — | $ | — | $ | — | $ | 4,213,752 | $ | (43,000) | $ | (4,472,859) | $ | (300,500) | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 8,780 | 8,780 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 2,570 | — | 2,570 | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | 1,419 | — | — | 1,419 | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (86) | (1) | — | — | — | (7) | — | — | (8) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 203 | 3 | — | — | — | (2) | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 (Predecessor) | 160,879 | $ | 1,609 | — | $ | — | $ | — | $ | 4,215,162 | $ | (40,430) | $ | (4,464,079) | $ | (287,738) | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 242,214 | 242,214 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 25 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (10) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | 5,095 | — | — | 5,095 | ||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income extinguishment | — | — | — | — | — | — | 40,430 | — | 40,430 | ||||||||||||||||||||||||||||||||||||||||||||
Cancellation of predecessor equity | (160,894) | (1,609) | — | — | — | (4,220,256) | — | 4,221,865 | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 21,525 | 2 | — | — | — | 693,773 | — | — | 693,775 | ||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock held in reserve | — | — | (1,679) | (54,109) | — | — | — | — | (54,109) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at May 17, 2021 (Predecessor) | 21,525 | $ | 2 | (1,679) | $ | (54,109) | $ | — | $ | 693,774 | $ | — | $ | — | $ | 639,667 | |||||||||||||||||||||||||||||||||||||
Balance at May 18, 2021 (Successor) | 21,525 | $ | 2 | (1,679) | $ | (54,109) | $ | — | $ | 693,774 | $ | — | $ | — | $ | 639,667 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (209,586) | (209,586) | ||||||||||||||||||||||||||||||||||||||||||||
Release of common stock held in reserve | — | — | 741 | 23,893 | — | — | — | — | 23,893 | ||||||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock | 10 | — | — | — | — | 147 | — | — | 147 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | — | (1,031) | — | — | (1,031) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 (Successor) | 21,535 | $ | 2 | (938) | $ | (30,216) | $ | — | $ | 692,890 | $ | — | $ | (209,586) | $ | 453,090 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (461,313) | (461,313) | ||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation | — | — | — | — | — | 1,387 | — | — | 1,387 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | — | (2,095) | — | — | (2,095) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 (Successor) | 21,535 | $ | 2 | (938) | $ | (30,216) | $ | — | $ | 692,182 | $ | — | $ | (670,899) | $ | (8,931) |
Common Stock Held in Reserve | Treasury Stock | Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings (Accumulated Deficit) | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 (Successor) | 21,537 | $ | 2 | (938) | $ | (30,216) | $ | — | $ | 692,521 | $ | — | $ | (112,829) | $ | 549,478 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (491,975) | (491,975) | ||||||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock | 1 | — | — | — | — | 18 | — | — | 18 | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | 1,755 | — | — | 1,755 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock under Repurchase Program | (378) | — | — | — | (5,318) | (30,194) | — | — | (35,512) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock held in reserve | — | — | 876 | 28,220 | — | — | — | — | 28,220 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of shares withheld for income taxes | 2 | — | — | — | — | (80) | — | — | (80) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | — | (1,447) | — | — | (1,447) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 (Successor) | 21,162 | $ | 2 | (62) | $ | (1,996) | $ | (5,318) | $ | 662,573 | $ | — | $ | (604,804) | $ | 50,457 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 256,580 | 256,580 | ||||||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock | 342 | — | — | — | — | 4,706 | — | — | 4,706 | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | 2,145 | — | — | 2,145 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of shares withheld for income taxes | 8 | — | — | — | — | (325) | — | — | (325) | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock under Repurchase Program | (1,382) | — | — | — | (2,491) | (125,019) | — | — | (127,510) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | — | (1,380) | — | — | (1,380) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 (Successor) | 20,130 | $ | 2 | (62) | $ | (1,996) | $ | (7,809) | $ | 542,700 | $ | — | $ | (348,224) | $ | 184,673 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (18,472) | (18,472) | ||||||||||||||||||||||||||||||||||||||||||||
Conversion of preferred stock | 60 | — | — | — | — | 827 | — | — | 827 | ||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | — | — | — | 2,398 | — | — | 2,398 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock, net of shares withheld for income taxes | 39 | — | — | — | — | (1,192) | — | — | (1,192) | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock under Repurchase Program | (827) | — | — | — | 6,029 | (70,578) | — | — | (64,549) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | — | (1,309) | — | — | (1,309) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 (Successor) | 19,402 | $ | 2 | (62) | $ | (1,996) | $ | (1,780) | $ | 472,846 | $ | — | $ | (366,696) | $ | 102,376 |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net (loss) income | $ | (253,867) | $ | (670,899) | $ | 250,994 | ||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||
Depletion, depreciation and amortization | 189,305 | 94,935 | 62,764 | |||||||||||||||||
Impairment of oil and natural gas properties | — | 117,813 | — | |||||||||||||||||
Impairment of other property and equipment | — | — | 14,568 | |||||||||||||||||
Loss from equity investments | — | — | 342 | |||||||||||||||||
Net loss on derivative instruments | 1,436,317 | 762,134 | 137,239 | |||||||||||||||||
Net cash payments on settled derivative instruments | (799,416) | (99,574) | (3,361) | |||||||||||||||||
Non-cash reorganization items, net | — | — | (446,012) | |||||||||||||||||
Other, net | 8,303 | 1,488 | 1,727 | |||||||||||||||||
Changes in operating assets and liabilities, net | (29,560) | (41,260) | 153,894 | |||||||||||||||||
Net cash provided by operating activities | 551,082 | 164,637 | 172,155 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Additions to oil and natural gas properties | (331,994) | (119,306) | (102,330) | |||||||||||||||||
Proceeds from sale of oil and natural gas properties | 3,210 | 600 | 15 | |||||||||||||||||
Other, net | (536) | 2,562 | 4,484 | |||||||||||||||||
Net cash used in investing activities | (329,320) | (116,144) | (97,831) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Principal payments on pre-petition revolving credit facility | — | — | (318,961) | |||||||||||||||||
Borrowings on pre-petition revolving credit facility | — | — | 26,050 | |||||||||||||||||
Principal payments on Credit Facility | (1,512,000) | — | — | |||||||||||||||||
Borrowings on Credit Facility | 1,527,000 | — | — | |||||||||||||||||
Borrowings on exit credit facility | — | 306,855 | 302,751 | |||||||||||||||||
Principal payments on exit credit facility | — | (409,000) | — | |||||||||||||||||
Principal payments on DIP credit facility | — | — | (157,500) | |||||||||||||||||
Debt issuance costs and loan commitment fees | (211) | (1,225) | (7,100) | |||||||||||||||||
Dividends on preferred stock | (4,136) | — | — | |||||||||||||||||
Proceeds from issuance of preferred stock | — | — | 50,000 | |||||||||||||||||
Repurchase of common stock under Repurchase Program | (225,791) | — | — | |||||||||||||||||
Other, net | (1,597) | (55) | (8) | |||||||||||||||||
Net cash used in financing activities | (216,735) | (103,425) | (104,768) | |||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 5,027 | (54,932) | (30,444) | |||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 3,260 | 59,417 | 89,861 | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 8,287 | $ | 4,485 | $ | 59,417 |
Successor | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Accounts payable and other accrued liabilities | $ | 202,838 | $ | 143,938 | |||||||
Revenue payable and suspense | 222,729 | 180,857 | |||||||||
Accrued contract rejection damages and shares held in reserve | 40,996 | 69,216 | |||||||||
Total accounts payable and accrued liabilities | $ | 466,563 | $ | 394,011 |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Legal and professional advisory fees | $ | — | $ | — | $ | 81,565 | ||||||||||||||
Net gain on liabilities subject to compromise | — | — | (575,182) | |||||||||||||||||
Fresh start adjustments, net | — | — | 160,756 | |||||||||||||||||
Elimination of predecessor accumulated other comprehensive income | — | — | 40,430 | |||||||||||||||||
Debt issuance costs | — | — | 3,150 | |||||||||||||||||
Other items, net | — | — | 22,383 | |||||||||||||||||
Reorganization items, net | $ | — | $ | — | $ | (266,898) |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||
Cash paid for reorganization items, net | $ | — | $ | 42,202 | $ | 87,199 | ||||||||||||||
Interest payments | $ | 30,102 | $ | 6,465 | $ | 7,272 | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
(Increase) decrease in accounts receivable - oil, natural gas, and natural gas liquids sales | $ | (84,674) | $ | (5,230) | $ | (60,832) | ||||||||||||||
(Increase) decrease in accounts receivable - joint interest and other | $ | (14,947) | $ | 5,536 | $ | (3,005) | ||||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | $ | 65,648 | $ | (48,903) | $ | 79,193 | ||||||||||||||
Decrease in prepaid expenses | $ | 3,061 | $ | 7,231 | $ | 135,471 | ||||||||||||||
Decrease in other assets | $ | 1,352 | $ | 106 | $ | 3,067 | ||||||||||||||
Total changes in operating assets and liabilities | $ | (29,560) | $ | (41,260) | $ | 153,894 | ||||||||||||||
Supplemental disclosure of non-cash transactions: | ||||||||||||||||||||
Capitalized stock-based compensation | $ | 2,141 | $ | 484 | $ | 930 | ||||||||||||||
Asset retirement obligation capitalized | $ | 53 | $ | 55 | $ | 546 | ||||||||||||||
Asset retirement obligation removed due to divestiture | $ | (7) | $ | — | $ | — | ||||||||||||||
Interest capitalized | $ | — | $ | 117 | $ | — | ||||||||||||||
Release of common stock held in reserve | $ | 28,220 | $ | 23,893 | $ | — | ||||||||||||||
Foreign currency translation gain on equity method investments | $ | — | $ | — | $ | 2,570 |
Successor | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Proved oil and natural gas properties | $ | 2,303,728 | $ | 1,917,833 | |||||||
Unproved properties | 184,075 | 211,007 | |||||||||
Other depreciable property and equipment | 5,767 | 4,943 | |||||||||
Land | 386 | 386 | |||||||||
Total property and equipment | 2,493,956 | 2,134,169 | |||||||||
Accumulated DD&A and impairment | (467,485) | (278,341) | |||||||||
Property and equipment, net | $ | 2,026,471 | $ | 1,855,828 |
Successor | |||||
September 30, 2022 | |||||
(In thousands) | |||||
Utica | $ | 151,856 | |||
SCOOP | 32,219 | ||||
Total unproved properties | $ | 184,075 |
Asset retirement obligation at January 1, 2022 (Successor) | $ | 28,264 | ||||||
Liabilities incurred | 53 | |||||||
Liabilities removed due to divestitures | (7) | |||||||
Accretion expense | 2,057 | |||||||
Asset retirement obligation at September 30, 2022 | $ | 30,367 |
Asset retirement obligation at January 1, 2021 (Predecessor) | $ | 63,566 | ||||||
Liabilities incurred | 546 | |||||||
Accretion expense | 1,229 | |||||||
Ending balance as of May 17, 2021 (Predecessor) | 65,341 | |||||||
Fresh start adjustments(1) | (46,257) | |||||||
Asset retirement obligation at May 18, 2021 (Successor) | 19,084 | |||||||
Liabilities incurred | 56 | |||||||
Accretion expense | 714 | |||||||
Asset retirement obligation at September 30, 2021 | $ | 19,854 |
Successor | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Credit Facility | $ | 179,000 | $ | 164,000 | |||||||
8.000% senior unsecured notes due 2026 | 550,000 | 550,000 | |||||||||
Net unamortized debt issuance costs | (899) | (1,054) | |||||||||
Total debt, net | 728,101 | 712,946 | |||||||||
Less: current maturities of long-term debt | — | — | |||||||||
Total long-term debt, net | $ | 728,101 | $ | 712,946 |
Preferred stock at December 31, 2021 | 57,896 | |||||||
Conversion of preferred stock | (5,551) | |||||||
Preferred stock at September 30, 2022 | 52,345 |
Total Number of Shares Purchased | Dollar Value of Shares Purchased | Average Price Paid Per Share | ||||||||||||||||||
First quarter 2022 | 438 | $ | 35,512 | $ | 81.06 | |||||||||||||||
Second quarter 2022 | 1,416 | 127,510 | 90.06 | |||||||||||||||||
Third quarter 2022 | 753 | 64,549 | 85.72 | |||||||||||||||||
Total | 2,607 | $ | 227,571 | $ | 87.29 |
Number of Unvested Restricted Stock Units | Weighted Average Grant Date Fair Value | Number of Unvested Performance Vesting Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Unvested shares as of January 1, 2022 | 198,413 | $ | 66.04 | 153,138 | $ | 48.54 | |||||||||||||||||
Granted | 2,154 | 73.83 | — | — | |||||||||||||||||||
Vested | (3,074) | 65.75 | — | — | |||||||||||||||||||
Forfeited/canceled | (1,157) | 66.89 | — | — | |||||||||||||||||||
Unvested shares as of March 31, 2022 | 196,336 | $ | 67.16 | 153,138 | $ | 48.54 | |||||||||||||||||
Granted | 76,038 | 97.55 | 37,666 | 66.82 | |||||||||||||||||||
Vested | (10,817) | 63.53 | — | — | |||||||||||||||||||
Forfeited/canceled | (3,752) | 75.70 | — | — | |||||||||||||||||||
Unvested shares as of June 30, 2022 | 257,805 | $ | 75.37 | 190,804 | $ | 52.15 | |||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||
Vested | (52,701) | 66.18 | — | — | |||||||||||||||||||
Forfeited/canceled | (3,265) | 85.36 | — | — | |||||||||||||||||||
Unvested shares as of September 30, 2022 | 201,839 | $ | 77.60 | 190,804 | $ | 52.15 |
Grant date | April 29, 2022 | ||||
Forecast period (years) | 3 | ||||
Risk-free interest rates | 2.9% | ||||
Implied equity volatility | 88.4% | ||||
Stock price on the date of grant | $93.98 |
Number of Unvested Restricted Stock Units | Weighted Average Grant Date Fair Value | Number of Unvested Performance Vesting Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||||||||||||
Unvested shares as of January 1, 2021 | 1,702,513 | $ | 4.74 | 840,595 | $ | 4.07 | |||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||
Vested | (227,132) | 8.45 | — | — | |||||||||||||||||||
Forfeited/canceled | (1,475,381) | 4.16 | (840,595) | 4.07 | |||||||||||||||||||
Unvested shares as of May 17, 2021 | — | $ | — | — | $ | — |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Net loss | $ | (18,472) | $ | (461,313) | |||||||
Dividends on preferred stock | (1,309) | (2,095) | |||||||||
Net loss attributable to common stockholders | $ | (19,781) | $ | (463,408) | |||||||
Basic Shares | 19,635 | 20,598 | |||||||||
Basic and Dilutive EPS | $ | (1.01) | $ | (22.50) | |||||||
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Net (loss) income | $ | (253,867) | $ | (670,899) | $ | 250,994 | ||||||||||||||
Dividends on preferred stock | (4,136) | (3,126) | — | |||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (258,003) | $ | (674,025) | $ | 250,994 | ||||||||||||||
Basic Shares | 20,514 | 20,507 | 160,834 | |||||||||||||||||
Basic and Dilutive EPS | $ | (12.58) | $ | (32.87) | $ | 1.56 | ||||||||||||||
Remaining 2022 | $ | 58,483 | ||||||
2023 | 229,733 | |||||||
2024 | 220,708 | |||||||
2025 | 139,706 | |||||||
2026 | 136,235 | |||||||
Thereafter | 889,674 | |||||||
Total | $ | 1,674,539 |
Index | Daily Volume | Weighted Average Price | |||||||||||||||
Natural Gas | (MMBtu/d) | ($/MMBtu) | |||||||||||||||
Remaining 2022 | NYMEX Henry Hub | 270,000 | $ | 2.96 | |||||||||||||
2023 | NYMEX Henry Hub | 165,014 | $ | 3.64 | |||||||||||||
2024 | NYMEX Henry Hub | 54,973 | $ | 3.98 | |||||||||||||
Oil | (Bbl/d) | ($/Bbl) | |||||||||||||||
Remaining 2022 | NYMEX WTI | 3,000 | $ | 66.03 | |||||||||||||
2023 | NYMEX WTI | 3,000 | $ | 74.47 | |||||||||||||
NGL | (Bbl/d) | ($/Bbl) | |||||||||||||||
Remaining 2022 | Mont Belvieu C3 | 4,000 | $ | 36.62 | |||||||||||||
2023 | Mont Belvieu C3 | 3,000 | $ | 38.07 | |||||||||||||
Index | Daily Volume | Weighted Average Floor Price | Weighted Average Ceiling Price | ||||||||||||||||||||
Natural Gas | (MMBtu/d) | ($/MMBtu) | ($/MMBtu) | ||||||||||||||||||||
Remaining 2022 | NYMEX Henry Hub | 389,500 | $ | 2.54 | $ | 2.96 | |||||||||||||||||
2023 | NYMEX Henry Hub | 285,000 | $ | 2.93 | $ | 4.78 | |||||||||||||||||
2024 | NYMEX Henry Hub | 80,000 | $ | 3.63 | $ | 7.02 | |||||||||||||||||
Oil | (Bbl/d) | ($/Bbl) | ($/Bbl) | ||||||||||||||||||||
Remaining 2022 | NYMEX WTI | 1,500 | $ | 55.00 | $ | 60.00 |
Index | Daily Volume | Weighted Average Price | |||||||||||||||
Natural Gas | (MMBtu/d) | ($/MMBtu) | |||||||||||||||
Remaining 2022 | NYMEX Henry Hub | 152,675 | $ | 2.90 | |||||||||||||
2023 | NYMEX Henry Hub | 407,925 | $ | 2.90 | |||||||||||||
2024 | NYMEX Henry Hub | 202,000 | $ | 3.33 | |||||||||||||
2025 | NYMEX Henry Hub | 33,315 | $ | 4.65 | |||||||||||||
Gulfport Pays | Gulfport Receives | Daily Volume | Weighted Average Fixed Spread | ||||||||||||||||||||
Natural Gas | (MMBtu/d) | ($/MMBtu) | |||||||||||||||||||||
2023 | Rex Zone 3 | NYMEX Plus Fixed Spread | 40,000 | $ | (0.21) |
Successor | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Short-term derivative asset | $ | 53,342 | $ | 4,695 | |||||||
Long-term derivative asset | 24,335 | 18,664 | |||||||||
Short-term derivative liability | (817,384) | (240,735) | |||||||||
Long-term derivative liability | (299,150) | (184,580) | |||||||||
Total commodity derivative position | $ | (1,038,857) | $ | (401,956) | |||||||
Net loss on derivative instruments | |||||||||||
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Natural gas derivatives - fair value losses | $ | (161,532) | $ | (517,799) | |||||||
Natural gas derivatives - settlement losses | (354,084) | (82,566) | |||||||||
Total losses on natural gas derivatives | (515,616) | (600,365) | |||||||||
Oil derivatives - fair value gains (losses) | 33,545 | (1,590) | |||||||||
Oil derivatives - settlement losses | (9,035) | (4,336) | |||||||||
Total gains (losses) on oil and condensate derivatives | 24,510 | (5,926) | |||||||||
NGL derivatives - fair value gains (losses) | 19,043 | (10,201) | |||||||||
NGL derivatives - settlement losses | (2,832) | (5,984) | |||||||||
Total gains (losses) on NGL derivatives | 16,211 | (16,185) | |||||||||
Total losses on natural gas, oil and NGL derivatives | $ | (474,895) | $ | (622,476) |
Net loss on derivative instruments | ||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Natural gas derivatives - fair value losses | $ | (659,193) | $ | (638,063) | $ | (123,080) | ||||||||||||||
Natural gas derivatives - settlement losses | (754,177) | (89,255) | (3,362) | |||||||||||||||||
Total losses on natural gas derivatives | (1,413,370) | (727,318) | (126,442) | |||||||||||||||||
Oil derivatives - fair value gains (losses) | 8,076 | (6,947) | (6,126) | |||||||||||||||||
Oil derivatives - settlement losses | (31,460) | (4,336) | — | |||||||||||||||||
Total losses on oil and condensate derivatives | (23,384) | (11,283) | (6,126) | |||||||||||||||||
NGL derivatives - fair value gains (losses) | 14,216 | (17,549) | (4,671) | |||||||||||||||||
NGL derivatives - settlement losses | (13,779) | (5,984) | — | |||||||||||||||||
Total gains (losses) on NGL derivatives | 437 | (23,533) | (4,671) | |||||||||||||||||
Total losses on natural gas, oil and NGL derivatives | $ | (1,436,317) | $ | (762,134) | $ | (137,239) |
Successor | |||||||||||||||||
As of September 30, 2022 | |||||||||||||||||
Gross Assets (Liabilities) | Gross Amounts | ||||||||||||||||
Presented in the | Subject to Master | Net | |||||||||||||||
Consolidated Balance Sheets | Netting Agreements | Amount | |||||||||||||||
Derivative assets | $ | 77,677 | $ | (72,718) | $ | 4,959 | |||||||||||
Derivative liabilities | $ | (1,116,533) | $ | 72,718 | $ | (1,043,815) |
Successor | |||||||||||||||||
As of December 31, 2021 | |||||||||||||||||
Gross Assets (Liabilities) | Gross Amounts | ||||||||||||||||
Presented in the | Subject to Master | Net | |||||||||||||||
Consolidated Balance Sheets | Netting Agreements | Amount | |||||||||||||||
Derivative assets | $ | 23,359 | $ | (20,265) | $ | 3,094 | |||||||||||
Derivative liabilities | $ | (425,315) | $ | 20,265 | $ | (405,050) |
Successor | |||||||||||||||||
September 30, 2022 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Derivative instruments | $ | — | $ | 77,677 | $ | — | |||||||||||
Contingent consideration arrangement | — | — | 4,900 | ||||||||||||||
Total assets | $ | — | $ | 77,677 | $ | 4,900 | |||||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | — | $ | 1,116,533 | $ | — |
Successor | |||||||||||||||||
December 31, 2021 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Derivative instruments | $ | — | $ | 23,359 | $ | — | |||||||||||
Contingent consideration arrangement | — | — | 5,800 | ||||||||||||||
Total assets | $ | — | $ | 23,359 | $ | 5,800 | |||||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | — | $ | 425,315 | $ | — |
Remaining 2022 | $ | 247 | |||
2023 | 966 | ||||
2024 | 824 | ||||
2025 | 824 | ||||
2026 | 550 | ||||
Total lease payments | $ | 3,411 | |||
Less: imputed interest | (351) | ||||
Total | $ | 3,060 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Operating lease cost | $ | 187 | $ | 10 | |||||||
Variable lease cost | — | — | |||||||||
Short-term lease cost | 8,035 | 2,873 | |||||||||
Total lease cost(1) | $ | 8,222 | $ | 2,883 |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Operating lease cost | $ | 287 | $ | 18 | $ | 41 | ||||||||||||||
Variable lease cost | — | — | — | |||||||||||||||||
Short-term lease cost | 26,817 | 5,033 | 4,496 | |||||||||||||||||
Total lease cost(1) | $ | 27,104 | $ | 5,051 | $ | 4,537 |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||
Operating cash flows from operating leases | $ | 354 | $ | 46 | $ | 48 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Natural gas (Mcf/day) | |||||||||||
Utica | 597,027 | 678,154 | |||||||||
SCOOP | 218,633 | 188,292 | |||||||||
Other | — | — | |||||||||
Total | 815,660 | 866,446 | |||||||||
Oil and condensate (Bbl/day) | |||||||||||
Utica | 646 | 958 | |||||||||
SCOOP | 3,721 | 4,335 | |||||||||
Other | — | 78 | |||||||||
Total | 4,366 | 5,371 | |||||||||
NGL (Bbl/day) | |||||||||||
Utica | 2,458 | 2,516 | |||||||||
SCOOP | 9,714 | 9,918 | |||||||||
Other | — | — | |||||||||
Total | 12,172 | 12,434 | |||||||||
Combined (Mcfe/day) | |||||||||||
Utica | 615,649 | 698,998 | |||||||||
SCOOP | 299,239 | 273,812 | |||||||||
Other | — | 471 | |||||||||
Total | 914,888 | 973,281 | |||||||||
Totals may not sum or recalculate due to rounding. |
Successor | Predecessor | Non-GAAP Combined | ||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Natural gas (Mcf/day) | ||||||||||||||||||||||||||
Utica | 664,960 | 682,596 | 780,791 | 731,873 | ||||||||||||||||||||||
SCOOP | 200,847 | 190,305 | 126,294 | 158,182 | ||||||||||||||||||||||
Other | 7 | 38 | 63 | 51 | ||||||||||||||||||||||
Total | 865,814 | 872,939 | 907,148 | 890,106 | ||||||||||||||||||||||
Oil and condensate (Bbl/day) | ||||||||||||||||||||||||||
Utica | 688 | 1,012 | 1,336 | 1,175 | ||||||||||||||||||||||
SCOOP | 3,539 | 4,493 | 2,508 | 3,497 | ||||||||||||||||||||||
Other | 1 | 76 | 35 | 55 | ||||||||||||||||||||||
Total | 4,228 | 5,581 | 3,879 | 4,727 | ||||||||||||||||||||||
NGL (Bbl/day) | ||||||||||||||||||||||||||
Utica | 2,251 | 2,588 | 2,638 | 2,613 | ||||||||||||||||||||||
SCOOP | 9,275 | 9,645 | 6,200 | 7,916 | ||||||||||||||||||||||
Other | 1 | — | 3 | 2 | ||||||||||||||||||||||
Total | 11,526 | 12,233 | 8,841 | 10,531 | ||||||||||||||||||||||
Combined (Mcfe/day) | ||||||||||||||||||||||||||
Utica | 682,594 | 704,196 | 804,633 | 754,598 | ||||||||||||||||||||||
SCOOP | 277,730 | 275,134 | 178,545 | 226,662 | ||||||||||||||||||||||
Other | 17 | 498 | 288 | 392 | ||||||||||||||||||||||
Total | 960,341 | 979,828 | 983,466 | 981,653 | ||||||||||||||||||||||
Totals may not sum or recalculate due to rounding. |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Natural gas sales | |||||||||||
Natural gas production volumes (MMcf) | 75,041 | 79,713 | |||||||||
Natural gas production volumes (MMcf) per day | 816 | 866 | |||||||||
Total sales | $ | 585,596 | $ | 301,516 | |||||||
Average price without the impact of derivatives ($/Mcf) | $ | 7.80 | $ | 3.78 | |||||||
Impact from settled derivatives ($/Mcf) | $ | (4.72) | $ | (1.04) | |||||||
Average price, including settled derivatives ($/Mcf) | $ | 3.08 | $ | 2.74 | |||||||
Oil and condensate sales | |||||||||||
Oil and condensate production volumes (MBbl) | 402 | 494 | |||||||||
Oil and condensate production volumes (MBbl) per day | 4 | 5 | |||||||||
Total sales | $ | 36,050 | $ | 33,279 | |||||||
Average price without the impact of derivatives ($/Bbl) | $ | 89.75 | $ | 67.37 | |||||||
Impact from settled derivatives ($/Bbl) | $ | (22.49) | $ | (8.77) | |||||||
Average price, including settled derivatives ($/Bbl) | $ | 67.26 | $ | 58.60 | |||||||
NGL sales | |||||||||||
NGL production volumes (MBbl) | 1,120 | 1,144 | |||||||||
NGL production volumes (MBbl) per day | 12 | 12 | |||||||||
Total sales | $ | 44,351 | $ | 45,153 | |||||||
Average price without the impact of derivatives ($/Bbl) | $ | 39.61 | $ | 39.47 | |||||||
Impact from settled derivatives ($/Bbl) | $ | (2.53) | $ | (5.23) | |||||||
Average price, including settled derivatives ($/Bbl) | $ | 37.08 | $ | 34.24 | |||||||
Natural gas, oil and condensate and NGL sales | |||||||||||
Natural gas equivalents (MMcfe) | 84,170 | 89,542 | |||||||||
Natural gas equivalents (MMcfe) per day | 915 | 973 | |||||||||
Total sales | $ | 665,997 | $ | 379,948 | |||||||
Average price without the impact of derivatives ($/Mcfe) | $ | 7.91 | $ | 4.24 | |||||||
Impact from settled derivatives ($/Mcfe) | $ | (4.35) | $ | (1.04) | |||||||
Average price, including settled derivatives ($/Mcfe) | $ | 3.56 | $ | 3.20 | |||||||
Production Costs: | |||||||||||
Average lease operating expenses ($/Mcfe) | $ | 0.18 | $ | 0.15 | |||||||
Average taxes other than income ($/Mcfe) | $ | 0.20 | $ | 0.13 | |||||||
Average transportation, gathering, processing and compression ($/Mcfe) | $ | 1.06 | $ | 0.94 | |||||||
Total lease operating expenses, midstream costs and taxes other than income ($/Mcfe) | $ | 1.44 | $ | 1.22 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Natural gas | $ | 585,596 | $ | 301,516 | |||||||
Oil and condensate | 36,050 | 33,279 | |||||||||
NGL | 44,351 | 45,153 | |||||||||
Natural gas, oil and condensate and NGL sales | $ | 665,997 | $ | 379,948 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Natural gas derivatives - fair value losses | $ | (161,532) | $ | (517,799) | |||||||
Natural gas derivatives - settlement losses | (354,084) | (82,566) | |||||||||
Total losses on natural gas derivatives | $ | (515,616) | $ | (600,365) | |||||||
Oil derivatives - fair value gains (losses) | $ | 33,545 | $ | (1,590) | |||||||
Oil derivatives - settlement losses | (9,035) | (4,336) | |||||||||
Total gains (losses) on oil derivatives | $ | 24,510 | $ | (5,926) | |||||||
NGL derivatives - fair value gains (losses) | $ | 19,043 | $ | (10,201) | |||||||
NGL derivatives - settlement losses | (2,832) | (5,984) | |||||||||
Total gains (losses) on NGL derivatives | $ | 16,211 | $ | (16,185) | |||||||
Total losses on natural gas, oil and NGL derivatives | $ | (474,895) | $ | (622,476) |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Lease operating expenses | |||||||||||
Utica | $ | 9,976 | $ | 9,309 | |||||||
SCOOP | 5,386 | 4,527 | |||||||||
Other | 1 | 28 | |||||||||
Total lease operating expenses | $ | 15,363 | $ | 13,864 | |||||||
Lease operating expenses per Mcfe | |||||||||||
Utica | $ | 0.18 | $ | 0.14 | |||||||
SCOOP | 0.20 | 0.18 | |||||||||
Other | — | 0.65 | |||||||||
Total lease operating expenses per Mcfe | $ | 0.18 | $ | 0.15 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Production taxes | $ | 13,622 | $ | 8,822 | |||||||
Property taxes | 1,526 | 2,309 | |||||||||
Other | 1,381 | 713 | |||||||||
Total taxes other than income | $ | 16,529 | $ | 11,844 | |||||||
Total taxes other than income per Mcfe | $ | 0.20 | $ | 0.13 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Transportation, gathering, processing and compression | $ | 89,234 | $ | 84,435 | |||||||
Transportation, gathering, processing and compression per Mcfe | $ | 1.06 | $ | 0.94 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Depreciation, depletion and amortization of oil and gas properties | $ | 64,099 | $ | 61,922 | |||||||
Depreciation, depletion and amortization of other property and equipment | 320 | 651 | |||||||||
Total depreciation, depletion and amortization | $ | 64,419 | $ | 62,573 | |||||||
Depreciation, depletion and amortization per Mcfe | $ | 0.77 | $ | 0.70 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
General and administrative expenses, gross | $ | 17,015 | $ | 24,951 | |||||||
Reimbursed from third parties | (3,339) | (3,182) | |||||||||
Capitalized general and administrative expenses | (4,924) | (5,078) | |||||||||
General and administrative expenses, net | $ | 8,752 | $ | 16,691 | |||||||
General and administrative expenses, net per Mcfe | $ | 0.10 | $ | 0.19 |
Successor | |||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||
Interest on 2026 Senior Notes | $ | 11,053 | $ | 11,049 | |||||||
Interest expense on Credit Facility | 3,712 | — | |||||||||
Amortization of loan costs | 676 | 594 | |||||||||
Interest on exit facility | — | 2,458 | |||||||||
Interest on first-out term loan | — | 2,427 | |||||||||
Other | 20 | (177) | |||||||||
Total interest expense | $ | 15,461 | $ | 16,351 | |||||||
Interest expense per Mcfe | $ | 0.18 | $ | 0.18 |
Successor | Predecessor | Non-GAAP Combined | ||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Natural gas sales | ||||||||||||||||||||||||||
Natural gas production volumes (MMcf) | 236,367 | 118,720 | 124,279 | 242,999 | ||||||||||||||||||||||
Natural gas production volumes (MMcf) per day | 866 | 873 | 907 | 890 | ||||||||||||||||||||||
Total sales | $ | 1,529,898 | $ | 413,234 | $ | 344,390 | $ | 757,624 | ||||||||||||||||||
Average price without the impact of derivatives ($/Mcf) | $ | 6.47 | $ | 3.48 | $ | 2.77 | $ | 3.12 | ||||||||||||||||||
Impact from settled derivatives ($/Mcf) | $ | (3.19) | $ | (0.75) | $ | (0.03) | $ | (0.38) | ||||||||||||||||||
Average price, including settled derivatives ($/Mcf) | $ | 3.28 | $ | 2.73 | $ | 2.74 | $ | 2.74 | ||||||||||||||||||
Oil and condensate sales | ||||||||||||||||||||||||||
Oil and condensate production volumes (MBbl) | 1,154 | 759 | 531 | 1,290 | ||||||||||||||||||||||
Oil and condensate production volumes (MBbl) per day | 4 | 6 | 4 | 5 | ||||||||||||||||||||||
Total sales | $ | 111,298 | $ | 50,866 | $ | 29,106 | $ | 79,972 | ||||||||||||||||||
Average price without the impact of derivatives ($/Bbl) | $ | 96.42 | $ | 67.02 | $ | 54.81 | $ | 61.99 | ||||||||||||||||||
Impact from settled derivatives ($/Bbl) | $ | (27.26) | $ | (5.71) | $ | — | $ | (3.36) | ||||||||||||||||||
Average price, including settled derivatives ($/Bbl) | $ | 69.16 | $ | 61.31 | $ | 54.81 | $ | 58.63 | ||||||||||||||||||
NGL sales | ||||||||||||||||||||||||||
NGL production volumes (MBbl) | 3,147 | 1,664 | 1,211 | 2,875 | ||||||||||||||||||||||
NGL production volumes (MBbl) per day | 12 | 12 | 9 | 11 | ||||||||||||||||||||||
Total sales | $ | 143,741 | $ | 61,230 | $ | 36,780 | $ | 98,010 | ||||||||||||||||||
Average price without the impact of derivatives ($/Bbl) | $ | 45.68 | $ | 36.80 | $ | 30.37 | $ | 34.09 | ||||||||||||||||||
Impact from settled derivatives ($/Bbl) | $ | (4.38) | $ | (3.60) | $ | — | $ | (2.08) | ||||||||||||||||||
Average price, including settled derivatives ($/Bbl) | $ | 41.30 | $ | 33.20 | $ | 30.37 | $ | 32.01 | ||||||||||||||||||
Natural gas, oil and condensate and NGL sales | ||||||||||||||||||||||||||
Natural gas equivalents (MMcfe) | 262,173 | 133,257 | 134,735 | 267,992 | ||||||||||||||||||||||
Natural gas equivalents (MMcfe) per day | 960 | 980 | 983 | 982 | ||||||||||||||||||||||
Total sales | $ | 1,784,937 | $ | 525,330 | $ | 410,276 | $ | 935,606 | ||||||||||||||||||
Average price without the impact of derivatives ($/Mcfe) | $ | 6.81 | $ | 3.94 | $ | 3.05 | $ | 3.49 | ||||||||||||||||||
Impact from settled derivatives ($/Mcfe) | $ | (3.05) | $ | (0.75) | $ | (0.02) | $ | (0.38) | ||||||||||||||||||
Average price, including settled derivatives ($/Mcfe) | $ | 3.76 | $ | 3.19 | $ | 3.03 | $ | 3.11 | ||||||||||||||||||
Production Costs: | ||||||||||||||||||||||||||
Average lease operating expenses ($/Mcfe) | $ | 0.18 | $ | 0.13 | $ | 0.14 | $ | 0.14 | ||||||||||||||||||
Average taxes other than income ($/Mcfe) | $ | 0.17 | $ | 0.13 | $ | 0.09 | $ | 0.11 | ||||||||||||||||||
Average transportation, gathering, processing and compression ($/Mcfe) | $ | 1.00 | $ | 0.94 | $ | 1.20 | $ | 1.07 | ||||||||||||||||||
Total lease operating expenses, midstream costs and taxes other than income ($/Mcfe) | $ | 1.35 | $ | 1.20 | $ | 1.43 | $ | 1.32 |
Successor | Predecessor | Non-GAAP Combined | ||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Natural gas | $ | 1,529,898 | $ | 413,234 | $ | 344,390 | $ | 757,624 | ||||||||||||||||||
Oil and condensate | 111,298 | 50,866 | 29,106 | 79,972 | ||||||||||||||||||||||
NGL | 143,741 | 61,230 | 36,780 | 98,010 | ||||||||||||||||||||||
Natural gas, oil and condensate and NGL sales | $ | 1,784,937 | $ | 525,330 | $ | 410,276 | $ | 935,606 |
Successor | Predecessor | Non-GAAP Combined | ||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Natural gas derivatives - fair value losses | $ | (659,193) | $ | (638,063) | $ | (123,080) | $ | (761,143) | ||||||||||||||||||
Natural gas derivatives - settlement losses | (754,177) | (89,255) | (3,362) | (92,617) | ||||||||||||||||||||||
Total losses on natural gas derivatives | $ | (1,413,370) | $ | (727,318) | $ | (126,442) | $ | (853,760) | ||||||||||||||||||
Oil derivatives - fair value gains (losses) | $ | 8,076 | $ | (6,947) | $ | (6,126) | $ | (13,073) | ||||||||||||||||||
Oil derivatives - settlement losses | (31,460) | (4,336) | — | (4,336) | ||||||||||||||||||||||
Total losses on oil derivatives | $ | (23,384) | $ | (11,283) | $ | (6,126) | $ | (17,409) | ||||||||||||||||||
NGL derivatives - fair value gains (losses) | $ | 14,216 | $ | (17,549) | $ | (4,671) | $ | (22,220) | ||||||||||||||||||
NGL derivatives - settlement losses | (13,779) | (5,984) | — | (5,984) | ||||||||||||||||||||||
Total gains (losses) on NGL derivatives | $ | 437 | $ | (23,533) | $ | (4,671) | $ | (28,204) | ||||||||||||||||||
Total losses on natural gas, oil and NGL derivatives | $ | (1,436,317) | $ | (762,134) | $ | (137,239) | $ | (899,373) |
Successor | Predecessor | Non-GAAP Combined | ||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Lease operating expenses | ||||||||||||||||||||||||||
Utica | $ | 32,796 | $ | 12,162 | $ | 13,991 | $ | 26,153 | ||||||||||||||||||
SCOOP | 14,452 | 5,757 | 5,449 | 11,206 | ||||||||||||||||||||||
Other | (2) | 61 | 84 | 145 | ||||||||||||||||||||||
Total lease operating expenses | $ | 47,246 | $ | 17,980 | $ | 19,524 | $ | 37,504 | ||||||||||||||||||
Lease operating expenses per Mcfe | ||||||||||||||||||||||||||
Utica | $ | 0.18 | $ | 0.13 | $ | 0.13 | $ | 0.13 | ||||||||||||||||||
SCOOP | 0.19 | 0.15 | 0.22 | 0.18 | ||||||||||||||||||||||
Other | (0.43) | 0.90 | 2.15 | 1.36 | ||||||||||||||||||||||
Total lease operating expenses per Mcfe | $ | 0.18 | $ | 0.13 | $ | 0.14 | $ | 0.14 |
Successor | Predecessor | Non-GAAP Combined | ||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Production taxes | $ | 36,714 | $ | 12,561 | $ | 8,459 | $ | 21,020 | ||||||||||||||||||
Property taxes | 5,311 | 3,377 | 2,590 | 5,967 | ||||||||||||||||||||||
Other | 3,654 | 962 | 1,300 | 2,262 | ||||||||||||||||||||||
Total taxes other than income | $ | 45,679 | $ | 16,900 | $ | 12,349 | $ | 29,249 | ||||||||||||||||||
Total taxes other than income per Mcfe | $ | 0.17 | $ | 0.13 | $ | 0.09 | $ | 0.11 |
Successor | Predecessor | Non-GAAP Combined | ||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Transportation, gathering, processing and compression | $ | 261,778 | $ | 125,811 | $ | 161,086 | $ | 286,897 | ||||||||||||||||||
Transportation, gathering, processing and compression per Mcfe | $ | 1.00 | $ | 0.94 | $ | 1.20 | $ | 1.07 |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Depreciation, depletion and amortization of oil and gas properties | $ | 188,324 | $ | 93,959 | $ | 60,831 | ||||||||||||||
Depreciation, depletion and amortization of other property and equipment | 981 | 976 | 1,933 | |||||||||||||||||
Total depreciation, depletion and amortization | $ | 189,305 | $ | 94,935 | $ | 62,764 | ||||||||||||||
Depreciation, depletion and amortization per Mcfe | $ | 0.72 | $ | 0.71 | $ | 0.47 |
Successor | Predecessor | Non-GAAP Combined | ||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
General and administrative expenses, gross | $ | 48,630 | $ | 34,818 | $ | 32,152 | $ | 66,970 | ||||||||||||||||||
Reimbursed from third parties | (9,874) | (4,355) | (4,957) | (9,312) | ||||||||||||||||||||||
Capitalized general and administrative expenses | (14,628) | (7,254) | (8,020) | (15,274) | ||||||||||||||||||||||
General and administrative expenses, net | $ | 24,128 | $ | 23,209 | $ | 19,175 | $ | 42,384 | ||||||||||||||||||
General and administrative expenses, net per Mcfe | $ | 0.09 | $ | 0.17 | $ | 0.14 | $ | 0.16 |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Interest on 2026 Senior Notes | $ | 33,155 | $ | 16,304 | $ | — | ||||||||||||||
Interest expense on Credit Facility | 8,476 | — | — | |||||||||||||||||
Amortization of loan costs | 2,009 | 1,014 | — | |||||||||||||||||
Interest on exit facility | — | 3,824 | — | |||||||||||||||||
Interest on first-out term loan | — | 3,664 | — | |||||||||||||||||
Interest on DIP credit facility | — | — | 3,104 | |||||||||||||||||
Interest expense on pre-petition revolving credit facility | — | — | 2,044 | |||||||||||||||||
Other | 39 | 439 | (989) | |||||||||||||||||
Total interest expense | $ | 43,679 | $ | 25,245 | $ | 4,159 | ||||||||||||||
Interest expense per Mcfe | $ | 0.17 | $ | 0.19 | $ | 0.03 | ||||||||||||||
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Legal and professional advisory fees | $ | — | $ | — | $ | 81,565 | ||||||||||||||
Net gain on liabilities subject to compromise | — | — | (575,182) | |||||||||||||||||
Fresh start adjustments, net | — | — | 160,756 | |||||||||||||||||
Elimination of predecessor accumulated other comprehensive income | — | — | 40,430 | |||||||||||||||||
Debt issuance costs | — | — | 3,150 | |||||||||||||||||
Other items, net | — | — | 22,383 | |||||||||||||||||
Reorganization items, net | $ | — | $ | — | $ | (266,898) |
Successor | Predecessor | Non-GAAP Combined | ||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
Other, net | $ | (11,385) | $ | 7,980 | $ | 1,713 | $ | 9,693 |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Net cash provided by operating activities | $ | 551,082 | $ | 164,637 | $ | 172,155 | ||||||||||||||
Additions to oil and natural gas properties | (331,994) | (119,306) | (102,330) | |||||||||||||||||
Debt activity, net | 15,000 | (102,145) | (147,660) | |||||||||||||||||
Repurchases of common stock | (225,791) | — | — | |||||||||||||||||
Proceeds from issuance of preferred stock | — | — | 50,000 | |||||||||||||||||
Preferred stock dividends | (4,136) | — | — | |||||||||||||||||
Other | 866 | 1,882 | (2,609) | |||||||||||||||||
Net change in cash, cash equivalents and restricted cash | $ | 5,027 | $ | (54,932) | $ | (30,444) | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 8,287 | $ | 4,485 | $ | 59,417 |
Successor | Predecessor | |||||||||||||||||||
Nine Months Ended September 30, 2022 | Period from May 18, 2021 through September 30, 2021 | Period from January 1, 2021 through May 17, 2021 | ||||||||||||||||||
Oil and Natural Gas Property Cash Expenditures: | ||||||||||||||||||||
Drilling and completion costs | $ | 291,926 | $ | 109,077 | $ | 94,128 | ||||||||||||||
Leasehold acquisitions | 27,086 | 3,474 | 2,752 | |||||||||||||||||
Other | 12,982 | 6,755 | 5,450 | |||||||||||||||||
Total oil and natural gas property expenditures | $ | 331,994 | $ | 119,306 | $ | 102,330 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total number of shares purchased as part of publicly announced plans or programs(2) | Approximate maximum dollar value of shares that may yet be purchased under the plans or programs(2) | ||||||||||||||||||||||
July 1 - July 31 | 373,665 | $ | 80.49 | 364,465 | $ | 107,681,000 | ||||||||||||||||||||
August 1 - August 31 | 172,503 | $ | 94.36 | 167,903 | $ | 92,333,000 | ||||||||||||||||||||
September 1 - September 30 | 220,706 | $ | 90.18 | 220,706 | $ | 72,429,000 | ||||||||||||||||||||
Total | 766,874 | $ | 85.73 | 753,074 |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
GULFPORT ENERGY CORPORATION | ||||||||
By: | /s/ William Buese | |||||||
William Buese Chief Financial Officer |
1 Year Gulfport Energy Chart |
1 Month Gulfport Energy Chart |
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