We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chaparral Energy Inc | NYSE:CHAP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.392 | 0 | 01:00:00 |
|
Form 10-Q
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
Chaparral Energy, Inc.
(Exact name of registrant as specified in its charter)
|
||
|
|
|
Delaware
|
|
73-1590941
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
701 Cedar Lake Boulevard
Oklahoma City, Oklahoma
|
|
73114
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(405) 478-8770
(Registrant’s telephone number, including area code)
|
||
|
|
|
Title of class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Class A common stock, par value, $0.01 per share
|
CHAP
|
The New York Stock Exchange
|
|
Page
|
|
|
|
|
|
|
•
|
fluctuations in demand or the prices received for oil and natural gas;
|
•
|
the amount, nature and timing of capital expenditures;
|
•
|
drilling, completion and performance of wells;
|
•
|
inventory of drillable locations;
|
•
|
competition;
|
•
|
government regulations;
|
•
|
timing and amount of future production of oil and natural gas;
|
•
|
costs of exploiting and developing properties and conducting other operations, in the aggregate and on a per-unit equivalent basis;
|
•
|
changes in proved reserves;
|
•
|
operating costs and other expenses;
|
•
|
our future financial condition, results of operations, revenue, cash flows and expenses;
|
•
|
estimates of proved reserves;
|
•
|
exploitation of property acquisitions;
|
•
|
takeaway constraints and storage capacity for oil and natural gas; and
|
•
|
marketing of oil and natural gas.
|
•
|
future capital expenditures (or funding thereof) and working capital;
|
•
|
worldwide supply of and demand for oil and natural gas, including to the extent affected by the COVID-19 pandemic and the recovery therefrom;
|
•
|
volatility and declines in oil and natural gas prices, including to the extent affected by the COVID-19 pandemic and the recovery therefrom;
|
•
|
geopolitical events affecting oil and natural gas prices;
|
•
|
the nature or results, if any, of any strategic alternatives;
|
•
|
recent changes in the composition of the board of directors of the Company (the “Board”);
|
•
|
the effects of the departures of former executives and the hiring of new executives on our employees, suppliers, regulators and business counterparties;
|
•
|
our inability to retain and attract key personnel;
|
•
|
the impact of COVID-19 on the health of our key personnel;
|
•
|
risks related to the geographic concentration of our assets;
|
•
|
our ability to develop, explore for, acquire and replace oil and natural gas reserves and sustain production;
|
•
|
drilling plans (including scheduled and budgeted wells);
|
•
|
the extent to which we are able to continue to reduce lease operating expense and G&A costs;
|
•
|
geologic and reservoir complexity and variability;
|
•
|
uncertainties in estimating our oil and gas reserves and the present values of those reserves;
|
•
|
the number, timing or results of any wells;
|
•
|
changes in wells operated and in reserve estimates;
|
•
|
activities on properties we do not operate;
|
•
|
availability and cost of drilling and production equipment, facilities, field service providers, gathering, processing and transportation;
|
•
|
takeaway constraints and storage capacity for oil and natural gas;
|
•
|
competition in the oil and natural gas industry;
|
•
|
outcome, effects or timing of legal proceedings (including environmental litigation);
|
•
|
weather, including its impact on oil and natural gas demand and weather-related delays on operations;
|
•
|
the impact of natural disasters on our present and future operations;
|
•
|
the operating hazards attendant to the oil and natural gas business;
|
•
|
effectiveness and extent of our risk management activities;
|
•
|
effectiveness of orders from the Oklahoma Corporation Commission and other regulatory bodies in mitigating the risk of lease cancellation actions associated with the voluntary shut-in of production;
|
•
|
current borrowings, capital resources and liquidity;
|
•
|
covenant compliance under instruments governing any of our existing or future indebtedness, including our ability to comply with financial covenants under our Credit Agreement;
|
•
|
the effects of government regulation and permitting and other legal requirements;
|
•
|
the impact of legislative, tax and regulatory initiatives, including in response to the COVID-19 pandemic;
|
•
|
volatility in the price of our common stock;
|
•
|
integration of existing and new technologies into operations;
|
•
|
future exploration;
|
•
|
changes in strategy and business discipline; and
|
•
|
the ability to successfully complete merger, acquisition or divestiture plans, regulatory or other limitations imposed as a result of a merger, acquisition or divestiture, and the success of the business following a merger, acquisition or divestiture.
|
Bbl
|
One stock tank barrel of 42 U.S. gallons liquid volume used herein in reference to crude oil, condensate, or natural gas liquids.
|
|
|
BBtu
|
One billion British thermal units.
|
|
|
Boe
|
One barrel of crude oil equivalent, determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil.
|
|
|
Boe/d
|
Barrels of oil equivalent per day.
|
|
|
Btu
|
British thermal unit, which is the heat required to raise the temperature of one-pound of water from 58.5 to 59.5 degrees Fahrenheit.
|
|
|
Chapter 11 Cases
|
The voluntary petitions filed by Chaparral Energy, Inc. and its subsidiaries on May 9, 2016 seeking relief under Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware commencing cases for relief under chapter 11 of the Bankruptcy Code.
|
|
|
Completion
|
The process of treating a drilled well followed by the installation of permanent equipment for the production of oil or natural gas, or in the case of a dry well, the reporting to the appropriate authority that the well has been abandoned.
|
|
|
CO2
|
Carbon dioxide.
|
|
|
COVID-19
|
An infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). It was first identified in late 2019 and has since spread globally, resulting in a sustained pandemic.
|
|
|
Credit Agreement
|
Tenth Restated Credit Agreement, as amended, by and among Chaparral Energy, Inc., Royal Bank of Canada as Administrative Agent and the Lenders thereto.
|
|
|
Dry well or dry hole
|
An exploratory, development or extension well that proves to be incapable of producing either oil or natural gas in sufficient quantities to justify completion as an oil or natural gas well.
|
|
|
Effective Date
|
March 21, 2017, the date of the Company’s emergence from bankruptcy.
|
|
|
Enhanced oil recovery (EOR)
|
The use of any improved recovery method, including injection of CO2 or polymer, to remove additional oil after Secondary Recovery.
|
|
|
Field
|
An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.
|
|
|
MBbls
|
One thousand barrels of crude oil, condensate, or natural gas liquids.
|
|
|
MBoe
|
One thousand barrels of crude oil equivalent.
|
|
|
Mcf
|
One thousand cubic feet of natural gas.
|
|
|
MMBtu
|
One million British thermal units.
|
|
|
MMcf
|
One million cubic feet of natural gas.
|
|
|
Natural gas liquids (NGLs)
|
Those hydrocarbons in natural gas that are separated from the gas as liquids through the process of absorption, condensation, or other methods in gas processing or cycling plants. Natural gas liquids primarily include propane, butane, isobutane, pentane, hexane and natural gasoline.
|
|
|
NYSE
|
The New York Stock Exchange.
|
Play
|
A term describing an area of land following the identification by geologists and geophysicists of reservoirs with potential oil and natural gas reserves.
|
|
|
Proved developed reserves
|
Reserves that can be expected to be recovered (i) through existing wells with existing equipment and operating methods, or in which the cost of the required equipment is relatively minor compared to the cost of a new well and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.
.
|
|
|
Proved reserves
|
The quantities of oil and natural gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. For additional information, see the SEC’s definition in Rule 1-10(a)(22) of Regulation S-X, a link for which is available at the SEC’s website.
|
|
|
Proved undeveloped reserves
|
Reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion.
|
|
|
PV-10 value
|
When used with respect to oil and natural gas reserves, PV-10 value means the estimated future gross revenue to be generated from the production of proved reserves, net of estimated production and future development costs, excluding escalations of prices and costs based upon future conditions, before income taxes, and without giving effect to non-property-related expenses, discounted to a present value using an annual discount rate of 10%.
|
|
|
Reorganization Plan
|
First Amended Joint Plan of Reorganization for Chaparral Energy, Inc. and its Affiliate Debtors under Chapter 11 of the Bankruptcy Code.
|
|
|
SEC
|
The Securities and Exchange Commission.
|
|
|
Senior Notes
|
Our 8.75% senior notes due 2023.
|
|
|
STACK
|
The STACK is a play in the Anadarko basin of Oklahoma in which we operate and derives its name from the acronym standing for Sooner Trend Anadarko Canadian Kingfisher. It is a horizontal drilling play in an area with multiple productive reservoirs that had previously been drilled with vertical wells. Our STACK areas encompass all or parts of Canadian, Garfield, Kingfisher, Major, Blaine, Dewey, Woodward, Logan and Grady counties in Oklahoma. Our STACK areas’ borders include the Nemaha Ridge (East), the Chester outcrop (North), and deep gas bearing characteristics (South and West). This thick column (500’+) includes multiple, stacked, and productive reservoirs, each with high oil saturations and includes the Woodford, Osage, Meramec, Oswego, and other intervals within the STACK.
|
|
|
Unit
|
The joining of all or substantially all interests in a reservoir or field, rather than a single tract, to provide for development and operation without regard to separate property interests. Also, the area covered by a unitization agreement.
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
(dollars in thousands, except share data)
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Assets
|
|
|
|
|
|
|||
Current assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
13,291
|
|
|
$
|
22,595
|
|
Accounts receivable:
|
|
|
|
|
||||
Accounts receivable, gross
|
|
46,085
|
|
|
50,744
|
|
||
Allowance for credit losses
|
|
(2,768
|
)
|
|
(1,097
|
)
|
||
Accounts receivable, net
|
|
43,317
|
|
|
49,647
|
|
||
Inventories, net
|
|
2,842
|
|
|
3,730
|
|
||
Prepaid expenses
|
|
2,981
|
|
|
3,471
|
|
||
Derivative instruments
|
|
48,458
|
|
|
947
|
|
||
Total current assets
|
|
110,889
|
|
|
80,390
|
|
||
Property and equipment, net
|
|
8,603
|
|
|
9,217
|
|
||
Right of use assets from operating leases
|
|
2,097
|
|
|
2,444
|
|
||
Oil and natural gas properties, using the full cost method:
|
|
|
|
|
|
|
||
Proved
|
|
1,348,229
|
|
|
1,276,036
|
|
||
Unevaluated (excluded from the amortization base)
|
|
354,547
|
|
|
371,229
|
|
||
Accumulated depreciation, depletion, amortization and impairment
|
|
(848,002
|
)
|
|
(754,379
|
)
|
||
Total oil and natural gas properties
|
|
854,774
|
|
|
892,886
|
|
||
Held for sale assets
|
|
164
|
|
|
2,860
|
|
||
Derivative instruments
|
|
4,663
|
|
|
—
|
|
||
Other assets
|
|
2,136
|
|
|
635
|
|
||
Total assets
|
|
$
|
983,326
|
|
|
$
|
988,432
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
|
||
Accounts payable and accrued liabilities
|
|
$
|
65,966
|
|
|
$
|
64,558
|
|
Accrued payroll and benefits payable
|
|
6,514
|
|
|
10,963
|
|
||
Accrued interest payable
|
|
5,650
|
|
|
12,227
|
|
||
Revenue distribution payable
|
|
21,752
|
|
|
22,370
|
|
||
Long-term debt and financing leases, classified as current
|
|
497
|
|
|
594
|
|
||
Derivative instruments
|
|
—
|
|
|
11,957
|
|
||
Total current liabilities
|
|
100,379
|
|
|
122,669
|
|
||
Long-term debt and financing leases, less current maturities
|
|
436,755
|
|
|
421,392
|
|
||
Derivative instruments
|
|
—
|
|
|
5,075
|
|
||
Noncurrent operating lease obligations
|
|
579
|
|
|
917
|
|
||
Deferred compensation
|
|
467
|
|
|
165
|
|
||
Asset retirement obligations
|
|
22,544
|
|
|
21,073
|
|
||
Commitments and contingencies (Note 10)
|
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
|
||
Preferred stock, 5,000,000 shares authorized, none issued and outstanding
|
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 192,130,071 shares authorized; 48,390,691 issued and 47,915,880 outstanding at March 31, 2020 and 48,413,185 issued and 47,942,230 outstanding at December 31, 2019
|
|
484
|
|
|
485
|
|
||
Additional paid in capital
|
|
977,879
|
|
|
977,174
|
|
||
Treasury stock, at cost, 474,811 and 470,955 shares as of March 31, 2020, and December 31, 2019
|
|
(6,116
|
)
|
|
(6,110
|
)
|
||
Accumulated deficit
|
|
(549,645
|
)
|
|
(554,408
|
)
|
||
Total stockholders’ equity
|
|
422,602
|
|
|
417,141
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
983,326
|
|
|
$
|
988,432
|
|
|
|
Three months ended
|
||||||
(in thousands, except share and per share data)
|
|
March 31, 2020
|
|
March 31, 2019
|
||||
Revenues:
|
|
|
|
|
|
|
||
Net commodity sales
|
|
$
|
48,851
|
|
|
$
|
48,619
|
|
Sublease revenue
|
|
—
|
|
|
1,198
|
|
||
Total revenues
|
|
48,851
|
|
|
49,817
|
|
||
Costs and expenses:
|
|
|
|
|
|
|
||
Lease operating
|
|
10,088
|
|
|
12,294
|
|
||
Production taxes
|
|
2,750
|
|
|
2,880
|
|
||
Depreciation, depletion and amortization
|
|
23,012
|
|
|
23,715
|
|
||
Impairment of oil and gas assets
|
|
71,371
|
|
|
49,722
|
|
||
Impairment of other assets
|
|
153
|
|
|
—
|
|
||
General and administrative
|
|
8,068
|
|
|
8,313
|
|
||
Subleases
|
|
—
|
|
|
403
|
|
||
Total costs and expenses
|
|
115,442
|
|
|
97,327
|
|
||
Operating loss
|
|
(66,591
|
)
|
|
(47,510
|
)
|
||
Non-operating income (expense):
|
|
|
|
|
||||
Interest expense
|
|
(6,636
|
)
|
|
(4,564
|
)
|
||
Derivative gains (losses)
|
|
78,380
|
|
|
(51,016
|
)
|
||
Gain (loss) on sale of assets
|
|
102
|
|
|
(1
|
)
|
||
Other income, net
|
|
246
|
|
|
14
|
|
||
Net non-operating income (expense)
|
|
72,092
|
|
|
(55,567
|
)
|
||
Reorganization items, net
|
|
(584
|
)
|
|
(463
|
)
|
||
Income (loss) before income taxes
|
|
4,917
|
|
|
(103,540
|
)
|
||
Income tax expense
|
|
—
|
|
|
—
|
|
||
Net income (loss)
|
|
$
|
4,917
|
|
|
$
|
(103,540
|
)
|
Earnings (loss) per share:
|
|
|
|
|
|
|
||
Basic
|
|
$
|
0.11
|
|
|
$
|
(2.28
|
)
|
Diluted
|
|
$
|
0.11
|
|
|
$
|
(2.28
|
)
|
Weighted average shares used to compute earnings per share:
|
|
|
|
|
|
|
||
Basic
|
|
45,830,286
|
|
|
45,456,214
|
|
||
Diluted
|
|
46,194,495
|
|
|
45,456,214
|
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|||||||||||||
(dollars in thousands)
|
|
Shares
outstanding
|
|
Amount
|
|
Additional
paid in capital
|
|
Treasury
stock
|
|
Accumulated
deficit
|
|
Total
|
|||||||||||
As of December 31, 2018
|
|
46,390,513
|
|
|
$
|
467
|
|
|
$
|
974,616
|
|
|
$
|
(4,936
|
)
|
|
$
|
(85,460
|
)
|
|
$
|
884,687
|
|
Stock-based compensation
|
|
94,078
|
|
|
1
|
|
|
1,423
|
|
|
—
|
|
|
—
|
|
|
1,424
|
|
|||||
Restricted stock forfeited
|
|
(97,113
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Repurchase of common stock
|
|
(80,422
|
)
|
|
—
|
|
|
—
|
|
|
(463
|
)
|
|
—
|
|
|
(463
|
)
|
|||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(103,540
|
)
|
|
(103,540
|
)
|
|||||
Balance at March 31, 2019
|
|
46,307,056
|
|
|
$
|
467
|
|
|
$
|
976,039
|
|
|
$
|
(5,399
|
)
|
|
$
|
(189,000
|
)
|
|
$
|
782,107
|
|
|
|
Common stock
|
|
|
|
|
|
|
|
|
|||||||||||||
(dollars in thousands)
|
|
Shares
outstanding
|
|
Amount
|
|
Additional
paid in capital
|
|
Treasury
stock
|
|
Accumulated
deficit
|
|
Total
|
|||||||||||
As of December 31, 2019
|
|
47,942,230
|
|
|
$
|
485
|
|
|
$
|
977,174
|
|
|
$
|
(6,110
|
)
|
|
$
|
(554,408
|
)
|
|
$
|
417,141
|
|
Cumulative effect of accounting standard adoption
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(154
|
)
|
|
(154
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
705
|
|
|
—
|
|
|
—
|
|
|
705
|
|
|||||
Restricted stock forfeited or canceled
|
|
(22,494
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Repurchase of common stock
|
|
(3,856
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,917
|
|
|
4,917
|
|
|||||
Balance at March 31, 2020
|
|
47,915,880
|
|
|
$
|
484
|
|
|
$
|
977,879
|
|
|
$
|
(6,116
|
)
|
|
$
|
(549,645
|
)
|
|
$
|
422,602
|
|
|
|
Three months ended
|
||||||
(in thousands)
|
|
March 31, 2020
|
|
March 31, 2019
|
||||
Cash flows from operating activities
|
|
|
|
|
|
|||
Net income (loss)
|
|
$
|
4,917
|
|
|
$
|
(103,540
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities
|
|
|
|
|
|
|||
Depreciation, depletion and amortization
|
|
23,012
|
|
|
23,715
|
|
||
Derivative (gains) losses
|
|
(78,380
|
)
|
|
51,016
|
|
||
Impairment of oil and gas assets
|
|
71,371
|
|
|
49,722
|
|
||
Impairment of other assets
|
|
153
|
|
|
—
|
|
||
(Gain) loss on sale of assets
|
|
(102
|
)
|
|
1
|
|
||
Other
|
|
2,338
|
|
|
542
|
|
||
Change in assets and liabilities
|
|
|
|
|
|
|
||
Accounts receivable
|
|
4,835
|
|
|
7,910
|
|
||
Inventories
|
|
675
|
|
|
207
|
|
||
Prepaid expenses and other assets
|
|
(1,011
|
)
|
|
256
|
|
||
Accounts payable and accrued liabilities
|
|
(14,870
|
)
|
|
(16,689
|
)
|
||
Revenue distribution payable
|
|
(619
|
)
|
|
(5,511
|
)
|
||
Deferred compensation
|
|
564
|
|
|
925
|
|
||
Net cash provided by operating activities
|
|
12,883
|
|
|
8,554
|
|
||
Cash flows from investing activities
|
|
|
|
|
|
|
||
Expenditures for property, plant, and equipment and oil and natural gas properties
|
|
(49,053
|
)
|
|
(64,044
|
)
|
||
Proceeds from asset dispositions
|
|
3,209
|
|
|
—
|
|
||
Proceeds from derivative instruments, net
|
|
9,174
|
|
|
515
|
|
||
Net cash used in investing activities
|
|
(36,670
|
)
|
|
(63,529
|
)
|
||
Cash flows from financing activities
|
|
|
|
|
|
|
||
Proceeds from long-term debt
|
|
15,000
|
|
|
30,000
|
|
||
Repayment of long-term debt
|
|
(313
|
)
|
|
(171
|
)
|
||
Principal payments under financing lease obligations
|
|
(105
|
)
|
|
(699
|
)
|
||
Payment of debt issuance costs and other financing fees
|
|
(93
|
)
|
|
(20
|
)
|
||
Treasury stock purchased
|
|
(6
|
)
|
|
(463
|
)
|
||
Net cash provided by financing activities
|
|
14,483
|
|
|
28,647
|
|
||
Net decrease in cash and cash equivalents
|
|
(9,304
|
)
|
|
(26,328
|
)
|
||
Cash and cash equivalents, at beginning of period
|
|
22,595
|
|
|
37,446
|
|
||
Cash and cash equivalents, at end of period
|
|
$
|
13,291
|
|
|
$
|
11,118
|
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Joint interests
|
|
$
|
16,362
|
|
|
$
|
16,664
|
|
Commodity sales
|
|
19,818
|
|
|
30,819
|
|
||
Derivative settlements
|
|
8,009
|
|
|
717
|
|
||
Other
|
|
1,896
|
|
|
2,544
|
|
||
Allowance for doubtful accounts
|
|
(2,768
|
)
|
|
(1,097
|
)
|
||
|
|
$
|
43,317
|
|
|
$
|
49,647
|
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Credit losses on receivables
|
|
$
|
1,517
|
|
|
$
|
(258
|
)
|
Joint interest receivables, gross
|
|
March 31,
2020 |
||
Accounts which have sufficient related revenue distributions payable to offset entire receivable balance
|
|
$
|
1,895
|
|
Accounts which have related revenue distributions payable but not sufficient to offset entire receivable balance
|
|
10,286
|
|
|
Accounts without related revenue distributions payable
|
|
4,181
|
|
|
Total
|
|
$
|
16,362
|
|
|
|
Three months ended March 31, 2020
|
||||||||||||||||||
|
|
Commodity sales
|
|
Joint interest
|
|
Derivatives
|
|
Other
|
|
Total
|
||||||||||
Balance at January 1, 2020
|
|
$
|
—
|
|
|
$
|
1,097
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,097
|
|
Cumulative effect of accounting standard adoption
|
|
154
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
154
|
|
|||||
Credit losses
|
|
44
|
|
|
1,473
|
|
|
—
|
|
|
—
|
|
|
1,517
|
|
|||||
Write-offs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Recoveries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance at March 31, 2020
|
|
$
|
198
|
|
|
$
|
2,570
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,768
|
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Equipment inventory
|
|
$
|
2,730
|
|
|
$
|
3,435
|
|
Commodities
|
|
444
|
|
|
474
|
|
||
Inventory valuation allowance
|
|
(332
|
)
|
|
(179
|
)
|
||
|
|
$
|
2,842
|
|
|
$
|
3,730
|
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Machinery and equipment
|
|
$
|
3,477
|
|
|
$
|
3,543
|
|
Office and computer equipment
|
|
3,556
|
|
|
3,363
|
|
||
Automobiles and trucks
|
|
2,678
|
|
|
3,071
|
|
||
Building and improvements
|
|
664
|
|
|
693
|
|
||
Furniture and fixtures
|
|
8
|
|
|
8
|
|
||
|
|
10,383
|
|
|
10,678
|
|
||
Less accumulated depreciation, amortization and impairment
|
|
3,716
|
|
|
3,459
|
|
||
|
|
6,667
|
|
|
7,219
|
|
||
Land
|
|
1,936
|
|
|
1,998
|
|
||
|
|
$
|
8,603
|
|
|
$
|
9,217
|
|
|
|
Carrying value at
|
||||||
|
|
March 31, 2020
|
|
December 31,
2019
|
||||
Equipment
|
|
$
|
—
|
|
|
$
|
1,572
|
|
Vehicles
|
|
164
|
|
|
488
|
|
||
Real estate
|
|
—
|
|
|
800
|
|
||
Total held for sale
|
|
$
|
164
|
|
|
$
|
2,860
|
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Leasehold acreage
|
|
$
|
332,226
|
|
|
$
|
334,083
|
|
Capitalized interest
|
|
17,617
|
|
|
16,785
|
|
||
Wells and facilities in progress of completion
|
|
4,704
|
|
|
20,361
|
|
||
Total unevaluated oil and natural gas properties excluded from amortization
|
|
$
|
354,547
|
|
|
$
|
371,229
|
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Revenues:
|
|
|
|
|
||||
Oil
|
|
$
|
37,026
|
|
|
$
|
32,802
|
|
Natural gas
|
|
8,655
|
|
|
11,206
|
|
||
Natural gas liquids
|
|
9,682
|
|
|
9,217
|
|
||
Gross commodity sales
|
|
55,363
|
|
|
53,225
|
|
||
Transportation and processing
|
|
(6,512
|
)
|
|
(4,606
|
)
|
||
Net commodity sales
|
|
$
|
48,851
|
|
|
$
|
48,619
|
|
•
|
suspending all drilling and stimulation operations in early April 2020 and deferring completions of recently drilled wells;
|
•
|
shutting-in production that is not associated with waterfloods, or exposed to well specific mechanical or other risks;
|
•
|
increasing crude storage at our lease locations;
|
•
|
significantly increasing our cash balance by making additional borrowings under our credit facility (see “Note 4: Debt”);
|
•
|
continuing efforts to improve the Company’s cash flow across all parts of its business – drilling and completions capital expenditures, lease operating expenses, production uptime and efficiency, development planning, and general and administrative expenses.
|
|
|
Three months ended March 31,
|
||||||
(in thousands, except share and per share data)
|
|
2020
|
|
2019
|
||||
Numerator for basic and diluted earnings per share
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
4,917
|
|
|
$
|
(103,540
|
)
|
Denominator for basic earnings per share
|
|
|
|
|
||||
Weighted average common shares
|
|
45,830,286
|
|
|
45,456,214
|
|
||
Denominator for diluted earnings per share (1)
|
|
|
|
|
||||
Weighted average common shares
|
|
46,194,495
|
|
|
45,456,214
|
|
||
Earnings per share
|
|
|
|
|
||||
Basic
|
|
$
|
0.11
|
|
|
$
|
(2.28
|
)
|
Diluted
|
|
$
|
0.11
|
|
|
$
|
(2.28
|
)
|
Participating securities excluded from earnings per share calculations
|
|
|
|
|
||||
Unvested restricted stock units - stock settled
|
|
606,946
|
|
|
—
|
|
||
Unvested restricted stock awards
|
|
1,439,810
|
|
|
886,482
|
|
(1)
|
Incremental dilutive securities consist of unvested restricted stock and restricted stock units associated with the Company’s deferred compensation plans.
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Net cash provided by operating activities included:
|
|
|
|
|
|
|||
Cash payments for interest
|
|
$
|
14,755
|
|
|
$
|
14,681
|
|
Interest capitalized
|
|
(2,318
|
)
|
|
(3,492
|
)
|
||
Cash payments for reorganization items
|
|
562
|
|
|
394
|
|
||
Non-cash investing activities included:
|
|
|
|
|
|
|||
Asset retirement obligation additions and revisions
|
|
56
|
|
|
76
|
|
||
Financing lease right of use asset additions (see Note 5: Leases)
|
|
—
|
|
|
670
|
|
||
Change in accrued oil and gas capital expenditures
|
|
6,283
|
|
|
15,174
|
|
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
8.75% Senior Notes due 2023
|
|
$
|
300,000
|
|
|
$
|
300,000
|
|
Credit facility
|
|
145,000
|
|
|
130,000
|
|
||
Installment note payable
|
|
58
|
|
|
371
|
|
||
Financing lease obligations
|
|
1,549
|
|
|
1,653
|
|
||
Unamortized debt issuance costs
|
|
(9,355
|
)
|
|
(10,038
|
)
|
||
Total debt, net
|
|
437,252
|
|
|
421,986
|
|
||
Less current portion
|
|
497
|
|
|
594
|
|
||
Total long-term debt, net
|
|
$
|
436,755
|
|
|
$
|
421,392
|
|
|
|
As of March 31, 2020
|
||||||
|
|
Operating leases
|
|
Financing leases
|
||||
Right of use asset:
|
|
|
|
|
|
|
||
Right of use assets from operating leases
|
|
$
|
2,097
|
|
|
$
|
—
|
|
Plant, property and equipment, net
|
|
—
|
|
|
1,542
|
|
||
Total lease assets
|
|
$
|
2,097
|
|
|
$
|
1,542
|
|
Lease liability:
|
|
|
|
|
||||
Account payable and accrued liabilities
|
|
$
|
1,295
|
|
|
$
|
—
|
|
Long-term debt and financing leases, classified as current
|
|
—
|
|
|
439
|
|
||
Long-term debt and financing leases, less current maturities
|
|
—
|
|
|
1,110
|
|
||
Noncurrent operating lease obligations
|
|
579
|
|
|
—
|
|
||
Total lease liabilities
|
|
$
|
1,874
|
|
|
$
|
1,549
|
|
|
|
Three months ended
|
||||||
|
|
March 31, 2020
|
|
March 31, 2019
|
||||
Lease cost
|
|
|
|
|
||||
Finance lease cost:
|
|
|
|
|
||||
Amortization of right-of-use assets
|
|
$
|
117
|
|
|
$
|
693
|
|
Interest on lease liabilities
|
|
27
|
|
|
113
|
|
||
Operating lease cost
|
|
390
|
|
|
308
|
|
||
Short-term lease cost
|
|
218
|
|
|
129
|
|
||
Variable lease cost
|
|
—
|
|
|
95
|
|
||
Sublease income
|
|
—
|
|
|
(1,198
|
)
|
||
Total lease cost
|
|
$
|
752
|
|
|
$
|
140
|
|
|
|
|
|
|
||||
Capitalized operating lease cost (1)
|
|
$
|
—
|
|
|
$
|
3,335
|
|
|
|
|
|
|
||||
Other information
|
|
|
|
|
||||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
|
|
||||
Operating cash flows for finance leases
|
|
$
|
(27
|
)
|
|
$
|
(113
|
)
|
Operating cash flows for operating leases
|
|
(345
|
)
|
|
(308
|
)
|
||
Investing cash flows for operating leases
|
|
—
|
|
|
(1,023
|
)
|
||
Financing cash flows for finance leases
|
|
(105
|
)
|
|
(699
|
)
|
||
Right-of-use assets obtained in exchange for new finance lease liabilities
|
|
—
|
|
|
670
|
|
(1)
|
The operating lease cost is related to drilling rigs with terms longer than 30 days and is capitalized as part of oil and natural gas properties on our balance sheets.
|
|
|
|
|
Weighted average fixed price per Bbl
|
|||
Period and type of contract
|
|
Volume
MBbls
|
|
Swaps
|
|||
2020
|
|
|
|
|
|
|
|
Oil swaps
|
|
1,770
|
|
|
$
|
51.16
|
|
Oil roll swaps
|
|
290
|
|
|
$
|
0.34
|
|
2021
|
|
|
|
|
|||
Oil swaps
|
|
689
|
|
|
$
|
46.24
|
|
Oil roll swaps
|
|
150
|
|
|
$
|
0.30
|
|
Period and type of contract
|
|
Volume
BBtu
|
|
Weighted average fixed price per MMBtu
|
|||
2020
|
|
|
|
|
|
|
|
Natural gas swaps
|
|
5,340
|
|
|
$
|
2.72
|
|
Natural gas basis swaps
|
|
5,040
|
|
|
$
|
(0.46
|
)
|
Period and type of contract
|
|
Volume
Thousands of Gallons
|
|
Weighted average fixed price per gallon
|
|||
2020
|
|
|
|
|
|
|
|
Natural gasoline swaps
|
|
2,476
|
|
|
$
|
1.17
|
|
Propane swaps
|
|
5,884
|
|
|
$
|
0.51
|
|
Butane swaps
|
|
497
|
|
|
$
|
0.53
|
|
|
|
As of March 31, 2020
|
|
As of December 31, 2019
|
||||||||||||||||||||
|
|
Assets
|
|
Liabilities
|
|
Net value
|
|
Assets
|
|
Liabilities
|
|
Net value
|
||||||||||||
Natural gas derivative contracts
|
|
$
|
4,255
|
|
|
$
|
—
|
|
|
$
|
4,255
|
|
|
$
|
3,552
|
|
|
$
|
(1
|
)
|
|
$
|
3,551
|
|
Crude oil derivative contracts
|
|
45,436
|
|
|
—
|
|
|
45,436
|
|
|
391
|
|
|
(22,196
|
)
|
|
(21,805
|
)
|
||||||
NGL derivative contracts
|
|
3,430
|
|
|
—
|
|
|
3,430
|
|
|
2,868
|
|
|
(699
|
)
|
|
2,169
|
|
||||||
Total derivative instruments
|
|
53,121
|
|
|
—
|
|
|
53,121
|
|
|
6,811
|
|
|
(22,896
|
)
|
|
(16,085
|
)
|
||||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Netting adjustments (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,864
|
)
|
|
5,864
|
|
|
—
|
|
||||||
Derivative instruments - current
|
|
48,458
|
|
|
—
|
|
|
48,458
|
|
|
947
|
|
|
(11,957
|
)
|
|
(11,010
|
)
|
||||||
Derivative instruments - long-term
|
|
$
|
4,663
|
|
|
$
|
—
|
|
|
$
|
4,663
|
|
|
$
|
—
|
|
|
$
|
(5,075
|
)
|
|
$
|
(5,075
|
)
|
(1)
|
Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with counterparties are netted only to the extent that they relate to the same current versus noncurrent classification on the balance sheet.
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Change in fair value of commodity price derivatives
|
|
$
|
69,206
|
|
|
$
|
(51,531
|
)
|
Net settlements received on commodity price derivatives
|
|
9,174
|
|
|
515
|
|
||
Total derivative gains (losses)
|
|
$
|
78,380
|
|
|
$
|
(51,016
|
)
|
•
|
Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
|
•
|
Level 2 inputs include quoted prices for identical or similar instruments in markets that are not active and inputs other than quoted prices that are observable for the asset or liability.
|
•
|
Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.
|
|
|
As of March 31, 2020
|
|
As of December 31, 2019
|
||||||||||||||||||||
|
|
Derivative
assets
|
|
Derivative
liabilities
|
|
Net assets
(liabilities)
|
|
Derivative
assets
|
|
Derivative
liabilities
|
|
Net assets
(liabilities)
|
||||||||||||
Significant other observable inputs (Level 2)
|
|
$
|
53,016
|
|
|
$
|
—
|
|
|
$
|
53,016
|
|
|
$
|
6,576
|
|
|
$
|
(22,895
|
)
|
|
$
|
(16,319
|
)
|
Significant unobservable inputs (Level 3)
|
|
105
|
|
|
—
|
|
|
105
|
|
|
235
|
|
|
(1
|
)
|
|
234
|
|
||||||
Netting adjustments (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,864
|
)
|
|
5,864
|
|
|
—
|
|
||||||
|
|
$
|
53,121
|
|
|
$
|
—
|
|
|
53,121
|
|
|
$
|
947
|
|
|
$
|
(17,032
|
)
|
|
$
|
(16,085
|
)
|
(1)
|
Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with counterparties are netted on the balance sheet only to the extent that they relate to the same current versus noncurrent classification.
|
|
|
Three months ended March 31,
|
||||||
Net derivative assets (liabilities)
|
|
2020
|
|
2019
|
||||
Beginning balance
|
|
$
|
234
|
|
|
$
|
30
|
|
Realized and unrealized gains (losses) included in derivative losses
|
|
1,863
|
|
|
(981
|
)
|
||
Settlements (received) paid
|
|
(1,992
|
)
|
|
413
|
|
||
Ending balance
|
|
$
|
105
|
|
|
$
|
(538
|
)
|
Gains (losses) relating to instruments still held at the reporting date included in derivative gains (losses) for the period
|
|
$
|
4
|
|
|
$
|
(537
|
)
|
|
|
Three months ended March 31,
|
||||
|
|
2020
|
|
2019
|
||
Inflation rate
|
|
2.21
|
%
|
|
2.25
|
%
|
Credit-adjusted risk-free discount rate
|
|
25.00
|
%
|
|
12.35
|
%
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
Level 2
|
|
Carrying
value (1)
|
|
Estimated
fair value
|
|
Carrying
value (1)
|
|
Estimated
fair value
|
||||||||
8.75% Senior Notes due 2023
|
|
$
|
300,000
|
|
|
$
|
13,500
|
|
|
$
|
300,000
|
|
|
$
|
133,050
|
|
Credit facility
|
|
145,000
|
|
|
145,000
|
|
|
130,000
|
|
|
130,000
|
|
||||
Other secured debt (2)
|
|
58
|
|
|
58
|
|
|
371
|
|
|
371
|
|
(1)
|
The carrying value excludes deductions for debt issuance costs.
|
(2)
|
The balance on March 31, 2020, and December 31, 2019, consisted of only equipment installment notes.
|
|
|
Offset in the consolidated balance sheets
|
|
Gross amounts not offset in the consolidated balance sheets
|
||||||||||||||||||||
|
|
Gross assets
(liabilities)
|
|
Offsetting assets
(liabilities)
|
|
Net assets
(liabilities)
|
|
Derivatives (1)
|
|
Amounts
outstanding
under credit
facilities (2)
|
|
Net amount
|
||||||||||||
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivative assets
|
|
$
|
53,121
|
|
|
$
|
—
|
|
|
$
|
53,121
|
|
|
$
|
—
|
|
|
$
|
(44,411
|
)
|
|
$
|
8,710
|
|
Derivative liabilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
|
$
|
53,121
|
|
|
$
|
—
|
|
|
$
|
53,121
|
|
|
$
|
—
|
|
|
$
|
(44,411
|
)
|
|
$
|
8,710
|
|
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative assets
|
|
$
|
6,811
|
|
|
$
|
(5,864
|
)
|
|
$
|
947
|
|
|
$
|
—
|
|
|
$
|
(947
|
)
|
|
$
|
—
|
|
Derivative liabilities
|
|
(22,896
|
)
|
|
5,864
|
|
|
(17,032
|
)
|
|
—
|
|
|
947
|
|
|
(16,085
|
)
|
||||||
|
|
$
|
(16,085
|
)
|
|
$
|
—
|
|
|
$
|
(16,085
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(16,085
|
)
|
(1)
|
Since positive and negative positions with a counterparty are netted on the balance sheet only to the extent that they relate to the same current versus noncurrent classification, these represent remaining amounts that could have been offset under our master netting agreements.
|
(2)
|
The amount outstanding under our credit facility that is available to offset our net derivative assets due from counterparties that are lenders under our credit facility.
|
Balance at January 1, 2020
|
$
|
23,156
|
|
Liabilities incurred in current period
|
41
|
|
|
Liabilities settled or disposed in current period
|
(63
|
)
|
|
Revisions in estimated cash flows
|
15
|
|
|
Accretion expense
|
323
|
|
|
Balance at March 31, 2020
|
$
|
23,472
|
|
Less current portion included in accounts payable and accrued liabilities
|
928
|
|
|
Asset retirement obligations, long-term
|
$
|
22,544
|
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Cash LTIP expense (net of amounts capitalized)
|
|
$
|
167
|
|
|
$
|
91
|
|
|
|
Time Shares
|
|
Performance Shares
|
||||||||||||||
|
|
Weighted
average
award date
fair value
|
|
Restricted
shares
|
|
Vest
date
fair
value
|
|
Weighted
average
award date
fair value
|
|
Restricted
shares
|
||||||||
|
|
($ per share)
|
|
|
|
|
|
($ per share)
|
|
|
||||||||
Unvested and outstanding at January 1, 2020
|
|
$
|
5.41
|
|
|
1,069,505
|
|
|
|
|
$
|
1.53
|
|
|
1,089,343
|
|
||
Granted
|
|
$
|
—
|
|
|
—
|
|
|
|
|
$
|
—
|
|
|
—
|
|
||
Vested
|
|
$
|
16.25
|
|
|
(83,130
|
)
|
|
$
|
88
|
|
|
$
|
—
|
|
|
—
|
|
Forfeited
|
|
$
|
20.05
|
|
|
(10,406
|
)
|
|
|
|
$
|
—
|
|
|
—
|
|
||
Cancelled
|
|
$
|
20.05
|
|
|
(12,088
|
)
|
|
|
|
$
|
—
|
|
|
—
|
|
||
Unvested and outstanding at March 31, 2020
|
|
$
|
4.14
|
|
|
963,881
|
|
|
|
|
$
|
1.53
|
|
|
1,089,343
|
|
|
|
Equity classified RSUs
|
||||||||||||||||
|
|
Service-condition RSUs
|
|
|
|
Market condition RSUs
|
||||||||||||
|
|
Weighted average
award date fair value
|
|
Restricted
units
|
|
Vest date
fair value
|
|
Weighted average
award date
fair value
|
|
Restricted
units
|
||||||||
|
|
($ per share)
|
|
|
|
|
|
($ per share)
|
|
|
||||||||
Unvested and outstanding at January 1, 2020
|
|
$
|
2.41
|
|
|
638,383
|
|
|
|
|
$
|
1.36
|
|
|
390,000
|
|
||
Granted
|
|
$
|
—
|
|
|
—
|
|
|
|
|
$
|
—
|
|
|
—
|
|
||
Vested
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
Forfeited
|
|
$
|
1.33
|
|
|
(76,621
|
)
|
|
|
|
$
|
1.36
|
|
|
(62,500
|
)
|
||
Unvested and outstanding at March 31, 2020
|
|
$
|
2.56
|
|
|
561,762
|
|
|
|
|
$
|
1.36
|
|
|
327,500
|
|
|
|
Liability classified RSUs
|
|||||||||
|
|
Weighted average
award date fair value
|
|
Restricted
units
|
|
Vest date
fair value
|
|||||
|
|
($ per share)
|
|
|
|
|
|||||
Unvested and outstanding at January 1, 2020
|
|
$
|
4.57
|
|
|
75,779
|
|
|
|
||
Granted
|
|
$
|
—
|
|
|
—
|
|
|
|
||
Vested
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Forfeited
|
|
$
|
17.66
|
|
|
(1,515
|
)
|
|
|
||
Unvested and outstanding at March 31, 2020
|
|
$
|
4.31
|
|
|
74,264
|
|
|
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Stock-based compensation cost
|
|
$
|
670
|
|
|
$
|
1,460
|
|
Less: stock-based compensation cost capitalized
|
|
(274
|
)
|
|
(626
|
)
|
||
Stock-based compensation expense
|
|
$
|
396
|
|
|
$
|
834
|
|
Number of vested shares repurchased or settled in cash
|
|
3,856
|
|
|
80,422
|
|
||
Payments for stock-based compensation
|
|
6
|
|
|
463
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
(in thousands)
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
8.75% Senior Notes due 2023
|
|
$
|
300,000
|
|
|
$
|
300,000
|
|
Credit facility
|
|
145,000
|
|
|
130,000
|
|
||
Financing lease obligations
|
|
1,549
|
|
|
1,653
|
|
||
Installment note payable
|
|
58
|
|
|
371
|
|
||
Unamortized issuance costs
|
|
(9,355
|
)
|
|
(10,038
|
)
|
||
Total debt, net
|
|
$
|
437,252
|
|
|
$
|
421,986
|
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
|
2020
|
|
2019
|
||||
Cash flows provided by operating activities
|
|
$
|
12,883
|
|
|
$
|
8,554
|
|
Cash flows used in investing activities
|
|
(36,670
|
)
|
|
(63,529
|
)
|
||
Cash flows provided by financing activities
|
|
14,483
|
|
|
28,647
|
|
||
Net decrease in cash during the period
|
|
$
|
(9,304
|
)
|
|
$
|
(26,328
|
)
|
(in thousands)
|
|
Three months ended March 31, 2020
|
||
Acquisitions (1)
|
|
$
|
4,232
|
|
Drilling (2)
|
|
43,298
|
|
|
Enhancements
|
|
3,523
|
|
|
Operational capital expenditures incurred
|
|
51,053
|
|
|
Other (3)
|
|
4,651
|
|
|
Total capital expenditures incurred
|
|
$
|
55,704
|
|
(1)
|
Includes $2.5 million recorded to unproved leasehold related to the drilling commitment obligation discussed above under “Contractual obligations.”
|
(2)
|
Includes $0.7 million on development of wells operated by others.
|
(3)
|
For the three months ended March 31, 2020, this amount includes $2.2 million for capitalized general and administrative expenses, and $2.3 million for capitalized interest.
|
•
|
We generated net income for the three months ended March 31, 2020, of $4.9 million. Included in our income were gains on commodity derivative instruments of $78.4 million partially offset by a ceiling impairment of $71.4 million.
|
•
|
Our gain on commodity derivatives for the three months ended March 31, 2020, was attributable to $9.2 million of realized settlement gains and $69.2 million of noncash mark-to-market gains driven by the decline in crude oil and NGL prices.
|
•
|
We grew net production by 49% to 2,793 MBoe for the three months ended March 31, 2020. Within our Focus Areas, net production grew 68% to 2,404 MBoe over the same time period.
|
•
|
We lowered our lease operating expense by 18% to $10.1 million for the three months ended March 31, 2020. Our cost reductions were accomplished despite an increase in production, as evidenced by the 45% decrease in lease operating expense per Boe to $3.61.
|
•
|
We lowered general and administrative expenses on a per Boe basis by 35% to $2.89 per Boe compared to the prior year quarter. Total general and administrative expenses was reduced by 3% to $8.1 million for the three months ended March 31, 2020.
|
•
|
Our oil and natural gas capital expenditures for the three months ended March 31, 2020, were $55.7 million, with $43.3 million incurred for drilling and completions and $4.2 million on acquisitions. Our capital activity during this period included completing and bringing online 15 wells, of which nine were drilled in the current quarter and six in the prior year. We also drilled two wells scheduled to be completed subsequent to quarter end.
|
|
|
Three months ended March 31,
|
|
Increase/
|
|
Percent
|
||||||
|
|
2020
|
|
2019
|
|
(Decrease)
|
|
Change
|
||||
Focus Areas:
|
|
|
|
|
|
|
|
|
||||
Kingfisher County
|
|
750
|
|
|
605
|
|
|
145
|
|
|
24.0
|
%
|
Canadian County
|
|
1,382
|
|
|
476
|
|
|
906
|
|
|
190.3
|
%
|
Garfield County
|
|
236
|
|
|
296
|
|
|
(60
|
)
|
|
(20.3
|
)%
|
Other
|
|
36
|
|
|
57
|
|
|
(21
|
)
|
|
(36.8
|
)%
|
Total Focus Areas
|
|
2,404
|
|
|
1,434
|
|
|
970
|
|
|
67.6
|
%
|
Other
|
|
389
|
|
|
440
|
|
|
(51
|
)
|
|
(11.6
|
)%
|
Total
|
|
2,793
|
|
|
1,874
|
|
|
919
|
|
|
49.0
|
%
|
|
|
Three months ended March 31,
|
|
Increase/
|
|
Percent
|
|||||||||
|
|
2020
|
|
2019
|
|
(Decrease)
|
|
Change
|
|||||||
Commodity sales (in thousands):
|
|
|
|
|
|
|
|
|
|||||||
Oil
|
|
$
|
37,026
|
|
|
$
|
32,802
|
|
|
$
|
4,224
|
|
|
12.9
|
%
|
Natural gas
|
|
8,655
|
|
|
11,206
|
|
|
(2,551
|
)
|
|
(22.8
|
)%
|
|||
Natural gas liquids
|
|
9,682
|
|
|
9,217
|
|
|
465
|
|
|
5.0
|
%
|
|||
Gross commodity sales
|
|
$
|
55,363
|
|
|
$
|
53,225
|
|
|
$
|
2,138
|
|
|
4.0
|
%
|
Transportation and processing
|
|
(6,512
|
)
|
|
(4,606
|
)
|
|
(1,906
|
)
|
|
41.4
|
%
|
|||
Net commodity sales
|
|
$
|
48,851
|
|
|
$
|
48,619
|
|
|
$
|
232
|
|
|
0.5
|
%
|
Production:
|
|
|
|
|
|
|
|
|
|||||||
Oil (MBbls)
|
|
840
|
|
|
618
|
|
|
222
|
|
|
35.9
|
%
|
|||
Natural gas (MMcf)
|
|
6,450
|
|
|
4,474
|
|
|
1,976
|
|
|
44.2
|
%
|
|||
Natural gas liquids (MBbls)
|
|
878
|
|
|
510
|
|
|
368
|
|
|
72.2
|
%
|
|||
MBoe
|
|
2,793
|
|
|
1,874
|
|
|
919
|
|
|
49.0
|
%
|
|||
Average daily production (Boe/d)
|
|
30,692
|
|
|
20,819
|
|
|
9,873
|
|
|
47.4
|
%
|
|||
Average sales prices (excluding derivative settlements):
|
|
|
|
|
|
|
|
|
|||||||
Oil per Bbl
|
|
$
|
44.08
|
|
|
$
|
53.08
|
|
|
$
|
(9.00
|
)
|
|
(17.0
|
)%
|
Natural gas per Mcf
|
|
$
|
1.34
|
|
|
$
|
2.50
|
|
|
$
|
(1.16
|
)
|
|
(46.4
|
)%
|
NGLs per Bbl
|
|
$
|
11.03
|
|
|
$
|
18.07
|
|
|
$
|
(7.04
|
)
|
|
(39.0
|
)%
|
Transportation and processing per Boe
|
|
$
|
(2.33
|
)
|
|
$
|
(2.46
|
)
|
|
$
|
0.13
|
|
|
(5.3
|
)%
|
Average sales price per Boe
|
|
$
|
17.49
|
|
|
$
|
25.95
|
|
|
$
|
(8.46
|
)
|
|
(32.6
|
)%
|
|
|
Three months ended March 31, 2020 vs. 2019
|
|||||
(in thousands)
|
|
Sales
change
|
|
Percentage
change
in sales
|
|||
Change in oil sales due to:
|
|
|
|
|
|||
Prices
|
|
$
|
(7,560
|
)
|
|
(23.0
|
)%
|
Production
|
|
11,784
|
|
|
35.9
|
%
|
|
Total change in oil sales
|
|
$
|
4,224
|
|
|
12.9
|
%
|
Change in natural gas sales due to:
|
|
|
|
|
|||
Prices
|
|
$
|
(7,491
|
)
|
|
(66.8
|
)%
|
Production
|
|
4,940
|
|
|
44.1
|
%
|
|
Total change in natural gas sales
|
|
$
|
(2,551
|
)
|
|
(22.8
|
)%
|
Change in natural gas liquids sales due to:
|
|
|
|
|
|||
Prices
|
|
$
|
(6,185
|
)
|
|
(67.1
|
)%
|
Production
|
|
6,650
|
|
|
72.1
|
%
|
|
Total change in natural gas liquids sales
|
|
$
|
465
|
|
|
5.0
|
%
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Oil (per Bbl):
|
|
|
|
|
||||
Before derivative settlements
|
|
$
|
44.08
|
|
|
$
|
53.08
|
|
After derivative settlements
|
|
$
|
49.03
|
|
|
$
|
54.71
|
|
Post-settlement to pre-settlement price
|
|
111.2
|
%
|
|
103.1
|
%
|
||
Natural gas liquids (per Bbl):
|
|
|
|
|
||||
Before derivative settlements
|
|
$
|
11.03
|
|
|
$
|
18.07
|
|
After derivative settlements
|
|
$
|
14.82
|
|
|
$
|
19.18
|
|
Post-settlement to pre-settlement price
|
|
134.4
|
%
|
|
106.1
|
%
|
||
Natural gas (per Mcf):
|
|
|
|
|
||||
Before derivative settlements
|
|
$
|
1.34
|
|
|
$
|
2.50
|
|
After derivative settlements
|
|
$
|
1.60
|
|
|
$
|
2.27
|
|
Post-settlement to pre-settlement price
|
|
119.4
|
%
|
|
90.8
|
%
|
(in thousands)
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Derivative assets (liabilities):
|
|
|
|
|
|
|
||
Crude oil derivatives
|
|
$
|
45,436
|
|
|
$
|
(21,805
|
)
|
Natural gas derivatives
|
|
4,255
|
|
|
3,551
|
|
||
NGL derivatives
|
|
3,430
|
|
|
2,169
|
|
||
Net derivative assets (liabilities)
|
|
$
|
53,121
|
|
|
$
|
(16,085
|
)
|
|
|
Three months ended March 31,
|
||||||||||||||
|
|
2020
|
|
2019
|
||||||||||||
(in thousands)
|
|
Non-cash
fair value
adjustment
|
|
Settlements (paid) received
|
|
Non-cash
fair value
adjustment
|
|
Settlements (paid) received
|
||||||||
Derivative gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Crude oil derivatives
|
|
$
|
67,240
|
|
|
$
|
4,156
|
|
|
$
|
(48,669
|
)
|
|
$
|
1,011
|
|
Natural gas derivatives
|
|
705
|
|
|
1,688
|
|
|
(139
|
)
|
|
(1,061
|
)
|
||||
NGL derivatives
|
|
1,261
|
|
|
3,330
|
|
|
(2,723
|
)
|
|
565
|
|
||||
Derivative gains (losses)
|
|
$
|
69,206
|
|
|
$
|
9,174
|
|
|
$
|
(51,531
|
)
|
|
$
|
515
|
|
|
|
Three months ended March 31,
|
|
Increase/
|
|
Percent
|
|||||||||
(in thousands, except per Boe data)
|
|
2020
|
|
2019
|
|
(Decrease)
|
|
Change
|
|||||||
Lease operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Focus Areas
|
|
$
|
5,609
|
|
|
$
|
7,114
|
|
|
$
|
(1,505
|
)
|
|
(21.2
|
)%
|
Other
|
|
4,479
|
|
|
5,180
|
|
|
(701
|
)
|
|
(13.5
|
)%
|
|||
Total lease operating expenses
|
|
$
|
10,088
|
|
|
$
|
12,294
|
|
|
$
|
(2,206
|
)
|
|
(17.9
|
)%
|
Lease operating expenses per Boe:
|
|
|
|
|
|
|
|
|
|
||||||
Focus Areas
|
|
$
|
2.33
|
|
|
$
|
4.96
|
|
|
$
|
(2.63
|
)
|
|
(53.0
|
)%
|
Other
|
|
$
|
11.51
|
|
|
$
|
11.77
|
|
|
$
|
(0.26
|
)
|
|
(2.2
|
)%
|
Lease operating expenses per Boe
|
|
$
|
3.61
|
|
|
$
|
6.56
|
|
|
$
|
(2.95
|
)
|
|
(45.0
|
)%
|
|
|
Three months ended March 31,
|
|
Increase/
|
|
Percent
|
|||||||||
|
|
2020
|
|
2019
|
|
(Decrease)
|
|
Change
|
|||||||
Production taxes (in thousands)
|
|
$
|
2,750
|
|
|
$
|
2,880
|
|
|
$
|
(130
|
)
|
|
(4.5
|
)%
|
Production taxes per Boe
|
|
$
|
0.98
|
|
|
$
|
1.54
|
|
|
$
|
(0.56
|
)
|
|
(36.4
|
)%
|
Production taxes as % of commodity sales
|
|
5.0
|
%
|
|
5.4
|
%
|
|
|
|
|
|
|
Three months ended March 31,
|
|
Increase/
|
|
Percent
|
|||||||||
|
|
2020
|
|
2019
|
|
(Decrease)
|
|
Change
|
|||||||
DD&A (in thousands):
|
|
|
|
|
|
|
|
|
|||||||
Oil and natural gas properties (1)
|
|
$
|
22,575
|
|
|
$
|
21,881
|
|
|
$
|
694
|
|
|
3.2
|
%
|
Property and equipment
|
|
437
|
|
|
1,834
|
|
|
(1,397
|
)
|
|
(76.2
|
)%
|
|||
Total DD&A
|
|
$
|
23,012
|
|
|
$
|
23,715
|
|
|
$
|
(703
|
)
|
|
(3.0
|
)%
|
DD&A per Boe:
|
|
|
|
|
|
|
|
|
|||||||
Oil and natural gas properties (1)
|
|
$
|
8.08
|
|
|
$
|
11.67
|
|
|
$
|
(3.59
|
)
|
|
(30.8
|
)%
|
Other fixed assets
|
|
0.16
|
|
|
0.98
|
|
|
(0.82
|
)
|
|
(83.7
|
)%
|
|||
Total DD&A per Boe
|
|
$
|
8.24
|
|
|
$
|
12.65
|
|
|
$
|
(4.41
|
)
|
|
(34.9
|
)%
|
(1)
|
Includes accretion of asset retirement obligations
|
|
|
Three months ended March 31,
|
|
Increase/
|
|
Percent
|
|||||||||
(in thousands)
|
|
2020
|
|
2019
|
|
(Decrease)
|
|
Change
|
|||||||
G&A:
|
|
|
|
|
|
|
|
|
|||||||
Gross G&A expenses
|
|
$
|
10,293
|
|
|
$
|
11,035
|
|
|
$
|
(742
|
)
|
|
(6.7
|
)%
|
Capitalized exploration and development costs
|
|
(2,225
|
)
|
|
(2,722
|
)
|
|
497
|
|
|
(18.3
|
)%
|
|||
Net G&A expenses
|
|
8,068
|
|
|
8,313
|
|
|
(245
|
)
|
|
(2.9
|
)%
|
|||
Net G&A expense per Boe
|
|
$
|
2.89
|
|
|
$
|
4.44
|
|
|
$
|
(1.55
|
)
|
|
(34.9
|
)%
|
|
|
Three months ended March 31,
|
|
Increase/
|
|
Percent
|
|||||||||
(in thousands)
|
|
2020
|
|
2019
|
|
(Decrease)
|
|
Change
|
|||||||
Employee severance costs
|
|
$
|
733
|
|
|
$
|
1,058
|
|
|
$
|
(325
|
)
|
|
(30.7
|
)%
|
Stock compensation, gross
|
|
660
|
|
|
1,419
|
|
|
(759
|
)
|
|
(53.5
|
)%
|
|||
Credit losses on receivables
|
|
1,517
|
|
|
(258
|
)
|
|
1,775
|
|
|
*
|
|
|||
|
|
$
|
2,910
|
|
|
$
|
2,219
|
|
|
$
|
691
|
|
|
31.1
|
%
|
Benchmark prices utilized in ceiling test
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
Oil (per Bbl)
|
|
$
|
55.77
|
|
|
$
|
55.69
|
|
Natural gas (per MMbtu)
|
|
$
|
2.30
|
|
|
$
|
2.58
|
|
Natural gas liquids (per Bbl)
|
|
$
|
14.97
|
|
|
$
|
16.21
|
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
|
2020
|
|
2019
|
||||
Credit facility
|
|
$
|
1,389
|
|
|
$
|
150
|
|
Senior Notes
|
|
6,563
|
|
|
6,563
|
|
||
Bank fees, other interest and amortization of issuance costs
|
|
1,002
|
|
|
1,343
|
|
||
Interest expense, gross
|
|
8,954
|
|
|
8,056
|
|
||
Capitalized interest
|
|
(2,318
|
)
|
|
(3,492
|
)
|
||
Total interest expense
|
|
$
|
6,636
|
|
|
$
|
4,564
|
|
Average borrowings
|
|
$
|
446,840
|
|
|
$
|
333,708
|
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
|
2020
|
|
2019
|
||||
Net income or loss
|
|
$
|
4,917
|
|
|
$
|
(103,540
|
)
|
Interest expense
|
|
6,636
|
|
|
4,564
|
|
||
Depreciation, depletion, and amortization
|
|
23,012
|
|
|
23,715
|
|
||
Non-cash change in fair value of derivative instruments
|
|
(69,206
|
)
|
|
51,531
|
|
||
Impact of derivative repricing
|
|
702
|
|
|
—
|
|
||
Stock-based compensation expense
|
|
406
|
|
|
802
|
|
||
(Gain) loss on sale of assets
|
|
(102
|
)
|
|
1
|
|
||
Loss on impairment of oil and gas assets
|
|
71,371
|
|
|
49,722
|
|
||
Loss on impairment of other assets
|
|
153
|
|
|
—
|
|
||
Credit loss on uncollectible receivables
|
|
1,517
|
|
|
(258
|
)
|
||
Restructuring, reorganization and other
|
|
1,317
|
|
|
1,520
|
|
||
Adjusted EBITDA
|
|
$
|
40,723
|
|
|
$
|
28,057
|
|
(dollars in thousands)
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Current assets per GAAP
|
|
$
|
110,889
|
|
|
$
|
80,390
|
|
Plus—Availability under Credit Agreement
|
|
180,000
|
|
|
194,406
|
|
||
Less—Short term derivative instruments
|
|
(48,458
|
)
|
|
(947
|
)
|
||
Current assets as adjusted
|
|
$
|
242,431
|
|
|
$
|
273,849
|
|
Current liabilities per GAAP
|
|
100,379
|
|
|
122,669
|
|
||
Less—Current derivative instruments
|
|
—
|
|
|
(11,957
|
)
|
||
Less—Current operating lease obligation
|
|
(1,295
|
)
|
|
(1,259
|
)
|
||
Less—Current asset retirement obligation
|
|
(928
|
)
|
|
(2,083
|
)
|
||
Less—Current maturities of long term debt
|
|
(497
|
)
|
|
(594
|
)
|
||
Current liabilities as adjusted
|
|
$
|
97,659
|
|
|
$
|
106,776
|
|
Current ratio per GAAP
|
|
1.10
|
|
|
0.66
|
|
||
Current ratio for loan compliance
|
|
2.48
|
|
|
2.56
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Period and type of contract
|
|
Volume
MBbls
|
|
Weighted average fixed price per Bbl
|
|||
|
|
|
|
|
|||
April - June 2020
|
|
|
|
|
|||
Oil swaps
|
|
744
|
|
|
$
|
51.99
|
|
Oil roll swaps
|
|
110
|
|
|
$
|
0.42
|
|
July - September 2020
|
|
|
|
|
|||
Oil swaps
|
|
495
|
|
|
$
|
50.63
|
|
Oil roll swaps
|
|
90
|
|
|
$
|
0.30
|
|
October - December 2020
|
|
|
|
|
|||
Oil swaps
|
|
531
|
|
|
$
|
50.49
|
|
Oil roll swaps
|
|
90
|
|
|
$
|
0.30
|
|
January - March 2021
|
|
|
|
|
|||
Oil swaps
|
|
170
|
|
|
$
|
46.24
|
|
Oil roll swaps
|
|
90
|
|
|
$
|
0.30
|
|
April - June 2021
|
|
|
|
|
|||
Oil swaps
|
|
165
|
|
|
$
|
45.97
|
|
Oil roll swaps
|
|
60
|
|
|
$
|
0.30
|
|
July - September 2021
|
|
|
|
|
|||
Oil swaps
|
|
183
|
|
|
$
|
46.64
|
|
October - December 2021
|
|
|
|
|
|||
Oil swaps
|
|
171
|
|
|
$
|
46.07
|
|
Period and type of contract
|
|
Volume BBtu
|
|
Weighted average fixed price per MMBtu
|
|||
April - June 2020
|
|
|
|
|
|||
Natural gas swaps
|
|
2,340
|
|
|
$
|
2.67
|
|
Natural gas basis swaps
|
|
2,040
|
|
|
$
|
(0.46
|
)
|
July - September 2020
|
|
|
|
|
|||
Natural gas swaps
|
|
1,500
|
|
|
$
|
2.75
|
|
Natural gas basis swaps
|
|
1,500
|
|
|
$
|
(0.46
|
)
|
October - December 2020
|
|
|
|
|
|||
Natural gas swaps
|
|
1,500
|
|
|
$
|
2.75
|
|
Natural gas basis swaps
|
|
1,500
|
|
|
$
|
(0.46
|
)
|
Period and type of contract
|
|
Volume
Thousands of Gallons
|
|
Weighted
average
fixed price
per gallon
|
|||
April - June 2020
|
|
|
|
|
|||
Natural gasoline swaps
|
|
2,476
|
|
|
$
|
1.17
|
|
Propane swaps
|
|
5,884
|
|
|
$
|
0.51
|
|
Butane swaps
|
|
497
|
|
|
$
|
0.53
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
•
|
suspending all drilling and stimulation operations in early April 2020 and deferring completions of recently drilled wells;
|
•
|
shutting-in production that is not associated with waterfloods, or exposed to well specific mechanical or other risks;
|
•
|
increasing crude storage at our lease locations; and
|
•
|
significantly increasing our cash balance by making additional borrowings under our credit facility.
|
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
|
|
Maximum number of shares that may yet be purchased under the plans or programs
|
||
January 1 - 30, 2020
|
|
3,856
|
|
|
1.58
|
|
|
N/A
|
|
N/A
|
February 1 - 29, 2020
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
March 1 - 31, 2020
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
Total
|
|
3,856
|
|
|
1.58
|
|
|
N/A
|
|
N/A
|
(1)
|
All shares purchases relate to tax withholding and the payment of taxes in connection with vesting of restricted shares issued under our equity incentive plan.
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
Exhibit No.
|
|
Description
|
|
|
|
3.1*
|
|
|
|
|
|
3.2*
|
|
|
|
|
|
3.3*
|
|
|
|
|
|
4.1*
|
|
|
|
|
|
4.2*
|
|
|
|
|
|
4.3*
|
|
|
|
|
|
10.1 †
|
|
|
|
|
|
10.2 †
|
|
|
|
|
|
10.3 †
|
|
|
|
|
|
10.4 †
|
|
|
|
|
|
31.1
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
*
|
Incorporated by reference
|
†
|
Management contract or compensatory plan or arrangement
|
CHAPARRAL ENERGY, INC.
|
||
|
|
|
By:
|
|
/s/ Charles Duginski
|
Name:
|
|
Charles Duginski
|
Title:
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
By:
|
|
/s/ Stephanie Carnes
|
Name:
|
|
Stephanie Carnes
|
Title:
|
|
Vice President and
Controller
|
|
|
(Principal Financial Officer and
Principal Accounting Officer)
|
1 Year Chaparral Energy Chart |
1 Month Chaparral Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions