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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jagged Peak Energy Inc | NYSE:JAG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.23 | 0 | 01:00:00 |
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Delaware
(State or other jurisdiction of
incorporation or organization)
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81-3943703
(IRS Employer
Identification Number)
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1125 17th Street, Suite 2400
Denver, Colorado
(Address of principal executive offices)
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80202
(Zip Code)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
x
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
x
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•
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our business strategy;
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•
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our reserves;
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•
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our drilling prospects, inventories, projects and programs;
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•
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our intention to replace the reserves we produce through drilling and property acquisitions;
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•
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our financial strategy, liquidity and capital required for our drilling program, including our assessment of the sufficiency of our liquidity to fund our capital program and the amount and allocation of our capital program in 2017 and 2018;
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•
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our expected pricing and realized oil, natural gas and NGL prices;
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•
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the timing and amount of our future production of oil, natural gas and NGLs;
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•
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our future drilling plans, including the number of wells anticipated to be spud in
2017
and the number of drilling rigs and fracturing fleets anticipated to be in operation in
2017
, and anticipated well economics;
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•
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government regulations and our ability to obtain permits and governmental approvals;
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•
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our pending legal or environmental matters;
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•
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our marketing of oil, natural gas and NGLs;
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•
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our leasehold or business acquisitions;
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•
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our costs of developing our properties;
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•
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our hedging strategy and results;
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•
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general economic conditions;
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•
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uncertainty regarding our future operating results; and
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•
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our plans, objectives, expectations and intentions contained in this quarterly report that are not historical.
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Item 1.
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Financial Statements
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September 30,
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December 31,
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||||
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2017
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|
2016
|
||||
ASSETS
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CURRENT ASSETS
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Cash and cash equivalents
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$
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3,900
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$
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11,727
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Accounts receivable
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35,088
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|
10,327
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||
Derivative instruments
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5,515
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|
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—
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||
Other current assets
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4,147
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3,412
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||
Total current assets
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48,650
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25,466
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PROPERTY AND EQUIPMENT
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Oil and natural gas properties, successful efforts method
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1,006,747
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531,121
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Accumulated depletion
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(123,448
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)
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(57,529
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)
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Total oil and gas properties, net
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883,299
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473,592
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Other property and equipment, net
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6,499
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3,001
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Total property and equipment, net
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889,798
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476,593
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OTHER NONCURRENT ASSETS
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Unamortized debt issuance costs
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2,537
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1,503
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|
||
Derivative instruments
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5,170
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—
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Other assets
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121
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14,830
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Total noncurrent assets
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7,828
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16,333
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TOTAL ASSETS
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$
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946,276
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$
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518,392
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LIABILITIES AND STOCKHOLDERS’ / MEMBERS’ EQUITY
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CURRENT LIABILITIES
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Accounts payable
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$
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13,975
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$
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7,629
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Accrued liabilities
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106,488
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39,225
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||
Derivative instruments
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8,820
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9,567
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Total current liabilities
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129,283
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56,421
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LONG-TERM LIABILITIES
|
|
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Senior secured revolving credit facility
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35,000
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132,000
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Derivative instruments
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2,490
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3,287
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Asset retirement obligations
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690
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448
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|
||
Deferred income taxes
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101,039
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—
|
|
||
Other long-term liabilities
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2,526
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124
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Total long-term liabilities
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141,745
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135,859
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Commitments and contingencies
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STOCKHOLDERS’ / MEMBERS’ EQUITY
|
|
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Members' equity
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—
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346,098
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|
||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued at September 30, 2017; no shares authorized or issued at December 31, 2016
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—
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—
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Common stock, $0.01 par value; 1,000,000,000 shares authorized, 212,930,655 shares issued at September 30, 2017; no shares authorized or issued at December 31, 2016
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2,129
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—
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Additional paid-in capital
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762,340
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—
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Accumulated deficit
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(89,221
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)
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(19,986
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)
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Total stockholders’ / members’ equity
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675,248
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326,112
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TOTAL LIABILITIES AND STOCKHOLDERS’ / MEMBERS’ EQUITY
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$
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946,276
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$
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518,392
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Three Months Ended September 30,
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Nine Months Ended September 30,
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||||||||||||
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2017
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2016
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2017
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2016
|
||||||||
REVENUES
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|||||
Oil sales
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$
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62,585
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$
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20,332
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$
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147,738
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$
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47,215
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Natural gas sales
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2,939
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731
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5,697
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1,450
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||||
NGL sales
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4,860
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819
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9,041
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2,023
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|
||||
Other operating revenues
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67
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182
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414
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957
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||||
Total revenues
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70,451
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22,064
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162,890
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51,645
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||||
OPERATING EXPENSES
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||||
Lease operating expenses
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5,184
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2,285
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10,684
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5,254
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|
||||
Gathering and transportation expenses
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1,357
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294
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2,404
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662
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||||
Production and ad valorem taxes
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4,739
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1,341
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10,916
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3,173
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|
||||
Exploration
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6
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—
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14
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2,474
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|
||||
Depletion, depreciation, amortization and accretion
|
30,851
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11,152
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67,224
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29,430
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|
||||
Impairment of unproved oil and natural gas properties
|
257
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7
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365
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317
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|
||||
General and administrative expenses (including equity-based compensation of $11,903 and $0 for the three months ended September 30, 2017 and 2016, respectively, and $431,642 and $0 for the nine months ended September 30, 2017 and 2016, respectively)
|
17,733
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2,375
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449,504
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|
7,878
|
|
||||
Other operating expenses
|
41
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|
|
169
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|
223
|
|
|
567
|
|
||||
Total operating expenses
|
60,168
|
|
|
17,623
|
|
|
541,334
|
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|
49,755
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|
||||
INCOME (LOSS) FROM OPERATIONS
|
10,283
|
|
|
4,441
|
|
|
(378,444
|
)
|
|
1,890
|
|
||||
OTHER INCOME (EXPENSE)
|
|
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|
||||
Gain (loss) on commodity derivatives
|
(27,693
|
)
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|
1,728
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15,922
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(8,208
|
)
|
||||
Interest expense, net
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(467
|
)
|
|
(759
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)
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(1,610
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)
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(1,471
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)
|
||||
Other, net
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60
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|
|
—
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|
474
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|
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—
|
|
||||
Total other income (expense)
|
(28,100
|
)
|
|
969
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14,786
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(9,679
|
)
|
||||
INCOME (LOSS) BEFORE INCOME TAX
|
(17,817
|
)
|
|
5,410
|
|
|
(363,658
|
)
|
|
(7,789
|
)
|
||||
Income tax expense (benefit)
|
(2,598
|
)
|
|
—
|
|
|
101,039
|
|
|
—
|
|
||||
NET INCOME (LOSS)
|
(15,219
|
)
|
|
5,410
|
|
|
(464,697
|
)
|
|
(7,789
|
)
|
||||
Less: Net loss attributable to Jagged Peak Energy LLC (predecessor)
|
—
|
|
|
5,410
|
|
|
(375,476
|
)
|
|
(7,789
|
)
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO JAGGED PEAK ENERGY INC. STOCKHOLDERS
|
$
|
(15,219
|
)
|
|
$
|
—
|
|
|
$
|
(89,221
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Jagged Peak Energy Inc. Stockholders per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.07
|
)
|
|
|
|
$
|
(0.42
|
)
|
|
|
||||
Diluted
|
$
|
(0.07
|
)
|
|
|
|
$
|
(0.42
|
)
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
212,931
|
|
|
|
|
212,933
|
|
|
|
||||||
Diluted
|
212,931
|
|
|
|
|
212,933
|
|
|
|
|
Members' Equity
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Deficit
|
|
Total Stockholders' Equity / Members' Equity
|
|||||||||||||
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Shares
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Amount
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|
|||||||||||||||
BALANCE AT DECEMBER 31, 2016
|
$
|
346,098
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(19,986
|
)
|
|
$
|
326,112
|
|
Deemed contribution - incentive unit compensation
|
364,314
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
364,314
|
|
|||||
Net income (loss) for the period prior to the corporate reorganization
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(375,476
|
)
|
|
(375,476
|
)
|
|||||
Balance prior to corporate reorganization and initial public offering
|
710,412
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(395,462
|
)
|
|
314,950
|
|
|||||
Issuance of common stock in corporate reorganization
|
(710,412
|
)
|
|
184,605
|
|
|
1,846
|
|
|
313,104
|
|
|
395,462
|
|
|
—
|
|
|||||
Issuance of common stock in initial public offering, net of offering costs
|
—
|
|
|
28,333
|
|
|
283
|
|
|
396,708
|
|
|
—
|
|
|
396,991
|
|
|||||
Common stock reacquired and retired
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
(88
|
)
|
|
—
|
|
|
(88
|
)
|
|||||
Equity-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
52,616
|
|
|
—
|
|
|
52,616
|
|
|||||
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(89,221
|
)
|
|
(89,221
|
)
|
|||||
BALANCE AT SEPTEMBER 30, 2017
|
$
|
—
|
|
|
212,931
|
|
|
$
|
2,129
|
|
|
$
|
762,340
|
|
|
$
|
(89,221
|
)
|
|
$
|
675,248
|
|
|
Nine Months Ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
||
Net income (loss)
|
$
|
(464,697
|
)
|
|
$
|
(7,789
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||
Depletion, depreciation, amortization and accretion expense
|
67,224
|
|
|
29,430
|
|
||
Management incentive unit advance
|
—
|
|
|
(14,712
|
)
|
||
Impairment of unproved oil and natural gas properties
|
365
|
|
|
317
|
|
||
Exploratory dry hole costs
|
—
|
|
|
1,192
|
|
||
Amortization of debt issuance costs
|
407
|
|
|
164
|
|
||
Deferred income taxes
|
101,039
|
|
|
—
|
|
||
Equity-based compensation
|
431,642
|
|
|
—
|
|
||
(Gain) loss on commodity derivatives
|
(15,922
|
)
|
|
8,208
|
|
||
Net cash receipts (payments) on settled derivatives
|
3,691
|
|
|
(1,159
|
)
|
||
Other
|
(123
|
)
|
|
(120
|
)
|
||
Change in operating assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable and other current assets
|
(27,292
|
)
|
|
(545
|
)
|
||
Other assets
|
(3
|
)
|
|
11
|
|
||
Accounts payable and accrued liabilities
|
9,097
|
|
|
1,825
|
|
||
Net cash provided by operating activities
|
105,428
|
|
|
16,822
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||
Leasehold and acquisition costs
|
(60,627
|
)
|
|
(39,344
|
)
|
||
Development of oil and natural gas properties
|
(349,176
|
)
|
|
(84,809
|
)
|
||
Other capital expenditures
|
(3,332
|
)
|
|
(1,831
|
)
|
||
Net cash used in investing activities
|
(413,135
|
)
|
|
(125,984
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||
Proceeds from issuance of common stock in initial public offering, net of underwriting fees
|
401,625
|
|
|
—
|
|
||
Proceeds from common units issued
|
—
|
|
|
31,542
|
|
||
Proceeds from credit facility
|
45,000
|
|
|
70,000
|
|
||
Repayment of credit facility
|
(142,000
|
)
|
|
—
|
|
||
Debt issuance costs
|
(1,441
|
)
|
|
(1,030
|
)
|
||
Costs relating to initial public offering
|
(3,216
|
)
|
|
(95
|
)
|
||
Employee tax withholding for settlement of equity compensation awards
|
(88
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
299,880
|
|
|
100,417
|
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
(7,827
|
)
|
|
(8,745
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
11,727
|
|
|
14,165
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
3,900
|
|
|
$
|
5,420
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
||
Interest paid, net of capitalized interest
|
$
|
1,234
|
|
|
$
|
1,189
|
|
Cash paid for income taxes
|
—
|
|
|
—
|
|
||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES
|
|
|
|
|
|
||
Accrued capital expenditures
|
$
|
102,031
|
|
|
$
|
22,853
|
|
Asset retirement obligations
|
488
|
|
|
(165
|
)
|
||
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES
|
|
|
|
||||
Accrued offering costs
|
$
|
—
|
|
|
$
|
1,086
|
|
(in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Oil and gas sales
|
$
|
22,946
|
|
|
$
|
8,861
|
|
Joint interest
|
10,769
|
|
|
580
|
|
||
Other
|
1,373
|
|
|
886
|
|
||
Total accounts receivable
|
$
|
35,088
|
|
|
$
|
10,327
|
|
(in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Proved oil and natural gas properties
|
$
|
818,990
|
|
|
$
|
375,129
|
|
Unproved oil and natural gas properties
|
187,757
|
|
|
155,992
|
|
||
Total oil and natural gas properties
|
1,006,747
|
|
|
531,121
|
|
||
Less: Accumulated depletion
|
(123,448
|
)
|
|
(57,529
|
)
|
||
Total oil and natural gas properties, net
|
$
|
883,299
|
|
|
$
|
473,592
|
|
(in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Accrued capital expenditures
|
$
|
86,433
|
|
|
$
|
28,490
|
|
Accrued accounts payable
|
3,349
|
|
|
3,312
|
|
||
Royalties payable
|
4,313
|
|
|
2,653
|
|
||
Other current liabilities
|
12,393
|
|
|
4,770
|
|
||
Total accrued liabilities
|
$
|
106,488
|
|
|
$
|
39,225
|
|
Contract Period
|
|
Volumes
(Bbls) |
|
Wtd Avg Price
($/Bbl) |
|||
Oil Swaps
(1)
:
|
|
|
|
|
|||
Fourth quarter 2017
|
|
1,392,700
|
|
|
$
|
51.34
|
|
Year ending December 31, 2018
|
|
5,263,350
|
|
|
$
|
52.18
|
|
Year ending December 31, 2019
|
|
2,372,500
|
|
|
$
|
51.89
|
|
Oil Basis Swaps
(2)
:
|
|
|
|
|
|||
Fourth quarter 2017
|
|
460,000
|
|
|
$
|
(1.00
|
)
|
Year ending December 31, 2018
|
|
5,110,000
|
|
|
$
|
(1.08
|
)
|
Year ending December 31, 2019
|
|
2,920,000
|
|
|
$
|
(1.10
|
)
|
(1)
|
The index prices for the oil swaps are based on the NYMEX–WTI monthly average futures price.
|
(2)
|
The oil basis swap differential price is between Midland–WTI and Cushing–WTI.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Gain (loss) on derivatives instruments, net
|
$
|
(27,693
|
)
|
|
$
|
1,728
|
|
|
$
|
15,922
|
|
|
$
|
(8,208
|
)
|
Cash settlements of derivatives (received) paid, net
|
$
|
(3,195
|
)
|
|
$
|
337
|
|
|
$
|
(3,691
|
)
|
|
$
|
1,159
|
|
As of September 30, 2017:
|
|
Balance Sheet Location
|
|
Gross amounts presented on the balance sheet
|
|
Netting adjustments not offset on the balance sheet
|
|
Net amounts
|
||||||
Assets
|
|
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
Current assets - derivative instruments
|
|
$
|
5,515
|
|
|
$
|
(5,361
|
)
|
|
$
|
154
|
|
Commodity contracts
|
|
Noncurrent assets - derivative instruments
|
|
5,170
|
|
|
(1,602
|
)
|
|
3,568
|
|
|||
Total assets
|
|
|
|
$
|
10,685
|
|
|
$
|
(6,963
|
)
|
|
$
|
3,722
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
Current liabilities - derivative instruments
|
|
$
|
8,820
|
|
|
$
|
(5,361
|
)
|
|
$
|
3,459
|
|
Commodity contracts
|
|
Noncurrent liabilities - derivative instruments
|
|
2,490
|
|
|
(1,602
|
)
|
|
888
|
|
|||
Total liabilities
|
|
|
|
$
|
11,310
|
|
|
$
|
(6,963
|
)
|
|
$
|
4,347
|
|
As of December 31, 2016:
|
|
Balance Sheet Location
|
|
Gross amounts presented on the balance sheet
|
|
Netting adjustments not offset on the balance sheet
|
|
Net amounts
|
||||||
Liabilities
|
|
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
Current liabilities - derivative instruments
|
|
$
|
9,567
|
|
|
—
|
|
|
$
|
9,567
|
|
|
Commodity contracts
|
|
Noncurrent liabilities - derivative instruments
|
|
3,287
|
|
|
—
|
|
|
3,287
|
|
|||
Total liabilities
|
|
|
|
$
|
12,854
|
|
|
$
|
—
|
|
|
$
|
12,854
|
|
|
Level 2
|
||||||
(in thousands)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Assets from commodity derivative contracts
|
$
|
10,685
|
|
|
$
|
—
|
|
Liabilities due to commodity derivative contracts
|
$
|
11,310
|
|
|
$
|
12,854
|
|
•
|
a current ratio, which is the ratio of consolidated current assets (including unused commitments under the credit facility and excluding noncash assets related to asset retirement obligations and derivatives) to consolidated current liabilities (excluding the current portion of long-term debt under the credit agreement and noncash liabilities related to asset retirement obligations and derivatives), as of the last day of each fiscal quarter, of not less than
1.0
to
1.0
; and
|
•
|
a leverage ratio, which is the ratio of consolidated Debt (as defined in the credit agreement) as of the last day of each fiscal quarter, subject to certain exclusions (as described in the credit agreement) to EBITDAX (as defined in the credit agreement) for the last 12 months ending on the last day of that fiscal quarter, of not greater than
4.0
to
1.0
.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Incentive unit awards
|
$
|
10,692
|
|
|
$
|
—
|
|
|
$
|
429,585
|
|
|
$
|
—
|
|
Restricted stock unit awards
|
521
|
|
|
—
|
|
|
898
|
|
|
—
|
|
||||
Performance stock unit awards
|
527
|
|
|
—
|
|
|
866
|
|
|
—
|
|
||||
Restricted stock unit awards issued to nonemployee directors
|
163
|
|
|
—
|
|
|
293
|
|
|
—
|
|
||||
Total equity-based compensation expense
|
$
|
11,903
|
|
|
$
|
—
|
|
|
$
|
431,642
|
|
|
$
|
—
|
|
|
|
|
Weighted Average
|
||||
|
|
|
Grant-date
|
||||
|
Incentive Units
|
|
Fair Value
|
||||
Unvested at Corporate Reorganization
|
9,570,280
|
|
|
$
|
15.00
|
|
|
Granted
|
235,346
|
|
|
$
|
12.41
|
|
|
Vested
|
(2,049,881
|
)
|
|
$
|
14.97
|
|
|
Forfeited
|
—
|
|
|
$
|
—
|
|
|
Unvested at September 30, 2017
|
7,755,745
|
|
|
$
|
14.93
|
|
|
Compensation costs remaining at September 30, 2017 (in millions)
|
$
|
90.5
|
|
|
|
||
Weighted average remaining period at September 30, 2017 (in years)
|
2.3
|
|
|
|
|
|
|
Weighted Average
|
||||
|
|
|
Grant-date
|
||||
|
RSUs
|
|
Fair Value
|
||||
Unvested at December 31, 2016
|
—
|
|
|
$
|
—
|
|
|
Granted
|
576,264
|
|
|
$
|
12.42
|
|
|
Vested
|
—
|
|
|
$
|
—
|
|
|
Forfeited
|
(5,921
|
)
|
|
$
|
12.61
|
|
|
Unvested at September 30, 2017
|
570,343
|
|
|
$
|
12.42
|
|
|
Compensation costs remaining at September 30, 2017 (in millions)
|
$
|
5.9
|
|
|
|
||
Weighted average remaining period at September 30, 2017 (in years)
|
2.4
|
|
|
|
|
|
|
Weighted Average
|
||||
|
|
|
Grant-date
|
||||
|
PSUs
|
|
Fair Value
|
||||
Unvested at December 31, 2016
|
—
|
|
|
$
|
—
|
|
|
Granted
|
398,566
|
|
|
$
|
16.32
|
|
|
Vested
|
—
|
|
|
$
|
—
|
|
|
Forfeited
|
—
|
|
|
$
|
—
|
|
|
Unvested at September 30, 2017
|
398,566
|
|
|
$
|
16.32
|
|
|
Compensation costs remaining at September 30, 2017 (in millions)
|
$
|
5.6
|
|
|
|
||
Weighted average remaining period at September 30, 2017 (in years)
|
2.3
|
|
|
|
|
Nine Months Ended
|
||
|
September 30, 2017
|
||
Dividend yield
|
—
|
%
|
|
Volatility
|
55.7
|
%
|
|
Risk-free interest rate
|
1.34
|
%
|
|
Weighted average fair value of awards granted
|
$
|
16.32
|
|
|
Three Months Ended
|
|
From January 27, 2017, to
|
||||
(in thousands, except per share amounts)
|
September 30, 2017
|
|
September 30, 2017
|
||||
Net income (loss) attributable to Jagged Peak Energy Inc. stockholders
|
$
|
(15,219
|
)
|
|
$
|
(89,221
|
)
|
|
|
|
|
||||
Basic weighted average shares outstanding
|
212,931
|
|
|
212,933
|
|
||
Effect of dilutive securities:
|
|
|
|
||||
Restricted stock units
|
—
|
|
|
—
|
|
||
Performance stock units
|
—
|
|
|
—
|
|
||
Diluted weighted average shares outstanding
|
212,931
|
|
|
212,933
|
|
||
|
|
|
|
||||
Net income (loss) per common share:
|
|
|
|
||||
Basic
|
$
|
(0.07
|
)
|
|
$
|
(0.42
|
)
|
Diluted
|
$
|
(0.07
|
)
|
|
$
|
(0.42
|
)
|
|
Three Months Ended
|
|
From January 27, 2017, to
|
||
(in thousands)
|
September 30, 2017
|
|
September 30, 2017
|
||
Weighted average number of outstanding equity awards excluded from diluted earnings per share calculation:
(1)
|
|
|
|
||
Restricted stock units
|
527
|
|
|
348
|
|
Performance stock units
|
671
|
|
|
421
|
|
(1)
|
When the Company incurs a net loss, all outstanding equity awards are excluded from the calculation of diluted loss per common share because the inclusion of these awards would be anti-dilutive.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(in thousands)
|
September 30, 2017
|
|
September 30, 2017
|
||||
Current income tax expense:
|
|
|
|
||||
Federal
|
$
|
—
|
|
|
$
|
—
|
|
State
|
—
|
|
|
—
|
|
||
|
—
|
|
|
—
|
|
||
Deferred income tax expense:
|
|
|
|
||||
Federal
|
(2,543
|
)
|
|
98,904
|
|
||
State
|
(55
|
)
|
|
2,135
|
|
||
|
(2,598
|
)
|
|
101,039
|
|
||
Provision for income taxes
|
$
|
(2,598
|
)
|
|
$
|
101,039
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(in thousands)
|
September 30, 2017
|
|
September 30, 2017
|
||||
Income (loss) before income taxes
|
$
|
(17,817
|
)
|
|
$
|
(363,658
|
)
|
Less: net loss prior to corporate reorganization
|
—
|
|
|
(375,476
|
)
|
||
Income (loss) before income taxes subsequent to corporate reorganization
|
$
|
(17,817
|
)
|
|
$
|
11,818
|
|
|
|
|
|
||||
Income taxes at the federal statutory rate
|
$
|
(6,236
|
)
|
|
$
|
4,136
|
|
Income tax expense relating to change in tax status
|
—
|
|
|
78,019
|
|
||
State income taxes, net of federal benefit
|
(35
|
)
|
|
1,388
|
|
||
Nondeductible equity-based compensation
|
3,671
|
|
|
17,479
|
|
||
Other permanent differences
|
2
|
|
|
17
|
|
||
Income tax expense (benefit)
|
$
|
(2,598
|
)
|
|
$
|
101,039
|
|
Effective tax rate
|
14.6
|
%
|
|
(27.8
|
)%
|
(in thousands)
|
September 30, 2017
|
||
Deferred income tax assets:
|
|
||
Net operating loss carryforwards
|
$
|
1,526
|
|
Commodity derivatives
|
221
|
|
|
Equity-based compensation
|
502
|
|
|
Other
|
1,302
|
|
|
|
3,551
|
|
|
Deferred income tax liabilities:
|
|
||
Oil and natural gas properties
|
104,590
|
|
|
|
104,590
|
|
|
Net deferred income tax assets (liabilities)
|
$
|
(101,039
|
)
|
(in thousands)
|
|
||
Asset retirement obligations at January 1, 2017
|
$
|
448
|
|
Liabilities incurred and assumed
|
492
|
|
|
Liability settlements and disposals
|
(10
|
)
|
|
Revisions of estimated liabilities
|
(5
|
)
|
|
Accretion
|
49
|
|
|
Asset retirement obligations at September 30, 2017
|
974
|
|
|
Less current portion of asset retirement obligations
|
(284
|
)
|
|
Long-term asset retirement obligations
|
$
|
690
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Oryx via 3rd party shipper
(1)
|
$
|
2,918
|
|
|
$
|
938
|
|
|
$
|
6,716
|
|
|
$
|
1,037
|
|
Oryx
(2)
|
$
|
97
|
|
|
$
|
166
|
|
|
$
|
749
|
|
|
$
|
1,091
|
|
Phoenix
|
$
|
56
|
|
|
$
|
111
|
|
|
$
|
258
|
|
|
$
|
260
|
|
Trident
|
$
|
—
|
|
|
$
|
90
|
|
|
$
|
236
|
|
|
$
|
413
|
|
(1)
|
Transportation fees paid by the Company’s third party shipper to Oryx pursuant to the crude oil gathering agreement.
|
(2)
|
Fees paid to Oryx for the purchase and maintenance of connecting equipment.
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Successfully completed, or participated in completing,
37
gross (
32.8
net) wells, of which we operated
32
gross (
30.9
net), all within the Southern Delaware Basin;
|
•
|
Increased average daily production by
174%
to
14,594
Boe/d, comprised of
81%
oil;
|
•
|
Production revenues rose
221%
to
$162.5 million
;
|
•
|
Improved cash flow from operating activities to
$105.4 million
from
$16.8 million
for the same period of
2016
;
|
•
|
Recorded a
$15.9 million
gain on commodity derivative instruments compared to a
$8.2 million
loss from the same period in
2016
; and
|
•
|
Incurred equity-based compensation expense of
$431.6 million
, all of which was noncash except for $14.7 million related to an advance made in April 2016.
|
•
|
Successfully delineated three new zones on our acreage—the 2
nd
Bone Spring, Wolfcamp C and Woodford Shale—adding additional reserves and drilling locations to our acreage position.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Crude Oil (per Bbl):
|
|
|
|
|
|
|
|
|
|
||||||
Average NYMEX price
|
$
|
48.18
|
|
|
$
|
44.85
|
|
|
$
|
49.30
|
|
|
$
|
41.35
|
|
Realized price, before the effects of derivative settlements
|
$
|
45.24
|
|
|
$
|
42.03
|
|
|
$
|
46.06
|
|
|
$
|
39.03
|
|
Realized price, after the effects of derivative settlements
|
$
|
47.55
|
|
|
$
|
41.34
|
|
|
$
|
47.21
|
|
|
$
|
38.07
|
|
Natural Gas (per Mcf):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average NYMEX price
|
$
|
2.95
|
|
|
$
|
2.88
|
|
|
$
|
3.01
|
|
|
$
|
2.34
|
|
Realized price
|
$
|
2.59
|
|
|
$
|
2.59
|
|
|
$
|
2.56
|
|
|
$
|
2.17
|
|
NGLs (per Bbl):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Average realized NGL price
|
$
|
25.31
|
|
|
$
|
14.89
|
|
|
$
|
22.28
|
|
|
$
|
14.35
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Oil (MBbls)
|
1,383
|
|
|
484
|
|
|
3,208
|
|
|
1,210
|
|
Natural gas (MMcf)
|
1,136
|
|
|
282
|
|
|
2,224
|
|
|
669
|
|
NGLs (MBbls)
|
192
|
|
|
55
|
|
|
406
|
|
|
141
|
|
Total (MBoe)
|
1,765
|
|
|
586
|
|
|
3,984
|
|
|
1,462
|
|
Average net daily production (Boe/d)
|
19,180
|
|
|
6,366
|
|
|
14,594
|
|
|
5,336
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
(in thousands or as indicated)
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Production Revenues:
|
|
|
|
|
|
|
|
|||||||
Oil sales
|
$
|
62,585
|
|
|
$
|
20,332
|
|
|
$
|
42,253
|
|
|
208
|
%
|
Natural gas sales
|
2,939
|
|
|
731
|
|
|
2,208
|
|
|
302
|
%
|
|||
NGL sales
|
4,860
|
|
|
819
|
|
|
4,041
|
|
|
493
|
%
|
|||
Total production revenues
|
$
|
70,384
|
|
|
$
|
21,882
|
|
|
$
|
48,502
|
|
|
222
|
%
|
Average sales price
(1)
:
|
|
|
|
|
|
|
|
|||||||
Oil (per Bbl)
|
$
|
45.24
|
|
|
$
|
42.03
|
|
|
$
|
3.21
|
|
|
8
|
%
|
Natural gas (per Mcf)
|
$
|
2.59
|
|
|
$
|
2.59
|
|
|
$
|
—
|
|
|
—
|
%
|
NGLs (per Bbl)
|
$
|
25.31
|
|
|
$
|
14.89
|
|
|
$
|
10.42
|
|
|
70
|
%
|
Total (per Boe)
|
$
|
39.89
|
|
|
$
|
37.36
|
|
|
$
|
2.53
|
|
|
7
|
%
|
Production volumes:
|
|
|
|
|
|
|
|
|
||||||
Oil (MBbls)
|
1,383
|
|
|
484
|
|
|
899
|
|
|
186
|
%
|
|||
Natural gas (MMcf)
|
1,136
|
|
|
282
|
|
|
854
|
|
|
303
|
%
|
|||
NGLs (MBbls)
|
192
|
|
|
55
|
|
|
137
|
|
|
249
|
%
|
|||
Total (MBoe)
|
1,765
|
|
|
586
|
|
|
1,179
|
|
|
201
|
%
|
|||
Average daily production volume:
|
|
|
|
|
|
|
|
|
||||||
Oil (Bbls/d)
|
15,036
|
|
|
5,258
|
|
|
9,778
|
|
|
186
|
%
|
|||
Natural gas (Mcf/d)
|
12,346
|
|
|
3,061
|
|
|
9,285
|
|
|
303
|
%
|
|||
NGLs (Bbls/d)
|
2,087
|
|
|
598
|
|
|
1,489
|
|
|
249
|
%
|
|||
Total (Boe/d)
|
19,180
|
|
|
6,366
|
|
|
12,814
|
|
|
201
|
%
|
(1)
|
Average prices shown in the table reflect prices before the effects of our realized commodity derivative transactions.
|
|
Three Months Ended September 30,
|
|
|
|
|
|
Per Boe
|
|||||||||||||||
(in thousands, except per Boe)
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|
2017
|
|
2016
|
|||||||||||
Lease operating expenses
|
$
|
5,184
|
|
|
$
|
2,285
|
|
|
$
|
2,899
|
|
|
127
|
%
|
|
$
|
2.94
|
|
|
$
|
3.90
|
|
Gathering and transportation expenses
|
1,357
|
|
|
294
|
|
|
1,063
|
|
|
362
|
%
|
|
$
|
0.77
|
|
|
$
|
0.50
|
|
|||
Production and ad valorem taxes
|
4,739
|
|
|
1,341
|
|
|
3,398
|
|
|
253
|
%
|
|
$
|
2.69
|
|
|
$
|
2.29
|
|
|||
Exploration
|
6
|
|
|
—
|
|
|
6
|
|
|
NM
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|||
Depletion, depreciation, amortization and accretion
|
30,851
|
|
|
11,152
|
|
|
19,699
|
|
|
177
|
%
|
|
$
|
17.48
|
|
|
$
|
19.04
|
|
|||
Impairment of unproved oil and natural gas properties
|
257
|
|
|
7
|
|
|
250
|
|
|
3,571
|
%
|
|
NM
|
|
|
NM
|
|
|||||
Other operating expenses
|
41
|
|
|
169
|
|
|
(128
|
)
|
|
(76
|
)%
|
|
$
|
0.02
|
|
|
$
|
0.29
|
|
|||
General and administrative (before equity-based compensation)
|
5,830
|
|
|
2,375
|
|
|
3,455
|
|
|
145
|
%
|
|
$
|
3.30
|
|
|
$
|
4.06
|
|
|||
Total operating expenses (before equity-based compensation)
|
48,265
|
|
|
17,623
|
|
|
30,642
|
|
|
174
|
%
|
|
$
|
27.35
|
|
|
$
|
30.09
|
|
|||
Equity-based compensation
|
11,903
|
|
|
—
|
|
|
11,903
|
|
|
|
|
|
|
|
||||||||
Total operating expenses
|
$
|
60,168
|
|
|
$
|
17,623
|
|
|
$
|
42,545
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
||||||||
(in thousands)
|
2017
|
|
2016
|
|
Change
|
||||||
Gain (loss) on commodity derivatives
|
$
|
(27,693
|
)
|
|
$
|
1,728
|
|
|
$
|
(29,421
|
)
|
Interest expense, net
|
(467
|
)
|
|
(759
|
)
|
|
292
|
|
|||
Other, net
|
60
|
|
|
—
|
|
|
60
|
|
|||
Total other income (expense)
|
$
|
(28,100
|
)
|
|
$
|
969
|
|
|
$
|
(29,069
|
)
|
|
Three Months Ended September 30,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Gain (loss) on derivatives instruments, net
|
$
|
(27,693
|
)
|
|
$
|
1,728
|
|
Cash settlements of derivatives (received) paid, net
|
$
|
(3,195
|
)
|
|
$
|
337
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
(in thousands or as indicated)
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|||||||
Production Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Oil sales
|
$
|
147,738
|
|
|
$
|
47,215
|
|
|
$
|
100,523
|
|
|
213
|
%
|
Natural gas sales
|
5,697
|
|
|
1,450
|
|
|
4,247
|
|
|
293
|
%
|
|||
NGL sales
|
9,041
|
|
|
2,023
|
|
|
7,018
|
|
|
347
|
%
|
|||
Total production revenues
|
$
|
162,476
|
|
|
$
|
50,688
|
|
|
$
|
111,788
|
|
|
221
|
%
|
Average sales price
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Oil (per Bbl)
|
$
|
46.06
|
|
|
$
|
39.03
|
|
|
$
|
7.03
|
|
|
18
|
%
|
Natural gas (per Mcf)
|
$
|
2.56
|
|
|
$
|
2.17
|
|
|
$
|
0.39
|
|
|
18
|
%
|
NGLs (per Bbl)
|
$
|
22.28
|
|
|
$
|
14.35
|
|
|
$
|
7.93
|
|
|
55
|
%
|
Total (per Boe)
|
$
|
40.78
|
|
|
$
|
34.67
|
|
|
$
|
6.11
|
|
|
18
|
%
|
Production volumes:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Oil (MBbls)
|
3,208
|
|
|
1,210
|
|
|
1,998
|
|
|
165
|
%
|
|||
Natural gas (MMcf)
|
2,224
|
|
|
669
|
|
|
1,555
|
|
|
232
|
%
|
|||
NGLs (MBbls)
|
406
|
|
|
141
|
|
|
265
|
|
|
188
|
%
|
|||
Total (MBoe)
|
3,984
|
|
|
1,462
|
|
|
2,522
|
|
|
173
|
%
|
|||
Average daily production volume:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Oil (Bbls/d)
|
11,750
|
|
|
4,415
|
|
|
7,335
|
|
|
166
|
%
|
|||
Natural gas (Mcf/d)
|
8,147
|
|
|
2,443
|
|
|
5,704
|
|
|
233
|
%
|
|||
NGLs (Bbls/d)
|
1,486
|
|
|
514
|
|
|
972
|
|
|
189
|
%
|
|||
Total (Boe/d)
|
14,594
|
|
|
5,336
|
|
|
9,258
|
|
|
174
|
%
|
(1)
|
Average prices shown in the table reflect prices before the effects of our realized commodity derivative transactions.
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
Per Boe
|
|||||||||||||||
(in thousands, except per Boe)
|
2017
|
|
2016
|
|
Change
|
|
% Change
|
|
2017
|
|
2016
|
|||||||||||
Lease operating expenses
|
$
|
10,684
|
|
|
$
|
5,254
|
|
|
$
|
5,430
|
|
|
103
|
%
|
|
$
|
2.68
|
|
|
$
|
3.59
|
|
Gathering and transportation expenses
|
2,404
|
|
|
662
|
|
|
1,742
|
|
|
263
|
%
|
|
$
|
0.60
|
|
|
$
|
0.45
|
|
|||
Production and ad valorem taxes
|
10,916
|
|
|
3,173
|
|
|
7,743
|
|
|
244
|
%
|
|
$
|
2.74
|
|
|
$
|
2.17
|
|
|||
Exploration
|
14
|
|
|
2,474
|
|
|
(2,460
|
)
|
|
(99
|
)%
|
|
$
|
—
|
|
|
$
|
1.69
|
|
|||
Depletion, depreciation, amortization and accretion
|
67,224
|
|
|
29,430
|
|
|
37,794
|
|
|
128
|
%
|
|
$
|
16.87
|
|
|
$
|
20.13
|
|
|||
Impairment of unproved oil and natural gas properties
|
365
|
|
|
317
|
|
|
48
|
|
|
15
|
%
|
|
NM
|
|
|
NM
|
|
|||||
Other operating expenses
|
223
|
|
|
567
|
|
|
(344
|
)
|
|
(61
|
)%
|
|
$
|
0.06
|
|
|
$
|
0.39
|
|
|||
General and administrative (before equity-based compensation)
|
17,862
|
|
|
7,878
|
|
|
9,984
|
|
|
127
|
%
|
|
$
|
4.48
|
|
|
$
|
5.39
|
|
|||
Total operating expenses (before equity-based compensation)
|
109,692
|
|
|
49,755
|
|
|
59,937
|
|
|
120
|
%
|
|
$
|
27.53
|
|
|
$
|
34.03
|
|
|||
Equity-based compensation
|
431,642
|
|
|
—
|
|
|
431,642
|
|
|
|
|
|
|
|
||||||||
Total operating expenses
|
$
|
541,334
|
|
|
$
|
49,755
|
|
|
$
|
491,579
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
||||||||
(in thousands)
|
2017
|
|
2016
|
|
Change
|
||||||
Gain (loss) on commodity derivatives
|
$
|
15,922
|
|
|
$
|
(8,208
|
)
|
|
$
|
24,130
|
|
Interest expense, net
|
(1,610
|
)
|
|
(1,471
|
)
|
|
(139
|
)
|
|||
Other, net
|
474
|
|
|
—
|
|
|
474
|
|
|||
Total other income (expense)
|
$
|
14,786
|
|
|
$
|
(9,679
|
)
|
|
$
|
24,465
|
|
|
Nine Months Ended September 30,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Gain (loss) on derivatives instruments, net
|
$
|
15,922
|
|
|
$
|
(8,208
|
)
|
Cash settlements of derivatives (received) paid, net
|
$
|
(3,691
|
)
|
|
$
|
1,159
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Acquisitions
|
|
|
|
|
|
|
|
||||||||
Proved properties
|
$
|
—
|
|
|
$
|
7,482
|
|
|
$
|
—
|
|
|
$
|
7,482
|
|
Unproved properties
(1)
|
7,845
|
|
|
8,661
|
|
|
56,364
|
|
|
32,312
|
|
||||
Development costs
|
158,870
|
|
|
36,845
|
|
|
399,057
|
|
|
82,651
|
|
||||
Infrastructure costs
(2)
|
3,613
|
|
|
3,956
|
|
|
21,805
|
|
|
7,311
|
|
||||
Exploration costs
|
6
|
|
|
78
|
|
|
14
|
|
|
1,663
|
|
||||
Total oil and gas capital expenditures
|
$
|
170,334
|
|
|
$
|
57,022
|
|
|
$
|
477,240
|
|
|
$
|
131,419
|
|
(1)
|
Relates to acquisition of undeveloped leaseholds and oil and natural gas mineral interest leasing activity.
|
(2)
|
Includes surface acreage purchased during the
nine
months ended
September 30, 2017
and
2016
of
$1.2 million
and
$0.5 million
, respectively.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Gross wells
|
|
|
|
|
|
|
|
||||
Operated
|
11
|
|
|
2
|
|
|
32
|
|
|
6
|
|
Non-operated
|
3
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
14
|
|
|
2
|
|
|
37
|
|
|
6
|
|
Net wells
|
|
|
|
|
|
|
|
||||
Operated
|
10.2
|
|
|
2.0
|
|
|
30.9
|
|
|
5.9
|
|
Non-operated
|
1.4
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
11.6
|
|
|
2.0
|
|
|
32.8
|
|
|
5.9
|
|
(in millions)
|
|
|
|
||||
Drilling and completion
|
$
|
530.0
|
|
—
|
$
|
550.0
|
|
Water infrastructure
|
20.0
|
|
—
|
25.0
|
|
||
Total
|
$
|
550.0
|
|
—
|
$
|
575.0
|
|
|
Nine Months Ended September 30,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Net cash provided by operating activities
|
$
|
105,428
|
|
|
$
|
16,822
|
|
Net cash used in investing activities
|
$
|
(413,135
|
)
|
|
$
|
(125,984
|
)
|
Net cash provided by financing activities
|
$
|
299,880
|
|
|
$
|
100,417
|
|
•
|
incur additional indebtedness;
|
•
|
incur liens;
|
•
|
make investments;
|
•
|
make loans to others;
|
•
|
merge or consolidate with another entity;
|
•
|
sell assets;
|
•
|
make certain payments;
|
•
|
enter into transactions with affiliates;
|
•
|
hedge interest rates; and
|
•
|
engage in certain other transactions without the prior consent of the lenders.
|
•
|
a current ratio, which is the ratio of our consolidated current assets (including unused commitments under our credit facility and excluding noncash assets related to asset retirement obligations and derivatives) to our consolidated current liabilities (excluding the current portion of long-term debt under our credit facility and noncash liabilities related to asset retirement obligations and derivatives), as of the last day of each fiscal quarter, of not less than 1.0 to 1.0; and
|
•
|
a leverage ratio, which is the ratio of our consolidated Debt (as defined in our credit agreement) as of the last day of each fiscal quarter, subject to certain exclusions (as described in our credit agreement) to EBITDAX (as defined in our credit agreement) for the last 12 months ending on the last day of that fiscal quarter, of not greater than 4.0 to 1.0.
|
|
Remainder
|
|
Payments Due by Period for the Year Ending December 31,
|
||||||||||||||||||||||||||||
(in thousands)
|
of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||||
Credit facility
(1)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35,000
|
|
|
$
|
—
|
|
|
$
|
35,000
|
|
Operating leases
(2)
|
349
|
|
|
1,550
|
|
|
1,287
|
|
|
1,514
|
|
|
1,535
|
|
|
1,552
|
|
|
8,962
|
|
|
16,749
|
|
||||||||
Service and purchase contracts
(3)
|
436
|
|
|
2,379
|
|
|
1,286
|
|
|
1,285
|
|
|
750
|
|
|
—
|
|
|
—
|
|
|
6,136
|
|
||||||||
Rig contracts
(4)
|
8,793
|
|
|
15,724
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,517
|
|
||||||||
Frac fleet contracts
(5)
|
13,800
|
|
|
73,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87,000
|
|
||||||||
Total
|
$
|
23,378
|
|
|
$
|
92,853
|
|
|
$
|
2,573
|
|
|
$
|
2,799
|
|
|
$
|
2,285
|
|
|
$
|
36,552
|
|
|
$
|
8,962
|
|
|
$
|
169,402
|
|
(1)
|
This table does not include future commitment fees, interest expense or other costs related to our credit facility because we cannot determine with accuracy the timing of future loan advances, repayments or future interest rates to be charged. As of
September 30, 2017
, we had
$35.0 million
outstanding under our Amended and Restated Credit Facility and
$215.0 million
of borrowing capacity available.
|
(2)
|
Primarily relates to the lease of our corporate offices.
|
(3)
|
Primarily relates to a retail power sales agreement and seismic data gathering contract.
|
(4)
|
Relates to
seven
drilling rig contracts as of
September 30, 2017
. If we were to terminate these contracts at
September 30, 2017
, we would be required to pay early termination penalties of approximately
$11.1 million
.
|
(5)
|
Relates to
three
frac fleets under contract as of
September 30, 2017
. The majority of the contracts allow for reassignment of the frac fleets if we were to terminate their services prior to the end of the contract, at which point we would not be required to pay termination fees. However, if the fleets were not able to be reassigned, we would be required to pay termination fees of
$66.2 million
as of
September 30, 2017
.
|
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
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
|
|
JAGGED PEAK ENERGY INC.
|
||
Date:
|
November 8, 2017
|
By:
|
/s/ JOSEPH N. JAGGERS
|
|
|
|
|
Name:
|
Joseph N. Jaggers
|
|
|
|
Title:
|
Chairman, Chief Executive Officer and President
|
|
|
|
|
|
Date:
|
November 8, 2017
|
By:
|
/s/ ROBERT W. HOWARD
|
|
|
|
|
Name:
|
Robert W. Howard
|
|
|
|
Title:
|
Executive Vice President, Chief Financial Officer
|
|
|
|
|
|
Date:
|
November 8, 2017
|
By:
|
/s/ SHONN D. STAHLECKER
|
|
|
|
|
Name:
|
Shonn D. Stahlecker
|
|
|
|
Title:
|
Controller
|
1 Year Jagged Peak Energy Chart |
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