We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Oasis Petroleum Inc | NYSE:OAS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.10 | 0 | 01:00:00 |
|
|
|
|
|
FORM 10-Q
|
ý
|
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
|
Oasis Petroleum Inc.
(Exact name of registrant as specified in its charter)
|
|
|
|
Delaware
|
|
80-0554627
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
1001 Fannin Street, Suite 1500
Houston, Texas
|
|
77002
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(281) 404-9500
(Registrant’s telephone number, including area code)
|
|
Large accelerated filer
|
ý
|
Accelerated filer
|
¨
|
|
|
|
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
|
|
|
|
Emerging growth company
|
¨
|
|
|
|
|
|
|
Page
|
Oasis Petroleum Inc.
Condensed Consolidated Balance Sheet
(Unaudited)
|
|||||||
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
(In thousands, except share data)
|
||||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
13,785
|
|
|
$
|
11,226
|
|
Accounts receivable, net
|
226,427
|
|
|
204,335
|
|
||
Inventory
|
14,327
|
|
|
10,648
|
|
||
Prepaid expenses
|
7,176
|
|
|
7,623
|
|
||
Derivative instruments
|
3,026
|
|
|
362
|
|
||
Other current assets
|
4,452
|
|
|
4,355
|
|
||
Total current assets
|
269,193
|
|
|
238,549
|
|
||
Property, plant and equipment
|
|
|
|
||||
Oil and gas properties (successful efforts method)
|
7,390,299
|
|
|
7,296,568
|
|
||
Other property and equipment
|
632,318
|
|
|
618,790
|
|
||
Less: accumulated depreciation, depletion, amortization and impairment
|
(2,126,136
|
)
|
|
(1,995,791
|
)
|
||
Total property, plant and equipment, net
|
5,896,481
|
|
|
5,919,567
|
|
||
Derivative instruments
|
3,815
|
|
|
—
|
|
||
Other assets
|
20,139
|
|
|
20,516
|
|
||
Total assets
|
$
|
6,189,628
|
|
|
$
|
6,178,632
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable
|
$
|
8,837
|
|
|
$
|
4,645
|
|
Revenues and production taxes payable
|
160,265
|
|
|
139,737
|
|
||
Accrued liabilities
|
128,241
|
|
|
119,173
|
|
||
Accrued interest payable
|
20,268
|
|
|
39,004
|
|
||
Derivative instruments
|
14,627
|
|
|
60,469
|
|
||
Advances from joint interest partners
|
6,838
|
|
|
7,597
|
|
||
Other current liabilities
|
13,435
|
|
|
10,490
|
|
||
Total current liabilities
|
352,511
|
|
|
381,115
|
|
||
Long-term debt
|
2,305,879
|
|
|
2,297,214
|
|
||
Deferred income taxes
|
524,842
|
|
|
513,529
|
|
||
Asset retirement obligations
|
50,088
|
|
|
48,985
|
|
||
Derivative instruments
|
—
|
|
|
11,714
|
|
||
Other liabilities
|
2,834
|
|
|
2,918
|
|
||
Total liabilities
|
3,236,154
|
|
|
3,255,475
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
||||
Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding at March 31, 2017 and 237,201,064 shares issued and 236,344,172 shares outstanding at December 31, 2016
|
2,344
|
|
|
2,331
|
|
||
Treasury stock, at cost: 1,229,568 and 856,892 shares at March 31, 2017 and December 31, 2016, respectively
|
(21,369
|
)
|
|
(15,950
|
)
|
||
Additional paid-in capital
|
2,354,485
|
|
|
2,345,271
|
|
||
Retained earnings
|
618,014
|
|
|
591,505
|
|
||
Total stockholders’ equity
|
2,953,474
|
|
|
2,923,157
|
|
||
Total liabilities and stockholders’ equity
|
$
|
6,189,628
|
|
|
$
|
6,178,632
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands, except per share data)
|
||||||
Revenues
|
|
|
|
||||
Oil and gas revenues
|
$
|
237,252
|
|
|
$
|
117,315
|
|
Bulk oil sales
|
27,631
|
|
|
—
|
|
||
Midstream revenues
|
14,606
|
|
|
6,983
|
|
||
Well services revenues
|
5,627
|
|
|
5,985
|
|
||
Total revenues
|
285,116
|
|
|
130,283
|
|
||
Operating expenses
|
|
|
|
||||
Lease operating expenses
|
43,872
|
|
|
31,064
|
|
||
Midstream operating expenses
|
3,327
|
|
|
1,738
|
|
||
Well services operating expenses
|
3,902
|
|
|
2,651
|
|
||
Marketing, transportation and gathering expenses
|
10,951
|
|
|
8,552
|
|
||
Bulk oil purchases
|
28,002
|
|
|
—
|
|
||
Production taxes
|
20,299
|
|
|
10,753
|
|
||
Depreciation, depletion and amortization
|
126,666
|
|
|
122,449
|
|
||
Exploration expenses
|
1,489
|
|
|
363
|
|
||
Impairment
|
2,682
|
|
|
3,562
|
|
||
General and administrative expenses
|
23,834
|
|
|
24,366
|
|
||
Total operating expenses
|
265,024
|
|
|
205,498
|
|
||
Operating income (loss)
|
20,092
|
|
|
(75,215
|
)
|
||
Other income (expense)
|
|
|
|
||||
Net gain on derivative instruments
|
56,075
|
|
|
14,375
|
|
||
Interest expense, net of capitalized interest
|
(36,321
|
)
|
|
(38,739
|
)
|
||
Gain on extinguishment of debt
|
—
|
|
|
7,016
|
|
||
Other income
|
16
|
|
|
479
|
|
||
Total other income (expense)
|
19,770
|
|
|
(16,869
|
)
|
||
Income (loss) before income taxes
|
39,862
|
|
|
(92,084
|
)
|
||
Income tax benefit (expense)
|
(16,037
|
)
|
|
27,629
|
|
||
Net income (loss)
|
$
|
23,825
|
|
|
$
|
(64,455
|
)
|
Earnings (loss) per share:
|
|
|
|
||||
Basic (Note 11)
|
$
|
0.10
|
|
|
$
|
(0.40
|
)
|
Diluted (Note 11)
|
0.10
|
|
|
(0.40
|
)
|
||
Weighted average shares outstanding:
|
|
|
|
||||
Basic (Note 11)
|
233,068
|
|
|
162,922
|
|
||
Diluted (Note 11)
|
237,900
|
|
|
162,922
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-in Capital
|
|
Retained Earnings
|
|
Total
Stockholders’
Equity
|
||||||||||||||||
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||
Balance at December 31, 2016
|
236,344
|
|
|
$
|
2,331
|
|
|
857
|
|
|
$
|
(15,950
|
)
|
|
$
|
2,345,271
|
|
|
$
|
591,505
|
|
|
$
|
2,923,157
|
|
Cumulative-effect adjustment for adoption of ASU 2016-09 (Note 2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,040
|
|
|
2,684
|
|
|
4,724
|
|
|||||
Fees (2016 issuance of common stock)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
|||||
Stock-based compensation
|
1,490
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
7,229
|
|
|
—
|
|
|
7,242
|
|
|||||
Treasury stock – tax withholdings
|
(373
|
)
|
|
—
|
|
|
373
|
|
|
(5,419
|
)
|
|
—
|
|
|
—
|
|
|
(5,419
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,825
|
|
|
23,825
|
|
|||||
Balance at March 31, 2017
|
237,461
|
|
|
$
|
2,344
|
|
|
1,230
|
|
|
$
|
(21,369
|
)
|
|
$
|
2,354,485
|
|
|
$
|
618,014
|
|
|
$
|
2,953,474
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
23,825
|
|
|
$
|
(64,455
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation, depletion and amortization
|
126,666
|
|
|
122,449
|
|
||
Gain on extinguishment of debt
|
—
|
|
|
(7,016
|
)
|
||
Impairment
|
2,682
|
|
|
3,562
|
|
||
Deferred income taxes
|
16,037
|
|
|
(27,629
|
)
|
||
Derivative instruments
|
(56,075
|
)
|
|
(14,375
|
)
|
||
Stock-based compensation expenses
|
6,708
|
|
|
6,730
|
|
||
Deferred financing costs amortization and other
|
4,940
|
|
|
5,066
|
|
||
Working capital and other changes:
|
|
|
|
||||
Change in accounts receivable
|
(22,478
|
)
|
|
(995
|
)
|
||
Change in inventory
|
(3,679
|
)
|
|
349
|
|
||
Change in prepaid expenses
|
282
|
|
|
241
|
|
||
Change in other current assets
|
(110
|
)
|
|
4
|
|
||
Change in other assets
|
(4
|
)
|
|
77
|
|
||
Change in accounts payable, interest payable and accrued liabilities
|
6,060
|
|
|
(64,056
|
)
|
||
Change in other current liabilities
|
2,945
|
|
|
(6,000
|
)
|
||
Change in other liabilities
|
—
|
|
|
(3
|
)
|
||
Net cash provided by (used in) operating activities
|
107,799
|
|
|
(46,051
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(96,047
|
)
|
|
(103,411
|
)
|
||
Derivative settlements
|
(7,960
|
)
|
|
73,313
|
|
||
Advances from joint interest partners
|
(759
|
)
|
|
(257
|
)
|
||
Net cash used in investing activities
|
(104,766
|
)
|
|
(30,355
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from revolving credit facility
|
246,000
|
|
|
214,000
|
|
||
Principal payments on revolving credit facility
|
(241,000
|
)
|
|
(287,000
|
)
|
||
Repurchase of senior unsecured notes
|
—
|
|
|
(22,308
|
)
|
||
Deferred financing costs
|
—
|
|
|
(751
|
)
|
||
Proceeds from sale of common stock
|
—
|
|
|
183,164
|
|
||
Purchases of treasury stock
|
(5,419
|
)
|
|
(1,032
|
)
|
||
Other
|
(55
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
(474
|
)
|
|
86,073
|
|
||
Increase in cash and cash equivalents
|
2,559
|
|
|
9,667
|
|
||
Cash and cash equivalents:
|
|
|
|
||||
Beginning of period
|
11,226
|
|
|
9,730
|
|
||
End of period
|
$
|
13,785
|
|
|
$
|
19,397
|
|
Supplemental non-cash transactions:
|
|
|
|
||||
Change in accrued capital expenditures
|
$
|
8,396
|
|
|
$
|
(19,230
|
)
|
Change in asset retirement obligations
|
787
|
|
|
1,212
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
(In thousands)
|
||||||
Crude oil inventory
|
$
|
10,302
|
|
|
$
|
7,086
|
|
Equipment and materials
|
4,025
|
|
|
3,562
|
|
||
Total inventory
|
$
|
14,327
|
|
|
$
|
10,648
|
|
|
Fair value at March 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
141
|
|
Commodity derivative instruments (see Note 5)
|
—
|
|
|
6,841
|
|
|
—
|
|
|
6,841
|
|
||||
Total assets
|
$
|
141
|
|
|
$
|
6,841
|
|
|
$
|
—
|
|
|
$
|
6,982
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity derivative instruments (see Note 5)
|
$
|
—
|
|
|
$
|
14,627
|
|
|
$
|
—
|
|
|
$
|
14,627
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
14,627
|
|
|
$
|
—
|
|
|
$
|
14,627
|
|
|
Fair value at December 31, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
141
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
141
|
|
Commodity derivative instruments (see Note 5)
|
—
|
|
|
362
|
|
|
—
|
|
|
362
|
|
||||
Total assets
|
$
|
141
|
|
|
$
|
362
|
|
|
$
|
—
|
|
|
$
|
503
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodity derivative instruments (see Note 5)
|
$
|
—
|
|
|
$
|
72,183
|
|
|
$
|
—
|
|
|
$
|
72,183
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
72,183
|
|
|
$
|
—
|
|
|
$
|
72,183
|
|
Commodity
|
|
Settlement
Period |
|
Derivative
Instrument |
|
Volumes
|
|
Weighted Average Prices
|
|
Fair Value
Asset (Liability) |
||||||||||||||||||
|
|
|
|
Swap
|
|
Sub-Floor
|
|
Floor
|
|
Ceiling
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|||||||||||||||||
Crude oil
|
|
2017
|
|
Swaps
|
|
5,225,000
|
|
Bbl
|
|
$
|
49.60
|
|
|
|
|
|
|
|
|
$
|
(9,309
|
)
|
||||||
Crude oil
|
|
2017
|
|
Two-way collar
|
|
2,200,000
|
|
Bbl
|
|
|
|
|
|
$
|
46.25
|
|
|
$
|
54.37
|
|
|
(1,707
|
)
|
|||||
Crude oil
|
|
2017
|
|
Three-way collar
|
|
1,650,000
|
|
Bbl
|
|
|
|
$
|
31.67
|
|
|
$
|
45.83
|
|
|
$
|
59.94
|
|
|
562
|
|
|||
Crude oil
|
|
2018
|
|
Swaps
|
|
2,440,000
|
|
Bbl
|
|
$
|
52.93
|
|
|
|
|
|
|
|
|
2,375
|
|
|||||||
Crude oil
|
|
2018
|
|
Two-way collar
|
|
582,000
|
|
Bbl
|
|
|
|
|
|
$
|
48.40
|
|
|
$
|
55.13
|
|
|
28
|
|
|||||
Crude oil
|
|
2018
|
|
Three-way collar
|
|
186,000
|
|
Bbl
|
|
|
|
$
|
31.67
|
|
|
$
|
45.83
|
|
|
$
|
59.94
|
|
|
58
|
|
|||
Crude oil
|
|
2019
|
|
Swaps
|
|
155,000
|
|
Bbl
|
|
$
|
53.88
|
|
|
|
|
|
|
|
|
351
|
|
|||||||
Crude oil
|
|
2019
|
|
Two-way collar
|
|
31,000
|
|
Bbl
|
|
|
|
|
|
$
|
50.00
|
|
|
$
|
55.70
|
|
|
32
|
|
|||||
Natural gas
|
|
2017
|
|
Swaps
|
|
4,675,000
|
|
MMBtu
|
|
$
|
3.30
|
|
|
|
|
|
|
|
|
(55
|
)
|
|||||||
Natural gas
|
|
2018
|
|
Swaps
|
|
3,650,000
|
|
MMBtu
|
|
$
|
3.00
|
|
|
|
|
|
|
|
|
(121
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(7,786
|
)
|
|
|
Three Months Ended March 31,
|
||||||
Statement of Operations Location
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
Net gain on derivative instruments
|
|
$
|
56,075
|
|
|
$
|
14,375
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
(In thousands)
|
||||||
Proved oil and gas properties
(1)
|
$
|
6,570,588
|
|
|
$
|
6,476,833
|
|
Less: accumulated depreciation, depletion, amortization and impairment
|
(2,009,356
|
)
|
|
(1,886,732
|
)
|
||
Proved oil and gas properties, net
|
4,561,232
|
|
|
4,590,101
|
|
||
Unproved oil and gas properties
|
819,711
|
|
|
819,735
|
|
||
Other property and equipment
|
632,318
|
|
|
618,790
|
|
||
Less: accumulated depreciation
|
(116,780
|
)
|
|
(109,059
|
)
|
||
Other property and equipment, net
|
515,538
|
|
|
509,731
|
|
||
Total property, plant and equipment, net
|
$
|
5,896,481
|
|
|
$
|
5,919,567
|
|
(1)
|
Included in the Company’s proved oil and gas properties are estimates of future asset retirement costs of
$43.0 million
and
$42.9 million
at
March 31, 2017
and
December 31, 2016
, respectively.
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
(In thousands)
|
||||||
Senior secured revolving line of credit
|
$
|
368,000
|
|
|
$
|
363,000
|
|
Senior unsecured notes
|
|
|
|
||||
7.25% senior unsecured notes due February 1, 2019
|
54,275
|
|
|
54,275
|
|
||
6.5% senior unsecured notes due November 1, 2021
|
395,501
|
|
|
395,501
|
|
||
6.875% senior unsecured notes due March 15, 2022
|
937,080
|
|
|
937,080
|
|
||
6.875% senior unsecured notes due January 15, 2023
|
366,094
|
|
|
366,094
|
|
||
2.625% senior unsecured convertible notes due September 15, 2023
|
300,000
|
|
|
300,000
|
|
||
Total principal of senior unsecured notes
|
2,052,950
|
|
|
2,052,950
|
|
||
Less: unamortized deferred financing costs on senior unsecured notes
|
(26,958
|
)
|
|
(28,268
|
)
|
||
Less: unamortized debt discount on senior unsecured convertible notes
|
(88,113
|
)
|
|
(90,468
|
)
|
||
Total long-term debt
|
$
|
2,305,879
|
|
|
$
|
2,297,214
|
|
Risk-free interest rate
|
1.18% - 1.66%
|
|
Oasis volatility
|
17.16
|
%
|
|
Three Months Ended March 31,
|
||||
|
2017
|
|
2016
|
||
|
(In thousands)
|
||||
Basic weighted average common shares outstanding
|
233,068
|
|
|
162,922
|
|
Dilution effect of stock awards at end of period
|
3,238
|
|
|
—
|
|
Dilution effect of senior convertible notes at end of period
(1)
|
1,594
|
|
|
—
|
|
Diluted weighted average common shares outstanding
|
237,900
|
|
|
162,922
|
|
(1)
|
The Company issued its Senior Convertible Notes in September 2016 (see Note 7 – Long-Term Debt).
|
|
Three Months Ended March 31,
|
||||
|
2017
|
|
2016
|
||
|
(In thousands)
|
||||
Anti-dilutive effect of stock awards excluded from diluted earnings (loss) per share due to net loss
|
—
|
|
|
4,668
|
|
Anti-dilutive effect of stock awards excluded from diluted earnings (loss) per share calculated using the treasury stock method
|
2,884
|
|
|
—
|
|
|
Exploration and
Production
|
|
Midstream Services
|
|
Well Services
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Three months ended March 31, 2017:
|
|
||||||||||||||||||
Revenues from non-affiliates
|
$
|
264,883
|
|
|
$
|
14,606
|
|
|
$
|
5,627
|
|
|
$
|
—
|
|
|
$
|
285,116
|
|
Inter-segment revenues
|
—
|
|
|
23,035
|
|
|
15,352
|
|
|
(38,387
|
)
|
|
—
|
|
|||||
Total revenues
|
264,883
|
|
|
37,641
|
|
|
20,979
|
|
|
(38,387
|
)
|
|
285,116
|
|
|||||
Operating income (loss)
|
968
|
|
|
20,763
|
|
|
(3,592
|
)
|
|
1,953
|
|
|
20,092
|
|
|||||
Other income (expense)
|
19,768
|
|
|
(2
|
)
|
|
4
|
|
|
—
|
|
|
19,770
|
|
|||||
Income (loss) before income taxes
|
$
|
20,736
|
|
|
$
|
20,761
|
|
|
$
|
(3,588
|
)
|
|
$
|
1,953
|
|
|
$
|
39,862
|
|
|
|
||||||||||||||||||
Three months ended March 31, 2016:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues from non-affiliates
|
$
|
117,315
|
|
|
$
|
6,983
|
|
|
$
|
5,985
|
|
|
$
|
—
|
|
|
$
|
130,283
|
|
Inter-segment revenues
|
—
|
|
|
22,835
|
|
|
24,903
|
|
|
(47,738
|
)
|
|
—
|
|
|||||
Total revenues
|
117,315
|
|
|
29,818
|
|
|
30,888
|
|
|
(47,738
|
)
|
|
130,283
|
|
|||||
Operating income (loss)
|
(88,877
|
)
|
|
15,144
|
|
|
4,006
|
|
|
(5,488
|
)
|
|
(75,215
|
)
|
|||||
Other income (expense)
|
(16,887
|
)
|
|
13
|
|
|
5
|
|
|
—
|
|
|
(16,869
|
)
|
|||||
Income (loss) before income taxes
|
$
|
(105,764
|
)
|
|
$
|
15,157
|
|
|
$
|
4,011
|
|
|
$
|
(5,488
|
)
|
|
$
|
(92,084
|
)
|
|
|
||||||||||||||||||
At March 31, 2017:
|
|
||||||||||||||||||
Property, plant and equipment, net
|
$
|
5,589,014
|
|
|
$
|
433,867
|
|
|
$
|
44,025
|
|
|
$
|
(170,425
|
)
|
|
$
|
5,896,481
|
|
Total assets
(1)
|
5,871,573
|
|
|
440,548
|
|
|
47,932
|
|
|
(170,425
|
)
|
|
6,189,628
|
|
|||||
At December 31, 2016:
|
|
|
|
|
|
|
|
|
|
||||||||||
Property, plant and equipment, net
|
$
|
5,620,558
|
|
|
$
|
424,197
|
|
|
$
|
47,189
|
|
|
$
|
(172,377
|
)
|
|
$
|
5,919,567
|
|
Total assets
(1)
|
5,868,747
|
|
|
431,095
|
|
|
51,167
|
|
|
(172,377
|
)
|
|
6,178,632
|
|
(1)
|
Intercompany receivables (payables) for all segments were reclassified to capital contributions from (distributions to) parent and not included in total assets.
|
|
March 31, 2017
|
||||||||||||||
|
Parent/
Issuer
|
|
Combined
Guarantor
Subsidiaries
|
|
Intercompany
Eliminations
|
|
Consolidated
|
||||||||
|
(In thousands)
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Current assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
177
|
|
|
$
|
13,608
|
|
|
$
|
—
|
|
|
$
|
13,785
|
|
Accounts receivable, net
|
—
|
|
|
226,427
|
|
|
—
|
|
|
226,427
|
|
||||
Accounts receivable – affiliates
|
200,770
|
|
|
33,093
|
|
|
(233,863
|
)
|
|
—
|
|
||||
Inventory
|
—
|
|
|
14,327
|
|
|
—
|
|
|
14,327
|
|
||||
Prepaid expenses
|
334
|
|
|
6,842
|
|
|
—
|
|
|
7,176
|
|
||||
Derivative instruments
|
—
|
|
|
3,026
|
|
|
—
|
|
|
3,026
|
|
||||
Other current assets
|
2
|
|
|
4,450
|
|
|
—
|
|
|
4,452
|
|
||||
Total current assets
|
201,283
|
|
|
301,773
|
|
|
(233,863
|
)
|
|
269,193
|
|
||||
Property, plant and equipment
|
|
|
|
|
|
|
|
||||||||
Oil and gas properties (successful efforts method)
|
—
|
|
|
7,390,299
|
|
|
—
|
|
|
7,390,299
|
|
||||
Other property and equipment
|
—
|
|
|
632,318
|
|
|
—
|
|
|
632,318
|
|
||||
Less: accumulated depreciation, depletion, amortization and impairment
|
—
|
|
|
(2,126,136
|
)
|
|
—
|
|
|
(2,126,136
|
)
|
||||
Total property, plant and equipment, net
|
—
|
|
|
5,896,481
|
|
|
—
|
|
|
5,896,481
|
|
||||
Investments in and advances to subsidiaries
|
4,503,650
|
|
|
—
|
|
|
(4,503,650
|
)
|
|
—
|
|
||||
Derivative instruments
|
—
|
|
|
3,815
|
|
|
—
|
|
|
3,815
|
|
||||
Deferred income taxes
|
239,419
|
|
|
—
|
|
|
(239,419
|
)
|
|
—
|
|
||||
Other assets
|
—
|
|
|
20,139
|
|
|
—
|
|
|
20,139
|
|
||||
Total assets
|
$
|
4,944,352
|
|
|
$
|
6,222,208
|
|
|
$
|
(4,976,932
|
)
|
|
$
|
6,189,628
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
||||||||
Current liabilities
|
|
|
|
|
|
|
|
||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
8,837
|
|
|
$
|
—
|
|
|
$
|
8,837
|
|
Accounts payable – affiliates
|
33,093
|
|
|
200,770
|
|
|
(233,863
|
)
|
|
—
|
|
||||
Revenues and production taxes payable
|
—
|
|
|
160,265
|
|
|
—
|
|
|
160,265
|
|
||||
Accrued liabilities
|
34
|
|
|
128,207
|
|
|
—
|
|
|
128,241
|
|
||||
Accrued interest payable
|
19,872
|
|
|
396
|
|
|
—
|
|
|
20,268
|
|
||||
Derivative instruments
|
—
|
|
|
14,627
|
|
|
—
|
|
|
14,627
|
|
||||
Advances from joint interest partners
|
—
|
|
|
6,838
|
|
|
—
|
|
|
6,838
|
|
||||
Other current liabilities
|
—
|
|
|
13,435
|
|
|
—
|
|
|
13,435
|
|
||||
Total current liabilities
|
52,999
|
|
|
533,375
|
|
|
(233,863
|
)
|
|
352,511
|
|
||||
Long-term debt
|
1,937,879
|
|
|
368,000
|
|
|
—
|
|
|
2,305,879
|
|
||||
Deferred income taxes
|
—
|
|
|
764,261
|
|
|
(239,419
|
)
|
|
524,842
|
|
||||
Asset retirement obligations
|
—
|
|
|
50,088
|
|
|
—
|
|
|
50,088
|
|
||||
Other liabilities
|
—
|
|
|
2,834
|
|
|
—
|
|
|
2,834
|
|
||||
Total liabilities
|
1,990,878
|
|
|
1,718,558
|
|
|
(473,282
|
)
|
|
3,236,154
|
|
||||
Stockholders’ equity
|
|
|
|
|
|
|
|
||||||||
Capital contributions from affiliates
|
—
|
|
|
3,392,248
|
|
|
(3,392,248
|
)
|
|
—
|
|
||||
Common stock, $0.01 par value: 450,000,000 shares authorized; 238,691,038 shares issued and 237,461,470 shares outstanding
|
2,344
|
|
|
—
|
|
|
—
|
|
|
2,344
|
|
||||
Treasury stock, at cost: 1,229,568 shares
|
(21,369
|
)
|
|
—
|
|
|
—
|
|
|
(21,369
|
)
|
||||
Additional paid-in-capital
|
2,354,485
|
|
|
8,743
|
|
|
(8,743
|
)
|
|
2,354,485
|
|
||||
Retained earnings
|
618,014
|
|
|
1,102,659
|
|
|
(1,102,659
|
)
|
|
618,014
|
|
||||
Total stockholders’ equity
|
2,953,474
|
|
|
4,503,650
|
|
|
(4,503,650
|
)
|
|
2,953,474
|
|
||||
Total liabilities and stockholders’ equity
|
$
|
4,944,352
|
|
|
$
|
6,222,208
|
|
|
$
|
(4,976,932
|
)
|
|
$
|
6,189,628
|
|
|
December 31, 2016
|
||||||||||||||
|
Parent/
Issuer
|
|
Combined
Guarantor
Subsidiaries
|
|
Intercompany
Eliminations
|
|
Consolidated
|
||||||||
|
(In thousands)
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Current assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
166
|
|
|
$
|
11,060
|
|
|
$
|
—
|
|
|
$
|
11,226
|
|
Accounts receivable, net
|
—
|
|
|
204,335
|
|
|
—
|
|
|
204,335
|
|
||||
Accounts receivable – affiliates
|
252,000
|
|
|
27,619
|
|
|
(279,619
|
)
|
|
—
|
|
||||
Inventory
|
—
|
|
|
10,648
|
|
|
—
|
|
|
10,648
|
|
||||
Prepaid expenses
|
275
|
|
|
7,348
|
|
|
—
|
|
|
7,623
|
|
||||
Derivative instruments
|
—
|
|
|
362
|
|
|
—
|
|
|
362
|
|
||||
Other current assets
|
—
|
|
|
4,355
|
|
|
—
|
|
|
4,355
|
|
||||
Total current assets
|
252,441
|
|
|
265,727
|
|
|
(279,619
|
)
|
|
238,549
|
|
||||
Property, plant and equipment
|
|
|
|
|
|
|
|
||||||||
Oil and gas properties (successful efforts method)
|
—
|
|
|
7,296,568
|
|
|
—
|
|
|
7,296,568
|
|
||||
Other property and equipment
|
—
|
|
|
618,790
|
|
|
—
|
|
|
618,790
|
|
||||
Less: accumulated depreciation, depletion, amortization and impairment
|
—
|
|
|
(1,995,791
|
)
|
|
—
|
|
|
(1,995,791
|
)
|
||||
Total property, plant and equipment, net
|
—
|
|
|
5,919,567
|
|
|
—
|
|
|
5,919,567
|
|
||||
Investments in and advances to subsidiaries
|
4,451,192
|
|
|
—
|
|
|
(4,451,192
|
)
|
|
—
|
|
||||
Deferred income taxes
|
220,058
|
|
|
—
|
|
|
(220,058
|
)
|
|
—
|
|
||||
Other assets
|
—
|
|
|
20,516
|
|
|
—
|
|
|
20,516
|
|
||||
Total assets
|
$
|
4,923,691
|
|
|
$
|
6,205,810
|
|
|
$
|
(4,950,869
|
)
|
|
$
|
6,178,632
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
||||||||
Current liabilities
|
|
|
|
|
|
|
|
||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
4,645
|
|
|
$
|
—
|
|
|
$
|
4,645
|
|
Accounts payable – affiliates
|
27,619
|
|
|
252,000
|
|
|
(279,619
|
)
|
|
—
|
|
||||
Revenue and production taxes payable
|
—
|
|
|
139,737
|
|
|
—
|
|
|
139,737
|
|
||||
Accrued liabilities
|
12
|
|
|
119,161
|
|
|
—
|
|
|
119,173
|
|
||||
Accrued interest payable
|
38,689
|
|
|
315
|
|
|
—
|
|
|
39,004
|
|
||||
Derivative instruments
|
—
|
|
|
60,469
|
|
|
—
|
|
|
60,469
|
|
||||
Advances from joint interest partners
|
—
|
|
|
7,597
|
|
|
—
|
|
|
7,597
|
|
||||
Other current liabilities
|
—
|
|
|
10,490
|
|
|
—
|
|
|
10,490
|
|
||||
Total current liabilities
|
66,320
|
|
|
594,414
|
|
|
(279,619
|
)
|
|
381,115
|
|
||||
Long-term debt
|
1,934,214
|
|
|
363,000
|
|
|
—
|
|
|
2,297,214
|
|
||||
Deferred income taxes
|
—
|
|
|
733,587
|
|
|
(220,058
|
)
|
|
513,529
|
|
||||
Asset retirement obligations
|
—
|
|
|
48,985
|
|
|
—
|
|
|
48,985
|
|
||||
Derivative instruments
|
—
|
|
|
11,714
|
|
|
—
|
|
|
11,714
|
|
||||
Other liabilities
|
—
|
|
|
2,918
|
|
|
—
|
|
|
2,918
|
|
||||
Total liabilities
|
2,000,534
|
|
|
1,754,618
|
|
|
(499,677
|
)
|
|
3,255,475
|
|
||||
Stockholders’ equity
|
|
|
|
|
|
|
|
||||||||
Capital contributions from affiliates
|
—
|
|
|
3,388,893
|
|
|
(3,388,893
|
)
|
|
—
|
|
||||
Common stock, $0.01 par value: 450,000,000 shares authorized; 237,201,064 shares issued and 236,344,172 shares outstanding
|
2,331
|
|
|
—
|
|
|
—
|
|
|
2,331
|
|
||||
Treasury stock, at cost: 856,892 shares
|
(15,950
|
)
|
|
—
|
|
|
—
|
|
|
(15,950
|
)
|
||||
Additional paid-in-capital
|
2,345,271
|
|
|
8,743
|
|
|
(8,743
|
)
|
|
2,345,271
|
|
||||
Retained earnings
|
591,505
|
|
|
1,053,556
|
|
|
(1,053,556
|
)
|
|
591,505
|
|
||||
Total stockholders’ equity
|
2,923,157
|
|
|
4,451,192
|
|
|
(4,451,192
|
)
|
|
2,923,157
|
|
||||
Total liabilities and stockholders’ equity
|
$
|
4,923,691
|
|
|
$
|
6,205,810
|
|
|
$
|
(4,950,869
|
)
|
|
$
|
6,178,632
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||
|
Parent/
Issuer
|
|
Combined
Guarantor
Subsidiaries
|
|
Intercompany
Eliminations
|
|
Consolidated
|
||||||||
|
(In thousands)
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Oil and gas revenues
|
$
|
—
|
|
|
$
|
237,252
|
|
|
$
|
—
|
|
|
$
|
237,252
|
|
Bulk oil sales
|
—
|
|
|
27,631
|
|
|
—
|
|
|
27,631
|
|
||||
Midstream revenues
|
—
|
|
|
14,606
|
|
|
—
|
|
|
14,606
|
|
||||
Well services revenues
|
—
|
|
|
5,627
|
|
|
—
|
|
|
5,627
|
|
||||
Total revenues
|
—
|
|
|
285,116
|
|
|
—
|
|
|
285,116
|
|
||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Lease operating expenses
|
—
|
|
|
43,872
|
|
|
—
|
|
|
43,872
|
|
||||
Midstream operating expenses
|
—
|
|
|
3,327
|
|
|
—
|
|
|
3,327
|
|
||||
Well services operating expenses
|
—
|
|
|
3,902
|
|
|
—
|
|
|
3,902
|
|
||||
Marketing, transportation and gathering expenses
|
—
|
|
|
10,951
|
|
|
—
|
|
|
10,951
|
|
||||
Bulk oil purchases
|
—
|
|
|
28,002
|
|
|
—
|
|
|
28,002
|
|
||||
Production taxes
|
—
|
|
|
20,299
|
|
|
—
|
|
|
20,299
|
|
||||
Depreciation, depletion and amortization
|
—
|
|
|
126,666
|
|
|
—
|
|
|
126,666
|
|
||||
Exploration expenses
|
—
|
|
|
1,489
|
|
|
—
|
|
|
1,489
|
|
||||
Impairment
|
—
|
|
|
2,682
|
|
|
—
|
|
|
2,682
|
|
||||
General and administrative expenses
|
7,065
|
|
|
16,769
|
|
|
—
|
|
|
23,834
|
|
||||
Total operating expenses
|
7,065
|
|
|
257,959
|
|
|
—
|
|
|
265,024
|
|
||||
Operating income (loss)
|
(7,065
|
)
|
|
27,157
|
|
|
—
|
|
|
20,092
|
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
Equity in earnings of subsidiaries
|
49,103
|
|
|
—
|
|
|
(49,103
|
)
|
|
—
|
|
||||
Net gain on derivative instruments
|
—
|
|
|
56,075
|
|
|
—
|
|
|
56,075
|
|
||||
Interest expense, net of capitalized interest
|
(32,851
|
)
|
|
(3,470
|
)
|
|
—
|
|
|
(36,321
|
)
|
||||
Other income
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
||||
Total other income (expense)
|
16,252
|
|
|
52,621
|
|
|
(49,103
|
)
|
|
19,770
|
|
||||
Income before income taxes
|
9,187
|
|
|
79,778
|
|
|
(49,103
|
)
|
|
39,862
|
|
||||
Income tax benefit (expense)
|
14,638
|
|
|
(30,675
|
)
|
|
—
|
|
|
(16,037
|
)
|
||||
Net income
|
$
|
23,825
|
|
|
$
|
49,103
|
|
|
$
|
(49,103
|
)
|
|
$
|
23,825
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
|
Parent/
Issuer
|
|
Combined
Guarantor
Subsidiaries
|
|
Intercompany
Eliminations
|
|
Consolidated
|
||||||||
|
(In thousands)
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Oil and gas revenues
|
$
|
—
|
|
|
$
|
117,315
|
|
|
$
|
—
|
|
|
$
|
117,315
|
|
Midstream revenues
|
—
|
|
|
6,983
|
|
|
—
|
|
|
6,983
|
|
||||
Well services revenues
|
—
|
|
|
5,985
|
|
|
—
|
|
|
5,985
|
|
||||
Total revenues
|
—
|
|
|
130,283
|
|
|
—
|
|
|
130,283
|
|
||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Lease operating expenses
|
—
|
|
|
31,064
|
|
|
—
|
|
|
31,064
|
|
||||
Midstream operating expenses
|
—
|
|
|
1,738
|
|
|
—
|
|
|
1,738
|
|
||||
Well services operating expenses
|
—
|
|
|
2,651
|
|
|
—
|
|
|
2,651
|
|
||||
Marketing, transportation and gathering expenses
|
—
|
|
|
8,552
|
|
|
—
|
|
|
8,552
|
|
||||
Production taxes
|
—
|
|
|
10,753
|
|
|
—
|
|
|
10,753
|
|
||||
Depreciation, depletion and amortization
|
—
|
|
|
122,449
|
|
|
—
|
|
|
122,449
|
|
||||
Exploration expenses
|
—
|
|
|
363
|
|
|
—
|
|
|
363
|
|
||||
Impairment
|
—
|
|
|
3,562
|
|
|
—
|
|
|
3,562
|
|
||||
General and administrative expenses
|
7,451
|
|
|
16,915
|
|
|
—
|
|
|
24,366
|
|
||||
Total operating expenses
|
7,451
|
|
|
198,047
|
|
|
—
|
|
|
205,498
|
|
||||
Operating loss
|
(7,451
|
)
|
|
(67,764
|
)
|
|
—
|
|
|
(75,215
|
)
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
Equity in loss of subsidiaries
|
(37,327
|
)
|
|
—
|
|
|
37,327
|
|
|
—
|
|
||||
Net gain on derivative instruments
|
—
|
|
|
14,375
|
|
|
—
|
|
|
14,375
|
|
||||
Interest expense, net of capitalized interest
|
(34,832
|
)
|
|
(3,907
|
)
|
|
—
|
|
|
(38,739
|
)
|
||||
Gain on extinguishment of debt
|
7,016
|
|
|
—
|
|
|
—
|
|
|
7,016
|
|
||||
Other income
|
43
|
|
|
436
|
|
|
—
|
|
|
479
|
|
||||
Total other income (expense)
|
(65,100
|
)
|
|
10,904
|
|
|
37,327
|
|
|
(16,869
|
)
|
||||
Loss before income taxes
|
(72,551
|
)
|
|
(56,860
|
)
|
|
37,327
|
|
|
(92,084
|
)
|
||||
Income tax benefit
|
8,096
|
|
|
19,533
|
|
|
—
|
|
|
27,629
|
|
||||
Net loss
|
$
|
(64,455
|
)
|
|
$
|
(37,327
|
)
|
|
$
|
37,327
|
|
|
$
|
(64,455
|
)
|
|
Three Months Ended March 31, 2017
|
||||||||||||||
|
Parent/
Issuer
|
|
Combined
Guarantor
Subsidiaries
|
|
Intercompany
Eliminations
|
|
Consolidated
|
||||||||
|
(In thousands)
|
||||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
23,825
|
|
|
$
|
49,103
|
|
|
$
|
(49,103
|
)
|
|
$
|
23,825
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
|
|
|
||||||||
Equity in loss of subsidiaries
|
(49,103
|
)
|
|
—
|
|
|
49,103
|
|
|
—
|
|
||||
Depreciation, depletion and amortization
|
—
|
|
|
126,666
|
|
|
—
|
|
|
126,666
|
|
||||
Impairment
|
—
|
|
|
2,682
|
|
|
—
|
|
|
2,682
|
|
||||
Deferred income taxes
|
(14,638
|
)
|
|
30,675
|
|
|
—
|
|
|
16,037
|
|
||||
Derivative instruments
|
—
|
|
|
(56,075
|
)
|
|
—
|
|
|
(56,075
|
)
|
||||
Stock-based compensation expenses
|
6,498
|
|
|
210
|
|
|
—
|
|
|
6,708
|
|
||||
Deferred financing costs amortization and other
|
3,665
|
|
|
1,275
|
|
|
—
|
|
|
4,940
|
|
||||
Working capital and other changes:
|
|
|
|
|
|
|
|
||||||||
Change in accounts receivable
|
51,230
|
|
|
(27,952
|
)
|
|
(45,756
|
)
|
|
(22,478
|
)
|
||||
Change in inventory
|
—
|
|
|
(3,679
|
)
|
|
—
|
|
|
(3,679
|
)
|
||||
Change in prepaid expenses
|
(59
|
)
|
|
341
|
|
|
—
|
|
|
282
|
|
||||
Change in other current assets
|
(2
|
)
|
|
(108
|
)
|
|
—
|
|
|
(110
|
)
|
||||
Change in other assets
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Change in accounts payable, interest payable and accrued liabilities
|
(13,321
|
)
|
|
(26,375
|
)
|
|
45,756
|
|
|
6,060
|
|
||||
Change in other current liabilities
|
—
|
|
|
2,945
|
|
|
—
|
|
|
2,945
|
|
||||
Net cash provided by operating activities
|
8,095
|
|
|
99,704
|
|
|
—
|
|
|
107,799
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
—
|
|
|
(96,047
|
)
|
|
—
|
|
|
(96,047
|
)
|
||||
Derivative settlements
|
—
|
|
|
(7,960
|
)
|
|
—
|
|
|
(7,960
|
)
|
||||
Advances from joint interest partners
|
—
|
|
|
(759
|
)
|
|
—
|
|
|
(759
|
)
|
||||
Net cash used in investing activities
|
—
|
|
|
(104,766
|
)
|
|
—
|
|
|
(104,766
|
)
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Proceeds from revolving credit facility
|
—
|
|
|
246,000
|
|
|
—
|
|
|
246,000
|
|
||||
Principal payments on revolving credit facility
|
—
|
|
|
(241,000
|
)
|
|
—
|
|
|
(241,000
|
)
|
||||
Purchases of treasury stock
|
(5,419
|
)
|
|
—
|
|
|
—
|
|
|
(5,419
|
)
|
||||
Investment in / capital contributions from subsidiaries
|
(2,610
|
)
|
|
2,610
|
|
|
—
|
|
|
—
|
|
||||
Other
|
(55
|
)
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
||||
Net cash provided by (used in) financing activities
|
(8,084
|
)
|
|
7,610
|
|
|
—
|
|
|
(474
|
)
|
||||
Increase in cash and cash equivalents
|
11
|
|
|
2,548
|
|
|
—
|
|
|
2,559
|
|
||||
Cash and cash equivalents at beginning of period
|
166
|
|
|
11,060
|
|
|
—
|
|
|
11,226
|
|
||||
Cash and cash equivalents at end of period
|
$
|
177
|
|
|
$
|
13,608
|
|
|
$
|
—
|
|
|
$
|
13,785
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
|
Parent/
Issuer
|
|
Combined
Guarantor
Subsidiaries
|
|
Intercompany
Eliminations
|
|
Consolidated
|
||||||||
|
(In thousands)
|
||||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(64,455
|
)
|
|
$
|
(37,327
|
)
|
|
$
|
37,327
|
|
|
$
|
(64,455
|
)
|
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
||||||||
Equity in earnings of subsidiaries
|
37,327
|
|
|
—
|
|
|
(37,327
|
)
|
|
—
|
|
||||
Depreciation, depletion and amortization
|
—
|
|
|
122,449
|
|
|
—
|
|
|
122,449
|
|
||||
Gain on extinguishment of debt
|
(7,016
|
)
|
|
—
|
|
|
—
|
|
|
(7,016
|
)
|
||||
Impairment
|
—
|
|
|
3,562
|
|
|
—
|
|
|
3,562
|
|
||||
Deferred income taxes
|
(8,096
|
)
|
|
(19,533
|
)
|
|
—
|
|
|
(27,629
|
)
|
||||
Derivative instruments
|
—
|
|
|
(14,375
|
)
|
|
—
|
|
|
(14,375
|
)
|
||||
Stock-based compensation expenses
|
6,547
|
|
|
183
|
|
|
—
|
|
|
6,730
|
|
||||
Deferred financing costs amortization and other
|
1,701
|
|
|
3,365
|
|
|
—
|
|
|
5,066
|
|
||||
Working capital and other changes:
|
|
|
|
|
|
|
|
||||||||
Change in accounts receivable
|
(85
|
)
|
|
96,353
|
|
|
(97,263
|
)
|
|
(995
|
)
|
||||
Change in inventory
|
—
|
|
|
349
|
|
|
—
|
|
|
349
|
|
||||
Change in prepaid expenses
|
139
|
|
|
102
|
|
|
—
|
|
|
241
|
|
||||
Change in other current assets
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||
Change in other assets
|
77
|
|
|
—
|
|
|
—
|
|
|
77
|
|
||||
Change in accounts payable, interest payable and accrued liabilities
|
(122,242
|
)
|
|
(39,077
|
)
|
|
97,263
|
|
|
(64,056
|
)
|
||||
Change in other current liabilities
|
—
|
|
|
(6,000
|
)
|
|
—
|
|
|
(6,000
|
)
|
||||
Change in other liabilities
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
||||
Net cash provided by (used in) operating activities
|
(156,103
|
)
|
|
110,052
|
|
|
—
|
|
|
(46,051
|
)
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
—
|
|
|
(103,411
|
)
|
|
—
|
|
|
(103,411
|
)
|
||||
Derivative settlements
|
—
|
|
|
73,313
|
|
|
—
|
|
|
73,313
|
|
||||
Advances from joint interest partners
|
—
|
|
|
(257
|
)
|
|
—
|
|
|
(257
|
)
|
||||
Net cash used in investing activities
|
—
|
|
|
(30,355
|
)
|
|
—
|
|
|
(30,355
|
)
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Proceeds from revolving credit facility
|
—
|
|
|
214,000
|
|
|
—
|
|
|
214,000
|
|
||||
Principal payments on revolving credit facility
|
—
|
|
|
(287,000
|
)
|
|
—
|
|
|
(287,000
|
)
|
||||
Repurchase of senior unsecured notes
|
(22,308
|
)
|
|
—
|
|
|
—
|
|
|
(22,308
|
)
|
||||
Deferred financing costs
|
—
|
|
|
(751
|
)
|
|
—
|
|
|
(751
|
)
|
||||
Proceeds from sale of common stock
|
183,164
|
|
|
—
|
|
|
—
|
|
|
183,164
|
|
||||
Purchases of treasury stock
|
(1,032
|
)
|
|
—
|
|
|
—
|
|
|
(1,032
|
)
|
||||
Investment in / capital contributions from subsidiaries
|
(4,408
|
)
|
|
4,408
|
|
|
—
|
|
|
—
|
|
||||
Net cash provided by (used in) financing activities
|
155,416
|
|
|
(69,343
|
)
|
|
—
|
|
|
86,073
|
|
||||
Increase (decrease) in cash and cash equivalents
|
(687
|
)
|
|
10,354
|
|
|
—
|
|
|
9,667
|
|
||||
Cash and cash equivalents at beginning of period
|
777
|
|
|
8,953
|
|
|
—
|
|
|
9,730
|
|
||||
Cash and cash equivalents at end of period
|
$
|
90
|
|
|
$
|
19,307
|
|
|
$
|
—
|
|
|
$
|
19,397
|
|
•
|
our business strategy;
|
•
|
estimated future net reserves and present value thereof;
|
•
|
timing and amount of future production of oil and natural gas;
|
•
|
drilling and completion of wells;
|
•
|
estimated inventory of wells remaining to be drilled and completed;
|
•
|
costs of exploiting and developing our properties and conducting other operations;
|
•
|
availability of drilling, completion and production equipment and materials;
|
•
|
availability of qualified personnel;
|
•
|
owning and operating a midstream company;
|
•
|
owning and operating a well services company;
|
•
|
infrastructure for salt water gathering and disposal;
|
•
|
gathering, transportation and marketing of oil and natural gas, both in the Williston Basin and other regions in the United States;
|
•
|
property acquisitions, including our recent acquisition of oil and gas properties in the Williston Basin;
|
•
|
integration and benefits of property acquisitions or the effects of such acquisitions on our cash position and levels of indebtedness;
|
•
|
the amount, nature and timing of capital expenditures;
|
•
|
availability and terms of capital;
|
•
|
our financial strategy, budget, projections, execution of business plan and operating results;
|
•
|
cash flows and liquidity;
|
•
|
oil and natural gas realized prices;
|
•
|
general economic conditions;
|
•
|
operating environment, including inclement weather conditions;
|
•
|
effectiveness of risk management activities;
|
•
|
competition in the oil and natural gas industry;
|
•
|
counterparty credit risk;
|
•
|
environmental liabilities;
|
•
|
governmental regulation and the taxation of the oil and natural gas industry;
|
•
|
developments in oil-producing and natural gas-producing countries;
|
•
|
technology;
|
•
|
uncertainty regarding future operating results; and
|
•
|
plans, objectives, expectations and intentions contained in this report that are not historical.
|
•
|
commodity prices for oil and natural gas;
|
•
|
transportation capacity;
|
•
|
availability and cost of services; and
|
•
|
availability of qualified personnel.
|
•
|
We increased production to
63,192
Boe per day during the three months ended
March 31, 2017
from 50,315 Boe per day during the three months ended
March 31, 2016
;
|
•
|
We completed and placed on production
13 gross (9.7 net)
operated wells in the Williston Basin in the
first
quarter of
2017
and ended the quarter with
82
gross operated wells waiting on completion;
|
•
|
Total capital expenditures were
$109.8 million
for the three months ended
March 31, 2017
;
|
•
|
We increased our borrowing base from
$1,150.0 million
to
$1,600.0 million
on
April 10, 2017
while leaving elected commitments at
$1,150.0 million
.
|
•
|
At
March 31, 2017
, we had
$13.8 million
of cash and cash equivalents and had total liquidity of
$785.8 million
, including the availability under our revolving credit facility;
|
•
|
Net cash provided by operating activities was
$107.8 million
for the three months ended
March 31, 2017
. Adjusted EBITDA, a non-GAAP financial measure, was
$150.6 million
for the three months ended
March 31, 2017
. For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income and net cash provided by operating activities, see “Non-GAAP Financial Measures” below.
|
|
Three Months Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
Operating results (in thousands):
|
|
|
|
|
|
||||||
Revenues
|
|
|
|
|
|
||||||
Oil
|
$
|
208,594
|
|
|
$
|
111,206
|
|
|
$
|
97,388
|
|
Natural gas
|
28,658
|
|
|
6,109
|
|
|
22,549
|
|
|||
Bulk oil sales
|
27,631
|
|
|
—
|
|
|
27,631
|
|
|||
Midstream
|
14,606
|
|
|
6,983
|
|
|
7,623
|
|
|||
Well services
|
5,627
|
|
|
5,985
|
|
|
(358
|
)
|
|||
Total revenues
|
$
|
285,116
|
|
|
$
|
130,283
|
|
|
$
|
154,833
|
|
Production data:
|
|
|
|
|
|
||||||
Oil (MBbls)
|
4,435
|
|
|
3,870
|
|
|
565
|
|
|||
Natural gas (MMcf)
|
7,512
|
|
|
4,253
|
|
|
3,259
|
|
|||
Oil equivalents (MBoe)
|
5,687
|
|
|
4,579
|
|
|
1,108
|
|
|||
Average daily production (Boe per day)
|
63,192
|
|
|
50,315
|
|
|
12,877
|
|
|||
Average sales prices:
|
|
|
|
|
|
||||||
Oil, without derivative settlements (per Bbl)
|
$
|
47.03
|
|
|
$
|
28.74
|
|
|
$
|
18.29
|
|
Oil, with derivative settlements (per Bbl)
(1)
|
45.15
|
|
|
47.68
|
|
|
(2.53
|
)
|
|||
Natural gas (per Mcf)
(2)
|
3.81
|
|
|
1.44
|
|
|
2.37
|
|
(1)
|
Realized prices include gains or losses on cash settlements for commodity derivatives, which do not qualify for and were not designated as hedging instruments for accounting purposes. Cash settlements represent the cumulative gains and losses on our derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled.
|
(2)
|
Natural gas prices include the value for natural gas and natural gas liquids.
|
|
Three Months Ended March 31,
|
||||||||||
|
2017
|
|
2016
|
|
Change
|
||||||
|
(In thousands, except per Boe of production)
|
||||||||||
Operating expenses:
|
|
|
|
|
|
||||||
Lease operating expenses
|
$
|
43,872
|
|
|
$
|
31,064
|
|
|
$
|
12,808
|
|
Midstream operating expenses
|
3,327
|
|
|
1,738
|
|
|
1,589
|
|
|||
Well services operating expenses
|
3,902
|
|
|
2,651
|
|
|
1,251
|
|
|||
Marketing, transportation and gathering expenses
|
10,951
|
|
|
8,552
|
|
|
2,399
|
|
|||
Bulk oil purchases
|
28,002
|
|
|
—
|
|
|
28,002
|
|
|||
Production taxes
|
20,299
|
|
|
10,753
|
|
|
9,546
|
|
|||
Depreciation, depletion and amortization
|
126,666
|
|
|
122,449
|
|
|
4,217
|
|
|||
Exploration expenses
|
1,489
|
|
|
363
|
|
|
1,126
|
|
|||
Impairment
|
2,682
|
|
|
3,562
|
|
|
(880
|
)
|
|||
General and administrative expenses
|
23,834
|
|
|
24,366
|
|
|
(532
|
)
|
|||
Total operating expenses
|
265,024
|
|
|
205,498
|
|
|
59,526
|
|
|||
Operating income (loss)
|
20,092
|
|
|
(75,215
|
)
|
|
95,307
|
|
|||
Other income (expense):
|
|
|
|
|
|
||||||
Net gain on derivative instruments
|
56,075
|
|
|
14,375
|
|
|
41,700
|
|
|||
Interest expense, net of capitalized interest
|
(36,321
|
)
|
|
(38,739
|
)
|
|
2,418
|
|
|||
Gain on extinguishment of debt
|
—
|
|
|
7,016
|
|
|
(7,016
|
)
|
|||
Other income
|
16
|
|
|
479
|
|
|
(463
|
)
|
|||
Total other income (expense)
|
19,770
|
|
|
(16,869
|
)
|
|
36,639
|
|
|||
Income (loss) before income taxes
|
39,862
|
|
|
(92,084
|
)
|
|
131,946
|
|
|||
Income tax benefit (expense)
|
(16,037
|
)
|
|
27,629
|
|
|
(43,666
|
)
|
|||
Net income (loss)
|
$
|
23,825
|
|
|
$
|
(64,455
|
)
|
|
$
|
88,280
|
|
Costs and expenses (per Boe of production):
|
|
|
|
|
|
||||||
Lease operating expenses
|
$
|
7.71
|
|
|
$
|
6.78
|
|
|
$
|
0.93
|
|
Marketing, transportation and gathering expenses
|
1.93
|
|
|
1.87
|
|
|
0.06
|
|
|||
Production taxes
|
3.57
|
|
|
2.35
|
|
|
1.22
|
|
|||
Depreciation, depletion and amortization
|
22.27
|
|
|
26.74
|
|
|
(4.47
|
)
|
|||
General and administrative expenses
|
4.19
|
|
|
5.32
|
|
|
(1.13
|
)
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Net cash provided by (used in) operating activities
|
$
|
107,799
|
|
|
$
|
(46,051
|
)
|
Net cash used in investing activities
|
(104,766
|
)
|
|
(30,355
|
)
|
||
Net cash provided by (used in) financing activities
|
(474
|
)
|
|
86,073
|
|
||
Increase in cash and cash equivalents
|
$
|
2,559
|
|
|
$
|
9,667
|
|
|
Three Months Ended March 31, 2017
|
||
|
(In thousands)
|
||
Capital expenditures:
|
|
||
E&P
|
$
|
90,780
|
|
OMS
|
13,144
|
|
|
OWS
|
—
|
|
|
Other capital expenditures
(1)
|
5,871
|
|
|
Total capital expenditures
(2)
|
$
|
109,795
|
|
(1)
|
Other capital expenditures include such items as administrative capital and capitalized interest.
|
(2)
|
Capital expenditures reflected in the table above differ from the amounts shown in the statement of cash flows in our condensed consolidated financial statements because amounts reflected in the table above include changes in accrued liabilities from the previous reporting period for capital expenditures, while the amounts presented in the statement of cash flows are presented on a cash basis.
|
•
|
a prohibition against incurring debt, subject to permitted exceptions;
|
•
|
a prohibition against making dividends, distributions and redemptions, subject to permitted exceptions;
|
•
|
a prohibition against making investments, loans and advances, subject to permitted exceptions;
|
•
|
restrictions on creating liens and leases on our assets and our subsidiaries, subject to permitted exceptions;
|
•
|
restrictions on merging and selling assets outside the ordinary course of business;
|
•
|
restrictions on use of proceeds, investments, transactions with affiliates or change of principal business;
|
•
|
a provision limiting oil and natural gas derivative financial instruments;
|
•
|
a requirement that we maintain a ratio of consolidated EBITDAX (as defined in the Credit Facility) to consolidated Interest Expense (as defined in the Credit Facility) of no less than 2.5 to 1.0 for the four quarters ended on the last day of each quarter; and
|
•
|
a requirement that we maintain a Current Ratio (as defined in the Credit Facility) of consolidated current assets (including unused borrowing base committed capacity and with exclusions as described in the Credit Facility) to consolidated current liabilities (with exclusions as described in the Credit Facility) of no less than 1.0 to 1.0 as of the last day of any fiscal quarter.
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Interest expense
|
$
|
36,321
|
|
|
$
|
38,739
|
|
Capitalized interest
|
2,820
|
|
|
4,468
|
|
||
Amortization of deferred financing costs
|
(1,690
|
)
|
|
(3,917
|
)
|
||
Amortization of debt discount
|
(2,355
|
)
|
|
—
|
|
||
Cash Interest
|
$
|
35,096
|
|
|
$
|
39,290
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Net income (loss)
|
$
|
23,825
|
|
|
$
|
(64,455
|
)
|
Gain on extinguishment of debt
|
—
|
|
|
(7,016
|
)
|
||
Net gain on derivative instruments
|
(56,075
|
)
|
|
(14,375
|
)
|
||
Derivative settlements
(1)
|
(7,960
|
)
|
|
73,313
|
|
||
Interest expense, net of capitalized interest
|
36,321
|
|
|
38,739
|
|
||
Depreciation, depletion and amortization
|
126,666
|
|
|
122,449
|
|
||
Impairment
|
2,682
|
|
|
3,562
|
|
||
Exploration expenses
|
1,489
|
|
|
363
|
|
||
Stock-based compensation expenses
|
6,708
|
|
|
6,730
|
|
||
Income tax (benefit) expense
|
16,037
|
|
|
(27,629
|
)
|
||
Other non-cash adjustments
|
912
|
|
|
1,207
|
|
||
Adjusted EBITDA
|
150,605
|
|
|
132,888
|
|
||
Cash Interest
|
(35,096
|
)
|
|
(39,290
|
)
|
||
Capital expenditures
(2)
|
(109,795
|
)
|
|
(87,955
|
)
|
||
Capitalized interest
|
2,820
|
|
|
4,468
|
|
||
Free Cash Flow
|
$
|
8,534
|
|
|
$
|
10,111
|
|
|
|
|
|
||||
Net cash provided by (used in) operating activities
|
$
|
107,799
|
|
|
$
|
(46,051
|
)
|
Derivative settlements
(1)
|
(7,960
|
)
|
|
73,313
|
|
||
Interest expense, net of capitalized interest
|
36,321
|
|
|
38,739
|
|
||
Exploration expenses
|
1,489
|
|
|
363
|
|
||
Deferred financing costs amortization and other
|
(4,940
|
)
|
|
(5,066
|
)
|
||
Changes in working capital
|
16,984
|
|
|
70,383
|
|
||
Other non-cash adjustments
|
912
|
|
|
1,207
|
|
||
Adjusted EBITDA
|
150,605
|
|
|
132,888
|
|
||
Cash Interest
|
(35,096
|
)
|
|
(39,290
|
)
|
||
Capital expenditures
(2)
|
(109,795
|
)
|
|
(87,955
|
)
|
||
Capitalized interest
|
2,820
|
|
|
4,468
|
|
||
Free Cash Flow
|
$
|
8,534
|
|
|
$
|
10,111
|
|
(1)
|
Cash settlements represent the cumulative gains and losses on our derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled.
|
(2)
|
Capital expenditures reflected in the table above differ from the amounts shown in the statement of cash flows in our condensed consolidated financial statements because amounts reflected in the table above include changes in accrued liabilities from the previous reporting period for capital expenditures, while the amounts presented in the statement of cash flows are presented on a cash basis.
|
Exploration and Production
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Income (loss) before income taxes
|
$
|
20,736
|
|
|
$
|
(105,764
|
)
|
Gain on extinguishment of debt
|
—
|
|
|
(7,016
|
)
|
||
Net gain on derivative instruments
|
(56,075
|
)
|
|
(14,375
|
)
|
||
Derivative settlements
(1)
|
(7,960
|
)
|
|
73,313
|
|
||
Interest expense, net of capitalized interest
|
36,321
|
|
|
38,739
|
|
||
Depreciation, depletion and amortization
|
124,409
|
|
|
120,842
|
|
||
Impairment
|
2,682
|
|
|
1,131
|
|
||
Exploration expenses
|
1,489
|
|
|
363
|
|
||
Stock-based compensation expenses
|
6,499
|
|
|
6,547
|
|
||
Other non-cash adjustments
|
912
|
|
|
1,207
|
|
||
Adjusted EBITDA
|
$
|
129,013
|
|
|
$
|
114,987
|
|
(1)
|
Cash settlements represent the cumulative gains and losses on our derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled.
|
Midstream Services
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Income before income taxes
|
$
|
20,761
|
|
|
$
|
15,157
|
|
Depreciation, depletion and amortization
|
3,458
|
|
|
1,684
|
|
||
Impairment
|
—
|
|
|
2,431
|
|
||
Stock-based compensation expenses
|
348
|
|
|
219
|
|
||
Adjusted EBITDA
|
$
|
24,567
|
|
|
$
|
19,491
|
|
Well Services
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Income (loss) before income taxes
|
$
|
(3,588
|
)
|
|
$
|
4,011
|
|
Depreciation, depletion and amortization
|
3,164
|
|
|
4,248
|
|
||
Stock-based compensation expenses
|
396
|
|
|
664
|
|
||
Adjusted EBITDA
|
$
|
(28
|
)
|
|
$
|
8,923
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands, except per share data)
|
||||||
Net income (loss)
|
$
|
23,825
|
|
|
$
|
(64,455
|
)
|
Gain on extinguishment of debt
|
—
|
|
|
(7,016
|
)
|
||
Net gain on derivative instruments
|
(56,075
|
)
|
|
(14,375
|
)
|
||
Derivative settlements
(1)
|
(7,960
|
)
|
|
73,313
|
|
||
Impairment
|
2,682
|
|
|
3,562
|
|
||
Amortization of deferred financing costs
(2)
|
1,690
|
|
|
3,917
|
|
||
Amortization of debt discount
|
2,355
|
|
|
—
|
|
||
Other non-cash adjustments
|
912
|
|
|
1,207
|
|
||
Tax impact
(3)
|
21,103
|
|
|
(22,655
|
)
|
||
Adjusted Net Loss
|
$
|
(11,468
|
)
|
|
$
|
(26,502
|
)
|
|
|
|
|
|
|
||
Diluted earnings (loss) per share
|
$
|
0.10
|
|
|
$
|
(0.40
|
)
|
Gain on extinguishment of debt
|
—
|
|
|
(0.04
|
)
|
||
Net gain on derivative instruments
|
(0.24
|
)
|
|
(0.09
|
)
|
||
Derivative settlements
(1)
|
(0.03
|
)
|
|
0.45
|
|
||
Impairment
|
0.01
|
|
|
0.02
|
|
||
Amortization of deferred financing costs
(2)
|
0.01
|
|
|
0.02
|
|
||
Amortization of debt discount
|
0.01
|
|
|
—
|
|
||
Other non-cash adjustments
|
—
|
|
|
0.01
|
|
||
Tax impact
(3)
|
0.09
|
|
|
(0.13
|
)
|
||
Adjusted Diluted Loss Per Share
|
$
|
(0.05
|
)
|
|
$
|
(0.16
|
)
|
|
|
|
|
||||
Diluted weighted average shares outstanding
|
237,900
|
|
|
162,922
|
|
||
|
|
|
|
|
|
||
Effective tax rate applicable to adjustment items
|
37.4
|
%
|
|
37.4
|
%
|
(1)
|
Cash settlements represent the cumulative gains and losses on our derivative instruments for the periods presented and do not include a recovery of costs that were paid to acquire or modify the derivative instruments that were settled.
|
(2)
|
As of March 31, 2017
, Adjusted Net Income (Loss) includes the non-cash adjustment for amortization of deferred financing costs. Comparative periods have been conformed. The amortization of deferred financing costs is included in interest expense on our Condensed Consolidated Statement of Operations.
|
(3)
|
The tax impact is computed utilizing our effective tax rate applicable to the adjustments for certain non-cash and non-recurring items.
|
Commodity
|
|
Settlement
Period |
|
Derivative
Instrument |
|
Volumes
|
|
Weighted Average Prices
|
|
Fair Value
Asset (Liability) |
||||||||||||||||||
|
|
|
|
Swap
|
|
Sub-Floor
|
|
Floor
|
|
Ceiling
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|||||||||||||||||
Crude oil
|
|
2017
|
|
Swaps
|
|
5,225,000
|
|
Bbl
|
|
$
|
49.60
|
|
|
|
|
|
|
|
|
$
|
(9,309
|
)
|
||||||
Crude oil
|
|
2017
|
|
Two-way collar
|
|
2,200,000
|
|
Bbl
|
|
|
|
|
|
$
|
46.25
|
|
|
$
|
54.37
|
|
|
(1,707
|
)
|
|||||
Crude oil
|
|
2017
|
|
Three-way collar
|
|
1,650,000
|
|
Bbl
|
|
|
|
$
|
31.67
|
|
|
$
|
45.83
|
|
|
$
|
59.94
|
|
|
562
|
|
|||
Crude oil
|
|
2018
|
|
Swaps
|
|
2,440,000
|
|
Bbl
|
|
$
|
52.93
|
|
|
|
|
|
|
|
|
2,375
|
|
|||||||
Crude oil
|
|
2018
|
|
Two-way collar
|
|
582,000
|
|
Bbl
|
|
|
|
|
|
$
|
48.40
|
|
|
$
|
55.13
|
|
|
28
|
|
|||||
Crude oil
|
|
2018
|
|
Three-way collar
|
|
186,000
|
|
Bbl
|
|
|
|
$
|
31.67
|
|
|
$
|
45.83
|
|
|
$
|
59.94
|
|
|
58
|
|
|||
Crude oil
|
|
2019
|
|
Swaps
|
|
155,000
|
|
Bbl
|
|
$
|
53.88
|
|
|
|
|
|
|
|
|
351
|
|
|||||||
Crude oil
|
|
2019
|
|
Two-way collar
|
|
31,000
|
|
Bbl
|
|
|
|
|
|
$
|
50.00
|
|
|
$
|
55.70
|
|
|
32
|
|
|||||
Natural gas
|
|
2017
|
|
Swaps
|
|
4,675,000
|
|
MMBtu
|
|
$
|
3.30
|
|
|
|
|
|
|
|
|
(55
|
)
|
|||||||
Natural gas
|
|
2018
|
|
Swaps
|
|
3,650,000
|
|
MMBtu
|
|
$
|
3.00
|
|
|
|
|
|
|
|
|
(121
|
)
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(7,786
|
)
|
Period
|
|
Total Number
of Shares
Exchanged
(1)
|
|
Average Price
Paid
per Share
|
|
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs
|
|
Maximum Number (or Approximate
Dollar Value) of Shares that May Be
Purchased Under the
Plans or Programs
|
|||||
January 1 - January 31, 2017
|
|
327,428
|
|
|
$
|
14.55
|
|
|
—
|
|
|
—
|
|
February 1 - February 28, 2017
|
|
45,165
|
|
|
14.49
|
|
|
—
|
|
|
—
|
|
|
March 1 - March 31, 2017
|
|
83
|
|
|
15.40
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
372,676
|
|
|
$
|
14.54
|
|
|
—
|
|
|
—
|
|
(1)
|
Represent shares that employees surrendered back to us to pay tax withholdings upon the vesting of restricted stock awards. These repurchases were not part of a publicly announced program to repurchase shares of our common stock, nor do we have a publicly a
nnounced program to repurchase shares of our common stock.
|
Exhibit
No.
|
|
Description of Exhibit
|
|
|
|
10.1
|
|
Eighth Amendment to Second Amended and Restated Credit Agreement dated as of April 10, 2017 among Oasis Petroleum North America LLC, as Borrower, the Guarantors party thereto, Wells Fargo Bank, N.A., as Administrative Agent and the Lenders party thereto (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on April 13, 2017, and incorporated herein by reference).
|
|
|
|
31.1(a)
|
|
Sarbanes-Oxley Section 302 certification of Principal Executive Officer.
|
|
|
|
31.2(a)
|
|
Sarbanes-Oxley Section 302 certification of Principal Financial Officer.
|
|
|
|
32.1(b)
|
|
Sarbanes-Oxley Section 906 certification of Principal Executive Officer.
|
|
|
|
32.2(b)
|
|
Sarbanes-Oxley Section 906 certification of Principal Financial Officer.
|
|
|
|
101.INS (a)
|
|
XBRL Instance Document.
|
|
|
|
101.SCH (a)
|
|
XBRL Schema Document.
|
|
|
|
101.CAL (a)
|
|
XBRL Calculation Linkbase Document.
|
|
|
|
101.DEF (a)
|
|
XBRL Definition Linkbase Document.
|
|
|
|
101.LAB (a)
|
|
XBRL Labels Linkbase Document.
|
|
|
|
101.PRE (a)
|
|
XBRL Presentation Linkbase Document.
|
(a)
|
Filed herewith.
|
(b)
|
Furnished herewith.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OASIS PETROLEUM INC.
|
|
|
|
|
|
|||
Date:
|
May 9, 2017
|
|
By:
|
|
/s/ Thomas B. Nusz
|
||
|
|
|
|
|
|
|
Thomas B. Nusz
|
|
|
|
|
|
|
|
Chairman and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
By:
|
|
/s/ Michael H. Lou
|
|
|
|
|
|
|
|
Michael H. Lou
|
|
|
|
|
|
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
Exhibit
No.
|
|
Description of Exhibit
|
|
|
|
10.1
|
|
Eighth Amendment to Second Amended and Restated Credit Agreement dated as of April 10, 2017 among Oasis Petroleum North America LLC, as Borrower, the Guarantors party thereto, Wells Fargo Bank, N.A., as Administrative Agent and the Lenders party thereto (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on April 13, 2017, and incorporated herein by reference).
|
|
|
|
31.1(a)
|
|
Sarbanes-Oxley Section 302 certification of Principal Executive Officer.
|
|
|
|
31.2(a)
|
|
Sarbanes-Oxley Section 302 certification of Principal Financial Officer.
|
|
|
|
32.1(b)
|
|
Sarbanes-Oxley Section 906 certification of Principal Executive Officer.
|
|
|
|
32.2(b)
|
|
Sarbanes-Oxley Section 906 certification of Principal Financial Officer.
|
|
|
|
101.INS (a)
|
|
XBRL Instance Document.
|
|
|
|
101.SCH (a)
|
|
XBRL Schema Document.
|
|
|
|
101.CAL (a)
|
|
XBRL Calculation Linkbase Document.
|
|
|
|
101.DEF (a)
|
|
XBRL Definition Linkbase Document.
|
|
|
|
101.LAB (a)
|
|
XBRL Labels Linkbase Document.
|
|
|
|
101.PRE (a)
|
|
XBRL Presentation Linkbase Document.
|
(a)
|
Filed herewith.
|
(b)
|
Furnished herewith.
|
1 Year Oasis Petroleum Chart |
1 Month Oasis Petroleum 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