XML 23 R7.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ (25,438) $ 39,649
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion, and amortization 53,829 43,867
Deferred income tax benefit (10,228) 0
Abandonment and impairment of unproved properties 2,215 30,366
Well abandonment costs and dry hole expense 0 (8)
Stock-based compensation 3,807 2,713
Non-cash lease component (35) (103)
Amortization of deferred financing costs 526 680
Derivative (gain) loss 97,389 (75,273)
Derivative cash settlement gain (loss) (23,990) 33,867
Loss on property transactions, net 0 1,398
Other 0 (2,708)
Changes in current assets and liabilities:    
Accounts receivable, net (14,686) 24,521
Prepaid expenses and other assets 2,500 2,812
Accounts payable and accrued liabilities (3,428) (31,957)
Settlement of asset retirement obligations (2,902) (1,595)
Net cash provided by operating activities 79,559 68,229
Cash flows from investing activities:    
Acquisition of oil and gas properties (549) (549)
Cash acquired 49,827 0
Exploration and development of oil and gas properties (57,269) (51,054)
Additions to other property and equipment (38) (416)
Net cash used in investing activities (8,029) (52,019)
Cash flows from financing activities:    
Proceeds from credit facility 155,000 30,000
Payments to credit facility (210,000) (52,000)
Proceeds from exercise of stock options 409 0
Payment of employee tax withholdings in exchange for the return of common stock (2,816) (1,014)
Dividends paid (10,789) 0
Deferred financing costs (3,653) (13)
Principal payments on finance lease obligations (21) (40)
Net cash used in financing activities (71,870) (23,067)
Net change in cash, cash equivalents, and restricted cash (340) (6,857)
Cash, cash equivalents, and restricted cash:    
Beginning of period 24,845 11,095
End of period 24,505 4,238
Supplemental cash flow disclosure    
Cash paid for interest, net of capitalization [1] 87 670
Receivables exchanged for additional interests in oil and gas properties [1] 0 8,299
Changes in working capital related to drilling expenditures [1] $ (16,285) $ (2,382)
[1] (1) Refer to Note 4 - Leases in the notes to the condensed consolidated financial statements for supplemental cash flows related to leases.