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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating net revenues:        
Oil and gas sales $ 189,963,000 $ 58,858,000 $ 420,157,000 $ 155,455,000
Operating expenses:        
Lease operating expense 11,560,000 5,393,000 28,649,000 16,887,000
Severance and ad valorem taxes 9,205,000 (7,063,000) 23,622,000 1,588,000
Exploration 1,513,000 66,000 5,156,000 551,000
Depreciation, depletion, and amortization 35,604,000 23,439,000 89,433,000 67,306,000
Abandonment and impairment of unproved properties 0 223,000 2,215,000 30,589,000
Unused commitments 3,364,000 0 7,692,000 0
Bad debt expense 279,000 102,000 279,000 678,000
Merger transaction costs 5,580,000 888,000 27,121,000 909,000
General and administrative expense (including $2,289, $1,723, $6,096, and $4,436 respectively, of stock-based compensation) 11,724,000 8,031,000 33,119,000 25,845,000
Total operating expenses 96,097,000 39,827,000 261,393,000 167,661,000
Other income (expense):        
Derivative gain (loss) (36,224,000) (10,670,000) (133,613,000) 64,603,000
Interest expense, net (3,025,000) (356,000) (6,685,000) (1,557,000)
Gain (loss) on property transactions, net 951,000 0 951,000 (1,398,000)
Other income (expense) 687,000 (65,000) 964,000 (1,853,000)
Total other income (expense) (37,611,000) (11,091,000) (138,383,000) 59,795,000
Income from operations before taxes 56,255,000 7,940,000 20,381,000 47,589,000
Income tax expense (15,596,000) (4,689,000) (5,160,000) (4,689,000)
Net income 40,659,000 3,251,000 15,221,000 42,900,000
Comprehensive income $ 40,659,000 $ 3,251,000 $ 15,221,000 $ 42,900,000
Net income per common share:        
Basic (in dollars per share) $ 1.32 $ 0.16 $ 0.55 $ 2.07
Diluted (in dollars per share) $ 1.31 $ 0.16 $ 0.55 $ 2.06
Weighted-average common shares outstanding:        
Basic (in shares) 30,849 20,832 27,485 20,753
Diluted (in shares) 31,138 20,903 27,839 20,826
Midstream operating expense        
Operating expenses:        
Operating expenses $ 3,163,000 $ 3,970,000 $ 11,314,000 $ 11,338,000
Gathering, transportation, and processing        
Operating expenses:        
Operating expenses $ 14,105,000 $ 4,778,000 $ 32,793,000 $ 11,970,000