XML 29 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 178,921,000 $ 103,528,000 $ 67,067,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion, and amortization 226,931,000 91,242,000 76,453,000
Deferred income tax expense (benefit) 72,858,000 (60,520,000) 0
Abandonment and impairment of unproved properties 57,260,000 37,343,000 11,201,000
Stock-based compensation 15,558,000 6,156,000 6,886,000
Amortization of deferred financing costs 1,890,000 864,000 487,000
Derivative (gain) loss 60,510,000 (53,462,000) 37,145,000
Derivative cash settlements gain (loss) (275,914,000) 49,406,000 1,691,000
(Gain) loss on property transactions, net (1,932,000) 1,398,000 (1,177,000)
Other 90,000 (186,000) 4,399,000
Changes in current assets and liabilities:      
Accounts receivable, net (100,881,000) 24,945,000 (2,688,000)
Prepaid expenses and other assets (3,338,000) 3,352,000 (2,415,000)
Accounts payable and accrued liabilities 47,510,000 (41,278,000) 28,320,000
Settlement of asset retirement obligations (4,864,000) (3,992,000) (2,722,000)
Net cash provided by operating activities 274,599,000 158,796,000 224,647,000
Cash flows from investing activities:      
Acquisition of oil and natural gas properties (1,250,000) (3,210,000) (14,087,000)
Cash acquired 223,692,000 0 0
Exploration and development of oil and natural gas properties (151,500,000) (60,149,000) (242,487,000)
Proceeds from sale of oil and natural gas properties 0 0 1,757,000
Proceeds from (additions to) other property and equipment 2,393,000    
Proceeds from (additions to) other property and equipment   (440,000) (341,000)
Proceeds from note receivable 212,000 0 0
Net cash provided by (used in) investing activities 73,547,000 (63,799,000) (255,158,000)
Cash flows from financing activities:      
Proceeds from credit facility 155,000,000 45,000,000 55,000,000
Payments to credit facility (589,000,000) (125,000,000) (25,000,000)
Proceeds from issuance of senior notes 400,000,000 0 0
Proceeds from exercise of stock options 1,585,000 0 0
Dividends paid (60,780,000) 0 0
Payment of employee tax withholdings in exchange for the return of common stock (5,927,000) (1,122,000) (1,176,000)
Deferred financing costs (19,292,000) (23,000) (220,000)
Principal payments on finance lease obligations (21,000) (102,000) 0
Net cash provided by (used in) financing activities (118,435,000) (81,247,000) 28,604,000
Net change in cash, cash equivalents, and restricted cash 229,711,000 13,750,000 (1,907,000)
Cash, cash equivalents, and restricted cash:      
Beginning of period 24,845,000 11,095,000 13,002,000
End of period 254,556,000 24,845,000 11,095,000
Supplemental cash flow disclosure:      
Non-cash investing activities [1],[2] 4,911,186,000 0 0
Noncash financing activities [2],[3] 3,481,312,000 0 0
Cash paid for interest, net of capitalization [2] 1,829,000 1,546,000 4,110,000
Cash paid for income taxes [2] 14,000,000 0 0
Receivables exchanged for additional interests in oil and natural gas properties [2] 0 8,299,000 0
Changes in working capital related to drilling expenditures [2] (128,977,000) $ 2,795,000 $ 30,354,000
HighPoint      
Supplemental cash flow disclosure:      
Non-cash investing activities 542,600,000    
Noncash financing activities 374,900,000    
Extraction      
Supplemental cash flow disclosure:      
Non-cash investing activities 2,109,500,000    
Noncash financing activities 1,844,100,000    
Crestone Peak      
Supplemental cash flow disclosure:      
Non-cash investing activities 2,259,100,000    
Noncash financing activities $ 1,262,200,000    
[1] (2) Includes $542.6 million, $2,109.5 million, and $2,259.1 million in non-cash property additions related to the HighPoint, Extraction, and Crestone Peak mergers, respectively.
[2] (1) Refer to Note 3 - Leases in the notes to the consolidated financial statements for discussion of right-of-use assets obtained in exchange for lease liabilities.
[3] (3) Includes $374.9 million, $1,844.1 million, and $1,262.2 million in non-cash consideration related to the HighPoint, Extraction, and Crestone Peak mergers, respectively.