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ACQUISITIONS AND DIVESTITURES (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Merger Consideration and Preliminary Purchase Price Allocations | The following table presents the preliminary purchase price allocation of the assets acquired and the liabilities assumed in the Extraction Merger:
Preliminary Purchase Price Allocation (in thousands) |  |
Assets Acquired |  |
Cash and cash equivalents |  | $ | 106,360 |
Accounts receivable - oil and natural gas sales |  | 119,585 |
Accounts receivable - joint interest and other |  | 33,054 |
Prepaid expenses and other |  | 3,044 |
Inventory of oilfield equipment |  | 9,291 |
Derivative assets |  | 5,834 |
Proved properties |  | 1,876,014 |
Unproved properties |  | 193,400 |
Other property and equipment, net of accumulated depreciation |  | 40,068 |
Right-of-use assets |  | 6,883 |
Deferred income tax assets |  | 49,194 |
Other noncurrent assets |  | 4,248 |
Total assets acquired |  | $ | 2,446,975 |
Liabilities Assumed |  |
Accounts payable and accrued expenses |  | $ | 90,353 |
Production taxes payable |  | 63,572 |
Oil and natural gas revenue distribution payable |  | 170,002 |
Income tax payable |  | 14,000 |
Lease liability |  | 6,883 |
Derivative liability |  | 100,474 |
Ad valorem taxes |  | 87,071 |
Asset retirement obligations |  | 68,741 |
Other noncurrent liabilities |  | 1,750 |
Total liabilities assumed |  | 602,846 |
Net assets acquired |  | $ | 1,844,129 |
The following table presents the preliminary purchase price allocation of the assets acquired and the liabilities assumed in the Crestone Peak Merger:
Preliminary Purchase Price Allocation (in thousands) |  |
Assets Acquired |  |
Cash and cash equivalents |  | $ | 67,505 |
Accounts receivable - oil and natural gas sales |  | 81,340 |
Accounts receivable - joint interest and other |  | 9,917 |
Prepaid expenses and other |  | 2,929 |
Inventory of oilfield equipment |  | 11,951 |
Proved properties |  | 1,797,814 |
Unproved properties |  | 453,321 |
Other property and equipment, net of accumulated depreciation |  | 7,980 |
Right-of-use assets |  | 7,934 |
Total assets acquired |  | $ | 2,440,691 |
Liabilities Assumed |  |
Accounts payable and accrued expenses |  | $ | 134,791 |
Production taxes payable |  | 52,435 |
Oil and natural gas revenue distribution payable |  | 83,950 |
Lease liability |  | 7,934 |
Derivative liability |  | 338,383 |
Credit facility |  | 280,000 |
Ad valorem taxes |  | 66,913 |
Deferred income tax liabilities |  | 125,086 |
Asset retirement obligations |  | 88,949 |
Total liabilities assumed |  | 1,178,441 |
Net assets acquired |  | $ | 1,262,250 |
Schedule of Pro Forma Financial Information | The following unaudited pro forma financial information (in thousands, except per share amounts) represents a summary of the condensed consolidated results of operations for the three and nine months ended September 30, 2021, assuming the HighPoint, Extraction, and Crestone Peak mergers had been completed as of January 1, 2020. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the mergers had been effective as of this date, or of future results, and includes certain non-recurring pro forma adjustments that were directly attributable to the business combinations (in thousands, except per share amounts).
|  |  |  |  |  |  |  |  |  | Three Months Ended September 30, 2021 |  |  |  |  |  |  |  |  |  | Nine Months Ended September 30, 2021
Total revenue |  |  |  |  |  |  |  |  |  | $ | 619,913 |  |  |  |  |  |  |  |  |  |  | $ | 1,713,023 |
Net income |  |  |  |  |  |  |  |  |  | 103,485 |  |  |  |  |  |  |  |  |  |  | 859,756 |
Net income per common share - basic |  |  |  |  |  |  |  |  |  | $ | 1.23 |  |  |  |  |  |  |  |  |  |  | $ | 10.20 |
Net income per common share - diluted |  |  |  |  |  |  |  |  |  | $ | 1.22 |  |  |  |  |  |  |  |  |  |  | $ | 10.15 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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