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ACQUISITIONS AND DIVESTITURES (Tables)

9 Months Ended

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

X

- 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

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- References

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X

- 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

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