BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
|---|
| Accounting Policies [Abstract] |
|
| Disaggregation of Revenue |
The following tables present the disaggregation of the Company’s oil revenues and natural gas and NGL revenues by basin for the three and six months ended June 30, 2021 and 2020.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, 2021 |
|
Three Months Ended
June 30, 2020 |
| (In thousands) |
Williston |
|
Permian |
|
Appalachian |
|
Total |
|
Williston |
|
Permian |
|
Appalachian |
|
Total |
| Oil Revenues |
$ |
181,872 |
|
|
$ |
2,745 |
|
|
$ |
— |
|
|
$ |
184,617 |
|
|
$ |
28,784 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
28,784 |
|
| Natural Gas and NGL Revenues |
29,855 |
|
|
210 |
|
|
11,035 |
|
|
41,100 |
|
|
(8,120) |
|
|
— |
|
|
— |
|
|
(8,120) |
|
| Total |
$ |
211,727 |
|
|
$ |
2,955 |
|
|
$ |
11,035 |
|
|
$ |
225,717 |
|
|
$ |
20,664 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Six Months Ended
June 30, 2021 |
|
Six Months Ended
June 30, 2020 |
| (In thousands) |
Williston |
|
Permian |
|
Appalachian |
|
Total |
|
Williston |
|
Permian |
|
Appalachian |
|
Total |
| Oil Revenues |
$ |
315,373 |
|
|
$ |
4,543 |
|
|
$ |
— |
|
|
$ |
319,916 |
|
|
$ |
145,116 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
145,116 |
|
| Natural Gas and NGL Revenues |
51,763 |
|
|
334 |
|
|
11,035 |
|
|
63,132 |
|
|
5,744 |
|
|
— |
|
|
— |
|
|
5,744 |
|
| Total |
$ |
367,136 |
|
|
$ |
4,877 |
|
|
$ |
11,035 |
|
|
$ |
383,048 |
|
|
$ |
150,860 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
150,860 |
|
|
| Reconciliation of Denominators Used to Calculate Basic and Diluted EPS |
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and six months ended June 30, 2021 and 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In thousands, except share and per share data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
| Net Income (Loss) |
$ |
(90,563) |
|
|
$ |
(899,200) |
|
|
$ |
(180,920) |
|
|
$ |
(530,914) |
|
| Less: Cumulative Dividends on Preferred Stock |
(3,719) |
|
|
(3,788) |
|
|
(7,550) |
|
|
(7,517) |
|
| Net Income (Loss) Attributable to Common Stock |
$ |
(94,282) |
|
|
$ |
(902,988) |
|
|
$ |
(188,470) |
|
|
$ |
(538,431) |
|
|
|
|
|
|
|
|
|
| Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
| Weighted Average Common Shares Outstanding – Basic |
60,694,795 |
|
|
41,535,604 |
|
|
57,633,454 |
|
|
40,950,929 |
|
| Plus: Dilutive Effect of Restricted Stock and Warrants |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Plus: Dilutive Effect of Preferred Shares |
— |
|
|
— |
|
|
— |
|
|
— |
|
| Weighted Average Common Shares Outstanding – Diluted |
60,694,795 |
|
|
41,535,604 |
|
|
57,633,454 |
|
|
40,950,929 |
|
|
|
|
|
|
|
|
|
| Net Income (Loss) per Common Share: |
|
|
|
|
|
|
|
| Basic |
$ |
(1.55) |
|
|
$ |
(21.74) |
|
|
$ |
(3.27) |
|
|
$ |
(13.15) |
|
| Diluted |
$ |
(1.55) |
|
|
$ |
(21.74) |
|
|
$ |
(3.27) |
|
|
$ |
(13.15) |
|
|
|
|
|
|
|
|
|
| Shares Excluded from EPS Due to Anti-Dilutive Effect: |
|
|
|
|
|
|
|
| Restricted Stock and Warrants |
135,983 |
|
|
30,163 |
|
|
128,055 |
|
|
40,005 |
|
| Preferred Stock |
9,698,756 |
|
|
100,208,753 |
|
|
9,698,756 |
|
|
96,747,545 |
|
|
| Supplemental Cash Flow Information |
The following reflects the Company’s supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
| (In thousands) |
2021 |
|
2020 |
| Supplemental Cash Items: |
|
|
|
| Cash Paid During the Period for Interest, Net of Amount Capitalized |
$ |
26,547 |
|
|
$ |
29,117 |
|
| Cash Paid During the Period for Income Taxes |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-cash Investing Activities: |
|
|
|
| Oil and Natural Gas Properties Included in Accounts Payable and Accrued Liabilities |
101,018 |
|
|
92,537 |
|
| Capitalized Asset Retirement Obligations |
7,982 |
|
|
294 |
|
| Contingent Consideration |
354 |
|
|
— |
|
| Compensation Capitalized on Oil and Gas Properties |
219 |
|
|
284 |
|
| Issuance of Common Stock - Acquisitions of Oil and Natural Gas Properties |
30,512 |
|
|
— |
|
|
|
|
|
|
|
|
|
| Non-cash Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock Dividends Declared |
1,985 |
|
|
— |
|
| Issuance of Common Stock for Second Lien Notes Repurchase |
— |
|
|
29,615 |
|
| Issuance of Preferred Stock for Second Lien Notes Repurchase |
— |
|
|
81,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|