Delaware
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001-35380
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45-3007926
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(State or other jurisdiction of
incorporation or organization)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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15 W. Sixth Street
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Suite 900
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Tulsa
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Oklahoma
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74119
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(Address of principal executive offices)
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(Zip code)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common stock, $0.01 par value
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LPI
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New York Stock Exchange
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging Growth Company
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☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
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Exhibit Number
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Description
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104
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Cover Page Interactive Data File (formatted as Inline XBRL).
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LAREDO PETROLEUM, INC.
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Date: May 6, 2020
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By:
|
/s/ Michael T. Beyer
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Michael T. Beyer
|
|
|
Senior Vice President and Chief Financial Officer
|
Pricing Level
|
Ratio of Outstanding Revolving Credit to Borrowing Base
|
Applicable Margin for Eurodollar Tranches
|
Applicable Margin for Adjusted Base Rate Tranches
|
I
|
≥90%
|
2.750%
|
1.750%
|
II
|
≥75% but<90%
|
2.500%
|
1.500%
|
III
|
≥50% but <75%
|
2.250%
|
1.250%
|
IV
|
≥25% but <50%
|
2.000%
|
1.000%
|
V
|
<25%
|
1.750%
|
0.750%
|
Pricing Level
|
Ratio of Outstanding Revolving Credit to Borrowing Base
|
Per Annum Letter of Credit Fee
|
I
|
≥90%
|
2.750%
|
II
|
≥75% but <90%
|
2.500%
|
III
|
≥50% but <75%
|
2.250%
|
IV
|
≥25% but <50
|
2.000%
|
V
|
<25%
|
1.750%
|
BORROWER:
|
LAREDO PETROLEUM, INC.
|
|
|
|
|
|
|
|
|
By:
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/s/ Michael T. Beyer
|
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Name:
|
Michael T. Beyer
|
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Title:
|
Sr. Vice President and Chief Financial Officer
|
|
|
|
|
|
|
GUARANTORS:
|
LAREDO MIDSTREAM SERVICES, LLC
|
|
|
|
|
|
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|
|
By:
|
/s/ Michael T. Beyer
|
|
Name:
|
Michael T. Beyer
|
|
Title:
|
Sr. Vice President and Chief Financial Officer
|
|
|
|
|
|
|
|
GARDEN CITY MINERALS, LLC
|
|
|
|
|
|
|
|
|
By:
|
/s/ Michael T. Beyer
|
|
Name:
|
Michael T. Beyer
|
|
Title:
|
Sr. Vice President and Chief Financial Officer
|
WELLS FARGO BANK, N.A., as Administrative Agent and as a Bank
|
|
|
|
|
|
By:
|
/s/ Muhammad A. Dhamani
|
Name:
|
Muhammad A. Dhamani
|
Title:
|
Managing Director
|
BANK OF AMERICA, N.A., as a Bank
|
|
|
|
|
|
By:
|
/s/ Victor F. Cruz
|
Name:
|
Victor F. Cruz
|
Title:
|
Director
|
ABN AMRO Capital USA LLC, as a Bank
|
|
|
|
|
|
By:
|
/s/ Darrell Holley
|
Name:
|
Darrell Holley
|
Title:
|
Managing Director
|
|
|
|
|
By:
|
/s/ David Montgomery
|
Name:
|
David Montgomery
|
Title:
|
Managing Director
|
BMO HARRIS FINANCING, INC., as a Bank
|
|
|
|
|
|
By:
|
/s/ Gumaro Tijerina
|
Name:
|
Gumaro Tijerina
|
Title:
|
Managing Director
|
SOCIETE GENERALE, as a Bank
|
|
|
|
|
|
By:
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/s/ Max Sonnonstine
|
Name:
|
Max Sonnonstine
|
Title:
|
Director
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CAPITAL ONE, NATIONAL ASSOCIATION, as a Bank
|
|
|
|
|
|
By:
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/s/ Christopher Kuna
|
Name:
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Christopher Kuna
|
Title:
|
Senior Director
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BBVA USA, as a Bank
|
|
|
|
|
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By:
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/s/ Julia Barnhill
|
Name:
|
Julia Barnhill
|
Title:
|
Vice President
|
BOKF, NA dba BANK OF OKLAHOMA, as a Bank
|
|
|
|
|
|
By:
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/s/ Tyler Thalken
|
Name:
|
Tyler Thalken
|
Title:
|
Assistant Vice President
|
TRUIST BANK, formerly known as BRANCH BANKING AND TRUST COMPANY, as a Bank
|
|
|
|
|
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By:
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/s/ Greg Krablin
|
Name:
|
Greg Krablin
|
Title:
|
Senior Vice President
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THE BANK OF NOVA SCOTIA, HOUSTON BRANCH, as a Bank
|
|
|
|
|
|
By:
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/s/ Scott Nickel
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Name:
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Scott Nickel
|
Title:
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Director
|
BARCLAYS BANK PLC, as a Bank
|
|
|
|
|
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By:
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/s/ Sydney G. Dennis
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Name:
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Sydney G. Dennis
|
Title:
|
Director
|
CITIBANK, N.A., as a Bank
|
|
|
|
|
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By:
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/s/ M. Jarrod Bourgeois
|
Name:
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M. Jarrod Bourgeois
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Title:
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Director
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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Bank
|
|
|
|
|
|
By:
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/s/ Nupur Kumar
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Name:
|
Nupur Kumar
|
Title:
|
Authorized Signatory
|
|
|
|
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By:
|
/s/ Andrew Griffin
|
Name:
|
Andrew Griffin
|
Title:
|
Authorized Signatory
|
GOLDMAN SACHS BANK USA, as a Bank
|
|
|
|
|
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By:
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/s/ Jamie Minieri
|
Name:
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Jamie Minieri
|
Title:
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Authorized Signatory
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Bank
|
Maximum Credit Amount
|
Elected Commitment
|
Commitment Percentage
|
Wells Fargo Bank, N.A.
|
$191,666,666.67
|
$69,479,166.76
|
9.583%
|
Bank of America, N.A.
|
$166,666,666.66
|
$60,416,666.66
|
8.333%
|
BMO Harris Financing, Inc.
|
$166,666,666.66
|
$60,416,666.66
|
8.333%
|
Capital One, National Association
|
$166,666,666.66
|
$60,416,666.66
|
8.333%
|
Societe Generale
|
$141,666,666.66
|
$51,354,166.66
|
7.083%
|
The Bank of Nova Scotia, Houston Branch
|
$141,666,666.66
|
$51,354,166.66
|
7.083%
|
ABN AMRO Capital USA LLC
|
$116,666,666.66
|
$42,291,666.66
|
5.833%
|
Barclays Bank PLC
|
$116,666,666.66
|
$42,291,666.66
|
5.833%
|
BOKF, NA DBA Bank of Oklahoma
|
$116,666,666.66
|
$42,291,666.66
|
5.833%
|
TRUIST BANK, formerly known as BRANCH BANKING AND TRUST COMPANY
|
$116,666,666.66
|
$42,291,666.66
|
5.833%
|
Citibank, N.A.
|
$116,666,666.66
|
$42,291,666.66
|
5.833%
|
BBVA USA
|
$116,666,666.66
|
$42,291,666.66
|
5.833%
|
Credit Suisse AG, Cayman Islands Branch
|
$116,666,666.66
|
$42,291,666.66
|
5.833%
|
Goldman Sachs Bank USA
|
$116,666,666.66
|
$42,291,666.66
|
5.833%
|
Comerica Bank
|
$91,666,666.66
|
$33,229,166.66
|
4.583%
|
Totals:
|
$2,000,000,000.00
|
$725,000,000.00
|
100.00%
|
Administrative Agent
|
Address for Notice
|
Wells Fargo Bank, N.A.
|
Credit Contact:
1445 Ross Ave., Suite 4500, T9216-451
Dallas, TX 75202
Attn: Muhammad A. Dhamani
Tel: 214-721-6430
Tel: 844-879-6913
Email: Muhammad.Dhamani@wellsfargo.com
Primary Operations Contact:
1525 W WT Harris Blvd, 1st Floor
Charlotte, NC 28262-8522
MAC D1109-019
Attn: Agency Services
Tel: 704-590-2706
Fax: 704-590-2782
|
•
|
Issued $1 billion of new debt to refinance $800 million of outstanding notes, extending maturities to 2025 and 2028, repay $100 million of the senior secured credit facility and for general corporate purposes
|
•
|
Received net cash of $47.2 million on settlements of commodity derivatives, resulting in an average hedged sales price of $23.21 per barrel of oil equivalent ("BOE"), a 34% increase versus an average unhedged sales price of $17.26 per BOE
|
•
|
Produced an average of 29,178 barrels of oil per day ("BOPD"), an increase of 7% from fourth-quarter 2019
|
•
|
Produced an average of 86,532 BOE per day, an increase of 3% from fourth-quarter 2019
|
•
|
Invested capital of $155 million during the first quarter of 2020, 11% below budget
|
•
|
Reduced completed well costs 7%, to $630 per lateral foot
|
•
|
Reduced unit lease operating expenses ("LOE") to $2.80 per BOE, a 1% decrease from fourth-quarter 2019
|
|
|
2Q-20E
|
|
3Q-20E
|
|
4Q-20E
|
|
FY-20E
|
Total production (MBOE per day)
|
|
84.8 - 85.8
|
|
78.8 - 80.8
|
|
72.5 - 74.5
|
|
80.6 - 81.9
|
Oil production (MBOPD)
|
|
30.0 - 30.5
|
|
24.2 - 25.2
|
|
20.5 - 21.5
|
|
26.0 - 26.6
|
|
|
Three months ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
|
|
(unaudited)
|
||||||
Sales volumes:
|
|
|
|
|
||||
Oil (MBbl)
|
|
2,655
|
|
|
2,534
|
|
||
NGL (MBbl)
|
|
2,467
|
|
|
2,099
|
|
||
Natural gas (MMcf)
|
|
16,512
|
|
|
12,849
|
|
||
Oil equivalents (MBOE)(1)(2)
|
|
7,874
|
|
|
6,775
|
|
||
Average daily oil equivalent sales volumes (BOE/D)(2)
|
|
86,532
|
|
|
75,276
|
|
||
Average daily oil sales volumes (BOPD)(2)
|
|
29,178
|
|
|
28,157
|
|
||
Average sales prices(2):
|
|
|
|
|
||||
Oil ($/Bbl)(3)
|
|
$
|
45.19
|
|
|
$
|
50.97
|
|
NGL ($/Bbl)(3)
|
|
$
|
4.68
|
|
|
$
|
15.36
|
|
Natural gas ($/Mcf)(3)
|
|
$
|
0.26
|
|
|
$
|
0.93
|
|
Average sales price ($/BOE)(3)
|
|
$
|
17.26
|
|
|
$
|
25.59
|
|
Oil, with commodity derivatives ($/Bbl)(4)
|
|
$
|
56.59
|
|
|
$
|
47.66
|
|
NGL, with commodity derivatives ($/Bbl)(4)
|
|
$
|
6.85
|
|
|
$
|
15.33
|
|
Natural gas, with commodity derivatives ($/Mcf)(4)
|
|
$
|
0.94
|
|
|
$
|
1.11
|
|
Average sales price, with commodity derivatives ($/BOE)(4)
|
|
$
|
23.21
|
|
|
$
|
24.68
|
|
Selected average costs and expenses per BOE sold(2):
|
|
|
|
|
||||
Lease operating expenses
|
|
$
|
2.80
|
|
|
$
|
3.34
|
|
Production and ad valorem taxes
|
|
1.17
|
|
|
1.07
|
|
||
Transportation and marketing expenses
|
|
1.72
|
|
|
0.70
|
|
||
Midstream service expenses
|
|
0.15
|
|
|
0.24
|
|
||
General and administrative (excluding LTIP)
|
|
1.33
|
|
|
2.12
|
|
||
Total selected operating expenses
|
|
$
|
7.17
|
|
|
$
|
7.47
|
|
General and administrative (LTIP)
|
|
|
|
|
||||
LTIP cash
|
|
$
|
0.02
|
|
|
$
|
0.03
|
|
LTIP non-cash
|
|
$
|
0.25
|
|
|
$
|
1.02
|
|
Depletion, depreciation and amortization
|
|
$
|
7.78
|
|
|
$
|
9.31
|
|
(1)
|
BOE is calculated using a conversion rate of six Mcf per one Bbl.
|
(2)
|
The numbers presented are calculated based on actual amounts that are not rounded.
|
(3)
|
Price reflects the average of actual sales prices received when control passes to the purchaser/customer adjusted for quality, transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the delivery point.
|
(4)
|
Price reflects the after-effects of our commodity derivative transactions on our average sales prices. Our calculation of such after-effects includes settlements of matured commodity derivatives during the respective periods in accordance with GAAP and an adjustment to reflect premiums incurred previously or upon settlement that are attributable to commodity derivatives that settled during the respective periods.
|
|
|
Three months ended March 31,
|
||||||
(in thousands, except per share data)
|
|
2020
|
|
2019
|
||||
|
|
(unaudited)
|
||||||
Revenues:
|
|
|
|
|
||||
Oil, NGL and natural gas sales
|
|
$
|
135,885
|
|
|
$
|
173,376
|
|
Midstream service revenues
|
|
2,683
|
|
|
2,883
|
|
||
Sales of purchased oil
|
|
66,424
|
|
|
32,688
|
|
||
Total revenues
|
|
204,992
|
|
|
208,947
|
|
||
Costs and expenses:
|
|
|
|
|
||||
Lease operating expenses
|
|
22,040
|
|
|
22,609
|
|
||
Production and ad valorem taxes
|
|
9,244
|
|
|
7,219
|
|
||
Transportation and marketing expenses
|
|
13,544
|
|
|
4,759
|
|
||
Midstream service expenses
|
|
1,170
|
|
|
1,603
|
|
||
Costs of purchased oil
|
|
79,297
|
|
|
32,691
|
|
||
General and administrative
|
|
12,562
|
|
|
21,519
|
|
||
Depletion, depreciation and amortization
|
|
61,302
|
|
|
63,098
|
|
||
Impairment expense
|
|
26,250
|
|
|
—
|
|
||
Other operating expenses
|
|
1,106
|
|
|
1,052
|
|
||
Total costs and expenses
|
|
226,515
|
|
|
154,550
|
|
||
Operating income (loss)
|
|
(21,523
|
)
|
|
54,397
|
|
||
Non-operating income (expense):
|
|
|
|
|
||||
Gain (loss) on derivatives, net
|
|
297,836
|
|
|
(48,365
|
)
|
||
Interest expense
|
|
(24,970
|
)
|
|
(15,547
|
)
|
||
Loss on extinguishment of debt
|
|
(13,320
|
)
|
|
—
|
|
||
Other, net
|
|
(511
|
)
|
|
(72
|
)
|
||
Total non-operating income (expense), net
|
|
259,035
|
|
|
(63,984
|
)
|
||
Income (loss) before income taxes
|
|
237,512
|
|
|
(9,587
|
)
|
||
Income tax (expense) benefit:
|
|
|
|
|
||||
Deferred
|
|
(2,417
|
)
|
|
96
|
|
||
Total income tax (expense) benefit
|
|
(2,417
|
)
|
|
96
|
|
||
Net income (loss)
|
|
$
|
235,095
|
|
|
$
|
(9,491
|
)
|
Net income (loss) per common share:
|
|
|
|
|
||||
Basic
|
|
$
|
1.01
|
|
|
$
|
(0.04
|
)
|
Diluted
|
|
$
|
1.01
|
|
|
$
|
(0.04
|
)
|
Weighted-average common shares outstanding:
|
|
|
|
|
||||
Basic
|
|
232,351
|
|
|
230,476
|
|
||
Diluted
|
|
233,458
|
|
|
230,476
|
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
|
2020
|
|
2019
|
||||
|
|
(unaudited)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
235,095
|
|
|
$
|
(9,491
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||
Share-settled equity-based compensation, net
|
|
2,376
|
|
|
7,406
|
|
||
Depletion, depreciation and amortization
|
|
61,302
|
|
|
63,098
|
|
||
Impairment expense
|
|
26,250
|
|
|
—
|
|
||
Mark-to-market on derivatives:
|
|
|
|
|
||||
(Gain) loss on derivatives, net
|
|
(297,836
|
)
|
|
48,365
|
|
||
Settlements received for matured commodity derivatives, net
|
|
47,723
|
|
|
102
|
|
||
Premiums paid for commodity derivatives
|
|
(477
|
)
|
|
(4,016
|
)
|
||
Loss on extinguishment of debt
|
|
13,320
|
|
|
—
|
|
||
Other, net
|
|
9,338
|
|
|
7,680
|
|
||
Cash flows from operating activities before changes in operating assets and liabilities, net
|
|
97,091
|
|
|
113,144
|
|
||
Change in current assets and liabilities, net
|
|
18,708
|
|
|
(36,750
|
)
|
||
Change in noncurrent assets and liabilities, net
|
|
(6,210
|
)
|
|
1,064
|
|
||
Net cash provided by operating activities
|
|
109,589
|
|
|
77,458
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Acquisitions of oil and natural gas properties, net
|
|
(22,876
|
)
|
|
—
|
|
||
Capital expenditures:
|
|
|
|
|
||||
Oil and natural gas properties
|
|
(135,376
|
)
|
|
(152,729
|
)
|
||
Midstream service assets
|
|
(761
|
)
|
|
(2,262
|
)
|
||
Other fixed assets
|
|
(829
|
)
|
|
(505
|
)
|
||
Proceeds from dispositions of capital assets, net of selling costs
|
|
51
|
|
|
43
|
|
||
Net cash used in investing activities
|
|
(159,791
|
)
|
|
(155,453
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Borrowings on Senior Secured Credit Facility
|
|
—
|
|
|
80,000
|
|
||
Payments on Senior Secured Credit Facility
|
|
(100,000
|
)
|
|
—
|
|
||
Issuance of January 2025 Notes and January 2028 Notes
|
|
1,000,000
|
|
|
—
|
|
||
Extinguishment of debt
|
|
(808,855
|
)
|
|
—
|
|
||
Payments for debt issuance costs
|
|
(18,383
|
)
|
|
—
|
|
||
Other, net
|
|
(640
|
)
|
|
(2,612
|
)
|
||
Net cash provided by financing activities
|
|
72,122
|
|
|
77,388
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
21,920
|
|
|
(607
|
)
|
||
Cash and cash equivalents, beginning of period
|
|
40,857
|
|
|
45,151
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
62,777
|
|
|
$
|
44,544
|
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
|
2020
|
|
2019
|
||||
|
|
(unaudited)
|
||||||
Oil and natural gas properties
|
|
$
|
152,868
|
|
|
$
|
160,222
|
|
Midstream service assets
|
|
923
|
|
|
3,373
|
|
||
Other fixed assets
|
|
823
|
|
|
514
|
|
||
Total costs incurred, excluding non-budgeted acquisition costs
|
|
$
|
154,614
|
|
|
$
|
164,109
|
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
|
2020
|
|
2019
|
||||
|
|
(unaudited)
|
||||||
Net cash provided by operating activities
|
|
$
|
109,589
|
|
|
$
|
77,458
|
|
Less:
|
|
|
|
|
||||
Change in current assets and liabilities, net
|
|
18,708
|
|
|
(36,750
|
)
|
||
Change in noncurrent assets and liabilities, net
|
|
(6,210
|
)
|
|
1,064
|
|
||
Cash flows from operating activities before changes in operating assets and liabilities, net
|
|
97,091
|
|
|
113,144
|
|
||
Less costs incurred, excluding non-budgeted acquisition costs(1):
|
|
|
|
|
||||
Oil and natural gas properties
|
|
152,868
|
|
|
160,222
|
|
||
Midstream service assets
|
|
923
|
|
|
3,373
|
|
||
Other fixed assets
|
|
823
|
|
|
514
|
|
||
Total costs incurred, excluding non-budgeted acquisition costs
|
|
154,614
|
|
|
164,109
|
|
||
Free Cash Flow (non-GAAP)
|
|
$
|
(57,523
|
)
|
|
$
|
(50,965
|
)
|
(1)
|
Includes capitalized share-settled equity-based compensation of $1.0 million and $1.9 million and asset retirement costs of $0.4 million and $0.3 million for the three months ended March 31, 2020 and 2019, respectively.
|
|
|
Three months ended March 31,
|
||||||
(in thousands, except per share data)
|
|
2020
|
|
2019
|
||||
|
|
(unaudited)
|
||||||
Income (loss) before income taxes
|
|
$
|
237,512
|
|
|
$
|
(9,587
|
)
|
Plus:
|
|
|
|
|
||||
Mark-to-market on derivatives:
|
|
|
|
|
||||
(Gain) loss on derivatives, net
|
|
(297,836
|
)
|
|
48,365
|
|
||
Settlements received for matured commodity derivatives, net
|
|
47,723
|
|
|
102
|
|
||
Premiums paid for commodity derivatives
|
|
(477
|
)
|
|
(4,016
|
)
|
||
Impairment expense
|
|
26,250
|
|
|
—
|
|
||
Loss on extinguishment of debt
|
|
13,320
|
|
|
—
|
|
||
Loss on disposal of assets, net
|
|
602
|
|
|
939
|
|
||
Adjusted income before adjusted income tax expense
|
|
27,094
|
|
|
35,803
|
|
||
Adjusted income tax expense(1)
|
|
(5,961
|
)
|
|
(7,877
|
)
|
||
Adjusted Net Income
|
|
$
|
21,133
|
|
|
$
|
27,926
|
|
Net income (loss) per common share:
|
|
|
|
|
||||
Basic
|
|
$
|
1.01
|
|
|
$
|
(0.04
|
)
|
Diluted
|
|
$
|
1.01
|
|
|
$
|
(0.04
|
)
|
Adjusted Net Income per common share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.09
|
|
|
$
|
0.12
|
|
Diluted
|
|
$
|
0.09
|
|
|
$
|
0.12
|
|
Adjusted diluted
|
|
$
|
0.09
|
|
|
$
|
0.12
|
|
Weighted-average common shares outstanding:
|
|
|
|
|
||||
Basic
|
|
232,351
|
|
|
230,476
|
|
||
Diluted
|
|
233,458
|
|
|
230,476
|
|
||
Adjusted diluted
|
|
233,458
|
|
|
231,531
|
|
(1)
|
Adjusted income tax expense is calculated by applying a statutory tax rate of 22% for each of the periods ended March 31, 2020 and 2019.
|
•
|
is widely used by investors in the oil and natural gas industry to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon accounting methods, the book value of assets, capital structure and the method by which assets were acquired, among other factors;
|
•
|
helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital structure from our operating structure; and
|
•
|
is used by our management for various purposes, including as a measure of operating performance, in presentations to our board of directors and as a basis for strategic planning and forecasting.
|
|
|
Three months ended March 31,
|
||||||
(in thousands)
|
|
2020
|
|
2019
|
||||
|
|
(unaudited)
|
||||||
Net income (loss)
|
|
$
|
235,095
|
|
|
$
|
(9,491
|
)
|
Plus:
|
|
|
|
|
||||
Share-settled equity-based compensation, net
|
|
2,376
|
|
|
7,406
|
|
||
Depletion, depreciation and amortization
|
|
61,302
|
|
|
63,098
|
|
||
Impairment expense
|
|
26,250
|
|
|
—
|
|
||
Mark-to-market on derivatives:
|
|
|
|
|
||||
(Gain) loss on derivatives, net
|
|
(297,836
|
)
|
|
48,365
|
|
||
Settlements received for matured commodity derivatives, net
|
|
47,723
|
|
|
102
|
|
||
Premiums paid for commodity derivatives
|
|
(477
|
)
|
|
(4,016
|
)
|
||
Accretion expense
|
|
1,106
|
|
|
1,052
|
|
||
Loss on disposal of assets, net
|
|
602
|
|
|
939
|
|
||
Interest expense
|
|
24,970
|
|
|
15,547
|
|
||
Loss on extinguishment of debt
|
|
13,320
|
|
|
—
|
|
||
Income tax expense (benefit)
|
|
2,417
|
|
|
(96
|
)
|
||
Adjusted EBITDA
|
|
$
|
116,848
|
|
|
$
|
122,906
|
|