Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 112,742 $ 295,536 [1],[2]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 253,313 229,599 [1]
Impairment of oil and gas properties 406,898 0
Amortization of non-cash debt related items, net 5,245 7,121 [1]
Deferred income tax benefit (204,841) 0 [1]
(Gain) loss on derivative contracts (31,586) 439,948 [1]
Cash received (paid) for commodity derivative settlements, net 12,246 (287,922) [1]
Loss on extinguishment of debt 0 42,417 [1]
Non-cash expense related to share-based awards 5,569 2,686 [1]
Other, net 592 5,200 [1]
Changes in current assets and liabilities:    
Accounts receivable 42,571 (123,902) [1]
Other current assets (6,604) (7,497) [1]
Accounts payable and accrued liabilities (68,710) (19,280) [1]
Net cash provided by operating activities 527,435 583,906 [1]
Cash flows from investing activities:    
Capital expenditures (498,597) (344,881) [1]
Acquisition of oil and gas properties (14,450) (15,314) [1]
Deposit for acquisition of oil and gas properties (36,000) 0
Proceeds from sales of assets 2,113 4,590 [1]
Cash paid for settlement of contingent consideration arrangement 0 (19,171) [1]
Other, net (1,638) 8,709 [1]
Net cash used in investing activities (548,572) (366,067) [1]
Cash flows from financing activities:    
Borrowings on credit facility 1,524,500 1,724,000 [1]
Payments on credit facility (1,499,500) (1,730,000) [1]
Issuance of 7.5% Senior Notes due 2030 0 600,000 [1]
Redemption of 6.125% Senior Notes due 2024 0 (467,287) [1]
Redemption of 9.0% Second Lien Senior Secured Notes due 2025 0 (339,507) [1]
Payment of deferred financing costs (50) (10,542) [1]
Other, net (3,558) 1,715 [1]
Net cash provided by (used in) financing activities 21,392 (221,621) [1]
Net change in cash and cash equivalents 255 (3,782) [1]
Balance, beginning of period 3,395 9,882 [1]
Balance, end of period $ 3,650 $ 6,100 [1]
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information
[2] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.