Stockholders' Equity |
12 Months Ended |
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Dec. 31, 2019 | |
| Equity [Abstract] | |
| Stockholders' Equity | Stockholders’ Equity Increase in Authorized Common Shares
As a result of the Carrizo Acquisition, the shareholders approved an amendment to the Company’s Certificate of Incorporation to increase the number of authorized shares of common stock from 300,000,000 to 525,000,000.
10% Series A Cumulative Preferred Stock (“Preferred Stock”)
Holders of the Company’s Preferred Stock were entitled to receive, when, as and if declared by the Company’s board of directors, out of funds legally available for the payment of dividends, cumulative cash dividends at a rate of 10% per annum of the $50.00 liquidation preference per share (equivalent to $5.00 per annum per share). Dividends were payable quarterly in arrears on the last day of each March, June, September and December when, as and if declared by the Board of Directors. Preferred Stock dividends were $4.0 million, $7.3 million and $7.3 million for years ended December 31, 2019, 2018 and 2017, respectively.
On June 18, 2019, the Company announced it had given notice for the redemption (the “Redemption”) of all outstanding shares of the Preferred Stock. On July 18, 2019 (the “Redemption Date”), the Preferred Stock were redeemed at a redemption price equal to $50.00 per share, plus an amount equal to all accrued and unpaid dividends in an amount equal to $0.24 per share, for a total redemption price of $50.24 per share or $73.0 million (the “Redemption Price”). The Company recognized an $8.3 million loss on the redemption due to the excess of the $73.0 million redemption price over the $64.7 million redemption date carrying value of the Preferred Stock.
After the Redemption Date, the Preferred Stock were no longer deemed outstanding, dividends on the Preferred Stock ceased to accrue, and all rights of the holders with respect to such Preferred Stock were terminated, except the right of the holders to receive the Redemption Price, without interest.
Common Stock Offerings
On May 30, 2018, the Company completed an underwritten public offering of 25.3 million shares of its common stock for total estimated net proceeds (after the underwriter’s discounts and offering costs) of approximately $288.0 million. The Company used proceeds from the offering to partially fund the Delaware Asset Acquisition completed in the third quarter of 2018. See “Note 4 - Acquisitions and Divestitures” for further discussion of the Delaware Asset Acquisition.
On December 19, 2016, the Company completed an underwritten public offering of 40.0 million shares of its common stock for total estimated net proceeds (after the underwriter’s discounts and estimated offering expenses) of approximately $634.9 million. Proceeds from the offering were used to partially fund the Ameredev Acquisition. See “Note 4 - Acquisitions and Divestitures” for further discussion of the Ameredev Acquisition.
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