| Fair Value of Net Assets Acquired |
The following table sets forth the Company’s allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date.
|
|
|
|
|
|
Purchase Price Allocation |
|
(In thousands) |
Assets |
|
Oil and natural gas properties |
|
Evaluated properties |
|
$253,089 |
|
Unevaluated properties |
287,000 |
|
Total oil and natural gas properties |
|
$540,089 |
|
Total assets acquired |
|
$540,089 |
|
|
|
Liabilities |
|
Asset retirement obligations |
|
($570 |
) |
Total liabilities assumed |
|
($570 |
) |
Net Assets Acquired |
|
$539,519 |
|
The following table sets forth the Company’s allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date.
|
|
|
|
|
|
Purchase Price Allocation |
|
(In thousands) |
Assets |
|
Oil and natural gas properties |
|
Evaluated properties |
|
$137,368 |
|
Unevaluated properties |
509,359 |
|
Total oil and natural gas properties |
|
$646,727 |
|
Total assets acquired |
|
$646,727 |
|
|
|
Liabilities |
|
Asset retirement obligations |
|
($168 |
) |
Total liabilities assumed |
|
($168 |
) |
Net Assets Acquired |
|
$646,559 |
|
The following table sets forth the Company’s preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date.
|
|
|
|
|
|
|
|
Preliminary Purchase
Price Allocation
|
|
|
(In thousands) |
Consideration: |
|
|
Fair value of the Company’s common stock issued |
|
|
$765,373 |
|
Total consideration |
|
|
$765,373 |
|
|
|
|
Liabilities: |
|
|
Accounts payable |
|
|
$37,657 |
|
Revenues and royalties payable |
|
52,449 |
|
Operating lease liabilities - current |
|
29,924 |
|
Fair value of derivatives - current |
|
61,015 |
|
Other current liabilities |
|
82,084 |
|
Long-term debt |
|
1,984,135 |
|
Operating lease liabilities - non-current |
|
30,070 |
|
Asset retirement obligation |
|
26,151 |
|
Fair value of derivatives - non-current |
|
26,960 |
|
Other long-term liabilities |
|
17,260 |
|
Common stock warrants |
|
10,029 |
|
Total liabilities assumed |
|
|
$2,357,734 |
|
|
|
|
Assets: |
|
|
Accounts receivable, net |
|
|
$48,479 |
|
Fair value of derivatives - current |
|
17,451 |
|
Other current assets |
|
4,945 |
|
Evaluated oil and natural gas properties |
|
2,133,280 |
|
Unevaluated properties |
|
682,928 |
|
Other property and equipment |
|
9,614 |
|
Fair value of derivatives - non-current |
|
4,518 |
|
Deferred tax asset |
|
159,320 |
|
Operating lease right-of-use-assets |
|
59,994 |
|
Other long term assets |
|
2,578 |
|
Total assets acquired |
|
|
$3,123,107 |
|
|
| Unaudited Summary Pro Forma Financial Information |
The following unaudited pro forma financial information presents a summary of the Company’s consolidated results of operations for the years ended December 31, 2018 and 2017, assuming the Delaware Asset Acquisition had been completed as of January 1, 2017, including adjustments to reflect the acquisition date fair values assigned to the assets acquired and liabilities assumed. The pro forma financial information does not purport to represent what the actual results of operations would have been had the transactions been completed as of the date assumed, nor is this information necessarily indicative of future consolidated results of operations. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the Delaware Asset Acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2018 |
|
2017 |
|
|
(In thousands) |
Revenues |
|
|
$669,236 |
|
|
|
$469,896 |
|
Income from operations |
|
299,090 |
|
|
209,723 |
|
Net income |
|
324,318 |
|
|
181,406 |
|
Basic earnings per common share |
|
$1.49 |
|
$0.90 |
Diluted earnings per common share |
|
$1.49 |
|
$0.90 |
The following unaudited pro forma financial information presents a summary of the Company’s consolidated results of operations for the year ended December 31, 2017, assuming the Ameredev Acquisition had been completed as of January 1, 2016, including adjustments to reflect the acquisition date fair values assigned to the assets acquired and liabilities assumed. The pro forma financial information does not purport to represent what the actual results of operations would have been had the transactions been completed as of the date assumed, nor is this information necessarily indicative of future consolidated results of operations. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the Ameredev Acquisition.
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
|
(In thousands) |
Revenues |
|
|
$369,527 |
|
Income from operations |
|
144,104 |
|
Net income |
|
115,787 |
|
Basic earnings per common share |
|
|
$0.57 |
|
Diluted earnings per common share |
|
|
$0.57 |
|
The pro forma consolidated statements of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Merger taken place on January 1, 2018 and is not intended to be a projection of future results.
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
2019 |
|
2018 |
|
|
(In thousands) |
Revenues |
|
|
$1,620,357 |
|
|
|
$1,661,171 |
|
Income from operations |
|
614,668 |
|
|
767,628 |
|
Net income |
|
369,777 |
|
|
734,527 |
|
Basic earnings per common share |
|
0.89 |
|
|
|
$1.87 |
|
Diluted earnings per common share |
|
0.89 |
|
|
|
$1.87 |
|
|