Annual report pursuant to Section 13 and 15(d)

Acquisitions and Divestitures (Tables)

v3.20.4
Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Fair Value of Net Assets Acquired
The following table sets forth the Company’s final allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date.
Final 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 88,346 
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 17,887 
Common stock warrants 10,029 
Total liabilities assumed $2,364,623 
Assets:
Accounts receivable, net $48,479 
Fair value of derivatives - current 17,451 
Other current assets 11,640 
Evaluated oil and natural gas properties 2,133,280 
Unevaluated properties 679,900 
Other property and equipment 9,614 
Fair value of derivatives - non-current 4,518 
Deferred tax asset 162,629 
Operating lease right-of-use-assets 59,907 
Other long term assets 2,578 
Total assets acquired $3,129,996 
The following table sets forth the Company’s final 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 
Unaudited Summary Pro Forma Financial Information
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 
The following unaudited pro forma financial information presents a summary of the Company’s consolidated results of operations for the year ended December 31, 2018, 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.
Year Ended December 31, 2018
(In thousands)
Revenues $669,236 
Income from operations 299,090 
Net income 324,318 
Basic earnings per common share $1.49
Diluted earnings per common share $1.49