Fair Value of Net Assets Acquired |
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.
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Preliminary Purchase Price Allocation |
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(In thousands) |
Consideration: |
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Fair value of the Company’s common stock issued |
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$765,373 |
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Total consideration |
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$765,373 |
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Liabilities: |
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Accounts payable |
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$37,657 |
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Revenues and royalties payable |
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52,449 |
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Operating lease liabilities - current |
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29,924 |
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Fair value of derivatives - current |
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61,015 |
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Other current liabilities |
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88,627 |
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Long-term debt |
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1,984,135 |
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Operating lease liabilities - non-current |
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30,070 |
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Asset retirement obligation |
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26,151 |
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Fair value of derivatives - non-current |
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26,960 |
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Other long-term liabilities |
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17,260 |
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Common stock warrants |
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10,029 |
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Total liabilities assumed |
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$2,364,277 |
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Assets: |
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Accounts receivable, net |
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$48,479 |
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Fair value of derivatives - current |
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17,451 |
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Other current assets |
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11,137 |
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Evaluated oil and natural gas properties |
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2,133,280 |
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Unevaluated properties |
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683,366 |
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Other property and equipment |
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9,614 |
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Fair value of derivatives - non-current |
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4,518 |
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Deferred tax asset |
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159,320 |
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Operating lease right-of-use-assets |
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59,907 |
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Other long term assets |
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2,578 |
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Total assets acquired |
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$3,129,650 |
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Business Acquisition, Pro Forma 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.
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For the Year Ended |
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December 31, 2019 |
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(In thousands) |
Revenues |
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$1,620,357 |
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Income from operations |
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614,668 |
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Net income |
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369,777 |
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Basic earnings per common share |
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0.89 |
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Diluted earnings per common share |
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0.89 |
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