Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Operating Revenues:        
Total operating revenues $ 440,399,000 $ 157,234,000 $ 800,280,000 $ 447,153,000
Operating Expenses:        
Lease operating 46,460,000 50,838,000 86,913,000 103,221,000
Production and ad valorem taxes 21,958,000 10,361,000 40,397,000 30,041,000
Gathering, transportation and processing 20,031,000 20,037,000 38,012,000 34,415,000
Depreciation, depletion and amortization 83,128,000 138,930,000 154,115,000 270,393,000
General and administrative 11,065,000 10,024,000 27,864,000 18,349,000
Impairment of evaluated oil and gas properties 0 1,276,518,000 0 1,276,518,000
Merger and integration 0 8,067,000 0 23,897,000
Other operating 2,437,000 4,135,000 3,366,000 4,135,000
Total operating expenses 234,328,000 1,518,910,000 440,833,000 1,760,969,000
Income (Loss) From Operations 206,071,000 (1,361,676,000) 359,447,000 (1,313,816,000)
Other (Income) Expenses:        
Interest expense, net of capitalized amounts 24,634,000 22,682,000 49,050,000 43,160,000
(Gain) loss on derivative contracts 190,463,000 126,965,000 404,986,000 (125,004,000)
Other (income) expense 3,147,000 2,157,000 (1,088,000) 895,000
Total other (income) expense 218,244,000 151,804,000 452,948,000 (80,949,000)
Loss Before Income Taxes (12,173,000) (1,513,480,000) (93,501,000) (1,232,867,000)
Income tax benefit (expense) 478,000 (51,251,000) 1,399,000 (115,299,000)
Net Loss $ (11,695,000) $ (1,564,731,000) $ (92,102,000) $ (1,348,166,000)
Net Income (Loss) Per Common Share        
Basic (in dollars per share) [1] $ (0.25) $ (39.41) $ (2.07) $ (33.97)
Diluted (in dollars per share) [1] $ (0.25) $ (39.41) $ (2.07) $ (33.97)
Weighted Average Common Shares Outstanding        
Basic (in shares) [1] 46,267 39,707 44,439 39,687
Diluted (in shares) [1] 46,267 39,707 44,439 39,687
Oil        
Operating Revenues:        
Total operating revenues $ 333,442,000 $ 130,513,000 $ 600,487,000 $ 396,280,000
Natural gas        
Operating Revenues:        
Total operating revenues 24,080,000 12,242,000 48,300,000 18,271,000
Natural gas liquids        
Operating Revenues:        
Total operating revenues 36,625,000 14,479,000 65,982,000 32,602,000
Purchased oil and gas        
Operating Revenues:        
Total operating revenues 46,252,000 0 85,511,000 0
Operating Expenses:        
Cost of purchased oil and gas $ 49,249,000 $ 0 $ 90,166,000 $ 0
[1] All share and per share amounts have been retroactively adjusted for the Company’s 1-for-10 reverse stock split effective August 7, 2020. See “Note 11 - Stockholders’ Equity” for additional information.