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 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating revenues:        
Total operating revenues $ 290,026,000 $ 155,378,000 $ 738,335,000 $ 475,477,000
Operating Expenses:        
Lease operating 45,870,000 19,668,000 149,091,000 66,511,000
Production and ad valorem taxes 16,110,000 11,866,000 46,151,000 33,810,000
Gathering, transportation and processing 22,200,000 0 56,615,000 0
Depreciation, depletion and amortization 114,201,000 56,130,000 384,594,000 179,275,000
General and administrative 8,224,000 9,388,000 26,573,000 34,729,000
Impairment of evaluated oil and gas properties 684,956,000 0 1,961,474,000 0
Merger and integration 2,465,000 5,943,000 26,362,000 5,943,000
Other operating 4,425,000 (161,000) 8,548,000 931,000
Total operating expenses 919,733,000 102,834,000 2,681,858,000 321,199,000
Income (Loss) From Operations (629,707,000) 52,544,000 (1,943,523,000) 154,278,000
Other (Income) Expenses:        
Interest expense, net of capitalized amounts 24,683,000 739,000 67,843,000 2,218,000
(Gain) loss on derivative contracts 27,038,000 (21,809,000) (97,966,000) 31,415,000
Other (income) expense (1,044,000) (122,000) (149,000) (270,000)
Total other (income) expense 50,677,000 (21,192,000) (30,272,000) 33,363,000
Income (Loss) Before Income Taxes (680,384,000) 73,736,000 (1,913,251,000) 120,915,000
Income tax expense 0 (17,902,000) (115,299,000) (29,444,000)
Net Income (Loss) (680,384,000) 55,834,000 (2,028,550,000) 91,471,000
Preferred stock dividends 0 (350,000) 0 (3,997,000)
Loss on redemption of preferred stock 0 (8,304,000) 0 (8,304,000)
Income (Loss) Available to Common Stockholders $ (680,384,000) $ 47,180,000 $ (2,028,550,000) $ 79,170,000
Income (Loss) Available to Common Stockholders Per Common Share        
Basic (in dollars per share) [1] $ (17.12) $ 2.07 $ (51.09) $ 3.47
Diluted (in dollars per share) [1] $ (17.12) $ 2.07 $ (51.09) $ 3.47
Weighted Average Common Shares Outstanding        
Basic (in shares) [1] 39,746 22,831 39,707 22,805
Diluted (in shares) [1] 39,746 22,846 39,707 22,841
Oil        
Operating revenues:        
Total operating revenues $ 231,654,000 $ 148,210,000 $ 627,934,000 $ 450,036,000
Natural gas        
Operating revenues:        
Total operating revenues 15,034,000 7,168,000 33,305,000 25,441,000
Natural gas liquids        
Operating revenues:        
Total operating revenues 23,025,000 0 55,627,000 0
Purchased oil and gas        
Operating revenues:        
Total operating revenues 20,313,000 0 21,469,000 0
Operating Expenses:        
Cost of goods and services sold $ 21,282,000 $ 0 $ 22,450,000 $ 0
[1] All share amounts (except par value) 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.