Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.24.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Revenues:      
Total operating revenues $ 2,342,984 $ 3,230,964 [1] $ 2,045,030 [1]
Operating Expenses:      
Lease operating 303,363 290,486 [1] 203,141 [1]
Production and ad valorem taxes 113,512 159,920 [1] 100,160 [1]
Gathering, transportation and processing 108,221 96,902 [1] 80,970 [1]
Exploration 9,143 9,703 [1] 6,470 [1]
Depreciation, depletion and amortization 535,661 494,229 [1] 388,612 [1]
Impairment of oil and gas properties 406,898 2,201 [1] 52,295 [1]
Gain on sale of oil and gas properties (23,476) 0 [1] 0 [1]
General and administrative 115,344 97,996 [1] 91,605 [1]
Merger, integration and transaction 11,198 769 [1] 14,289 [1]
Total operating expenses 1,979,106 1,630,651 [1] 1,138,630 [1]
Income From Operations 363,878 1,600,313 [1] 906,400 [1]
Other (Income) Expenses:      
Interest expense 179,305 187,792 [1] 201,659 [1]
(Gain) loss on derivative contracts (18,898) 330,953 [1] 522,300 [1]
(Gain) loss on extinguishment of debt (1,238) 45,658 [1] 41,040 [1]
Other (income) expense (6,684) 2,645 [1] 7,660 [1]
Total other (income) expense 152,485 567,048 [1] 772,659 [1]
Income Before Income Taxes 211,393 1,033,265 133,741
Income tax benefit (expense) 189,808 (13,822) [1] (180) [1]
Net Income $ 401,201 $ 1,019,443 [2] $ 133,561 [2]
Net Income Per Common Share:      
Basic (in dollars per share) $ 6.20 $ 16.54 [1] $ 2.75 [1]
Diluted (in dollars per share) $ 6.19 $ 16.47 [1] $ 2.65 [1]
Weighted Average Common Shares Outstanding:      
Basic (in shares) 64,692 61,620 [1] 48,612 [1]
Diluted (in shares) 64,852 61,904 [1] 50,311 [1]
Oil      
Operating Revenues:      
Total operating revenues $ 1,697,026 $ 2,262,647 [1] $ 1,516,225 [1]
Natural gas      
Operating Revenues:      
Total operating revenues 82,468 232,681 [1] 141,493 [1]
Natural gas liquids      
Operating Revenues:      
Total operating revenues 174,407 260,472 [1] 193,861 [1]
Sales of purchased oil and gas      
Operating Revenues:      
Total operating revenues 389,083 475,164 [1] 193,451 [1]
Operating Expenses:      
Cost of purchased oil and gas $ 399,242 $ 478,445 [1] $ 201,088 [1]
[1] Financial information for the prior periods has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.
[2] Financial information for the prior periods has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.