Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||||||||
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Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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Cash flows from operating activities: | |||||||||
Net income | $ 401,201 | $ 1,019,443 | [1] | $ 133,561 | [1] | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation, depletion and amortization | 535,661 | 494,229 | [1] | 388,612 | [1] | ||||
Impairment of oil and gas properties | 406,898 | 2,201 | [2] | 52,295 | [2] | ||||
Amortization of non-cash debt related items, net | 10,790 | 12,332 | [1] | 20,033 | [1] | ||||
Deferred income tax (benefit) expense | (187,270) | 6,308 | [1] | 0 | [1] | ||||
(Gain) loss on derivative contracts | (18,898) | 330,953 | [1] | 522,300 | [1] | ||||
Cash received (paid) for commodity derivative settlements, net | 2,922 | (493,714) | [1] | (395,097) | [1] | ||||
Gain on sale of oil and gas properties | (23,476) | 0 | 0 | ||||||
(Gain) loss on extinguishment of debt | (1,238) | 45,658 | [1] | 41,040 | [1] | ||||
Non-cash expense related to share-based awards | 11,413 | 8,042 | [1] | 25,857 | [1] | ||||
Other, net | 5,387 | 7,136 | [1] | 11,037 | [1] | ||||
Changes in current assets and liabilities: | |||||||||
Accounts receivable | 48,285 | (3,480) | [1] | (86,402) | [1] | ||||
Other current assets | (16,462) | (15,392) | [1] | (10,399) | [1] | ||||
Accounts payable and accrued liabilities | (82,684) | (58,043) | [1] | 146,910 | [1] | ||||
Net cash provided by operating activities | 1,092,529 | 1,355,673 | [1] | 849,747 | [1] | ||||
Cash flows from investing activities: | |||||||||
Capital expenditures | (968,982) | (848,688) | [1] | (454,361) | [1] | ||||
Acquisition of oil and gas properties | (287,939) | (26,706) | [1] | (493,462) | [1] | ||||
Proceeds from sales of assets | 553,222 | 27,093 | [1] | 188,101 | [1] | ||||
Cash paid for settlement of contingent consideration arrangement | 0 | (19,171) | [1] | 0 | [1] | ||||
Other, net | (3,612) | 14,289 | [1] | 7,718 | [1] | ||||
Net cash used in investing activities | (707,311) | (853,183) | [1] | (752,004) | [1] | ||||
Cash flows from financing activities: | |||||||||
Borrowings on credit facility | 3,513,000 | 3,286,000 | [1] | 2,140,500 | [1] | ||||
Payments on credit facility | (3,651,000) | (3,568,000) | [1] | (2,340,500) | [1] | ||||
Payment of deferred financing costs | (922) | (21,898) | [1] | (12,672) | [1] | ||||
Cash paid to repurchase common stock | (55,505) | 0 | [1] | 0 | [1] | ||||
Other, net | (3,623) | 1,715 | [1] | (2,670) | [1] | ||||
Net cash used in financing activities | (385,288) | (508,977) | [1] | (108,097) | [1] | ||||
Net change in cash and cash equivalents | (70) | (6,487) | [1] | (10,354) | [1] | ||||
Balance, beginning of period | [1] | 3,395 | 9,882 | 20,236 | |||||
Balance, end of period | 3,325 | 3,395 | [1] | 9,882 | [1] | ||||
Issuance of 7.5% Senior Notes due 2030 | |||||||||
Cash flows from financing activities: | |||||||||
Issuance of 7.5% Senior Notes due 2030 | 0 | 600,000 | [1] | 650,000 | [1] | ||||
6.125% Senior Notes | |||||||||
Cash flows from financing activities: | |||||||||
Redemption of Senior Notes | 0 | (467,287) | [1] | (542,755) | [1] | ||||
9.0% Second Lien Senior Secured Notes Due 2025 | |||||||||
Cash flows from financing activities: | |||||||||
Redemption of 9.0% Second Lien Senior Secured Notes due 2025 | 0 | (339,507) | [1] | 0 | [1] | ||||
8.25% Senior Notes due 2025 | |||||||||
Cash flows from financing activities: | |||||||||
Redemption of Senior Notes | $ (187,238) | $ 0 | [1] | $ 0 | [1] | ||||
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- Definition Depreciation, Depletion And Amortization, Including Other Property, Plant, And Equipment No definition available.
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- Definition Non-Cash Gains Losses On Early Extinguishment Of Debt No definition available.
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- References No definition available.
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- Definition Amount of amortization expense attributable to debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred income tax expense (benefit) and income tax credits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The expense recorded to reduce the value of oil and gas assets consisting of proved properties and unproved properties as the estimate of future successful production from these properties is reduced. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the assets (liabilities) created through trading commodity-based derivative instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of increase (decrease) in current assets classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Other cash or noncash adjustments to reconcile net income to cash provided by (used in) operating activities that are not separately disclosed in the statement of cash flows (for example, cash received or cash paid during the current period for miscellaneous operating activities, net change during the reporting period in other assets or other liabilities). No definition available.
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- Definition Amount of cash outflow, made soon after acquisition date of business combination, to settle contingent consideration liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash (inflow) outflow from investing activities classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow to reacquire common stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow for loan origination associated cost which is usually collected through escrow. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow to purchase of mineral interests in oil and gas properties for use in the normal oil and gas operations and not intended for resale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow for exploration and development of oil and gas properties. It includes cash payments related to development of oil and gas wells drilled at previously untested geologic structures (to determine the presence of oil or gas) and wells drilled at sites where the presence of oil or gas has already been established (to extract the oil or gas). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow from issuance of long-term debt classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of cash inflow (outflow) from financing activities classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow for a long-term debt where the holder has highest claim on the entity's asset in case of bankruptcy or liquidation during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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