Stockholders' Equity |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Equity [Abstract] | |
| Stockholders' Equity | Stockholders’ Equity Share Repurchase Program
On May 2, 2023, the Board of Directors approved a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company is authorized to repurchase up to $300.0 million of its outstanding common stock through the second quarter of 2025. Repurchases under the Share Repurchase Program may be made, from time to time, in amounts and at prices the Company deems appropriate and will be subject to a variety of factors, including the market price of the Company’s common stock, general market and economic conditions and applicable legal requirements. The Share Repurchase Program may be suspended, modified or discontinued by the Board of Directors at any time without prior notice. Pursuant to the Merger Agreement, we are restricted from making further repurchases under such program without APA’s approval.
During the year ended December 31, 2023, the Company repurchased and retired 1.7 million shares of common stock at a weighted average purchase price of $33.59 per common share for a total cost of approximately $55.5 million. As of December 31, 2023, the remaining authorized repurchase amount under the Share Repurchase Program was $244.5 million.
Percussion Acquisition
During the year ended December 31, 2023, the Company issued approximately 6.2 million shares of common stock in connection with the Percussion Acquisition. See “Note 5 – Acquisitions and Divestitures” for additional details.
Second Lien Note Exchange
On November 3, 2021, at a special meeting of shareholders, the Company obtained the requisite shareholder approval for the issuance of approximately 5.5 million shares of the Company’s common stock in exchange for an aggregate of $197.0 million principal amount of Second Lien Notes. The exchange was completed on November 5, 2021 and the exchanged Second Lien Notes were immediately cancelled.
Primexx Acquisition
During the fourth quarter of 2021, the Company issued approximately 9.0 million shares of common stock in connection with the Primexx Acquisition, inclusive of the shares of common stock issued to those certain interest owners who exercised their option to sell their interest in the properties included in the Primexx Acquisition. See “Note 5 – Acquisitions and Divestitures” for additional details.
Warrant Exercises
During the year ended December 31, 2021, holders of the September 2020 Warrants and November 2020 Warrants provided notice and exercised all outstanding warrants. As a result of the exercises in 2021, the Company issued a total of 6.9 million shares of its common stock in exchange for 9.0 million outstanding warrants determined on a net shares settlement basis. A detailed discussion of the Company’s September 2020 Warrants and November 2020 Warrants can be found in “Part II, Item 8. Financial Statements and Supplementary Data, Note 7 – Borrowings” of its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 24, 2022. As of December 31, 2023, December 31, 2022 and December 31, 2021, no September 2020 or November 2020 Warrants were outstanding.
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