CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
| REVENUES: | ||||
| Net gain (loss) on natural gas, oil and NGL derivatives | $ 39,417 | $ (474,895) | $ 514,266 | $ (1,436,317) |
| Total revenues | 266,667 | 191,102 | 1,302,594 | 348,620 |
| OPERATING EXPENSES: | ||||
| Lease operating expenses | 15,627 | 15,363 | 51,644 | 47,246 |
| Taxes other than income | 7,216 | 16,529 | 25,849 | 45,679 |
| Transportation, gathering, processing and compression | 86,602 | 89,234 | 259,883 | 261,778 |
| Depreciation, depletion and amortization | 79,505 | 64,419 | 238,747 | 189,305 |
| General and administrative expenses | 9,894 | 8,752 | 27,238 | 24,128 |
| Restructuring costs | 0 | 4,762 | 0 | |
| Accretion expense | 639 | 673 | 2,117 | 2,057 |
| Total operating expenses | 199,483 | 194,970 | 610,240 | 570,193 |
| INCOME (LOSS) FROM OPERATIONS | 67,184 | (3,868) | 692,354 | (221,573) |
| OTHER EXPENSE (INCOME): | ||||
| Interest expense | 14,919 | 15,461 | 42,402 | 43,679 |
| Other, net | (1,438) | (857) | (20,492) | (11,385) |
| Total other expense | 13,481 | 14,604 | 21,910 | 32,294 |
| INCOME (LOSS) BEFORE INCOME TAXES | 53,703 | (18,472) | 670,444 | (253,867) |
| INCOME TAX BENEFIT: | ||||
| Current | 0 | 0 | 0 | 0 |
| Deferred | (554,741) | 0 | (554,741) | 0 |
| Total income tax benefit | (554,741) | 0 | (554,741) | 0 |
| NET INCOME (LOSS) | 608,444 | (18,472) | 1,225,185 | (253,867) |
| Dividends on preferred stock | (1,133) | (1,309) | (3,718) | (4,136) |
| Participating securities - preferred stock | (89,756) | 0 | (180,394) | 0 |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 517,555 | $ (19,781) | $ 1,041,073 | $ (258,003) |
| NET INCOME (LOSS) PER COMMON SHARE: | ||||
| Basic (in usd per share) | $ 27.72 | $ (1.01) | $ 55.72 | $ (12.58) |
| Diluted (in usd per share) | $ 27.37 | $ (1.01) | $ 55.08 | $ (12.58) |
| Weighted average common shares outstanding - Basic (in shares) | 18,670 | 19,635 | 18,686 | 20,514 |
| Weighted average common shares outstanding - Diluted (in shares) | 18,954 | 19,635 | 18,937 | 20,514 |
| Natural gas sales | ||||
| REVENUES: | ||||
| Revenue from contract with customer | $ 177,401 | $ 585,596 | $ 619,181 | $ 1,529,898 |
| Oil and condensate sales | ||||
| REVENUES: | ||||
| Revenue from contract with customer | 22,896 | 36,050 | 76,212 | 111,298 |
| Natural gas liquid sales | ||||
| REVENUES: | ||||
| Revenue from contract with customer | $ 26,953 | $ 44,351 | $ 92,935 | $ 143,741 |
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- Definition Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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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 Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of operating lease expense. Excludes sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders. Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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- Definition Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition All taxes not related to income of the entity or excise or sales taxes levied on the revenue of the entity that are not reported elsewhere. These taxes could include production, real estate, personal property, and pump tax. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of undistributed earnings (loss) allocated to participating securities for the basic earnings (loss) per share or per unit calculation under the two-class method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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