Delaware |
001-33999 |
95-3848122 |
||||||
(State or other jurisdiction
of incorporation)
|
(Commission File Number) |
(IRS Employer
Identification No.)
|
4350 Baker Road, Suite 400
Minnetonka, Minnesota
|
55343 | ||||
(Address of principal executive offices) |
(Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.001 | NOG | New York Stock Exchange |
Exhibit Number | Description | |||||||
Third Amendment to the Third Amended and Restated Credit Agreement among Northern Oil and Gas, Inc., Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto, dated April 29, 2024. | ||||||||
Press release of Northern Oil and Gas, Inc., dated April 30, 2024. | ||||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
Date: April 30, 2024 |
NORTHERN OIL AND GAS, INC.
By /s/ Erik J. Romslo
Erik J. Romslo
Chief Legal Officer and Secretary
|
BORROWER: | ||||||||
NORTHERN OIL AND GAS, INC. | ||||||||
By: | /s/ Chad Allen | |||||||
Name: | Chad Allen | |||||||
Title: | Chief Financial Officer |
WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, Lender and Issuing Bank
|
||||||||
By: | /s/ Jonathan Herrick | |||||||
Name: | Jonathan Herrick | |||||||
Title: | Managing Director |
Bank of America, N.A.
as a Lender
|
||||||||
By: | /s/ Greg Smothers | |||||||
Name: | Greg Smothers | |||||||
Title: | Director |
Citibank N.A.,
as a Lender
|
||||||||
By: | /s/ Ryan Watson | |||||||
Name: | Ryan Watson | |||||||
Title: | Senior Vice President |
TRUIST BANK,
as a Lender
|
||||||||
By: | /s/ Farhan Iqbal | |||||||
Name: | Farhan Iqbal | |||||||
Title: | Director |
CAPITAL ONE, NATIONAL ASSOCIATION,
as a Lender
|
||||||||
By: | /s/ Lyle Levy | |||||||
Name: | Lyle Levy | |||||||
Title: | Director |
CITIZENS BANK, N.A.,
as a Lender
|
||||||||
By: | /s/ Scott Donaldson | |||||||
Name: | Scott Donaldson | |||||||
Title: | Senior Vice President |
FIFTH THIRD BANK, NATIONAL
ASSOCIATION,
as a Lender
|
||||||||
By: | /s/ Thomas Kleiderer | |||||||
Name: | Thomas Kleiderer | |||||||
Title: | Managing Director |
JPMorgan Chase N.A.,
as a Lender
|
||||||||
By: | /s/ Hadrien Chain | |||||||
Name: | Hadrien Chain | |||||||
Title: | Authorized Signatory |
MIZUHO BANK, LTD.,
as a Lender
|
||||||||
By: | /s/ Edward Sacks | |||||||
Name: | Edward Sacks | |||||||
Title: | Managing Director |
PNC Bank, National Association,
as a Lender
|
||||||||
By: | /s/ Danielle Hudek | |||||||
Name: | Danielle Hudek | |||||||
Title: | Vice President |
ROYAL BANK OF CANADA,
as a Lender
|
||||||||
By: | /s/ Michael Sharp | |||||||
Name: | Michael Sharp | |||||||
Title: | Authorized Signatory |
U.S. BANK NATIONAL ASSOCIATION,
as a Lender
|
||||||||
By: | /s/ Bruce Hernandez | |||||||
Name: | Bruce Hernandez | |||||||
Title: | Senior Vice President |
Cathay Bank,
as a Lender
|
||||||||
By: | /s/ Dale T Wilson | |||||||
Name: | Dale T Wilson | |||||||
Title: | Senior Vice President |
Comerica Bank,
as a Lender
|
||||||||
By: | /s/ Cassandra Lucas | |||||||
Name: | Cassandra Lucas | |||||||
Title: | Vice President |
FIRST-CITIZENS BANK & TRUST COMPANY,
as a Lender
|
||||||||
By: | /s/ John Feeley | |||||||
Name: | John Feeley | |||||||
Title: | Managing Director |
Morgan Stanley Senior Funding, Inc.,
as a Lender
|
||||||||
By: | /s/ Karina Rodriguez | |||||||
Name: | Karina Rodriguez | |||||||
Title: | Vice President |
BOKF, NA,
as a Lender
|
||||||||
By: | /s/ Benjamin H. Adler | |||||||
Name: | Benjamin H. Adler | |||||||
Title: | Senior Vice President |
Cadence Bank,
as a Lender
|
||||||||
By: | /s/ Ian Payne | |||||||
Name: | Ian Payne | |||||||
Title: | Vice President |
Goldman Sachs Lending Partners LLC,
as a Lender
|
||||||||
By: | /s/ Priyankush Goswami | |||||||
Name: | Priyankush Goswami | |||||||
Title: | Authorized Signatory |
Name of Lender | Elected Commitment |
Applicable Revolving Percentage | Term Commitment |
Applicable Term Loan Percentage |
||||||||||
Wells Fargo Bank, National Association | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
PNC Bank, National Association | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
Capital One, National Association | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
Citibank, N.A. | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
Citizens Bank, N.A. | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
Fifth Third Bank, National Association | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
Bank of America, N.A | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
Royal Bank of Canada | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
Truist Bank | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
U.S. Bank National Association | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
JPMorgan Chase Bank, N.A. | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
Mizuho Bank, Ltd. | $105,000,000.00 | 7.00% | $0.00 | 0.0% | ||||||||||
First-Citizens Bank and Trust Company | $40,000,000.00 | 2.666666667% | $0.00 | 0.0% | ||||||||||
Cathay Bank | $40,000,000.00 | 2.666666667% | $0.00 | 0.0% | ||||||||||
Morgan Stanley Senior Funding, Inc. | $40,000,000.00 | 2.666666667% | $0.00 | 0.0% | ||||||||||
Comerica Bank | $40,000,000.00 | 2.666666667% | $0.00 | 0.0% | ||||||||||
Cadence Bank | $35,000,000.00 | 2.333333333% | $0.00 | 0.0% | ||||||||||
BOKF, NA dba Bank of Oklahoma | $35,000,000.00 | 2.333333333% | $0.00 | 0.0% | ||||||||||
Goldman Sachs Lending Partners LLC | $10,000,000.00 | 0.666666667% | $0.00 | 0.0% | ||||||||||
TOTAL | $1,500,000,000.00 | 100.00% | $0.00 | 0.0% |
Original Guidance | Revised Guidance | |||||||||||||
Annual Production (Boe per day) |
115,000 - 120,000 | 115,000 - 120,000 | ||||||||||||
Annual Oil Production (Bbls per day) |
70,000 - 73,000 | 70,000 - 73,000 | ||||||||||||
Second Quarter Production (Boe per day) | — | 117,500 - 119,500 | ||||||||||||
Second Quarter Oil Production (Boe per day) | — | 69,000 - 71,000 | ||||||||||||
Total Capital Expenditures ($ in millions) |
$825 - $900 | $825 - $900 | ||||||||||||
Net Wells Turned-in-Line (“TIL”) | 87.5 - 92.5 | 87.5 - 92.5 | ||||||||||||
Net Wells Spud | 67.5 - 72.5 | 67.5 - 72.5 | ||||||||||||
Operating Expenses and Differentials: | ||||||||||||||
Production Expenses (per Boe) |
$9.25 - $10.00 | $9.25 - $9.90 | ||||||||||||
Production Taxes (as a percentage of Oil & Gas Sales) |
9.0% - 10.0% | 9.0% - 10.0% | ||||||||||||
Average Differential to NYMEX WTI (per Bbl) |
($4.00) - ($4.50) | ($4.00) - ($4.40) | ||||||||||||
Average Realization as a Percentage of NYMEX Henry Hub (per Mcf) |
80% - 85% | 80% - 85% | ||||||||||||
DD&A Rate (per Boe) |
$15.50 - $17.50 | $15.50 - $17.50 | ||||||||||||
General and Administrative Expense (per Boe): |
||||||||||||||
Non-Cash |
$0.25 - $0.30 | $0.25 - $0.30 | ||||||||||||
Cash (excluding transaction costs on non-budgeted acquisitions) |
$0.75 - $0.85 | $0.75 - $0.85 |
Three Months Ended March 31, | |||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||
Net Production: | |||||||||||||||||
Oil (Bbl) | 6,386,481 | 4,847,773 | 32 | % | |||||||||||||
Natural Gas and NGLs (Mcf) | 26,892,903 | 18,101,255 | 49 | % | |||||||||||||
Total (Boe) | 10,868,632 | 7,864,649 | 38 | % | |||||||||||||
Average Daily Production: | |||||||||||||||||
Oil (Bbl) | 70,181 | 53,864 | 30 | % | |||||||||||||
Natural Gas and NGLs (Mcf) | 295,526 | 201,125 | 47 | % | |||||||||||||
Total (Boe) | 119,436 | 87,385 | 37 | % | |||||||||||||
Average Sales Prices: | |||||||||||||||||
Oil (per Bbl) | $ | 72.92 | $ | 73.31 | (1) | % | |||||||||||
Effect of Loss on Settled Oil Derivatives on Average Price (per Bbl) | (0.84) | (1.22) | (31) | % | |||||||||||||
Oil Net of Settled Oil Derivatives (per Bbl) | 72.08 | 72.09 | — | % | |||||||||||||
Natural Gas and NGLs (per Mcf) | 2.47 | 3.91 | (37) | % | |||||||||||||
Effect of Gain on Settled Natural Gas Derivatives on Average Price (per Mcf) | 0.91 | 1.08 | (31) | % | |||||||||||||
Natural Gas and NGLs Net of Settled Natural Gas Derivatives (per Mcf) | 3.38 | 4.99 | (32) | % | |||||||||||||
Realized Price on a Boe Basis Excluding Settled Commodity Derivatives | 48.95 | 54.20 | (10) | % | |||||||||||||
Effect of Gain (Loss) on Settled Commodity Derivatives on Average Price (per Boe) | 1.76 | 1.74 | 1 | % | |||||||||||||
Realized Price on a Boe Basis Including Settled Commodity Derivatives | 50.71 | 55.94 | (9) | % | |||||||||||||
Costs and Expenses (per Boe): | |||||||||||||||||
Production Expenses | $ | 9.70 | $ | 9.93 | (2) | % | |||||||||||
Production Taxes | 4.71 | 4.44 | 6 | % | |||||||||||||
General and Administrative Expenses | 1.05 | 1.65 | (36) | % | |||||||||||||
Depletion, Depreciation, Amortization and Accretion | 16.01 | 12.03 | 33 | % | |||||||||||||
Net Producing Wells at Period End | 985.3 | 827.8 | 19 | % |
Crude Oil Commodity Derivative Swaps(1) |
Crude Oil Commodity Derivative Collars | |||||||||||||||||||||||||||||||||||||
Contract Period | Volume (Bbls/Day) | Weighted Average Price ($/Bbl) | Collar Call Volume (Bbls) | Collar Put Volume (Bbls) | Weighted Average Ceiling Price ($/Bbl) |
Weighted Average Floor Price ($/Bbl) |
||||||||||||||||||||||||||||||||
2024: | ||||||||||||||||||||||||||||||||||||||
Q2 | 27,173 | $ | 75.52 | 2,560,637 | 1,918,517 | $ | 83.84 | $ | 70.23 | |||||||||||||||||||||||||||||
Q3 | 25,621 | 74.55 | 1,725,056 | 1,573,256 | 80.90 | 71.23 | ||||||||||||||||||||||||||||||||
Q4 | 27,469 | 74.06 | 1,528,749 | 1,354,800 | 81.40 | 70.78 | ||||||||||||||||||||||||||||||||
2025: | ||||||||||||||||||||||||||||||||||||||
Q1 | 20,308 | $ | 74.96 | 413,286 | 314,849 | $ | 79.20 | $ | 67.84 | |||||||||||||||||||||||||||||
Q2 | 18,089 | 74.09 | 273,171 | 199,233 | 75.49 | 67.63 | ||||||||||||||||||||||||||||||||
Q3 | 8,504 | 72.39 | 234,994 | 161,970 | 75.76 | 67.88 | ||||||||||||||||||||||||||||||||
Q4 | 8,466 | 72.04 | 208,511 | 135,487 | 76.87 | 67.63 | ||||||||||||||||||||||||||||||||
2026: | ||||||||||||||||||||||||||||||||||||||
Q1 | 2,930 | $ | 69.05 | 43,226 | 39,289 | $ | 70.25 | $ | 62.50 | |||||||||||||||||||||||||||||
Q2 | 2,930 | 68.98 | 43,707 | 39,727 | 70.25 | 62.50 | ||||||||||||||||||||||||||||||||
Q3 | 2,930 | 68.91 | 44,187 | 40,163 | 70.25 | 62.50 | ||||||||||||||||||||||||||||||||
Q4 | 2,930 | 68.83 | 44,187 | 40,163 | 70.25 | 62.50 |
Natural Gas Commodity Derivative Swaps(1) |
Natural Gas Commodity Derivative Collars | |||||||||||||||||||||||||||||||||||||
Contract Period | Volume (MMBTU/Day) | Weighted Average Price ($/MMBTU) | Collar Call Volume (MMBTU) | Collar Put Volume (MMBTU) | Weighted Average Ceiling Price ($/MMBTU) |
Weighted Average Floor Price ($/MMBTU) |
||||||||||||||||||||||||||||||||
2024: | ||||||||||||||||||||||||||||||||||||||
Q2 | 119,514 | $ | 3.45 | 6,902,500 | 6,902,500 | $ | 4.16 | $ | 3.04 | |||||||||||||||||||||||||||||
Q3 | 118,048 | 3.47 | 7,360,000 | 7,360,000 | 4.37 | 3.05 | ||||||||||||||||||||||||||||||||
Q4 | 83,890 | 3.46 | 9,096,586 | 9,096,586 | 4.63 | 3.07 | ||||||||||||||||||||||||||||||||
2025: | ||||||||||||||||||||||||||||||||||||||
Q1 | 16,500 | $ | 3.61 | 9,196,417 | 9,196,417 | $ | 5.10 | $ | 3.13 | |||||||||||||||||||||||||||||
Q2 | 10,110 | 3.60 | 8,771,297 | 8,771,297 | 4.81 | 3.13 | ||||||||||||||||||||||||||||||||
Q3 | 10,000 | 3.60 | 8,407,569 | 8,407,569 | 4.84 | 3.13 | ||||||||||||||||||||||||||||||||
Q4 | 8,261 | 3.52 | 7,618,723 | 7,618,723 | 4.95 | 3.12 | ||||||||||||||||||||||||||||||||
2026: | ||||||||||||||||||||||||||||||||||||||
Q1 | 5,000 | $ | 3.20 | 5,828,249 | 5,828,249 | $ | 5.06 | $ | 3.09 | |||||||||||||||||||||||||||||
Q2 | 5,055 | 3.20 | 6,024,706 | 6,024,706 | 5.06 | 3.09 | ||||||||||||||||||||||||||||||||
Q3 | 5,000 | 3.20 | 6,024,706 | 6,024,706 | 5.06 | 3.09 | ||||||||||||||||||||||||||||||||
Q4 | 4,946 | 3.20 | 4,304,642 | 4,304,642 | 4.97 | 3.09 | ||||||||||||||||||||||||||||||||
2027: | ||||||||||||||||||||||||||||||||||||||
Q1 | 1,722 | $ | 3.20 | 890,000 | 890,000 | $ | 3.83 | $ | 3.00 | |||||||||||||||||||||||||||||
Q2 | — | — | 920,000 | 920,000 | 3.83 | 3.00 | ||||||||||||||||||||||||||||||||
Q3 | — | — | 920,000 | 920,000 | 3.83 | 3.00 | ||||||||||||||||||||||||||||||||
Q4 | — | — | 610,000 | 610,000 | 3.83 | 3.00 | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, |
|||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Cash Received on Settled Derivatives | $ | 19,117 | $ | 13,670 | |||||||
Non-Cash Mark-to-Market Gain (Loss) on Derivatives | (157,648) | 139,987 | |||||||||
Gain (Loss) on Commodity Derivatives, Net | $ | (138,531) | $ | 153,656 |
(In millions, except for net well data) | Three Months Ended March 31, 2024 | |||||||
Capital Expenditures Incurred: | ||||||||
Organic Drilling and Development Capital Expenditures | $ | 290.8 | ||||||
Ground Game Drilling and Development Capital Expenditures | $ | 1.0 | ||||||
Ground Game Acquisition Capital Expenditures | $ | 4.0 | ||||||
Other | $ | 2.7 | ||||||
Non-Budgeted Acquisitions | $ | 148.7 | ||||||
Net Wells Added to Production | 25.3 | |||||||
Net Producing Wells (Period-End) | 985.3 | |||||||
Net Wells in Process (Period-End) | 52.4 | |||||||
Weighted Average Gross AFE for Wells Elected to | $ | 9.4 |
Three Months Ended March 31, |
|||||||||||
(In thousands, except share and per share data) | 2024 | 2023 | |||||||||
Revenues | |||||||||||
Oil and Gas Sales | $ | 532,041 | $ | 426,234 | |||||||
Gain (Loss) on Commodity Derivatives, Net | (138,531) | 153,656 | |||||||||
Other Revenues | 2,838 | 2,324 | |||||||||
Total Revenues | 396,348 | 582,214 | |||||||||
Operating Expenses | |||||||||||
Production Expenses | 105,447 | 78,088 | |||||||||
Production Taxes | 51,210 | 34,918 | |||||||||
General and Administrative Expenses | 11,393 | 13,000 | |||||||||
Depletion, Depreciation, Amortization and Accretion | 173,958 | 94,618 | |||||||||
Other Expenses | 2,019 | 1,001 | |||||||||
Total Operating Expenses | 344,027 | 221,625 | |||||||||
Income From Operations | 52,321 | 360,589 | |||||||||
Other Income (Expense) | |||||||||||
Interest Expense, Net of Capitalization | (37,925) | (30,143) | |||||||||
Loss on Unsettled Interest Rate Derivatives, Net | — | (1,017) | |||||||||
Gain on Extinguishment of Debt, Net | — | 659 | |||||||||
Contingent Consideration Gain | — | 6,176 | |||||||||
Other Income (Expense) | 56 | 4,619 | |||||||||
Total Other Income (Expense) | (37,869) | (19,706) | |||||||||
Income Before Income Taxes | 14,452 | 340,883 | |||||||||
Income Tax Expense | 2,846 | 692 | |||||||||
Net Income | $ | 11,606 | $ | 340,191 | |||||||
Net Income Per Common Share – Basic | $ | 0.12 | $ | 4.01 | |||||||
Net Income Per Common Share – Diluted | $ | 0.11 | $ | 3.98 | |||||||
Weighted Average Common Shares Outstanding – Basic | 100,442,472 | 84,915,729 | |||||||||
Weighted Average Common Shares Outstanding – Diluted | 101,636,132 | 85,407,197 |
(In thousands, except par value and share data) | March 31, 2024 | December 31, 2023 | |||||||||
Assets | (Unaudited) | ||||||||||
Current Assets: | |||||||||||
Cash and Cash Equivalents | $ | 32,468 | $ | 8,195 | |||||||
Accounts Receivable, Net | 331,119 | 370,531 | |||||||||
Advances to Operators | 6,794 | 49,210 | |||||||||
Prepaid Expenses and Other | 2,566 | 2,489 | |||||||||
Derivative Instruments | 36,710 | 75,733 | |||||||||
Income Tax Receivable | 3,139 | 3,249 | |||||||||
Total Current Assets | 412,796 | 509,407 | |||||||||
Property and Equipment: | |||||||||||
Oil and Natural Gas Properties, Full Cost Method of Accounting | |||||||||||
Proved | 8,877,966 | 8,428,518 | |||||||||
Unproved | 34,507 | 36,785 | |||||||||
Other Property and Equipment | 8,120 | 8,069 | |||||||||
Total Property and Equipment | 8,920,593 | 8,473,372 | |||||||||
Less – Accumulated Depreciation, Depletion and Impairment | (4,715,097) | (4,541,808) | |||||||||
Total Property and Equipment, Net | 4,205,496 | 3,931,563 | |||||||||
Derivative Instruments | 1,070 | 10,725 | |||||||||
Acquisition Deposit | — | 17,094 | |||||||||
Other Noncurrent Assets, Net | 14,439 | 15,466 | |||||||||
Total Assets | $ | 4,633,801 | $ | 4,484,255 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current Liabilities: | |||||||||||
Accounts Payable | $ | 156,233 | $ | 192,672 | |||||||
Accrued Liabilities | 161,507 | 147,943 | |||||||||
Accrued Interest | 28,044 | 26,219 | |||||||||
Derivative Instruments | 80,290 | 16,797 | |||||||||
Other Current Liabilities | 1,936 | 2,130 | |||||||||
Total Current Liabilities | 428,010 | 385,761 | |||||||||
Long-term Debt, Net | 1,938,731 | 1,835,554 | |||||||||
Deferred Tax Liability | 71,249 | 68,488 | |||||||||
Derivative Instruments | 151,308 | 105,831 | |||||||||
Asset Retirement Obligations | 39,899 | 38,203 | |||||||||
Other Noncurrent Liabilities | 2,625 | 2,741 | |||||||||
Total Liabilities | $ | 2,631,822 | $ | 2,436,578 | |||||||
Commitments and Contingencies | |||||||||||
Stockholders’ Equity | |||||||||||
Common Stock, Par Value $.001; 135,000,000 Shares Authorized;
101,044,071 Shares Outstanding at 3/31/2024
100,761,148 Shares Outstanding at 12/31/2023
|
503 | 503 | |||||||||
Additional Paid-In Capital | 2,067,660 | 2,124,963 |
Retained Deficit | (66,183) | (77,790) | |||||||||
Total Stockholders’ Equity | 2,001,980 | 2,047,676 | |||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,633,801 | $ | 4,484,255 |
Three Months Ended March 31, |
|||||||||||
(In thousands, except share and per share data) | 2024 | 2023 | |||||||||
Income Before Income Taxes | $ | 14,452 | $ | 340,883 | |||||||
Add: | |||||||||||
Impact of Selected Items: | |||||||||||
(Gain) Loss on Unsettled Commodity Derivatives | 157,648 | (139,987) | |||||||||
Gain on Extinguishment of Debt | — | (659) | |||||||||
Contingent Consideration Gain | — | (6,176) | |||||||||
Acquisition Transaction Costs | 772 | 3,481 | |||||||||
Loss on Unsettled Interest Rate Derivatives | — | 1,017 | |||||||||
Adjusted Income Before Adjusted Income Tax Expense | 172,873 | 198,559 | |||||||||
Adjusted Income Tax Expense (1) |
(42,354) | (48,647) | |||||||||
Adjusted Net Income (non-GAAP) | $ | 130,519 | $ | 149,912 | |||||||
Weighted Average Shares Outstanding – Basic | 100,442,472 | 84,915,729 | |||||||||
Weighted Average Shares Outstanding – Diluted | 101,636,132 | 85,407,197 | |||||||||
Income Before Income Taxes Per Common Share – Basic | $ | 0.14 | $ | 4.01 | |||||||
Add: | |||||||||||
Impact of Selected Items | 1.58 | (1.68) | |||||||||
Impact of Income Tax | (0.42) | (0.56) | |||||||||
Adjusted Net Income Per Common Share – Basic | $ | 1.30 | $ | 1.77 | |||||||
Income Before Income Taxes Per Common Share – Adjusted Diluted | $ | 0.14 | $ | 3.99 | |||||||
Add: | |||||||||||
Impact of Selected Items | 1.56 | (1.67) | |||||||||
Impact of Income Tax | (0.42) | (0.56) | |||||||||
Adjusted Net Income Per Common Share – Adjusted Diluted | $ | 1.28 | $ | 1.76 |
Three Months Ended March 31, |
|||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Net Income | $ | 11,606 | $ | 340,191 | |||||||
Add: | |||||||||||
Interest Expense | 37,925 | 30,143 | |||||||||
Income Tax Expense (Benefit) | 2,846 | 692 | |||||||||
Depreciation, Depletion, Amortization and Accretion | 173,958 | 94,618 | |||||||||
Non-Cash Stock-Based Compensation | 2,274 | 2,151 | |||||||||
Gain on Extinguishment of Debt | — | (659) | |||||||||
Contingent Consideration Gain | — | (6,176) | |||||||||
Acquisition Transaction Costs | 772 | 3,481 | |||||||||
Loss on Unsettled Interest Rate Derivatives | — | 1,017 | |||||||||
(Gain) Loss on Unsettled Commodity Derivatives | 157,648 | (139,987) | |||||||||
Adjusted EBITDA | $ | 387,030 | $ | 325,472 |
Three Months Ended March 31, |
|||||
(In thousands) | 2024 | ||||
Net Cash Provided by Operating Activities | $ | 392,147 | |||
Exclude: Changes in Working Capital and Other Items | (39,665) | ||||
Less: Capital Expenditures (1) |
(298,507) | ||||
Free Cash Flow | $ | 53,975 |
Three Months Ended March 31, |
|||||
(In thousands) | 2024 | ||||
Cash Paid for Capital Expenditures | $ | 407,006 | |||
Less: Non-Budgeted Acquisitions | (127,834) | ||||
Plus: Change in Accrued Capital Expenditures and Other | 19,334 | ||||
Capital Expenditures | $ | 298,507 |