Annual report pursuant to Section 13 and 15(d)

Acquisitions and Divestitures (Tables)

v3.10.0.1
Acquisitions and Divestitures (Tables)
12 Months Ended
Dec. 31, 2018
Acquisitions and Divestitures [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
We accounted for the Hunt Acquisition by applying the acquisition method of accounting as of March 1, 2018. The following table represents the final fair values assigned to the net assets acquired and the total acquisition cost incurred, including consideration transferred to Hunt:
Assets
 
 
Oil and gas properties - proved
 
$
82,443

Oil and gas properties - unproved
 
16,339

Liabilities
 
 
Revenue suspense
 
1,448

Asset retirement obligations
 
356

Net assets acquired
 
$
96,978

 
 
 
Cash consideration paid to Hunt, net
 
$
82,955

Application of working capital adjustments
 
245

Accumulated costs, net of suspended revenues, for wells in which Hunt had rights to participate
 
13,778

Total acquisition costs incurred
 
$
96,978

We accounted for the Devon Acquisition by applying the acquisition method of accounting as of the Date of Acquisition. The following table represents the final fair values assigned to the net assets acquired and the total consideration transferred:
Assets
 
 
Oil and gas properties - proved
 
$
42,866

Oil and gas properties - unproved
 
146,686

Other property and equipment
 
8,642

Liabilities
 
 
Revenue suspense
 
355

Asset retirement obligations
 
494

Net assets acquired
 
$
197,345

 
 
 
Cash consideration paid to Devon and tag-along parties, net
 
$
190,277

Amount transferred to Devon from the Escrow Account
 
9,519

Application of working capital adjustments, net
 
(2,451
)
Total consideration
 
$
197,345

Business Acquisition, Pro Forma Information [Table Text Block]
The following table presents unaudited summary pro forma financial information for the years ended December, 31, 2018 and 2017 assuming the Hunt and Devon Acquisitions and the related entry into the Second Lien Facility occurred as of January 1, 2017. The pro forma financial information does not purport to represent what our actual results of operations would have been if the Hunt and Devon Acquisitions and the entry into the Second Lien Facility had occurred as of this date, or the results of operations for any future periods. We have excluded any pro forma presentations for the Successor and Predecessor periods in 2016 as the determination of such pro forma adjustments are not practical due primarily to our reorganization and the adoption of Fresh Start Accounting and the full cost method on the Emergence Date. In light of these circumstances, we also believe that such a pro forma presentation for 2016 would not be comparable and could potentially be misleading.
 
Year Ended December 31,
 
2018
 
2017
Total revenues
$
446,077

 
$
209,015

Net income attributable to common shareholders
$
227,930

 
$
30,861

Net income per share - basic
$
15.14

 
$
2.06

Net income per share - diluted
$
14.91

 
$
2.05