Performance Summary

Operational Statistics


Years ended December 31



2018 2017 2016
Daily production volumes by product


Crude oil (Bbls/d) 38,992 34,428 25,745
NGLs (Bbls/d) 10,139 6,376 4,885
Natural gas (Mcf/d) 67,503 78,006 69,873
Total barrels of oil equivalent (Boe/d) 60,382 53,805 42,276
Proved reserves by product


Crude oil (MMBbls) 179.7 167.4 128.4
NGLs (MMBbls) 69.1 42.6 23.9
Natural gas (Bcf) 483.1 310.5 287.5
Total proved reserves (MMBoe) 329.4 261.7 200.2
Costs incurred


Property acquisition costs ($MM) $229.6 $828.4 $204.2
Exploration and development costs ($MM) $858.2 $661.0 $411.6
Total costs incurred ($MM) $1,087.8 $1,489.4 $615.8

Mcf = Thousand cubic feet
Bcf = Billion cubic feet
MMBbls = Millions barrels
MMBoe = Million barrels of oil equivalent

Summary of Consolidated Financial Performance


In millions, except per share amounts. Years ended December 31.



2018 2017 2016
Total revenues $1,065.9 $745.9 $443.6
Net income (loss) attributable to common shareholders $376.1 $78.5 ($675.5)
Adjusted net income attributable to common shareholders* $242.3 $105.5 $68.4
Net income (loss) attributable to common shareholders per diluted common share $4.32 $1.06 ($11.27)
Adjusted net income attributable to common sharesholders per diluted common share $2.78 $1.43 $1.13
Net cash provided by operating activities $653.6 $423.0 $272.8
Total assets $3,185.1 $2,778.3 $1,626.3
Long-term debt $1,633.6 $1,629.2 $1,325.4
Total shareholders' equity $980.9 $370.9 $23.5
Adjusted diluted weighted average common shares outstanding 87.1 74.0 60.6

* See tables below for the reconciliation of adjusted net income attributable to common shareholders to its most directly comparable GAAP financial measure, Net income (loss) attributable to common shareholders

Regulation G – Non-GAAP Financial Measures

This sustainability report contains measures which may be deemed "non-GAAP financial measures" as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended.

Reconciliation of Net Income (Loss) Attributable to Common Shareholders (GAAP) to Adjusted Net Income Attributable to Common Shareholders (Non-GAAP)

Adjusted net income attributable to common shareholders is a non-GAAP financial measure which excludes certain items that are included in net income (loss) attributable to common shareholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.

Adjusted net income attributable to common shareholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net income attributable to common shareholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the oil and gas exploration and production industry.

Adjusted net income attributable to common shareholders should not be considered in isolation or as a substitute for net income (loss) attributable to common shareholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net income (loss) attributable to common shareholders and adjusted net income attributable to common shareholders is presented below. Because adjusted net income attributable to common shareholders excludes some, but not all, items that affect net income (loss) attributable to common shareholders and may vary among companies, our calculation of adjusted net income attributable to common shareholders may not be comparable to similarly titled measures of other companies.

In millions, except per share amounts. Years Ended December 31.


2018 2017 2016
Net Income (Loss) Attributable to Common Shareholders (GAAP) $376.1 $78.5 ($675.5)
Loss on redemption of preferred stock 7.1
Income tax expense 5.2 4.0
(Gain) loss on derivatives, net (6.7) 59.1 49.1
Cash received (paid) for derivative settlements, net (96.3) 7.8 119.4
Non-cash general and administrative, net 13.6 15.3 36.0
Impairment of proved oil and gas properties 576.5
Loss on extinguishment of debt 9.6 4.2
Non-recurring and other (income) expense, net 3.2 2.2 0.6
Adjusted income before income taxes 311.8 171.0 106.1
Adjusted income tax expense (1) (69.5) (65.5) (37.8)
Adjusted Net Income Attributable to Common Shareholders (Non-GAAP) $242.3 $105.5 $68.4




Net Income (Loss) Attributable to Common Shareholders Per Diluted Common Share (GAAP) $4.32 $1.06 ($11.27)
Loss on redemption of preferred stock 0.08
Income tax expense 0.06 0.05
(Gain) loss on derivatives, net (0.08) 0.80 0.81
Cash received (paid) for derivative settlements, net (1.11) 0.11 1.97
Non-cash general and administrative, net 0.16 0.21 0.60
Impairment of proved oil and gas properties 9.51
Loss on extinguishment of debt 0.11 0.06
Non-recurring and other (income) expense, net 0.04 0.02 0.01
Effect of dilutive securities due to adjusted net income attributable to common shareholders 0.12(2)
Adjusted income before income taxes 3.58 2.31 1.75
Adjusted income tax expense (1) (0.80) (0.88) (0.62)
Adjusted Net Income Attributable to Common Shareholders Per Diluted Common Share (Non-GAAP) $2.78 $1.43 $1.13




Diluted WASO (GAAP) 87.1 74.0 59.9
Dilutive shares adjustment 0.7
Adjusted Diluted WASO (Non-GAAP) 87.1 74.0 60.6(2)

(1) For the years ended December 31, 2018, 2017, and 2016, adjusted income tax expense was calculated using a rate of 22.3%, 38.3%, and 35.6%, respectively, which approximates the Company's statutory tax rate for the applicable period adjusted for ordinary permanent differences.

(2) Adjusted diluted weighted average common shares outstanding (“Adjusted Diluted WASO”) is a non-GAAP financial measure which includes the effect of potentially dilutive instruments that, under certain circumstances described below, are excluded from diluted weighted average common shares outstanding (“Diluted WASO”), the most directly comparable GAAP financial measure. When a net loss attributable to common shareholders exists, all potentially dilutive instruments are anti-dilutive to the net loss attributable to common shareholders per common share and therefore excluded from the computation of Diluted WASO. The effect of potentially dilutive instruments is included in the computation of Adjusted Diluted WASO for purposes of computing the per diluted common share impacts of the reconciling items as well as adjusted net income attributable to common shareholders per diluted common share.

None of the information furnished above will be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor will it be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information above is not intended to, and does not, constitute a determination or admission by the Company, that the information is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.