2020 Q2 Form 10-Q Financial Statement

#000162828020011623 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $38.53M $163.6M
YoY Change -76.45% 49.68%
Cost Of Revenue $12.85M $18.30M
YoY Change -29.79% -2.14%
Gross Profit $25.68M $145.3M
YoY Change -82.33% 60.4%
Gross Profit Margin 66.65% 88.82%
Selling, General & Admin $11.50M $14.35M
YoY Change -19.84% -27.54%
% of Gross Profit 44.78% 9.87%
Research & Development $23.00K $304.0K
YoY Change -92.43% -95.46%
% of Gross Profit 0.09% 0.21%
Depreciation & Amortization $19.19M $29.73M
YoY Change -35.43% -1.87%
% of Gross Profit 74.74% 20.45%
Operating Expenses $43.84M $62.95M
YoY Change -30.35% -16.93%
Operating Profit -$5.314M $100.7M
YoY Change -105.28% 200.28%
Interest Expense $2.964M $5.652M
YoY Change -47.56% 7.05%
% of Operating Profit 5.61%
Other Income/Expense, Net -$3.057M -$5.579M
YoY Change -45.21% 15.41%
Pretax Income -$8.371M $95.09M
YoY Change -108.8% 231.31%
Income Tax
% Of Pretax Income
Net Earnings -$8.371M $95.09M
YoY Change -108.8% 231.43%
Net Earnings / Revenue -21.73% 58.12%
Basic Earnings Per Share
Diluted Earnings Per Share -$40.50K $429.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.600M $3.906M
YoY Change -59.04% -44.99%
Cash & Equivalents $1.600M $3.906M
Short-Term Investments
Other Short-Term Assets $174.3M $26.42M
YoY Change 559.94% 1551.13%
Inventory
Prepaid Expenses
Receivables $45.48M $95.96M
Other Receivables $0.00 $0.00
Total Short-Term Assets $221.4M $126.3M
YoY Change 75.34% 17.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.211B $1.582B
YoY Change -23.46% 1.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.245M $15.84M
YoY Change -60.57% 132.93%
Total Long-Term Assets $1.217B $1.598B
YoY Change -23.83% 2.34%
TOTAL ASSETS
Total Short-Term Assets $221.4M $126.3M
Total Long-Term Assets $1.217B $1.598B
Total Assets $1.439B $1.725B
YoY Change -16.57% 3.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.870M $5.911M
YoY Change -51.45% 100.24%
Accrued Expenses $10.34M $39.11M
YoY Change -73.57% -25.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.15M $45.97M
YoY Change -67.04% -50.41%
LONG-TERM LIABILITIES
Long-Term Debt $323.0M $436.0M
YoY Change -25.92% 3.56%
Other Long-Term Liabilities $26.64M $98.57M
YoY Change -72.97% 15.82%
Total Long-Term Liabilities $349.6M $534.6M
YoY Change -34.59% 5.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.15M $45.97M
Total Long-Term Liabilities $349.6M $534.6M
Total Liabilities $364.8M $580.5M
YoY Change -37.16% -3.05%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.074B $1.144B
YoY Change
Total Liabilities & Shareholders Equity $1.439B $1.725B
YoY Change -16.57% 3.3%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$8.371M $95.09M
YoY Change -108.8% 231.43%
Depreciation, Depletion And Amortization $19.19M $29.73M
YoY Change -35.43% -1.87%
Cash From Operating Activities $86.52M $110.8M
YoY Change -21.92% 11.02%
INVESTING ACTIVITIES
Capital Expenditures -$1.388M -$39.97M
YoY Change -96.53% -26.79%
Acquisitions
YoY Change
Other Investing Activities $364.0K $18.34M
YoY Change -98.01% -21.97%
Cash From Investing Activities -$1.024M -$21.63M
YoY Change -95.27% -30.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -86.93M -89.51M
YoY Change -2.88% 31.82%
NET CHANGE
Cash From Operating Activities 86.52M 110.8M
Cash From Investing Activities -1.024M -21.63M
Cash From Financing Activities -86.93M -89.51M
Net Change In Cash -1.440M -341.0K
YoY Change 322.29% -142.63%
FREE CASH FLOW
Cash From Operating Activities $86.52M $110.8M
Capital Expenditures -$1.388M -$39.97M
Free Cash Flow $87.91M $150.8M
YoY Change -41.7% -2.35%

Facts In Submission

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ImpairmentOfOilAndGasProperties
0 USD
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
550000 USD
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
554000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
519000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
516000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
70837000 USD
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-11996000 USD
bsm Payments For Proceeds From Derivative Instruments
PaymentsForProceedsFromDerivativeInstruments
-45506000 USD
bsm Payments For Proceeds From Derivative Instruments
PaymentsForProceedsFromDerivativeInstruments
-4674000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
-420000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
13039000 USD
us-gaap Capitalized Exploratory Well Cost Charged To Expense1
CapitalizedExploratoryWellCostChargedToExpense1
0 USD
us-gaap Capitalized Exploratory Well Cost Charged To Expense1
CapitalizedExploratoryWellCostChargedToExpense1
3000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-33544000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-17212000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1163000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
976000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-10790000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-7405000 USD
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-87000 USD
us-gaap Increase Decrease In Asset Retirement Obligations
IncreaseDecreaseInAssetRetirementObligations
-299000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
157969000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
200976000 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
28000 USD
us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
40676000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
4146000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
50121000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
782000 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
871000 USD
us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
10000 USD
us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
2152000 USD
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
1266000 USD
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
320000 USD
bsm Proceeds From Farm Out Of Oil And Gas Properties
ProceedsFromFarmOutOfOilAndGasProperties
4067000 USD
bsm Proceeds From Farm Out Of Oil And Gas Properties
ProceedsFromFarmOutOfOilAndGasProperties
47487000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
367000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-46013000 USD
bsm Proceeds From Issuance Of Common Units Net Of Offering Costs
ProceedsFromIssuanceOfCommonUnitsNetOfOfferingCosts
0 USD
bsm Proceeds From Issuance Of Common Units Net Of Offering Costs
ProceedsFromIssuanceOfCommonUnitsNetOfOfferingCosts
-43000 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
0 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
2982000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
89000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
172500000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
160000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
146500000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-164855000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-156471000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6519000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1508000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8119000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5414000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1600000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3906000 USD
us-gaap Interest Paid Net
InterestPaidNet
6934000 USD
us-gaap Interest Paid Net
InterestPaidNet
10618000 USD
CY2020Q2 bsm Cost Method Investments Maximum Ownership Percentage For Accounting Purposes
CostMethodInvestmentsMaximumOwnershipPercentageForAccountingPurposes
0.20
CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
45480000 USD
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
78214000 USD
CY2020Q2 bsm Number Of Agreements
NumberOfAgreements
2 numberOfAgreements
CY2020Q2 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
227000 USD
CY2020Q2 bsm Disposal Group Including Discontinued Operation Unproved Oil And Natural Gas Properties
DisposalGroupIncludingDiscontinuedOperationUnprovedOilAndNaturalGasProperties
118277000 USD
CY2020Q2 bsm Disposal Group Including Discontinued Operation Proved Oil And Natural Gas Properties
DisposalGroupIncludingDiscontinuedOperationProvedOilAndNaturalGasProperties
7987000 USD
CY2020Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
126491000 USD
CY2019 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
44000000.0 USD
CY2019 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
100000 USD
CY2017 bsm Number Of Arrangements
NumberOfArrangements
2 arrangements
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
51000000.0 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 USD
CY2020Q2 bsm Derivatives Number Of Counterparties
DerivativesNumberOfCounterparties
9 counterparty
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
49868000 USD
CY2020Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
4267000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
45601000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
9316000 USD
CY2020Q2 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
4267000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
5049000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
19741000 USD
CY2019Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
4343000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
15398000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
4520000 USD
CY2019Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
4343000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
177000 USD
CY2020Q2 us-gaap Profit Loss
ProfitLoss
-8371000 USD
CY2019Q2 us-gaap Profit Loss
ProfitLoss
95087000 USD
us-gaap Profit Loss
ProfitLoss
67741000 USD
us-gaap Profit Loss
ProfitLoss
104104000 USD
CY2020Q2 bsm Distributable Preferred Stock Dividends
DistributablePreferredStockDividends
5250000 USD
CY2019Q2 bsm Distributable Preferred Stock Dividends
DistributablePreferredStockDividends
5250000 USD
bsm Distributable Preferred Stock Dividends
DistributablePreferredStockDividends
10500000 USD
bsm Distributable Preferred Stock Dividends
DistributablePreferredStockDividends
10500000 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13621000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
89837000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
57241000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
93604000 USD
CY2020Q2 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
0 USD
CY2019Q2 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
0 USD
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
0 USD
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
0 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13621000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
89837000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
57241000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
93604000 USD
CY2020Q2 us-gaap Partners Capital Distribution Amount Per Share
PartnersCapitalDistributionAmountPerShare
1.35
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
75000000.0 USD
CY2020Q2 bsm Derivatives Number Of Counterparties
DerivativesNumberOfCounterparties
9 counterparty
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
51000000.0 USD

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