2024 Q4 Form 10-Q Financial Statement

#000153983824000198 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $2.645B $2.340B
YoY Change 13.03% -3.98%
Cost Of Revenue $851.0M $476.0M
YoY Change 78.78% 16.1%
Gross Profit $1.794B $1.864B
YoY Change -3.76% -8.04%
Gross Profit Margin 67.83% 79.66%
Selling, General & Admin $49.00M $34.00M
YoY Change 44.12% 0.0%
% of Gross Profit 2.73% 1.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $742.0M $442.0M
YoY Change 67.87% 31.55%
% of Gross Profit 41.36% 23.71%
Operating Expenses $826.0M $34.00M
YoY Change 2329.41% 0.0%
Operating Profit $968.0M $1.340B
YoY Change -27.76% -16.98%
Interest Expense $137.0M -$41.00M
YoY Change -434.15% -4.65%
% of Operating Profit 14.15% -3.06%
Other Income/Expense, Net $89.00M -$71.00M
YoY Change -225.35% 31.48%
Pretax Income $936.0M $1.269B
YoY Change -26.24% -18.65%
Income Tax $210.0M $276.0M
% Of Pretax Income 22.44% 21.75%
Net Earnings $677.0M $915.0M
YoY Change -26.01% -22.72%
Net Earnings / Revenue 25.6% 39.1%
Basic Earnings Per Share $3.19 $5.07
Diluted Earnings Per Share $3.31 $5.07
COMMON SHARES
Basic Shares Outstanding 292.0M shares 178.4M shares 178.8M shares
Diluted Shares Outstanding 204.7M shares 178.9M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.0M $827.0M
YoY Change -55.26% 2962.96%
Cash & Equivalents $370.0M $827.0M
Short-Term Investments
Other Short-Term Assets $96.00M $23.00M
YoY Change 317.39% -85.53%
Inventory $126.0M $70.00M
Prepaid Expenses
Receivables $1.430B $789.0M
Other Receivables $0.00 $16.00M
Total Short-Term Assets $2.022B $1.916B
YoY Change 5.53% 85.84%
LONG-TERM ASSETS
Property, Plant & Equipment $63.13B $25.37B
YoY Change 148.9% 15.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $377.0M $519.0M
YoY Change -27.36% -23.0%
Other Assets $214.0M $53.00M
YoY Change 303.77% -8.62%
Total Long-Term Assets $63.73B $26.13B
YoY Change 143.85% 14.56%
TOTAL ASSETS
Total Short-Term Assets $2.022B $1.916B
Total Long-Term Assets $63.73B $26.13B
Total Assets $65.75B $28.05B
YoY Change 134.4% 17.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $198.0M $358.0M
YoY Change -44.69% 157.55%
Accrued Expenses $1.498B $825.0M
YoY Change 81.58% 6.59%
Deferred Revenue $1.444B $782.0M
YoY Change 84.65% 23.34%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000B $0.00
YoY Change -100.0%
Total Short-Term Liabilities $4.463B $2.141B
YoY Change 108.45% 27.59%
LONG-TERM LIABILITIES
Long-Term Debt $11.92B $6.230B
YoY Change 91.38% 16.51%
Other Long-Term Liabilities $590.0M $12.00M
YoY Change 4816.67% -14.29%
Total Long-Term Liabilities $12.51B $6.242B
YoY Change 100.46% 16.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.463B $2.141B
Total Long-Term Liabilities $12.51B $6.242B
Total Liabilities $28.32B $11.07B
YoY Change 155.92% 19.17%
SHAREHOLDERS EQUITY
Retained Earnings $3.427B $2.136B
YoY Change 60.44% 995.38%
Common Stock $34.01B $14.15B
YoY Change 140.35% 3.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.43B $16.28B
YoY Change
Total Liabilities & Shareholders Equity $65.75B $28.05B
YoY Change 134.4% 17.64%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $677.0M $915.0M
YoY Change -26.01% -22.72%
Depreciation, Depletion And Amortization $742.0M $442.0M
YoY Change 67.87% 31.55%
Cash From Operating Activities $1.209B $1.358B
YoY Change -10.97% -29.45%
INVESTING ACTIVITIES
Capital Expenditures $8.479B $852.0M
YoY Change 895.19% -215.29%
Acquisitions
YoY Change
Other Investing Activities $313.0M $867.0M
YoY Change -63.9% 4463.16%
Cash From Investing Activities -$8.166B $15.00M
YoY Change -54540.0% -102.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 419.0M -564.0M
YoY Change -174.29% -54.15%
NET CHANGE
Cash From Operating Activities 1.209B 1.358B
Cash From Investing Activities -8.166B 15.00M
Cash From Financing Activities 419.0M -564.0M
Net Change In Cash -6.538B 809.0M
YoY Change -908.16% -3336.0%
FREE CASH FLOW
Cash From Operating Activities $1.209B $1.358B
Capital Expenditures $8.479B $852.0M
Free Cash Flow -$7.270B $506.0M
YoY Change -1536.76% -81.01%

Facts In Submission

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CY2023Q3 us-gaap Profit Loss
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Repayments Of Lines Of Credit
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Repayments Of Senior Debt
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us-gaap Repayments Of Senior Debt
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Conversion Of Stock Shares Converted1
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us-gaap Number Of Operating Segments
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7220000 shares
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CY2024Q1 us-gaap Sale Of Stock Price Per Share
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.</span></div>
us-gaap Use Of Estimates
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts included in or affecting the Company’s condensed consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the condensed consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements. Actual results could differ from those estimates.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, the war in Ukraine, the Israel-Hamas war and other conflicts in the Middle East, global supply chain disruptions, recent measures to combat persistent inflation and instability in the financial sector have contributed to recent economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of these events and changing market conditions. Such circumstances generally increase uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, fair value estimates of derivative instruments, the fair value determination of acquired assets and liabilities assumed and estimates of income taxes, including deferred tax valuation allowances.</span></div>
CY2023Q3 fang Number Of Counties
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us-gaap Business Acquisitions Pro Forma Revenue
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us-gaap Business Acquisitions Pro Forma Revenue
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us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
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us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2024Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
2.87
CY2023Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
5.32
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
6.79
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
12.99
CY2024Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
2.87
CY2023Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
5.32
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
6.79
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
12.99
CY2024Q3 us-gaap Property Plant And Equipment Net
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CY2023Q4 us-gaap Property Plant And Equipment Net
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us-gaap Impairment Of Oil And Gas Properties
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