2023 Q4 Form 10-K Financial Statement

#000165856624000018 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $1.123B $3.121B
YoY Change 47.41% 46.43%
Cost Of Revenue $214.8M $614.5M
YoY Change 68.49% 87.59%
Gross Profit $907.9M $2.506B
YoY Change 43.2% 38.96%
Gross Profit Margin 80.87% 80.31%
Selling, General & Admin $39.46M $164.4M
YoY Change -48.61% 1.29%
% of Gross Profit 4.35% 6.56%
Research & Development $4.331M $16.80M
YoY Change 20.31% 93.06%
% of Gross Profit 0.48% 0.67%
Depreciation & Amortization $367.4M $1.008B
YoY Change 101.77% 126.57%
% of Gross Profit 40.47% 40.2%
Operating Expenses $442.5M $2.025B
YoY Change 56.54% 80.38%
Operating Profit $465.3M $1.097B
YoY Change 32.46% 8.83%
Interest Expense $127.7M $177.2M
YoY Change -228.43% 85.28%
% of Operating Profit 27.43% 16.16%
Other Income/Expense, Net $1.648M -$60.86M
YoY Change 449.33% -55.71%
Pretax Income $491.5M $1.036B
YoY Change 105.14% 19.02%
Income Tax $78.89M $155.9M
% Of Pretax Income 16.05% 15.06%
Net Earnings $255.4M $476.3M
YoY Change 207.29% -7.52%
Net Earnings / Revenue 22.74% 15.26%
Basic Earnings Per Share $1.36
Diluted Earnings Per Share $0.51 $1.24
COMMON SHARES
Basic Shares Outstanding 349.2M shares
Diluted Shares Outstanding 389.1M shares

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.29M $73.29M
YoY Change 23.18% 23.18%
Cash & Equivalents $73.29M $73.29M
Short-Term Investments
Other Short-Term Assets $96.04M $96.04M
YoY Change -20.89% -20.89%
Inventory
Prepaid Expenses
Receivables $477.4M $477.4M
Other Receivables $3.690M $3.690M
Total Short-Term Assets $650.4M $650.4M
YoY Change 40.23% 40.23%
LONG-TERM ASSETS
Property, Plant & Equipment $43.65M $14.15B
YoY Change 187.66% 77.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $176.1M $160.9M
YoY Change 135.99% 115.66%
Total Long-Term Assets $14.32B $14.32B
YoY Change 78.3% 78.3%
TOTAL ASSETS
Total Short-Term Assets $650.4M $650.4M
Total Long-Term Assets $14.32B $14.32B
Total Assets $14.97B $14.97B
YoY Change 76.22% 76.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $94.53M $94.53M
YoY Change 83.76% 76.04%
Accrued Expenses $578.5M $578.5M
YoY Change 100.88% 100.88%
Deferred Revenue $527.5M
YoY Change 110.89%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $753.0K $753.0K
YoY Change
Total Short-Term Liabilities $1.242B $1.242B
YoY Change 105.02% 105.01%
LONG-TERM LIABILITIES
Long-Term Debt $3.864B $3.864B
YoY Change 80.47% 80.47%
Other Long-Term Liabilities $73.15M $208.0M
YoY Change 2178.11% 143.33%
Total Long-Term Liabilities $73.15M $4.072B
YoY Change 2178.11% 82.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.242B $1.242B
Total Long-Term Liabilities $73.15M $4.072B
Total Liabilities $5.736B $8.629B
YoY Change 102.23% 55.3%
SHAREHOLDERS EQUITY
Retained Earnings $569.1M
YoY Change 139.91%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.336B $6.336B
YoY Change
Total Liabilities & Shareholders Equity $14.97B $14.97B
YoY Change 76.22% 76.22%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $255.4M $476.3M
YoY Change 207.29% -7.52%
Depreciation, Depletion And Amortization $367.4M $1.008B
YoY Change 101.77% 126.57%
Cash From Operating Activities $846.0M $2.213B
YoY Change 60.14% 61.37%
INVESTING ACTIVITIES
Capital Expenditures $461.9M $1.559B
YoY Change 23.49% 101.18%
Acquisitions -$39.83M
YoY Change -108.02%
Other Investing Activities -$21.33M -$19.00M
YoY Change -132.62% -95.58%
Cash From Investing Activities -$483.2M -$1.578B
YoY Change 56.58% 30.98%
FINANCING ACTIVITIES
Cash Dividend Paid $141.9M
YoY Change 883.97%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -501.2M -$631.2M
YoY Change 155.98% 491.97%
NET CHANGE
Cash From Operating Activities 846.0M $2.213B
Cash From Investing Activities -483.2M -$1.578B
Cash From Financing Activities -501.2M -$631.2M
Net Change In Cash -138.4M $3.932M
YoY Change -679.13% -93.45%
FREE CASH FLOW
Cash From Operating Activities $846.0M $2.213B
Capital Expenditures $461.9M $1.559B
Free Cash Flow $384.1M $654.1M
YoY Change 148.95% 9.65%

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-22156000 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2907000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
90929000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
16016000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2213499000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1371671000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
525619000 usd
CY2023 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
234288000 usd
CY2022 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
8858000 usd
CY2021 us-gaap Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
6510000 usd
CY2023 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
1524899000 usd
CY2022 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
771577000 usd
CY2021 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
319640000 usd
CY2023 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-39832000 usd
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
496671000 usd
CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 usd
CY2023 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
34483000 usd
CY2022 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
3563000 usd
CY2021 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
901000 usd
CY2023 us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
60000000 usd
CY2022 us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
0 usd
CY2021 us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
0 usd
CY2023 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
115459000 usd
CY2022 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
75620000 usd
CY2021 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
100575000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1578379000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1205049000 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-226476000 usd
CY2023 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
1950000000 usd
CY2022 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
1115000000 usd
CY2021 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
570000000 usd
CY2023 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
2335000000 usd
CY2022 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
755000000 usd
CY2021 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
875000000 usd
CY2023 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
830000000 usd
CY2022 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
400000000 usd
CY2021 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 usd
CY2023 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
997500000 usd
CY2022 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 usd
CY2021 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
170000000 usd
CY2023 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
15169000 usd
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
19833000 usd
CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
6421000 usd
CY2023 cdev Payment Of Debt Premium Charges
PaymentOfDebtPremiumCharges
0 usd
CY2022 cdev Payment Of Debt Premium Charges
PaymentOfDebtPremiumCharges
0 usd
CY2021 cdev Payment Of Debt Premium Charges
PaymentOfDebtPremiumCharges
14688000 usd
CY2023 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 usd
CY2022 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
0 usd
CY2021 us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
127073000 usd
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
534000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
109000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
132000 usd
CY2023 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
162420000 usd
CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
19010000 usd
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
14497000 usd
CY2023 us-gaap Payments Of Dividends
PaymentsOfDividends
141947000 usd
CY2022 us-gaap Payments Of Dividends
PaymentsOfDividends
14426000 usd
CY2021 us-gaap Payments Of Dividends
PaymentsOfDividends
0 usd
CY2023 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
94686000 usd
CY2022 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
13465000 usd
CY2021 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-631188000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-106625000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-297547000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3932000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
59997000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1596000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69932000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9935000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8339000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73864000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69932000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9935000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
140069000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
60700000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
57943000 usd
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
3603000 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
613000 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
CY2023 us-gaap Stock Issued1
StockIssued1
4873949000 usd
CY2022 us-gaap Stock Issued1
StockIssued1
3317797000 usd
CY2021 us-gaap Stock Issued1
StockIssued1
0 usd
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
325069000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
166062000 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
29128000 usd
CY2023Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities
344223000 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities
0 usd
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities
0 usd
CY2023 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
83446000 usd
CY2022 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
22648000 usd
CY2021 us-gaap Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
249000 usd
CY2023Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
3504000 usd
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
1059000 usd
CY2021Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
73290000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
59545000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9380000 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
574000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
10387000 usd
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
555000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73864000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69932000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9935000 usd
CY2021 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
14497000 usd
CY2021 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
96000 usd
CY2021 cdev Adjustments To Additional Paid In Capital Premiums On Capped Call Transactions
AdjustmentsToAdditionalPaidInCapitalPremiumsOnCappedCallTransactions
14688000 usd
CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
37541000 usd
CY2021 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
132000 usd
CY2021 us-gaap Profit Loss
ProfitLoss
138175000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2750720000 usd
CY2022 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 usd
CY2022 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2087207000 usd
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
704000 usd
CY2022 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
18102000 usd
CY2022 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
604000 usd
CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
116480000 usd
CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
109000 usd
CY2022 us-gaap Dividends
Dividends
15485000 usd
CY2022 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
13465000 usd
CY2022 us-gaap Profit Loss
ProfitLoss
749840000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5656296000 usd
CY2023 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
75960000 usd
CY2023 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
86460000 usd
CY2023 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
241000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
78418000 usd
CY2023 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
534000 usd
CY2023 us-gaap Dividends
Dividends
144393000 usd
CY2023 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
94683000 usd
CY2023 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
29611000 usd
CY2023 cdev Equity Impact Tax Expense Benefit
EquityImpactTaxExpenseBenefit
2000000.0 usd
CY2023 cdev Adjustments To Additional Paid In Capital Equity Impact
AdjustmentsToAdditionalPaidInCapitalEquityImpact
2019000 usd
CY2023 us-gaap Profit Loss
ProfitLoss
879703000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9229748000 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and accordingly, actual results could differ from amounts previously established. Additionally, the prices received for oil, natural gas and NGL production can heavily influence the Company’s assumptions, judgments and estimates, and continued volatility of oil and gas prices could have a significant impact on the Company’s estimates.</span></div>The more significant areas requiring the use of assumptions, judgments and estimates include: (i) oil and natural gas reserves; (ii) cash flow estimates used in impairment tests for long-lived assets; (iii) impairment expense of unproved properties; (iv) depreciation, depletion and amortization; (v) asset retirement obligations; (vi) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vii) accrued revenues and related receivables; (viii) accrued liabilities; (ix) derivative valuations; (x) deferred income taxes; and (xi) determining the fair values of certain stock-based compensation awards.
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Credit Risk and Other Concentrations</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Permian Resources is exposed to credit risk in the event of nonpayment by counterparties. The Company normally sells production to a relatively small number of customers, as is customary in its business. The table below summarizes the purchasers that accounted for 10% or more of the Company’s total net revenues for the periods presented: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.712%"><tr><td style="width:1.0%"></td><td style="width:58.121%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.724%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.724%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.727%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">BP America</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">50 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Shell Trading (US) Company</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Enterprise Crude Oil, LLC</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Kinetik Holdings Inc.</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During these periods, no other purchaser accounted for 10% or more of the Company’s net revenues. The loss of any of the Company’s major purchasers could materially and adversely affect its revenues in the short-term. However, based on the demand for oil and natural gas and the availability of other purchasers, the Company believes that the loss of any major purchaser would not have a material adverse effect on its financial condition and results of operations because crude oil and natural gas are fungible products with well-established markets and numerous purchasers.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By using derivative instruments to economically hedge exposures to changes in commodity prices, the Company also exposes itself to credit risk. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company minimizes the credit risk in derivative instruments by: (i) limiting its exposure to any single counterparty; and (ii) only entering into hedging arrangements with counterparties that are also participants in OpCo’s credit agreement, all of which have investment-grade credit ratings.</span></div>
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KPMG LLP
CY2023 dei Auditor Location
AuditorLocation
Dallas, Texas
CY2023 dei Auditor Firm
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185

Files In Submission

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