2023 Q1 Form 10-K Financial Statement

#000089353823000014 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $573.5M $671.3M $3.359B
YoY Change -33.3% -21.48% 28.05%
Cost Of Revenue $142.3M $150.7M $620.9M
YoY Change -1.62% 5.15% 22.85%
Gross Profit $431.2M $520.7M $2.738B
YoY Change -39.71% -26.84% 29.29%
Gross Profit Margin 75.18% 77.56% 81.51%
Selling, General & Admin $27.67M $32.84M $114.6M
YoY Change 10.69% -11.38% 2.33%
% of Gross Profit 6.42% 6.31% 4.18%
Research & Development $18.43M $10.83M $54.94M
YoY Change 103.71% -13.74% 39.82%
% of Gross Profit 4.27% 2.08% 2.01%
Depreciation & Amortization $154.2M $143.6M $603.8M
YoY Change -3.32% -28.2% -22.03%
% of Gross Profit 35.76% 27.58% 22.05%
Operating Expenses $210.4M $188.2M $776.8M
YoY Change 8.57% -25.05% -20.06%
Operating Profit $272.0M $332.5M $1.579B
YoY Change 167.4% -27.82% 655.29%
Interest Expense $22.46M -$11.47M $120.3M
YoY Change -42.98% -34.68% -24.95%
% of Operating Profit 8.26% -3.45% 7.62%
Other Income/Expense, Net $4.470M $3.310M $4.240M
YoY Change -717.4% 445.3% -1013.79%
Pretax Income $254.1M $323.3M $1.396B
YoY Change 312.26% -25.66% 2923.31%
Income Tax $55.51M $64.87M $283.8M
% Of Pretax Income 21.85% 20.06% 20.33%
Net Earnings $198.6M $258.5M $1.112B
YoY Change 307.17% -39.17% 2969.23%
Net Earnings / Revenue 34.62% 38.5% 33.11%
Basic Earnings Per Share $1.63 $9.09
Diluted Earnings Per Share $1.62 $2.09 $8.96
COMMON SHARES
Basic Shares Outstanding 121.9M shares 122.8M shares 122.4M shares
Diluted Shares Outstanding 122.3M shares 124.1M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $477.9M $445.0M $445.0M
YoY Change 13.81% 33.75% 33.75%
Cash & Equivalents $477.9M $445.0M $445.0M
Short-Term Investments
Other Short-Term Assets $90.60M $58.91M $58.91M
YoY Change 406.92% 77.06% 77.06%
Inventory
Prepaid Expenses
Receivables $187.8M $233.3M $184.5M
Other Receivables $0.00 $0.00 $48.84M
Total Short-Term Assets $756.3M $737.2M $737.2M
YoY Change -0.34% 20.22% 20.22%
LONG-TERM ASSETS
Property, Plant & Equipment $5.030B $4.883B $4.909B
YoY Change 9.74% 6.7% 6.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.96M $71.59M $69.69M
YoY Change 53.0% 60.69% 170.47%
Total Long-Term Assets $5.114B $4.979B $4.979B
YoY Change 10.29% 7.75% 7.75%
TOTAL ASSETS
Total Short-Term Assets $756.3M $737.2M $737.2M
Total Long-Term Assets $5.114B $4.979B $4.979B
Total Assets $5.870B $5.716B $5.716B
YoY Change 8.79% 9.21% 9.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $522.3M $43.90M $43.90M
YoY Change 1.5% 75.09% 75.09%
Accrued Expenses $125.6M $433.3M
YoY Change 76.83% -5.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $563.1M $598.6M $598.6M
YoY Change -46.81% -32.69% -32.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.573B $1.572B $1.572B
YoY Change -20.57% -24.46% -24.46%
Other Long-Term Liabilities $59.64M $69.60M $179.0M
YoY Change -13.88% 3.01% -6.09%
Total Long-Term Liabilities $2.077B $2.032B $1.751B
YoY Change -6.51% -10.94% -22.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $563.1M $598.6M $598.6M
Total Long-Term Liabilities $2.077B $2.032B $1.751B
Total Liabilities $2.640B $2.631B $2.631B
YoY Change -19.52% -17.04% -17.04%
SHAREHOLDERS EQUITY
Retained Earnings $1.489B $1.309B
YoY Change 427.88% 457.94%
Common Stock $1.745B $1.781B
YoY Change -5.47% -3.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.230B $3.085B $3.085B
YoY Change
Total Liabilities & Shareholders Equity $5.870B $5.716B $5.716B
YoY Change 8.79% 9.21% 9.21%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $198.6M $258.5M $1.112B
YoY Change 307.17% -39.17% 2969.23%
Depreciation, Depletion And Amortization $154.2M $143.6M $603.8M
YoY Change -3.32% -28.2% -22.03%
Cash From Operating Activities $331.6M $288.4M $1.686B
YoY Change -3.06% -32.88% 45.41%
INVESTING ACTIVITIES
Capital Expenditures $240.7M $288.1M $879.9M
YoY Change -260.34% -331.25% -229.75%
Acquisitions
YoY Change
Other Investing Activities -$307.0K $267.0K $329.0K
YoY Change -87.24% -96.99%
Cash From Investing Activities -$240.4M -$287.8M -$880.3M
YoY Change 60.13% 134.99% 31.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $54.17M
YoY Change 1952.6%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$58.36M -53.99M -$693.9M
YoY Change -44.31% 1176.38% 334.12%
NET CHANGE
Cash From Operating Activities $331.6M 288.4M $1.686B
Cash From Investing Activities -$240.4M -287.8M -$880.3M
Cash From Financing Activities -$58.36M -53.99M -$693.9M
Net Change In Cash $32.87M -53.44M $112.3M
YoY Change -62.29% -117.64% -66.25%
FREE CASH FLOW
Cash From Operating Activities $331.6M $288.4M $1.686B
Capital Expenditures $240.7M $288.1M $879.9M
Free Cash Flow $90.92M $287.0K $806.5M
YoY Change -81.53% -99.95% -56.12%

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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Interest Paid Net
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CY2022 sm Noncash Financing Activities Text
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CY2021 sm Noncash Financing Activities Text
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CY2020 sm Noncash Financing Activities Text
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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates in the Preparation of Financial Statements</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of proved oil and gas reserves, assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates of proved oil and gas reserve quantities provide the basis for the calculation of DD&amp;A expense, impairment of proved and unproved oil and gas properties, and asset retirement obligations, each of which represents a significant component of the accompanying consolidated financial statements.</span></div>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Concentration of Credit Risk and Major Customers</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company is exposed to credit risk in the event of nonpayment by counterparties, a significant portion of which are concentrated in energy related industries. The creditworthiness of customers and other counterparties is subject to regular review.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company does not believe the loss of any single purchaser of its production would materially impact its operating results, as oil, gas, and NGLs are products with well-established markets and numerous purchasers in the Company’s operating areas. The following major customers and entities under common control accounted for 10 percent or more of the Company’s total oil, gas, and NGL production revenue for at least one of the periods presented:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:417.75pt"><tr><td style="width:1.0pt"/><td style="width:228.25pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:58.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:1.75pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:58.00pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:1.75pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:58.00pt"/><td style="width:1.0pt"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">For the Years Ended December 31,</span></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Major customer #1</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><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:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27 </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:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><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:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15 </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:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Major customer #2</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:'Arial',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:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Major customer #3</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:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Group #1 of entities under common control</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:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company only contracts with the affiliates of the lenders under its Credit Agreement as its derivative counterparties, and the Company’s policy is that each counterparty must have certain minimum investment grade senior unsecured debt ratings.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company maintains its primary bank accounts with a large, multinational bank that has branch locations in the Company’s areas of operation. The Company’s policy is to diversify its concentration of cash and cash equivalent investments among multiple institutions and investment products to limit the amount of credit exposure to any single institution or investment.</span></div>
CY2022 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="margin-bottom:12pt;margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Proved oil and gas property costs are evaluated for impairment on a pool-by-pool basis and reduced to fair value when there is an indication that associated carrying costs may not be recoverable. The Company uses Level 3 inputs and the income valuation technique, which converts future cash flows to a single present value amount, to measure the fair value of proved properties using a discount rate, price and cost forecasts, and certain reserve risk-adjustment factors, as selected by the Company’s management. The Company uses a discount rate that represents a current market-based weighted average cost of capital. The discount rate typically ranges from 10 percent to 15 percent. The prices for oil and gas are forecast based on NYMEX strip pricing, adjusted for basis differentials, for the first five years, after which a flat terminal price is used for each commodity stream. The prices for NGLs are forecast using OPIS Mont Belvieu pricing, adjusted for basis differentials, for as long as the market is actively trading, after which a flat terminal price is used. Future operating costs are also adjusted as deemed appropriate for these estimates. Certain undeveloped reserve estimates are also risk-adjusted given the risk to related projected cash flows due to performance and exploitation uncertainties.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The partial sale of a proved property within an existing field is accounted for as a normal retirement and no net gain or loss on divestiture activity is recognized as long as the treatment does not significantly affect the units-of-production depletion rate. The sale of a partial interest in an individual proved property is accounted for as a recovery of cost. A net gain or loss on divestiture activity is recognized in the accompanying statements of operations for all other sales of proved properties.</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Unproved properties</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. The unproved oil and gas properties line item on the accompanying consolidated balance sheets (“accompanying balance sheets”) consists of the costs incurred to acquire unproved leases. Leasehold costs allocated to those leases, or partial leases that have associated proved reserves recorded, are reclassified to proved properties and depleted on an asset group basis using the units-of-production method based on estimated total proved oil and gas reserves. Unproved oil and gas property costs are evaluated for impairment and reduced to fair value when there is an indication that the carrying costs may not be recoverable. Lease acquisition costs that are not individually significant are aggregated by asset group and the portion of such costs estimated to be nonproductive prior to lease expiration are recognized as a valuation allowance and amortized over the appropriate period. The estimate of what could be nonproductive is based on historical trends or other information, including current drilling plans and the Company’s intent to renew leases. To measure the fair value of unproved properties, the Company uses a market approach, which takes into account the following significant assumptions: remaining lease terms, future development plans, risk-weighted potential resource recovery, estimated reserve values, and estimated acreage value based on price(s) received for similar, recent acreage transactions by the Company or other market participants.</span></div>
CY2022 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Derivative Financial Instruments</span></div><div style="margin-bottom:12pt;margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company periodically enters into commodity derivative instruments to mitigate a portion of its exposure to oil, gas, and NGL price volatility and location differentials for its expected future oil, gas, and NGL production, and the associated impact on cash flows. These instruments typically include commodity price swaps and collar arrangements, as well as, basis swaps and roll differential swaps. Commodity derivative instruments are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities, with the exception of derivative instruments that meet the “normal purchase normal sale” exclusion. The Company does not designate its commodity derivative contracts as hedging instruments. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its accompanying statements of operations as they occur. Gains and losses on derivatives are included within the cash flows from operating activities section of the accompanying statements of cash flows. Please refer to </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Note 10 – Derivative Financial Instruments </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">for additional discussion.</span></div>
CY2022Q4 sm Common Stock Dividends Annual Rate Per Share
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0.60
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
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3345906000 usd
CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
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2597915000 usd
CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q4 us-gaap Revenue Remaining Performance Obligation
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CY2022Q3 us-gaap Stock Repurchase Program Authorized Amount1
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CY2022Q3 us-gaap Stock Repurchase Program Expiration Date
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2024-12-31
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1365255 shares
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41.88
CY2022 us-gaap Stock Repurchased And Retired During Period Value
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57200000 usd
CY2022Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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442800000 usd
CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5900000 shares
CY2020Q2 sm Warrants Percent Of Outstanding Stock
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0.05
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0.01
CY2021Q1 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
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2021-01-15
CY2022Q4 us-gaap Warrants And Rights Outstanding Maturity Date
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2023-06-30
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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21500000 usd
CY2022 sm Warrants Exercised
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0 shares
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CY2022 us-gaap Dividends Common Stock Cash
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2020 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.203
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.215
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.201
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2021Q4 us-gaap Deferred Tax Liabilities Derivatives
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
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121920000 usd
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DeferredTaxAssetsOperatingLossCarryforwards
28151000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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3299000 usd
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations
24899000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Asset Retirement Obligations
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations
21899000 usd
CY2022Q4 us-gaap Deferred Tax Asset Interest Carryforward
DeferredTaxAssetInterestCarryforward
22667000 usd
CY2021Q4 us-gaap Deferred Tax Asset Interest Carryforward
DeferredTaxAssetInterestCarryforward
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CY2022Q4 sm Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
4525000 usd
CY2021Q4 sm Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
4496000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPensions
3970000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsPensions
7413000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
567000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2246000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
161000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
897000 usd
CY2022Q4 sm Deferred Tax Assets Debt Discount And Deferred Financing Costs
DeferredTaxAssetsDebtDiscountAndDeferredFinancingCosts
59000 usd
CY2021Q4 sm Deferred Tax Assets Debt Discount And Deferred Financing Costs
DeferredTaxAssetsDebtDiscountAndDeferredFinancingCosts
20551000 usd
CY2022Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
0 usd
CY2021Q4 us-gaap Deferred Tax Assets Derivative Instruments
DeferredTaxAssetsDerivativeInstruments
69283000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3818000 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
528000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
88817000 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
130612000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1616000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
18461000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
87201000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
112151000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
280811000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
9769000 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
293112000 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
9695000 usd
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-200908000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-16845000 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 sm Effective Income Tax Rate Reconciliation Deduction Return To Provision Amount
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CY2020 sm Effective Income Tax Rate Reconciliation Deduction Return To Provision Amount
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(a) total funded debt, as defined in the Credit Agreement, to 12-month trailing adjusted EBITDAX ratio cannot be greater than 3.50 to 1.00 on the last day of each fiscal quarter; and (b) adjusted current ratio, as defined in the Credit Agreement, cannot be less than 1.00 to 1.00 as of the last day of any fiscal quarter.
CY2022 us-gaap Debt Instrument Covenant Compliance
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The Company was in compliance with all covenants under the Credit Agreement and the indentures governing the Senior Notes as of December 31, 2022, and through the filing of this report.
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75760000 usd
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35941000 usd
CY2020Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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32894000 usd
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CY2021 us-gaap Defined Benefit Plan Actual Return On Plan Assets
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2777000 usd
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CY2021 us-gaap Defined Benefit Plan Contributions By Employer
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CY2021Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2022Q4 us-gaap Defined Benefit Plan Funded Status Of Plan
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CY2022Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2021Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2021 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax
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CY2021 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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CY2020 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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2905000 usd
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CY2021 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
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CY2021 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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CY2021 us-gaap Defined Benefit Plan Service Cost
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CY2020 us-gaap Defined Benefit Plan Service Cost
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CY2021 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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CY2020 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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