2018 Q4 Form 10-Q Financial Statement

#000160206518000041 Filed on October 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $73.67M $77.71M $42.53M
YoY Change 47.42% 82.71% 112.7%
Cost Of Revenue $4.920M $5.030M $2.830M
YoY Change 67.35% 77.74% 97.9%
Gross Profit $67.45M $72.69M $39.71M
YoY Change 19.83% 83.05% 113.84%
Gross Profit Margin 91.56% 93.54% 93.36%
Selling, General & Admin $430.0K $1.310M $1.570M
YoY Change -71.9% -16.56% 28.69%
% of Gross Profit 0.64% 1.8% 3.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.50M $16.50M $11.10M
YoY Change 47.06% 48.65% 63.24%
% of Gross Profit 25.95% 22.7% 27.95%
Operating Expenses $17.94M $22.87M $15.47M
YoY Change 33.28% 47.86% 64.48%
Operating Profit $49.51M $54.85M $27.07M
YoY Change 15.61% 102.63% 155.49%
Interest Expense -$10.50M -$3.711M $859.0K
YoY Change 900.0% -532.01% 30.55%
% of Operating Profit -21.21% -6.77% 3.17%
Other Income/Expense, Net $450.0K -$3.270M -$460.0K
YoY Change 50.0% 610.87% 17.35%
Pretax Income $39.45M $51.58M $26.61M
YoY Change -6.23% 93.84% 160.85%
Income Tax -$1.251M $764.0K $0.00
% Of Pretax Income -3.17% 1.48% 0.0%
Net Earnings -$688.0K $2.346M $26.61M
YoY Change -101.64% -91.18% 160.85%
Net Earnings / Revenue -0.93% 3.02% 62.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$13.42K $48.65K $241.0K
COMMON SHARES
Basic Shares Outstanding 51.65M shares 51.55M shares 113.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.70M $16.80M $4.400M
YoY Change -6.2% 281.82% -43.59%
Cash & Equivalents $22.68M $16.83M $4.438M
Short-Term Investments
Other Short-Term Assets $257.0K $146.0K $147.0K
YoY Change -27.61% -0.68% 58.06%
Inventory
Prepaid Expenses
Receivables $38.82M $38.02M $17.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $65.25M $62.75M $25.43M
YoY Change 17.67% 146.76% 39.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.474B $1.387B $887.9M
YoY Change 61.2% 56.25% 60.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.83M $23.35M $34.93M
YoY Change -51.62% -33.16% 0.09%
Total Long-Term Assets $1.589B $1.506B $922.8M
YoY Change 65.92% 63.23% 57.18%
TOTAL ASSETS
Total Short-Term Assets $65.25M $62.75M $25.43M
Total Long-Term Assets $1.589B $1.506B $922.8M
Total Assets $1.654B $1.569B $948.2M
YoY Change 63.28% 65.47% 56.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $4.000K $110.0K
YoY Change -100.0% -96.36% 197.3%
Accrued Expenses $6.022M $4.700M $2.700M
YoY Change 123.04% 74.07% 50.0%
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 $6.022M $4.710M $2.857M
YoY Change 6.98% 64.86% 59.61%
LONG-TERM LIABILITIES
Long-Term Debt $411.0M $296.5M $35.50M
YoY Change 339.57% 735.21% -34.86%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $411.0M $296.5M $35.50M
YoY Change 339.57% 735.21% -34.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.022M $4.710M $2.857M
Total Long-Term Liabilities $411.0M $296.5M $35.50M
Total Liabilities $417.0M $301.2M $38.36M
YoY Change 320.69% 685.28% -31.86%
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 $542.1M $572.2M $909.9M
YoY Change
Total Liabilities & Shareholders Equity $1.654B $1.569B $948.2M
YoY Change 63.28% 65.47% 56.63%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$688.0K $2.346M $26.61M
YoY Change -101.64% -91.18% 160.85%
Depreciation, Depletion And Amortization $17.50M $16.50M $11.10M
YoY Change 47.06% 48.65% 63.24%
Cash From Operating Activities $68.10M $64.20M $32.70M
YoY Change 51.0% 96.33% 96.99%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$4.700M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$104.3M -$252.8M -$178.4M
YoY Change 142.56% 41.7% 41.03%
Cash From Investing Activities -$104.3M -$257.5M -$178.4M
YoY Change 142.56% 44.34% 41.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 42.00M 177.2M 148.7M
YoY Change 140.0% 19.17% 33.24%
NET CHANGE
Cash From Operating Activities 68.10M 64.20M 32.70M
Cash From Investing Activities -104.3M -257.5M -178.4M
Cash From Financing Activities 42.00M 177.2M 148.7M
Net Change In Cash 5.800M -16.10M 3.000M
YoY Change -70.41% -636.67% 76.47%
FREE CASH FLOW
Cash From Operating Activities $68.10M $64.20M $32.70M
Capital Expenditures $0.00 -$4.700M
Free Cash Flow $68.10M $68.90M
YoY Change

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CY2018Q3 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.05
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
1.85
CY2017Q3 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.24
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.69
CY2018Q3 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.05
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
1.85
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-460000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1588000 USD
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3270000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2417000 USD
CY2017Q4 us-gaap Notes Payable
NotesPayable
93500000 USD
CY2018Q3 us-gaap Notes Payable
NotesPayable
296500000 USD
CY2017Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
189466000 USD
CY2018Q3 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
230784000 USD
CY2017Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
1103897000 USD
CY2018Q3 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
1612425000 USD
CY2017Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
914431000 USD
CY2018Q3 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
1381641000 USD
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
15466000 USD
us-gaap Operating Expenses
OperatingExpenses
41811000 USD
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
23757000 USD
us-gaap Operating Expenses
OperatingExpenses
62977000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
27067000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
70996000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
54846000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
153475000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2669000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4706000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
355000 USD
CY2018Q3 us-gaap Other Assets Current
OtherAssetsCurrent
146000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
36854000 USD
CY2018Q3 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
695550000 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
92498000 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
181472000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
180000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
623000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
433000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2636000 USD
us-gaap Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
301133000 USD
us-gaap Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
505842000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4687000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
2000000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
380412000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
305773000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
220500000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
557000000 USD
us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
0 USD
us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
124000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
441000 USD
CY2017Q3 us-gaap Production Tax Expense
ProductionTaxExpense
2825000 USD
us-gaap Production Tax Expense
ProductionTaxExpense
7668000 USD
CY2018Q3 us-gaap Production Tax Expense
ProductionTaxExpense
5027000 USD
us-gaap Production Tax Expense
ProductionTaxExpense
14133000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
26607000 USD
us-gaap Profit Loss
ProfitLoss
69408000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
50812000 USD
us-gaap Profit Loss
ProfitLoss
222172000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
914431000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1387329000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
305500000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
354000000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
42533000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
112807000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
78603000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
216452000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2039000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2166000 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
9007760 shares
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0 USD
CY2017Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
110377000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
101095000 shares
CY2018Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
48234000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
78250000 shares
CY2017Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
110424000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
101143000 shares
CY2018Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
48304000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
78319000 shares
CY2017Q3 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
47000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
48000 shares
CY2018Q3 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
70000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
69000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements and related notes thereto were prepared in conformity with GAAP. All material intercompany balances and transactions are eliminated in consolidation. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These financial statements have been prepared by the Partnership without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations, although the Partnership believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10&#8211;Q should be read in conjunction with the Partnership&#8217;s most recent Annual Report on Form 10&#8211;K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, which contains a summary of the Partnership&#8217;s significant accounting policies and other disclosures.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts included in or affecting the Partnership&#8217;s 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 financial statements are prepared. These estimates and assumptions affect the amounts the Partnership reports for assets and liabilities and the Partnership&#8217;s disclosure of contingent assets and liabilities at the date of the financial statements. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Partnership&#8217;s estimates. Any effects on the Partnership&#8217;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 interests and unit&#8211;based compensation.</font></div></div>

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