2022 Q2 Form 10-Q Financial Statement

#000160206522000023 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1
Revenue $239.3M $201.9M $96.98M
YoY Change 109.66% 108.2% 23.23%
Cost Of Revenue $16.04M $13.87M $6.650M
YoY Change 96.75% 108.57% 8.13%
Gross Profit $223.3M $188.0M $90.33M
YoY Change 110.65% 108.16% 24.51%
Gross Profit Margin 93.3% 93.13% 93.15%
Selling, General & Admin $1.880M $1.953M $2.220M
YoY Change -13.04% -12.03% -16.85%
% of Gross Profit 0.84% 1.04% 2.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.96M $27.41M $24.90M
YoY Change 33.38% 10.08% 1.22%
% of Gross Profit 14.31% 14.58% 27.57%
Operating Expenses $49.88M $43.23M $33.76M
YoY Change 45.46% 28.08% 0.9%
Operating Profit $189.4M $158.7M $63.22M
YoY Change 137.22% 150.98% 39.75%
Interest Expense -$9.782M -$9.645M -$7.860M
YoY Change 22.69% 22.71% -12.31%
% of Operating Profit -5.16% -6.08% -12.43%
Other Income/Expense, Net -$11.64M -$28.00M -$39.33M
YoY Change -68.95% -28.81% 47.73%
Pretax Income $177.8M $130.7M $23.89M
YoY Change 319.56% 446.88% 28.35%
Income Tax $6.182M $2.630M $35.00K
% Of Pretax Income 3.48% 2.01% 0.15%
Net Earnings $34.02M $16.61M -$3.020M
YoY Change 629.77% -649.83% -97.88%
Net Earnings / Revenue 14.22% 8.22% -3.11%
Basic Earnings Per Share
Diluted Earnings Per Share $443.4K $215.1K -$46.21K
COMMON SHARES
Basic Shares Outstanding 76.97M shares 76.97M shares 65.29M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.312M $33.07M $11.70M
YoY Change -89.84% 182.62% -70.97%
Cash & Equivalents $4.312M $33.07M $11.73M
Short-Term Investments
Other Short-Term Assets $1.502M $944.0K $505.0K
YoY Change 128.27% 86.93% 51.2%
Inventory
Prepaid Expenses
Receivables $122.4M $98.50M $41.79M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $139.9M $136.7M $59.54M
YoY Change 57.55% 129.58% -24.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.830B $2.861B $2.380B
YoY Change 20.05% 20.19% -8.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.145M $1.931M $2.018M
YoY Change -73.88% -4.31% -83.75%
Total Long-Term Assets $2.832B $2.864B $2.382B
YoY Change 19.93% 20.24% -8.38%
TOTAL ASSETS
Total Short-Term Assets $139.9M $136.7M $59.54M
Total Long-Term Assets $2.832B $2.864B $2.382B
Total Assets $2.972B $3.001B $2.442B
YoY Change 21.3% 22.9% -8.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.000K $14.00K $21.00K
YoY Change -76.92% -33.33% -93.52%
Accrued Expenses $14.99M $23.87M $19.68M
YoY Change -12.65% 21.31% 18.38%
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 $26.84M $37.10M $62.86M
YoY Change -61.08% -40.97% 158.57%
LONG-TERM LIABILITIES
Long-Term Debt $674.4M $721.0M $528.9M
YoY Change 26.25% 36.32% -20.35%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $674.4M $721.0M $528.9M
YoY Change 26.25% 36.32% -20.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.84M $37.10M $62.86M
Total Long-Term Liabilities $674.4M $721.0M $528.9M
Total Liabilities $701.2M $758.1M $591.8M
YoY Change 16.26% 28.11% -14.15%
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 $735.6M $770.4M $613.0M
YoY Change
Total Liabilities & Shareholders Equity $2.972B $3.001B $2.442B
YoY Change 21.3% 22.9% -8.87%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $34.02M $16.61M -$3.020M
YoY Change 629.77% -649.83% -97.88%
Depreciation, Depletion And Amortization $31.96M $27.41M $24.90M
YoY Change 33.38% 10.08% 1.22%
Cash From Operating Activities $163.2M $135.8M $54.66M
YoY Change 117.63% 148.52% -43.13%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$759.0K $31.96M -$100.0K
YoY Change 5.56% -32057.0% -99.85%
Cash From Investing Activities -$759.0K $31.96M -$74.00K
YoY Change 5.56% -43285.14% -99.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $39.26M $13.04M
YoY Change 201.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -191.2M -$174.2M -$61.98M
YoY Change 338.88% 181.03% -1295.58%
NET CHANGE
Cash From Operating Activities 163.2M $135.8M $54.66M
Cash From Investing Activities -759.0K $31.96M -$74.00K
Cash From Financing Activities -191.2M -$174.2M -$61.98M
Net Change In Cash -28.75M -$6.382M -$7.394M
YoY Change -193.66% -13.69% -120.16%
FREE CASH FLOW
Cash From Operating Activities $163.2M $135.8M $54.66M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-74000 USD
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
44000000 USD
CY2021Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2022Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
100000000 USD
CY2021Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
27000000 USD
CY2022Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2021Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
10000 USD
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
39260000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
13043000 USD
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
35894000 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9060000 USD
CY2022Q1 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
43003000 USD
CY2021Q1 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
12826000 USD
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-20000 USD
CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-40000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-174177000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-61979000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6382000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7394000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
39448000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19121000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33066000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11727000 USD
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022Q1 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-style:italic;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 no effect on the previously reported total assets, total liabilities, unitholders’ equity, results of operations or cash flows.</span></div>
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<div><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><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 Partnership’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’s disclosure of contingent assets and liabilities as of the date of the financial statements. </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 effects of COVID-19, the Russian-Ukrainian military conflict and actions by OPEC members and other exporting nations on the supply and demand in global oil and natural gas markets continued to contribute to economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of changing market conditions. Such circumstances generally increase uncertainty in the Partnership’s accounting estimates, particularly those involving financial forecasts. </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:120%">The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in each particular circumstance. Nevertheless, actual results may differ significantly from the Partnership’s estimates. Any effects on the Partnership’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 </span></div>interests, the recoverability of costs of unevaluated properties, the fair value determination of assets and liabilities, including those acquired by the Partnership, fair value estimates of commodity derivatives and estimates of income taxes.
CY2022Q1 us-gaap Interest Payable Current
InterestPayableCurrent
10787000 USD
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
4430000 USD
CY2022Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
3974000 USD
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
6201000 USD
CY2022Q1 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
3117000 USD
CY2021Q4 us-gaap Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
8879000 USD
CY2022Q1 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
3100000 USD
CY2021Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
0 USD
CY2022Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
2895000 USD
CY2021Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
1470000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
23873000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20980000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
193089000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
96512000 USD
CY2022Q1 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
1879052000 USD
CY2021Q4 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
1873418000 USD
CY2022Q1 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
1602581000 USD
CY2021Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
1640172000 USD
CY2022Q1 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
3481633000 USD
CY2021Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
3513590000 USD
CY2022Q1 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
626574000 USD
CY2021Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
599163000 USD
CY2022Q1 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
2855059000 USD
CY2021Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
2914427000 USD
CY2022Q1 us-gaap Land
Land
5688000 USD
CY2021Q4 us-gaap Land
Land
5688000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2860747000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2920115000 USD
CY2022Q1 vnom Mineral Properties Net Royalty Acres
MineralPropertiesNetRoyaltyAcres
26708 acre
CY2021Q4 vnom Mineral Properties Net Royalty Acres
MineralPropertiesNetRoyaltyAcres
27027 acre
CY2021Q1 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 USD
CY2022Q1 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1681000 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1757000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
5252000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
5454000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
721005000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
776727000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
16605000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-3020000 USD
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
64000 USD
CY2021Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
24000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
16541000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3044000 USD
CY2022Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
77106000 shares
CY2021Q1 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
65360000 shares
CY2022Q1 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
108000 shares
CY2021Q1 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
0 shares
CY2022Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
77214000 shares
CY2021Q1 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
65360000 shares
CY2022Q1 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.22
CY2021Q1 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
-0.05
CY2022Q1 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.22
CY2021Q1 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
-0.05
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
112436 shares
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2630000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
35000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.020
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.001
CY2022Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-18359000 USD
CY2021Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-31504000 USD
CY2022Q1 vnom Cash Receipts From Payments On Derivatives Net
CashReceiptsFromPaymentsOnDerivativesNet
-10264000 USD
CY2021Q1 vnom Cash Receipts From Payments On Derivatives Net
CashReceiptsFromPaymentsOnDerivativesNet
-14942000 USD
CY2022Q1 vnom Cash Paid On Commodity Early Contract Termination
CashPaidOnCommodityEarlyContractTermination
4200000 USD

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