2020 Q1 Form 10-K Financial Statement

#000143774920004434 Filed on March 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2018 Q4 2018 Q3
Revenue $124.1M $143.4M $153.5M
YoY Change 6.93% 11.09% 39.15%
Cost Of Revenue $54.80M $43.40M $37.40M
YoY Change 25.98% 17.62% 6.55%
Gross Profit $69.40M $100.0M $116.0M
YoY Change -4.41% 8.46% 54.46%
Gross Profit Margin 55.91% 69.72% 75.59%
Selling, General & Admin $20.30M $22.00M $22.20M
YoY Change -2.87% 12.24% 10.45%
% of Gross Profit 29.25% 22.0% 19.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.13M $35.10M $37.00M
YoY Change 15.87% -9.77% 1.65%
% of Gross Profit 56.38% 35.1% 31.9%
Operating Expenses $59.40M $57.00M $59.20M
YoY Change 8.59% -2.4% 4.59%
Operating Profit $71.81M $102.7M $57.15M
YoY Change -331.83% 209.58% 263.99%
Interest Expense $17.11M $46.20M $10.73M
YoY Change 5.09% -478.69% -7.16%
% of Operating Profit 23.83% 45.0% 18.77%
Other Income/Expense, Net -$723.0K $2.800M -$18.00K
YoY Change 118.43% 833.33% -143.9%
Pretax Income $72.48M $139.0M $46.40M
YoY Change -252.3% 534.7% 1008.24%
Income Tax $6.500M -$300.0K $142.0K
% Of Pretax Income 8.97% -0.22% 0.31%
Net Earnings $65.98M $138.8M $46.26M
YoY Change -238.15% 494.24% -3666.69%
Net Earnings / Revenue 53.15% 96.81% 30.14%
Basic Earnings Per Share
Diluted Earnings Per Share $466.1K $996.4K $333.1K
COMMON SHARES
Basic Shares Outstanding 141.7M 139.2M 139.2M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.60M $33.30M $339.1M
YoY Change -44.72% -66.4% 219.3%
Cash & Equivalents $47.57M $33.29M $339.1M
Short-Term Investments
Other Short-Term Assets $761.0K $786.0K $1.289M
YoY Change -77.3% -58.32% -34.8%
Inventory
Prepaid Expenses
Receivables $35.41M $47.80M $49.48M
Other Receivables $1.900M $54.10M $65.20M
Total Short-Term Assets $175.8M $226.2M $490.0M
YoY Change -24.62% 18.63% 152.7%
LONG-TERM ASSETS
Property, Plant & Equipment $730.0M $515.4M $522.8M
YoY Change 40.77% -10.98% -5.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.900M
YoY Change
Other Assets $30.08M $91.55M $69.01M
YoY Change -66.79% 51.59% -19.84%
Total Long-Term Assets $833.1M $622.7M $612.4M
YoY Change 36.73% -13.15% -11.7%
TOTAL ASSETS
Total Short-Term Assets $175.8M $226.2M $490.0M
Total Long-Term Assets $833.1M $622.7M $612.4M
Total Assets $1.009B $848.9M $1.102B
YoY Change 19.75% -6.47% 24.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.73M $82.07M $95.50M
YoY Change -13.54% 3.01% 32.27%
Accrued Expenses $34.43M $29.61M $24.20M
YoY Change 9.3% 65.15% -8.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $224.8M
YoY Change -100.0% 1916.69%
Total Short-Term Liabilities $145.4M $186.3M $446.8M
YoY Change -33.48% 10.72% 180.24%
LONG-TERM LIABILITIES
Long-Term Debt $668.1M $633.5M $759.1M
YoY Change 5.37% -34.63% -22.75%
Other Long-Term Liabilities $16.46M $68.69M $356.2M
YoY Change -77.49% 2.73% 431.4%
Total Long-Term Liabilities $684.5M $702.2M $1.115B
YoY Change -3.2% -32.22% 1563.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.4M $186.3M $446.8M
Total Long-Term Liabilities $684.5M $702.2M $1.115B
Total Liabilities $829.9M $888.5M $1.562B
YoY Change -31.7% -26.22% 589.78%
SHAREHOLDERS EQUITY
Retained Earnings -$706.3M -$846.3M
YoY Change -21.01% -22.72%
Common Stock $548.1M $545.7M
YoY Change 0.45% -0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.17M $24.17M
YoY Change 0.0% 0.0%
Treasury Stock Shares $2.869M $2.869M $2.869M
Shareholders Equity -$182.3M -$324.8M -$459.8M
YoY Change
Total Liabilities & Shareholders Equity $1.009B $848.9M $1.102B
YoY Change 19.75% -6.47% 24.22%

Cashflow Statement

Concept 2020 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $65.98M $138.8M $46.26M
YoY Change -238.15% 494.24% -3666.69%
Depreciation, Depletion And Amortization $39.13M $35.10M $37.00M
YoY Change 15.87% -9.77% 1.65%
Cash From Operating Activities $84.32M $26.90M $179.7M
YoY Change -0.61% -7.56% 177.74%
INVESTING ACTIVITIES
Capital Expenditures -$35.60M -$47.10M $1.900M
YoY Change 12.66% -7.65% -105.38%
Acquisitions
YoY Change
Other Investing Activities $24.03M $26.40M $30.20M
YoY Change 45.05% 364.62%
Cash From Investing Activities -$35.65M -$20.70M $32.10M
YoY Change 12.87% -36.89% -211.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$33.54M -312.0M -2.000M
YoY Change 7504.54% 9076.47% -4.76%
NET CHANGE
Cash From Operating Activities $84.32M 26.90M 179.7M
Cash From Investing Activities -$35.65M -20.70M 32.10M
Cash From Financing Activities -$33.54M -312.0M -2.000M
Net Change In Cash $15.14M -305.8M 209.8M
YoY Change -71.34% 4207.04% 520.71%
FREE CASH FLOW
Cash From Operating Activities $84.32M $26.90M $179.7M
Capital Expenditures -$35.60M -$47.10M $1.900M
Free Cash Flow $119.9M $74.00M $177.8M
YoY Change 2.99% -7.62% 77.8%

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CY2017Q4 us-gaap Capitalized Costs Mineral Interests In Proved Properties
CapitalizedCostsMineralInterestsInProvedProperties
8102000000
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738900000
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CapitalizedCostsOilAndGasProducingActivitiesNet
504800000
CY2017Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
577000000
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CashAndCashEquivalentsAtCarryingValue
32433000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
33293000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
33293000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
99058000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
70236000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32433000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-860000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-65765000
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
28822000
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CommitmentsAndContingencies
CY2018Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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0.00001
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200000000
CY2018Q4 us-gaap Common Stock Shares Authorized
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200000000
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144538000
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
143513000
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141669000
CY2018Q4 us-gaap Common Stock Shares Outstanding
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140644000
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1000
CY2018Q4 us-gaap Common Stock Value
CommonStockValue
1000
CY2019 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9.35pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of Credit Risk </div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;">Our customers are primarily large integrated oil and natural gas companies and large commodity trading companies.&nbsp; The majority of our production is sold utilizing month-to-month contracts that are based on bid prices.&nbsp; We attempt to minimize our credit risk exposure to purchasers of our oil and natural gas, joint interest owners, derivative counterparties and other <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-party entities through formal credit policies, monitoring procedures, and letters of credit or guarantees when considered necessary.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;">The following table identifies customers from whom we derived <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> or more of our receipts from sales of crude oil, NGLs and natural gas:</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div> <table style="margin-right: 5%; margin-left: 5%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="10" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Year Ended December 31,</div></div></div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Customer</div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Shell Trading (US) Co./ Shell Energy N.A.</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">%</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">%</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">%</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">BP Products North America</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">%</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">%</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">**</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vitol Inc.</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">%</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">%</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div></td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap">%</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <table style="; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: top;"> <td style="width: 36pt;">&nbsp;</td> <td style="width: 18pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">**</div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></div> </td> </tr> </table> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;">We believe that the loss of any of the customers above would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> result in a material adverse effect on our ability to market future oil and natural gas production as replacement customers could be obtained in a relatively short period of time on terms, conditions and pricing substantially similar to those currently existing.</div></div></div></div>
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CostsAndExpenses
476247000
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CostsAndExpenses
333679000
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CostsAndExpenses
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35000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9.35pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative Financial Instruments </div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;">We have exposure related&nbsp;to commodity prices and have&nbsp;used various derivative instruments to manage our exposure to commodity price risk from sales of oil and natural gas.&nbsp; We do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> enter into derivative instruments for speculative trading purposes.&nbsp; We entered into commodity derivatives contracts during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>we had open commodity derivative instruments.&nbsp; When we have outstanding borrowings on our revolving bank credit facility, we <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>use various derivative financial instruments to manage our exposure to interest rate risk from floating interest rates.&nbsp; During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> we did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> enter into any derivative instruments related to interest rates.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;">Derivative instruments are recorded on the balance sheet as an asset or a liability at fair value.&nbsp; We have elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to designate our derivatives instruments as hedging instruments,&nbsp;therefore, all changes in fair value are recognized in earnings.&nbsp; These derivative instruments&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have qualified for hedge accounting treatment.&nbsp;</div></div></div></div>
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CY2017Q4 wti Future Net Cash Flows Relating To Proved Oil And Gas Reserves Future Dismantlement And Abandonment Cost
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361900000
CY2019 wti Geological And Geophysical Costs
GeologicalAndGeophysicalCosts
5700000
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GeologicalAndGeophysicalCosts
5400000
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GeologicalAndGeophysicalCosts
4200000
CY2019 wti Incentive Compensation Total
IncentiveCompensationTotal
14793000
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IncentiveCompensationTotal
16722000
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15198000
CY2019 wti Income Tax Reconciliation Gain On Exchange Of Debt
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10202000
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497400000
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355900000
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CY2019 wti Increase Decrease In Cash Advances From Joint Venture Partners
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-15347000
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CY2019 wti Increase Decrease In Joint Interest Receivables
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CY2018Q4 wti Appeal Bond Deposit Assets Noncurrent
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6925000
CY2019 wti Asset Retirement Obligation Liabilities Assumed Through Purchase
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29887000
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CY2019 wti Asset Retirement Obligation Period Increase Decrease Due To Acquisitions Incurred And Revisions
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37500000
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400000
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600000
CY2017 wti Incremental Payments For Royalties Related To Unbundling
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1600000
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20300000
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AssetRetirementObligationPeriodIncreaseDecreaseDueToAcquisitionsIncurredAndRevisions
21300000
CY2017Q3 wti Bonds Posted To Appeal Ibla Decision
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7200000
CY2019 wti Interest Income Related To Income Tax Refunds
InterestIncomeRelatedToIncomeTaxRefunds
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ProceedsFromPaymentsForDerivativeInstrumentOperatingActivities
4199000
CY2019Q4 wti Proportional Consolidation Adjustment In Other Asset
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5308000
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CollateralForBondsPostedRelatedToAppealWithIBLA
6900000
CY2019 wti Depreciation Depletion Amortization And Accretion Per Boe
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10.01
CY2018 wti Depreciation Depletion Amortization And Accretion Per Boe
DepreciationDepletionAmortizationAndAccretionPerBoe
11.24
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10.68
CY2019 wti Effective Income Tax Rate Reconciliation Uncertain Tax Position Amount
EffectiveIncomeTaxRateReconciliationUncertainTaxPositionAmount
-11523000
CY2018 wti Effective Income Tax Rate Reconciliation Uncertain Tax Position Amount
EffectiveIncomeTaxRateReconciliationUncertainTaxPositionAmount
CY2017 wti Effective Income Tax Rate Reconciliation Uncertain Tax Position Amount
EffectiveIncomeTaxRateReconciliationUncertainTaxPositionAmount
CY2018Q4 wti Proportional Consolidation Adjustment In Other Asset
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3275000
CY2019 us-gaap Share Based Compensation
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3690000
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CY2017 us-gaap Share Based Compensation
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Based Liabilities Paid
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Based Liabilities Paid
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid
1130000
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Based Liabilities Paid
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874000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
10874043
CY2019 us-gaap Short Term Lease Cost
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22200000
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
CY2019 us-gaap Stock Issued During Period Value New Issues
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CY2019Q4 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
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-324796000
CY2016Q4 us-gaap Stockholders Equity
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-659037000
CY2017Q4 us-gaap Stockholders Equity
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-573508000
CY2019 wti Expense Relating To Surety Bonds Paid
ExpenseRelatingToSuretyBondsPaid
4700000
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ExpenseRelatingToSuretyBondsPaid
5900000
CY2017 wti Expense Relating To Surety Bonds Paid
ExpenseRelatingToSuretyBondsPaid
5700000
CY2019 wti Extinguishment Of Debt Principal
ExtinguishmentOfDebtPrincipal
CY2018 wti Extinguishment Of Debt Principal
ExtinguishmentOfDebtPrincipal
903194000
CY2017 wti Extinguishment Of Debt Principal
ExtinguishmentOfDebtPrincipal
CY2019Q4 us-gaap Treasury Stock Shares
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2869000
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CY2019Q4 us-gaap Unamortized Debt Issuance Expense
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3798000
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4773000
CY2018Q4 us-gaap Unrecognized Tax Benefits
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9482000
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9482000
CY2019Q4 us-gaap Unrecognized Tax Benefits
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CY2019 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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-9482000
CY2018 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9.35pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates </div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting periods and the reported amounts of proved oil and natural gas reserves.&nbsp; Actual results could differ from those estimates.</div></div></div></div>
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CY2010Q4 wti Additional Royalty Due To Disallowed Deductions
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CY2019Q4 wti Advances From Joint Interest Partners Current
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CY2019Q4 wti Appeal Bond Deposit Assets Noncurrent
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CY2019 wti Payments Of Debt Interest Financing Activities
PaymentsOfDebtInterestFinancingActivities
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CY2019Q4 wti Percentage Of Nonoperated Proved Developed Nonproducing Reserves
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CY2019 wti Percentage Of Proved Undeveloped Reserves Expected To Be Developed
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0.11
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0.1
CY2019 wti Proceeds From Payments For Derivative Instrument Operating Activities
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13941000
CY2019Q4 wti Proved Undeveloped Reserve Net Energy Converted Outside Of Five Years
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2.5
CY2019 wti Proved Undeveloped Reserves Classification Period To Be Drilled
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P5Y
CY2019 wti Right Of Way Office Lease Expense
RightOfWayOfficeLeaseExpense
2900000
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3400000
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RightOfWayOfficeLeaseExpense
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CY2019 wti Seismic Costs
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7800000
CY2018 wti Seismic Costs
SeismicCosts
1500000
CY2017 wti Seismic Costs
SeismicCosts
500000
CY2019Q4 wti Unamortized Bond Insurance Premiums
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CY2019Q4 wti Unamortized Brokerage Fee
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3423000
CY2018Q4 wti Unamortized Brokerage Fee
UnamortizedBrokerageFee
2277000

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