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Delaware
(State or other jurisdiction of incorporation or organization) |
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1311
(Primary Standard Industrial Classification Code Number) |
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85-0886382
(I.R.S. Employer Identification Number) |
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|
Samantha H. Crispin
M. Preston Bernhisel Adorys Velazquez Baker Botts L.L.P. 2001 Ross Avenue, Suite 900 Dallas, Texas 75201 (214) 953-6500 |
| |
Michael Chambers
Monica E. White Latham & Watkins LLP 811 Main Street, Suite 3700 Houston, Texas 77002 (713) 546-5400 |
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Large accelerated filer
☐
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Accelerated filer
☐
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Non-accelerated filer
☒
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Smaller reporting company
☐
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Emerging growth company
☒
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| | | | F-1 | | |
Project
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Status(1)
|
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Actual or Forecasted
Initiation of Sequestration Operations(2) |
| |
Forecasted Annual
Sequestration Volumes (Mtpy CO2e)(3) |
| |||
Barnett Zero
|
| |
Operating
|
| |
November 2023
|
| | | | 0.18 | | |
Cotton Cove
|
| |
FID
|
| |
Q1 2026
|
| | | | 0.04 | | |
8 NGP Projects
|
| |
Pre-FID
|
| |
2025 – 2029
|
| | | | 2.68 | | |
3 Industrial Projects
|
| |
Pre-FID
|
| |
2026 – 2027
|
| | | | 11.15 | | |
4 Ethanol Projects
|
| |
Pre-FID
|
| |
2027 – 2029
|
| | | | 2.56 | | |
| | |
Three Months Ended
March 31, |
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Year Ended December 31,
|
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| | |
2024
|
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2023
|
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2023
|
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2022
|
| |
2021
|
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| | |
(in thousands, except per share amounts)
|
| |||||||||||||||||||||||||||
Revenues and other operating income | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Natural gas revenues
|
| | | $ | 96,336 | | | | | $ | 157,768 | | | | | $ | 509,846 | | | | | $ | 1,310,339 | | | | | $ | 597,050 | | |
NGL revenues
|
| | | | 43,417 | | | | | | 50,040 | | | | | | 187,860 | | | | | | 311,542 | | | | | | 225,135 | | |
Oil revenues
|
| | | | 1,934 | | | | | | 2,597 | | | | | | 8,445 | | | | | | 11,866 | | | | | | 7,560 | | |
Natural gas, NGL, and oil revenues
|
| | | | 141,687 | | | | | | 210,405 | | | | | | 706,151 | | | | | | 1,633,747 | | | | | | 829,745 | | |
Midstream revenues
|
| | | | 4,128 | | | | | | 3,922 | | | | | | 16,168 | | | | | | 12,676 | | | | | | 6,917 | | |
Derivative gains (losses), net
|
| | | | (3,679) | | | | | | 97,368 | | | | | | 238,743 | | | | | | (629,701) | | | | | | (383,847) | | |
Marketing revenues
|
| | | | 4,921 | | | | | | 2,635 | | | | | | 8,710 | | | | | | 11,001 | | | | | | 52,616 | | |
Related party and other
|
| | | | 4,157 | | | | | | 1,774 | | | | | | 8,251 | | | | | | 2,799 | | | | | | 251 | | |
Total revenues and other operating income
|
| | | | 151,214 | | | | | | 316,104 | | | | | | 978,023 | | | | | | 1,030,522 | | | | | | 505,682 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease operating and workover
|
| | | | 34,468 | | | | | | 43,166 | | | | | | 150,647 | | | | | | 131,497 | | | | | | 86,831 | | |
Taxes other than income
|
| | | | 11,365 | | | | | | 24,169 | | | | | | 72,290 | | | | | | 114,668 | | | | | | 45,650 | | |
Gathering and transportation
|
| | | | 59,391 | | | | | | 58,284 | | | | | | 248,990 | | | | | | 208,758 | | | | | | 173,587 | | |
Depreciation, depletion, amortization, and accretion(1)
|
| | | | 52,166 | | | | | | 36,747 | | | | | | 223,370 | | | | | | 118,909 | | | | | | 92,277 | | |
General and administrative
|
| | | | 20,645 | | | | | | 26,286 | | | | | | 114,688 | | | | | | 148,559 | | | | | | 85,740 | | |
Other
|
| | | | 8,242 | | | | | | 2,500 | | | | | | 12,625 | | | | | | 3,567 | | | | | | 1,274 | | |
Total operating expenses
|
| | | | 186,277 | | | | | | 191,152 | | | | | | 822,610 | | | | | | 725,958 | | | | | | 485,359 | | |
Income (loss) from operations
|
| | | | (35,063) | | | | | | 124,952 | | | | | | 155,413 | | | | | | 304,564 | | | | | | 20,323 | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bargain purchase gain
|
| | | | — | | | | | | — | | | | | | — | | | | | | 170,853 | | | | | | — | | |
Gain on settlement of litigation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 16,866 | | | | | | — | | |
Gains (losses) on contingent consideration(2)
|
| | | | 6,594 | | | | | | 22,894 | | | | | | 38,375 | | | | | | 6,632 | | | | | | (194,968) | | |
Earnings (losses) from equity affiliate
|
| | | | (7,707) | | | | | | (5,399) | | | | | | 16,865 | | | | | | 8,493 | | | | | | 910 | | |
Interest income
|
| | | | 1,633 | | | | | | 648 | | | | | | 3,138 | | | | | | 1,143 | | | | | | 8 | | |
Interest expense
|
| | | | (16,083) | | | | | | (17,770) | | | | | | (69,942) | | | | | | (26,322) | | | | | | — | | |
Interest expense, related party
|
| | | | (1,973) | | | | | | (1,492) | | | | | | (7,078) | | | | | | (10,846) | | | | | | (2,134) | | |
Other income
|
| | | | 1,035 | | | | | | 1,636 | | | | | | 8,372 | | | | | | 1,411 | | | | | | 872 | | |
Income (loss) before income taxes
|
| | | | (51,564) | | | | | | 125,469 | | | | | | 145,143 | | | | | | 472,794 | | | | | | (174,989) | | |
Income tax benefit (expense)
|
| | | | 12,979 | | | | | | (29,307) | | | | | | (28,225) | | | | | | (62,652) | | | | | | 40,526 | | |
Net income (loss) attributable to BKV Corporation
|
| | | | (38,585) | | | | | | 96,162 | | | | | | 116,918 | | | | | | 410,142 | | | | | | (134,463) | | |
Less accretion of preferred stock to redemption
value |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,745) | | |
Less preferred stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,900) | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended December 31,
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| | |
2024
|
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2023
|
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2023
|
| |
2022
|
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2021
|
| |||||||||||||||
| | |
(in thousands, except per share amounts)
|
| |||||||||||||||||||||||||||
Less deemed dividend on redemption of preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (22,606) | | |
Net income (loss) attributable to common stockholders
|
| | | | (38,585) | | | | | | 96,162 | | | | | | 116,918 | | | | | | 410,142 | | | | | | (170,714) | | |
Net income (loss) per common share(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (0.58) | | | | | $ | 1.64 | | | | | $ | 1.93 | | | | | $ | 6.99 | | | | | $ | (2.92) | | |
Diluted
|
| | | $ | (0.58) | | | | | $ | 1.53 | | | | | $ | 1.82 | | | | | $ | 6.62 | | | | | $ | (2.92) | | |
Weighted average number of common shares outstanding(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 66,287 | | | | | | 58,783 | | | | | | 60,730 | | | | | | 58,659 | | | | | | 58,496 | | |
Diluted
|
| | | | 66,287 | | | | | | 62,735 | | | | | | 64,380 | | | | | | 61,990 | | | | | | 58,496 | | |
Balance sheet information (at period end): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 21,891 | | | | | $ | 40,647 | | | | | $ | 25,407 | | | | | $ | 153,128 | | | | | $ | 134,667 | | |
Restricted cash(4)
|
| | | $ | 140,955 | | | | | $ | — | | | | | $ | 139,662 | | | | | $ | — | | | | | $ | — | | |
Total natural gas properties, net
|
| | | $ | 2,091,381 | | | | | $ | 2,249,290 | | | | | $ | 2,125,442 | | | | | $ | 2,209,518 | | | | | $ | 1,176,117 | | |
Total assets
|
| | | $ | 2,612,473 | | | | | $ | 2,581,563 | | | | | $ | 2,683,146 | | | | | $ | 2,702,573 | | | | | $ | 1,620,828 | | |
Total liabilities
|
| | | $ | 1,164,818 | | | | | $ | 1,288,810 | | | | | $ | 1,197,979 | | | | | $ | 1,506,649 | | | | | $ | 865,889 | | |
Total mezzanine equity
|
| | | $ | 190,070 | | | | | $ | 135,200 | | | | | $ | 186,954 | | | | | $ | 151,883 | | | | | $ | 83,847 | | |
Total stockholders’ equity
|
| | | $ | 1,257,585 | | | | | $ | 1,157,553 | | | | | $ | 1,298,213 | | | | | $ | 1,044,041 | | | | | $ | 671,092 | | |
Statement of cash flows information | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities
|
| | | $ | 19,251 | | | | | $ | 13,468 | | | | | $ | 123,076 | | | | | $ | 349,194 | | | | | $ | 358,133 | | |
Net cash used in investing activities
|
| | | $ | (19,884) | | | | | $ | (81,485) | | | | | $ | (177,848) | | | | | $ | (865,566) | | | | | $ | (161,858) | | |
Net cash provided by (used in) financing activities
|
| | | $ | (1,590) | | | | | $ | (44,464) | | | | | $ | 66,713 | | | | | $ | 534,833 | | | | | $ | (79,053) | | |
Other financial data (unaudited)(5) | | | | | | | |||||||||||||||||||||||||
Adjusted EBITDAX
|
| | | $ | 47,132 | | | | | $ | 73,970 | | | | | $ | 251,158 | | | | | $ | 575,504 | | | | | $ | 281,024 | | |
Upstream capital expenditures (accrued)(6)
|
| | | $ | 12,306 | | | | | $ | 65,975 | | | | | $ | 107,544 | | | | | $ | 253,179 | | | | | $ | 77,634 | | |
Upstream Reinvestment Rate(6)
|
| | | | 26% | | | | | | 89% | | | | | | 43% | | | | | | 44% | | | | | | 28% | | |
Adjusted Free Cash Flow
|
| | | $ | 47,587 | | | | | $ | (14,545) | | | | | $ | 19,132 | | | | | $ | 169,213 | | | | | $ | 165,090 | | |
Adjusted Free Cash Flow Margin
|
| | | | 31% | | | | | | (7)% | | | | | | 3% | | | | | | 10% | | | | | | 19% | | |
Total Net Leverage Ratio
|
| | | | 2.60x | | | | | | 2.19x | | | | | | 1.95x | | | | | | 1.00x | | | | | | 0.11x | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended December 31,
|
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| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net income (loss) attributable to BKV Corporation
|
| | | $ | (38,585) | | | | | $ | 96,162 | | | | | $ | 116,918 | | | | | $ | 410,142 | | | | | $ | (134,463) | | |
Unrealized derivative (gains)
losses |
| | | | 40,143 | | | | | | (79,347) | | | | | | (148,564) | | | | | | (58,815) | | | | | | 115,161 | | |
Forward month gas derivative settlement(1)
|
| | | | (9,048) | | | | | | (14,862) | | | | | | (9,807) | | | | | | (8,826) | | | | | | 15,406 | | |
Depreciation, depletion, amortization and accretion
|
| | | | 52,259 | | | | | | 37,146 | | | | | | 224,427 | | | | | | 130,038 | | | | | | 98,833 | | |
Exploration and impairment expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34 | | |
Change in contingent consideration liabilities
|
| | | | (6,594) | | | | | | (22,894) | | | | | | (38,375) | | | | | | (6,632) | | | | | | 194,968 | | |
Interest expense
|
| | | | 16,083 | | | | | | 17,770 | | | | | | 69,942 | | | | | | 26,322 | | | | | | — | | |
Interest expense, related party
|
| | | | 1,973 | | | | | | 1,492 | | | | | | 7,078 | | | | | | 10,846 | | | | | | 2,134 | | |
Income tax expense (benefit)
|
| | | | (12,979) | | | | | | 29,307 | | | | | | 28,225 | | | | | | 62,652 | | | | | | (40,526) | | |
Equity-based compensation
expense |
| | | | 1,073 | | | | | | 3,797 | | | | | | 25,756 | | | | | | 31,947 | | | | | | 30,387 | | |
Bargain purchase gain
|
| | | | — | | | | | | — | | | | | | — | | | | | | (170,853) | | | | | | — | | |
(Earnings) losses from equity affiliate
|
| | | | 7,707 | | | | | | 5,399 | | | | | | (16,865) | | | | | | (8,493) | | | | | | (910) | | |
Total settlements paid (received) for early-terminated derivative contracts during the
period(2) |
| | | | (13,250) | | | | | | — | | | | | | (46,701) | | | | | | 158,448 | | | | | | — | | |
Settlements (paid) received for early-terminated derivative contracts related to the period presented(3)
|
| | | | 8,350 | | | | | | — | | | | | | 39,124 | | | | | | (1,272) | | | | | | — | | |
Adjusted EBITDAX
|
| | | $ | 47,132 | | | | | $ | 73,970 | | | | | $ | 251,158 | | | | | $ | 575,504 | | | | | $ | 281,024 | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Total cash settlements paid (received) for early-terminated
derivative contracts during the period |
| | | $ | (13,250) | | | | | $ | — | | | | | $ | (46,701) | | | | | $ | 158,448 | | | | | $ | — | | |
Cash settlements (paid) received for early-terminated derivative contracts related to the period presented
|
| | | | 8,350 | | | | | | — | | | | | | 39,124 | | | | | | (1,272) | | | | | | — | | |
Cash settlements paid (received) for early-terminated derivative contracts related to future periods
|
| | | $ | (4,900) | | | | | $ | — | | | | | $ | (7,577) | | | | | $ | 157,176 | | | | | $ | — | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Net cash provided by operating activities
|
| | | $ | 19,251 | | | | | $ | 13,468 | | | | | $ | 123,076 | | | | | $ | 349,194 | | | | | $ | 358,133 | | |
Cash paid for contingent consideration(1)
|
| | | | 20,000 | | | | | | 65,000 | | | | | | 65,000 | | | | | | 45,300 | | | | | | — | | |
Changes in operating assets and liabilities
|
| | | | 27,875 | | | | | | (8,332) | | | | | | 18,437 | | | | | | 22,816 | | | | | | (126,862) | | |
Cash paid for capital expenditures
|
| | | | (19,539) | | | | | | (84,681) | | | | | | (187,381) | | | | | | (248,097) | | | | | | (66,181) | | |
Adjusted Free Cash Flow(2)
|
| | | $ | 47,587 | | | | | $ | (14,545) | | | | | $ | 19,132 | | | | | $ | 169,213 | | | | | $ | 165,090 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Estimated proved developed reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 2,443,072 | | | | | | 3,798,019 | | | | | | 2,494,925 | | |
Producing
|
| | | | 2,290,025 | | | | | | 3,468,896 | | | | | | 2,346,712 | | |
Non-producing
|
| | | | 153,047 | | | | | | 329,123 | | | | | | 148,213 | | |
Natural gas liquids (MBbls)
|
| | | | 156,399 | | | | | | 170,840 | | | | | | 151,433 | | |
Producing
|
| | | | 129,260 | | | | | | 157,585 | | | | | | 142,961 | | |
Non-producing
|
| | | | 27,139 | | | | | | 13,255 | | | | | | 8,472 | | |
Oil (MBbls)
|
| | | | 992 | | | | | | 1,111 | | | | | | 867 | | |
Producing
|
| | | | 802 | | | | | | 1,111 | | | | | | 867 | | |
Non-producing
|
| | | | 190 | | | | | | — | | | | | | — | | |
Total estimated proved developed reserves (MMcfe)
|
| | | | 3,387,418 | | | | | | 4,829,725 | | | | | | 3,408,725 | | |
Producing
|
| | | | 3,070,397 | | | | | | 4,421,072 | | | | | | 3,209,680 | | |
Non-producing
|
| | | | 317,021 | | | | | | 408,653 | | | | | | 199,045 | | |
Standardized Measure (millions)
|
| | | $ | 986 | | | | | $ | 5,809 | | | | | $ | 2,119 | | |
PV-10 (millions)(2)(3)
|
| | | $ | 1,151 | | | | | $ | 7,389 | | | | | $ | 2,672 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Estimated proved undeveloped reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 539,423 | | | | | | 1,057,657 | | | | | | 950,358 | | |
Natural gas liquids (MBbls)
|
| | | | 27,766 | | | | | | 40,660 | | | | | | 13,722 | | |
Oil (MBbls)
|
| | | | 59 | | | | | | 758 | | | | | | 58 | | |
Total estimated proved undeveloped reserves (MMcfe)(4)(5)
|
| | | | 706,373 | | | | | | 1,306,165 | | | | | | 1,033,038 | | |
Standardized Measure (millions)
|
| | | $ | 48 | | | | | $ | 1,185 | | | | | $ | 295 | | |
PV-10 (millions)(2)(6)
|
| | | $ | 81 | | | | | $ | 1,566 | | | | | $ | 403 | | |
Estimated total proved reserves:
|
| | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 2,982,495 | | | | | | 4,855,676 | | | | | | 3,445,283 | | |
Natural gas liquids (MBbls)
|
| | | | 184,165 | | | | | | 211,500 | | | | | | 165,155 | | |
Oil (MBbls)
|
| | | | 1,051 | | | | | | 1,869 | | | | | | 925 | | |
Total estimated proved reserves (MMcfe)
|
| | | | 4,093,791 | | | | | | 6,135,890 | | | | | | 4,441,763 | | |
Standardized Measure (millions)
|
| | | $ | 1,034 | | | | | $ | 6,994 | | | | | $ | 2,414 | | |
PV-10 (millions)(2)(7)
|
| | | $ | 1,232 | | | | | $ | 8,955 | | | | | $ | 3,075 | | |
Estimated probable developed reserves:
|
| | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 68,385 | | | | | | 367,081 | | | | | | — | | |
Natural gas liquids (MBbls)
|
| | | | 7,871 | | | | | | 25,558 | | | | | | — | | |
Oil (MBbls)
|
| | | | 6 | | | | | | — | | | | | | — | | |
Total estimated probable developed reserves (MMcfe)(5)(8)
|
| | | | 115,647 | | | | | | 520,429 | | | | | | — | | |
Standardized Measure (millions)
|
| | | $ | 13 | | | | | $ | 281 | | | | | | — | | |
PV-10 (millions)(2)(9)
|
| | | $ | 18 | | | | | $ | 372 | | | | | | — | | |
Estimated probable undeveloped reserves:
|
| | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 237,236 | | | | | | 572,425 | | | | | | 522,442 | | |
Natural gas liquids (MBbls)
|
| | | | 19,114 | | | | | | 39,319 | | | | | | 31,227 | | |
Oil (MBbls)
|
| | | | 548 | | | | | | 1,556 | | | | | | 486 | | |
Total estimated probable undeveloped reserves (MMcfe)(5)(8)
|
| | | | 355,208 | | | | | | 817,675 | | | | | | 712,720 | | |
Standardized Measure (millions)
|
| | | $ | 5 | | | | | $ | 420 | | | | | $ | 146 | | |
PV-10 (millions)(2)(10)
|
| | | $ | 17 | | | | | $ | 563 | | | | | $ | 202 | | |
Estimated total probable reserves:
|
| | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 305,621 | | | | | | 939,506 | | | | | | 522,442 | | |
Natural gas liquids (MBbls)
|
| | | | 26,985 | | | | | | 64,877 | | | | | | 31,227 | | |
Oil (MBbls)
|
| | | | 554 | | | | | | 1,556 | | | | | | 486 | | |
Total estimated probable reserves (MMcfe)(5)(8)
|
| | | | 470,855 | | | | | | 1,338,104 | | | | | | 712,720 | | |
Standardized Measure (millions)
|
| | | $ | 18 | | | | | $ | 701 | | | | | $ | 146 | | |
PV-10 (millions)(2)(11)
|
| | | $ | 35 | | | | | $ | 935 | | | | | $ | 202 | | |
Estimated possible developed reserves:
|
| | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 57,114 | | | | | | 84,124 | | | | | | — | | |
Natural gas liquids (MBbls)
|
| | | | 3,257 | | | | | | 8,146 | | | | | | — | | |
Oil (MBbls)
|
| | | | 2 | | | | | | — | | | | | | — | | |
Total estimated possible developed reserves (MMcfe)(5)(8)
|
| | | | 76,668 | | | | | | 133,000 | | | | | | — | | |
Standardized Measure (millions)
|
| | | $ | 2 | | | | | $ | 53 | | | | | $ | — | | |
PV-10 (millions)(2)(12)
|
| | | $ | 4 | | | | | $ | 70 | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Estimated possible undeveloped reserves:
|
| | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 12,742 | | | | | | 540,878 | | | | | | 381,941 | | |
Natural gas liquids (MBbls)
|
| | | | — | | | | | | 16,876 | | | | | | 32,047 | | |
Oil (MBbls)
|
| | | | — | | | | | | 789 | | | | | | 1,841 | | |
Total estimated possible undeveloped reserves (MMcfe)(5)(8)
|
| | | | 12,742 | | | | | | 646,868 | | | | | | 585,269 | | |
Standardized Measure (millions)
|
| | | $ | — | | | | | $ | 247 | | | | | $ | 51 | | |
PV-10 (millions)(2)(13)
|
| | | $ | — | | | | | $ | 330 | | | | | $ | 75 | | |
Estimated total possible reserves:
|
| | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 69,856 | | | | | | 625,002 | | | | | | 381,941 | | |
Natural gas liquids (MBbls)
|
| | | | 3,257 | | | | | | 25,022 | | | | | | 32,047 | | |
Oil (MBbls)
|
| | | | 2 | | | | | | 789 | | | | | | 1,841 | | |
Total estimated possible reserves (MMcfe)(5)(8)
|
| | | | 89,410 | | | | | | 779,868 | | | | | | 585,269 | | |
Standardized Measure (millions)
|
| | | $ | 2 | | | | | $ | 300 | | | | | $ | 51 | | |
PV-10 (millions)(2)(14)
|
| | | $ | 4 | | | | | $ | 400 | | | | | $ | 75 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 1,151 | | | | | $ | 7,389 | | | | | $ | 2,672 | | |
Present value of future income taxes discounted at 10%
|
| | | | (165) | | | | | | (1,580) | | | | | | (553) | | |
Standardized Measure
|
| | | $ | 986 | | | | | $ | 5,809 | | | | | $ | 2,119 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 81 | | | | | $ | 1,566 | | | | | $ | 403 | | |
Present value of future income taxes discounted at 10%
|
| | | | (33) | | | | | | (381) | | | | | | (108) | | |
Standardized Measure
|
| | | $ | 48 | | | | | $ | 1,185 | | | | | $ | 295 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 1,232 | | | | | $ | 8,955 | | | | | $ | 3,074 | | |
Present value of future income taxes discounted at 10%
|
| | | | (198) | | | | | | (1,961) | | | | | | (661) | | |
Standardized Measure
|
| | | $ | 1,034 | | | | | $ | 6,994 | | | | | $ | 2,413 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 18 | | | | | $ | 372 | | | | | $ | — | | |
Present value of future income taxes discounted at 10%
|
| | | | (5) | | | | | | (91) | | | | | | — | | |
Standardized Measure
|
| | | $ | 13 | | | | | $ | 281 | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 17 | | | | | $ | 563 | | | | | $ | 202 | | |
Present value of future income taxes discounted at 10%
|
| | | | (12) | | | | | | (143) | | | | | | (56) | | |
Standardized Measure
|
| | | $ | 5 | | | | | $ | 420 | | | | | $ | 146 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 35 | | | | | $ | 935 | | | | | $ | 202 | | |
Present value of future income taxes discounted at 10%
|
| | | | (17) | | | | | | (234) | | | | | | (56) | | |
Standardized Measure
|
| | | $ | 18 | | | | | $ | 701 | | | | | $ | 146 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 4 | | | | | $ | 70 | | | | | $ | — | | |
Present value of future income taxes discounted at 10%
|
| | | | (2) | | | | | | (17) | | | | | | — | | |
Standardized Measure
|
| | | $ | 2 | | | | | $ | 53 | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | — | | | | | $ | 330 | | | | | $ | 75 | | |
Present value of future income taxes discounted at 10%
|
| | | | — | | | | | | (83) | | | | | | (24) | | |
Standardized Measure
|
| | | $ | — | | | | | $ | 247 | | | | | $ | 51 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 4 | | | | | $ | 400 | | | | | $ | 75 | | |
Present value of future income taxes discounted at 10%
|
| | | | (2) | | | | | | (100) | | | | | | (24) | | |
Standardized Measure
|
| | | $ | 2 | | | | | $ | 300 | | | | | $ | 51 | | |
| | |
December 31,
2023 |
| |||
Estimated proved developed reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 2,984,949 | | |
Producing
|
| | | | 2,791,791 | | |
Non-producing
|
| | | | 193,158 | | |
Natural gas liquids (MBbls)
|
| | | | 164,204 | | |
Producing
|
| | | | 134,689 | | |
Non-producing
|
| | | | 29,515 | | |
Oil (MBbls)
|
| | | | 1,046 | | |
Producing
|
| | | | 808 | | |
Non-producing
|
| | | | 238 | | |
Total estimated proved developed reserves (MMcfe)
|
| | | | 3,976,436 | | |
Producing
|
| | | | 3,604,773 | | |
Non-producing
|
| | | | 371,663 | | |
Standardized Measure (millions)
|
| | | $ | 1,651 | | |
PV-10 (millions)(1)
|
| | | $ | 2,015 | | |
Estimated proved undeveloped reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 790,838 | | |
Natural gas liquids (MBbls)
|
| | | | 30,500 | | |
Oil (MBbls)
|
| | | | 59 | | |
Total estimated proved undeveloped reserves (MMcfe)(2)(3)
|
| | | | 974,192 | | |
Standardized Measure (millions)
|
| | | $ | 244 | | |
PV-10 (millions)(4)
|
| | | $ | 335 | | |
Estimated total proved reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 3,775,787 | | |
Natural gas liquids (MBbls)
|
| | | | 194,704 | | |
Oil (MBbls)
|
| | | | 1,105 | | |
Total estimated proved reserves (MMcfe)
|
| | | | 4,950,628 | | |
Standardized Measure (millions)
|
| | | $ | 1,895 | | |
PV-10 (millions)(5)
|
| | | $ | 2,350 | | |
| | |
December 31,
2023 |
| |||
Estimated probable developed reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 179,158 | | |
Natural gas liquids (MBbls)
|
| | | | 10,403 | | |
Oil (MBbls)
|
| | | | 44 | | |
Total estimated probable developed reserves (MMcfe)(3)(6)
|
| | | | 241,840 | | |
Standardized Measure (millions)
|
| | | $ | 25 | | |
PV-10 (millions)(7)
|
| | | $ | 36 | | |
Estimated probable undeveloped reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 609,077 | | |
Natural gas liquids (MBbls)
|
| | | | 24,020 | | |
Oil (MBbls)
|
| | | | 518 | | |
Total estimated probable undeveloped reserves (MMcfe)(3)(6)
|
| | | | 756,305 | | |
Standardized Measure (millions)
|
| | | $ | 88 | | |
PV-10 (millions)(8)
|
| | | $ | 130 | | |
Estimated total probable reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 788,235 | | |
Natural gas liquids (MBbls)
|
| | | | 34,423 | | |
Oil (MBbls)
|
| | | | 562 | | |
Total estimated probable reserves (MMcfe)(3)(6)
|
| | | | 998,145 | | |
Standardized Measure (millions)
|
| | | $ | 113 | | |
PV-10 (millions)(9)
|
| | | $ | 166 | | |
Estimated possible developed reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 103,647 | | |
Natural gas liquids (MBbls)
|
| | | | 3,823 | | |
Oil (MBbls)
|
| | | | 8 | | |
Total estimated possible developed reserves (MMcfe)(3)(6)
|
| | | | 126,633 | | |
Standardized Measure (millions)
|
| | | $ | 10 | | |
PV-10 (millions)(10)
|
| | | $ | 14 | | |
Estimated possible undeveloped reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 113,477 | | |
Natural gas liquids (MBbls)
|
| | | | 1,021 | | |
Oil (MBbls)
|
| | | | — | | |
Total estimated possible undeveloped reserves (MMcfe)(3)(6)
|
| | | | 119,603 | | |
Standardized Measure (millions)
|
| | | $ | 12 | | |
PV-10 (millions)(11)
|
| | | $ | 17 | | |
Estimated total possible reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 217,124 | | |
Natural gas liquids (MBbls)
|
| | | | 4,844 | | |
Oil (MBbls)
|
| | | | 8 | | |
Total estimated possible reserves (MMcfe)(3)(6)
|
| | | | 246,236 | | |
Standardized Measure (millions)
|
| | | $ | 22 | | |
PV-10 (millions)(12)
|
| | | $ | 31 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 2,015 | | |
Present value of future income taxes discounted at 10%
|
| | | | (364) | | |
Standardized Measure
|
| | | $ | 1,651 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 335 | | |
Present value of future income taxes discounted at 10%
|
| | | | (91) | | |
Standardized Measure
|
| | | $ | 244 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 2,350 | | |
Present value of future income taxes discounted at 10%
|
| | | | (455) | | |
Standardized Measure
|
| | | $ | 1,895 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 36 | | |
Present value of future income taxes discounted at 10%
|
| | | | (11) | | |
Standardized Measure
|
| | | $ | 25 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 130 | | |
Present value of future income taxes discounted at 10%
|
| | | | (42) | | |
Standardized Measure
|
| | | $ | 88 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 166 | | |
Present value of future income taxes discounted at 10%
|
| | | | (53) | | |
Standardized Measure
|
| | | $ | 113 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 14 | | |
Present value of future income taxes discounted at 10%
|
| | | | (4) | | |
Standardized Measure
|
| | | $ | 10 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 17 | | |
Present value of future income taxes discounted at 10%
|
| | | | (5) | | |
Standardized Measure
|
| | | $ | 12 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 31 | | |
Present value of future income taxes discounted at 10%
|
| | | | (9) | | |
Standardized Measure
|
| | | $ | 22 | | |
| | |
As of March 31, 2024
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
(in thousands, except shares and par value)
|
| |
(unaudited)
|
| |||||||||
Cash and cash equivalents, including restricted cash
|
| | | $ | 162,846 | | | | | $ | | | |
Debt: | | | | | | | | | | | | | |
Notes payable to related party(1)
|
| | | $ | 75,000 | | | | | $ | | | |
Term Loan Credit Agreement
|
| | | | 452,645 | | | | | | | | |
Credit facilities
|
| | | | 126,000 | | | | | | | | |
Total debt(2)
|
| | | $ | 653,645 | | | | | $ | | | |
Mezzanine equity(3): | | | | | | | | | | | | | |
Common stock – minority ownership puttable shares
|
| | | $ | 61,536 | | | | | $ | | | |
Equity-based compensation
|
| | | | 128,534 | | | | | | | | |
Total mezzanine equity
|
| | | $ | 190,070 | | | | | $ | | | |
Stockholders’ equity(4): | | | | | | | | | | | | | |
Common stock, par value $0.01 per share; 300,000,000 authorized shares; 63,872,684 shares issued and outstanding, actual; and shares issued and outstanding, as adjusted(5)
|
| | | $ | 1,283 | | | | | $ | | | |
Treasury stock, shares at cost; 213,528 shares
|
| | | | (4,582) | | | | | | | | |
Additional paid-in capital
|
| | | | 1,032,101 | | | | | | | | |
Retained earnings
|
| | | | 228,783 | | | | | | | | |
Total stockholders’ equity
|
| | | $ | 1,257,585 | | | | | $ | | | |
Total capitalization
|
| | | $ | 2,264,146 | | | | | $ | | | |
|
Assumed initial public offering price per share
|
| | | | | | | | | $ | | | |
|
Net tangible book value per share as of March 31, 2024
|
| | | $ | | | | | | | | | |
|
Increase in pro forma net tangible book value per share attributable to new investors in this offering
|
| | | | | | | | | | | | |
|
Less: As adjusted net tangible book value per share of common stock after giving effect to this offering
|
| | | | | | | | | | | | |
|
Dilution in as adjusted net tangible book value per share to new investors from this offering
|
| | | | | | | | | $ | | | |
| | |
SHARES
|
| |
TOTAL CONSIDERATION
|
| |
AVERAGE
PRICE PER SHARE |
| |||||||||||||||||||||
| | |
NUMBER
|
| |
PERCENT
|
| |
AMOUNT
|
| |
PERCENT
|
| ||||||||||||||||||
Existing investors
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Existing common stock stockholders
|
| | | | | | | | | | % | | | | | $ | | | | | | | % | | | | | $ | | | |
Existing mezzanine equity stockholders(1)
|
| | | | | | | | | % | | | | | | | | | | | % | | | |
|
| |||||
Total existing stockholders
|
| | | | | | | | | | % | | | | | | | | | | | | % | | | | | | | | |
New investors
|
| | | | | | | | | | % | | | | | | | | | | | | % | | | | | | | | |
Total
|
| | | | | | | | | | 100% | | | | | $ | | | | | | 100% | | | | | $ | | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended
December 31, |
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Natural gas sales
|
| | | | 68% | | | | | | 75% | | | | | | 72% | | | | | | 80% | | | | | | 72% | | |
NGL sales
|
| | | | 31% | | | | | | 24% | | | | | | 27% | | | | | | 19% | | | | | | 27% | | |
Oil sales
|
| | | | 1% | | | | | | 1% | | | | | | 1% | | | | | | 1% | | | | | | 1% | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
Production Data
|
| |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Natural gas (MMcf)
|
| | | | 59,644 | | | | | | 63,687 | | | | | | 249,766 | | | | | | 217,585 | | | | | | 186,055 | | |
NGLs (MBbls)
|
| | | | 2,485 | | | | | | 2,488 | | | | | | 10,554 | | | | | | 10,187 | | | | | | 9,829 | | |
Oil (MBbls)
|
| | | | 28 | | | | | | 36 | | | | | | 119 | | | | | | 140 | | | | | | 123 | | |
Total volumes (MMcfe)
|
| | | | 74,722 | | | | | | 78,831 | | | | | | 313,804 | | | | | | 279,547 | | | | | | 245,767 | | |
Average daily total volumes (MMcfe/d)
|
| | | | 821.1 | | | | | | 875.9 | | | | | | 859.7 | | | | | | 765.9 | | | | | | 673.3 | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Average prices: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Natural gas (Mcf):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average NYMEX Henry Hub price
|
| | | $ | 2.24 | | | | | $ | 3.42 | | | | | $ | 2.74 | | | | | $ | 6.64 | | | | | $ | 3.84 | | |
Average natural gas realized price (excluding derivatives)
|
| | | $ | 1.62 | | | | | $ | 2.48 | | | | | $ | 2.04 | | | | | $ | 6.02 | | | | | $ | 3.21 | | |
Average natural gas realized price (including derivatives)(1)
|
| | | $ | 2.00 | | | | | $ | 2.79 | | | | | $ | 2.23 | | | | | $ | 3.72 | | | | | $ | 2.29 | | |
Differential to NYMEX Henry Hub
|
| | | $ | (0.63) | | | | | $ | (0.94) | | | | | $ | (0.70) | | | | | $ | (0.62) | | | | | $ | (0.63) | | |
NGLs (Bbl):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average NYMEX WTI price
|
| | | $ | 77.50 | | | | | $ | 75.93 | | | | | $ | 77.58 | | | | | $ | 95.03 | | | | | $ | 67.92 | | |
Average NGL realized price (excluding
derivatives) |
| | | $ | 17.47 | | | | | $ | 20.11 | | | | | $ | 17.80 | | | | | $ | 30.58 | | | | | $ | 22.90 | | |
Average NGL realized price (including derivatives)(1)
|
| | | $ | 17.53 | | | | | $ | 19.27 | | | | | $ | 17.55 | | | | | $ | 27.78 | | | | | $ | 16.03 | | |
Differential to NYMEX WTI
|
| | | $ | (60.03) | | | | | $ | (55.82) | | | | | $ | (59.78) | | | | | $ | (64.45) | | | | | $ | (45.02) | | |
Oil (Bbl):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average NYMEX WTI price
|
| | | $ | 77.50 | | | | | $ | 75.93 | | | | | $ | 77.58 | | | | | $ | 95.03 | | | | | $ | 67.92 | | |
Average oil realized price (excluding derivatives)
|
| | | $ | 69.07 | | | | | $ | 72.14 | | | | | $ | 70.97 | | | | | $ | 84.76 | | | | | $ | 61.46 | | |
Average oil realized price (including derivatives)(1)
|
| | | $ | 69.07 | | | | | $ | 72.14 | | | | | $ | 70.97 | | | | | $ | 84.76 | | | | | $ | 61.46 | | |
Differential to NYMEX WTI
|
| | | $ | (8.43) | | | | | $ | (3.79) | | | | | $ | (6.61) | | | | | $ | (10.27) | | | | | $ | (6.46) | | |
High and low NYMEX prices: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil (Bbl):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
High
|
| | | $ | 84.39 | | | | | $ | 81.62 | | | | | $ | 93.67 | | | | | $ | 123.64 | | | | | $ | 84.65 | | |
Low
|
| | | $ | 70.62 | | | | | $ | 66.61 | | | | | $ | 66.61 | | | | | $ | 71.05 | | | | | $ | 47.62 | | |
Natural gas (Mcf):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
High
|
| | | $ | 13.20 | | | | | $ | 3.78 | | | | | $ | 3.78 | | | | | $ | 9.85 | | | | | $ | 23.86 | | |
Low
|
| | | $ | 1.25 | | | | | $ | 1.93 | | | | | $ | 1.74 | | | | | $ | 3.46 | | | | | $ | 2.43 | | |
Instrument
|
| |
MMBtu
|
| |
Weighted
Average Price (USD) |
| |
Weighted
Average Price Floor |
| |
Weighted
Average Price Ceiling |
| |
Fair Value as of
March 31, 2024 (in thousands) |
| |||||||||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| | | | 72,887,500 | | | | | $ | 3.52 | | | | | | | | | | | | | | | | | $ | 73,898 | | |
2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| | | | 26,125,000 | | | | | $ | 3.55 | | | | | | | | | | | | | | | | | $ | 2,610 | | |
Collars
|
| | | | 14,600,000 | | | | | | | | | | | $ | 3.71 | | | | | $ | 4.11 | | | | | $ | 5,211 | | |
2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| | | | 8,550,000 | | | | | $ | 3.55 | | | | | | | | | | | | | | | | | $ | (4,099) | | |
Call options
|
| | | | 36,500,000 | | | | | | | | | | | | | | | | | $ | 5.00 | | | | | $ | (11,187) | | |
2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Call options
|
| | | | 36,500,000 | | | | | | | | | | | | | | | | | $ | 5.00 | | | | | $ | (12,993) | | |
Instrument
|
| |
Basis Reference Price
|
| |
MMBtu
|
| |
Weighted
Average Basis Differential |
| |
Fair Value as of
March 31, 2024 (in thousands) |
| |||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| |
NGPL TXOK Basis
|
| | | | 21,400,000 | | | | | $ | (0.54) | | | | | $ | (5,297) | | |
Swap
|
| |
Transco Leidy Basis
|
| | | | 24,750,000 | | | | | $ | (0.89) | | | | | $ | (4,421) | | |
Instrument
|
| |
Commodity Reference Price
|
| |
Gallons
|
| |
Weighted
Average Price (USD) |
| |
Fair Value as of
March 31, 2024 (in thousands) |
| | |||||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | | | ||
Swap
|
| | OPIS Purity Ethane Mont Belvieu | | | | | 144,375,000 | | | | | $ | 0.23 | | | | | $ | 4,693 | | | | ||
Swap
|
| | OPIS IsoButane Mont Belvieu Non-TET | | | | | 9,817,500 | | | | | $ | 0.93 | | | | | $ | (1,172) | | | | ||
Swap
|
| |
OPIS Normal Butane Mont Belvieu Non-TET
|
| | | | 14,437,500 | | | | | $ | 0.90 | | | | | $ | (958) | | | | ||
Swap
|
| | OPIS Pentane Mont Belvieu Non-TET | | | | | 23,100,000 | | | | | $ | 1.47 | | | | | $ | (2,623) | | | | ||
Swap
|
| | OPIS Propane Mont Belvieu Non-TET | | | | | 54,862,500 | | | | | $ | 0.80 | | | | | $ | (1,834) | | | | ||
2025 | | | | | | | |||||||||||||||||||
Swap
|
| | OPIS Purity Ethane Mont Belvieu | | | | | 92,767,500 | | | | | $ | 0.25 | | | | | $ | 265 | | | | ||
Swap
|
| | OPIS IsoButane Mont Belvieu Non-TET | | | | | 6,599,250 | | | | | $ | 0.87 | | | | | $ | (337) | | | | ||
Swap
|
| |
OPIS Normal Butane Mont Belvieu Non-TET
|
| | | | 9,082,500 | | | | | $ | 0.84 | | | | | $ | (364) | | | | ||
Swap
|
| | OPIS Pentane Mont Belvieu Non-TET | | | | | 13,387,500 | | | | | $ | 1.39 | | | | | $ | (1,315) | | | | ||
Swap
|
| | OPIS Propane Mont Belvieu Non-TET | | | | | 35,385,000 | | | | | $ | 0.74 | | | | | $ | (797) | | | | ||
2026 | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| | OPIS Purity Ethane Mont Belvieu | | | | | 6,615,000 | | | | | $ | 0.25 | | | | | $ | (226) | | | | ||
Swap
|
| | OPIS IsoButane Mont Belvieu Non-TET | | | | | 472,500 | | | | | $ | 0.83 | | | | | $ | (13) | | | | ||
Swap
|
| |
OPIS Normal Butane Mont Belvieu Non-TET
|
| | | | 472,500 | | | | | $ | 0.80 | | | | | $ | (18) | | | | ||
Swap
|
| | OPIS Pentane Mont Belvieu Non-TET | | | | | 945,000 | | | | | $ | 1.40 | | | | | $ | (27) | | | | ||
Swap
|
| | OPIS Propane Mont Belvieu Non-TET | | | | | 2,835,000 | | | | | $ | 0.69 | | | | | $ | (94) | | | |
| | |
Three Months Ended March 31,
|
| |||||||||
(in thousands)
|
| |
2024
|
| |
2023
|
| ||||||
Revenues and other operating income | | | | | | | | | | | | | |
Natural gas revenues
|
| | | $ | 96,336 | | | | | $ | 157,768 | | |
NGL revenues
|
| | | | 43,417 | | | | | | 50,040 | | |
Oil revenues
|
| | | | 1,934 | | | | | | 2,597 | | |
Midstream revenues
|
| | | | 4,128 | | | | | | 3,922 | | |
Derivative gains (losses), net
|
| | | | (3,679) | | | | | | 97,368 | | |
Marketing revenues
|
| | | | 4,921 | | | | | | 2,635 | | |
Related party and other
|
| | | | 4,157 | | | | | | 1,774 | | |
Total revenues and other operating income
|
| | | | 151,214 | | | | | | 316,104 | | |
Operating expenses | | | | | | | | | | | | | |
Lease operating and workover
|
| | | | 34,468 | | | | | | 43,166 | | |
Taxes other than income
|
| | | | 11,365 | | | | | | 24,169 | | |
Gathering and transportation
|
| | | | 59,391 | | | | | | 58,284 | | |
Depreciation, depletion, amortization and accretion
|
| | | | 52,166 | | | | | | 36,747 | | |
General and administrative
|
| | | | 20,645 | | | | | | 26,286 | | |
Other
|
| | | | 8,242 | | | | | | 2,500 | | |
Total operating expenses
|
| | | | 186,277 | | | | | | 191,152 | | |
Income (loss) from operations
|
| | | | (35,063) | | | | | | 124,952 | | |
Other income (expense) | | | | | | | | | | | | | |
Gains on contingent consideration liabilities
|
| | | | 6,594 | | | | | | 22,894 | | |
Losses from equity affiliate
|
| | | | (7,707) | | | | | | (5,399) | | |
Interest income
|
| | | | 1,633 | | | | | | 648 | | |
Interest expense
|
| | | | (16,083) | | | | | | (17,770) | | |
Interest expense, related party
|
| | | | (1,973) | | | | | | (1,492) | | |
Other income
|
| | | | 1,035 | | | | | | 1,636 | | |
Income (loss) before income taxes
|
| | | | (51,564) | | | | | | 125,469 | | |
Income tax benefit (expense)
|
| | | | 12,979 | | | | | | (29,307) | | |
Net income (loss)
|
| | | $ | (38,585) | | | | | $ | 96,162 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Revenues and other operating income | | | | | | | | | | | | | | | | | | | |
Natural gas revenues
|
| | | $ | 509,846 | | | | | $ | 1,310,339 | | | | | $ | 597,050 | | |
NGL revenues
|
| | | | 187,860 | | | | | | 311,542 | | | | | | 225,135 | | |
Oil revenues
|
| | | | 8,445 | | | | | | 11,866 | | | | | | 7,560 | | |
Midstream revenues
|
| | | | 16,168 | | | | | | 12,676 | | | | | | 6,917 | | |
Derivative gains (losses), net
|
| | | | 238,743 | | | | | | (629,701) | | | | | | (383,847) | | |
Marketing revenues
|
| | | | 8,710 | | | | | | 11,001 | | | | | | 52,616 | | |
Related party and other
|
| | | | 8,251 | | | | | | 2,799 | | | | | | 251 | | |
Total revenues and other operating income
|
| | | | 978,023 | | | | | | 1,030,522 | | | | | | 505,682 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Lease operating and workover
|
| | | | 150,647 | | | | | | 131,497 | | | | | | 86,831 | | |
Taxes other than income
|
| | | | 72,290 | | | | | | 114,668 | | | | | | 45,650 | | |
Gathering and transportation
|
| | | | 248,990 | | | | | | 208,758 | | | | | | 173,587 | | |
Depreciation, depletion, amortization and accretion
|
| | | | 223,370 | | | | | | 118,909 | | | | | | 92,277 | | |
General and administrative
|
| | | | 114,688 | | | | | | 148,559 | | | | | | 85,740 | | |
Other
|
| | | | 12,625 | | | | | | 3,567 | | | | | | 1,274 | | |
Total operating expenses
|
| | | | 822,610 | | | | | | 725,958 | | | | | | 485,359 | | |
Income from operations
|
| | | | 155,413 | | | | | | 304,564 | | | | | | 20,323 | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | |
Bargain purchase gain
|
| | | | — | | | | | | 170,853 | | | | | | — | | |
Gain on settlement of litigation
|
| | | | — | | | | | | 16,866 | | | | | | — | | |
Gains (losses) on contingent consideration liabilities
|
| | | | 38,375 | | | | | | 6,632 | | | | | | (194,968) | | |
Earnings from equity affiliate
|
| | | | 16,865 | | | | | | 8,493 | | | | | | 910 | | |
Interest income
|
| | | | 3,138 | | | | | | 1,143 | | | | | | 8 | | |
Interest expense
|
| | | | (69,942) | | | | | | (26,322) | | | | | | — | | |
Interest expense, related party
|
| | | | (7,078) | | | | | | (10,846) | | | | | | (2,134) | | |
Other income
|
| | | | 8,372 | | | | | | 1,411 | | | | | | 872 | | |
Income (loss) before income taxes
|
| | | | 145,143 | | | | | | 472,794 | | | | | | (174,989) | | |
Income tax benefit (expense)
|
| | | | (28,225) | | | | | | (62,652) | | | | | | 40,526 | | |
Net income (loss) attributable to BKV Corporation
|
| | | $ | 116,918 | | | | | $ | 410,142 | | | | | $ | (134,463) | | |
Less accretion of preferred stock to redemption value
|
| | | | — | | | | | | — | | | | | | (3,745) | | |
Less preferred stock dividends
|
| | | | — | | | | | | — | | | | | | (9,900) | | |
Less deemed dividend on redemption of preferred stock
|
| | | | — | | | | | | — | | | | | | (22,606) | | |
Net income (loss) attributable to common stockholders
|
| | | $ | 116,918 | | | | | $ | 410,142 | | | | | $ | (170,714) | | |
| | |
Three Months Ended March 31,
|
| | | |||||||||||||||||||
(in thousands, other than percentages)
|
| |
2024
|
| |
2023
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Natural gas revenues
|
| | | $ | 96,336 | | | | | $ | 157,768 | | | | | $ | (61,432) | | | | | | (39)% | | |
NGL revenues
|
| | | | 43,417 | | | | | | 50,040 | | | | | | (6,623) | | | | | | (13)% | | |
Oil revenues
|
| | | | 1,934 | | | | | | 2,597 | | | | | | (663) | | | | | | (26)% | | |
Midstream revenues
|
| | | | 4,128 | | | | | | 3,922 | | | | | | 206 | | | | | | 5% | | |
Derivative gains (losses), net
|
| | | | (3,679) | | | | | | 97,368 | | | | | | (101,047) | | | | | | * | | |
Marketing revenues
|
| | | | 4,921 | | | | | | 2,635 | | | | | | 2,286 | | | | | | 87% | | |
Related party and other
|
| | | | 4,157 | | | | | | 1,774 | | | | | | 2,383 | | | | | | * | | |
Total revenues and other operating income
|
| | | $ | 151,214 | | | | | $ | 316,104 | | | | | | | | | | | | | | |
| | |
Three Months Ended March 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands, other than percentages and average costs)
|
| |
2024
|
| |
2023
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Operating expenses | | | | | | ||||||||||||||||||||
Lease operating and workover
|
| | | $ | 34,468 | | | | | $ | 43,166 | | | | | $ | (8,698) | | | | | | (20)% | | |
Taxes other than income
|
| | | | 11,365 | | | | | | 24,169 | | | | | | (12,804) | | | | | | (53)% | | |
Gathering and transportation
|
| | | | 59,391 | | | | | | 58,284 | | | | | | 1,107 | | | | | | 2% | | |
Depreciation, depletion, amortization and accretion
|
| | | | 52,166 | | | | | | 36,747 | | | | | | 15,419 | | | | | | 42% | | |
General and administrative
|
| | | | 20,645 | | | | | | 26,286 | | | | | | (5,641) | | | | | | (21)% | | |
Other
|
| | | | 8,242 | | | | | | 2,500 | | | | | | 5,742 | | | | | | * | | |
Total operating expenses
|
| | | $ | 186,277 | | | | | $ | 191,152 | | | | | | | | | | | | | | |
Average costs per Mcfe | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease operating and workover
|
| | | $ | 0.46 | | | | | $ | 0.55 | | | | | $ | (0.09) | | | | | | (16)% | | |
Taxes other than income
|
| | | | 0.15 | | | | | | 0.31 | | | | | | (0.16) | | | | | | (52)% | | |
Gathering and transportation
|
| | | | 0.79 | | | | | | 0.74 | | | | | | 0.05 | | | | | | 7% | | |
Depreciation, depletion, amortization and accretion
|
| | | | 0.70 | | | | | | 0.47 | | | | | | 0.23 | | | | | | 49% | | |
General and administrative
|
| | | | 0.28 | | | | | | 0.33 | | | | | | (0.05) | | | | | | (15)% | | |
Other
|
| | | | 0.11 | | | | | | 0.03 | | | | | | 0.08 | | | | | | * | | |
Total
|
| | | $ | 2.49 | | | | | $ | 2.43 | | | | | | | | | | | | | | |
| | |
Three Months Ended March 31,
|
| | | |||||||||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
(in thousands, other than percentages and average costs)
|
| |
Amount
|
| |
Per Mcfe
|
| |
Amount
|
| |
Per Mcfe
|
| | | | | | | | | | | | | ||||||||||||
Lease operating expenses
|
| | | $ | 32,463 | | | | | $ | 0.43 | | | | | $ | 40,651 | | | | | $ | 0.52 | | | | | $ | (8,188) | | | | | | (20)% | | |
Workover expense
|
| | | | 2,005 | | | | | | 0.03 | | | | | | 2,515 | | | | | | 0.03 | | | | | | (510) | | | | | | (20)% | | |
Total lease operating and workover expense
|
| | | $ | 34,468 | | | | | $ | 0.46 | | | | | $ | 43,166 | | | | | $ | 0.55 | | | | | $ | (8,698) | | | | | | (20)% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands, other than percentages)
|
| |
2023
|
| |
2022
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Natural gas revenues
|
| | | $ | 509,846 | | | | | $ | 1,310,339 | | | | | $ | (800,493) | | | | | | (61)% | | |
NGL revenues
|
| | | | 187,860 | | | | | | 311,542 | | | | | | (123,682) | | | | | | (40)% | | |
Oil revenues
|
| | | | 8,445 | | | | | | 11,866 | | | | | | (3,421) | | | | | | (29)% | | |
Midstream revenues
|
| | | | 16,168 | | | | | | 12,676 | | | | | | 3,492 | | | | | | 28% | | |
Derivative gains (losses), net
|
| | | | 238,743 | | | | | | (629,701) | | | | | | 868,444 | | | | | | * | | |
Marketing revenues
|
| | | | 8,710 | | | | | | 11,001 | | | | | | (2,291) | | | | | | (21)% | | |
Related party and other
|
| | | | 8,251 | | | | | | 2,799 | | | | | | 5,452 | | | | | | * | | |
Total revenues and other operating income
|
| | | $ | 978,023 | | | | | $ | 1,030,522 | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
(in thousands, other than percentages and average costs)
|
| |
2023
|
| |
2022
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease operating and workover
|
| | | $ | 150,647 | | | | | $ | 131,497 | | | | | $ | 19,150 | | | | | | 15% | | |
Taxes other than income
|
| | | | 72,290 | | | | | | 114,668 | | | | | | (42,378) | | | | | | (37)% | | |
Gathering and transportation
|
| | | | 248,990 | | | | | | 208,758 | | | | | | 40,232 | | | | | | 19% | | |
Depreciation, depletion, amortization and accretion
|
| | | | 223,370 | | | | | | 118,909 | | | | | | 104,461 | | | | | | 88% | | |
General and administrative
|
| | | | 114,688 | | | | | | 148,559 | | | | | | (33,871) | | | | | | (23)% | | |
Other
|
| | | | 12,625 | | | | | | 3,567 | | | | | | 9,058 | | | | | | * | | |
Total operating expenses
|
| | | $ | 822,610 | | | | | $ | 725,958 | | | | | | | | | | | | | | |
Average costs per Mcfe | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease operating and workover
|
| | | $ | 0.48 | | | | | $ | 0.47 | | | | | $ | 0.01 | | | | | | 2% | | |
Taxes other than income
|
| | | | 0.23 | | | | | | 0.41 | | | | | | (0.18) | | | | | | (44)% | | |
Gathering and transportation
|
| | | | 0.79 | | | | | | 0.75 | | | | | | 0.04 | | | | | | 5% | | |
Depreciation, depletion, amortization and accretion
|
| | | | 0.71 | | | | | | 0.43 | | | | | | 0.28 | | | | | | 65% | | |
General and administrative
|
| | | | 0.37 | | | | | | 0.53 | | | | | | (0.16) | | | | | | (30)% | | |
Other
|
| | | | 0.04 | | | | | | 0.01 | | | | | | 0.03 | | | | | | * | | |
Total
|
| | | $ | 2.62 | | | | | $ | 2.60 | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
(in thousands, other than percentages and average costs)
|
| |
Amount
|
| |
Per Mcfe
|
| |
Amount
|
| |
Per Mcfe
|
| | | | | | | | | | | | | ||||||||||||
Lease operating expenses
|
| | | $ | 142,911 | | | | | $ | 0.46 | | | | | | 123,386 | | | | | $ | 0.44 | | | | | | 19,525 | | | | | | 16% | | |
Workover expense
|
| | | | 7,736 | | | | | | 0.02 | | | | | | 8,111 | | | | | | 0.03 | | | | | | (375) | | | | | | (5)% | | |
Total lease operating and workover expense
|
| | | $ | 150,647 | | | | | $ | 0.48 | | | | | | 131,497 | | | | | $ | 0.47 | | | | | | 19,150 | | | | | | 15% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||
(in thousands, other than percentages)
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Natural gas revenues
|
| | | $ | 1,310,339 | | | | | $ | 597,050 | | | | | $ | 713,289 | | | | | | * | | |
NGL revenues
|
| | | | 311,542 | | | | | | 225,135 | | | | | | 86,407 | | | | | | 38% | | |
Oil revenues
|
| | | | 11,866 | | | | | | 7,560 | | | | | | 4,306 | | | | | | 57% | | |
Midstream revenues
|
| | | | 12,676 | | | | | | 6,917 | | | | | | 5,759 | | | | | | 83% | | |
Derivative losses, net
|
| | | | (629,701) | | | | | | (383,847) | | | | | | (245,854) | | | | | | 64% | | |
Marketing revenues
|
| | | | 11,001 | | | | | | 52,616 | | | | | | (41,615) | | | | | | (79)% | | |
Related party and other
|
| | | | 2,799 | | | | | | 251 | | | | | | 2,548 | | | | | | * | | |
Total revenues and other operating income
|
| | | $ | 1,030,522 | | | | | $ | 505,682 | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||
(in thousands, other than percentages and average costs)
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease operating and workover
|
| | | $ | 131,497 | | | | | $ | 86,831 | | | | | $ | 44,666 | | | | | | 51% | | |
Taxes other than income
|
| | | | 114,668 | | | | | | 45,650 | | | | | | 69,018 | | | | | | * | | |
Gathering and transportation
|
| | | | 208,758 | | | | | | 173,587 | | | | | | 35,171 | | | | | | 20% | | |
Depreciation, depletion, amortization and accretion
|
| | | | 118,909 | | | | | | 92,277 | | | | | | 26,632 | | | | | | 29% | | |
General and administrative
|
| | | | 148,559 | | | | | | 85,740 | | | | | | 62,819 | | | | | | 73% | | |
Other
|
| | | | 3,567 | | | | | | 1,274 | | | | | | 2,293 | | | | | | * | | |
Total operating expenses
|
| | | $ | 725,958 | | | | | $ | 485,359 | | | | | | | | | | | | | | |
Average costs per Mcfe | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease operating and workover
|
| | | $ | 0.47 | | | | | $ | 0.35 | | | | | $ | 0.12 | | | | | | 33% | | |
Taxes other than income
|
| | | | 0.41 | | | | | | 0.19 | | | | | | 0.22 | | | | | | * | | |
Gathering and transportation
|
| | | | 0.75 | | | | | | 0.71 | | | | | | 0.04 | | | | | | 6% | | |
Depreciation, depletion, amortization and accretion
|
| | | | 0.43 | | | | | | 0.37 | | | | | | 0.06 | | | | | | 16% | | |
General and administrative
|
| | | | 0.53 | | | | | | 0.35 | | | | | | 0.18 | | | | | | 51% | | |
Other
|
| | | | 0.01 | | | | | | 0.01 | | | | | | — | | | | | | * | | |
Total
|
| | | $ | 2.60 | | | | | $ | 1.98 | | | | | | | | | | | | | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
(in thousands, other than percentages and average costs)
|
| |
Amount
|
| |
Per Mcfe
|
| |
Amount
|
| |
Per Mcfe
|
| ||||||||||||||||||||||||
Lease operating expenses
|
| | | $ | 123,386 | | | | | $ | 0.44 | | | | | $ | 83,028 | | | | | $ | 0.33 | | | | | $ | 40,358 | | | | | | 49% | | |
Workover expense
|
| | | | 8,111 | | | | | | 0.03 | | | | | | 3,802 | | | | | | 0.02 | | | | | | 4,309 | | | | | | * | | |
Total lease operating and workover expense
|
| | | $ | 131,497 | | | | | $ | 0.47 | | | | | $ | 86,831 | | | | | $ | 0.35 | | | | | $ | 44,666 | | | | | | 51% | | |
| | |
Three Months Ended March 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Net cash provided by operating
activities |
| | | $ | 19,251 | | | | | $ | 13,468 | | | | | $ | 123,076 | | | | | $ | 349,194 | | | | | $ | 358,133 | | |
Net cash used in investing activities
|
| | | | (19,884) | | | | | | (81,485) | | | | | | (177,848) | | | | | | (865,566) | | | | | | (161,858) | | |
Net cash provided by (used in) financing activities
|
| | | | (1,590) | | | | | | (44,464) | | | | | | 66,713 | | | | | | 534,833 | | | | | | (79,053) | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | $ | (2,223) | | | | | $ | (112,481) | | | | | $ | 11,941 | | | | | $ | 18,461 | | | | | $ | 117,222 | | |
| | |
Three Months Ended
March 31, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Total use of cash and cash equivalents for development of natural gas properties
|
| | | $ | (14,272) | | | | | $ | (79,306) | | | | | $ | (134,428) | | | | | $ | (235,406) | | | | | $ | (63,932) | | |
(Increase) decrease in accrued development of natural gas properties
|
| | | | 1,966 | | | | | | 13,331 | | | | | | 26,884 | | | | | | (17,773) | | | | | | (13,702) | | |
Upstream capital expenditures (accrued)
|
| | | $ | (12,306) | | | | | $ | (65,975) | | | | | $ | (107,544) | | | | | $ | (253,179) | | | | | $ | (77,634) | | |
Project
|
| |
Status(1)
|
| |
Actual or Forecasted
Initiation of Sequestration Operations(2) |
| |
Forecasted
Annual Sequestration Volumes (Mtpy CO2e)(3) |
| |||
Barnett Zero
|
| |
Operating
|
| |
November 2023
|
| | | | 0.18 | | |
Cotton Cove
|
| |
FID
|
| |
Q1 2026
|
| | | | 0.04 | | |
8 NGP Projects
|
| |
Pre-FID
|
| |
2025 – 2029
|
| | | | 2.68 | | |
3 Industrial Projects
|
| |
Pre-FID
|
| |
2026 – 2027
|
| | | | 11.15 | | |
4 Ethanol Projects
|
| |
Pre-FID
|
| |
2027 – 2029
|
| | | | 2.56 | | |
| | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Estimated Total Proved Reserves
|
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
Operating Region
|
| |
Natural Gas
(MMcf) |
| |
Natural
Gas Liquids (MBbls) |
| |
Oil
(MBbls) |
| |
Total
(MMcfe) |
| |
Average
Net Daily Production (MMcfe/d) |
| |
Average
Reserves Life (years) |
| |
Producing
Wells |
| |
Net Acres
|
| ||||||||||||||||||||||||
Barnett
|
| | | | 2,557,868 | | | | | | 184,165 | | | | | | 1,051 | | | | | | 3,669,164 | | | | | | 718.2 | | | | | | 15.3 | | | | | | 6,786 | | | | | | 459,912 | | |
NEPA
|
| | | | 424,627 | | | | | | — | | | | | | — | | | | | | 424,627 | | | | | | 141.5 | | | | | | 21.7 | | | | | | 427 | | | | | | 36,865 | | |
Total
|
| | | | 2,982,495 | | | | | | 184,165 | | | | | | 1,051 | | | | | | 4,093,791 | | | | | | 859.7 | | | | | | 16.2 | | | | | | 7,213 | | | | | | 496,777 | | |
| | |
December 31, 2022
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Estimated Total Proved Reserves
|
| | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
Operating Region
|
| |
Natural Gas
(MMcf) |
| |
Natural
Gas Liquids (MBbls) |
| |
Oil
(MBbls) |
| |
Total
(MMcfe) |
| |
Average
Net Daily Production (MMcfe/d)(1) |
| |
Average
Reserves Life (years) |
| |
Producing
Wells |
| |
Net Acres
|
| ||||||||||||||||||||||||
Barnett
|
| | | | 3,955,330 | | | | | | 211,500 | | | | | | 1,868 | | | | | | 5,235,544 | | | | | | 732.7 | | | | | | 19.6 | | | | | | 6,825 | | | | | | 457,787 | | |
NEPA
|
| | | | 900,346 | | | | | | — | | | | | | — | | | | | | 900,346 | | | | | | 139.2 | | | | | | 17.7 | | | | | | 397 | | | | | | 36,886 | | |
Total
|
| | | | 4,855,676 | | | | | | 211,500 | | | | | | 1,868 | | | | | | 6,135,890 | | | | | | 871.9 | | | | | | 19.3 | | | | | | 7,222 | | | | | | 494,673 | | |
| | |
December 31, 2023
|
| |||||||||||||||||||||||||||||||||
Operating Region
|
| |
Estimated
Total Proved Reserves (MMcfe) |
| |
% Natural
Gas |
| |
% Natural
Gas Liquids |
| |
% Oil
|
| |
Weighted
Average Annual PDP Decline(1) |
| |||||||||||||||||||||
|
Five
Year |
| |
Ten
Year |
| ||||||||||||||||||||||||||||||||
Barnett
|
| | | | 3,669,164 | | | | | | 69.7% | | | | | | 30.1% | | | | | | 0.2% | | | | | | 8.5% | | | | | | 7.7% | | |
NEPA
|
| | | | 424,627 | | | | | | 100% | | | | | | — | | | | | | — | | | | | | 12.2% | | | | | | 10.1% | | |
Total
|
| | | | 4,093,791 | | | | | | 72.8% | | | | | | 27% | | | | | | 0.2% | | | | | | 9.1% | | | | | | 8.1% | | |
| | |
December 31, 2022
|
| |||||||||||||||||||||||||||||||||
Operating Region
|
| |
Estimated
Total Proved Reserves (MMcfe) |
| |
% Natural
Gas |
| |
% Natural
Gas Liquids |
| |
% Oil
|
| |
Weighted
Average Annual PDP Decline(1) |
| |||||||||||||||||||||
|
Five
Year |
| |
Ten
Year |
| ||||||||||||||||||||||||||||||||
Barnett
|
| | | | 5,235,544 | | | | | | 75.6% | | | | | | 24.2% | | | | | | 0.2% | | | | | | 7.8% | | | | | | 6.7% | | |
NEPA
|
| | | | 900,346 | | | | | | 100% | | | | | | — | | | | | | — | | | | | | 13.5% | | | | | | 10.3% | | |
Total
|
| | | | 6,135,890 | | | | | | 79.2% | | | | | | 20.6% | | | | | | 0.2% | | | | | | 8.7% | | | | | | 7.3% | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||||||||||||||
Operating Region
|
| |
Estimated
Total Proved Reserves (MMcfe) |
| |
% Natural
Gas |
| |
% Natural
Gas Liquids |
| |
% Oil
|
| |
Weighted Average
Annual PDP Decline(1) |
| |||||||||||||||||||||
|
Five
Year |
| |
Ten
Year |
| ||||||||||||||||||||||||||||||||
Barnett
|
| | | | 3,496,235 | | | | | | 71.5% | | | | | | 28.3% | | | | | | 0.2% | | | | | | 7.0% | | | | | | 6.3% | | |
NEPA
|
| | | | 945,528 | | | | | | 100% | | | | | | — | | | | | | — | | | | | | 12.4% | | | | | | 9.9% | | |
Total
|
| | | | 4,441,763 | | | | | | 77.6% | | | | | | 22.3% | | | | | | 0.1% | | | | | | 8.3% | | | | | | 7.2% | | |
| | |
Developed
|
| |
Undeveloped
|
| |
Total
|
| |||||||||||||||||||||||||||
Operating Region
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
Barnett(1) | | | | | 638,180 | | | | | | 421,491 | | | | | | 40,933 | | | | | | 38,421 | | | | | | 679,113 | | | | | | 459,912 | | |
NEPA
|
| | | | 58,441 | | | | | | 28,535 | | | | | | 21,851 | | | | | | 7,113 | | | | | | 80,292 | | | | | | 35,648 | | |
Total
|
| | | | 696,621 | | | | | | 450,026 | | | | | | 62,784 | | | | | | 45,534 | | | | | | 759,405 | | | | | | 495,559 | | |
| | |
Developed
|
| |
Undeveloped
|
| |
Total
|
| |||||||||||||||||||||||||||
Operating Region
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
Barnett(1) | | | | | 638,193 | | | | | | 421,491 | | | | | | 41,113 | | | | | | 38,421 | | | | | | 679,306 | | | | | | 459,912 | | |
NEPA | | | | | 63,739 | | | | | | 29,501 | | | | | | 18,774 | | | | | | 7,364 | | | | | | 82,513 | | | | | | 36,865 | | |
Total
|
| | | | 701,932 | | | | | | 450,992 | | | | | | 59,887 | | | | | | 45,785 | | | | | | 761,819 | | | | | | 496,777 | | |
| | |
Developed
|
| |
Undeveloped
|
| |
Total
|
| |||||||||||||||||||||||||||
Operating Region
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
Barnett(1) | | | | | 638,099 | | | | | | 418,919 | | | | | | 41,625 | | | | | | 38,868 | | | | | | 679,724 | | | | | | 457,787 | | |
NEPA
|
| | | | 62,191 | | | | | | 28,162 | | | | | | 20,823 | | | | | | 8,723 | | | | | | 83,014 | | | | | | 36,885 | | |
Total
|
| | | | 700,290 | | | | | | 447,081 | | | | | | 62,448 | | | | | | 47,591 | | | | | | 762,738 | | | | | | 494,672 | | |
| | |
Developed
|
| |
Undeveloped
|
| |
Total
|
| |||||||||||||||||||||||||||
Operating Region
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||
Barnett(1) | | | | | 453,584 | | | | | | 261,810 | | | | | | 32,120 | | | | | | 30,771 | | | | | | 485,704 | | | | | | 292,581 | | |
NEPA
|
| | | | 61,971 | | | | | | 28,162 | | | | | | 20,890 | | | | | | 8,816 | | | | | | 82,861 | | | | | | 36,978 | | |
Total
|
| | | | 515,555 | | | | | | 289,972 | | | | | | 53,010 | | | | | | 39,587 | | | | | | 568,565 | | | | | | 329,559 | | |
| | |
Producing Natural
Gas Wells |
| |
Producing Oil Wells
|
| |
Total
|
| |
Average
Working Interest |
| ||||||||||||||||||||||||||||||
| | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||||||||
Operated Wells: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barnett
|
| | | | 5,614 | | | | | | 5,437 | | | | | | 6 | | | | | | 6 | | | | | | 5,620 | | | | | | 5,443 | | | | | | 96.9% | | |
NEPA
|
| | | | 142 | | | | | | 127 | | | | | | — | | | | | | — | | | | | | 142 | | | | | | 127 | | | | | | 89.4% | | |
Total
|
| | | | 5,756 | | | | | | 5,564 | | | | | | 6 | | | | | | 6 | | | | | | 5,762 | | | | | | 5,570 | | | | | | 96.7% | | |
Non-operated Wells: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barnett
|
| | | | 993 | | | | | | 95 | | | | | | 1 | | | | | | — | | | | | | 994 | | | | | | 95 | | | | | | 9.6% | | |
NEPA
|
| | | | 272 | | | | | | 37 | | | | | | — | | | | | | — | | | | | | 272 | | | | | | 37 | | | | | | 13.6% | | |
Total
|
| | | | 1,265 | | | | | | 132 | | | | | | 1 | | | | | | — | | | | | | 1,266 | | | | | | 132 | | | | | | 10.4% | | |
Total Wells: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barnett
|
| | | | 6,607 | | | | | | 5,532 | | | | | | 7 | | | | | | 6 | | | | | | 6,614 | | | | | | 5,538 | | | | | | 83.7% | | |
NEPA
|
| | | | 414 | | | | | | 164 | | | | | | — | | | | | | — | | | | | | 414 | | | | | | 164 | | | | | | 39.6% | | |
Total
|
| | | | 7,021 | | | | | | 5,696 | | | | | | 7 | | | | | | 6 | | | | | | 7,028 | | | | | | 5,702 | | | | | | 81.1% | | |
| | |
Producing Natural
Gas Wells |
| |
Producing Oil Wells
|
| |
Total
|
| |
Average
Working Interest |
| ||||||||||||||||||||||||||||||
| | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||||||||
Operated Wells: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barnett
|
| | | | 5,822 | | | | | | 5,597 | | | | | | 9 | | | | | | 9 | | | | | | 5,831 | | | | | | 5,606 | | | | | | 96.1% | | |
NEPA
|
| | | | 142 | | | | | | 126 | | | | | | — | | | | | | — | | | | | | 142 | | | | | | 126 | | | | | | 88.7% | | |
Total
|
| | | | 5,964 | | | | | | 5,723 | | | | | | 9 | | | | | | 9 | | | | | | 5,973 | | | | | | 5,732 | | | | | | 96.0% | | |
Non-operated Wells: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Barnett
|
| | | | 1,122 | | | | | | 95 | | | | | | 22 | | | | | | — | | | | | | 1,144 | | | | | | 95 | | | | | | 8.3% | | |
NEPA
|
| | | | 266 | | | | | | 36 | | | | | | — | | | | | | — | | | | | | 266 | | | | | | 36 | | | | | | 13.5% | | |
Total
|
| | | | 1,388 | | | | | | 131 | | | | | | 22 | | | | | | — | | | | | | 1,410 | | | | | | 131 | | | | | | 9.3% | | |
Total Wells: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Barnett
|
| | | | 6,944 | | | | | | 5,692 | | | | | | 31 | | | | | | 9 | | | | | | 6,975 | | | | | | 5,701 | | | | | | 81.7% | | |
NEPA
|
| | | | 408 | | | | | | 162 | | | | | | — | | | | | | — | | | | | | 408 | | | | | | 162 | | | | | | 39.7% | | |
Total
|
| | | | 7,352 | | | | | | 5,854 | | | | | | 31 | | | | | | 9 | | | | | | 7,383 | | | | | | 5,863 | | | | | | 79.4% | | |
| | |
Producing Natural
Gas Wells |
| |
Producing Oil Wells
|
| |
Total
|
| |
Average
Working Interest |
| ||||||||||||||||||||||||||||||
| | |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| |
Gross
|
| |
Net
|
| ||||||||||||||||||||||||
Operated Wells: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barnett
|
| | | | 3,950 | | | | | | 3,170 | | | | | | 8 | | | | | | 6 | | | | | | 3,958 | | | | | | 3,176 | | | | | | 80.2% | | |
NEPA
|
| | | | 138 | | | | | | 101 | | | | | | — | | | | | | — | | | | | | 138 | | | | | | 101 | | | | | | 73.2% | | |
Total
|
| | | | 4,088 | | | | | | 3,271 | | | | | | 8 | | | | | | 6 | | | | | | 4,096 | | | | | | 3,277 | | | | | | | | |
Non-operated Wells: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barnett
|
| | | | 838 | | | | | | 672 | | | | | | 8 | | | | | | 6 | | | | | | 846 | | | | | | 678 | | | | | | 80.1% | | |
NEPA
|
| | | | 256 | | | | | | 189 | | | | | | — | | | | | | — | | | | | | 256 | | | | | | 189 | | | | | | 73.8% | | |
Total
|
| | | | 1,094 | | | | | | 861 | | | | | | 8 | | | | | | 6 | | | | | | 1,102 | | | | | | 867 | | | | | | | | |
Total Wells: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barnett
|
| | | | 4,788 | | | | | | 3,842 | | | | | | 16 | | | | | | 12 | | | | | | 4,804 | | | | | | 3,854 | | | | | | 80.2% | | |
NEPA
|
| | | | 394 | | | | | | 290 | | | | | | — | | | | | | — | | | | | | 394 | | | | | | 290 | | | | | | 73.6% | | |
Total
|
| | | | 5,182 | | | | | | 4,132 | | | | | | 16 | | | | | | 12 | | | | | | 5,198 | | | | | | 4,144 | | | | | | | | |
| | |
Three Months
Ended March 31, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Sales Volumes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barnett: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 47,555.7 | | | | | | 49,794.2 | | | | | | 198,099.4 | | | | | | 166,771.0 | | | | | | 129,960.0 | | |
Natural gas liquids (MBbl)
|
| | | | 2,484.9 | | | | | | 2,487.7 | | | | | | 10,553.6 | | | | | | 10,187.0 | | | | | | 9,829.3 | | |
Oil (MBbl)
|
| | | | 27.9 | | | | | | 36.0 | | | | | | 118.6 | | | | | | 140.0 | | | | | | 123.0 | | |
Total Barnett (Bcfe)
|
| | | | 62.6 | | | | | | 64.9 | | | | | | 262.1 | | | | | | 228.7 | | | | | | 189.7 | | |
NEPA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 12,088.3 | | | | | | 13,892.4 | | | | | | 51,666.9 | | | | | | 50,814.0 | | | | | | 56,095.1 | | |
Natural gas liquids (MBbl)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Oil (MBbl)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total NEPA (Bcfe)
|
| | | | 12.1 | | | | | | 13.9 | | | | | | 51.7 | | | | | | 50.8 | | | | | | 56.1 | | |
Total Company (Bcfe)
|
| | | | 74.7 | | | | | | 78.8 | | | | | | 313.8 | | | | | | 279.5 | | | | | | 245.8 | | |
Average Sales Prices (excluding the impact
of derivative settlements) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Barnett: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Natural gas (per Mcf)
|
| | | $ | 1.76 | | | | | $ | 2.62 | | | | | $ | 2.28 | | | | | $ | 6.38 | | | | | $ | 3.58 | | |
Natural gas liquids (per Bbl)
|
| | | $ | 17.47 | | | | | $ | 20.11 | | | | | $ | 17.80 | | | | | $ | 30.58 | | | | | $ | 22.90 | | |
Oil (per Bbl)
|
| | | $ | 69.34 | | | | | $ | 72.14 | | | | | $ | 71.21 | | | | | $ | 84.76 | | | | | $ | 61.46 | | |
NEPA: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Natural gas (per Mcf)
|
| | | $ | 1.03 | | | | | $ | 1.96 | | | | | $ | 1.12 | | | | | $ | 4.85 | | | | | $ | 2.34 | | |
Natural gas liquids (per Bbl)
|
| | | $ | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | |
Oil (per Bbl)
|
| | | $ | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | |
Total Company (per Mcfe)
|
| | | $ | 1.90 | | | | | $ | 2.67 | | | | | $ | 2.25 | | | | | $ | 5.84 | | | | | $ | 3.38 | | |
Average Sales Prices (including the impact
of derivative prices)(1) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Natural gas (per Mcf)
|
| | | $ | 2.00 | | | | | $ | 2.79 | | | | | $ | 2.23 | | | | | $ | 3.72 | | | | | $ | 2.29 | | |
Natural gas liquids (per Bbl)
|
| | | $ | 17.53 | | | | | $ | 19.27 | | | | | $ | 17.55 | | | | | $ | 27.78 | | | | | $ | 16.03 | | |
| | |
Three Months
Ended March 31, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2024
|
| |
2023
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Oil (per Bbl)
|
| | | $ | 69.07 | | | | | $ | 72.14 | | | | | $ | 70.97 | | | | | $ | 84.76 | | | | | $ | 61.46 | | |
Total Company (per Mcfe)
|
| | | $ | 2.21 | | | | | $ | 2.92 | | | | | $ | 2.39 | | | | | $ | 3.95 | | | | | $ | 2.41 | | |
Average Production Cost (per Mcfe)(2) | | | | | | | |||||||||||||||||||||||||
Barnett
|
| | | $ | 1.48 | | | | | $ | 1.51 | | | | | $ | 1.48 | | | | | $ | 1.43 | | | | | $ | 1.31 | | |
NEPA
|
| | | $ | 0.10 | | | | | $ | 0.24 | | | | | $ | 0.24 | | | | | $ | 0.26 | | | | | $ | 0.23 | | |
Total Company
|
| | | $ | 1.26 | | | | | $ | 1.29 | | | | | $ | 1.27 | | | | | $ | 1.22 | | | | | $ | 1.06 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Estimated proved developed reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 2,443,072 | | | | | | 3,798,019 | | | | | | 2,494,925 | | |
Producing
|
| | | | 2,290,025 | | | | | | 3,468,896 | | | | | | 2,346,712 | | |
Non-producing
|
| | | | 153,047 | | | | | | 329,123 | | | | | | 148,213 | | |
Natural gas liquids (MBbls)
|
| | | | 156,399 | | | | | | 170,840 | | | | | | 151,433 | | |
Producing
|
| | | | 129,260 | | | | | | 157,585 | | | | | | 142,961 | | |
Non-producing
|
| | | | 27,139 | | | | | | 13,255 | | | | | | 8,472 | | |
Oil (MBbls)
|
| | | | 992 | | | | | | 1,111 | | | | | | 867 | | |
Producing
|
| | | | 802 | | | | | | 1,111 | | | | | | 867 | | |
Non-producing
|
| | | | 190 | | | | | | — | | | | | | — | | |
Total estimated proved developed reserves (MMcfe)
|
| | | | 3,387,418 | | | | | | 4,829,725 | | | | | | 3,408,725 | | |
Producing
|
| | | | 3,070,397 | | | | | | 4,421,072 | | | | | | 3,209,680 | | |
Non-producing
|
| | | | 317,021 | | | | | | 408,653 | | | | | | 199,045 | | |
Standardized Measure (millions)
|
| | | $ | 986 | | | | | $ | 5,809 | | | | | $ | 2,119 | | |
PV-10 (millions)(2)(3)
|
| | | $ | 1,151 | | | | | $ | 7,389 | | | | | $ | 2,672 | | |
Estimated proved undeveloped reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 539,423 | | | | | | 1,057,657 | | | | | | 950,358 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Natural gas liquids (MBbls)
|
| | | | 27,766 | | | | | | 40,660 | | | | | | 13,722 | | |
Oil (MBbls)
|
| | | | 59 | | | | | | 758 | | | | | | 58 | | |
Total estimated proved undeveloped reserves (MMcfe)(4)(5)
|
| | | | 706,373 | | | | | | 1,306,165 | | | | | | 1,033,038 | | |
Standardized Measure (millions)
|
| | | $ | 48 | | | | | $ | 1,185 | | | | | $ | 295 | | |
PV-10 (millions)(2)(6)
|
| | | $ | 81 | | | | | $ | 1,566 | | | | | $ | 403 | | |
Estimated total proved reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 2,982,495 | | | | | | 4,855,676 | | | | | | 3,445,283 | | |
Natural gas liquids (MBbls)
|
| | | | 184,165 | | | | | | 211,500 | | | | | | 165,155 | | |
Oil (MBbls)
|
| | | | 1,051 | | | | | | 1,869 | | | | | | 925 | | |
Total estimated proved reserves (MMcfe)
|
| | | | 4,093,791 | | | | | | 6,135,890 | | | | | | 4,441,763 | | |
Standardized Measure (millions)
|
| | | $ | 1,034 | | | | | $ | 6,994 | | | | | $ | 2,414 | | |
PV-10 (millions)(2)(7)
|
| | | $ | 1,232 | | | | | $ | 8,955 | | | | | $ | 3,075 | | |
Estimated probable developed reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 68,385 | | | | | | 367,081 | | | | | | — | | |
Natural gas liquids (MBbls)
|
| | | | 7,871 | | | | | | 25,558 | | | | | | — | | |
Oil (MBbls)
|
| | | | 6 | | | | | | — | | | | | | — | | |
Total estimated probable developed reserves (MMcfe)(5)(8)
|
| | | | 115,647 | | | | | | 520,429 | | | | | | — | | |
Standardized Measure (millions)
|
| | | $ | 13 | | | | | $ | 281 | | | | | | — | | |
PV-10 (millions)(2)(9)
|
| | | $ | 18 | | | | | $ | 372 | | | | | | — | | |
Estimated probable undeveloped reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 237,236 | | | | | | 572,425 | | | | | | 522,442 | | |
Natural gas liquids (MBbls)
|
| | | | 19,114 | | | | | | 39,319 | | | | | | 31,227 | | |
Oil (MBbls)
|
| | | | 548 | | | | | | 1,556 | | | | | | 486 | | |
Total estimated probable undeveloped reserves (MMcfe)(5)(8)
|
| | | | 355,208 | | | | | | 817,675 | | | | | | 712,720 | | |
Standardized Measure (millions)
|
| | | $ | 5 | | | | | $ | 420 | | | | | $ | 146 | | |
PV-10 (millions)(2)(10)
|
| | | $ | 17 | | | | | $ | 563 | | | | | $ | 202 | | |
Estimated total probable reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 305,621 | | | | | | 939,506 | | | | | | 522,442 | | |
Natural gas liquids (MBbls)
|
| | | | 26,985 | | | | | | 64,877 | | | | | | 31,227 | | |
Oil (MBbls)
|
| | | | 554 | | | | | | 1,556 | | | | | | 486 | | |
Total estimated probable reserves (MMcfe)(5)(8)
|
| | | | 470,855 | | | | | | 1,338,104 | | | | | | 712,720 | | |
Standardized Measure (millions)
|
| | | $ | 18 | | | | | $ | 701 | | | | | $ | 146 | | |
PV-10 (millions)(2)(11)
|
| | | $ | 35 | | | | | $ | 935 | | | | | $ | 202 | | |
Estimated possible developed reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 57,114 | | | | | | 84,124 | | | | | | — | | |
Natural gas liquids (MBbls)
|
| | | | 3,257 | | | | | | 8,146 | | | | | | — | | |
Oil (MBbls)
|
| | | | 2 | | | | | | — | | | | | | — | | |
Total estimated possible developed reserves (MMcfe)(5)(8)
|
| | | | 76,668 | | | | | | 133,000 | | | | | | — | | |
Standardized Measure (millions)
|
| | | $ | 2 | | | | | $ | 53 | | | | | $ | — | | |
PV-10 (millions)(2)(12)
|
| | | $ | 4 | | | | | $ | 70 | | | | | $ | — | | |
Estimated possible undeveloped reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 12,742 | | | | | | 540,878 | | | | | | 381,941 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Natural gas liquids (MBbls)
|
| | | | — | | | | | | 16,876 | | | | | | 32,047 | | |
Oil (MBbls)
|
| | | | — | | | | | | 789 | | | | | | 1,841 | | |
Total estimated possible undeveloped reserves (MMcfe)(5)(8)
|
| | | | 12,742 | | | | | | 646,868 | | | | | | 585,269 | | |
Standardized Measure (millions)
|
| | | $ | — | | | | | $ | 247 | | | | | $ | 51 | | |
PV-10 (millions)(2)(13)
|
| | | $ | — | | | | | $ | 330 | | | | | $ | 75 | | |
Estimated total possible reserves: | | | | | | | | | | | | | | | | | | | |
Natural gas (MMcf)
|
| | | | 69,856 | | | | | | 625,002 | | | | | | 381,941 | | |
Natural gas liquids (MBbls)
|
| | | | 3,257 | | | | | | 25,022 | | | | | | 32,047 | | |
Oil (MBbls)
|
| | | | 2 | | | | | | 789 | | | | | | 1,841 | | |
Total estimated possible reserves (MMcfe)(5)(8)
|
| | | | 89,410 | | | | | | 779,868 | | | | | | 585,269 | | |
Standardized Measure (millions)
|
| | | $ | 2 | | | | | $ | 300 | | | | | $ | 51 | | |
PV-10 (millions)(2)(14)
|
| | | $ | 4 | | | | | $ | 400 | | | | | $ | 75 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 1,151 | | | | | $ | 7,389 | | | | | $ | 2,672 | | |
Present value of future income taxes discounted at 10%
|
| | | | (165) | | | | | | (1,580) | | | | | | (553) | | |
Standardized Measure
|
| | | $ | 986 | | | | | $ | 5,809 | | | | | $ | 2,119 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 81 | | | | | $ | 1,566 | | | | | $ | 403 | | |
Present value of future income taxes discounted at 10%
|
| | | | (33) | | | | | | (381) | | | | | | (108) | | |
Standardized Measure
|
| | | $ | 48 | | | | | $ | 1,185 | | | | | $ | 295 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 1,232 | | | | | $ | 8,955 | | | | | $ | 3,074 | | |
Present value of future income taxes discounted at 10%
|
| | | | (198) | | | | | | (1,961) | | | | | | (661) | | |
Standardized Measure
|
| | | $ | 1,034 | | | | | $ | 6,994 | | | | | $ | 2,413 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 18 | | | | | $ | 372 | | | | | $ | — | | |
Present value of future income taxes discounted at 10%
|
| | | | (5) | | | | | | (91) | | | | | | — | | |
Standardized Measure
|
| | | $ | 13 | | | | | $ | 281 | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 17 | | | | | $ | 563 | | | | | $ | 202 | | |
Present value of future income taxes discounted at 10%
|
| | | | (12) | | | | | | (143) | | | | | | (56) | | |
Standardized Measure
|
| | | $ | 5 | | | | | $ | 420 | | | | | $ | 146 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 35 | | | | | $ | 935 | | | | | $ | 202 | | |
Present value of future income taxes discounted at 10%
|
| | | | (17) | | | | | | (234) | | | | | | (56) | | |
Standardized Measure
|
| | | $ | 18 | | | | | $ | 701 | | | | | $ | 146 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 4 | | | | | $ | 70 | | | | | $ | — | | |
Present value of future income taxes discounted at 10%
|
| | | | (2) | | | | | | (17) | | | | | | — | | |
Standardized Measure
|
| | | $ | 2 | | | | | $ | 53 | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | — | | | | | $ | 330 | | | | | $ | 75 | | |
Present value of future income taxes discounted at 10%
|
| | | | — | | | | | | (83) | | | | | | (24) | | |
Standardized Measure
|
| | | $ | — | | | | | $ | 247 | | | | | $ | 51 | | |
| | |
December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
PV-10 (millions)
|
| | | $ | 4 | | | | | $ | 400 | | | | | $ | 75 | | |
Present value of future income taxes discounted at 10%
|
| | | | (2) | | | | | | (100) | | | | | | (24) | | |
Standardized Measure
|
| | | $ | 2 | | | | | $ | 300 | | | | | $ | 51 | | |
| | |
December 31,
2023 |
| |||
Estimated proved developed reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 2,984,949 | | |
Producing
|
| | | | 2,791,791 | | |
Non-producing
|
| | | | 193,158 | | |
Natural gas liquids (MBbls)
|
| | | | 164,204 | | |
Producing
|
| | | | 134,689 | | |
Non-producing
|
| | | | 29,515 | | |
Oil (MBbls)
|
| | | | 1,046 | | |
Producing
|
| | | | 808 | | |
Non-producing
|
| | | | 238 | | |
Total estimated proved developed reserves (MMcfe)
|
| | | | 3,976,436 | | |
Producing
|
| | | | 3,604,773 | | |
Non-producing
|
| | | | 371,663 | | |
Standardized Measure (millions)
|
| | | $ | 1,651 | | |
PV-10 (millions)(1)
|
| | | $ | 2,015 | | |
Estimated proved undeveloped reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 790,838 | | |
Natural gas liquids (MBbls)
|
| | | | 30,500 | | |
Oil (MBbls)
|
| | | | 59 | | |
Total estimated proved undeveloped reserves (MMcfe)(2)(3)
|
| | | | 974,192 | | |
| | |
December 31,
2023 |
| |||
Standardized Measure (millions)
|
| | | $ | 244 | | |
PV-10 (millions)(4)
|
| | | $ | 335 | | |
Estimated total proved reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 3,775,787 | | |
Natural gas liquids (MBbls)
|
| | | | 194,704 | | |
Oil (MBbls)
|
| | | | 1,105 | | |
Total estimated proved reserves (MMcfe)
|
| | | | 4,950,628 | | |
Standardized Measure (millions)
|
| | | $ | 1,895 | | |
PV-10 (millions)(5)
|
| | | $ | 2,350 | | |
Estimated probable developed reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 179,158 | | |
Natural gas liquids (MBbls)
|
| | | | 10,403 | | |
Oil (MBbls)
|
| | | | 44 | | |
Total estimated probable developed reserves (MMcfe)(3)(6)
|
| | | | 241,840 | | |
Standardized Measure (millions)
|
| | | $ | 25 | | |
PV-10 (millions)(7)
|
| | | $ | 36 | | |
Estimated probable undeveloped reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 609,077 | | |
Natural gas liquids (MBbls)
|
| | | | 24,020 | | |
Oil (MBbls)
|
| | | | 518 | | |
Total estimated probable undeveloped reserves (MMcfe)(3)(6)
|
| | | | 756,305 | | |
Standardized Measure (millions)
|
| | | $ | 88 | | |
PV-10 (millions)(8)
|
| | | $ | 130 | | |
Estimated total probable reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 788,235 | | |
Natural gas liquids (MBbls)
|
| | | | 34,423 | | |
Oil (MBbls)
|
| | | | 562 | | |
Total estimated probable reserves (MMcfe)(3)(6)
|
| | | | 998,145 | | |
Standardized Measure (millions)
|
| | | $ | 113 | | |
PV-10 (millions)(9)
|
| | | $ | 166 | | |
Estimated possible developed reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 103,647 | | |
Natural gas liquids (MBbls)
|
| | | | 3,823 | | |
Oil (MBbls)
|
| | | | 8 | | |
Total estimated possible developed reserves (MMcfe)(3)(6)
|
| | | | 126,633 | | |
Standardized Measure (millions)
|
| | | $ | 10 | | |
PV-10 (millions)(10)
|
| | | $ | 14 | | |
Estimated possible undeveloped reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 113,477 | | |
Natural gas liquids (MBbls)
|
| | | | 1,021 | | |
Oil (MBbls)
|
| | | | — | | |
Total estimated possible undeveloped reserves (MMcfe)(3)(6)
|
| | | | 119,603 | | |
Standardized Measure (millions)
|
| | | $ | 12 | | |
PV-10 (millions)(11)
|
| | | $ | 17 | | |
| | |
December 31,
2023 |
| |||
Estimated total possible reserves at NYMEX Strip Pricing: | | | | | | | |
Natural gas (MMcf)
|
| | | | 217,124 | | |
Natural gas liquids (MBbls)
|
| | | | 4,844 | | |
Oil (MBbls)
|
| | | | 8 | | |
Total estimated possible reserves (MMcfe)(3)(6)
|
| | | | 246,236 | | |
Standardized Measure (millions)
|
| | | $ | 22 | | |
PV-10 (millions)(12)
|
| | | $ | 31 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 2,015 | | |
Present value of future income taxes discounted at 10%
|
| | | | (364) | | |
Standardized Measure
|
| | | $ | 1,651 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 335 | | |
Present value of future income taxes discounted at 10%
|
| | | | (91) | | |
Standardized Measure
|
| | | $ | 244 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 2,350 | | |
Present value of future income taxes discounted at 10%
|
| | | | (455) | | |
Standardized Measure
|
| | | $ | 1,895 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 36 | | |
Present value of future income taxes discounted at 10%
|
| | | | (11) | | |
Standardized Measure
|
| | | $ | 25 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 130 | | |
Present value of future income taxes discounted at 10%
|
| | | | (42) | | |
Standardized Measure
|
| | | $ | 88 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 166 | | |
Present value of future income taxes discounted at 10%
|
| | | | (53) | | |
Standardized Measure
|
| | | $ | 113 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 14 | | |
Present value of future income taxes discounted at 10%
|
| | | | (4) | | |
Standardized Measure
|
| | | $ | 10 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 17 | | |
Present value of future income taxes discounted at 10%
|
| | | | (5) | | |
Standardized Measure
|
| | | $ | 12 | | |
| | |
December 31,
2023 |
| |||
PV-10 (millions)
|
| | | $ | 31 | | |
Present value of future income taxes discounted at 10%
|
| | | | (9) | | |
Standardized Measure
|
| | | $ | 22 | | |
Name
|
| |
Age
|
| |
Current Position(s) with the Company
|
|
Christopher P. Kalnin | | |
46
|
| |
Chief Executive Officer and Director
|
|
John T. Jimenez | | |
55
|
| | Chief Financial Officer | |
Eric S. Jacobsen | | |
54
|
| | Chief Operating Officer | |
Barry S. Turcotte | | |
53
|
| | Chief Accounting Officer | |
Lindsay B. Larrick | | |
41
|
| | Chief Legal Officer | |
Ethan Ngo | | |
42
|
| | Chief Technical Services Officer | |
Mary Rita Valois | | |
63
|
| | Chief Information Officer | |
Chanin Vongkusolkit | | |
70
|
| | Chairman of the Board | |
Somruedee Chaimongkol | | |
62
|
| | Director | |
Joseph R. Davis | | |
74
|
| | Director | |
Akaraphong Dayananda | | |
65
|
| | Director | |
Kirana Limpaphayom | | |
48
|
| | Director | |
Carla S. Mashinski | | |
61
|
| | Director | |
Thiti Mekavichai | | |
62
|
| | Director | |
Charles C. Miller III | | |
72
|
| | Director | |
Sunit S. Patel | | |
62
|
| | Director | |
Anon Sirisaengtaksin | | |
71
|
| | Director | |
Sinon Vongkusolkit | | |
34
|
| | Director | |
Name and Position (as of December 31, 2023)
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
awards ($)(1) |
| |
Nonequity
incentive plan compensation ($)(2) |
| |
All other
compensation ($)(3) |
| |
Total
($) |
| |||||||||||||||||||||
Christopher Kalnin
Chief Executive Officer |
| | | | 2023 | | | | | | 692,692 | | | | | | — | | | | | | — | | | | | | 772,800 | | | | | | 19,860 | | | | | | 1,485,352 | | |
| | | 2022 | | | | | | 510,000 | | | | | | — | | | | | | — | | | | | | 800,700 | | | | | | 18,383 | | | | | | 1,329,083 | | | ||
John Jimenez
Chief Financial Officer |
| | | | 2023 | | | | | | 398,346 | | | | | | — | | | | | | — | | | | | | 308,016 | | | | | | 19,860 | | | | | | 726,222 | | |
| | | 2022 | | | | | | 357,000 | | | | | | — | | | | | | — | | | | | | 210,183 | | | | | | 18,376 | | | | | | 585,559 | | | ||
Eric Jacobsen
Chief Operating Officer |
| | | | 2023 | | | | | | 424,500 | | | | | | — | | | | | | — | | | | | | 380,052 | | | | | | 17,731 | | | | | | 822,283 | | |
| | | 2022 | | | | | | 412,000 | | | | | | — | | | | | | — | | | | | | 223,159 | | | | | | 18,383 | | | | | | 653,542 | | |
| | |
Company
401(k) Contribution ($)(a) |
| |
Life Insurance
Premiums ($)(b) |
| ||||||
Christopher P. Kalnin
|
| | | | 19,800 | | | | | | 60 | | |
John T. Jimenez
|
| | | | 19,800 | | | | | | 60 | | |
Eric S. Jacobsen
|
| | | | 17,671 | | | | | | 60 | | |
| | |
Stock Awards
|
| |||||||||||||||||||||
Name
|
| |
Number of
shares or units of stock that have not vested (#) |
| |
Market value of
shares or units of stock that have not vested ($) |
| |
Equity incentive
plan awards: Number of unearned shares, units or other rights that have not vested (#) |
| |
Equity incentive
plan awards: Market or payout value of unearned shares, units or other rights that have not vested ($) |
| ||||||||||||
Christopher P. Kalnin
|
| | | | — | | | | | | — | | | | | | 456,260(1) | | | | | | 12,889,345 | | |
Christopher P. Kalnin
|
| | | | 36,664(2) | | | | | | 1,035,758 | | | | | | — | | | | | | — | | |
Christopher P. Kalnin
|
| | | | 24,442(3) | | | | | | 690,487 | | | | | | — | | | | | | — | | |
Christopher P. Kalnin
|
| | | | 12,222(4) | | | | | | 345,272 | | | | | | — | | | | | | — | | |
John T. Jimenez
|
| | | | — | | | | | | — | | | | | | 216,300(1) | | | | | | 6,110,475 | | |
John T. Jimenez
|
| | | | 17,381(5) | | | | | | 491,014 | | | | | | — | | | | | | — | | |
John T. Jimenez
|
| | | | 11,587(6) | | | | | | 327,333 | | | | | | — | | | | | | — | | |
John T. Jimenez
|
| | | | 5,794(7) | | | | | | 163,681 | | | | | | — | | | | | | — | | |
Eric S. Jacobsen
|
| | | | — | | | | | | — | | | | | | 259,000(1) | | | | | | 7,316,750 | | |
Eric S. Jacobsen
|
| | | | 20,812(2) | | | | | | 587,939 | | | | | | — | | | | | | — | | |
Eric S. Jacobsen
|
| | | | 13,875(3) | | | | | | 391,969 | | | | | | — | | | | | | — | | |
Eric S. Jacobsen
|
| | | | 6,937(4) | | | | | | 195,971 | | | | | | — | | | | | | — | | |
Name(1)
|
| |
2023 Fees earned
or paid in cash ($)(2)(3) |
| |
Total
($) |
| ||||||
Chanin Vongkusolkit
|
| | | | — | | | | | | — | | |
Somruedee Chaimongkol
|
| | | | — | | | | | | — | | |
Joseph R. Davis
|
| | | | 266,795 | | | | | | 266,795 | | |
Akaraphong Dayananda
|
| | | | — | | | | | | — | | |
Kirana Limpaphayom
|
| | | | — | | | | | | — | | |
Carla S. Mashinski
|
| | | | 261,795 | | | | | | 261,795 | | |
Thiti Mekavichai
|
| | | | — | | | | | | — | | |
Charles C. Miller III
|
| | | | 271,795 | | | | | | 271,795 | | |
Sunit S. Patel
|
| | | | 261,795 | | | | | | 261,795 | | |
Anon Sirisaengtaksin
|
| | | | — | | | | | | — | | |
Sinon Vongkusolkit
|
| | | | — | | | | | | — | | |
| | |
Beneficial Ownership
Before the Offering |
| |
Beneficial Ownership
After the Offering |
| |||||||||||||||||||||
| | |
Common
Stock |
| |
Total
Voting Power Before the Offering |
| |
Common
Stock |
| |
Total
Voting Power After the Offering |
| |||||||||||||||
Name of Beneficial Owner
|
| |
Shares
|
| |
%
|
| |
%
|
| |
Shares
|
| |
%
|
| |
%
|
| |||||||||
Named Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Christopher P. Kalnin
|
| | | | 2,518,549(1) | | | | | | 3.6% | | | | | | 3.6% | | | | | | | | | | | |
John T. Jimenez
|
| | | | 358,841(2) | | | | | | * | | | | | | * | | | | | | | | | | | |
Eric S. Jacobsen
|
| | | | 435,083(3) | | | | | | * | | | | | | * | | | | | | | | | | | |
Barry S. Turcotte
|
| | | | — | | | | | | —% | | | | | | —% | | | | | | | | | | | |
Somruedee Chaimongkol
|
| | | | — | | | | | | —% | | | | | | —% | | | | | | | | | | | |
Joseph R. Davis
|
| | | | 23,000 | | | | | | * | | | | | | * | | | | | | | | | | | |
Akaraphong Dayananda
|
| | | | — | | | | | | —% | | | | | | —% | | | | | | | | | | | |
Kirana Limpaphayom
|
| | | | — | | | | | | —% | | | | | | —% | | | | | | | | | | | |
Carla S. Mashinski
|
| | | | — | | | | | | —% | | | | | | —% | | | | | | | | | | | |
Thiti Mekavichai
|
| | | | 18,500 | | | | | | * | | | | | | * | | | | | | | | | | | |
Charles C. Miller III
|
| | | | 87,500 | | | | | | * | | | | | | * | | | | | | | | | | | |
Sunit S. Patel
|
| | | | — | | | | | | —% | | | | | | —% | | | | | | | | | | | |
Anon Sirisaengtaksin
|
| | | | — | | | | | | —% | | | | | | —% | | | | | | | | | | | |
Chanin Vongkusolkit
|
| | | | — | | | | | | —% | | | | | | —% | | | | | | | | | | | |
Sinon Vongkusolkit
|
| | | | — | | | | | | —% | | | | | | —% | | | | | | | | | | | |
All executive officers and directors as a group (16 persons)
|
| | | | 4,103,288 | | | | | | 5.8% | | | | | | 5.8% | | | | | | | | | | | |
5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Banpu North America Corporation(4)
|
| | | | 63,877,614 | | | | | | 90.6% | | | | | | 90.6% | | | | | | | | | | | |
Underwriter
|
| |
Number
of Shares |
| |||
Citigroup Global Markets Inc.
|
| | | | | | |
Barclays Capital Inc.
|
| | | | | | |
Evercore Group L.L.C.
|
| | | | | | |
Jefferies LLC
|
| | | | | | |
Wells Fargo Securities, LLC
|
| | | | | | |
Tudor, Pickering, Holt & Co. Securities, LLC
|
| | | | | | |
Susquehanna Financial Group, LLLP
|
| | | | | | |
Capital One Securities, Inc.
|
| | | | | | |
Total
|
| | | | | |
| | |
Per Share
|
| |
Total
|
| ||||||||||||||||||
| | |
Without
Option |
| |
With
Option |
| |
Without
Option |
| |
With
Option |
| ||||||||||||
Underwriting discounts and commissions payable by us
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-8 | | | |
| | | | | F-10 | | | |
| Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | | F-54 | | | |
| | | | | F-56 | | | |
| | | | | F-57 | | | |
| | | | | F-59 | | | |
| | | | | F-61 | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 25,407 | | | | | $ | 153,128 | | |
Restricted cash
|
| | | | 139,662 | | | | | | — | | |
Accounts receivable, net
|
| | | | 48,500 | | | | | | 143,537 | | |
Accounts receivable, related parties
|
| | | | 559 | | | | | | 416 | | |
Commodity derivative assets, current
|
| | | | 84,039 | | | | | | 2,651 | | |
Other current assets
|
| | | | 13,990 | | | | | | 20,408 | | |
Total current assets
|
| | | | 312,157 | | | | | | 320,140 | | |
Natural gas properties and equipment
|
| | | | | | | | | | | | |
Developed properties
|
| | | | 2,370,156 | | | | | | 2,252,681 | | |
Undeveloped properties
|
| | | | 15,846 | | | | | | 15,511 | | |
Midstream assets
|
| | | | 318,855 | | | | | | 317,109 | | |
Accumulated depreciation, depletion, and amortization
|
| | | | (579,415) | | | | | | (375,783) | | |
Total natural gas properties, net
|
| | | | 2,125,442 | | | | | | 2,209,518 | | |
Other property and equipment, net
|
| | | | 83,935 | | | | | | 39,865 | | |
Goodwill
|
| | | | 18,417 | | | | | | 18,417 | | |
Investment in joint venture
|
| | | | 104,750 | | | | | | 97,885 | | |
Commodity derivative assets
|
| | | | 18,508 | | | | | | 816 | | |
Other noncurrent assets
|
| | | | 19,937 | | | | | | 15,932 | | |
Total assets
|
| | | $ | 2,683,146 | | | | | $ | 2,702,573 | | |
Liabilities, mezzanine equity, and stockholders’ equity | | | | | | | | | | | | | |
Current liabilities
|
| | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 149,173 | | | | | $ | 272,475 | | |
Contingent consideration payable
|
| | | | 20,000 | | | | | | 65,000 | | |
Commodity derivative liabilities, current
|
| | | | — | | | | | | 49,484 | | |
Income taxes payable to related party
|
| | | | 864 | | | | | | 5,227 | | |
Credit facilities
|
| | | | 127,000 | | | | | | 90,000 | | |
Current portion of long-term debt, net
|
| | | | 112,373 | | | | | | 112,001 | | |
Other current liabilities
|
| | | | 2,849 | | | | | | 2,446 | | |
Total current liabilities
|
| | | | 412,259 | | | | | | 596,633 | | |
Asset retirement obligations
|
| | | | 193,205 | | | | | | 181,135 | | |
Contingent consideration
|
| | | | 29,676 | | | | | | 88,051 | | |
Note payable to related party
|
| | | | 75,000 | | | | | | 75,000 | | |
Deferred tax liability, net
|
| | | | 136,524 | | | | | | 104,130 | | |
Long-term debt, net
|
| | | | 339,663 | | | | | | 452,036 | | |
Other noncurrent liabilities
|
| | | | 11,652 | | | | | | 9,664 | | |
Total liabilities
|
| | | | 1,197,979 | | | | | | 1,506,649 | | |
| | |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Commitments and contingencies (Note 16)
|
| | | | | | | | | | | | |
Mezzanine equity
|
| | | | | | | | | | | | |
Common stock – Minority ownership puttable shares; 2,403 authorized shares; 2,403 and 2,290 shares issued and outstanding as of December 31, 2023 and 2022, respectively
|
| | | | 59,988 | | | | | | 62,712 | | |
Equity-based compensation
|
| | | | 126,966 | | | | | | 89,171 | | |
Total mezzanine equity
|
| | | | 186,954 | | | | | | 151,883 | | |
Stockholders’ equity
|
| | | | | | | | | | | | |
Common stock, $0.01 par value; 300,000 authorized shares; 63,873 and 56,373 shares issued and outstanding as of December 31, 2023 and 2022, respectively
|
| | | | 1,283 | | | | | | 1,132 | | |
Treasury stock, shares at cost; 213 shares and 193 shares as of December 31, 2023 and 2022, respectively
|
| | | | (4,582) | | | | | | (3,974) | | |
Additional paid-in capital
|
| | | | 1,034,144 | | | | | | 896,433 | | |
Retained earnings
|
| | | | 267,368 | | | | | | 150,450 | | |
Total stockholders’ equity
|
| | | | 1,298,213 | | | | | | 1,044,041 | | |
Total liabilities, mezzanine equity, and stockholders’ equity
|
| | | $ | 2,683,146 | | | | | $ | 2,702,573 | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Revenues and other operating income | | | | | | | | | | | | | | | | | | | |
Natural gas, NGL, and oil sales
|
| | | $ | 706,151 | | | | | $ | 1,633,747 | | | | | $ | 829,745 | | |
Midstream revenues
|
| | | | 16,168 | | | | | | 12,676 | | | | | | 6,917 | | |
Derivative gains (losses), net
|
| | | | 238,743 | | | | | | (629,701) | | | | | | (383,847) | | |
Marketing revenues
|
| | | | 8,710 | | | | | | 11,001 | | | | | | 52,616 | | |
Related party and other
|
| | | | 8,251 | | | | | | 2,799 | | | | | | 251 | | |
Total revenues and other operating income
|
| | | | 978,023 | | | | | | 1,030,522 | | | | | | 505,682 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Lease operating and workover
|
| | | | 150,647 | | | | | | 131,497 | | | | | | 86,831 | | |
Taxes other than income
|
| | | | 72,290 | | | | | | 114,668 | | | | | | 45,650 | | |
Gathering and transportation
|
| | | | 248,990 | | | | | | 208,758 | | | | | | 173,587 | | |
Depreciation, depletion, amortization, and accretion
|
| | | | 223,370 | | | | | | 118,909 | | | | | | 92,277 | | |
General and administrative
|
| | | | 114,688 | | | | | | 148,559 | | | | | | 85,740 | | |
Other
|
| | | | 12,625 | | | | | | 3,567 | | | | | | 1,274 | | |
Total operating expenses
|
| | | | 822,610 | | | | | | 725,958 | | | | | | 485,359 | | |
Income from operations
|
| | | | 155,413 | | | | | | 304,564 | | | | | | 20,323 | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | |
Bargain purchase gain
|
| | | | — | | | | | | 170,853 | | | | | | — | | |
Gain on settlement of litigation
|
| | | | — | | | | | | 16,866 | | | | | | — | | |
Gains (losses) on contingent consideration liabilities
|
| | | | 38,375 | | | | | | 6,632 | | | | | | (194,968) | | |
Earnings from equity affiliate
|
| | | | 16,865 | | | | | | 8,493 | | | | | | 910 | | |
Interest income
|
| | | | 3,138 | | | | | | 1,143 | | | | | | 8 | | |
Interest expense
|
| | | | (69,942) | | | | | | (26,322) | | | | | | — | | |
Interest expense, related party
|
| | | | (7,078) | | | | | | (10,846) | | | | | | (2,134) | | |
Other income
|
| | | | 8,372 | | | | | | 1,411 | | | | | | 872 | | |
Income (loss) before income taxes
|
| | | | 145,143 | | | | | | 472,794 | | | | | | (174,989) | | |
Income tax benefit (expense)
|
| | | | (28,225) | | | | | | (62,652) | | | | | | 40,526 | | |
Net income (loss) attributable to BKV Corporation
|
| | | | 116,918 | | | | | | 410,142 | | | | | | (134,463) | | |
Less accretion of preferred stock to redemption value
|
| | | | — | | | | | | — | | | | | | (3,745) | | |
Less preferred stock dividends
|
| | | | — | | | | | | — | | | | | | (9,900) | | |
Less deemed dividend on redemption of preferred stock
|
| | | | — | | | | | | — | | | | | | (22,606) | | |
Net income (loss) attributable to common stockholders
|
| | | $ | 116,918 | | | | | $ | 410,142 | | | | | $ | (170,714) | | |
Net income (loss) per common share: | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 1.93 | | | | | $ | 6.99 | | | | | $ | (2.92) | | |
Diluted
|
| | | $ | 1.82 | | | | | $ | 6.62 | | | | | $ | (2.92) | | |
Weighted average number of common shares outstanding: | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 60,730 | | | | | | 58,659 | | | | | | 58,496 | | |
Diluted
|
| | | | 64,380 | | | | | | 61,990 | | | | | | 58,496 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 116,918 | | | | | $ | 410,142 | | | | | $ | (134,463) | | |
Adjustments to reconcile to net cash provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation, depletion, amortization, and accretion
|
| | | | 224,427 | | | | | | 130,038 | | | | | | 98,833 | | |
Equity-based compensation expense
|
| | | | 25,756 | | | | | | 31,947 | | | | | | 30,387 | | |
Deferred income tax (benefit) expense
|
| | | | 32,394 | | | | | | 89,065 | | | | | | (72,753) | | |
Unrealized (gains) losses on derivatives, net
|
| | | | (148,564) | | | | | | (58,815) | | | | | | 115,161 | | |
(Gains) losses on contingent consideration liabilities
|
| | | | (38,375) | | | | | | (6,632) | | | | | | 194,968 | | |
Settlement of contingent consideration
|
| | | | (65,000) | | | | | | (45,300) | | | | | | — | | |
Gain on bargain purchase
|
| | | | — | | | | | | (170,853) | | | | | | — | | |
Earnings from equity affiliate
|
| | | | (16,865) | | | | | | (8,493) | | | | | | (910) | | |
Distribution from equity affiliate
|
| | | | 10,000 | | | | | | — | | | | | | — | | |
Other, net
|
| | | | 822 | | | | | | 911 | | | | | | 48 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | 86,477 | | | | | | (39,394) | | | | | | (24,689) | | |
Accounts receivable, related parties
|
| | | | (143) | | | | | | 3,082 | | | | | | (3,498) | | |
Accounts payable and accrued liabilities
|
| | | | (98,238) | | | | | | 62,539 | | | | | | 137,550 | | |
Other changes in operating assets and liabilities
|
| | | | (6,533) | | | | | | (49,043) | | | | | | 17,499 | | |
Net cash provided by operating activities
|
| | | | 123,076 | | | | | | 349,194 | | | | | | 358,133 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Business combination
|
| | | | — | | | | | | (619,437) | | | | | | — | | |
Investment in joint venture
|
| | | | — | | | | | | (72) | | | | | | (88,410) | | |
Acquisition of natural gas properties
|
| | | | (4,889) | | | | | | — | | | | | | (2,528) | | |
Investment in other property and equipment
|
| | | | (52,066) | | | | | | (11,787) | | | | | | (2,249) | | |
Development of natural gas properties
|
| | | | (134,428) | | | | | | (235,406) | | | | | | (63,932) | | |
Loan advanced to equity affiliate
|
| | | | (8,000) | | | | | | — | | | | | | — | | |
Loan repayment from equity affiliate
|
| | | | 8,000 | | | | | | — | | | | | | — | | |
Other investing activities
|
| | | | 13,535 | | | | | | 1,136 | | | | | | (4,739) | | |
Net cash used in investing activities
|
| | | | (177,848) | | | | | | (865,566) | | | | | | (161,858) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from notes payable from related party
|
| | | | 17,000 | | | | | | 75,000 | | | | | | 166,000 | | |
Payments on notes payable to related party
|
| | | | (17,000) | | | | | | (166,000) | | | | | | (24,000) | | |
Proceeds under term loan agreement
|
| | | | — | | | | | | 570,000 | | | | | | — | | |
Payment on term loan agreement
|
| | | | (114,000) | | | | | | — | | | | | | — | | |
Payment of debt issuance costs
|
| | | | — | | | | | | (7,738) | | | | | | — | | |
Proceeds from draws on credit facilities
|
| | | | 375,500 | | | | | | 190,000 | | | | | | — | | |
Payments on credit facilities
|
| | | | (338,500) | | | | | | (100,000) | | | | | | — | | |
Settlement of contingent consideration
|
| | | | — | | | | | | (19,700) | | | | | | — | | |
Payments of deferred offering costs
|
| | | | (2,901) | | | | | | (5,625) | | | | | | — | | |
Redemption of minority ownership puttable shares
|
| | | | — | | | | | | — | | | | | | (2,754) | | |
Issuance of minority ownership puttable shares
|
| | | | — | | | | | | 78 | | | | | | 3,177 | | |
Dividends paid to preferred stock shareholders
|
| | | | — | | | | | | — | | | | | | (10,330) | | |
Proceeds from the issuance of common stock
|
| | | | 150,005 | | | | | | — | | | | | | (121,275) | | |
Dividends paid to common stock shareholders
|
| | | | — | | | | | | — | | | | | | (88,126) | | |
Redemption of common stock
|
| | | | — | | | | | | — | | | | | | (1,106) | | |
Redemption of common stock issued upon vesting of equity-based compensation and other
|
| | | | (426) | | | | | | (4) | | | | | | (110) | | |
Shares repurchased in conjunction with reverse stock split
|
| | | | (4) | | | | | | — | | | | | | — | | |
Net share settlements, equity-based compensation
|
| | | | (2,961) | | | | | | (1,178) | | | | | | (529) | | |
Net cash provided by (used in) financing activities
|
| | | | 66,713 | | | | | | 534,833 | | | | | | (79,053) | | |
Net increase in cash, cash equivalents, and restricted cash
|
| | | | 11,941 | | | | | | 18,461 | | | | | | 117,222 | | |
Cash, cash equivalents, and restricted cash, beginning of period
|
| | | | 153,128 | | | | | | 134,667 | | | | | | 17,445 | | |
Cash, cash equivalents, and restricted cash, end of period
|
| | | $ | 165,069 | | | | | $ | 153,128 | | | | | $ | 134,667 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Supplemental cash flow information: | | | | | |||||||||||||||
Cash payments for:
|
| | | | | | | | | | | | | | | | | | |
Interest
|
| | | $ | 68,480 | | | | | $ | 32,086 | | | | | $ | 393 | | |
Income tax
|
| | | $ | 1,545 | | | | | $ | 400 | | | | | $ | — | | |
Non-cash investing and financing activities:
|
| | | | | | | | | | | | | | | | | | |
Increase (decrease) in accrued capital expenditures
|
| | | $ | (23,863) | | | | | $ | 19,247 | | | | | $ | 12,297 | | |
Additions to asset retirement obligations
|
| | | $ | 89 | | | | | $ | 302 | | | | | $ | 923 | | |
Revisions to asset retirement obligation estimates
|
| | | $ | — | | | | | $ | 36,516 | | | | | $ | — | | |
Lease liabilities arising from obtaining right-of-use assets
|
| | | $ | 3,061 | | | | | $ | 1,218 | | | | | $ | 11,249 | | |
Increase (decrease) in accrued offering costs
|
| | | $ | (604) | | | | | $ | 945 | | | | | $ | — | | |
Fair value of contingent consideration from acquisitions
|
| | | $ | — | | | | | $ | 17,150 | | | | | $ | — | | |
Adjustment of minority ownership puttable shares to redemption
value |
| | | $ | 2,722 | | | | | $ | 12,793 | | | | | $ | 7,042 | | |
Adjustment of equity-based compensation to redemption value
|
| | | $ | 15,602 | | | | | $ | 24,400 | | | | | $ | 4,236 | | |
Impact of redemption of minority interest puttable shares on additional paid-in capital, common stock, and treasury stock
|
| | | $ | 781 | | | | | $ | 4 | | | | | $ | 2,754 | | |
Accretion of preferred stock to redemption value
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,745 | | |
| | |
Stockholders’ Equity
|
| |
Mezzanine Equity
|
| | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Treasury
|
| |
Additional
Paid-in Capital |
| |
Retained
Earnings (Deficit) |
| |
Total
Stockholders’ Equity |
| |
Preferred
Stock |
| |
Common Stock
|
| |
Equity-based
Compensation |
| |
Total
Mezzanine Equity |
| | | |||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances, December 31, 2020
|
| | | | 56,428 | | | | | $ | 1,129 | | | | | $ | — | | | | | $ | 968,500 | | | | | $ | (26,773) | | | | | $ | 942,856 | | | | | $ | 94,924 | | | | | | 2,114 | | | | | $ | 42,288 | | | | | $ | — | | | | | $ | 137,212 | | | | | ||||
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (134,463) | | | | | | (134,463) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Dividend declared, preferred stock shareholders ($0.50 per share)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,330) | | | | | | (10,330) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Accretion of preferred stock to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | (3,745) | | | | | | — | | | | | | (3,745) | | | | | | 3,745 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,745 | | | | | ||||
Deemed dividend, preferred stock shareholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | (22,606) | | | | | | — | | | | | | (22,606) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Redemption of preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (98,669) | | | | | | — | | | | | | — | | | | | | — | | | | | | (98,669) | | | | | ||||
Redemption of common stock
|
| | | | (50) | | | | | | — | | | | | | (1,106) | | | | | | — | | | | | | — | | | | | | (1,106) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Purchase of vested equity-based compensation
award shares of common stock |
| | | | (5) | | | | | | — | | | | | | (110) | | | | | | — | | | | | | — | | | | | | (110) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Redemption of minority ownership puttable common stock shares
|
| | | | — | | | | | | 3 | | | | | | (2,754) | | | | | | 2,751 | | | | | | — | | | | | | — | | | | | | — | | | | | | (138) | | | | | | (2,754) | | | | | | — | | | | | | (2,754) | | | | | ||||
Dividend declared
($1.50 per share) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (88,126) | | | | | | (88,126) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Issuance of common stock from employee stock purchase plan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 144 | | | | | | 3,265 | | | | | | — | | | | | | 3,265 | | | | | ||||
Adjustment of minority ownership puttable shares to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | (7,042) | | | | | | — | | | | | | (7,042) | | | | | | — | | | | | | — | | | | | | 7,042 | | | | | | — | | | | | | 7,042 | | | | | ||||
Issuance of common stock upon vesting of equity-based compensation awards
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 58 | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Impact of modification of equity-based compensation plan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,342 | | | | | | 25,342 | | | | | ||||
Capital contribution from modification of equity-based compensation plan
|
| | | | — | | | | | | — | | | | | | — | | | | | | 780 | | | | | | — | | | | | | 780 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,648 | | | | | | 3,648 | | | | | ||||
Adjustment of equity-based compensation to
redemption value |
| | | | — | | | | | | — | | | | | | — | | | | | | (5,016) | | | | | | — | | | | | | (5,016) | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,016 | | | | | | 5,016 | | | | | ||||
Balances, December 31, 2021
|
| | | | 56,373 | | | | | $ | 1,132 | | | | | $ | (3,970) | | | | | $ | 933,622 | | | | | $ | (259,692) | | | | | $ | 671,092 | | | | | $ | — | | | | | | 2,178 | | | | | $ | 49,841 | | | | | $ | 34,006 | | | | | $ | 83,847 | | | | | ||||
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 410,142 | | | | | | 410,142 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Redemption of common stock issued upon vesting of equity-based compensation
|
| | | | — | | | | | | — | | | | | | (4) | | | | | | 4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4) | | | | | | (4) | | | | | ||||
Issuance of common stock from employee stock purchase plan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | | | | | 78 | | | | | | — | | | | | | 78 | | | | | ||||
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income
taxes |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 110 | | | | | | — | | | | | | (1,178) | | | | | | (1,178) | | | | | ||||
Adjustment of minority ownership puttable shares to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | (12,793) | | | | | | — | | | | | | (12,793) | | | | | | — | | | | | | — | | | | | | 12,793 | | | | | | — | | | | | | 12,793 | | | | | ||||
Adjustment of equity-based compensation to
redemption value |
| | | | — | | | | | | — | | | | | | — | | | | | | (24,400) | | | | | | — | | | | | | (24,400) | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,400 | | | | | | 24,400 | | | | | ||||
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31,947 | | | | | | 31,947 | | | | | ||||
Balances, December 31, 2022
|
| | | | 56,373 | | | | | $ | 1,132 | | | | | $ | (3,974) | | | | | $ | 896,433 | | | | | $ | 150,450 | | | | | $ | 1,044,041 | | | | | $ | — | | | | | | 2,290 | | | | | $ | 62,712 | | | | | $ | 89,171 | | | | | $ | 151,883 | | | | | ||||
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 116,918 | | | | | | 116,918 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Redemption of common stock issued upon vesting of equity-based compensation
|
| | | | — | | | | | | 1 | | | | | | (604) | | | | | | 736 | | | | | | — | | | | | | 133 | | | | | | — | | | | | | (21) | | | | | | (2) | | | | | | (602) | | | | | | (604) | | | | |
| | |
Stockholders’ Equity
|
| |
Mezzanine Equity
|
| | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Treasury
|
| |
Additional
Paid-in Capital |
| |
Retained
Earnings (Deficit) |
| |
Total
Stockholders’ Equity |
| |
Preferred
Stock |
| |
Common Stock
|
| |
Equity-based
Compensation |
| |
Total
Mezzanine Equity |
| | | |||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134 | | | | | | — | | | | | | (2,961) | | | | | | (2,961) | | | | | ||||
Adjustment of minority ownership puttable shares to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,722 | | | | | | — | | | | | | 2,722 | | | | | | — | | | | | | — | | | | | | (2,722) | | | | | | — | | | | | | (2,722) | | | | | ||||
Adjustment of equity-based compensation to
redemption value |
| | | | — | | | | | | — | | | | | | — | | | | | | (15,602) | | | | | | — | | | | | | (15,602) | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,602 | | | | | | 15,602 | | | | | ||||
Issuance of common stock
|
| | | | 7,500 | | | | | | 150 | | | | | | — | | | | | | 149,855 | | | | | | — | | | | | | 150,005 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | ||||
Shares repurchased with reverse stock split
|
| | | | — | | | | | | — | | | | | | (4) | | | | | | — | | | | | | — | | | | | | (4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | |||||||||
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,756 | | | | | | 25,756 | | | | | ||||
Balances, December 31, 2023
|
| | | | 63,873 | | | | | $ | 1,283 | | | | | $ | (4,582) | | | | | $ | 1,034,144 | | | | | $ | 267,368 | | | | | $ | 1,298,213 | | | | | $ | — | | | | | | 2,403 | | | | | $ | 59,988 | | | | | $ | 126,966 | | | | | $ | 186,954 | | | | |
| | |
December 31,
|
| |||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||
Cash and cash equivalents
|
| | | $ | 25,407 | | | | | $ | 153,128 | | |
Restricted cash
|
| | | | 139,662 | | | | | | — | | |
Cash, cash equivalents, and restricted cash
|
| | | $ | 165,069 | | | | | $ | 153,128 | | |
| | |
Useful Life
|
|
Buildings
|
| |
39 years
|
|
Furniture, fixtures, equipment, vehicles, and other
|
| |
5 years
|
|
Computer hardware and software
|
| |
3 – 5 years
|
|
Leasehold improvements
|
| |
7 – 10 years
|
|
|
Cash
|
| | | $ | 619,437 | | |
|
Contingent consideration
|
| | | | 17,150 | | |
|
Total consideration
|
| | | $ | 636,587 | | |
| Assets acquired and liabilities assumed: | | | | | | | |
|
Inventory
|
| | | $ | 150 | | |
|
Natural gas properties – developed
|
| | | | 657,935 | | |
|
Midstream assets
|
| | | | 260,843 | | |
|
Other property and equipment
|
| | | | 8,856 | | |
|
Property taxes
|
| | | | (6,296) | | |
|
Deferred tax liability
|
| | | | (50,569) | | |
|
Revenues payable
|
| | | | (16,612) | | |
|
Asset retirement obligations
|
| | | | (46,867) | | |
|
Total identifiable net assets
|
| | | $ | 807,440 | | |
|
Bargain purchase gain
|
| | | $ | (170,853) | | |
| | |
Year Ended December 31,
|
| |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Total revenues and other operating income
|
| | | $ | 1,253,623 | | | | | $ | 820,173 | | |
Net income (loss) attributable to BKV Corporation
|
| | | $ | 476,567 | | | | | $ | (113,181) | | |
| | |
December 31,
|
| |||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||
Credit facilities | | | | ||||||||||
OCBC Credit Facility
|
| | | $ | — | | | | | $ | 45,000 | | |
SCB Credit Facility
|
| | | | 31,000 | | | | | | — | | |
Revolving Credit Agreement
|
| | | | 96,000 | | | | | | 45,000 | | |
Term loan | | | | ||||||||||
Current portion of Term Loan Credit Agreement
|
| | | | 114,000 | | | | | | 114,000 | | |
Current portion of unamortized debt issuance costs
|
| | | | (1,627) | | | | | | (1,999) | | |
Total current debt, net
|
| | | | 239,373 | | | | | | 202,001 | | |
Term Loan Credit Agreement
|
| | | | 342,000 | | | | | | 456,000 | | |
Long-term portion of unamortized debt issuance costs
|
| | | | (2,337) | | | | | | (3,964) | | |
Total long-term debt, net
|
| | | | 339,663 | | | | | | 452,036 | | |
Total debt, net
|
| | | $ | 579,036 | | | | | $ | 654,037 | | |
| | |
December 31,
|
| |||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||
Compressor station
|
| | | $ | 37,280 | | | | | $ | 37,130 | | |
Meter station
|
| | | | 721 | | | | | | 654 | | |
Pipelines
|
| | | | 280,854 | | | | | | 279,325 | | |
Total
|
| | | | 318,855 | | | | | | 317,109 | | |
Accumulated depreciation
|
| | | | (19,399) | | | | | | (11,951) | | |
Midstream assets, net
|
| | | $ | 299,456 | | | | | $ | 305,158 | | |
(in thousands)
|
| |
December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Carbon capture, utilization, and sequestration
|
| | | $ | 59,142 | | | | | $ | — | | |
Buildings | | | | | 15,707 | | | | | | 16,788 | | |
Furniture, fixtures, equipment, and vehicles
|
| | | | 15,101 | | | | | | 14,368 | | |
Computer software
|
| | | | 4,844 | | | | | | 4,844 | | |
Land | | | | | 3,090 | | | | | | 3,090 | | |
Leasehold improvements
|
| | | | 1,685 | | | | | | 1,627 | | |
Construction in process
|
| | | | 76 | | | | | | 9,845 | | |
Total
|
| | | | 99,645 | | | | | | 50,562 | | |
Accumulated depreciation
|
| | | | (15,710) | | | | | | (10,697) | | |
Other property and equipment, net
|
| | | $ | 83,935 | | | | | $ | 39,865 | | |
| | |
As of December 31, 2023
|
| |||||||||||||||
| | |
Fair Value Measurements Using:
|
| | | | | | | |||||||||
(in thousands)
|
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| |||||||||
Financial assets | | | | | | | | | | | | | | | | | | | |
Derivative instruments
|
| | | $ | 102,547 | | | | | $ | — | | | | | $ | 102,547 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | |
Derivative instruments
|
| | | | — | | | | | | — | | | | | | — | | |
Contingent consideration
|
| | | | — | | | | | | 29,676 | | | | | | 29,676 | | |
Mezzanine equity | | | | | | | | | | | | | | | | | | | |
Minority ownership puttable shares
|
| | | | — | | | | | | 59,988 | | | | | | 59,988 | | |
Equity-based compensation
|
| | | | — | | | | | | 126,966 | | | | | | 126,966 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||
| | |
Fair Value Measurements Using:
|
| | | | | | | |||||||||
(in thousands)
|
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| |||||||||
Financial assets | | | | | | | | | | | | | | | | | | | |
Derivative instruments
|
| | | $ | 3,467 | | | | | $ | — | | | | | $ | 3,467 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | |
Derivative instruments
|
| | | | 49,484 | | | | | | — | | | | | | 49,484 | | |
Contingent consideration
|
| | | | — | | | | | | 88,051 | | | | | | 88,051 | | |
Mezzanine equity | | | | | | | | | | | | | | | | | | | |
Minority ownership puttable shares
|
| | | | — | | | | | | 62,712 | | | | | | 62,712 | | |
Equity-based compensation
|
| | | | — | | | | | | 89,171 | | | | | | 89,171 | | |
(in thousands, except per share amounts)
|
| |
Fair Value
|
| |
Valuation
Technique |
| |
Unobservable
Input |
| |
Range or Actual
|
| |||
Market condition equity-based compensation per share, as of December 31, 2022
|
| | | $ | 35.54 | | | |
Monte Carlo
Simulation |
| |
Performance
period dividends |
| |
3.0% equity capital,
annually |
|
Common stock – per share value, as of December 31, 2022(1)
|
| | | $ | 29.54 | | | |
Enterprise
value |
| |
Discount rate
|
| |
10.0% – 11.0%
|
|
Contingent consideration, as of December 31, 2022
|
| | | $ | 88,051 | | | |
Monte Carlo
Simulation |
| |
Risk free rate(2)
|
| |
4.8%
|
|
| | | | | | | | | | | |
Credit spread
|
| |
4.8%
|
|
| | | | | | | | | | | |
Discount rate
|
| |
9.6%
|
|
Common stock – per share value, as of December 31, 2023(1)
|
| | | $ | 28.25 | | | |
Enterprise
value |
| |
Discount rate
|
| |
11.5% – 12.5%
|
|
Contingent consideration, as of December 31, 2023
|
| | | $ | 29,676 | | | |
Monte Carlo
Simulation |
| |
Risk free rate(2)
|
| |
5.2%
|
|
| | | | | | | | | | | |
Credit spread
|
| |
4.7%
|
|
| | | | | | | | | | | |
Discount rate
|
| |
9.9%
|
|
(in thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Balance, as of January 1,
|
| | | $ | 239,934 | | | | | $ | 226,380 | | | | | $ | 54,853 | | |
Contingent consideration – additions through acquisitions
|
| | | | — | | | | | | 17,150 | | | | | | — | | |
Contingent consideration – settled
|
| | | | (20,000) | | | | | | (65,000) | | | | | | (65,000) | | |
Minority ownership puttable share activity
|
| | | | (2) | | | | | | 78 | | | | | | 511 | | |
Grant date fair value of equity-based compensation
|
| | | | 22,193 | | | | | | 30,765 | | | | | | 28,990 | | |
Change in fair market value (all instruments)
|
| | | | (25,495) | | | | | | 30,561 | | | | | | 207,026 | | |
Balance, as of December 31,
|
| | | $ | 216,630 | | | | | $ | 239,934 | | | | | $ | 226,380 | | |
| | | | | |
As of December 31, 2023
|
| |||||||||||||||
(in thousands)
|
| |
Balance Sheet Location
|
| |
Gross
Amounts of Assets and Liabilities |
| |
Offset
Adjustments |
| |
Net Amounts
of Assets and Liabilities |
| |||||||||
Current derivative assets
|
| |
Commodity derivative assets, current
|
| | | $ | 90,540 | | | | | $ | (6,501) | | | | | $ | 84,039 | | |
Noncurrent derivative assets
|
| |
Commodity derivative assets
|
| | | | 18,615 | | | | | | (107) | | | | | | 18,508 | | |
Current derivative liabilities
|
| |
Commodity derivative liabilities, current
|
| | | | 6,501 | | | | | | (6,501) | | | | | | — | | |
Noncurrent derivative liabilities
|
| |
Other noncurrent liabilities
|
| | | | 107 | | | | | | (107) | | | | | | — | | |
| | | | | |
As of December 31, 2022
|
| |||||||||||||||
(in thousands)
|
| |
Balance Sheet Location
|
| |
Gross
Amounts of Assets and Liabilities |
| |
Offset
Adjustments |
| |
Net Amounts
of Assets and Liabilities |
| |||||||||
Current derivative assets
|
| |
Commodity derivative assets, current
|
| | | $ | 3,719 | | | | | $ | (1,068) | | | | | $ | 2,651 | | |
Noncurrent derivative assets
|
| |
Commodity derivative assets
|
| | | | 816 | | | | | | — | | | | | | 816 | | |
Current derivative liabilities
|
| |
Commodity derivative liabilities, current
|
| | | | 50,552 | | | | | | (1,068) | | | | | | 49,484 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Total gain (loss) on settled derivatives
|
| | | $ | 90,179 | | | | | $ | (688,516) | | | | | $ | (268,686) | | |
Total gain (loss) on unsettled derivatives
|
| | | | 148,564 | | | | | | 58,815 | | | | | | (115,161) | | |
Total gain (loss) on derivatives, net
|
| | | $ | 238,743 | | | | | $ | (629,701) | | | | | $ | (383,847) | | |
Instrument
|
| |
MMBtu
|
| |
Weighted
Average Price (USD) |
| |
Weighted
Average Price Floor |
| |
Weighted
Average Price Ceiling |
| |
Fair Value as of
December 31, 2023 (in thousands) |
| |||||||||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| | | | 99,662,500 | | | | | $ | 3.52 | | | | | | | | | | | | | | | | | $ | 82,071 | | |
2025 | | | | | | | |||||||||||||||||||||||||
Collars
|
| | | | 49,275,000 | | | | | | | | | | | $ | 3.73 | | | | | $ | 4.13 | | | | | $ | 16,447 | | |
Instrument
|
| |
Basis
Reference Price |
| |
MMBtu
|
| |
Weighted
Average Basis Differential |
| |
Fair Value as of
December 31, 2023 (in thousands) |
| |||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| |
NGPL TXOK Basis
|
| | | | 21,400,000 | | | | | $ | (0.54) | | | | | $ | (5,059) | | |
Swap
|
| |
Transco Leidy Basis
|
| | | | 32,940,000 | | | | | $ | (0.89) | | | | | $ | (795) | | |
Instrument
|
| |
Commodity
Reference Price |
| |
Gallons
|
| |
Weighted
Average Price (USD) |
| |
Fair Value
as of December 31, 2023 (in thousands) |
| |||||||||
2024 | | | | | | |||||||||||||||||
Swap
|
| | OPIS Purity Ethane Mont Belvieu | | | | | 115,290,000 | | | | | $ | 0.25 | | | | | $ | 5,346 | | |
Swap | | | OPIS IsoButane Mont Belvieu Non-TET | | | | | 7,686,000 | | | | | $ | 0.88 | | | | | $ | (468) | | |
Swap | | |
OPIS Normal Butane Mont Belvieu Non-TET
|
| | | | 11,529,000 | | | | | $ | 0.87 | | | | | $ | (149) | | |
Swap | | | OPIS Pentane Mont Belvieu Non-TET | | | | | 19,215,000 | | | | | $ | 1.48 | | | | | $ | 1,163 | | |
Swap | | | OPIS Propane Mont Belvieu Non-TET | | | | | 23,058,000 | | | | | $ | 0.77 | | | | | $ | 1,930 | | |
Instrument
|
| |
Commodity
Reference Price |
| |
Gallons
|
| |
Weighted
Average Price (USD) |
| |
Fair Value
as of December 31, 2023 (in thousands) |
| |||||||||
2025 | | | | | | |||||||||||||||||
Swap | | | OPIS Purity Ethane Mont Belvieu | | | | | 53,655,000 | | | | | $ | 0.27 | | | | | $ | 908 | | |
Swap
|
| | OPIS IsoButane Mont Belvieu Non-TET | | | | | 3,832,500 | | | | | $ | 0.84 | | | | | $ | (74) | | |
Swap
|
| |
OPIS Normal Butane Mont Belvieu Non-TET
|
| | | | 5,748,750 | | | | | $ | 0.82 | | | | | $ | (34) | | |
Swap
|
| | OPIS Pentane Mont Belvieu Non-TET | | | | | 7,665,000 | | | | | $ | 1.37 | | | | | $ | 203 | | |
Swap
|
| | OPIS Propane Mont Belvieu Non-TET | | | | | 19,162,500 | | | | | $ | 0.73 | | | | | $ | 1,058 | | |
Instrument
|
| |
MMBtu
|
| |
Weighted Average
Price (USD) |
| |
Weighted
Average Price Floor |
| |
Weighted
Average Price Ceiling |
| |
Settlement Value
(in thousands) |
| ||||||||||||
2024
|
| | | | | | ||||||||||||||||||||||
Swap
|
| | 12,000,000 | | | | $ | 3.52 | | | | | | | | | | | | | | | | | $ | 8,350 | | |
2025 | | | | | | | ||||||||||||||||||||||
Collars
|
| | 34,770,000 | | | | | | | | | | $ | 3.74 | | | | | $ | 4.14 | | | | | $ | 4,900 | | |
Instrument
|
| |
Index
|
| |
Daily Volume
|
| |
Weighted Average
Price Ceiling |
| ||||||
2026 | | | | | ||||||||||||
Collars
|
| |
NYMEX Henry Hub
|
| | | | 100,000 | | | | | $ | 5.00 | | |
2027 | | | | | ||||||||||||
Collars
|
| |
NYMEX Henry Hub
|
| | | | 100,000 | | | | | $ | 5.00 | | |
(in thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Balance, as of January 1,
|
| | | $ | 182,300 | | | | | $ | 158,968 | | | | | $ | 148,826 | | |
Additions through business combination
|
| | | | 640 | | | | | | 46,867 | | | | | | — | | |
Liabilities incurred
|
| | | | 89 | | | | | | 303 | | | | | | 923 | | |
Liabilities settled
|
| | | | (759) | | | | | | (156) | | | | | | (811) | | |
Revision of estimates
|
| | | | — | | | | | | (36,516) | | | | | | — | | |
Accretion of discount
|
| | | | 13,206 | | | | | | 12,834 | | | | | | 10,030 | | |
Balance, as of December 31,
|
| | | | 195,476 | | | | | | 182,300 | | | | | | 158,968 | | |
Less current portion
|
| | | | (2,271) | | | | | | (1,165) | | | | | | — | | |
Asset retirement obligations, long-term
|
| | | $ | 193,205 | | | | | $ | 181,135 | | | | | $ | 158,968 | | |
| | |
Year Ended December 31, 2023
|
| |||||||||||||||
(in thousands)
|
| |
Pennsylvania
|
| |
Texas
|
| |
Total
|
| |||||||||
Natural gas
|
| | | $ | 57,678 | | | | | $ | 452,168 | | | | | $ | 509,846 | | |
NGLs
|
| | | | — | | | | | | 187,860 | | | | | | 187,860 | | |
Oil
|
| | | | — | | | | | | 8,445 | | | | | | 8,445 | | |
Total natural gas, NGL, and oil sales
|
| | | $ | 57,678 | | | | | $ | 648,473 | | | | | $ | 706,151 | | |
Marketing revenues
|
| | | | — | | | | | | 8,710 | | | | | | 8,710 | | |
Midstream revenues
|
| | | | 4,635 | | | | | | 11,533 | | | | | | 16,168 | | |
Related party and other
|
| | | | — | | | | | | 8,251 | | | | | | 8,251 | | |
Total
|
| | | $ | 62,313 | | | | | $ | 676,967 | | | | | $ | 739,280 | | |
| | |
Year Ended December 31, 2022
|
| |||||||||||||||
(in thousands)
|
| |
Pennsylvania
|
| |
Texas
|
| |
Total
|
| |||||||||
Natural gas
|
| | | $ | 246,200 | | | | | $ | 1,064,139 | | | | | $ | 1,310,339 | | |
NGLs
|
| | | | — | | | | | | 311,542 | | | | | | 311,542 | | |
Oil
|
| | | | — | | | | | | 11,866 | | | | | | 11,866 | | |
Total natural gas, NGL, and oil sales
|
| | | $ | 246,200 | | | | | $ | 1,387,547 | | | | | $ | 1,633,747 | | |
Marketing revenues
|
| | | | — | | | | | | 11,001 | | | | | | 11,001 | | |
Midstream revenues
|
| | | | 5,845 | | | | | | 6,831 | | | | | | 12,676 | | |
Related party and other
|
| | | | — | | | | | | 2,799 | | | | | | 2,799 | | |
Total
|
| | | $ | 252,045 | | | | | $ | 1,408,178 | | | | | $ | 1,660,223 | | |
| | |
Year Ended December 31, 2021
|
| |||||||||||||||
(in thousands)
|
| |
Pennsylvania
|
| |
Texas
|
| |
Total
|
| |||||||||
Natural gas
|
| | | $ | 131,207 | | | | | $ | 465,843 | | | | | $ | 597,050 | | |
NGLs
|
| | | | — | | | | | | 225,135 | | | | | | 225,135 | | |
Oil
|
| | | | — | | | | | | 7,560 | | | | | | 7,560 | | |
Total natural gas, NGL, and oil sales
|
| | | $ | 131,207 | | | | | $ | 698,538 | | | | | $ | 829,745 | | |
Marketing revenues
|
| | | | — | | | | | | 52,616 | | | | | | 52,616 | | |
Midstream revenues
|
| | | | 6,917 | | | | | | — | | | | | | 6,917 | | |
Related party and other
|
| | | | — | | | | | | 251 | | | | | | 251 | | |
Total
|
| | | $ | 138,124 | | | | | $ | 751,405 | | | | | $ | 889,529 | | |
| | |
December 31,
|
| |||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||
Accounts payable
|
| | | $ | 47,504 | | | | | $ | 74,957 | | |
Commodity derivative settlements payable
|
| | | | 347 | | | | | | 44,754 | | |
Commodity derivative monetizations payable
|
| | | | — | | | | | | 56,972 | | |
Oil and gas production and other taxes payable
|
| | | | 48,857 | | | | | | 37,530 | | |
Revenues payable
|
| | | | 21,765 | | | | | | 28,976 | | |
Other accrued liabilities
|
| | | | 30,700 | | | | | | 29,286 | | |
Total
|
| | | $ | 149,173 | | | | | $ | 272,475 | | |
(in thousands, except per share amounts)
|
| |
Shares
|
| |
Weighted-Average
Grant Date Fair Value |
| ||||||
Unvested PRSUs as of January 1, 2023
|
| | | | 5,910 | | | | | $ | 22.20 | | |
Adjustment(1) | | | | | (1,673) | | | | | $ | 19.02 | | |
Forfeited | | | | | (270) | | | | | $ | 21.80 | | |
Unvested PRSUs as of December 31, 2023
|
| | | | 3,967 | | | | | $ | 19.02 | | |
(in thousands, except per share amounts)
|
| |
Shares
|
| |
Weighted-Average
Grant Date Fair Value |
| ||||||
Unvested TRSUs as of January 1, 2023
|
| | | | 1,034 | | | | | $ | 22.32 | | |
Vested(1) | | | | | (235) | | | | | $ | 22.24 | | |
Forfeited | | | | | (72) | | | | | $ | 22.12 | | |
Unvested TRSUs as of December 31, 2023
|
| | | | 727 | | | | | $ | 22.37 | | |
Reconciliation of Equity Method Investment
(in thousands) |
| | | | | | |
Balance as of December 31, 2021
|
| | | $ | 89,320 | | |
Equity in earnings of Joint Venture
|
| | | | 8,493 | | |
Direct transaction costs
|
| | | | 72 | | |
Balance as of December 31, 2022
|
| | | | 97,885 | | |
Equity in earnings of Joint Venture
|
| | | | 16,865 | | |
Dividends from Joint Venture
|
| | | | (10,000) | | |
Balance as of December 31, 2023
|
| | | $ | 104,750 | | |
Balance Sheet
(in thousands) |
| |
As of December 31,
|
| |||||||||
|
2023(1)
|
| |
2022(2)
|
| ||||||||
Current assets
|
| | | $ | 142,672 | | | | | $ | 45,341 | | |
Noncurrent assets
|
| | | | 880,097 | | | | | | 434,455 | | |
Total assets
|
| | | $ | 1,022,769 | | | | | $ | 479,796 | | |
Current liabilities
|
| | | $ | 122,334 | | | | | $ | 287,432 | | |
Noncurrent liabilities
|
| | | | 694,203 | | | | | | — | | |
Total liabilities
|
| | | | 816,537 | | | | | | 287,432 | | |
Members’ equity
|
| | | | 206,232 | | | | | | 192,364 | | |
Total liabilities and members’ equity
|
| | | $ | 1,022,769 | | | | | $ | 479,796 | | |
Income Statement
(in thousands) |
| |
Year Ended December 31,
|
| |||||||||||||||
|
2023(1)
|
| |
2022(2)
|
| |
2021(2)
|
| |||||||||||
Total revenues, net
|
| | | $ | 326,604 | | | | | $ | 294,736 | | | | | $ | 23,918 | | |
Operating expenses
|
| | | | 243,075 | | | | | | 255,230 | | | | | | 23,140 | | |
Income from operations
|
| | | | 83,529 | | | | | | 39,506 | | | | | | 778 | | |
Interest expense
|
| | | | (50,524) | | | | | | (19,662) | | | | | | (2,599) | | |
Other income
|
| | | | 863 | | | | | | 377 | | | | | | — | | |
Net income (loss)
|
| | | $ | 33,868 | | | | | $ | 20,221 | | | | | $ | (1,821) | | |
(in thousands)
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
Thereafter
|
| |
Total
|
| |||||||||||||||||||||
Term loan payments
|
| | | $ | 114,000 | | | | | $ | 114,000 | | | | | $ | 114,000 | | | | | $ | 114,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 456,000 | | |
Credit facilities
|
| | | | 127,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 127,000 | | |
Interest payable
|
| | | | 1,117 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,117 | | |
Notes payable to related party
|
| | | | — | | | | | | — | | | | | | — | | | | | | 75,000 | | | | | | — | | | | | | — | | | | | | 75,000 | | |
Interest on related party notes
|
| | | | 11,394 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,394 | | |
Operating lease payments
|
| | | | 1,104 | | | | | | 1,082 | | | | | | 961 | | | | | | 908 | | | | | | 924 | | | | | | 4,608 | | | | | | 9,587 | | |
Volume commitments
|
| | | | 53,542 | | | | | | 33,214 | | | | | | 31,376 | | | | | | 23,477 | | | | | | 17,704 | | | | | | 49,566 | | | | | | 208,879 | | |
Total
|
| | | $ | 308,157 | | | | | $ | 148,296 | | | | | $ | 146,337 | | | | | $ | 213,385 | | | | | $ | 18,628 | | | | | $ | 54,174 | | | | | $ | 888,977 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Current tax (expense) benefit | | | | | | | | | | | | | | | |||||
United States federal income tax
|
| | | $ | — | | | | | $ | 30,165 | | | | | $ | (29,051) | | |
Various state income taxes
|
| | | | 4,169 | | | | | | (3,752) | | | | | | (3,176) | | |
Total current income tax (expense) benefit
|
| | | | 4,169 | | | | | | 26,413 | | | | | | (32,227) | | |
Deferred tax (expense) benefit | | | | | | | | | | | | | | | |||||
United States federal income tax
|
| | | | (29,569) | | | | | | (86,772) | | | | | | 66,362 | | |
Various state taxes
|
| | | | (2,825) | | | | | | (2,293) | | | | | | 6,391 | | |
Total deferred income tax (expense) benefit
|
| | | | (32,394) | | | | | | (89,065) | | | | | | 72,753 | | |
Income tax (expense) benefit
|
| | | $ | (28,225) | | | | | $ | (62,652) | | | | | $ | 40,526 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Income (loss) before income taxes
|
| | | $ | 145,143 | | | | | $ | 472,794 | | | | | $ | (174,989) | | |
Federal statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | | | | | 21.0% | | |
Income tax (provision) benefit based on statutory rate
|
| | | $ | (30,480) | | | | | $ | (99,287) | | | | | $ | 36,748 | | |
(Increase) decrease in income taxes resulting from: | | | | | | | | | | | | | | | |||||
State tax (expense) benefit, net of federal benefit
|
| | | | (4,002) | | | | | | (9,948) | | | | | | 4,114 | | |
Change in state tax rate, net of federal effect
|
| | | | 1,177 | | | | | | 3,005 | | | | | | (227) | | |
Deferred tax activity
|
| | | | — | | | | | | — | | | | | | 520 | | |
Bargain purchase gain
|
| | | | — | | | | | | 38,139 | | | | | | — | | |
Marginal well credit
|
| | | | 94 | | | | | | 6,417 | | | | | | — | | |
Payable true-up
|
| | | | 4,067 | | | | | | — | | | | | | — | | |
Other, including tax credits
|
| | | | 919 | | | | | | (978) | | | | | | (629) | | |
Income tax (expense) benefit
|
| | | $ | (28,225) | | | | | $ | (62,652) | | | | | $ | 40,526 | | |
| | |
As of December 31,
|
| |||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||
Deferred tax assets | | | | | | | | | | | | | |
Fair value of derivative financial instruments
|
| | | $ | — | | | | | $ | 49,869 | | |
Asset retirement obligations
|
| | | | 43,578 | | | | | | 41,315 | | |
Equity-based compensation
|
| | | | 17,220 | | | | | | 13,002 | | |
Contingent consideration
|
| | | | 12,338 | | | | | | 36,203 | | |
Interest expense carryforward
|
| | | | 21,769 | | | | | | 4,959 | | |
Net operating loss carryforward
|
| | | | 27,583 | | | | | | 4,231 | | |
Other(1)
|
| | | | 10,387 | | | | | | 6,345 | | |
Total deferred tax asset
|
| | | $ | 132,875 | | | | | $ | 155,924 | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Property and equipment
|
| | | $ | (206,576) | | | | | $ | (211,892) | | |
Investment in joint venture
|
| | | | (37,283) | | | | | | (47,215) | | |
Fair value of derivative financial instruments
|
| | | | (24,307) | | | | | | — | | |
Other(1)
|
| | | | (1,233) | | | | | | (947) | | |
Total deferred tax liability
|
| | | $ | (269,399) | | | | | $ | (260,054) | | |
Deferred tax liability, net
|
| | | $ | (136,524) | | | | | $ | (104,130) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Basic weighted average common shares outstanding
|
| | | | 60,730 | | | | | | 58,659 | | | | | | 58,496 | | |
Add: dilutive effect of TRSUs
|
| | | | 172 | | | | | | 351 | | | | | | — | | |
Add: dilutive effect of PRSUs
|
| | | | 3,478 | | | | | | 2,980 | | | | | | — | | |
Diluted weighted average of common shares outstanding
|
| | | | 64,380 | | | | | | 61,990 | | | | | | 58,496 | | |
Weighted average number of outstanding securities excluded from the calculation of diluted loss per share
|
| | | | | | | | | | | | | | | | | | |
TRSUs
|
| | | | — | | | | | | — | | | | | | 237 | | |
PRSUs
|
| | | | — | | | | | | — | | | | | | 711 | | |
| | |
As of December 31,
|
| |||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| ||||||
Developed properties
|
| | | $ | 2,370,156 | | | | | $ | 2,252,681 | | |
Undeveloped properties
|
| | | | 15,846 | | | | | | 15,511 | | |
Total capitalized costs
|
| | | | 2,386,002 | | | | | | 2,268,192 | | |
Less: Accumulated depreciation, depletion, and amortization
|
| | | | (560,016) | | | | | | (363,832) | | |
Net capitalized costs
|
| | | $ | 1,825,986 | | | | | $ | 1,904,360 | | |
| | |
For the year ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Undeveloped property acquisition costs
|
| | | $ | 335 | | | | | $ | 290 | | | | | $ | 3,569 | | |
Acquisitions
|
| | | | 9,885 | | | | | | 431,897 | | | | | | 2,928 | | |
Development costs
|
| | | | 107,544 | | | | | | 253,179 | | | | | | 77,634 | | |
Total cost incurred
|
| | | | 117,764 | | | | | | 685,366 | | | | | | 84,131 | | |
Asset retirement obligations(1)
|
| | | | 89 | | | | | | 38,337 | | | | | | 923 | | |
Total costs incurred, including asset retirement obligations
|
| | | $ | 117,853 | | | | | $ | 723,703 | | | | | $ | 85,054 | | |
| | |
Natural Gas
(MMcf) |
| |
NGL
(MBbls) |
| |
Oil
(MBbls) |
| |
Total
(MMcfe) |
| ||||||||||||
January 1, 2021
|
| | | | 1,985,532 | | | | | | 107,234 | | | | | | 723 | | | | | | 2,633,274 | | |
Revision of previous estimates
|
| | | | 828,360 | | | | | | 45,234 | | | | | | 258 | | | | | | 1,101,312 | | |
Extensions and discoveries
|
| | | | 645,338 | | | | | | 13,722 | | | | | | 58 | | | | | | 728,018 | | |
Purchase of minerals in place
|
| | | | 19,511 | | | | | | — | | | | | | — | | | | | | 19,511 | | |
Improved recoveries
|
| | | | 152,597 | | | | | | 8,794 | | | | | | 9 | | | | | | 205,415 | | |
Production
|
| | | | (186,055) | | | | | | (9,829) | | | | | | (123) | | | | | | (245,767) | | |
December 31, 2021
|
| | | | 3,445,283 | | | | | | 165,155 | | | | | | 925 | | | | | | 4,441,763 | | |
Revision of previous estimates
|
| | | | (119,200) | | | | | | (388) | | | | | | 43 | | | | | | (121,270) | | |
Extensions and discoveries
|
| | | | 364,494 | | | | | | 30,037 | | | | | | 786 | | | | | | 549,432 | | |
Purchase of minerals in place
|
| | | | 1,323,059 | | | | | | 23,406 | | | | | | 255 | | | | | | 1,465,025 | | |
Improved recoveries
|
| | | | 59,625 | | | | | | 3,477 | | | | | | — | | | | | | 80,487 | | |
Production
|
| | | | (217,585) | | | | | | (10,187) | | | | | | (140) | | | | | | (279,547) | | |
December 31, 2022
|
| | | | 4,855,676 | | | | | | 211,500 | | | | | | 1,869 | | | | | | 6,135,890 | | |
Revision of previous estimates
|
| | | | (1,828,619) | | | | | | (25,570) | | | | | | (704) | | | | | | (1,986,263) | | |
Extensions and discoveries
|
| | | | 188,572 | | | | | | 6,539 | | | | | | — | | | | | | 227,806 | | |
Improved recoveries
|
| | | | 16,632 | | | | | | 2,250 | | | | | | 5 | | | | | | 30,162 | | |
Production
|
| | | | (249,766) | | | | | | (10,554) | | | | | | (119) | | | | | | (313,804) | | |
December 31, 2023
|
| | | | 2,982,495 | | | | | | 184,165 | | | | | | 1,051 | | | | | | 4,093,791 | | |
Proved developed reserves as of: | | | | | | | | | | | | | | | | | | | | | | | | | |
January 1, 2022
|
| | | | 2,494,925 | | | | | | 151,433 | | | | | | 867 | | | | | | 3,408,725 | | |
December 31, 2022
|
| | | | 3,798,027 | | | | | | 170,840 | | | | | | 1,111 | | | | | | 4,829,733 | | |
December 31, 2023
|
| | | | 2,443,072 | | | | | | 156,399 | | | | | | 992 | | | | | | 3,387,418 | | |
Proved undeveloped reserves as of: | | | | | | | | | | | | | | | | | | | | | | | | | |
January 1, 2022
|
| | | | 950,358 | | | | | | 13,722 | | | | | | 58 | | | | | | 1,033,038 | | |
December 31, 2022
|
| | | | 1,057,649 | | | | | | 40,660 | | | | | | 758 | | | | | | 1,306,157 | | |
December 31, 2023
|
| | | | 539,423 | | | | | | 27,766 | | | | | | 59 | | | | | | 706,373 | | |
| | |
Developed
|
| |
Undeveloped
|
| |
Total
|
| |||||||||
| | |
(MMcfe)
|
| |||||||||||||||
January 1, 2021
|
| | | | 2,540,900 | | | | | | 92,374 | | | | | | 2,633,274 | | |
Revision of previous estimates
|
| | | | 855,750 | | | | | | 245,562 | | | | | | 1,101,312 | | |
Extensions and discoveries
|
| | | | 15,399 | | | | | | 712,619 | | | | | | 728,018 | | |
Purchase of minerals in place
|
| | | | 17,664 | | | | | | 1,847 | | | | | | 19,511 | | |
Improved recoveries
|
| | | | 205,415 | | | | | | — | | | | | | 205,415 | | |
Production
|
| | | | (245,767) | | | | | | — | | | | | | (245,767) | | |
Undeveloped reserves converted to developed
|
| | | | 19,364 | | | | | | (19,364) | | | | | | — | | |
December 31, 2021
|
| | | | 3,408,725 | | | | | | 1,033,038 | | | | | | 4,441,763 | | |
Revision of previous estimates
|
| | | | 234,914 | | | | | | (356,184) | | | | | | (121,270) | | |
Extensions and discoveries
|
| | | | 74,094 | | | | | | 475,338 | | | | | | 549,432 | | |
Purchase of minerals in place
|
| | | | 1,237,142 | | | | | | 227,883 | | | | | | 1,465,025 | | |
Improved recoveries
|
| | | | 80,487 | | | | | | — | | | | | | 80,487 | | |
Production
|
| | | | (279,547) | | | | | | — | | | | | | (279,547) | | |
Undeveloped reserves converted to developed
|
| | | | 73,924 | | | | | | (73,924) | | | | | | — | | |
December 31, 2022
|
| | | | 4,829,739 | | | | | | 1,306,151 | | | | | | 6,135,890 | | |
Revision of previous estimates
|
| | | | (1,159,956) | | | | | | (826,307) | | | | | | (1,986,263) | | |
Extensions and discoveries
|
| | | | 1,289 | | | | | | 226,517 | | | | | | 227,806 | | |
Improved recoveries
|
| | | | 30,162 | | | | | | — | | | | | | 30,162 | | |
Production
|
| | | | (313,804) | | | | | | — | | | | | | (313,804) | | |
Undeveloped reserves converted to developed
|
| | | | 31,931 | | | | | | (31,931) | | | | | | — | | |
December 31, 2023
|
| | | | 3,419,361 | | | | | | 674,430 | | | | | | 4,093,791 | | |
Future cash flows
(in thousands) |
| |
As of December 31,
|
| |||||||||||||||
|
2023
|
| |
2022
|
| |
2021
|
| |||||||||||
Future cash inflows
|
| | | $ | 9,691,057 | | | | | $ | 34,992,383 | | | | | $ | 15,029,839 | | |
Future production costs
|
| | | | (5,799,209) | | | | | | (11,967,176) | | | | | | (6,840,969) | | |
Future development costs(1)
|
| | | | (977,333) | | | | | | (1,859,661) | | | | | | (1,051,911) | | |
Income tax expense
|
| | | | (406,937) | | | | | | (4,572,275) | | | | | | (1,501,984) | | |
Future net cash flows
|
| | | | 2,507,578 | | | | | | 16,593,271 | | | | | | 5,634,975 | | |
10% annual discount for estimated timing of cash flows
|
| | | | (1,445,245) | | | | | | (9,599,669) | | | | | | (3,222,086) | | |
Standardized measure of discounted future net cash flows related to proved reserves
|
| | | $ | 1,062,333 | | | | | $ | 6,993,602 | | | | | $ | 2,412,889 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
Balance, beginning of period
|
| | | $ | 6,993,602 | | | | | $ | 2,412,889 | | | | | $ | 510,410 | | |
Net change in sales and transfer prices and in production (lifting)
costs related to future production |
| | | | (5,386,961) | | | | | | 4,656,150 | | | | | | 1,768,893 | | |
Changes in estimated future development costs
|
| | | | 91,657 | | | | | | 43,101 | | | | | | (393,235) | | |
Sales and transfers of natural gas, NGLs, and oil produced during the period
|
| | | | (201,884) | | | | | | (1,293,492) | | | | | | (522,403) | | |
Net change due to extensions, discoveries, and improved
recoveries |
| | | | 36,107 | | | | | | 824,295 | | | | | | 183,332 | | |
Purchase of minerals in place
|
| | | | — | | | | | | 1,649,737 | | | | | | 19,050 | | |
Net change due to revisions in quantity estimates
|
| | | | (3,058,900) | | | | | | (86,088) | | | | | | 1,266,086 | | |
Previously estimated development costs incurred during the
period |
| | | | 27,598 | | | | | | 37,784 | | | | | | 60,406 | | |
Net change in future income taxes
|
| | | | 1,790,684 | | | | | | (1,299,320) | | | | | | (611,031) | | |
Accretion of discount
|
| | | | 861,914 | | | | | | 322,498 | | | | | | 56,096 | | |
Changes in timing and other
|
| | | | (91,484) | | | | | | (273,952) | | | | | | 75,285 | | |
Total discounted cash flow as end of period
|
| | | $ | 1,062,333 | | | | | $ | 6,993,602 | | | | | $ | 2,412,889 | | |
| | |
March 31, 2024
|
| |
December 31, 2023
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 21,891 | | | | | $ | 25,407 | | |
Restricted cash
|
| | | | 140,955 | | | | | | 139,662 | | |
Accounts receivable, net
|
| | | | 54,695 | | | | | | 48,500 | | |
Accounts receivable, related parties
|
| | | | 1,300 | | | | | | 559 | | |
Commodity derivative assets, current
|
| | | | 62,605 | | | | | | 84,039 | | |
Other current assets
|
| | | | 13,997 | | | | | | 13,990 | | |
Total current assets
|
| | | | 295,443 | | | | | | 312,157 | | |
Natural gas properties and equipment
|
| | | | | | | | | | | | |
Developed properties
|
| | | | 2,382,484 | | | | | | 2,370,156 | | |
Undeveloped properties
|
| | | | 16,168 | | | | | | 15,846 | | |
Midstream assets
|
| | | | 319,255 | | | | | | 318,855 | | |
Accumulated depreciation, depletion, and amortization
|
| | | | (626,526) | | | | | | (579,415) | | |
Total natural gas properties, net
|
| | | | 2,091,381 | | | | | | 2,125,442 | | |
Other property and equipment, net
|
| | | | 87,580 | | | | | | 83,935 | | |
Goodwill
|
| | | | 18,417 | | | | | | 18,417 | | |
Investment in joint venture
|
| | | | 97,043 | | | | | | 104,750 | | |
Commodity derivative assets
|
| | | | 1,857 | | | | | | 18,508 | | |
Other noncurrent assets
|
| | | | 20,752 | | | | | | 19,937 | | |
Total assets
|
| | | $ | 2,612,473 | | | | | $ | 2,683,146 | | |
Liabilities, mezzanine equity, and stockholders’ equity | | | | | | | | | | | | | |
Current liabilities
|
| | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 126,497 | | | | | $ | 149,173 | | |
Contingent consideration payable
|
| | | | 23,082 | | | | | | 20,000 | | |
Income taxes payable to related party
|
| | | | 1,008 | | | | | | 864 | | |
Credit facilities
|
| | | | 126,000 | | | | | | 127,000 | | |
Current portion of long-term debt, net
|
| | | | 112,512 | | | | | | 112,373 | | |
Other current liabilities
|
| | | | 5,075 | | | | | | 2,849 | | |
Total current liabilities
|
| | | | 394,174 | | | | | | 412,259 | | |
Asset retirement obligations
|
| | | | 195,533 | | | | | | 193,205 | | |
Contingent consideration
|
| | | | — | | | | | | 29,676 | | |
Note payable to related party
|
| | | | 75,000 | | | | | | 75,000 | | |
Deferred tax liability, net
|
| | | | 123,402 | | | | | | 136,524 | | |
Long-term debt, net
|
| | | | 340,133 | | | | | | 339,663 | | |
Other noncurrent liabilities
|
| | | | 36,576 | | | | | | 11,652 | | |
Total liabilities
|
| | | | 1,164,818 | | | | | | 1,197,979 | | |
| | |
March 31, 2024
|
| |
December 31, 2023
|
| ||||||
Commitments and contingencies (Note 10)
|
| | | | | | | | | | | | |
Mezzanine equity
|
| | | | | | | | | | | | |
Common stock – minority ownership puttable shares; 2,472
authorized shares; 2,472 and 2,403 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively |
| | | | 61,536 | | | | | | 59,988 | | |
Equity-based compensation
|
| | | | 128,534 | | | | | | 126,966 | | |
Total mezzanine equity
|
| | | | 190,070 | | | | | | 186,954 | | |
Stockholders’ equity
|
| | | | | | | | | | | | |
Common stock, $0.01 par value; 300,000 authorized shares; 63,873
shares issued and outstanding as of March 31, 2024 and December 31, 2023 |
| | | | 1,283 | | | | | | 1,283 | | |
Treasury stock, shares at cost; 213 shares as of March 31, 2024 and
December 31, 2023 |
| | | | (4,582) | | | | | | (4,582) | | |
Additional paid-in capital
|
| | | | 1,032,101 | | | | | | 1,034,144 | | |
Retained earnings
|
| | | | 228,783 | | | | | | 267,368 | | |
Total stockholders’ equity
|
| | | | 1,257,585 | | | | | | 1,298,213 | | |
Total liabilities, mezzanine equity, and stockholders’ equity
|
| | | $ | 2,612,473 | | | | | $ | 2,683,146 | | |
|
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
Revenues and other operating income | | | | | | | | | | | | | |
Natural gas, NGL, and oil sales
|
| | | $ | 141,687 | | | | | $ | 210,405 | | |
Midstream revenues
|
| | | | 4,128 | | | | | | 3,922 | | |
Derivative gains (losses), net
|
| | | | (3,679) | | | | | | 97,368 | | |
Marketing revenues
|
| | | | 4,921 | | | | | | 2,635 | | |
Related party and other
|
| | | | 4,157 | | | | | | 1,774 | | |
Total revenues and other operating income
|
| | | | 151,214 | | | | | | 316,104 | | |
Operating expenses | | | | | | | | | | | | | |
Lease operating and workover
|
| | | | 34,468 | | | | | | 43,166 | | |
Taxes other than income
|
| | | | 11,365 | | | | | | 24,169 | | |
Gathering and transportation
|
| | | | 59,391 | | | | | | 58,284 | | |
Depreciation, depletion, amortization, and
accretion |
| | | | 52,166 | | | | | | 36,747 | | |
General and administrative
|
| | | | 20,645 | | | | | | 26,286 | | |
Other
|
| | | | 8,242 | | | | | | 2,500 | | |
Total operating expenses
|
| | | | 186,277 | | | | | | 191,152 | | |
Income (loss) from operations
|
| | | | (35,063) | | | | | | 124,952 | | |
Other income (expense) | | | | | | | | | | | | | |
Gains on contingent consideration
liabilities |
| | | | 6,594 | | | | | | 22,894 | | |
Losses from equity affiliate
|
| | | | (7,707) | | | | | | (5,399) | | |
Interest income
|
| | | | 1,633 | | | | | | 648 | | |
Interest expense
|
| | | | (16,083) | | | | | | (17,770) | | |
Interest expense, related party
|
| | | | (1,973) | | | | | | (1,492) | | |
Other income
|
| | | | 1,035 | | | | | | 1,636 | | |
Income (loss) before income taxes
|
| | | | (51,564) | | | | | | 125,469 | | |
Income tax benefit (expense)
|
| | | | 12,979 | | | | | | (29,307) | | |
Net income (loss)
|
| | | $ | (38,585) | | | | | $ | 96,162 | | |
Net income (loss) per common share: | | | | | | | | | | | | | |
Basic
|
| | | $ | (0.58) | | | | | $ | 1.64 | | |
Diluted
|
| | | $ | (0.58) | | | | | $ | 1.53 | | |
Weighted average number of common shares outstanding: | | | | | | | | | | | | | |
Basic
|
| | | | 66,287 | | | | | | 58,783 | | |
Diluted
|
| | | | 66,287 | | | | | | 62,735 | | |
| | |
Three Months
Ended March 31, |
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | (38,585) | | | | | $ | 96,162 | | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation, depletion, amortization, and accretion
|
| | | | 52,259 | | | | | | 37,146 | | |
Equity-based compensation expense
|
| | | | 1,073 | | | | | | 3,797 | | |
Deferred income tax (benefit) expense
|
| | | | (13,122) | | | | | | 29,123 | | |
Unrealized (gains) losses on derivatives, net
|
| | | | 40,143 | | | | | | (79,347) | | |
Gains on contingent consideration liabilities
|
| | | | (6,594) | | | | | | (22,894) | | |
Settlement of contingent consideration
|
| | | | (20,000) | | | | | | (65,000) | | |
Proceeds from the sale of call options
|
| | | | 23,502 | | | | | | — | | |
Losses from equity affiliate
|
| | | | 7,707 | | | | | | 5,399 | | |
Other, net
|
| | | | 743 | | | | | | 750 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable, net
|
| | | | (6,195) | | | | | | 83,097 | | |
Accounts payable and accrued liabilities
|
| | | | (20,701) | | | | | | (72,726) | | |
Other changes in operating assets and liabilities
|
| | | | (979) | | | | | | (2,039) | | |
Net cash provided by operating activities
|
| | | | 19,251 | | | | | | 13,468 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Acquisition of natural gas properties
|
| | | | — | | | | | | (4,889) | | |
Investment in other property and equipment
|
| | | | (4,958) | | | | | | (5,161) | | |
Development of natural gas properties
|
| | | | (14,272) | | | | | | (79,306) | | |
Other investing activities
|
| | | | (654) | | | | | | 7,871 | | |
Net cash used in investing activities
|
| | | | (19,884) | | | | | | (81,485) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from draws on credit facilities
|
| | | | 30,000 | | | | | | 57,500 | | |
Payments on credit facilities
|
| | | | (31,000) | | | | | | (97,500) | | |
Payments of deferred offering costs
|
| | | | (590) | | | | | | (1,379) | | |
Redemption of common stock issued upon vesting of equity-based compensation and other
|
| | | | — | | | | | | (349) | | |
Net share settlements, equity-based compensation
|
| | | | — | | | | | | (2,736) | | |
Net cash used in financing activities
|
| | | | (1,590) | | | | | | (44,464) | | |
Net decrease in cash, cash equivalents, and restricted cash
|
| | | | (2,223) | | | | | | (112,481) | | |
Cash, cash equivalents, and restricted cash, beginning of period
|
| | | | 165,069 | | | | | | 153,128 | | |
Cash, cash equivalents, and restricted cash, end of period
|
| | | $ | 162,846 | | | | | $ | 40,647 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
Supplemental cash flow information:
|
| |
2024
|
| |
2023
|
| ||||||
Cash payments for: | | | | | | | | | | | | | |
Interest
|
| | | $ | 3,988 | | | | | $ | 4,263 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Decrease in accrued capital expenditures
|
| | | $ | (1,833) | | | | | $ | (12,129) | | |
Additions to asset retirement obligations
|
| | | $ | 20 | | | | | $ | 57 | | |
Lease liabilities arising from obtaining right-of-use assets
|
| | | $ | 494 | | | | | $ | — | | |
Decrease in accrued offering costs
|
| | | $ | (142) | | | | | $ | (602) | | |
Adjustment of minority ownership puttable shares to redemption value
|
| | | $ | 1,548 | | | | | $ | 6,871 | | |
Adjustment of equity-based compensation to redemption value
|
| | | $ | 495 | | | | | $ | 10,346 | | |
Impact of redemption of shares issued in settlement of equity-based
compensation and other on additional paid-in capital, common stock, and treasury stock |
| | | $ | — | | | | | $ | 527 | | |
| | |
Stockholders’ Equity
|
| |
Mezzanine Equity
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Treasury
|
| |
Additional
Paid-In Capital |
| |
Retained
Earnings |
| |
Total
Stock-holders’ Equity |
| |
Common Stock
|
| |
Equity-based
Compensation |
| |
Total
Mezzanine Equity |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023
|
| | | | 63,873 | | | | | $ | 1,283 | | | | | $ | (4,582) | | | | | $ | 1,034,144 | | | | | $ | 267,368 | | | | | $ | 1,298,213 | | | | | | 2,403 | | | | | $ | 59,988 | | | | | $ | 126,966 | | | | | $ | 186,954 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (38,585) | | | | | | (38,585) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjustment of minority ownership puttable shares to
redemption value |
| | | | — | | | | | | — | | | | | | — | | | | | | (1,548) | | | | | | — | | | | | | (1,548) | | | | | | — | | | | | | 1,548 | | | | | | — | | | | | | 1,548 | | |
Adjustment of equity-based compensation to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | (495) | | | | | | — | | | | | | (495) | | | | | | — | | | | | | — | | | | | | 495 | | | | | | 495 | | |
Common stock issued upon settlement of RSUs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 69 | | | | | | — | | | | | | — | | | | | | — | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,073 | | | | | | 1,073 | | |
Balance, March 31, 2024
|
| | | | 63,873 | | | | | $ | 1,283 | | | | | $ | (4,582) | | | | | $ | 1,032,101 | | | | | $ | 228,783 | | | | | $ | 1,257,585 | | | | | | 2,472 | | | | | $ | 61,536 | | | | | $ | 128,354 | | | | | $ | 190,070 | | |
| | |
Stockholders’ Equity
|
| |
Mezzanine Equity
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Common Stock
|
| |
Treasury
|
| |
Additional
Paid-In Capital |
| |
Retained
Earnings |
| |
Total
Stock-holders’ Equity |
| |
Common Stock
|
| |
Equity-based
Compensation |
| |
Total
Mezzanine Equity |
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022
|
| | | | 56,373 | | | | | $ | 1,132 | | | | | $ | (3,974) | | | | | $ | 896,433 | | | | | $ | 150,450 | | | | | $ | 1,044,041 | | | | | | 2,290 | | | | | $ | 62,712 | | | | | $ | 89,171 | | | | | $ | 151,883 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 96,162 | | | | | | 96,162 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Redemption of common stock issued upon vesting of equity-based compensation and other
|
| | | | — | | | | | | 1 | | | | | | (527) | | | | | | 659 | | | | | | — | | | | | | 133 | | | | | | (18) | | | | | | (2) | | | | | | (525) | | | | | | (527) | | |
Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 122 | | | | | | — | | | | | | (2,736) | | | | | | (2,736) | | |
Adjustment of minority ownership puttable shares to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,871 | | | | | | — | | | | | | 6,871 | | | | | | — | | | | | | (6,871) | | | | | | — | | | | | | (6,871) | | |
Adjustment of equity-based compensation to redemption value
|
| | | | — | | | | | | — | | | | | | — | | | | | | 10,346 | | | | | | — | | | | | | 10,346 | | | | | | — | | | | | | — | | | | | | (10,346) | | | | | | (10,346) | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,797 | | | | | | 3,797 | | |
Balance, March 31, 2023
|
| | | | 56,373 | | | | | $ | 1,133 | | | | | $ | (4,501) | | | | | $ | 914,309 | | | | | $ | 246,612 | | | | | $ | 1,157,553 | | | | | | 2,394 | | | | | $ | 55,839 | | | | | $ | 79,361 | | | | | $ | 135,200 | | |
(in thousands)
|
| |
March 31,
2024 |
| |
December 31,
2023 |
| ||||||
Cash and cash equivalents
|
| | | $ | 21,891 | | | | | $ | 25,407 | | |
Restricted cash
|
| | | | 140,955 | | | | | | 139,662 | | |
Cash, cash equivalents, and restricted cash
|
| | | $ | 162,846 | | | | | $ | 165,069 | | |
(in thousands)
|
| |
March 31, 2024
|
| |
December 31, 2023
|
| ||||||
Credit facilities | | | | | | | | | | | | | |
SCB Credit Facility(1)
|
| | | $ | 35,000 | | | | | $ | 31,000 | | |
Revolving Credit Agreement(2)
|
| | | | 91,000 | | | | | | 96,000 | | |
Term loan | | | | | | | | | | | | | |
Current portion of Term Loan Credit Agreement
|
| | | | 114,000 | | | | | | 114,000 | | |
Current portion of unamortized debt issuance costs
|
| | | | (1,488) | | | | | | (1,627) | | |
Total current debt, net
|
| | | | 238,512 | | | | | | 239,373 | | |
Term Loan Credit Agreement
|
| | | | 342,000 | | | | | | 342,000 | | |
Long-term portion of unamortized debt issuance costs
|
| | | | (1,867) | | | | | | (2,337) | | |
Total long-term debt, net
|
| | | | 340,133 | | | | | | 339,663 | | |
Total debt, net
|
| | | $ | 578,645 | | | | | $ | 579,036 | | |
(in thousands)
|
| |
March 31, 2024
|
| |
December 31, 2023
|
| ||||||
Carbon capture, utilization, and sequestration
|
| | | $ | 63,746 | | | | | $ | 59,142 | | |
Buildings | | | | | 15,707 | | | | | | 15,707 | | |
Furniture, fixtures, equipment, and vehicles
|
| | | | 15,497 | | | | | | 15,101 | | |
Computer software
|
| | | | 4,844 | | | | | | 4,844 | | |
Land | | | | | 3,090 | | | | | | 3,090 | | |
Leasehold improvements
|
| | | | 1,685 | | | | | | 1,685 | | |
Construction in process
|
| | | | 76 | | | | | | 76 | | |
Total
|
| | | | 104,645 | | | | | | 99,645 | | |
Accumulated depreciation
|
| | | | (17,065) | | | | | | (15,710) | | |
Other property and equipment, net
|
| | | $ | 87,580 | | | | | $ | 83,935 | | |
| | |
As of March 31, 2024
|
| |||||||||||||||
| | |
Fair Value Measurements Using:
|
| | | | | | | |||||||||
(in thousands)
|
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| |||||||||
Financial assets | | | | | | | | | | | | | | | | | | | |
Derivative instruments
|
| | | $ | 64,462 | | | | | $ | — | | | | | $ | 64,462 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | |
Derivative instruments
|
| | | | 25,560 | | | | | | — | | | | | | 25,560 | | |
Contingent consideration
|
| | | | — | | | | | | 23,082 | | | | | | 23,082 | | |
Mezzanine equity | | | | | | | | | | | | | | | | | | | |
Minority ownership puttable shares
|
| | | | — | | | | | | 61,536 | | | | | | 61,536 | | |
Equity-based compensation
|
| | | | — | | | | | | 128,534 | | | | | | 128,534 | | |
| | |
As of December 31, 2023
|
| |||||||||||||||
| | |
Fair Value Measurements Using:
|
| | | | | | | |||||||||
(in thousands)
|
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| |||||||||
Financial assets | | | | | | | | | | | | | | | | | | | |
Derivative instruments
|
| | | $ | 102,547 | | | | | $ | — | | | | | $ | 102,547 | | |
Financial liabilities | | | | | | | | | | | | | | | | | | | |
Contingent consideration
|
| | | | — | | | | | | 29,676 | | | | | | 29,676 | | |
Mezzanine equity | | | | | | | | | | | | | | | | | | | |
Minority ownership puttable shares
|
| | | | — | | | | | | 59,988 | | | | | | 59,988 | | |
Equity-based compensation
|
| | | | — | | | | | | 126,966 | | | | | | 126,966 | | |
(in thousands, except per share amounts)
|
| |
Fair Value
|
| |
Valuation
Technique |
| |
Unobservable
Input |
| |
Range or
Actual |
| |||
Common stock – per share value, as
of December 31, 2023(1) |
| | | $ | 28.25 | | | |
Enterprise value
|
| |
Discount rate
|
| |
11.5% – 12.5%
|
|
Contingent consideration, as of December 31, 2023 | | | | $ | 29,676 | | | |
Monte Carlo
Simulation |
| |
Risk free rate(2)
|
| |
5.2%
|
|
| | | | | | | | | | | |
Credit spread
|
| |
4.7%
|
|
| | | | | | | | | | | |
Discount rate
|
| |
9.9%
|
|
Common stock – per share value, as
of March 31, 2024(1) |
| | | $ | 28.98 | | | |
Enterprise value
|
| |
Discount rate
|
| |
11.5% – 12.5%
|
|
Contingent consideration, as of March 31, 2024 | | | | $ | 23,082 | | | |
Monte Carlo
Simulation |
| |
Risk free rate(2)
|
| |
5.4%
|
|
| | | | | | | | | | | |
Credit spread
|
| |
4.8%
|
|
| | | | | | | | | | | |
Discount rate
|
| |
10.2%
|
|
(in thousands)
|
| |
2024
|
| |
2023
|
| ||||||
Balance, beginning of period
|
| | | $ | 216,630 | | | | | $ | 239,934 | | |
Grant date fair value of equity-based compensation
|
| | | | 1,073 | | | | | | 536 | | |
Change in fair market value (all instruments)
|
| | | | (4,551) | | | | | | (40,112) | | |
Balance, end of period
|
| | | $ | 213,152 | | | | | $ | 200,358 | | |
| | | | | |
As of March 31, 2024
|
| |||||||||||||||
(in thousands)
|
| |
Balance Sheet Location
|
| |
Gross
Amounts of Assets and Liabilities |
| |
Offset
Adjustments |
| |
Net
Amounts of Assets and Liabilities |
| |||||||||
Current derivative assets
|
| |
Commodity derivative assets, current
|
| | | $ | 79,960 | | | | | $ | (17,355) | | | | | $ | 62,605 | | |
Noncurrent derivative assets
|
| |
Commodity derivative assets
|
| | | | 4,736 | | | | | | (2,879) | | | | | | 1,857 | | |
Current derivative liabilities
|
| |
Other current liabilities
|
| | | | 18,134 | | | | | | (17,355) | | | | | | 779 | | |
Noncurrent derivative liabilities
|
| |
Other noncurrent liabilities
|
| | | | 27,660 | | | | | | (2,879) | | | | | | 24,781 | | |
| | | | | |
As of December 31, 2023
|
| |||||||||||||||
(in thousands)
|
| |
Balance Sheet Location
|
| |
Gross
Amounts of Assets and Liabilities |
| |
Offset
Adjustments |
| |
Net
Amounts of Assets and Liabilities |
| |||||||||
Current derivative assets
|
| |
Commodity derivative assets, current
|
| | | $ | 90,540 | | | | | $ | (6,501) | | | | | $ | 84,039 | | |
Noncurrent derivative assets
|
| |
Commodity derivative assets
|
| | | | 18,615 | | | | | | (107) | | | | | | 18,508 | | |
Current derivative liabilities
|
| |
Other current liabilities
|
| | | | 6,501 | | | | | | (6,501) | | | | | | — | | |
Noncurrent derivative liabilities
|
| |
Other noncurrent liabilities
|
| | | | 107 | | | | | | (107) | | | | | | — | | |
| | |
Three Months Ended
March 31, |
| |||||||||
(in thousands)
|
| |
2024
|
| |
2023
|
| ||||||
Total gains on settled derivatives
|
| | | $ | 36,464 | | | | | $ | 18,021 | | |
Total gains (losses) on unsettled derivatives
|
| | | | (40,143) | | | | | | 79,347 | | |
Total gains (losses) on derivatives, net
|
| | | $ | (3,679) | | | | | $ | 97,368 | | |
Instrument
|
| |
MMBtu
|
| |
Weighted
Average Price (USD) |
| |
Weighted
Average Price Floor |
| |
Weighted
Average Price Ceiling |
| |
Fair Value as of
March 31, 2024 (in thousands) |
| |||||||||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| | | | 72,887,500 | | | | | $ | 3.52 | | | | | | | | | | | | | | | | | $ | 73,898 | | |
2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| | | | 26,125,000 | | | | | $ | 3.55 | | | | | | | | | | | | | | | | | $ | 2,610 | | |
Collars
|
| | | | 14,600,000 | | | | | | | | | | | $ | 3.71 | | | | | $ | 4.11 | | | | | $ | 5,211 | | |
2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| | | | 8,550,000 | | | | | $ | 3.55 | | | | | | | | | | | | | | | | | $ | (4,099) | | |
Call options
|
| | | | 36,500,000 | | | | | | | | | | | | | | | | | $ | 5.00 | | | | | $ | (11,187) | | |
2027 | | | | | | | |||||||||||||||||||||||||
Call options
|
| | | | 36,500,000 | | | | | | | | | | | | | | | | | $ | 5.00 | | | | | $ | (12,993) | | |
Instrument
|
| |
Basis Reference Price
|
| |
MMBtu
|
| |
Weighted
Average Basis Differential |
| |
Fair Value as of
March 31, 2024 (in thousands) |
| |||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| |
NGPL TXOK Basis
|
| | | | 21,400,000 | | | | | $ | (0.54) | | | | | $ | (5,297) | | |
Swap
|
| |
Transco Leidy Basis
|
| | | | 24,750,000 | | | | | $ | (0.89) | | | | | $ | (4,421) | | |
Instrument
|
| |
Commodity Reference Price
|
| |
Gallons
|
| |
Weighted
Average Price (USD) |
| |
Fair
Value as of March 31, 2024 (in thousands) |
| |||||||||
2024 | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| |
OPIS Purity Ethane Mont Belvieu
|
| | | | 144,375,000 | | | | | $ | 0.23 | | | | | $ | 4,693 | | |
Swap
|
| |
OPIS IsoButane Mont Belvieu Non-TET
|
| | | | 9,817,500 | | | | | $ | 0.93 | | | | | $ | (1,172) | | |
Instrument
|
| |
Commodity Reference Price
|
| |
Gallons
|
| |
Weighted
Average Price (USD) |
| |
Fair
Value as of March 31, 2024 (in thousands) |
| |||||||||
Swap
|
| |
OPIS Normal Butane Mont Belvieu Non-TET
|
| | | | 14,437,500 | | | | | $ | 0.90 | | | | | $ | (958) | | |
Swap
|
| |
OPIS Pentane Mont Belvieu Non-TET
|
| | | | 23,100,000 | | | | | $ | 1.47 | | | | | $ | (2,623) | | |
Swap
|
| |
OPIS Propane Mont Belvieu Non-TET
|
| | | | 54,862,500 | | | | | $ | 0.80 | | | | | $ | (1,834) | | |
2025 | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| |
OPIS Purity Ethane Mont Belvieu
|
| | | | 92,767,500 | | | | | $ | 0.25 | | | | | $ | 265 | | |
Swap
|
| |
OPIS IsoButane Mont Belvieu Non-TET
|
| | | | 6,599,250 | | | | | $ | 0.87 | | | | | $ | (337) | | |
Swap
|
| |
OPIS Normal Butane Mont Belvieu Non-TET
|
| | | | 9,082,500 | | | | | $ | 0.84 | | | | | $ | (364) | | |
Swap
|
| |
OPIS Pentane Mont Belvieu Non-TET
|
| | | | 13,387,500 | | | | | $ | 1.39 | | | | | $ | (1,315) | | |
Swap
|
| |
OPIS Propane Mont Belvieu Non-TET
|
| | | | 35,385,000 | | | | | $ | 0.74 | | | | | $ | (797) | | |
2026 | | | | | | | | | | | | | | | | | | | | | | |
Swap
|
| |
OPIS Purity Ethane Mont Belvieu
|
| | | | 6,615,000 | | | | | $ | 0.25 | | | | | $ | (226) | | |
Swap
|
| |
OPIS IsoButane Mont Belvieu Non-TET
|
| | | | 472,500 | | | | | $ | 0.83 | | | | | $ | (13) | | |
Swap
|
| |
OPIS Normal Butane Mont Belvieu Non-TET
|
| | | | 472,500 | | | | | $ | 0.80 | | | | | $ | (18) | | |
Swap
|
| |
OPIS Pentane Mont Belvieu Non-TET
|
| | | | 945,000 | | | | | $ | 1.40 | | | | | $ | (27) | | |
Swap
|
| |
OPIS Propane Mont Belvieu Non-TET
|
| | | | 2,835,000 | | | | | $ | 0.69 | | | | | $ | (94) | | |
| | |
Three Months Ended March 31, 2024
|
| |||||||||||||||
(in thousands)
|
| |
Pennsylvania
|
| |
Texas
|
| |
Total
|
| |||||||||
Natural gas
|
| | | $ | 12,493 | | | | | $ | 83,843 | | | | | $ | 96,336 | | |
NGLs
|
| | | | — | | | | | | 43,417 | | | | | | 43,417 | | |
Oil
|
| | | | — | | | | | | 1,934 | | | | | | 1,934 | | |
Total natural gas, NGL, and oil sales
|
| | | | 12,493 | | | | | | 129,194 | | | | | | 141,687 | | |
Marketing revenues
|
| | | | — | | | | | | 4,921 | | | | | | 4,921 | | |
Midstream revenues
|
| | | | 1,243 | | | | | | 2,885 | | | | | | 4,128 | | |
Related party and other
|
| | | | — | | | | | | 4,157 | | | | | | 4,157 | | |
Total
|
| | | $ | 13,736 | | | | | $ | 141,157 | | | | | $ | 154,893 | | |
| | |
Three Months Ended March 31, 2023
|
| |||||||||||||||
(in thousands)
|
| |
Pennsylvania
|
| |
Texas
|
| |
Total
|
| |||||||||
Natural gas
|
| | | $ | 27,271 | | | | | $ | 130,497 | | | | | $ | 157,768 | | |
NGLs
|
| | | | — | | | | | | 50,040 | | | | | | 50,040 | | |
Oil
|
| | | | — | | | | | | 2,597 | | | | | | 2,597 | | |
Total natural gas, NGL, and oil sales
|
| | | | 27,271 | | | | | | 183,134 | | | | | | 210,405 | | |
Marketing revenues
|
| | | | — | | | | | | 2,635 | | | | | | 2,635 | | |
Midstream revenues
|
| | | | 1,346 | | | | | | 2,576 | | | | | | 3,922 | | |
Related party and other
|
| | | | — | | | | | | 1,774 | | | | | | 1,774 | | |
Total
|
| | | $ | 28,617 | | | | | $ | 190,119 | | | | | $ | 218,736 | | |
(in thousands)
|
| |
March 31, 2024
|
| |
December 31, 2023
|
| ||||||
Accounts payable
|
| | | $ | 61,026 | | | | | $ | 47,504 | | |
Accrued payroll
|
| | | | 8,504 | | | | | | 18,189 | | |
Oil and gas production and other taxes payable
|
| | | | 8,302 | | | | | | 48,857 | | |
Revenues payable
|
| | | | 21,907 | | | | | | 21,765 | | |
Other accrued liabilities
|
| | | | 26,758 | | | | | | 12,858 | | |
Total
|
| | | $ | 126,497 | | | | | $ | 149,173 | | |
(in thousands, except per share amounts)
|
| |
Shares
|
| |
Weighted-Average
Grant Date Fair Value |
| ||||||
Unvested PRSUs as of December 31, 2023
|
| | | | 3,967 | | | | | $ | 19.02 | | |
Vested | | | | | (3,963) | | | | | $ | 19.02 | | |
Forfeited | | | | | (4) | | | | | $ | 19.02 | | |
Unvested PRSUs as of March 31, 2024
|
| | | | — | | | | | $ | — | | |
(in thousands, except per share amounts)
|
| |
Shares
|
| |
Weighted-Average
Grant Date Fair Value |
| ||||||
Unvested TRSUs as of December 31, 2023
|
| | | | 727 | | | | | $ | 22.37 | | |
Vested(1) | | | | | (258) | | | | | $ | 22.12 | | |
Forfeited
|
| | | | (12) | | | | | $ | 22.12 | | |
Unvested TRSUs as of March 31, 2024
|
| | | | 457 | | | | | $ | 22.37 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
(in thousands)
|
| |
2024
|
| |
2023
|
| ||||||
| | |
(unaudited)
|
| |||||||||
Total revenues, net
|
| | | $ | 84,969 | | | | | $ | 34,450 | | |
Operating expenses
|
| | | | 83,203 | | | | | | 38,876 | | |
Income (loss) from operations
|
| | | | 1,766 | | | | | | (4,426) | | |
Interest expense
|
| | | | (18,182) | | | | | | (6,460) | | |
Other income
|
| | | | 1,002 | | | | | | 89 | | |
Net loss
|
| | | $ | (15,414) | | | | | $ | (10,797) | | |
(in thousands)
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027
|
| |
2028
|
| |
Thereafter
|
| |
Total
|
| |||||||||||||||||||||
Term loan payments
|
| | | $ | 114,000 | | | | | $ | 114,000 | | | | | $ | 114,000 | | | | | $ | 114,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 456,000 | | |
Credit facilities
|
| | | | 126,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 126,000 | | |
Interest payable
|
| | | | 12,548 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,548 | | |
Notes payable to related party
|
| | | | — | | | | | | — | | | | | | — | | | | | | 75,000 | | | | | | — | | | | | | — | | | | | | 75,000 | | |
Interest on related party notes
|
| | | | 13,367 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,367 | | |
Operating lease payments
|
| | | | 830 | | | | | | 1,082 | | | | | | 961 | | | | | | 908 | | | | | | 924 | | | | | | 4,608 | | | | | | 9,313 | | |
Volume commitments
|
| | | | 37,961 | | | | | | 33,430 | | | | | | 31,376 | | | | | | 23,477 | | | | | | 17,704 | | | | | | 49,566 | | | | | | 193,514 | | |
Total
|
| | | $ | 304,706 | | | | | $ | 148,512 | | | | | $ | 146,337 | | | | | $ | 213,385 | | | | | $ | 18,628 | | | | | $ | 54,174 | | | | | $ | 885,742 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
(in thousands)
|
| |
2024
|
| |
2023
|
| ||||||
Basic weighted average common shares outstanding
|
| | | | 66,287 | | | | | | 58,783 | | |
Add: dilutive effect of TRSUs
|
| | | | — | | | | | | 182 | | |
Add: dilutive effect of PRSUs
|
| | | | — | | | | | | 3,770 | | |
Diluted weighted average of common shares outstanding
|
| | | | 66,287 | | | | | | 62,735 | | |
Weighted average number of outstanding securities excluded from the
calculation of diluted loss per share: |
| | | | | | | | | | | | |
TRSUs
|
| | | | 281 | | | | | | — | | |
PRSUs
|
| | | | 3,899 | | | | | | — | | |
|
SEC registration fee
|
| | | $ | 11,020 | | |
|
FINRA filing fee
|
| | | | 15,500 | | |
|
NYSE listing fees
|
| | | | * | | |
|
Transfer agent and registrar fees and expenses
|
| | | | * | | |
|
Printing fees and expenses
|
| | | | * | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Accounting fees and expenses
|
| | | | * | | |
|
Engineering expenses
|
| | | | * | | |
|
Miscellaneous
|
| | | | * | | |
|
Total
|
| | | $ | * | | |
|
Exhibit
Number |
| |
Description
|
|
| 1.1** | | | | |
| 2.1**+‡ | | | | |
| 2.2**+ | | | First Amendment to Purchase and Sale Agreement, dated April 13, 2020, among Devon Energy Production Company, L.P., BKV Barnett, LLC and, solely with respect to the sections listed therein, BKV Oil & Gas Capital Partners, L.P. | |
| 2.3**+ | | | | |
| 2.4+‡ | | | | |
| 3.1** | | | | |
| 3.2** | | | | |
| 3.3** | | | | |
| 3.4** | | | | |
| 3.5** | | | | |
| 4.1** | | | | |
| 5.1** | | | | |
| 10.1**+ | | | | |
| 10.2** | | | | |
| 10.3** | | | | |
| 10.4**+ | | | Revolving Credit Agreement, dated August 24, 2022, among BKV Corporation, the lenders party thereto and Bangkok Bank Public Company Limited, New York Branch | |
| 10.5** | | | | |
| 10.6** | | | | |
| 10.7**†‡ | | | | |
| 10.8**† | | | | |
| 10.9**†‡ | | | | |
| 10.10**† | | | | |
| 10.11**† | | | | |
| 10.12**† | | | |
|
Exhibit
Number |
| |
Description
|
|
| 99.9** | | | | |
| 99.10** | | | | |
| 99.11** | | | | |
| 99.12** | | | | |
| 99.13** | | | | |
| 99.14 | | | Ryder Scott Company, L.P., Summary of Reserves at December 31, 2023 (SEC Pricing) (Total Company Assets) | |
| 99.15 | | | Ryder Scott Company, L.P., Summary of Reserves at December 31, 2023 (NYMEX Strip Pricing) (Total Company Assets) | |
| 107** | | | |
|
Name
|
| |
Title
|
| |
Date
|
|
|
/s/ Christopher P. Kalnin
Christopher P. Kalnin
|
| |
Chief Executive Officer and Director
(Principal Executive Officer) |
| |
July 5, 2024
|
|
|
*
John T. Jimenez
|
| |
Chief Financial Officer
(Principal Financial Officer) |
| |
July 5, 2024
|
|
|
*
Barry S. Turcotte
|
| |
Chief Accounting Officer
(Principal Accounting Officer) |
| |
July 5, 2024
|
|
|
*
Chanin Vongkusolkit
|
| |
Chairman of the Board
|
| |
July 5, 2024
|
|
|
*
Somruedee Chaimongkol
|
| |
Director
|
| |
July 5, 2024
|
|
|
*
Joseph R. Davis
|
| |
Director
|
| |
July 5, 2024
|
|
|
*
Akaraphong Dayananda
|
| |
Director
|
| |
July 5, 2024
|
|
|
*
Kirana Limpaphayom
|
| |
Director
|
| |
July 5, 2024
|
|
|
*
Carla S. Mashinski
|
| |
Director
|
| |
July 5, 2024
|
|
|
*
Thiti Mekavichai
|
| |
Director
|
| |
July 5, 2024
|
|
|
*
Charles C. Miller III
|
| |
Director
|
| |
July 5, 2024
|
|
|
Name
|
| |
Title
|
| |
Date
|
|
|
*
Sunit S. Patel
|
| |
Director
|
| |
July 5, 2024
|
|
|
*
Anon Sirisaengtaksin
|
| |
Director
|
| |
July 5, 2024
|
|
|
*
Sinon Vongkusolkit
|
| |
Director
|
| |
July 5, 2024
|
|
|
*By:
/s/ Christopher P. Kalnin
Christopher P. Kalnin
Attorney-in-fact |
| | |