Quarterly report pursuant to Section 13 or 15(d)

Acquisitions and Dispositions (Tables)

v3.21.2
Acquisitions and Dispositions (Tables)
9 Months Ended
Sep. 30, 2021
Acquisitions and Dispositions [Abstract]  
Fair Value of Assets and Liabilities Acquired

February 25, 2021

(in thousands)

Purchase Consideration

Cash

$

33,959

Fair value of contingent consideration

4,647

Total purchase consideration

$

38,606

February 25, 2021

(in thousands)

Assets acquired:

Wells, platforms and other production facilities

$

37,176

Equipment and other

5,568

Value added tax and other receivables

1,234

Abandonment funding

11,781

Accounts receivable - trade

11,220

Other current assets

3,963

Liabilities assumed:

Asset retirement obligations

(14,564)

Accrued liabilities and other

(10,121)

Bargain purchase gain

(7,651)

Total purchase price

$

38,606

Pro Forma Results of Acquisition

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

(in thousands)

Pro forma (unaudited)

Crude oil and natural gas sales

$

55,899

$

34,568

$

160,469

$

103,422

Operating income (loss)

20,030

7,750

63,929

(12,481)

Net income (loss)

31,721

9,136

49,341

(a)

(36,316)

(b)

Basic net income (loss) per share:

Income (loss) from continuing operations

$

0.53

$

0.16

$

0.85

$

(0.63)

Loss from discontinued operations, net of tax

0.00

0.00

0.00

0.00

Net income (loss) per share

$

0.53

$

0.16

$

0.85

$

(0.63)

Basic weighted average shares outstanding

58,586

57,456

58,102

57,628

Diluted net income (loss) per share:

Income (loss) from continuing operations

$

0.53

$

0.16

$

0.84

$

(0.63)

Loss from discontinued operations, net of tax

0.00

0.00

0.00

0.00

Net income (loss) per share

$

0.53

$

0.16

$

0.84

$

(0.63)

Diluted weighted average shares outstanding

58,916

57,741

58,654

57,628

________________

(a)The pro forma net income for the nine months ended September 30, 2021 excludes nonrecurring pro forma adjustments directly attributable to the Sasol Acquisition, consisting of a bargain purchase gain of $7.7 million and transaction costs of $1.0 million.

(b)The pro forma net loss for the nine months ended September 30, 2020 includes nonrecurring pro forma adjustments directly attributable to the Sasol Acquisition, consisting of a bargain purchase gain of $7.7 million and transaction costs of $1.0 million.