10-Q Filing

PERMIAN RESOURCES CORP CIK: 1658566 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001628280-17-008377`
Period End Date	20170630
Filing Date	20170809
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	cdev-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 50 Cash Flow Statement 36 Stockholders Equity 10

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (USD per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized (shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$134.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Accounts receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$14.73M	USD	Point-in-time
Accounts receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$34.81M	USD	Point-in-time
Derivative instruments	`DerivativeAssetsCurrent`	$1.52M	USD	Point-in-time
Derivative instruments	`DerivativeAssetsCurrent`	$431.00K	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.08M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	620.00M	shares	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	620.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.43M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$151.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$38.76M	USD	Point-in-time
Unproved properties	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$1.91B	USD	Point-in-time
Unproved properties	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$2.12B	USD	Point-in-time
Proved properties	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$605.85M	USD	Point-in-time
Proved properties	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.01B	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	$14.44M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	$73.69M	USD	Point-in-time
Total oil and natural gas properties, net	`OilAndGasPropertySuccessfulEffortMethodNet`	$3.05B	USD	Point-in-time
Total oil and natural gas properties, net	`OilAndGasPropertySuccessfulEffortMethodNet`	$2.50B	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.65M	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.19M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantandEquipmentandOilandGasPropertySuccessfulEffortsMethodNet`	$3.06B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantandEquipmentandOilandGasPropertySuccessfulEffortsMethodNet`	$2.50B	USD	Point-in-time
Derivative instruments	`DerivativeAssetsNoncurrent`	$131.00K	USD	Point-in-time
Derivative instruments	`DerivativeAssetsNoncurrent`	-	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.04M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.26M	USD	Point-in-time
Total assets	`Assets`	$2.65B	USD	Point-in-time
Total assets	`Assets`	$3.10B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$119.51M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$86.10M	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesCurrent`	$5.36M	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesCurrent`	$185.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$119.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$91.46M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	-	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$35.00M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$7.23M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$8.86M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$9.07M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	-	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesNoncurrent`	$20.00K	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$98.71M	USD	Point-in-time
Total liabilities	`Liabilities`	$172.62M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.36B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.70B	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-8.93M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$21.66M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.36B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.72B	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$197.79M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$203.79M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.93B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.55B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$3.10B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$2.65B	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Oil sales	`OilSalesRevenue`	$70.73M	USD	1 Quarter
Oil sales	`OilSalesRevenue`	$117.42M	USD	2 Qtrs
Natural gas sales	`NaturalGasSalesRevenue`	$12.13M	USD	1 Quarter
Natural gas sales	`NaturalGasSalesRevenue`	$20.37M	USD	2 Qtrs
NGL sales	`NaturalGasLiquidsSalesRevenue`	$8.20M	USD	1 Quarter
NGL sales	`NaturalGasLiquidsSalesRevenue`	$14.37M	USD	2 Qtrs
Total net revenues	`SalesRevenueNet`	$91.06M	USD	1 Quarter
Total net revenues	`SalesRevenueNet`	$152.16M	USD	2 Qtrs
Lease operating expenses	`LeaseOperatingExpense`	$15.55M	USD	2 Qtrs
Lease operating expenses	`LeaseOperatingExpense`	$8.27M	USD	1 Quarter
Severance and ad valorem taxes	`ExciseAndSalesTaxes`	$7.91M	USD	2 Qtrs
Severance and ad valorem taxes	`ExciseAndSalesTaxes`	$4.72M	USD	1 Quarter
Gathering, processing and transportation expenses	`CostOfGoodsSoldOilAndGas`	$12.65M	USD	2 Qtrs
Gathering, processing and transportation expenses	`CostOfGoodsSoldOilAndGas`	$7.40M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$34.30M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$60.46M	USD	2 Qtrs
Abandonment expense and impairment of unproved properties	`ExplorationAbandonmentAndImpairmentExpense`	-	USD	1 Quarter
Abandonment expense and impairment of unproved properties	`ExplorationAbandonmentAndImpairmentExpense`	$-29.00K	USD	2 Qtrs
Exploration expense	`ExplorationExpense`	$2.47M	USD	2 Qtrs
Exploration expense	`ExplorationExpense`	$2.47M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.64M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$22.71M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$67.81M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$121.72M	USD	2 Qtrs
Total operating income (loss)	`OperatingIncomeLoss`	$30.45M	USD	2 Qtrs
Total operating income (loss)	`OperatingIncomeLoss`	$23.25M	USD	1 Quarter
Gain (loss) on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$7.36M	USD	2 Qtrs
Gain (loss) on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$7.19M	USD	1 Quarter
Interest expense	`InterestExpense`	$707.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.12M	USD	2 Qtrs
Net gain (loss) on derivative instruments	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$2.53M	USD	1 Quarter
Net gain (loss) on derivative instruments	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$6.29M	USD	2 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other income (expense)	`NonoperatingIncomeExpense`	$12.53M	USD	2 Qtrs
Other income (expense)	`NonoperatingIncomeExpense`	$9.01M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$42.97M	USD	2 Qtrs
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.27M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$9.07M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$9.07M	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$23.20M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$33.91M	USD	2 Qtrs
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$2.44M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$3.32M	USD	2 Qtrs
Net income (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$30.59M	USD	2 Qtrs
Net income (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$20.76M	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.14	USD	2 Qtrs
Basic (USD per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.14	USD	2 Qtrs
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$23.20M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$33.91M	USD	2 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$34.30M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$60.46M	USD	2 Qtrs
Equity based compensation expense	`ShareBasedCompensation`	$5.59M	USD	2 Qtrs
Abandonment expense and impairment of unproved properties	`ExplorationAbandonmentAndImpairmentExpense`	-	USD	1 Quarter
Abandonment expense and impairment of unproved properties	`ExplorationAbandonmentAndImpairmentExpense`	$-29.00K	USD	2 Qtrs
Deferred tax expense (benefit)	`DeferredIncomeTaxesAndTaxCredits`	$9.07M	USD	2 Qtrs
(Gain) loss on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$7.36M	USD	2 Qtrs
(Gain) loss on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$7.19M	USD	1 Quarter
Non-cash portion of derivative (gain) loss	`UnrealizedGainLossOnDerivatives`	$6.41M	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$214.00K	USD	2 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$20.57M	USD	2 Qtrs
Increase in prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$172.00K	USD	2 Qtrs
Increase in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$18.43M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$93.14M	USD	2 Qtrs
Acquisition of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$405.24M	USD	2 Qtrs
Drilling and development capital expenditures	`PaymentsToExploreAndDevelopOilAndGasProperties`	$198.30M	USD	2 Qtrs
Purchases of other property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$2.46M	USD	2 Qtrs
Proceeds from sales of oil and natural gas properties	`ProceedsFromSaleOfOilAndGasPropertyAndEquipment`	$10.68M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-595.33M	USD	2 Qtrs
Issuance of Class A common shares	`ProceedsFromIssuanceOfCommonStock`	$340.75M	USD	2 Qtrs
Underwriters discount and offering costs	`PaymentsOfStockIssuanceCosts`	$7.23M	USD	2 Qtrs
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$50.00M	USD	2 Qtrs
Repayment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$15.00M	USD	2 Qtrs
Financing obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	2 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$415.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$368.10M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-134.08M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$134.08M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$134.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$723.00K	USD	2 Qtrs
Accrued capital expenditures included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$80.65M	USD	2 Qtrs
Asset retirement obligations incurred, including changes in estimate	`AssetRetirementObligationPeriodIncreaseDecrease`	$649.00K	USD	2 Qtrs

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.93B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.55B	USD	Point-in-time
Warrants exercised	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	-	USD	2 Qtrs
Underwriters discount and offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$7.23M	USD	2 Qtrs
Equity based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.59M	USD	2 Qtrs
Change in equity due to issuance of shares by Centennial Resource Production, LLC	`MinorityInterestDecreaseFromRedemptions`	-	USD	2 Qtrs
Net income (loss)	`ProfitLoss`	$23.20M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$33.91M	USD	2 Qtrs
Balance at end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.93B	USD	Point-in-time
Balance at end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.55B	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.