10-Q Filing

PERMIAN RESOURCES CORP CIK: 1658566 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001658566-17-000007`
Period End Date	20170930
Filing Date	20171107
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	cdev-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 50 Cash Flow Statement 36 Stockholders Equity 11

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`	$2.58M	USD	Point-in-time
Accounts receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$14.73M	USD	Point-in-time
Accounts receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$50.21M	USD	Point-in-time
Derivative instruments	`DerivativeAssetsCurrent`	$383.00K	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
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.10M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	620.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$59.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$151.33M	USD	Point-in-time
Unproved properties	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$1.91B	USD	Point-in-time
Unproved properties	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$2.01B	USD	Point-in-time
Proved properties	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.31B	USD	Point-in-time
Proved properties	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$605.85M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	$14.44M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	$115.34M	USD	Point-in-time
Total oil and natural gas properties, net	`OilAndGasPropertySuccessfulEffortMethodNet`	$3.20B	USD	Point-in-time
Total oil and natural gas properties, net	`OilAndGasPropertySuccessfulEffortMethodNet`	$2.50B	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.19M	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.90M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantandEquipmentandOilandGasPropertySuccessfulEffortsMethodNet`	$3.20B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantandEquipmentandOilandGasPropertySuccessfulEffortsMethodNet`	$2.50B	USD	Point-in-time
Derivative instruments	`DerivativeAssetsNoncurrent`	-	USD	Point-in-time
Derivative instruments	`DerivativeAssetsNoncurrent`	$242.00K	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.04M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$10.77M	USD	Point-in-time
Total assets	`Assets`	$2.65B	USD	Point-in-time
Total assets	`Assets`	$3.27B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$86.10M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$136.50M	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesCurrent`	$450.00K	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesCurrent`	$5.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$136.94M	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`	$165.00M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$7.23M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$9.33M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	-	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$17.30M	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesNoncurrent`	$20.00K	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$328.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$98.71M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.70B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.36B	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$36.10M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-8.93M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.36B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.74B	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$197.79M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$205.61M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.55B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.95B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$2.65B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$3.27B	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Oil sales	`OilSalesRevenue`	$87.29M	USD	1 Quarter
Oil sales	`OilSalesRevenue`	$204.70M	USD	3 Qtrs
Natural gas sales	`NaturalGasSalesRevenue`	$12.85M	USD	1 Quarter
Natural gas sales	`NaturalGasSalesRevenue`	$33.23M	USD	3 Qtrs
NGL sales	`NaturalGasLiquidsSalesRevenue`	$25.84M	USD	3 Qtrs
NGL sales	`NaturalGasLiquidsSalesRevenue`	$11.47M	USD	1 Quarter
Total net revenues	`SalesRevenueNet`	$111.61M	USD	1 Quarter
Total net revenues	`SalesRevenueNet`	$263.77M	USD	3 Qtrs
Lease operating expenses	`LeaseOperatingExpense`	$26.92M	USD	3 Qtrs
Lease operating expenses	`LeaseOperatingExpense`	$11.37M	USD	1 Quarter
Severance and ad valorem taxes	`ExciseAndSalesTaxes`	$14.36M	USD	3 Qtrs
Severance and ad valorem taxes	`ExciseAndSalesTaxes`	$6.45M	USD	1 Quarter
Gathering, processing and transportation expenses	`CostOfGoodsSoldOilAndGas`	$9.93M	USD	1 Quarter
Gathering, processing and transportation expenses	`CostOfGoodsSoldOilAndGas`	$22.57M	USD	3 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$102.85M	USD	3 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$42.39M	USD	1 Quarter
Impairment and abandonment expenses	`ExplorationAbandonmentAndImpairmentExpense`	$-29.00K	USD	3 Qtrs
Impairment and abandonment expenses	`ExplorationAbandonmentAndImpairmentExpense`	-	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$4.09M	USD	3 Qtrs
Exploration expense	`ExplorationExpense`	$1.62M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$36.02M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$13.31M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$85.07M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$206.78M	USD	3 Qtrs
Total operating income (loss)	`OperatingIncomeLoss`	$26.55M	USD	1 Quarter
Total operating income (loss)	`OperatingIncomeLoss`	$56.99M	USD	3 Qtrs
Gain (loss) on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$-141.00K	USD	1 Quarter
Gain (loss) on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$7.22M	USD	3 Qtrs
Interest expense	`InterestExpense`	$2.13M	USD	3 Qtrs
Interest expense	`InterestExpense`	$1.01M	USD	1 Quarter
Net gain (loss) on derivative instruments	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$5.39M	USD	3 Qtrs
Net gain (loss) on derivative instruments	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$-896.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$10.48M	USD	3 Qtrs
Other income (expense)	`NonoperatingIncomeExpense`	$-2.05M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$24.49M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$67.47M	USD	3 Qtrs
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$8.23M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$17.30M	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$50.16M	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$16.26M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$1.81M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$5.13M	USD	3 Qtrs
Net income (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$14.45M	USD	1 Quarter
Net income (loss) attributable to common shareholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$45.03M	USD	3 Qtrs
Basic (USD per share)	`EarningsPerShareBasic`	$0.06	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.20	USD	3 Qtrs
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.19	USD	3 Qtrs
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.06	USD	1 Quarter

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$50.16M	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$16.26M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$102.85M	USD	3 Qtrs
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$42.39M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$9.42M	USD	3 Qtrs
Impairment and abandonment expenses	`ExplorationAbandonmentAndImpairmentExpense`	$-29.00K	USD	3 Qtrs
Impairment and abandonment expenses	`ExplorationAbandonmentAndImpairmentExpense`	-	USD	1 Quarter
Deferred tax expense (benefit)	`DeferredIncomeTaxesAndTaxCredits`	$17.30M	USD	3 Qtrs
(Gain) loss on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$-141.00K	USD	1 Quarter
(Gain) loss on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$7.22M	USD	3 Qtrs
Non-cash portion of derivative (gain) loss	`UnrealizedGainLossOnDerivatives`	$5.13M	USD	3 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$348.00K	USD	3 Qtrs
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$28.17M	USD	3 Qtrs
Increase in prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$12.89M	USD	3 Qtrs
Increase in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$10.50M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$137.15M	USD	3 Qtrs
Acquisition of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$419.47M	USD	3 Qtrs
Drilling and development capital expenditures	`PaymentsToExploreAndDevelopOilAndGasProperties`	$354.51M	USD	3 Qtrs
Purchases of other property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$3.48M	USD	3 Qtrs
Proceeds from sales of oil and natural gas properties	`ProceedsFromSaleOfOilAndGasPropertyAndEquipment`	$10.71M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-766.75M	USD	3 Qtrs
Issuance of Class A common shares	`ProceedsFromIssuanceOfCommonStock`	$340.75M	USD	3 Qtrs
Underwriters discount and offering costs	`PaymentsOfStockIssuanceCosts`	$7.23M	USD	3 Qtrs
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$190.00M	USD	3 Qtrs
Repayment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$25.00M	USD	3 Qtrs
Financing obligation	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	3 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$415.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$498.10M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-131.50M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$134.08M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.58M	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`	$2.58M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$1.92M	USD	3 Qtrs
Accrued capital expenditures included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$102.15M	USD	3 Qtrs
Asset retirement obligations incurred, including changes in estimate	`AssetRetirementObligationPeriodIncreaseDecrease`	$1.02M	USD	3 Qtrs

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.55B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.95B	USD	Point-in-time
Restricted stock issued (in shares)	`ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod`	841,443.00	shares	3 Qtrs
Restricted stock forfeited (in shares)	`ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod`	8,788.00	shares	3 Qtrs
Sale of unregistered class a common shares	`StockIssuedDuringPeriodValueNewIssues`	$340.75M	USD	3 Qtrs
Underwriters discount and offering costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$7.23M	USD	3 Qtrs
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$9.42M	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$50.16M	USD	3 Qtrs
Net income (loss)	`ProfitLoss`	$16.26M	USD	1 Quarter
Balance at end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.55B	USD	Point-in-time
Balance at end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.95B	USD	Point-in-time

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