10-Q Filing

PERMIAN RESOURCES CORP CIK: 1658566 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001658566-18-000028`
Period End Date	20180331
Filing Date	20180508
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	cdev-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 44 Cash Flow Statement 62 Stockholders Equity 14

Balance Sheet 70 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`	$38.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$117.31M	USD	Point-in-time
Accounts receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$78.79M	USD	Point-in-time
Accounts receivable, net	`AccountsAndOtherReceivablesNetCurrent`	$108.43M	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Derivative instruments	`DerivativeAssetsCurrent`	$433.00K	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Derivative instruments	`DerivativeAssetsCurrent`	$7.15M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	620.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.52M	USD	Point-in-time
Common stock, shares authorized (shares)	`CommonStockSharesAuthorized`	620.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$166.32M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$202.59M	USD	Point-in-time
Unproved properties	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$1.95B	USD	Point-in-time
Unproved properties	`UnprovedOilAndGasPropertySuccessfulEffortMethod`	$1.88B	USD	Point-in-time
Proved properties	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.60B	USD	Point-in-time
Proved properties	`ProvedOilAndGasPropertySuccessfulEffortMethod`	$1.86B	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	$173.91M	USD	Point-in-time
Accumulated depreciation, depletion and amortization	`OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization`	$238.68M	USD	Point-in-time
Total oil and natural gas properties, net	`OilAndGasPropertySuccessfulEffortMethodNet`	$3.38B	USD	Point-in-time
Total oil and natural gas properties, net	`OilAndGasPropertySuccessfulEffortMethodNet`	$3.50B	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentNet`	$5.46M	USD	Point-in-time
Other property and equipment, net	`PropertyPlantAndEquipmentNet`	$6.25M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantandEquipmentandOilandGasPropertySuccessfulEffortsMethodNet`	$3.39B	USD	Point-in-time
Total property and equipment, net	`PropertyPlantandEquipmentandOilandGasPropertySuccessfulEffortsMethodNet`	$3.51B	USD	Point-in-time
Derivative instruments	`DerivativeAssetsNoncurrent`	$662.00K	USD	Point-in-time
Derivative instruments	`DerivativeAssetsNoncurrent`	$1.19M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$19.61M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$27.08M	USD	Point-in-time
Total assets	`Assets`	$3.62B	USD	Point-in-time
Total assets	`Assets`	$3.69B	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$199.53M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$180.05M	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Derivative instruments	`DerivativeLiabilitiesCurrent`	$240.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$483.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$199.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$180.53M	USD	Point-in-time
Long-term debt, net	`LongTermLineOfCredit`	$390.76M	USD	Point-in-time
Long-term debt, net	`LongTermLineOfCredit`	$390.92M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$12.16M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$12.36M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$22.37M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$9.90M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$670.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$606.85M	USD	Point-in-time
Total liabilities	`Liabilities`	$612.60M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.77B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.81B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$66.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$132.73M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.95B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.83B	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$138.91M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$169.75M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.09B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.55B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.57B	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.00B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$3.62B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$3.69B	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Oil and gas sales	`SalesRevenueNet`	$215.90M	USD	1 Quarter
Oil and gas sales	`SalesRevenueNet`	$61.10M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$7.28M	USD	1 Quarter
Lease operating expenses	`LeaseOperatingExpense`	$16.28M	USD	1 Quarter
Severance and ad valorem taxes	`ExciseAndSalesTaxes`	$14.17M	USD	1 Quarter
Severance and ad valorem taxes	`ExciseAndSalesTaxes`	$3.19M	USD	1 Quarter
Gathering, processing and transportation expenses	`CostOfGoodsSoldOilAndGas`	$5.24M	USD	1 Quarter
Gathering, processing and transportation expenses	`CostOfGoodsSoldOilAndGas`	$13.83M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$66.01M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$26.16M	USD	1 Quarter
Impairment and abandonment expenses	`ExplorationAbandonmentAndImpairmentExpense`	$-29.00K	USD	1 Quarter
Impairment and abandonment expenses	`ExplorationAbandonmentAndImpairmentExpense`	-	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$1.18M	USD	1 Quarter
Exploration expense	`ExplorationExpense`	$3.45M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.88M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$14.30M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$53.91M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$128.03M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$87.87M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$7.19M	USD	1 Quarter
Gain (loss) on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$166.00K	USD	1 Quarter
Gain (loss) on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$15.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$410.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$5.81M	USD	1 Quarter
Net gain (loss) on derivative instruments	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$3.76M	USD	1 Quarter
Net gain (loss) on derivative instruments	`DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet`	$7.84M	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-3.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$2.04M	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$3.52M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$89.91M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$10.71M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$19.14M	USD	1 Quarter
Net income	`ProfitLoss`	$70.77M	USD	1 Quarter
Net income	`ProfitLoss`	$10.71M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$4.68M	USD	1 Quarter
Less: Net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$884.00K	USD	1 Quarter
Net income attributable to Class A Common Stock	`NetIncomeLossAvailableToCommonStockholdersBasic`	$66.09M	USD	1 Quarter
Net income attributable to Class A Common Stock	`NetIncomeLossAvailableToCommonStockholdersBasic`	$9.82M	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Basic (USD per share)	`EarningsPerShareBasic`	$0.25	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.25	USD	1 Quarter
Diluted (USD per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$70.77M	USD	1 Quarter
Net income	`ProfitLoss`	$10.71M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$66.01M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAmortizationAndAssetRetirementObligationAccretionExpense`	$26.16M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$2.61M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.33M	USD	1 Quarter
Exploratory dry hole cost	`ExploratoryAndOtherCosts`	-	USD	1 Quarter
Exploratory dry hole cost	`ExploratoryAndOtherCosts`	$221.00K	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxesAndTaxCredits`	-	USD	1 Quarter
Deferred tax expense	`DeferredIncomeTaxesAndTaxCredits`	$19.14M	USD	1 Quarter
(Gain) loss on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$166.00K	USD	1 Quarter
(Gain) loss on sale of oil and natural gas properties	`GainLossOnSaleOfProperty`	$15.00K	USD	1 Quarter
Non-cash portion of derivative (gain) loss	`UnrealizedGainLossOnDerivatives`	$7.48M	USD	1 Quarter
Non-cash portion of derivative (gain) loss	`UnrealizedGainLossOnDerivatives`	$4.16M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$379.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$93.00K	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.14M	USD	1 Quarter
(Increase) decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$29.55M	USD	1 Quarter
Increase in prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$7.00K	USD	1 Quarter
Increase in prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$382.00K	USD	1 Quarter
Increase (decrease) in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$8.03M	USD	1 Quarter
Increase (decrease) in accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-6.47M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$131.83M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$19.25M	USD	1 Quarter
Acquisitions of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$38.68M	USD	1 Quarter
Acquisitions of oil and natural gas properties	`PaymentsToAcquireOilAndGasProperty`	$101.75M	USD	1 Quarter
Drilling and development capital expenditures	`PaymentsToExploreAndDevelopOilAndGasProperties`	$250.55M	USD	1 Quarter
Drilling and development capital expenditures	`PaymentsToExploreAndDevelopOilAndGasProperties`	$62.12M	USD	1 Quarter
Purchases of other property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$1.76M	USD	1 Quarter
Purchases of other property and equipment	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$1.14M	USD	1 Quarter
Proceeds from sales of oil and natural gas properties	`ProceedsFromSaleOfOilAndGasPropertyAndEquipment`	$3.52M	USD	1 Quarter
Proceeds from sales of oil and natural gas properties	`ProceedsFromSaleOfOilAndGasPropertyAndEquipment`	$135.48M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-218.58M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-98.42M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$85.00M	USD	1 Quarter
Repayment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Repayment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$85.00M	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$164.00K	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Restricted stock used for tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$192.00K	USD	1 Quarter
Restricted stock used for tax withholdings	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$906.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$37.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-37.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-934.00K	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-87.69M	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-79.21M	USD	1 Quarter
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$38.22M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$134.08M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$125.92M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.87M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$38.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$134.08M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$125.92M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.87M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$784.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$226.00K	USD	1 Quarter
Accrued capital expenditures included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$111.82M	USD	1 Quarter
Accrued capital expenditures included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$63.98M	USD	1 Quarter
Asset retirement obligations incurred, including revisions to estimates	`AssetRetirementObligationPeriodIncreaseDecrease`	$243.00K	USD	1 Quarter
Asset retirement obligations incurred, including revisions to estimates	`AssetRetirementObligationPeriodIncreaseDecrease`	$274.00K	USD	1 Quarter

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance at beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.09B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.55B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.57B	USD	Point-in-time
Balance at beginning of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.00B	USD	Point-in-time
Restricted stock used for tax withholding	`RestrictedStockValueSharesIssuedNetOfTaxWithholdings`	$192.00K	USD	1 Quarter
Option Exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$164.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.61M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.33M	USD	1 Quarter
Net income	`ProfitLoss`	$70.77M	USD	1 Quarter
Net income	`ProfitLoss`	$10.71M	USD	1 Quarter
Balance at end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.09B	USD	Point-in-time
Balance at end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.55B	USD	Point-in-time
Balance at end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.57B	USD	Point-in-time
Balance at end of period	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.00B	USD	Point-in-time

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