Alta Mesa Holdings, LP

CIK:0001518403|SEC Filings

Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 08, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2018
Revenue
Operating revenue		$ 113,633	$ 95,741	$ 146,498	$ 230,230
Gain (loss) on sale of assets		0	(63)	5,076	1,483
Gain (loss) on derivatives		12,412	(29,219)	(51,230)	(11,365)
Total revenue		126,045	66,459	100,344	220,348
Operating expenses
Lease operating		19,123	12,679	20,996	44,231
Transportation and marketing		19,614	11,206	16,788	37,375
Production taxes		5,117	2,606	4,021	10,600
Workovers		412	333	1,578	609
Exploration		3,289	8,083	9,668	5,343
Depreciation, depletion and amortization		34,504	26,670	37,708	69,179
Impairment of assets		6,500	0	0	6,500
General and administrative		15,723	17,811	52,465	36,670
Total operating expenses		104,282	79,388	143,224	210,507
Operating income		21,763	(12,929)	(42,880)	9,841
Other income (expense)
Interest expense		(14,071)	(10,361)	(15,557)	(26,901)
Interest income and other		54	820	1,366	81
Total other expense, net		(14,017)	(9,541)	(14,191)	(26,820)
Income (loss) from continuing operations before income taxes		7,746	(22,470)	(57,071)	(16,979)
Income tax provision (benefit)		0	7	7	0
Income (loss) from continuing operations		7,746	(22,477)	(57,078)	(16,979)
Loss from discontinued operations, net of tax		0	0	0	0
Net income (loss)		7,746	(22,477)	(57,078)	(16,979)
Oil
Revenue
Operating revenue		90,668	75,291	115,569	177,031
Natural gas
Revenue
Operating revenue		12,384	7,980	13,190	30,834
Natural gas liquids
Revenue
Operating revenue		10,251	10,241	14,955	21,467
Other
Revenue
Operating revenue		$ 330	$ 2,229	$ 2,784	$ 898
Predecessor
Revenue
Operating revenue	$ 40,136
Gain (loss) on sale of assets	840
Gain (loss) on derivatives	6,663
Total revenue	47,639
Operating expenses
Lease operating	4,408
Transportation and marketing	3,725
Production taxes	953
Workovers	423
Exploration	7,003
Depreciation, depletion and amortization	11,670
Impairment of assets	0
General and administrative	21,234
Total operating expenses	49,416
Operating income	(1,777)
Other income (expense)
Interest expense	(5,511)
Interest income and other	172
Total other expense, net	(5,339)
Income (loss) from continuing operations before income taxes	(7,116)
Income tax provision (benefit)	0
Income (loss) from continuing operations	(7,116)
Loss from discontinued operations, net of tax	(7,746)
Net income (loss)	(14,862)
Predecessor \| Oil
Revenue
Operating revenue	30,972
Predecessor \| Natural gas
Revenue
Operating revenue	4,276
Predecessor \| Natural gas liquids
Revenue
Operating revenue	4,000
Predecessor \| Other
Revenue
Operating revenue	$ 888

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended			5 Months Ended	6 Months Ended		12 Months Ended
	Feb. 08, 2018	Mar. 31, 2018	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Cash flows from operating activities:
Net loss		$ (34,601)	$ 7,746	$ (24,725)	$ (22,477)	$ (57,078)	$ (16,979)	$ (16,979)
Adjustments to reconcile net loss to cash from operating activities:
Depreciation, depletion, amortization and accretion						37,708	69,179
Non-cash lease expense						0	1,587
Provision for uncollectible receivables						0	1,177
Impairment of assets						0	6,500
Amortization of deferred financing costs						80	139
Amortization of debt (premium) discount						(2,051)	(2,462)
Equity-based compensation expense			1,396		3,621	6,389	3,057
Non-cash exploration expense						10,658	388
(Gain) loss on derivatives			(12,412)		29,219	51,230	11,365	11,365
Cash settlements of derivatives						18,334	(909)
Premium paid on derivatives						0	(1,000)
Interest converted into debt						0	0
Interest added to notes receivable from affiliate						(417)	0
Loss on sale of fixed assets						63	0
Impact on cash from changes in:
Accounts receivable						(2,923)	6,384
Other receivables						1,426	2,737
Receivables from related parties						(18,494)	10,280
Prepaid expenses and other non-current assets						7,810	(3,853)
Advances from related party						(10,371)	(5,819)
Settlement of asset retirement obligations						(806)	0
Accounts payable to related party						(4,994)	(3,203)
Accounts payable, accrued liabilities and other liabilities						(45,385)	(17,281)
Operating lease obligations						0	(1,287)
Cash from operating activities						(45,489)	61,818
Cash flows from investing activities:
Capital expenditures						(319,042)	(180,138)
Acquisitions, net of cash acquired						0	0
Proceeds from sale of assets						11,299	0
Cash from investing activities						(307,743)	(180,138)
Cash flows from financing activities:
Proceeds from long-term debt borrowings						0	183,500
Repayments of long-term debt						(134,065)	0
Deferred financing costs paid						(1,366)	0
Capital distributions						(7,000)	0
Capital contributions						560,344	0
Cash from financing activities						417,913	183,500
Net increase in cash, cash equivalents and restricted cash						64,681	65,180
Cash, cash equivalents and restricted cash, beginning of period		10,345		$ 13,985		10,345	13,985
Cash, cash equivalents and restricted cash, end of period	$ 10,345		$ 79,165		$ 75,026	75,026	$ 79,165	75,026	$ 13,985
Predecessor
Cash flows from operating activities:
Net loss	(14,862)
Adjustments to reconcile net loss to cash from operating activities:
Depreciation, depletion, amortization and accretion	12,554
Non-cash lease expense	0
Provision for uncollectible receivables	0
Impairment of assets	5,560
Amortization of deferred financing costs	171
Amortization of debt (premium) discount	0
Equity-based compensation expense	0
Non-cash exploration expense	4,575
(Gain) loss on derivatives	(6,663)
Cash settlements of derivatives	2,296
Premium paid on derivatives									0
Interest converted into debt	103
Interest added to notes receivable from affiliate	(85)
Loss on sale of fixed assets	1,923
Impact on cash from changes in:
Accounts receivable	(21,184)
Other receivables	(662)
Receivables from related parties	(117)
Prepaid expenses and other non-current assets	(591)
Advances from related party	24,116
Settlement of asset retirement obligations	(63)
Accounts payable to related party	0
Accounts payable, accrued liabilities and other liabilities	23,857
Operating lease obligations	0
Cash from operating activities	26,336
Cash flows from investing activities:
Capital expenditures	(36,695)
Acquisitions, net of cash acquired	(1,218)
Proceeds from sale of assets									0
Cash from investing activities	(37,913)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	60,000
Repayments of long-term debt	(43,000)
Deferred financing costs paid	0
Capital distributions	(68)
Capital contributions	0
Cash from financing activities	16,932
Net increase in cash, cash equivalents and restricted cash	5,355
Cash, cash equivalents and restricted cash, beginning of period	4,990	$ 10,345				$ 10,345		$ 4,990	$ 4,990
Cash, cash equivalents and restricted cash, end of period	$ 10,345

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 78,275	$ 12,984
Restricted cash	890	1,001
Accounts receivable, net	61,662	68,370
Other receivables	3,530	6,267
Related party receivables, net	13,149	24,282
Notes receivable from related parties, net	0	0
Prepaid expenses and other current assets	4,623	747
Derivatives	4,727	16,423
Total current assets	166,856	130,074
Property and equipment, net
Oil and gas properties, successful efforts method	784,079	763,337
Other property and equipment	37,371	38,147
Total property and equipment	821,450	801,484
Other assets
Operating lease right-of-use assets, net	7,871
Deferred financing costs, net	1,021	1,151
Deposits and other long-term assets	38	63
Derivatives	2,508	2,947
Total other assets	11,438	4,161
Total assets	999,744	935,719
Current liabilities
Current portion of debt	871,162	0
Accounts payable and accrued liabilities	91,694	197,064
Accounts payable - related party	222	3,425
Advances from non-operators	1,755	5,193
Advances from related party	4,003	9,822
Asset retirement obligations	44	2,079
Current operating lease liability	938
Derivatives	840	1,710
Total current liabilities	970,658	219,293
Long-term liabilities
Asset retirement obligations, net of current portion	12,293	9,330
Long-term debt, net	0	690,123
Operating lease liabilities, net of current portion	13,733
Derivatives	189	180
Total long-term liabilities	26,215	699,633
Total liabilities	996,873	918,926
Commitments and contingencies
Partners’ capital	2,871	16,793
Total liabilities and partners’ capital	$ 999,744	$ 935,719