Company Quick10K Filing
Quick10K
Alta Mesa Resources
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
8-K 2019-09-12 Bankruptcy, Exhibits
8-K 2019-09-07 Bankruptcy, Off-BS Arrangement, Officers, Regulation FD, Exhibits
8-K 2019-08-16 Exhibits
8-K 2019-08-13 Off-BS Arrangement
8-K 2019-08-06 Other Events
8-K 2019-07-02 Enter Agreement, Officers, Exhibits
8-K 2019-05-14 Earnings, Exhibits
8-K 2019-04-29 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-04-02 Regulation FD, Exhibits
8-K 2019-03-22 Enter Agreement, Officers, Exhibits
8-K 2019-02-25 Earnings, Regulation FD, Exhibits
8-K 2019-01-07 Officers, Regulation FD, Exhibits
8-K 2018-12-20 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2018-11-13 Earnings, Regulation FD, Exhibits
8-K 2018-10-29 Earnings, Regulation FD, Exhibits
8-K 2018-08-14 Earnings, Exhibits
8-K 2018-07-02 Accountant, Officers, Exhibits
8-K 2018-06-19 Shareholder Vote
8-K 2018-05-31
8-K 2018-05-21 Earnings, Exhibits
8-K 2018-05-14 Earnings, Exhibits
8-K 2018-05-02 Accountant, Exhibits
8-K 2018-04-03 Officers, Exhibits
8-K 2018-02-27 Earnings, Regulation FD, Exhibits
8-K 2018-02-09 Enter Agreement, M&A, Off-BS Arrangement, Sale of Shares, Control, Officers, Amend Bylaw, Shell Status, Exhibits
8-K 2018-02-06 Shareholder Vote
8-K 2018-02-05 Regulation FD, Other Events, Exhibits
8-K 2018-01-22 Regulation FD, Other Events, Exhibits
8-K 2018-01-09 Regulation FD, Other Events, Exhibits
CXO Concho Resources 13,879
NFX Newfield Exploration 6,070
MUR Murphy Oil 3,129
SD Sandridge Energy 158
SDLP Seadrill Partners 130
TAT Transatlantic Petroleum 33
MCEP Mid-Con Energy Partners 13
SAEX Saexploration Holdings 10
LGCY Legacy Reserves 1
PVL Permianville Royalty Trust 0
AMR 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Description of Business and Basis of Presentation
Note 2 - Summary of Significant Accounting Policies
Note 3 - Adoption of Asu No. 2016-02, Leases
Note 4 - Earnings (Loss) per Share
Note 5 - Supplemental Cash Flow Information
Note 6 - Receivables
Note 7 - Property and Equipment
Note 9 - Derivatives
Note 10 - Accounts Payable and Accrued Liabilities
Note 11 - Asset Retirement Obligations
Note 12 - Debt
Note 13 - Commitments and Contingencies
Note 14 - Significant Concentrations
Note 15 - Equity-Based Compensation (Successor)
Note 16 - Related Party Transactions
Note 17 - Business Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 amr_exhibit311-06302019.htm
EX-31.2 amr_exhibit312-06302019.htm
EX-32.1 amr_exhibit321-06302019.htm
EX-32.2 amr_exhibit322-06302019.htm

Alta Mesa Resources Earnings 2019-06-30

AMR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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utreg:MMBTU iso4217:USD utreg:bbl amr:well
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_____________________________________
FORM 10-Q
_____________________________________

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to___             
Commission file number: 001-38040
_______________________________________
ALTA MESA RESOURCES, INC.
(Exact name of registrant as specified in its charter)
_______________________________________
Delaware
81-4433840
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
 
 
 

 
15021 Katy Freeway,
Suite 400,
Houston,
Texas
77094
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: 281-530-0991
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share
AMRQQ
OTC Pink Marketplace
Warrants to purchase one share of Class A Common Stock
AMRWQ
OTC Pink Marketplace
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes      No    
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer


Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of August 31, 2019, there were 182,755,573 shares of Class A Common Stock and 199,987,976 shares of Class C Common Stock, par value $0.0001 per share outstanding. The shares of Class A Common Stock shown as outstanding do not include 554,294 nonvested restricted stock awards outstanding as of August 31, 2019.
 



TABLE OF CONTENTS
 
 
 
 
Page Number
PART I - FINANCIAL INFORMATION
 
                   Condensed Consolidated Statements of Operations
                   Condensed Consolidated Balance Sheets
                   Condensed Consolidated Statements of Cash Flows
                   Notes to Condensed Consolidated Financial Statements
PART II - OTHER INFORMATION
 


Table of Contents
Index to Financial Statements

Glossary of Terms

The definitions and abbreviations set forth below apply to the indicated terms throughout this filing.
Company Specific Terms -
 
2018 10-K -
Alta Mesa Resources, Inc. Annual Report on Form 10-K for the year ended December 31, 2018.
2018 Period -
The combined Predecessor Period and Successor Period from February 9, 2018 through June 30, 2018 and January 1, 2018 through February 8, 2018.
2019 Period -
The six months ended June 30, 2019.
2024 Notes -
$500 million aggregate principal amount of 7.875% senior unsecured notes maturing December 2024.
Alta Mesa -
Alta Mesa Holdings, LP. This entity conducts our Upstream activities.
Alta Mesa GP -
Alta Mesa Holdings GP, LLC, a majority owned subsidiary of SRII Opco, LP.
Alta Mesa RBL -
Alta Mesa Eighth Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, as amended. This credit agreement is a reserve based loan or RBL.
Alta Mesa Services -
Alta Mesa Services, LP is a wholly owned subsidiary of Alta Mesa Holdings, LP.
AMH Debtors -
Alta Mesa Holdings, LP, Alta Mesa Holdings GP, LLC, OEM GP, LLC, Alta Mesa Finance Services Corp, Alta Mesa Services, LP and Oklahoma Energy Acquisitions, LP.
ARM -
ARM Energy Management, LLC, a company that marketed our oil and gas production and provided services relating to our derivatives.
Bankruptcy Code -
Chapter 11 of the United States Bankruptcy Code.
Bankruptcy Court -
United States Bankruptcy Court for the Southern District of Texas.
BCE -
BCE-STACK Development LLC, a fund advised by Bayou City Management, LLC.
Business Combination -
The acquisition by Alta Mesa Resources, Inc. of controlling interests in Alta Mesa Holdings GP, LLC, Alta Mesa Holdings, LP, and KFM Midstream, LLC.
Debtors -
Alta Mesa Resources, Inc., Alta Mesa Holdings, LP, Alta Mesa Holdings GP, LLC, OEM GP, LLC, Alta Mesa Finance Services Corp, Alta Mesa Services, LP and Oklahoma Energy Acquisitions, LP.
High Mesa -
High Mesa Holdings, LP, a partnership formed in connection with executing the Business Combination.
HMI -
High Mesa, Inc., the predecessor owner of Alta Mesa Holdings, LP.
KFM -
Kingfisher Midstream, LLC. This entity conducts our Midstream activities.
KFM Credit Facility -
Kingfisher Midstream, LLC amended and restated senior secured revolving credit facility with Wells Fargo Bank, National Association, as the administrative agent.
Midstream -
Reportable business segment representing our midstream activities.
Predecessor Period -
The period from January 1, 2018 through February 8, 2018.
PSU's -
Performance-based restricted stock units issued to employees under the Alta Mesa Resources, Inc. 2018 Long-Term Incentive Plan.
SRII Opco -
SRII Opco, LP is a subsidiary of Alta Mesa Resources, Inc. and direct owner of Alta Mesa Holdings, LP and Kingfisher Midstream, LLC.
Successor Period -
The period from February 9, 2018 through June 30, 2018, and all periods thereafter.
Upstream -
Reportable business segment representing our exploration and production activities.
Oil, Gas and Other Terms -
 
Basin -
A large natural depression on the earth’s surface in which sediments generally brought by water accumulate.
bbl -
One stock tank barrel, of 42 U.S. gallons liquid volume, used herein to describe volumes of crude oil, condensate or natural gas liquids.
bbld -
Barrels per day.
Bcf -
One billion cubic feet of natural gas.

i

Table of Contents
Index to Financial Statements

Bcfe -
One billion cubic feet of natural gas equivalent with one barrel of oil converted to six thousand cubic feet of natural gas. The ratio of six thousand cubic feet of natural gas to one bbl of oil or natural gas liquids is commonly used in the oil and natural gas business and represents the approximate energy equivalency of six thousand cubic feet of natural gas to one bbl of oil or natural gas liquids.
Boe -
One barrel of oil equivalent is determined using the ratio of six Mcf of natural gas to one barrel of oil, condensate or natural gas liquids. The ratio of six Mcf of natural gas to one bbl of oil or natural gas liquids is commonly used in our business and represents the approximate ratio of energy content between natural gas and oil, and does not represent the price equivalency of natural gas to oil or natural gas liquids.
Boed -
One boe per day.
Btu or
British Thermal Unit -
The quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.
Completion -
The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil.
Condensate -
A mixture of hydrocarbons that exists in the gaseous phase at original reservoir temperature and pressure, but that, when produced, is in the liquid phase at surface pressure and temperature.
Cryogenic -
The process of using extreme cold to separate NGLs from the natural gas stream.
DD&A -
Depreciation, depletion and amortization.
Development costs -
Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing the oil and natural gas.
Development project -
A development project is the means by which petroleum resources are brought to the status of economically producible. As examples, the development of a single reservoir or field, an incremental development in a producing field or the integrated development of a group of several fields and associated facilities with a common ownership may constitute a development project.
Differential -
An adjustment to the market reference price of oil, natural gas or natural gas liquids from an established spot market price to reflect differences in the quality and/or location of oil or natural gas.
Dry hole -
A well found to be incapable of producing hydrocarbons in commercial quantities.
Dth -
A dekatherm is a unit of energy used primarily to measure natural gas and is equal to 1,000,000 Btu.
Dthd -
1,000,000 Btu per day.
EBITDA -
Earnings before interest, taxes, depreciation, depletion and amortization.
EBITDAX -
Earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses.
Enhanced recovery -
The recovery of oil and natural gas through the injection of liquids or gases into the reservoir, supplementing its natural energy. Enhanced recovery methods are often applied when production slows due to depletion of the natural pressure.
Exploitation -
A development or other project which may target proven or unproven reserves (such as probable or possible reserves), but which generally has a lower risk than that associated with exploration projects.
Formation -
A layer of rock which has distinct characteristics that differs from adjacent rock.
Fracing, fracture stimulation technology, hydraulic fracturing -
A well stimulation technique to improve a well’s production by pumping a mixture of fluids into the formation to create hydraulic fractures which intersect existing natural fractures. As part of this technique, sand or other material may also be injected to keep the hydraulic fracture open, so that fluids or natural gases may more easily flow through the formation.
Held by production -
Acreage covered by mineral leases that perpetuates a company’s right to operate a property usually requiring production to be maintained at a minimum economic quantity of production.
Horizontal drilling -
A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at an angle within a specified interval.
Lease operating expenses -
The expenses of lifting oil or natural gas from a producing formation to the surface, constituting part of the current operating expenses of a well. Such expenses include labor, supplies, repairs, utilities, environmental and safety, maintenance, allocated overhead costs, severance taxes, insurance and other expenses incidental to production, but excluding lease acquisition, drilling or completion expenses.

ii

Table of Contents
Index to Financial Statements

Mbbl -
One thousand barrels of crude oil, condensate, natural gas liquids, or produced water.
Mbbld -
One thousand barrels per day.
MBoe -
One thousand boe.
MBoed -
One thousand boe per day.
Mcf -
One thousand cubic feet of natural gas.
Mcfd -
One thousand cubic feet per day.
Mcfe -
One thousand cubic feet equivalent determined using the ratio of one barrel of oil, condensate or natural gas liquids to six Mcf of natural gas.
Mcfed -
Mcfe per day.
MMBbl -
One million barrels of crude oil, condensate or natural gas liquids.
MMBoe -
One million boe.
MMBtu -
One million British thermal units.
MMBtud -
One million British thermal units per day.
MMcf -
One million cubic feet of natural gas.
MMcfd -
One million cubic feet per day.
MMcfe -
Million cubic feet equivalent, determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids.
MMcfed -
MMcfe per day.
Net acres -
The total acres a working interest owner has attributable to a particular number of acres, or a specified tract.
Net production -
Portion of production owned by us after production attributable to royalty and other owners.
NGLs or natural gas liquids -
Natural gas liquids are a group of hydrocarbons including ethane, propane, normal butane, isobutane and natural gasoline.
Non-operated working interests -
The working interest or fraction thereof in a lease or unit, the owner of which is without operating rights by reason of an operating agreement.
NYMEX -
The New York Mercantile Exchange.
Proved properties -
Properties with proved reserves.
Proved reserves -
Quantities of oil and natural gas, which can be estimated with reasonable certainty to be economically producible from known reservoirs, and under existing economic conditions, operating methods and government regulations.
Realized price -
The cash market price less all expected quality, transportation and demand adjustments.
Recompletion -
The process of treating an existing wellbore in an attempt to establish or increase existing production.
Reserves -
Estimated remaining quantities of oil and natural gas anticipated to be economically producible from known accumulations.
Resources -
Quantities of oil and natural gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to be recoverable and another portion may be considered unrecoverable.
Royalty -
An interest in an oil and natural gas lease that gives the owner the right to receive a portion of the production from the leased acreage (or of the proceeds from the sale thereof), but does not require the owner to pay any portion of the production or development costs on the leased acreage.
SEC -
United States Securities and Exchange Commission.
Service well -
A well drilled or completed for the purpose of supporting production in an existing field. Specific purposes of service wells include gas injection, water injection, steam injection, air injection, produced water disposal, water supply for injection, observation, or injection for in-situ combustion.
Spacing -
The distance between wells producing from the same reservoir. Spacing in horizontal development plays is often expressed in terms of feet, e.g., 1000 foot spacing, and is often established by regulatory agencies.

iii

Table of Contents
Index to Financial Statements

STACK -
An oilfield in the eastern portion of the Anadarko Basin; STACK is an acronym describing both its location—Sooner Trend Anadarko Basin Canadian and Kingfisher County—and the multiple, stacked productive formations present in the area.
Unproved properties -
Properties with no proved reserves.
Wellbore -
The hole drilled by the bit that is equipped for natural gas production on a completed well. Also called a well or borehole.
Working interest -
The right granted to the lessee of a property to explore for and to produce and own natural gas or other minerals. The working interest owners bear the exploration, development, and operating costs.
Workover -
Operations on a producing well to restore or increase production.


iv

Table of Contents
Index to Financial Statements

Cautionary Statement Regarding Forward-Looking Statements
The information in this Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this Quarterly Report, regarding our ability to continue as a going concern, the outcome or timing of our emergence from bankruptcy, strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, the words “could”, “should”, “will”, “plan”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” in this Quarterly Report, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 (“Q1 2019 Form 10-Q”) and our Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 10-K”). These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.
Forward-looking statements may include statements about:
our ability to continue as a going concern;
the outcome or timing of our emergence from bankruptcy, including limitations placed upon us by the process and our ability to develop, confirm and consummate a plan under Chapter 11 or an alternative restructuring or sale transaction;
our ability to maintain relationships with suppliers, customers, employees and other third parties as a result of our Chapter 11 filing;
decisions by the KFM Board of Directors regarding making liquidity available to us during bankruptcy proceedings and any impact of those decisions on our ability to maintain compliance with the covenants in the KFM Credit Facility;
the sufficiency of liquidity to fund our operations and capital expenditures;
our access to capital, including constraints from the cost and availability of debt and equity financing;
our ability to comply with, or amend the terms of, the covenants and restrictions imposed by the KFM Credit Facility;
our ability to execute our stated business strategy;
our reserve quantities and the present value of our reserves;
our ability to replace the reserves we produce through drilling and through acquisitions;
our exploration and drilling prospects, inventories, projects and programs;
our drilling, completion and production technology;
future oil and gas prices;
the supply and demand for our production and our midstream services;
the timing and amount of our future production;
our hedging strategy and expected results;
competition and government regulation;
our ability to obtain permits and governmental approvals;
expected or anticipated regulatory changes, including to the Oklahoma forced pooling system;
pending legal and environmental matters;
our future drilling plans, spacing plans and development pace;
our marketing of our production;
our leasehold or business acquisitions;
our costs of developing our properties;
our ability to hire, train or retain qualified personnel;
general economic conditions;
operating hazards and other risks incidental to transporting, storing, gathering and processing natural gas, natural gas liquids and crude oil;
our future operating results, including production levels, initial production rates and yields in our type curve areas;
the costs, terms and availability of midstream services;
our ability to collect receivables from High Mesa, Inc. and its subsidiaries; and
our plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.


1

Table of Contents
Index to Financial Statements

We caution you that any forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and sale of oil, natural gas and natural gas liquids. Some factors that could cause actual results to differ materially from those expressed or implied by these forward looking statements include, but are not limited to, the ability to confirm and consummate a plan of reorganization; risks attendant to the bankruptcy process, including the effects thereof on our business and on the interests of various constituents, the length of time that we might be required to operate in bankruptcy and the continued availability of operating capital during the pendency of such proceedings; risks associated with third party motions in any bankruptcy case, which may interfere with the ability to confirm and consummate a plan of reorganization; potential adverse effects on our liquidity or results of operations; increased costs to execute the reorganization; effects on the market price of our common stock and on our ability to access the capital markets; commodity price volatility, global economic conditions, including supply and demand levels for oil, gas and NGLs, inflation, increased operating costs, lack of availability of drilling and production equipment, supplies, services and qualified personnel, liabilities resulting from litigation or the SEC investigation, difficulties in obtaining necessary approvals and permits, uncertainties related to new technologies, geographical concentration of our operations, environmental risks, weather risks, security risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating oil and gas reserves and in projecting future rates of production, reductions in cash flow, lack of access to capital, our ability to satisfy future cash obligations, restrictions in our debt agreements, the timing of development expenditures, managing our growth and integration of acquisitions, cyber-attacks, failure to realize expected value creation from property acquisitions, title defects, limited control over non-operated properties, and the other risks described in Risk Factors in our 2018 10-K and in the 10-Q for the period ended March 31, 2019.

Estimating reserve quantities of oil, natural gas and NGLs is complex, inexact and relies on interpretations of geologic, geophysical, engineering and production data. The extent, quality, reliability and interpretation of these data can vary. The process also requires making a number of economic assumptions, such as sales prices, the relative mix of oil, natural gas and NGLs that will be ultimately produced, drilling and operating costs, capital expenditures, the effect of government regulation, taxes and availability of funds.  Future prices received for production and costs may vary, perhaps significantly, from the assumptions used in our estimates.  In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of development and related production. Accordingly, reserve estimates may differ significantly from the quantities of oil and gas that are ultimately recovered.

Should one or more of the risks or uncertainties described in this Quarterly Report, in the 2018 10-K or the 10-Q for the period ended March 31, 2019 occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances occurring after the date of this Quarterly Report.


2

Table of Contents
Index to Financial Statements

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ALTA MESA RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except shares outstanding and per share data)

Successor
 
 
Predecessor

Three Months Ended
June 30, 2019
 
Three Months Ended
June 30, 2018
 
 
Six Months Ended
June 30, 2019
 
February 9, 2018
Through
June 30, 2018
 
 
January 1, 2018
Through
February 8, 2018
Revenue
 
 
 
 
 
 
 
 
 
 
 
Oil
$
90,668

 
$
75,291

 
 
$
177,031

 
$
115,569

 
 
$
30,972

Natural gas
12,384

 
7,980

 
 
30,834

 
13,190

 
 
4,276

Natural gas liquids
10,251

 
10,241

 
 
21,467

 
14,955

 
 
4,000

Sales of gathered production
10,439

 
8,924

 
 
19,999

 
12,797

 
 

Midstream revenue
6,549

 
6,817

 
 
13,704

 
10,077

 
 

Other
3,014

 
2,229

 
 
6,099

 
2,784

 
 
888

Operating revenue
133,305

 
111,482

 
 
269,134

 
169,372

 
 
40,136

Gain (loss) on sale of assets

 
(63
)
 
 
1,483

 
5,076

 
 
840

Gain (loss) on derivatives
12,412

 
(29,219
)
 
 
(11,365
)
 
(51,230
)
 
 
6,663

Total revenue
145,717

 
82,200

 
 
259,252

 
123,218

 
 
47,639

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Lease operating
15,114

 
12,679

 
 
35,058

 
20,996

 
 
4,408

Transportation, processing and marketing
6,837

 
5,396

 
 
11,440

 
8,755

 
 
3,725

Midstream operating
6,520

 
3,313

 
 
12,671

 
3,900

 
 

Cost of sales for purchased gathered production
8,720

 
8,902

 
 
18,415

 
12,711

 
 

Production taxes
5,117

 
2,606

 
 
10,600

 
4,021

 
 
953

Workovers
807

 
333

 
 
1,120

 
1,578

 
 
423

Exploration
3,289

 
8,083

 
 
5,343

 
9,668

 
 
7,003

Depreciation, depletion and amortization
38,009

 
33,934

 
 
75,908

 
49,613

 
 
11,670

Impairment of assets
6,500

 

 
 
6,500

 

 
 

General and administrative
27,172

 
22,456

 
 
56,690

 
60,208

 
 
21,234

Total operating expenses
118,085

 
97,702

 
 
233,745

 
171,450

 
 
49,416

Operating income
27,632

 
(15,502
)
 
 
25,507

 
(48,232
)
 
 
(1,777
)
Other income (expense)
 
 
 
 
 
 
 
 
 
 
 
Interest expense
(16,755
)
 
(11,779
)
 
 
(32,215
)
 
(17,223
)
 
 
(5,511
)
Interest income
79

 
824

 
 
130

 
1,370

 
 
172

Equity in earnings of unconsolidated subsidiaries
643

 

 
 
742

 

 
 

Total other income (expense), net
(16,033
)
 
(10,955
)
 
 
(31,343
)
 
(15,853
)
 
 
(5,339
)
Income (loss) from continuing operations before income taxes
11,599

 
(26,457
)
 
 
(5,836
)
 
(64,085
)
 
 
(7,116
)
Income tax provision (benefit)

 
(3,791
)
 
 

 
(7,665
)
 
 

Income (loss) from continuing operations
11,599

 
(22,666
)
 
 
(5,836
)
 
(56,420
)
 
 
(7,116
)
Loss from discontinued operations, net of tax

 

 
 

 

 
 
(7,746
)
Net income (loss)
11,599

 
(22,666
)
 
 
(5,836
)
 
(56,420
)
 
 
$
(14,862
)
Net income (loss) attributable to noncontrolling interests
9,354

 
(16,066
)
 
 
326

 
(36,490
)
 
 
 
Net income (loss) attributable to Alta Mesa Resources, Inc. stockholders
$
2,245

 
$
(6,600
)
 
 
$
(6,162
)
 
$
(19,930
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attributable to Alta Mesa Resources, Inc. stockholders:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) per share - basic and diluted
$
0.01

 
$
(0.04
)
 
 
$
(0.03
)
 
$
(0.12
)
 
 
 
Weighted average shares outstanding - basic
180,742,049

 
173,345,982

 
 
180,505,318

 
171,908,486

 
 
 
Weighted average shares outstanding - diluted
180,742,049

 
207,965,929

 
 
180,505,318

 
208,112,707

 
 
 
The accompanying notes are an integral part of these financial statements.

3

Table of Contents
Index to Financial Statements

ALTA MESA RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except shares and per share data)
໿

June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
91,111

 
$
26,854

Restricted cash
890

 
1,001

Accounts receivable, net
73,776

 
87,842

Other receivables
3,635

 
6,331

Related party receivables, net
2,310

 
3,341

Prepaid expenses and other
5,575

 
1,125

Derivatives
4,727

 
16,423

Total current assets
182,024

 
142,917

Property and equipment, net
 
 
 
Oil and gas properties, successful efforts method
784,079

 
763,337

Other property and equipment
470,547

 
444,269

Total property and equipment, net
1,254,626

 
1,207,606

Other assets
 
 
 
Operating lease right-of-use assets, net
8,180

 

Equity method investment
1,842

 
1,100

Deferred financing costs, net
2,836

 
3,195

Deposits and other long-term assets
41

 
65

Derivatives
2,508

 
2,947

Total other assets
15,407

 
7,307

Total assets
$
1,452,057

 
$
1,357,830




June 30, 2019
 
December 31, 2018
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities
 
 
 
Current portion of debt
$
1,089,162

 
$
690,123

Accounts payable and accrued liabilities
109,901

 
247,439

Advances from non-operators
1,755

 
5,193

Advances from related party
4,003

 
9,839

Asset retirement obligations, current portion
44

 
2,079

Current operating lease liability
1,018

 

Derivatives
840

 
1,710

Total current liabilities
1,206,723

 
956,383

Long-term liabilities
 
 
 
Asset retirement obligations, net of current portion
12,442

 
9,473

Long-term debt, net

 
174,000

Other long-term liabilities
5,096

 
1,667

Operating lease liabilities, net of current portion
13,962

 

Derivatives
189

 
180

Total long-term liabilities
31,689

 
185,320

Total liabilities 
1,238,412

 
1,141,703

          Preferred Stock, $0.0001 par value


 


Class A: 1,000,000 shares authorized; 3 shares issued; 2 outstanding

 

Class B: 1,000,000 shares authorized; 1 share issued and outstanding

 

Common stock, $0.0001 par value
 
 
 
Class A: 1,200,000,000 shares authorized; 182,636,433 shares issued and outstanding (180,072,227 issued and outstanding at December 31, 2018)
18

 
18

Class C: 280,000,000 shares authorized; 199,987,976 and 202,169,576 issued and outstanding at June 30, 2019 and December 31, 2018
20

 
20

Additional paid in capital
1,509,716

 
1,503,382

Accumulated deficit
(1,538,975
)
 
(1,532,813
)
Total stockholders’ equity
(29,221
)
 
(29,393
)
Noncontrolling interests
242,866

 
245,520

Total equity
213,645

 
216,127

Total liabilities and stockholders’ equity
$
1,452,057

 
$
1,357,830

The accompanying notes are an integral part of these financial statements.
 


4

Table of Contents
Index to Financial Statements

ALTA MESA RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in thousands)

Successor
 
 
Predecessor

Six Months Ended
June 30, 2019
 
February 9, 2018
Through
June 30, 2018
 
 
January 1, 2018
Through
February 8, 2018
Cash flows from operating activities:
 
 
 
 
 
 
Net loss
$
(5,836
)
 
$
(56,420
)
 
 
$
(14,862
)
Adjustments to reconcile net loss to cash from operating activities:
 
 
 
 
 
 
Depreciation, depletion and amortization
75,908

 
49,613

 
 
12,554

Non-cash lease expense
1,675

 

 
 

Provision for uncollectible receivables
1,177

 

 
 

Impairment of assets
6,500

 

 
 
5,560

Amortization of deferred financing costs
368

 
152

 
 
171

Amortization of debt premium
(2,462
)
 
(2,051
)
 
 

Equity-based compensation expense
3,519

 
7,729

 
 

Non-cash exploration expense
388

 
7,288

 
 
4,575

(Gain) loss on derivatives
11,365

 
51,230

 
 
(6,663
)
Cash settlements of derivatives
909

 
(18,334
)
 
 
(2,296
)
Premium paid on derivatives
(1,000
)
 

 
 

Interest converted into debt

 

 
 
103

Interest added to notes receivable from affiliate

 
(417
)
 
 
(85
)
Deferred tax provision (benefit)

 
(7,665
)
 
 

Loss on sale of fixed assets
114

 
63

 
 
1,923

Equity in earnings of unconsolidated subsidiaries
(742
)
 

 
 

Impact on cash from changes in:
 
 
 
 
 
 
Accounts receivable
13,744

 
(9,143
)
 
 
(21,184
)
Other receivables
2,696

 
996

 
 
(662
)
Related party receivables
179

 
(6,260
)
 
 
(117
)
Prepaid expenses and other assets
(4,426
)
 
8,116

 
 
(591
)
Advances from related party
(154
)
 
(10,371
)
 
 
24,116

Settlement of asset retirement obligations

(5,835
)
 
(806
)
 
 
(63
)
Accounts payable, accrued liabilities and other liabilities
(12,123
)
 
(78,542
)
 
 
23,857

Operating lease obligations
(1,376
)
 

 
 

Cash from operating activities
84,588

 
(64,822
)
 
 
26,336

Cash flows from investing activities:
 
 
 
 
 
 
Capital expenditures
(247,942
)
 
(340,631
)
 
 
(36,695
)
Acquisitions, net of cash acquired

 
(791,819
)
 
 
(1,218
)
Proceeds withdrawn from trust account

 
1,042,742

 
 

Investment in equity affiliate and other, net

 
(6,945
)
 
 

Cash from investing activities
(247,942
)
 
(96,653
)
 
 
(37,913
)
Cash flows from financing activities:
 
 
 
 
 
 
Proceeds from long-term debt borrowings
227,500

 
80,000

 
 
60,000

Repayments of long-term debt

 
(193,565
)
 
 
(43,000
)
Deferred financing costs paid

 
(3,670
)
 
 

Capital distributions

 

 
 
(68
)
Proceeds from issuance of Class A shares

 
400,000

 
 

Repayment of sponsor note

 
(2,000
)
 
 

Repayment of deferred underwriting compensation

 
(36,225
)
 
 

Redemption of Class A common shares

 
(33
)
 
 

Cash from financing activities
227,500

 
244,507

 
 
16,932

Net increase in cash, cash equivalents and restricted cash
64,146

 
83,032

 
 
5,355

Cash, cash equivalents and restricted cash, beginning of period
27,855

 
388

 
 
4,990

Cash, cash equivalents and restricted cash, end of period
$
92,001

 
$
83,420

 
 
$
10,345

 
The accompanying notes are an integral part of these financial statements.

5

Table of Contents
Index to Financial Statements

ALTA MESA RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Successor)
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Common Stock
 
 
 
 
 
Total
 
 
 
 

Class A
 
Class B
 
Class C
 
Paid-In
 
Accumulated
 
Stockholders’
 
Noncontrolling
 
Total

Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Capital
 
Deficit
 
Equity
 
Interests
 
Equity
Balance at February 8, 2018
3,862

 
$

 
25,875

 
$
3

 

 
$

 
$
3,106

 
$
(8,114
)
 
$
(5,005
)
 
$

 
$
(5,005
)
Conversion of common shares from Class B to Class A at closing of Business Combination
25,875

 
3

 
(25,875
)
 
(3
)