Investor Presentation June 2023
NON-GAAP
Reconciliations:
Adjusted EBITDA
& Other
Adjusted EBITDA and Adjusted EBIT by Year (in thousands)
2020
2021
2022
Net Income (Loss)
$
(906,041) $
6,361 $
773,237
Add:
Interest Expense
Income Tax Provision (Benefit)
Depreciation, Depletion, Amortization and Accretion
58,503
(166)
162,120
59,020
233
140,828
80,331
3,101
251,272
Impairment of Oil and Natural Gas Properties
1,066,668
Non-Cash Share Based Compensation
4,119
3,621
5,656
Write-off of Debt Issuance Costs
1,543
(Gain) Loss on the Extinguishment of Debt
3,718
13,087
(810)
Contingent Consideration (Gain) Loss
169
292
(1,859)
Acquisition Costs
(Gain) Loss on Unsettled Interest Rate Derivatives
8,190
16,593
1,019
(1,043)
(993)
(Gain) Loss on Unsettled Commodity Derivatives
Adjusted EBITDA
(39,878)
312,370
(40,187)
$
351,774 $
542,959 $ 1,086,341
Adjusted EBIT
$
189,654 $
402,131 $
835,069
Adjusted EBITDA and Adjusted EBIT by Quarter (in thousands)
Net Income (Loss)
Add:
Interest Expense
Q1 21
$
(90,357) $
Q2 21
(90,563) $
Q3 21
12,553 $
Q4 21
174,727 $
Q1 22
(206,560) $
Q2 22
251,264 $
Q3 22
583,465 $
Q4 22
145,068 $
Q1 23
340,191
13,510
15,024
14,586
Income Tax Provision (Benefit)
15,899
233
17,978
789
Depreciation, Depletion, Amortization and Accretion
Non-Cash Share Based Compensation
31,221
768
30,908
35,885
42,814
779
699
1,374
53,185
1,447
18,410
1,006
54,796
20,135
1,333
23,808
(27)
30,143
692
65,975
77,317
94,618
1,421
1,341
1,447
2,151
(Gain) Loss on the Extinguishment of Debt
12,594
494
(236)
(339)
(235)
(659)
Contingent Consideration (Gain) Loss
125
250
(82)
(1,859)
(6,176)
Acquisition Transaction Costs
2,511
3,016
677
1,986
6,848
514
(Gain) Loss on Unsettled Interest Rate Derivatives
(240)
(121)
(92)
(589)
(1,290)
(524)
2,932
42
6,299
3,481
(Gain) Loss on Unsettled Commodity Derivatives
128,638
173,057
71,845
(61,170)
384,227
(54,117)
Adjusted EBITDA
$
Adjusted EBIT
$
98,770 $
67,549 $
132,844 $
101,936 $
136,071 $
100,186 $
175,274 $
132,460 $
256,623 $
203,438 $
272,534 $
217,738 $
(382,500)
292,384 $
226,409 $
779
12,203
264,800 $
187,484 $
1,017
(139,987)
325,472
230,854
Other Non-GAAP Metrics by Quarter (in thousands)
Q1 21
Q2 21
Q3 21
Q4 21
Q1 22
Q2 22
Q3 22
Q4 22
Q1 23
Total General and Adminstrative Expense
Non-cash General and Adminstrative Expense
$
6,783 $
7,605 $
769
779
Total General and Adminstrative Expense - Cash
Less: Acquisition Costs - Cash
6,014
6,826
5,490 $
699
4,791
10,463 $
13,813 $
8,065
$
10,277 $
15,045 $
13,000
1,374
1,447
1,421
1,341
1,447
2,151
9,089
12,366
6,644
8,936
13,598
10,849
(2,511)
(3,016)
Total General and Adminstrative Expense - Cash Adjusted
$
3,503 $
3,810 $
(677)
4,114 $
(1,986)
(6,848)
7,103 $
5,518 $
(514)
6,130 $
(2,932)
(6,299)
(3,481)
6,004 $
7,299 $
7,368
Total Principal Balance on Debt
$
Less: Cash and Cash Equivalents
Net Debt
$
828,669 $
(2,729)
825,940 $
813,000 $
(4,843)
808,157
$
869,000 $
(2,006)
866,994 $
805,000
(9,519)
795,481 $
$
1,121,000 $
(3,335)
1,117,665 $
1,103,625 $
(1,471)
1,102,154 $
1,170,555 $
(9,129)
1,161,426 $
1,543,235 $
(2,528)
1,540,707 $
1,774,108
(6,073)
1,768,035
Note: Adjusted EBITDA, Adjusted EBIT, Adjusted Cash G&A and Net Debt are non-GAAP measures.
Investor Presentation June 2023 | 32 NOGView entire presentation