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00016550202019Q3TRUEDue to an accounting error relating to the improper identification of the contract term for one of the Company’s revenue contracts that included an automatic renewal provision, the Company is filing this amendment to provide updated numbers.--12-310.010.0150,000,00050,000,000185,280185,280185,280185,2800.010.01900,000,000900,000,000171,893,157171,834,605171,893,157171,834,605165,38525255050757590901.3335.7900.021one yearone yeartwo yearsthree yearsthree yearsone yeartwo yearsthree yearssix monthssix monthstwelve monthseighteen months4,500,00011,472,445ten yearsseven yearsthree 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q/A
Amendment No. 2
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 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 001-37907
https://cdn.kscope.io/e44182394a757aeb13c4c8e9599025bc-xog-20190930_g1.jpg
EXTRACTION OIL & GAS, INC.
(Exact name of registrant as specified in its charter)

Delaware46-1473923
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
370 17th Street
Suite 5300
Denver,Colorado80202
(Address of principal executive offices)
(720) 557-8300
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, par value $0.01XOGNASDAQ Global Select Market

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 filerAccelerated filer
Non-accelerated filerSmaller 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  

The total number of shares of common stock, par value $0.01 per share, outstanding as of December 20, 2019 was 138,657,726.




EXPLANATORY NOTE

This Amendment No. 2 to the Quarterly Report on Form 10Q/A (this “Amendment”) is being filed by Extraction Oil & Gas, Inc. (the “Company”) to amend the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which was originally filed with the Securities and Exchange Commission (the “SEC”) on November 7, 2019 (the “Original Filing”) and further amended and filed on November 8, 2019 (“Amendment No. 1”).

On December 17, 2019, the Company’s management concluded, and the audit committee concurred, that the Company’s previously issued Amendment No. 1 condensed consolidated financial statements should no longer be relied upon. This conclusion was reached due to an accounting error relating to the improper identification of the contract term for one of the Company’s revenue contracts that included an automatic renewal provision. The contract term impacts the amount of consideration that can be included in the transaction price. The Company had accounted for revenue relating to the contract assuming a term ending in August 2023. Upon subsequent review, the Company determined that the proper accounting treatment pursuant to ASC 606 - Revenue from Contracts with Customers would have been to evaluate the contract with a term ending on April 30, 2021 because the contract may be terminated by either party with no penalty effective as of such date. However, the contract cannot be extended beyond October 2026. Accounting for the contract with an earlier termination date results in a decrease to the Company’s revenues, net income and adjustments to the Company’s assets and liabilities as reported in Amendment No. 1.

This amendment is being filed solely to (i) restate the condensed consolidated financial statements for the accounting error described above to the condensed consolidated financial statements (and make corresponding changes to Risk Factors and the Management’s Discussion and Analysis of Financial Condition and Results of Operations sections in this Amendment) and (ii) amend Item 4 (Controls and Procedures).

The following sections in the Original Filing and in Amendment No. 1 are revised in this Form 10-Q/A to reflect the restatement:

Part I - Item 1 - Condensed Consolidated Financial Statements (Unaudited)
Part I - Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations
Part I - Item 4 - Controls and Procedures
Part II - Item 1A - Risk Factors
Part II - Item 6 - Exhibits

Our principal executive officer and principal financial officer have also provided new certifications as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. The certifications are included in this Form 10-Q/A as Exhibits 31.1, 31.2, 32.1 and 32.2. For the convenience of the reader, this Form 10-Q/A sets forth the information in the Original Filing in its entirety, as such information, as well as the information in Amendment No. 1, are modified and superseded where necessary to reflect the restatement. Except as provided above, this Amendment No. 2 does not reflect events occurring after the filing of the Original Filing and does not amend or otherwise update any information in the Original Filing. Accordingly, this Form 10-Q/A should be read in conjunction with our filings with the SEC subsequent to the date on which we filed the Original Filing with the SEC.



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GLOSSARY OF OIL AND GAS TERMS

Unless indicated otherwise or the context otherwise requires, references in this Quarterly Report on Form 10-Q (“Quarterly Report”) to the "Company," “Extraction,” "us," "we," "our," or "ours" or like terms refer to Extraction Oil & Gas, Inc., together with its consolidated subsidiaries. When the context requires, we refer to these entities separately.

The terms defined in this section are used throughout this Quarterly Report:

"Bbl" means one stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to oil or other liquid hydrocarbons.

"Bbl/d" means Bbl per day.

"Btu" means one British thermal unit – a measure of the amount of energy required to raise the temperature of a one-pound mass of water one degree Fahrenheit at sea level.

"BOE" means barrels of oil equivalent. Oil equivalents are determined using the ratio of six Mcf of gas (including gas liquids) to one Bbl of oil.

"BOE/d" means BOE per day.

"CIG" means Colorado Interstate Gas, which is calculated as NYMEX Henry Hub index price less the Rocky Mountains (CIGC) Inside FERC fixed price.

"Completion" means the installation of permanent equipment for the production of oil or natural gas.

“Dekatherms” means a unit of energy used primarily to measure natural gas equal to 1,000,000 Btus (MMBtu).

"Field" means an area consisting of a single reservoir or multiple reservoirs all grouped on or related to the same individual geological structural feature or stratigraphic condition.

"Fracturing" or "hydraulic fracturing" means a procedure to stimulate production by forcing a mixture of fluid and proppant (usually sand) into the formation under high pressure. This creates artificial fractures in the reservoir rock, which increases permeability and porosity.

"Gas" or "Natural gas" means the lighter hydrocarbons and associated non-hydrocarbon substances occurring naturally in an underground reservoir, which under atmospheric conditions are essentially gases but which may contain liquids.

"Gross Acres" or "Gross Wells" means the total acres or wells, as the case may be, in which we have a working interest.

"Henry Hub" means Henry Hub index. Natural gas distribution point where prices are set for natural gas futures contracts traded on the NYMEX.

"Horizontal drilling" or "horizontal well" means a wellbore that is drilled laterally.

"Leases" means full or partial interests in oil or gas properties authorizing the owner of the lease to drill for, produce and sell oil and natural gas in exchange for any or all of rental, bonus and royalty payments. Leases are generally acquired from private landowners (fee leases) and from federal and state governments on acreage held by them.

"MBbl" One thousand barrels of oil, condensate or NGL.

"MBoe" One thousand barrels of oil equivalent. Oil equivalents are determined using the ratio of six Mcf of gas (including gas liquids) to one Bbl of oil.

"Mcf" is an abbreviation for "1,000 cubic feet," which is a unit of measurement of volume for natural gas.

"MMBtu" One million Btus.

"MMcf" is an abbreviation for "1,000,000 cubic feet," which is a unit of measurement of volume for natural gas.

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"Net Acres" or "Net Wells" is the sum of the fractional working interests owned in gross acres or wells, as the case may be, expressed as whole numbers and fractions thereof.

"NGL" means natural gas liquids.

"NYMEX" means New York Mercantile Exchange.

"Proved reserves" means those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

"Reasonable certainty" means a high degree of confidence that the reserves quantities will be recovered, when a deterministic method is used. A high degree of confidence exists if the reserves quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical and geochemical), engineering and economic data are made to estimated ultimate recovery (“EUR”) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

"Reservoir" means a porous and permeable underground formation containing a natural accumulation of producible natural gas and/or oil that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs.

"Royalty" means the share paid to the owner of mineral rights, expressed as a percentage of gross income from oil and natural gas produced and sold unencumbered by expenses relating to the drilling, completing and operating of the affected well.

"SEC" means the Securities and Exchange Commission.

"Undeveloped leasehold acreage" means the leased acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and natural gas, regardless of whether such acreage contains estimated net proved reserves.

"Wattenberg Field" means the Greater Wattenberg Area within the Denver-Julesburg Basin of Colorado as defined by the Colorado Oil and Gas Conservation Commission, which are the lands from and including Townships 2 South to 7 North and Ranges 61 West to 69 West, Six Principal Median.

"Working interest" means an interest in an oil and natural gas lease entitling the holder at its expense to conduct drilling and production operations on the leased property and to receive the net revenues attributable to such interest, after deducting the landowner's royalty, any overriding royalties, production costs, taxes and other costs.

"WTI" means the price of West Texas Intermediate oil on the NYMEX.



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PART I. FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
EXTRACTION OIL & GAS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
September 30,
2019
December 31,
2018
As restated
ASSETS
Current Assets:
Cash and cash equivalents$57,728  $234,986  
Accounts receivable
Trade55,095  41,695  
Oil, natural gas and NGL sales69,750  91,225  
Inventory, prepaid expenses and other28,854  26,816  
Commodity derivative asset66,480  48,907  
Assets held for sale  21,008  
Total Current Assets277,907  464,637  
Property and Equipment (successful efforts method), at cost:
Proved oil and gas properties4,494,226  3,916,622  
Unproved oil and gas properties572,400  609,284  
Wells in progress104,429  144,323  
Less: accumulated depletion, depreciation and amortization(1,498,608) (1,152,590) 
Net oil and gas properties3,672,447  3,517,639  
Gathering systems and facilities307,038  114,469  
Other property and equipment, net of accumulated depreciation73,265  39,849  
Net Property and Equipment4,052,750  3,671,957  
Non-Current Assets:
Commodity derivative asset41,520  8,432  
Other non-current assets69,290  21,001  
Total Non-Current Assets110,810  29,433  
Total Assets$4,441,467  $4,166,027  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities$216,194  $186,218  
Revenue payable96,140  117,344  
Production taxes payable114,969  57,516  
Commodity derivative liability108  196  
Accrued interest payable17,272  22,249  
Asset retirement obligations26,426  15,729  
Liabilities related to assets held for sale  3,146  
Total Current Liabilities471,109  402,398  
Non-Current Liabilities:
Credit facility550,000  285,000  
Senior Notes, net of unamortized debt issuance costs1,085,217  1,132,659  
Production taxes payable70,560  115,607  
Commodity derivative liability83    
Other non-current liabilities55,752  8,072  
Asset retirement obligations67,500  54,062  
Deferred tax liability110,076  109,176  
Total Non-Current Liabilities1,939,188  1,704,576  
Total Liabilities2,410,297  2,106,974  
Commitments and Contingencies—Note 11
Series A Convertible Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 185,280 issued and outstanding169,282  164,367  
Stockholders' Equity:
Common stock, $0.01 par value; 900,000,000 shares authorized; 138,073,124 and 171,666,485 issued and outstanding1,336  1,678  
Treasury stock, at cost, 38,859,078 and 4,543,262 shares(170,138) (32,737) 
Additional paid-in capital2,164,921  2,153,661  
Accumulated deficit(392,452) (375,788) 
Total Extraction Oil & Gas, Inc. Stockholders' Equity1,603,667  1,746,814  
Noncontrolling interest258,221  147,872  
Total Stockholders' Equity1,861,888  1,894,686  
Total Liabilities and Stockholders' Equity$4,441,467  $4,166,027  
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF
THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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EXTRACTION OIL & GAS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2019201820192018
As restatedAs restated
Revenues:
Oil sales$151,042  $225,467  $501,591  $619,211  
Natural gas sales16,801  23,103  74,385  66,991  
NGL sales9,099  33,590  44,940  86,369  
Total Revenues176,942  282,160  620,916  772,571  
Operating Expenses:
Lease operating expenses22,979  20,283  68,445  61,760  
Transportation and gathering6,922  11,786  29,142  29,284  
Production taxes9,711  21,605  46,419  66,317  
Exploration expenses13,245  11,038  32,725  21,326  
Depletion, depreciation, amortization and accretion114,996  107,315  352,134  310,296  
Impairment of long lived assets  16,166  11,233  16,294  
Gain on sale of property and equipment and assets of unconsolidated subsidiary(1,011) (83,559) (1,329) (143,461) 
General and administrative expenses27,445  35,365  85,835  100,565  
Total Operating Expenses194,287  139,999  624,604  462,381  
Operating Income (Loss)(17,345) 142,161  (3,688) 310,190  
Other Income (Expense):
Commodity derivatives gain (loss)87,956  (35,913) 39,383  (175,752) 
Interest expense(23,224) (20,725) (54,791) (103,229) 
Other income1,337  1,827  3,332  3,094  
Total Other Income (Expense)66,069  (54,811) (12,076) (275,887) 
Income (Loss) Before Income Taxes48,724  87,350  (15,764) 34,303  
Income tax expense(14,800) (22,200) (900) (12,300) 
Net Income (Loss)$33,924  $65,150  $(16,664) $22,003  
Net income attributable to noncontrolling interest5,776  3,305  13,849  3,305  
Net Income (Loss) Attributable to Extraction Oil & Gas, Inc.28,148  61,845  (30,513) 18,698  
Adjustments to reflect Series A Preferred Stock dividends and accretion of discount(4,403) (4,236) (13,079) (12,593) 
Net Income (Loss) Attributable to Common Shareholders23,745  57,609  (43,592) 6,105  
Income (Loss) Per Common Share (Note 10)
Basic and diluted$0.17  $0.33  $(0.28) $0.03  
Weighted Average Common Shares Outstanding
Basic and diluted137,789  175,814  155,847  175,269  


THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF
THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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EXTRACTION OIL & GAS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN
STOCKHOLDERS’ EQUITY AND NONCONTROLLING INTEREST
(In thousands)
(Unaudited)
As restated

Common Stock  Treasury Stock  Additional Paid in Capital  Accumulated Deficit  Extraction Oil & Gas, Inc. Stockholders' Equity  Noncontrolling interest  Total Stockholders' Equity  
Shares  Amount  Shares  Amount  Amount  
Balance at January 1, 2019176,210  $1,678  4,543  $(32,737) $2,153,661  $(375,788) $1,746,814  $147,872  $1,894,686  
Preferred Units issuance costs—  —  —  —  —  —  —  (10) (10) 
Preferred Units commitment fees & dividends paid-in-kind—  —  —  —  (3,975) —  (3,975) 3,975    
Stock-based compensation—  —  —  —  13,008  —  13,008  —  13,008  
Series A Preferred Stock dividends—  —  —  —  (2,721) —  (2,721) —  (2,721) 
Accretion of beneficial conversion feature on Series A Preferred Stock—  —  —  —  (1,596) —  (1,596) —  (1,596) 
Repurchase of common stock—  (77) 7,824  (32,135) —  —  (32,212) —  (32,212) 
Restricted stock issued, including payment of tax withholdings using withheld shares270  —  —  —  (454) —  (454) —  (454) 
Net loss—  —  —  —  —  (94,032) (94,032) —  (94,032) 
Balance at March 31, 2019176,480  $1,601  12,367  $(64,872) $2,157,923  $(469,820) $1,624,832  $151,837  $1,776,669  
Preferred Units issuance costs—  —  —  —  —  —  —  10  10  
Preferred Units commitment fees & dividends paid-in-kind—  —  —  —  (4,098) —  (4,098) 4,098    
Stock-based compensation—  —  —  —  14,957  —  14,957  —  14,957  
Series A Preferred Stock dividends—  —  —  —  (2,722) —  (2,722) —  (2,722) 
Accretion of beneficial conversion feature on Series A Preferred Stock—  —  —  —  (1,637) —  (1,637) —  (1,637) 
Repurchase of common stock—  (217) 21,685  (84,067) —  —  (84,284) —  (84,284) 
Restricted stock issued, including payment of tax withholdings using withheld shares108  —  —  —  (128) —  (128) —  (128) 
Net income—  —  —  —  —  43,444  43,444  —  43,444  
Balance at June 30, 2019176,588  $1,384  34,052  $(148,939) $2,164,295  $(426,376) $1,590,364  $155,945  $1,746,309  
Preferred Units issued—  —  —  —  —  —  —  99,000  99,000  
Preferred Units issuance costs—  —  —  —  —  —  —  (2,500) (2,500) 
Preferred Units commitment fees & dividends paid-in-kind—  —  —  —  (5,776) —  (5,776) 5,776    
Stock-based compensation—  —  —  —  11,387  —  11,387  —  11,387  
Series A Preferred Stock dividends—  —  —  —  (2,721) —  (2,721) —  (2,721) 
Accretion of beneficial conversion feature on Series A Preferred Stock—  —  —  —  (1,682) —  (1,682) —  (1,682) 
Repurchase of common stock—  (48) 4,807  (21,199) —  —  (21,247) —  (21,247) 
Restricted stock issued, including payment of tax withholdings using withheld shares344  —  —  —  (582) —  (582) —  (582) 
Net income—  —  —  —  —  33,924  33,924  —  33,924  
Balance at September 30, 2019176,932  $1,336  38,859  $(170,138) $2,164,921  $(392,452) $1,603,667  $258,221  $1,861,888  



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Common Stock  Treasury Stock  Additional Paid in Capital  Accumulated Deficit  Extraction Oil & Gas, Inc. Stockholders' Equity  Noncontrolling interest  Total Stockholders' Equity  
Shares  Amount  Shares  Amount  Amount  
Balance at January 1, 2018172,060  $1,718  165  $(2,105) $2,114,795  $(497,643) $1,616,765  $—  $1,616,765  
Stock-based compensation2,794  —  —  —  15,721  —  15,721  —  15,721  
Series A Preferred Stock dividends—  —  —  —  (2,721) —  (2,721) —  (2,721) 
Accretion of beneficial conversion feature on Series A Preferred Stock—  —  —  —  (1,438) —  (1,438) —  (1,438) 
Repurchase of common stock—  —  166  (2,309) —  —  (2,309) —  (2,309) 
Restricted stock issued, including payment of tax withholdings using withheld shares852  —  —  —  (2,305) —  (2,305) —  (2,305) 
Net loss—  —  —  —    (51,995) (51,995) —  (51,995) 
Balance at March 31, 2018175,706  $1,718  331$(4,414) $2,124,052  $(549,638) $1,571,718  $  $1,571,718