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Nov. 6, 2019, 4:18 p.m. EST


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        Item 2. - Management's Discussion and Analysis of Financial Condition and
        Results of Operations
        The following discussion and analysis of our financial condition and results of
        operations should be read in conjunction with "Management's Discussion and
        Analysis of Financial Condition and Results of Operations" contained in our
        Annual Report on Form 10-K for the year ended December 31, 2018 ("2018 Annual
        Report"), as well as the unaudited condensed consolidated financial statements
        and notes thereto included in this Quarterly Report on Form 10-Q.
        This Quarterly Report on Form 10-Q contains forward-looking statements within
        the meaning of Section 27A of the Securities Act of 1933, as amended, and
        Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange
        Act"). These forward-looking statements are subject to a number of risks and
        uncertainties, many of which are beyond our control. All statements, other than
        statements of historical fact included in this Quarterly Report on Form 10-Q,
        regarding our strategic tactics, future operations, financial position,
        estimated revenues and losses, projected costs, prospects, plans and objectives
        of management are forward-looking statements. When used in this Quarterly Report
        on Form 10-Q, the words "could," "believe," "anticipate," "intend," "estimate,"
        "expect," "may," "continue," "predict," "potential," "project" and similar
        expressions are intended to identify forward-looking statements, although not
        all forward-looking statements contain such identifying words. In particular,
        the factors discussed below and detailed under Part II, Item 1A. "Risk Factors"
        in our 2018 Annual Report could affect our actual results and cause our actual
        results to differ materially from expectations, estimates, or assumptions
        expressed in, forecasted in, or implied in such forward-looking statements.
        Forward-looking statements may include statements about:
         our business strategic tactics;
         estimated future net reserves and present value thereof;
         timing and amount of future production of crude oil and natural gas;
         drilling and completion of wells;
         estimated inventory of wells remaining to be drilled and completed;
         costs of exploiting and developing our properties and conducting other
         availability of drilling, completion and production equipment and materials;
         availability of qualified personnel;
         owning and operating a midstream company, including ownership interests in a
        master limited partnership;
         owning and operating a well services company;
         infrastructure for produced and flowback water gathering and disposal;
         gathering, transportation and marketing of crude oil and natural gas, both in
        the Williston and Delaware Basins and other regions in the United States;
         property acquisitions;
         integration and benefits of property acquisitions or the effects of such
        acquisitions on our cash position and levels of indebtedness;
         the amount, nature and timing of capital expenditures;
         availability and terms of capital;
         our financial strategic tactic, budget, projections, execution of business plan
        and operating results;
         cash flows and liquidity;
         crude oil and natural gas realized prices;
         general economic conditions;
         operating hazards, natural disasters, weather-related delays, casualty losses
        and other matters beyond our control;
         potential effects arising from cyber threats, terrorist attacks and any
        consequential or other hostilities;
         changes in environmental, safety and other laws and regulations;
         effectiveness of risk management activities;
         competition in the crude oil and natural gas industry;
         counterparty credit risk;

                                                                                                                                                      Nine Months Ended September
                                                          Three Months Ended September 30,                                                                        30,
                                                    2019                2018              Change                2019                 2018                 Change
        Operating results (in thousands)
        Crude oil revenues(1)                   $  318,564          $ 414,082          $  (95,518)         $   964,662          $ 1,103,575          $   (138,913)
        Natural gas revenues                        25,906             40,113             (14,207)             105,594              115,064                (9,470)
        Purchased oil and gas sales(1)              79,352            172,985             (93,633)             337,212              368,758               (31,546)
        Midstream revenues                          50,023             31,187              18,836              149,617               88,451                61,166
        Well services revenues                       8,898             16,262              (7,364)              30,795               46,344               (15,549)
        Total revenues                          $  482,743          $ 674,629          $ (191,886)         $ 1,587,880          $ 1,722,192          $   (134,312)
        Production data
        Williston Basin
        Crude oil (MBbls)                            5,147              5,716                (569)              15,770               16,046                  (276)
        Natural gas (MMcf)                          13,387             10,268               3,119               38,623               29,559                 9,064
        Oil equivalents (MBoe)                       7,378              7,427                 (49)              22,207               20,972                 1,235
        Average daily production (Boepd)            80,194             80,731                (537)              81,344               76,822                 4,522
        Delaware Basin
        Crude oil (MBbls)                              632                344                 288                1,524                  816                   708
        Natural gas (MMcf)                             909                513                 396                2,217                1,266                   951
        Oil equivalents (MBoe)                         784                430                 354                1,894                1,027                   867
        Average daily production (Boepd)             8,521              4,669               3,852                6,939                3,761                 3,178
        Total average daily production (Boepd)      88,715             85,400               3,315               88,283               80,583                 7,700
        Average sales prices
        Crude oil, without derivative           $    55.12          $   68.33          $   (13.21)         $     55.78          $     65.45          $      (9.67)
        settlements (per Bbl)
        Crude oil, with derivative settlements       56.03              57.50               (1.47)               56.19                55.78                  0.41
        (per Bbl)(2)
        Natural gas, without derivative               1.81               3.72               (1.91)                2.59                 3.73                 (1.14)
        settlements (per Mcf)(3)
        Natural gas, with derivative                  1.95               3.76               (1.81)                2.67                 3.77                 (1.10)
        settlements (per Mcf)(2)(3)

Nov 06, 2019

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