\nFalcon Minerals Corporation (\u201cFalcon,\u201d or the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d) (NASDAQ: FLMN, FLMNW), a leading oil and gas minerals company, today announces financial and operating results for the second quarter 2021 and declares its second quarter 2021 dividend.\n<\/p>\n
Highlights<\/b><\/p>\n \n(1)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nPlease refer to the disclosure on pages 7-8 for a reconciliation of the identified non-GAAP measures to net income, the most comparable financial measure prepared in accordance with GAAP.\n<\/p>\n<\/td>\n<\/tr>\n \n(2)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nNet income shown above includes amounts attributable to non-controlling interests.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nBryan C. Gunderson, President and Chief Executive Officer of Falcon Minerals commented, \u201cThe high net revenue interest wells that we saw turn in line late in the first quarter and early in the second quarter helped deliver compelling quarter over quarter growth. Production grew by 22% and Pro-forma Free Cash Flow grew approximately 48% sequentially over the first quarter 2021. Falcon\u2019s shareholders are benefitting directly from this Free Cash Flow generation through the company\u2019s dividend and the 50% increase to $0.15 per share.\u201d Mr. Gunderson continued by saying, \u201cThe balance sheet is strong with a 10% reduction to borrowings outstanding under the Company\u2019s credit facility and Net Debt to LTM EBITDA decreasing to 0.92x. Looking ahead to the second half of the year, we anticipate that Falcon\u2019s Free Cash Flow will provide an attractive yield to investors.\u201d Mr. Gunderson concluded by saying \u201cI am excited to welcome Matt Ockwood to the team as Chief Financial Officer. Together, we look forward to driving value for Falcon shareholders.\u201d\n<\/p>\n Financial Update<\/b><\/p>\n \nFalcon realized prices of $64.45 per barrel (\u201cbbl\u201d) for crude oil, $2.79 per thousand cubic feet (\u201cmcf\u201d) for natural gas and $25.23\/bbl for natural gas liquids (\u201cNGL\u201d) during the second quarter 2021.\n<\/p>\n \nFalcon reported net income of $7.2 million, or $0.08 of net income per Class A common share, for the second quarter 2021, which includes amounts attributable to non-controlling interests. Falcon generated royalty revenue of $18.9 million (approximately 76% oil) for the second quarter 2021. The Company reported Adjusted EBITDA (a non-GAAP measure defined and reconciled on pages 7-8) of $13.8 million for the second quarter 2021 excluding expenses associated with the executive transition in June 2021.\n<\/p>\n \nCash operating costs consisting of production and ad valorem taxes and marketing and transportation expenses for the second quarter 2021 were $1.6 million. General and administrative expense for the second quarter 2021 were impacted by expenses associated with the executive transition in June 2021, including severance and legal costs, totaling approximately $1.7 million. Excluding these expenses, as well as non-cash stock-based compensation, cash general and administrative expense was approximately $2.4 million during the quarter.\n<\/p>\n \nAs of June 30, 2021, the Company had $36.5 million of borrowings on its revolving credit facility, and $3.0 million of cash on hand, resulting in net debt of approximately $33.5 million at the end of the quarter. Falcon\u2019s net debt \/ LTM EBITDA ratio was 0.92x at June 30, 2021.(3)<\/sup><\/p>\n \n(3)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nCalculated by dividing the sum of total debt outstanding less cash on hand as of June 30, 2021 by Adjusted EBITDA for the trailing 12-month period. Please refer to the disclosure on pages 7-8 for the Reconciliation of net income to Non-GAAP Measures.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Second Quarter 2021 Dividend<\/b><\/p>\n \nFalcon\u2019s Board of Directors declared a dividend of $0.15 per Class A share for the second quarter 2021. During the second quarter 2021, the Company generated Pro-forma Free Cash Flow of $13.3 million (as described and reconciled on page 7-8) excluding expenses associated with the executive transition in June 2021. The dividend for the second quarter 2021 will be paid on September 8, 2021 to all Class A shareholders of record on August 25, 2021. The second quarter 2021 dividend does not have any effect on the current $11.34 exercise price of the Company\u2019s outstanding warrants.\n<\/p>\n \nThe Company expects that greater than 50% of its 2021 dividends will not constitute taxable dividend income and instead will result in a non-taxable reduction to the tax basis of the shareholders\u2019 common stock. The reduced tax basis will increase a shareholders\u2019 capital gain (or decrease shareholders\u2019 capital loss) when shareholders\u2019 sell their common stock.\n<\/p>\n Operational Results<\/b><\/p>\n \nFalcon\u2019s production averaged 5,034 boe\/dduring the second quarter 2021, of which approximately 49% was oil. Eagle Ford production was approximately 59% oil during the second quarter 2021. Falcon had 55 gross wells turned in line (0.51 net wells) with an average net royalty interest (\u201cNRI\u201d) of approximately 0.93% during the second quarter 2021.\n<\/p>\n \nFalcon currently has 2,206 gross producing Eagle Ford wells, and the Company\u2019s average NRI for all producing wells is approximately 1.26%.\n<\/p>\n \nAs of July 26, 2021, the Company had 171 line-of-sight wells (1.80 net wells) with an average NRI of 1.05% in various stages of development on Falcon\u2019s Eagle Ford minerals position. These wells are comprised of the following:\n<\/p>\n Line-of-Sight Wells (As of July 26, 2021)<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n Gross Wells<\/b><\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Net Wells<\/b><\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n NRI %<\/b><\/i><\/p>\n<\/td>\n<\/tr>\n \n88\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.22\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.39%\n<\/p>\n<\/td>\n<\/tr>\n \n72\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.54\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.75%\n<\/p>\n<\/td>\n<\/tr>\n \n11\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.05\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.41%\n<\/p>\n<\/td>\n<\/tr>\n 171<\/b><\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1.80<\/b><\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1.05%<\/b><\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Conference Call Details<\/b><\/p>\n \nFalcon management invites investors and interested parties to listen to the conference call to discuss second quarter 2021 results on Thursday, August 5, 2021 at 9:00 am ET. Participants for the conference call should dial (888) 567-1602 (International: (862) 298-0702). A replay of the Falcon earnings call will be available starting at 2:00 pm ET on August 5, 2021. Investors and interested parties can listen to the replay on www.falconminerals.com<\/a> in the Events page of the Investor Relations section or call (888) 539-4649 (International: (754) 333-7735). At the system prompt, dial your replay code (155510#); playback will automatically begin.\n<\/p>\n About Falcon Minerals<\/b><\/p>\n \nFalcon Minerals Corporation (NASDAQ: FLMN, FLMNW) is a C-Corporation formed to own and acquire high growth oil-weighted mineral rights. Falcon Minerals owns mineral, royalty, and over-riding royalty interests covering approximately 256,000 gross unit acres in the Eagle Ford Shale and Austin Chalk in Karnes, DeWitt, and Gonzales Counties in Texas. The Company also owns approximately 80,000 gross unit acres in the Marcellus Shale across Pennsylvania, Ohio, and West Virginia. For more information, visit our website at www.falconminerals.com<\/a>.\n<\/p>\n Cautionary Note Regarding Forward-Looking Statements<\/b><\/p>\n \nThis document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Falcon cautions readers not to place any undue reliance on these forward-looking statements as forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, future dividends paid, the tax treatment of dividends paid, Falcon\u2019s plans, initiatives, objectives, expectations and intentions and other statements that are not historical facts. Risks, assumptions and uncertainties that could cause actual results to materially differ from the forward-looking statements include, but are not limited to, those associated with general economic and business conditions; the COVID-19 pandemic and its impact on Falcon and on the oil and gas industry as a whole; Falcon\u2019s ability to realize the anticipated benefits of its acquisitions; changes in commodity prices; uncertainties about estimates of reserves and resource potential; inability to obtain capital needed for operations; Falcon\u2019s ability to meet financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production in Falcon\u2019s regions; tax consequences of business transactions; and other risks, assumptions and uncertainties detailed from time to time in Falcon\u2019s reports filed with the U.S. Securities and Exchange Commission, including under the heading \u201cRisk Factors\u201d in Falcon\u2019s most recent annual report on Form 10-K as well as any subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K. Forward-looking statements speak only as of the date hereof, and Falcon assumes no obligation to update such statements, except as may be required by applicable law.\n<\/p>\n 2021<\/b><\/p>\n<\/td>\n \u00a0<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \u00a0<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 18,933\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,305\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 33,150\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 19,905\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,772)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (190)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (4,485)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (190)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,161\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,115\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28,665\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,715\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,097\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 606\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,907\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,460\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 473\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 608\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 864\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,005\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,025\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,268\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,212\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,943\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,381\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,737\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,815\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,811\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,976\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,219\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,798\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15,219\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,185\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,104)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,867\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,496\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 793\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 207\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2,409)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,885\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 63\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (487)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (537)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (974)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,217)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 319\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (299)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,358)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,731\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,504\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,403)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,509\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,227\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,288\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (287)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,747\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 157\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,216\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,116)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,762\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,070\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3,574)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 748\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5,527)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,555)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,642\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (368)\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,235\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,515\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.08\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.01)\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.05\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.16\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.07\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.01)\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.05\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.10\n<\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \u00a0<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,037\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,724\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,174\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,419\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 327\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 766\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,538\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,909\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 201,380\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 207,505\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 374\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 427\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 54,116\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 55,773\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,421\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,015\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 270,829\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 275,629\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,920\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,540\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,546\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,557\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,466\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,097\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 36,500\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39,800\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,913\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,503\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 686\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 828\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 50,565\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 47,228\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 120,234\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 121,053\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 87,163\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 88,637\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,858\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,702\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 220,264\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 228,401\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 270,829\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 275,629\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-GAAP Financial Measures<\/b><\/p>\n \nAdjusted EBITDA and Pro-forma Free Cash Flow are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders, and rating agencies. We believe Adjusted EBITDA and Pro-forma Free Cash Flow are useful because they allow us to evaluate our performance and compare the results of our operations period to period without regard to our financing methods or capital structure. In addition, management uses Adjusted EBITDA and Pro-forma Free Cash Flow to evaluate cash flow available to pay dividends to our common shareholders.\n<\/p>\n \nWe define Adjusted EBITDA as net income before interest expense, net, depletion expense, provision for income taxes, change in fair value of warrant liability, unrealized gains and losses on commodity derivative instruments and non-cash equity-based compensation. We define Pro-forma Free Cash Flow as net income before depletion and depreciation expense, provision for income taxes, change in fair value of warrant liability, unrealized gains and losses on commodity derivative instruments and non-cash equity-based compensation less cash income taxes. Adjusted EBITDA and Pro-forma Free Cash Flow are not measures of net income as determined by GAAP. We exclude the items listed above from net income in calculating Adjusted EBITDA and Pro-forma Free Cash Flow because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA and Pro-forma Free Cash Flow are significant components in understanding and assessing a company\u2019s financial performance, such as a company\u2019s cost of capital and tax structure, as well as historic costs of depreciable assets, none of which are components of Adjusted EBITDA and Pro-forma Free Cash Flow.\n<\/p>\n \nAdjusted EBITDA and Pro-forma Free Cash Flow should not be considered an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance presented in accordance with GAAP. Our computations of Adjusted EBITDA and Pro-forma Free Cash Flow may not be comparable to other similarly titled measures of other companies.\n<\/p>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7,216\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.08\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 487\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.01\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,051\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.05\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1,701)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.02)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,567\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.02\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (793)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.01)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,288\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.01\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,115\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.14\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (487)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.01)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,628\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.13\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(1)\n<\/p>\n<\/td>\n \n(2)\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 12,115\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (487)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,628\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,000\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,946\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,946\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(2)\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 224,487\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 205,146\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 406,039\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 458,673\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 167,791\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 145,759\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 309,359\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 290,594\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 65,775\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 54,002\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 113,083\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 124,476\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 458,053\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 404,907\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 828,481\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 873,743\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,034\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,450\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,577\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,801\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 64.45\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.03\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 60.98\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 33.37\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.79\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.71\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.99\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.82\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25.23\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.44\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24.59\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10.32\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 41.34\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.58\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39.94\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22.62\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.39\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.50\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.30\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.67\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.03\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.50\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.04\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.15\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.85\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.30\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.84\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.65\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.06\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.33\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.18\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.39\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.79\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.07\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.71\n<\/p>\n<\/td>\n \n\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.95\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210804006123\/en\/<\/a><\/span><\/p>\n Falcon Minerals Contact: KEYWORDS:<\/b> United States North America New York<\/p>\n INDUSTRY KEYWORDS:<\/b> Oil\/Gas Natural Resources Energy Other Natural Resources Mining\/Minerals<\/p>\n\n
\n
\n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n
\n \u00a0<\/td>\n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Stage of Activity<\/b><\/i><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n Permitted<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n Waiting on completion<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n Waiting on connection\u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n Total line-of-sight<\/b><\/i><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n
\n FALCON MINERALS CORPORATION<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n (In thousands, except per share amounts)<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \u00a0<\/b><\/td>\n Three Months Ended<\/b><\/td>\n \u00a0<\/td>\n Six Months Ended<\/b><\/td>\n<\/tr>\n \n \u00a0<\/b><\/td>\n June 30,<\/b><\/td>\n \u00a0<\/td>\n June 30,<\/b><\/td>\n<\/tr>\n \n \u00a0<\/b><\/td>\n \n \n \n \n \n \n \n \n Revenues:<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Oil and gas sales\u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Loss on hedging activities<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0\u00a0\u00a0 Total revenue<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Expenses:<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Production and ad valorem taxes<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Marketing and transportation\u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Amortization of royalty interests in oil & gas properties<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n General, administrative and other\u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0\u00a0\u00a0 Total expenses\u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Operating income (loss)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Other income (expense):<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Change in fair value of warrant liability<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Other income<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Interest expense\u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0\u00a0\u00a0 Total other income (expense)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Income (loss) before income taxes<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Provision for (benefit from) income taxes\u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Net income (loss)<\/b><\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Net (income) loss attributable to non-controlling interests<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Net income (loss) attributable to shareholders<\/b><\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Class A common shares – basic<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/sup><\/td>\n \n \u00a0<\/td>\n \n \n Class A common shares – diluted<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/sup><\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n FALCON MINERALS CORPORATION\u00a0<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n (In thousands)<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n (Unaudited)<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \u00a0<\/b><\/td>\n \u00a0<\/b><\/td>\n June 30,<\/b><\/td>\n \u00a0<\/b><\/td>\n December 31,<\/b><\/td>\n<\/tr>\n \n ASSETS<\/b><\/td>\n \u00a0<\/b><\/td>\n \n \n \n \n Current assets:<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Cash and cash equivalents\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Accounts receivable\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Prepaid expenses\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total current assets\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Royalty interests in oil & gas properties, net of accumulated amortization<\/td>\n \n \u00a0<\/td>\n \n \n Property and equipment, net of accumulated depreciation<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Deferred tax asset, net\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Other assets\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0\u00a0\u00a0\u00a0\u00a0 Total assets<\/b><\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n LIABILITIES AND SHAREHOLDERS’ EQUITY<\/b><\/td>\n \u00a0<\/b><\/td>\n \u00a0<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Current liabilities:<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Accounts payable and accrued expenses\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Other current liabilities<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0\u00a0\u00a0\u00a0\u00a0 Total current liabilities<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Credit facility<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Warrant liability<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Other non-current liabilities<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0\u00a0\u00a0\u00a0\u00a0 Total liabilities<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Shareholders’ equity:<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Class A common stock\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Class C common stock\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Additional paid in capital\u00a0<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Non-controlling interests<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Retained earnings<\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0\u00a0\u00a0\u00a0\u00a0 Total shareholders’ equity\u00a0<\/b><\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total liabilities and shareholders’ equity\u00a0<\/b><\/td>\n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n
\n Reconciliation of Adjusted EBITDA and Pro-forma Free Cash Flow from Net Income (in thousands, except per share amounts):\u00a0<\/b><\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/b><\/td>\n \u00a0<\/b><\/td>\n \u00a0<\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/b><\/td>\n \u00a0<\/b><\/td>\n Fully Converted<\/b><\/td>\n<\/tr>\n \n \u00a0<\/td>\n Three Months<\/b><\/td>\n \u00a0<\/b><\/td>\n Per Share Basis<\/b><\/td>\n<\/tr>\n \n \u00a0<\/td>\n Ended<\/b><\/td>\n \u00a0<\/b><\/td>\n Three Months Ended<\/b><\/td>\n<\/tr>\n \n \u00a0<\/td>\n June 30, 2021<\/b><\/td>\n \u00a0<\/b><\/td>\n June 30, 2021 (1)<\/sup><\/b><\/td>\n<\/tr>\n \n Net income<\/b><\/td>\n \n \u00a0<\/td>\n \n \n Interest expense (2)<\/sup><\/td>\n \n \u00a0<\/td>\n \n \n Depletion and depreciation<\/td>\n \n \u00a0<\/td>\n \n \n Share-based compensation<\/td>\n \n \u00a0<\/td>\n \n \n Unrealized loss on commodity derivatives<\/td>\n \n \u00a0<\/td>\n \n \n Change in fair value of warrant liability<\/td>\n \n \u00a0<\/td>\n \n \n Income tax expense<\/td>\n \n \u00a0<\/td>\n \n \n Adjusted EBITDA<\/b><\/td>\n \n \u00a0<\/td>\n \n \n Interest expense (2)<\/sup><\/td>\n \n \u00a0<\/td>\n \n \n Pro-forma Free Cash Flow<\/b><\/td>\n \n \u00a0<\/td>\n \n \n
\n \u00a0<\/td>\n \n \u00a0<\/td>\n Per share information is presented on a fully converted basis of 86.9 million common shares which is inclusive of 46.3 million Class A common shares, 40.0 million Class C common shares and 0.6 million unvested restricted stock awards that are outstanding as of June 30, 2021. As such, net income per fully converted share in this schedule is not comparable to net income per share of $0.08 for the period ended June 30, 2021 as shown on the Statement of Operations.<\/td>\n<\/tr>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n Interest expense includes amortization of deferred financing costs.<\/td>\n<\/tr>\n<\/table>\n \n
\n Calculation of cash available for dividends for the second quarter 2021 (in thousands):<\/b><\/td>\n<\/tr>\n \n \u00a0<\/b><\/td>\n \u00a0<\/b><\/td>\n \u00a0<\/b><\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/b><\/td>\n Three Months Ended<\/b><\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/b><\/td>\n June 30,<\/b><\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/b><\/td>\n \n \n Adjusted EBITDA\u00a0<\/b><\/td>\n \u00a0<\/td>\n \n \n Interest expense (2)<\/sup><\/td>\n \u00a0<\/td>\n \n \n Net cash available for distribution\u00a0<\/b><\/td>\n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Cash to be distributed to non-controlling interests<\/td>\n \u00a0<\/td>\n \n \n Cash to be distributed to Falcon Minerals Corp.<\/td>\n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Dividends to be paid to Class A shareholders<\/td>\n \u00a0<\/td>\n \n \n
\n \u00a0<\/td>\n \n \u00a0<\/td>\n Interest expense includes amortization of deferred financing costs.<\/td>\n<\/tr>\n<\/table>\n \n
\n FALCON MINERALS CORPORATION<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n SELECTED OPERATING DATA<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \u00a0(Unaudited)\u00a0<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \u00a0<\/td>\n Three Months Ended<\/b><\/td>\n \u00a0<\/b><\/td>\n Six Months Ended<\/b><\/td>\n<\/tr>\n \n \u00a0<\/td>\n June 30,<\/b><\/td>\n \u00a0<\/b><\/td>\n June 30,<\/b><\/td>\n<\/tr>\n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n Production Data:<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Oil (bbls)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Natural gas (boe)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Natural gas liquids (bbls)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Combined volumes (boe)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Average daily combined volume (boe\/d)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Average sales prices:<\/b><\/td>\n \u00a0<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Oil (bbls)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Natural gas (mcf)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Natural gas liquids (bbls)<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Combined per boe<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Average costs ($\/boe):<\/b><\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Production and ad valorem taxes<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Marketing and transportation expense<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Cash general and administrative expense<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Interest expense, net<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n Depletion<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n <\/p>\n
\n<\/b>
Matthew B. Ockwood
\n
Chief Financial Officer
\n
mockwood@falconminerals.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20210804006123\/en\/786763\/3\/Falcon_Minerals_logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n