Quarterly report pursuant to Section 13 or 15(d)

FRESH START ACCOUNTING (Fresh Start Adjustments) (Details)

v3.21.2
FRESH START ACCOUNTING (Fresh Start Adjustments) (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
May 17, 2021
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Current assets:              
Cash and cash equivalents $ 9,389 $ 1,526   $ 89,861      
Restricted cash 29,135 57,891   0      
Accounts receivable—oil and natural gas sales 140,663 180,711   119,879      
Accounts receivable—joint interest and other 10,695 15,431   12,200      
Prepaid expenses and other current assets 24,737 25,295   160,664      
Short-term derivative instruments 2,223 3,465   27,146      
Total current assets 216,842 284,319   409,750      
Property and equipment:              
Proved oil and natural gas properties 1,737,778 1,715,049   9,359,866      
Unproved properties 224,214 212,533   1,457,043      
Other property and equipment 6,914 6,893   88,538      
Total property and equipment 1,968,906 1,934,475   10,905,447      
Accumulated DD&A and impairment (150,175) 0   (8,819,178)      
Total property and equipment, net 1,818,731 1,934,475   2,086,269      
Other assets:              
Equity investments 0 0   24,816      
Long-term derivative instruments 3,014 8,183   322      
Operating lease assets 44 47   342      
Other assets 27,557 25,966   18,372      
Total other assets 30,615 34,196   43,852      
Total assets 2,066,188 2,252,990   2,539,871      
Current liabilities:              
Accounts payable and accrued liabilities 397,800 506,799   244,903      
Short-term derivative instruments 192,730 98,900   11,641      
Current portion of operating lease liabilities 39 38   0      
Current maturities of long-term debt 60,000 60,000   253,743      
Total current liabilities 650,569 665,737   510,287      
Non-current liabilities:              
Long-term derivative instruments 113,470 80,742   36,604      
Asset retirement obligation 19,347 19,084   0      
Non-current operating lease liabilities 5 9   0      
Long-term debt, net of current maturities 773,847 792,751   0      
Total non-current liabilities 906,669 892,586   36,604      
Liabilities subject to compromise 0 2,224,449   2,293,480      
Total liabilities 1,557,238 1,558,323   2,840,371      
Commitments and contingencies (Note 9)        
Mezzanine Equity:              
New Preferred Stock 55,860 55,000          
Stockholders’ equity (deficit):              
Common stock 2 2   1,607      
Additional paid-in capital 693,921 693,774   4,213,752      
New Common Stock held in reserve (30,216) (54,109)          
Accumulated other comprehensive loss   0   (43,000)      
Retained earnings (accumulated deficit) (210,617) 0   (4,472,859)      
Total stockholders’ equity (deficit) 453,090 639,667 $ (287,738) (300,500) $ 231,340 $ 784,049 $ 1,314,592
Total liabilities, mezzanine equity and stockholders’ equity (deficit) $ 2,066,188 2,252,990   $ 2,539,871      
Predecessor              
Current assets:              
Cash and cash equivalents   146,545          
Restricted cash   0          
Accounts receivable—oil and natural gas sales   180,711          
Accounts receivable—joint interest and other   15,431          
Prepaid expenses and other current assets   86,189          
Short-term derivative instruments   3,324          
Total current assets   432,200          
Property and equipment:              
Proved oil and natural gas properties   9,558,121          
Unproved properties   1,375,681          
Other property and equipment   38,026          
Total property and equipment   10,971,828          
Accumulated DD&A and impairment   (8,870,723)          
Total property and equipment, net   2,101,105          
Other assets:              
Equity investments   27,044          
Long-term derivative instruments   7,468          
Operating lease assets   47          
Other assets   18,866          
Total other assets   53,425          
Total assets   2,586,730          
Current liabilities:              
Accounts payable and accrued liabilities   384,200          
Short-term derivative instruments   96,116          
Current portion of operating lease liabilities   0          
Current maturities of long-term debt   280,251          
Total current liabilities   760,567          
Non-current liabilities:              
Long-term derivative instruments   69,331          
Asset retirement obligation   0          
Non-current operating lease liabilities   0          
Long-term debt, net of current maturities   0          
Total non-current liabilities   69,331          
Liabilities subject to compromise   2,224,449          
Total liabilities   3,054,347          
Commitments and contingencies (Note 9)            
Stockholders’ equity (deficit):              
Common stock   1,609          
Additional paid-in capital   4,215,838          
New Common Stock held in reserve   0          
Accumulated other comprehensive loss   (40,430)          
Retained earnings (accumulated deficit)   (4,644,634)          
Total stockholders’ equity (deficit)   (467,617)          
Total liabilities, mezzanine equity and stockholders’ equity (deficit)   2,586,730          
Reorganization Adjustments              
Current assets:              
Cash and cash equivalents   (145,019)          
Restricted cash   57,891          
Accounts receivable—oil and natural gas sales   0          
Accounts receivable—joint interest and other   0          
Prepaid expenses and other current assets   (60,894)          
Total current assets   (148,022)          
Property and equipment:              
Proved oil and natural gas properties   0          
Unproved properties   0          
Other property and equipment   0          
Total property and equipment   0          
Accumulated DD&A and impairment   0          
Total property and equipment, net   0          
Other assets:              
Equity investments   0          
Long-term derivative instruments   0          
Operating lease assets   0          
Other assets   7,100          
Total other assets   7,100          
Total assets   (140,922)          
Current liabilities:              
Accounts payable and accrued liabilities   122,599          
Short-term derivative instruments   0          
Current portion of operating lease liabilities   38          
Current maturities of long-term debt   (220,251)          
Total current liabilities   (97,614)          
Non-current liabilities:              
Long-term derivative instruments   0          
Asset retirement obligation   65,341          
Non-current operating lease liabilities   9          
Long-term debt, net of current maturities   792,751          
Total non-current liabilities   858,101          
Liabilities subject to compromise   (2,224,449)          
Total liabilities   (1,463,962)          
Commitments and contingencies (Note 9)            
Mezzanine Equity:              
New Preferred Stock   55,000          
Stockholders’ equity (deficit):              
Common stock   (1,609)          
Additional paid-in capital   (3,522,064)          
New Common Stock held in reserve   (54,109)          
Accumulated other comprehensive loss   40,430          
Retained earnings (accumulated deficit)   4,805,390          
Total stockholders’ equity (deficit)   1,268,040          
Total liabilities, mezzanine equity and stockholders’ equity (deficit)   (140,922)          
Fresh Start Adjustments              
Current assets:              
Cash and cash equivalents   0          
Restricted cash   0          
Accounts receivable—oil and natural gas sales   0          
Accounts receivable—joint interest and other   0          
Prepaid expenses and other current assets   0          
Short-term derivative instruments   141          
Total current assets   141          
Property and equipment:              
Proved oil and natural gas properties   (7,843,072)          
Unproved properties   (1,163,148)          
Other property and equipment   (31,133)          
Total property and equipment   (9,037,353)          
Accumulated DD&A and impairment   8,870,723          
Total property and equipment, net   (166,630)          
Other assets:              
Equity investments   (27,044)          
Long-term derivative instruments   715          
Operating lease assets   0          
Other assets   0          
Total other assets   (26,329)          
Total assets   (192,818)          
Current liabilities:              
Accounts payable and accrued liabilities   0          
Short-term derivative instruments   2,784          
Current portion of operating lease liabilities   0          
Current maturities of long-term debt   0          
Total current liabilities   2,784          
Non-current liabilities:              
Long-term derivative instruments   11,411          
Asset retirement obligation   (46,257)          
Non-current operating lease liabilities   0          
Long-term debt, net of current maturities   0          
Total non-current liabilities   (34,846)          
Total liabilities   (32,062)          
Commitments and contingencies (Note 9)            
Stockholders’ equity (deficit):              
Additional paid-in capital   0          
New Common Stock held in reserve   0          
Accumulated other comprehensive loss   0          
Retained earnings (accumulated deficit)   (160,756)          
Total stockholders’ equity (deficit)   (160,756)          
Total liabilities, mezzanine equity and stockholders’ equity (deficit)   $ (192,818)