Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
May 17, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Current assets:          
Cash and cash equivalents $ 3,260 $ 1,526 $ 89,861    
Accounts receivable—oil and natural gas sales 232,854 180,711 119,879    
Accounts receivable—joint interest and other 20,383 15,431 12,200    
Prepaid expenses and other current assets 12,359 25,295 160,664    
Short-term derivative instruments 4,695 3,465 27,146    
Total current assets 273,551 284,319 409,750    
Property and equipment:          
Proved oil and natural gas properties 1,917,833 1,697,408 9,359,866    
Unproved properties 211,007 230,174 1,457,043    
Other property and equipment 5,329 6,893 88,538    
Total property and equipment 2,134,169 1,934,475 10,905,447    
Less: accumulated depletion, depreciation and amortization (278,341) 0 (8,819,178)    
Total property and equipment, net 1,855,828 1,934,475 2,086,269    
Other assets:          
Equity investments 0 0 24,816    
Long-term derivative instruments 18,664 8,183 322    
Operating lease assets 322 47 342    
Other assets 19,867 25,966 18,372    
Total other assets 38,853 34,196 43,852    
Total assets 2,168,232 2,252,990 2,539,871    
Current liabilities:          
Accounts Payable and Accrued Liabilities, Current 394,011 506,799 244,903    
Short-term derivative instruments 240,735 98,900 11,641    
Current portion of operating lease liabilities 182 38 0    
Current maturities of long-term debt 0 60,000 253,743    
Total current liabilities 634,928 665,737 510,287    
Non-current liabilities:          
Long-term derivative instruments 184,580 80,742 36,604    
Asset retirement obligation 28,264 19,084 0    
Non-current operating lease liabilities 140 9 0    
Long-term debt, net of current maturities 712,946 792,751 0    
Total non-current liabilities 925,930 892,586 36,604    
Liabilities subject to compromise 0 2,224,449 2,293,480    
Total liabilities 1,560,858 1,558,323 2,840,371    
Commitments and contingencies (Notes 18 and 19)    
Mezzanine Equity:          
New Preferred Stock - $0.0001 par value, 110 thousand shares authorized, 57.9 thousand issued and outstanding at December 31, 2021 57,896 55,000      
Stockholders’ Equity (Deficit):          
Common stock 2 2 1,607    
Predecessor accumulated other comprehensive loss   0 (43,000)    
Additional paid-in capital 692,521 693,774 4,213,752    
New Common Stock held in reserve, 938 thousand shares (30,216) (54,109)      
Accumulated deficit (112,829) 0 (4,472,859)    
Total stockholders’ equity (deficit) 549,478 639,667 (300,500) $ 1,314,592 $ 3,327,768
Liabilities and Equity, Total $ 2,168,232 $ 2,252,990 $ 2,539,871