Annual report pursuant to Section 13 and 15(d)

SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)

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SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2021
Extractive Industries [Abstract]  
Schedule of capitalized costs related to oil and gas producing activities
Capitalized Costs Related to Oil and Gas Producing Activities (in thousands)
Year ended December 31,
Successor Predecessor
2021 2020
Proved properties $ 1,917,833  $ 9,359,866 
Unproved properties 211,007  1,457,043 
Total oil and natural gas properties 2,128,840  10,816,909 
Accumulated depreciation, depletion, amortization and impairment (277,331) (8,778,759)
Net capitalized costs $ 1,851,509  $ 2,038,150 
Schedule of cost incurred in oil and gas property acquisition and development activities
Costs Incurred in Oil and Gas Property Acquisition and Development Activities (in thousands)
Successor Predecessor
Period from May 18, 2021 through December 31, 2021 Period from January 1, 2021 through May 17, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019
Acquisition $ 13,411  $ 3,922  $ 15,260  $ 37,598 
Development 191,193  112,986  276,622  594,673 
Exploratory —  —  —  9,762 
Total $ 204,604  $ 116,908  $ 291,882  $ 642,033 
Schedule of results of operations for oil and gas production activities The results of operations exclude general office overhead and interest expense attributable to oil and gas production.
Successor Predecessor
Period from May 18, 2021 through December 31, 2021 Period from January 1, 2021 through May 17, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019
Revenues $ 1,092,584  $ 410,276  $ 801,251  $ 1,354,766 
Production costs (274,428) (192,959) (537,609) (620,412)
Depletion (159,518) (60,831) (229,702) (539,379)
Impairment (117,813) —  (1,357,099) (2,039,770)
Income tax benefit (expense) 39  7,968  (7,290) 7,563 
Results of operations from producing activities $ 540,864  $ 164,454  $ (1,330,449) $ (1,837,232)
Depletion per Mcf of gas equivalent (Mcfe) $ 0.69  $ 0.45  $ 0.61  $ 1.08 
Schedule of oil and gas reserves These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data.
Oil (MMBbl) Natural Gas (Bcf) NGL (MMBbl) Natural Gas Equivalent (Bcfe)
Proved Reserves
December 31, 2018 (Predecessor) 21  4,134  81  4,743 
Purchases of reserves —  —  —  — 
Extensions and discoveries 4  997  13  1,097 
Sales of reserves (2) (63) —  (77)
Revisions of prior reserve estimates (2) (562) (27) (734)
Current production (2) (458) (5) (502)
December 31, 2019 (Predecessor) 18  4,048  62  4,528 
Purchases of reserves —  —  —  — 
Extensions and discoveries 1  216  3  240 
Sales of reserves —  (74) —  (75)
Revisions of prior reserve estimates (4) (1,564) (23) (1,725)
Current production (2) (345) (4) (380)
December 31, 2020 (Predecessor) 13  2,281  38  2,588 
Purchases of reserves —  —  —  — 
Extensions and discoveries 2  617  11  695 
Sales of reserves —  —  —  — 
Revisions of prior reserve estimates 2  913  9  982 
Current production (2) (333) (4) (366)
December 31, 2021 (Successor) 16  3,478  54  3,898 
Proved developed reserves
December 31, 2019 (Predecessor) 8  1,757  30  1,984 
December 31, 2020 (Predecessor) 7  1,358  22  1,527 
December 31, 2021 (Successor) 8  1,928  31  2,165 
Proved undeveloped reserves
December 31, 2019 (Predecessor) 10  2,291  32  2,544 
December 31, 2020 (Predecessor) 7  923  16  1,061 
December 31, 2021 (Successor) 8  1,550  22  1,733 
Totals may not sum or recalculate due to rounding.
Schedule of standardized measure of discounted future net cash flows relating to proved oil and gas reserves
  Year ended December 31,
Successor Predecessor
  2021 2020 2019
Future cash flows $ 14,938  $ 4,079  $ 10,451 
Future development and abandonment costs (1,141) (652) (2,058)
Future production costs (5,227) (2,325) (4,513)
Future production taxes (336) (137) (333)
Future income taxes (437) —  — 
Future net cash flows 7,797  965  3,547 
10% discount to reflect timing of cash flows (3,659) (425) (1,844)
Standardized measure of discounted future net cash flows $ 4,138  $ 540  $ 1,703 
Schedule of changes in standardized measure of discounted future net cash flows relating to proved oil and gas reserves
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
The principal source of change in the standardized measure of discounted future net cash flows relating to proved reserves is presented in the table below (in millions):
  Year ended December 31,
Successor Predecessor
  2021 2020 2019
Sales and transfers of oil and gas produced, net of production costs $ (1,035) $ (264) $ (734)
Net changes in prices, production costs, and development costs 2,596  (954) (1,372)
Acquisition of oil and gas reserves in place —  —  — 
Extensions and discoveries 639  38  388 
Previously estimated development costs incurred during the period 149  215  406 
Revisions of previous quantity estimates, less related production costs 858  (255) (321)
Sales of oil and gas reserves in place (1) (6) (49)
Accretion of discount 54  170  298 
Net changes in income taxes (178) —  425 
Change in production rates and other 516  (109) (319)
Total change in standardized measure of discounted future net cash flows $ 3,598  $ (1,165) $ (1,278)