BASIS OF PRESENTATION (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Accounting Policies [Abstract] |
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| Schedule of Accounts Payable and Accrued Liabilities |
Accounts payable and accrued liabilities consisted of the following at September 30, 2022 and December 31, 2021 (in thousands):
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Successor |
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September 30, 2022 |
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December 31, 2021 |
| Accounts payable and other accrued liabilities |
$ |
202,838 |
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|
$ |
143,938 |
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| Revenue payable and suspense |
222,729 |
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|
180,857 |
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| Accrued contract rejection damages and shares held in reserve |
40,996 |
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|
69,216 |
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| Total accounts payable and accrued liabilities |
$ |
466,563 |
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$ |
394,011 |
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| Fresh Start Adjustments |
The following table summarizes the components in reorganization items, net included in the Company's consolidated statements of operations for the Current Successor YTD Period, Prior Successor Period, and Prior Predecessor YTD Period (in thousands):
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Successor |
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Predecessor |
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Nine Months Ended September 30, 2022 |
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Period from May 18, 2021 through September 30, 2021 |
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Period from January 1, 2021 through May 17, 2021 |
| Legal and professional advisory fees |
$ |
— |
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$ |
— |
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$ |
81,565 |
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| Net gain on liabilities subject to compromise |
— |
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— |
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(575,182) |
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| Fresh start adjustments, net |
— |
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— |
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160,756 |
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| Elimination of predecessor accumulated other comprehensive income |
— |
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— |
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40,430 |
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| Debt issuance costs |
— |
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— |
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3,150 |
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| Other items, net |
— |
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— |
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22,383 |
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| Reorganization items, net |
$ |
— |
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$ |
— |
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$ |
(266,898) |
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| Schedule of Cash Flow, Supplemental Disclosures |
Supplemental Cash Flow and Non-Cash Information (in thousands)
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Successor |
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Predecessor |
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Nine Months Ended September 30, 2022 |
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Period from May 18, 2021 through September 30, 2021 |
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Period from January 1, 2021 through May 17, 2021 |
| Supplemental disclosure of cash flow information: |
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| Cash paid for reorganization items, net |
$ |
— |
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$ |
42,202 |
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$ |
87,199 |
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| Interest payments |
$ |
30,102 |
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$ |
6,465 |
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$ |
7,272 |
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| Changes in operating assets and liabilities: |
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| (Increase) decrease in accounts receivable - oil, natural gas, and natural gas liquids sales |
$ |
(84,674) |
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$ |
(5,230) |
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$ |
(60,832) |
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| (Increase) decrease in accounts receivable - joint interest and other |
$ |
(14,947) |
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$ |
5,536 |
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$ |
(3,005) |
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| Increase (decrease) in accounts payable and accrued liabilities |
$ |
65,648 |
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$ |
(48,903) |
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$ |
79,193 |
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| Decrease in prepaid expenses |
$ |
3,061 |
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$ |
7,231 |
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$ |
135,471 |
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| Decrease in other assets |
$ |
1,352 |
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$ |
106 |
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$ |
3,067 |
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| Total changes in operating assets and liabilities |
$ |
(29,560) |
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$ |
(41,260) |
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$ |
153,894 |
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| Supplemental disclosure of non-cash transactions: |
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| Capitalized stock-based compensation |
$ |
2,141 |
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$ |
484 |
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$ |
930 |
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| Asset retirement obligation capitalized |
$ |
53 |
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$ |
55 |
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$ |
546 |
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| Asset retirement obligation removed due to divestiture |
$ |
(7) |
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$ |
— |
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$ |
— |
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| Interest capitalized |
$ |
— |
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$ |
117 |
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$ |
— |
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| Release of common stock held in reserve |
$ |
28,220 |
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$ |
23,893 |
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$ |
— |
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| Foreign currency translation gain on equity method investments |
$ |
— |
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$ |
— |
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$ |
2,570 |
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