Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 5 Months Ended 7 Months Ended 12 Months Ended
May 17, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
REVENUES:        
Net (loss) gain on natural gas, oil and NGL derivatives $ (137,239) $ (556,819) $ (999,747) $ 65,291
Total revenues 273,037 535,765 1,331,112 866,542
OPERATING EXPENSES:        
Lease operating expenses 19,524 32,172 64,790 54,235
Taxes other than income 12,349 30,243 60,139 28,509
Transportation, gathering, processing and compression 161,086 212,013 357,246 456,318
Depreciation, depletion and amortization 62,764 160,913 267,761 239,744
Impairment of oil and natural gas properties 0 117,813 0 1,357,099
Impairment of other property and equipment 14,568 0 0 0
General and administrative expenses 19,175 34,465 35,304 59,329
Restructuring and liability management expenses 0 2,858 0 30,847
Accretion expense 1,229 1,214 2,746 3,066
Total operating expenses 290,695 591,691 787,986 2,229,147
INCOME (LOSS) FROM OPERATIONS (17,658) (55,926) 543,126 (1,362,605)
OTHER EXPENSE (INCOME):        
Interest expense 4,159 40,853 59,773 120,079
Loss (Gain) on debt extinguishment 0 3,040 0 (49,579)
Loss from equity method investments, net 342 0 0 11,055
Reorganization items, net (266,898) 0 0 152,359
Other, net 1,713 13,049 (11,348) 21,324
Total other expense (260,684) 56,942 48,425 255,238
INCOME (LOSS) BEFORE INCOME TAXES 243,026 (112,868) 494,701 (1,617,843)
Income tax (benefit) expense (7,968) (39) 0 7,290
NET INCOME (LOSS) 250,994 (112,829) 494,701 (1,625,133)
Dividends on Preferred Stock 0 (4,573) (5,444) 0
Participating securities - Preferred Stock 0 0 (76,401) 0
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 250,994 $ (117,402) $ 412,856 $ (1,625,133)
NET INCOME (LOSS) PER COMMON SHARE:        
Basic (in dollars per share) $ 1.56 $ (5.71) $ 20.45 $ (10.14)
Diluted (in dollars per share) $ 1.56 $ (5.71) $ 20.32 $ (10.14)
Weighted average common shares outstanding - Basic (shares) 160,834 20,545 20,185 160,231
Weighted average common shares outstanding - Diluted (shares) 160,834 20,545 20,347 160,231
Natural gas sales        
REVENUES:        
Revenue from contracts with customers $ 344,390 $ 906,096 $ 1,998,452 $ 671,535
Oil and condensate sales        
REVENUES:        
Revenue from contracts with customers 29,106 81,347 147,444 62,902
Natural gas liquid sales        
REVENUES:        
Revenue from contracts with customers $ 36,780 $ 105,141 $ 184,963 $ 66,814