Annual report pursuant to Section 13 and 15(d)

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

v3.22.4
SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2022
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)
Successor
Year Ended December 31, 2022 Year Ended December 31, 2021
Proved properties $ 2,418,666  $ 1,917,833 
Unproved properties 178,472  211,007 
Total oil and natural gas properties 2,597,138  2,128,840 
Accumulated depletion, amortization and impairment (543,780) (277,331)
Net capitalized costs $ 2,053,358  $ 1,851,509 
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
Year Ended December 31, 2022 Period from May 18, 2021 through December 31, 2021 Period from January 1, 2021 through May 17, 2021 Year Ended December 31, 2020
Acquisition $ 29,675  $ 13,411  $ 3,922  $ 15,260 
Development 441,458  191,193  112,986  276,622 
Exploratory —  —  —  — 
Total $ 471,133  $ 204,604  $ 116,908  $ 291,882 
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
Year Ended December 31, 2022 Period from May 18, 2021 through December 31, 2021 Period from January 1, 2021 through May 17, 2021 Year Ended December 31, 2020
Revenues $ 2,330,859  $ 1,092,584  $ 410,276  $ 801,251 
Production costs (482,175) (274,428) (192,959) (537,609)
Depletion (266,449) (159,518) (60,831) (229,702)
Impairment —  (117,813) —  (1,357,099)
Income tax benefit (expense) —  39  7,968  (7,290)
Results of operations from producing activities $ 1,582,235  $ 540,864  $ 164,454  $ (1,330,449)
Depletion per Mcf of gas equivalent (Mcfe) $ 0.74  $ 0.69  $ 0.45  $ 0.61 
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, 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 
Purchases of reserves —  —  —  — 
Extensions and discoveries 3  391  5  439 
Sales of reserves —  —  —  — 
Revisions of prior reserve estimates —  66  —  70 
Current production (2) (322) (4) (359)
December 31, 2022 (Successor) 18  3,612  54  4,048 
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 
December 31, 2022 (Successor) 9  2,034  34  2,295 
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 
December 31, 2022 (Successor) 9  1,578  20  1,752 
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
The following table summarizes estimated future net cash flows from natural gas and crude oil reserves (in millions):
Successor Predecessor
Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020
Future cash flows $ 26,677  $ 14,938  $ 4,079 
Future development and abandonment costs (1,588) (1,141) (652)
Future production costs (5,872) (5,227) (2,325)
Future production taxes (553) (336) (137)
Future income taxes (2,609) (437) — 
Future net cash flows 16,055  7,797  965 
10% discount to reflect timing of cash flows (7,776) (3,659) (425)
Standardized measure of discounted future net cash flows $ 8,279  $ 4,138  $ 540 
Schedule of future costs to settle asset retirement obligations The following table summarizes the total of all future costs to settle asset retirement obligations that are included in future development and abandonment costs above (in millions):
Successor Predecessor
Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020
Future asset retirement obligations $ 222  $ 205  $ 120 
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):
Successor Predecessor
Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020
Sales and transfers of oil and gas produced, net of production costs $ (1,849) $ (1,035) $ (264)
Net changes in prices, production costs, and development costs 5,130  2,596  (954)
Extensions and discoveries 941  639  38 
Previously estimated development costs incurred during the period 204  149  215 
Revisions of previous quantity estimates, less related production costs 154  858  (255)
Sales of oil and gas reserves in place (1) (1) (6)
Accretion of discount 414  54  170 
Net changes in income taxes (1,067) (178) — 
Change in production rates and other 215  516  (109)
Total change in standardized measure of discounted future net cash flows $ 4,141  $ 3,598  $ (1,165)