Annual report pursuant to Section 13 and 15(d)

FRESH START ACCOUNTING - Fresh Start Adjustments (Details)

v3.22.4
FRESH START ACCOUNTING - Fresh Start Adjustments (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
May 17, 2021
Dec. 31, 2020
Dec. 31, 2019
Current assets:          
Cash and cash equivalents $ 7,259 $ 3,260 $ 1,526    
Restricted Cash, Current     57,891    
Accounts receivable—oil, natural gas, and natural gas liquids sales 278,404 232,854 180,711    
Accounts receivable—joint interest and other 21,478 20,383 15,431    
Prepaid expenses and other current assets 7,621 12,359 25,295    
Short-term derivative instruments 87,508 4,695 3,465    
Total current assets 402,270 273,551 284,319    
Property and equipment:          
Proved oil and natural gas properties 2,418,666 1,917,833 1,697,408    
Unproved properties 178,472 211,007 230,174    
Other property and equipment 6,363 5,329 6,893    
Total property and equipment 2,603,501 2,134,169 1,934,475    
Less: accumulated depletion, depreciation, amortization and impairment (545,771) (278,341) 0    
Total property and equipment, net 2,057,730 1,855,828 1,934,475    
Other assets:          
Equity investments     0 $ 24,816  
Long-term derivative instruments 26,525 18,664 8,183    
Operating lease assets 26,713 322 47    
Other assets 21,241 19,867 25,966    
Total other assets 74,479 38,853 34,196    
Total assets 2,534,479 2,168,232 2,252,990    
Current liabilities:          
Net change in accounts payable and accrued liabilities 437,384 394,011 506,799    
Short-term derivative instruments 343,522 240,735 98,900    
Current portion of operating lease liabilities 12,414 182 38    
Current maturities of long-term debt 0 0 60,000    
Total current liabilities 793,320 634,928 665,737    
Non-current liabilities:          
Long-term derivative instruments 118,404 184,580 80,742    
Asset retirement obligation 33,171 28,264 19,084    
Non-current operating lease liabilities 14,299 140 9    
Long-term debt, net of current maturities 694,155 712,946 792,751    
Total non-current liabilities 860,029 925,930 892,586    
Liabilities subject to compromise     2,224,449    
Total liabilities 1,653,349 1,560,858 1,558,323    
Commitments and contingencies (Notes 18 and 19)    
Mezzanine Equity:          
Preferred Stock 52,295 57,896 55,000    
Stockholders’ equity:          
Common Stock - $0.0001 par value, 42.0 million shares authorized, 19.1 million issued and outstanding at December 31, 2022, and 20.6 million issued and outstanding at December 31, 2021 2 2 2    
Additional paid-in capital 449,243 692,521 693,774    
Treasury stock, at cost - 3.9 thousand shares at December 31, 2022, and no shares at December 31, 2021 (286) 0 (54,109)    
Accumulated Other Comprehensive Income (Loss), Net of Tax     0    
Retained earnings (accumulated deficit) 381,872 (112,829) 0    
Total stockholders’ equity 828,835 549,478 639,667 $ (300,500) $ 1,314,592
Liabilities and Equity, Total $ 2,534,479 $ 2,168,232 2,252,990    
Predecessor          
Current assets:          
Cash and cash equivalents     146,545    
Restricted Cash, Current     0    
Accounts receivable—oil, natural gas, and natural gas liquids sales     180,711    
Accounts receivable—joint interest and other     15,431    
Prepaid expenses and other current assets     86,189    
Short-term derivative instruments     3,324    
Total current assets     432,200    
Property and equipment:          
Proved oil and natural gas properties     9,558,121    
Unproved properties     1,375,681    
Other property and equipment     38,026    
Total property and equipment     10,971,828    
Less: accumulated depletion, depreciation, amortization and impairment     (8,870,723)    
Total property and equipment, net     2,101,105    
Other assets:          
Equity investments     27,044    
Long-term derivative instruments     7,468    
Operating lease assets     47    
Other assets     18,866    
Total other assets     53,425    
Total assets     2,586,730    
Current liabilities:          
Net change in accounts payable and accrued liabilities     384,200    
Short-term derivative instruments     96,116    
Current portion of operating lease liabilities     0    
Current maturities of long-term debt     280,251    
Total current liabilities     760,567    
Non-current liabilities:          
Long-term derivative instruments     69,331    
Asset retirement obligation     0    
Non-current operating lease liabilities     0    
Long-term debt, net of current maturities     0    
Total non-current liabilities     69,331    
Liabilities subject to compromise     2,224,449    
Total liabilities     3,054,347    
Commitments and contingencies (Notes 18 and 19)        
Stockholders’ equity:          
Common Stock - $0.0001 par value, 42.0 million shares authorized, 19.1 million issued and outstanding at December 31, 2022, and 20.6 million issued and outstanding at December 31, 2021     1,609    
Additional paid-in capital     4,215,838    
Treasury stock, at cost - 3.9 thousand shares at December 31, 2022, and no shares at December 31, 2021     0    
Accumulated Other Comprehensive Income (Loss), Net of Tax     (40,430)    
Retained earnings (accumulated deficit)     (4,644,634)    
Total stockholders’ equity     (467,617)    
Liabilities and Equity, Total     2,586,730    
Reorganization Adjustments          
Current assets:          
Cash and cash equivalents     (145,019)    
Restricted Cash, Current     57,891    
Accounts receivable—oil, natural gas, and natural gas liquids sales     0    
Accounts receivable—joint interest and other     0    
Prepaid expenses and other current assets     (60,894)    
Short-term derivative instruments     0    
Total current assets     (148,022)    
Property and equipment:          
Proved oil and natural gas properties     0    
Unproved properties     0    
Other property and equipment     0    
Total property and equipment     0    
Less: accumulated depletion, depreciation, amortization and impairment     0    
Total property and equipment, net     0    
Other assets:          
Equity investments     0    
Long-term derivative instruments     0    
Operating lease assets     0    
Other assets     7,100    
Total other assets     7,100    
Total assets     (140,922)    
Current liabilities:          
Net change in accounts payable and accrued liabilities     122,599    
Short-term derivative instruments     0    
Current portion of operating lease liabilities     38    
Current maturities of long-term debt     (220,251)    
Total current liabilities     (97,614)    
Non-current liabilities:          
Long-term derivative instruments     0    
Asset retirement obligation     65,341    
Non-current operating lease liabilities     9    
Long-term debt, net of current maturities     792,751    
Total non-current liabilities     858,101    
Liabilities subject to compromise     (2,224,449)    
Total liabilities     (1,463,962)    
Commitments and contingencies (Notes 18 and 19)        
Mezzanine Equity:          
Preferred Stock     55,000    
Stockholders’ equity:          
Common Stock - $0.0001 par value, 42.0 million shares authorized, 19.1 million issued and outstanding at December 31, 2022, and 20.6 million issued and outstanding at December 31, 2021     (1,609)    
Additional paid-in capital     (3,522,064)    
Treasury stock, at cost - 3.9 thousand shares at December 31, 2022, and no shares at December 31, 2021     (54,109)    
Accumulated Other Comprehensive Income (Loss), Net of Tax     40,430    
Retained earnings (accumulated deficit)     4,805,390    
Total stockholders’ equity     1,268,040    
Liabilities and Equity, Total     (140,922)    
Fresh Start Adjustments          
Current assets:          
Cash and cash equivalents     0    
Restricted Cash, Current     0    
Accounts receivable—oil, natural gas, and natural gas liquids sales     0    
Accounts receivable—joint interest and other     0    
Prepaid expenses and other current assets     0    
Short-term derivative instruments     141    
Total current assets     141    
Property and equipment:          
Proved oil and natural gas properties     (7,860,713)    
Unproved properties     (1,145,507)    
Other property and equipment     (31,133)    
Total property and equipment     (9,037,353)    
Less: accumulated depletion, depreciation, amortization and impairment     8,870,723    
Total property and equipment, net     (166,630)    
Other assets:          
Equity investments     (27,044)    
Long-term derivative instruments     715    
Operating lease assets     0    
Other assets     0    
Total other assets     (26,329)    
Total assets     (192,818)    
Current liabilities:          
Net change in accounts payable and accrued liabilities     0    
Short-term derivative instruments     2,784    
Current portion of operating lease liabilities     0    
Current maturities of long-term debt     0    
Total current liabilities     2,784    
Non-current liabilities:          
Long-term derivative instruments     11,411    
Asset retirement obligation     (46,257)    
Non-current operating lease liabilities     0    
Long-term debt, net of current maturities     0    
Total non-current liabilities     (34,846)    
Total liabilities     (32,062)    
Commitments and contingencies (Notes 18 and 19)        
Stockholders’ equity:          
Additional paid-in capital     0    
Treasury stock, at cost - 3.9 thousand shares at December 31, 2022, and no shares at December 31, 2021     0    
Accumulated Other Comprehensive Income (Loss), Net of Tax     0    
Retained earnings (accumulated deficit)     (160,756)    
Total stockholders’ equity     (160,756)    
Liabilities and Equity, Total     $ (192,818)