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
 5 Months Ended 7 Months Ended 12 Months Ended
May 17, 2021
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
REVENUES:        
Net gain (loss) on natural gas, oil and NGL derivatives $ (137,239,000) $ (556,819,000) $ 740,319,000 $ (999,747,000)
Total revenues 273,037,000 535,765,000 1,791,702,000 1,331,112,000
OPERATING EXPENSES:        
Lease operating expenses 19,524,000 32,172,000 68,648,000 64,790,000
Taxes other than income 12,349,000 30,243,000 33,717,000 60,139,000
Transportation, gathering, processing and compression 161,086,000 212,013,000 348,631,000 357,246,000
Depreciation, depletion and amortization 62,764,000 160,913,000 319,715,000 267,761,000
Impairment of oil and natural gas properties 0 117,813,000 0 0
Impairment of other property and equipment 14,568,000 0 0 0
General and administrative expenses 19,175,000 34,465,000 38,600,000 35,304,000
Restructuring costs 0 2,858,000 4,762,000 0
Accretion expense 1,229,000 1,214,000 2,782,000 2,746,000
Total operating expenses 290,695,000 591,691,000 816,855,000 787,986,000
INCOME (LOSS) FROM OPERATIONS (17,658,000) (55,926,000) 974,847,000 543,126,000
OTHER EXPENSE (INCOME):        
Interest expense 4,159,000 40,853,000 57,069,000 59,773,000
Loss on debt extinguishment 0 3,040,000 0 0
Loss from equity method investments, net 342,000 0 0 0
Reorganization items, net (266,898,000) 0 0 0
Other, net 1,713,000 13,049,000 (27,982,000) (11,348,000)
Total other expense (260,684,000) 56,942,000 29,087,000 48,425,000
INCOME (LOSS) BEFORE INCOME TAXES 243,026,000 (112,868,000) 945,760,000 494,701,000
INCOME TAX BENEFIT:        
Current (7,968,000) (39,000) 0 0
Deferred income tax benefit 0 0 (525,156,000) 0
Income tax benefit recorded (7,968,000) (39,000) (525,156,000) 0
NET INCOME (LOSS) 250,994,000 (112,829,000) 1,470,916,000 494,701,000
Dividends on Preferred Stock 0 (4,573,000) (4,840,000) (5,444,000)
Participating securities - Preferred Stock 0 0 (212,360,000) (76,401,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 250,994,000 $ (117,402,000) $ 1,253,716,000 $ 412,856,000
NET INCOME (LOSS) PER COMMON SHARE:        
Basic (in dollars per share) $ 1.56 $ (5.71) $ 67.24 $ 20.45
Diluted (in dollars per share) $ 1.56 $ (5.71) $ 66.46 $ 20.32
Weighted average common shares outstanding - basic (shares) 160,834 20,545 18,645 20,185
Weighted average common shares outstanding - diluted (shares) 160,834 20,545 18,902 20,347
Natural gas sales        
REVENUES:        
Revenue from contracts with customers $ 344,390,000 $ 906,096,000 $ 831,812,000 $ 1,998,452,000
Oil and condensate sales        
REVENUES:        
Revenue from contracts with customers 29,106,000 81,347,000 99,854,000 147,444,000
Natural gas liquid sales        
REVENUES:        
Revenue from contracts with customers $ 36,780,000 $ 105,141,000 $ 119,717,000 $ 184,963,000