Annual report pursuant to Section 13 and 15(d)

FRESH START ACCOUNTING - Fresh Start Adjustments (Details)

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FRESH START ACCOUNTING - Fresh Start Adjustments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 17, 2021
Dec. 31, 2020
Current assets:          
Cash and cash equivalents $ 1,929 $ 7,259   $ 1,526  
Restricted cash       57,891  
Accounts receivable—oil, natural gas, and natural gas liquids sales 122,479 278,404   180,711  
Accounts receivable—joint interest and other 22,221 21,478   15,431  
Prepaid expenses and other current assets 16,951 7,621   25,295  
Short-term derivative instruments 233,226 87,508   3,465  
Total current assets 396,806 402,270   284,319  
Property and equipment:          
Proved oil and natural gas properties 2,904,519 2,418,666   1,697,408  
Unproved properties 204,233 178,472   230,174  
Other property and equipment 9,165 6,363   6,893  
Total property and equipment 3,117,917 2,603,501   1,934,475  
Less: accumulated depletion, depreciation and amortization (865,618) (545,771)   0  
Total property and equipment, net 2,252,299 2,057,730   1,934,475  
Other assets:          
Equity investments       0  
Long-term derivative instruments 47,566 26,525   8,183  
Operating lease assets 14,299 26,713   47  
Other assets 31,487 21,241   25,966  
Total other assets 618,508 74,479   34,196  
Total assets 3,267,613 2,534,479   2,252,990  
Current liabilities:          
Accounts payable and accrued liabilities 309,532 437,384   506,799  
Short-term derivative instruments 21,963 343,522   98,900  
Current portion of operating lease liabilities 12,959 12,414   38  
Current maturities of long-term debt 0 0   60,000  
Total current liabilities 344,454 793,320   665,737  
Non-current liabilities:          
Long-term derivative instruments 18,602 118,404   80,742  
Asset retirement obligation 29,941 33,171   19,084  
Non-current operating lease liabilities 1,340 14,299   9  
Long-term debt, net of current maturities 667,382 694,155   792,751  
Total non-current liabilities 717,265 860,029   892,586  
Liabilities subject to compromise       2,224,449  
Total liabilities 1,061,719 1,653,349   1,558,323  
Commitments and contingencies (Notes 18 and 19)    
Mezzanine equity:          
Preferred Stock 44,214 52,295   55,000  
Stockholders’ equity:          
Common Stock - $0.0001 par value, 42.0 million shares authorized, 18.3 million issued and outstanding at December 31, 2023, and 19.1 million issued and outstanding at December 31, 2022 2 2   2  
Additional paid-in capital 315,726 449,243   693,774  
Treasury stock, at cost - 0.0 thousand shares at December 31, 2023, and 3.9 thousand shares at December 31, 2022       (54,109)  
Accumulated other comprehensive loss       0  
Retained earnings 1,847,948 381,872   0  
Total stockholders’ equity 2,161,680 828,835 $ 549,478 639,667 $ (300,500)
Total liabilities, mezzanine equity and stockholders’ equity $ 3,267,613 $ 2,534,479   2,252,990  
Predecessor          
Current assets:          
Cash and cash equivalents       146,545  
Restricted cash       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 and amortization       (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:          
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, 18.3 million issued and outstanding at December 31, 2023, and 19.1 million issued and outstanding at December 31, 2022       1,609  
Additional paid-in capital       4,215,838  
Treasury stock, at cost - 0.0 thousand shares at December 31, 2023, and 3.9 thousand shares at December 31, 2022       0  
Accumulated other comprehensive loss       (40,430)  
Retained earnings       (4,644,634)  
Total stockholders’ equity       (467,617)  
Total liabilities, mezzanine equity and stockholders’ equity       2,586,730  
Reorganization Adjustments          
Current assets:          
Cash and cash equivalents       (145,019)  
Restricted cash       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 and amortization       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:          
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, 18.3 million issued and outstanding at December 31, 2023, and 19.1 million issued and outstanding at December 31, 2022       (1,609)  
Additional paid-in capital       (3,522,064)  
Treasury stock, at cost - 0.0 thousand shares at December 31, 2023, and 3.9 thousand shares at December 31, 2022       (54,109)  
Accumulated other comprehensive loss       40,430  
Retained earnings       4,805,390  
Total stockholders’ equity       1,268,040  
Total liabilities, mezzanine equity and stockholders’ equity       (140,922)  
Fresh Start Adjustments          
Current assets:          
Cash and cash equivalents       0  
Restricted cash       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 and amortization       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:          
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 - 0.0 thousand shares at December 31, 2023, and 3.9 thousand shares at December 31, 2022       0  
Accumulated other comprehensive loss       0  
Retained earnings       (160,756)  
Total stockholders’ equity       (160,756)  
Total liabilities, mezzanine equity and stockholders’ equity       $ (192,818)