Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2021
May 17, 2021
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Current assets:              
Cash and cash equivalents $ 9,389 $ 1,526   $ 89,861      
Restricted cash 29,135 57,891   0      
Accounts receivable—oil and natural gas sales 140,663 180,711   119,879      
Accounts receivable—joint interest and other 10,695 15,431   12,200      
Prepaid expenses and other current assets 24,737 25,295   160,664      
Short-term derivative instruments 2,223 3,465   27,146      
Total current assets 216,842 284,319   409,750      
Property and equipment:              
Proved oil and natural gas properties 1,737,778 1,715,049   9,359,866      
Unproved properties 224,214 212,533   1,457,043      
Other property and equipment 6,914 6,893   88,538      
Total property and equipment 1,968,906 1,934,475   10,905,447      
Less: accumulated depletion, depreciation and amortization (150,175) 0   (8,819,178)      
Total property and equipment, net 1,818,731 1,934,475   2,086,269      
Other assets:              
Equity investments 0 0   24,816      
Long-term derivative instruments 3,014 8,183   322      
Operating lease assets 44 47   342      
Other assets 27,557 25,966   18,372      
Total other assets 30,615 34,196   43,852      
Total assets 2,066,188 2,252,990   2,539,871      
Current liabilities:              
Accounts payable and accrued liabilities 397,800 506,799   244,903      
Short-term derivative instruments 192,730 98,900   11,641      
Current portion of operating lease liabilities 39 38   0      
Current maturities of long-term debt 60,000 60,000   253,743      
Total current liabilities 650,569 665,737   510,287      
Non-current liabilities:              
Long-term derivative instruments 113,470 80,742   36,604      
Asset retirement obligation 19,347 19,084   0      
Non-current operating lease liabilities 5 9   0      
Long-term debt, net of current maturities 773,847 792,751   0      
Total non-current liabilities 906,669 892,586   36,604      
Liabilities subject to compromise 0 2,224,449   2,293,480      
Total liabilities 1,557,238 1,558,323   2,840,371      
Commitments and contingencies (Note 9)        
Mezzanine Equity:              
New Preferred Stock - $0.0001 par value, 110 thousand shares authorized, 55.9 thousand issued and outstanding at June 30, 2021 55,860 55,000          
Stockholders’ equity (deficit):              
Common stock 2 2   1,607      
Predecessor accumulated other comprehensive loss   0   (43,000)      
Additional paid-in capital 693,921 693,774   4,213,752      
New Common Stock held in reserve, 937 thousand shares (30,216) (54,109)          
Accumulated deficit (210,617) 0   (4,472,859)      
Total stockholders’ equity (deficit) 453,090 639,667 $ (287,738) (300,500) $ 231,340 $ 784,049 $ 1,314,592
Total liabilities, mezzanine equity and stockholders’ equity (deficit) $ 2,066,188 $ 2,252,990   $ 2,539,871