Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (Tables)

v3.21.2
PROPERTY AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The major categories of property and equipment and related accumulated DD&A and impairment as of June 30, 2021 and December 31, 2020 are as follows:
Successor Predecessor
June 30, 2021 December 31, 2020
Proved oil and natural gas properties $ 1,737,778  $ 9,359,866 
Unproved properties 224,214  1,457,043 
Other depreciable property and equipment 5,407  85,530 
Land 1,507  3,008 
Total property and equipment 1,968,906  10,905,447 
Accumulated DD&A and impairment (150,175) (8,819,178)
Property and equipment, net $ 1,818,731  $ 2,086,269 
Schedule of Non-Producing Properties Excluded from Amortization by Area
The following table summarizes the Company’s unevaluated properties excluded from amortization by area at June 30, 2021:
Successor
June 30, 2021
(In thousands)
Utica $ 186,036 
SCOOP 38,178 
Total unproved properties $ 224,214 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company’s asset retirement obligation for the periods presented:
Asset retirement obligation at January 1, 2021 (Predecessor) $ 63,566 
Liabilities incurred 546 
Accretion expense 1,229 
Ending balance as of May 17, 2021 (Predecessor) 65,341 
Fresh start adjustments(1)
(46,257)
Asset retirement obligation at May 18, 2021 (Successor) 19,084 
Liabilities incurred 37 
Accretion expense 226 
Asset retirement obligation at June 30, 2021 $ 19,347 
(1) See Note 3 for additional discussion of fresh start adjustments.