Quarterly report pursuant to Section 13 or 15(d)

FRESH START ACCOUNTING (Fresh Start Adjustments) (Details)

v3.21.2
FRESH START ACCOUNTING (Fresh Start Adjustments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Jun. 30, 2021
May 17, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Current assets:                  
Cash and cash equivalents $ 4,485   $ 1,526   $ 89,861        
Restricted cash     57,891            
Accounts receivable—oil and natural gas sales 185,941   180,711   119,879        
Accounts receivable—joint interest and other 9,669   15,431   12,200        
Prepaid expenses and other current assets 18,487   25,295   160,664        
Short-term derivative instruments 2,142   3,465   27,146        
Total current assets 220,724   284,319   409,750        
Property and equipment:                  
Proved oil and natural gas properties 1,831,762   1,697,408   9,359,866        
Unproved properties 216,357   230,174   1,457,043        
Other property and equipment 5,277   6,893   88,538        
Total property and equipment 2,053,396   1,934,475   10,905,447        
Accumulated DD&A and impairment (212,403)   0   (8,819,178)        
Total property and equipment, net 1,840,993   1,934,475   2,086,269        
Other assets:                  
Equity investments 0   0   24,816        
Long-term derivative instruments 961   8,183   322        
Operating lease assets 34   47   342        
Other assets 25,496   25,966   18,372        
Total other assets 26,491   34,196   43,852        
Total assets 2,088,208   2,252,990   2,539,871        
Current liabilities:                  
Accounts payable and accrued liabilities 436,172   506,799   244,903        
Short-term derivative instruments 560,722   98,900   11,641        
Current portion of operating lease liabilities 34   38   0        
Current maturities of long-term debt 60,000   60,000   253,743        
Total current liabilities 1,056,928   665,737   510,287        
Non-current liabilities:                  
Long-term derivative instruments 272,935   80,742   36,604        
Asset retirement obligation 19,854   19,084   0        
Non-current operating lease liabilities     9            
Long-term debt, net of current maturities 689,502   792,751   0        
Total non-current liabilities 982,291   892,586   36,604        
Liabilities subject to compromise 0   2,224,449   2,293,480        
Total liabilities 2,039,219   1,558,323   2,840,371        
Commitments and contingencies (Note 9)            
Mezzanine Equity:                  
New Preferred Stock 57,920   55,000            
Stockholders’ equity (deficit):                  
Common stock 2   2   1,607        
Additional paid-in capital 692,182   693,774   4,213,752        
New Common Stock held in reserve (30,216)   (54,109)            
Accumulated other comprehensive loss     0   (43,000)        
Retained earnings (accumulated deficit) (670,899)   0   (4,472,859)        
Total stockholders’ deficit (8,931) $ 453,090 639,667 $ (287,738) (300,500) $ (144,777) $ 231,340 $ 784,049 $ 1,314,592
Total liabilities, mezzanine equity and stockholders’ deficit $ 2,088,208   2,252,990   $ 2,539,871        
Predecessor                  
Current assets:                  
Cash and cash equivalents     146,545            
Restricted cash     0            
Accounts receivable—oil and natural gas 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            
Accumulated DD&A 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:                  
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 (Note 9)                
Stockholders’ equity (deficit):                  
Common stock     1,609            
Additional paid-in capital     4,215,838            
New Common Stock held in reserve     0            
Accumulated other comprehensive loss     (40,430)            
Retained earnings (accumulated deficit)     (4,644,634)            
Total stockholders’ deficit     (467,617)            
Total liabilities, mezzanine equity and stockholders’ deficit     2,586,730            
Reorganization Adjustments                  
Current assets:                  
Cash and cash equivalents     (145,019)            
Restricted cash     57,891            
Accounts receivable—oil and natural gas sales     0            
Accounts receivable—joint interest and other     0            
Prepaid expenses and other current assets     (60,894)            
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            
Accumulated DD&A 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:                  
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 (Note 9)                
Mezzanine Equity:                  
New Preferred Stock     55,000            
Stockholders’ equity (deficit):                  
Common stock     (1,609)            
Additional paid-in capital     (3,522,064)            
New Common Stock held in reserve     (54,109)            
Accumulated other comprehensive loss     40,430            
Retained earnings (accumulated deficit)     4,805,390            
Total stockholders’ deficit     1,268,040            
Total liabilities, mezzanine equity and stockholders’ deficit     (140,922)            
Fresh Start Adjustments                  
Current assets:                  
Cash and cash equivalents     0            
Restricted cash     0            
Accounts receivable—oil and natural gas 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)            
Accumulated DD&A 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:                  
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 (Note 9)                
Stockholders’ equity (deficit):                  
Additional paid-in capital     0            
New Common Stock held in reserve     0            
Accumulated other comprehensive loss     0            
Retained earnings (accumulated deficit)     (160,756)            
Total stockholders’ deficit     (160,756)            
Total liabilities, mezzanine equity and stockholders’ deficit     $ (192,818)