Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (Tables)

v3.21.2
PROPERTY AND EQUIPMENT (Tables)
 9 Months Ended
Sep. 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 September 30, 2021 and December 31, 2020 are as follows:
Successor Predecessor
September 30, 2021 December 31, 2020
Proved oil and natural gas properties $ 1,831,762  $ 9,359,866 
Unproved properties 216,357  1,457,043 
Other depreciable property and equipment 4,891  85,530 
Land 386  3,008 
Total property and equipment 2,053,396  10,905,447 
Accumulated DD&A and impairment (212,403) (8,819,178)
Property and equipment, net $ 1,840,993  $ 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 September 30, 2021:
Successor
September 30, 2021
(In thousands)
Utica $ 179,449 
SCOOP 36,905 
Other 3 
Total unproved properties $ 216,357 
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 
Liabilities incurred 19 
Accretion expense 488 
Asset retirement obligation at September 30, 2021 $ 19,854 
(1) See Note 3 for additional discussion of fresh start adjustments.