Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT (Tables)

v3.22.1
PROPERTY AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 are as follows (in thousands):
Successor
March 31, 2022 December 31, 2021
Proved oil and natural gas properties $ 2,030,289  $ 1,917,833 
Unproved properties 203,678  211,007 
Other depreciable property and equipment 5,034  4,943 
Land 386  386 
Total property and equipment 2,239,387  2,134,169 
Accumulated DD&A and impairment (340,709) (278,341)
Property and equipment, net $ 1,898,678  $ 1,855,828 
Schedule of Non-Producing Properties Excluded from Amortization by Area
The following table summarizes the Company’s non-producing properties excluded from amortization by area as of March 31, 2022:
Successor
March 31, 2022
(In thousands)
Utica $ 168,809 
SCOOP 34,865 
Other 4 
Total unproved properties $ 203,678 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company’s asset retirement obligation for the Successor and Predecessor Quarters (in thousands):
Successor Predecessor
Three Months Ended March 31, 2022 Three Months Ended March 31, 2021
Asset retirement obligation, beginning of period $ 28,264  $ 63,566 
Liabilities incurred 16  483 
Accretion expense 692  805 
Total asset retirement obligation as of end of period $ 28,972  $ 64,854 
Less: amounts reclassified to liabilities subject to compromise $ —  $ (64,854)
Total asset retirement obligation reflected as non-current liabilities $ 28,972  $ —