Quarterly report pursuant to Section 13 or 15(d)

BASIS OF PRESENTATION (Tables)

v3.22.2
BASIS OF PRESENTATION (Tables)
6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following at June 30, 2022 and December 31, 2021 (in thousands):
Successor
June 30, 2022 December 31, 2021
Accounts payable and other accrued liabilities $ 195,202  $ 143,938 
Revenue payable and suspense 216,890  180,857 
Accrued contract rejection damages and shares held in reserve 40,996  69,216 
Total accounts payable and accrued liabilities $ 453,088  $ 394,011 
Fresh Start Adjustments The following table summarizes the components in reorganization items, net included in the Company's consolidated statements of operations for the Current Successor YTD Period, Prior Successor Period, Prior Predecessor Quarter, and Prior Predecessor YTD Period (in thousands):
Successor Predecessor
Six Months Ended June 30, 2022 Period from May 18, 2021 through June 30, 2021 Period from April 1, 2021 through May 17, 2021 Period from January 1, 2021 through May 17, 2021
Legal and professional advisory fees $ —  $ —  $ (40,782) $ (81,565)
Net gain on liabilities subject to compromise —  —  571,032  575,182 
Fresh start adjustments, net —  —  (160,756) (160,756)
Elimination of predecessor accumulated other comprehensive income —  —  (40,430) (40,430)
Debt issuance costs —  —  (3,150) (3,150)
Other items, net —  —  (20,295) (22,383)
Reorganization items, net $ —  $ —  $ 305,619  $ 266,898 
Schedule of Cash Flow, Supplemental Disclosures Supplemental Cash Flow and Non-Cash Information (in thousands)
Successor Predecessor
Six Months Ended June 30, 2022 Period from May 18, 2021 through June 30, 2021 Period from January 1, 2021 through May 17, 2021
Supplemental disclosure of cash flow information:
Cash paid for reorganization items, net $ —  $ 15,369  $ 87,199 
Interest payments $ 26,386  $ 2,072  $ 7,272 
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable - oil and natural gas sales $ (84,043) $ 40,048  $ (60,832)
(Increase) decrease in accounts receivable - joint interest and other $ (4,111) $ 4,510  $ (3,005)
Increase (decrease) in accounts payable and accrued liabilities $ 44,045  $ (80,097) $ 79,193 
Decrease in prepaid expenses $ 3,385  $ 681  $ 135,471 
Decrease in other assets $ 1,406  $ 62  $ 3,067 
Total changes in operating assets and liabilities $ (39,318) $ (34,796) $ 153,894 
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation $ 1,326  $ —  $ 930 
Asset retirement obligation capitalized $ 18  $ 36  $ 546 
Asset retirement obligation removed due to divestiture $ (7) $ —  $ — 
Release of common stock held in reserve $ 28,220  $ 23,893  $ — 
Foreign currency translation gain on equity method investments $ —  $ —  $ 2,570