Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 21, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-37907 | |
Entity Registrant Name | EXTRACTION OIL & GAS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1473923 | |
Entity Address, Address Line One | 370 17th Street | |
Entity Address, Address Line Two | Suite 5200 | |
Entity Address, City or Town | Denver, | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80202 | |
City Area Code | 720 | |
Local Phone Number | 557-8300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,757,478 | |
Amendment Flag | false | |
Entity Central Index Key | 0001655020 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 38,430 | $ 205,890 |
Restricted Cash, Current | 25,641 | 0 |
Accounts receivable, net | ||
Trade | 24,508 | 13,266 |
Oil, natural gas and NGL sales | 64,893 | 63,429 |
Inventory, prepaid expenses and other | 30,274 | 36,382 |
Commodity derivative asset | 0 | 6,971 |
Total Current Assets | 183,746 | 325,938 |
Property and Equipment (successful efforts method), at cost: | ||
Proved oil and gas properties | 969,594 | 4,743,463 |
Unproved oil and gas properties | 136,679 | 220,380 |
Wells in progress | 6,984 | 129,058 |
Less: accumulated depletion, depreciation, amortization and impairment charges | (36,233) | (3,459,689) |
Net oil and gas properties | 1,077,024 | 1,633,212 |
Other property and equipment, net of accumulated depreciation and impairment charges | 56,226 | 56,701 |
Net Property and Equipment | 1,133,250 | 1,689,913 |
Non-Current Assets: | ||
Commodity derivative asset | 1,191 | 0 |
Other non-current assets | 13,936 | 9,348 |
Total Non-Current Assets | 15,127 | 9,348 |
Total Assets | 1,332,123 | 2,025,199 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 115,550 | 80,082 |
Accounts Payable and Accrued Liabilities, Related Party | 145,004 | 49,376 |
Production taxes payable | 99,929 | 2,595 |
Commodity derivative liability | 26,674 | 2,147 |
Accrued interest payable | 1,832 | 692 |
Asset retirement obligations | 9,942 | 0 |
Debtor In Possession Financing, Line of Credit | 0 | 106,727 |
Line of Credit, Current | 0 | 453,747 |
Current tax liability | 23,325 | 0 |
Total Current Liabilities | 422,256 | 695,366 |
Non-Current Liabilities: | ||
Prior Credit Facility—Note 4 | 93,746 | 0 |
Production taxes payable | 83,197 | 33,627 |
Commodity derivative liability | 132 | 0 |
Other non-current liabilities | 19,204 | 0 |
Asset retirement obligations | 78,125 | 0 |
Total Non-Current Liabilities | 274,404 | 33,627 |
Liabilities Subject to Compromise | 0 | 2,143,497 |
Total Liabilities | 696,660 | 2,872,490 |
Commitments and Contingencies—Note 12 | ||
Series A Convertible Preferred Stock, $0.01 par value; 50,000,000 shares authorized, 185,280 issued and outstanding as of December 31, 2020 | 0 | 191,754 |
Stockholders' Equity (Deficit): | ||
Predecessor common stock, $0.01 par value; 900,000,000 shares authorized; 136,588,900 issued and outstanding as of December 31, 2020 | 257 | 1,336 |
Predecessor treasury stock, at cost, 38,859,078 shares as of December 31, 2020 | 0 | (170,138) |
Additional paid-in capital | 546,652 | 2,140,499 |
Retained earnings (accumulated deficit) | 88,554 | (3,010,742) |
Total Stockholders' Equity (Deficit) | 635,463 | (1,039,045) |
Total Liabilities and Stockholders' Equity | $ 1,332,123 | $ 2,025,199 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Series A Convertible Preferred Stock | ||
Convertible Preferred Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Convertible Preferred Stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Convertible Preferred Stock, shares issued (in shares) | 185,280 | 185,280 |
Convertible Preferred Stock, shares outstanding (in shares) | 185,280 | 185,280 |
Common stock, par value and other disclosures | ||
Common stock, Par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 900,000,000 | 900,000,000 |
Common Stock, shares issued (in shares) | 25,703,212 | 136,588,900 |
Common Stock, shares outstanding (in shares) | 25,703,212 | 136,588,900 |
Treasury Stock, Shares | 38,859,078 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues: | |||
Revenues | $ 43,042,000 | $ 249,442,000 | $ 165,187,000 |
Operating Expenses: | |||
Lease operating expense | 2,555,000 | 10,655,000 | 30,390,000 |
Production taxes | 3,294,000 | 21,440,000 | 13,454,000 |
Exploration and abandonment expenses | 316,000 | 759,000 | 112,480,000 |
Depletion, depreciation, amortization and accretion | 16,133,000 | 38,575,000 | 76,051,000 |
Impairment of long-lived assets | 0 | 0 | 775,000 |
General and administrative expense | 2,211,000 | 7,541,000 | 10,596,000 |
Other Cost and Expense, Operating | 1,107,000 | 3,890,000 | 56,510,000 |
Total Operating Expenses | 31,872,000 | 106,048,000 | 323,042,000 |
Operating Income (Loss) | 11,170,000 | 143,394,000 | (157,855,000) |
Other Income (Expense): | |||
Commodity derivatives gain (loss) | (12,586,000) | (28,487,000) | 263,015,000 |
Loss on deconsolidation of Elevation Midstream, LLC | 0 | 0 | (73,139,000) |
Reorganization Items | 873,908,000 | 0 | 0 |
Interest Expense | (1,534,000) | (3,034,000) | (21,358,000) |
Other income | 12,000 | 6,000 | 574,000 |
Total Other Income (Expense) | 859,800,000 | (31,515,000) | 169,092,000 |
Income Before Income Taxes | 870,970,000 | 111,879,000 | 11,237,000 |
Income tax expense | 0 | (23,325,000) | (2,200,000) |
Net Income | (870,970,000) | (88,554,000) | (9,037,000) |
Net income attributable to noncontrolling interest | 0 | 0 | 6,160,000 |
Net Loss | 870,970,000 | 88,554,000 | 2,877,000 |
Adjustments to reflect Series A Preferred Stock dividends and accretion of discount | (418,000) | 0 | (6,518,000) |
Net Income (Loss) Available to Common Shareholders, Basic and Diluted | $ 870,552,000 | $ 88,554,000 | $ (3,641,000) |
Earnings Per Common Share | |||
Earnings Per Share, Basic | $ 6.37 | $ 3.47 | $ (0.03) |
Earnings Per Share, Diluted | $ 6.37 | $ 3.41 | $ (0.03) |
Weighted Average Common Shares Outstanding | |||
Weighted Average Number of Shares Outstanding, Basic | 136,589 | 25,497 | 137,726 |
Weighted Average Number of Shares Outstanding, Diluted | 136,589 | 25,976 | 137,726 |
Oil sales | |||
Revenues: | |||
Revenues | $ 27,137,000 | $ 100,547,000 | $ 124,219,000 |
Natural gas sales | |||
Revenues: | |||
Revenues | 7,806,000 | 117,336,000 | 22,302,000 |
NGL sales | |||
Revenues: | |||
Revenues | 8,099,000 | 31,559,000 | 17,193,000 |
Transporting And Gathering | |||
Revenues: | |||
Revenues | 0 | 0 | 1,473,000 |
Operating Expenses: | |||
Transportation and gathering | $ 6,256,000 | $ 23,188,000 | $ 22,786,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 870,970,000 | $ 88,554,000 | $ 9,037,000 |
Reconciliation of net income to net cash provided by operating activities: | |||
Depletion, depreciation, amortization and accretion | 16,133,000 | 38,575,000 | 76,051,000 |
Abandonment and impairment of unproved properties | 0 | 0 | 106,928,000 |
Impairment of long-lived assets | 0 | 0 | 775,000 |
Amortization of debt issuance costs | 113,000 | 452,000 | 1,242,000 |
Non-cash lease expense | 264,000 | 871,000 | 4,871,000 |
Non-cash reorganization items, net | (902,653,000) | 0 | 0 |
Non-cash discount on rights offering | 0 | 1,792,000 | 0 |
Contract asset | 0 | 0 | 8,465,000 |
Commodity derivatives loss (gain) | 12,586,000 | 28,487,000 | (263,015,000) |
Settlements on commodity derivatives | 542,000 | (5,025,000) | |
Settlements on commodity derivatives | 24,932,000 | ||
Earnings in unconsolidated subsidiaries | 0 | 0 | (480,000) |
Loss on deconsolidation of Elevation Midstream, LLC | 0 | 0 | (73,139,000) |
Deferred income tax expense | 0 | 0 | 2,200,000 |
Stock-based compensation | 302,000 | 2,174,000 | 0 |
Changes in current assets and liabilities: | |||
Accounts receivable—trade | (598,000) | (12,008,000) | (9,127,000) |
Accounts receivable—oil, natural gas and NGL sales | (1,269,000) | (195,000) | 66,253,000 |
Inventory, prepaid expenses and other | (778,000) | 8,182,000 | 584,000 |
Accounts payable and accrued liabilities | 16,192,000 | (30,580,000) | (7,699,000) |
Accounts payable and accrued liabilities - related party | 0 | 0 | 46,777,000 |
Revenue payable | 18,529,000 | 17,251,000 | (1,690,000) |
Production taxes payable | (13,750,000) | (13,534,000) | 21,002,000 |
Accrued interest payable | (692,000) | 1,832,000 | (2,583,000) |
Current tax liability | 0 | 23,325,000 | 0 |
Asset retirement expenditures | (545,000) | (1,045,000) | (10,563,000) |
Net cash provided by operating activities | 15,346,000 | 149,108,000 | 147,099,000 |
Cash flows from investing activities: | |||
Oil and gas property additions | (9,120,000) | (22,451,000) | (143,000,000) |
Sale of property and equipment | 0 | 0 | 12,117,000 |
Gathering systems and facilities additions, net of cost reimbursements | 0 | 0 | |
Gathering systems and facilities additions, net of cost reimbursements | 4,193,000 | ||
Other property and equipment additions | 0 | (248,000) | (2,980,000) |
Investment in unconsolidated subsidiaries | 0 | 0 | (10,033,000) |
Net cash used in investing activities | (9,120,000) | (22,699,000) | (139,703,000) |
Cash flows from financing activities: | |||
Borrowings under Prior Credit Facility—Note 4 | 0 | 0 | 70,000,000 |
Repayments under Prior Credit Facility—Note 4 | (453,872,000) | 0 | (70,000,000) |
Borrowings under RBL Credit Facility—Note 4 | 265,000,000 | 0 | 0 |
Repayments under RBL Credit Facility—Note 4 | 0 | (180,000,000) | 0 |
Repayments under DIP Credit Facility—Note 4 | (106,727,000) | 0 | 0 |
Proceeds from issuance of common stock | 200,473,000 | 7,000,000 | 0 |
Payment of employee payroll withholding taxes | 0 | 0 | (35,000) |
Debt issuance costs and other financing fees | (6,328,000) | 0 | (22,000) |
Net cash used in financing activities | (101,454,000) | (173,000,000) | (57,000) |
Effect of deconsolidation of Elevation Midstream, LLC | 0 | 0 | (7,728,000) |
Decrease in cash and cash equivalents | (95,228,000) | (46,591,000) | (389,000) |
Cash, cash equivalents and restricted cash at beginning of period | 205,890,000 | 32,382,000 | |
Cash, cash equivalents and restricted cash at end of the period | 110,662,000 | 64,071,000 | 31,993,000 |
Supplemental cash flow information: | |||
Property and equipment included in accounts payable and accrued liabilities | 16,320,000 | 17,192,000 | 99,602,000 |
Cash paid for interest | 2,245,000 | 787,000 | 24,865,000 |
Cash paid for reorganization items, net | 6,545,000 | 15,029,000 | 0 |
Accretion of beneficial conversion feature of Series A Preferred Stock | 418,000 | 0 | 1,770,000 |
Preferred Units commitment fees and dividends paid-in-kind | 0 | 0 | 6,160,000 |
Series A Preferred Stock dividends paid-in-kind | 0 | 0 | 4,748,000 |
Draw on letter of credit increasing the RBL Credit Facility | 0 | 8,746,000 | 0 |
Draw on letter of credit increasing the Prior Credit Facility | 125,000 | 0 | 0 |
General unsecured claim within accounts payable and accrued liabilities settled with common stock | 0 | 11,088,000 | 0 |
Backstop Commitment Agreement Premium Paid | $ 23,866,000 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' AND STOCKHOLDERS' EQUITY - USD ($) shares in Thousands | Total | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Balance at beginning of period (in units or shares) at Dec. 31, 2019 | 176,517 | 38,859 | |||||
Balance at beginning of period at Dec. 31, 2019 | $ 508,737,000 | $ 1,336,000 | $ (170,138,000) | $ 2,156,383,000 | $ (1,743,208,000) | $ 244,373,000 | $ 264,364,000 |
CHANGES IN MEMBERS' AND STOCKHOLDERS' EQUITY | |||||||
Preferred Units commitment fees and dividends paid-in-kind | (6,160,000) | (6,160,000) | (6,160,000) | (6,160,000) | |||
Series A Preferred Stock dividends | (4,748,000) | (4,748,000) | (4,748,000) | ||||
Accretion of beneficial conversion feature on Series A Preferred Stock | 1,770,000 | 1,770,000 | 1,770,000 | ||||
Dividends, Preferred Stock, Paid | (35,000) | (35,000) | (35,000) | ||||
Shares Issued Under LTIP, Including Payment of Tax Withholding using Withheld Shares | 234 | ||||||
Net income | 9,037,000 | 9,037,000 | 9,037,000 | ||||
Net loss | 2,877,000 | ||||||
Effect of Deconsolidation of An Entity | (270,524,000) | (270,524,000) | |||||
Balance at end of period (in units or shares) at Mar. 31, 2020 | 176,751 | 38,859 | |||||
Balance at end of period at Mar. 31, 2020 | 240,697,000 | $ 1,336,000 | $ (170,138,000) | 2,143,670,000 | (1,734,171,000) | 240,697,000 | 0 |
Balance at beginning of period (in units or shares) at Dec. 31, 2020 | 175,448 | 38,859 | |||||
Balance at beginning of period at Dec. 31, 2020 | (1,039,045,000) | $ 1,336,000 | $ (170,138,000) | 2,140,499,000 | (3,010,742,000) | (1,039,045,000) | 0 |
CHANGES IN MEMBERS' AND STOCKHOLDERS' EQUITY | |||||||
Preferred Units commitment fees and dividends paid-in-kind | 0 | ||||||
Accretion of beneficial conversion feature on Series A Preferred Stock | 418,000 | 418,000 | 418,000 | ||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 302,000 | 302,000 | 302,000 | ||||
Net income | 870,970,000 | ||||||
Net loss | 870,970,000 | 870,970,000 | 870,970,000 | ||||
Temporary Equity, Elimination as Part of Reorganization | 168,191,000 | $ (1,336,000) | $ 170,138,000 | (2,140,383,000) | 2,139,772,000 | 168,191,000 | |
Stockholders' Equity, Shares, Elimination As Part Of Reorganization | (175,448) | (38,859) | |||||
Balance at end of period (in units or shares) at Jan. 20, 2021 | 24,729 | 0 | |||||
Balance at end of period at Jan. 20, 2021 | 524,855,000 | $ 247,000 | $ 0 | 524,608,000 | 0 | 524,855,000 | 0 |
CHANGES IN MEMBERS' AND STOCKHOLDERS' EQUITY | |||||||
Stock Issued During Period, Shares, New Issues | 24,729 | ||||||
Stock Issued During Period, Value, New Issues | 504,452,000 | $ 247,000 | 504,205,000 | 504,452,000 | |||
Warrants Issued During Period, Value, New Issues | 20,403,000 | 20,403,000 | 20,403,000 | ||||
Balance at end of period (in units or shares) at Jan. 21, 2021 | 24,729 | 0 | |||||
Balance at end of period at Jan. 21, 2021 | 524,855,000 | $ 247,000 | $ 0 | 524,608,000 | 0 | 524,855,000 | 0 |
CHANGES IN MEMBERS' AND STOCKHOLDERS' EQUITY | |||||||
Preferred Units commitment fees and dividends paid-in-kind | 0 | ||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 2,174,000 | 2,174,000 | 2,174,000 | ||||
Net income | 88,554,000 | ||||||
Net loss | 88,554,000 | 88,554,000 | 88,554,000 | ||||
Stock Issued During Period, Shares, New Issues | 543 | ||||||
Stock Issued During Period, Value, New Issues | 11,088,000 | $ 5,000 | 11,083,000 | 11,088,000 | |||
Stock Issued During Period, Shares, Rights Offering | 431 | ||||||
Stock Issued During Period, Value, Rights Offering | 8,792,000 | $ 5,000 | 8,787,000 | 8,792,000 | |||
Balance at end of period (in units or shares) at Mar. 31, 2021 | 25,703 | 0 | |||||
Balance at end of period at Mar. 31, 2021 | $ 635,463,000 | $ 257,000 | $ 0 | $ 546,652,000 | $ 88,554,000 | $ 635,463,000 | $ 0 |
Business and Organization
Business and Organization | 3 Months Ended |
Mar. 31, 2021 | |
Limited Liability Company or Limited Partnership, Business Organization and Operations [Abstract] | |
Business and Organization | Business and Organization Extraction Oil & Gas, Inc. (the “Company” or “Extraction"” is an independent oil and gas company focused on the acquisition, development and production of oil, natural gas and natural gas liquids (“NGLs”) reserves in the Rocky Mountain region, primarily in the Wattenberg Field of the Denver-Julesburg Basin (the “DJ Basin”) of Colorado. As described below in the section titled Voluntary Reorganization under Chapter 11 of the Bankruptcy Code , during the second quarter of 2020, the Company filed for bankruptcy and, as a result, was delisted from the NASDAQ Global Select Market on June 25, 2020 and began trading on the Pink Open Market under the symbol “XOGAQ.” Also described below, on January 20, 2021 the Company emerged from bankruptcy as a reorganized entity and, as a result, was relisted on the NASDAQ Global Select Market on January 21, 2021 and began trading under the symbol “XOG.” To facilitate our financial statement presentations, the Company refers to the post-emergence reorganized company in these condensed consolidated financial statements and footnotes as the Successor Company for periods subsequent to January 20, 2021 and to the pre-emergence company as the Predecessor Company for periods on or prior to January 20, 2021. This delineation between Predecessor Company periods and Successor Company periods is shown in the condensed consolidated financial statements, certain tables within the footnotes to the condensed consolidated financial statements and other parts of this Quarterly Report on Form 10-Q (“Quarterly Report”) through the use of a black line, calling out the lack of comparability between periods. Bonanza Creek Energy, Inc. Merger On May 9, 2021, Bonanza Creek Energy, Inc. (“Bonanza Creek”) and Extraction signed a merger agreement in an all-stock merger of equals. The merger is subject to customary closing conditions, and the Company currently expects it to close in the third quarter of 2021. Upon completion of the merger, the combined company will be named Civitas Resources, Inc. (“Civitas”). Bonanza Creek President and Chief Executive Officer, Eric Greager, will serve as President and CEO of Civitas. Other senior leadership positions will be filled by current executives of Bonanza Creek and Extraction. As designated in the merger agreement, of the six named officers, three will be from Bonanza Creek and three from Extraction. Extraction Chairman of the Board, Ben Dell, will serve as Chairman of Civitas, and Bonanza Creek and Extraction will each nominate four directors to Civitas’ diverse, eight-member Board. Voluntary Reorganization under Chapter 11 of the Bankruptcy Cod e As previously disclosed, on June 14, 2020 (the “Petition Date”), Extraction and its wholly owned subsidiaries (collectively, the “Debtors”), filed voluntary petitions for relief under chapter 11 (“Chapter 11”) of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Debtors’ Chapter 11 cases (the “Chapter 11 Cases”) were jointly administered under the caption In re Extraction Oil & Gas., et al. Case No. 20-11548 (CSS). On July 30, 2020, the Debtors filed a proposed Plan of Reorganization (as amended, modified, or supplemented from time to time, the “Plan”) and related Disclosure Statement (as amended or modified, the “Disclosure Statement”) describing the Plan and the solicitation of votes to approve the same from certain of the Debtors’ creditors with respect to the Chapter 11 Cases. Subsequently on October 22, 2020 and November 5, 2020, the Debtors filed first and second amendments, respectively, to the Disclosure Statement. The hearing to consider approval of the Disclosure Statement was held on November 6, 2020. On November 6, 2020, the Bankruptcy Court approved the adequacy of the Disclosure Statement and the Debtors commenced a solicitation process to obtain votes on the Plan. The Plan was confirmed by order of the Bankruptcy Court on December 23, 2020 (the “Confirmation Order”). On January 20, 2021 (the “Emergence Date”), all material conditions were met, and the Plan became effective in accordance with its terms and the Company emerged from Chapter 11. Unless otherwise indicated, capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan. On the Emergence Date and pursuant to the Plan: • The Company amended and restated its certificate of incorporation and bylaws; • The Company constituted a new board of directors; • The Company appointed a new Chief Executive Officer, President and Chief Operating Officer, and Chief Financial Officer; • The Successor Company issued new common stock (the “New Common Stock”) and New Warrants (as defined in Note 10—Equity ) in reliance on exemptions from registration under Section 1145 of the Bankruptcy Code and Section 4(a)2 of the Securities Act, as applicable: ◦ 2,832,833 shares of New Common Stock pro rata to holders of the 2024 Senior Notes; ◦ 4,854,017 shares of New Common Stock pro rata to holders of the 2026 Senior Notes; ◦ 179,472 shares of New Common Stock, 1,452,773 Tranche A Warrants to purchase 1,452,773 shares of New Common Stock and 726,390 Tranche B Warrants to purchase 726,390 shares of New Common Stock pro rata to holders of the Predecessor Company’s Series A Preferred Stock (the “Predecessor Preferred Stock”) outstanding prior to the Emergence Date; ◦ 179,496 shares of New Common Stock, 1,452,794 Tranche A Warrants to purchase 1,452,794 shares of New Common Stock and 726,412 Tranche B Warrants to purchase 726,412 shares of New Common Stock pro rata to holders of the Predecessor Company’s existing common stock (the “Predecessor Common Stock”) outstanding prior to the Emergence Date; ◦ 11,909,430 shares of New Common Stock were issued to participants in the Equity Rights Offering extended by the Company to the applicable classes under the Plan (including to the commitment parties party to the Backstop Commitment Agreement) which includes 430,760 shares issued as part of the rights offering in February 2021; ◦ 844,760 shares of New Common Stock to the commitment parties under the Backstop Commitment Agreement in connection with their backstop obligation thereunder to purchase unsubscribed shares of New Common Stock; ◦ 13,392 shares of New Common Stock were issued to participants in rights offering extended by the Company to certain holders of general unsecured claims; ◦ 3,177,194 shares of New Common Stock to holders of the 2024 Senior Notes and 2026 Senior Notes in respect of claims purchased from general unsecured creditors; ◦ 1,169,322 shares of New Common Stock to commitment parties under the Backstop Commitment Agreement in respect of the commitment premium due thereunder; and ◦ 543,296 shares of New Common Stock were issued to general unsecured claims that settled in February 2021. See Note 10—Equity. • The Company entered into the RBL Credit Facility (as defined in Note 4—Long-Term Debt—RBL Credit Facility ); • The Company repaid in full and terminated the Prior Credit Facility (as defined in Note 4—Long-Term Debt—Prior Credit Facility ). All liens and security interests granted to secure such obligations under the Prior Credit Facility were automatically terminated and are of no further force and effect; • The Company terminated the DIP Credit Facility (as defined in Note 4—Long-Term Debt ), and the holders of claims under the DIP Credit Facility received payment in full, in cash, for allowed claims. All liens and security interests granted to secure such obligations under the DIP Credit Facility were automatically terminated and are of no further force and effect; |
Basis of Presentation, Signific
Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements | Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company, including its wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The financial statements included herein were prepared from the records of the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the Securities and Exchange Commission rules and regulation for interim financial reporting. In the opinion of management, all adjustments, consisting primarily of normal recurring adjustments that are considered necessary for a fair statement of the unaudited condensed consolidated financial information, have been included. However, operating results for the period presented are not necessarily indicative of the results that may be expected for a full year. Interim condensed consolidated financial statements and the year-end balance sheets do not include all of the information and notes required by GAAP for audited annual consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“Annual Report”). Significant Accounting Policies The significant accounting policies followed by the Company are set forth in Note 2 to the Company’s consolidated financial statements in its Annual Report and are supplemented by the notes to the unaudited condensed consolidated financial statements in this report. As discussed in Note 3—Fresh Start Reporting, upon emergence from bankruptcy on January 20, 2021, we recorded our consolidated balance sheet accounts at fair value. The Predecessor Company applied ASC Topic 852 — Reorganizations in preparing the condensed consolidated financial statements. ASC 852 did not apply to the Successor Company. ASC 852 requires the financial statements, for periods subsequent to the Chapter 11 Cases’ filing date, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain expenses incurred during the bankruptcy proceedings, including gain on settlement of debt and fresh-start valuations, are recorded as reorganization items. In addition, for periods after the Petition Date and through the Emergence Date, Predecessor Company pre-petition obligations that may have been impacted by the Chapter 11 process have been classified on the condensed consolidated balance sheets as “Liabilities Subject to Compromise.” These liabilities are reported at the amounts the Predecessor Company anticipated would be allowed by the Bankruptcy Court as of that balance sheet date, even if they may be settled for lesser amounts. See below for more information regarding reorganization items. GAAP requires certain additional reporting for financial statements prepared between the Petition Date and the Emergence Date, including: • Reclassification of pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured to a separate line item in the condensed consolidated balance sheets called “Liabilities Subject to Compromise”; and • Segregation of reorganization items as a separate line in the condensed consolidated statements of operations outside of income from continuing operations. Accounting policies for the balance sheet accounts listed below are disclosed in the Company’s Annual Report. As of the Effective Date, the amounts for these accounts have been recorded at fair value. After the effective date, the Company will continue to follow the accounting policies within the Company’s Annual Report. • Cash and Cash Equivalents • Accounts Receivable • Inventory, Prepaid Expenses and Other • Oil and Gas Properties • Other Property and Equipment • Debt Issuance Costs • Commodity Derivative Instruments • Intangible Assets • Asset Retirement Obligation Executory Contracts Subject to certain exceptions, under the Bankruptcy Code, the Debtors may assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the Debtors from performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Generally, the assumption of an executory contract or unexpired lease requires the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Bankruptcy Claims The Debtors have filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of each of the Debtors, subject to the assumptions filed in connection therewith. These schedules and statements may be subject to further amendment or modification after filing. Certain holders of pre-petition claims that are not governmental units were required to file proofs of claim by the bar date of August 14, 2020. As of May 12, 2021, the Debtors’ have received approximately 2,600 proofs of claim, primarily representing general unsecured claims, for an amount of approximately $5.8 billion. The Bankruptcy Court does not allow for claims that have been acknowledged as duplicates. Approximately 2,100 claims totaling approximately $4.2 billion have been withdrawn, disallowed or are pending approval to be disallowed. Differences in amounts recorded and claims filed by creditors are currently being investigated and resolved, including through filing objections with the Bankruptcy Court, where appropriate. The Company may ask the Bankruptcy Court to disallow claims that the Company believes are duplicative, have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. In light of the substantial number of claims filed, the claims resolution process may take considerable time to complete and is continuing even after the Debtors emerged from bankruptcy. Divestiture In February 2020 (the “February 2020 Divestiture” ) , the Company completed the sale of certain non-operated producing properties for aggregate sales proceeds of approximately $12.2 million, subject to customary purchase price adjustments. No gain or loss was recognized for the February 2020 Divestiture. The Company continues to explore divestitures as part of our ongoing initiative to divest non-strategic assets. Segments After March 31, 2020, the Company had a single reportable segment. Beginning in the fourth quarter of 2018, the Company had two operating segments, (i) the exploration, development and production of oil, natural gas and NGL (the "exploration and production segment") and (ii) the construction of and support of midstream assets to gather and process crude oil and gas production (the "gathering and facilities segment"). Elevation Midstream, LLC comprised the gathering and facilities segment. Through March 16, 2020, the results of Elevation were included in the condensed consolidated financial statements of Extraction. Effective March 17, 2020, the results of Elevation Midstream, LLC were no longer consolidated in Extraction's results; however, the Company’s segment disclosures included the gathering and facilities segment because it was consolidated through March 16, 2020. Due to the immaterial nature of the revenues and expenses for the first quarter of 2020 and because these amounts are already disclosed in the Company's Annual Report on Form 10-K, the Company will no longer present segment metrics separately. Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of demand deposits and highly liquid investments which have an original maturity of three months or less. Cash and cash equivalents potentially subject the Company to a concentration of credit risk as substantially all of its deposits held in financial institutions were in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits as of March 31, 2021 and December 31, 2020. The Company maintains its unrestricted cash and cash equivalents in the form of money market and checking accounts with financial institutions that are also lenders under the Successor’s credit agreement. The Company has not experienced any losses on its deposits of cash and cash equivalents. Restricted cash as of March 31, 2021 shown in the table below consists of funds remaining in a professional fee escrow account that were reserved to pay certain professional fees upon emergence from the Chapter 11 Cases. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands): Successor Predecessor March 31, 2021 December 31, 2020 Cash and cash equivalents $ 38,430 $ 205,890 Restricted cash 25,641 — Total cash, cash equivalents and restricted cash $ 64,071 $ 205,890 Other Operating Expenses Other operating expenses for the periods shown are as follow (in thousands). Successor Predecessor For the Period from January 21 through March 31, For the Period from January 1 through January 20, For the Three Months Ended 2021 2021 2020 Restructuring items (1) $ 3,739 $ — $ 5,798 Litigation expense (2) — 153 46,777 Early termination penalties — 373 — Production tax interest expense 151 581 — Midstream operating expenses (3) — — 3,935 Total $ 3,890 $ 1,107 $ 56,510 _______________ (1) The $5.8 million for the three months ended March 31, 2020 was a charge to income for expenses related to a workforce reduction in February 2020. The $3.7 million for the period from January 21, 2021 through March 31, 2021 related primarily to professional fees surrounding emergence from bankruptcy. (2) The $46.8 million was a loss contingency from an alleged breach in contract stemming from a purported failure to complete the pipeline extensions connecting certain wells to the Badger central gathering facility prior to April 1, 2020. (3) The $3.9 million was for midstream operating expenses previously reported on its own line item on the condensed consolidated statement of operations but now consolidated in other operating expenses due to its relative immaterial amount and because the Company will not be incurring these expenses for the foreseeable future due to the deconsolidation of Elevation Midstream, LLC discussed in the Segments section above. Recent Accounting Pronouncements Other than as disclosed in the Company’s Annual Report, there are no other accounting standards applicable to the Company as of March 31, 2021 and through the date of this filing that would have a material effect on the Company’s unaudited condensed consolidated financial statements and related disclosures that have been issued but not yet adopted by the Company. |
Fresh Start Accounting
Fresh Start Accounting | 3 Months Ended |
Mar. 31, 2021 | |
Reorganizations [Abstract] | |
Fresh Start Accounting | Fresh Start Reporting Fresh Start Reporting In connection with the Company’s emergence from bankruptcy and in accordance with Accounting Standards Codification (“ASC”) Topic 852—Reorganizations (“ASC 852”), the Company qualified for and applied fresh start reporting on the Emergence Date. The Company was required to apply fresh start reporting because (i) the holders of existing voting shares of the Predecessor Company received less than 50% of the voting shares of the Successor and (ii) the reorganization value (defined below) of the Company’s assets immediately prior to confirmation of the Plan of $1.4 billion was less than the $2.9 billion of post-petition liabilities and allowed claims. Because the Company qualified for fresh start reporting, a new reporting entity was considered to have been created; as a result and in accordance with ASC 852, the Company allocated the reorganization value of the Company to its individual assets, including property, plant and equipment, based on their estimated fair values in conformity with FASB ASC Topic 820–Fair Value Measurement (“ASC 820”) and FASB ASC Topic 805–Business Combinations (“ASC 805”). As such, the condensed consolidated financial statements after January 20, 2021 are not comparable with the condensed consolidated financial statements as of or prior to that date. Reorganization Value Reorganization value represents the fair value of the Successor Company’s assets before considering certain liabilities and is intended to represent the approximate amount a willing buyer would pay for the Company’s assets immediately after reorganization. Reorganization value is derived from an estimate of enterprise value, or fair value of the Company’s interest-bearing debt and stockholders’ equity. As set forth in the Plan and related disclosure statement, the enterprise value of the Successor Company was estimated to be between $875.0 million to $1.275 billion. On the Emergence Date, the Successor Company’s estimated enterprise value was $1.052 billion before the consideration of cash and cash equivalents on hand, which falls slightly below the midpoint of this range. The enterprise value was derived from an independent valuation using an income approach to derive the fair value of the Company’s assets as of the Emergence Date. On the Emergence Date, pursuant to the terms of the Plan, the Successor Company entered into a $1.0 billion reserve-based credit agreement with an initial borrowing base of $500.0 million. Please see Note 4—Long-Term Debt for discussion of the Successor Company’s debt. The Company’s principal assets are its oil and natural gas properties. The fair value of proved reserves was estimated using a discounted cash flows approach, which was based on the anticipated future cash flows associated with those proved reserves, risked by reserve category and discounted using a weighted average cost of capital rate of 11.0%. The proved reserve locations included in this analysis were limited to wells included in the Company's five-year development plan. Future prices were based on forward strip price curves (adjusted for basis differentials). The fair value of the Company’s unproved reserves was estimated using a discounted cash flows approach. See further discussion below in “Fresh Start Adjustments.” The following table reconciles the Company’s enterprise value to the implied value of Successor equity as of January 20, 2021 (in thousands, except per share data): Successor January 20, 2021 Enterprise value $ 1,052,000 Plus: Cash and cash equivalents 71,793 Plus: General unsecured claims to be satisfied through issuance of equity after Emergence 16,127 Less: Working capital adjustment (1) (333,938) Less: Interest bearing liabilities (265,000) Less: Fair value of warrants (2) (20,403) Implied value of Successor equity after satisfaction of general unsecured claims after Emergence $ 520,579 Less: General unsecured claims to be satisfied through issuance of equity after Emergence (16,127) Implied value of Successor equity as of January 20, 2021 $ 504,452 Common shares of Successor equity as of January 20, 2021 24,729,681 Implied value per common share as of January 20, 2021 $ 20.41 (1) Represents current assets without cash and cash equivalents and restricted cash, current liabilities without the asset retirement obligation and the current liability related to the professional fee escrow accrual in accounts payable and accrued liabilities, other non-current liabilities, non-current production taxes, and the working capital deficit adjustment of $23.9 million utilized by the valuation specialist to determine enterprise value for the Plan. This adjustment considers the impact of liabilities in excess of normalized working capital to the enterprise value for purposes of calculating implied Successor equity. (2) Warrants were considered as part of equity on the condensed consolidated balance sheet but are broken out separately here for presentation and disclosure purposes. The following table reconciles the Company’s enterprise value to its reorganization value as of January 20, 2021 (in thousands): Successor January 20, 2021 Enterprise value $ 1,052,000 Plus: Normalized working capital liabilities (1) 176,976 Plus: Asset retirement obligations, current and non-current 87,199 Plus: Cash and cash equivalents 71,793 Reorganization value $ 1,387,968 (1) Relates to normalized working capital liabilities in the Predecessor ending balance sheet. Although the Company believes the assumptions and estimates used to develop enterprise value and reorganization value are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. The assumptions used in estimating these values are inherently uncertain and require judgment. See below under the caption “Fresh Start Adjustments” for additional information regarding assumptions used in the valuation of the Company’s significant assets and liabilities. Condensed Consolidated Balance Sheet at the Emergence Date (in thousands) The adjustments set forth in the following condensed consolidated balance sheet as of January 20, 2021 reflect the consummation of transactions contemplated by the Plan (the “Reorganization Adjustments”) and the fair value adjustments as a result of applying fresh start reporting (the “Fresh Start Adjustments”). The explanatory notes highlight methods used to determine fair values or other amounts of the corresponding assets or liabilities, as well as significant assumptions. Predecessor Reorganization Fresh Start Successor ASSETS Current Assets: Cash and cash equivalents $ 246,952 $ (175,159) (a) $ — $ 71,793 Restricted cash — 38,869 (b) — 38,869 Accounts receivable, net Trade 12,500 — — 12,500 Oil, natural gas and NGL sales 64,698 — — 64,698 Inventory, prepaid expenses and other 33,524 — 3,470 (r) 36,994 Total Current Assets 357,674 (136,290) 3,470 224,854 Property and Equipment (successful efforts method), at cost: Proved oil and gas properties 4,746,225 — (3,800,981) (s) 945,244 Unproved oil and gas properties 221,247 — (75,647) (s) 145,600 Wells in progress 136,247 — (136,247) (s) — Less: accumulated depletion, depreciation, amortization and impairment charges (3,475,279) — 3,475,279 (s) — Net oil and gas properties 1,628,440 — (537,596) 1,090,844 Other property and equipment, net of accumulated depreciation and impairment charges 56,455 — 350 (t) 56,805 Net Property and Equipment 1,684,895 — (537,246) 1,147,649 Non-Current Assets: Commodity derivative asset 134 — — 134 Other non-current assets 9,003 6,328 (c) — 15,331 Total Non-Current Assets 9,137 6,328 — 15,465 Total Assets $ 2,051,706 $ (129,962) $ (533,776) $ 1,387,968 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 93,036 $ 58,792 (d) $ 3,469 (r) $ 155,297 Revenue payable 68,003 59,750 (e) — 127,753 Production taxes payable 3,284 132,255 (f) — 135,539 Commodity derivative liability 7,897 — — 7,897 Accrued interest payable 2,236 (2,236) (g) — — Asset retirement obligations — 13,937 (h) (478) (u) 13,459 DIP Credit Facility 106,727 (106,727) (i) — — Prior Credit Facility 453,872 (453,872) (i) — — Total Current Liabilities 735,055 (298,101) 2,991 439,945 Non-Current Liabilities: RBL Credit Facility — 265,000 (j) — 265,000 Production taxes payable 38,716 22,405 (f) — 61,121 Other non-current liabilities — 23,307 (k) — 23,307 Asset retirement obligations — 80,620 (h) (6,880) (u) 73,740 Total Non-Current Liabilities 38,716 391,332 (6,880) 423,168 Liabilities Subject to Compromise 2,135,808 (2,135,808) (l) — — Total Liabilities 2,909,579 (2,042,577) (3,889) 863,113 Commitments and Contingencies Series A Convertible Preferred Stock 192,172 (192,172) (m) — — Stockholders' Equity (Deficit): Predecessor common stock 1,336 (1,336) (n) — — Predecessor treasury stock (170,138) 170,138 (o) — — Predecessor additional paid-in capital 2,140,383 (2,140,383) (n)(o) — — Successor common stock — 247 (p) — 247 Successor warrants — 20,403 (p) — 20,403 Successor additional paid-in capital — 504,205 (p) — 504,205 Accumulated deficit (3,021,626) 3,551,513 (q) (529,887) (v) — Total Stockholders' Equity (Deficit) (1,050,045) 2,104,787 (529,887) 524,855 Total Liabilities and Stockholders' Equity (Deficit) $ 2,051,706 $ (129,962) $ (533,776) $ 1,387,968 Reorganization Adjustments (a) The table below reflects the sources and uses of cash and cash equivalents on the Emergence Date pursuant to the terms of the Plan (in thousands): Sources: Total cash received from the RBL Credit Facility $ 265,000 Total proceeds from backstopped rights offering 200,255 Total proceeds from the general unsecured claims rights offering 218 Total sources of cash 465,473 Uses: Payment of DIP Credit Facility, Prior Credit Facility, and related interest (562,834) Funding of the professional fee escrow account (38,869) Payment of prepetition taxes classified as liabilities subject to compromise (21,532) Payment of debt issuance cost associated with the RBL Credit Facility (6,329) Payment of contract cure costs classified as liabilities subject to compromise (5,374) Payments to professionals at emergence (5,102) Payment of the general unsecured claim cash out election for claims classified as liabilities subject to compromise (592) Total uses of cash (640,632) Net uses of cash $ (175,159) (b) Represents the funding of the professional fee escrow account. (c) Represents $6.3 million of financing costs related to the RBL Credit Facility, which were capitalized as debt issuance costs and will be amortized straight-line to interest expense through the maturity date of July 20, 2024. (d) Represents amounts shown in accounts payable and accrued liabilities as reorganization adjustments (in thousands): Reinstatements from liabilities subject to compromise: Accounts payable and accrued liabilities $ 29,752 Current portion of a settlement liability 17,700 General unsecured claims to be satisfied through issuance of equity after Emergence 16,127 Other general unsecured claims to be satisfied after Emergence 8,746 Other adjustments: Success fees 20,800 Backstop Commitment Agreement premium satisfied in common shares at Emergence (29,231) Professional fees paid at Emergence (5,102) Total accounts payable and accrued liabilities reorganization adjustments $ 58,792 (e) Represents revenue payables formerly in “Liabilities Subject to Compromise” that have been reinstated at emergence and will be paid out subsequent to emergence. (f) Represents production taxes payable formerly in “Liabilities Subject to Compromise” that have been reinstated at emergence and will be paid out subsequent to emergence. (g) Represents the satisfaction upon emergence of the Predecessor Company’s accrued interest payable for the Prior Credit Facility and DIP Credit Facility. (h) Represents $13.9 million and $80.6 million of the current and non-current portions of asset retirement obligations, respectively, formerly in “Liabilities Subject to Compromise” that have been reinstated at emergence. (i) Reflects the payment in full of the borrowings outstanding under the Prior Credit Facility and DIP Credit Facility. (j) Reflects borrowings drawn under the RBL Credit Facility upon emergence. (k) Represents $19.3 million of the non-current portion of a settlement liability and $4.0 million of other non-current liabilities formerly in “Liabilities Subject to Compromise” that have been reinstated at emergence and will be paid out subsequent to emergence. (l) As part of the Plan, the Bankruptcy Court approved the settlement of certain claims reported within “Liabilities Subject to Compromise” in the Company's consolidated balance sheet at their respective allowed claim amounts. The table below indicates the reinstatement or disposition of liabilities subject to compromise (in thousands): Liabilities subject to compromise pre-emergence $ 2,135,808 Amounts reinstated on the Emergence Date: Production taxes payable (154,660) Asset retirement obligations (94,557) Revenue payable (59,750) Accounts payable and accrued liabilities (72,860) Other non-current liabilities (23,307) Total liabilities reinstated (405,134) Consideration provided to settle liabilities subject to compromise per the Plan Issuance of Successor equity associated with the participation in the backstopped and general unsecured rights offerings (251,795) Less proceeds from issuance of Successor equity associated with the backstopped and general unsecured rights offerings 200,473 Issuance of Successor equity to 2024 and 2026 Senior Notes holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium (156,889) Issuance of Successor equity to general unsecured claim holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium (64,857) Cash payment in settlement of claims and other (27,498) Total consideration provided to settle liabilities subject to compromise per the Plan (300,566) Gain on settlement of liabilities subject to compromise $ 1,430,108 (m) Pursuant to the terms of the Plan, on the Emergence Date, all Predecessor preferred stock interests were cancelled. (n) Pursuant to the terms of the Plan, on the Emergence Date, all Predecessor common stock interests were cancelled. (o) Pursuant to the terms of the Plan, on the Emergence Date, all Predecessor treasury stock interests were cancelled. (p) Reflects the issuance of Successor equity, including the issuance of 24,729,681 shares of common stock at a par value of $0.01 per share and warrants to purchase 4,358,369 shares of common stock in exchange for claims against or interests in the Debtors pursuant to the Plan. Equity issued is detailed in the table below (in thousands): Issuance of Successor equity associated with the participation in the backstopped and general unsecured claims rights offerings $ 251,795 Issuance of Successor equity associated with the backstop commitment premium 23,584 Issuance of Successor equity to 2024 and 2026 Senior Notes holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium 156,889 Issuance of Successor equity to general unsecured claims holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium 64,857 Fair value of warrants (Tranche A and B) to Predecessor common and preferred stockholders 20,403 Issuance of Successor equity to Predecessor common stockholders 3,664 Issuance of Successor equity to Predecessor preferred stockholders 3,663 Total Successor equity as of January 20, 2021 $ 524,855 (q) The table below reflects the cumulative net impact of the effects on accumulated deficit (in thousands): Reorganization items, net: Gain on settlement of liabilities subject to compromise $ (1,430,108) Adjustment to Backstop Commitment Agreement premium (5,365) Acceleration of unvested stock compensation 3,468 Success fees 20,800 Impact on reorganization items, net (1,411,205) Cancellation of Predecessor equity (2,140,308) Net impact on accumulated (deficit) $ (3,551,513) Fresh Start Adjustments (r) Reflects the adjustment to fair value of the Company's line fill inventory based on market prices as of the Emergence Date. (s) Reflects the adjustments to fair value of the Company's oil and natural gas properties, proved and unproved, as well as the elimination of wells in progress and accumulated depletion, depreciation and amortization. For purposes of estimating the fair value of the Company's proved oil and gas properties, a discounted cash flows approach was used that estimated the fair value based on the anticipated future cash flows associated with the Company's proved reserves, risked by reserve category and discounted using a weighted average cost of capital rate of 11.0%. The proved reserve locations included in this analysis were limited to wells included in the Company's five-year development plan. Future prices for the income approach were based on forward strip price curves (adjusted for basis differentials) as of the Emergence Date. In estimating the fair value of the Company's unproved properties, a discounted cash flows approach was used. The approach utilized for proved properties was also consistently utilized for properties that had positive future cash flows associated with reserve locations that did not qualify as proved reserves. (t) Reflects the fair value adjustment to recognize the Company’s land as of the Emergence Date based on assessed values provided to management by a licensed appraiser. The appraisals utilized the market approach for comparable properties, where there was market comparable data available or the appraiser’s knowledge of the market and the property, to provide an estimated market value where market comparable data was not available. (u) Reflects the adjustment to fair value of the Company's asset retirement obligations including using a credit-adjusted risk-free rate as of the Emergence Date. (v) Reflects the net cumulative impact of the fresh start adjustments on accumulated deficit. Reorganization Items, Net Any expenses, gains and losses that were realized or incurred between the Petition Date and the Emergence Date and as a direct result of the Chapter 11 Cases were recorded in reorganization items, net in the Company’s consolidated statements of operations. The following table summarizes the components of reorganization items, net for the periods presented (in thousands): Predecessor For the Period from January 1 through January 20, 2021 Gain on settlement of liabilities subject to compromise $ 1,430,108 Adjustment to Backstop Commitment Agreement premium 5,365 Acceleration of unvested stock compensation (3,468) Professional fees (7,410) Success fees (20,800) Fresh start valuation adjustment (529,887) Total reorganization items, net $ 873,908 |
Long Term Debt
Long Term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The Company’s long-term debt consisted of the following (in thousands): Successor Predecessor March 31, 2021 December 31, 2020 RBL Credit Facility $ 93,746 $ — DIP Credit Facility — 106,727 Prior Credit Facility — 453,747 2024 Senior Notes — 400,000 2026 Senior Notes — 700,189 Total principal 93,746 1,660,663 Unamortized debt issuance costs (1) — — Total debt, prior to reclassification to “Liabilities Subject to Compromise” 93,746 1,660,663 Less amounts reclassified to “Liabilities Subject to Compromise” (2) — (1,100,189) Total debt not subject to compromise (3) 93,746 560,474 Less current portion of long-term debt — (560,474) Total long-term debt $ 93,746 $ — ____________________ (1) As a result of the Chapter 11 Cases and the adoption of ASC 852, the Company wrote off all unamortized debt issuance cost balances to reorganization items, net in the consolidated statements of operations during the year ended December 31, 2020. (2) As of December 31, 2020, debt subject to compromise included the principal balances of the Predecessor Company’s Senior Notes. (3) Debt not subject to compromise includes all borrowings outstanding under the Prior Credit Facility and DIP Credit Facility. RBL Credit Facility On the Emergence Date, pursuant to the terms of the Plan, the Successor Company entered into a $1.0 billion reserve-based credit agreement (“RBL Credit Agreement”) with Wells Fargo Bank, National Association (“RBL Credit Facility”) with an initial borrowing base of $500.0 million. The borrowing base is redetermined semiannually on or around May 1 and November 1 of each year, with one interim “wildcard” redetermination available to us and our administrative agent between scheduled redeterminations during any 12-month period. On May 6, 2021, our borrowing base was reaffirmed at $500.0 million. The next scheduled redetermination will be on or around November 1, 2021. As of the date of this filing, the Company has drawn $153.7 million on the RBL Credit Facility. Total funds available for borrowing under the Company’s RBL Credit Facility, after giving effect to an aggregate of $0.5 million of undrawn letters of credit, were $345.8 million as of the date of this filing. The RBL Credit Facility provides for a $50.0 million sublimit of the aggregate commitments that is available for the issuance of letters of credit. The RBL Credit Facility bears interest either at a rate equal to (a) LIBOR plus an applicable margin that varies from 3.00% to 4.00% per annum or (b) a base rate plus an applicable margin that varies from 2.00% to 3.00% per annum. The RBL Credit Facility matures on July 20, 2024. The grid below shows the base rate margin and Eurodollar margin depending on the applicable borrowing base utilization percentage as of the date of this filing: RBL Credit Facility Borrowing Base Utilization Grid Base Rate Eurodollar Commitment Borrowing Base Utilization Percentage Utilization Margin Margin Fee Rate Level 1 <25% 2.00 % 3.00 % 0.50 % Level 2 ≥ 25% < 50% 2.25 % 3.25 % 0.50 % Level 3 ≥ 50% < 75% 2.50 % 3.50 % 0.50 % Level 4 ≥ 75% < 90% 2.75 % 3.75 % 0.50 % Level 5 ≥90% 3.00 % 4.00 % 0.50 % The RBL Credit Facility requires the Company to maintain (i) a consolidated net leverage ratio of less than or equal to 3.00 to 1.00 and (ii) a consolidated current ratio of greater than or equal to 1.00 to 1.00. Per the RBL Credit Agreement, for the purpose of calculating the current ratio for fiscal quarters ending March 31, 2021 and June 30, 2021, all ad valorem, severance or tax liabilities can be excluded from current liabilities in the calculation of the current ratio. The Company is required to pay a commitment fee of 0.50% per annum on the actual daily unused portion of the current aggregate commitments under the RBL Credit Facility. The Company is also required to pay customary letter of credit and fronting fees. The RBL Credit Agreement also contains customary affirmative and negative covenants, including, among other things, as to compliance with laws (including environmental laws and anti-corruption laws), delivery of quarterly and annual financial statements and borrowing base certificates, conduct of business, maintenance of property, maintenance of insurance, restrictions on the incurrence of liens, indebtedness, asset dispositions, restricted payments, and other customary covenants. Additionally, the RBL Credit Agreement contains customary events of default and remedies for credit facilities of this nature. If the Company does not comply with the financial and other covenants in the RBL Credit Agreement, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the RBL Credit Agreement and any outstanding unfunded commitments may be terminated. Prior Credit Facility, DIP Credit Facility, 2024 Senior Notes & 2026 Senior Notes Information pertaining to these debt facilities can be found in our Annual Report on Form 10-K for the year ended December 31, 2020. Our obligations under our Prior Credit Facility, DIP Credit Facility, 2024 Senior Notes and 2026 Senior Notes were settled at the Effective Date. Debt Issuance Costs Predecessor Company debt issuance costs include origination, legal and other fees incurred in connection with the Predecessor Company’s Prior Credit Facility, DIP Credit Facility, 2024 Senior Notes and 2026 Senior Notes. As of January 20, 2021, the Predecessor Company had no debt issuance costs. For the period from January 1, 2021 to January 20, 2021, the Predecessor Company recorded amortization expense related to the debt issuance costs of $0.1 million, which has been reflected on the Predecessor Company’s condensed consolidated balance sheets within the line item “Other non-current assets.” Successor Company debt issuance costs include origination, legal and other fees incurred in connection with the Successor Company’s RBL Credit Facility. As of March 31, 2021, the Company had debt issuance costs, net of accumulated amortization, of $5.9 million, which has been reflected on the Successor Company's condensed consolidated balance sheets within the line item “Other non-current assets.” For the period from January 21, 2021 to March 31, 2021, the Successor Company recorded amortization expense related to the debt issuance costs of $0.5 million. As of March 31, 2020, the Predecessor Company had debt issuance costs, net of accumulated amortization, of $16.0 million. For the three months ending March 31, 2020, Predecessor Company recorded amortization expense related to the debt issuance costs of $1.2 million. Interest Incurred on Long-Term Debt |
Commodity Derivative Instrument
Commodity Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Commodity Derivative Instruments | Commodity Derivative Instruments The Company’s open commodity derivative contracts by quarter as of March 31, 2021 are summarized below: 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 NYMEX WTI Crude Swaps: Notional volume (Bbl) 1,298,500 1,153,000 1,041,000 828,000 — — — — Weighted average fixed price ($/Bbl) $ 50.34 $ 49.64 $ 50.01 $ 50.05 $ — $ — $ — $ — NYMEX WTI Crude Purchased Puts: Notional volume (Bbl) — — — — 345,839 320,247 297,903 94,820 Weighted average purchased put price ($/Bbl) $ — $ — $ — $ — $ 40.00 $ 40.00 $ 40.00 $ 40.00 NYMEX WTI Crude Sold Calls: Notional volume (Bbl) — — — — 345,839 320,247 297,903 94,820 Weighted average sold call price ($/Bbl) $ — $ — $ — $ — $ 72.70 $ 72.70 $ 72.70 $ 72.70 NYMEX HH Natural Gas Swaps: Notional volume (MMBtu) 9,190,465 8,482,141 7,904,240 6,468,277 — — — — Weighted average fixed price ($/MMBtu) $ 2.94 $ 2.93 $ 2.93 $ 3.00 $ — $ — $ — $ — NYMEX HH Natural Gas Purchased Puts: Notional volume (MMBtu) — — — — 2,764,135 2,614,602 2,477,469 797,160 Weighted average fixed price ($/MMBtu) $ — $ — $ — $ — $ 2.00 $ 2.00 $ 2.00 $ 2.00 NYMEX HH Natural Gas Sold Calls: Notional volume (MMBtu) — — — — 2,764,135 2,614,602 2,477,469 797,160 Weighted average fixed price ($/MMBtu) $ — $ — $ — $ — $ 3.25 $ 3.25 $ 3.25 $ 3.25 The following tables detail the fair value of the Company’s derivative instruments, including the gross amounts and adjustments made to net the derivative instruments for the presentation in the condensed consolidated balance sheets (in thousands): Location on Balance Sheet Gross Amounts of Recognized Assets and Liabilities Gross Amounts Offsets in the Balance Sheet (1) Net Amounts of Assets and Liabilities Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet (2) Net Amounts (3) Successor as of March 31, 2021 Current assets $ 5,684 $ (5,684) $ — $ — $ 1,191 Non-current assets — 1,191 1,191 — — Current liabilities (32,358) 5,684 (26,674) — (26,806) Non-current liabilities (2,963) 2,831 (132) — — Predecessor as of December 31, 2020 Current assets $ 8,372 $ (1,401) $ 6,971 $ — $ 6,971 Non-current assets — — — — — Current liabilities (3,548) 1,401 (2,147) — (2,147) Non-current liabilities — — — — — __________________ (1) Agreements are in place that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements. (2) Netting for balance sheet presentation is performed by current and non-current classification. This adjustment represents amounts subject to an enforceable master netting arrangement, which are not netted on the condensed consolidated balance sheets. There are no amounts of related financial collateral received or pledged. (3) Net amounts are not split by current and non-current. All counterparties in a net asset position are shown in the current asset line, and all counterparties in a net liability position are shown in the current liability line item. Commodity derivatives gain (loss) are included under the “Other income (expense)” line item in the condensed consolidated statements of operations. The table below sets forth the commodity derivatives gain (loss) for the periods presented (in thousands). Successor Predecessor For the Period from January 21 through March 31, For the Period from January 1 through January 20, For the Three Months Ended March 31, 2021 2021 2020 Commodity derivatives gain (loss) $ (28,487) $ (12,586) $ 263,015 |
Asset Retirement Obligations
Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Company’s asset retirement obligations (“ARO”) represent the present value of estimated future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage, and land restoration in accordance with applicable local, state and federal laws. The current and non-current portions as of December 31, 2020 (Predecessor) were $14.3 million and $80.5 million, respectively, and have been included in “Liabilities Subject to Compromise” in the condensed consolidated balance sheets as of that balance sheet date. The following table provides a reconciliation of the Company’s asset retirement obligations for the periods presented (in thousands): Asset retirement obligations at December 31, 2020 (Predecessor) $ 94,769 Liabilities settled (545) Accretion expense 333 Asset retirement obligations at January 20, 2021 (Predecessor) 94,557 Fresh start adjustment (1) (7,358) Asset retirement obligations at January 20, 2021 (Predecessor) 87,199 Asset retirement obligations at January 21, 2021 (Successor) 87,199 Additional liability incurred 81 Revisions in estimated cash flows 357 Liabilities settled (1,045) Accretion expense 1,475 Asset retirement obligations at March 31, 2021 (Successor) $ 88,067 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table (in thousands) presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis by level within the fair value hierarchy: Successor Predecessor Fair Value Measurement at March 31, 2021 Fair Value Measurement at December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Commodity derivative assets $ — $ 1,191 $ — $ 1,191 $ — $ 6,971 $ — $ 6,971 Commodity derivative liabilities — 26,806 — 26,806 — 2,147 — 2,147 The following table (in thousands) presents the fair value of the Company’s financial instruments and carrying value. This table does not impact the Company's financial position, results of operations or cash flows. Successor Predecessor At March 31, 2021 At December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value RBL Credit Facility $ 93,746 $ 93,746 $ — $ — Prior Credit Facility — — 453,747 453,747 DIP Credit Facility — — 106,727 106,727 2024 Senior Notes — — 400,000 70,732 2026 Senior Notes — — 700,189 123,408 Non-Recurring Fair Value Measurements The Company utilizes fair value on a non-recurring basis to review its proved oil and gas properties for potential impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of such property. The Company uses an income approach analysis based on the net discounted future cash flows of producing property. The future cash flows are based on management’s estimates for the future. The unobservable inputs listed below are Level 3 inputs within the fair value hierarchy and include: • estimates of oil and gas production, as the case may be, from the Company’s reserve reports; • commodity prices based on the sales contract terms and forward price curves; • operating and development costs; and, • a discount rate based on a market-based weighted average cost of capital. For both the periods from January 1, 2021 to January 20, 2021 and January 21, 2021 to March 31, 2021, the Company recognized no impairment expense on their proved oil and gas properties. For the three months ended March 31, 2020, the Predecessor Company recognized $0.8 million in impairment expense on its proved oil and gas properties related to impairment of assets in its northern field as the fair value did not exceed the Predecessor Company's carrying amount associated with its proved oil and gas properties in its northern field. See Note 3—Fresh Start Reporting |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company computes an estimated annual effective tax rate (“AETR”) each quarter based on the current and forecasted operating results. The income tax expense or benefit associated with the interim period is computed using the most recent estimated AETR applied to the year-to-date ordinary income or loss, plus the tax effect of any significant or infrequently occurring items recorded during the interim period. The computation of the estimated AETR at each interim period requires certain estimates and significant judgements including, but not limited to, the expected operating income (loss) for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent differences and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, and additional information becomes known or as the tax environment changes. The effective combined U.S. federal and state income tax rate for the following periods were: • For the period from January 1, 2021 to January 20, 2021: zero • For the period from January 21, 2021 to March 31, 2021: 20.85% • For the three months ended March 31, 2020: 19.60% The effective rate differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 21% to pre-tax income due to (i) the effect of a full valuation allowance in effect at March 31, 2021 and (ii) the effects of state taxes, permanent taxable differences, and income attributable to non-controlling interest for the three months ended March 31, 2020. Net tax expense for the period January 1, 2021 to January 20, 2021 was reduced to zero due to the valuation allowance. Current tax expense for the period January 21, 2021 to March 31, 2021 was $23.3 million primarily as a result of net operating loss (“NOL”) carryovers limited under Section 382 of the Internal Revenue Service Code of 1986, as amended (“IRC”) due to the change in control as referenced in Note 3 – Fresh Start Reporting . As described in Note 1 – Business and Organization, Voluntary Reorganization under Chapter 11 of the Bankruptcy Code above, in accordance with the Plan, the Company’s Senior Notes were canceled and exchanged for new common stock. Absent an exception, a debtor recognizes cancellation of indebtedness income (“CODI”) upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. The IRC provides that a debtor in a Chapter 11 bankruptcy case may exclude CODI from taxable income but must reduce certain of its tax attributes by the amount of any CODI realized as a result of the consummation of a plan of reorganization. The amount of CODI realized by a taxpayer is determined based on the fair market value of the consideration received by the creditors in settlement of outstanding indebtedness. Upon emergence from Chapter 11 bankruptcy proceedings, the CODI may reduce some or all of the amount of prior tax attributes, which can include net operating losses, capital losses, alternative minimum tax credits and tax basis in assets. The actual reduction in tax attributes does not occur until January 1, 2022. The Company has evaluated the impact of the reorganization, including the change in control, resulting from its emergence from bankruptcy. From an income tax perspective, the most significant impact is attributable to our carryover tax attributes associated with our net operating losses. On the date of emergence, the estimated NOL was approximately $1.3 billion. The Company believes that the Successor Company will be able to fully absorb the cancellation of debt income realized by the Predecessor Company in connection with the reorganization with its adjusted NOL carryovers. The amount of the remaining NOL carryovers will be limited under Section 382 of the IRC due to the change in control as referenced in Note 3 – Fresh Start Reporting . As the tax basis of the Company's assets, primarily our oil and gas properties, is in excess of the carrying value, as adjusted in the fresh-start accounting process, the Successor Company is in a net deferred tax asset position. Per authoritative guidance, historical results along with expected market conditions known on the date of measurement, it is more likely than not that the Company will not realize future income tax benefits from the additional tax basis and its remaining NOL carryovers. This is periodically reassessed and could change. Accordingly, the Company has provided for a full valuation allowance of the underlying deferred tax assets. |
Unit and Stock-Based Compensati
Unit and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Unit and Stock-Based Compensation | Stock-Based Compensation 2021 Long Term Incentive Plan On January 20, 2021, as part of the emergence from bankruptcy, the board of directors adopted the Extraction Oil & Gas, Inc. 2021 Long Term Incentive Plan (the “2021 LTIP”) with a share reserve equal to 3,038,657 shares of New Common Stock. The 2021 LTIP provides for the grant of restricted stock units, restricted stock awards, stock options, stock appreciation rights, performance awards and cash awards to the Company’s employees and non-employee board directors. At emergence, the Successor Company granted awards under the 2021 LTIP to its directors, officers and employees, including restricted stock units, performance stock units and deferred stock units. 2016 Long-Term Incentive Plan In October 2016, the Predecessor Company’s board of directors adopted the Extraction Oil & Gas, Inc. 2016 Long-Term Incentive Plan (“2016 LTIP”), pursuant to which employees, consultants, and directors of the Predecessor Company and its affiliates performing services for the Predecessor Company were eligible to receive awards. The 2016 LTIP provided for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, bonus stock, dividend equivalents, other stock-based awards, substitute awards, annual incentive awards, and performance awards intended to align the interests of participants with those of stockholders. In May 2019, the Predecessor Company’s stockholders approved the amendment and restatement of the 2016 LTIP. The amended and restated 2016 Long-Term Incentive Plan provided a total reserve of 32.2 million shares of Predecessor Common Stock for issuance pursuant to awards under the 2016 LTIP. Extraction granted awards under the 2016 LTIP to certain directors, officers and employees, including stock options, restricted stock units, performance stock awards, performance stock units, performance cash awards and cash awards. Effective January 20, 2021, as part of the emergence from bankruptcy, the 2016 LTIP was terminated and no longer in effect and all outstanding awards were cancelled. Successor Company Restricted Stock Units (“RSUs”) RSUs issued under the 2021 LTIP generally vest over a one or three-year service period, with 100% vesting in year one or one-third, one-third and one-third of the units vesting in year one, two and three, respectively. Grant date fair value was determined based on the value of Extraction’s New Common Stock pursuant to the terms of the 2021 LTIP. The Successor Company assumed a forfeiture rate of zero as part of the grant date estimate of compensation cost. The Successor Company recorded $1.4 million of stock-based compensation costs related to Successor Company RSUs for the period from January 21, 2021 through March 31, 2021. These costs were included in the condensed consolidated statements of operations within the “General and administrative expense” line item. As of March 31, 2021, there was $6.6 million of total unrecognized compensation cost related to the unvested Successor Company RSUs granted to certain directors, officers and employees that is expected to be recognized over a weighted average period of 1.2 years. The following table summarizes the Successor Company RSU activity for the period shown and provides information for Successor Company RSUs outstanding at the dates indicated. Number of Shares Weighted Average Grant Date Non-vested Successor Company RSUs at January 21, 2021 — $ — Granted 394,144 20.41 Forfeited (4,589) 20.41 Vested — — Non-vested Successor Company RSUs at March 31, 2021 389,555 $ 20.41 Predecessor Company Restricted Stock Units RSUs issued under the 2016 LTIP generally vested over either a one or three-year service period, with 100% vesting in year one or 25%, 25% and 50% of the units vesting in year one, two and three, respectively. Grant date fair value was determined based on the value of Extraction’s Predecessor Common Stock pursuant to the terms of the 2016 LTIP. The Predecessor Company assumed a forfeiture rate of zero as part of the grant date estimate of compensation cost. The Predecessor Company recorded $0.2 million of stock-based compensation costs related to Predecessor Company RSUs for the period from January 1, 2021 through January 20, 2021, as compared to $0.8 million for the three months ended March 31, 2020. These costs were included in the condensed consolidated statements of operations within the “General and administrative expense” line item. The following table summarizes the Predecessor Company RSU activity for the period shown and provides information for Predecessor Company RSUs outstanding at the dates indicated. Number of Shares Weighted Average Grant Date Non-vested Predecessor Company RSUs at January 1, 2021 1,185,351 $ 6.99 Vested (4,500) 8.70 Cancelled at emergence from bankruptcy (1,180,851) 6.98 Non-vested Predecessor Company RSUs at January 20, 2021 — $ — Successor Company Performance Unit Awards (“PSUs”) Upon emergence from bankruptcy on January 20, 2021, the Successor Company granted PSUs to certain executives under the 2021 LTIP. The number of shares of the Successor Company's New Common Stock that may be issued to settle these various PSUs ranges from zero to two times the number of PSUs awarded. Generally, the shares issued for PSUs are determined based on the satisfaction of a time-based vesting schedule and absolute total stockholder return ("ATSR") measured over a three-year period and vest in their entirety at the end of the three-year measurement period. Any PSUs that have not vested at the end of the applicable measurement period are forfeited. As the ATSR vesting criterion are linked to the Successor Company's share price, it is considered a market condition for purposes of calculating the grant-date fair value of the awards. The fair value of the Successor PSUs was measured at the grant date with a stochastic process method using a Monte Carlo simulation. A stochastic process is a mathematically defined equation that can create a series of outcomes over time. Those outcomes are not deterministic in nature, which means that by iterating the equations multiple times, different results will be obtained for those iterations. In the case of the Successor Company's PSUs, the Company cannot predict with certainty the path its stock price or the stock prices of its peers will take over the performance period. By using a stochastic simulation, the Company can create multiple prospective stock pathways, statistically analyze these simulations, and ultimately make inferences regarding the most likely path the stock price will take. As such, because future stock prices are stochastic, or probabilistic with some direction in nature, the stochastic method, specifically the Monte Carlo Model, is deemed an appropriate method by which to determine the fair value of the PSUs. Significant assumptions used in this simulation include the Company's expected volatility, risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the measurement period as well as the volatilities for each of the Company's peers. The Successor Company recorded $0.4 million of stock-based compensation costs related to Successor Company PSUs for the period from January 21, 2021 through March 31, 2021. These costs were included in the condensed consolidated statements of operations within the “General and administrative expense” line item. As of March 31, 2021, there was $6.1 million of total unrecognized compensation cost related to the unvested Successor Company PSUs granted to certain executives that is expected to be recognized over a weighted average period of 2.8 years. The PSUs will be settled by issuing common stock. The following table summarizes the Successor Company PSU activity for the period shown and provides information for Successor Company PSUs outstanding at the dates indicated. Number of Shares (1) Weighted Average Grant Date Non-vested Successor Company PSUs at January 21, 2021 — $ — Granted 230,850 28.11 Forfeited — — Vested — — Non-vested Successor Company PSUs at March 31, 2021 230,850 $ 28.11 ___________________ (1) The number of awards assumes that the associated maximum vesting condition is met at the target amount. The final number of shares of the Successor Company's New Common Stock issued may vary depending on the performance multiplier, which ranges from zero to two for the 2021 Successor PSU grants, depending on the level of satisfaction of the vesting condition. Predecessor Company Performance Stock Awards (“PSAs”) The Predecessor Company granted PSAs to certain executives under the 2016 LTIP in October 2017, March 2018, April 2019 and March 2020. The number of shares of the Predecessor Company's Predecessor Common Stock that may be issued to settle these various PSAs ranges from zero to two times the number of PSAs awarded. PSAs that settle in cash were presented as liability awards. Generally, the shares issued for PSAs were determined based on the satisfaction of a time-based vesting schedule and a weighting of one or more of the following: (i) absolute total stockholder return ("ATSR"), (ii) relative total stockholder return ("RTSR"), as compared to the Predecessor Company's peer group and (iii) cash return on capital invested ("CROCI") or return on invested capital ("ROIC") measured over a three-year period and vest in their entirety at the end of the three-year measurement period. Any PSAs that have not vested at the end of the applicable measurement period were forfeited. The vesting criterion that was associated with the RTSR was based on a comparison of the Predecessor Company's total shareholder return for the measurement period compared to that of a group of peer companies for the same measurement period. As the ATSR and RTSR vesting criteria were linked to the Predecessor Company's share price, they each were considered a market condition for purposes of calculating the grant-date fair value of the awards. The vesting criterion that was associated with the CROCI and ROIC were considered a performance condition for purposes of calculating the grant-date fair value of the awards. The fair value of the Predecessor PSAs were measured at the grant date with a stochastic process method using a Monte Carlo simulation. A stochastic process is a mathematically defined equation that can create a series of outcomes over time. Those outcomes are not deterministic in nature, which means that by iterating the equations multiple times, different results will be obtained for those iterations. In the case of the Predecessor Company's PSAs, the Company cannot predict with certainty the path its stock price or the stock prices of its peer will take over the performance period. By using a stochastic simulation, the Company can create multiple prospective stock pathways, statistically analyze these simulations, and ultimately make inferences regarding the most likely path the stock price will take. As such, because future stock prices are stochastic, or probabilistic with some direction in nature, the stochastic method, specifically the Monte Carlo Model, is deemed an appropriate method by which to determine the fair value of the PSAs. Significant assumptions used in this simulation include the Company's expected volatility, risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the measurement period as well as the volatilities for each of the Company's peers. The Predecessor Company recorded $0.1 million of stock-based compensation costs related to Predecessor Company PSAs for the period from January 1, 2021 through January 20, 2021, as compared to $0.8 million of stock-based compensation costs related to Predecessor Company PSAs for the three months ended March 31, 2020. These costs were included in the condensed consolidated statements of operations within the “General and administrative expense” line item. As of March 31, 2021, there was no unrecognized compensation cost related to the unvested Predecessor Company PSAs granted to certain executives as they were all cancelled at emergence. The following table summarizes the Predecessor Company PSA activity for the period shown and provides information for Predecessor Company PSAs outstanding at the dates indicated. Number of Shares (1) Weighted Average Grant Date Non-vested Predecessor Company PSAs at January 1, 2021 1,196,279 $ 5.32 Cancelled at emergence from bankruptcy (1,196,279) 5.32 Non-vested Predecessor Company PSAs at January 20, 2021 — $ — ___________________ (1) The number of awards assumed that the associated maximum vesting condition is met at the target amount. The final number of shares of the Predecessor Company's New Common Stock issued would have varied depending on the performance multiplier, which ranged from zero to one for the 2017 and 2018 grants and ranged from zero to two for the 2019 and 2020 grants, which would have depended on the level of satisfaction of the vesting condition. Successor Deferred Stock Units (“DSUs”) Upon emergence from bankruptcy on January 20, 2021, a new board of directors was appointed and each board member (except the CEO) were granted 16,800 Successor DSUs, which vest in quarterly installments over one year following the grant date. The DSUs will be settled in shares of New Common Stock upon the board member’s departure from the Company; thus, these DSUs may not be included in the Successor Company’s issued and outstanding shares for potentially several years. Grant date fair value was determined based on the value of Extraction’s New Common Stock pursuant to the terms of the 2021 LTIP. The Company assumed a forfeiture rate of zero as part of the grant date estimate of compensation cost. The Successor Company recorded $0.4 million of stock-based compensation costs related to Successor Company DSUs for the period from January 21, 2021 through March 31, 2021, while the Predecessor Company incurred no costs for the three months ended March 31, 2020. These costs were included in the condensed consolidated statements of operations within the “General and administrative expense” line item. As of March 31, 2021, there was $1.7 million of total unrecognized compensation cost related to the unvested Successor Company DSUs granted to certain directors that is expected to be recognized over a weighted average period of 0.8 years. The following table summarizes the Successor Company DSU activity for the period shown and provides information for Successor Company DSUs outstanding at the dates indicated. Number of Shares Weighted Average Grant Date Non-vested Successor Company Deferred Stock Units at January 21, 2021 — $ — Granted 100,800 20.41 Forfeited — — Vested — — Non-vested Successor Company Deferred Stock Units March 31, 2021 100,800 $ 20.41 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | Equity Common Stock On the Emergence Date, the Successor Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State to provide for, among other things, the authority to issue a total of 950,000,000 shares of all classes of capital stock of which 900,000,000 shares are common stock, par value $0.01 per share (the “New Common Stock”) and 50,000,000 shares are preferred stock, par value $0.01 per share. Upon emergence from the Chapter 11 Cases, all existing shares of the Predecessor Company’s common stock and preferred stock were cancelled, and the Successor issued 25,703,212 shares of New Common Stock during the first quarter of 2021. As of March 31, 2021, the Company expects to issue an additional 256,390 shares of Successor Common Stock to settle general unsecured claims that are recorded in “Accounts payable and accrued liabilities” in the amount of $5.0 million. See Note 1—Business and Organization — Voluntary Reorganization under Chapter 11 of the Bankruptcy Code and Note 3—Fresh Start Reporting for more information. Series A Preferred Stock In connection with emergence from the Chapter 11 Cases on January 20, 2021, pursuant to the Plan, each share of our Series A Convertible Preferred Stock was canceled, released, and extinguished, and is of no further force or effect. Warrants On the Emergence Date and pursuant to the Plan, the Successor Company entered into warrant agreements with American Stock Transfer & Trust Company, LLC, as warrant agent, which provided for (i) the Successor Company’s issuance of up to an aggregate of 2,905,567 Tranche A Warrants to purchase the New Common Stock (the “Tranche A Warrants”) to certain former holders of the Predecessor Company’s common stock and (ii) the Successor Company’s issuance of up to an aggregate of 1,452,802 Tranche B warrants to purchase New Common Stock (the “Tranche B Warrants” and together with the Tranche A Warrants, the “Warrants”) to certain former holders of the Predecessor Company’s common stock. The Tranche A Warrants are exercisable from the date of issuance until the fourth anniversary of the Emergence Date, at which time all unexercised Tranche A Warrants will expire, and the rights of the holders of such warrants to purchase New Common Stock will terminate. The Tranche A Warrants are initially exercisable for one share of New Common Stock per Tranche A Warrant at an initial exercise price of $107.64 per Tranche A Warrant (the “Tranche A Exercise Price”). The Tranche B Warrants are exercisable from the date of issuance until the fifth anniversary of the Emergence Date, at which time all unexercised Tranche B Warrants will expire, and the rights of the holders of such warrants to purchase New Common Stock will terminate. The Tranche B Warrants are initially exercisable for one share of New Common Stock per Tranche B Warrant at an initial exercise price of $122.32 per Tranche B Warrant (the “Tranche B Exercise Price” and together with the Tranche A Exercise Price, the “Exercise Prices”). Pursuant to the warrant agreements, no holder of a Warrant, by virtue of holding or having a beneficial interest in a Warrant, will have the right to vote, receive dividends, receive notice as stockholders with respect to any meeting of stockholders for the election of the Company’s directors or any other matter, or exercise any rights whatsoever as a stockholder of the Company unless, until and only to the extent such holders become holders of record of shares of New Common Stock issued upon settlement of the Warrants. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | Earnings (Loss) Per Share The basic weighted average shares outstanding calculation is based on the actual days in which the shares were outstanding. The components of basic and diluted EPS were as follows (in thousands, except per share data): Successor Predecessor For the Period from January 21 through March 31, For the Period from January 1 through January 20, For the Three Months Ended March 31, 2021 2021 2020 Basic and Diluted Income (Loss) Per Share Net income (loss) $ 88,554 $ 870,970 $ 9,037 Less: Noncontrolling interest — — (6,160) Less: Adjustment to reflect Series A Preferred Stock dividends — — (4,748) Less: Adjustment to reflect accretion of Series A Preferred Stock discount — (418) (1,770) Adjusted net income (loss) available to common shareholders, basic and diluted $ 88,554 $ 870,552 $ (3,641) Denominator Weighted average common shares outstanding, basic (1)(2) 25,497 136,589 137,726 Weighted average common shares outstanding, diluted 25,976 136,589 137,726 Income (Loss) Per Common Share Basic $ 3.47 $ 6.37 $ (0.03) Diluted $ 3.41 $ 6.37 $ (0.03) _____________________ (1) For the period from January 1, 2021 to January 20, 2021, 7,138,153 potentially dilutive shares, including restricted stock awards and stock options outstanding, were not included in the calculation above, as they had an anti-dilutive effect on EPS. Additionally, 11,472,445 common shares associated with the assumed conversion of Series A Preferred Stock were also excluded, as they would have had an anti-dilutive effect on EPS. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies General As is customary in the oil and gas industry, the Company may at times have commitments in place to reserve or earn certain acreage positions or wells. If the Company does not meet such commitments, the acreage positions or wells may be lost, or the Company may be required to pay damages if certain performance conditions are not met. Drilling Rigs As of March 31, 2021, the Company was subject to one drilling rig commitment on a 30-day rolling term to drill various pads during 2021. Leases The Company has entered into operating leases for certain compressors and office facilities and equipment. Maturities of operating lease liabilities associated with right-of-use assets and including imputed interest were as follows (in thousands): Successor As of March 31, 2021 2021 - remaining $ 4,235 2022 2,701 2023 804 2024 60 Thereafter — Total lease payments 7,800 Less imputed interest (1) (359) Present value of lease liabilities $ 7,441 ____________________________ (1) Calculated using the estimated interest rate for each lease. Delivery Commitments The Predecessor Company entered into a long-term gas gathering and processing agreement (the “Gathering Agreement”) with a third-party midstream provider in February 2019. The Gathering Agreement commenced in January 2020 and has a term of ten years with an annual minimum volume commitment of 13.0 Bcf. The Gathering Agreement also includes a commitment to sell take-in-kind NGLs from other processing agreements of 4,000 Bbl/d in the first year of the Gathering Agreement and 7,500 Bbl/d in years two through seven of the Gathering Agreement with the ability to roll forward up to a 10% shortfall in a given month to the subsequent month. On December 23, 2020, the Predecessor Company and the counterparty entered into a settlement and amended the Gathering Agreement (the “Settlement and Amendment”). No changes were made to the Company’s annual minimum volume commitment as a result of the settlement and amendment. In December 2016 and August 2017, the Predecessor Company agreed with several third-party producers and a midstream provider to expand natural gas gathering and processing capacity in the DJ Basin, including through the addition of two new processing plants as well as the expansion of related gathering systems. The first plant commenced operations in August 2018 and the second plant commenced operations in July 2019. The Company’s share of these commitments requires an incremental 51.5 and 20.6 MMcf per day, respectively, over a baseline volume of 65 MMcf per day for a period of seven three Litigation and Legal Items From time to time, the Company is involved in various legal proceedings arising in the ordinary course of its business and reviews the status of these proceedings on an ongoing basis and, from time to time, may settle or otherwise resolve these matters on terms and conditions that management believes are in the Company’s best interests. The Company has provided the necessary estimated accruals in the condensed consolidated balance sheets where deemed appropriate for litigation and legal-related items that are ongoing and not yet concluded. Although the results cannot be known with certainty, the Company currently believes that the ultimate results of such proceedings will not have a material adverse effect on our business, financial position, results of operations or liquidity. Environmental. Due to the nature of the oil and natural gas industry, the Company is exposed to environmental liabilities in the ordinary course of its business. The Company has various policies and procedures in place to minimize and mitigate the risks from environmental contamination or with respect to environmental compliance issues. Liabilities are recorded when environmental damages resulting from past events are probable and the costs can be reasonably estimated. Except as disclosed herein, the Company is not aware of any material environmental claims existing as of March 31, 2021 that have not been provided for or would otherwise have a material impact on the Company’s financial statements. However, there can be no assurance that current regulatory requirements will not change or that unknown potential past non-compliance with environmental laws, compliance matters or other environmental liabilities will not be discovered on our properties. The liability ultimately incurred with respect to a matter may exceed the related accrual. COGCC Notices of Alleged Violations (“NOAVs”). The Company has received NOAVs from the Colorado Oil and Gas Conservation Commission (the “COGCC”) for alleged compliance violations to which the Company has responded. The Company does not believe penalties that could result from these NOAVs will have a material effect on its business, financial condition, results of operations or liquidity. The Company is in negotiations with the COGCC to settle all of its outstanding NOAVs. We expect the settlement amount to approximate $0.6 million. |
Basis of Presentation, Signif_2
Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company, including its wholly owned subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The financial statements included herein were prepared from the records of the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the Securities and Exchange Commission rules and regulation for interim financial reporting. In the opinion of management, all adjustments, consisting primarily of normal recurring adjustments that are considered necessary for a fair statement of the unaudited condensed consolidated financial information, have been included. However, operating results for the period presented are not necessarily indicative of the results that may be expected for a full year. Interim condensed consolidated financial statements and the year-end balance sheets do not include all of the information and notes required by GAAP for audited annual consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“Annual Report”). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Other than as disclosed in the Company’s Annual Report, there are no other accounting standards applicable to the Company as of March 31, 2021 and through the date of this filing that would have a material effect on the Company’s unaudited condensed consolidated financial statements and related disclosures that have been issued but not yet adopted by the Company. |
Basis of Presentation, Signif_3
Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other operating expenses for the periods shown are as follow (in thousands). Successor Predecessor For the Period from January 21 through March 31, For the Period from January 1 through January 20, For the Three Months Ended 2021 2021 2020 Restructuring items (1) $ 3,739 $ — $ 5,798 Litigation expense (2) — 153 46,777 Early termination penalties — 373 — Production tax interest expense 151 581 — Midstream operating expenses (3) — — 3,935 Total $ 3,890 $ 1,107 $ 56,510 _______________ (1) The $5.8 million for the three months ended March 31, 2020 was a charge to income for expenses related to a workforce reduction in February 2020. The $3.7 million for the period from January 21, 2021 through March 31, 2021 related primarily to professional fees surrounding emergence from bankruptcy. (2) The $46.8 million was a loss contingency from an alleged breach in contract stemming from a purported failure to complete the pipeline extensions connecting certain wells to the Badger central gathering facility prior to April 1, 2020. (3) The $3.9 million was for midstream operating expenses previously reported on its own line item on the condensed consolidated statement of operations but now consolidated in other operating expenses due to its relative immaterial amount and because the Company will not be incurring these expenses for the foreseeable future due to the deconsolidation of Elevation Midstream, LLC discussed in the Segments |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets and condensed consolidated statements of cash flows (in thousands): Successor Predecessor March 31, 2021 December 31, 2020 Cash and cash equivalents $ 38,430 $ 205,890 Restricted cash 25,641 — Total cash, cash equivalents and restricted cash $ 64,071 $ 205,890 |
Fresh Start Accounting (Tables)
Fresh Start Accounting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Reorganizations [Abstract] | |
Schedule of Fresh-Start Adjustments | The following table reconciles the Company’s enterprise value to the implied value of Successor equity as of January 20, 2021 (in thousands, except per share data): Successor January 20, 2021 Enterprise value $ 1,052,000 Plus: Cash and cash equivalents 71,793 Plus: General unsecured claims to be satisfied through issuance of equity after Emergence 16,127 Less: Working capital adjustment (1) (333,938) Less: Interest bearing liabilities (265,000) Less: Fair value of warrants (2) (20,403) Implied value of Successor equity after satisfaction of general unsecured claims after Emergence $ 520,579 Less: General unsecured claims to be satisfied through issuance of equity after Emergence (16,127) Implied value of Successor equity as of January 20, 2021 $ 504,452 Common shares of Successor equity as of January 20, 2021 24,729,681 Implied value per common share as of January 20, 2021 $ 20.41 (1) Represents current assets without cash and cash equivalents and restricted cash, current liabilities without the asset retirement obligation and the current liability related to the professional fee escrow accrual in accounts payable and accrued liabilities, other non-current liabilities, non-current production taxes, and the working capital deficit adjustment of $23.9 million utilized by the valuation specialist to determine enterprise value for the Plan. This adjustment considers the impact of liabilities in excess of normalized working capital to the enterprise value for purposes of calculating implied Successor equity. (2) Warrants were considered as part of equity on the condensed consolidated balance sheet but are broken out separately here for presentation and disclosure purposes. The following table reconciles the Company’s enterprise value to its reorganization value as of January 20, 2021 (in thousands): Successor January 20, 2021 Enterprise value $ 1,052,000 Plus: Normalized working capital liabilities (1) 176,976 Plus: Asset retirement obligations, current and non-current 87,199 Plus: Cash and cash equivalents 71,793 Reorganization value $ 1,387,968 (1) Relates to normalized working capital liabilities in the Predecessor ending balance sheet. Predecessor Reorganization Fresh Start Successor ASSETS Current Assets: Cash and cash equivalents $ 246,952 $ (175,159) (a) $ — $ 71,793 Restricted cash — 38,869 (b) — 38,869 Accounts receivable, net Trade 12,500 — — 12,500 Oil, natural gas and NGL sales 64,698 — — 64,698 Inventory, prepaid expenses and other 33,524 — 3,470 (r) 36,994 Total Current Assets 357,674 (136,290) 3,470 224,854 Property and Equipment (successful efforts method), at cost: Proved oil and gas properties 4,746,225 — (3,800,981) (s) 945,244 Unproved oil and gas properties 221,247 — (75,647) (s) 145,600 Wells in progress 136,247 — (136,247) (s) — Less: accumulated depletion, depreciation, amortization and impairment charges (3,475,279) — 3,475,279 (s) — Net oil and gas properties 1,628,440 — (537,596) 1,090,844 Other property and equipment, net of accumulated depreciation and impairment charges 56,455 — 350 (t) 56,805 Net Property and Equipment 1,684,895 — (537,246) 1,147,649 Non-Current Assets: Commodity derivative asset 134 — — 134 Other non-current assets 9,003 6,328 (c) — 15,331 Total Non-Current Assets 9,137 6,328 — 15,465 Total Assets $ 2,051,706 $ (129,962) $ (533,776) $ 1,387,968 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities $ 93,036 $ 58,792 (d) $ 3,469 (r) $ 155,297 Revenue payable 68,003 59,750 (e) — 127,753 Production taxes payable 3,284 132,255 (f) — 135,539 Commodity derivative liability 7,897 — — 7,897 Accrued interest payable 2,236 (2,236) (g) — — Asset retirement obligations — 13,937 (h) (478) (u) 13,459 DIP Credit Facility 106,727 (106,727) (i) — — Prior Credit Facility 453,872 (453,872) (i) — — Total Current Liabilities 735,055 (298,101) 2,991 439,945 Non-Current Liabilities: RBL Credit Facility — 265,000 (j) — 265,000 Production taxes payable 38,716 22,405 (f) — 61,121 Other non-current liabilities — 23,307 (k) — 23,307 Asset retirement obligations — 80,620 (h) (6,880) (u) 73,740 Total Non-Current Liabilities 38,716 391,332 (6,880) 423,168 Liabilities Subject to Compromise 2,135,808 (2,135,808) (l) — — Total Liabilities 2,909,579 (2,042,577) (3,889) 863,113 Commitments and Contingencies Series A Convertible Preferred Stock 192,172 (192,172) (m) — — Stockholders' Equity (Deficit): Predecessor common stock 1,336 (1,336) (n) — — Predecessor treasury stock (170,138) 170,138 (o) — — Predecessor additional paid-in capital 2,140,383 (2,140,383) (n)(o) — — Successor common stock — 247 (p) — 247 Successor warrants — 20,403 (p) — 20,403 Successor additional paid-in capital — 504,205 (p) — 504,205 Accumulated deficit (3,021,626) 3,551,513 (q) (529,887) (v) — Total Stockholders' Equity (Deficit) (1,050,045) 2,104,787 (529,887) 524,855 Total Liabilities and Stockholders' Equity (Deficit) $ 2,051,706 $ (129,962) $ (533,776) $ 1,387,968 Sources: Total cash received from the RBL Credit Facility $ 265,000 Total proceeds from backstopped rights offering 200,255 Total proceeds from the general unsecured claims rights offering 218 Total sources of cash 465,473 Uses: Payment of DIP Credit Facility, Prior Credit Facility, and related interest (562,834) Funding of the professional fee escrow account (38,869) Payment of prepetition taxes classified as liabilities subject to compromise (21,532) Payment of debt issuance cost associated with the RBL Credit Facility (6,329) Payment of contract cure costs classified as liabilities subject to compromise (5,374) Payments to professionals at emergence (5,102) Payment of the general unsecured claim cash out election for claims classified as liabilities subject to compromise (592) Total uses of cash (640,632) Net uses of cash $ (175,159) (b) Represents the funding of the professional fee escrow account. (c) Represents $6.3 million of financing costs related to the RBL Credit Facility, which were capitalized as debt issuance costs and will be amortized straight-line to interest expense through the maturity date of July 20, 2024. (d) Represents amounts shown in accounts payable and accrued liabilities as reorganization adjustments (in thousands): Reinstatements from liabilities subject to compromise: Accounts payable and accrued liabilities $ 29,752 Current portion of a settlement liability 17,700 General unsecured claims to be satisfied through issuance of equity after Emergence 16,127 Other general unsecured claims to be satisfied after Emergence 8,746 Other adjustments: Success fees 20,800 Backstop Commitment Agreement premium satisfied in common shares at Emergence (29,231) Professional fees paid at Emergence (5,102) Total accounts payable and accrued liabilities reorganization adjustments $ 58,792 (e) Represents revenue payables formerly in “Liabilities Subject to Compromise” that have been reinstated at emergence and will be paid out subsequent to emergence. (f) Represents production taxes payable formerly in “Liabilities Subject to Compromise” that have been reinstated at emergence and will be paid out subsequent to emergence. (g) Represents the satisfaction upon emergence of the Predecessor Company’s accrued interest payable for the Prior Credit Facility and DIP Credit Facility. (h) Represents $13.9 million and $80.6 million of the current and non-current portions of asset retirement obligations, respectively, formerly in “Liabilities Subject to Compromise” that have been reinstated at emergence. (i) Reflects the payment in full of the borrowings outstanding under the Prior Credit Facility and DIP Credit Facility. (j) Reflects borrowings drawn under the RBL Credit Facility upon emergence. (k) Represents $19.3 million of the non-current portion of a settlement liability and $4.0 million of other non-current liabilities formerly in “Liabilities Subject to Compromise” that have been reinstated at emergence and will be paid out subsequent to emergence. (l) As part of the Plan, the Bankruptcy Court approved the settlement of certain claims reported within “Liabilities Subject to Compromise” in the Company's consolidated balance sheet at their respective allowed claim amounts. The table below indicates the reinstatement or disposition of liabilities subject to compromise (in thousands): Liabilities subject to compromise pre-emergence $ 2,135,808 Amounts reinstated on the Emergence Date: Production taxes payable (154,660) Asset retirement obligations (94,557) Revenue payable (59,750) Accounts payable and accrued liabilities (72,860) Other non-current liabilities (23,307) Total liabilities reinstated (405,134) Consideration provided to settle liabilities subject to compromise per the Plan Issuance of Successor equity associated with the participation in the backstopped and general unsecured rights offerings (251,795) Less proceeds from issuance of Successor equity associated with the backstopped and general unsecured rights offerings 200,473 Issuance of Successor equity to 2024 and 2026 Senior Notes holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium (156,889) Issuance of Successor equity to general unsecured claim holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium (64,857) Cash payment in settlement of claims and other (27,498) Total consideration provided to settle liabilities subject to compromise per the Plan (300,566) Gain on settlement of liabilities subject to compromise $ 1,430,108 (m) Pursuant to the terms of the Plan, on the Emergence Date, all Predecessor preferred stock interests were cancelled. (n) Pursuant to the terms of the Plan, on the Emergence Date, all Predecessor common stock interests were cancelled. (o) Pursuant to the terms of the Plan, on the Emergence Date, all Predecessor treasury stock interests were cancelled. (p) Reflects the issuance of Successor equity, including the issuance of 24,729,681 shares of common stock at a par value of $0.01 per share and warrants to purchase 4,358,369 shares of common stock in exchange for claims against or interests in the Debtors pursuant to the Plan. Equity issued is detailed in the table below (in thousands): Issuance of Successor equity associated with the participation in the backstopped and general unsecured claims rights offerings $ 251,795 Issuance of Successor equity associated with the backstop commitment premium 23,584 Issuance of Successor equity to 2024 and 2026 Senior Notes holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium 156,889 Issuance of Successor equity to general unsecured claims holders, incremental to the backstopped and general unsecured rights offerings, and backstop commitment premium 64,857 Fair value of warrants (Tranche A and B) to Predecessor common and preferred stockholders 20,403 Issuance of Successor equity to Predecessor common stockholders 3,664 Issuance of Successor equity to Predecessor preferred stockholders 3,663 Total Successor equity as of January 20, 2021 $ 524,855 (q) The table below reflects the cumulative net impact of the effects on accumulated deficit (in thousands): Reorganization items, net: Gain on settlement of liabilities subject to compromise $ (1,430,108) Adjustment to Backstop Commitment Agreement premium (5,365) Acceleration of unvested stock compensation 3,468 Success fees 20,800 Impact on reorganization items, net (1,411,205) Cancellation of Predecessor equity (2,140,308) Net impact on accumulated (deficit) $ (3,551,513) Predecessor For the Period from January 1 through January 20, 2021 Gain on settlement of liabilities subject to compromise $ 1,430,108 Adjustment to Backstop Commitment Agreement premium 5,365 Acceleration of unvested stock compensation (3,468) Professional fees (7,410) Success fees (20,800) Fresh start valuation adjustment (529,887) Total reorganization items, net $ 873,908 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | The Company’s long-term debt consisted of the following (in thousands): Successor Predecessor March 31, 2021 December 31, 2020 RBL Credit Facility $ 93,746 $ — DIP Credit Facility — 106,727 Prior Credit Facility — 453,747 2024 Senior Notes — 400,000 2026 Senior Notes — 700,189 Total principal 93,746 1,660,663 Unamortized debt issuance costs (1) — — Total debt, prior to reclassification to “Liabilities Subject to Compromise” 93,746 1,660,663 Less amounts reclassified to “Liabilities Subject to Compromise” (2) — (1,100,189) Total debt not subject to compromise (3) 93,746 560,474 Less current portion of long-term debt — (560,474) Total long-term debt $ 93,746 $ — |
Schedule of Borrowing Base Utilization Grid | The grid below shows the base rate margin and Eurodollar margin depending on the applicable borrowing base utilization percentage as of the date of this filing: RBL Credit Facility Borrowing Base Utilization Grid Base Rate Eurodollar Commitment Borrowing Base Utilization Percentage Utilization Margin Margin Fee Rate Level 1 <25% 2.00 % 3.00 % 0.50 % Level 2 ≥ 25% < 50% 2.25 % 3.25 % 0.50 % Level 3 ≥ 50% < 75% 2.50 % 3.50 % 0.50 % Level 4 ≥ 75% < 90% 2.75 % 3.75 % 0.50 % Level 5 ≥90% 3.00 % 4.00 % 0.50 % |
Commodity Derivative Instrume_2
Commodity Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of commodity derivative contracts | The Company’s open commodity derivative contracts by quarter as of March 31, 2021 are summarized below: 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 3/31/2023 NYMEX WTI Crude Swaps: Notional volume (Bbl) 1,298,500 1,153,000 1,041,000 828,000 — — — — Weighted average fixed price ($/Bbl) $ 50.34 $ 49.64 $ 50.01 $ 50.05 $ — $ — $ — $ — NYMEX WTI Crude Purchased Puts: Notional volume (Bbl) — — — — 345,839 320,247 297,903 94,820 Weighted average purchased put price ($/Bbl) $ — $ — $ — $ — $ 40.00 $ 40.00 $ 40.00 $ 40.00 NYMEX WTI Crude Sold Calls: Notional volume (Bbl) — — — — 345,839 320,247 297,903 94,820 Weighted average sold call price ($/Bbl) $ — $ — $ — $ — $ 72.70 $ 72.70 $ 72.70 $ 72.70 NYMEX HH Natural Gas Swaps: Notional volume (MMBtu) 9,190,465 8,482,141 7,904,240 6,468,277 — — — — Weighted average fixed price ($/MMBtu) $ 2.94 $ 2.93 $ 2.93 $ 3.00 $ — $ — $ — $ — NYMEX HH Natural Gas Purchased Puts: Notional volume (MMBtu) — — — — 2,764,135 2,614,602 2,477,469 797,160 Weighted average fixed price ($/MMBtu) $ — $ — $ — $ — $ 2.00 $ 2.00 $ 2.00 $ 2.00 NYMEX HH Natural Gas Sold Calls: Notional volume (MMBtu) — — — — 2,764,135 2,614,602 2,477,469 797,160 Weighted average fixed price ($/MMBtu) $ — $ — $ — $ — $ 3.25 $ 3.25 $ 3.25 $ 3.25 |
Schedule of fair value of derivative instruments in statement of financial position | The following tables detail the fair value of the Company’s derivative instruments, including the gross amounts and adjustments made to net the derivative instruments for the presentation in the condensed consolidated balance sheets (in thousands): Location on Balance Sheet Gross Amounts of Recognized Assets and Liabilities Gross Amounts Offsets in the Balance Sheet (1) Net Amounts of Assets and Liabilities Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet (2) Net Amounts (3) Successor as of March 31, 2021 Current assets $ 5,684 $ (5,684) $ — $ — $ 1,191 Non-current assets — 1,191 1,191 — — Current liabilities (32,358) 5,684 (26,674) — (26,806) Non-current liabilities (2,963) 2,831 (132) — — Predecessor as of December 31, 2020 Current assets $ 8,372 $ (1,401) $ 6,971 $ — $ 6,971 Non-current assets — — — — — Current liabilities (3,548) 1,401 (2,147) — (2,147) Non-current liabilities — — — — — __________________ (1) Agreements are in place that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements. (2) Netting for balance sheet presentation is performed by current and non-current classification. This adjustment represents amounts subject to an enforceable master netting arrangement, which are not netted on the condensed consolidated balance sheets. There are no amounts of related financial collateral received or pledged. (3) Net amounts are not split by current and non-current. All counterparties in a net asset position are shown in the current asset line, and all counterparties in a net liability position are shown in the current liability line item. |
Schedule of commodity derivatives gain (loss) included in other income (expense) | The table below sets forth the commodity derivatives gain (loss) for the periods presented (in thousands). Successor Predecessor For the Period from January 21 through March 31, For the Period from January 1 through January 20, For the Three Months Ended March 31, 2021 2021 2020 Commodity derivatives gain (loss) $ (28,487) $ (12,586) $ 263,015 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule summarizing activities of asset retirement obligaions | Asset retirement obligations at December 31, 2020 (Predecessor) $ 94,769 Liabilities settled (545) Accretion expense 333 Asset retirement obligations at January 20, 2021 (Predecessor) 94,557 Fresh start adjustment (1) (7,358) Asset retirement obligations at January 20, 2021 (Predecessor) 87,199 Asset retirement obligations at January 21, 2021 (Successor) 87,199 Additional liability incurred 81 Revisions in estimated cash flows 357 Liabilities settled (1,045) Accretion expense 1,475 Asset retirement obligations at March 31, 2021 (Successor) $ 88,067 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities accounted for at fair value on a recurring basis | The following table (in thousands) presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis by level within the fair value hierarchy: Successor Predecessor Fair Value Measurement at March 31, 2021 Fair Value Measurement at December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Commodity derivative assets $ — $ 1,191 $ — $ 1,191 $ — $ 6,971 $ — $ 6,971 Commodity derivative liabilities — 26,806 — 26,806 — 2,147 — 2,147 |
Schedule of fair value of financial instruments | Successor Predecessor At March 31, 2021 At December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value RBL Credit Facility $ 93,746 $ 93,746 $ — $ — Prior Credit Facility — — 453,747 453,747 DIP Credit Facility — — 106,727 106,727 2024 Senior Notes — — 400,000 70,732 2026 Senior Notes — — 700,189 123,408 |
Unit and Stock-Based Compensa_2
Unit and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule summarizing stock option activity | Number of Shares Weighted Average Grant Date Non-vested Predecessor Company RSUs at January 1, 2021 1,185,351 $ 6.99 Vested (4,500) 8.70 Cancelled at emergence from bankruptcy (1,180,851) 6.98 Non-vested Predecessor Company RSUs at January 20, 2021 — $ — |
Schedule of non-vested restricted award activity | The following table summarizes the Successor Company RSU activity for the period shown and provides information for Successor Company RSUs outstanding at the dates indicated. Number of Shares Weighted Average Grant Date Non-vested Successor Company RSUs at January 21, 2021 — $ — Granted 394,144 20.41 Forfeited (4,589) 20.41 Vested — — Non-vested Successor Company RSUs at March 31, 2021 389,555 $ 20.41 Number of Shares (1) Weighted Average Grant Date Non-vested Successor Company PSUs at January 21, 2021 — $ — Granted 230,850 28.11 Forfeited — — Vested — — Non-vested Successor Company PSUs at March 31, 2021 230,850 $ 28.11 ___________________ (1) The number of awards assumes that the associated maximum vesting condition is met at the target amount. The final number of shares of the Successor Company's New Common Stock issued may vary depending on the performance multiplier, which ranges from zero to two for the 2021 Successor PSU grants, depending on the level of satisfaction of the vesting condition. Number of Shares (1) Weighted Average Grant Date Non-vested Predecessor Company PSAs at January 1, 2021 1,196,279 $ 5.32 Cancelled at emergence from bankruptcy (1,196,279) 5.32 Non-vested Predecessor Company PSAs at January 20, 2021 — $ — ___________________ (1) The number of awards assumed that the associated maximum vesting condition is met at the target amount. The final number of shares of the Predecessor Company's New Common Stock issued would have varied depending on the performance multiplier, which ranged from zero to one for the 2017 and 2018 grants and ranged from zero to two for the 2019 and 2020 grants, which would have depended on the level of satisfaction of the vesting condition. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | The components of basic and diluted EPS were as follows (in thousands, except per share data): Successor Predecessor For the Period from January 21 through March 31, For the Period from January 1 through January 20, For the Three Months Ended March 31, 2021 2021 2020 Basic and Diluted Income (Loss) Per Share Net income (loss) $ 88,554 $ 870,970 $ 9,037 Less: Noncontrolling interest — — (6,160) Less: Adjustment to reflect Series A Preferred Stock dividends — — (4,748) Less: Adjustment to reflect accretion of Series A Preferred Stock discount — (418) (1,770) Adjusted net income (loss) available to common shareholders, basic and diluted $ 88,554 $ 870,552 $ (3,641) Denominator Weighted average common shares outstanding, basic (1)(2) 25,497 136,589 137,726 Weighted average common shares outstanding, diluted 25,976 136,589 137,726 Income (Loss) Per Common Share Basic $ 3.47 $ 6.37 $ (0.03) Diluted $ 3.41 $ 6.37 $ (0.03) _____________________ (1) For the period from January 1, 2021 to January 20, 2021, 7,138,153 potentially dilutive shares, including restricted stock awards and stock options outstanding, were not included in the calculation above, as they had an anti-dilutive effect on EPS. Additionally, 11,472,445 common shares associated with the assumed conversion of Series A Preferred Stock were also excluded, as they would have had an anti-dilutive effect on EPS. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of operating lease liabilities associated with right-of-use assets and including imputed interest were as follows (in thousands): Successor As of March 31, 2021 2021 - remaining $ 4,235 2022 2,701 2023 804 2024 60 Thereafter — Total lease payments 7,800 Less imputed interest (1) (359) Present value of lease liabilities $ 7,441 ____________________________ (1) Calculated using the estimated interest rate for each lease. |
Business and Organization (Deta
Business and Organization (Details) | Dec. 23, 2020shares |
Subsequent Event [Line Items] | |
Bankruptcy Filing, Shares Issued Under Backstop Commitment Agreement | 1,169,322 |
Bankruptcy Filing, Shares issued To Participants In Rights Offering | 13,392 |
Bankruptcy Filing, Shares Issued To Purchase Unsubscribed Shares | 844,760 |
Bankruptcy Filing, Shares Issued To Participate In Equity Rights Offering | 11,909,430 |
Bankruptcy Filing, Shares Issued For Settlement | 543,296 |
Vesting Period One | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 1,452,773 |
Vesting Period Two | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 1,452,794 |
New Common Stock | Vesting Period One | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 179,472 |
New Common Stock | Vesting Period Two | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 179,496 |
Tranche B Warrants | Vesting Period One | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 726,390 |
Tranche B Warrants | Vesting Period Two | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 726,412 |
Trance A Warrants | Vesting Period One | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 1,452,773 |
Trance A Warrants | Vesting Period Two | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 1,452,794 |
New Common Stock Pro Rata | Vesting Period One | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 726,390 |
New Common Stock Pro Rata | Vesting Period Two | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 726,412 |
2024 Notes | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 2,832,833 |
2026 Notes | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 4,854,017 |
2024 and 2026 Senior Notes | |
Subsequent Event [Line Items] | |
Bankruptcy Filing, New Shares Issued | 3,177,194 |
Basis of Presentation, Signif_4
Basis of Presentation, Significant Accounting Policies and Recent Accounting Pronouncements (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||||||
Jan. 20, 2021USD ($) | Feb. 29, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | May 12, 2021USD ($)contract | Dec. 31, 2020USD ($) | Aug. 04, 2020USD ($)contract | Dec. 31, 2019USD ($) | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||
Exploration and abandonment expenses | $ 316 | $ 759 | $ 112,480 | ||||||
Abandonment and impairment of unproved properties | 0 | 0 | 106,928 | ||||||
Bankruptcy Claims, Number of Claims Settled | contract | 2,100 | ||||||||
Bankruptcy Claims, Amount of Claims Settled | $ 4,200,000 | ||||||||
Impairment of Oil and Gas Properties | 800 | ||||||||
Number of Operating Segments | segment | 2 | ||||||||
Proceeds from divestitures | $ 12,200 | ||||||||
Cash and cash equivalents | 38,430 | $ 38,430 | $ 205,890 | ||||||
Restricted Cash, Current | 25,641 | 25,641 | 0 | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 110,662 | 64,071 | $ 64,071 | 31,993 | $ 205,890 | $ 32,382 | |||
Restructuring Items, Other | 0 | 3,739 | 5,798 | ||||||
Litigation Settlement, Expense | 153 | 0 | 46,777 | ||||||
Early Termination Penalties | 373 | 0 | 0 | ||||||
Production Tax, Interest Expense | 581 | 151 | 0 | ||||||
Midstream Expenses, Operating | 0 | 0 | 3,935 | ||||||
Other Cost and Expense, Operating | $ 1,107 | $ 3,890 | $ 56,510 | ||||||
Subsequent Event | |||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||
Bankruptcy Claims, Number of Claims Settled | contract | 2,600 | ||||||||
Bankruptcy Claims, Amount of Claims Settled | $ 5,800,000 |
Fresh Start Accounting - Fresh
Fresh Start Accounting - Fresh Start and Reorganization Value (Details) - USD ($) | Jan. 22, 2021 | Jan. 21, 2021 | Jan. 20, 2021 |
Fresh-Start Adjustment [Line Items] | |||
Debtor Reorganization Items, Voting Shares To Predecessor Company, Less Than | 50.00% | ||
Enterprise Value | $ 1,052,000,000 | $ 1,052,000,000 | $ 1,052,000,000 |
Postconfirmation, Liabilities and Allowed Claims | 2,900,000,000 | ||
Postconfirmation, Cash and Cash Equivalents | 71,793,000 | 71,793,000 | |
Postconfirmation, General Unsecured Claims | 16,127,000 | ||
Postconfirmation, Working Capital Adjustment | (333,938,000) | ||
Postconfirmation, Interest Bearing Liabilities | (265,000,000) | ||
Postconfirmation, Fair Value of Warrants | (20,403,000) | ||
Postconfirmation, Common Stock, Implied Value | 520,579,000 | ||
Preconfirmation, Liabilities Settled Through Issuance of Equity | (16,127,000) | ||
Preconfirmation, Implied Value | $ 504,452,000 | ||
Postconfirmation, Shares Issued For Settlement of General Unsecured Claims | 24,729,681 | ||
Postconfirmation, Shares Issued, Share Price | $ 20.41 | ||
Postconfirmation, Working Capital Liabilities | 176,976,000 | ||
Postconfirmation, Asset Retirement Obligations, Other | $ 87,199,000 | ||
Reorganization Value | 1,387,968,000 | ||
Postconfirmation, Working Capital Deficit Adjustment | 23,900,000 | ||
Reserve Based Credit Agreement | |||
Fresh-Start Adjustment [Line Items] | |||
Face amount of debt | 1,000,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | ||
Minimum | |||
Fresh-Start Adjustment [Line Items] | |||
Enterprise Value | 875,000,000 | ||
Maximum | |||
Fresh-Start Adjustment [Line Items] | |||
Enterprise Value | $ 1,275,000,000 |
Fresh Start Accounting - Schedu
Fresh Start Accounting - Schedule of Fresh Start Adjustments to the Balance Sheet (Details) - USD ($) | Jan. 21, 2021 | Jan. 20, 2021 |
Fresh-Start Adjustment [Line Items] | ||
Postconfirmation, Cash and Cash Equivalents | $ 71,793,000 | $ 71,793,000 |
Postconfirmation, Restricted Cash and Cash Equivalents, Current | 38,869,000 | |
Postconfirmation, Accounts Receivable, Trade, Net | 12,500,000 | |
Postconfirmation, Accounts Receivable, Oil and Gas, Net | 64,698,000 | |
Postconfirmation, Inventory, Prepaid Expenses and Other Assets | 36,994,000 | |
Postconfirmation, Current Assets | 224,854,000 | |
Postconfirmation, Proved Oil and Gas Property, Successful Effort Method | 945,244,000 | |
Postconfirmation, Unproved Oil and Gas Property, Successful Effort Method | 145,600,000 | |
Postconfirmation, Oil and Gas Property, Successful Effort Method, Net | 1,090,844,000 | |
Postconfirmation, Other Property and Equipment | 56,805,000 | |
Postconfirmation, Property and Equipment, Net | 1,147,649,000 | |
Postconfirmation, Derivative, Asset, Noncurrent | 134,000 | |
Postconfirmation, Other Assets, Noncurrent | 15,331,000 | |
Postconfirmation, Noncurrent Assets | 15,465,000 | |
Postconfirmation, Assets | 1,387,968,000 | |
Postconfirmation, Accounts Payable | 155,297 | |
Postconfirmation, Revenue Payable | 127,753 | |
Postconfirmation, Production Taxes Payable | 135,539 | |
Postconfirmation, Derivative Liability | 7,897 | |
Postconfirmation, Asset Retirement Obligation, Current | 13,459 | |
Postconfirmation, Current Liabilities | 439,945 | |
Postconfirmation, Credit Facility, Noncurrent | 265,000 | |
Postconfirmation, Production Taxes Payable, Noncurrent | 61,121 | |
Postconfirmation, Noncurrent Other Obligations | 23,307 | |
Postconfirmation, Asset Retirement Obligations, Noncurrent | 73,740 | |
Postconfirmation, Noncurrent Liabilities | 423,168 | |
Postconfirmation, Liabilities | 863,113 | |
Postconfirmation, Warrants | 20,403 | |
Postconfirmation, Additional Paid-in Capital | 504,205 | |
Postconfirmation, Stockholders' Equity | 524,855 | |
Postconfirmation, Liabilities and Stockholders' Equity | 1,387,968 | |
Fresh Start Adjustments | ||
Fresh-Start Adjustment [Line Items] | ||
Inventory, prepaid expenses Fresh Start Adjustment, Increase (Decrease), Inventory, Prepaid Expenses and Other | 3,470,000 | |
Fresh Start Adjustment, Increase (Decrease), Current Assets | 3,470,000 | |
Fresh Start Adjustment, Increase (Decrease), Proved Oil and Gas Property, Successful Effort Method | (3,800,981,000) | |
Fresh Start Adjustment, Increase (Decrease), Unproved Oil and Gas Property, Successful Effort Method | (75,647,000) | |
Fresh Start Adjustment, Increase (Decrease), Capitalized Costs, Uncompleted Wells, Equipment and Facilities | (136,247,000) | |
Fresh Start Adjustment, Increase (Decrease), Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion Amortization and Impairment | 3,475,279,000 | |
Fresh Start Adjustment, Increase (Decrease), Oil and Gas Property, Successful Effort Method, Net | (537,596,000) | |
Fresh-Start Adjustment, Increase (Decrease), Other Property and Equipment | 350,000 | |
Fresh-Start Adjustment, Increase (Decrease), Property and Equipment, Net | (537,246,000) | |
Fresh-Start Adjustment, Increase (Decrease), Assets | (533,776,000) | |
Fresh Start Adjustment, Increase (Decrease), Accounts Payable and Accrued Liabilities | 3,469 | |
Fresh Start Adjustment, Increase (Decrease), Asset Retirement Obligation | (478) | |
Fresh-Start Adjustment, Increase (Decrease), Current Liabilities | 2,991 | |
Fresh Start Adjustments, Increase (Decrease), Asset Retirement Obligations, Noncurrent | (6,880) | |
Fresh Start Adjustments, Increase (Decrease), Noncurrent Liabilities | (6,880) | |
Fresh-Start Adjustment, Increase (Decrease), Liabilities | (3,889) | |
Fresh-Start Adjustment, Increase (Decrease), Retained Earnings (Deficit) | (529,887) | |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity | (529,887) | |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity | (533,776) | |
Common Stock [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Postconfirmation, Common Stock | 247 | |
Previously Reported | ||
Fresh-Start Adjustment [Line Items] | ||
Preconfirmation, Cash and Cash Equivalents | 246,952,000 | |
Preconfirmation, Receivables, Trade, Net | 12,500,000 | |
Preconfirmation, Accounts Receivable, Oil and Gas, Net | 64,698,000 | |
Preconfirmation, Inventory, Prepaid Expenses and Other | 33,524,000 | |
Preconfirmation, Current Assets | 357,674,000 | |
Preconfirmation, Proved Oil and Gas Property, Successful Effort Method | 4,746,225,000 | |
Preconfirmation, Unproved Oil and Gas Property, Successful Effort Method | 221,247,000 | |
Preconfirmation, Capitalized Costs, Uncompleted Wells, Equipment and Facilities | 136,247,000 | |
Preconfirmation, Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion Amortization and Impairment | (3,475,279,000) | |
Preconfirmation, Oil and Gas Property, Successful Effort Method, Net | 1,628,440,000 | |
Preconfirmation, Other Property and Equipment | 56,455,000 | |
Preconfirmation, Property and Equipment, Net | 1,684,895,000 | |
Preconfirmation, Derivative Asset, Noncurrent | 134,000 | |
Preconfirmation, Other Assets, Noncurrent | 9,003,000 | |
Preconfirmation, Noncurrent Assets | 9,137,000 | |
Preconfirmation, Assets | 2,051,706,000 | |
Preconfirmation, Accounts Payable | 93,036 | |
Preconfirmation, Revenue Payable | 68,003 | |
Preconfirmation, Production Taxes Payable | 3,284 | |
Preconfirmation, Derivative Liability | 7,897 | |
Preconfirmation, Accrued Interest Payable | 2,236 | |
Preconfirmation, DIP Credit Facility, Current | 106,727 | |
Preconfirmation, Credit Facility | 453,872 | |
Preconfirmation, Current Liabilities | 735,055 | |
Preconfirmation, Production Taxes Payable, Noncurrent | 38,716 | |
Preconfirmation, Noncurrent Liabilities | 38,716 | |
Preconfirmation, Liabilities Subject to Compromise | 2,135,808 | |
Preconfirmation, Liabilities | 2,909,579 | |
Preconfirmation, Temporary Equity | 192,172 | |
Preconfirmation, Common Stock | 1,336 | |
Preconfirmation, Preferred and Common Stock Held in Treasury | (170,138) | |
Preconfirmation, Additional Paid-In Capital, Predecessor | 2,140,383 | |
Preconfirmation, Additional Paid-in Capital | 0 | |
Preconfirmation, Retained Earnings (Deficit) | (3,021,626) | |
Preconfirmation, Stockholders' Equity | (1,050,045) | |
Preconfirmation, Liabilities and Stockholders' Equity | 2,051,706 | |
Restatement Adjustment | ||
Fresh-Start Adjustment [Line Items] | ||
Preconfirmation, Cash and Cash Equivalents | (175,159,000) | |
Preconfirmation, Restricted Cash and Cash Equivalents, Current | 38,869,000 | |
Preconfirmation, Inventory, Prepaid Expenses and Other | 0 | |
Preconfirmation, Current Assets | (136,290,000) | |
Preconfirmation, Other Assets, Noncurrent | 6,328,000 | |
Preconfirmation, Noncurrent Assets | 6,328,000 | |
Preconfirmation, Assets | (129,962,000) | |
Preconfirmation, Accounts Payable | 58,792 | |
Preconfirmation, Revenue Payable | 59,750 | |
Preconfirmation, Production Taxes Payable | 132,255 | |
Preconfirmation, Accrued Interest Payable | (2,236) | |
Preconfirmation, Asset Retirement Obligation, Current | 13,937 | |
Preconfirmation, DIP Credit Facility, Current | (106,727) | |
Preconfirmation, Credit Facility | (453,872) | |
Preconfirmation, Current Liabilities | (298,101) | |
Preconfirmation, Credit Facility, Noncurrent | 265,000 | |
Preconfirmation, Production Taxes Payable, Noncurrent | 22,405 | |
Preconfirmation, Noncurrent Other Obligations | 23,307 | |
Preconfirmation, Asset Retirement Obligations, Noncurrent | 80,620 | |
Preconfirmation, Noncurrent Liabilities | 391,332 | |
Preconfirmation, Liabilities Subject to Compromise | (2,135,808) | |
Preconfirmation, Liabilities | (2,042,577) | |
Preconfirmation, Temporary Equity | (192,172) | |
Preconfirmation, Common Stock | (1,336) | |
Preconfirmation, Preferred and Common Stock Held in Treasury | (170,138) | |
Preconfirmation, Additional Paid-In Capital, Predecessor | (2,140,383) | |
Preconfirmation, Warrants | 20,403 | |
Preconfirmation, Additional Paid-in Capital | 504,205 | |
Preconfirmation, Retained Earnings (Deficit) | 3,551,513 | |
Preconfirmation, Stockholders' Equity | 2,104,787 | |
Preconfirmation, Liabilities and Stockholders' Equity | (129,962) | |
Restatement Adjustment | Common Stock [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Preconfirmation, Common Stock | $ 247 |
Fresh Start Accounting - Source
Fresh Start Accounting - Sources and Uses of Cash (Details) $ in Thousands | Jan. 21, 2021USD ($) |
Reorganizations [Abstract] | |
Debtor Reorganization Items, Proceeds From Backstop Rights Offering | $ 265,000 |
Debtor Reorganization Items, Backstop Rights Offering Received | 200,255 |
Debtor Reorganization Items, Proceeds From Equity Rights Offering | 218 |
Debtor Reorganization Items, Sources of Cash | 465,473 |
Debtor Reorganization Items, Payment of Debtor In Possession Interest and Fees | (562,834) |
Debtor Reorganization Items, Funding of Professional Fee Escrow Account | (38,869) |
Debtor Reorganization Items, Prepetition Ad Valorem Tax Payments | (21,532) |
Debtor Reorganization Items, Payment of Debt Issuance Costs | (6,329) |
Debtor Reorganization Items, Payment of Cure Costs | (5,374) |
Debtor Reorganization Items, Payment of General Unsecured Claims Cash Outs | (592) |
Debtor Reorganization Items, Payments to Notes Advisors | (5,102) |
Debtor Reorganization Items, Uses of Cash | (640,632) |
Debtor Reorganization Items, Sources (Uses) of Cash, Net | $ (175,159) |
Fresh Start Accounting - Narrat
Fresh Start Accounting - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 21, 2021 | Jan. 20, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Fresh-Start Adjustment [Line Items] | ||||
Debtor Reorganization Items, Financing Costs | $ 6,300 | |||
Debtor Reorganization Items, Asset Retirement Obligations, Current | 13,900 | |||
Debtor Reorganization Items, Asset Retirement Obligations, Noncurrent | $ 80,600 | |||
Debtor Reorganization Items, Weighted Average Cost of Capital | 11.00% | |||
Common Stock, shares issued (in shares) | 25,703,212 | 136,588,900 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Debtor Reorganization Items, Backstop Commitment Premium and Expenses | $ 5,365 | |||
Debtor Reorganization Items, Settlement of Liability, Noncurrent | $ 19,300 | |||
Debtor Reorganization Items, Liabilities Reinstated, Noncurrent | $ 4,000 | |||
Common Class A | ||||
Fresh-Start Adjustment [Line Items] | ||||
Common Stock, shares issued (in shares) | 24,729,681 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,358,369 |
Fresh Start Accounting - Sche_2
Fresh Start Accounting - Schedule of Liabilities Subject To Compromise (Details) - USD ($) $ in Thousands | Jan. 21, 2021 | Mar. 31, 2021 | Jan. 20, 2021 | Dec. 31, 2020 |
Reorganizations [Abstract] | ||||
Liabilities Subject to Compromise | $ (405,134) | $ 0 | $ (2,135,808) | $ (2,143,497) |
Liabilities Subject To Compromise, Production Taxes Payable | (154,660) | |||
Liabilities Subject To Compromise, Asset Retirement Obligations | (94,557) | |||
Liabilities Subject To Compromise, Accounts Payable and Accrued Liabilities | (59,750) | |||
Liabilities Subject to Compromise, Revenue Payable | (72,860) | |||
Liabilities Subject to Compromise, Other Liabilities | (23,307) | |||
Liabilities Subject To Compromise, Debt Subject To Compromise | (251,795) | |||
Liabilities Subject To Compromise, Issuance Of Equity For Rights Offering and Backstop Commitment | (156,889) | |||
Liabilities Subject To Compromise, Proceeds From Rights Offering and Backstop Commitments | 200,473 | |||
Liabilities Subject To Compromise, Common Stock Issued To General Unsecured Claim Holders | (64,857) | |||
Liabilities Subject To Compromise, Accrued Expenses and Other Noncurrent Liabilities | (27,498) | |||
Debtor Reorganization Items, Settlements | (300,566) | |||
Debtor Reorganization Items, Gain (Loss) On Liabilities Subject To Compromise | 1,430,108 | |||
Liabilities Subject To Compromise, Reinstatement, Accounts Payable and Accrued Liabilities | 29,752 | |||
Liabilities Subject To Compromise, Reinstatement, Settlement of Liability, Current | 17,700 | |||
Liabilities Subject To Compromise, Reinstatement, Issuance of Equity For Liabilities | 16,127 | |||
Liabilities Subject To Compromise, Reinstatement, Other Liabilities | 8,746 | |||
Liabilities Subject To Compromise, Reinstatement, Other Adjustments, Success Fees | 20,800 | |||
Liabilities Subject To Compromise, Reinstatement, Other Adjustments, Backstop Commitment Agreement Premium | (29,231) | |||
Liabilities Subject To Compromise, Reinstatement, Other Adjustments, Professional Fees | (5,102) | |||
Liabilities Subject To Compromise, Reinstatement, Other Adjustments | $ 58,792 |
Fresh Start Accounting - Equity
Fresh Start Accounting - Equity Issued (Details) $ in Thousands | Jan. 21, 2021USD ($) |
Reorganizations [Abstract] | |
Postconfirmation, Equity Issued, Senior Notes | $ 251,795 |
Postconfirmation, Equity Issued, Common Stock | 23,584 |
Postconfirmation, Equity Issued, Preferred Stock | 156,889 |
Postconfirmation, Equity Issued, Incremental Rights Offering and Backstock Commitment Premium | 64,857 |
Postconfirmation, Equity Issued, Warrants | 20,403 |
Postconfirmation, Equity Issued, Rights Offering | 3,664 |
Postconfirmation, Common Equity Issued To Preferred Stock Holders | 3,663 |
Postconfirmation, Equity Issued | $ 524,855 |
Fresh Start Accounting - Cumula
Fresh Start Accounting - Cumulative Effect of Emergence (Details) - USD ($) $ in Thousands | Jan. 21, 2021 | Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Reorganizations [Abstract] | ||||
Reorganization Items, Gain On Settlement of Liabilities Subject To Compromise | $ (1,430,108) | |||
Reorganization Items, Gain on the Backstop Commitment Agreement | (5,365) | |||
Reorganization Items, Acceleration of Unvested Stock Compensation | 3,468 | $ (3,468) | ||
Debtor Reorganization Items, Professional Fees | 20,800 | |||
Reorganization Items, Impact | (1,411,205) | |||
Reorganization Items, Cancellation of Predecessor equity | (2,140,308) | |||
Reorganization Items | $ (873,908) | $ 0 | $ 0 | |
Debtor Reorganization Items, Impact On Retained Earnings (Deficit), Net | $ (3,551,513) |
Fresh Start Accounting - Reorga
Fresh Start Accounting - Reorganization Items (Details) - USD ($) $ in Thousands | Jan. 21, 2021 | Jan. 20, 2021 |
Reorganizations [Abstract] | ||
Debtor Reorganization Items, Legal and Advisory Professional Fees | $ 1,430,108 | |
Reorganization Items, Acceleration of Unvested Stock Compensation | $ 3,468 | (3,468) |
Debtor Reorganization Items, Court Approved Settlements | (7,410) | |
Debtor Reorganization Items, Success Fees | (20,800) | |
Debtor Reorganization Items, Backstop Commitment Premium and Expenses | 5,365 | |
Debtor Reorganization Items, Fresh Start Valuation Adjustment | (529,887) | |
Debtor Reorganization Items, Net | $ 873,908 |
Long Term Debt - Components (De
Long Term Debt - Components (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Long-Term Debt | ||
Total long-term debt | $ 93,746 | $ 1,660,663 |
Unamortized debt issuance costs on Senior Notes | 0 | 0 |
Long Term Debt, Including Liabilities Subject To Compromise | 93,746 | 1,660,663 |
Liabilities Subject to Compromise, Long Term Debt | 0 | (1,100,189) |
Long Term Debt, Excluding Liabilities Subject To Compromise | 93,746 | 560,474 |
Long-term Debt, Current Maturities | 0 | (560,474) |
Long-term Debt, Excluding Current Maturities | 93,746 | 0 |
Senior Notes due 2026 | Carrying Amount | ||
Long-Term Debt | ||
Long-term debt | 0 | 700,189 |
RBL Credit Facility | Carrying Amount | ||
Long-Term Debt | ||
Long-term debt | 93,746 | 0 |
DIP Credit Facility | ||
Long-Term Debt | ||
Debt outstanding | 106,727 | |
DIP Credit Facility | Carrying Amount | ||
Long-Term Debt | ||
Long-term debt | 0 | 106,727 |
Prior Credit Facility | ||
Long-Term Debt | ||
Debt outstanding | 453,747 | |
Prior Credit Facility | Carrying Amount | ||
Long-Term Debt | ||
Long-term debt | $ 0 | 453,747 |
2024 Senior Notes | ||
Long-Term Debt | ||
Debt outstanding | 400,000 | |
2026 Senior Notes | ||
Long-Term Debt | ||
Debt outstanding | $ 700,189 |
Long Term Debt - Credit Facilit
Long Term Debt - Credit Facility (Details) $ in Thousands | May 24, 2021USD ($) | Jan. 20, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Long-Term Debt | ||||
Line of credit, amount outstanding | $ 93,746 | $ 0 | ||
Line of Credit, Current | 0 | 453,747 | ||
Variable interest rate terms and debt covenant ratios | ||||
Debtor In Possession Financing, Line of Credit | $ 0 | $ 106,727 | ||
RBL Credit Facility | ||||
Variable interest rate terms and debt covenant ratios | ||||
Commitment fee, percent | 0.50% | |||
Debt Instrument, Sublimit | $ 50,000 | |||
Debt Instrument, Covenant, Consolidated Leverage Ratio | 3 | |||
Debt Instrument, Covenant, Consolidated Current Ratio | 1 | |||
RBL Credit Facility | Subsequent Event | ||||
Long-Term Debt | ||||
Proceeds from Lines of Credit | $ 153,700 | |||
Letters of credit outstanding | 500 | |||
Borrowing base | $ 345,800 | |||
RBL Credit Facility | Borrowing Base, Utilization Level 1 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Commitment fee, percent | 0.50% | |||
RBL Credit Facility | Borrowing Base, Utilization Level 2 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Commitment fee, percent | 0.50% | |||
RBL Credit Facility | Borrowing Base, Utilization Level 3 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Commitment fee, percent | 0.50% | |||
RBL Credit Facility | Borrowing Base, Utilization Level 4 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Commitment fee, percent | 0.50% | |||
RBL Credit Facility | Borrowing Base, Utilization Level 5 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Commitment fee, percent | 0.50% | |||
RBL Credit Facility | LIBOR | Borrowing Base, Utilization Level 1 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 3.00% | |||
RBL Credit Facility | LIBOR | Borrowing Base, Utilization Level 2 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 3.25% | |||
RBL Credit Facility | LIBOR | Borrowing Base, Utilization Level 3 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 3.50% | |||
RBL Credit Facility | LIBOR | Borrowing Base, Utilization Level 4 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 3.75% | |||
RBL Credit Facility | LIBOR | Borrowing Base, Utilization Level 5 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 4.00% | |||
RBL Credit Facility | Base Rate | Minimum | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 2.00% | |||
RBL Credit Facility | Base Rate | Maximum | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 3.00% | |||
RBL Credit Facility | Base Rate | Borrowing Base, Utilization Level 1 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 2.00% | |||
RBL Credit Facility | Base Rate | Borrowing Base, Utilization Level 2 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 2.25% | |||
RBL Credit Facility | Base Rate | Borrowing Base, Utilization Level 3 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 2.50% | |||
RBL Credit Facility | Base Rate | Borrowing Base, Utilization Level 4 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 2.75% | |||
RBL Credit Facility | Base Rate | Borrowing Base, Utilization Level 5 | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 3.00% | |||
RBL Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | Minimum | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 3.00% | |||
RBL Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | Maximum | ||||
Variable interest rate terms and debt covenant ratios | ||||
Margin rate, percent | 4.00% |
Long Term Debt - Debt Discount,
Long Term Debt - Debt Discount, Issuance Costs, Interest (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Long-Term Debt | |||
Amortization of debt discount | $ 0.1 | $ 0.5 | $ 1.2 |
Debt Issuance Costs, Net | 16 | ||
Interest Incurred On Long Term Debt | |||
Interest expense | 1.5 | 2.6 | 22.3 |
Interest costs capitalized | $ 0.1 | $ 2.1 | |
Credit Facility | |||
Long-Term Debt | |||
Debt Issuance Costs, Net | $ 5.9 |
Commodity Derivative Instrume_3
Commodity Derivative Instruments - Summary of Contracts (Details) | 3 Months Ended |
Mar. 31, 2021MMBTU$ / bbl$ / MMBTUbbl | |
Crude | Derivative Swap, Q2 2021 | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 1,298,500 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / bbl | 50.34 |
Crude | Derivative Swap, Q3 2021 | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 1,153,000 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / bbl | 49.64 |
Crude | Derivative Swap, Q4 2021 | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 1,041,000 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / bbl | 50.01 |
Crude | Derivative Swap, Q1 2022 | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 828,000 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / bbl | 50.05 |
Crude | Derivative Swap, Q2 2022 | Purchased | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 345,839 |
Weighted average put price (in $/Bbl or $/MMBtu) | $ / bbl | 40 |
Crude | Derivative Swap, Q2 2022 | Sold | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 345,839 |
Weighted average fixed price, Calls (in $/BBl or $/MMBtu) | $ / bbl | (72.70) |
Crude | Derivative Swap, Q3 2022 | Purchased | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 320,247 |
Weighted average put price (in $/Bbl or $/MMBtu) | $ / bbl | 40 |
Crude | Derivative Swap, Q3 2022 | Sold | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 320,247 |
Weighted average fixed price, Calls (in $/BBl or $/MMBtu) | $ / bbl | (72.70) |
Crude | Derivative Swap, Q4 2022 | Purchased | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 297,903 |
Weighted average put price (in $/Bbl or $/MMBtu) | $ / bbl | 40 |
Crude | Derivative Swap, Q4 2022 | Sold | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 297,903 |
Weighted average fixed price, Calls (in $/BBl or $/MMBtu) | $ / bbl | (72.70) |
Crude | Derivative Swap, Q1 2023 | Purchased | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 94,820 |
Weighted average put price (in $/Bbl or $/MMBtu) | $ / bbl | 40 |
Crude | Derivative Swap, Q1 2023 | Sold | |
Summary of commodity derivative contracts | |
Notional volume (in barrels) | bbl | 94,820 |
Weighted average fixed price, Calls (in $/BBl or $/MMBtu) | $ / bbl | (72.70) |
Natural Gas | Derivative Swap, Q2 2021 | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 9,190,465 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 2.94 |
Natural Gas | Derivative Swap, Q3 2021 | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 8,482,141 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 2.93 |
Natural Gas | Derivative Swap, Q4 2021 | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 7,904,240 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 2.93 |
Natural Gas | Derivative Swap, Q1 2022 | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 6,468,277 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 3 |
Natural Gas | Derivative Swap, Q2 2022 | Purchased | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 2,764,135 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 2 |
Natural Gas | Derivative Swap, Q2 2022 | Sold | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 2,764,135 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 3.25 |
Natural Gas | Derivative Swap, Q3 2022 | Purchased | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 2,614,602 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 2 |
Natural Gas | Derivative Swap, Q3 2022 | Sold | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 2,614,602 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 3.25 |
Natural Gas | Derivative Swap, Q4 2022 | Purchased | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 2,477,469 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 2 |
Natural Gas | Derivative Swap, Q4 2022 | Sold | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 2,477,469 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 3.25 |
Natural Gas | Derivative Swap, Q1 2023 | Purchased | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 797,160 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 2 |
Natural Gas | Derivative Swap, Q1 2023 | Sold | |
Summary of commodity derivative contracts | |
Notional volume (in MMBtu) | MMBTU | 797,160 |
Weighted average fixed price, Swaps (in $/Bbl or$/MMBtu) | $ / MMBTU | 3.25 |
Commodity Derivative Instrume_4
Commodity Derivative Instruments - Gross and Net Fair Value (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Gross amounts and adjustments made for net derivative assets | ||
Gross Amounts of Recognized Assets | $ 5,684,000 | $ 8,372,000 |
Gross Amounts Offset in the Balance Sheet | (5,684,000) | (1,401,000) |
Net Amounts of Assets Presented in the Balance Sheet | 0 | 6,971,000 |
Gross Amounts not Offset in the Balance Sheet | 0 | 0 |
Net Amounts | 1,191,000 | 6,971,000 |
Non-current assets | ||
Gross amounts and adjustments made for net derivative assets | ||
Gross Amounts of Recognized Assets | 0 | 0 |
Gross Amounts Offset in the Balance Sheet | 1,191,000 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 1,191,000 | 0 |
Gross Amounts not Offset in the Balance Sheet | 0 | 0 |
Net Amounts | 0 | 0 |
Current liabilities | ||
Gross amounts and adjustments made for net derivative liabilities | ||
Gross Amounts of Recognized Liabilities | (32,358,000) | (3,548,000) |
Gross Amounts Offset in the Balance Sheet | 5,684,000 | 1,401,000 |
Net Amounts of Liabilities Presented in the Balance Sheet | (26,674,000) | (2,147,000) |
Gross Amounts not Offset in the Balance Sheet | 0 | 0 |
Net Amounts | (26,806,000) | (2,147,000) |
Non-current liabilities | ||
Gross amounts and adjustments made for net derivative liabilities | ||
Gross Amounts of Recognized Liabilities | (2,963,000) | 0 |
Gross Amounts Offset in the Balance Sheet | 2,831,000 | 0 |
Net Amounts of Liabilities Presented in the Balance Sheet | (132,000) | 0 |
Gross Amounts not Offset in the Balance Sheet | 0 | 0 |
Net Amounts | $ 0 | $ 0 |
Commodity Derivative Instrume_5
Commodity Derivative Instruments - Gain (Loss) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Commodity derivatives gain (loss) | $ (12,586) | $ (28,487) | $ 263,015 |
Asset Retirement Obligations -
Asset Retirement Obligations - Summary (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | |
Jan. 20, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Reclassification [Line Items] | |||
Liabilities Subject To Compromise, Asset Retirement Obligation, Current | $ 14,300 | ||
Liabilities Subject to Compromise, Asset Retirement Obligation, Noncurrent | $ 80,500 | ||
Asset retirement obligations | |||
Asset Retirement Obligation, Beginning Balance | $ 94,769 | $ 87,199 | |
Asset Retirement Obligation, Liabilities Incurred | 81 | ||
Asset Retirement Obligation, Liabilities Settled | (545) | (1,045) | |
Asset Retirement Obligation, Revision of Estimate | 357 | ||
Asset Retirement Obligation, Accretion Expense | 333 | 1,475 | |
Asset Retirement Obligation, Ending Balance | 94,557 | $ 88,067 | |
Fresh Start Adjustments | |||
Asset retirement obligations | |||
Asset Retirement Obligation, Ending Balance | $ (7,358) |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Commodity derivative assets | $ 1,191 | $ 6,971 |
Financial Liabilities: | ||
Commodity derivative liabilities | 26,806 | 2,147 |
Level 1 | ||
Financial Assets: | ||
Commodity derivative assets | 0 | 0 |
Financial Liabilities: | ||
Commodity derivative liabilities | 0 | 0 |
Level 2 | ||
Financial Assets: | ||
Commodity derivative assets | 1,191 | 6,971 |
Financial Liabilities: | ||
Commodity derivative liabilities | 26,806 | 2,147 |
Level 3 | ||
Financial Assets: | ||
Commodity derivative assets | 0 | 0 |
Financial Liabilities: | ||
Commodity derivative liabilities | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Amount | RBL Credit Facility | ||
Fair Value of Financial Instruments | ||
Long-term debt | $ 93,746 | $ 0 |
Carrying Amount | Prior Credit Facility | ||
Fair Value of Financial Instruments | ||
Long-term debt | 0 | 453,747 |
Carrying Amount | DIP Credit Facility | ||
Fair Value of Financial Instruments | ||
Long-term debt | 0 | 106,727 |
Carrying Amount | Senior Notes due 2024 | ||
Fair Value of Financial Instruments | ||
Long-term debt | 0 | 400,000 |
Carrying Amount | Senior Notes due 2026 | ||
Fair Value of Financial Instruments | ||
Long-term debt | 0 | 700,189 |
Fair value | RBL Credit Facility | ||
Fair Value of Financial Instruments | ||
Long-term debt | 93,746 | 0 |
Fair value | Prior Credit Facility | ||
Fair Value of Financial Instruments | ||
Long-term debt | 0 | 453,747 |
Fair value | DIP Credit Facility | ||
Fair Value of Financial Instruments | ||
Long-term debt | 0 | 106,727 |
Fair value | Senior Notes due 2024 | ||
Fair Value of Financial Instruments | ||
Long-term debt | 0 | 70,732 |
Fair value | Senior Notes due 2026 | ||
Fair Value of Financial Instruments | ||
Long-term debt | $ 0 | $ 123,408 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Impairment of Oil and Gas Properties | $ 0.8 | ||
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 20.85% | (19.60%) |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Taxes | |||
Effective combined U.S. federal and state income tax rate | 0.00% | 20.85% | (19.60%) |
Current Income Tax Expense (Benefit) | $ 23.3 | ||
Operating Loss Carryforwards | $ 1,300 |
Unit and Stock-Based Compensa_3
Unit and Stock-Based Compensation - Long Term Incentive Plan (Details) - USD ($) $ in Millions | 2 Months Ended | ||
Mar. 31, 2021 | Jan. 20, 2021 | May 31, 2019 | |
2021 Long Term Incentive Plan | |||
Share-based compensation | |||
Total reserve | 3,038,657 | ||
2021 Long Term Incentive Plan | RSUs | |||
Share-based compensation | |||
Unit-based compensation costs | $ 1.4 | ||
2016 Long Term Incentive Plan | |||
Share-based compensation | |||
Total reserve | 32,200,000 |
Unit and Stock-Based Compensa_4
Unit and Stock-Based Compensation - Long Term Incentive Plan RSUs (Details) - USD ($) $ in Thousands | Jan. 20, 2021 | Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Compensation costs | |||||
Stock-based compensation | $ 302 | $ 2,174 | $ 0 | ||
Granted (in shares) | 394,144 | ||||
Performance Stock Awards | |||||
Compensation costs | |||||
Unrecognized compensation cost | $ 6,100 | $ 6,100 | |||
Weighted-average period for recognition, unvested awards | 2 years 9 months 18 days | ||||
Stock-based compensation | 100 | $ 400 | 800 | ||
Granted (in shares) | 230,850 | ||||
Deferred Stock Units | |||||
Compensation costs | |||||
Share-based compensation expense | $ 400 | ||||
Unrecognized compensation cost | $ 1,700 | $ 1,700 | |||
Weighted-average period for recognition, unvested awards | 9 months 18 days | ||||
Granted (in shares) | 16,800 | 100,800 | |||
2016 Long Term Incentive Plan | RSUs | |||||
Restricted Stock Units ("RSUs") | |||||
Vesting percentage | 100.00% | ||||
Compensation costs | |||||
Stock-based compensation | $ 200 | $ 800 | |||
2016 Long Term Incentive Plan | Vesting Period One | RSUs | |||||
Restricted Stock Units ("RSUs") | |||||
Vesting percentage | 25.00% | ||||
2016 Long Term Incentive Plan | Vesting Period Two | RSUs | |||||
Restricted Stock Units ("RSUs") | |||||
Vesting percentage | 25.00% | ||||
2016 Long Term Incentive Plan | Vesting Period Three | RSUs | |||||
Restricted Stock Units ("RSUs") | |||||
Vesting percentage | 50.00% | ||||
Compensation costs | |||||
Forfeiture rate (as a percent) | 0.00% | ||||
2021 Long Term Incentive Plan | RSUs | |||||
Restricted Stock Units ("RSUs") | |||||
Vesting percentage | 100.00% | ||||
Compensation costs | |||||
Share-based compensation expense | $ 1,400 | ||||
Unrecognized compensation cost | $ 6,600 | $ 6,600 | |||
Weighted-average period for recognition, unvested awards | 1 year 2 months 12 days |
Unit and Stock-Based Compensa_5
Unit and Stock-Based Compensation - Long Term Incentive Plan RSUs Rollforward (Details) - $ / shares | Jan. 20, 2021 | Jan. 20, 2021 | Mar. 31, 2021 |
Number of Shares | |||
Non-vested units at beginning of period (in shares) | 0 | ||
Granted (in shares) | 394,144 | ||
Forfeited (in shares) | (4,589) | ||
Vested (in shares) | 0 | ||
Non-vested units at end of period (in shares) | 389,555 | ||
Weighted Average Grant Date Fair Value | |||
Non-vested units at beginning of period (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 20.41 | ||
Forfeited (in dollars per share) | (20.41) | ||
Vested (in dollars per share) | 0 | ||
Non-vested units at end of period (in dollars per share) | $ 20.41 | ||
Performance Stock Awards | |||
Number of Shares | |||
Non-vested units at beginning of period (in shares) | 1,196,279 | 0 | |
Granted (in shares) | 230,850 | ||
Forfeited (in shares) | (1,196,279) | 0 | |
Vested (in shares) | 0 | ||
Non-vested units at end of period (in shares) | 0 | 0 | 230,850 |
Weighted Average Grant Date Fair Value | |||
Non-vested units at beginning of period (in dollars per share) | $ 5.32 | $ 0 | |
Granted (in dollars per share) | 28.11 | ||
Forfeited (in dollars per share) | (5.32) | 0 | |
Vested (in dollars per share) | 0 | ||
Non-vested units at end of period (in dollars per share) | $ 0 | $ 0 | $ 28.11 |
Deferred Stock Units | |||
Number of Shares | |||
Non-vested units at beginning of period (in shares) | 0 | ||
Granted (in shares) | 16,800 | 100,800 | |
Forfeited (in shares) | 0 | ||
Vested (in shares) | 0 | ||
Non-vested units at end of period (in shares) | 100,800 | ||
Weighted Average Grant Date Fair Value | |||
Non-vested units at beginning of period (in dollars per share) | $ 0 | ||
Granted (in dollars per share) | 20.41 | ||
Forfeited (in dollars per share) | 0 | ||
Vested (in dollars per share) | 0 | ||
Non-vested units at end of period (in dollars per share) | $ 20.41 | ||
2016 Long Term Incentive Plan | RSUs | |||
Number of Shares | |||
Non-vested units at beginning of period (in shares) | 1,185,351 | ||
Forfeited (in shares) | (1,180,851) | ||
Vested (in shares) | (4,500) | ||
Non-vested units at end of period (in shares) | 0 | 0 | |
Weighted Average Grant Date Fair Value | |||
Non-vested units at beginning of period (in dollars per share) | $ 6.99 | ||
Forfeited (in dollars per share) | (6.98) | ||
Vested (in dollars per share) | 8.70 | ||
Non-vested units at end of period (in dollars per share) | $ 0 | $ 0 |
Unit and Stock-Based Compensa_6
Unit and Stock-Based Compensation - Incentive Restricted Stock Units (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Compensation costs | ||||
Unit-based compensation | $ 302 | $ 2,174 | $ 0 | |
2016 Long Term Incentive Plan | RSUs | ||||
Incentive Units | ||||
Vesting percentage | 100.00% | |||
Compensation costs | ||||
Unit-based compensation | $ 200 | $ 800 | ||
2016 Long Term Incentive Plan | RSUs | Vesting Period One | ||||
Incentive Units | ||||
Vesting percentage | 25.00% | |||
2016 Long Term Incentive Plan | RSUs | Vesting Period Two | ||||
Incentive Units | ||||
Vesting percentage | 25.00% | |||
2016 Long Term Incentive Plan | RSUs | Vesting Period Three | ||||
Incentive Units | ||||
Vesting percentage | 50.00% |
Unit and Stock-Based Compensa_7
Unit and Stock-Based Compensation - RUAs (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Compensation costs | |||
Stock-based compensation | $ 302 | $ 2,174 | $ 0 |
Unit and Stock-Based Compensa_8
Unit and Stock-Based Compensation Unit and Stock-Based Compensation - Performance Stock Awards (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 302 | $ 2,174 | $ 0 | |
Performance Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 100 | 400 | $ 800 | |
Unrecognized compensation cost | $ 6,100 | $ 6,100 | ||
Weighted-average period for recognition, unvested awards | 2 years 9 months 18 days |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 20, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 950,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Stock Issued During Period, Existing Shares | 25,703,212 | ||
Reorganization Items, Shares Expected To Be Issued | 256,390 | ||
Reorganization Items, Value, Shares Expected To Be Issued | $ 5 | ||
Tranche A Warrants | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 2,905,567 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 107.64 | ||
Tranche B Warrants | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 1,452,802 | ||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 122.32 | ||
Preferred Stock | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 50,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 900,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Components (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Jan. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Basic and Diluted EPS (in thousands, except per share data) | |||
Net income | $ 870,970,000 | $ 88,554,000 | $ 9,037,000 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | (6,160,000) |
Less: Adjustment to reflect Series A Preferred Stock dividends | 0 | 0 | 4,748,000 |
Less: Adjustment to reflect Series A Preferred Stock dividends | 418,000 | 0 | 1,770,000 |
Adjusted net income (loss) available to common shareholders, basic and diluted | $ 870,552,000 | $ 88,554,000 | $ (3,641,000) |
Denominator | |||
Weighted Average Number of Shares Outstanding, Diluted | 136,589 | 25,976 | 137,726 |
Weighted Average Number of Shares Outstanding, Basic | 136,589 | 25,497 | 137,726 |
Earnings Per Common Share | |||
Earnings Per Share, Basic | $ 6.37 | $ 3.47 | $ (0.03) |
Earnings Per Share, Diluted | $ 6.37 | $ 3.41 | $ (0.03) |
Earnings (Loss) Per Share - Exc
Earnings (Loss) Per Share - Excluded and Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Securities excluded from diluted EPS calculation (in shares) | 7,138,153 | 8,339,698 |
Series A Convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Securities excluded from diluted EPS calculation (in shares) | 11,472,445 | 11,472,445 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 - remaining | $ 4,235 |
2022 | 2,701 |
2023 | 804 |
2024 | 60 |
Thereafter | 0 |
Total lease payments | 7,800 |
Less imputed interest | (359) |
Present value of lease liabilities | $ 7,441 |
Commitments and Contingencies_2
Commitments and Contingencies - Commitments (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Jan. 31, 2020bbl / dBcf | Mar. 31, 2021USD ($) | Aug. 31, 2017contractMMcf | |
Delivery and Gathering commitments | |||
Annual minimum volume (in bcf) | Bcf | 13 | ||
Gathering Commitment, Long Term Crude Oil, Gas, Year Seven | 65 | ||
Residual gas commitment, term | 10 years | 7 years | |
Processing Plant, Number | contract | 2 | ||
Delivery commitment, in barrels per day (Bpd), years three through seven | bbl / d | 7,500 | ||
Delivery commitment, in barrels per day (Bpd), year one | bbl / d | 4,000 | ||
Gathering Commitment, Guarantee of Certain Target Profit Margin, Period | 3 years | ||
Loss Contingency, Estimate of Possible Loss | $ | $ 0.6 | ||
Minimum | |||
Delivery and Gathering commitments | |||
Gathering Commitment, Long Term Crude Oil, Gas, Remaining Fiscal Year | 51.5 | ||
Maximum | |||
Delivery and Gathering commitments | |||
Gathering Commitment, Long Term Crude Oil, Gas, Remaining Fiscal Year | 20.6 |