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BRY Berry

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021Apr. 30, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number001-38606
Entity Registrant NameBerry Corporation (bry)
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number81-5410470
Entity Address, Address Line One16000 Dallas Parkway
Entity Address, Address Line TwoSuite 500
Entity Address, City or TownDallas
Entity Address, State or ProvinceTX
Entity Address, Postal Zip Code75248
City Area Code661
Local Phone Number616-3900
Title of 12(b) SecurityCommon Stock, par value $0.001 per share
Trading SymbolBRY
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryNon-accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companytrue
Entity Ex Transition Periodfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding80,471,022
Entity Central Index Key0001705873
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 97,362 $ 80,557
Accounts receivable, net of allowance for doubtful accounts of $2,215 at March 31, 2021 and $2,215 at December 31, 202052,333 52,027
Derivative instruments3,283 2,507
Other current assets25,063 19,400
Total current assets178,041 154,491
Noncurrent assets:
Oil and natural gas properties1,436,286 1,412,566
Accumulated depletion and amortization(264,015)(235,259)
Total oil and natural gas properties, net1,172,271 1,177,307
Other property and equipment112,072 112,145
Accumulated depreciation(33,687)(31,368)
Total other property and equipment, net78,385 80,777
Derivative instruments1,999 0
Other noncurrent assets6,135 7,235
Total assets1,436,831 1,419,810
Current liabilities:
Accounts payable and accrued expenses159,846 151,985
Derivative instruments52,719 23,321
Total current liabilities212,565 175,306
Noncurrent liabilities:
Long-term debt393,741 393,480
Deferred income taxes635 1,011
Asset retirement obligations135,402 135,192
Other noncurrent liabilities2,694 785
Commitments and Contingencies - Note 4
Stockholders' Equity:
Common stock ($0.001 par value; 750,000,000 shares authorized; 85,583,268 and 85,041,581 shares issued; and 80,471,022 and 79,929,335 shares outstanding, at March 31, 2021 and December 31, 2020, respectively)86 85
Additional paid-in-capital914,956 915,877
Treasury stock, at cost (5,112,246 shares at March 31, 2021 and December 31, 2020)(49,995)(49,995)
Retained deficit(173,253)(151,931)
Total stockholders' equity691,794 714,036
Total liabilities and stockholders' equity $ 1,436,831 $ 1,419,810

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts $ 2,215 $ 2,215
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares)750,000,000 750,000,000
Common stock, shares issued (in shares)85,583,268 85,041,581
Common stock, shares outstanding (in shares)80,471,022 79,929,335
Treasury stock, at cost (in shares)5,112,246 5,112,246

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues and other:
Revenues and other $ 147,705 $ 128,036
(Losses) gains on derivatives(25,774)199,194
Total revenues and other94,201 339,265
Expenses and other:
Transportation expenses1,576 1,822
Marketing expenses2,227 430
General and administrative expenses17,070 19,337
Depreciation, depletion, and amortization33,840 35,329
Impairment of oil and gas properties0 289,085
Taxes, other than income taxes9,557 4,352
Losses (gains) on derivatives25,774 (199,194)
Other operating expenses799 2,202
Total expenses and other107,271 419,290
Other (expenses) income:
Interest expense(8,485)(8,920)
Other, net(143)(6)
Total other (expenses) income(8,628)(8,926)
Loss before income taxes(21,698)(88,951)
Income tax (benefit) expense(376)26,349
Net loss $ (21,322) $ (115,300)
Net loss per share:
Basic (in dollars per share) $ (0.27) $ (1.45)
Diluted (in dollars per share) $ (0.27) $ (1.45)
Oil, natural gas and natural gas liquids sales
Revenues and other:
Revenues and other $ 135,265 $ 122,098
Expenses and other:
Cost of goods sold62,284 50,752
Electricity sales
Revenues and other:
Revenues and other10,069 5,461
Expenses and other:
Cost of goods sold7,648 3,946
(Losses) gains on oil and gas sales derivatives
Revenues and other:
(Losses) gains on derivatives(53,504)211,229
Expenses and other:
Losses (gains) on derivatives53,504 (211,229)
Marketing revenues
Revenues and other:
Revenues and other2,234 453
Other revenues
Revenues and other:
Revenues and other137 24
(Gain) losses on natural gas purchase derivatives
Revenues and other:
Revenues and other12,077 3,368
(Losses) gains on derivatives27,730 (12,035)
Expenses and other:
Losses (gains) on derivatives $ (27,730) $ 12,035

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in ThousandsTotalCommon StockAdditional Paid-in CapitalTreasury StockRetained Deficit
Beginning balance at Dec. 31, 2019 $ 972,448 $ 85 $ 901,830 $ (49,995) $ 120,528
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other(794)(794)
Stock based compensation3,036 3,036
Dividends declared on common stock(9,564)(9,564)
Net loss(115,300)(115,300)
Ending balance at Mar. 31, 2020849,826 85 904,072 (49,995)(4,336)
Beginning balance at Dec. 31, 2020714,036 $ 85 915,877 (49,995)(151,931)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other(1,442)(1,442)
Stock based compensation3,995 3,995
Issuance of common stock (in shares)1
Issuance of common stock1
Dividends declared on common stock(3,474)(3,474)
Net loss(21,322)(21,322)
Ending balance at Mar. 31, 2021 $ 691,794 $ 86 $ 914,956 $ (49,995) $ (173,253)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in dollars per share) $ 0.04 $ 0.12

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net loss $ (21,322) $ (115,300)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization33,840 35,329
Amortization of debt issuance costs1,360 1,338
Impairment of oil and gas properties0 289,085
Stock-based compensation expense3,779 2,922
Deferred income taxes(376)26,347
Increase in allowance for doubtful accounts0 1,200
Other operating expenses0 1,575
Derivative activities:
Total losses (gains)25,774 (199,194)
Cash settlements on derivatives850 19,625
Changes in assets and liabilities:
(Increase) decrease in accounts receivable(296)22,074
(Increase) in other assets(5,663)(331)
Increase (decrease) in accounts payable and accrued expenses1,300 (29,179)
Decrease in other liabilities(816)(11,008)
Net cash provided by operating activities38,430 44,483
Capital expenditures:
Capital expenditures(23,569)(39,703)
Changes in capital expenditures accruals3,508 (3,533)
Acquisition of properties and equipment and other0 (12)
Proceeds from sale of property and equipment and other124 210
Net cash used in investing activities(19,937)(43,038)
Cash flows from financing activities:
Borrowings under RBL credit facility0 124,100
Repayments on RBL credit facility0 (115,000)
Dividends paid on common stock(246)(9,750)
Shares withheld for payment of taxes on equity awards and other(1,442)(794)
Net cash used in financing activities(1,688)(1,444)
Net increase in cash and cash equivalents16,805 1
Cash and cash equivalents:
Beginning80,557 0
Ending $ 97,362 $ 1

Basis of Presentation

Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBasis of Presentation “Berry Corp.” refers to Berry Corporation (bry), a Delaware corporation, which is the sole member of Berry Petroleum Company, LLC (“Berry LLC”). As the context may require, the “Company”, “we”, “our” or similar words refer to (i) Berry Corp. and Berry LLC, its consolidated subsidiary, as a whole or (ii) either Berry Corp. or Berry LLC. Nature of Business Berry Corp. is an independent oil and natural gas company that was incorporated under Delaware law in February 2017 and its common stock began trading on NASDAQ under the symbol “bry” in July 2018. Berry Corp. operates through its wholly-owned subsidiary, Berry LLC. Our properties are located onshore in the United States (the “U.S.”), in California (primarily in the San Joaquin basin), Utah (in the Uinta basin), and Colorado (in the Piceance basin). Principles of Consolidation and Reporting The condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In management’s opinion, the accompanying financial statements contain all normal, recurring adjustments that are necessary to fairly present our interim unaudited condensed consolidated financial statements. We eliminated all significant intercompany transactions and balances upon consolidation. For oil and gas exploration and production joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements. We prepared this report pursuant to the rules and regulations of the U.S. Security and Exchange Commission (“SEC”) applicable to interim financial information, which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our disclosures are adequate to make the disclosed information not misleading. The results reported in these unaudited condensed consolidated financial statements may not accurately forecast results for future periods. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2020. Reclassification We reclassified certain prior year amounts in the cash flow statements to conform to the current year presentation. These reclassifications had no material impact on the financial statements. Recently Adopted Accounting Standards In December 2019, the FASB issued rules which simplify the accounting for income taxes. We adopted these rules in the first quarter of 2021 which did not have a material impact on our financial statements.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDebt The following table summarizes our outstanding debt: March 31, December 31, Interest Rate Maturity Security (in thousands) RBL Facility $ — $ — variable rates 3.0% (2021) and 4.0% (2020), respectively July 29, 2022 Mortgage on 85% of Present Value of proven oil and gas reserves and lien on certain other assets 2026 Notes 400,000 400,000 7.0% February 15, 2026 Unsecured Long-Term Debt - Principal Amount 400,000 400,000 Less: Debt Issuance Costs (6,259) (6,520) Long-Term Debt, net $ 393,741 $ 393,480 Deferred Financing Costs We incurred legal and bank fees related to the issuance of debt. At March 31, 2021 and December 31, 2020, debt issuance costs for the RBL Facility (as defined below) reported in “other noncurrent assets” on the balance sheet were approximately $6 million and $7 million net of amortization, respectively. At March 31, 2021 and December 31, 2020, debt issuance costs, net of amortization, for the unsecured notes due February 2026 (the “2026 Notes”) reported in “Long-Term Debt, net” on the balance sheet were approximately $6 million and $7 million, respectively. For the three months ended March 31, 2021 and March 31, 2020, the amortization expense for the RBL Facility and 2026 Notes were both approximately $1 million and was included in “interest expense” in the condensed consolidated statements of operations. Fair Value Our debt is recorded at the carrying amount on the balance sheets. The carrying amount of the RBL Facility approximates fair value because the interest rates are variable and reflect market rates. The fair value of the 2026 Notes was approximately $388 million and $337 million at March 31, 2021 and December 31, 2020, respectively. The RBL Facility On July 31, 2017, we entered into a credit agreement that provided for a revolving loan with up to $1.5 billion of commitment, subject to a reserve borrowing base (“RBL Facility”). The RBL Facility provides a letter of credit subfacility for the issuance of letters of credit in an aggregate amount not to exceed $25 million. Issuances of letters of credit reduce the borrowing availability for revolving loans under the RBL Facility on a dollar for dollar basis. Borrowing base redeterminations generally become effective each May and November, although each of us and the administrative agent may make one interim redetermination between scheduled redeterminations. The RBL Facility has an elected commitment feature that allows us to increase commitments to the amount of our borrowing base with lender approval. In April 2021, we completed our scheduled semi-annual borrowing base redetermination under our RBL Facility, which resulted in a reaffirmed borrowing base and the Company's elected commitment at $200 million with no further borrowing restrictions beyond the covenants noted below. The RBL Facility contains customary events of default and remedies for credit facilities of a similar nature. If we do not comply with the financial and other covenants in the RBL Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the RBL Facility and exercise all of their other rights and remedies, including foreclosure on all of the collateral. The RBL Facility contains certain anti-cash hoarding provisions, including the requirement to repay outstanding loans on a weekly basis in the amount of any cash on the balance sheet (subject to certain exceptions) in excess of $30 million; and further limits to dividends and share repurchases. The RBL Facility matures on July 29, 2022, unless terminated earlier in accordance with the RBL Facility terms. The RBL Facility requires us to maintain on a consolidated basis as of each quarter-end (i) a Leverage Ratio of no more than 4.0 to 1.0 and (ii) a Current Ratio of at least 1.0 to 1.0. The RBL Facility also contains customary restrictions. As of March 31, 2021, our Leverage Ratio and Current Ratio were 1.9 to 1.0 and 2.3 to 1.0, respectively. In addition, the RBL Facility currently provides that to the extent we incur unsecured indebtedness, including any amounts raised in the future, the borrowing base will be reduced by an amount equal to 25% of the amount of such unsecured debt. We were in compliance with all financial covenants under the RBL Facility as of March 31, 2021. The RBL Facility permits us to repurchase equity and indebtedness, among other things, if availability is equal to or greater than 20% of the elected commitments or borrowing base, whichever is in effect, and our pro forma leverage ratio is less than or equal to 2.5 to 1.0. As of March 31, 2021, we had no borrowings outstanding, $7 million in letters of credit outstanding, and approximately $193 million of available borrowings capacity under the RBL Facility. Bond Repurchase Program In February 2020, our Board of Directors adopted a program to spend up to $75 million for the opportunistic repurchase of our 2026 Notes. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and does not obligate Berry Corp. to purchase the 2026 Notes during any period or at all. We have not yet repurchased any bonds under this program. Corporate Organization Berry Corp., as Berry LLC’s parent company, has no independent assets or operations. Any guarantees of potential future registered debt securities by Berry Corp. or Berry LLC would be full and unconditional. Berry Corp. and Berry LLC currently do not have any other subsidiaries. In addition, there are no significant restrictions upon the ability of Berry LLC to distribute funds to Berry Corp. by distribution or loan other than under the RBL Facility. None of the assets of Berry Corp. or Berry LLC represent restricted net assets.

Derivatives

Derivatives3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DerivativesDerivatives We utilize derivatives, such as swaps, puts and calls, to hedge a portion of our forecasted oil and gas production and gas purchases to reduce exposure to fluctuations in oil and natural gas prices, which addresses our market risk. We target covering our operating expenses and a majority of our fixed charges, which includes capital needed to sustain production levels, as well as interest and dividends as applicable, with the oil and gas sales hedges for a period of up to two years out. Additionally, we target fixing the price for a large portion of our natural gas purchases used in our steam operations for up to two years. We also, from time to time, have entered into agreements to purchase a portion of the natural gas we require for our operations, which we do not record at fair value as derivatives because they qualify for normal purchases and normal sales exclusions. For fixed-price oil and gas sales swaps, we are the seller, so we make settlement payments for prices above the indicated weighted-average price per barrel and per mmbtu, respectively, and receive settlement payments for prices below the indicated weighted-average price per barrel and per mmbtu, respectively. For fixed-price gas purchase swaps, we are the buyer so we make settlement payments for prices below the weighted-average price per mmbtu and receive settlement payments for prices above the weighted-average price per mmbtu. We use oil and gas swaps and puts to protect our sales against decreases in oil and gas prices. We also use swaps to protect our natural gas purchases against increases in prices. We do not enter into derivative contracts for speculative trading purposes and have not accounted for our derivatives as cash-flow or fair-value hedges. The changes in fair value of these instruments are recorded in current earnings. Gains (losses) on oil and gas sales hedges are classified in the revenues and other section of the statement of operations, while natural gas purchase hedges are included in expenses and other section of the statement of operations. As of March 31, 2021, we had the following crude oil production and gas purchase hedges. Q2 2021 Q3 2021 Q4 2021 FY 2022 Fixed Price Oil Swaps (Brent): Hedged volume (mbbls) 1,728 1,318 1,318 1,095 Weighted-average price ($/bbl) $ 45.82 $ 48.66 $ 48.66 $ 60.00 Fixed Price Gas Purchase Swaps (Kern, Delivered): Hedged volume (mmbtu) 4,777,500 4,830,000 2,085,000 — Weighted-average price ($/mmbtu) $ 2.83 $ 2.83 $ 2.95 $ — As of March 31, 2021 we also had open swap positions that are excluded from the table above where we are both buyer and seller of equal notional volumes of 12,500 mmbtu/d of fixed price gas sales swaps each indexed to Northwest Pipeline Rocky Mountains and CIG, for the period January 1, 2021 through December 31, 2021. These swap positions effectively cancel each other while resulting in a mark-to-market gain of $2 million. This gain will be cash settled in 2021 as the positions expire. Our commodity derivatives are measured at fair value using industry-standard models with various inputs including publicly available underlying commodity prices and forward curves, and all are classified as Level 2 in the required fair value hierarchy for the periods presented. These commodity derivatives are subject to counterparty netting. The following tables present the fair values (gross and net) of our outstanding derivatives as of March 31, 2021 and December 31, 2020: March 31, 2021 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 10,667 $ (7,384) $ 3,283 Commodity Contracts Non-current assets 1,999 — 1,999 Liabilities: Commodity Contracts Current liabilities (60,103) 7,384 (52,719) Total derivatives $ (47,437) $ — $ (47,437) December 31, 2020 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 15,217 $ (12,710) $ 2,507 Liabilities: Commodity Contracts Current liabilities (36,031) 12,710 (23,321) Total derivatives $ (20,814) $ — $ (20,814) By using derivative instruments to economically hedge exposure to changes in commodity prices, we expose ourselves to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk. We do not receive collateral from our counterparties. We minimize the credit risk in derivative instruments by limiting our exposure to any single counterparty. In addition, our RBL Facility prevents us from entering into hedging arrangements that are secured, except with our lenders and their affiliates that have margin call requirements, that otherwise require us to provide collateral or with a non-lender counterparty that does not have an A- or A3 credit rating or better from Standards & Poor’s or Moody’s, respectively. In accordance with our standard practice, our commodity derivatives are subject to counterparty netting under agreements governing such derivatives which partially mitigates the counterparty nonperformance risk.

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and ContingenciesLawsuits, Claims, Commitments and Contingencies In the normal course of business, we, or our subsidiary, are the subject of, or party to, pending or threatened legal proceedings, contingencies and commitments involving a variety of matters that seek, or may seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, fines and penalties, remediation costs, or injunctive or declaratory relief. We accrue for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. We have not recorded any reserve balances at March 31, 2021 and December 31, 2020. We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of accruals on our balance sheet would not be material to our consolidated financial position or results of operations. We, or our subsidiary, or both, have indemnified various parties against specific liabilities those parties might incur in the future in connection with transactions that they have entered into with us. As of March 31, 2021, we are not aware of material indemnity claims pending or threatened against us. We have certain commitments under contracts, including purchase commitments for goods and services. Prior to our 2017 emergence, Berry entered into a Carry and Earning Agreement with Encana, effective June 7, 2006, in connection with our Piceance assets which, among other things, required us to either build a road or secure a license for alternative access, in lieu of paying a $6 million penalty. As of December 31, 2019, we fulfilled the obligation by delivering the access license pursuant to the agreement. On January 30, 2020, Caerus Piceance LLC, the successor of Encana's interests filed a claim in the City and County of Denver District Court challenging the sufficiency of such access, which we dispute. We will continue to defend the matter vigorously, however, given the uncertainty of litigation and the stage of the case, among other things, at this time we cannot estimate the likelihood or an amount of possible loss, that may result from this action. Securities Litigation Matter On November, 20, 2020, Luis Torres, individually and on behalf of a putative class, filed a securities class action lawsuit (the “Torres Lawsuit”) in the United States District Court for the Northern District of Texas against Berry Corp. and certain of its current and former directors and officers (the “Defendants”). The complaint alleges that the Defendants made false and misleading statements during the Class Period and in the offering materials for the IPO, concerning the Company’s business, operational efficiency and stability, and compliance policies, that artificially inflated the Company’s stock price, resulting in injury to the purported class members when the value of Berry Corp.’s common stock declined following release of its financial results for the third quarter of 2020. The complaint does not quantify the alleged losses but seeks to recover all damages sustained by the putative class as a result of these alleged securities violations, as well as attorneys’ fees and costs. On January 21, 2021, multiple plaintiffs filed motions in the Torres Lawsuit seeking to be appointed lead plaintiff and lead counsel. We dispute these claims and intend to defend the matter vigorously. Given the uncertainty of litigation, the preliminary stage of the case, and the legal standards that must be met for, among other things, class certification and success on the merits, we cannot reasonably estimate the possible loss or range of loss that may result from this action.

Equity

Equity3 Months Ended
Mar. 31, 2021
Equity [Abstract]
EquityEquity Cash Dividends Our Board of Directors approved a regular dividend of $0.04 per share on our common stock for the first quarter of 2021, which we paid in April 2021. In April 2021, our Board of Directors approved a $0.04 per share regular cash dividend on our common stock for the second quarter of 2021, which is expected to be paid in July 2021. Stock Repurchase Program In December 2018, our Board of Directors adopted a program for the opportunistic repurchase of up to $100 million of our common stock. Based on the Board’s evaluation of market conditions for our common stock at the time, they authorized repurchases of up to $50 million under the program. The Company repurchased a total of 5,057,682 shares under the stock repurchase program for approximately $50 million in 2018 and 2019. In February 2020, the Board of Directors authorized the repurchase of the remaining $50 million of our $100 million repurchase program. Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means, as determined in the Company's sole discretion. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, stock price, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and does not obligate Berry Corp. to purchase shares during any period or at all. Any shares acquired will be available for general corporate purposes. For the three months ended March 31, 2021, we did not repurchase any shares under the stock repurchase program. Stock-Based Compensation In February 2021, the Company granted awards of 1,832,941 shares of restricted stock units (“RSUs”), which will vest annually in equal amounts over three years and 997,840 performance-based restricted stock units (“PSUs”), which will cliff vest, if at all, at the end of a three year performance period. The fair value of these awards was approximately $14 million. The RSUs awarded in February 2021 are solely time-based awards. Of the PSUs awarded in February 2021, (a) 50% of such will vest, if at all, based on a total stockholder return (“TSR”) performance metric (the “TSR PSUs”), which is defined as the capital gains per share of stock plus dividends paid assuming reinvestment, with TSR measured on an absolute basis and relative to the TSR of the 39 exploration and production companies in the Vanguard World Fund - Vanguard Energy ETF Index plus the S&P SmallCap 600 Value Index (collectively, the “Peer Group”) during the performance period; and (b) the other 50% of such will vest, if at all, based on the Company's average cash returned on invested capital (“CROIC PSUs”) over the performance period. Depending on the results achieved during the three-year performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 250% of the TSR PSUs granted and from 0% to 200% of the CROIC PSUs granted. The fair value of the RSUs and CROIC PSUs was determined using the grant date stock price. The fair value of the TSR PSUs was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company, including a comparison against the Peer Group over the performance periods. The expected volatility of the Company’s common stock at the date of grant was estimated based on average volatility rates for the Company and selected guideline public companies. The dividend yield assumption was based on the then current annualized declared dividend. The risk-free interest rate assumption was based on observed interest rates consistent with the approximate three-year performance measurement period.

Supplemental Disclosures to the

Supplemental Disclosures to the Financial Statements3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Disclosures to the Financial StatementsSupplemental Disclosures to the Financial Statements Other current assets reported on the condensed consolidated balance sheets included the following: March 31, 2021 December 31, 2020 (in thousands) Prepaid expenses $ 10,351 $ 3,592 Materials and supplies 10,876 11,666 Oil inventories 3,609 3,490 Other 227 652 Total other current assets $ 25,063 $ 19,400 Other non-current assets at March 31, 2021 and December 31, 2020, included approximately $6 million and $7 million of deferred financing costs, net of amortization, respectively. Accounts payable and accrued expenses on the condensed consolidated balance sheets included the following: March 31, 2021 December 31, 2020 (in thousands) Accounts payable-trade $ 22,498 $ 11,055 Accrued expenses 43,849 43,452 Royalties payable 16,921 15,150 Greenhouse gas liability - current portion 34,123 35,554 Taxes other than income tax liability 9,892 10,118 Accrued interest 3,500 10,783 Dividends payable 3,218 — Asset retirement obligations - current portion 25,000 25,000 Other 845 873 Total accounts payable and accrued expenses $ 159,846 $ 151,985 The long-term portion of the asset retirement obligations remained flat at $135 million at March 31, 2021 and December 31, 2020 due to $3 million of accretion, which was offset by $3 million of liabilities settled during the period. Other non-current liabilities at March 31, 2021 and December 31, 2020 included approximately $2 million and no greenhouse gas liability, respectively. Supplemental Information on the Statement of Operations For the three months ended March 31, 2021, other operating expense was $1 million and mainly consisted of oil tank storage fees. For three months ended March 31, 2020, other operating expense was $2 million and mainly consisted of excess abandonment costs and drilling rig standby charges. Supplemental Cash Flow Information Supplemental disclosures to the condensed consolidated statements of cash flows are presented below: Three Months Ended 2021 2020 (in thousands) Supplemental Disclosures of Significant Non-Cash Investing Activities: Material inventory transfers to oil and natural gas properties $ 1,020 $ 696 Supplemental Disclosures of Cash Payments (Receipts): Interest, net of amounts capitalized $ 14,637 $ 14,879 Income taxes payments $ — $ 2 Cash and cash equivalents consist primarily of highly liquid investments with original maturities of three months or less and are stated at cost, which approximates fair value. As part of our cash management system, we use a controlled disbursement account to fund cash distribution checks presented for payment by the holder. Checks issued but not yet presented to banks may result in overdraft balances for accounting purposes and have been included in “accounts payable and accrued expenses” in the condensed consolidated balance sheets, amounts are approximately $4 million and $2 million as of March 31, 2021 and December 31, 2020, respectively.

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share We calculate basic earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding for each period presented. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement, are considered common shares outstanding and are included in the computation of net income (loss) per share. The RSUs and PSUs are not a participating security as the dividends are forfeitable. For the three months ended March 31, 2021 and 2020 no incremental RSUs or PSUs were included in the diluted EPS calculation as their effect was anti-dilutive under the “if converted” method. Three Months Ended 2021 2020 (in thousands except per share amounts) Basic EPS calculation Net loss $ (21,322) $ (115,300) Weighted-average shares of common stock outstanding 80,115 79,608 Basic loss per share $ (0.27) $ (1.45) Diluted EPS calculation Net loss $ (21,322) $ (115,300) Weighted-average shares of common stock outstanding 80,115 79,608 Dilutive effect of potentially dilutive securities (1) — — Weighted-average common shares outstanding - diluted 80,115 79,608 Diluted loss per share $ (0.27) $ (1.45) __________ (1) We excluded approximately 2.2 million and 0.3 million dilutive securities from the dilutive weighted-average common shares outstanding for the three months ended March 31, 2021 and 2020, because their effect was anti-dilutive.

Revenue Recognition

Revenue Recognition3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue RecognitionRevenue Recognition We derive most of our revenue from sales of oil, natural gas and NGLs, with the remaining revenue generated from sales of electricity and marketing activities related to transporting and marketing third-party volumes. The following table provides disaggregated revenue for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 (in thousands) Oil sales $ 122,359 $ 118,310 Natural gas sales 12,077 3,368 Natural gas liquids sales 829 420 Electricity sales 10,069 5,461 Marketing revenues 2,234 453 Other revenues 137 24 Revenues from contracts with customers 147,705 128,036 (Losses) gains on oil and gas sales derivatives (53,504) 211,229 Total revenues and other $ 94,201 $ 339,265

Basis of Presentation (Policies

Basis of Presentation (Policies)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and ReportingPrinciples of Consolidation and Reporting The condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In management’s opinion, the accompanying financial statements contain all normal, recurring adjustments that are necessary to fairly present our interim unaudited condensed consolidated financial statements. We eliminated all significant intercompany transactions and balances upon consolidation. For oil and gas exploration and production joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements.
ReclassificationReclassificationWe reclassified certain prior year amounts in the cash flow statements to conform to the current year presentation. These reclassifications had no material impact on the financial statements.
Recently Adopted Accounting StandardsRecently Adopted Accounting Standards In December 2019, the FASB issued rules which simplify the accounting for income taxes. We adopted these rules in the first quarter of 2021 which did not have a material impact on our financial statements.

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding DebtThe following table summarizes our outstanding debt: March 31, December 31, Interest Rate Maturity Security (in thousands) RBL Facility $ — $ — variable rates 3.0% (2021) and 4.0% (2020), respectively July 29, 2022 Mortgage on 85% of Present Value of proven oil and gas reserves and lien on certain other assets 2026 Notes 400,000 400,000 7.0% February 15, 2026 Unsecured Long-Term Debt - Principal Amount 400,000 400,000 Less: Debt Issuance Costs (6,259) (6,520) Long-Term Debt, net $ 393,741 $ 393,480

Derivatives (Tables)

Derivatives (Tables)3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Transactions Resulting in Crude Oil Production and Gas Purchases HedgesAs of March 31, 2021, we had the following crude oil production and gas purchase hedges. Q2 2021 Q3 2021 Q4 2021 FY 2022 Fixed Price Oil Swaps (Brent): Hedged volume (mbbls) 1,728 1,318 1,318 1,095 Weighted-average price ($/bbl) $ 45.82 $ 48.66 $ 48.66 $ 60.00 Fixed Price Gas Purchase Swaps (Kern, Delivered): Hedged volume (mmbtu) 4,777,500 4,830,000 2,085,000 — Weighted-average price ($/mmbtu) $ 2.83 $ 2.83 $ 2.95 $ —
Fair Values (Gross and Net) of Outstanding DerivativesThe following tables present the fair values (gross and net) of our outstanding derivatives as of March 31, 2021 and December 31, 2020: March 31, 2021 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 10,667 $ (7,384) $ 3,283 Commodity Contracts Non-current assets 1,999 — 1,999 Liabilities: Commodity Contracts Current liabilities (60,103) 7,384 (52,719) Total derivatives $ (47,437) $ — $ (47,437) December 31, 2020 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 15,217 $ (12,710) $ 2,507 Liabilities: Commodity Contracts Current liabilities (36,031) 12,710 (23,321) Total derivatives $ (20,814) $ — $ (20,814)

Supplemental Disclosures to t_2

Supplemental Disclosures to the Financial Statements (Tables)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Current AssetsOther current assets reported on the condensed consolidated balance sheets included the following: March 31, 2021 December 31, 2020 (in thousands) Prepaid expenses $ 10,351 $ 3,592 Materials and supplies 10,876 11,666 Oil inventories 3,609 3,490 Other 227 652 Total other current assets $ 25,063 $ 19,400
Accounts Payable and Accrued ExpensesAccounts payable and accrued expenses on the condensed consolidated balance sheets included the following: March 31, 2021 December 31, 2020 (in thousands) Accounts payable-trade $ 22,498 $ 11,055 Accrued expenses 43,849 43,452 Royalties payable 16,921 15,150 Greenhouse gas liability - current portion 34,123 35,554 Taxes other than income tax liability 9,892 10,118 Accrued interest 3,500 10,783 Dividends payable 3,218 — Asset retirement obligations - current portion 25,000 25,000 Other 845 873 Total accounts payable and accrued expenses $ 159,846 $ 151,985
Supplemental Disclosures to the Statements of Cash FlowsSupplemental disclosures to the condensed consolidated statements of cash flows are presented below: Three Months Ended 2021 2020 (in thousands) Supplemental Disclosures of Significant Non-Cash Investing Activities: Material inventory transfers to oil and natural gas properties $ 1,020 $ 696 Supplemental Disclosures of Cash Payments (Receipts): Interest, net of amounts capitalized $ 14,637 $ 14,879 Income taxes payments $ — $ 2

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Three Months Ended 2021 2020 (in thousands except per share amounts) Basic EPS calculation Net loss $ (21,322) $ (115,300) Weighted-average shares of common stock outstanding 80,115 79,608 Basic loss per share $ (0.27) $ (1.45) Diluted EPS calculation Net loss $ (21,322) $ (115,300) Weighted-average shares of common stock outstanding 80,115 79,608 Dilutive effect of potentially dilutive securities (1) — — Weighted-average common shares outstanding - diluted 80,115 79,608 Diluted loss per share $ (0.27) $ (1.45) __________ (1) We excluded approximately 2.2 million and 0.3 million dilutive securities from the dilutive weighted-average common shares outstanding for the three months ended March 31, 2021 and 2020, because their effect was anti-dilutive.

Revenue Recognition (Tables)

Revenue Recognition (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of RevenueThe following table provides disaggregated revenue for the three months ended March 31, 2021 and 2020: Three Months Ended 2021 2020 (in thousands) Oil sales $ 122,359 $ 118,310 Natural gas sales 12,077 3,368 Natural gas liquids sales 829 420 Electricity sales 10,069 5,461 Marketing revenues 2,234 453 Other revenues 137 24 Revenues from contracts with customers 147,705 128,036 (Losses) gains on oil and gas sales derivatives (53,504) 211,229 Total revenues and other $ 94,201 $ 339,265

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount $ 400,000 $ 400,000
Less: Debt Issuance Costs(6,259)(6,520)
Long-Term Debt, net393,741 393,480
2026 Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount $ 400,000 400,000
Interest Rate7.00%
Revolving Credit Facility | RBL Facility | Line of credit
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount $ 0 $ 0
Security85.00%
Line of credit | RBL Facility
Debt Instrument [Line Items]
Variable rate3.00%4.00%

Debt - Narrative (Details)

Debt - Narrative (Details)3 Months Ended
Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)Apr. 30, 2021USD ($)Dec. 31, 2020USD ($)Feb. 27, 2020USD ($)Jul. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt issuance costs for the 2026 Senior Unsecured Notes $ 6,259,000 $ 6,520,000
Amortization of debt issuance costs $ 1,360,000 $ 1,338,000
Maximum pro forma leverage ratio allowable which will permit repurchase of equity and indebtedness2.5
Bond repurchase program, authorized amount $ 75,000,000
Minimum availability of borrowing base required which will permit distributions to parent company20.00%
Interest Expense
Debt Instrument [Line Items]
Amortization of debt issuance costs $ 1,000,000 $ 1,000,000
RBL Facility | Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity $ 25,000,000
RBL Facility | Line of credit
Debt Instrument [Line Items]
Leverage ratio (no more than)4
Current ratio (at least)1
Leverage ratio at period end1.9
Current ratio at period end2.3
Reduction in borrowing base if unsecured indebtedness is incurred25.00%
Minimum availability of borrowing base required which will permit repurchase of equity and indebtedness20.00%
Letters of credit outstanding $ 7,000,000
Maximum pro forma leverage ratio allowable which will permit distributions to parent company2.5
RBL Facility | Line of credit
Debt Instrument [Line Items]
Borrowings outstanding $ 0
RBL Facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs for the RBL Facility6,000,000 7,000,000
Maximum borrowing capacity $ 1,500,000,000
Repayment of loans outstanding for amounts exceeding cash reported $ 30,000,000
Available borrowing capacity193,000,000
RBL Facility | Line of credit | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Borrowing base $ 200,000,000
2026 Notes | Unsecured Debt
Debt Instrument [Line Items]
Fair value of debt $ 388,000,000 $ 337,000,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)MMBTUMar. 31, 2020USD ($)Dec. 31, 2021USD ($)
Derivative [Line Items]
Target period to cover operating expenses and fixed charges (up to)2 years
Target period for fixing the price natural gas purchases used in steam operations (up to)2 years
Gain on derivative $ (25,774) $ 199,194
Northwest Pipeline Rocky Mountains And CIG Fixed Price Oils And Gas Swaps Contracts
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Energy Measure, Purchased And Sold | MMBTU12,500
Northwest Pipeline Rocky Mountains And CIG Fixed Price Oils And Gas Swaps Contracts | Forecast
Derivative [Line Items]
Gain on derivative $ 2,000

Derivatives - Derivative Transa

Derivatives - Derivative Transactions Resulting in Hedged Gas Contracts Outstanding (Details) - Forecast MBbls in Thousands3 Months Ended12 Months Ended
Dec. 31, 2021MMBTU$ / bbl$ / MMBtuMBblsSep. 30, 2021MMBTU$ / MMBtu$ / bblMBblsJun. 30, 2021MMBTU$ / MMBtu$ / bblMBblsDec. 31, 2022MMBTU$ / bbl$ / MMBtuMBbls
Fixed Price Oil Swaps (Brent)
Derivative [Line Items]
Hedged volume (mbbls) | MBbls1,318 1,318 1,728 1,095
Weighted-average price ($/bbl) | $ / bbl48.6648.6645.8260
Fixed Price Gas Purchase Swaps (Kern, Delivered)
Derivative [Line Items]
Hedged volume (mmbtu) | MMBTU2,085,000 4,830,000 4,777,500 0
Weighted-average price ($/mmbtu) | $ / MMBtu2.952.832.830

Derivatives - Fair Values (Gros

Derivatives - Fair Values (Gross and Net) of Outstanding Derivatives (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Liabilities:
Total derivatives $ (47,437) $ (20,814)
Commodity Contracts | Current assets
Assets:
Gross Amounts Recognized at Fair Value10,667 15,217
Gross Amounts Offset in the Balance Sheet(7,384)(12,710)
Net Fair Value Presented  in the Balance Sheet3,283 2,507
Commodity Contracts | Non-current assets
Assets:
Gross Amounts Recognized at Fair Value1,999
Gross Amounts Offset in the Balance Sheet0
Net Fair Value Presented  in the Balance Sheet1,999
Commodity Contracts | Current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value(60,103)(36,031)
Gross Amounts Offset in the Balance Sheet7,384 12,710
Net Fair Value Presented  in the Balance Sheet $ (52,719) $ (23,321)

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies (Details) $ in MillionsJun. 07, 2006USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments under contracts $ 6

Equity (Details)

Equity (Details) - USD ($)1 Months Ended3 Months Ended13 Months Ended
Apr. 30, 2021Feb. 28, 2021Feb. 29, 2020Mar. 31, 2021Mar. 31, 2020Dec. 31, 2019Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared on common stock (in dollars per share) $ 0.04 $ 0.12
Number of shares repurchased (in shares)0 5,057,682
Price of shares repurchased $ 50,000,000
Fair value of awards granted $ 14,000,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share) $ 0.04
Dividends declared on common stock (in dollars per share) $ 0.04
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)1,832,941
Vesting period3 years
Performance-based Restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)997,840
Vesting period3 years
Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights50.00%
Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights50.00%
Minimum | Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted0.00%
Minimum | Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted0.00%
Maximum | Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted250.00%
Maximum | Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted200.00%
Stock Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount of repurchases $ 100,000,000 $ 100,000,000
Authorized current repurchases $ 50,000,000
Stock Repurchase Program, Current Repurchases Authorized
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount of repurchases $ 50,000,000

Supplemental Disclosures to t_3

Supplemental Disclosures to the Financial Statements - Other Current Assets (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses $ 10,351 $ 3,592
Materials and supplies10,876 11,666
Oil inventories3,609 3,490
Other227 652
Total other current assets $ 25,063 $ 19,400

Supplemental Disclosures to t_4

Supplemental Disclosures to the Financial Statements - Narrative (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred financing costs, net of amortization $ 6,000 $ 7,000
Asset retirement obligation, noncurrent135,402 135,192
Asset retirement obligation, accretion expense3,000
Asset retirement obligation, liabilities settled3,000
Greenhouse gas liability, noncurrent2,000 0
Other operating expenses799 $ 2,202
Bank overdrafts $ 4,000 $ 2,000

Supplemental Disclosures to t_5

Supplemental Disclosures to the Financial Statements - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable-trade $ 22,498 $ 11,055
Accrued expenses43,849 43,452
Royalties payable16,921 15,150
Greenhouse gas liability - current portion34,123 35,554
Taxes other than income tax liability9,892 10,118
Accrued interest3,500 10,783
Dividends payable3,218 0
Asset retirement obligations - current portion25,000 25,000
Other845 873
Total accounts payable and accrued expenses $ 159,846 $ 151,985

Supplemental Disclosures to t_6

Supplemental Disclosures to the Financial Statements - Supplemental Disclosures to the Statements of Cash Flows (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Material inventory transfers to oil and natural gas properties $ 1,020 $ 696
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized14,637 14,879
Income taxes payments $ 0 $ 2

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)0 0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Basic EPS calculation
Net loss $ (21,322) $ (115,300)
Weighted-average shares of common stock outstanding (in shares)80,115 79,608
Basic loss per share (in dollars per share) $ (0.27) $ (1.45)
Diluted EPS calculation
Net loss $ (21,322) $ (115,300)
Weighted-average shares of common stock outstanding (in shares)80,115 79,608
Dilutive effect of potentially dilutive securities (in shares)0 0
Weighted-average common shares outstanding - diluted (in shares)80,115 79,608
Diluted loss per share (in dollars per share) $ (0.27) $ (1.45)
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)
Diluted EPS calculation
Potentially dilutive securities (in shares)2,200 300

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers $ 147,705 $ 128,036
(Losses) gains on derivatives(25,774)199,194
Total revenues and other94,201 339,265
Oil sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers122,359 118,310
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers12,077 3,368
(Losses) gains on derivatives27,730 (12,035)
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers829 420
Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers10,069 5,461
Marketing revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers2,234 453
Other revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers137 24
(Losses) gains on oil and gas sales derivatives
Disaggregation of Revenue [Line Items]
(Losses) gains on derivatives $ (53,504) $ 211,229