Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PVAC | ||
Entity Registrant Name | PENN VIRGINIA CORP | ||
Entity Central Index Key | 77,159 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Voluntary Filers | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 1,510,525 | ||
Entity Public Float | $ 1,148,060,849 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other income (expense) | ||||
Income tax (expense) benefit | $ (4,900) | |||
Successor [Member] | ||||
Revenues | ||||
Gain (loss) on sales of assets, net | $ (49) | (177) | $ (36) | |
Total revenues | 39,003 | 440,832 | 160,054 | |
Operating expenses | ||||
Lease operating | 5,331 | 35,879 | 21,784 | |
Cost of Goods and Services Sold | 3,043 | 18,626 | 10,734 | |
Production and ad valorem taxes | 2,498 | 23,547 | 8,814 | |
General and administrative | 5,066 | 26,064 | 18,201 | |
Exploration | 0 | 0 | 0 | |
Depreciation, depletion and amortization | 11,652 | 127,961 | 48,649 | |
Total operating expenses | 27,590 | 232,077 | 108,182 | |
Operating income (loss) | 11,413 | 208,755 | 51,872 | |
Other income (expense) | ||||
Interest expense, net of amounts capitalized | (879) | (26,462) | (6,392) | |
Derivatives | (16,622) | 37,427 | (17,819) | |
Other, net | 792 | 2,266 | 58 | |
Reorganization items, net | 0 | 3,322 | 0 | |
Income (loss) before income taxes | (5,296) | 225,308 | 27,719 | |
Income tax (expense) benefit | 0 | (523) | 4,943 | |
Net income (loss) | (5,296) | 224,785 | 32,662 | |
Preferred stock dividends | 0 | 0 | 0 | |
Net loss attributable to common shareholders | $ (5,296) | $ 224,785 | $ 32,662 | |
Net income (loss) per share: | ||||
Basic (in dollars per share) | $ (0.35) | $ 14.93 | $ 2.18 | |
Diluted (in dollars per share) | $ (0.35) | $ 14.70 | $ 2.17 | |
Weighted average shares outstanding – basic | 14,992 | 15,059 | 14,996 | |
Weighted average shares outstanding – diluted | 14,992 | 15,292 | 15,063 | |
Predecessor [Member] | ||||
Revenues | ||||
Gain (loss) on sales of assets, net | $ 1,261 | |||
Total revenues | 94,310 | |||
Operating expenses | ||||
Lease operating | 15,626 | |||
Cost of Goods and Services Sold | 13,235 | |||
Production and ad valorem taxes | 3,490 | |||
General and administrative | 38,956 | |||
Exploration | 10,288 | |||
Depreciation, depletion and amortization | 33,582 | |||
Total operating expenses | 115,177 | |||
Operating income (loss) | (20,867) | |||
Other income (expense) | ||||
Interest expense, net of amounts capitalized | (58,018) | |||
Derivatives | (8,333) | |||
Other, net | (3,173) | |||
Reorganization items, net | 1,144,993 | |||
Income (loss) before income taxes | 1,054,602 | |||
Income tax (expense) benefit | 0 | |||
Net income (loss) | 1,054,602 | |||
Preferred stock dividends | (5,972) | |||
Net loss attributable to common shareholders | $ 1,048,630 | |||
Net income (loss) per share: | ||||
Basic (in dollars per share) | $ 11.91 | |||
Diluted (in dollars per share) | $ 8.50 | |||
Weighted average shares outstanding – basic | 88,013 | |||
Weighted average shares outstanding – diluted | 124,087 | |||
Oil and Gas, Exploration and Production [Member] | Successor [Member] | ||||
Revenues | ||||
Revenue from contract with customer | $ 33,157 | $ 402,485 | $ 140,886 | |
Oil and Gas, Exploration and Production [Member] | Predecessor [Member] | ||||
Revenues | ||||
Revenue from contract with customer | $ 81,377 | |||
Oil and Condensate [Member] | Successor [Member] | ||||
Revenues | ||||
Revenue from contract with customer | 2,707 | 21,073 | 10,066 | |
Oil and Condensate [Member] | Predecessor [Member] | ||||
Revenues | ||||
Revenue from contract with customer | 6,064 | |||
Natural Gas, Production [Member] | Successor [Member] | ||||
Revenues | ||||
Revenue from contract with customer | 2,790 | 15,972 | 8,517 | |
Natural Gas, Production [Member] | Predecessor [Member] | ||||
Revenues | ||||
Revenue from contract with customer | 6,208 | |||
Product and Service, Other [Member] | Successor [Member] | ||||
Revenues | ||||
Revenue from contract with customer | $ 398 | $ 1,479 | $ 621 | |
Product and Service, Other [Member] | Predecessor [Member] | ||||
Revenues | ||||
Revenue from contract with customer | $ 600 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Successor [Member] | ||||
Net income (loss) | $ (5,296) | $ 224,785 | $ 32,662 | |
Other comprehensive income (loss): | ||||
Change in pension and postretirement obligations, net of tax of $0 for 2018 and 2017, $39 for the Successor period from September 13, 2016 through December 31, 2016 and $(226) for the Predecessor period from January 1, 2016 through September 12, 2016. | 73 | 82 | (73) | |
Total other comprehensive income (loss), net of tax | 73 | 82 | (73) | |
Comprehensive income (loss) | $ (5,223) | $ 224,867 | $ 32,589 | |
Predecessor [Member] | ||||
Net income (loss) | $ 1,054,602 | |||
Other comprehensive income (loss): | ||||
Change in pension and postretirement obligations, net of tax of $0 for 2018 and 2017, $39 for the Successor period from September 13, 2016 through December 31, 2016 and $(226) for the Predecessor period from January 1, 2016 through September 12, 2016. | (421) | |||
Total other comprehensive income (loss), net of tax | (421) | |||
Comprehensive income (loss) | $ 1,054,181 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Successor [Member] | ||||
Change in pension and postretirement obligations, tax | $ 39 | $ 0 | $ 0 | |
Predecessor [Member] | ||||
Change in pension and postretirement obligations, tax | $ (226) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 17,864 | $ 11,017 |
Accounts receivable, net of allowance for doubtful accounts | 66,038 | 69,821 |
Derivative assets | 34,932 | 0 |
Income taxes receivable | 2,471 | 0 |
Other current assets | 5,125 | 6,250 |
Total current assets | 126,430 | 87,088 |
Property and equipment, net | 927,994 | 529,059 |
Derivative assets | 10,100 | 0 |
Deferred income taxes | 1,949 | 4,943 |
Other assets | 2,481 | 8,507 |
Total assets | 1,068,954 | 629,597 |
Current liabilities | ||
Accounts payable and accrued liabilities | 103,700 | 96,181 |
Derivative liabilities | 991 | 27,777 |
Total current liabilities | 104,691 | 123,958 |
Other liabilities | 5,533 | 4,833 |
Derivative liabilities | 0 | 13,900 |
Long-term debt | 511,375 | 265,267 |
Commitments and contingencies (Note 15) | ||
Shareholders’ equity: | ||
Preferred stock of $0.01 par value – 5,000,000 shares authorized; none issued | 0 | 0 |
Common stock of $0.01 par value – 45,000,000 shares authorized; 15,080,594 and 15,018,870 shares issued as of December 31, 2018 and December 31, 2017, respectively | 151 | 150 |
Paid-in capital | 197,630 | 194,123 |
Retained earnings | 249,492 | 27,366 |
Accumulated other comprehensive income | 82 | 0 |
Total shareholders’ equity | 447,355 | 221,639 |
Total liabilities and shareholders’ equity | $ 1,068,954 | $ 629,597 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative liabilities | $ 0 | $ 13,900 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock liquidation preference (in dollars per share) | $ 0 | $ 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 15,080,594 | 15,018,870 |
Treasury stock, shares | 0 | 0 |
Series A Preferred Stock | ||
Preferred stock, shares issued | 0 | 0 |
Series B Preferred Stock | ||
Preferred stock, shares issued | 0 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash and cash equivalents - beginning of period | $ 31,414 | $ 11,017 | ||
Cash and cash equivalents - end of period | $ 31,414 | 17,864 | $ 11,017 | |
Successor [Member] | ||||
Net increase (decrease) in cash and cash equivalents | (24,653) | 6,847 | 4,256 | |
Cash and cash equivalents - beginning of period | 31,414 | 11,017 | 6,761 | |
Cash and cash equivalents - end of period | 6,761 | 31,414 | 17,864 | 11,017 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) | (5,296) | 224,785 | 32,662 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Non-cash reorganization items | 0 | (3,322) | 0 | |
Depreciation, depletion and amortization | 11,652 | 127,961 | 48,649 | |
Accretion of firm transportation obligation | 0 | 0 | 0 | |
Derivative contracts: | ||||
Net (gains) losses | 16,622 | (37,427) | 17,819 | |
Cash settlements, net | 384 | (48,291) | (3,511) | |
Deferred income tax expense (benefit) | 0 | 2,994 | (4,943) | |
Loss (gain) on sales of assets, net | 49 | 177 | 36 | |
Non-cash exploration expense | 0 | 0 | 0 | |
Non-cash interest expense | 226 | 3,416 | 2,122 | |
Share-based compensation (equity-classified) | 81 | 4,618 | 3,809 | |
Other, net | 21 | 44 | 61 | |
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | 10,791 | (23,674) | (43,318) | |
Accounts payable and accrued expenses | (3,887) | 21,109 | 28,542 | |
Other assets and liabilities | 131 | (258) | (218) | |
Net cash provided by operating activities | 30,774 | 272,132 | 81,710 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Acquisitions, net | 0 | (85,387) | (200,849) | |
Capital expenditures | (4,812) | (430,592) | (115,687) | |
Proceeds from sales of assets, net | 0 | 7,683 | 869 | |
Other, net | (104) | 0 | 0 | |
Net cash used in investing activities | (4,916) | (508,296) | (315,667) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from credit facility borrowings | 0 | 244,000 | 59,000 | |
Repayment of credit facility borrowings | (50,350) | 0 | (7,000) | |
Proceeds from second line note | 0 | 0 | 196,000 | |
Debt issuance costs paid | 0 | (989) | (9,787) | |
Proceeds received from rights offering, net | 0 | 0 | 55 | |
Other, net | (161) | 0 | (55) | |
Net cash provided by (used in) financing activities | (50,511) | 243,011 | 238,213 | |
Cash paid for: | ||||
Cash paid for interest (net of amounts capitalized) | 598 | 22,599 | 4,102 | |
Cash paid for income taxes (net of refunds) | (7) | 0 | 0 | |
Cash paid for reorganization items, net | 525 | 540 | 954 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||
Common stock issued in exchange for liabilities | 0 | 0 | 0 | |
Changes in accrued liabilities related to capital expenditures | (997) | (44) | (19,910) | |
Derivatives settled to reduce outstanding debt | 0 | $ 0 | $ 0 | |
Predecessor [Member] | ||||
Net increase (decrease) in cash and cash equivalents | 19,459 | |||
Cash and cash equivalents - beginning of period | $ 31,414 | 11,955 | ||
Cash and cash equivalents - end of period | 31,414 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) | 1,054,602 | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Non-cash reorganization items | (1,178,302) | |||
Depreciation, depletion and amortization | 33,582 | |||
Accretion of firm transportation obligation | 317 | |||
Derivative contracts: | ||||
Net (gains) losses | 8,333 | |||
Cash settlements, net | 48,008 | |||
Deferred income tax expense (benefit) | 0 | |||
Loss (gain) on sales of assets, net | (1,261) | |||
Non-cash exploration expense | 6,038 | |||
Non-cash interest expense | 22,189 | |||
Share-based compensation (equity-classified) | 1,511 | |||
Other, net | (13) | |||
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | 12,273 | |||
Accounts payable and accrued expenses | 22,469 | |||
Other assets and liabilities | 501 | |||
Net cash provided by operating activities | 30,247 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Acquisitions, net | 0 | |||
Capital expenditures | (15,359) | |||
Proceeds from sales of assets, net | 224 | |||
Other, net | 1,186 | |||
Net cash used in investing activities | (13,949) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from credit facility borrowings | 75,350 | |||
Repayment of credit facility borrowings | (119,121) | |||
Proceeds from second line note | 0 | |||
Debt issuance costs paid | (3,011) | |||
Proceeds received from rights offering, net | 49,943 | |||
Other, net | 0 | |||
Net cash provided by (used in) financing activities | 3,161 | |||
Cash paid for: | ||||
Cash paid for interest (net of amounts capitalized) | 4,331 | |||
Cash paid for income taxes (net of refunds) | (35) | |||
Cash paid for reorganization items, net | 30,990 | |||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||
Common stock issued in exchange for liabilities | 140,952 | |||
Changes in accrued liabilities related to capital expenditures | (11,301) | |||
Derivatives settled to reduce outstanding debt | $ 51,979 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Paid-in Capital | Retained Earnings (Accumulated Deficit) | Deferred Compensation, Share-based Payments [Member] | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares, Outstanding | Predecessor [Member] | 81,253,000 | |||||||
Balance as of beginning of period (Predecessor [Member]) at Dec. 31, 2015 | $ (915,121) | $ 3,146 | $ 628 | $ 1,211,088 | $ (2,130,271) | $ 3,440 | $ 422 | $ (3,574) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | Predecessor [Member] | 1,054,602 | 1,054,602 | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | Predecessor [Member] | 1,511 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | Predecessor [Member] | 1,511 | |||||||
Other | Predecessor [Member] | 1,266 | $ (69) | (1,198) | 39 | ||||
Conversion of preferred stock (in shares) | Predecessor [Member] | 6,965,000 | |||||||
Conversion of preferred stock | Predecessor [Member] | (38) | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 49,943 | |||||||
Balance as of end of period (in shares) (Predecessor [Member]) at Sep. 12, 2016 | 88,218,000 | |||||||
Balance as of end of period (Predecessor [Member]) at Sep. 12, 2016 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |
Balance as of end of period (Successor [Member]) at Sep. 12, 2016 | 0 | |||||||
Balance as of end of period at Sep. 12, 2016 | 0 | |||||||
Issuance of Common Stock, Backstop Fee | Successor [Member] | 9,059 | |||||||
Issuance of Common Stock, Exchange of Claims | Successor [Member] | $ 131,893 | |||||||
Postconfirmation, Shares outstanding | Successor [Member] | 14,992,000 | |||||||
Postconfirmation, Stockholders' Equity | Successor [Member] | $ 190,895 | $ 150 | 190,745 | 0 | 0 | 0 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares, Outstanding | Predecessor [Member] | 0 | |||||||
Common Stock, Shares, Outstanding | 14,992,018 | |||||||
Cancellation of Equity Upon Emergence from Bankruptcy | Predecessor [Member] | (1,880) | $ (697) | (1,213,797) | 1,075,669 | (3,440) | (383) | 3,574 | |
Cancellation of Equity Upon Emergence from Bankruptcy | $ 882,992 | |||||||
Cancellation of Total Equity Upon Emergence from Bankruptcy | Predecessor [Member] | (140,954) | |||||||
Preconfirmation, Stockholders' Equity | Predecessor [Member] | (1,035,831) | (1,880) | $ (697) | (1,213,797) | (1,075,669) | (3,440) | (383) | (3,574) |
Preconfirmation, Stockholders' Equity | (140,954) | |||||||
Cancellation of Equity Upon Emergence from Bankruptcy, Shares | Predecessor [Member] | (88,218,000) | |||||||
Postconfirmation, Common Stock - Rights Offering, shares | Successor [Member] | 7,634,000 | |||||||
Postconfirmation, Common Stock - Rights Offering | Successor [Member] | $ 76 | |||||||
Postconfirmation, Additional Paid-in Capital - Rights Offering | Successor [Member] | $ 49,867 | |||||||
Postconfirmation, Common Stock - Backstop Fee, Shares | Successor [Member] | 473,000 | |||||||
Postconfirmation, Common Stock - Backstop Fee | Successor [Member] | $ 5 | |||||||
Postconfirmation, Additional paid-in capital - Backstop Fee | Successor [Member] | $ 9,054 | |||||||
Postconfirmation, Common Stock - Exchange of Claims,Shares | Successor [Member] | 6,885,000 | |||||||
Postconfirmation, Common Stock - Exchange of Claims | Successor [Member] | $ 69 | |||||||
Postconfirmation, Additional paid-in capital - Exchange of Claims | Successor [Member] | 131,824 | |||||||
Net income (loss) | Successor [Member] | (5,296) | (5,296) | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | Successor [Member] | 81 | |||||||
Other | Successor [Member] | 132 | 205 | 0 | 0 | (73) | 0 | ||
Balance as of end of period (Successor [Member]) at Dec. 31, 2016 | 185,548 | 0 | $ 150 | 190,621 | (5,296) | 0 | 73 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares, Outstanding | Successor [Member] | 14,992,000 | |||||||
Net income (loss) | Successor [Member] | 32,662 | 32,662 | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | Successor [Member] | 3,809 | |||||||
Other | Successor [Member] | 29 | (44) | 0 | 0 | 73 | 0 | ||
Restricted stock unit vesting (in shares) | Successor [Member] | 27,000 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | Successor [Member] | (351) | (351) | ||||||
Balance as of end of period (Successor [Member]) at Dec. 31, 2017 | 221,639 | 0 | $ 150 | 194,123 | 27,366 | 0 | 0 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares, Outstanding | Successor [Member] | 15,019,000 | |||||||
Net income (loss) | Successor [Member] | 224,785 | 224,785 | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | Successor [Member] | 4,618 | |||||||
Other | Successor [Member] | (82) | 0 | 2,659 | 0 | (82) | 0 | ||
Restricted stock unit vesting (in shares) | Successor [Member] | 61,000 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | Successor [Member] | (1,110) | (1,111) | ||||||
Balance as of end of period (Successor [Member]) at Dec. 31, 2018 | $ 447,355 | $ 0 | $ 151 | $ 197,630 | $ 249,492 | $ 0 | $ 82 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Shares, Outstanding | Successor [Member] | 15,080,000 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Penn Virginia Corporation (together with its consolidated subsidiaries unless the context otherwise requires, “Penn Virginia,” the “Company,” “we,” “us” or “our”) is an independent oil and gas company engaged in the onshore exploration, development and production of oil, natural gas liquids (“NGLs”) and natural gas. Our current operations consist primarily of drilling unconventional horizontal development wells and operating our producing wells in the Eagle Ford Shale (the “Eagle Ford”) in Gonzales, Lavaca, Fayette and DeWitt Counties in South Texas. On October 28, 2018, Denbury Resources Inc. (“Denbury”) and Penn Virginia announced that they entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which Denbury will acquire Penn Virginia (the “Merger”). The consideration to be paid to Penn Virginia shareholders will consist of 12.4 shares of Denbury common stock and $ 25.86 of cash for each share of Penn Virginia common stock. Penn Virginia shareholders will be permitted to elect to receive either all cash, all stock or a mix of stock and cash, in each case subject to proration, which will result in the aggregate issuance by Denbury of approximately 191.667 million Denbury shares and payment by Denbury of $ 400 million in cash. The transaction was unanimously approved by the board of directors of each company, and certain Penn Virginia shareholders holding approximately 15 percent of the outstanding shares signed voting agreements to vote “for” the transaction. The transaction is subject to the approval by the holders of more than two-thirds of the outstanding Company common shares, the approval by the holders of a majority of the outstanding Denbury common shares of an amendment to the certificate of incorporation to increase the number of authorized Denbury common shares, the approval of the issuance of Denbury common shares in the Merger by the holders of a majority of the Denbury common shares represented in person or by proxy at a meeting of Denbury shareholders held to vote on such matter and other customary closing conditions. The special meeting of shareholders to approve the merger is anticipated in April 2019 and closing is anticipated soon thereafter, subject to shareholder approval and certain other conditions. The Merger Agreement contains certain termination rights for both Denbury and the Company, including if the Merger is not consummated by April 30, 2019, and requires Penn Virginia to pay a $ 45 million termination fee in certain circumstances. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of Presentation Comparability of Financial Statements to Prior Periods As described in further detail in Note 4 below, we have adopted and applied the relevant guidance provided in accounting principles generally accepted in the United States of America (“GAAP”) with respect to the accounting and financial statement disclosures for entities that have emerged from bankruptcy proceedings (“Fresh Start Accounting”). Accordingly, our Consolidated Financial Statements and Notes after September 12, 2016, are not comparable to the Consolidated Financial Statements and Notes through that date. To facilitate our financial statement presentations, we refer to the reorganized company in these Consolidated Financial Statements and Notes as the “Successor” for periods subsequent to September 12, 2016, and the “Predecessor” for periods prior to September 13, 2016. Furthermore, our Consolidated Financial Statements and Notes have been presented with a “black line” division to delineate the lack of comparability between the Predecessor and Successor. In addition, we have adopted the full cost method of accounting for our oil and gas properties effective with our adoption of Fresh Start Accounting. Accordingly, our results of operations and financial position for the Successor periods will be substantially different from our historic trends. We have applied the relevant guidance provided in GAAP with respect to the accounting and financial statement disclosures for entities that have filed petitions with the bankruptcy court and expect to reorganize as going concerns in preparing our Consolidated Financial Statements and Notes through the period ended September 12, 2016, or Predecessor periods. That guidance requires that, for periods subsequent to our bankruptcy filing on May 12, 2016, or post-petition periods, certain transactions and events that were directly related to our reorganization be distinguished from our normal business operations. Accordingly, certain revenues, expenses, realized gains and losses and provisions that were realized or incurred in connection with the bankruptcy proceedings have been included in “Reorganization items, net” in our Consolidated Statement of Operations for the period ended September 12, 2016. In addition, certain liabilities and other obligations incurred prior to May 12, 2016, or pre-petition periods, have been classified in “Liabilities subject to compromise” on our Predecessor Consolidated Balance Sheet through September 12, 2016. Further detail for our “Reorganization items, net” and “Liabilities subject to compromise” are provided in Note 4 below. Going Concern Presumption Our Consolidated Financial Statements for the Successor periods have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business. Subsequent Events Management has evaluated all of our activities through the issuance date of our Consolidated Financial Statements and has concluded that no subsequent events have occurred that would require recognition in our Consolidated Financial Statements or disclosure in the Notes thereto. Adoption of Recently Issued Accounting Pronouncements Effective January 1, 2018, we adopted and began applying the relevant guidance provided in Accounting Standards Update (“ASU”) 2017–07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017–07”). ASU 2017–07 requires employers to disaggregate the service cost component from the other components of net periodic benefit cost. The service cost component of net periodic benefit cost shall be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period, except for amounts capitalized. All other components of net periodic benefit cost shall be presented outside of a subtotal for income from operations. The line item used to present the components other than the service cost shall be disclosed if the other components are not presented in a separate line item or items. ASU 2017–07 is applicable to our legacy retiree benefit plans which cover a limited population of former employees. There is no service cost associated with these plans as they are not applicable to current employees, but rather there are interest and other costs associated with the legacy obligations. As required, ASU 2017–07 has been applied retrospectively to periods prior to 2018. Accordingly, the entirety of the expense associated with these plans, which was less than $ 0.1 million , has been included as a component of the “Other income (expense)” caption in our Consolidated Statements of Operations for all periods presented. Prior to 2018, all costs associated with these plans were included in the “General and administrative” (“G&A”) expenses caption. Effective January 1, 2018, we adopted and began applying the relevant guidance provided in ASU 2014–09, Revenues from Contracts with Customers (“ASU 2014–09”) and related amendments to GAAP which, together with ASU 2014–09, represent Accounting Standards Codification (“ASC”) Topic 606, Revenues from Contracts with Customers (“ASC Topic 606”). We adopted ASC Topic 606 using the cumulative effect transition method (see Note 6 for the impact and disclosures associated with the adoption of ASC Topic 606). Recently Issued Accounting Pronouncements Pending Adoption In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016–13, Measurement of Credit Losses on Financial Instruments (“ASU 2016–13”), which changes the recognition model for the impairment of financial instruments, including accounts receivable, loans and held-to-maturity debt securities, among others. ASU 2016–13 is required to be adopted using the modified retrospective method by January 1, 2020, with early adoption permitted for fiscal periods beginning after December 15, 2018. In contrast to current guidance, which considers current information and events and utilizes a probable threshold, (an “incurred loss” model), ASU 2016–13 mandates an “expected loss” model. The expected loss model: (i) estimates the risk of loss even when risk is remote, (ii) estimates losses over the contractual life, (iii) considers past events, current conditions and reasonable supported forecasts and (iv) has no recognition threshold. ASU 2016–13 will have applicability to our accounts receivable portfolio, particularly those receivables attributable to our joint interest partners which have a higher credit risk than those associated with our traditional customer receivables. At this time, we do not anticipate that the adoption of ASU 2016–13 will have a significant impact on our Consolidated Financial Statements and related disclosures; however, we are continuing to evaluate the requirements and the period for which we will adopt the standard as well as monitoring developments regarding ASU 2016–13 that are unique to our industry. In February 2016, the FASB issued ASU 2016–02, Leases (“ASU 2016–02”), which will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with terms of more than twelve months. Together with recent related amendments to GAAP, ASU 2016–02 represents ASC Topic 842, Leases (“ASC Topic 842”) which supersedes all current GAAP with respect to leases. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. ASC Topic 842 also will require disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. The effective date of ASC Topic 842 is January 1, 2019, with early adoption permitted. ASC Topic 842 will be applicable to our existing leases for office facilities and certain office equipment, certain field equipment, land easements and similar arrangements for rights-of-way, certain gas gathering and gas lift assets and potentially to certain drilling rig contracts with terms in excess of 12 months, to the extent we may have such contracts in the future. We are finalizing our evaluation of the impact that the adoption may have on certain crude oil gathering arrangements. We will adopt ASC Topic 842 effective January 1, 2019 using the modified retrospective method with a cumulative effect charge to the beginning balance of retained earnings that is not anticipated to be material. We anticipate recognizing total right-of-use assets and lease of obligations of approximately $ 3 million , e xcluding any potential impact attributable to our crude oil gathering arrangements. All of the leases for which we are recognizing assets and liabilities will be classified as operating leases. We also have identified certain contractual arrangements that will be classified as variable leases. We plan to adopt certain practical expedients provided for in ASC Topic 842 including (i) those associated with the reassessment and classification of existing leases, (ii) land easements and (iii) an election to not separate lease and non-lease components. We also plan to make an accounting policy election, effective January 1, 2019, whereby any leases with terms of one year or less will be formally classified as short-term leases. |
Summary of Significant Accounti
Summary of Significant Accounting Policies - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation Our Consolidated Financial Statements include the accounts of Penn Virginia and all of its subsidiaries. Intercompany balances and transactions have been eliminated. Use of Estimates Preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in our Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include certain asset and liability valuations as further described in these Notes. Actual results could differ from those estimates. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Derivative Instruments From time to time, we utilize derivative instruments to mitigate our financial exposure to commodity price and interest rate volatility. The derivative instruments, which are placed with financial institutions that we believe are of acceptable credit risk, generally take the form of collars and swaps. All derivative transactions are subject to our risk management policy, which has been reviewed and approved by our board of directors. All derivative instruments are recognized in our Consolidated Financial Statements at fair value. The fair values of our derivative instruments are determined based on discounted cash flows derived from quoted forward prices. Our derivative instruments are not formally designated as hedges. We recognize changes in fair value in earnings currently as a component of the Derivatives caption in our Consolidated Statements of Operations. We have experienced and could continue to experience significant changes in the amount of derivative gains or losses recognized due to fluctuations in the value of these commodity derivative contracts, which fluctuate with changes in commodity prices and interest rates. Oil and Gas Properties We apply the full cost method of accounting for our oil and gas properties which we adopted effective with our adoption of Fresh Start Accounting. Under this method, all productive and nonproductive costs incurred in the exploration, development and acquisition of oil and gas reserves are capitalized. Such costs may be incurred both prior to and after the acquisition of a property and include lease acquisitions, geological and geophysical, or seismic, drilling, completion and equipment costs. Internal costs incurred that are directly attributable to exploration, development and acquisition activities undertaken by us for our own account, and which are not attributable to production, general corporate overhead or similar activities are also capitalized. Future development costs are estimated on a property-by-property basis based on current economic conditions and are amortized as a component of depreciation, depletion and amortization (“DD&A”). Unproved properties not being amortized include unevaluated leasehold costs and associated capitalized interest. These costs are reviewed quarterly to determine whether or not and to what extent proved reserves have been assigned to a property or if an impairment has occurred due to lease expirations, general economic conditions and other factors, in which case the related costs along with associated capitalized interest are reclassified to the proved oil and gas properties subject to DD&A. At the end of each quarterly reporting period, the unamortized cost of our oil and gas properties, net of deferred income taxes, is limited to the sum of the estimated discounted future net revenues from proved properties adjusted for costs excluded from amortization and related income taxes (a “Ceiling Test”). The estimated discounted future net revenues are determined using the prior 12-month’s average price based on closing prices on the first day of each month, adjusted for differentials, discounted at 10%. The calculation of the Ceiling Test and provision for DD&A are based on estimates of proved reserves. There are significant uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production, timing and plan of development. For the periods prior to the Emergence Date, we applied the successful efforts method of accounting for our oil and gas properties. Under this method, costs of acquiring properties, costs of drilling successful exploration wells and development costs were capitalized. Seismic costs, delay rentals and costs to drill exploratory wells that did not find proved reserves were expensed as oil and gas exploration. We carried the costs of exploratory wells as assets if the wells had found a sufficient quantity of reserves to justify its completion as a producing well and as long as we were making sufficient progress assessing the reserves and the economic and operating viability of the project. For certain projects, it may have taken us more than one year to evaluate the future potential of the exploratory well and make determinations of their economic viability. Our ability to move forward on projects was dependent on gaining access to transportation or processing facilities or obtaining permits and government or partner approval, the timing of which was beyond our control. In such cases, exploratory well costs remained suspended as long as we were actively pursuing access to the necessary facilities or receiving such permits and approvals and believed that they would be obtained. We assessed the status of suspended exploratory well costs on a quarterly basis. Depreciation, Depletion and Amortization DD&A of our oil and gas properties is computed using the units-of-production method. We apply this method by multiplying the unamortized cost of our proved oil and gas properties, net of estimated salvage plus future development costs, by a rate determined by dividing the physical units of oil and gas produced during the period by the total estimated units of proved oil and gas reserves at the beginning of the period. DD&A of our proved properties while we applied the successful efforts method during the Predecessor periods was computed using the units-of-production method. Historically, we adjusted our depletion rate throughout the year as new data became available. Other Property and Equipment Other property and equipment consists primarily of gathering systems and related support equipment. Property and equipment are carried at cost and include expenditures for additions and improvements which increase the productive lives of existing assets. Maintenance and repair costs are charged to expense as incurred. Renewals and betterments, which extend the useful life of the properties, are capitalized. We compute depreciation and amortization of property and equipment using the straight-line balance method over the estimated useful life of each asset as follows: Gathering systems – fifteen to twenty years and Other property and equipment – three to twenty years. Impairment of Long-Lived Assets While we applied the successful efforts method of accounting for our oil and gas properties during the Predecessor periods, we reviewed our assets for impairment when events or circumstances indicated a possible decline in the recoverability of the carrying value of the properties. If the carrying value of the asset was determined to be impaired, we reduced the asset to its fair value. Fair value may have been estimated using comparable market data, a discounted cash flow method, or a combination of the two. In the discounted cash flow method, estimated future cash flows were based on management’s expectations for the future and included estimates of future production, commodity prices based on published forward commodity price curves as of the date of the estimate, operating and development costs, intent to develop properties and a risk-adjusted discount rate. We reviewed oil and gas properties for impairment periodically when events and circumstances indicated a decline in the recoverability of the carrying value of such properties, such as a downward revision of the reserve estimates or lower commodity prices. We estimated the future cash flows expected in connection with the properties and compared such future cash flows to the carrying amounts of the properties to determine if the carrying amounts were recoverable. Performing the impairment evaluations required use of judgments and estimates since the results were dependent on future events. Such events included estimates of proved and unproved reserves, future commodity prices, the timing of future production, capital expenditures and intent to develop properties, among others. The costs of unproved leaseholds, including associated interest costs for the period activities were in progress to bring projects to their intended use, were capitalized pending the results of exploration efforts. Unproved properties whose acquisition costs were insignificant to total oil and gas properties were amortized in the aggregate over the lesser of five years or the average remaining lease term and the amortization was charged to exploration expense. We assessed unproved properties whose acquisition costs were relatively significant, if any, for impairment on a stand-alone basis. As exploration work progressed and the reserves on properties were proved, capitalized costs of these properties became subject to depreciation and depletion. If the exploration work was unsuccessful, the capitalized costs of the properties related to the unsuccessful work was charged to exploration expense. The timing of any write-downs of any significant unproved properties depended upon the nature, timing and extent of future exploration and development activities and their results. Asset Retirement Obligations We recognize the fair value of a liability for an asset retirement obligation (“ARO”) in the period in which it is incurred. Associated asset retirement costs are capitalized as part of the carrying cost of the asset. Our AROs relate to the plugging and abandonment of oil and gas wells and the associated asset is recorded as a component of oil and gas properties. After recording these amounts, the ARO is accreted to its future estimated value, and the additional capitalized costs are depreciated over the productive life of the assets. Both the accretion of the ARO and the depreciation of the related long-lived assets are included in the DD&A expense caption in our Consolidated Statements of Operations. Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Using this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates. In assessing our deferred tax assets, we consider whether a valuation allowance should be recorded for some or all of the deferred tax assets which may not be realized. The ultimate realization of deferred tax assets is assessed at each reporting period and is dependent upon the generation of future taxable income and our ability to utilize tax credits and operating loss carryforwards during the periods in which the temporary differences become deductible. We also consider the scheduled reversal of deferred tax liabilities and available tax planning strategies. We recognize interest attributable to income taxes, to the extent they arise, as a component of interest expense and penalties as a component of income tax expense. We are subject to ongoing tax examinations in numerous domestic jurisdictions. Accordingly, we may record incremental tax expense based upon the more-likely-than-not outcomes of uncertain tax positions. In addition, when applicable, we adjust the previously recorded tax expense to reflect examination results when the position is effectively settled. Our ongoing assessments of the more-likely-than-not outcomes of the examinations and related tax positions require judgment and can increase or decrease our effective tax rate, as well as impact our operating results. The specific timing of when the resolution of each tax position will be reached is uncertain. Revenue Recognition and Associated Costs Crude oil . We sell our crude oil production to our customers at either the wellhead or a contractually agreed-upon delivery point, including certain regional central delivery point terminals or pipeline inter-connections. We recognize revenue when control transfers to the customer considering factors associated with custody, title, risk of loss and other contractual provisions as appropriate. Pricing is based on a market index with adjustments for product quality, location differentials and, if applicable, deductions for intermediate transportation. Costs incurred by us for gathering and transporting the products to an agreed-upon delivery point are recognized as a component of GPT expense. NGLs . We have natural gas processing contracts in place with certain midstream processing vendors. We deliver “wet” natural gas to our midstream processing vendors at the inlet of their processing facilities through gathering lines, certain of which we own and others which are owned by gathering service providers. Subsequent to processing, NGLs are delivered or otherwise transported to a third-party customer. Depending upon the nature of the contractual arrangements with the midstream processing vendors, particularly those attributable to the marketing of the NGL products, we recognize revenue for NGL products on either a gross or net basis. For those contracts where we have determined that we are the principal, and the ultimate third party is our customer, we recognize revenue on a gross basis, with associated processing costs presented as GPT expenses. For those contracts where we have determined that we are the agent and the midstream processing vendor is our customer, we recognize NGL product revenues based on a net basis with processing costs presented as a reduction of revenue. Based on an analysis of all of our existing natural gas processing contracts, we have determined that, as of January 1, 2018, and through December 31, 2018, we were the agent and our midstream processing vendors were our customers with respect to all of our NGL product sales. Natural gas . Subsequent to the aforementioned processing of “wet” natural gas and the separation of NGL products, the “dry” or residue gas is delivered to us at the tailgate of the midstream processing vendors’ facilities and we market the product to our customers, most of whom are interstate pipelines. We recognize revenue when control transfers to the customer considering factors associated with custody, title, risk of loss and other contractual provisions as appropriate. Pricing is based on a market index with adjustments for product quality and location differentials, as applicable. Costs incurred by us for gathering and transportation from the wellhead through the processing facilities are recognized as a component of GPT expenses. Marketing services . We provide marketing services to certain of our joint venture partners and other third parties with respect to oil and gas production for which we are the operator. Pricing for such services represents a negotiated fixed rate fee based on the sales price of the underlying oil and gas products. Production attributable to joint venture partners from wells that we operate that are not subject to marketing agreements are delivered in kind. Marketing revenue is recognized simultaneously with the sale of our commodity production to our customers. Direct costs associated with our marketing efforts are included in G&A expenses. Share-Based Compensation Our stock compensation plans permit the grant of incentive and nonqualified stock options, common stock, deferred common stock units, restricted stock and restricted stock units to our employees and directors. We measure the cost of employee services received in exchange for an award of equity-classified instruments based on the grant-date fair value of the award. Compensation cost associated with the liability-classified awards is measured at the end of each reporting period and recognized based on the period of time that has elapsed during the applicable performance period. | |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers Adoption of ASC Topic 606 Effective January 1, 2018, we adopted ASC Topic 606 and have applied the guidance therein to our contracts with customers for the sale of commodity products (crude oil, NGLs and natural gas) as well as marketing services that we provide to our joint venture partners and other third parties. ASC Topic 606 provides for a five-step revenue recognition process model to determine the transfer of goods or services to consumers in an amount that reflects the consideration to which we expect to be entitled in exchange for such goods and services. Upon the adoption of ASC Topic 606, we: (i) changed the presentation of our NGL product revenues from a gross basis to a net basis and changed the classification of certain natural gas processing costs associated with NGLs from a component of “Gathering, processing and transportation” (“GPT”) expense to a reduction of NGL product revenues as described in further detail below, (ii) wrote off $ 2.7 million of accounts receivable arising from natural gas imbalances accounted for under the entitlements method as a direct reduction to our beginning balance of retained earnings as of January 1, 2018, and (iii) adopted the sales method with respect to production imbalance transactions beginning after December 31, 2017. The following table illustrates the impact of the adoption of ASC Topic 606 on our Condensed Consolidated Statement of Operations for the year ended December 31, 2018: Year Ended December 31, 2018 As Determined Under As Reported Under Prior GAAP ASC Topic 606 Net Change Revenues Crude oil $ 402,485 $ 402,485 $ — Natural gas liquids $ 23,429 $ 21,073 $ (2,356 ) Natural gas $ 15,972 $ 15,972 $ — Marketing services (included in Other revenues, net) $ 523 $ 523 $ — Operating expenses Gathering, processing and transportation $ 20,982 $ 18,626 $ (2,356 ) Net income $ 224,785 $ 224,785 $ — Transaction Prices, Contract Balances and Performance Obligations Substantially all of our commodity product sales are short-term in nature with contract terms of one year or less. Accordingly, we have applied the practical expedient included in ASC Topic 606, which provides for an exemption from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Under our commodity product sales contracts, we bill our customers and recognize revenue when our performance obligations have been satisfied as described above. At that time, we have determined that payment is unconditional. Accordingly, our commodity sales contracts do not create contract assets or liabilities as those terms are defined in ASC Topic 606. We record revenue in the month that our oil and gas production is delivered to our customers. As a result of the numerous requirements necessary to gather information from purchasers or various measurement locations, calculate volumes produced, perform field and wellhead allocations and distribute and disburse funds to various working interest partners and royalty owners, the collection of revenues from oil and gas production may take up to 60 days following the month of production. Therefore, we make accruals for revenues and accounts receivable based on estimates of our share of production. We record any differences, which historically have not been significant, between the actual amounts ultimately received and the original estimates in the period they become finalized. | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2.7 | |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of Recently Issued Accounting Pronouncements Effective January 1, 2018, we adopted and began applying the relevant guidance provided in Accounting Standards Update (“ASU”) 2017–07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (“ASU 2017–07”). ASU 2017–07 requires employers to disaggregate the service cost component from the other components of net periodic benefit cost. The service cost component of net periodic benefit cost shall be reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period, except for amounts capitalized. All other components of net periodic benefit cost shall be presented outside of a subtotal for income from operations. The line item used to present the components other than the service cost shall be disclosed if the other components are not presented in a separate line item or items. ASU 2017–07 is applicable to our legacy retiree benefit plans which cover a limited population of former employees. There is no service cost associated with these plans as they are not applicable to current employees, but rather there are interest and other costs associated with the legacy obligations. As required, ASU 2017–07 has been applied retrospectively to periods prior to 2018. Accordingly, the entirety of the expense associated with these plans, which was less than $ 0.1 million , has been included as a component of the “Other income (expense)” caption in our Consolidated Statements of Operations for all periods presented. Prior to 2018, all costs associated with these plans were included in the “General and administrative” (“G&A”) expenses caption. Effective January 1, 2018, we adopted and began applying the relevant guidance provided in ASU 2014–09, Revenues from Contracts with Customers (“ASU 2014–09”) and related amendments to GAAP which, together with ASU 2014–09, represent Accounting Standards Codification (“ASC”) Topic 606, Revenues from Contracts with Customers (“ASC Topic 606”). We adopted ASC Topic 606 using the cumulative effect transition method (see Note 6 for the impact and disclosures associated with the adoption of ASC Topic 606). Recently Issued Accounting Pronouncements Pending Adoption In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016–13, Measurement of Credit Losses on Financial Instruments (“ASU 2016–13”), which changes the recognition model for the impairment of financial instruments, including accounts receivable, loans and held-to-maturity debt securities, among others. ASU 2016–13 is required to be adopted using the modified retrospective method by January 1, 2020, with early adoption permitted for fiscal periods beginning after December 15, 2018. In contrast to current guidance, which considers current information and events and utilizes a probable threshold, (an “incurred loss” model), ASU 2016–13 mandates an “expected loss” model. The expected loss model: (i) estimates the risk of loss even when risk is remote, (ii) estimates losses over the contractual life, (iii) considers past events, current conditions and reasonable supported forecasts and (iv) has no recognition threshold. ASU 2016–13 will have applicability to our accounts receivable portfolio, particularly those receivables attributable to our joint interest partners which have a higher credit risk than those associated with our traditional customer receivables. At this time, we do not anticipate that the adoption of ASU 2016–13 will have a significant impact on our Consolidated Financial Statements and related disclosures; however, we are continuing to evaluate the requirements and the period for which we will adopt the standard as well as monitoring developments regarding ASU 2016–13 that are unique to our industry. In February 2016, the FASB issued ASU 2016–02, Leases (“ASU 2016–02”), which will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with terms of more than twelve months. Together with recent related amendments to GAAP, ASU 2016–02 represents ASC Topic 842, Leases (“ASC Topic 842”) which supersedes all current GAAP with respect to leases. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. ASC Topic 842 also will require disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases. The effective date of ASC Topic 842 is January 1, 2019, with early adoption permitted. ASC Topic 842 will be applicable to our existing leases for office facilities and certain office equipment, certain field equipment, land easements and similar arrangements for rights-of-way, certain gas gathering and gas lift assets and potentially to certain drilling rig contracts with terms in excess of 12 months, to the extent we may have such contracts in the future. We are finalizing our evaluation of the impact that the adoption may have on certain crude oil gathering arrangements. We will adopt ASC Topic 842 effective January 1, 2019 using the modified retrospective method with a cumulative effect charge to the beginning balance of retained earnings that is not anticipated to be material. We anticipate recognizing total right-of-use assets and lease of obligations of approximately $ 3 million , e xcluding any potential impact attributable to our crude oil gathering arrangements. All of the leases for which we are recognizing assets and liabilities will be classified as operating leases. We also have identified certain contractual arrangements that will be classified as variable leases. We plan to adopt certain practical expedients provided for in ASC Topic 842 including (i) those associated with the reassessment and classification of existing leases, (ii) land easements and (iii) an election to not separate lease and non-lease components. We also plan to make an accounting policy election, effective January 1, 2019, whereby any leases with terms of one year or less will be formally classified as short-term leases. |
Bankruptcy Proceedings, Emergen
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Bankruptcy Proceedings, Emergence and Fresh Start Accounting | 12 Months Ended |
Dec. 31, 2018 | |
Reorganizations [Abstract] | |
Bankruptcy Proceedings, Emergence and Fresh Start Accounting | 4. Bankruptcy Proceedings, Emergence and Fresh Start Accounting Bankruptcy Proceedings and Emergence On May 12, 2016 (the “Petition Date”), we and eight of our subsidiaries (the “Chapter 11 Subsidiaries”) filed voluntary petitions ( In re Penn Virginia Corporation, et al., Case No. 16-32395 ) seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”). On August 11, 2016 (the “Confirmation Date”), the Bankruptcy Court confirmed our Second Amended Joint Chapter 11 Plan of Reorganization of Penn Virginia Corporation and its Debtor Affiliates (the “Plan”), and we subsequently emerged from bankruptcy on September 12, 2016 (the “Emergence Date”). On November 20, 2018, the Bankruptcy Court issued a final decree to close the case. Debtors-In-Possession. From the Petition Date through the Emergence Date, we and the Chapter 11 Subsidiaries operated our business as debtors-in-possession in accordance with the applicable provisions of the Bankruptcy Code. The Bankruptcy Court granted all “first day” motions filed by us and the Chapter 11 Subsidiaries, which were designed primarily to minimize the impact of the bankruptcy proceedings on our normal day-to-day operations, our customers, regulatory agencies, including taxing authorities, and employees. As a result, we were able to conduct normal business activities and pay all associated obligations for the post-petition period and we were also authorized to pay and have paid (subject to limitations applicable to payments of certain pre-petition obligations) pre-petition employee wages and benefits, pre-petition amounts owed to certain lienholders, amounts due to taxing authorities for production and other related taxes and funds belonging to third parties, including royalty and working interest holders. Pre-Petition Agreements. Immediately prior to the Petition Date, the holders (the “Ad Hoc Committee”) of approximately 86 percent of the $ 1,075 million principal amount of our 7.25% Senior Notes due 2019 (the “2019 Senior Notes”) and 8.50% Senior Notes due 2020 (the “2020 Senior Notes” and, together with the 2019 Senior Notes, the “Senior Notes”) agreed to a restructuring support agreement (the “RSA”) that set forth the general framework of the Plan and the timeline for the bankruptcy proceedings. In addition, we entered into a backstop commitment agreement (the “Backstop Commitment Agreement”) with the parties thereto (collectively, the “Backstop Parties”), pursuant to which the Backstop Parties committed to provide a $ 50 million commitment to backstop a rights offering (the “Rights Offering”) that was conducted in connection with the Plan. Plan of Reorganization . Pursuant to the terms of the Plan, which was supported by us, the holders (the “RBL Lenders”) of 100 percent of the claims attributable to our pre-petition credit agreement (as amended, the “RBL”), the Ad Hoc Committee and the Official Committee of Unsecured Claimholders (the “UCC”), the following transactions were completed subsequent to the Confirmation Date and prior to or at the Emergence Date: • the approximately $ 1,122 million of indebtedness, including accrued interest, attributable to our Senior Notes and certain other unsecured claims were exchanged for 6,069,074 shares representing 41 percent of the Successor’s common stock (“Successor Common Stock”); • a total of $ 50 million of proceeds were received on the Emergence Date from the Rights Offering resulting in the issuance of 7,633,588 shares representing 51 percent of Successor Common Stock to holders of claims arising under the Senior Notes, certain holders of general unsecured claims and to the Backstop Parties; • the Backstop Parties received a backstop fee comprised of 472,902 shares representing three percent of Successor Common Stock; • an additional 816,454 shares representing five percent of Successor Common Stock were authorized for disputed general unsecured claims and non-accredited investor holders of the Senior Notes and subsequently, 749,600 shares of Successor Common Stock were reserved for issuance under a new management incentive plan; • on the Emergence Date, we entered into a shareholders agreement and a registration rights agreement and amended our articles of incorporation and bylaws for the authorization of the Successor Common Stock and to provide customary registration rights thereunder, among other corporate governance actions; • holders of claims arising under the RBL were paid in full from cash on hand, $ 75.4 million from borrowings under a new credit agreement (the “Credit Facility”) (see Note 10 below) and proceeds from the Rights Offering; • the debtor-in-possession credit facility (the “DIP Facility”), under which there were no outstanding borrowings at any time from the Petition Date through the Emergence Date, was canceled and less than $0.1 million in fees were paid in full in cash; • certain other priority claims were paid in full in cash, reinstated or otherwise treated in a manner acceptable to the creditor claim-holders; • a cash reserve of $ 2.7 million was established for certain other secured, priority or convenience claims pending resolution as of the Emergence Date; • an escrow account for professional service fees attributable to our advisers and those of the UCC was funded by us with cash of $ 14.6 million , and we paid $ 7.2 million for professional fees and expenses on behalf of the RBL Lenders, the Ad Hoc Committee and the indenture trustee for the Senior Notes; • on the Emergence Date, our previous interim Chief Executive Officer, Edward B. Cloues, resigned and each member of our board of directors resigned and was replaced by new board members; • our Predecessor preferred stock and common stock was canceled, extinguished and discharged; and • all of our Predecessor share-based compensation plans and supplemental employee retirement plan (the “SERP”) entitlements were canceled. Fresh Start Accounting We adopted Fresh Start Accounting on the Emergence Date in connection with our emergence from bankruptcy. As referenced below, our reorganization value of $ 334.0 million , immediately prior to emergence was substantially less than our post-petition liabilities and allowed claims. Furthermore and in connection with our reorganization, we experienced a change in control as the outstanding common and preferred shares of the Predecessor were canceled and substantially all of the Successor Common Stock was issued to the Predecessor’s creditors, primarily former holders of our Senior Notes. Accordingly, the holders of the Predecessor’s common and preferred shares effectively received no shares of the Successor. The adoption of Fresh Start Accounting results in a new reporting entity, the Successor, for financial reporting purposes. The presentation is analogous to that of a new business entity such that the Successor is presented with no beginning retained earnings or deficit on the Emergence Date. Reorganization Value Reorganization value represents the fair value of the Successor’s total assets prior to the consideration of liabilities and is intended to approximate the amount a willing buyer would pay for the assets immediately after a restructuring. The reorganization value, which was derived from the Successor’s enterprise value, was allocated to our individual assets based on their estimated fair values. Enterprise value represents the estimated fair value of an entity’s long term debt and shareholders’ equity. The Successor’s enterprise value, as approved by the Bankruptcy Court in support of the Plan, was estimated to be within a range of $ 218 million to $ 382 million with a mid-point value of $ 300 million . Based on the estimates and assumptions utilized in our Fresh Start Accounting process, we estimated the Successor’s enterprise value to be approximately $ 266.2 million after the consideration of cash and cash equivalents on hand at the Emergence Date. The following table reconciles the enterprise value, net of cash and cash equivalents, to the estimated fair value of our Successor Common Stock as of the Emergence Date: Enterprise value $ 234,831 Plus: Cash and cash equivalents 31,414 Less: Fair value of debt (75,350 ) Fair value of Successor Common Stock $ 190,895 Shares outstanding as of September 12, 2016 14,992,018 Per share value $ 12.73 The following table reconciles the enterprise value to the reorganization value of our Successor assets as of the Emergence Date: Enterprise value $ 234,831 Plus: Cash and cash equivalents 31,414 Plus: Current liabilities 54,171 Plus: Noncurrent liabilities excluding long-term debt 13,558 Reorganization value $ 333,974 Valuation Process Our valuation analysis was prepared with the assistance of an independent third-party consultant utilizing reserve information prepared by our independent reserve engineers, internal development plans and schedules, other internal financial information and projections and the application of standard valuation techniques including risked net asset value analysis and comparable public company metrics. Because many of the inputs utilized in the valuation process are not observable, we have classified the Fresh Start fair value measurements as Level 3 inputs as that term is defined in GAAP. Our principal assets include the Successor’s oil and gas properties. We determined the fair value of our oil and gas properties based on the discounted cash flows expected to be generated from these assets. Our analyses were based on market conditions and reserves in place as confirmed by our independent petroleum engineers. The proved reserves were segregated into various geographic regions, including sub-regions within the Eagle Ford where a substantial portion of our assets are located, for which separate risk factors were determined based on geological characteristics. Due to the limited drilling plans that we had in place, proved undeveloped locations were risked accordingly. Future cash flows were estimated by using New York Mercantile Exchange (“NYMEX”) forward prices for West Texas Intermediate (“WTI”) crude oil and Henry Hub natural gas with inflation adjustments applied to periods beyond a five-year horizon. These prices were adjusted for differentials realized by us for location and product quality. Gathering and transportation costs were estimated based on agreements that we had in place and development and operating costs were based on our most recent experience and adjusted for inflation in future years. The risk-adjusted after-tax cash flows were discounted at a rate of 13.5 %. This rate was determined from a weighted-average cost of capital computation which utilized a blended expected cost of debt and expected returns on equity for similar industry participants. Plugging and abandonment costs were also identified and measured in this process in order to determine the fair value of the Successor’s AROs attributable to our proved developed reserves on the Emergence Date. Based on this valuation process, we determined fair values of $ 121.9 million for our proved reserves and $ 2.7 million for the related AROs. With respect to the valuation of our undeveloped acreage, we segregated our current lease holdings in the Eagle Ford into prospect regions in which we had significant developed acreage and those in which we had not yet initiated any significant drilling activity. For those prospects within previously developed regions, we applied a multiple based on recent transactions involving acreage deemed comparable to our acreage for each targeted formation. Based on this valuation process, we determined a fair value of $ 92.5 million for our undeveloped acreage within previously developed regions of the Eagle Ford. For those lease holdings in other areas of the Eagle Ford, we disregarded those prospects for which lease expirations were to occur during 2016 as well as those for which future drilling was considered uneconomical at then current commodity prices. A reduced multiple was then applied to this adjusted undeveloped acreage consistent with recent transactions for acreage deemed comparable to our acreage resulting in a fair value of $ 8.3 million . We attributed no value to our limited undeveloped lease holdings in all areas other than the Eagle Ford. Our remaining equipment and other fixed assets were valued at $ 26.7 million primarily using a cost approach that incorporated depreciation and obsolescence to the extent applicable on an asset-by-asset basis. The most significant of these assets is our water facility in South Texas which is integral to our regional operations. Accordingly, this asset, for which we determined a fair value of $ 23.4 million , is included in our full cost pool for purposes of determining our DD&A attributable to our oil and gas production. Certain assets, particularly personal property including office equipment and vehicles, among others, were valued based on market data for comparable assets to the extent such information was available. The remaining reorganization value is attributable to certain natural gas imbalance receivables, cash and cash equivalents, working capital assets including accounts receivable, prepaid items, current derivative assets and debt issuance costs. Our natural gas imbalance receivables, which are fully attributable to our Mid-Continent operations in the Granite Wash, were valued using NYMEX spot prices for Henry Hub natural gas adjusted for basis differentials for transportation. Our accounts receivable, including amounts receivable from our joint venture partners, were subjected to analysis on an individual basis and reserved to the extent we believe was appropriate. Collectively, these remaining assets, including our current derivative assets which are marked-to-market on a monthly basis, were stated at their fair values on the Emergence Date. The reorganization value also included $ 3.0 million of issuance costs attributable to the Credit Facility under which we initially borrowed $ 75.4 million . This amount was capitalized in accordance with GAAP as it represents costs attributable to the access to credit over the term of the Credit Facility. Our liabilities on the Emergence Date included the aforementioned borrowings under the Credit Facility, working capital liabilities including accounts payable and accrued liabilities, a reserve for certain litigation matters, pension and health care obligations attributable to certain retirees, AROs, and derivative liabilities. As the Credit Facility is current and is a variable-rate financial instrument, it was stated at its fair value. Our working capital liabilities and litigation reserve are ordinary course obligations and their carrying amounts approximated their fair values. We revalued our retiree obligations based on data from our independent actuaries and they have been stated at their fair values. The AROs were valued in connection with the valuation process attributable to our oil and gas reserves as discussed above. Finally, our derivative liabilities were also stated at their fair value as they are marked-to-market on a monthly basis. Successor Balance Sheet The following table reflects the reorganization and application of Fresh Start Accounting adjustments on our Consolidated Balance Sheet as of September 12, 2016: Reorganization Fresh Start Predecessor Adjustments Adjustments Successor Assets Current assets Cash and cash equivalents $ 48,718 $ (17,304 ) (1 ) $ — $ 31,414 Accounts receivable, net of allowance for doubtful accounts 35,606 4,292 (2 ) — 39,898 Derivative assets 397 — — 397 Other current assets 3,966 (832 ) (3 ) — 3,134 Total current assets 88,687 (13,844 ) — 74,843 Property and equipment, net 309,261 — (55,751 ) (12 ) 253,510 Other assets 6,902 (1,281 ) (4 ) — 5,621 Total assets $ 404,850 $ (15,125 ) $ (55,751 ) $ 333,974 Liabilities and Shareholders’ Equity (Deficit) Current liabilities Accounts payable and accrued liabilities $ 77,151 $ (21,166 ) (5 ) $ (3,455 ) (13 ) $ 52,530 Derivative liabilities 1,641 — — 1,641 Current maturities of long-term debt 113,653 (113,653 ) (6 ) — — Total current liabilities 192,445 (134,819 ) (3,455 ) 54,171 Other liabilities 84,953 100 (5 ) (80,615 ) (14 ) 4,438 Derivative liabilities 9,120 — — 9,120 Long-term debt — 75,350 (7 ) — 75,350 Liabilities subject to compromise 1,154,163 (1,154,163 ) (8 ) — — Shareholders’ equity (deficit) Preferred stock (Predecessor) 1,880 (1,880 ) (9 ) — — Common stock (Predecessor) 697 (697 ) (9 ) — — Paid-in capital (Predecessor) 1,213,797 (1,213,797 ) (9 ) — — Deferred compensation obligation (Predecessor) 3,440 (3,440 ) (9 ) — — Accumulated other comprehensive income (Predecessor) 383 (383 ) (9 ) — — Treasury stock (Predecessor) (3,574 ) 3,574 (9 ) — — Common stock (Successor) — 150 (10 ) — 150 Paid-in capital (Successor) — 190,745 (10 ) — 190,745 Accumulated deficit (2,252,454 ) 2,224,135 (11 ) 28,319 (15 ) — Total shareholders’ equity (deficit) (1,035,831 ) 1,198,407 28,319 190,895 Total liabilities and shareholders’ equity (deficit) $ 404,850 $ (15,125 ) $ (55,751 ) $ 333,974 Reorganization Adjustments 1. Represents the net cash payments that occurred on the Emergence Date: Sources: Proceeds from the Credit Facility $ 75,350 Proceeds from the Rights Offering, net of issuance costs 49,943 Total sources $ 125,293 Uses: Repayment of RBL $ 113,653 Accrued interest payable on RBL 1,374 DIP Facility fees 12 Debt issue costs of the Credit Facility 3,011 Funding of professional fee escrow account 14,575 RBL lender professional fees and expenses 455 Ad Hoc Committee and indenture trustee professional fees and expenses 6,782 Payment of certain allowed claims and settlements 2,735 Total uses 142,597 $ (17,304 ) 2. Represents the reclassification of SERP assets to a current receivable from other noncurrent assets upon the cancellation of the underlying plan and the reversion of the assets to the Successor. 3. Represents the write-off of certain prepaid directors and officers tail insurance. 4. Represents the capitalization of debt issuance costs attributable to the Credit Facility, net of the reclassification of SERP assets as discussed in item (2) above. 5. Represents the payment of professional fees on behalf of the RBL Lenders, the Ad Hoc Committee and the UCC, indenture trustee fees and expenses, interest payable on the RBL as well as certain allowed claims and settlements net of the establishment of reserves and the reinstatement of certain other obligations. 6. Represents the repayment of the RBL in cash in full. 7. Represents the initial borrowings under the Credit Facility. 8. Liabilities subject to compromise were settled as follows in accordance with the Plan: Liabilities subject to compromise prior to the Emergence Date: Senior Notes $ 1,075,000 Interest on Senior Notes 47,213 Firm transportation obligation 11,077 Compensation – related 9,733 Deferred compensation 4,676 Trade accounts payable 1,487 Litigation claims 1,092 Other accrued liabilities 3,885 $ 1,154,163 Amounts settled in cash, reinstated or otherwise reserved at emergence (3,915 ) Gain on settlement of liabilities subject to compromise $ 1,150,248 9. Represents the cancellation of our Predecessor preferred and common stock and related components of our Predecessor shareholders’ deficit. 10. Represents the issuance of 14,992,018 shares of Successor Common Stock with a fair value of $ 12.73 per share. 11. Represents the cumulative impact of the reorganization adjustments described above: Gain on settlement of liabilities subject to compromise $ 1,150,248 Fair value of equity allocated to: Unsecured creditors on the Emergence Date 174,477 Unsecured creditors pending resolution on the Emergence Date 10,396 Backstop Parties in the form of a Commitment Premium 6,022 190,895 Cancellation of Predecessor shareholders’ deficit 882,992 Net impact to Predecessor accumulated deficit $ 2,224,135 Fresh Start Adjustments 12. Represents the Fresh Start Accounting valuation adjustments applied to our oil and gas properties and other equipment. 13. Represents the accelerated recognition of the current portion of previously deferred gains on sales of assets attributable to the accounting presentation required by GAAP under the Predecessor. 14. Represents the recognition of Fresh Start Accounting adjustments to: (i) our AROs attributable to the revalued oil and gas properties and (ii) our retiree obligations based on actuarial measurements, as well as the accelerated recognition of the noncurrent portion of previously deferred gains on sales of assets attributable to the accounting presentation required by GAAP under the Predecessor. 15. Represents the cumulative impact of the Fresh Start Accounting adjustments discussed above. Reorganization Items. As described above in Note 2, our Consolidated Statements of Operations for the period ended September 12, 2016 include “Reorganization items, net,” which reflects gains recognized on the settlement of liabilities subject to compromise and costs and other expenses associated with the bankruptcy proceedings, principally professional fees, and the costs associated with the DIP Facility. These post-petition costs for professional fees, as well as administrative fees charged by the U.S. Trustee, have been reported in “Reorganization items, net” in our Consolidated Statement of Operations as described above. Similar costs that were incurred during the pre-petition periods have been reported in “General and administrative” expenses. While we emerged from bankruptcy in September 2016, certain administrative and claims resolution activities continued until November 2018 when the Bankruptcy Court issued a final decree which effectively closed the case. Upon the closure, we reversed the $ 0.2 million remaining unused portion of an accrual that was established on the Emergence Date for legal and professional fees and administrative costs. In addition, we reversed the $ 2.7 million unallocated portion of a reserve that was established on the Emergence Date for the potential settlement of certain claims in cash. Finally, we also reversed $ 0.4 million of accounts payable that were held open since the Emergence Date as secured claims, but were ultimately expunged. As these items of income are directly attributable to the final administration of our bankruptcy case and not a part of our continuing operations, they are classified on our Consolidated Statement of Operations as components of “Reorganization items, net.” The following table summarizes the components included in “Reorganization items, net” in our Consolidated Statements of Operations for the period presented: Year Ended January 1 Through December 31, September 12, 2018 2016 Gains on the settlement of liabilities subject to compromise $ — $ 1,150,248 Fresh start accounting adjustments — 28,319 Legal and professional fees and expenses 200 (29,976 ) Settlements attributable to contract amendments — (2,550 ) DIP Facility costs and commitment fees — (170 ) Write-off of prepaid directors and officers insurance — (832 ) Other reorganization items 3,122 (46 ) $ 3,322 $ 1,144,993 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions and Divestitures [Abstract] | |
Acquisitions and Divestitures | 5. Acquisitions and Divestitures Acquisitions Hunt Acquisition In December 2017, we entered into a purchase and sale agreement with Hunt Oil Company (“Hunt”) to acquire certain oil and gas assets in the Eagle Ford Shale, primarily in Gonzales County, Texas for $ 86.0 million in cash, subject to adjustments (the “Hunt Acquisition”). The Hunt Acquisition had an effective date of October 1, 2017 and closed on March 1, 2018, at which time we paid cash consideration of $ 84.4 million . In connection with the Hunt Acquisition, we also acquired working interests in certain wells that we previously drilled as operator in which Hunt had rights to participate prior to the transaction closing. Accumulated costs, net of suspended revenues for these wells was $ 13.8 million , which we have reflected as a component of total net assets acquired. We funded the Hunt Acquisition with borrowings under the Credit Facility. The final settlement of the Hunt Acquisition occurred in July 2018, at which time an additional $ 0.2 million of acquisition costs was allocated from certain working capital components and Hunt transferred $ 1.4 million to us primarily for suspended revenues attributable to the acquired properties. We incurred a total of $ 0.5 million of transaction costs for legal, due diligence and other professional fees associated with the Hunt Acquisition, including $ 0.1 million in 2017 and $ 0.4 million in the first quarter of 2018. These costs have been recognized as a component of our G&A expenses. We accounted for the Hunt Acquisition by applying the acquisition method of accounting as of March 1, 2018. The following table represents the final fair values assigned to the net assets acquired and the total acquisition cost incurred, including consideration transferred to Hunt: Assets Oil and gas properties - proved $ 82,443 Oil and gas properties - unproved 16,339 Liabilities Revenue suspense 1,448 Asset retirement obligations 356 Net assets acquired $ 96,978 Cash consideration paid to Hunt, net $ 82,955 Application of working capital adjustments 245 Accumulated costs, net of suspended revenues, for wells in which Hunt had rights to participate 13,778 Total acquisition costs incurred $ 96,978 Devon Acquisition In July 2017, we entered into a purchase and sale agreement (the “Purchase Agreement”), with Devon Energy Corporation (“Devon”) to acquire all of Devon’s right, title and interest in and to certain oil and gas assets (the “Devon Properties”), including oil and gas leases covering approximately 19,600 net acres located primarily in Lavaca County, Texas for aggregate consideration of $205 million in cash (the “Devon Acquisition”). Upon execution of the Purchase Agreement, we deposited $10.3 million as earnest money into an escrow account (the “Escrow Account”). The Devon Acquisition had an effective date of March 1, 2017 and closed on September 29, 2017, at which time we paid cash consideration of $189.9 million and $7.1 million was released from the Escrow Account to Devon. In November 2017, we acquired additional working interests in the Devon Properties for $0.7 million from parties that had tag-along rights to sell their interests under the Purchase Agreement. As of December 31, 2017, $ 3.2 million remained in the Escrow Account, which was included as a component of noncurrent “Other assets” on our Consolidated Balance Sheet. The final settlements of the Devon Acquisition together with the tag-along rights acquisition, occurred in February 2018, at which time $ 2.5 million in cash was transferred from the Escrow Account to Devon, and the remaining $ 0.7 million was distributed to us. In addition, Devon transferred $ 0.4 million to us for suspended revenues attributable to the acquired properties. The Devon Acquisition was financed with the net proceeds received from borrowing under the $200 million Second Lien Credit Agreement dated as of September 29, 2017 (the “Second Lien Facility”) (see Note 10 for terms of the Second Lien Facility) and incremental borrowings under the Credit Facility. We incurred a total of $1.3 million of transaction costs associated with the Devon Acquisitions during 2017, including advisory, legal, due diligence and other professional fees. These costs have been recognized as a component of our G&A expenses. We accounted for the Devon Acquisition by applying the acquisition method of accounting as of the Date of Acquisition. The following table represents the final fair values assigned to the net assets acquired and the total consideration transferred: Assets Oil and gas properties - proved $ 42,866 Oil and gas properties - unproved 146,686 Other property and equipment 8,642 Liabilities Revenue suspense 355 Asset retirement obligations 494 Net assets acquired $ 197,345 Cash consideration paid to Devon and tag-along parties, net $ 190,277 Amount transferred to Devon from the Escrow Account 9,519 Application of working capital adjustments, net (2,451 ) Total consideration $ 197,345 Valuation of Acquisitions The fair values of the oil and gas properties acquired in the Hunt and Devon Acquisitions were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation include estimates of: (i) reserves, (ii) future operating and development costs, (iii) future commodity prices, (iv) future cash flows (v) the timing of or development plans and (vi) a market-based weighted-average cost of capital. The fair value of the other property and equipment acquired was measured primarily with reference to replacement costs for similar assets adjusted for the age and normal use of the underlying assets. Because many of these inputs are not observable, we have classified the initial fair value estimates as Level 3 inputs as that term is defined in GAAP. Impact of Acquisitions on Actual and Pro Forma Results of Operations The results of operations attributable to the Hunt and Devon Acquisitions have been included in our Consolidated Financial Statements for the periods after March 1, 2018 and September 30, 2017, respectively. The Devon Acquisition provided revenues and estimated earnings, excluding allocations of interest expense and income taxes, of approximately $9 million and $4 million , respectively, for the period from October 1, 2017 through December 31, 2017. The Hunt Acquisition provided revenues and estimated earnings, excluding allocations of interest expense and income taxes, of approximately $ 0.4 million and $ 0.2 million , respectively, for the period from March 1, 2018 through March 31, 2018. As the properties and working interests acquired in connection with the Hunt and Devon Acquisitions are included within our existing Eagle Ford acreage, it is not practical or meaningful to disclose revenues and earnings unique to those assets for periods beyond those during which they were acquired, as they were fully integrated into our regional operations soon after their acquisition. The following table presents unaudited summary pro forma financial information for the years ended December, 31, 2018 and 2017 assuming the Hunt and Devon Acquisitions and the related entry into the Second Lien Facility occurred as of January 1, 2017. The pro forma financial information does not purport to represent what our actual results of operations would have been if the Hunt and Devon Acquisitions and the entry into the Second Lien Facility had occurred as of this date, or the results of operations for any future periods. We have excluded any pro forma presentations for the Successor and Predecessor periods in 2016 as the determination of such pro forma adjustments are not practical due primarily to our reorganization and the adoption of Fresh Start Accounting and the full cost method on the Emergence Date. In light of these circumstances, we also believe that such a pro forma presentation for 2016 would not be comparable and could potentially be misleading. Year Ended December 31, 2018 2017 Total revenues $ 446,077 $ 209,015 Net income attributable to common shareholders $ 227,930 $ 30,861 Net income per share - basic $ 15.14 $ 2.06 Net income per share - diluted $ 14.91 $ 2.05 Divestitures Mid-Continent Divestiture In June 2018, we entered into a purchase and sale agreement with a third party to sell all of our remaining Mid-Continent oil and gas properties, located primarily in Oklahoma in the Granite Wash, for $ 6.0 million in cash, subject to customary adjustments. The sale had an effective date of March 1, 2018 and closed on July 31, 2018, and we received proceeds of $ 6.2 million . The sale proceeds and de-recognition of certain assets and liabilities were recorded as a reduction of our net oil and gas properties. In November 2018, we paid $ 0.5 million , including $ 0.2 million of suspended revenues, to the buyer in connection with the final settlement. The Mid-Continent properties had asset retirement obligations (“AROs”) of $ 0.3 million as well as a net working capital deficit attributable to the oil and gas properties of $ 1.3 million as of July 31, 2018. The net pre-tax operating income attributable to the Mid-Continent assets was $ 1.6 million and $ 2.2 million for the years ended December 31, 2018 and December 31, 2017 , respectively. Sales of Undeveloped Acreage, Rights and Other Assets In February 2018, we sold our undeveloped acreage holdings in the Tuscaloosa Marine Shale in Louisiana that were scheduled to expire in 2019. In March 2018, we sold certain undeveloped deep leasehold rights in Oklahoma, and in May 2018, we sold certain pipeline assets in our former Marcellus Shale operating region. We received a combined total of $ 1.7 million for these leasehold and other assets which were applied as a reduction of our net oil and gas properties. |
Accounts Receivable and Major C
Accounts Receivable and Major Customers | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts Receivable and Major Customers | Accounts Receivable and Major Customers The following table summarizes our accounts receivable by type as of the dates presented: December 31, 2018 2017 Customers $ 59,030 $ 39,106 Joint interest partners 6,404 32,493 Other 640 584 66,074 72,183 Less: Allowance for doubtful accounts (36 ) (2,362 ) $ 66,038 $ 69,821 For the year ended December 31, 2018 , three customers accounted for $304.3 million , or approximately 69% of our consolidated product revenues. The revenues generated from these customers during 2018 were $173.0 million , $71.5 million and $59.8 million or 39% , 16% , and 14% of the consolidated total, respectively. As of December 31, 2018 , $28.6 million , or approximately 48% of our consolidated accounts receivable from customers was related to these customers. For the year ended December 31, 2017 , three customers accounted for $137.5 million , or approximately 86% of our consolidated product revenues. The revenues generated from these customers during 2017 were $94.1 million , $22.1 million and $21.3 million , or approximately 59% , 14% and 13% of the consolidated total, respectively. As of December 31, 2017 , $32.1 million , or approximately 82% of our consolidated accounts receivable from customers was related to these customers. No significant uncertainties exist related to the collectability of amounts owed to us by any of these customers. Revenue from Contracts with Customers Adoption of ASC Topic 606 Effective January 1, 2018, we adopted ASC Topic 606 and have applied the guidance therein to our contracts with customers for the sale of commodity products (crude oil, NGLs and natural gas) as well as marketing services that we provide to our joint venture partners and other third parties. ASC Topic 606 provides for a five-step revenue recognition process model to determine the transfer of goods or services to consumers in an amount that reflects the consideration to which we expect to be entitled in exchange for such goods and services. Upon the adoption of ASC Topic 606, we: (i) changed the presentation of our NGL product revenues from a gross basis to a net basis and changed the classification of certain natural gas processing costs associated with NGLs from a component of “Gathering, processing and transportation” (“GPT”) expense to a reduction of NGL product revenues as described in further detail below, (ii) wrote off $ 2.7 million of accounts receivable arising from natural gas imbalances accounted for under the entitlements method as a direct reduction to our beginning balance of retained earnings as of January 1, 2018, and (iii) adopted the sales method with respect to production imbalance transactions beginning after December 31, 2017. The following table illustrates the impact of the adoption of ASC Topic 606 on our Condensed Consolidated Statement of Operations for the year ended December 31, 2018: Year Ended December 31, 2018 As Determined Under As Reported Under Prior GAAP ASC Topic 606 Net Change Revenues Crude oil $ 402,485 $ 402,485 $ — Natural gas liquids $ 23,429 $ 21,073 $ (2,356 ) Natural gas $ 15,972 $ 15,972 $ — Marketing services (included in Other revenues, net) $ 523 $ 523 $ — Operating expenses Gathering, processing and transportation $ 20,982 $ 18,626 $ (2,356 ) Net income $ 224,785 $ 224,785 $ — Transaction Prices, Contract Balances and Performance Obligations Substantially all of our commodity product sales are short-term in nature with contract terms of one year or less. Accordingly, we have applied the practical expedient included in ASC Topic 606, which provides for an exemption from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Under our commodity product sales contracts, we bill our customers and recognize revenue when our performance obligations have been satisfied as described above. At that time, we have determined that payment is unconditional. Accordingly, our commodity sales contracts do not create contract assets or liabilities as those terms are defined in ASC Topic 606. We record revenue in the month that our oil and gas production is delivered to our customers. As a result of the numerous requirements necessary to gather information from purchasers or various measurement locations, calculate volumes produced, perform field and wellhead allocations and distribute and disburse funds to various working interest partners and royalty owners, the collection of revenues from oil and gas production may take up to 60 days following the month of production. Therefore, we make accruals for revenues and accounts receivable based on estimates of our share of production. We record any differences, which historically have not been significant, between the actual amounts ultimately received and the original estimates in the period they become finalized. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments We utilize derivative instruments to mitigate our financial exposure to commodity price volatility. Our derivative instruments are not formally designated as hedges in the context of U.S. GAAP. We typically utilize collars and swaps, which are placed with financial institutions that we believe are acceptable credit risks, to hedge against the variability in cash flows associated with anticipated sales of our future production. While the use of derivative instruments limits the risk of adverse price movements, such use may also limit future revenues from favorable price movements. The counterparty to a collar or swap contract is required to make a payment to us if the settlement price for any settlement period is below the floor or swap price for such contract. We are required to make a payment to the counterparty if the settlement price for any settlement period is above the ceiling or swap price for such contract. Neither party is required to make a payment to the other party if the settlement price for any settlement period is equal to or greater than the floor price and equal to or less than the ceiling price for such collar contract. We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for WTI crude oil and LLS crude oil closing prices as of the end of the reporting period. The discounted cash flows utilize discount rates adjusted for the credit risk of our counterparties if the derivative is in an asset position, and our own credit risk if the derivative is in a liability position. We terminated all of our pre-petition derivative contracts from March 2016 through May 2016 for $63.0 million and reduced our amounts outstanding under the RBL by $52.0 million . In connection with these transactions, the counterparties to the derivative contracts, which were also affiliates of lenders under the RBL, transferred the cash proceeds that were used for RBL repayments directly to the administrative agent under the RBL. Accordingly, all of these RBL repayments have been presented as non-cash financing activities in our Consolidated Statement of Cash Flows for the period January 1, 2016 through September 12, 2016. The following table sets forth our commodity derivative positions as of December 31, 2018 : Average Weighted Volume Per Average Fair Value Instrument Day Price Asset Liability Crude Oil: (barrels) ($/barrel) First quarter 2019 Swaps-WTI 6,446 $ 54.46 $ 4,959 $ — First quarter 2019 Swaps-LLS 5,000 $ 59.17 3,684 — Second quarter 2019 Swaps-WTI 6,421 $ 54.48 4,307 — Second quarter 2019 Swaps-LLS 5,000 $ 59.17 3,203 — Third quarter 2019 Swaps-WTI 6,397 $ 54.50 3,821 — Third quarter 2019 Swaps-LLS 5,000 $ 59.17 3,092 — Fourth quarter 2019 Swaps-WTI 6,398 $ 54.50 3,498 — Fourth quarter 2019 Swaps-LLS 5,000 $ 59.17 3,015 — First quarter 2020 Swaps-WTI 6,000 $ 54.09 2,807 — Second quarter 2020 Swaps-WTI 6,000 $ 54.09 2,609 — Third quarter 2020 Swaps-WTI 6,000 $ 54.09 2,450 — Fourth quarter 2020 Swaps-WTI 6,000 $ 54.09 2,234 — Settlements to be received in subsequent period, net 4,362 Financial Statement Impact of Derivatives The impact of our derivatives activities on income is included in the “Derivatives” caption on our Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, September 12, 2018 2017 2016 2016 Derivative gains (losses) $ 37,427 $ (17,819 ) $ (16,622 ) $ (8,333 ) The effects of derivative gains and (losses) and cash settlements (except for those cash settlements attributable to the aforementioned termination transactions) are reported as adjustments to reconcile net income (loss) to net cash provided by operating activities. These items are recorded in the “Derivative contracts” section of our Consolidated Statements of Cash Flows under the “Net losses (gains)” and “Cash settlements, net.” The following table summarizes the fair value of our derivative instruments, as well as the locations of these instruments, on our Consolidated Balance Sheets as of the dates presented: Fair Values December 31, 2018 December 31, 2017 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Commodity contracts Derivative assets/liabilities – current $ 34,932 $ 991 $ — $ 27,777 Commodity contracts Derivative assets/liabilities – noncurrent 10,100 — — 13,900 $ 45,032 $ 991 $ — $ 41,677 As of December 31, 2018 , we reported net commodity derivative assets of $44.0 million . The contracts associated with this position are with eight counterparties, all of which are investment grade financial institutions. This concentration may impact our overall credit risk, either positively or negatively, in that these counterparties may be similarly affected by changes in economic or other conditions. We have neither paid to, nor received from, our counterparties any cash collateral in connection with our derivative positions. Furthermore, our derivative contracts are not subject to margin calls or similar accelerations. No significant uncertainties exist related to the collectability of amounts that may be owed to us by these counterparties. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following table summarizes our property and equipment as of the dates presented: December 31, 2018 2017 Oil and gas properties: Proved $ 1,037,993 $ 460,029 Unproved 63,484 117,634 Total oil and gas properties 1,101,477 577,663 Other property and equipment 20,383 12,712 Total property and equipment 1,121,860 590,375 Accumulated depreciation, depletion and amortization (193,866 ) (61,316 ) $ 927,994 $ 529,059 Unproved property costs of $ 63.5 million and $ 117.6 million have been excluded from amortization as of December 31, 2018 and December 31, 2017 , respectively. We transferred $ 82.8 million and $40.4 million of undeveloped leasehold costs, including capitalized interest, associated with proved undeveloped reserves, acreage unlikely to be drilled or expiring acreage, from unproved properties to the full cost pool during the years ended December 31, 2018 and 2017 , respectively. We capitalized internal costs of $ 3.7 million and $2.4 million and interest of $ 9.1 million and $2.7 million during the year ended December 31, 2018 and 2017 , respectively, in accordance with our accounting policies. Average DD&A per barrel of oil equivalent of proved oil and gas properties was $ 16.11 and $12.87 for the years ended December 31, 2018 and 2017 , $ 11.21 for the Successor period from September 13, 2016 through December 31, 2016, and $10.04 for the Predecessor period from January 1, 2016 through September 12, 2016. The DD&A rate for the Predecessor period was determined under the successful efforts method while the Successor periods subsequent to September 12, 2016 were determined under the full cost method (see Note 2). |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The following table reconciles our AROs as of the dates presented, which are included in the “Other liabilities” caption on our Consolidated Balance Sheets: Year Ended December 31, 2018 2017 Balance at beginning of period $ 3,286 $ 2,459 Changes in estimates 354 149 Liabilities incurred 335 118 Liabilities settled (8 ) (139 ) Purchase of properties 385 494 Sale of properties (310 ) — Accretion expense 272 205 Balance at end of period $ 4,314 $ 3,286 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The following table summarizes our long-term debt as of the dates presented: December 31, 2018 December 31, 2017 Principal Unamortized Discount and Issuance Costs 1 Principal Unamortized Discount and Issuance Costs 1 Credit facility 2 $ 321,000 $ 77,000 Second lien term loans 200,000 $ 9,625 200,000 $ 11,733 Totals 521,000 9,625 277,000 11,733 Less: Unamortized discount (3,159 ) (3,839 ) Less: Unamortized deferred issuance costs (6,466 ) (7,894 ) Long-term debt, net $ 511,375 $ 265,267 _____________________________________________ 1 Discount and issuance costs of the Second Lien Facility are being amortized over the term of the underlying loan using the effective-interest method. 2 Issuance costs of the Credit Facility, which represent costs attributable to the access to credit over its contractual term, have been presented as a component of Other assets (see Note 13) and are being amortized over the term of the Credit Facility using the straight-line method. Credit Facility On the Emergence Date, we entered into the Credit Facility. The Credit Facility provides for a $450.0 million revolving commitment and borrowing base and a $5 million sublimit for the issuance of letters of credit. On October 26, 2018, we entered into the Master Assignment, Agreement and Amendment No. 5 to the Credit Facility (the “Fifth Amendment”) whereby the borrowing base was redetermined from $340.0 million to $450.0 million . In the years ended December 31, 2018 and December 31, 2017, we paid and capitalized issue costs of $0.9 million and $1.7 million , respectively in connection with amendments to the Credit Facility and wrote-off $0.8 million during 2017 of previously capitalized issue costs due to changes in the composition of financial institutions comprising the Credit Facility bank group associated with that amendment. The availability under the Credit Facility may not exceed the lesser of the aggregate commitments or the borrowing base. The borrowing base under the Credit Facility is generally redetermined semi-annually in April and October of each year. Additionally, the Credit Facility lenders may, at their discretion, initiate a redetermination at any time during the six-month period between scheduled redeterminations. The Credit Facility is available to us for general corporate purposes including working capital. The Credit Facility matures in September 2020. We had $0.4 million and $0.8 million in letters of credit outstanding as of December 31, 2018 and December 31, 2017 , respectively. The outstanding borrowings under the Credit Facility bear interest at a rate equal to, at our option, either (a) a customary reference rate plus an applicable margin ranging from 2.00% to 3.00% , determined based on the average availability under the Credit Facility or (b) a customary London interbank offered rate (“LIBOR”) plus an applicable margin ranging from 3.00% to 4.00% , determined based on the average availability under the Credit Facility. Interest on reference rate borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on LIBOR borrowings is payable every one , three or six months, at the election of the borrower, and is computed on the basis of a year of 360 days. As of December 31, 2018 , the actual interest rate on the outstanding borrowings under the Credit Facility was 5.96% . Unused commitment fees are charged at a rate of 0.50% . The Credit Facility is guaranteed by us and all of our subsidiaries (the “Guarantor Subsidiaries”). The guarantees under the Credit Facility are full and unconditional and joint and several. Substantially all of our consolidated assets are held by the Guarantor Subsidiaries. The parent company has no material independent assets or operations. There are no significant restrictions on the ability of the parent company or any of the Guarantor Subsidiaries to obtain funds through dividends, advances or loans. The obligations under the Credit Facility are secured by a first priority lien on substantially all of our assets. The Credit Facility requires us to maintain (1) a minimum interest coverage ratio (adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses as defined in the Credit Facility (“EBITDAX”) to adjusted interest expense), measured as of the last day of each fiscal quarter, of 3.00 to 1.00, (2) a minimum current ratio (as defined in the Credit Facility, which considers the unused portion of the total commitment as a current asset), measured as of the last day of each fiscal quarter of 1.00 to 1.00, and (3) a maximum leverage ratio (consolidated indebtedness to EBITDAX), measured as of the last day of each fiscal quarter, of 3.50 to 1.00. The Credit Facility also contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports and budgets, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens and indebtedness, merger, consolidation or sale of assets, payment of dividends, and transactions with affiliates and other customary covenants. As of December 31, 2018 , and through the date upon which the Consolidated Financial Statements were issued, we were in compliance with all of the covenants under the Credit Facility. Second Lien Facility On September 29, 2017, we entered into the $ 200 million Second Lien Facility. We received net proceeds of $ 187.8 million from the Second Lien Facility net of an original issue discount (“OID”) of $ 4.0 million and issue costs of $ 8.2 million . The proceeds from the Second Lien Facility were used to fund the Devon Acquisition and related fees and expenses. The maturity date under the Second Lien Facility is September 29, 2022. The outstanding borrowings under the Second Lien Facility bear interest at a rate equal to, at our option, either (a) a customary reference rate based on the prime rate plus an applicable margin of 6.00% or (b) a customary LIBOR rate plus an applicable margin of 7.00% . As of December 31, 2018 , the actual interest rate of outstanding borrowings under the Second Lien Facility was 9.53% . Amounts under the Second Lien Facility were borrowed at a price of 98% with an initial interest rate of 8.34% resulting in an effective interest rate of 9.89% . Interest on reference rate borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on eurocurrency borrowings is payable every one or three months (including in three month intervals if we select a six month interest period), at our election and is computed on the basis of a 360-day year. We have the right, to the extent permitted under the Credit Facility and an intercreditor agreement between the lenders under the Credit Facility and the lenders under the Second Lien Facility, to prepay loans under the Second Lien Facility at any time, subject to the following prepayment premiums (in addition to customary “breakage” costs with respect to eurocurrency loans): during year one, a customary “make-whole” premium; during year two, 102% of the amount being prepaid; during year three, 101% of the amount being prepaid; and thereafter, no premium. The Second Lien Facility also provides for the following prepayment premiums in the event of a change in control that results in an offer of prepayment that is accepted by the lenders under the Second Lien Facility: during years one and two, 102% of the amount being prepaid; during year three, 101% of the amount being prepaid; and thereafter, no premium. The Second Lien Facility is collateralized by substantially all of the Company’s and its subsidiaries’ assets with lien priority subordinated to the liens securing the Credit Facility. The obligations under the Second Lien Facility are guaranteed by us and the Subsidiary Guarantors. The Second Lien Facility has no financial covenants, but contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports and budgets, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens and indebtedness, merger, consolidation or sale of assets and transactions with affiliates and other customary covenants. As illustrated in the table above, the OID and issue costs of the Second Lien Facility are presented as reductions to the outstanding term loans. These costs are subject to amortization using the interest method over the five-year term of the Second Lien Facility. As of December 31, 2018 , and through the date upon which the Consolidated Financial Statements were issued, we were in compliance with all of the covenants under the Second Lien Facility. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table summarizes our provision for income taxes for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, September 12, 2018 2017 2016 2016 Current income taxes (benefit) Federal $ (2,471 ) $ — $ — $ — (2,471 ) — — — Deferred income taxes (benefit) Federal 2,471 (4,943 ) — — State 523 — — — 2,994 (4,943 ) — — $ 523 $ (4,943 ) $ — $ — The following table reconciles the difference between the income tax expense (benefit) computed by applying the statutory tax rate to our income (loss) before income taxes and our reported income tax benefit for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, September 12, 2018 2017 2016 2016 Computed at federal statutory rate $ 47,315 21.0 % $ 9,701 35.0 % $ (1,854 ) 35.0 % $ 369,111 35.0 % State income taxes, net of federal income tax benefit 1,743 0.8 % (1,383 ) (5.0 )% 197 (3.7 )% 1,989 0.2 % Change in valuation allowance (48,820 ) (21.7 )% (24,353 ) (87.8 )% 1,657 (31.3 )% (384,692 ) (36.5 )% Effect of rate change on the valuation allowance — — % (86,612 ) (312.5 )% — — % — — % Effect of rate change — — % 86,612 312.5 % — — % — — % Reorganization adjustments — — % 10,760 38.8 % — — % 13,572 1.3 % Other, net 285 0.1 % 332 1.2 % — — % 20 — % $ 523 0.2 % $ (4,943 ) (17.8 )% $ — — % $ — — % The following table summarizes the principal components of our deferred income tax assets and liabilities as of the dates presented: December 31, 2018 2017 Deferred tax assets: Net operating loss (“NOL”) carryforwards $ 163,437 $ 127,821 Property and equipment — 37,345 Pension and postretirement benefits 441 452 Share-based compensation 546 435 Fair value of derivative instruments — 8,752 Other 8,836 7,608 173,260 182,413 Less: Valuation allowance (128,650 ) (177,470 ) Total net deferred tax assets 44,610 4,943 Deferred tax liabilities: Property and equipment 33,413 — Fair value of derivative instruments 9,248 — Total deferred tax liabilities 42,661 — Net deferred tax assets $ 1,949 $ 4,943 Analysis of 2018 Tax Reform On December 22, 2017, the U.S. Congress enacted the budget reconciliation act commonly referred to as the Tax Cuts and Jobs Act (the “TCJA”). The TCJA makes broad and complex changes to the U.S. tax code, including but not limited to, (i) the requirement to pay a one-time transition tax on all undistributed earnings of foreign subsidiaries; (ii) reducing the U.S. federal corporate income tax rate from 35 % to 21 %; (iii) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (iv) creating a new limitation on deductible interest expense; (v) changing rules related to use and limitations of NOL carryforwards created in tax years beginning after December 31, 2017 and (vi) repeal of the corporate alternative minimum tax (“AMT”). In connection with our analysis of the impact of the TCJA, we recorded income tax charge of $86.6 million for the year ended December 31, 2017, which consists of a reduction of deferred tax assets previously valued at 35 %. We recorded a corresponding decrease in our deferred tax asset valuation allowance representing an income tax benefit for the same amount. The reduction in the statutory U.S. federal rate is expected to positively impact the Company’s future US after tax earnings. As a result of the repeal of the AMT, our existing AMT credit carryovers became refundable beginning with the 2018 tax year. The AMT credit carryforwards are used to offset current year regular tax liabilities with 50 percent of any excess remaining credit per year being refundable as part of the annual income tax filing. We anticipate a full refund of our approximately $ 5 million of the AMT credit carryforwards by 2021. Income Tax Provision The provision for the year ended December 31, 2018 includes a current federal benefit of $ 2.5 million attributable to the anticipated refund of AMT credits for the 2018 tax year. This amount has been recognized as a “current income tax receivable” on our Consolidated Balance Sheet as of December 31, 2018. This benefit is offset by a corresponding decrease in the deferred tax asset associated with the refundable AMT credit giving rise to a deferred federal expense. In addition, we have a recognized a deferred state tax expense of $ 0.5 million for an overall effective tax rate of 0.2% . The remaining AMT credit carryforwards of approximately $ 2.5 million will be reclassified from deferred tax assets, where they are classified as of December 31, 2018, to current income tax receivables upon the filing of federal returns in future years. In addition to the aforementioned offsetting items with respect to the reduction in income tax rates, our income tax provision for the year ended December 31, 2017 included federal income taxes of $9.7 million applied at the statutory rate of 35 % for 2017 and an adjustment of $10.8 million attributable to reductions in certain tax attributes of property and other adjustments of $0.3 million applied in connection with the filing of our 2016 income tax returns. These expenses were effectively offset by benefits attributable to the reduction in our deferred tax asset valuation allowance of $24.4 million and state income tax benefits of $1.4 million resulting in a net tax deferred benefit of $4.9 million . The entire federal tax benefit and the corresponding net deferred tax asset presented on our Consolidated Balance Sheet as of December 31, 2017 are exclusively attributable to the AMT credit carryforwards. Deferred Tax Assets and Liabilities As of December 31, 2018 , we had federal NOL carryforwards of approximately $557.2 million , a substantial portion of which, if not utilized, expire between 2032 and 2037 . NOLs incurred after January 1, 2018 can be carried forward indefinitely. State NOL carryforwards of approximately $437.9 million expire between 2024 and 2037 . Because of the change in ownership provisions of the Code, use of a portion of our federal and state NOL may be limited in future periods. As of December 31, 2018, we carried a valuation allowance against our federal and state deferred tax assets of $128.7 million . We considered both the positive and negative evidence in determining whether it was more likely than not that some portion or all of our deferred tax assets will be realized. The amount of deferred tax asset considered realizable could, however, be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as our projections for growth. Our net deferred tax assets recognized on the Consolidated Balance Sheets as of December 31, 2018 and 2017 are attributable to AMT credit carryforwards, and net of certain state deferred tax liabilities as of December 31, 2018. The valuation allowance related to all other net deferred tax assets remains in full. Other Income Tax Matters We had no liability for unrecognized tax benefits as of December 31, 2018 and 2017 . There were no interest and penalty charges recognized during the years ended December 31, 2018 , 2017 and 2016 . Tax years from 2013 forward remain open for examination by the Internal Revenue Service and various state jurisdictions, and certain taxes are not dischargeable in bankruptcy. |
Executive Retirement and Exit A
Executive Retirement and Exit Activities | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Executive Retirement and Exit Activities | Exit Activities Executive Retirement Effective February 28, 2018, Mr. Harry Quarls retired from his position as a director and Executive Chairman of the Company. In connection with his retirement, we entered into a separation and consulting agreement (“Separation Agreement”) whereby Mr. Quarls provided transition and support services to us through December 31, 2018. We paid Mr. Quarls $ 0.3 million for such services. The Separation Agreement included a general release of claims and provided for the accelerated vesting of certain share-based compensation awards for which we recognized expense of $ 0.6 million during the year ended December 31, 2018 (see Note 17). The costs associated with the Separation Agreement, including the share-based compensation charges, are included as a component of “G&A expenses” in our Consolidated Statements of Operations. Exit Activities During 2016, we committed to a number of actions, or exit activities. The most significant of those activities were attributable to an overall reduction in the scope and scale of our organization and required payments to satisfy obligations associated with the underlying commitments. The following summarizes the most significant exit activities. Reductions in Force In 2016, we reduced our total employee headcount by 53 employees. We paid a total of $ 2.1 million , including $ 1.4 million in severance and termination benefits and $ 0.7 million in retention bonuses during the year ended December 31, 2016 . The costs associated with these reduction-in-force and retention actions are included as a component of our “General and administrative” expenses in our Consolidated Statements of Operations. Drilling Rig Termination In connection with the suspension of our 2016 drilling program, we terminated a drilling rig contract and incurred $ 1.7 million in early termination charges. As this obligation represented a pre-petition liability of the Predecessor, it was discharged in connection with our emergence from bankruptcy and included in “Reorganization items, net” in our Consolidated Statements of Operations. Firm Transportation Obligation We had a contractual obligation with a carrying value of $ 10.8 million for certain firm transportation capacity in the Appalachian region that was scheduled to expire in 2022 and, as a result of the sale of our natural gas assets in this region in 2012, we no longer had production available to satisfy this commitment. We originally recognized a liability in 2012 representing this obligation for the estimated discounted future net cash outflows over the remaining term of the contract. The accretion of the obligation through the Petition Date, net of any recoveries from periodic sales of our contractual capacity, was charged as an offset to “Other revenue” in our Consolidated Statement of Operations. In connection with our emergence from bankruptcy, we rejected the underlying contract and the obligation was included in “Reorganization items, net” in our Consolidated Statements of Operations. |
Additional Balance Sheet Detail
Additional Balance Sheet Detail | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Balance Sheet Detail | Additional Balance Sheet Detail The following table summarizes components of selected balance sheet accounts as of the dates presented: December 31, 2018 2017 Other current assets: Tubular inventory and well materials $ 4,061 $ 5,146 Prepaid expenses 1,064 1,104 $ 5,125 $ 6,250 Other assets: Deferred issuance costs of the Credit Facility $ 2,437 $ 2,857 Deposit in escrow 1 — 3,210 Other 44 2,440 $ 2,481 $ 8,507 Accounts payable and accrued liabilities: Trade accounts payable $ 16,507 $ 22,579 Drilling costs 22,434 22,389 Royalties and revenue - related 51,212 39,287 Production, ad valorem and other taxes 2 2,418 1,275 Compensation - related 4,489 2,975 Interest 670 223 Reserve for bankruptcy claims — 3,933 Other 2 5,970 3,520 $ 103,700 $ 96,181 Other liabilities: Asset retirement obligations $ 4,314 $ 3,286 Defined benefit pension obligations 857 971 Postretirement health care benefit obligations 362 476 Other — 100 $ 5,533 $ 4,833 _____________________________________________ 1 The December 31, 2017 amount represents amounts that had remained in the Escrow Account for the Devon Acquisition which fully funded the remaining liability due to Devon for the final settlement (see Note 5). 2 The amount for December 31, 2017 was reclassified from Accounts payable and accrued liabilities - Other. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value Measurements We apply the authoritative accounting provisions for measuring fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. We use a hierarchy that prioritizes the inputs we use to measure fair value into three distinct categories based upon whether such inputs are observable in active markets or unobservable. We classify assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. Our methodology for categorizing assets and liabilities that are measured at fair value pursuant to this hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest level to unobservable inputs as outlined below. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 inputs generally provide the most reliable evidence of fair value. • Level 2: Quoted prices in markets that are not active or inputs, which are observable, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives and our Credit Facility and Second Lien Facility borrowings. Due to the short-term nature of their maturities, the carrying value of our cash and cash equivalents, accounts receivable and accounts payable approximate their fair value. Our derivatives are marked-to-market and presented at their values. The carrying value of our long-term debt, which includes the Credit Facility and the Second Lien Facility, approximated their fair values as they represent variable-rate debt and their interest rates are reflective of market rates. Recurring Fair Value Measurements Certain financial assets and liabilities are measured at fair value on a recurring basis on our Consolidated Balance Sheets. The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: December 31, 2018 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 34,932 $ — $ 34,932 $ — Commodity derivative assets – noncurrent 10,100 — 10,100 — Liabilities: Commodity derivative liabilities – current $ (991 ) $ — $ (991 ) $ — Commodity derivative liabilities – noncurrent — — — — December 31, 2017 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Liabilities: Commodity derivative liabilities – current $ (27,777 ) $ — $ (27,777 ) $ — Commodity derivative liabilities – noncurrent (13,900 ) — (13,900 ) — Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one level of the fair value hierarchy to another level. In such instances, the transfer is deemed to have occurred at the beginning of the quarterly period in which the event or change in circumstances that caused the transfer occurred. There were no transfers during any period in the years ended December 31, 2018 , 2017 and 2016 . We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: • Commodity derivatives : We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for WTI and LLS crude oil closing prices as of the end of the reporting periods. We generally use the income approach, using valuation techniques that convert future cash flows to a single discounted value. Each of these is a level 2 input. Non-Recurring Fair Value Measurements The most significant non-recurring fair value measurements utilized in the preparation of our Consolidated Financial Statements are those attributable to the recognition and measurement of the Successor’s net assets with respect to the application of Fresh Start Accounting. Those measurements are more fully described in Note 4. In addition, we utilize non-recurring fair value measurements with respect to the recognition and measurement of asset impairments, particularly during our Predecessor periods during which time we applied the successful efforts method to our oil and gas properties, as well as the initial determination of AROs associated with the ongoing development of new oil and gas properties. The factors used to determine fair value for purposes of recognizing and measuring asset impairments while we applied the successful efforts method to our oil and gas properties during our Predecessor periods included, but were not limited to, estimates of proved and risk-adjusted probable reserves, future commodity prices, indicative sales prices for properties, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and gas properties. Because these significant fair value inputs were typically not observable, we have categorized the amounts as level 3 inputs. Under the full cost method, which we have applied since the Emergence Date, we apply a ceiling test determination utilizing prescribed procedures as described in Note 3. The full cost method is substantially different from the successful efforts method which relies upon fair value measurements. The determination of the fair value of AROs is based upon regional market and facility specific information. The amount of an ARO and the costs capitalized represent the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor after discounting the future cost back to the date that the abandonment obligation was incurred using a rate commensurate with the risk, which approximates our cost of funds. Because these significant fair value inputs are typically not observable, we have categorized the initial estimates as level 3 inputs. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The following table sets forth our significant commitments as of December 31, 2018 , by category, for the next five years and thereafter: Year Minimum Rentals Drilling and Completion Gathering and Intermediate Transportation Other Commitments 2019 $ 532 $ 20,692 $ 11,702 $ 254 2020 657 — 12,962 121 2021 637 — 12,962 44 2022 638 — 12,962 — 2023 634 — 12,962 — Thereafter 159 — 50,750 — Total $ 3,257 $ 20,692 $ 114,300 $ 419 Rental Commitments Operating lease rental expense was $2.7 million , $1.0 million , $0.2 million and $2.4 million , for the years ended December 31, 2018 and 2017 , the Successor period from September 13, 2016 through December 31, 2016, and the Predecessor period from January 1, 2016 through September 12, 2016, related primarily to field equipment, office equipment and office leases. Drilling and Completion Commitments We had a contractual commitment for one drilling rig as of December 31, 2018. Upon expiration of its original term in February 2019, the drilling rig will be converted from a fixed-term commitment to a pad-to-pad basis. We also had two other drilling rigs contracted as of December 31, 2018 on pad-to-pad terms. In December 2018, we entered into a one-year commitment, which can be terminated with 60-days’ notice by either party, to utilize certain frac services, which is effective January 1, 2019. Gathering and Intermediate Transportation Commitments We have long-term agreements with Republic Midstream and Republic Midstream Marketing, LLC (“Republic Marketing” and, together with Republic Midstream, collectively, “Republic”) to provide gathering and intermediate pipeline transportation services for a substantial portion of our crude oil and condensate production in the South Texas region as well as volume capacity support for certain downstream interstate pipeline transportation. In August 2016, the Bankruptcy Court approved a settlement with Republic and authorized the assumption of certain amended agreements with Republic (the “Amended Agreements”). We paid Republic $ 0.3 million in connection with the settlement which is included in “Reorganization items, net” in our Consolidated Statements of Operations. Under the terms of the Amended Agreements, Republic is obligated to gather and transport our crude oil and condensate from within a dedicated area in the Eagle Ford (the “Dedication Area”) via a gathering system and intermediate takeaway pipeline connecting to a downstream interstate pipeline operated by a third party. The amended gathering agreement reduced our minimum volume commitment from 15,000 to 8,000 gross barrels of oil per day. The term of the amended gathering agreement runs through 2041, with the term of the minimum volume commitment extended from 10 to 15 years through 2031. The gathering portion of these minimum commitments are being recognized as a component of our gathering, processing and transportation expense while the intermediate transportation and pipeline support commitments are recognized as a reduction to the index-based price that we receive for crude oil sold to Republic in accordance with Amended Agreements. Under the amended marketing agreement, we have a 10 -year commitment to sell 8,000 barrels per day of crude oil (gross) to Republic, or any third party, utilizing Republic Marketing’s capacity on a certain downstream interstate pipeline. Other Commitments We have entered into certain contractual arrangements for other products and services. We have purchase commitments for certain materials as well as minimum commitments under information technology licensing and service agreements, among others. Legal We are involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, our management believes that these claims will not have a material effect on our financial position, results of operations or cash flows. As of December 31, 2018, we had a reserve in the amount of $ 1.3 million included in Accounts payable and accrued liabilities for the estimated settlement of disputes with partners regarding certain transactions that occurred in prior years. A total of $ 1.0 million of this amount was paid in January 2019. In addition, during 2018 we eliminated a $0.1 million reserve for a litigation matter that was ultimately resolved and did not require settlement. Environmental Compliance Extensive federal, state and local laws govern oil and gas operations, regulate the discharge of materials into the environment or otherwise relate to the protection of the environment. Numerous governmental departments issue rules and regulations to implement and enforce such laws that are often difficult and costly to comply with and which carry substantial administrative, civil and even criminal penalties for failure to comply. Some laws, rules and regulations relating to protection of the environment may, in certain circumstances, impose “strict liability” for environmental contamination, rendering a person liable for environmental and natural resource damages and cleanup costs without regard to negligence or fault on the part of such person. Other laws, rules and regulations may restrict the rate of oil and gas production below the rate that would otherwise exist or even prohibit exploration or production activities in sensitive areas. In addition, state laws often require some form of remedial action to prevent pollution from former operations, such as plugging of abandoned wells. As of December 31, 2018 , we have recorded AROs of $4.3 million attributable to these activities. The regulatory burden on the oil and gas industry increases its cost of doing business and consequently affects its profitability. These laws, rules and regulations affect our operations, as well as the oil and gas exploration and production industry in general. We believe that we are in substantial compliance with current applicable environmental laws, rules and regulations and that continued compliance with existing requirements will not have a material impact on our financial condition or results of operations. Nevertheless, changes in existing environmental laws or the adoption of new environmental laws, including any significant limitation on the use of hydraulic fracturing, have the potential to adversely affect our operations. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Preferred Stock As discussed in Note 4, all of our Predecessor preferred stock was canceled upon our emergence from bankruptcy on the Emergence Date. As of December 31, 2018 and December 31, 2017 , there were 5,000,000 Successor shares of preferred stock authorized with none issued or outstanding. Common Stock As discussed in Note 4, all our Predecessor common stock was canceled upon our emergence from bankruptcy on the Emergence Date and 14,992,018 shares of Successor Common Stock were issued with a par value of $ 0.01 per share. We have a total of 45,000,000 shares authorized. We do not anticipate that cash dividends or other distributions will be paid with respect to our common stock in the foreseeable future. In addition, our Credit Facility and Second Lien Facility have restrictive covenants that limit our ability to pay dividends. Accumulated Other Comprehensive Income Accumulated other comprehensive income and losses are entirely attributable to our pension and postretirement health care benefit obligations. The accumulated other comprehensive income, net of tax, was less than $0.1 million for all periods presented. Treasury Stock Shares of our Predecessor common stock held by the SERP and Predecessor deferred common stock units that had not been converted into Predecessor common stock were previously presented for financial reporting purposes as treasury stock carried at cost. As discussed above, all of the Predecessor common stock held by the SERP and Predecessor deferred common stock units were canceled upon our emergence from bankruptcy on the Emergence Date. |
Share-Based Compensation and Ot
Share-Based Compensation and Other Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation and Other Benefit Plans We recognize share-based compensation expense related to our share-based compensation plans as a component of “General and administrative” expense in our Consolidated Statements of Operations. We reserved 749,600 shares of Successor Common Stock for issuance under the Penn Virginia Corporation Management Incentive Plan for future share-based compensation awards. A total of 347,440 time-vested restricted stock units (“RSUs”) and 98,526 performance restricted stock units (“PRSUs”) have been granted as of December 31, 2018 . In the Predecessor period in 2016, we had outstanding equity-classified awards in the form of stock options, restricted stock units and deferred stock units. As discussed in Note 4, all Predecessor equity-classified share-based compensation awards were canceled in connection with our emergence from bankruptcy. With the exception of our Predecessor performance-based restricted stock units (“Predecessor PBRSUs”), all of our Successor and Predecessor share-based compensation awards are classified as equity instruments because they result in the issuance of common stock on the date of grant, upon exercise or are otherwise payable in common stock upon vesting, as applicable. The compensation cost attributable to these awards has been measured at the grant date and recognized over the applicable vesting periods as a non-cash item of expense. Because the Predecessor PBRSUs were payable in cash, they were considered liability-classified awards and were included in “Accounts payable and accrued liabilities” (current portion) and “Other liabilities” (noncurrent portion) on the Consolidated Balance Sheets of the Predecessor. Compensation cost associated with the Predecessor PBRSUs was measured at the end of each reporting period and recognized based on the period of time that had elapsed during each of the individual performance periods. The following table summarizes our share-based compensation expense (benefit) recognized for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, September 30, September 12, 2018 2017 2016 2016 Equity-classified awards $ 4,618 $ 3,809 $ 81 $ 1,511 Liability-classified awards — — (19 ) $ 4,618 $ 3,809 $ 81 $ 1,492 Stock Option s The exercise price of all stock options granted under our Predecessor incentive compensation plans was equal to the fair value of our common stock on the date of the grant. Options could be exercised at any time after vesting and prior to ten years following the date of grant. Options vested upon terms established by the compensation and benefits committee of our Predecessor board of directors. Generally, options vested over a three -year period, with one-third vesting in each year. In connection with our emergence from bankruptcy, all stock options outstanding as of September 12, 2016 were canceled. Time-Vested Restricted Stock Units A restricted stock unit entitles the grantee to receive a share of common stock upon the vesting of the restricted stock unit. The grant date fair value of our time-vested restricted stock unit awards are recognized on a straight-line basis over the applicable vesting period. The following table summarizes activity for our most recent fiscal year with respect to awarded RSUs: Restricted Stock Units Weighted-Average Grant Date Fair Value Balance at beginning of year 259,990 $ 41.32 Granted 42,459 $ 65.96 Vested (79,828 ) $ 38.90 Forfeited (14,581 ) $ 43.64 Balance at end of year 208,040 $ 47.35 As of December 31, 2018 , we had $7.8 million of unrecognized compensation cost attributable to RSUs. We expect that cost to be recognized over a weighted-average period of 1.5 years . The total grant-date fair values of RSUs that vested in 2018 and 2017 was $3.3 million and $0.8 million , respectively. No RSUs vested during 2016. In connection with our emergence from bankruptcy, all Predecessor RSUs outstanding as of September 12, 2016 were canceled. Predecessor Performance-Based Restricted Stock Units In each of the years ended December 31, 2015, 2014 and 2013, we granted Predecessor PBRSUs to certain executive officers. Vested Predecessor PBRSUs were payable solely in cash on the third anniversary of the date of grant based upon the achievement of specified market-based performance metrics with respect to each of a one -year, two -year and three -year performance period, in each case commencing on the date of grant. The number of Predecessor PBRSUs vested ranged from 0% to 200% of the initial grant. The Predecessor PBRSUs did not have voting rights and did not participate in dividends. In connection with our emergence of bankruptcy, all Predecessor PBRSUs outstanding as of September 12, 2016 were canceled. Successor Performance Restricted Stock Units In the year ended December 31, 2017, we granted 98,526 PRSUs to members of our management. There were no PRSUs granted for the year ended December 31, 2018. The PRSUs were issued collectively in two to three separate tranches with individual three-year performance periods beginning in January 2017, 2018 and 2019, respectively. Vesting of the PRSUs can range from zero to 200% of the original grant based on the performance of our common stock relative to an industry index. Due to their market condition, the PRSUs are being charged to expense using graded vesting over a maximum of five years. The fair value of each PRSU award was estimated on their grant dates using a Monte Carlo simulation with a range of $47.70 to $65.28 per PRSU. The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2017 are presented as follows: Expected volatility 59.63% to 62.18% Dividend yield 0.0% to 0.0% Risk-free interest rate 1.44% to 1.51% The following table summarizes activity for our most recent fiscal year with respect to PRSUs: Performance Restricted Stock Units Weighted-Average Fair Value Balance at beginning of year 98,526 $ 57.81 Granted — $ — Vested (1,968 ) $ 49.56 Forfeited (7,487 ) $ 49.56 Balance at end of year 89,071 $ 58.69 Defined Contribution Plan We maintain the Penn Virginia Corporation and Affiliated Companies Employees 401(k) Plan (the “401(k) Plan”), a defined contribution plan, which covers substantially all of our employees. We provide matching contributions on our employees’ elective deferral contributions up to six percent of compensation up to the maximum statutory limits. The 401(k) Plan also provides for discretionary employer contributions. The expense recognized with respect to the 401(k) Plan was $0.6 million , $0.5 million , $0.1 million and $0.5 million for the years ended December 31, 2018 and 2017 , the Successor period from September 13, 2016 through December 31, 2016, and the Predecessor period from January 1, 2016 through September 12, 2016, respectively, and is included as a component of “General and administrative expenses” in our Statements of Operations. Amounts representing accrued obligations to the 401(k) Plan of $0.3 million and $0.2 million are included in the “Accounts payable and accrued expenses” caption on our Consolidated Balance Sheets as of December 31, 2018 and 2017 , respectively. Defined Benefit Pension and Postretirement Health Care Plans We maintain unqualified legacy defined benefit pension and defined benefit postretirement health care plans which cover a limited population of former employees that retired prior to January 1, 2000. The combined expense recognized with respect to these plans was less than $0.1 million , $0.1 million , less than $0.1 million and less than $0.1 million for the years ended December 31, 2018 and 2017 , the Successor period from September 13, 2016 through December 31, 2016 and the Predecessor period from January 1, 2016 through September 12, 2016, respectively, and is included as a component of “General and administrative expenses” in our Statements of Operations. The combined unfunded benefit obligations under these plans were $1.4 million and are included within the “Accounts payable and accrued expenses” (current portion) and “Other liabilities” (noncurrent) captions on our Consolidated Balance Sheets as of December 31, 2018 and 2017 . |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Interest Expense | Interest Expense The following table summarizes the components of interest expense for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, December 31, 2018 2017 2016 2016 Interest on borrowings and related fees 1 $ 32,164 $ 6,995 $ 678 $ 36,012 Accretion of original issue discount 2 680 161 — — Amortization of debt issuance costs 3 2,736 1,961 226 22,189 Capitalized interest (9,118 ) (2,725 ) (25 ) (183 ) $ 26,462 $ 6,392 $ 879 $ 58,018 _____________________________________________ 1 Absent the bankruptcy proceedings and the corresponding suspension of the accrual of interest on unsecured debt, we would have recorded total contractual interest expense of $ 66.1 million for the Predecessor period from January 1, 2016 through September 12, 2016, including $ 15.3 million attributable to the 2019 Senior Notes and $ 46.3 million attributable to the 2020 Senior Notes. 2 Includes accretion of original issue discount attributable to the Second Lien Facility (see Note 10). 3 The year ended December 31, 2017 includes a total of $0.8 million of write-offs attributable to changes in the composition of financial institutions comprising the Credit Facility’s bank group in connection with amendments to the Credit Facility (see Note 10). The Predecessor period from January 1, 2016 through September 12, 2016 includes $ 20.5 million related to the accelerated write-off of unamortized debt issuance costs associated with the RBL and Senior Notes (see Note 10). |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share utilizing the two-class method for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, September 12, 2018 2017 2016 2016 Net income (loss) $ 224,785 $ 32,662 $ (5,296 ) $ 1,054,602 Less: Preferred stock dividends — — — (5,972 ) Net income (loss) attributable to common shareholders – basic and diluted $ 224,785 $ 32,662 $ (5,296 ) $ 1,048,630 Weighted-average shares – basic 15,059 14,996 14,992 88,013 Effect of dilutive securities 1 233 67 — 36,074 Weighted-average shares – diluted 15,292 15,063 14,992 124,087 _____________________________________________ 1 For the period from September 13, 2016 through December 31, 2016, less than 0.1 million potentially dilutive securities, represented by RSUs, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per common share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Policies [Line Items] | |
Principles of Consolidation | Principles of Consolidation Our Consolidated Financial Statements include the accounts of Penn Virginia and all of its subsidiaries. Intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates Preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in our Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include certain asset and liability valuations as further described in these Notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Derivative Instruments | Derivative Instruments From time to time, we utilize derivative instruments to mitigate our financial exposure to commodity price and interest rate volatility. The derivative instruments, which are placed with financial institutions that we believe are of acceptable credit risk, generally take the form of collars and swaps. All derivative transactions are subject to our risk management policy, which has been reviewed and approved by our board of directors. All derivative instruments are recognized in our Consolidated Financial Statements at fair value. The fair values of our derivative instruments are determined based on discounted cash flows derived from quoted forward prices. Our derivative instruments are not formally designated as hedges. We recognize changes in fair value in earnings currently as a component of the Derivatives caption in our Consolidated Statements of Operations. We have experienced and could continue to experience significant changes in the amount of derivative gains or losses recognized due to fluctuations in the value of these commodity derivative contracts, which fluctuate with changes in commodity prices and interest rates. |
Oil and Gas Properties | Oil and Gas Properties We apply the full cost method of accounting for our oil and gas properties which we adopted effective with our adoption of Fresh Start Accounting. Under this method, all productive and nonproductive costs incurred in the exploration, development and acquisition of oil and gas reserves are capitalized. Such costs may be incurred both prior to and after the acquisition of a property and include lease acquisitions, geological and geophysical, or seismic, drilling, completion and equipment costs. Internal costs incurred that are directly attributable to exploration, development and acquisition activities undertaken by us for our own account, and which are not attributable to production, general corporate overhead or similar activities are also capitalized. Future development costs are estimated on a property-by-property basis based on current economic conditions and are amortized as a component of depreciation, depletion and amortization (“DD&A”). Unproved properties not being amortized include unevaluated leasehold costs and associated capitalized interest. These costs are reviewed quarterly to determine whether or not and to what extent proved reserves have been assigned to a property or if an impairment has occurred due to lease expirations, general economic conditions and other factors, in which case the related costs along with associated capitalized interest are reclassified to the proved oil and gas properties subject to DD&A. At the end of each quarterly reporting period, the unamortized cost of our oil and gas properties, net of deferred income taxes, is limited to the sum of the estimated discounted future net revenues from proved properties adjusted for costs excluded from amortization and related income taxes (a “Ceiling Test”). The estimated discounted future net revenues are determined using the prior 12-month’s average price based on closing prices on the first day of each month, adjusted for differentials, discounted at 10%. The calculation of the Ceiling Test and provision for DD&A are based on estimates of proved reserves. There are significant uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production, timing and plan of development. For the periods prior to the Emergence Date, we applied the successful efforts method of accounting for our oil and gas properties. Under this method, costs of acquiring properties, costs of drilling successful exploration wells and development costs were capitalized. Seismic costs, delay rentals and costs to drill exploratory wells that did not find proved reserves were expensed as oil and gas exploration. We carried the costs of exploratory wells as assets if the wells had found a sufficient quantity of reserves to justify its completion as a producing well and as long as we were making sufficient progress assessing the reserves and the economic and operating viability of the project. For certain projects, it may have taken us more than one year to evaluate the future potential of the exploratory well and make determinations of their economic viability. Our ability to move forward on projects was dependent on gaining access to transportation or processing facilities or obtaining permits and government or partner approval, the timing of which was beyond our control. In such cases, exploratory well costs remained suspended as long as we were actively pursuing access to the necessary facilities or receiving such permits and approvals and believed that they would be obtained. We assessed the status of suspended exploratory well costs on a quarterly basis. Depreciation, Depletion and Amortization DD&A of our oil and gas properties is computed using the units-of-production method. We apply this method by multiplying the unamortized cost of our proved oil and gas properties, net of estimated salvage plus future development costs, by a rate determined by dividing the physical units of oil and gas produced during the period by the total estimated units of proved oil and gas reserves at the beginning of the period. DD&A of our proved properties while we applied the successful efforts method during the Predecessor periods was computed using the units-of-production method. Historically, we adjusted our depletion rate throughout the year as new data became available. |
Other Property and Equipment | Other Property and Equipment Other property and equipment consists primarily of gathering systems and related support equipment. Property and equipment are carried at cost and include expenditures for additions and improvements which increase the productive lives of existing assets. Maintenance and repair costs are charged to expense as incurred. Renewals and betterments, which extend the useful life of the properties, are capitalized. We compute depreciation and amortization of property and equipment using the straight-line balance method over the estimated useful life of each asset as follows: Gathering systems – fifteen to twenty years and Other property and equipment – three to twenty years. |
Impairment of Long-Lived and Other Assets | Impairment of Long-Lived Assets While we applied the successful efforts method of accounting for our oil and gas properties during the Predecessor periods, we reviewed our assets for impairment when events or circumstances indicated a possible decline in the recoverability of the carrying value of the properties. If the carrying value of the asset was determined to be impaired, we reduced the asset to its fair value. Fair value may have been estimated using comparable market data, a discounted cash flow method, or a combination of the two. In the discounted cash flow method, estimated future cash flows were based on management’s expectations for the future and included estimates of future production, commodity prices based on published forward commodity price curves as of the date of the estimate, operating and development costs, intent to develop properties and a risk-adjusted discount rate. We reviewed oil and gas properties for impairment periodically when events and circumstances indicated a decline in the recoverability of the carrying value of such properties, such as a downward revision of the reserve estimates or lower commodity prices. We estimated the future cash flows expected in connection with the properties and compared such future cash flows to the carrying amounts of the properties to determine if the carrying amounts were recoverable. Performing the impairment evaluations required use of judgments and estimates since the results were dependent on future events. Such events included estimates of proved and unproved reserves, future commodity prices, the timing of future production, capital expenditures and intent to develop properties, among others. The costs of unproved leaseholds, including associated interest costs for the period activities were in progress to bring projects to their intended use, were capitalized pending the results of exploration efforts. Unproved properties whose acquisition costs were insignificant to total oil and gas properties were amortized in the aggregate over the lesser of five years or the average remaining lease term and the amortization was charged to exploration expense. We assessed unproved properties whose acquisition costs were relatively significant, if any, for impairment on a stand-alone basis. As exploration work progressed and the reserves on properties were proved, capitalized costs of these properties became subject to depreciation and depletion. If the exploration work was unsuccessful, the capitalized costs of the properties related to the unsuccessful work was charged to exploration expense. The timing of any write-downs of any significant unproved properties depended upon the nature, timing and extent of future exploration and development activities and their results. |
Asset Retirement Obligations | Asset Retirement Obligations We recognize the fair value of a liability for an asset retirement obligation (“ARO”) in the period in which it is incurred. Associated asset retirement costs are capitalized as part of the carrying cost of the asset. Our AROs relate to the plugging and abandonment of oil and gas wells and the associated asset is recorded as a component of oil and gas properties. After recording these amounts, the ARO is accreted to its future estimated value, and the additional capitalized costs are depreciated over the productive life of the assets. Both the accretion of the ARO and the depreciation of the related long-lived assets are included in the DD&A expense caption in our Consolidated Statements of Operations. |
Income Taxes | Income Taxes We recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Using this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates. In assessing our deferred tax assets, we consider whether a valuation allowance should be recorded for some or all of the deferred tax assets which may not be realized. The ultimate realization of deferred tax assets is assessed at each reporting period and is dependent upon the generation of future taxable income and our ability to utilize tax credits and operating loss carryforwards during the periods in which the temporary differences become deductible. We also consider the scheduled reversal of deferred tax liabilities and available tax planning strategies. We recognize interest attributable to income taxes, to the extent they arise, as a component of interest expense and penalties as a component of income tax expense. We are subject to ongoing tax examinations in numerous domestic jurisdictions. Accordingly, we may record incremental tax expense based upon the more-likely-than-not outcomes of uncertain tax positions. In addition, when applicable, we adjust the previously recorded tax expense to reflect examination results when the position is effectively settled. Our ongoing assessments of the more-likely-than-not outcomes of the examinations and related tax positions require judgment and can increase or decrease our effective tax rate, as well as impact our operating results. The specific timing of when the resolution of each tax position will be reached is uncertain. |
Revenue Recognition | Revenue Recognition and Associated Costs |
Share-Based Compensation | Share-Based Compensation Our stock compensation plans permit the grant of incentive and nonqualified stock options, common stock, deferred common stock units, restricted stock and restricted stock units to our employees and directors. We measure the cost of employee services received in exchange for an award of equity-classified instruments based on the grant-date fair value of the award. Compensation cost associated with the liability-classified awards is measured at the end of each reporting period and recognized based on the period of time that has elapsed during the applicable performance period. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | We apply the authoritative accounting provisions for measuring fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. We use a hierarchy that prioritizes the inputs we use to measure fair value into three distinct categories based upon whether such inputs are observable in active markets or unobservable. We classify assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. Our methodology for categorizing assets and liabilities that are measured at fair value pursuant to this hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest level to unobservable inputs as outlined below. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 inputs generally provide the most reliable evidence of fair value. • Level 2: Quoted prices in markets that are not active or inputs, which are observable, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Fair Value, Measurements, Recurring | |
Schedule of Policies [Line Items] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: • Commodity derivatives : We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for WTI and LLS crude oil closing prices as of the end of the reporting periods. We generally use the income approach, using valuation techniques that convert future cash flows to a single discounted value. Each of these is a level 2 input. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value of Financial Instruments, Policy (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | We apply the authoritative accounting provisions for measuring fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. We use a hierarchy that prioritizes the inputs we use to measure fair value into three distinct categories based upon whether such inputs are observable in active markets or unobservable. We classify assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement. Our methodology for categorizing assets and liabilities that are measured at fair value pursuant to this hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest level to unobservable inputs as outlined below. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 1 inputs generally provide the most reliable evidence of fair value. • Level 2: Quoted prices in markets that are not active or inputs, which are observable, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Fair Value, Measurements, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: • Commodity derivatives : We determine the fair values of our commodity derivative instruments based on discounted cash flows derived from third-party quoted forward prices for WTI and LLS crude oil closing prices as of the end of the reporting periods. We generally use the income approach, using valuation techniques that convert future cash flows to a single discounted value. Each of these is a level 2 input. |
Bankruptcy Proceedings, Emerg_2
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Bankruptcy, Emergence and Fresh Start (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Reorganizations [Abstract] | |
Schedule of Fresh-Start Adjustments [Table Text Block] | The following table reflects the reorganization and application of Fresh Start Accounting adjustments on our Consolidated Balance Sheet as of September 12, 2016: Reorganization Fresh Start Predecessor Adjustments Adjustments Successor Assets Current assets Cash and cash equivalents $ 48,718 $ (17,304 ) (1 ) $ — $ 31,414 Accounts receivable, net of allowance for doubtful accounts 35,606 4,292 (2 ) — 39,898 Derivative assets 397 — — 397 Other current assets 3,966 (832 ) (3 ) — 3,134 Total current assets 88,687 (13,844 ) — 74,843 Property and equipment, net 309,261 — (55,751 ) (12 ) 253,510 Other assets 6,902 (1,281 ) (4 ) — 5,621 Total assets $ 404,850 $ (15,125 ) $ (55,751 ) $ 333,974 Liabilities and Shareholders’ Equity (Deficit) Current liabilities Accounts payable and accrued liabilities $ 77,151 $ (21,166 ) (5 ) $ (3,455 ) (13 ) $ 52,530 Derivative liabilities 1,641 — — 1,641 Current maturities of long-term debt 113,653 (113,653 ) (6 ) — — Total current liabilities 192,445 (134,819 ) (3,455 ) 54,171 Other liabilities 84,953 100 (5 ) (80,615 ) (14 ) 4,438 Derivative liabilities 9,120 — — 9,120 Long-term debt — 75,350 (7 ) — 75,350 Liabilities subject to compromise 1,154,163 (1,154,163 ) (8 ) — — Shareholders’ equity (deficit) Preferred stock (Predecessor) 1,880 (1,880 ) (9 ) — — Common stock (Predecessor) 697 (697 ) (9 ) — — Paid-in capital (Predecessor) 1,213,797 (1,213,797 ) (9 ) — — Deferred compensation obligation (Predecessor) 3,440 (3,440 ) (9 ) — — Accumulated other comprehensive income (Predecessor) 383 (383 ) (9 ) — — Treasury stock (Predecessor) (3,574 ) 3,574 (9 ) — — Common stock (Successor) — 150 (10 ) — 150 Paid-in capital (Successor) — 190,745 (10 ) — 190,745 Accumulated deficit (2,252,454 ) 2,224,135 (11 ) 28,319 (15 ) — Total shareholders’ equity (deficit) (1,035,831 ) 1,198,407 28,319 190,895 Total liabilities and shareholders’ equity (deficit) $ 404,850 $ (15,125 ) $ (55,751 ) $ 333,974 |
Reconcile Enterprise Value to FV of Successor CS [Table Text Block] | The following table reconciles the enterprise value, net of cash and cash equivalents, to the estimated fair value of our Successor Common Stock as of the Emergence Date: Enterprise value $ 234,831 Plus: Cash and cash equivalents 31,414 Less: Fair value of debt (75,350 ) Fair value of Successor Common Stock $ 190,895 Shares outstanding as of September 12, 2016 14,992,018 Per share value $ 12.73 |
Schedule of Cumulative impact of Reorganization Adjustments [Table Text Block] | Represents the cumulative impact of the reorganization adjustments described above: Gain on settlement of liabilities subject to compromise $ 1,150,248 Fair value of equity allocated to: Unsecured creditors on the Emergence Date 174,477 Unsecured creditors pending resolution on the Emergence Date 10,396 Backstop Parties in the form of a Commitment Premium 6,022 190,895 Cancellation of Predecessor shareholders’ deficit 882,992 Net impact to Predecessor accumulated deficit $ 2,224,135 |
Reconciliation of Enterprise Value to Reorganization Value [Table Text Block] | The following table reconciles the enterprise value to the reorganization value of our Successor assets as of the Emergence Date: Enterprise value $ 234,831 Plus: Cash and cash equivalents 31,414 Plus: Current liabilities 54,171 Plus: Noncurrent liabilities excluding long-term debt 13,558 Reorganization value $ 333,974 |
Schedule of Net Cash Payments [Table Text Block] | Represents the net cash payments that occurred on the Emergence Date: Sources: Proceeds from the Credit Facility $ 75,350 Proceeds from the Rights Offering, net of issuance costs 49,943 Total sources $ 125,293 Uses: Repayment of RBL $ 113,653 Accrued interest payable on RBL 1,374 DIP Facility fees 12 Debt issue costs of the Credit Facility 3,011 Funding of professional fee escrow account 14,575 RBL lender professional fees and expenses 455 Ad Hoc Committee and indenture trustee professional fees and expenses 6,782 Payment of certain allowed claims and settlements 2,735 Total uses 142,597 $ (17,304 ) |
Schedule of Reorganization Items [Table Text Block] | The following table summarizes the components included in “Reorganization items, net” in our Consolidated Statements of Operations for the period presented: Year Ended January 1 Through December 31, September 12, 2018 2016 Gains on the settlement of liabilities subject to compromise $ — $ 1,150,248 Fresh start accounting adjustments — 28,319 Legal and professional fees and expenses 200 (29,976 ) Settlements attributable to contract amendments — (2,550 ) DIP Facility costs and commitment fees — (170 ) Write-off of prepaid directors and officers insurance — (832 ) Other reorganization items 3,122 (46 ) $ 3,322 $ 1,144,993 |
Schedule of Liabilities Subject to Compromise Settled [Table Text Block] | Liabilities subject to compromise were settled as follows in accordance with the Plan: Liabilities subject to compromise prior to the Emergence Date: Senior Notes $ 1,075,000 Interest on Senior Notes 47,213 Firm transportation obligation 11,077 Compensation – related 9,733 Deferred compensation 4,676 Trade accounts payable 1,487 Litigation claims 1,092 Other accrued liabilities 3,885 $ 1,154,163 Amounts settled in cash, reinstated or otherwise reserved at emergence (3,915 ) Gain on settlement of liabilities subject to compromise $ 1,150,248 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions and Divestitures [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | We accounted for the Hunt Acquisition by applying the acquisition method of accounting as of March 1, 2018. The following table represents the final fair values assigned to the net assets acquired and the total acquisition cost incurred, including consideration transferred to Hunt: Assets Oil and gas properties - proved $ 82,443 Oil and gas properties - unproved 16,339 Liabilities Revenue suspense 1,448 Asset retirement obligations 356 Net assets acquired $ 96,978 Cash consideration paid to Hunt, net $ 82,955 Application of working capital adjustments 245 Accumulated costs, net of suspended revenues, for wells in which Hunt had rights to participate 13,778 Total acquisition costs incurred $ 96,978 We accounted for the Devon Acquisition by applying the acquisition method of accounting as of the Date of Acquisition. The following table represents the final fair values assigned to the net assets acquired and the total consideration transferred: Assets Oil and gas properties - proved $ 42,866 Oil and gas properties - unproved 146,686 Other property and equipment 8,642 Liabilities Revenue suspense 355 Asset retirement obligations 494 Net assets acquired $ 197,345 Cash consideration paid to Devon and tag-along parties, net $ 190,277 Amount transferred to Devon from the Escrow Account 9,519 Application of working capital adjustments, net (2,451 ) Total consideration $ 197,345 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table presents unaudited summary pro forma financial information for the years ended December, 31, 2018 and 2017 assuming the Hunt and Devon Acquisitions and the related entry into the Second Lien Facility occurred as of January 1, 2017. The pro forma financial information does not purport to represent what our actual results of operations would have been if the Hunt and Devon Acquisitions and the entry into the Second Lien Facility had occurred as of this date, or the results of operations for any future periods. We have excluded any pro forma presentations for the Successor and Predecessor periods in 2016 as the determination of such pro forma adjustments are not practical due primarily to our reorganization and the adoption of Fresh Start Accounting and the full cost method on the Emergence Date. In light of these circumstances, we also believe that such a pro forma presentation for 2016 would not be comparable and could potentially be misleading. Year Ended December 31, 2018 2017 Total revenues $ 446,077 $ 209,015 Net income attributable to common shareholders $ 227,930 $ 30,861 Net income per share - basic $ 15.14 $ 2.06 Net income per share - diluted $ 14.91 $ 2.05 |
Accounts Receivable and Major_2
Accounts Receivable and Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | The following table summarizes our accounts receivable by type as of the dates presented: December 31, 2018 2017 Customers $ 59,030 $ 39,106 Joint interest partners 6,404 32,493 Other 640 584 66,074 72,183 Less: Allowance for doubtful accounts (36 ) (2,362 ) $ 66,038 $ 69,821 |
Revenue from External Customers by Products and Services [Table Text Block] | The following table illustrates the impact of the adoption of ASC Topic 606 on our Condensed Consolidated Statement of Operations for the year ended December 31, 2018: Year Ended December 31, 2018 As Determined Under As Reported Under Prior GAAP ASC Topic 606 Net Change Revenues Crude oil $ 402,485 $ 402,485 $ — Natural gas liquids $ 23,429 $ 21,073 $ (2,356 ) Natural gas $ 15,972 $ 15,972 $ — Marketing services (included in Other revenues, net) $ 523 $ 523 $ — Operating expenses Gathering, processing and transportation $ 20,982 $ 18,626 $ (2,356 ) Net income $ 224,785 $ 224,785 $ — |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Commodity Derivative Positions | The following table sets forth our commodity derivative positions as of December 31, 2018 : Average Weighted Volume Per Average Fair Value Instrument Day Price Asset Liability Crude Oil: (barrels) ($/barrel) First quarter 2019 Swaps-WTI 6,446 $ 54.46 $ 4,959 $ — First quarter 2019 Swaps-LLS 5,000 $ 59.17 3,684 — Second quarter 2019 Swaps-WTI 6,421 $ 54.48 4,307 — Second quarter 2019 Swaps-LLS 5,000 $ 59.17 3,203 — Third quarter 2019 Swaps-WTI 6,397 $ 54.50 3,821 — Third quarter 2019 Swaps-LLS 5,000 $ 59.17 3,092 — Fourth quarter 2019 Swaps-WTI 6,398 $ 54.50 3,498 — Fourth quarter 2019 Swaps-LLS 5,000 $ 59.17 3,015 — First quarter 2020 Swaps-WTI 6,000 $ 54.09 2,807 — Second quarter 2020 Swaps-WTI 6,000 $ 54.09 2,609 — Third quarter 2020 Swaps-WTI 6,000 $ 54.09 2,450 — Fourth quarter 2020 Swaps-WTI 6,000 $ 54.09 2,234 — Settlements to be received in subsequent period, net 4,362 |
Impact of Derivative Activities on Condensed Consolidated Statements of Income | The impact of our derivatives activities on income is included in the “Derivatives” caption on our Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, September 12, 2018 2017 2016 2016 Derivative gains (losses) $ 37,427 $ (17,819 ) $ (16,622 ) $ (8,333 ) |
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets | The following table summarizes the fair value of our derivative instruments, as well as the locations of these instruments, on our Consolidated Balance Sheets as of the dates presented: Fair Values December 31, 2018 December 31, 2017 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Commodity contracts Derivative assets/liabilities – current $ 34,932 $ 991 $ — $ 27,777 Commodity contracts Derivative assets/liabilities – noncurrent 10,100 — — 13,900 $ 45,032 $ 991 $ — $ 41,677 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | The following table summarizes our property and equipment as of the dates presented: December 31, 2018 2017 Oil and gas properties: Proved $ 1,037,993 $ 460,029 Unproved 63,484 117,634 Total oil and gas properties 1,101,477 577,663 Other property and equipment 20,383 12,712 Total property and equipment 1,121,860 590,375 Accumulated depreciation, depletion and amortization (193,866 ) (61,316 ) $ 927,994 $ 529,059 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Reconciliation of Asset Retirement Obligations which are Included in Other Liabilities | The following table reconciles our AROs as of the dates presented, which are included in the “Other liabilities” caption on our Consolidated Balance Sheets: Year Ended December 31, 2018 2017 Balance at beginning of period $ 3,286 $ 2,459 Changes in estimates 354 149 Liabilities incurred 335 118 Liabilities settled (8 ) (139 ) Purchase of properties 385 494 Sale of properties (310 ) — Accretion expense 272 205 Balance at end of period $ 4,314 $ 3,286 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Interest Expense | Interest Expense The following table summarizes the components of interest expense for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, December 31, 2018 2017 2016 2016 Interest on borrowings and related fees 1 $ 32,164 $ 6,995 $ 678 $ 36,012 Accretion of original issue discount 2 680 161 — — Amortization of debt issuance costs 3 2,736 1,961 226 22,189 Capitalized interest (9,118 ) (2,725 ) (25 ) (183 ) $ 26,462 $ 6,392 $ 879 $ 58,018 _____________________________________________ 1 Absent the bankruptcy proceedings and the corresponding suspension of the accrual of interest on unsecured debt, we would have recorded total contractual interest expense of $ 66.1 million for the Predecessor period from January 1, 2016 through September 12, 2016, including $ 15.3 million attributable to the 2019 Senior Notes and $ 46.3 million attributable to the 2020 Senior Notes. 2 Includes accretion of original issue discount attributable to the Second Lien Facility (see Note 10). 3 The year ended December 31, 2017 includes a total of $0.8 million of write-offs attributable to changes in the composition of financial institutions comprising the Credit Facility’s bank group in connection with amendments to the Credit Facility (see Note 10). The Predecessor period from January 1, 2016 through September 12, 2016 includes $ 20.5 million related to the accelerated write-off of unamortized debt issuance costs associated with the RBL and Senior Notes (see Note 10). |
Carrying Amount of Components of Long-term Debt | The following table summarizes our long-term debt as of the dates presented: December 31, 2018 December 31, 2017 Principal Unamortized Discount and Issuance Costs 1 Principal Unamortized Discount and Issuance Costs 1 Credit facility 2 $ 321,000 $ 77,000 Second lien term loans 200,000 $ 9,625 200,000 $ 11,733 Totals 521,000 9,625 277,000 11,733 Less: Unamortized discount (3,159 ) (3,839 ) Less: Unamortized deferred issuance costs (6,466 ) (7,894 ) Long-term debt, net $ 511,375 $ 265,267 |
Components of Interest Expense | The following table summarizes the components of interest expense for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, December 31, 2018 2017 2016 2016 Interest on borrowings and related fees 1 $ 32,164 $ 6,995 $ 678 $ 36,012 Accretion of original issue discount 2 680 161 — — Amortization of debt issuance costs 3 2,736 1,961 226 22,189 Capitalized interest (9,118 ) (2,725 ) (25 ) (183 ) $ 26,462 $ 6,392 $ 879 $ 58,018 _____________________________________________ 1 Absent the bankruptcy proceedings and the corresponding suspension of the accrual of interest on unsecured debt, we would have recorded total contractual interest expense of $ 66.1 million for the Predecessor period from January 1, 2016 through September 12, 2016, including $ 15.3 million attributable to the 2019 Senior Notes and $ 46.3 million attributable to the 2020 Senior Notes. 2 Includes accretion of original issue discount attributable to the Second Lien Facility (see Note 10). 3 The year ended December 31, 2017 includes a total of $0.8 million of write-offs attributable to changes in the composition of financial institutions comprising the Credit Facility’s bank group in connection with amendments to the Credit Facility (see Note 10). The Predecessor period from January 1, 2016 through September 12, 2016 includes $ 20.5 million related to the accelerated write-off of unamortized debt issuance costs associated with the RBL and Senior Notes (see Note 10). |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Provision for Income Taxes from Continuing Operations | The following table summarizes our provision for income taxes for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, September 12, 2018 2017 2016 2016 Current income taxes (benefit) Federal $ (2,471 ) $ — $ — $ — (2,471 ) — — — Deferred income taxes (benefit) Federal 2,471 (4,943 ) — — State 523 — — — 2,994 (4,943 ) — — $ 523 $ (4,943 ) $ — $ — |
Income Taxes Reconciliation | The following table reconciles the difference between the income tax expense (benefit) computed by applying the statutory tax rate to our income (loss) before income taxes and our reported income tax benefit for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, September 12, 2018 2017 2016 2016 Computed at federal statutory rate $ 47,315 21.0 % $ 9,701 35.0 % $ (1,854 ) 35.0 % $ 369,111 35.0 % State income taxes, net of federal income tax benefit 1,743 0.8 % (1,383 ) (5.0 )% 197 (3.7 )% 1,989 0.2 % Change in valuation allowance (48,820 ) (21.7 )% (24,353 ) (87.8 )% 1,657 (31.3 )% (384,692 ) (36.5 )% Effect of rate change on the valuation allowance — — % (86,612 ) (312.5 )% — — % — — % Effect of rate change — — % 86,612 312.5 % — — % — — % Reorganization adjustments — — % 10,760 38.8 % — — % 13,572 1.3 % Other, net 285 0.1 % 332 1.2 % — — % 20 — % $ 523 0.2 % $ (4,943 ) (17.8 )% $ — — % $ — — % |
Summary of Principal Components of Net Deferred Income Tax Liability | The following table summarizes the principal components of our deferred income tax assets and liabilities as of the dates presented: December 31, 2018 2017 Deferred tax assets: Net operating loss (“NOL”) carryforwards $ 163,437 $ 127,821 Property and equipment — 37,345 Pension and postretirement benefits 441 452 Share-based compensation 546 435 Fair value of derivative instruments — 8,752 Other 8,836 7,608 173,260 182,413 Less: Valuation allowance (128,650 ) (177,470 ) Total net deferred tax assets 44,610 4,943 Deferred tax liabilities: Property and equipment 33,413 — Fair value of derivative instruments 9,248 — Total deferred tax liabilities 42,661 — Net deferred tax assets $ 1,949 $ 4,943 |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Components of Selected Balance Sheet Accounts | The following table summarizes components of selected balance sheet accounts as of the dates presented: December 31, 2018 2017 Other current assets: Tubular inventory and well materials $ 4,061 $ 5,146 Prepaid expenses 1,064 1,104 $ 5,125 $ 6,250 Other assets: Deferred issuance costs of the Credit Facility $ 2,437 $ 2,857 Deposit in escrow 1 — 3,210 Other 44 2,440 $ 2,481 $ 8,507 Accounts payable and accrued liabilities: Trade accounts payable $ 16,507 $ 22,579 Drilling costs 22,434 22,389 Royalties and revenue - related 51,212 39,287 Production, ad valorem and other taxes 2 2,418 1,275 Compensation - related 4,489 2,975 Interest 670 223 Reserve for bankruptcy claims — 3,933 Other 2 5,970 3,520 $ 103,700 $ 96,181 Other liabilities: Asset retirement obligations $ 4,314 $ 3,286 Defined benefit pension obligations 857 971 Postretirement health care benefit obligations 362 476 Other — 100 $ 5,533 $ 4,833 _____________________________________________ 1 The December 31, 2017 amount represents amounts that had remained in the Escrow Account for the Devon Acquisition which fully funded the remaining liability due to Devon for the final settlement (see Note 5). 2 The amount for December 31, 2017 was reclassified from Accounts payable and accrued liabilities - Other. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: December 31, 2018 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Assets: Commodity derivative assets – current $ 34,932 $ — $ 34,932 $ — Commodity derivative assets – noncurrent 10,100 — 10,100 — Liabilities: Commodity derivative liabilities – current $ (991 ) $ — $ (991 ) $ — Commodity derivative liabilities – noncurrent — — — — December 31, 2017 Fair Value Fair Value Measurement Classification Description Measurement Level 1 Level 2 Level 3 Liabilities: Commodity derivative liabilities – current $ (27,777 ) $ — $ (27,777 ) $ — Commodity derivative liabilities – noncurrent (13,900 ) — (13,900 ) — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency | The following table sets forth our significant commitments as of December 31, 2018 , by category, for the next five years and thereafter: Year Minimum Rentals Drilling and Completion Gathering and Intermediate Transportation Other Commitments 2019 $ 532 $ 20,692 $ 11,702 $ 254 2020 657 — 12,962 121 2021 637 — 12,962 44 2022 638 — 12,962 — 2023 634 — 12,962 — Thereafter 159 — 50,750 — Total $ 3,257 $ 20,692 $ 114,300 $ 419 |
Share-Based Compensation and _2
Share-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share-Based Compensation Expense | The following table summarizes our share-based compensation expense (benefit) recognized for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, September 30, September 12, 2018 2017 2016 2016 Equity-classified awards $ 4,618 $ 3,809 $ 81 $ 1,511 Liability-classified awards — — (19 ) $ 4,618 $ 3,809 $ 81 $ 1,492 |
Performance Restricted Stock Units [Domain] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Equity Instruments Other than Options, Valuation Assumptions | The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2017 are presented as follows: Expected volatility 59.63% to 62.18% Dividend yield 0.0% to 0.0% Risk-free interest rate 1.44% to 1.51% |
Activity of Awarded Performance-based RSUs | The following table summarizes activity for our most recent fiscal year with respect to PRSUs: Performance Restricted Stock Units Weighted-Average Fair Value Balance at beginning of year 98,526 $ 57.81 Granted — $ — Vested (1,968 ) $ 49.56 Forfeited (7,487 ) $ 49.56 Balance at end of year 89,071 $ 58.69 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Activity of Awarded Restricted Stock Units | The following table summarizes activity for our most recent fiscal year with respect to awarded RSUs: Restricted Stock Units Weighted-Average Grant Date Fair Value Balance at beginning of year 259,990 $ 41.32 Granted 42,459 $ 65.96 Vested (79,828 ) $ 38.90 Forfeited (14,581 ) $ 43.64 Balance at end of year 208,040 $ 47.35 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking and Thrift [Abstract] | |
Components of Interest Expense | The following table summarizes the components of interest expense for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, December 31, 2018 2017 2016 2016 Interest on borrowings and related fees 1 $ 32,164 $ 6,995 $ 678 $ 36,012 Accretion of original issue discount 2 680 161 — — Amortization of debt issuance costs 3 2,736 1,961 226 22,189 Capitalized interest (9,118 ) (2,725 ) (25 ) (183 ) $ 26,462 $ 6,392 $ 879 $ 58,018 _____________________________________________ 1 Absent the bankruptcy proceedings and the corresponding suspension of the accrual of interest on unsecured debt, we would have recorded total contractual interest expense of $ 66.1 million for the Predecessor period from January 1, 2016 through September 12, 2016, including $ 15.3 million attributable to the 2019 Senior Notes and $ 46.3 million attributable to the 2020 Senior Notes. 2 Includes accretion of original issue discount attributable to the Second Lien Facility (see Note 10). 3 The year ended December 31, 2017 includes a total of $0.8 million of write-offs attributable to changes in the composition of financial institutions comprising the Credit Facility’s bank group in connection with amendments to the Credit Facility (see Note 10). The Predecessor period from January 1, 2016 through September 12, 2016 includes $ 20.5 million related to the accelerated write-off of unamortized debt issuance costs associated with the RBL and Senior Notes (see Note 10). |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Components of Calculation of Basic and Diluted Earnings Per Share | The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings per share utilizing the two-class method for the periods presented: Successor Predecessor September 13 Through January 1 Through Year Ended December 31, December 31, September 12, 2018 2017 2016 2016 Net income (loss) $ 224,785 $ 32,662 $ (5,296 ) $ 1,054,602 Less: Preferred stock dividends — — — (5,972 ) Net income (loss) attributable to common shareholders – basic and diluted $ 224,785 $ 32,662 $ (5,296 ) $ 1,048,630 Weighted-average shares – basic 15,059 14,996 14,992 88,013 Effect of dilutive securities 1 233 67 — 36,074 Weighted-average shares – diluted 15,292 15,063 14,992 124,087 _____________________________________________ 1 For the period from September 13, 2016 through December 31, 2016, less than 0.1 million potentially dilutive securities, represented by RSUs, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per common share. |
Nature of Operations Nature of
Nature of Operations Nature of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Oct. 28, 2018 | |
Merger [Line Items] | ||
Denbury Shares | 12.4 | |
Penn Virginia Share Price | $ 25.86 | |
Denbury Shares, Total Approximate Issuance | 0 | |
Total Cash Payment for Penn Virginia Shares | $ 400 | |
Shareholder Percentage | 1500.00% | |
Merger - Termination Fee | $ 45 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2019 | |
Accounting Standards Update 2016-02 [Member] | Forecast [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Operating lease, right-of-use asset | $ 3 | |
Other Pension, Postretirement and Supplemental Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $ 0.1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Boe | |
Property, Plant and Equipment [Line Items] | |
Barrel of liquids equivalents of natural gas | 0.006 |
Oil And Gas Unproved Properties | |
Property, Plant and Equipment [Line Items] | |
Useful lives | over the lesser of five years or the average remaining lease term |
Useful life | 5 years |
Minimum | Gathering systems | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Minimum | Other property and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum | Gathering systems | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Maximum | Other property and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 20 years |
Bankruptcy Proceedings, Emerg_3
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Pre-Petition Agreements (Details) - USD ($) $ in Thousands | Sep. 12, 2016 | May 11, 2016 | May 10, 2016 |
Debt Instrument [Line Items] | |||
Percentage of Common Stock Holders agreed to RSA | 86.00% | ||
Liabilities Subject to Compromise, Senior Notes | $ 1,075,000 | ||
Backstop Commitment Agreement, Backstop Commitment | $ 6,022 | $ 50,000 | |
Senior Notes Due 2019 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||
Senior Notes Due 2020 [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% |
Bankruptcy Proceedings, Emerg_4
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Plan of Reorganization (Details) - USD ($) | 8 Months Ended | ||||
Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2016 | Aug. 11, 2016 | |
Fresh-Start Adjustment [Line Items] | |||||
Bankruptcy Claims, amount reserved for outstanding claims | $ 0 | $ 3,933,000 | |||
Debtor Reorganization Items, Legal and Advisory Professional Fees | $ 7,200,000 | ||||
Plan of Reorganization, Escrow Account for Professional Fees | 14,575,000 | ||||
Plan of Reorganization, Cash Reserve | 2,700,000 | ||||
Plan of Reorganization, DIP Fees | 100,000 | ||||
Plan of Reorganization, Line of Credit Facility, Initial Borrowing | $ 75,400,000 | $ 75,400,000 | |||
Plan of Reorganization, Common Stock reserved for Issuance of Management Incentive Plan | 749,600 | ||||
Plan of Reorganization, CS authorized for Disputed General Unsecured Claims and Non-Accredited Investor Holders of Senior Notes | 816,454 | ||||
Plan Of Reorganization, Backstop Parties Common Shares Received, Percent Of Common Stock | 3.00% | ||||
Plan of Reorganization, Backstop Parties Common Shares Received | 472,902 | ||||
Plan of Reorganization, Percentage of Common Stock to holders of claims arising under the Senior Notes, general unsecured claims and to the Backstop Parties | 51.00% | ||||
Plan of Reorganization, Rights Offering Issuance of Common Stock | 7,633,588 | ||||
Rights Offering, Rights Offering Amount | $ 49,943,000 | ||||
Plan of Reorganization, percentage of commons stock lenders to receive net of backstop fee | 41.00% | ||||
Plan of Reorganization, Senior Notes and Unsecured Claims Common Stock Exchanged | 6,069,074 | ||||
Liabilities Subject to Compromise, Debt and Accrued Interest | $ 1,122,000,000 | ||||
Plan of Reorganization, Percent of Claims Attributable to Pre-Petition Completed | 100.00% | ||||
Share-based Compensation Award, Tranche One [Member] | |||||
Fresh-Start Adjustment [Line Items] | |||||
Plan Of Reorganization, Shares Authorized, Percent Of Common Stock | 5.00% | ||||
DIP Facility [Member] | |||||
Fresh-Start Adjustment [Line Items] | |||||
Debtor-in-Possession Financing, Borrowings Outstanding | $ 0 |
Bankruptcy Proceedings, Emerg_5
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Fresh Start Accounting (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Sep. 12, 2016 |
Fresh-Start Adjustment [Line Items] | ||
Fresh-Start Adjustment, Increase (Decrease), Retained Earnings (Deficit) | $ 2,224,135 | |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity | 28,319 | |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity | (55,751) | |
Reorganization Value | 333,974 | |
Fresh-Start Adjustment, Enterprise Value | $ 266,200 | 234,831 |
Restatement Adjustment [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Fresh-Start Adjustment, Increase (Decrease), Retained Earnings (Deficit) | 2,224,135 | |
Fresh-Start Adjustment, Increase (Decrease), Receivables, Net | 4,292 | |
Fresh-Start Adjustment, Increase (Decrease), Cash and Cash Equivalents | (17,304) | |
Fresh-Start Adjustment, Increase (Decrease), Current Liabilities | (134,819) | |
Fresh-Start Adjustment, Increase (Decrease), Current Maturities of Long-term Debt | (113,653) | |
Fresh-Start Adjustment, Increase (Decrease), Accumulated Other Comprehensive Income (Loss) | (383) | |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity | 1,198,407 | |
Fresh-Start Adjustment, Increase (Decrease), Property and Equipment, Net | 0 | |
Fresh-Start Adjustment, Increase (Decrease), Preferred Stock | (1,880) | |
Fresh-Start Adjustment, Increase (Decrease), Other Current Liabilities | (832) | |
Fresh-Start Adjustment, Increase (Decrease) Other Deferred Compensation | (3,440) | |
Fresh-Start Adjustment, Increase (Decrease), Long-term Debt | 75,350 | |
Fresh-Start Adjustment, Increase (Decrease), Liabilities Subject to Compromise | (1,154,163) | |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity | (15,125) | |
Fresh-Start Adjustment, Increase (Decrease), Deferred Income Tax Assets, Noncurrent | 100 | |
Fresh-Start Adjustment, Increase (Decrease), Current Assets | (13,844) | |
Fresh-Start Adjustment, Increase (Decrease), Assets | (15,125) | |
Fresh-Start Adjustments, Increase (Decrease), Accounts Payable and Accrued Liabilities | (21,166) | |
Fresh-Start Adjustment, Increase (Decrease) Treasury Stock | 3,574 | |
Fresh-Start Adjustment, Increase (Decrease), Other Assets, Noncurrent | (1,281) | |
Minimum | ||
Fresh-Start Adjustment [Line Items] | ||
Fresh-Start Adjustment, Enterprise Value | 218,000 | |
Maximum | ||
Fresh-Start Adjustment [Line Items] | ||
Fresh-Start Adjustment, Enterprise Value | 382,000 | |
Weighted Average [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Fresh-Start Adjustment, Enterprise Value | $ 300,000 | |
Successor [Member] | ||
Fresh-Start Adjustment [Line Items] | ||
Fresh-Start Adjustment, Increase (Decrease), Additional Paid-in Capital | 190,745 | |
Fresh-Start Adjustment, Increase (Decrease), Common Stock | $ 150 |
Bankruptcy Proceedings, Emerg_6
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Schedule of Reconciliation of Enterprise Value to Reorganization Value (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2016 | Sep. 13, 2016 | Sep. 12, 2016 |
Reorganizations [Abstract] | |||||
Fresh-Start Adjustment, Enterprise Value | $ 266,200 | $ 234,831 | |||
Cash and cash equivalents | $ 17,864 | $ 11,017 | 31,414 | ||
Short-term Debt, Fair Value | (75,350) | ||||
Fair Value of Successor Common Stock | $ 190,895 | ||||
Common Stock, Shares, Outstanding | 14,992,018 | ||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 12.73 | |
Postconfirmation, Current Liabilities | $ 54,171 | ||||
Postconfirmation, Noncurrent Liabilities Excluding Long-term Debt | 13,558 | ||||
Reorganization Value | $ 333,974 |
Bankruptcy Proceedings, Emerg_7
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Valuation Process (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 12, 2016 |
Reorganizations [Abstract] | |||||
Fresh Start Valuation - Discount Rate for Gathering and Transportation Costs | 1350.00% | ||||
Fair Value of Proved Reserves | $ 121,900 | ||||
Asset retirement obligations | $ 4,314 | $ 3,286 | $ 2,459 | 2,700 | |
Fair Value of Undeveloped Acreage - Eagle Ford | 92,500 | ||||
Fair Value of Undeveloped Acreage - Other than Eagle Ford | 8,300 | ||||
Fair Value of Other Fixed Assets | 26,700 | ||||
Fair Value of South Texas Water Facility | 23,400 | ||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 900 | $ 1,700 | 3,011 | ||
Plan of Reorganization, Line of Credit Facility, Initial Borrowing | $ 75,400 | $ 75,400 |
Bankruptcy Proceedings, Emerg_8
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Successor Balance Sheet (Details) $ in Thousands | Sep. 12, 2016USD ($) |
Fresh-Start Adjustment [Line Items] | |
Postconfirmation, Current Liabilities | $ 54,171 |
Postconfirmation, Additional Paid-in Capital | 190,895 |
Fresh-Start Adjustment, Increase (Decrease), Retained Earnings (Deficit) | 2,224,135 |
Preconfirmation, Stockholders' Equity | 140,954 |
Fresh-Start Adjustment, Increase (Decrease), Stockholders' Equity | 28,319 |
Fresh-Start Adjustment, Increase (Decrease), Liabilities and Stockholders' Equity | (55,751) |
Revaluation of Assets [Member] | |
Fresh-Start Adjustment [Line Items] | |
Fresh-Start Adjustment, Increase (Decrease), Property and Equipment, Net | (55,751) |
Fresh-Start Adjustment, Increase (Decrease), Assets | (55,751) |
Revaluation of Liabilities [Member] | |
Fresh-Start Adjustment [Line Items] | |
Fresh-Start Adjustments, Increase (Decrease), Accounts Payable and Accrued Liabilities | (3,455) |
Fresh-Start Adjustment, Increase (Decrease), Current Liabilities | (3,455) |
Fresh-Start Adjustment, Increase (Decrease), Deferred Income Tax Assets, Noncurrent | (80,615) |
Fresh-Start Adjustment, Increase (Decrease), Retained Earnings (Deficit) | 28,319 |
Predecessor [Member] | |
Fresh-Start Adjustment [Line Items] | |
Preconfirmation, Cash and Cash Equivalents | 48,718 |
Preconfirmation, Receivables, Net | 35,606 |
Preconfirmation, Derivative Assets | 397 |
Preconfirmation, Prepaid and Other Current Assets | 3,966 |
Preconfirmation, Current Assets | 88,687 |
Preconfirmation, Property and Equipment, Net | 309,261 |
Preconfirmation, Other Assets, Noncurrent | 6,902 |
Preconfirmation, Assets | 404,850 |
Preconfirmation, Accounts Payable and Accrued Liabilities | 77,151 |
Preconfirmation, Current Derivative Liabilities | 1,641 |
Preconfirmation, Current Maturities of Long-term Debt | 113,653 |
Preconfirmation, Current Liabilities | 192,445 |
Preconfirmation, Other Noncurrent Obligations | 84,953 |
Preconfirmation, Noncurrent Derivative Liabilities | 9,120 |
Preconfirmation, Liabilities Subject to Compromise | 1,154,163 |
Preconfirmation, Preferred Stock | 1,880 |
Preconfirmation, Common Stock | 697 |
Fresh-Start Adjustment, Increase (Decrease), Common Stock | (697) |
Preconfirmation, Additional Paid-in Capital | 1,213,797 |
Fresh-Start Adjustment, Increase (Decrease), Additional Paid-in Capital | (1,213,797) |
Preconfirmation, Other Deferred Compensation | 3,440 |
Preconfirmation, Accumulated Other Comprehensive Income (Loss) | 383 |
Preconfirmation, Treasury Stock | 3,574 |
Preconfirmation, Retained Earnings (Deficit) | (2,252,454) |
Preconfirmation, Stockholders' Equity | 1,035,831 |
Preconfirmation, Liabilities and Stockholders' Equity | 404,850 |
Successor [Member] | |
Fresh-Start Adjustment [Line Items] | |
Postconfirmation, Cash and Cash Equivalents | 31,414 |
Postconfirmation, Receivables, Net | 39,898 |
Postconfirmation, Derivative Assets | 397 |
Postconfirmation, Prepaid and Other Current Assets | 3,134 |
Postconfirmation, Current Assets | 74,843 |
Postconfirmation, Property and Equipment, Net | 253,510 |
Postconfirmation, Other Assets, Noncurrent | 5,621 |
Postconfirmation, Assets | 333,974 |
Postconfirmation, Accounts Payable and Accrued Liabilities | 52,530 |
Postconfirmation, Current Derivative Liabilities | 1,641 |
Postconfirmation, Current Liabilities | 54,171 |
Postconfirmation, Other Noncurrent Obligations | 4,438 |
Postconfirmation, Noncurrent Derivative Liabilities | 9,120 |
Postconfirmation, Long-term Debt | 75,350 |
Fresh-Start Adjustment, Increase (Decrease), Common Stock | 150 |
Postconfirmation, Common Stock | 150 |
Fresh-Start Adjustment, Increase (Decrease), Additional Paid-in Capital | 190,745 |
Postconfirmation, Additional Paid-in Capital | 190,745 |
Postconfirmation, Stockholders' Equity | 190,895 |
Postconfirmation, Liabilities and Stockholders' Equity | $ 333,974 |
Bankruptcy Proceedings, Emerg_9
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Reorganization Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands | 8 Months Ended | |||
Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 13, 2016 | |
Fresh-Start Adjustment [Line Items] | ||||
Common stock, shares issued | 14,992,018 | 15,080,594 | 15,018,870 | 14,992,018 |
Proceeds from Long-term Lines of Credit | $ 75,350 | |||
Rights Offering, Rights Offering Amount | 49,943 | |||
Total Reorganization Proceeds | 125,293 | |||
Repayments of Long-term Debt | 113,653 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 1,374 | |||
DIP Facility Fees Paid | 12 | |||
Debt Issuance Costs, Line of Credit Arrangements, Gross | 3,011 | $ 900 | $ 1,700 | |
Plan of Reorganization, Escrow Account for Professional Fees | 14,575 | |||
RBL lender fees and expenses | 455 | |||
Ad Hoc Committee and indenture trustee fees and expenses | 6,782 | |||
Payment of certain allowed claims and settlements | 2,735 | |||
Total Reorganization Uses | 142,597 | |||
Net Cash Payments off Reorganization Adjustments | $ (17,304) | |||
Common stock, par value | $ 12.73 | $ 0.01 | $ 0.01 | $ 0.01 |
Bankruptcy Proceedings, Emer_10
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Schedule Of Liabilities Subject to Compromise (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended |
Sep. 12, 2016 | Dec. 31, 2018 | |
Reorganizations [Abstract] | ||
Liabilities Subject to Compromise, Senior Notes | $ 1,075,000 | |
Liabilities Subject to Compromise, Interest on Senior Notes | 47,213 | |
Liabilities Subject to Compromise, Firm Transportation Obligation | 11,077 | |
Liabilities Subject to Compromise, Compensation | 9,733 | |
Liabilities Subject to Compromise, Deferred Compensation | 4,676 | |
Liabilities Subject to Compromise, Accounts Payable | 1,487 | |
Liabilities Subject to Compromise, Litigation claims | 1,092 | |
Liabilities Subject to Compromise, Other accrued liabilities | 3,885 | |
Liabilities Subject to Compromise | 1,154,163 | |
Cash settlements paid or reserved at emergence | 3,915 | |
Liabilities subject to compromise, gain | $ 1,150,248 | $ 0 |
Bankruptcy Proceedings, Emer_11
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Schedule of Cumulative Reorganization Adjustments (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Sep. 12, 2016 | Dec. 31, 2018 | May 10, 2016 | |
Reorganizations [Abstract] | |||
Liabilities subject to compromise, gain | $ 1,150,248 | $ 0 | |
Fair Value of Equity Allocated to Unsecured Creditors | 174,477 | ||
Fair Value of Unsecured Creditors Pending Resolution | 10,396 | ||
Backstop Commitment Agreement, Backstop Commitment | 6,022 | $ 50,000 | |
Postconfirmation, Additional Paid-in Capital | 190,895 | ||
Cancellation of Equity Upon Emergence from Bankruptcy | 882,992 | ||
Fresh-Start Adjustment, Increase (Decrease), Retained Earnings (Deficit) | $ 2,224,135 |
Bankruptcy Proceedings, Emer_12
Bankruptcy Proceedings, Emergence and Fresh Start Accounting Schedule of Items Included in Reorganization Items, Net (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended |
Sep. 12, 2016 | Dec. 31, 2018 | |
Reorganizations [Abstract] | ||
Liabilities subject to compromise, gain | $ 1,150,248 | $ 0 |
Fresh-Start Adjustment, Description | 28,319 | 0 |
Reorganization items, legal and professional fees | $ 29,976 | $ 200 |
Reorganization items, Settlements related to contract amendments | (2,550) | 0 |
Debtor Reorganization Items, DIP Facility Costs and Commitment fees | (170) | 0 |
Reorganization Items, Write-off Prepaid D&O Insurance | (832) | 0 |
Debtor Reorganization Items, Other Expense (Income) | (46) | 3,122 |
Debtor Reorganization Items | $ 1,144,993 | 3,322 |
Reorganization Item - Potential Settlement of Certain Claims in Cash | 2,700 | |
Reorganization Items - Secured claims-AP | $ 400 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 31, 2018USD ($) | Mar. 01, 2018USD ($) | Jul. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Feb. 28, 2018USD ($) | Nov. 01, 2017USD ($) | Sep. 29, 2017USD ($)a | Dec. 31, 2016USD ($) | Sep. 12, 2016USD ($) | ||
Significant Acquisitions and Disposals | |||||||||||||||||
Capitalized Costs, Proved Properties | $ 2,400 | $ 3,700 | $ 2,400 | ||||||||||||||
Escrow Amount Transferred | $ 7,100 | ||||||||||||||||
Second Lien Facility | 200,000 | 200,000 | 200,000 | ||||||||||||||
Escrow Deposit Remaining | 3,210 | [1] | 0 | 3,210 | [1] | ||||||||||||
Property, Plant and Equipment, Gross | 590,375 | 1,121,860 | 590,375 | ||||||||||||||
Asset Retirement Obligation | 3,286 | 4,314 | 3,286 | $ 2,459 | $ 2,700 | ||||||||||||
Cash Received for Suspended Revenues Attributable to Acquired Properties | $ 355 | ||||||||||||||||
Mid-Continent Divestiture [Member] | |||||||||||||||||
Significant Acquisitions and Disposals | |||||||||||||||||
Proceeds from Sale of Oil and Gas Property and Equipment | $ 6,200 | 6,000 | |||||||||||||||
Cash Paid to Buyer in Connection with Final Settlement | 500 | ||||||||||||||||
Cash Paid for Suspended Revenues in Connection with FInal Settlement | 200 | ||||||||||||||||
Asset Retirement Obligation | 300 | ||||||||||||||||
Working Capital Adjustments, Net | 1,300 | $ 1,300 | |||||||||||||||
Pre-Tax Operating Income Attributable to Assets Sold | $ (1,600) | $ (2,200) | |||||||||||||||
Undeveloped Acreage [Member] | |||||||||||||||||
Significant Acquisitions and Disposals | |||||||||||||||||
Proceeds from Sale of Oil and Gas Property and Equipment | 1,700 | ||||||||||||||||
Hunt Acquisition [Domain] | |||||||||||||||||
Significant Acquisitions and Disposals | |||||||||||||||||
Other Payments to Acquire Businesses | 86,000 | ||||||||||||||||
Hunt Acquisition [Member] | |||||||||||||||||
Significant Acquisitions and Disposals | |||||||||||||||||
Capitalized Costs, Proved Properties | 82,443 | ||||||||||||||||
Cash Paid on Date of Acquisition | 84,400 | ||||||||||||||||
Accumulated Costs, net of suspended revenues, for wells in which Hunt elected not to participate | 13,778 | ||||||||||||||||
Business Acquisition, Transaction Costs | 96,978 | $ 400 | 100 | 500 | 100 | ||||||||||||
Capitalized Costs, Proved Properties | 16,339 | ||||||||||||||||
Asset Retirement Obligation | 356 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 96,978 | ||||||||||||||||
Working Capital Adjustments, Net | $ (245) | (245) | |||||||||||||||
Cash Received for Suspended Revenues Attributable to Acquired Properties | $ 1,448 | ||||||||||||||||
Net Cash Paid on Date of Acquisition | 82,955 | ||||||||||||||||
Devon Acquisition [Member] | |||||||||||||||||
Significant Acquisitions and Disposals | |||||||||||||||||
Business Acquisition, Revenue Reported by Acquired Entity since Acquisition Date | 0 | 9,000 | |||||||||||||||
Business Acquisition, Pro Forma Revenue | 446,077 | 209,015 | |||||||||||||||
Capitalized Costs, Proved Properties | 42,866 | ||||||||||||||||
Acreage, Net | a | 19,600 | ||||||||||||||||
Other Payments to Acquire Businesses | 205,000 | ||||||||||||||||
Escrow Deposit | $ 10,300 | ||||||||||||||||
Cash Paid on Date of Acquisition | 190,277 | $ 189,900 | |||||||||||||||
Additional working interests | $ 700 | ||||||||||||||||
Amount Transferred from Escrow Account | 9,519 | $ 2,500 | |||||||||||||||
Business Acquisition, Transaction Costs | 1,300 | ||||||||||||||||
Escrow Deposit Remaining | 3,200 | 3,200 | |||||||||||||||
Capitalized Costs, Proved Properties | 146,686 | ||||||||||||||||
Property, Plant and Equipment, Gross | 8,642 | ||||||||||||||||
Asset Retirement Obligation | 494 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 197,345 | ||||||||||||||||
Working Capital Adjustments, Net | (2,451) | ||||||||||||||||
Preliminary Purchase Price | $ 197,345 | ||||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | $ 227,930 | $ 30,861 | |||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 15.14 | $ 0 | |||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 14.91 | $ 0 | |||||||||||||||
Escrow Distributed | $ 700 | ||||||||||||||||
Cash Received for Suspended Revenues Attributable to Acquired Properties | $ 400 | ||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 0 | $ 4,000 | |||||||||||||||
[1] | 1 The December 31, 2017 amount represents amounts that had remained in the Escrow Account for the Devon Acquisition which fully funded the remaining liability due to Devon for the final settlement (see Note 5). |
Accounts Receivable and Major_3
Accounts Receivable and Major Customers - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Customers | $ 59,030 | $ 39,106 | |
Joint interest partners | 6,404 | 32,493 | |
Other | 640 | 584 | |
Accounts Receivable, Gross, Current, Total | 66,074 | 72,183 | |
Less: Allowance for doubtful accounts | (36) | (2,362) | |
Accounts receivable, net of allowance for doubtful accounts | 66,038 | $ 69,821 | |
Oil and Gas, Refining and Marketing [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contract with customer | $ 523 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cost of Goods and Services Sold | 20,982 | ||
Net Income (Loss) Available to Common Stockholders, Basic | 224,785 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Oil and Gas, Exploration and Production [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contract with customer | 402,485 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Oil and Condensate [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contract with customer | 23,429 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Natural Gas, Production [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contract with customer | 15,972 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Oil and Gas, Refining and Marketing [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contract with customer | 523 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Cost of Goods and Services Sold | (2,356) | ||
Net Income (Loss) Available to Common Stockholders, Basic | 0 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Oil and Gas, Exploration and Production [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contract with customer | 0 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Oil and Condensate [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contract with customer | (2,356) | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Natural Gas, Production [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contract with customer | 0 | ||
Accounting Standards Update 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Oil and Gas, Refining and Marketing [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contract with customer | $ 0 |
Accounts Receivable and Major_4
Accounts Receivable and Major Customers - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Customer | Dec. 31, 2017USD ($)Customer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customers | $ 59,030 | $ 39,106 |
Successor [Member] | Sales Revenue | Customer Concentration Risk | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of major customers | Customer | 3 | 3 |
Revenues, major customers | $ 304,300 | $ 137,500 |
Concentration risk, percentage | 69.00% | 86.00% |
Successor [Member] | Sales Revenue | Customer Concentration Risk | Major Customer 1 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues, major customers | $ 173,000 | $ 94,100 |
Concentration risk, percentage | 39.00% | 59.00% |
Successor [Member] | Sales Revenue | Customer Concentration Risk | Major Customer 2 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues, major customers | $ 71,500 | $ 22,100 |
Concentration risk, percentage | 16.00% | 14.00% |
Successor [Member] | Sales Revenue | Customer Concentration Risk | Major Customer 3 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues, major customers | $ 59,800 | $ 21,300 |
Concentration risk, percentage | 14.00% | 13.00% |
Successor [Member] | Accounts Receivable | Credit Concentration Risk | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk, percentage | 48.00% | 82.00% |
Accounts receivable, major customers | $ 28,600 | $ 32,100 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Sep. 12, 2016USD ($) | Dec. 31, 2018USD ($)Entity | Dec. 31, 2017USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Derivative Asset | $ 45,032 | $ 0 | |
Predecessor [Member] | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Derivatives Settled | $ 63,000 | ||
Derivatives settled to reduce outstanding debt | $ 51,979 | ||
Commodity contracts | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Derivative Asset | $ 44,000 | ||
Number Of Derivative Counterparty | Entity | 8 | ||
Commodity contracts | Crude Oil | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Third-party quoted forward prices | WTI crude oil | ||
Commodity contracts | Louisiana Light Sweet [Member] | |||
Derivative Instruments and Hedging Activities Disclosure [Line Items] | |||
Third-party quoted forward prices | LLS |
Commodity Derivative Positions
Commodity Derivative Positions (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)bblEntity$ / bbl | |
Fourth Quarter 2019 [Member] | Crude Oil | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 6,398 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 54.50 |
Fair Value Asset | $ 3,498 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-WTI |
Fourth Quarter 2019 [Member] | Louisiana Light Sweet [Member] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 5,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 59.17 |
Fair Value Asset | $ 3,015 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-LLS |
Fourth Quarter 2020 [Member] | Crude Oil | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 6,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 54.09 |
Fair Value Asset | $ 2,234 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-WTI |
Third Quarter 2019 [Member] | Crude Oil | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 6,397 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 54.50 |
Fair Value Asset | $ 3,821 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-WTI |
Third Quarter 2019 [Member] | Louisiana Light Sweet [Member] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 5,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 59.17 |
Fair Value Asset | $ 3,092 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-LLS |
Third Quarter 2020 [Member] | Crude Oil | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 6,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 54.09 |
Fair Value Asset | $ 2,450 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-WTI |
Second Quarter 2019 [Member] | Crude Oil | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 6,421 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 54.48 |
Fair Value Asset | $ 4,307 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-WTI |
Second Quarter 2019 [Member] | Louisiana Light Sweet [Member] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 5,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 59.17 |
Fair Value Asset | $ 3,203 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-LLS |
Second Quarter 2020 [Member] | Crude Oil | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 6,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 54.09 |
Fair Value Asset | $ 2,609 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-WTI |
First Quarter 2019 [Member] | Crude Oil | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 6,446 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 54.46 |
Fair Value Asset | $ 4,959 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-WTI |
First Quarter 2019 [Member] | Louisiana Light Sweet [Member] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 5,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 59.17 |
Fair Value Asset | $ 3,684 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-LLS |
First Quarter 2020 [Member] | Crude Oil | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Derivative, Nonmonetary Notional Amount | bbl | 6,000 |
Derivative, Swap Type, Average Fixed Price | $ / bbl | 54.09 |
Fair Value Asset | $ 2,807 |
Fair Value Liability | $ 0 |
Derivative, Type of Instrument | Swaps-WTI |
Commodity contracts | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Number Of Derivative Counterparty | Entity | 8 |
Settlement Agreement [Member] | |
Derivative Instruments Related to Oil and Gas Production [Line Items] | |
Fair Value Asset | $ 4,362 |
Impact of Derivative Activities
Impact of Derivative Activities on Condensed Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Successor [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives | $ (16,622) | $ 37,427 | $ (17,819) | |
Predecessor [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivatives | $ (8,333) |
Fair Value of Derivative Instru
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, current | $ 34,932 | $ 0 | ||
Derivative assets, noncurrent | 10,100 | 0 | ||
Derivative liabilities, noncurrent | 0 | 13,900 | ||
Derivative Asset | 45,032 | 0 | ||
Derivative liabilities, current | 991 | 27,777 | ||
Derivative liabilities | 991 | 41,677 | ||
Commodity contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 44,000 | |||
Commodity contracts | Derivative assets/liabilities - current | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, current | 34,932 | 0 | ||
Derivative liabilities, current | 991 | 27,777 | ||
Commodity contracts | Derivative assets/liabilities - noncurrent | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, noncurrent | 10,100 | 0 | ||
Derivative liabilities, noncurrent | 0 | 13,900 | ||
Successor [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives | $ (16,622) | 37,427 | (17,819) | |
Predecessor [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivatives | $ (8,333) | |||
Fair Value, Measurements, Recurring | Commodity contracts | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, current | 34,932 | |||
Derivative assets, noncurrent | 10,100 | |||
Derivative liabilities, noncurrent | 0 | 13,900 | ||
Derivative liabilities, current | $ (991) | $ (27,777) |
Summary of Property and Equipme
Summary of Property and Equipment (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)$ / bbl | Dec. 31, 2017USD ($)$ / bbl | Dec. 31, 2016$ / bbl | Sep. 12, 2016$ / bbl | |
Property, Plant and Equipment [Line Items] | ||||
Proved Oil and Gas Property, Full Cost Method | $ 1,037,993 | $ 460,029 | ||
Undeveloped Leasehold Costs Transferred | 82,800 | 40,400 | ||
Interest Costs Capitalized | 9,100 | 2,700 | ||
Unproved Oil and Gas Property excluded | 63,500 | 117,600 | ||
Capitalized Costs, Proved Properties | 3,700 | 2,400 | ||
Oil and gas properties: | ||||
Unproved Oil and Gas Property, Full Cost Method | 63,484 | 117,634 | ||
Oil and Gas Property, Full Cost Method, Gross | 1,101,477 | 577,663 | ||
Other property and equipment | 20,383 | 12,712 | ||
Total property and equipment | 1,121,860 | 590,375 | ||
Accumulated depreciation, depletion and amortization | (193,866) | (61,316) | ||
Property and equipment, net (successful efforts method) | $ 927,994 | $ 529,059 | ||
Successor [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization Expense Per Physical Unit of Production | $ / bbl | 16.11 | 12.87 | 11.21 | |
Predecessor [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Amortization Expense Per Physical Unit of Production | $ / bbl | 10.04 |
Reconciliation of Asset Retirem
Reconciliation of Asset Retirement Obligations which are Included in Other Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of period | $ 3,286 | $ 2,459 |
Changes in estimates | 354 | 149 |
Liabilities incurred | 335 | 118 |
Liabilities settled | (8) | (139) |
Purchase of properties | (385) | (494) |
Asset Retirement Obligation, Sale of Properties | (310) | 0 |
Accretion expense | 272 | 205 |
Balance at end of period | $ 4,314 | $ 3,286 |
Summary of Long-Term Debt (Deta
Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Credit facility 2 | [1] | $ 321,000 | $ 77,000 |
Second Lien Facility | 200,000 | 200,000 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | [2] | 9,625 | 11,733 |
Debt Instrument, Unamortized Discount | [2] | (3,159) | (3,839) |
Unamortized Debt Issuance Expense | [2] | (6,466) | (7,894) |
Long-term Debt | 521,000 | 277,000 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 511,375 | $ 265,267 | |
Second Lien Facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility interest rate option one, applicable margin rate over Adjusted LIBOR | 7.00% | ||
Second Lien Facility, Interest Rate | 9.53% | ||
[1] | 2 Issuance costs of the Credit Facility, which represent costs attributable to the access to credit over its contractual term, have been presented as a component of Other assets (see Note 13) and are being amortized over the term of the Credit Facility using the straight-line method. | ||
[2] | 1 Discount and issuance costs of the Second Lien Facility are being amortized over the term of the underlying loan using the effective-interest method. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Oct. 26, 2018 | Sep. 30, 2018 | Sep. 12, 2016 | |
Debt Disclosure [Line Items] | |||||
Maximum borrowing capacity | $ 340,000 | ||||
Debt Issuance Costs, Line of Credit Arrangements, Gross | $ 900 | $ 1,700 | $ 3,011 | ||
Write off of Deferred Debt Issuance Cost | 800 | ||||
Required covenant, current ratio | 1 | ||||
Interest Coverage Ratio, Maximum | 3 | ||||
Second Lien Facility | $ 200,000 | 200,000 | |||
Proceeds from Debt, Net of Issuance Costs | 187,800 | ||||
Debt Instrument, Unamortized Discount | 4,000 | ||||
Unamortized Debt Issuance Expense | $ 8,200 | ||||
Debt Instrument, Discounted Percentage | 98.00% | ||||
Revolving Credit Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Maximum borrowing capacity | $ 450,000 | ||||
Line of Credit Facility, Interest Rate at Period End | 5.9586% | ||||
Required covenant, debt to EBITDAX ratio | 3.50 | ||||
Revolving Credit Facility [Member] | Minimum | |||||
Debt Disclosure [Line Items] | |||||
Credit facility interest rate option one, applicable margin rate over Adjusted LIBOR | 2.00% | ||||
Revolving Credit Facility [Member] | Maximum | |||||
Debt Disclosure [Line Items] | |||||
Credit facility interest rate option one, applicable margin rate over Adjusted LIBOR | 3.00% | ||||
Credit facility interest rate option two, applicable margin rate | 4.00% | ||||
Revolving credit facility | |||||
Debt Disclosure [Line Items] | |||||
Letter of credit amount outstanding | $ 400 | $ 800 | |||
Revolving credit facility | Letter of Credit | |||||
Debt Disclosure [Line Items] | |||||
Maximum borrowing capacity | $ 5,000 | ||||
Letter of Credit | |||||
Debt Disclosure [Line Items] | |||||
Commitment fees for undrawn credit facility | 0.50% | ||||
Second Lien Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Credit facility interest rate option one, applicable margin rate over Adjusted LIBOR | 7.00% | ||||
Credit facility interest rate option two, applicable margin rate | 6.00% | ||||
Second Lien Facility, Initial Interest Rate | 8.34% | ||||
Second Lien Facility, Effective Interest Rate | 9.89% | ||||
Interest Payable One [Member] | Revolving Credit Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt Instrument, Interest Payable Period | 1 month | ||||
Interest Payable Two [Member] | Revolving Credit Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt Instrument, Interest Payable Period | 3 months | ||||
Interest Payable Three [Member] | Revolving Credit Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Debt Instrument, Interest Payable Period | 6 months | ||||
Year 2 [Member] | |||||
Debt Disclosure [Line Items] | |||||
Prepayment Premium | 102.00% | ||||
Prepayment Premium, Change in Control | 102.00% | ||||
Year 3 [Member] | |||||
Debt Disclosure [Line Items] | |||||
Prepayment Premium | 101.00% | ||||
Prepayment Premium, Change in Control | 101.00% |
Summary of Provision for Income
Summary of Provision for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 2 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Sep. 12, 2016 | Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Provisions for Income Taxes [Line Items] | |||||
State | $ 500 | ||||
Income tax benefit | 4,900 | ||||
Predecessor [Member] | |||||
Provisions for Income Taxes [Line Items] | |||||
Federal | $ 0 | ||||
Current income tax expense (benefit), total | 0 | ||||
Federal | 0 | ||||
State | 0 | ||||
Deferred income tax benefit, total | 0 | ||||
Income tax benefit | $ 0 | ||||
Successor [Member] | |||||
Provisions for Income Taxes [Line Items] | |||||
Federal | $ 0 | (2,471) | $ 0 | ||
Current income tax expense (benefit), total | $ 0 | (2,471) | 0 | ||
Federal | 0 | 2,471 | (4,943) | ||
State | 0 | 523 | 0 | ||
Deferred income tax benefit, total | 0 | 2,994 | (4,943) | ||
Income tax benefit | $ 0 | $ 523 | $ (4,943) |
Income Taxes Reconciliation (De
Income Taxes Reconciliation (Detail) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Rate Reconciliation [Line Items] | ||||
Computed at federal statutory rate | $ 9,700 | |||
State income taxes, net of federal income tax benefit | (1,400) | |||
Change in valuation allowance | (24,400) | |||
Effective Income Tax Rate Reconciliation, Reorganization Adjustments, Amount | 10,800 | |||
Other, net | 300 | |||
Income tax benefit | $ 4,900 | |||
Effective Income Tax Rate Reconciliation, Percent | 0.20% | |||
Computed at federal statutory rate | 3500.00% | |||
Predecessor [Member] | ||||
Income Tax Rate Reconciliation [Line Items] | ||||
Computed at federal statutory rate | $ 369,111 | |||
State income taxes, net of federal income tax benefit | 1,989 | |||
Change in valuation allowance | (384,692) | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | |||
Effective Income Tax Rate Reconciliation, Reorganization Adjustments, Amount | 13,572 | |||
Other, net | 20 | |||
Income tax benefit | $ 0 | |||
Effective Income Tax Rate Reconciliation, Percent | 0.00% | |||
Computed at federal statutory rate | 35.00% | |||
State income taxes, net of federal income tax benefit | 0.20% | |||
Change in valuation allowance | (36.50%) | |||
Effective Income Tax Rate Reconciliation, Effect of rate change on valuation allowance, Amount | $ 0 | |||
Effective Income Tax Rate Reconciliation, Effect of rate change on valuation allowance, Percent | 0.00% | |||
Effect of rate change | 0.00% | |||
Reorganization adjustments | 1.30% | |||
Other, net | 0.00% | |||
Successor [Member] | ||||
Income Tax Rate Reconciliation [Line Items] | ||||
Computed at federal statutory rate | $ (1,854) | $ 47,315 | $ 9,701 | |
State income taxes, net of federal income tax benefit | 197 | 1,743 | (1,383) | |
Change in valuation allowance | 1,657 | (48,820) | (24,353) | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | 0 | 86,612 | |
Effective Income Tax Rate Reconciliation, Reorganization Adjustments, Amount | 0 | 0 | 10,760 | |
Other, net | 0 | 285 | 332 | |
Income tax benefit | $ 0 | $ 523 | $ (4,943) | |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.20% | (17.80%) | |
Computed at federal statutory rate | 35.00% | 21.00% | 35.00% | |
State income taxes, net of federal income tax benefit | (3.70%) | 0.00% | (5.00%) | |
Change in valuation allowance | (31.30%) | (21.70%) | (87.80%) | |
Effective Income Tax Rate Reconciliation, Effect of rate change on valuation allowance, Amount | $ 0 | $ 0 | $ (86,612) | |
Effective Income Tax Rate Reconciliation, Effect of rate change on valuation allowance, Percent | 0.00% | 0.00% | (312.50%) | |
Effect of rate change | 0.00% | 0.00% | 0.00% | |
Reorganization adjustments | 0.00% | 0.00% | 38.80% | |
Other, net | 0.00% | 0.00% | 1.20% |
Summary of Principal Components
Summary of Principal Components of Net Deferred Income Tax Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 163,437 | $ 127,821 |
Deferred tax assets: | ||
Net operating loss (“NOL”) carryforwards | 0 | 37,345 |
Total net deferred tax assets | 44,610 | 4,943 |
Deferred income taxes | 1,949 | 4,943 |
Deferred Tax Liabilities, Property, Plant and Equipment | 33,413 | 0 |
Deferred Tax Liabilities, Derivatives | 9,248 | 0 |
Deferred Tax Liabilities, Net | $ 42,661 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance [Line Items] | |||||
Tax Credit Carryforward, Amount | $ 5,000 | ||||
Income taxes receivable | 2,471 | $ 0 | |||
State | 500 | ||||
Other, net | $ 300 | ||||
Future Federal Statutory Income Tax Rate, Percent | 2100.00% | ||||
Liabilities for unrecognized tax benefits | |||||
Effective Income Tax Rate Reconciliation, Percent | 0.20% | ||||
Deferred Tax Assets, Tax Credit Carryforwards | $ 2,500 | ||||
Federal | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards | $ 557,200 | ||||
Federal | Minimum | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards Expiration Year | 2,032 | ||||
Federal | Maximum | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards Expiration Year | 2,037 | ||||
State and Local Jurisdiction | Minimum | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards Expiration Year | 2,024 | ||||
State and Local Jurisdiction | Maximum | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards Expiration Year | 2,037 | ||||
Successor [Member] | |||||
Valuation Allowance [Line Items] | |||||
State | 0 | $ 523 | 0 | ||
Other, net | $ 0 | 285 | 332 | ||
Liabilities for unrecognized tax benefits | 0 | 0 | |||
Income Tax Examination, Penalties and Interest Expense | $ 0 | $ 0 | |||
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.20% | (17.80%) | ||
Successor [Member] | State and Local Jurisdiction | |||||
Valuation Allowance [Line Items] | |||||
Operating Loss Carryforwards | $ 437,900 | ||||
Successor [Member] | Federal, State and Local Tax Jurisdictions | |||||
Valuation Allowance [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | $ 128,700 | ||||
Predecessor [Member] | |||||
Valuation Allowance [Line Items] | |||||
State | $ 0 | ||||
Other, net | $ 20 | ||||
Income Tax Examination, Penalties and Interest Expense | $ 0 | ||||
Effective Income Tax Rate Reconciliation, Percent | 0.00% |
Executive Retirement and Exit_2
Executive Retirement and Exit Activities - Exit Activities (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 12, 2016USD ($) | |
Restructuring and Related Activities [Abstract] | |||
Separation Agreement, Consulting Fees | $ 0.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 0.6 | ||
Restructuring and Related Cost, Number of Positions Eliminated | 53 | ||
Severance and Termination Benefits Paid | $ 2.1 | ||
Severance and Termination Benefits | 1.4 | ||
Retention Bonuses | $ 0.7 | ||
Liabilities Subject to Compromise, Early Contract Termination Fees | $ 1.7 | ||
Restructuring Reserve | $ 10.8 |
Components of Selected Balance
Components of Selected Balance Sheet Accounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | ||
Other current assets: | ||||
Tubular inventory and well materials | $ 4,061 | $ 5,146 | ||
Prepaid expenses | 1,064 | 1,104 | ||
Other current assets | 5,125 | 6,250 | ||
Other assets: | ||||
Deferred issuance costs of the Credit Facility | 2,437 | 2,857 | ||
Escrow Deposit Remaining | 0 | 3,210 | [1] | |
Other | 44 | 2,440 | ||
Accounts payable and accrued liabilities: | ||||
Trade accounts payable | 16,507 | 22,579 | ||
Drilling costs | 22,434 | 22,389 | ||
Royalties and revenue - related | 51,212 | 39,287 | ||
Production, ad valorem and other taxes | [2] | 2,418 | 1,275 | |
Compensation-related | 4,489 | 2,975 | ||
Interest | 670 | 223 | ||
Bankruptcy Claims, amount reserved for outstanding claims | 0 | 3,933 | ||
Other 2 | [2] | 5,970 | 3,520 | |
Other liabilities: | ||||
Asset retirement obligations | 4,314 | 3,286 | ||
Defined benefit pension obligations | 857 | 971 | ||
Postretirement health care benefit obligations | 362 | 476 | ||
Other | $ 0 | $ 100 | ||
[1] | 1 The December 31, 2017 amount represents amounts that had remained in the Escrow Account for the Devon Acquisition which fully funded the remaining liability due to Devon for the final settlement (see Note 5). | |||
[2] | 2 The amount for December 31, 2017 was reclassified from Accounts payable and accrued liabilities - Other. |
Fair Value Summary of Long-Term
Fair Value Summary of Long-Term Debt with Fixed Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 511,375 | $ 265,267 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Commodity derivative assets – current | $ 34,932 | $ 0 |
Derivative assets | 10,100 | 0 |
Liabilities: | ||
Derivative liabilities, current | 991 | 27,777 |
Derivative liabilities, noncurrent | 0 | (13,900) |
Fair Value, Measurements, Recurring | Commodity contracts | ||
Assets: | ||
Commodity derivative assets – current | 34,932 | |
Derivative assets | 10,100 | |
Liabilities: | ||
Derivative liabilities, current | (991) | (27,777) |
Derivative liabilities, noncurrent | 0 | (13,900) |
Fair Value, Measurements, Recurring | Commodity contracts | Level 1 | ||
Assets: | ||
Commodity derivative assets – current | 0 | |
Derivative assets | 0 | |
Liabilities: | ||
Derivative liabilities, current | 0 | 0 |
Derivative liabilities, noncurrent | 0 | 0 |
Fair Value, Measurements, Recurring | Commodity contracts | Level 2 | ||
Assets: | ||
Commodity derivative assets – current | 34,932 | |
Derivative assets | 10,100 | |
Liabilities: | ||
Derivative liabilities, current | (991) | (27,777) |
Derivative liabilities, noncurrent | 0 | (13,900) |
Fair Value, Measurements, Recurring | Commodity contracts | Level 3 | ||
Assets: | ||
Commodity derivative assets – current | 0 | |
Derivative assets | 0 | |
Liabilities: | ||
Derivative liabilities, current | 0 | 0 |
Derivative liabilities, noncurrent | $ 0 | $ 0 |
Significant Commitments by Cate
Significant Commitments by Category (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Minimum Rental Commitments | |
2,017 | $ 532 |
2,018 | 657 |
2,019 | 637 |
2,020 | 638 |
2,021 | 634 |
Thereafter | 159 |
Total | 3,257 |
Gathering and Intermediate Transportation [Member] | |
Commitments | |
Contractual Commitments Future Minimum Payments Due Current | 11,702 |
2,018 | 12,962 |
2,019 | 12,962 |
2,020 | 12,962 |
2,021 | 12,962 |
Thereafter | 50,750 |
Total | 114,300 |
Other Commitments | |
Commitments | |
Contractual Commitments Future Minimum Payments Due Current | 254 |
2,018 | 121 |
2,019 | 44 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 0 |
Total | 419 |
Contract Drilling [Member] | |
Commitments | |
Contractual Commitments Future Minimum Payments Due Current | 20,692 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 0 |
Total | $ 20,692 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 2 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2019USD ($) | Sep. 12, 2016USD ($) | Dec. 31, 2016USD ($) | Sep. 12, 2016USD ($) | Sep. 30, 2018 | Dec. 31, 2018USD ($)bbl | Dec. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||||||
Reorganization items, Settlements related to contract amendments | $ 2,550 | $ 0 | |||||
Long-term Purchase Commitment, Minimum Volume Required | bbl | 8,000 | ||||||
Estimated Litigation Liability, Current | $ 1,300 | ||||||
Crude Oil Gathering Agreement | 10 | ||||||
Asset retirement obligations | $ 2,700 | $ 2,459 | 2,700 | $ 4,314 | $ 3,286 | ||
Environmental Compliance | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Asset retirement obligations | 4,300 | ||||||
Legal Reserve | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Reserve established for contingency matters | 100 | ||||||
Gathering and Intermediate Transportation [Member] | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Contractual Commitments Future Minimum Payments Due | 114,300 | ||||||
Contractual Commitments Future Minimum Payments Due Current | $ 11,702 | ||||||
Crude Oil Gathering And Transportation Services [Member] | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Reorganization items, Settlements related to contract amendments | $ 300 | ||||||
Original Volume Required [Domain] | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Long-term Purchase Commitment, Minimum Volume Required | bbl | 15,000 | ||||||
Term in Years [Domain] | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Crude Oil Gathering Agreement | 15 | ||||||
Marketing Agreement | 10 years | ||||||
Successor [Member] | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Operating lease rental expense | $ 200 | $ 2,700 | $ 1,000 | ||||
Predecessor [Member] | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Operating lease rental expense | $ 2,400 | ||||||
Subsequent Event [Member] | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Litigation Settlement, Expense | $ 1,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 13, 2016 | Sep. 12, 2016 |
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||
Common stock, shares issued | 15,080,594 | 15,018,870 | 14,992,018 | 14,992,018 | |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 12.73 | |
Common stock, shares authorized | 45,000,000 | 45,000,000 | |||
Successor [Member] | |||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Accumulated other comprehensive losses attributable to pension and postretirement benefit obligations, net of tax | $ 82 | $ 0 | $ 73 | ||
Predecessor [Member] | |||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||||
Accumulated other comprehensive losses attributable to pension and postretirement benefit obligations, net of tax | $ 61 |
Share-Based Compensation and _3
Share-Based Compensation and Other Benefit Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation | $ 4,489 | $ 2,975 | ||
Time Vested Restricted Stock Units [Domain] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 347,440 | |||
Performance Restricted Stock Units [Domain] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 98,526 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | |||
Performance Restricted Stock Units [Domain] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares expected to vest at grant date | 0.00% | |||
Performance Restricted Stock Units [Domain] | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares expected to vest at grant date | 200.00% | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3,300 | 800 | ||
Vests ratably over 3 years | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting description | One-third vesting in each year | |||
Vests ratably over 3 years | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting description | One-third vesting in each year | |||
Vests ratably over 3 years | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting description | One-third vesting in each year | |||
Employees and Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 749,600 | |||
Other Pension, Postretirement and Supplemental Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | 100 | |||
Pension Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
Predecessor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation (equity-classified) | $ (1,511) | |||
Recognized expense | 500 | |||
Predecessor [Member] | Liability-classified awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation (equity-classified) | $ (19) | |||
Predecessor [Member] | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Vesting period | 3 years | |||
Predecessor [Member] | Performance Based Restricted Stock Units (PBRSUs) | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares expected to vest at grant date | 0.00% | |||
Predecessor [Member] | Performance Based Restricted Stock Units (PBRSUs) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares expected to vest at grant date | 200.00% | |||
Predecessor [Member] | Vests ratably over 3 years | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights percentage | 33.33% | |||
Predecessor [Member] | Vests ratably over 3 years | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights percentage | 33.33% | |||
Predecessor [Member] | Vests ratably over 3 years | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights percentage | 33.33% | |||
Predecessor [Member] | Performance Period 1 | Performance Based Restricted Stock Units (PBRSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 1 year | |||
Predecessor [Member] | Performance Period 2 | Performance Based Restricted Stock Units (PBRSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 2 years | |||
Predecessor [Member] | Performance Period 3 | Performance Based Restricted Stock Units (PBRSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 3 years | |||
Predecessor [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $ 100 | |||
Successor [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation (equity-classified) | $ (81) | $ (4,618) | (3,809) | |
Recognized expense | 100 | $ 600 | 500 | |
Successor [Member] | Performance Restricted Stock Units [Domain] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 98,526 | |||
Successor [Member] | Liability-classified awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation (equity-classified) | $ 0 | 0 | ||
Successor [Member] | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 5 months 26 days | |||
Successor [Member] | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 42,459 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 65.96 | |||
Successor [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $ 100 | $ 100 | ||
Liability, Defined Benefit Plan, Noncurrent | 1,400 | 1,700 | ||
Successor [Member] | Pension Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation | $ 300 | $ 200 |
Share-Based Compensation and _4
Share-Based Compensation and Other Benefit Plans (Detail) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Successor [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation (equity-classified) | $ 81 | $ 4,618 | $ 3,809 | |
Allocated Share-based Compensation Expense | 81 | 4,618 | 3,809 | |
Successor [Member] | Restricted Stock Units (RSUs) | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,800 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 42,459 | |||
Successor [Member] | Stock Options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 5 months 26 days | |||
Predecessor [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation (equity-classified) | $ 1,511 | |||
Allocated Share-based Compensation Expense | 1,492 | |||
Other Pension, Postretirement and Supplemental Plans [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | 100 | |||
Other Pension, Postretirement and Supplemental Plans [Member] | Successor [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Liability, Defined Benefit Plan, Noncurrent | $ 1,400 | $ 1,700 | ||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $ 100 | $ 100 | ||
Other Pension, Postretirement and Supplemental Plans [Member] | Predecessor [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost) | $ 100 |
Share-Based Compensation and _5
Share-Based Compensation and Other Benefit Plans - Fair Value of Each Award Estimated on Date of Grant Using Black-Scholes-Merton Option-Pricing Formula (Detail) - Performance Restricted Stock Units [Domain] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | |
Successor [Member] | ||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Expected volatility, min | 59.63% | |
Expected volatility, max | 62.18% | |
Dividend yield, min | 0.00% | |
Dividend yield, max | 0.00% | |
Risk-free interest rate, min | 1.44% | |
Risk-free interest rate, max | 1.51% | |
Share-based Compensation Award, Tranche One [Member] | Successor [Member] | Minimum | ||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 47.70 | |
Share-based Compensation Award, Tranche One [Member] | Successor [Member] | Maximum | ||
Schedule of Benefit Obligations Weighted Average Assumptions [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 65.28 |
Share-Based Compensation and _6
Share-Based Compensation and Other Benefit Plans - Activity of Awarded Restricted Stock Units (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Units (RSUs) | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3.3 | $ 0.8 |
Number of shares | ||
Vested (in shares) | (79,828) | |
Forfeited (in shares) | (14,581) | |
Weighted-Average Grant Date Fair Value | ||
Vested (in dollars per share) | $ 38.90 | |
Forfeited (in dollars per share) | $ 43.64 | |
Performance Restricted Stock Units [Domain] | ||
Number of shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |
Vested (in shares) | (1,968) | |
Forfeited (in shares) | (7,487) | |
Weighted-Average Grant Date Fair Value | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | |
Vested (in dollars per share) | 49.56 | |
Forfeited (in dollars per share) | $ 49.56 | |
Minimum | Performance Restricted Stock Units [Domain] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Expected to Vest, Percentage | 0.00% | |
Maximum | Performance Restricted Stock Units [Domain] | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares, Expected to Vest, Percentage | 200.00% | |
Successor [Member] | Restricted Stock Units (RSUs) | ||
Number of shares | ||
Balance at beginning of year (in shares) | 259,990 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 42,459 | |
Balance at end of year (in shares) | 208,040 | 259,990 |
Weighted-Average Grant Date Fair Value | ||
Balance at beginning of year (in dollars per share) | $ 41.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 65.96 | |
Balance at end of year (in dollars per share) | $ 47.35 | $ 41.32 |
Successor [Member] | Performance Restricted Stock Units [Domain] | ||
Number of shares | ||
Balance at beginning of year (in shares) | 98,526 | |
Balance at end of year (in shares) | 89,071 | 98,526 |
Weighted-Average Grant Date Fair Value | ||
Balance at beginning of year (in dollars per share) | $ 57.81 | |
Balance at end of year (in dollars per share) | $ 58.69 | $ 57.81 |
Components of Interest Expense
Components of Interest Expense (Detail) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Debt Instrument, Redemption [Line Items] | ||||||
Amortization of Debt Discount (Premium) | $ 0 | $ 0 | ||||
Write off of Deferred Debt Issuance Cost | $ 800 | |||||
Successor [Member] | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Interest expense | 879 | $ 26,462 | 6,392 | |||
Capitalized interest | (25) | (9,118) | (2,725) | |||
Amortization of debt issuance costs 3 | 226 | 2,736 | 1,961 | [1] | ||
Amortization of Debt Discount (Premium) | [2] | 680 | 161 | |||
Interest on borrowings and related fees 1 | $ 678 | $ 32,164 | 6,995 | |||
Write off of Deferred Debt Issuance Cost | $ 800 | |||||
Predecessor [Member] | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Interest expense | 58,018 | |||||
Capitalized interest | (183) | |||||
Amortization of debt issuance costs 3 | [1] | 22,189 | ||||
Interest on borrowings and related fees 1 | [3] | 36,012 | ||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 66,100 | |||||
Debtor Reorganization Items, Write-off of Debt Issuance Costs and Debt Discounts | 20,500 | |||||
Predecessor [Member] | Senior Notes Due 2019 [Member] | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | 15,300 | |||||
Predecessor [Member] | Senior Notes Due 2020 [Member] | ||||||
Debt Instrument, Redemption [Line Items] | ||||||
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | $ 46,300 | |||||
[1] | 3 The year ended December 31, 2017 includes a total of $0.8 million of write-offs attributable to changes in the composition of financial institutions comprising the Credit Facility’s bank group in connection with amendments to the Credit Facility (see Note 10). The Predecessor period from January 1, 2016 through September 12, 2016 includes $20.5 million related to the accelerated write-off of unamortized debt issuance costs associated with the RBL and Senior Notes (see Note 10). | |||||
[2] | 2 Includes accretion of original issue discount attributable to the Second Lien Facility (see Note 10). | |||||
[3] | 1 Absent the bankruptcy proceedings and the corresponding suspension of the accrual of interest on unsecured debt, we would have recorded total contractual interest expense of $66.1 million for the Predecessor period from January 1, 2016 through September 12, 2016, including $15.3 million attributable to the 2019 Senior Notes and $46.3 million attributable to the 2020 Senior Notes. |
Components of Calculation of Ba
Components of Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Thousands, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Sep. 12, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Successor [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Net income (loss) | $ (5,296) | $ 224,785 | $ 32,662 | ||
Less: Preferred stock dividends | 0 | 0 | 0 | ||
Net loss attributable to common shareholders | $ (5,296) | $ 224,785 | $ 32,662 | ||
Weighted-average shares – basic | 14,992 | 15,059 | 14,996 | ||
Effect of dilutive securities | 0 | [1] | 233 | 67 | |
Weighted-average shares – diluted | 14,992 | 15,292 | 15,063 | ||
Predecessor [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Net income (loss) | $ 1,054,602 | ||||
Less: Preferred stock dividends | (5,972) | ||||
Net loss attributable to common shareholders | $ 1,048,630 | ||||
Weighted-average shares – basic | 88,013 | ||||
Effect of dilutive securities | 36,074 | ||||
Weighted-average shares – diluted | 124,087 | ||||
Potentially dilutive securities with the effect of being anti-dilutive excluded from the calculation of diluted earnings per common share | 100 | ||||
[1] | For the period from September 13, 2016 through December 31, 2016, less than 0.1 million potentially dilutive securities, represented by RSUs, had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per common share. |