Financials

v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2021
Jun. 30, 2021
May 17, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Current assets:                  
Cash and cash equivalents $ 4,485   $ 1,526   $ 89,861        
Accounts receivable—oil and natural gas sales 185,941   180,711   119,879        
Accounts receivable—joint interest and other 9,669   15,431   12,200        
Prepaid expenses and other current assets 18,487   25,295   160,664        
Short-term derivative instruments 2,142   3,465   27,146        
Total current assets 220,724   284,319   409,750        
Property and equipment:                  
Proved oil and natural gas properties 1,831,762   1,697,408   9,359,866        
Unproved properties 216,357   230,174   1,457,043        
Other property and equipment 5,277   6,893   88,538        
Total property and equipment 2,053,396   1,934,475   10,905,447        
Less: accumulated depletion, depreciation and amortization (212,403)   0   (8,819,178)        
Total property and equipment, net 1,840,993   1,934,475   2,086,269        
Other assets:                  
Equity investments 0   0   24,816        
Long-term derivative instruments 961   8,183   322        
Operating lease assets 34   47   342        
Other assets 25,496   25,966   18,372        
Total other assets 26,491   34,196   43,852        
Total assets 2,088,208   2,252,990   2,539,871        
Current liabilities:                  
Accounts payable and accrued liabilities 436,172   506,799   244,903        
Short-term derivative instruments 560,722   98,900   11,641        
Current portion of operating lease liabilities 34   38   0        
Current maturities of long-term debt 60,000   60,000   253,743        
Total current liabilities 1,056,928   665,737   510,287        
Non-current liabilities:                  
Long-term derivative instruments 272,935   80,742   36,604        
Asset retirement obligation 19,854   19,084   0        
Long-term debt, net of current maturities 689,502   792,751   0        
Total non-current liabilities 982,291   892,586   36,604        
Liabilities subject to compromise 0   2,224,449   2,293,480        
Total liabilities 2,039,219   1,558,323   2,840,371        
Commitments and contingencies (Note 9)            
Mezzanine Equity:                  
New Preferred Stock - $0.0001 par value, 110 thousand shares authorized, 57.9 thousand issued and outstanding at September 30, 2021 57,920   55,000            
Stockholders’ equity (deficit):                  
Common stock 2   2   1,607        
Predecessor accumulated other comprehensive loss     0   (43,000)        
Additional paid-in capital 692,182   693,774   4,213,752        
New Common Stock held in reserve, 938 thousand shares (30,216)   (54,109)            
Accumulated deficit (670,899)   0   (4,472,859)        
Total stockholders’ deficit (8,931) $ 453,090 639,667 $ (287,738) (300,500) $ (144,777) $ 231,340 $ 784,049 $ 1,314,592
Total liabilities, mezzanine equity and stockholders’ deficit $ 2,088,208   $ 2,252,990   $ 2,539,871        

Source

v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
3 Months Ended 4 Months Ended 5 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
May 17, 2021
Sep. 30, 2020
REVENUES:          
Net (loss) gain on natural gas, oil and NGL derivatives $ (622,476,000) $ (53,823,000) $ (762,134,000) $ (137,239,000) $ 71,414,000
Total Revenues (242,528,000) 136,176,000 (236,804,000) 273,037,000 621,815,000
OPERATING EXPENSES:          
Lease operating expenses 13,864,000 13,393,000 17,980,000 19,524,000 41,166,000
Taxes other than income 11,844,000 6,102,000 16,900,000 12,349,000 19,039,000
Transportation, gathering, processing and compression 84,435,000 110,567,000 125,811,000 161,086,000 334,789,000
Depreciation, depletion and amortization 62,573,000 51,551,000 94,935,000 62,764,000 194,369,000
Impairment of oil and natural gas properties 0 270,874,000 117,813,000 0 1,357,099,000
Impairment of other property and equipment     0 14,568,000 0
General and administrative expenses 16,691,000 20,331,000 23,209,000 19,175,000 45,719,000
Restructuring and liability management expenses 2,858,000 8,984,000 2,858,000 0 9,601,000
Accretion expense 488,000 774,000 714,000 1,229,000 2,270,000
Total Operating Expenses 192,753,000 482,576,000 400,220,000 290,695,000 2,004,052,000
LOSS FROM OPERATIONS (435,281,000) (346,400,000) (637,024,000) (17,658,000) (1,382,237,000)
OTHER EXPENSE (INCOME):          
Interest expense 16,351,000 34,321,000 25,245,000 4,159,000 99,677,000
Gain on debt extinguishment     0 0 (49,579,000)
Loss from equity method investments, net 0 153,000 0 342,000 10,987,000
Reorganization items, net     0 (266,898,000) 0
Other, net 9,031,000 89,000 7,979,000 1,711,000 8,957,000
Total Other Expense (Income) 25,382,000 34,563,000 33,224,000 (260,686,000) 70,042,000
(LOSS) INCOME BEFORE INCOME TAXES (460,663,000) (380,963,000) (670,248,000) 243,028,000 (1,452,279,000)
Income tax expense (benefit) 650,000 0 650,000 (7,968,000) 7,290,000
NET (LOSS) INCOME (461,313,000) (380,963,000) (670,898,000) 250,996,000 (1,459,569,000)
Dividends on New Preferred Stock (2,095,000) 0 (3,126,000) 0 0
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (463,408,000) $ (380,963,000) $ (674,024,000) $ 250,996,000 $ (1,459,569,000)
NET (LOSS) INCOME PER COMMON SHARE:          
Basic (in usd per share) $ (22.50) $ (2.37) $ (32.87) $ 1.56 $ (9.12)
Diluted (in usd per share) $ (22.50) $ (2.37) $ (32.87) $ 1.56 $ (9.12)
Weighted average common shares outstanding - Basic (in shares) 20,598 160,683 20,507 160,834 160,053
Weighted average common shares outstanding - Diluted (in shares) 20,598 160,683 20,507 160,834 160,053
Natural gas sales          
REVENUES:          
Revenue from contract with customer $ 301,516,000 $ 155,163,000 $ 413,234,000 $ 344,390,000 $ 456,859,000
Oil and condensate sales          
REVENUES:          
Revenue from contract with customer 33,279,000 16,012,000 50,866,000 29,106,000 47,553,000
Natural gas liquid sales          
REVENUES:          
Revenue from contract with customer $ 45,153,000 $ 18,824,000 $ 61,230,000 $ 36,780,000 $ 45,989,000

Source

v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
4 Months Ended 5 Months Ended 9 Months Ended
Sep. 30, 2021
May 17, 2021
Sep. 30, 2020
Cash flows from operating activities:      
Net (loss) income $ (670,898) $ 250,996 $ (1,459,569)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depletion, depreciation and amortization 94,935 62,764 194,369
Impairment of oil and natural gas properties 117,813 0 1,357,099
Impairment of other property and equipment 0 14,568 0
Loss from equity investments 0 342 10,987
Gain on debt extinguishment 0 0 (49,579)
Net loss (gain) on derivative instruments 762,134 137,239 (71,414)
Net cash (payments) receipts on settled derivative instruments (99,574) (3,361) 225,364
Non-cash reorganization items, net 0 (446,012) 0
Deferred income tax expense 0 0 7,290
Other, net 1,487 1,725 12,753
Changes in operating assets and liabilities, net (41,260) 153,894 (27,299)
Net cash provided by operating activities 164,637 172,155 200,001
Cash flows from investing activities:      
Additions to oil and natural gas properties (119,306) (102,330) (337,979)
Proceeds from sale of oil and natural gas properties 600 15 46,932
Other, net 2,562 4,484 351
Net cash used in investing activities (116,144) (97,831) (290,696)
Cash flows from financing activities:      
Debt issuance costs and loan commitment fees (1,225) (7,100) (633)
Repurchase of senior notes 0 0 (22,827)
Proceeds from issuance of New Preferred Stock 0 50,000 0
Other, net (55) (8) (719)
Net cash (used in) provided by in financing activities (103,425) (104,768) 135,678
Net (decrease) increase in cash, cash equivalents and restricted cash (54,932) (30,444) 44,983
Cash, cash equivalents and restricted cash at beginning of period 59,417 89,861 6,060
Cash, cash equivalents and restricted cash at end of period 4,485 59,417 51,043
Exit Facility      
Cash flows from financing activities:      
Payments on credit facility (409,000) 0 0
Borrowings on credit facility 306,855 302,751 0
DIP Credit Facility      
Cash flows from financing activities:      
Payments on credit facility 0 (157,500) 0
Revolving Credit Facility      
Cash flows from financing activities:      
Payments on credit facility 0 (318,961) (372,000)
Borrowings on credit facility $ 0 $ 26,050 $ 531,857

Source