Financials

v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2021
May 17, 2021
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Current assets:              
Cash and cash equivalents $ 9,389 $ 1,526   $ 89,861      
Restricted cash 29,135 57,891   0      
Accounts receivable—oil and natural gas sales 140,663 180,711   119,879      
Accounts receivable—joint interest and other 10,695 15,431   12,200      
Prepaid expenses and other current assets 24,737 25,295   160,664      
Short-term derivative instruments 2,223 3,465   27,146      
Total current assets 216,842 284,319   409,750      
Property and equipment:              
Proved oil and natural gas properties 1,737,778 1,715,049   9,359,866      
Unproved properties 224,214 212,533   1,457,043      
Other property and equipment 6,914 6,893   88,538      
Total property and equipment 1,968,906 1,934,475   10,905,447      
Less: accumulated depletion, depreciation and amortization (150,175) 0   (8,819,178)      
Total property and equipment, net 1,818,731 1,934,475   2,086,269      
Other assets:              
Equity investments 0 0   24,816      
Long-term derivative instruments 3,014 8,183   322      
Operating lease assets 44 47   342      
Other assets 27,557 25,966   18,372      
Total other assets 30,615 34,196   43,852      
Total assets 2,066,188 2,252,990   2,539,871      
Current liabilities:              
Accounts payable and accrued liabilities 397,800 506,799   244,903      
Short-term derivative instruments 192,730 98,900   11,641      
Current portion of operating lease liabilities 39 38   0      
Current maturities of long-term debt 60,000 60,000   253,743      
Total current liabilities 650,569 665,737   510,287      
Non-current liabilities:              
Long-term derivative instruments 113,470 80,742   36,604      
Asset retirement obligation 19,347 19,084   0      
Non-current operating lease liabilities 5 9   0      
Long-term debt, net of current maturities 773,847 792,751   0      
Total non-current liabilities 906,669 892,586   36,604      
Liabilities subject to compromise 0 2,224,449   2,293,480      
Total liabilities 1,557,238 1,558,323   2,840,371      
Commitments and contingencies (Note 9)        
Mezzanine Equity:              
New Preferred Stock - $0.0001 par value, 110 thousand shares authorized, 55.9 thousand issued and outstanding at June 30, 2021 55,860 55,000          
Stockholders’ equity (deficit):              
Common stock 2 2   1,607      
Predecessor accumulated other comprehensive loss   0   (43,000)      
Additional paid-in capital 693,921 693,774   4,213,752      
New Common Stock held in reserve, 937 thousand shares (30,216) (54,109)          
Accumulated deficit (210,617) 0   (4,472,859)      
Total stockholders’ equity (deficit) 453,090 639,667 $ (287,738) (300,500) $ 231,340 $ 784,049 $ 1,314,592
Total liabilities, mezzanine equity and stockholders’ equity (deficit) $ 2,066,188 $ 2,252,990   $ 2,539,871      

Source

v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Jun. 30, 2021
May 17, 2021
Jun. 30, 2020
May 17, 2021
Jun. 30, 2020
REVENUES:          
Net (loss) gain on natural gas, oil and NGL derivatives $ (139,658,000) $ (107,261,000) $ 26,971,000 $ (137,239,000) $ 125,237,000
Total Revenues 5,724,000 25,679,000 186,301,000 273,037,000 485,639,000
OPERATING EXPENSES:          
Lease operating expenses 4,116,000 6,871,000 13,078,000 19,524,000 27,773,000
Taxes other than income 5,056,000 3,645,000 6,300,000 12,349,000 12,937,000
Transportation, gathering, processing and compression 41,376,000 55,219,000 113,865,000 161,086,000 224,222,000
Depreciation, depletion and amortization 32,362,000 21,617,000 64,790,000 62,764,000 142,818,000
Impairment of oil and natural gas properties 117,813,000 0 532,880,000 0 1,086,225,000
Impairment of other property and equipment 0     14,568,000 0
General and administrative expenses 6,518,000 6,418,000 9,766,000 19,175,000 25,388,000
Restructuring and liability management expenses 0 0 617,000 0 617,000
Accretion expense 226,000 424,000 755,000 1,229,000 1,496,000
Total Operating Expenses 207,467,000 94,194,000 742,051,000 290,695,000 1,521,476,000
(LOSS) INCOME FROM OPERATIONS (201,743,000) (68,515,000) (555,750,000) (17,658,000) (1,035,837,000)
OTHER EXPENSE (INCOME):          
Interest expense 8,894,000 898,000 32,366,000 4,159,000 65,356,000
Gain on debt extinguishment 0 0 (34,257,000) 0 (49,579,000)
Loss from equity method investments, net 0 0 45,000 342,000 10,834,000
Reorganization items, net 0 (305,617,000) 0 (266,898,000) 0
Other, net (1,051,000) 1,958,000 7,164,000 1,711,000 8,868,000
Total Other Expense (Income) 7,843,000 (302,761,000) 5,318,000 (260,686,000) 35,479,000
(LOSS) INCOME BEFORE INCOME TAXES (209,586,000) 234,246,000 (561,068,000) 243,028,000 (1,071,316,000)
Income tax benefit 0 (7,968,000) 0 (7,968,000) 7,290,000
NET (LOSS) INCOME (209,586,000) 242,214,000 (561,068,000) 250,996,000 (1,078,606,000)
Dividends on New Preferred Stock (1,031,000) 0 0 0 0
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (210,617,000) $ 242,214,000 $ (561,068,000) $ 250,996,000 $ (1,078,606,000)
NET INCOME (LOSS) PER COMMON SHARE:          
Basic (in usd per share) $ (10.36) $ 1.51 $ (3.51) $ 1.56 $ (6.75)
Diluted (in usd per share) $ (10.36) $ 1.51 $ (3.51) $ 1.56 $ (6.75)
Weighted average common shares outstanding - Basic (in shares) 20,321 160,887 159,934 160,834 159,847
Weighted average common shares outstanding - Diluted (in shares) 20,321 160,887 159,934 160,834 159,847
Natural gas sales          
REVENUES:          
Revenue from contract with customer $ 111,718,000 $ 109,069,000 $ 140,688,000 $ 344,390,000 $ 301,696,000
Oil and condensate sales          
REVENUES:          
Revenue from contract with customer 17,587,000 10,867,000 8,390,000 29,106,000 31,541,000
Natural gas liquid sales          
REVENUES:          
Revenue from contract with customer $ 16,077,000 $ 13,004,000 $ 10,252,000 $ 36,780,000 $ 27,165,000

Source

v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
1 Months Ended 5 Months Ended 6 Months Ended
Jun. 30, 2021
May 17, 2021
Jun. 30, 2020
Cash flows from operating activities:      
Net income (loss) $ (209,586,000) $ 250,996,000 $ (1,078,606,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depletion, depreciation and amortization 32,362,000 62,764,000 142,818,000
Impairment of oil and natural gas properties 117,813,000 0 1,086,225,000
Impairment of other property and equipment 0 14,568,000 0
Loss from equity investments 0 342,000 10,834,000
Gain on debt extinguishment 0 0 (49,579,000)
Net loss (gain) on derivative instruments 139,658,000 137,239,000 (125,237,000)
Net cash receipts on settled derivative instruments (6,689,000) (3,361,000) 195,232,000
Non-cash reorganization items, net 0 (446,012,000) 0
Deferred income tax expense 0 0 7,290,000
Other, net (397,000) 1,725,000 9,844,000
Changes in operating assets and liabilities, net (34,796,000) 153,894,000 48,401,000
Net cash provided by operating activities 38,365,000 172,155,000 247,222,000
Cash flows from investing activities:      
Additions to oil and natural gas properties (40,424,000) (102,330,000) (274,851,000)
Proceeds from sale of oil and natural gas properties 225,000 15,000 45,185,000
Other, net (77,000) 4,484,000 (424,000)
Net cash used in investing activities (40,276,000) (97,831,000) (230,090,000)
Cash flows from financing activities:      
Debt issuance costs and loan commitment fees (1,206,000) (7,100,000) 0
Repurchase of senior notes 0 0 (22,827,000)
Proceeds from issuance of New Preferred Stock 0 50,000,000 0
Other, net (25,000) (8,000) (548,000)
Net cash used in financing activities (18,982,000) (104,768,000) (20,375,000)
Net decrease in cash, cash equivalents and restricted cash (20,893,000) (30,444,000) (3,243,000)
Cash, cash equivalents and restricted cash at beginning of period 59,417,000 89,861,000 6,060,000
Cash, cash equivalents and restricted cash at end of period 38,524,000 59,417,000 2,817,000
Exit Facility      
Cash flows from financing activities:      
Payments on credit facility (131,000,000) 0 0
Borrowings on credit facility 113,249,000 302,751,000 0
DIP Credit Facility      
Cash flows from financing activities:      
Payments on credit facility 0 (157,500,000) 0
Revolving Credit Facility      
Cash flows from financing activities:      
Payments on credit facility 0 (318,961,000) (323,000,000)
Borrowings on credit facility $ 0 $ 26,050,000 $ 326,000,000

Source