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Derivative and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of estimated fair values of oil, natural gas and NGL derivative instruments

The estimated fair values of our oil and natural gas derivative instrument assets (liabilities) as of September 30, 2021 and December 31, 2020 are provided below: 

						Successor															Predecessor
						September 30, 2021															December 31, 2020
						Notional Volume						Fair Value									Notional Volume						Fair Value
Oil (MMBbl):
Fixed-price swaps						18						$	(464)								27						$	(136)
Basis protection swaps						9						(3)									7						(1)
Total oil						27						(467)									34						(137)
Natural gas (Bcf):
Fixed-price swaps						429						(926)									728						10
Collars						207						(171)									53						8
Basis protection swaps						126						(46)									66						1
Total natural gas						762						(1,143)									847						19
Total estimated fair value												$	(1,610)														$	(118)

Schedule of effect of derivative instruments, condensed consolidated balance sheets

The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020 on a gross basis and after same-counterparty netting:

						Gross Fair Value						Amounts Netted in the Consolidated Balance Sheets						Net Fair Value Presented in the Consolidated Balance Sheets
Successor
As of September 30, 2021
Commodity Contracts:
Short-term derivative asset						$	14					$	(14)					$	—
Long-term derivative asset						7						(7)						—
Short-term derivative liability						(1,359)						14						(1,345)
Long-term derivative liability						(272)						7						(265)
Total derivatives						$	(1,610)					$	—					$	(1,610)
Predecessor
As of December 31, 2020
Commodity Contracts:
Short-term derivative asset						$	84					$	(65)					$	19
Long-term derivative asset						5						(5)						—
Short-term derivative liability						(158)						65						(93)
Long-term derivative liability						(49)						5						(44)
Total derivatives						$	(118)					$	—					$	(118)

Schedule of effect of derivative instruments, condensed consolidated statements of operations

The components of oil and natural gas derivatives are presented below:

						Successor									Predecessor
						Three Months Ended September 30, 2021									Three Months Ended September 30, 2020
Losses on undesignated oil and natural gas derivatives						$	(910)								$	(154)
Losses on terminated cash flow hedges						—									(7)
Total oil and natural gas derivatives						$	(910)								$	(161)

						Successor									Predecessor
						Period from February 10, 2021 through September 30, 2021									Period from January 1, 2021 through February 9, 2021						Nine Months Ended September 30, 2020
Gains (losses) on undesignated oil and natural gas derivatives						$	(1,604)								$	(379)					$	597
Losses on terminated cash flow hedges						—									(3)						(24)
Total oil and natural gas derivatives						$	(1,604)								$	(382)					$	573

Schedule of effect of derivative instruments, accumulated other comprehensive income (loss)

A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below:

						Successor															Predecessor
						Three Months Ended September 30, 2021															Three Months Ended September 30, 2020
						Before  Tax						After  Tax									Before  Tax						After  Tax
Balance, beginning of period						$	—					$	—								$	(28)					$	29
Losses reclassified to income						—						—									7						7
Balance, end of period						$	—					$	—								$	(21)					$	36

						Successor															Predecessor
						Period from February 10, 2021 through September 30, 2021															Period from  January 1, 2021 through  February 9, 2021												Nine Months Ended September 30, 2020
						Before  Tax						After  Tax									Before  Tax						After  Tax						Before  Tax						After  Tax
Balance, beginning of period						$	—					$	—								$	(12)					$	45					$	(45)					$	12
Losses reclassified to income						—						—									3						3						24						24
Fresh start adjustments						—						—									9						9						—						—
Elimination of tax effects						—						—									—						(57)						—						—
Balance, end of period						$	—					$	—								$	—					$	—					$	(21)					$	36

Schedule of financial assets (liabilities)

The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020:

						Successor									Predecessor
Significant Other Observable Inputs (Level 2)						September 30, 2021									December 31, 2020
Derivative Assets (Liabilities):
Commodity assets						$	21								$	88
Commodity liabilities						(1,631)									(206)
Total derivatives						$	(1,610)								$	(118)

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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