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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of components of the income tax provision (benefit)

The components of the income tax expense (benefit) for each of the periods presented below are as follows:

						Successor															Predecessor
						Year Ended December 31, 2022						Period from February 10, 2021 through December 31, 2021									Period from January 1, 2021 through February 9, 2021						Year Ended December 31, 2020
Current
Federal						$	37					$	—								$	—					$	(3)
State						10						—									—						(6)
Current Income Taxes						47						—									—						(9)
Deferred
Federal						(1,112)						(45)									(54)						—
State						(220)						(4)									(3)						(10)
Deferred Income Taxes						(1,332)						(49)									(57)						(10)
Total						$	(1,285)					$	(49)								$	(57)					$	(19)

Schedule of effective income tax expense (benefit)

The income tax expense (benefit) reported in our consolidated statement of operations is different from the federal income tax expense (benefit) computed using the federal statutory rate for the following reasons:

						Successor															Predecessor
						Year Ended December 31, 2022						Period from February 10, 2021 through December 31, 2021									Period from January 1, 2021 through February 9, 2021						Year Ended December 31, 2020
Income tax expense (benefit) at the federal statutory rate of 21%						$	767					$	188								$	1,119					$	(2,051)
State income taxes (net of federal income tax benefit)						75						(86)									238						(41)
Change in valuation allowance due to Acquisitions						19						(49)									—						—
Change in valuation allowance excluding impact of Acquisitions						(2,147)						(179)									(1,191)						2,010
Reorganization items						—						60									(173)						41
Transaction costs						2						11									—						—
Removal of stranded tax effects in accumulated other comprehensive income						—						—									(57)						—
Other						(1)						6									7						22
Total						$	(1,285)					$	(49)								$	(57)					$	(19)

Schedule of deferred tax assets and liabilities

The tax-effected temporary differences, net operating loss (“NOL”)

carryforwards and excess business interest expense carryforwards that comprise our deferred income taxes are as follows:

						Successor
						December 31, 2022						December 31, 2021
Deferred tax liabilities:
Property, plant and equipment						$	(253)					$	—
Other						(5)						(3)
Deferred tax liabilities						(258)						(3)
Deferred tax assets:
Property, plant and equipment						—						340
Net operating loss carryforwards						870						784
Carrying value of debt						29						31
Excess business interest expense carryforward						665						684
Asset retirement obligations						91						86
Investments						11						66
Accrued liabilities						21						38
Derivative instruments						137						289
Other						130						68
Deferred tax assets						1,954						2,386
Valuation allowance						(345)						(2,383)
Deferred tax assets after valuation allowance						1,609						3
Net deferred tax asset						$	1,351					$	—

Schedule of federal NOLs and excess business interest

As of December 31, 2022, and after taking into account each of the foregoing matters, the federal NOLs and excess business interest attributes are as follows:

			Attributes subject to Section 382 base annual limitation															Attributes not subject to Section 382 limitation
			$54 million						$2 million
Net operating losses, by year of expiration:
2037			$	814					$	24								$	—
Indefinitely lived			2,265						102									—
Total federal net operating losses			$	3,079					$	126								$	—
Excess business interest expense (indefinitely lived)			$	1,435					$	90								$	1,368

Schedule of reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows:

						Successor															Predecessor
						Year Ended December 31, 2022						Period from February 10, 2021 through December 31, 2021									Period from January 1, 2021 through February 9, 2021						Year Ended December 31, 2020
Unrecognized tax benefits at beginning of period									$	74								$	74														$	74					$	74
Additions based on tax positions related to the current year									2									—															—						—
Additions to tax positions of prior years						2						—									—						—
Settlements						—						—									—						—
Expiration of the applicable statute of limitations						—						—									—						—
Reductions to tax positions of prior years						(9)						—									—						—
Unrecognized tax benefits at end of period						$	69					$	74								$	74					$	74

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Schedule Of Federal NOLs And Excess Business Interest

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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