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Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Components of Lease Costs | The Company’s leases consist primarily of office space, drilling rigs, vehicles and other property and equipment used in its operations. The components of lease costs were as follows for the periods presented (in thousands):
| Successor |  |  | Predecessor
| Period from November 20, 2020 through December 31, 2020 |  |  | Period from January 1, 2020 through November 19, 2020 |  | Year Ended December 31,
|  |  |  | 2019 |  |
Operating lease costs | $ | 751 |  |  |  | $ | 5,797 |  |  | $ | 26,341 |  |  |
Variable lease costs(1) | 437 |  |  |  | 2,678 |  |  | 9,189 |  |  |
Short-term lease costs | 554 |  |  |  | 9,807 |  |  | 4,657 |  |  |
Finance lease costs: |  |  |  |  |  |  |  |
Amortization of ROU assets | 153 |  |  |  | 1,987 |  |  | 2,543 |  |  |
Interest on lease liabilities | 11 |  |  |  | 167 |  |  | 260 |  |  |
Total lease costs | $ | 1,906 |  |  |  | $ | 20,436 |  |  | $ | 42,990 |  |  |
___________________ (1)Based on payments made by the Company to lessors for the right to use an underlying asset that vary because of changes in circumstances occurring after the commencement date, other than the passage of time, such as property taxes, operating and maintenance costs, which do not depend on an index or rate.
Maturities of Company's Finance Leases | As of December 31, 2020 (Successor), maturities of the Company’s lease liabilities were as follows (in thousands):
| Successor
| Operating Leases |  | Finance Leases
2021 | $ | 2,744 |  |  | $ | 1,722 |
2022 | 1,548 |  |  | 1,210 |
2023 | 787 |  |  | 260 |
2024 | 102 |  |  | 45 |
2025 | — |  |  | 45 |
Thereafter | — |  |  | 594 |
Total future lease payments | 5,181 |  |  | 3,876 |
Less: Imputed interest | 211 |  |  | 346 |
Present value of future lease payments | $ | 4,970 |  |  | $ | 3,530 |
Maturities of Company's Operating Leases | As of December 31, 2020 (Successor), maturities of the Company’s lease liabilities were as follows (in thousands):
| Successor
| Operating Leases |  | Finance Leases
2021 | $ | 2,744 |  |  | $ | 1,722 |
2022 | 1,548 |  |  | 1,210 |
2023 | 787 |  |  | 260 |
2024 | 102 |  |  | 45 |
2025 | — |  |  | 45 |
Thereafter | — |  |  | 594 |
Total future lease payments | 5,181 |  |  | 3,876 |
Less: Imputed interest | 211 |  |  | 346 |
Present value of future lease payments | $ | 4,970 |  |  | $ | 3,530 |
Supplemental Balance Sheet Information Related to Company's Leases | Supplemental balance sheet information related to the Company’s leases were as follows (in thousands):
|  |  |  | Successor(1) |  |  | Predecessor
|  | Balance Sheet Location |  | December 31, 2020 |  |  | December 31, 2019
Assets |  |  |  |  |  |  |
Operating lease assets |  | Operating right-of-use assets |  | $ | 6,083 |  |  |  | $ | 18,497 |
Finance lease assets(2) |  | Other assets |  | 3,419 |  |  |  | 6,303 |
Total lease assets |  |  |  | $ | 9,502 |  |  |  | $ | 24,800 |
Liabilities |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Operating lease liabilities |  | Current operating lease liabilities |  | $ | 2,607 |  |  |  | $ | 6,182 |
Finance lease liabilities |  | Other current liabilities |  | 1,626 |  |  |  | 2,413 |
Long-term |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities |  | 2,362 |  |  |  | 17,915 |
Finance lease liabilities |  | Other liabilities |  | 1,904 |  |  |  | 3,958 |
Total lease liabilities |  |  |  | $ | 8,499 |  |  |  | $ | 30,468 |
___________________ (1)Upon emergence from bankruptcy and the adoption of fresh start accounting, operating lease ROU assets and operating and finance lease liabilities were adjusted to their estimated fair value. Refer to Note 3—Fresh Start Accounting for more information on Fresh Start Adjustments. (2)Finance lease ROU assets are recorded net of accumulated amortization of $0.2 million as of December 31, 2020 (Successor) and $2.3 million as of December 31, 2019 (Predecessor).
Supplemental Cash Flow Information and Non-cash Transactions | Supplemental cash flow information and non-cash transactions related to the Company’s leases were as follows (in thousands):
| Successor |  |  | Predecessor |  |
| Period from November 20, 2020 through December 31, 2020 |  |  | Period from January 1, 2020 through November 19, 2020 |  | Year Ended December 31,
|  |  |  | 2019 |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 1,992 |  |  |  | $ | 6,624 |  |  | $ | 30,316 |  |  |
Operating cash flows from finance leases | 9 |  |  |  | 145 |  |  | 260 |  |  |
Financing cash flows from finance leases | 202 |  |  |  | 1,989 |  |  | 2,382 |  |  |
ROU assets obtained in exchange for lease obligations |  |  |  |  |  |  |  |
Operating leases | $ | — |  |  |  | $ | 797 |  |  | $ | 12,746 |  |  |
Finance leases | — |  |  |  | 24 |  |  | 3,433 |  |  |
Reductions to ROU assets resulting from reductions to lease obligations |  |  |  |  |  |  |  |
Operating leases(1) | $ | (6,255) |  |  |  | $ | — |  |  | $ | — |  |  |
___________________ (1)Includes amounts added to or reduced from the carrying amount of ROU assets resulting from lease modifications and remeasurements in connection with the Company’s bankruptcy emergence.
Weighted-average Lease Terms and Discount Rates for the Company's Leases | Weighted-average remaining lease terms and discount rates for the Company’s leases were as follows:
| Successor |  |  | Predecessor
| December 31, 2020 |  |  | December 31, 2019
Operating Leases |  |  |  |
Weighted average remaining lease term | 2.6 years |  |  | 7.1 years
Weighted average discount rate | 3.9 | % |  |  | 4.1 | %
Finance Leases |  |  |  |
Weighted average remaining lease term | 4.6 years |  |  | 4.1 years
Weighted average discount rate | 3.6 | % |  |  | 3.9 | %

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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