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Business Segment Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company has two reportable segments: E&P and midstream. Prior to the Well Services Exit in the first quarter of 2020, the Company also had a well services segment, which is no longer a reportable segment and the remaining services performed by OWS are reported within the Company’s E&P segment. To conform to the current period reportable segments presentation, the prior periods have been restated to reflect the change in reportable segments.
The Company’s E&P segment is engaged in the acquisition and development of oil and gas properties. Revenues for the E&P segment are derived from the sale of crude oil and natural gas production.
The Company’s midstream segment performs midstream services including: (i) natural gas gathering, compression, processing and gas lift supply; (ii) crude oil gathering, terminaling and transportation; (iii) produced and flowback water gathering and disposal; and (iv) freshwater distribution. Revenues for the midstream segment are derived from performing these midstream services to support the E&P operations of the Company as well as third-party producers. The revenues and expenses related to goods and services provided by the midstream segment for the Company’s ownership interests are eliminated in consolidation, and only the revenues and expenses related to non-affiliated interest owners and third-party customers are included in the Company’s Consolidated Statements of Operations.
The Company’s corporate activities have been allocated to the supported business segments accordingly. Management evaluates the performance of the Company’s business segments based on operating income (loss), which is defined as segment operating revenues less operating expenses, including depreciation, depletion and amortization.
The following table summarizes financial information for the Company’s two business segments for the periods presented:
E&P
MidstreamEliminationsConsolidated
 (In thousands)
Successor
Period from November 20, 2020 through December 31, 2020
Revenues from external customers$93,794 $26,121 $— $119,915 
Inter-segment revenues— 17,136 (17,136)— 
Total revenues93,794 43,257 (17,136)119,915 
Operating income (loss)18,662 20,702 (588)38,776 
Other income (expense), net(87,161)(1,024)— (88,185)
Income (loss) before income taxes including non-controlling interests$(68,499)$19,678 $(588)$(49,409)
Total assets(1)
$1,093,253 $1,066,060 $(276)$2,159,037 
Property, plant and equipment, net837,020 892,043 (276)1,728,787 
Capital expenditures(2)
15,403 3,054 (385)18,072 
Depreciation, depletion and amortization13,789 4,199 (1,894)16,094 
General and administrative12,234 3,850 (1,860)14,224 
Equity-based compensation— 270 — 270 
Predecessor
Period from January 1, 2020 through November 19, 2020
Revenues from external customers$775,888 $187,531 $— $963,419 
Inter-segment revenues— 189,284 (189,284)— 
Total revenues775,888 376,815 (189,284)963,419 
Operating income(4,957,630)51,989 (6,118)(4,911,759)
Other income (expense), net842,783 84,627 (3,224)924,186 
Income (loss) before income taxes including non-controlling interests$(4,114,847)$136,616 $(9,342)$(3,987,573)
Capital expenditures(2)
$203,847 $24,266 $(2,772)$225,341 
Depreciation, depletion and amortization271,002 36,670 (16,557)291,115 
General and administrative125,818 34,103 (14,627)145,294 
Equity-based compensation29,794 1,930 (409)31,315 
Impairment4,825,530 111,613 — 4,937,143 
Predecessor
Year Ended December 31, 2019
Revenues from external customers$1,859,506 $212,238 $— $2,071,744 
Inter-segment revenues— 276,189 (276,189)— 
Total revenues1,859,506 488,427 (276,189)2,071,744 
Operating income (loss)(75,986)241,161 (10,752)154,423 
Other expense, net(260,720)(17,065)— (277,785)
Income (loss) before income taxes including non-controlling interests$(336,706)$224,096 $(10,752)$(123,362)
Total assets(1)
$6,418,610 $1,121,159 $(40,516)$7,499,253 
Property, plant and equipment, net5,939,389 1,078,903 (40,516)6,977,776 
Capital expenditures(2)
642,352 212,381 (11,365)843,368 
Depreciation, depletion and amortization771,640 37,152 (21,600)787,192 
General and administrative108,945 31,737 (17,176)123,506 
Equity-based compensation32,755 1,744 (892)33,607 
Impairment10,257 — — 10,257 
Predecessor
Year Ended December 31, 2018
Revenues from external customers$2,197,810 $124,137 $— $2,321,947 
Inter-segment revenues— 162,505 (162,505)— 
Total revenues2,197,810 286,642 (162,505)2,321,947 
Operating income (loss)(14,992)143,126 (9,122)119,012 
Other expense(142,230)(2,125)— (144,355)
Income (loss) before income taxes including non-controlling interests$(157,222)$141,001 $(9,122)$(25,343)
Total assets(1)
$6,747,616 $907,677 $(29,151)$7,626,142 
Property, plant and equipment, net6,162,975 893,285 (29,151)7,027,109 
Capital expenditures(2)
1,934,970 277,626 (9,143)2,203,453 
Depreciation, depletion and amortization623,133 29,282 (16,119)636,296 
General and administrative109,323 24,700 (12,677)121,346 
Equity-based compensation28,393 1,547 (667)29,273 
Impairment384,228 — — 384,228 
__________________ 
(1)Intercompany receivables (payables) for all segments were reclassified to capital contributions from (distributions to) parent and not included in total assets.
(2)Capital expenditures reflected in the table above differ from the amounts for capital expenditures and acquisitions of oil and gas properties shown in the Company’s Consolidated Statements of Cash Flows because amounts reflected in the table include changes in accrued liabilities from the previous reporting period for capital expenditures, while the amounts presented in the Consolidated Statements of Cash Flows are presented on a cash basis. Acquisitions totaled $21.0 million and $951.9 million for the years ended December 31, 2019 (Predecessor) and 2018 (Predecessor), respectively, in the E&P segment. There were no significant acquisitions during the period from January 1, 2020 through November 19, 2020 (Predecessor) and period from November 20, 2020 through December 31, 2020 (Successor). Additionally, capital expenditures reflected in the table includes consideration paid through the issuance of common stock in connection with the 2018 Permian Acquisition for the year ended December 31, 2018.