Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Summarized Financial Information of Segments

The following table summarizes financial information for the Company’s two business segments for the periods presented:


	E&P		Midstream		Eliminations		Consolidated

	(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 revenues	93,794		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, net	837,020		892,043		(276)		1,728,787
Capital expenditures(2)	15,403		3,054		(385)		18,072
Depreciation, depletion and amortization	13,789		4,199		(1,894)		16,094
General and administrative	12,234		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 revenues	775,888		376,815		(189,284)		963,419
Operating income	(4,957,630)		51,989		(6,118)		(4,911,759)
Other income (expense), net	842,783		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 amortization	271,002		36,670		(16,557)		291,115
General and administrative	125,818		34,103		(14,627)		145,294
Equity-based compensation	29,794		1,930		(409)		31,315
Impairment	4,825,530		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 revenues	1,859,506		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, net	5,939,389		1,078,903		(40,516)		6,977,776
Capital expenditures(2)	642,352		212,381		(11,365)		843,368
Depreciation, depletion and amortization	771,640		37,152		(21,600)		787,192
General and administrative	108,945		31,737		(17,176)		123,506
Equity-based compensation	32,755		1,744		(892)		33,607
Impairment	10,257		—		—		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 revenues	2,197,810		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, net	6,162,975		893,285		(29,151)		7,027,109
Capital expenditures(2)	1,934,970		277,626		(9,143)		2,203,453
Depreciation, depletion and amortization	623,133		29,282		(16,119)		636,296
General and administrative	109,323		24,700		(12,677)		121,346
Equity-based compensation	28,393		1,547		(667)		29,273
Impairment	384,228		—		—		384,228

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(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.