XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.21.1

Business Segment Information | 3 Months Ended
--- | ---
Mar. 31, 2021
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information The Company has two reportable segments: E&P and midstream. The Company’s E&P business segment is engaged in the acquisition and development of oil and gas properties. Revenues for the E&P business segment are primarily derived from the sale of crude oil and natural gas production. The Company’s midstream business segment performs midstream services including: (i) natural gas gathering, compression, processing, gas lift supply; (ii) crude oil gathering, terminaling and transportation; (iii) produced and flowback water gathering and disposal; and (iv) freshwater supply and distribution. Revenues for the midstream segment are derived from performing these services to the Company’s E&P segment, as well as third-party producers. The revenues and expenses related to 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 Condensed 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 |  |  |  | Midstream |  |  |  | Eliminations |  | Consolidated
| (In thousands)
Successor |  |  |  |  |  |  |  |  |  |  |
Three months ended March 31, 2021: |
Revenues from non-affiliates | $ | 282,698 |  |  |  |  | $ | 72,761 |  |  |  |  | $ | — |  |  | $ | 355,459 |
Inter-segment revenues | — |  |  |  |  | 41,356 |  |  |  |  | (41,356) |  |  | — |
Total revenues | 282,698 |  |  |  |  | 114,117 |  |  |  |  | (41,356) |  |  | 355,459 |
Operating income | 103,180 |  |  |  |  | 48,667 |  |  |  |  | (1,012) |  |  | 150,835 |
Total other income (expense), net | (185,896) |  |  |  |  | (3,858) |  |  |  |  | — |  |  | (189,754) |
Income (loss) before income taxes including non-controlling interests | $ | (82,716) |  |  |  |  | $ | 44,809 |  |  |  |  | $ | (1,012) |  |  | $ | (38,919) |
Lease operating expenses | $ | 51,064 |  |  |  |  | $ | — |  |  |  |  | $ | (15,804) |  |  | $ | 35,260 |
Gathering, processing and transportation expenses | 28,105 |  |  |  |  | — |  |  |  |  | (12,394) |  |  | 15,711 |
General and administrative expenses | 15,675 |  |  |  |  | 8,560 |  |  |  |  | (3,498) |  |  | 20,737 |
Equity-based compensation expenses | 1,688 |  |  |  |  | 510 |  |  |  |  | — |  |  | 2,198 |
Predecessor |  |  |  |  |  |  |  |  |  |  |
Three months ended March 31, 2020: |
Revenues from non-affiliates | $ | 331,387 |  |  |  |  | $ | 56,411 |  |  |  |  | $ | — |  |  | $ | 387,798 |
Inter-segment revenues | — |  |  |  |  | 68,544 |  |  |  |  | (68,544) |  |  | — |
Total revenues | 331,387 |  |  |  |  | 124,955 |  |  |  |  | (68,544) |  |  | 387,798 |
Operating loss | (4,817,255) |  |  |  |  | (42,226) |  |  |  |  | (3,047) |  |  | (4,862,528) |
Total other income (expense), net | 303,998 |  |  |  |  | (30,483) |  |  |  |  | — |  |  | 273,515 |
Loss before income taxes including non-controlling interests | $ | (4,513,257) |  |  |  |  | $ | (72,709) |  |  |  |  | $ | (3,047) |  |  | $ | (4,589,013) |
Lease operating expenses | $ | 65,813 |  |  |  |  | $ | — |  |  |  |  | $ | (16,044) |  |  | $ | 49,769 |
Gathering, processing and transportation expenses | 42,714 |  |  |  |  | — |  |  |  |  | (13,250) |  |  | 29,464 |
General and administrative expenses | 26,673 |  |  |  |  | 8,602 |  |  |  |  | (4,101) |  |  | 31,174 |
Equity-based compensation expenses | 6,596 |  |  |  |  | 428 |  |  |  |  | (217) |  |  | 6,807 |
Successor |  |  |  |  |  |  |  |  |  |  |
At March 31, 2021: |
Property, plant and equipment, net | $ | 836,605 |  |  |  |  | $ | 883,730 |  |  |  |  | $ | (786) |  |  | $ | 1,719,549 |
Total assets | 1,244,395 |  |  |  |  | 1,053,569 |  |  |  |  | (786) |  |  | 2,297,178 |
At December 31, 2020: |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment, net | $ | 837,020 |  |  |  |  | $ | 892,043 |  |  |  |  | $ | (276) |  |  | $ | 1,728,787 |
Total assets | 1,093,253 |  |  |  |  | 1,066,060 |  |  |  |  | (276) |  |  | 2,159,037 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration