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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies As of June 30, 2021, the Company’s material off-balance sheet arrangements and transactions include $6.8 million in outstanding letters of credit under the revolving credit facilities and $7.5 million in net surety bond exposure issued as financial assurance on certain agreements. As of June 30, 2021, there have been no material changes to the Company’s commitments and contingencies disclosed in Note 24 — Commitments and Contingencies in the Company’s 2020 Annual Report other than the items discussed below. Volume commitment agreements. There were $32.6 million of estimable future commitments under volume commitment agreements included in the Company’s 2020 Annual Report that related to the properties divested in the Permian Basin Sale. Such volume commitment agreements were assigned to Percussion at closing, and the Company no longer has any remaining volume commitments associated with these agreements. In addition, the Company previously disclosed in its 2020 Annual Report potential future obligations associated with a continuous development agreement (the “CDA”) concerning certain drilling and development obligations in the Permian Basin. The CDA was assigned to Percussion at closing, and the Company does not have any future obligations associated with this agreement. During the three and six months ended June 30, 2021, the Company recorded a deficiency fee of $2.4 million under gathering, processing and transportation expenses in the Condensed Consolidated Statements of Operations in connection with a volume shortfall payment the Company expects to make pursuant to certain volume commitment agreements. The expected shortfall payment of $2.4 million was recorded under accrued liabilities in the Condensed Consolidated Balance Sheet at June 30, 2021. Subsequent to June 30, 2021, certain escalations to transport a minimum quantity of crude oil volumes became effective. The estimable future commitment pursuant to such escalation was $149.6 million and has a remaining term of approximately 7 years. Litigation. The Company is party to various legal and/or regulatory proceedings from time to time arising in the ordinary course of business. When the Company determines that a loss is probable of occurring and is reasonably estimable, the Company accrues an undiscounted liability for such contingencies based on its best estimate using information available at the time. The Company discloses contingencies where an adverse outcome may be material, or in the judgment of management, the matter should otherwise be disclosed. Mirada litigation. As previously disclosed in the Company’s 2020 Annual Report, the Company entered into a Settlement and Mutual Release Agreement (the “Mirada Settlement Agreement”) with Mirada Energy, LLC and certain related parties (“Mirada”) on September 28, 2020. The Mirada Settlement Agreement provides for, among other things, payment by OPNA to Mirada of $42.8 million. The Company paid Mirada $20.0 million on the Emergence Date and $22.8 million in May 2021. These amounts were previously accrued for in the Company’s condensed consolidated financial statements, and there are no remaining settlement payments outstanding as of June 30, 2021.

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