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Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

E&P revenues from contracts with customers for crude oil, natural gas and NGL sales and other services were as follows for the periods presented (in thousands):

			Successor									Predecessor						Successor									Predecessor
			Three Months Ended June 30, 2021									Three Months Ended June 30, 2020						Six Months Ended June 30, 2021									Six Months Ended June 30, 2020
Crude oil revenues						$	206,729														$	81,059								$	392,547								$	293,852
Purchased crude oil sales			73,505									23,519						110,222									109,276
Natural gas and NGL revenues			48,498									12,771						108,141									39,106
Purchased natural gas sales			60									4,081						354									4,602
Other services revenues			195									396						421									6,377
Total E&P revenues			$	328,987								$	121,826					$	611,685								$	453,213

Revenues derived from contracts with customers for midstream revenues were as follows for the periods presented (in thousands):

			Successor									Predecessor						Successor									Predecessor
			Three Months Ended June 30, 2021									Three Months Ended June 30, 2020						Six Months Ended June 30, 2021									Six Months Ended June 30, 2020
Midstream service revenues
Crude oil, natural gas and NGL revenues			$	20,794								$	22,898					$	43,019								$	49,584
Produced and flowback water revenues			7,466									7,247						14,874									18,499
Total midstream service revenues			28,260									30,145						57,893									68,083
Midstream product revenues
Purchased crude oil sales(1)			8,290									9,752						$	19,739								$	9,752
Crude oil, natural gas and NGL revenues			26,782									4,335						57,965									20,608
Freshwater revenues			741									294						1,237									2,494
Total midstream product revenues			35,813									14,381						78,941									32,854
Total midstream revenues			$	64,073								$	44,526					$	136,834								$	100,937

___________________

(1) Reported under purchased oil and gas sales on the Condensed Consolidated Statements of Operations.

Changes in Company's Contract Assets and Contract Liabilities

The following table summarizes the changes in the Company’s contract liabilities for the six months ended June 30, 2021:

			(In thousands)
Balance as of December 31, 2020 (Successor)			$	3,966
Revenues recognized			(164)
Balance as of June 30, 2021 (Successor)			$	3,802

Remaining Performance Obligation Expected Satisfaction Period

The following table presents estimated revenue allocated to remaining performance obligations for contracted revenues that are unsatisfied (or partially satisfied) as of June 30, 2021:

			(In thousands)
2021 (excluding the six months ended June 30, 2021)			$	8,376
2022			17,175
2023			10,896
2024			11,089
2025			2,768
Total			$	50,304

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

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- References

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- Definition

Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

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