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Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

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
Three months ended June 30, 2021:
Revenues from non-affiliates			$	328,987											$	64,073											$	—					$	393,060
Inter-segment revenues			—												42,090												(42,090)						—
Total revenues			328,987												106,163												(42,090)						393,060
Operating income (loss)			337,188												39,990												(1,605)						375,573
Total other income (expense), net			(279,602)												(11,008)												—						(290,610)
Income (loss) before income taxes including non-controlling interests			$	57,586											$	28,982											$	(1,605)					$	84,963
Lease operating expenses			$	50,436											$	—											$	(16,115)					$	34,321
Gathering, processing and transportation expenses			32,787												—												(12,302)						20,485
General and administrative expenses(1)			15,707												8,175												(3,672)						20,210
Equity-based compensation expenses			4,686												16												—						4,702
Predecessor
Three months ended June 30, 2020:
Revenues from non-affiliates			$	121,826											$	44,526											$	—					$	166,352
Inter-segment revenues			—												37,195												(37,195)						—
Total revenues			121,826												81,721												(37,195)						166,352
Operating income (loss)			(40,901)												30,620												(943)						(11,224)
Total other income (expense), net			(75,465)												(5,273)												—						(80,738)
Income (loss) before income taxes including non-controlling interests			$	(116,366)											$	25,347											$	(943)					$	(91,962)
Lease operating expenses			$	37,864											$	—											$	(8,256)					$	29,608
Gathering, processing and transportation expenses			31,180												—												(7,415)						23,765
General and administrative expenses(1)			32,290												9,304												(4,151)						37,443
Equity-based compensation expenses			4,811												203												(124)						4,890
Successor
Six months ended June 30, 2021:
Revenues from non-affiliates			$	611,685											$	136,834											$	—					$	748,519
Inter-segment revenues			—												83,446												(83,446)						—
Total revenues			611,685												220,280												(83,446)						748,519
Operating income (loss)			440,368												88,657												(2,617)						526,408
Total other income (expense), net			(465,498)												(14,866)												—						(480,364)
Income (loss) before income taxes including non-controlling interests			$	(25,130)											$	73,791											$	(2,617)					$	46,044
Lease operating expenses			$	101,500											$	—											$	(31,919)					$	69,581
Gathering, processing and transportation expenses			60,892												—												(24,696)						36,196
General and administrative expenses(1)			31,382												16,735												(7,170)						40,947
Equity-based compensation expenses			6,374												526												—						6,900

Predecessor
Six months ended June 30, 2020:
Revenues from non-affiliates			$	453,213											$	100,937											$	—					$	554,150
Inter-segment revenues			—												105,739												(105,739)						—
Total revenues			453,213												206,676												(105,739)						554,150
Operating loss			(4,858,156)												(11,606)												(3,990)						(4,873,752)
Total other income (expense), net			228,533												(35,756)												—						192,777
Loss before income taxes including non-controlling interests			$	(4,629,623)											$	(47,362)											$	(3,990)					$	(4,680,975)
Lease operating expenses			$	103,677											$	—											$	(24,300)					$	79,377
Gathering, processing and transportation expenses			73,894												—												(20,665)						53,229
General and administrative expenses(1)			58,963												17,906												(8,252)						68,617
Equity-based compensation expenses			11,407												631												(341)						11,697
Successor
At June 30, 2021:
Property, plant and equipment, net			$	670,699											$	886,116											$	(2,130)					$	1,554,685
Total assets			1,894,614												1,044,232												(2,130)						2,936,716
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

___________________

(1)Includes equity-based compensation expenses.

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

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- References

No definition available.

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