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Business Segment Information
 9 Months Ended
Sep. 30, 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 and 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 for 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&PMidstreamEliminationsConsolidated
 (In thousands)
Successor
Three months ended September 30, 2021:
Revenues from non-affiliates$335,327 $66,712 $— $402,039 
Inter-segment revenues— 41,561 (41,561)— 
Total revenues335,327 108,273 (41,561)402,039 
Operating income153,125 51,289 (824)203,590 
Total other expense, net(109,085)(11,173)— (120,258)
Income before income taxes$44,040 $40,116 $(824)$83,332 
Lease operating expenses$44,914 $— $(15,607)$29,307 
Gathering, processing and transportation expenses30,028 — (13,628)16,400 
General and administrative expenses(1)
15,702 6,668 (2,856)19,514 
Equity-based compensation expenses4,144 143 — 4,287 
 
Predecessor
Three months ended September 30, 2020:
Revenues from non-affiliates$215,636 $55,423 $— $271,059 
Inter-segment revenues— 54,638 (54,638)— 
Total revenues215,636 110,061 (54,638)271,059 
Operating income (loss)(8,603)48,132 (1,005)38,524 
Total other expense, net(87,953)(2,812)— (90,765)
Income (loss) before income taxes$(96,556)$45,320 $(1,005)$(52,241)
Lease operating expenses$41,235 $— $(11,882)$29,353 
Gathering, processing and transportation expenses32,003 — (11,675)20,328 
General and administrative expenses(1)
44,088 9,089 (3,926)49,251 
Equity-based compensation expenses4,502 400 (68)4,834 
 
Successor
Nine months ended September 30, 2021:
Revenues from non-affiliates$947,013 $203,545 $— $1,150,558 
Inter-segment revenues— 125,007 (125,007)— 
Total revenues947,013 328,552 (125,007)1,150,558 
Operating income (loss)593,493 139,946 (3,441)729,998 
Total other income (expense), net(574,583)(26,039)— (600,622)
Income before income taxes$18,910 $113,907 $(3,441)$129,376 
Lease operating expenses$146,414 $— $(47,526)$98,888 
Gathering, processing and transportation expenses90,920 — (38,324)52,596 
General and administrative expenses(1)
47,084 23,403 (10,026)60,461 
Equity-based compensation expenses10,518 669 — 11,187 
Predecessor
Nine months ended September 30, 2020:
Revenues from non-affiliates$668,849 $156,360 $— $825,209 
Inter-segment revenues— 160,377 (160,377)— 
Total revenues668,849 316,737 (160,377)825,209 
Operating income (loss)(4,866,759)36,526 (4,995)(4,835,228)
Total other income (expense), net140,580 (38,568)— 102,012 
Loss before income taxes$(4,726,179)$(2,042)$(4,995)$(4,733,216)
Lease operating expenses$144,912 $— $(36,182)$108,730 
Gathering, processing and transportation expenses105,897 — (32,340)73,557 
General and administrative expenses(1)
103,051 26,995 (12,178)117,868 
Equity-based compensation expenses15,909 1,031 (409)16,531 
Successor
At September 30, 2021:
Property, plant and equipment, net$692,271 $893,333 $(2,760)$1,582,844 
Total assets
1,939,695 1,062,577 (2,760)2,999,512 
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.