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Revenue Recognition (Tables)

9 Months Ended

Sep. 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 September 30, 2021									Three Months Ended September 30, 2020						Nine Months Ended September 30, 2021									Nine Months Ended September 30, 2020
Crude oil revenues						$	205,731														$	155,052								$	598,278								$	448,904
Purchased crude oil sales			53,562									35,442						163,785									144,719
Natural gas revenues			75,905									24,525						184,046									63,631
Purchased natural gas sales			8									308						362									4,909
Other services revenues			121									309						542									6,686
Total E&P revenues			$	335,327								$	215,636					$	947,013								$	668,849

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 September 30, 2021									Three Months Ended September 30, 2020						Nine Months Ended September 30, 2021									Nine Months Ended September 30, 2020
Midstream service revenues
Crude oil, natural gas and NGL revenues			$	22,111								$	22,682					$	65,225								$	72,267
Produced and flowback water revenues			10,312									8,801						25,230									27,300
Total midstream service revenues			32,423									31,483						90,455									99,567
Midstream product revenues
Purchased crude oil sales(1)			—									8,444						$	19,738								$	18,196
Crude oil, natural gas and NGL revenues			33,845									15,100						91,671									35,707
Freshwater revenues			444									396						1,681									2,890
Total midstream product revenues			34,289									23,940						113,090									56,793
Total midstream revenues			$	66,712								$	55,423					$	203,545								$	156,360

___________________

(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 nine months ended September 30, 2021:

			(In thousands)
Balance as of December 31, 2020 (Successor)			$	3,966
Cash received			3,231
Revenues recognized			(276)
Balance as of September 30, 2021 (Successor)			$	6,921

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 September 30, 2021 (Successor):

			(In thousands)
2021 (excluding the nine months ended September 30, 2021)			$	3,709
2022			17,175
2023			10,896
2024			11,089
2025			2,768
Total			$	45,637

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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X

- 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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