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Business Segment Information (Tables)

9 Months Ended

Sep. 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 September 30, 2021:
Revenues from non-affiliates			$	335,327											$	66,712											$	—					$	402,039
Inter-segment revenues			—												41,561												(41,561)						—
Total revenues			335,327												108,273												(41,561)						402,039
Operating income			153,125												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 expenses			30,028												—												(13,628)						16,400
General and administrative expenses(1)			15,702												6,668												(2,856)						19,514
Equity-based compensation expenses			4,144												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 revenues			215,636												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 expenses			32,003												—												(11,675)						20,328
General and administrative expenses(1)			44,088												9,089												(3,926)						49,251
Equity-based compensation expenses			4,502												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 revenues			947,013												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 expenses			90,920												—												(38,324)						52,596
General and administrative expenses(1)			47,084												23,403												(10,026)						60,461
Equity-based compensation expenses			10,518												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 revenues			668,849												316,737												(160,377)						825,209
Operating income (loss)			(4,866,759)												36,526												(4,995)						(4,835,228)
Total other income (expense), net			140,580												(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 expenses			105,897												—												(32,340)						73,557
General and administrative expenses(1)			103,051												26,995												(12,178)						117,868
Equity-based compensation expenses			15,909												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.

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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