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Pro Forma Adjustments and Assumptions (Tables) | 9 Months Ended
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Sep. 30, 2021
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Business Acquisitions, by Acquisition |
| (In thousands)
Cash and cash equivalents | $ | 111,296 |
Restricted cash – non–current | 400,000 |
Other assets | 74,506 |
Total cash paid | $ | 585,802 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Represents the allocation of the total cost of the Williston Basin Acquisition to the assets acquired and liabilities assumed, as follows:
|  | (In thousands)
Total Cost |  |
Cash Consideration: |  |
Cash paid at closing on October 21, 2021 |  | $ | 511,296 |
Cash deposit paid on May 3, 2021 |  | 74,506 |
Total cash paid |  | 585,802 |
Liabilities Assumed: |  |
Asset retirement obligations |  | 14,850 |
Suspended funds |  | 8,997 |
Unfavorable contracts(1) |  | 21,724 |
Total liabilities assumed |  | 45,571 |
Transaction costs(2) |  | 4,123 |
Total cost of Williston Basin Acquisition |  | $ | 635,496 |
Allocation of Total Cost |  |
Assets |  |
Inventory |  | $ | 4,954 |
Oil and gas properties(3) |  | 620,953
Other property and equipment |  | 1,315
Long-term inventory |  | 3,748
Other assets |  | 4,526 |
Total assets |  | $ | 635,496 |
Liabilities |  |
Revenues and production taxes payable |  | $ | (8,997) |
Accrued liabilities |  | (5,508) |
Asset retirement obligations |  | (14,850) |
Other liabilities |  | (16,216) |
Total liabilities |  | $ | (45,571) |
(1) Represents an estimated aggregate minimum volume commitment (“MVC”) of $21.7 million related to unfavorable contracts acquired in the Williston Basin Acquisition that the Company has determined to be probable and reasonably estimable at the close of the transaction. (2) Prior to the closing of the Williston Basin Acquisition, the Company expensed $1.8 million of transaction costs as incurred under general and administrative expenses during the nine months ended September 30, 2021. At closing, the Company reduced general and administrative expenses by $1.8 million and recorded these costs as part of the total cost of the Williston Basin Acquisition in accordance with FASB ASC 805-50. In addition, the Company estimates it will accrue an additional $2.3 million of transaction costs that will be recorded as part of the total cost of the Williston Basin Acquisition. (3) Includes $583.5 million recorded to proved developed oil and gas properties and $22.6 million recorded to proved undeveloped oil and gas properties.

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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