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NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Tables)

12 Months Ended

Dec. 31, 2020

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER

Schedule of inventories

Inventories, by category, are as follows:

			Successor									Predecessor
(in millions)			2020									2019
Materials and supplies			$	58								$	64
Finished goods			3									3
Total			$	61								$	67

Summary of the activity of the asset retirement obligation

The following table presents a rollforward of our ARO.

			Successor									Predecessor						Predecessor
(in millions)			November 1, 2020 - December 31, 2020									January 1, 2020 - October 31, 2020						December 31, 2019
Beginning balance			$	593								$	517					$	433
Liabilities incurred, capitalized to PP&E			—									—						(5)
Liabilities settled and paid			(5)									(12)						(26)
Accretion expense			8									33						36
Dispositions, reduction to PP&E			—									(4)						(10)
Other			1									2						4
Revisions in estimated cash flows			—									—						85
Impact of fresh start accounting			—									57						—
Ending balance			$	597								$	593					$	517
Current portion			$	50								$	50					$	28
Non-current portion			$	547								$	543					$	489

Schedule of other current assets, net

Other current assets, net consisted of the following:

			Successor									Predecessor
(in millions)			December 31, 2020									December 31, 2019
Amounts due from joint interest partners, net(a)			$	42								$	70
Derivative assets			—									39
Prepaid expenses			20									19
Other			1									2
Other current assets, net			$	63								$	130

(a)As of December 31, 2020, we had no allowance for credit losses as a result of the adoption of fresh start accounting. Included in the balance as of December 31, 2019 was a $19 million allowance for credit losses against amounts due from joint interest partners.

Schedule of accrued liabilities

Accrued liabilities consisted of the following:

			Successor									Predecessor
(in millions)			December 31, 2020									December 31, 2019
Accrued employee-related costs			$	72								$	116
Accrued taxes other than on income			36									57
Asset retirement obligations			50									28
Accrued interest			1									13
Lease liability			7									28
Fair value of derivatives			50									—
Payments due to counterparties on commodity contracts			21									5
Other			24									66
Accrued liabilities			$	261								$	313

Schedule of other long-term liabilities

Other long-term liabilities consisted of the following:

			Successor									Predecessor
(in millions)			December 31, 2020									December 31, 2019
Asset retirement obligations			$	547								$	489
Deferred compensation and postretirement			184									182
Lease liability			35									38
Fair value of derivatives			6									—
Payments due to counterparties on commodity contracts			31									—
Other			19									11
Other long-term liabilities			$	822								$	720

Schedule of reorganization items in consolidated statement of operations

Reorganization items, net consisted of the following (in millions):

						Successor									Predecessor
						November 1, 2020 - December 31, 2020									January 1, 2020 - October 31, 2020
(in millions)
Gain on settlement of liabilities subject to compromise						$	—								$	4,022
Unamortized deferred gain and issuance costs, net						—									125
Junior debtor-in-possession exit fee						—									(12)
Acceleration of unrecognized compensation expense on cancelled stock-based compensation awards						—									(5)
Write-off of prepaid directors and officers' insurance premiums						—									(2)
Total non-cash reorganization items						$	—								$	4,128
Legal, professional and other, net						(3)									(43)
Debtor-in-possession financing costs						—									(25)
Total reorganization items, net						$	(3)								$	4,060

Schedule of supplemental disclosures to our consolidated statements of cash flows, excluding leases,

Supplemental disclosures to our consolidated statements of cash flows, excluding leases, are presented below (in millions):

			Successor									Predecessor
			November 1, 2020 - December 31, 2020									January 1, 2020 - October 31, 2020						Year ended December 31,
																		2019						2018
Supplemental Cash Flow Information
Cash paid for interest, net of amounts capitalized			$	(8)								$	(79)					$	(425)					$	(433)
Supplementary Disclosure of Noncash Investing and Financing Activities
Successor common stock, Subscription Rights and Warrants issued pursuant to the Plan												$	(494)
Successor common stock issued for the junior debtor-in-possession exit fee pursuant to the Plan												$	(12)
Successor common stock and EHP Notes issued for acquisition of noncontrolling interest pursuant to the Plan												$	(561)
Successor common stock issued for a backstop commitment premium pursuant to the Plan												$	(52)
Warrant issued to a joint venture partner																		$	(3)
Common stock issued as part of the acquisition of Elk Hills unit																								$	(51)

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