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CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

Condensed Financial Information Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

			June 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Assets
Current assets:
Cash and cash equivalents			$	823					$	1,748					$	246					$	—					$	2,817
Accounts receivable - oil and natural gas sales			860						64,785						—						—						65,645
Accounts receivable - joint interest and other			2,949						16,440						—						—						19,389
Accounts receivable - intercompany			1,482,102						1,150,631						—						(2,632,733)						—
Prepaid expenses and other current assets			10,781						5						76						—						10,862
Short-term derivative instruments			53,188						—						—						—						53,188
Total current assets			1,550,703						1,233,609						322						(2,632,733)						151,901
Property and equipment:
Oil and natural gas properties, full-cost accounting			1,247,631						9,478,228						5,862						(729)						10,730,992
Other property and equipment			92,768						51						4,019						—						96,838
Accumulated depletion, depreciation, amortization and impairment			(1,423,539)						(7,032,075)						(1,850)						—						(8,457,464)
Property and equipment, net			(83,140)						2,446,204						8,031						(729)						2,370,366
Other assets:
Equity investments and investments in subsidiaries			1,930,479						6,332						13,013						(1,936,772)						13,052
Long-term derivative instruments			4,298						—						—						—						4,298
Operating lease assets			3,640						—						—						—						3,640
Other assets			29,216						7,784						—						—						37,000
Total other assets			1,967,633						14,116						13,013						(1,936,772)						57,990
Total assets			$	3,435,196					$	3,693,929					$	21,366					$	(4,570,234)					$	2,580,257
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities			$	46,085					$	269,490					$	—					$	—					$	315,575
Accounts payable - intercompany			1,185,800						1,442,144						4,789						(2,632,733)						—
Short-term derivative instruments			8,540						—						—						—						8,540
Current portion of operating lease liabilities			3,356						—						—						—						3,356
Current maturities of long-term debt			649						—						—						—						649
Total current liabilities			1,244,430						1,711,634						4,789						(2,632,733)						328,120
Long-term derivative instruments			45,615						—						—						—						45,615
Asset retirement obligation - long-term			—						61,371						—						—						61,371
Uncertain tax position liability			3,209						—						—						—						3,209
Non-current operating lease liabilities			284						—						—						—						284
Long-term debt, net of current maturities			1,910,318						—						—						—						1,910,318
Total liabilities			3,203,856						1,773,005						4,789						(2,632,733)						2,348,917
Stockholders’ equity:
Common stock			1,601						—						—						—						1,601
Paid-in capital			4,211,062						4,171,409						267,559						(4,438,968)						4,211,062
Accumulated other comprehensive loss			(54,991)						—						(52,562)						52,562						(54,991)
Accumulated deficit			(3,926,332)						(2,250,485)						(198,420)						2,448,905						(3,926,332)
Total stockholders’ equity			231,340						1,920,924						16,577						(1,937,501)						231,340
Total liabilities and stockholders’ equity			$	3,435,196					$	3,693,929					$	21,366					$	(4,570,234)					$	2,580,257

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

			December 31, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Assets
Current assets:
Cash and cash equivalents			$	2,768					$	3,097					$	195					$	—					$	6,060
Accounts receivable - oil and natural gas sales			859						120,351						—						—						121,210
Accounts receivable - joint interest and other			5,279						42,696						—						—						47,975
Accounts receivable - intercompany			1,065,593						843,223						—						(1,908,816)						—
Prepaid expenses and other current assets			4,047						308						76						—						4,431
Short-term derivative instruments			126,201						—						—						—						126,201
Total current assets			1,204,747						1,009,675						271						(1,908,816)						305,877
Property and equipment:
Oil and natural gas properties, full-cost accounting,			1,314,933						9,273,681						7,850						(729)						10,595,735
Other property and equipment			92,650						50						4,019						—						96,719
Accumulated depletion, depreciation, amortization and impairment			(1,418,888)						(5,808,254)						(1,518)						—						(7,228,660)
Property and equipment, net			(11,305)						3,465,477						10,351						(729)						3,463,794
Other assets:
Equity investments and investments in subsidiaries			3,064,503						6,332						21,000						(3,059,791)						32,044
Long-term derivative instruments			563						—						—						—						563
Deferred tax asset			7,563						—						—						—						7,563
Operating lease assets			14,168						—						—						—						14,168
Operating lease assets - related parties			43,270						—						—						—						43,270
Other assets			10,026						5,514						—						—						15,540
Total other assets			3,140,093						11,846						21,000						(3,059,791)						113,148
Total assets			$	4,333,535					$	4,486,998					$	31,622					$	(4,969,336)					$	3,882,819
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities			$	48,006					$	367,088					$	124					$	—					$	415,218
Accounts payable - intercompany			878,283						1,026,249						4,285						(1,908,817)						—
Short-term derivative instruments			303						—						—						—						303
Current portion of operating lease liabilities			13,826						—						—						—						13,826
Current portion of operating lease liabilities - related parties			21,220						—						—						—						21,220
Current maturities of long-term debt			631						—						—						—						631
Total current liabilities			962,269						1,393,337						4,409						(1,908,817)						451,198
Long-term derivative instruments			53,135						—						—						—						53,135
Asset retirement obligation - long-term			—						58,322						2,033						—						60,355
Uncertain tax position liability			3,127						—						—						—						3,127
Non-current operating lease liabilities			342						—						—						—						342
Non-current operating lease liabilities - related parties			22,050						—						—						—						22,050
Long-term debt, net of current maturities			1,978,020						—						—						—						1,978,020
Total liabilities			3,018,943						1,451,659						6,442						(1,908,817)						2,568,227
Stockholders’ equity:
Common stock			1,597						—						—						—						1,597
Paid-in capital			4,207,554						4,171,408						267,557						(4,438,965)						4,207,554
Accumulated other comprehensive loss			(46,833)						—						(44,763)						44,763						(46,833)
Accumulated deficit			(2,847,726)						(1,136,069)						(197,614)						1,333,683						(2,847,726)
Total stockholders’ equity			1,314,592						3,035,339						25,180						(3,060,519)						1,314,592
Total liabilities and stockholders’ equity			$	4,333,535					$	4,486,998					$	31,622					$	(4,969,336)					$	3,882,819

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

			Three months ended June 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Total revenues			$	26,970					$	105,440					$	—					$	—					$	132,410
Costs and expenses:
Lease operating expenses			—						15,686						—						—						15,686
Production taxes			—						3,605						—						—						3,605
Midstream gathering and processing expenses			—						59,974						—						—						59,974
Depreciation, depletion and amortization			2,388						62,236						166						—						64,790
Impairment of oil and natural gas properties			—						532,880						—						—						532,880
General and administrative expenses			21,731						(11,374)						113						—						10,470
Accretion expense			—						755						—						—						755
Total Operating Expenses			24,119						663,762						279						—						688,160
INCOME (LOSS) FROM OPERATIONS			2,851						(558,322)						(279)						—						(555,750)
OTHER EXPENSE (INCOME):
Interest expense			32,825						(459)						—						—						32,366
Interest income			(28)						(50)						—						—						(78)
Gain on debt extinguishment			(34,257)						—						—						—						(34,257)
Loss from equity method investments and investments in subsidiaries			562,502						—						45						(562,502)						45
Other expense			2,877						4,365						—						—						7,242
Total Other Expense			563,919						3,856						45						(562,502)						5,318
LOSS BEFORE INCOME TAXES			(561,068)						(562,178)						(324)						562,502						(561,068)
INCOME TAX EXPENSE			—						—						—						—						—
NET LOSS			$	(561,068)					$	(562,178)					$	(324)					$	562,502					$	(561,068)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

			Three months ended June 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Total revenues			$	280,291					$	178,703					$	—					$	—					$	458,994
Costs and expenses:
Lease operating expenses			12,256						10,132						—						—						22,388
Production taxes			2,820						5,278						—						—						8,098
Midstream gathering and processing expenses			28,121						43,894						—						—						72,015
Depreciation, depletion and amortization			80,132						44,764						55						—						124,951
General and administrative expenses			15,207						(3,583)						103						—						11,727
Accretion expense			438						921						—						—						1,359
Total Operating Expenses			138,974						101,406						158						—						240,538
INCOME (LOSS) FROM OPERATIONS			141,317						77,297						(158)						—						218,456
OTHER EXPENSE (INCOME):
Interest expense			37,373						(955)						—						—						36,418
Interest income			(120)						(39)						—						—						(159)
Loss (income) from equity method investments and investments in subsidiaries			47,449						—						(54)						78,187						125,582
Other expense			990						—						—						—						990
Total Other Expense (Income)			85,692						(994)						(54)						78,187						162,831
INCOME (LOSS) BEFORE INCOME TAXES			55,625						78,291						(104)						(78,187)						55,625
INCOME TAX BENEFIT			(179,331)						—						—						—						(179,331)
NET INCOME (LOSS)			$	234,956					$	78,291					$	(104)					$	(78,187)					$	234,956

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

			Six months ended June 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Total revenues			$	125,238					$	254,049					$	—					$	—					$	379,287
Costs and expenses:
Lease operating expenses			—						31,672						—						—						31,672
Production taxes			—						8,404						—						—						8,404
Midstream gathering and processing expenses			—						117,870						—						—						117,870
Depreciation, depletion, and amortization			4,890						137,596						332						—						142,818
Impairment of oil and gas properties			—						1,086,225						—						—						1,086,225
General and administrative expenses			46,377						(20,024)						286						—						26,639
Accretion expense			—						1,496						—						—						1,496
Total Operating Expenses			51,267						1,363,239						618						—						1,415,124
INCOME (LOSS) FROM OPERATIONS			73,971						(1,109,190)						(618)						—						(1,035,837)
OTHER EXPENSE (INCOME):
Interest expense			66,002						(646)						—						—						65,356
Interest income			(87)						(143)						—						—						(230)
Gain on debt extinguishment			(49,579)						—						—						—						(49,579)
Loss from equity method investments and investments in subsidiaries			1,125,868						—						188						(1,115,222)						10,834
Other expense			3,083						6,015						—						—						9,098
Total Other Expense			1,145,287						5,226						188						(1,115,222)						35,479
LOSS BEFORE INCOME TAXES			(1,071,316)						(1,114,416)						(806)						1,115,222						(1,071,316)
INCOME TAX EXPENSE			7,290						—						—						—						7,290
NET LOSS			$	(1,078,606)					$	(1,114,416)					$	(806)					$	1,115,222					$	(1,078,606)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

			Six months ended June 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Total revenues			$	466,537					$	313,035					$	—					$	—					$	779,572
Costs and expenses:
Lease operating expenses			27,149						15,046						—						—						42,195
Production taxes			6,081						9,938						—						—						16,019
Midstream gathering and processing expenses			71,420						70,877						—						—						142,297
Depreciation, depletion, and amortization			198,564						44,765						55						—						243,384
General and administrative expenses			25,938						(4,258)						104						—						21,784
Accretion expense			1,389						1,037						—						—						2,426
Total Operating Expenses			330,541						137,405						159						—						468,105
INCOME (LOSS) FROM OPERATIONS			135,996						175,630						(159)						—						311,467
OTHER EXPENSE (INCOME):
Interest expense			73,298						(1,259)						—						—						72,039
Interest income			(267)						(44)						—						—						(311)
(Income) loss from equity method investments and investments in subsidiaries			(55,465)						—						339						176,435						121,309
Other expense			563						—						—						—						563
Total Other Expense (Income)			18,129						(1,303)						339						176,435						193,600
INCOME (LOSS) BEFORE INCOME TAXES			117,867						176,933						(498)						(176,435)						117,867
INCOME TAX BENEFIT			(179,331)						—						—						—						(179,331)
NET INCOME (LOSS)			$	297,198					$	176,933					$	(498)					$	(176,435)					$	297,198

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

			Three months ended June 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Net loss			$	(561,068)					$	(562,178)					$	(324)					$	562,502					$	(561,068)
Foreign currency translation adjustment			6,872						—						6,872						(6,872)						6,872
Other comprehensive loss			6,872						—						6,872						(6,872)						6,872
Comprehensive loss			$	(554,196)					$	(562,178)					$	6,548					$	555,630					$	(554,196)

			Three months ended June 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Net income (loss)			$	234,956					$	78,291					$	(104)					$	(78,187)					$	234,956
Foreign currency translation adjustment			3,610						61						3,549						(3,610)						3,610
Other comprehensive income			3,610						61						3,549						(3,610)						3,610
Comprehensive income			$	238,566					$	78,352					$	3,445					$	(81,797)					$	238,566

			Six months ended June 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Net loss			$	(1,078,606)					$	(1,114,416)					$	(806)					$	1,115,222					$	(1,078,606)
Foreign currency translation adjustment			(8,158)						(360)						(7,798)						8,158						(8,158)
Other comprehensive loss			(8,158)						(360)						(7,798)						8,158						(8,158)
Comprehensive loss			$	(1,086,764)					$	(1,114,776)					$	(8,604)					$	1,123,380					$	(1,086,764)

			Six months ended June 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Net income (loss)			$	297,198					$	176,933					$	(498)					$	(176,435)					$	297,198
Foreign currency translation adjustment			7,411						155						7,256						(7,411)						7,411
Other comprehensive income			7,411						155						7,256						(7,411)						7,411
Comprehensive income			$	304,609					$	177,088					$	6,758					$	(183,846)					$	304,609

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(Amounts in thousands)

			Six months ended June 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Net cash provided by (used in) operating activities			$	18,854					$	228,317					$	(384)					$	435					$	247,222
Net cash used in investing activities			(424)						(229,666)						—						—						(230,090)
Net cash (used in) provided by financing activities			(20,375)						—						435						(435)						(20,375)
Net (decrease) increase in cash, cash equivalents and restricted cash			(1,945)						(1,349)						51						—						(3,243)
Cash, cash equivalents and restricted cash at beginning of period			2,768						3,097						195						—						6,060
Cash, cash equivalents and restricted cash at end of period			$	823					$	1,748					$	246					$	—					$	2,817

			Six months ended June 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Net cash provided by (used in) operating activities			$	312,267					$	84,146					$	3,355					$	1					$	399,769
Net cash used in investing activities			(405,848)						(101,058)						(3,751)						432						(510,225)
Net cash (used in) provided by financing activities			78,936						—						433						(433)						78,936
Net decrease in cash, cash equivalents and restricted cash			(14,645)						(16,912)						37						—						(31,520)
Cash, cash equivalents and restricted cash at beginning of period			25,585						26,711						1						—						52,297
Cash, cash equivalents and restricted cash at end of period			$	10,940					$	9,799					$	38					$	—					$	20,777

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Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph i
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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph i
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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Regulation S-X (SX)
-Number 210
-Section 3
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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph i
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