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CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2020

Condensed Financial Information Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEETS

CONDENSED CONSOLIDATING BALANCE SHEETS

(Amounts in thousands)

			September 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Assets
Current assets:
Cash and cash equivalents			$	43,774					$	2,197					$	5,072					$	—					$	51,043
Accounts receivable - oil and natural gas sales			861						91,582						—						—						92,443
Accounts receivable - joint interest and other			428						14,993						—						—						15,421
Accounts receivable - intercompany			332,011						73,885						—						(405,896)						—
Prepaid expenses and other current assets			18,192						32,919						76						—						51,187
Short-term derivative instruments			6,245						—						—						—						6,245
Total current assets			401,511						215,576						5,148						(405,896)						216,339
Property and equipment:
Oil and natural gas properties, full-cost accounting			1,248,836						9,531,593						6,606						(730)						10,786,305
Other property and equipment			92,551						51						3,319						—						95,921
Accumulated depletion, depreciation, amortization and impairment			(1,425,619)						(7,352,069)						(2,016)						—						(8,779,704)
Property and equipment, net			(84,232)						2,179,575						7,909						(730)						2,102,522
Other assets:
Equity investments and investments in subsidiaries			1,802,762						6,333						16,521						(1,809,056)						16,560
Long-term derivative instruments			1,098						—						—						—						1,098
Operating lease assets			2,012						—						—						—						2,012
Other assets			28,390						8,638						—						—						37,028
Total other assets			1,834,262						14,971						16,521						(1,809,056)						56,698
Total assets			$	2,151,541					$	2,410,122					$	29,578					$	(2,215,682)					$	2,375,559
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities			$	59,543					$	235,778					$	38					$	—					$	295,359
Accounts payable - intercompany			74,733						321,373						9,789						(405,895)						—
Short-term derivative instruments			24,164						—						—						—						24,164
Current portion of operating lease liabilities			1,757						—						—						—						1,757
Current maturities of long-term debt			656						—						—						—						656
Total current liabilities			160,853						557,151						9,827						(405,895)						321,936
Long-term derivative instruments			63,803						—						—						—						63,803
Asset retirement obligation - long-term			—						62,935						—						—						62,935
Uncertain tax position liability			3,371						—						—						—						3,371
Non-current operating lease liabilities			255						—						—						—						255
Long-term debt, net of current maturities			2,068,036						—						—						—						2,068,036
Total liabilities			2,296,318						620,086						9,827						(405,895)						2,520,336
Stockholders’ equity:
Common stock			1,607						—						—						—						1,607
Paid-in capital			4,212,241						4,291,981						267,560						(4,559,541)						4,212,241
Accumulated other comprehensive loss			(51,329)						3						(48,902)						48,898						(51,330)
Accumulated deficit			(4,307,296)						(2,501,948)						(198,907)						2,700,856						(4,307,295)
Total stockholders’ equity			(144,777)						1,790,036						19,751						(1,809,787)						(144,777)
Total liabilities and stockholders’ equity			$	2,151,541					$	2,410,122					$	29,578					$	(2,215,682)					$	2,375,559

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 September 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Total revenues			$	(53,823)					$	189,999					$	—					$	—					$	136,176
Costs and expenses:
Lease operating expenses			(157)						15,431						—						—						15,274
Production taxes			—						4,028						—						—						4,028
Midstream gathering and processing expenses			—						110,567						—						—						110,567
Depreciation, depletion and amortization			2,265						49,120						166						—						51,551
Impairment of oil and natural gas properties			—						270,874						—						—						270,874
General and administrative expenses			29,454						(9,098)						168						—						20,524
Restructuring and liability management			8,984						—						—						—						8,984
Accretion expense			—						774						—						—						774
Total Operating Expenses			40,546						441,696						334						—						482,576
LOSS FROM OPERATIONS			(94,369)						(251,697)						(334)						—						(346,400)
OTHER EXPENSE (INCOME):
Interest expense			34,488						(167)						—						—						34,321
Interest income			(16)						(36)						—						—						(52)
Loss from equity method investments and investments in subsidiaries			251,951						—						153						(251,951)						153
Other expense (income)			172						(31)						—						—						141
Total Other Expense (Income)			286,595						(234)						153						(251,951)						34,563
LOSS BEFORE INCOME TAXES			(380,964)						(251,463)						(487)						251,951						(380,963)
INCOME TAX EXPENSE			—						—						—						—						—
NET LOSS			$	(380,964)					$	(251,463)					$	(487)					$	251,951					$	(380,963)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

			Three months ended September 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Total revenues			$	27,358					$	314,388					$	—					$	—					$	341,746
Costs and expenses:
Lease operating expenses			(231)						22,704						—						—						22,473
Production taxes			36						6,529						—						—						6,565
Midstream gathering and processing expenses			—						135,006						—						—						135,006
Depreciation, depletion and amortization			2,686						160,418						166						—						163,270
Impairment of oil and natural gas properties			—						571,442						—						—						571,442
General and administrative expenses			25,757						(12,675)						116						—						13,198
Accretion expense			—						747						—						—						747
Total Operating Expenses			28,248						884,171						282						—						912,701
LOSS FROM OPERATIONS			(890)						(569,783)						(282)						—						(570,955)
OTHER EXPENSE (INCOME):
Interest expense			36,566						(1,010)						—						—						35,556
Interest income			(187)						(151)						—						—						(338)
Gain on debt extinguishment			(23,600)						—						—						—						(23,600)
Loss from equity method investments and investments in subsidiaries			616,348						—						40						(573,306)						43,082
Other (income) expense			(1,168)						3,362						—						1,000						3,194
Total Other Expense			627,959						2,201						40						(572,306)						57,894
LOSS BEFORE INCOME TAXES			(628,849)						(571,984)						(322)						572,306						(628,849)
INCOME TAX BENEFIT			(144,047)						—						—						—						(144,047)
NET LOSS			$	(484,802)					$	(571,984)					$	(322)					$	572,306					$	(484,802)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

			Nine months ended September 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Total revenues			$	71,415					$	550,400					$	—					$	—					$	621,815
Costs and expenses:
Lease operating expenses			(157)						47,103						—						—						46,946
Production taxes			—						12,432						—						—						12,432
Midstream gathering and processing expenses			—						334,789						—						—						334,789
Depreciation, depletion, and amortization			7,155						186,716						498						—						194,369
Impairment of oil and gas properties			—						1,357,099						—						—						1,357,099
General and administrative expenses			75,214						(29,122)						454						—						46,546
Restructuring and liability management			9,601						—						—						—						9,601
Accretion expense			—						2,270						—						—						2,270
Total Operating Expenses			91,813						1,911,287						952						—						2,004,052
LOSS FROM OPERATIONS			(20,398)						(1,360,887)						(952)						—						(1,382,237)
OTHER EXPENSE (INCOME):
Interest expense			100,490						(813)						—						—						99,677
Interest income			(103)						(179)						—						—						(282)
Gain on debt extinguishment			(49,579)						—						—						—						(49,579)
Loss from equity method investments and investments in subsidiaries			1,377,819						—						341						(1,367,173)						10,987
Other expense			3,255						5,984						—						—						9,239
Total Other Expense			1,431,882						4,992						341						(1,367,173)						70,042
LOSS BEFORE INCOME TAXES			(1,452,280)						(1,365,879)						(1,293)						1,367,173						(1,452,279)
INCOME TAX EXPENSE			7,290						—						—						—						7,290
NET LOSS			$	(1,459,570)					$	(1,365,879)					$	(1,293)					$	1,367,173					$	(1,459,569)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Amounts in thousands)

			Nine months ended September 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Total revenues			$	493,895					$	732,763					$	—					$	—					$	1,226,658
Costs and expenses:
Lease operating expenses			26,918						37,750						—						—						64,668
Production taxes			6,117						16,467						—						—						22,584
Midstream gathering and processing expenses			71,420						311,223						—						—						382,643
Depreciation, depletion, and amortization			201,250						205,183						221						—						406,654
Impairment of oil and natural gas properties			—						571,442						—						—						571,442
General and administrative expenses			51,695						(16,933)						220						—						34,982
Accretion expense			1,389						1,784						—						—						3,173
Total Operating Expenses			358,789						1,126,916						441						—						1,486,146
INCOME (LOSS) FROM OPERATIONS			135,106						(394,153)						(441)						—						(259,488)
OTHER EXPENSE (INCOME):
Interest expense			109,864						(2,269)						—						—						107,595
Interest income			(454)						(195)						—						—						(649)
Gain on debt extinguishment			(23,600)						—						—						—						(23,600)
Loss from equity method investments and investments in subsidiaries			560,883						—						379						(396,871)						164,391
Other (income) expense			(605)						3,362						—						1,000						3,757
Total Other Expense			646,088						898						379						(395,871)						251,494
LOSS BEFORE INCOME TAXES			(510,982)						(395,051)						(820)						395,871						(510,982)
INCOME TAX BENEFIT			(323,378)						—						—						—						(323,378)
NET LOSS			$	(187,604)					$	(395,051)					$	(820)					$	395,871					$	(187,604)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

			Three months ended September 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Net loss			$	(380,964)					$	(251,463)					$	(487)					$	251,951					$	(380,963)
Foreign currency translation adjustment			3,661						—						3,661						(3,661)						3,661
Other comprehensive loss			3,661						—						3,661						(3,661)						3,661
Comprehensive loss			$	(377,303)					$	(251,463)					$	3,174					$	248,290					$	(377,302)

			Three months ended September 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Net loss			$	(484,802)					$	(571,984)					$	(322)					$	572,306					$	(484,802)
Foreign currency translation adjustment			(2,064)						(43)						(2,021)						2,064						(2,064)
Other comprehensive income			(2,064)						(43)						(2,021)						2,064						(2,064)
Comprehensive loss			$	(486,866)					$	(572,027)					$	(2,343)					$	574,370					$	(486,866)

			Nine months ended September 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Net loss			$	(1,459,570)					$	(1,365,879)					$	(1,293)					$	1,367,173					$	(1,459,569)
Foreign currency translation adjustment			(4,497)						(360)						(4,137)						4,497						(4,497)
Other comprehensive loss			(4,497)						(360)						(4,137)						4,497						(4,497)
Comprehensive loss			$	(1,464,067)					$	(1,366,239)					$	(5,430)					$	1,371,670					$	(1,464,066)

			Nine months ended September 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Net loss			$	(187,604)					$	(395,051)					$	(820)					$	395,871					$	(187,604)
Foreign currency translation adjustment			5,347						112						5,235						(5,347)						5,347
Other comprehensive income			5,347						112						5,235						(5,347)						5,347
Comprehensive (loss) income			$	(182,257)					$	(394,939)					$	4,415					$	390,524					$	(182,257)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(Amounts in thousands)

			Nine months ended September 30, 2020
			Parent						Guarantors						Non-Guarantors						Eliminations						Consolidated
Net cash provided by (used in) operating activities			$	(95,023)					$	290,147					$	4,442					$	435					$	200,001
Net cash used in investing activities			351						(291,047)						—						—						(290,696)
Net cash (used in) provided by financing activities			135,678						—						435						(435)						135,678
Net (decrease) increase in cash, cash equivalents and restricted cash			41,006						(900)						4,877						—						44,983
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			$	43,774					$	2,197					$	5,072					$	—					$	51,043

			Nine months ended September 30, 2019
			Parent						Guarantors						Non-Guarantor						Eliminations						Consolidated
Net cash (used in) provided by operating activities			$	(7,604)					$	621,511					$	3,445					$	3					$	617,355
Net cash provided by (used in) investing activities			9,178						(644,507)						(3,751)						432						(638,648)
Net cash (used in) provided by financing activities			(20,880)						—						435						(435)						(20,880)
Net (decrease) increase in cash, cash equivalents and restricted cash			(19,306)						(22,996)						129						—						(42,173)
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			$	6,279					$	3,715					$	130					$	—					$	10,124

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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
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 3
-Paragraph i
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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)
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-Section 3
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