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SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2023
Extractive Industries [Abstract] |
Schedule of Capitalized Costs Related to Oil and Gas Producing Activities | Capitalized Costs Related to Oil and Gas Producing Activities (in thousands)
| Successor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022
Proved properties | $ | 2,904,519 |  |  | $ | 2,418,666 |
Unproved properties | 204,233 |  |  | 178,472 |
Total oil and natural gas properties | 3,108,752 |  |  | 2,597,138 |
Accumulated depletion and amortization | (862,253) |  |  | (543,780) |
Net capitalized costs | $ | 2,246,499 |  |  | $ | 2,053,358 |
Schedule of Cost Incurred in Oil and Gas Property Acquisition and Development Activities | Costs Incurred in Oil and Gas Property Acquisition and Development Activities (in thousands)
| Successor |  |  | Predecessor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Period from May 18, 2021 through December 31, 2021 |  |  | Period from January 1, 2021 through May 17, 2021
Acquisition | $ | 93,905 |  |  | $ | 29,675 |  |  | $ | 13,411 |  |  |  | $ | 3,922 |
Development | 419,431 |  |  | 441,458 |  |  | 191,193 |  |  |  | 112,986 |
Exploratory | — |  |  | — |  |  | — |  |  |  | — |
Total | $ | 513,336 |  |  | $ | 471,133 |  |  | $ | 204,604 |  |  |  | $ | 116,908 |
Schedule of Results of Operations for Oil and Gas Production Activities | The results of operations exclude general office overhead and interest expense attributable to oil and gas production.
| Successor |  |  | Predecessor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Period from May 18, 2021 through December 31, 2021 |  |  | Period from January 1, 2021 through May 17, 2021
Revenues | $ | 1,051,383 |  |  | $ | 2,330,859 |  |  | $ | 1,092,584 |  |  |  | $ | 410,276 |
Production costs | (450,996) |  |  | (482,175) |  |  | (274,428) |  |  |  | (192,959) |
Depletion | (318,473) |  |  | (266,449) |  |  | (159,518) |  |  |  | (60,831) |
Impairment | — |  |  | — |  |  | (117,813) |  |  |  | — |
Income tax benefit | 525,156 |  |  | — |  |  | 39 |  |  |  | 7,968 |
Results of operations from producing activities | $ | 807,070 |  |  | $ | 1,582,235 |  |  | $ | 540,864 |  |  |  | $ | 164,454 |
Depletion per Mcf of gas equivalent (Mcfe) | $ | 0.83 |  |  | $ | 0.74 |  |  | $ | 0.69 |  |  |  | $ | 0.45 |
Schedule of Oil and Gas Reserves | These estimates are reviewed annually and revised, either upward or downward, as warranted by additional performance data.
| Oil (MMBbl) |  | Natural Gas (Bcf) |  | NGL (MMBbl) |  |  | Natural Gas Equivalent (Bcfe)
Proved Reserves |  |  |  |  |  |  |  |
December 31, 2020 (Predecessor) | 13 |  |  | 2,281 |  |  | 38 |  |  |  | 2,588 |
Purchases of reserves | — |  |  | — |  |  | — |  |  |  | — |
Extensions and discoveries | 2 |  |  | 617 |  |  | 11 |  |  |  | 695 |
Sales of reserves | — |  |  | — |  |  | — |  |  |  | — |
Revisions of prior reserve estimates | 2 |  |  | 913 |  |  | 9 |  |  |  | 982 |
Current production | (2) |  |  | (333) |  |  | (4) |  |  |  | (366) |
December 31, 2021 (Successor) | 16 |  |  | 3,478 |  |  | 54 |  |  |  | 3,898 |
Purchases of reserves | — |  |  | — |  |  | — |  |  |  | — |
Extensions and discoveries | 3 |  |  | 391 |  |  | 5 |  |  |  | 439 |
Sales of reserves | — |  |  | — |  |  | — |  |  |  | — |
Revisions of prior reserve estimates | — |  |  | 66 |  |  | — |  |  |  | 70 |
Current production | (2) |  |  | (322) |  |  | (4) |  |  |  | (359) |
December 31, 2022 (Successor) | 18 |  |  | 3,612 |  |  | 54 |  |  |  | 4,048 |
Purchases of reserves | — |  |  | — |  |  | — |  |  |  | — |
Extensions and discoveries | 6 |  |  | 875 |  |  | 14 |  |  |  | 996 |
Sales of reserves | — |  |  | — |  |  | — |  |  |  | — |
Revisions of prior reserve estimates | (4) |  |  | (411) |  |  | (1) |  |  |  | (445) |
Current production | (1) |  |  | (350) |  |  | (4) |  |  |  | (385) |
December 31, 2023 (Successor) | 19 |  |  | 3,725 |  |  | 63 |  |  |  | 4,214 |
Proved developed reserves |  |  |  |  |  |  |  |
December 31, 2020 (Predecessor) | 7 |  |  | 1,358 |  |  | 22 |  |  |  | 1,527 |
December 31, 2021 (Successor) | 8 |  |  | 1,928 |  |  | 31 |  |  |  | 2,165 |
December 31, 2022 (Successor) | 9 |  |  | 2,034 |  |  | 34 |  |  |  | 2,295 |
December 31, 2023 (Successor) | 6 |  |  | 1,980 |  |  | 31 |  |  |  | 2,203 |
Proved undeveloped reserves |  |  |  |  |  |  |  |
December 31, 2020 (Predecessor) | 7 |  |  | 923 |  |  | 16 |  |  |  | 1,061 |
December 31, 2021 (Successor) | 8 |  |  | 1,550 |  |  | 22 |  |  |  | 1,733 |
December 31, 2022 (Successor) | 9 |  |  | 1,578 |  |  | 20 |  |  |  | 1,752 |
December 31, 2023 (Successor) | 12 |  |  | 1,746 |  |  | 32 |  |  |  | 2,011 |
Totals may not sum or recalculate due to rounding. |  |  |  |  |  |  |  |
Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | The following table summarizes estimated future net cash flows from natural gas and crude oil reserves (in millions):
| Successor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Year Ended December 31, 2021
Future cash flows | $ | 12,338 |  |  | $ | 26,677 |  |  | $ | 14,938 |
Future development and abandonment costs | (1,625) |  |  | (1,588) |  |  | (1,141) |
Future production costs | (5,641) |  |  | (5,872) |  |  | (5,227) |
Future production taxes | (303) |  |  | (553) |  |  | (336) |
Future income taxes | (63) |  |  | (2,609) |  |  | (437) |
Future net cash flows | 4,706 |  |  | 16,055 |  |  | 7,797 |
10% discount to reflect timing of cash flows | (2,323) |  |  | (7,776) |  |  | (3,659) |
Standardized measure of discounted future net cash flows | $ | 2,383 |  |  | $ | 8,279 |  |  | $ | 4,138 |
Totals may not sum or recalculate due to rounding. |  |  |  |  |
Schedule of Future Costs to Settle Asset Retirement Obligations | The following table summarizes the total of all future costs to settle asset retirement obligations that are included in future development and abandonment costs above (in millions):
| Successor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Year Ended December 31, 2021
Future asset retirement obligations | $ | 229 |  |  | $ | 222 |  |  | $ | 205 |
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves The principal source of change in the standardized measure of discounted future net cash flows relating to proved reserves is presented in the table below (in millions):
| Successor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Year Ended December 31, 2021
Sales and transfers of oil and gas produced, net of production costs | $ | (600) |  |  | $ | (1,849) |  |  | $ | (1,035) |
Net changes in prices, production costs, and development costs | (7,181) |  |  | 5,130 |  |  | 2,596 |
Acquisition of oil and gas reserves in place | — |  |  | — |  |  | — |
Extensions and discoveries | 581 |  |  | 941 |  |  | 639 |
Previously estimated development costs incurred during the period | 263 |  |  | 204 |  |  | 149 |
Revisions of previous quantity estimates, less related production costs | (278) |  |  | 154 |  |  | 858 |
Sales of oil and gas reserves in place | — |  |  | (1) |  |  | (1) |
Accretion of discount | 828 |  |  | 414 |  |  | 54 |
Net changes in income taxes | 1,219 |  |  | (1,067) |  |  | (178) |
Change in production rates and other | (728) |  |  | 215 |  |  | 516 |
Total change in standardized measure of discounted future net cash flows | $ | (5,896) |  |  | $ | 4,141 |  |  | $ | 3,598 |

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