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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Pro Forma Information | The following table summarizes our unaudited pro forma financial information for the years ended December 31, 2021 and 2020 as if the Contango acquisition occurred on January 1, 2020 (unaudited):
| Year Ended December 31,
| 2021 |  | 2020
| (in thousands)
Revenues | $ | 1,943,741 |  |  | $ | 970,921 |
Net loss | $ | (432,328) |  |  | $ | (507,837) |
Schedule of Consideration Transferred | The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed for the Contango and Titan business combinations:
| Contango |  | Titan
(in thousands)
Consideration transferred: |  |  |
Equity consideration | $ | 654,616 |  |  | $ | 461,983 |
Total | $ | 654,616 |  |  | $ | 461,983 |
Assets acquired and liabilities assumed: |  |  |
Cash and cash equivalents | $ | 14,202 |  |  | $ | 482 |
Accounts receivable, net | 145,727 |  |  | 29,044 |
Derivative assets – current | — |  |  | 12,000 |
Prepaid and other current assets | 8,275 |  |  | 49,079 |
Oil and natural gas properties - proved | 1,002,165 |  |  | 375,014 |
Field and other property and equipment | 6,955 |  |  | 30,232 |
Derivative assets – noncurrent | — |  |  | 114 |
Goodwill | 76,564 |  |  | — |
Investment in equity affiliates | 15,047 |  |  | — |
Other assets | 3,514 |  |  | — |
Accounts payable and accrued liabilities | (186,689) |  |  | (6,539) |
Derivative liabilities – current | (44,002) |  |  | (4,550) |
Long-term debt | (140,000) |  |  | — |
Deferred tax liability | (83,250) |  |  | — |
Derivative liabilities – noncurrent | (14,592) |  |  | (1,484) |
Asset retirement obligations | (142,100) |  |  | (21,409) |
Other liabilities | (7,200) |  |  | — |
Fair value of net assets acquired | $ | 654,616 |  |  | $ | 461,983 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed for the Contango and Titan business combinations:
| Contango |  | Titan
(in thousands)
Consideration transferred: |  |  |
Equity consideration | $ | 654,616 |  |  | $ | 461,983 |
Total | $ | 654,616 |  |  | $ | 461,983 |
Assets acquired and liabilities assumed: |  |  |
Cash and cash equivalents | $ | 14,202 |  |  | $ | 482 |
Accounts receivable, net | 145,727 |  |  | 29,044 |
Derivative assets – current | — |  |  | 12,000 |
Prepaid and other current assets | 8,275 |  |  | 49,079 |
Oil and natural gas properties - proved | 1,002,165 |  |  | 375,014 |
Field and other property and equipment | 6,955 |  |  | 30,232 |
Derivative assets – noncurrent | — |  |  | 114 |
Goodwill | 76,564 |  |  | — |
Investment in equity affiliates | 15,047 |  |  | — |
Other assets | 3,514 |  |  | — |
Accounts payable and accrued liabilities | (186,689) |  |  | (6,539) |
Derivative liabilities – current | (44,002) |  |  | (4,550) |
Long-term debt | (140,000) |  |  | — |
Deferred tax liability | (83,250) |  |  | — |
Derivative liabilities – noncurrent | (14,592) |  |  | (1,484) |
Asset retirement obligations | (142,100) |  |  | (21,409) |
Other liabilities | (7,200) |  |  | — |
Fair value of net assets acquired | $ | 654,616 |  |  | $ | 461,983 |

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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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