XML 70 R29.htm IDEA: XBRL DOCUMENT v3.22.0.1

Acquisitions and Divestitures (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

+ Details

Name:	us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration