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v3.23.3

Segment Information - Schedule of Reconciliation of Adjusted EBITDA to the Company's Consolidated Totals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022
Segment Reporting Information [Line Items] |  |  |  |  |
Unallocated corporate general and administrative expense |  | $ (24,888) | $ (25,289) | $ (121,257) | $ (70,742)
Interest expense |  | (45,637) | (29,265) | (128,850) | (91,531)
Depreciation, depletion and amortization |  | (163,359) | (92,323) | (480,476) | (295,174)
Derivative fair value gain (loss) |  | (98,802) | 114,180 | (13,668) | (231,133)
Non-cash equity-based compensation expense |  | (393) | (4,310) | (9,080) | (11,677)
Income (loss) before income taxes |  | (17,968) | 250,586 | 45,918 | 381,421
Operating Segments [Member] |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |
Adjusted EBITDA |  | 250,183 | 198,960 | 705,764 | 660,444
Corporate Non Segment [Member] |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |
Unallocated corporate general and administrative expense |  | (1,366) | (1,400) | (4,161) | (3,894)
Segment Reconciling Items [Member] |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |
Interest expense |  | (45,637) | (29,265) | (128,850) | (91,531)
Depreciation, depletion and amortization |  | (163,359) | (92,323) | (480,476) | (295,174)
Accretion expense |  | (21,256) | (13,179) | (63,430) | (42,400)
Transaction and other income (expenses) | [1] | 64,321 | (3,219) | 38,799 | 38,856
Decommissioning Obligations | [2] | (7,972) | (20) | (9,454) | (10,553)
Derivative fair value gain (loss) | [3] | (98,802) | 114,180 | (13,668) | (231,133)
Net cash (received) paid on settled derivative instruments | [3] | 6,313 | 81,162 | 10,474 | 368,483
Non-cash equity-based compensation expense |  | (393) | (4,310) | (9,080) | (11,677)
Reportable segment | Operating Segments [Member] |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |
Adjusted EBITDA |  | 255,228 | 199,675 | 719,326 | 669,103
All Other [Member] | Operating Segments [Member] |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |
Adjusted EBITDA | [4] | $ (5,045) | $ (715) | $ (13,562) | $ (8,659)
[1] | For the three and nine months ended September 30, 2023, transaction expenses includes $1.5 million and $39.4 million, respectively, in costs related to the EnVen Acquisition, inclusive of $0.9 million and $24.9 million, respectively, in severance expense. For the three and nine months ended September 30, 2022, transaction expenses includes $4.3 million and $5.0 million, respectively, in costs related to the EnVen Acquisition. See further discussion in Note 2 — Acquisitions and Divestitures and Note 7 — Employee Benefits Plans and Share-Based Compensation. Other income (expense) includes other miscellaneous income and expenses that we do not view as a meaningful indicator of our operating performance. For the three and nine months ended September 30, 2023, the amount includes a $66.2 million gain on the Mexico Divestiture. See further discussion in Note 2 — Acquisitions and Divestitures. The amount includes a gain on the funding of the capital carry of our investment in Bayou Bend by Chevron of $8.6 million for the nine months ended September 30, 2023 and a $1.4 million for the three and nine months ended September 30, 2022. Additionally, it includes a $13.9 million gain on the partial sale of its investment in Bayou Bend to Chevron for the nine months ended September 30, 2022. See further discussion in Note 10 — Related Party Transactions. For the nine months ended September 30, 2022, the amount includes $27.5 million gain as a result of the settlement agreement to resolve previously pending litigation that was filed in October 2017 that is further discussed in Note 11 — Commitments and Contingencies.
[2] | Estimated decommissioning obligations were a result of working interest partners or counterparties of divestiture transactions that were unable to perform the required abandonment obligations due to bankruptcy or insolvency. See Note 11 — Commitments and Contingencies for additional information on decommissioning obligations.
[3] | The adjustments for the derivative fair value (gains) losses and net cash receipts (payments) on settled commodity derivative instruments have the effect of adjusting net loss for changes in the fair value of derivative instruments, which are recognized at the end of each accounting period because we do not designate commodity derivative instruments as accounting hedges. This results in reflecting commodity derivative gains and losses within Adjusted EBITDA on an unrealized basis during the period the derivatives settled.
[4] | The CCS Segment is included in the “All Other” category. The CCS Segment is an emerging business in the start-up phase of operations and the business that does not currently generate any revenues. The CCS Segment’s business activities are conducted through both wholly owned subsidiaries and equity method investments with industry partners. Equity method investments is a business strategy that enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed.

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