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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Summary of Information by Business Segment | The following table presents selected segment information for the periods indicated (in thousands):
| Upstream |  | All Other(1) |  | Total |
Revenues from External Customers: |  |  |  |  |  |
Three Months Ended March 31, 2024 | $ | 429,932 |  | $ | — |  | $ | 429,932 |
Three Months Ended March 31, 2023 |  | 322,582 |  |  | — |  |  | 322,582 |
Equity in the Net Income (Loss) of Investees Accounted for by the Equity Method: |  |  |  |  |  |
Three Months Ended March 31, 2024 | $ | (84 | ) | $ | (7,970 | ) | $ | (8,054 | )
Three Months Ended March 31, 2023 |  | 132 |  |  | (1,277 | ) |  | (1,145 | )
Adjusted EBITDA: |  |  |  |  |  |
Three Months Ended March 31, 2024 | $ | 269,334 |  | $ | (9,872 | ) | $ | 259,462 |
Three Months Ended March 31, 2023 |  | 210,483 |  |  | (6,157 | ) |  | 204,326 |
Segment Expenditures: |  |  |  |  |  |
Three Months Ended March 31, 2024 | $ | 143,848 |  | $ | 17,519 |  | $ | 161,367 |
Three Months Ended March 31, 2023 |  | 190,024 |  |  | 21,189 |  |  | 211,213 |
(1) The CCS Segment is included in the “All Other” category. The CCS Segment was an emerging business in the start-up phase of operations and the business did not generate any revenues. The CCS Segment’s business activities were conducted through both wholly owned subsidiaries and equity method investments with industry partners. CCS equity method investments was a business strategy that enabled us to achieve favorable economies of scale relative to the level of investment and business risk assumed.
Schedule of Reconciliation of Adjusted EBITDA to the Company's Consolidated Totals | The following table presents the reconciliation of Adjusted EBITDA to the Company’s consolidated totals (in thousands):
| Three Months Ended March 31, |
| 2024 |  | 2023 |
Adjusted EBITDA: |  |  |  |
Total for reportable segments | $ | 269,334 |  | $ | 210,483 |
All other |  | (9,872 | ) |  | (6,157 | )
General and administrative expense |  | (1,786 | ) |  | (1,263 | )
Interest expense |  | (50,845 | ) |  | (37,581 | )
Depreciation, depletion and amortization |  | (215,664 | ) |  | (147,323 | )
Accretion expense |  | (26,903 | ) |  | (19,414 | )
Transaction and other income (expenses)(1) |  | 49,157 |  |  | (22,009 | )
Decommissioning obligations(2) |  | (855 | ) |  | (741 | )
Derivative fair value gain (loss)(3) |  | (87,062 | ) |  | 58,937 |
Net cash (received) paid on settled derivative instruments (3) |  | 3,494 |  |  | 12,323 |
Gain (loss) on debt extinguishment |  | (60,256 | ) |  | — |
Non-cash equity-based compensation expense |  | (2,754 | ) |  | (3,938 | )
Income (loss) before income taxes | $ | (134,012 | ) | $ | 43,317 |
(1) For the three months ended March 31, 2024, transaction expenses include $28.1 million in costs related to the QuarterNorth Acquisition, inclusive of $14.2 million in severance expense and $9.8 million in costs related to the TLCS Divestiture, inclusive of $3.7 million in severance expense. For the three months ended March 31, 2023, transaction expenses included $35.2 million in costs related to the EnVen Acquisition, inclusive of $22.6 million in severance expense. See further discussion in Note 2 — Acquisitions and Divestitures and Note 9 — 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 months ended March 31, 2024, it includes a gain of $86.9 million related to the TLCS Divestiture. See further discussion in Note 2 — Acquisitions and Divestitures. For the three months ended March 31, 2023, it includes a $8.6 million gain on the funding of the capital carry of its investment in Bayou Bend by Chevron. (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 13 — 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.
Reconciliation of Reportable Segment Expenditures | The following table presents the reconciliation of Segment Expenditures to the Company’s consolidated totals (in thousands):
| Three Months Ended March 31, |
| 2024 |  | 2023 |
Segment Expenditures: |  |  |  |
Total reportable segments | $ | 143,848 |  | $ | 190,024 |
All other |  | 17,519 |  |  | 21,189 |
Change in capital expenditures included in accounts payable and accrued liabilities |  | 34,262 |  |  | (55,969 | )
Plugging & abandonment |  | (27,907 | ) |  | (10,113 | )
Decommissioning obligations settled |  | (3,506 | ) |  | (708 | )
Investment in CCS intangibles and equity method investees |  | (17,519 | ) |  | (21,189 | )
Deferred Payments |  | (672 | ) |  | — |
Non-cash well equipment transfers |  | — |  |  | (19,402 | )
Other |  | 52 |  |  | 130 |
Exploration, development and other capital expenditures | $ | 146,077 |  | $ | 103,962 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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