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Segment Information | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Information | Segment Information As of October 1, 2021, we have operated in two business segments: (i) E&P and (ii) well servicing and abandonment. The E&P segment is engaged in the development and production of onshore, low geologic risk, long-lived conventional oil reserves primarily located in California, as well as Utah. On October 1, 2021, we completed the acquisition of an upstream well servicing and abandonment businesses in California, which became a reportable segment (wells servicing and abandonment) under U.S. GAAP. Prior to October 1, 2021, we did not have more than one reportable segment, thus no prior period segment information has been presented. The well servicing and abandonment segment occasionally provides services to our E&P segment, as such, we recorded an intercompany elimination of $3 million in revenue and expense during consolidation. The intercompany elimination in 2021 was immaterial. The following table represents selected financial information for the periods presented regarding the Company's business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.
| Year Ended December 31, 2022
| E&P |  | Well Servicing and Abandonment |  | Corporate/Eliminations |  | Consolidated Company
| (in thousands)
Revenues(1) | $ | 874,190 |  |  | $ | 184,448 |  |  | $ | (3,188) |  |  | $ | 1,055,450 |
Net income (loss) before income taxes | $ | 303,178 |  |  | $ | 14,747 |  |  | $ | (110,193) |  |  | $ | 207,732 |
Adjusted EBITDA | $ | 411,811 |  |  | $ | 26,113 |  |  | $ | (57,976) |  |  | $ | 379,948 |
Capital expenditures | $ | 141,930 |  |  | $ | 8,455 |  |  | $ | 2,536 |  |  | $ | 152,921 |
Total assets | $ | 1,563,251 |  |  | $ | 83,461 |  |  | $ | (15,682) |  |  | $ | 1,631,030 |
| Year Ended December 31, 2021
| E&P |  | Well Servicing and Abandonment |  | Corporate/Eliminations |  | Consolidated Company
| (in thousands)
Revenues(1) | $ | 665,509 |  |  | $ | 35,840 |  |  | $ | — |  |  | $ | 701,349 |
Net income (loss) before income taxes | $ | 82,826 |  |  | $ | 1 |  |  | $ | (96,956) |  |  | $ | (14,129) |
Adjusted EBITDA | $ | 251,146 |  |  | $ | 4,310 |  |  | $ | (43,310) |  |  | $ | 212,146 |
Capital expenditures | $ | 129,479 |  |  | $ | 1,029 |  |  | $ | 2,211 |  |  | $ | 132,719 |
Total assets | $ | 1,450,157 |  |  | $ | 81,093 |  |  | $ | (74,771) |  |  | $ | 1,456,479 |
__________ (1) These revenues do not include hedge settlements. Adjusted EBITDA is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to and assessing performance of each segment. Adjusted EBITDA is calculated as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items.
| Year Ended December 31, 2022
|  |  | Well Servicing and Abandonment |  | Corporate/Eliminations |  | Consolidated Company
| (in thousands)
Adjusted EBITDA reconciliation to net income (loss): |  |  |  |  |  |  |
Net income (loss) | $ | 303,178 |  |  | $ | 14,747 |  |  | $ | (67,757) |  |  | $ | 250,168 |
Add (Subtract): |  |  |  |  |  |  |
Interest expense | — |  |  | 23 |  |  | 30,894 |  |  | 30,917 |
Income tax benefit | — |  |  | — |  |  | (42,436) |  |  | (42,436) |
Depreciation, depletion, and amortization | 139,886 |  |  | 12,548 |  |  | 4,413 |  |  | 156,847 |
Losses on derivatives | 48,314 |  |  | — |  |  | — |  |  | 48,314 |
Net cash paid for scheduled derivative settlements | (88,023) |  |  | — |  |  | — |  |  | (88,023) |
Other operating expenses (income) | 3,827 |  |  | (1,690) |  |  | 1,585 |  |  | 3,722 |
Stock compensation expense | 1,361 |  |  | 287 |  |  | 15,325 |  |  | 16,973 |
Non-recurring costs(1) | 3,268 |  |  | 198 |  |  | — |  |  | 3,466 |
Adjusted EBITDA | $ | 411,811 |  |  | $ | 26,113 |  |  | $ | (57,976) |  |  | $ | 379,948 |
__________ (1) Non-recurring costs include legal and professional service expenses related to acquisition and divestiture activity for the first quarter of 2022 and the executive transition costs in the fourth quarter of 2022.
| Year Ended December 31, 2021
| E&P |  | Well Servicing and Abandonment |  | Corporate/Eliminations |  | Consolidated Company
| (in thousands)
Adjusted EBITDA reconciliation to net income (loss): |  |  |  |  |  |  |
Net income (loss) | $ | 82,825 |  |  | $ | 1 |  |  | $ | (98,368) |  |  | $ | (15,542) |
Add (Subtract): |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | 31,964 |  |  | 31,964 |
Income tax expense | — |  |  | — |  |  | 1,413 |  |  | 1,413 |
Depreciation, depletion, and amortization | 136,915 |  |  | 2,974 |  |  | 4,606 |  |  | 144,495 |
Losses on derivatives | 117,822 |  |  | — |  |  | — |  |  | 117,822 |
Net cash paid for scheduled derivative settlements | (87,625) |  |  | — |  |  | — |  |  | (87,625) |
Other operating expenses | 109 |  |  | — |  |  | 2,992 |  |  | 3,101 |
Stock compensation expense | 1,100 |  |  | — |  |  | 12,683 |  |  | 13,783 |
Non-recurring costs(1) | — |  |  | 1,335 |  |  | 1,400 |  |  | 2,735 |
Adjusted EBITDA | $ | 251,146 |  |  | $ | 4,310 |  |  | $ | (43,310) |  |  | $ | 212,146 |
__________ (1) Non-recurring costs include legal and professional service expenses related to acquisition and divestiture activity for the fourth quarter of 2021.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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