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Segment Information
 12 Months Ended
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&PWell Servicing and AbandonmentCorporate/EliminationsConsolidated 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&PWell Servicing and AbandonmentCorporate/EliminationsConsolidated 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 AbandonmentCorporate/EliminationsConsolidated 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 amortization139,886 12,548 4,413 156,847 
Losses on derivatives48,314 — — 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 expense1,361 287 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&PWell Servicing and AbandonmentCorporate/EliminationsConsolidated 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 amortization136,915 2,974 4,606 144,495 
Losses on derivatives117,822 — — 117,822 
Net cash paid for scheduled derivative settlements(87,625)— — (87,625)
Other operating expenses109 — 2,992 3,101 
Stock compensation expense1,100 — 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.