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Related Party Transactions
12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
Chapter 11 Cases. As of December 31, 2019, affiliates of Apollo held approximately $675 million of the aggregate outstanding principal amount of approximately $2,092 million of our 2024 1.5 Lien Notes and 2025 1.5 Lien Notes, and approximately $21 million of the outstanding principal amount of $500 million of our 2024 1.25 Lien Notes. As of December 31, 2019, affiliates of Access held approximately $48 million of our 1.5 lien notes. On October 18, 2019, we entered into the (i) PSA, to support a restructuring on the terms of the Plan described therein, and (ii) BCA, pursuant to which the Commitment Parties agreed to backstop the Rights Offering, in each case, with holders of certain of our debt, including affiliates of, or funds managed by, Apollo and Access. On March 12, 2020, pursuant to its ruling on March 6, 2020, the Bankruptcy Court entered an order confirming the Plan (ECF No. 1049). On March 18, 2020, the Debtors and the Supporting Noteholders under the PSA and in their capacities as the Commitment Parties under the BCA mutually agreed to amend and terminate the PSA and the BCA pursuant the terms of the Stipulation. On March 23, 2020, the Bankruptcy Court approved the Stipulation. The Debtors are working with their constituents to explore various alternatives. For a discussion of the Chapter 11 Cases, refer to Note 1A.

Joint Venture. We are party to a drilling joint venture to fund future oil and natural gas development with Wolfcamp Drillco Operating L.P. (the Investor, which is managed and controlled by an affiliate of Apollo) and indirectly through Access (through an indirect minority ownership interest in the Investor). The Investor agreed to fund 60 percent of the estimated drilling, completion and equipping costs in the joint venture wells, divided into two approximately $225 million investment tranches, in exchange for a 50 percent working interest. We are the operator of the joint venture assets. Once the Investor achieves a 12 percent internal rate of return on its invested capital in each tranche, its working interest reverts to 15 percent.  In 2018, we completed the planned activity in the first tranche and amended the drilling joint venture to direct the second tranche investment to the Eagle Ford. As of the second quarter 2019, we had drilled and completed all wells under the amended agreement. For the years ended December 31, 2019 and 2018, we recovered approximately $91 million and $138 million, respectively, related to capital costs of the joint venture wells from the Investor. At December 31, 2019 and 2018, we had accounts receivable of $3 million and $47 million, respectively, from our Investor and accounts payable of $7 million and $20 million, respectively, to our Investor reflected in our consolidated balance sheet.