CHAPTER 11 PROCEEDINGS (Tables)

12 Months Ended

Dec. 31, 2019

Reorganizations [Abstract]

Schedule of Liabilities Subject to Compromise

Following are the components of liabilities subject to compromise:

(in thousands)	December 31, 2019
Alta Mesa RBL	$	355,943
2024 Notes	500,000
Accounts payable and accrued liabilities	20,315
Accrued interest payable on 2024 Notes	9,516
Operating lease liabilities	11,088
Liabilities subject to compromise	$	896,862

Schedule of Reorganization Items

Components of reorganization items, net included are:

(in thousands)	Year Ended December 31, 2019
Unamortized deferred financing fees and premiums	$	24,725
Terminated contracts	1,435
Legal and other professional advisory fees	(26,357		)
Reorganization items, net	$	(197	)

Schedule Of Debtor In Possession

Combined Statement of Operations

(in thousands)	Year Ended December 31, 2019
Revenue
Oil	$	328,386
Natural gas	53,693
Natural gas liquids	40,026
Other	1,471
Operating revenue	423,576
Gain on sale of assets	1,488
Loss on derivatives	(11,744		)
Total revenue	413,320
Operating expenses
Lease operating	79,884
Transportation and marketing	70,324
Production taxes	19,455
Workovers	2,652
Exploration	52,354
Depreciation, depletion and amortization	120,617
Impairment of assets	556,427
General and administrative	71,823
Total operating expenses	973,536
Operating income	(560,216		)
Other income (expenses)
Interest expense	(49,823		)
Interest income	154
Reorganization items, net	(197		)
Total other income (expense), net	(49,866		)
Loss from continuing operations before income taxes	(610,082		)
Income tax provision (benefit)	—
Net loss	$	(610,082	)

Combined Balance Sheet

(in thousands)	December 31, 2019
ASSETS
Current assets
Cash and cash equivalents	$	81,669
Restricted cash	681
Accounts receivable, net	49,256
Other receivables	1,311
Related party receivables, net	17,586
Prepaid expenses and other current assets	6,340
Total current assets	156,843
Property and equipment, net
Oil and gas properties, successful efforts method	215,352
Other property and equipment	23,210
Total property and equipment, net	238,562
Other assets
Investment in subsidiary	1,505,533
Operating lease right-of-use assets, net	—
Deferred financing costs, net	—
Deposits and other long-term assets	6,116
Total other assets	1,511,649
Total assets	$	1,907,054
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities
Accounts payable and accrued liabilities	$	58,858
Accounts payable - related parties	19,425
Advances from non-operators	811
Advances from related party	3,175
Asset retirement obligations, current portion	34
Total current liabilities	82,303
Long-term liabilities
Asset retirement obligations, net of current portion	12,995
Total long-term liabilities	12,995
Liabilities subject to compromise	896,862
Total liabilities	992,160
Partners’ capital	914,894
Total liabilities and partners’ capital	$	1,907,054

Combined Statement of Cash Flows

(in thousands)	Year Ended December 31, 2019
Cash flows from operating activities:
Net loss	$	(610,082	)
Adjustments to reconcile net loss to cash from operating activities:
Depreciation, depletion and amortization	120,617
Non-cash lease expense	2,981
Provision for uncollectible receivables	1,218
Impairment of assets	556,427
Non-cash reorganization items, net	(26,160		)
Amortization of deferred financing costs	195
Amortization of debt premium	(3,432		)
Equity-based compensation expense	5,718
Non-cash exploration expense	43,412
(Gain) loss on derivatives	11,744
Cash settlements of derivatives	7,642
Cash paid for derivatives	(1,906		)
Impact on cash from changes in:
Accounts receivable	18,783
Other receivables	4,957
Related party receivables	3,651
Prepaid expenses and other assets	(25,716		)
Advances from related party	(6,647		)
Settlement of asset retirement obligations	(234		)
Accounts payable, accrued liabilities and other liabilities	22,373
Operating lease obligations	(2,636		)
Cash from operating activities	122,905
Cash flows from investing activities:
Capital expenditures	(249,955		)
Distribution received from subsidiary	691
Cash from investing activities	(249,264		)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	199,362
Repayments of long-term debt	(4,496		)
Payment of taxes withheld on equity-based compensation awards	(142		)
Cash from financing activities	194,724
Net increase in cash, cash equivalents and restricted cash	68,365
Cash, cash equivalents and restricted cash, beginning of period	13,985
Cash, cash equivalents and restricted cash, end of period	$	82,350