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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note 13 —Subsequent Events

Economic Environment

Due to a combination of the COVID-19 pandemic and related pressures on the global supply-demand balance for crude oil and related products, commodity prices have significantly declined in recent months, and oil and gas operators have reduced development budgets and activity. Furthermore, during the second quarter of 2020, various state and local governments began relaxing the stay-at-home orders and similar public health mandates that were implemented in response to the COVID-19 pandemic earlier in the year. During the second quarter of 2020, there have been continued and, in certain cases, increasing outbreaks related to COVID-19 in the United States, particularly in Texas, where our corporate headquarters are located. The Company has evaluated the effect of these factors on the business and reduced the capital expenditure budget for the remainder of 2020, accelerated planned downtime maintenance projects, experienced production shut-ins from non-operated oil and gas properties and shut-in limited operated oil and gas properties. The Company continues to monitor the economic environment and evaluate the impact on the business.

Castex 2005 Acquisition

For additional information, see Note 2 — Acquisitions.