Divestitures

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment Impairment or Disposal [Abstract]

Divestitures

DIVESTITURES

Successor

For the one month ended September 30, 2020, there were no significant divestitures.

Predecessor

Oil and Natural Gas

We sold $1.2 million of non-core oil and natural gas assets, net of related expenses, during the first eight months of 2020, compared to $2.2 million during the first nine months of 2019. These proceeds reduced the net book value of our full cost pool with no gain or loss recognized.

Contract Drilling

As of December 31, 2019, we had seven drilling rigs and other drilling equipment to be marketed for sale during the next twelve months, which we classified as assets held for sale with a fair value of $5.9 million. During the first quarter of 2020, due to market conditions, it was determined these assets would not be sold in the next twelve months and were reclassified to long-lived assets.