Industry Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Revenue From Different Segments [Table Text Block]

The following table provides certain information about the operations of each of our segments:


	Successor
	Four Months Ended December 31, 2020
	Oil and Natural Gas		Contract Drilling		Mid-stream		Corporate and Other		Eliminations		Total Consolidated
	(In thousands)
Revenues: (1)
Oil and natural gas	$	57,580	$	—	$	—	$	—	$	(2)	$	57,578
Contract drilling	—		19,413		—		—		—		19,413
Gas gathering and processing	—		—		68,369		—		(11,832)		56,537
Total revenues	57,580		19,413		68,369		—		(11,834)		133,528
Expenses:
Operating costs:
Oil and natural gas	26,111		—		—		—		(855)		25,256
Contract drilling	—		13,852		—		—		—		13,852
Gas gathering and processing	—		—		53,147		—		(10,978)		42,169
Total operating costs	26,111		13,852		53,147		—		(11,833)		81,277
Depreciation, depletion, and amortization	14,869		2,102		10,659		332		—		27,962
Impairments (2)	26,063		—		—		—		—		26,063
Total expenses	67,043		15,954		63,806		332		(11,833)		135,302

General and administrative	—		—		—		6,702		—		6,702
Gain on disposition of assets	(24)		(521)		(55)		(19)		—		(619)
Income (loss) from operations	(9,439)		3,980		4,618		(7,015)		(1)		(7,857)
Loss on derivatives	—		—		—		(985)		—		(985)
Reorganization items, net	—		—		—		(2,273)		—		(2,273)
Interest, net	—		—		(501)		(2,774)		—		(3,275)
Other	56		4		34		6		—		100
Income (loss) before income taxes	$	(9,383)	$	3,984	$	4,151	$	(13,041)	$	(1)	$	(14,290)

Identifiable assets:
Oil and natural gas (3)	$	236,073	$	—	$	—	$	—	$	(3,326)	$	232,747
Contract drilling	—		81,612		—		—		(4)		81,608
Gas gathering and processing	—		—		293,632		—		(335)		293,297
Total identifiable assets (4)	236,073		81,612		293,632		—		(3,665)		607,652
Corporate land and building	—		—		—		32,382		—		32,382
Other corporate assets (5)	—		—		—		13,671		(4,002)		9,669
Total assets	$	236,073	$	81,612	$	293,632	$	46,053	$	(7,667)	$	649,703

Capital expenditures:	$	4,018	$	616	$	1,323	$	3	$	—	$	5,960

_______________________

1.The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.

2. During the Successor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $26.1 million pre-tax.

3.Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets.

4.Identifiable assets are those used in Unit’s operations in each industry segment.

5.Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.


	Predecessor
	Eight Months Ended August 31, 2020
	Oil and Natural Gas		Contract Drilling		Mid-stream		Corporate and Other		Eliminations		Total Consolidated
	(In thousands)
Revenues:
Oil and natural gas	$	103,443	$	—	$	—	$	—	$	(4)	$	103,439
Contract drilling	—		73,519		—		—		—		73,519
Gas gathering and processing	—		—		114,531		—		(14,532)		99,999
Total revenues (1)	103,443		73,519		114,531		—		(14,536)		276,957
Expenses:
Operating costs:
Oil and natural gas	119,664		—		—		—		(1,973)		117,691
Contract drilling	—		51,811		—		—		(1)		51,810
Gas gathering and processing	—		—		80,607		—		(12,562)		68,045
Total operating costs	119,664		51,811		80,607		—		(14,536)		237,546
Depreciation, depletion, and amortization	68,762		15,544		29,371		1,819		—		115,496
Impairments (2)	393,726		410,126		63,962		—		—		867,814
Total expenses	582,152		477,481		173,940		1,819		(14,536)		1,220,856
Loss on abandonment of assets	17,641		1,092		—		—		—		18,733
General and administrative	—		—		—		42,766		—		42,766
(Gain) loss on disposition of assets	(160)		(1,390)		(18)		1,479		—		(89)
Loss from operations	(496,190)		(403,664)		(59,391)		(46,064)		—		(1,005,309)
Loss on derivatives	—		—		—		(10,704)		—		(10,704)
Write-off of debt issuance costs	—		—		—		(2,426)		—		(2,426)
Reorganization items, net	15,504		(183,664)		(71,016)		373,151		—		133,975
Interest, net	—		—		(1,888)		(20,936)		—		(22,824)
Other	458		1,449		50		77		—		2,034
Income (loss) before income taxes	$	(480,228)	$	(585,879)	$	(132,245)	$	293,098	$	—	$	(905,254)










Capital expenditures:	$	5,350	$	2,438	$	9,342	$	83	$	—	$	17,213

_______________________ ____________________

1.The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.

2.During the Predecessor Period of 2020, we recorded non-cash ceiling test write-downs on our oil and natural gas properties of $393.7 million, pre-tax ($346.6 million, net of tax). Impairment for contract drilling equipment includes a $410.1 million pre-tax write-down for SCR drilling rigs and other drilling equipment. Impairment for mid-stream assets includes a $64.0 million pre-tax write-down for certain long-lived asset groups.


	Predecessor
	Year Ended December 31, 2019
	Oil and Natural Gas		Contract Drilling		Mid-stream		Other		Eliminations		Total Consolidated
	(In thousands)
Revenues:
Oil and natural gas	$	325,797	$	—	$	—	$	—	$	—	$	325,797
Contract drilling	—		184,192		—		—		(15,809)		168,383
Gas gathering and processing	—		—		227,939		—		(47,485)		180,454
Total revenues (1)	325,797		184,192		227,939		—		(63,294)		674,634
Expenses:
Operating costs:
Oil and natural gas	140,026		—		—		—		(4,902)		135,124
Contract drilling	—		130,188		—		—		(14,190)		115,998
Gas gathering and processing	—		—		176,189		—		(42,583)		133,606
Total operating costs	140,026		130,188		176,189		—		(61,675)		384,728
Depreciation, depletion, and amortization	168,651		51,552		47,663		7,707		—		275,573
Impairments (2)	559,867		62,809		3,040		—		—		625,716
Total expenses	868,544		244,549		226,892		7,707		(61,675)		1,286,017
General and administrative	—		—		—		38,246		—		38,246
(Gain) loss on disposition of assets	(199)		3,872		(160)		(11)		—		3,502
Income (loss) from operations	(542,548)		(64,229)		1,207		(45,942)		(1,619)		(653,131)
Gain on derivatives	—		—		—		4,225		—		4,225
Interest expense, net	—		—		(1,546)		(35,466)		—		(37,012)
Other	(481)		(605)		827		23		—		(236)
Income (loss) before income taxes	$	(543,029)	$	(64,834)	$	488	$	(77,160)	$	(1,619)	$	(686,154)

Identifiable assets:
Oil and natural gas (3)	851,662		—		—		—		(4,264)		847,398
Contract drilling	—		708,510		—		—		(42)		708,468
Gas gathering and processing	—		—		463,699		—		(4,255)		459,444
Total identifiable assets (4)	851,662		708,510		463,699		—		(8,561)		2,015,310
Corporate land and building	—		—		—		54,155		—		54,155
Other corporate assets (5)	—		—		—		23,092		(2,505)		20,587
Total assets	$	851,662	$	708,510	$	463,699	$	77,247	$	(11,066)	$	2,090,052

Capital expenditures:	$	268,622	$	40,636	$	64,438	$	673	$	—	$	374,369

_______________________

1.The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.

2.We incurred non-cash ceiling test write-downs of our oil and natural gas properties of $559.4 million pre-tax ($422.4 million, net of tax). We also recognized goodwill impairment charges of $62.8 million pre-tax ($59.8 million, net of tax).

3.Oil and natural gas assets include oil and natural gas properties, saltwater disposal systems, and other non-full cost pool assets.

4.Identifiable assets are those used in Unit’s operations in each industry segment.

5.Other corporate assets are principally cash and cash equivalents, short-term investments, transportation equipment, furniture, and equipment.