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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
4 Months Ended 8 Months Ended 12 Months Ended
Dec. 31, 2020
Aug. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net loss $ (13,988) $ (890,624) $ (553,828)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation, depletion, and amortization 27,962 115,496 275,573
Impairments (Note 4) 26,063 [1] 867,814 [2] 625,716 [3]
Loss on abandonment of assets 0 18,733 0
Amortization of debt issuance costs and debt discount (Note 9) 0 1,079 2,241
(Gain) loss on derivatives (Note 15) 985 10,704 (4,225)
Cash receipts (payments) on derivatives settled (Note 15) (1,133) (4,244) 16,196
(Gain) loss on disposition of assets (619) (89) 3,502
Write-off of debt issuance costs 0 2,426 0
Deferred tax benefit (Note 11) 0 (13,713) (131,045)
Employee stock compensation plans 58 4,786 12,932
Bad debt expense 0 3,155 527
ARO liability accretion (Note 10) 467 1,545 2,343
Contract assets and liabilities, net (Note 5) 1,316 2,459 (2,577)
Noncash reorganization items 67 (138,797) 0
Other, net (3,046) 12,164 1,766
Changes in operating assets and liabilities increasing (decreasing) cash:      
Accounts receivable (7,226) 28,880 33,323
Materials and supplies 0 89 24
Prepaid expenses and other 1,795 (3,849) 195
Accounts payable 1,484 (18,381) (15,558)
Accrued liabilities (4,048) 44,811 3,142
Income taxes (301) 906 298
Contract advances (29) (394) (1,149)
Net cash provided by operating activities 29,807 44,956 269,396
INVESTING ACTIVITIES:      
Capital expeditures (4,057) (25,775) (406,665)
Producing property and other oil and natural gas acquisitions 0 (382) (3,653)
Payments to Acquire Other Property, Plant, and Equipment 0 0 (16,109)
Proceeds from disposition of property and equipment 1,799 6,018 31,864
Net cash used in investing activities (2,258) (20,139) (394,563)
FINANCING ACTIVITIES:      
Borrowings under line of credit 0 87,400 493,500
Payments under line of credit (49,000) (64,100) (368,800)
DIP financing costs 0 (990) 0
Exit facility financing costs 0 (3,225) 0
Net payments on finance leases (1,406) (2,757) (4,001)
Proceeds from investments of non-contolling interests 0 0 0
Employee taxes paid by withholding shares 0 (43) (4,158)
Transaction costs associated with sale of non-controlling interest 0 0 0
Distributions to non-controlling interest 0 0 (918)
Bank overdrafts (Note 4) 2,631 (8,733) 3,663
Net Cash Provided by (Used in) Financing Activities, Total (47,775) 7,552 119,286
Net increase (decrease) in cash and cash equivalents (20,226) 32,369 (5,881)
Cash, restricted cash, cash equivalents, beginning of year 32,940 571 6,452
Cash, restricted cash, cash equivalents, end of year 12,714 32,940 571
Supplemental disclosure of cash flow information:      
Interest paid (net of capitalization) 2,571 6,417 33,694
Income taxes 0 0 273
Reorganization items 2,206 4,822 0
Changes in accounts payable and accrued liabilities related to purchases of property, plant, and equipment 1,902 8,561 54,549
Non-cash reductions to oil and natural gas properties related to asset retirement obligations 1,702 29,189 (76)
Non-cash trade of property, plant, and equipment $ 0 $ 1,403 $ 0
[1] 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
[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.
[3] 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).