INDUSTRY SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

Revenue From Different Segments [Table Text Block]

The following tables provide certain information about the operations and assets for each of our segments:


	Successor
	Year Ended December 31, 2021
	Oil and Natural Gas		Contract Drilling		Mid-Stream		Corporate and Other		Eliminations		Total Consolidated
	(In thousands)
Revenues: (1)
Oil and natural gas	$	272,231	$	—	$	—	$	—	$	(47,999)	$	224,232
Contract drilling	—		76,107		—		—				76,107
Gas gathering and processing	—				341,674		—		(3,297)		338,377
Total revenues	272,231		76,107		341,674		—		(51,296)		638,716
Expenses:
Operating costs:
Oil and natural gas	83,221		—		—		—		(3,297)		79,924
Contract drilling	—		60,973		—		—		—		60,973
Gas gathering and processing	—		—		286,199		—		(51,515)		234,684
Total operating costs	83,221		60,973		286,199		—		(54,812)		375,581
Depreciation, depletion, and amortization	24,612		6,308		32,566		840		—		64,326

Impairment	—		—		10,673		—		—		10,673
Total expenses	107,833		67,281		329,438		840		(54,812)		450,580


General and administrative	—		—		—		21,399		3,516		24,915
(Gain) loss on disposition of assets	171		(10,143)		49		(954)		—		(10,877)
Income (loss) from operations	164,227		18,969		12,187		(21,285)		—		174,098
Loss on derivatives	—		—		—		(97,615)		—		(97,615)

Loss on change in fair value of warrants	—		—		—		(18,937)		—		(18,937)
Reorganization items, net	—		—		—		(4,294)		—		(4,294)
Interest, net	—		—		(924)		(3,342)		—		(4,266)
Other	187		57		(844)		3		—		(597)
Income (loss) before income taxes	$	164,414	$	19,026	$	10,419	$	(145,470)	$	—	$	48,389

Identifiable assets:
Oil and natural gas (2)	$	203,796	$	—	$	—	$	—	$	(4,917)	$	198,879
Contract drilling	—		78,554		—		—		(78)		78,476
Gas gathering and processing	—		—		290,605		—		(269)		290,336
Total identifiable assets (3)	203,796		78,554		290,605		—		(5,264)		567,691
Corporate land and building	—		—		—		—		—		—
Other corporate assets (4)	—		—		—		66,227		(4,441)		61,786
Total assets	$	203,796	$	78,554	$	290,605	$	66,227	$	(9,705)	$	629,477

Capital expenditures:	$	17,752	$	2,877	$	24,316	$	340	$	—	$	45,285

_______________________

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

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

4.Other corporate assets are principally cash and cash equivalents, transportation equipment, furniture, and equipment.


	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 $10.7 million pre-tax write-down for certain long-lived asset groups.

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.