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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, 2021
OPERATING ACTIVITIES:      
Net income (loss) $ (13,988) $ (890,624) $ 48,216
Adjustments to reconcile net income operating activities:      
Depreciation, depletion, and amortization 27,962 115,496 64,326
Impairments (Note 4) 26,063 [1] 867,814 [2] 10,673
Loss on abandonment of assets (Note 4) 0 18,733 0
Amortization of debt issuance costs and debt discount (Note 10) 0 1,079 0
Loss on derivatives (Note 17) 985 10,704 97,615
Cash receipts (payments) on derivatives settled (Note 17) (1,133) (4,244) (44,591)
Loss on change in fair value of warrants (Note 17) 0 0 18,937
Gain on disposition of assets (619) (89) (10,877)
Write-off of debt issuance costs 0 2,426 0
Deferred tax expense (Note 13) 0 (13,713) 0
Stock-based compensation plans 58 4,786 929
Credit loss expense 0 3,155 1,633
ARO liability accretion (Note 11) 467 1,545 1,893
Contract assets and liabilities, net (Note 5) 1,316 2,459 3,699
Capitalized contract fulfillment costs, net 0 0 (537)
Noncash reorganization items 67 (138,797) 10
Other, net (3,046) 12,164 (843)
Changes in operating assets and liabilities increasing (decreasing) cash:      
Accounts receivable (7,226) 28,880 (31,034)
Materials and supplies 0 89 0
Prepaid expenses and other 1,795 (3,849) (4,953)
Accounts payable 1,484 (18,381) 23,141
Accrued liabilities (4,048) 44,811 (3,331)
Income taxes (301) 906 1,160
Contract advances (29) (394) (97)
Net cash provided by operating activities 29,807 44,956 175,969
INVESTING ACTIVITIES:      
Capital expenditures (4,057) (25,775) (30,305)
Cash and cash equivalents 0 382 0
Producing property and other oil and natural gas acquisitions   (382)  
Other Payments to Acquire Businesses 0   13,000
Proceeds from disposition of property and equipment 1,799 6,018 79,510
Net cash provided by (used in) investing activities (2,258) (20,139) 36,205
FINANCING ACTIVITIES:      
Borrowings under line of credit 0 87,400 65,300
Payments under line of credit (49,000) (64,100) (145,100)
DIP financing costs 0 (990) 0
Exit facility financing costs 0 (3,225) 0
Financing cash flows for finance leases 1,406 2,757 3,216
Employee taxes paid by withholding shares 0 (43) 0
Distributions to non-controlling interest 0 0 (23,136)
Repurchase of common stock 0 0 (51,965)
Bank overdrafts (Note 3) 2,631 (8,733) (2,631)
Net Cash Provided by (Used in) Financing Activities, Total (47,775) 7,552 (160,748)
Net increase (decrease) in cash and cash equivalents (20,226) 32,369 51,426
Cash, restricted cash, cash equivalents, beginning of year 32,940 571 12,714
Cash, restricted cash, cash equivalents, end of year 12,714 32,940 64,140
Supplemental disclosure of cash flow information:      
Interest paid (net of capitalization) 2,571 6,417 4,769
Income taxes 0 0 0
Reorganization items 2,206 4,822 4,283
Changes in accounts payable and accrued liabilities related to purchases of property, plant, and equipment 1,902 8,561 (1,249)
Non-cash reductions (increases) to oil and natural gas properties related to asset retirement obligations 1,702 29,189 (478)
Non-cash trade of property 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 $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.