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Industry Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Industry Segment Information INDUSTRY SEGMENT INFORMATION
We have three main business segments offering different products and services within the energy industry:
 
•Oil and natural gas - the oil and natural gas segment is engaged in the acquisition, development, and production of oil, NGLs, and natural gas properties.
•Contract drilling - the contract drilling segment is engaged in the land contract drilling of oil and natural gas wells.
•Mid-Stream - the mid-stream segment buys, sells, gathers, processes, and treats natural gas and NGLs for third parties and for our own account. We presently own 50% of this subsidiary, and subsequent to the deconsolidation of Superior as of March 1, 2022 (as discussed in Note 2 - Summary Of Significant Accounting Policies and Note 15 - Superior Investment), we will continue to include our equity method investment in Superior and related earnings in our mid-stream segment.

We evaluate each consolidated segment’s performance based on its operating income, which is defined as operating revenues less operating expenses and depreciation, depletion, amortization, and impairment. We have no oil and natural gas production or other operations outside the United States.

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

Three Months Ended June 30, 2022
 Oil and Natural GasContract DrillingMid-StreamCorporate and Other
Eliminations
Total Consolidated
 (In thousands)
Revenues: (1)
Oil and natural gas$100,896 $— $— $— $16 $100,912 
Contract drilling— 33,642 — — — 33,642 
Total revenues100,896 33,642 — — 16 134,554 
Expenses:
Operating costs:
Oil and natural gas27,603 — — — 16 27,619 
Contract drilling— 25,763 — — — 25,763 
Total operating costs
27,603 25,763 — — 16 53,382 
Depreciation, depletion, and amortization
4,027 1,558 — 76 — 5,661 
Total expenses31,630 27,321 — 76 16 59,043 
General and administrative
— — — 7,421 — 7,421 
Gain on disposition of assets(25)(2,041)— — — (2,066)
Income (loss) from operations69,291 8,362 — (7,497)— 70,156 
Gain on derivatives— — — 2,609 — 2,609 
Gain on change in fair value of warrants— — — 7,289 — 7,289 
Reorganization items, net— — — (39)— (39)
Interest, net— — — (97)— (97)
Other13 9 — 153 — 175 
Income before income taxes$69,304 $8,371 $— $2,418 $— $80,093 
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.
Three Months Ended June 30, 2021
 Oil and Natural GasContract DrillingMid-StreamCorporate and OtherEliminationsTotal Consolidated
 (In thousands)
Revenues: (1)
Oil and natural gas$59,776 $— $— $— $(17,806)$41,970 
Contract drilling— 18,061 — — — 18,061 
Gas gathering and processing— — 66,323 — 7,703 74,026 
Total revenues59,776 18,061 66,323 — (10,103)134,057 
Expenses:
Operating costs:
Oil and natural gas16,350 — — — (863)15,487 
Contract drilling— 14,080 — — — 14,080 
Gas gathering and processing— — 55,176 — (10,120)45,056 
Total operating costs
16,350 14,080 55,176 — (10,983)74,623 
Depreciation, depletion, and amortization
6,476 1,570 8,064 254 — 16,364 
Total expenses22,826 15,650 63,240 254 (10,983)90,987 
General and administrative
— — — 4,871 880 5,751 
Gain on disposition of assets(67)(1,618)— (25)— (1,710)
Income (loss) from operations37,017 4,029 3,083 (5,100)— 39,029 
Loss on derivatives— — — (42,400)— (42,400)
Loss on change in fair value of warrants— — — (3,574)— (3,574)
Reorganization items, net— — — (1,852)— (1,852)
Interest, net— — 641 (1,128)— (487)
Other34 11 (850)(26)— (831)
Income (loss) before income taxes$37,051 $4,040 $2,874 $(54,080)$— $(10,115)
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.