BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following at March 31, 2022 and December 31, 2021 (in thousands):

	Successor
	March 31, 2022		December 31, 2021
Accounts payable and other accrued liabilities	$	183,786	$	143,938
Revenue payable and suspense	173,285		180,857
Accrued contract rejection damages and shares held in reserve	40,996		69,216
Total accounts payable and accrued liabilities	$	398,067	$	394,011

Fresh Start Adjustments

The following table summarizes the components in reorganization items, net included in the Company's consolidated statements of operations for the Predecessor Quarter (in thousands):

	Predecessor
	Three Months Ended March 31, 2021
Legal and professional fees	$	40,783
Adjustment to allowed claims	2,088
Gain on settlement of pre-petition accounts payable	(4,150)
Reorganization items, net	$	38,721

Schedule of Cash Flow, Supplemental Disclosures

Supplemental Cash Flow and Non-Cash Information (in thousands)

	Successor		Predecessor
	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Supplemental disclosure of cash flow information:
Cash paid for reorganization items, net	$	—	$	21,367
Interest payments	$	2,110	$	4,763
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable - oil and natural gas sales	$	25,985	$	(14,117)
Increase in accounts receivable - joint interest and other	(17,722)		(478)
Increase in accounts payable and accrued liabilities	2,135		15,555
Decrease in prepaid expenses	6,811		26,356
Increase in other assets	(17)		(655)
Total changes in operating assets and liabilities	$	17,192	$	26,661
Supplemental disclosure of non-cash transactions:
Capitalized stock-based compensation	$	597	$	630
Asset retirement obligation capitalized	$	16	$	483
Release of common stock held in reserve	$	28,220	$	—
Foreign currency translation gain on equity method investments	$	—	$	2,570