PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The major categories of property and equipment and related accumulated DD&A and impairment as of March 31, 2022 and December 31, 2021 are as follows (in thousands):

	Successor
	March 31, 2022		December 31, 2021
Proved oil and natural gas properties	$	2,030,289	$	1,917,833
Unproved properties	203,678		211,007
Other depreciable property and equipment	5,034		4,943
Land	386		386
Total property and equipment	2,239,387		2,134,169
Accumulated DD&A and impairment	(340,709)		(278,341)
Property and equipment, net	$	1,898,678	$	1,855,828

Schedule of Non-Producing Properties Excluded from Amortization by Area

The following table summarizes the Company’s non-producing properties excluded from amortization by area as of March 31, 2022:

	Successor
	March 31, 2022
	(In thousands)
Utica	$	168,809
SCOOP	34,865
Other	4
Total unproved properties	$	203,678

Schedule of Asset Retirement Obligation

The following table provides a reconciliation of the Company’s asset retirement obligation for the Successor and Predecessor Quarters (in thousands):

	Successor		Predecessor
	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Asset retirement obligation, beginning of period	$	28,264	$	63,566
Liabilities incurred	16		483
Accretion expense	692		805
Total asset retirement obligation as of end of period	$	28,972	$	64,854
Less: amounts reclassified to liabilities subject to compromise	$	—	$	(64,854)
Total asset retirement obligation reflected as non-current liabilities	$	28,972	$	—