Derivative and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of estimated fair values of oil, natural gas and NGL derivative instruments

The estimated fair values of our oil, natural gas and NGL derivative instrument assets (liabilities) as of March 31, 2021 and December 31, 2020 are provided below: 

	Successor			Predecessor
	March 31, 2021			December 31, 2020
	Notional Volume	Fair Value		Notional Volume	Fair Value
Oil (MMBbl):
Fixed-price swaps	27	$	(333)	27	$	(136)
Basis protection swaps	6	(2)		7	(1)
Total oil	33	(335)		34	(137)
Natural gas (Bcf):
Fixed-price swaps	671	(41)		728	10
Collars	48	3		53	8
Basis protection swaps	163	(2)		66	1
Total natural gas	882	(40)		847	19
Total estimated fair value		$	(375)		$	(118)

Schedule of effect of derivative instruments, condensed consolidated balance sheets

The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020 on a gross basis and after same-counterparty netting:

	Gross Fair Value		Amounts Netted in the Consolidated Balance Sheets		Net Fair Value Presented in the Consolidated Balance Sheets
Successor
As of March 31, 2021
Commodity Contracts:
Short-term derivative asset	$	45	$	(41)	$	4
Long-term derivative asset	16		(14)		2
Short-term derivative liability	(346)		41		(305)
Long-term derivative liability	(90)		14		(76)
Total derivatives	$	(375)	$	—	$	(375)
Predecessor
As of December 31, 2020
Commodity Contracts:
Short-term derivative asset	$	84	$	(65)	$	19
Long-term derivative asset	5		(5)		—
Short-term derivative liability	(158)		65		(93)
Long-term derivative liability	(49)		5		(44)
Total derivatives	$	(118)	$	—	$	(118)

Schedule of effect of derivative instruments, condensed consolidated statements of operations

The components of oil and natural gas derivatives are presented below:

	Successor		Predecessor
	Period from February 10, 2021 through March 31, 2021		Period from January 1, 2021 through February 9, 2021		Three Months Ended March 31, 2020
Gains (losses) on undesignated oil and natural gas derivatives	$	46	$	(379)	$	916
Losses on terminated cash flow hedges	—		(3)		(9)
Total oil and natural gas derivatives	$	46	$	(382)	$	907

Schedule of effect of derivative instruments, accumulated other comprehensive income (loss)

A reconciliation of the changes in accumulated other comprehensive income (loss) in our condensed consolidated statements of stockholders’ equity related to our cash flow hedges is presented below:

	Successor				Predecessor
	Period from February 10, 2021 through  March 31, 2021				Period from  January 1, 2021 through  February 9, 2021				Three Months Ended March 31, 2020
	Before  Tax		After  Tax		Before  Tax		After  Tax		Before  Tax		After  Tax
Balance, beginning of period	$	—	$	—	$	(12)	$	45	$	(45)	$	12
Losses reclassified to income	—		—		3		3		9		9
Fresh start adjustments	—		—		9		9		—		—
Elimination of tax effects	—		—		—		(57)		—		—
Balance, end of period	$	—	$	—	$	—	$	—	$	(36)	$	21

Schedule of financial assets (liabilities)

The following table provides information for financial assets (liabilities) measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:

	Successor		Predecessor
Significant Other Observable Inputs (Level 2)	March 31, 2021		December 31, 2020
Derivative Assets (Liabilities):
Commodity assets	$	61	$	88
Commodity liabilities	(436)		(206)
Total derivatives	$	(375)	$	(118)