Derivative and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

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 and natural gas derivative instrument assets (liabilities) as of March 31, 2022 and December 31, 2021 are provided below: 

	Successor
	March 31, 2022			December 31, 2021
	Notional Volume	Fair Value		Notional Volume	Fair Value
Oil (MMBbls):
Fixed-price swaps	10	$	(469)	13	$	(356)
Collars	5	(40)		—	—
Basis protection swaps	17	(14)		9	(2)
Total oil	32	(523)		22	(358)
Natural gas (Bcf):
Fixed-price swaps	700	(1,784)		637	(675)
Collars	572	(610)		205	(82)
Three-way collars	23	(47)		—	—
Call options	18	(46)		18	(17)
Swaptions	7	(12)		—	—
Basis protection swaps	396	—		252	(11)
Total natural gas	1,716	(2,499)		1,112	(785)
Total estimated fair value		$	(3,022)		$	(1,143)

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, 2022 and December 31, 2021 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, 2022
Commodity Contracts:
Short-term derivative asset	$	34	$	(33)	$	1
Long-term derivative asset	22		(14)		8
Short-term derivative liability	(2,671)		33		(2,638)
Long-term derivative liability	(407)		14		(393)
Total derivatives	$	(3,022)	$	—	$	(3,022)
As of December 31, 2021
Commodity Contracts:
Short-term derivative asset	$	56	$	(51)	$	5
Short-term derivative liability	(950)		51		(899)
Long-term derivative liability	(249)		—		(249)
Total derivatives	$	(1,143)	$	—	$	(1,143)

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

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

	Successor				Predecessor
	Three Months Ended March 31, 2022		Period from February 10, 2021 through March 31, 2021		Period from January 1, 2021 through February 9, 2021
Gains (losses) on undesignated oil and natural gas derivatives	$	(2,125)	$	46	$	(379)
Losses on terminated cash flow hedges	—		—		(3)
Total oil and natural gas derivatives	$	(2,125)	$	46	$	(382)

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

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

	Successor								Predecessor
	Three Months Ended March 31, 2022				Period from February 10, 2021 through March 31, 2021				Period from  January 1, 2021 through  February 9, 2021
	Before  Tax		After  Tax		Before  Tax		After  Tax		Before  Tax		After  Tax
Balance, beginning of period	$	—	$	—	$	—	$	—	$	(12)	$	45
Losses reclassified to income	—		—		—		—		3		3
Fresh start adjustments	—		—		—		—		9		9
Elimination of tax effects	—		—		—		—		—		(57)
Balance, end of period	$	—	$	—	$	—	$	—	$	—	$	—

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, 2022 and December 31, 2021:

	Successor
Significant Other Observable Inputs (Level 2)	March 31, 2022		December 31, 2021
Derivative Assets (Liabilities):
Commodity assets	$	56	$	56
Commodity liabilities	(3,078)		(1,199)
Total derivatives	$	(3,022)	$	(1,143)