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Equity
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Equity
11.Equity
New Common Stock
As discussed in Note 2, on the Effective Date, we issued an aggregate of 97,907,081 shares of New Common Stock, par value $0.01 per share, to the holders of allowed claims, and 2,092,918 shares of New Common Stock were reserved for future distributions under the Plan. During the 2022 Successor Period, 36,951 reserved shares were issued to resolve allowed General Unsecured Claims.
On November 1, 2021 we completed the Vine Acquisition and issued 18,709,399 shares of New Common Stock. On March 9, 2022, we completed the Marcellus Acquisition and issued 9,442,185 shares of New Common Stock. See further discussion of both acquisitions in Note 4.
Dividends
In May 2021, we initiated a new annual dividend on our shares of common stock, expected to be paid quarterly. The following table summarizes our dividend payments in the 2022 Successor Period.
Payment DateStockholders of Record DateDividend PaymentRate Per Share
March 22, 2022March 7, 2022$210 $1.7675 
June 2, 2022May 19, 2022$298 $2.34 
September 1, 2022August 17, 2022$280 $2.32 
On November 1, 2022, we declared a quarterly dividend payable of $3.16 per share, which will be paid on December 1, 2022 to stockholders of record at the close of business on November 15, 2022. The dividend consists of a base quarterly dividend in the amount of $0.55 per share and a variable quarterly dividend in the amount of $2.61 per share.
Share Repurchase Program
As of December 2, 2021, the Company was authorized to purchase up to $1 billion of the Company’s common stock and/or warrants under a share repurchase program. In June 2022, our Board of Directors authorized an expansion of the share repurchase program by $1.0 billion, bringing the total authorized share repurchase amount to $2.0 billion for stock and/or warrants. The share repurchase program will expire on December 31, 2023.
In March 2022, we commenced our share repurchase program and repurchased 1 million shares of common stock for an aggregate price of $83 million. In June 2022, we repurchased 5.8 million shares of common stock for an aggregate price of $515 million, inclusive of shares for which cash settlement occurred in early July. During the 2022 Successor Quarter, we repurchased 0.75 million shares of common stock for an aggregate price of $69 million. The shares of common stock that were repurchased during the 2022 Successor Period were retired and recorded as a reduction to common stock and retained earnings.
Warrants
Class A WarrantsClass B Warrants
Class C Warrants(a)
Outstanding as of December 31, 202110,856,852 12,313,273 11,388,371 
Converted into New Common Stock(b)
(1,036,606)(22,392)(13,845)
Outstanding as of March 31, 20229,820,246 12,290,881 11,374,526 
Converted into New Common Stock(b)
(68,300)(111)(161,849)
Issued for General Unsecured Claims— — 69,720 
Outstanding as of June 30, 20229,751,946 12,290,770 11,282,397 
Converted into New Common Stock(b)
(500,450)(31)(97,403)
Outstanding as of September 30, 20229,251,496 12,290,739 11,184,994 
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(a)As of September 30, 2022, we had 2,248,726 of reserved Class C Warrants.
(b)During the 2022 Successor Period, we issued 1,329,292 shares of New Common Stock as a result of Warrant exercises.
As discussed in Note 2, on the Effective Date, we issued 11,111,111 Class A Warrants, 12,345,679 Class B Warrants and 9,768,527 Class C Warrants that are initially exercisable for one share of New Common Stock per Warrant at initial exercise prices of $27.63, $32.13 and $36.18 per share, respectively, subject to adjustments pursuant to the terms of the Warrants. The Warrants are exercisable from the Effective Date until February 9, 2026. The Warrants contain customary anti-dilution adjustments in the event of any stock split, reverse stock split, reclassification, stock dividend or other distributions. The exercise prices of the Warrants were adjusted to prevent the dilution of rights for the effects of the quarterly dividend distribution on September 1, 2022, and the adjusted exercise prices are $25.10, $29.18, and $32.86 per share for the Class A, Class B and Class C Warrants, respectively. Additionally, we have recalculated the number of shares of New Common Stock issuable upon the exercise of each of the Class A, Class B and Class C Warrants, respectively, and as a result, 1.12 shares are issuable upon the exercise of a Class A, Class B or Class C Warrant.
On August 18, 2022, we announced exchange offers relating to our outstanding Class A Warrants, Class B Warrants and Class C Warrants. The exchange offers expired on October 7, 2022 and resulted in the issuance of 16,305,984 shares of our New Common Stock in exchange for the cancellation of (i) 4,752,207 Class A Warrants, (ii) 7,879,030 Class B Warrants and (iii) 7,252,004 Class C Warrants. Under the exchange offers, the Warrants were exchanged in a cashless transaction and were converted to shares of our New Common Stock at a ratio of 0.8636 for Class A Warrants, 0.8224 for Class B Warrants and 0.7890 for Class C Warrants, respectively.
Chapter 11 Proceedings
Upon emergence from Chapter 11 on February 9, 2021, as discussed in Note 2, Predecessor common stock and preferred stock were canceled and released under the Plan without receiving any recovery on account thereof.