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Share-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
13.Share-Based Compensation
Successor Share-Based Compensation
As of the Effective Date, the Board adopted the LTIP with a share reserve equal to 6,800,000 shares of New Common Stock. The LTIP provides for the grant of restricted stock units (“RSUs”), restricted stock awards, stock options, stock appreciation rights, performance awards and other stock awards to the Company’s employees and non-employee directors.
Restricted Stock Units. In the 2023, 2022 and 2021 Successor Periods, we granted RSUs to employees and non-employee directors under the LTIP, which will vest over a three-year to five-year period and one-year period, respectively. The fair value of RSUs is based on the closing sales price of our common stock on the date of grant, and compensation expense is recognized ratably over the requisite service period. A summary of the changes in unvested RSUs is presented below:
 
Unvested
Restricted Stock Units		Weighted Average
Grant Date
Fair Value Per Share
(in thousands)
Unvested as of February 10, 2021— $— 
Granted (a)
1,202 $52.60 
Vested (a)
(377)$65.66 
Forfeited(50)$44.37 
Unvested as of December 31, 2021775 $46.77 
Granted666 $81.87 
Vested(300)$48.11 
Forfeited(184)$56.54 
Unvested as of December 31, 2022957 $68.91 
Granted440 $72.25 
Vested(329)$61.66 
Forfeited(128)$68.42 
Unvested as of December 31, 2023940 $73.08 
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(a)Due to the Vine Acquisition, each Vine restricted stock unit was converted into a Company restricted stock unit. As a result, approximately 430 thousand Vine restricted stock units were converted to Company restricted stock units, of which approximately 375 thousand restricted stock units were accelerated. We recognized the accelerated share-based compensation expense related to these awards in other operating expense (income), net on our consolidated statements of operations.
The aggregate intrinsic value of RSUs that vested during the 2023, 2022 and 2021 Successor Periods was approximately $25 million, $26 million and $25 million, respectively, based on the stock price at the time of vesting.
As of December 31, 2023, there was approximately $45 million of total unrecognized compensation expense related to unvested RSUs. The expense is expected to be recognized over a weighted average period of approximately 2.19 years.
Performance Share Units. In the 2023, 2022 and 2021 Successor Periods, we granted performance share units (“PSUs”) to senior management under the LTIP, which will generally vest over a three-year period and will be settled in shares. The performance criteria include total shareholder return (“TSR”) and relative TSR (“rTSR”) and could result in a total payout between 0% - 200% of the target units. For the PSUs granted in 2021, the performance criteria also include share price hurdles which could result in a total payout between 0% - 100% of the target units. The fair value of the PSUs was measured on the grant date using a Monte Carlo simulation, and compensation expense is recognized ratably over the requisite service period because these awards depend on a combination of service and market criteria.
The following tables present the assumptions used in the valuation of the PSUs granted in the 2023, 2022 and 2021 Successor Periods.
2023 PSU Awards
AssumptionTSR, rTSR
Risk-free interest rate3.85 %
Volatility64.4 %
2022 PSU Awards
AssumptionTSR, rTSR
Risk-free interest rate2.00 %
Volatility70.2 %
2021 PSU Awards
AssumptionTSR, rTSRShare Price Hurdle
Risk-free interest rate0.23 %0.30 %
Volatility71.4 %68.4 %

A summary of the changes in unvested PSUs is presented below:
Unvested Performance Share UnitsWeighted Average
Grant Date
Fair Value Per Share
(in thousands)
Unvested as of February 10, 2021— $— 
Granted201 $64.41 
Vested(9)$38.95 
Forfeited(9)$55.42 
Unvested as of December 31, 2021183 $66.12 
Granted133 $109.65 
Vested— $— 
Forfeited(40)$57.48 
Unvested as of December 31, 2022276 $88.28 
Granted131 $78.78 
Vested— $— 
Forfeited(13)$68.77 
Unvested as of December 31, 2023394 $85.78 
The aggregate intrinsic value of PSUs that vested during the 2021 Successor Period was approximately $0.6 million based on the stock price at the time of vesting.
As of December 31, 2023, there was approximately $15 million of total unrecognized compensation expense related to unvested PSUs. The expense is expected to be recognized over a weighted average period of approximately 1.68 years.
Predecessor Share-Based Compensation
Our Predecessor share-based compensation program consisted of restricted stock, stock options and PSUs granted to employees and restricted stock granted to non-employee directors under our long-term incentive plans. The restricted stock and stock options were equity-classified awards and the PSUs were liability-classified awards.
As discussed in Note 2, on the Effective Date, our Predecessor common stock was canceled and New Common Stock was issued. Accordingly, our then existing share-based compensation awards were also canceled, which resulted in the recognition of any previously unamortized expense related to the canceled awards on the date of cancellation. Share-based compensation for the Predecessor and Successor Periods is not comparable.
RSU and PSU Compensation.
We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented:
SuccessorPredecessor
Year Ended
December 31, 2023		Year Ended
December 31, 2022		Period from February 10, 2021 through December 31, 2021Period from January 1, 2021 through February 9, 2021
General and administrative expenses$29 $19 $7 $3 
Natural gas and oil properties6 4 2 — 
Production expense4 3 2 — 
Total RSU and PSU compensation$39 $26 $11 $3 
Related income tax benefit$7 $6 $— $—