Leases and Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Amounts Recognized in Unaudited Condensed Consolidated Balance Sheets

Amounts recognized in our Consolidated Balance Sheets for both our operating and finance leases are as follows (in thousands):

	Successor			Predecessor
	December 31,			December 31,
	2021			2020
Operating Leases:
Other assets	$	38,834		$	154,796
Accrued liabilities		(15,998	)		(5,072	)
Other liabilities		(22,762	)		(23,476	)
Liabilities subject to compromise (1)		—			(112,646	)
Finance Leases:
Drilling and other property and equipment, net of accumulated depreciation		162,717			—
Current finance lease liabilities		(15,865	)		—
Noncurrent finance lease liabilities		(148,358	)		—

(1)Balance at December 31, 2020 included current and noncurrent operating lease liabilities of $16.7 million and $95.9 million, respectively 

Components of Lease Expense

Components of lease expense are as follows (in thousands):

	Successor		Predecessor
	Period from		Period from		Year Ended		Year Ended
	April 24, 2021 through		January 1, 2021 through		December 31,		December 31,
	December 31, 2021		April 23, 2021		2020		2019
Operating lease cost	$	11,754	$	11,799	$	35,964	$	35,752
Finance lease cost:
Amortization of ROU assets		11,854		—		—		—
Interest on lease liabilities		7,796		—		—		—
Short-term lease cost		199		101		832		3,414
Variable lease cost		1,237		598		1,465		504
Total lease cost	$	32,840	$	12,498	$	38,261	$	39,670

Supplemental Information Related to Leases

Supplemental information related to leases is as follows (in thousands, except weighted-average data):

	Successor			Predecessor
	Period from			Period from			Year Ended			Year Ended
	April 24, 2021 through			January 1, 2021 through			December 31,			December 31,
	December 31, 2021			April 23, 2021			2020			2019
Operating Leases:
Operating cash flows used	$	12,005		$	10,817		$	35,057		$	39,561
Right-of-use assets obtained in exchange for lease liabilities		19,064			1,076			10,645			26,248
Weighted-average remaining lease term (1)	4.4 years			5.9 years			5.6 years			6.7 years
Weighted-average discount rate (1)		6.53	%		6.89	%		8.94	%		8.68	%
Finance Leases:
Operating cash flows used	$	7,796		$	—		$	—		$	—
Financing cash flows used		9,845			—			—			—
Right-of-use assets obtained in exchange for lease liabilities		174,571			—			—			—
Weighted-average remaining lease term (1)	4.5 years			n/a			n/a			n/a
Weighted-average discount rate (1)		6.72	%	n/a			n/a			n/a

(1)Amounts represent the weighted average remaining lease term or discount rate as of the end of the respective period presented.

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2021 are as follows (in thousands):

	Operating Leases			Finance Leases			Total
2022	$	17,956		$	26,280		$	44,236
2023		8,056			26,280			34,336
2024		4,678			26,352			31,030
2025		3,403			26,280			29,683
2026		3,411			96,430			99,841
Thereafter		7,694			—			7,694
Total lease payments		45,198			201,622		$	246,820
Less: interest		(6,438	)		(37,399	)
Total lease liability	$	38,760		$	164,223