XML 50 R29.htm IDEA: XBRL DOCUMENT v3.22.0.1
NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Tables)
 12 Months Ended
Dec. 31, 2021
NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER  
Schedule of disaggregated revenue Disaggregated revenue for sales of oil, natural gas and natural gas liquids (NGLs) to customers includes the following:
SuccessorPredecessor
Year ended December 31,November 1, 2020 - December 31, 2020January 1, 2020 - October 31, 2020Year ended December 31,
(in millions)20212019
Oil$1,555 $176 $874 $1,884 
NGLs250 29 106 179 
Natural gas243 32 112 207 
 Oil, natural gas and NGL sales$2,048 $237 $1,092 $2,270 
Schedule of inventories Inventories, by category, are as follows:
SuccessorPredecessor
(in millions)20212020
Materials and supplies$54 $58 
Finished goods6 3 
Total
$60 $61 
Summary of the activity of the asset retirement obligation
The following table presents a rollforward of our ARO.
SuccessorPredecessor
Year ended December 31,November 1, 2020 - December 31, 2020January 1, 2020 - October 31, 2020
(in millions)2021
Beginning balance$597 $593 $517 
Liabilities settled and divested
(157)(5)(16)
Accretion expense on discounted obligation50 8 33 
Revisions of estimated obligation19 — — 
Impact of fresh start accounting— — 57 
Other1 1 2 
Liabilities reclassified as held for sale(21)— — 
Ending balance$489 $597 $593 
Current portion$51 $50 $50 
Non-current portion$438 $547 $543 
Schedule of other current assets, net
Other current assets consisted of the following:
Successor
(in millions)December 31, 2021December 31, 2020
Amounts due from joint interest partners$47 $42 
Fair value of derivative contracts6 — 
Prepaid expenses16 20 
Prepaid greenhouse gas allowances31 — 
Collateral on natural gas purchases12 — 
Other9 1 
Other current assets$121 $63 
Schedule of other noncurrent assets
Other noncurrent assets consisted of the following:

Successor
(in millions)December 31, 2021December 31, 2020
Operating lease right-of-use assets$43 $38 
Deferred financing costs - Revolving Credit Facility11 17 
Emission reduction credits11 11 
Prepaid power plant maintenance21 14 
Fair value of derivative contracts1 — 
Deposits and other11 10 
Other noncurrent assets$98 $90 
Schedule of accrued liabilities
Accrued liabilities consisted of the following:
Successor
(in millions)December 31, 2021December 31, 2020
Accrued employee-related costs$61 $72 
Accrued taxes other than on income30 36 
Asset retirement obligations51 50 
Accrued interest19 1 
Lease liability11 7 
Deferred premiums on derivative contracts57 18 
Net settlement payments due on derivative contracts25 3 
Other43 24 
Accrued liabilities$297 $211 
Schedule of other long-term liabilities
Other long-term liabilities consisted of the following:

Successor
(in millions)December 31, 2021December 31, 2020
Compensation-related liabilities38 44 
Postretirement and pension benefit plans59 140 
Lease liability37 35 
Deferred premiums on derivative contracts5 31 
Other6 19 
Other long-term liabilities$145 $269 
Schedule of other expenses, net
Other operating expenses, net consisted of the following:
SuccessorPredecessor
Year ended December 31,November 1, 2020 - December 31, 2020January 1, 2020 - October 31, 2020Year ended December 31,
(in millions)20212019
Severance and termination costs$15 $5 $10 $— 
Deficiency payment on a pipeline delivery contract— — 20 — 
Idle well fees6 — 4 3 
Power plant interruption— — 7 1 
Ad valorem fees— — 4 — 
Other, net8 4 11 14 
Other operating expenses, net$29 $9 $56 $18 
Schedule of reorganization items in consolidated statement of operations
Reorganization items, net consisted of the following (in millions):

SuccessorPredecessor
Year ended December 31,November 1, 2020 - December 31, 2020January 1, 2020 - October 31, 2020
2021
(in millions)
Gain on settlement of liabilities subject to compromise $— $— $4,022 
Unamortized deferred gain and issuance costs, net
— — 125 
Junior debtor-in-possession exit fee — — (12)
Acceleration of unrecognized compensation expense on cancelled stock-based compensation awards— — (5)
Write-off of prepaid directors and officers' insurance premiums — — (2)
Total non-cash reorganization items$— $— $4,128 
Legal, professional and other, net(6)(3)(43)
Debtor-in-possession financing costs— — (25)
Total reorganization items, net$(6)$(3)$4,060 
Schedule of supplemental disclosures to our consolidated statements of cash flows, excluding leases,
Supplemental disclosures to our consolidated statements of cash flows, excluding leases, are presented below (in millions):

SuccessorPredecessor
Year ended
December 31,		November 1, 2020 - December 31, 2020January 1, 2020 - October 31, 2020Year ended
December 31,
20212019
Supplemental Cash Flow Information
Cash paid for interest, net of amounts capitalized$(28)$(8)$(79)$(425)
Supplemental Disclosure of Noncash Investing and Financing Activities
Successor common stock, Subscription Rights and Warrants issued pursuant to the Plan$— $— $(494)$— 
Successor common stock issued for the junior debtor-in-possession exit fee pursuant to the Plan$— $— $(12)$— 
Successor common stock and EHP Notes issued for acquisition of noncontrolling interest pursuant to the Plan$— $— $(561)$— 
Successor common stock issued for a backstop commitment premium pursuant to the Plan $— $— $(52)$— 
Warrant issued to a joint venture partner$— $— $— $(3)
Derivative related to additional earn-out consideration for the Ventura divestiture$3 $— $— $—