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Segment Information - Schedule of Reconciliation of Reportable Segment Information to the Company's Consolidated Totals (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information Line Items      
General and Administrative Expense $ 158,493 $ 99,754 $ 78,677
Interest expense (173,145) (125,498) (133,138)
Depreciation, depletion and amortization (663,534) (414,630) (395,994)
Write-down of oil and natural gas properties 0 0 18,123
Derivative fair value gain (loss) 80,928 (272,191) (419,077)
Gain (loss) on extinguishment of debt 0 (1,569) (13,225)
Non-cash equity-based compensation expense 12,953 15,953 10,992
Income (loss) before income taxes 126,735 384,452 (184,587)
Operating Segments      
Segment Reporting Information Line Items      
Adjusted EBITDA 956,846 847,054 611,016
Segment Reconciling Items      
Segment Reporting Information Line Items      
Interest expense (173,145) (125,498) (133,138)
Depreciation, depletion and amortization (663,534) (414,630) (395,994)
Accretion expense (86,152) (55,995) (58,129)
Write-down of oil and natural gas properties 0 0 (18,123)
Transaction and other (income) expenses [1] 33,295 34,513 (5,886)
Decommissioning Obligations [2] (11,879) (31,558) (21,055)
Derivative fair value gain (loss) [3] 80,928 (272,191) (419,077)
Net cash (received) paid on settled derivative instruments [3] 9,457 425,559 290,164
Gain (loss) on extinguishment of debt 0 (1,569) (13,225)
Non-cash write-down of other well equipment 0 0 (5,606)
Non-cash equity-based compensation expense (12,953) (15,953) (10,992)
Corporate Non Segment      
Segment Reporting Information Line Items      
General and Administrative Expense (6,128) (5,280) (4,542)
Reportable segment | Operating Segments      
Segment Reporting Information Line Items      
Adjusted EBITDA 979,729 859,840 615,798
All Other | Operating Segments      
Segment Reporting Information Line Items      
Adjusted EBITDA $ (22,883) $ (12,786) [4] $ (4,782) [4]
[1] Transaction expenses includes $40.4 million and $9.0 million in costs related to the EnVen Acquisition, inclusive of $25.3 million and nil in severance expense for the years ended December 31, 2023 and 2022, respectively. See further discussion in Note 3 — Acquisition and Divestitures and Note 10 — Employee Benefits Plans and Share-Based Compensation. Other income (expense) includes other miscellaneous income and expenses that the Company does not view as a meaningful indicator of its operating performance. For the year ended December 31, 2023, the amount includes a $66.2 million gain on the Mexico Divestiture. See further discussion in Note 3 — Acquisitions and Divestitures. The amount includes a gain on the funding of the capital carry of the Company’s investment in Bayou Bend by Chevron of $8.6 million and $1.4 million for the year ended December 31, 2023 and 2022, respectively. Additionally, it includes a $13.9 million gain on the partial sale of its investment in Bayou Bend to Chevron for the year ended December 31, 2022. See further discussion in Note 7 — Equity Method Investments. For the year ended December 31, 2022, the amount includes $27.5 million gain as a result of the settlement agreement to resolve previously pending litigation that was filed in October 2017 that is further discussed in Note 14 — Commitments and Contingencies.
[2] Estimated decommissioning obligations were a result of working interest partners or counterparties of divestiture transactions that were unable to perform the required abandonment obligations due to bankruptcy or insolvency. See Note 14 — Commitments and Contingencies for additional information on decommissioning obligations.
[3] The adjustments for the derivative fair value (gains) losses and net cash receipts (payments) on settled commodity derivative instruments have the effect of adjusting net loss for changes in the fair value of derivative instruments, which are recognized at the end of each accounting period because the Company does not designate commodity derivative instruments as accounting hedges. This results in reflecting commodity derivative gains and losses within Adjusted EBITDA on an unrealized basis during the period the derivatives settled.
[4] The CCS Segment is included in the “All Other” category. The CCS Segment is an emerging business in the start-up phase of operations and the business that does not currently generate any revenues. The CCS Segment’s business activities are conducted through both wholly owned subsidiaries and equity method investments with industry partners. Equity method investments is a business strategy that enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed.