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Industry Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Industry Segment Information INDUSTRY SEGMENT INFORMATION
We have three main business segments offering different products and services within the energy industry:
 
•Oil and natural gas,
•Contract drilling, and
•Mid-Stream

Our oil and natural gas segment is engaged in the acquisition, development, and production of oil, NGLs, and natural gas properties. The contract drilling segment is engaged in the land contract drilling of oil and natural gas wells and the mid-stream segment is engaged in the buying, selling, gathering, processing, and treating of natural gas and NGLs.

We evaluate each segment’s performance based on its operating income, which is defined as operating revenues less operating expenses and depreciation, depletion, amortization, and impairment. We have no oil and natural gas production outside the United States.
The following tables provide certain information about the operations of each of our segments:
Successor
Three Months Ended September 30, 2021
 Oil and Natural GasContract DrillingMid-StreamCorporate and Other
Eliminations
Total Consolidated
 (In thousands)
Revenues: (1)
Oil and natural gas$66,202 $— $— $— $(13,322)$52,880 
Contract drilling— 19,158 — — — 19,158 
Gas gathering and processing— — 92,022 — (812)91,210 
Total revenues66,202 19,158 92,022 — (14,134)163,248 
Expenses:
Operating costs:
Oil and natural gas22,022 — — — (812)21,210 
Contract drilling— 15,357 — — — 15,357 
Gas gathering and processing— — 76,823 — (14,202)62,621 
Total operating costs
22,022 15,357 76,823 — (15,014)99,188 
Depreciation, depletion, and amortization
5,311 1,576 8,143 264 — 15,294 
Total expenses27,333 16,933 84,966 264 (15,014)114,482 
General and administrative
— — — 4,246 880 5,126 
Gain on disposition of assets(14)(3,091)— (926)— (4,031)
Income (loss) from operations38,883 5,316 7,056 (3,584)— 47,671 
Loss on derivatives— — — (39,742)— (39,742)
Loss on change in fair value of warrants— — — (9,054)— (9,054)
Reorganization items, net— — — (971)— (971)
Interest, net— — (250)(452)— (702)
Other51 (34)(24)— — (7)
Income (loss) before income taxes$38,934 $5,282 $6,782 $(53,803)$— $(2,805)
_______________________
1.The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
Successor
One Month Ended September 30, 2020
 Oil and Natural GasContract DrillingMid-StreamCorporate and OtherEliminationsTotal Consolidated
 (In thousands)
Revenues: (1)
Oil and natural gas$13,644 $— $— $— $(1)$13,643 
Contract drilling— 4,414 — — — 4,414 
Gas gathering and processing— — 17,284 — (2,495)14,789 
Total revenues13,644 4,414 17,284 — (2,496)32,846 
Expenses:
Operating costs:
Oil and natural gas6,892 — — — (218)6,674 
Contract drilling— 2,989 — — — 2,989 
Gas gathering and processing— — 12,130 — (2,278)9,852 
Total operating costs
6,892 2,989 12,130 — (2,496)19,515 
Depreciation, depletion, and amortization
4,199 526 2,658 84 — 7,467 
Impairments13,237 — — — — 13,237 
Total expenses24,328 3,515 14,788 84 (2,496)40,219 
General and administrative
— — — 1,582 — 1,582 
Gain on disposition of assets(10)(212)— — — (222)
Income (loss) from operations(10,674)1,111 2,496 (1,666)— (8,733)
Gain on derivatives— — — 3,939 — 3,939 
Reorganization items, net— — — (1,155)— (1,155)
Interest, net— — (137)(689)— (826)
Other29 1 8 1 — 39 
Income (loss) before income taxes$(10,645)$1,112 $2,367 $430 $— $(6,736)
_______________________
1.The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
Predecessor
Two Months Ended August 31, 2020
 Oil and Natural GasContract DrillingMid-StreamCorporate and OtherEliminationsTotal Consolidated
 (In thousands)
Revenues: (1)
Oil and natural gas$27,962 $— $— $— $(1)$27,961 
Contract drilling— 7,685 — — — 7,685 
Gas gathering and processing— — 34,132 — (4,204)29,928 
Total revenues27,962 7,685 34,132 — (4,205)65,574 
Expenses:
Operating costs:
Oil and natural gas15,895 — — — (407)15,488 
Contract drilling— 5,410 — — — 5,410 
Gas gathering and processing— — 21,620 — (3,798)17,822 
Total operating costs
15,895 5,410 21,620 — (4,205)38,720 
Depreciation, depletion, and amortization
9,975 853 6,750 341 — 17,919 
Impairments16,572 — — — — 16,572 
Total expenses42,442 6,263 28,370 341 (4,205)73,211 
Loss on abandonment of assets87 1,092 — — — 1,179 
General and administrative
— — — 5,399 — 5,399 
Gain on disposition of assets(102)(1,251)(3)0— — (1,356)
Income (loss) from operations(14,465)1,581 5,765 (5,740)— (12,859)
Loss on derivatives— — — (4,250)— (4,250)
Reorganization items, net15,504 (183,664)(71,016)380,178 — 141,002 
Interest, net— — (828)(1,131)— (1,959)
Other428 1,426 11 66 — 1,931 
Income (loss) before income taxes$1,467 $(180,657)$(66,068)$369,123 $— $123,865 
_______________________
1.The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
Successor
Nine Months Ended September 30, 2021
Oil and Natural GasContract DrillingMid-StreamCorporate and OtherEliminationsTotal Consolidated
(In thousands)
Revenues: (1)
Oil and natural gas$181,003 $— $— $— $(31,129)$149,874 
Contract drilling— 52,893 — — — 52,893 
Gas gathering and processing— — 217,954 — (2,519)215,435 
Total revenues181,003 52,893 217,954 — (33,648)418,202 
Expenses:
Operating costs:
Oil and natural gas58,365 — — — (2,519)55,846 
Contract drilling— 41,308 — — — 41,308 
Gas gathering and processing— — 181,109 — (33,769)147,340 
Total operating costs
58,365 41,308 181,109 — (36,288)244,494 
Depreciation, depletion, and amortization
19,442 4,721 24,238 768 — 49,169 
Impairment— — — — — — 
Total expenses77,807 46,029 205,347 768 (36,288)293,663 
General and administrative
— — — 15,406 2,640 18,046 
(Gain) loss on disposition of assets(101)(5,237)75 (950)— (6,213)
Income (loss) from operations103,297 12,101 12,532 (15,224)— 112,706 
Loss on derivatives— — — (104,973)— (104,973)
Loss on change in fair value of warrants— — — (12,628)— (12,628)
Reorganization items, net— — — (3,959)— (3,959)
Interest, net— — (666)(3,229)— (3,895)
Other140 (17)(863)(22)— (762)
Income (loss) before income taxes$103,437 $12,084 $11,003 $(140,035)$— $(13,511)
_______________________
1.The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.
Predecessor
Eight Months Ended August 31, 2020
 Oil and Natural GasContract DrillingMid-StreamCorporate and OtherEliminationsTotal Consolidated
 (In thousands)
Revenues: (1)
Oil and natural gas$103,443 $— $— $— $(4)$103,439 
Contract drilling— 73,519 — — — 73,519 
Gas gathering and processing— — 114,531 — (14,532)99,999 
Total revenues103,443 73,519 114,531 — (14,536)276,957 
Expenses:
Operating costs:
Oil and natural gas119,664 — — — (1,973)117,691 
Contract drilling— 51,811 — — (1)51,810 
Gas gathering and processing— — 80,607 — (12,562)68,045 
Total operating costs
119,664 51,811 80,607 — (14,536)237,546 
Depreciation, depletion, and amortization
68,762 15,544 29,371 1,819 — 115,496 
Impairments393,726 410,126 63,962 — — 867,814 
Total expenses582,152 477,481 173,940 1,819 (14,536)1,220,856 
Loss on abandonment of assets
17,641 1,092 — — — 18,733 
General and administrative— — — 42,766 — 42,766 
(Gain) loss on disposition of assets(160)(1,390)(18)1,479 — (89)
Loss from operations(496,190)(403,664)(59,391)(46,064)— (1,005,309)
Loss on derivatives— — — (10,704)— (10,704)
Write-off of debt issuance costs— — — (2,426)— (2,426)
Reorganization items, net15,504 (183,664)(71,016)373,151 — 133,975 
Interest, net— — (1,888)(20,936)— (22,824)
Other458 1,449 50 77 — 2,034 
Income (loss) before income taxes$(480,228)$(585,879)$(132,245)$293,098 $— $(905,254)
_______________________
1.The revenues for oil and natural gas occur at a point in time. The revenues for contract drilling and gas gathering and processing occur over time.