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PROPERTY AND EQUIPMENT (Tables)
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
The major categories of property and equipment and related accumulated DD&A and impairment as of September 30, 2022 and December 31, 2021 are as follows (in thousands):
Successor
September 30, 2022December 31, 2021
Proved oil and natural gas properties$2,303,728 $1,917,833 
Unproved properties184,075 211,007 
Other depreciable property and equipment5,767 4,943 
Land386 386 
Total property and equipment2,493,956 2,134,169 
Accumulated DD&A and impairment(467,485)(278,341)
Property and equipment, net$2,026,471 $1,855,828 
Schedule of Non-Producing Properties Excluded from Amortization by Area
The following table summarizes the Company’s non-producing properties excluded from amortization by area as of September 30, 2022:
Successor
September 30, 2022
(In thousands)
Utica$151,856 
SCOOP32,219 
Total unproved properties$184,075 
Schedule of Asset Retirement Obligation
The following table provides a reconciliation of the Company’s asset retirement obligation for the Current Successor YTD Period (in thousands):
Asset retirement obligation at January 1, 2022 (Successor)$28,264 
Liabilities incurred53 
Liabilities removed due to divestitures(7)
Accretion expense2,057 
Asset retirement obligation at September 30, 2022$30,367 
The following table provides a reconciliation of the Company’s asset retirement obligation for the Prior Predecessor YTD Period and Prior Successor Period (in thousands):
Asset retirement obligation at January 1, 2021 (Predecessor)$63,566 
Liabilities incurred546 
Accretion expense1,229 
Ending balance as of May 17, 2021 (Predecessor)65,341 
Fresh start adjustments(1)
(46,257)
Asset retirement obligation at May 18, 2021 (Successor)19,084 
Liabilities incurred56 
Accretion expense714 
Asset retirement obligation at September 30, 2021$19,854 
_____________________
(1)    The Company recorded its asset retirement obligation at fair value as of the Emergence Date.