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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Feb. 28, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	Berry Petroleum Corporation
Entity Central Index Key	0001705873
Current Fiscal Year End Date	--12-31
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		82,061,650
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 68,680	$ 33,905
Accounts receivable, net of allowance	57,379	54,720
Derivative instruments	88,596	0
Restricted cash	0	34,833
Other current assets	14,367	14,066
Total current assets	229,022	137,524
Oil and natural gas properties	1,461,993	1,342,453
Accumulated depletion and amortization	(123,217)	(54,785)
Total oil and natural gas properties, net	1,338,776	1,287,668
Other property and equipment	119,710	104,879
Accumulated depreciation	(15,778)	(5,356)
Total other property and equipment, net	103,932	99,523
Derivative instruments	3,289	0
Other non-current assets	17,244	21,687
Total assets	1,692,263	1,546,402
Current liabilities:
Accounts payable and accrued expenses	144,118	97,877
Derivative instruments	0	49,949
Liabilities subject to compromise	0	34,833
Total current liabilities	144,118	182,659
Long term debt	391,786	379,000
Derivative instruments	0	25,332
Deferred income taxes	45,835	1,888
Asset retirement obligation	89,176	94,509
Other non-current liabilities	14,902	3,704
Commitments and Contingencies - Note 7
Equity:
Common stock	82	33
Additional paid-in capital	914,540	545,345
Treasury stock, at cost	(24,218)	0
Retained earnings (accumulated deficit)	116,042	(21,068)
Total equity	1,006,446	859,310
Total liabilities and equity	1,692,263	1,546,402
Series A Preferred Stock
Equity:
Series A preferred stock	$ 0	$ 335,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts	$ (950)	$ (970)
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	81,651,098	32,920,000
Common stock, shares outstanding	81,202,437	32,920,000
Treasury stock, shares	448,661	0
Series A Preferred Stock
Series A preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Series A preferred stock, shares authorized	250,000,000	250,000,000
Series A preferred stock, shares issued	0	35,845,001

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	2 Months Ended	10 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Revenues and other:
Gains (losses) on oil derivatives		$ (66,900)	$ 1,735
Total revenues and other		319,669	586,557
Expenses and other:
Transportation expenses		19,238	9,860
Marketing expenses		2,320	2,140
General and administrative expenses		56,009	54,026
Depreciation, depletion, amortization and accretion		68,478	86,271
Impairment of long-lived assets		0	0
Taxes, other than income taxes		34,211	33,117
(Gains) losses on natural gas derivatives		66,900	(1,735)
(Gains) losses on sale of assets and other, net		(22,930)	(2,747)
Total expenses and other		321,819	385,705
Other income (expenses):
Interest expense		(18,454)	(35,648)
Other, net		4,071	243
Total other income (expenses)		(14,383)	(35,405)
Reorganization items, net		(1,732)	24,690
Income (loss) before income taxes		(18,265)	190,137
Income tax expense (benefit)		2,803	43,035
Net income (loss)		(21,068)	147,102
Series A preferred stock dividends and conversion to common stock		(18,248)	(97,942)
Net income (loss) attributable to common stockholders		$ (39,316)	$ 49,160
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)		$ (1.02)	$ 0.85
Diluted (in dollars per share)		$ (1.02)	$ 0.85
Oil, natural gas and natural gas liquid sales
Revenues and other:
Revenues and other		$ 357,928	$ 552,874
Expenses and other:
Operating and generation expenses		149,599	188,776
Electricity sales
Revenues and other:
Revenues and other		21,972	35,208
Expenses and other:
Operating and generation expenses		14,894	20,619
Oil derivatives
Revenues and other:
Gains (losses) on oil derivatives		(66,900)	(4,621)
Expenses and other:
(Gains) losses on natural gas derivatives		66,900	4,621
Marketing revenues
Revenues and other:
Revenues and other		2,694	2,322
Other revenues
Revenues and other:
Revenues and other		3,975	774
Natural gas derivatives
Revenues and other:
Gains (losses) on oil derivatives	$ 0	0	6,357	$ 0
Expenses and other:
(Gains) losses on natural gas derivatives	0	$ 0	$ (6,357)	0
Predecessor
Revenues and other:
Gains (losses) on oil derivatives	12,886			(20,386)
Total revenues and other	92,718			410,991
Expenses and other:
Transportation expenses	6,194			41,619
Marketing expenses	653			3,100
General and administrative expenses	7,964			79,236
Depreciation, depletion, amortization and accretion	28,149			178,223
Impairment of long-lived assets	0			1,030,588
Taxes, other than income taxes	5,212			25,113
(Gains) losses on natural gas derivatives	(12,886)			20,386
(Gains) losses on sale of assets and other, net	(183)			(109)
Total expenses and other	79,424			1,559,959
Other income (expenses):
Interest expense	(8,245)			(61,268)
Other, net	(63)			(182)
Total other income (expenses)	(8,308)			(61,450)
Reorganization items, net	(507,720)			(72,662)
Income (loss) before income taxes	(502,734)			(1,283,080)
Income tax expense (benefit)	230			116
Net income (loss)	(502,964)			(1,283,196)
Predecessor \| Oil, natural gas and natural gas liquid sales
Revenues and other:
Revenues and other	74,120			392,345
Expenses and other:
Operating and generation expenses	28,238			185,056
Predecessor \| Electricity sales
Revenues and other:
Revenues and other	3,655			23,204
Expenses and other:
Operating and generation expenses	3,197			17,133
Predecessor \| Oil derivatives
Revenues and other:
Gains (losses) on oil derivatives	12,886			(15,781)
Expenses and other:
(Gains) losses on natural gas derivatives	(12,886)			15,781
Predecessor \| Marketing revenues
Revenues and other:
Revenues and other	633			3,653
Predecessor \| Other revenues
Revenues and other:
Revenues and other	$ 1,424			$ 7,570

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Member’s Capital	Retained Earnings (Accumulated Deficit)	Preferred Stock	Preferred Stock Series A Preferred Stock	Common Stock	Additional Paid-in Capital	Treasury Stock
Beginning balance (Predecessor) at Dec. 31, 2015	$ 1,786,159	$ 2,798,713	$ (1,012,554)
Increase (Decrease) In Members' Equity [Roll Forward]
Net income (loss) \| Predecessor	(1,283,196)	0	(1,283,196)
Ending balance (Predecessor) at Dec. 31, 2016	502,963	2,798,713	(2,295,750)
Increase (Decrease) In Members' Equity [Roll Forward]
Net income (loss) \| Predecessor	(502,964)	0	(502,964)
Other \| Predecessor	1	1	0
Ending balance (Predecessor) at Feb. 27, 2017	0	2,798,714	(2,798,714)
Beginning balance (Predecessor) at Dec. 31, 2016	502,963	2,798,713	(2,295,750)
Increase (Decrease) In Members' Equity [Roll Forward]
Net income (loss) \| Predecessor	(502,964)
Ending balance (Predecessor) at Feb. 28, 2017	0	0	0
Ending balance at Feb. 28, 2017	878,527		0	$ 335,000		$ 33	$ 543,494	$ 0
Beginning balance (Predecessor) at Feb. 27, 2017	0	2,798,714	(2,798,714)
Increase (Decrease) In Members' Equity [Roll Forward]
Cancellation of Predecessor Equity \| Predecessor	0	(2,798,714)	2,798,714
Ending balance (Predecessor) at Feb. 28, 2017	0	$ 0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares \| Predecessor	543,527				$ 335,000	33	543,494
Issuance of shares					$ 335,000
Conversion of Series A preferred stock into common stock							27,000
Ending balance at Feb. 28, 2017	878,527		0	335,000		33	543,494	0
Increase (Decrease) In Members' Equity [Roll Forward]
Net income (loss)	(21,068)		(21,068)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,851						1,851
Ending balance at Dec. 31, 2017	859,310		(21,068)	335,000		33	545,345	0
Increase (Decrease) In Members' Equity [Roll Forward]
Net income (loss)	147,102		147,102
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares	133,805					10	133,795
Conversion of Series A preferred stock into common stock	0			(335,000)		40	334,960
Stock based compensation	6,789						6,789
Dividends declared on preferred stock	(11,301)						(11,301)
Cash payment to Series A preferred stockholders	(60,273)						(60,273)
Repurchase of common stock	(23,712)					(2)	(23,710)
Shares withheld for payment of taxes on equity awards	(3,699)					1	(3,700)
Purchase of rights to common stock	(20,265)							(20,265)
Purchase of treasury stock	(3,953)							(3,953)
Dividends declared on common stock	(17,357)		(9,992)				(7,365)
Ending balance at Dec. 31, 2018	$ 1,006,446		$ 116,042	$ 0		$ 82	$ 914,540	$ (24,218)

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	12 Months Ended
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	Dec. 31, 2018 $ / shares
Preferred Stock \| Series A Preferred Stock
Preferred stock, dividends declared (in dollars per share)	$ 0.308
Common Stock
Common stock, dividends declared (in dollars per share)	$ 0.21

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	2 Months Ended	10 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Cash flow from operating activities:
Net income (loss)		$ (21,068)	$ 147,102
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization		68,478	86,271
Amortization of debt issuance costs		1,988	5,430
Impairment of long-lived asset		0	0
Stock-based compensation expense		1,851	6,750
Deferred income taxes		1,888	43,946
(Decrease) increase in allowance for doubtful accounts		970	(20)
(Gains) losses on sale of assets and other, net		(22,930)	(2,747)
Reorganization expenses, net - non-cash		0	(25,523)
Derivatives activities:
Total (gains) losses		66,900	(1,735)
Cash settlements on normal derivatives		3,068	(38,482)
Cash payments on early-terminated derivatives		0	(126,949)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(7,022)	(1,683)
(Increase) decrease in other assets		(13,175)	(3,190)
Increase (decrease) in accounts payable and accrued expenses		6,619	19,526
(Decrease) increase in other liabilities		19,832	(5,596)
Net cash provided by (used in) operating activities		107,399	103,100
Cash flow from investing activities:
Development of oil and natural gas properties		(52,712)	(112,225)
Purchases of other property and equipment		(12,767)	(15,056)
Acquisition of properties		(249,338)	0
Proceeds from sale of properties and equipment and other		234,292	8,212
Net cash provided by (used in) investing activities		(80,525)	(119,069)
Cash flow from financing activities:
IPO proceeds net of issuance costs		0	133,805
Repurchase of common stock		0	(23,712)
Payment to preferred stockholders in conversion		0	(60,273)
Issuance of 2026 Senior Unsecured Notes		0	400,000
Dividends paid on Series A preferred stock		0	(11,301)
Dividends paid on common stock		0	(7,365)
Purchase of treasury stock		0	(23,351)
Shares withheld for payment of taxes on equity awards		0	(3,699)
Debt issuance costs		(22,170)	(9,193)
Proceeds from sale of Series A Preferred Stock		0	0
Net cash provided by (used in) financing activities		(43,170)	15,911
Net (decrease) increase in cash and cash equivalents		(16,296)	(58)
Cash, cash equivalents and restricted cash:
Beginning		85,034	68,738
Ending	$ 85,034	68,738	68,680
Predecessor
Cash flow from operating activities:
Net income (loss)	(502,964)			$ (1,283,196)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	28,149			178,223
Amortization of debt issuance costs	416			1,849
Impairment of long-lived asset	0			1,030,588
Stock-based compensation expense	0			0
Deferred income taxes	9			(11)
(Decrease) increase in allowance for doubtful accounts	0			0
(Gains) losses on sale of assets and other, net	(25)			(212)
Reorganization expenses, net - non-cash	501,872			43,289
Derivatives activities:
Total (gains) losses	(12,886)			20,386
Cash settlements on normal derivatives	534			8,007
Cash payments on early-terminated derivatives	0			1,701
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	(9,152)			(6,556)
(Increase) decrease in other assets	(2,842)			1,962
Increase (decrease) in accounts payable and accrued expenses	18,330			22,101
(Decrease) increase in other liabilities	990			(4,934)
Net cash provided by (used in) operating activities	22,431			13,197
Cash flow from investing activities:
Development of oil and natural gas properties	(859)			(21,988)
Purchases of other property and equipment	(2,299)			(12,808)
Acquisition of properties	0			0
Proceeds from sale of properties and equipment and other	25			194
Net cash provided by (used in) investing activities	(3,133)			(34,602)
Cash flow from financing activities:
IPO proceeds net of issuance costs	0			0
Repurchase of common stock	0			0
Payment to preferred stockholders in conversion	0			0
Issuance of 2026 Senior Unsecured Notes	0			0
Dividends paid on Series A preferred stock	0			0
Dividends paid on common stock	0			0
Purchase of treasury stock	0			0
Shares withheld for payment of taxes on equity awards	0			0
Debt issuance costs	0			0
Proceeds from sale of Series A Preferred Stock	335,000			0
Net cash provided by (used in) financing activities	(162,668)			(1,701)
Net (decrease) increase in cash and cash equivalents	(143,370)			(23,106)
Cash, cash equivalents and restricted cash:
Beginning	228,404	85,034		251,510
Ending	85,034			228,404
New Credit Facility
Cash flow from financing activities:
Repayments on credit facility		(23,285)	(582,510)
Borrowings under credit facility		402,285	203,510
New Credit Facility \| Predecessor
Cash flow from financing activities:
Repayments on credit facility	0			0
Borrowings under credit facility	0			0
Emergence Credit Facility
Cash flow from financing activities:
Repayments on credit facility		(451,000)	0
Borrowings under credit facility		51,000	0
Emergence Credit Facility \| Predecessor
Cash flow from financing activities:
Repayments on credit facility	0			0
Borrowings under credit facility	0			0
Pre-Emergence Credit Facility
Cash flow from financing activities:
Repayments on credit facility		$ 0	$ 0
Pre-Emergence Credit Facility \| Predecessor
Cash flow from financing activities:
Repayments on credit facility	$ (497,668)			$ (1,701)

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Significant Accounting Policies

“Berry Corp.” refers to Berry Petroleum Corporation, a Delaware corporation which, on and after February 28, 2017 is the sole member of Berry Petroleum Company, LLC.

“Berry LLC” refers to Berry Petroleum Company, LLC, a Delaware limited liability company.

As the context may require, the “Company”, “we”, “our” or similar words refer to (i) Berry Corp. (the “Successor”) and Berry LLC, its consolidated subsidiary, as of and after February 28, 2017, as a whole or (ii) either Berry Corp. or Berry LLC on an individual basis as of and after February 28, 2017. References to historical activities of the “Company” prior to February 28, 2017, refer to activities of Berry LLC (the “Predecessor”).

“Linn Energy” refers to Linn Energy, LLC, a Delaware limited liability company of which Berry LLC was formerly a wholly-owned, indirect subsidiary and LinnCo, LLC (“LinnCo” and, together with Linn Energy, the “Linn Entities”), until February 28, 2017.

Nature of Business

Berry Corp. is an independent oil and natural gas company that was incorporated under Delaware law on February 13, 2017. Berry Corp. operates through its wholly-owned subsidiary, Berry LLC. Our properties are located in the United States (the “U.S.”), in California (in the San Joaquin and Ventura basins), Utah (in the Uinta basin), and Colorado (in the Piceance basin).

In July, we completed the initial public offering (the “IPO”) of our common stock and as a result, on July 26, 2018, our common stock began trading on the Nasdaq Global Select Market (“NASDAQ”) under the ticker symbol BRY.

As discussed further in Note 2, on May 11, 2016 (the “Petition Date”), the Linn entities and, consequently, Berry LLC, filed voluntary petitions for relief under Chapter 11 (“Chapter 11”) of the U.S. Bankruptcy Code. Berry LLC emerged from bankruptcy as a stand-alone company separate from Linn Energy effective February 28, 2017 (the “Effective Date”).

Principles of Consolidation and Reporting

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Successor and its wholly owned subsidiary after February 28, 2017 and the accounts of the Predecessor prior to February 28, 2017. All significant intercompany transactions and balances have been eliminated upon consolidation. For oil and gas exploration and production joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements.

Bankruptcy Accounting

The consolidated financial statements have been prepared as if the Company will continue as a going concern and reflect the application of GAAP. GAAP requires that the financial statements, for periods subsequent to filing of the bankruptcy proceedings, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain expenses, gains and losses that are realized or incurred in connection with the bankruptcy proceedings are recorded in “reorganization items, net” on our consolidated statements of operations. In addition, pre-petition unsecured and under-secured obligations that may be impacted by the bankruptcy reorganization process have been classified as “liabilities subject to compromise” on our balance sheet. These liabilities are reported at the amounts allowed as claims by the Bankruptcy Court, although they may be settled for less.

Upon emergence from bankruptcy on February 28, 2017, we adopted fresh-start accounting which resulted in Berry Corp. becoming the financial reporting entity. As a result of the application of fresh-start accounting and the effects of the implementation of the Plan (see Note 2 for definition), the financial statements on or after February 28, 2017 are not comparable to the financial statements prior to that date. See Note 3 for additional information.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP required management of the Company to make informed estimates and assumptions about future events. These estimates and the underlying assumptions affect the amount of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses.

Estimates that are particularly significant to the financial statements include estimates of our reserves of oil and gas, future cash flows from oil and gas properties, depreciation, depletion and amortization, asset retirement obligations, fair values of commodity derivatives and fair values of assets acquired and liabilities assumed. In addition, as part of fresh-start accounting, we made estimates and assumptions related to our reorganization value, liabilities subject to compromise and the fair value of assets and liabilities recorded.

As fair value is a market-based measurement, it was determined based on the assumptions that we believe market participants would use. We based these assumptions on management's best estimates and judgment. Management evaluates its assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, that management believes to be reasonable under the circumstances. Such assumptions are adjusted when management determines that facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates.

Cash Equivalents

We consider all highly liquid short-term investments with original maturities of three months or less to be cash equivalents.

Restricted Cash

As of December 31, 2018 and December 31, 2017, “restricted cash” was approximately zero and $35 million, respectively. Restricted cash was classified as a current asset on the consolidated balance sheets and represents cash that was used to settle certain claims and pay certain professional fees in accordance with the Plan (as defined below).

Inventories

Inventories were included in other current assets. Oil and natural gas inventories were valued at the lower of cost or net realizable value. Materials and supplies were valued at their weighted-average cost and are reviewed periodically for obsolescence.

Oil and Natural Gas Properties

Proved Properties

We account for oil and natural gas properties in accordance with the successful efforts method. Under this method, all acquisition and development costs of proved properties are capitalized and amortized on a unit-of-production basis over the remaining life of the proved reserves and proved developed reserves, respectively. Costs of retired, sold or abandoned properties that constitute a part of an amortization base are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized in the current period. Gains or losses from the disposal of other properties are recognized in the current period. For assets acquired, we base the capitalized cost on fair value at the acquisition date. We expense expenditures for maintenance and repairs necessary to maintain properties in operating condition, as well as annual lease rentals, as they are incurred. Estimated dismantlement and abandonment costs are capitalized, net of salvage, at their estimated net present value and amortized over the remaining lives of the related assets. Interest is capitalized only during the periods in which these assets are brought to their intended use. The amount of capitalized interest and exploratory well costs in 2018, 2017 and 2016 was not significant. We only capitalize the interest on borrowed funds related to our share of costs associated with qualifying capital expenditures.

We evaluate the impairment of our proved oil and natural gas properties generally on a field by field basis or at the lowest level for which cash flows are identifiable, whenever events or changes in circumstance indicate that the carrying value may not be recoverable. We reduce the carrying values of proved properties are reduced to fair value when the expected undiscounted future cash flows are less than net book value. We measure the fair values of proved properties are measured using valuation techniques consistent with the income approach, converting future cash flows to a single discounted amount. Significant inputs used to determine the fair values of proved properties include estimates of: (i) reserves; (ii) future operating and development costs; (iii) future commodity prices; and (iv) a risk-adjusted discount rate. These inputs require significant judgments and estimates by our management at the time of the valuation and are the most sensitive estimates we make and the most likely to change. The underlying commodity prices are embedded in our estimated cash flows and are the product of a process that begins with the relevant forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors our management believes will impact realizable prices.

Impairment of Proved Properties

Based on the analysis described above, for the year ended December 31, 2016, we recorded non-cash impairment charges of approximately $1.0 billion associated with proved oil and natural gas properties. The 2016 impairment charges were due to a decline in commodity prices, changes in expected capital development and a decline in our estimates of proved reserves. The carrying values of the impaired proved properties were reduced to fair value, estimated using inputs characteristic of a Level 3 fair value measurement. The impairment charges were included in “impairment of long-lived assets” on our statements of operations.

The 2016 non-cash impairment charges associated with proved oil and natural gas properties arose in the following operating areas of our Predecessor:



	Berry LLC (Predecessor)
	Year Ended December 31, 2016
	(in thousands)
California operating area	$	984,288
Uinta basin operating area	26,677
East Texas operating area	6,387
Total non-cash impairment charges	$	1,017,352

Unproved Properties

A portion of the carrying value of our oil and gas properties was attributable to unproved properties. At December 31, 2018 and 2017, the net capitalized costs attributable to unproved properties were approximately $388 million and $517 million, respectively. The unproved amounts were not subject to depreciation, depletion and amortization until they were classified as proved properties and amortized on a unit-of-production basis. We evaluate the impairment of our unproved oil and gas properties whenever events or changes in circumstances indicate the carrying value may not be recoverable. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, contractual conditions or other factors, the capitalized costs of such properties would be expensed. The timing of any write-downs of unproved properties, if warranted, depends upon management’s plans, the nature, timing and extent of future exploration and development activities and their results. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at December 31, 2018.

Based on the analysis described above, for the year ended December 31, 2016, we recorded non-cash impairment charges of approximately $13 million associated with unproved oil and natural gas properties. The impairment charges in 2016 were primarily due to a decline in commodity prices and changes in expected capital development. The carrying values of the impaired unproved properties were reduced to fair value, estimated using inputs characteristic of a Level 3 fair value measurement. The impairment charges are included in “impairment of long-lived assets” on our statements of operations.

Other Property and Equipment

Other property and equipment includes natural gas gathering systems, pipelines, buildings, software, data processing and telecommunications equipment, office furniture and equipment, and other fixed assets. These assets are recorded at cost and are depreciated using the straight-line method based on expected useful lives ranging from 5 to 39 years for buildings and leasehold improvements and two to 30 years for plant and pipeline, drilling and other equipment.

Asset Retirement Obligation

We recognize the fair value of asset retirement obligations (“AROs”) in the period in which a determination is made that a legal obligation exists to dismantle an asset and remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts were based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, technological changes, future inflation rates and the risk-adjusted discount rate. When the liability was initially recorded, we capitalized the cost by increasing the related property, plant and equipment (“PP&E”) balances. If the estimated future cost of the AROs changes, we record an adjustment to both the ARO and PP&E. Over time, the liability is increased and the capitalized cost is depreciated over the useful life of the asset. Accretion expense is also recognized over time as the discounted liabilities are accreted to their expected settlement value and is included in depreciation, depletion and amortization in the statement of operations.

The following table summarizes activity in our ARO account in which approximately $89 million, $95 million and $109 million were included in long term liabilities as of December 31, 2018, December 31, 2017, and February 28, 2017, respectively, with the remaining current portion included in accrued liabilities:



	Berry Corp. (Successor)					Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017		Two Months Ended February 28, 2017
	(in thousands)
Beginning balance	$	97,422		$	113,275	$	141,798
Liabilities incurred	4,901			—		152
Settlements and payments	(3,555		)	(2,333)		(861)
Accretion expense	6,258			5,562		1,112
Reduction due to property sales	(4,145		)	(19,082)		—
Revisions	(5,333		)	—		—
Fresh-Start adjustment	—			—		(28,926)
Ending balance	$	95,548		$	97,422	$	113,275

Revenue Recognition

We recognize revenue from oil, natural gas and natural gas liquids (“NGLs”) when title has passed from us to the purchaser, and in the case of electricity when it is delivered to a custody transfer point, collection of revenue from the sale is reasonably assured and the sales price is fixed or determinable. We recognize our share of oil, natural gas and NGL revenues net of any royalties and other third-party share. The electricity and natural gas we produce and use in our operations are not included in revenues. The excess electricity produced by our cogeneration facilities is marketed to third parties under multi-year contracts approved by the California Public Utilities Commission (the “CPUC”) for which the electricity is offered daily into the California electric market to be dispatched based on pricing and grid requirements. In addition, we engage in the purchase, gathering and transportation of third-party natural gas and subsequently market such natural gas to independent purchasers under separate arrangements. As a result, we separately report third-party marketing revenues and marketing expenses.

Fair Value Measurements

We have categorized our assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1—using quoted prices in active markets for the assets or liabilities; Level 2—using observable inputs other than quoted prices for the assets or liabilities; and Level 3—using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period. We primarily apply the market approach for recurring fair value measurement, maximize our use of observable inputs and minimize use of unobservable inputs. We generally use an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management’s judgments regarding expectations of projected cash flows and discounts those cash flows using a risk-adjusted discount rate.

The most significant items on our balance sheet that would be affected by recurring fair value measurements are derivatives. We determine the fair value of our oil and natural gas derivatives using valuation techniques which utilize market quotes and pricing analysis. Inputs include publicly available prices and forward price curves generated from a compilation of data gathered from third parties. We validate data provided by third parties by understanding the valuation inputs used, obtaining market values from other pricing sources, analyzing pricing data in certain situations and confirming that those instruments trade in active markets. We classify these measurements as Level 2.

Our PP&E is written down to fair value if we determine that there has been an impairment in its value. The fair value is determined as of the date of the assessment using discounted cash flow models based on management’s expectations for the future. Inputs include estimates of future production, prices based on commodity forward price curves as of the date of the estimate, estimated future operating and development costs and a risk-adjusted discount rate.

Stock-based Compensation

Subsequent to February 28, 2017, we issued restricted stock units (“RSUs”) that vest over time and performance-based restricted stock units (“PSUs”) that vest based on our achievement of certain average prices per share, to certain employees and non-employee directors. The fair value of the stock-based awards is determined at the date of grant and is not remeasured. Prior to our IPO in July 2018, we determined the fair value of the RSUs based on an estimate of the fair value of our equity using an income approach. We used a discounted cash flow method to value the estimated future cash flows at an appropriate discount rate. Subsequent to our IPO, since the underlying shares are now trading in the public markets, these estimates are no longer necessary. For PSUs, compensation value is measured on the grant date using payout values derived from a Monte-Carlo valuation model. Estimates used in the Monte Carlo valuation model are considered highly complex and subjective. Compensation expense, net of actual forfeitures, for the RSUs and PSUs is recognized on a straight-line basis over the requisite service periods, which is over the awards’ respective vesting or performance periods which range from one to three years.

Other Loss Contingencies

In the normal course of business, we are involved in lawsuits, claims and other environmental and legal proceedings and audits. We accrue reserves for these matters when it is probable that a liability has been incurred and the liability can be reasonably estimated. In addition, we disclose, if material, in aggregate, our exposure to loss in excess of the amount recorded on the balance sheet for these matters if it is reasonably possible that an additional material loss may be incurred. We review our loss contingencies on an ongoing basis.

Loss contingencies are based on judgments made by management with respect to the likely outcome of these matters and are adjusted as appropriate. Management’s judgments could change based on new information, changes in, or interpretations of, laws or regulations, changes in management’s plans or intentions, opinions regarding the outcome of legal proceedings, or other factors.

Electricity Cost Allocation

We own five cogeneration facilities. Our investment in cogeneration facilities has been for the express purpose of lowering steam costs in our heavy oil operations in California and securing operating control of the respective steam generation. Cogeneration, also called combined heat and power, extracts energy from the exhaust of a turbine, which would otherwise be wasted, to produce steam. Such cogeneration operations also produce electricity. We allocate steam and electricity costs to lease operating expenses based on the conversion efficiency of the cogeneration facilities plus certain direct costs of producing steam. We also allocate a portion of the electricity production costs related to the power we sell to third parties, which is reported in “electricity generation expenses” in the statement of operations.

Income Taxes

Prior to the consummation of the Plan, as defined below, the Predecessor was a limited liability company treated as a disregarded entity for federal and state income tax purposes, with the exception of the state of Texas, in which income tax liabilities and/or benefits of the company are passed through to its members. Limited liability companies are subject to Texas margin tax. As such, with the exception of the state of Texas, the Predecessor was not a taxable entity, it did not directly pay federal and state income taxes and recognition was not given to federal and state income taxes for the operations of the company.

On the Effective Date, upon consummation of the Plan, the Successor became a C Corporation subject to federal and state income taxes. The impact of changes in tax regulation are reflected when enacted. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases. Deferred tax assets are recognized when it is more likely than not that they will be realized. We periodically assess our deferred tax assets and reduce such assets by a valuation allowance if we deem it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense (benefit).

Earnings per Share

We computed basic and diluted earnings per share (EPS) using the two-class method required for participating securities. Restricted and performance stock awards are considered participating securities when such shares have non-forfeitable dividend rights at the same rate as common stock.

Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to common stock in determining net income attributable to common stockholders. In loss periods, no allocation is made to participating securities because the participating securities do not share in losses. For basic EPS, the weighted-average number of common shares outstanding excludes outstanding shares related to unvested restricted stock awards. For diluted EPS, the basic shares outstanding are adjusted by adding potentially dilutive securities, unless their effect is anti-dilutive.

Business and Credit Concentrations

We maintain our cash in bank deposit accounts which, at times, may exceed federally insured amounts. We have not experienced any losses in such accounts. We believe we are not exposed to any significant credit risk on our cash.

We also sell oil, natural gas and NGLs to various types of customers, including pipelines, refineries and other oil and natural gas companies and electricity to utility companies. Based on the current demand for oil, natural gas and NGLs and the availability of other purchasers, we believe that the loss of any one of our major purchasers would not have a material adverse effect on our financial condition, results of operations or net cash provided by operating activities.

For the year ended December 31, 2018, our three largest customers represented approximately 35%, 28% and 13% of our sales. For the ten months ended December 31, 2017, our three largest customers represented approximately 36%, 29% and 13% of our sales. For the two months ended February 28, 2017, our two largest customers represented approximately 34% and 29% of our sales. For the year ended December 31, 2016, our two largest customers represented approximately 34% and 28% of our sales.

At December 31, 2018, trade accounts receivable from three customers represented approximately 26%, 22%, and 10% of our receivables. At December 31, 2017, trade accounts receivable from two customers represented approximately 35% and 26% of our receivables.

Recently Adopted Accounting Standards

In November 2016, the Financial Accounting Standards Board (the “FASB”) issued rules intended to address the diversity in practice in classification and presentation of changes in restricted cash on the statement of cash flows. We adopted these rules retrospectively on January 1, 2018, as a result of which we included restricted cash amounts in our beginning and ending cash balances on the statement of cash flows and included a disclosure reconciling cash and cash equivalents presented on the balance sheets to cash, cash equivalents and restricted cash on the statement of cash flows.

In March 2016, the FASB issued rules to improve the accounting for share-based payment transactions. We early-adopted these rules retrospectively on April 1, 2018 and as a result are reporting cash paid to tax authorities when we withhold shares from an employee's award as a cash outflow for financing activities on the statement of cash flows. There was no change to the other financial statements as a result of adopting these rules.

New Accounting Standards Issued, But Not Yet Adopted

In August 2017, the FASB released targeted improvements to hedge accounting standards that will expand hedge accounting for non-financial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company’s risk management activities. These rules are also intended to decrease the cost and complexity of hedge accounting. The new rules are effective for fiscal years beginning after December 15, 2018. We do not anticipate the adoption of this new rule to have a material impact on our consolidated financial statements.

In June 2016, the FASB issued rules that change how entities will measure credit losses for certain financial assets and other instruments that are not measured at fair value. These rules are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of these rules on our consolidated financial statements.

In February 2016, the FASB issued rules requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months and to include qualitative and quantitative disclosures with respect to the amount, timing, and uncertainty of cash flows arising from leases. As an emerging growth company, we have elected to delay the adoption of these rules until they are applicable to non-Securities Exchange Commission (“SEC”) issuers which is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We expect the adoption of these rules to increase other assets and other liabilities on our balance sheet and do not expect a material impact on our consolidated results of operations.

During 2016, the FASB issued rules clarifying the new revenue recognition standard issued in 2014. The new rules are intended to improve and converge the financial reporting requirements for revenue from contracts with customers. We are an emerging growth company and have elected to delay adoption of these rules until they are applicable to non-SEC issuers which is for fiscal years beginning after December 31, 2018. As such, we will adopt these rules in the first quarter of 2019 and apply the modified retrospective approach, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial statements. We have performed an analysis of existing contracts and do not expect adoption to have a material impact on our consolidated financial statements, however, certain immaterial costs currently netted in revenue will likely be recorded in expenses. In addition, we have evaluated the expected changes to relevant business practices, accounting policies and control activities and do not expect to have a material change as a result of the adoption of these rules.

Emergence from Voluntary Reorganization under Chapter 11

12 Months Ended

Dec. 31, 2018

Reorganizations [Abstract]

Emergence from Voluntary Reorganization under Chapter 11

On May 11, 2016 our predecessor company filed bankruptcy. Our bankruptcy case was jointly administered with that of Linn Energy and its affiliates under the caption In re Linn Energy, LLC, et al., Case No. 16–60040 (the “Chapter 11 Proceeding”). On January 27, 2017, the Bankruptcy Court approved and confirmed our plan of reorganization in the Chapter 11 Proceeding (the “Plan”). On February 28, 2017 (the “Effective Date”), the Plan became effective and was implemented. A final decree closing the Chapter 11 Proceeding was entered September 28, 2018, with the Court retaining jurisdiction as described in the confirmation order and without prejudice to the request of any party–in–interest to reopen the case including with respect to certain, immaterial remaining matters.

Plan of Reorganization

On the Effective Date, the Company consummated the following reorganization transactions in accordance with the Plan:


•	Linn Acquisition Company, LLC transferred 100% of the outstanding membership interests in Berry LLC to Berry Corp. pursuant to an assignment agreement, dated February 28, 2017 between Linn Acquisition Company, LLC and Berry Corp. (the “Assignment Agreement”). Under the Assignment Agreement, Berry LLC became a wholly-owned operating subsidiary of Berry Corp.

•

The holders of claims under the Company’s Second Amended and Restated Credit Agreement, dated November 15, 2010, by and among Berry LLC, as borrower, Wells Fargo Bank, N.A., as administrative agent, and certain lenders, (as amended, the “Pre-Emergence Credit Facility”), received (i) their pro-rated share of a cash paydown and (ii) pro-rated participation in the new facility (the “Emergence Credit Facility”). As a result, all outstanding obligations under the Pre-Emergence Credit Facility were canceled and the agreements governing these obligations were terminated.


•	Berry LLC, as borrower, entered into the Emergence Credit Facility with the holders of claims under the Pre-Emergence Credit Facility, as lenders, and Wells Fargo Bank, N.A, as administrative agent, providing for a new reserves-based revolving loan with up to $550 million in borrowing commitments. For additional information about the Emergence Credit Facility, see Note 5.

•

The holders of Berry LLC’s 6.75% senior notes due 2020, issued by Berry LLC pursuant to a Second Supplemental Indenture, dated November 1, 2010, and 6.375% senior notes due 2022, issued by Berry LLC pursuant to a Third Supplemental Indenture, dated March 9, 2012 (collectively, the “Unsecured Notes”), received a right to their pro-rated share of either (i) 32,920,000 shares of common stock in Berry Corp. or, for those non-accredited investors holding the Unsecured Notes that irrevocably elected to receive a cash recovery, cash distributions from a $35 million cash distribution pool (the “Cash Distribution Pool”) and (ii) specified rights to participate in a two-tranche offering of rights to purchase Series A Preferred Stock at an aggregate purchase price of $335 million (as further defined in the Plan, the “Berry Rights Offerings”). As a result, all outstanding obligations under the Unsecured Notes were canceled and the indentures and related agreements governing these obligations were terminated.

•

The holders of unsecured claims against Berry LLC, (other than the Unsecured Notes) (the “Unsecured Claims”) received a right to their pro-rated share of either (i) 7,080,000 shares of common stock in Berry Corp. or (ii) in the event that such holder irrevocably elected to receive a cash recovery, cash distributions from the Cash Distribution Pool. After the Effective Date we have negotiated with claimants to settle their claims. As a result, in early 2019, we issued 2,770,000 shares to settle these claims for which we had originally reserved 7,080,000 shares.


•	Berry LLC settled all intercompany claims against Linn Energy and its affiliates pursuant to a settlement agreement approved as part of the Plan and the Confirmation Order. The settlement agreement provided Berry LLC with a $25 million general unsecured claim against Linn Energy which Berry LLC has fully-reserved.

Bank RSA

Prior to the Petition Date, on May 10, 2016, the Debtors entered into a restructuring support agreement (the “Bank RSA”) with certain holders (the “Consenting Bank Creditors”). The Bank RSA set forth, subject to certain conditions, the commitment of the Consenting Bank Creditors to support a comprehensive restructuring of the Debtors’ long-term debt. The Bank RSA required the Debtors and the Consenting Bank Creditors to, among other things, support and not interfere with consummation of the restructuring transactions contemplated by the Bank RSA and, as to the Consenting Bank Creditors, vote their claims in favor of the Plan.

Liabilities Subject to Compromise

Through the claims resolution process, many claims were disallowed by the Bankruptcy Court because they were duplicative, amended or superseded by later filed claims, were without merit, or were otherwise overstated. Throughout the Chapter 11 proceedings, the Debtors also resolved many claims through settlements or by Bankruptcy Court orders following the filing of an objection. The Debtors have settled, and may continue to settle, claims through the Bankruptcy Court. To the extent that such adjustments relate to Unsecured Claims, no additional liability to the Company is anticipated as such claimants received only a right to their pro-rated share of either (i) 7,080,000 shares of common stock in Berry Corp. or (ii) in the event that such holder irrevocably elected to receive a cash recovery, cash distributions from the Cash Distribution Pool. After the Effective Date we have negotiated with claimants to settle their claims. As a result, in early 2019, we issued 2,770,000 shares to settle these claims for which we had originally reserved 7,080,000 shares. The liability for the cash distribution pool was $34.8 million at December 31, 2017 and is included in liabilities subject to compromise. We settled all liabilties subject to compromise through cash recovery as of December 31, 2018, resulting in a significant recognition of gains due to the return of undistributed funds. See “Reorganization Items, net” below.

Reorganization Items, Net

We have incurred expenses associated with the reorganization. Reorganization items, net represents costs and income directly associated with the Chapter 11 proceedings since the Petition Date, and also includes adjustments to reflect the carrying value of certain liabilities subject to compromise at their estimated allowed claim amounts, as such adjustments were determined. The following table summarizes the components of reorganization items included in the consolidated statements of operations:



	Berry Corp. (Successor)						Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017			Two Months Ended February 28, 2017			Year Ended December 31, 2016
	(in thousands)
Return of undistributed funds from cash distribution pool⁽¹⁾	$	22,855		$	—		$	—		$	—
Gains on resolution of pre-emergence liabilities and claims	3,713			—			—			—
Legal and other professional advisory fees	(3,083		)	(1,027		)	(19,481		)	(30,130		)
Gains on settlement of liabilities subject to compromise	—			—			421,774			—
Fresh-start valuation adjustments	—			—			(920,699		)	—
Unamortized premiums	—			—			—			10,923
Terminated contracts	—			—			—			(55,148		)
Other	1,205			(705		)	10,686			1,693
Reorganization items, net	$	24,690		$	(1,732	)	$	(507,720	)	$	(72,662	)

__________


(1)	This amount was reclassed from restricted cash to general cash, thus does not represent a cash transaction.

Effect of Filing on Creditors

Subject to certain exceptions, under the Bankruptcy Code, the filing of Bankruptcy Petitions automatically enjoined, or stayed, the continuation of most judicial or administrative proceedings or filing of other actions against the Debtors or their property to recover, collect or secure a claim arising prior to the Petition Date. Absent an order of the Bankruptcy Court, substantially all of the Debtors’ pre-petition liabilities were subject to settlement under the Bankruptcy Code. Although the filing of Bankruptcy Petitions triggered defaults on the Debtors’ debt obligations, creditors were stayed from taking any actions against the Debtors as a result of such defaults, subject to certain limited exceptions permitted by the Bankruptcy Code. The Predecessor did not record interest expense on its senior notes for the period from May 12, 2016 through December 31, 2016 and from January 1, 2017 through February 28, 2017. For those periods, unrecorded contractual interest was approximately $35 million and $9 million, respectively.

Covenant Violations

The Predecessor’s filing of the Bankruptcy Petitions constituted an event of default that accelerated the Predecessor’s obligations under its Pre-Emergence Credit Facility and its senior notes. Additionally, other events of default, including cross-defaults, occurred, including the failure to make interest payments on the Predecessor’s senior notes. Under the Bankruptcy Code, the creditors under these debt agreements were stayed from taking any action against the Predecessor as a result of any default. See Note 5 for additional details about the Predecessor’s debt.

Prior Credit Facility

The Pre-Emergence Credit Facility contained a requirement to deliver audited financial statements without a going concern or like qualification or exception. Consequently, the filing of the Predecessor’s 2015 Annual Report on Form 10-K which included a going concern explanatory paragraph resulted in a default under the Pre-Emergence Credit Facility as of the filing date, March 28, 2016, subject to a 30-day grace period.

On April 12, 2016, the Predecessor entered into an amendment to the Pre-Emergence Credit Facility. The amendment provided for, among other things, an agreement that (i) certain events would not become defaults or events of default until May 11, 2016, (ii) the borrowing base would remain constant until May 11, 2016, unless reduced as a result of swap agreement terminations or collateral sales, (iii) the Predecessor would have access to $45 million in cash that was previously restricted in order to fund ordinary course operations and (iv) the Predecessor, the administrative agent and the lenders would negotiate in good faith the terms of a restructuring support agreement in furtherance of a restructuring of the capital structure of the Predecessor. As a condition to closing the amendment, the Predecessor provided control agreements over certain deposit accounts.

The filing of the Bankruptcy Petitions constituted an event of default that accelerated the Predecessor’s obligations under the Pre-Emergence Credit Facility. However, under the Bankruptcy Code, the creditors under this debt agreement were stayed from taking any action against the Predecessor as a result of the default.

Senior Notes

The Predecessor deferred making an interest payment totaling approximately $18 million due March 15, 2016, on the Predecessor’s 6.375% senior notes due September 2022, which resulted in the Predecessor being in default under these senior notes. The indenture governing the notes provided the Predecessor a 30-day grace period to make the interest payment.

On April 14, 2016, within the 30-day interest payment grace period provided for in the indenture governing the notes, the Predecessor made an interest payment of approximately $18 million in satisfaction of its obligations.

The Predecessor failed to make interest payments due on its senior notes subsequent to April 14, 2016.

The filing of the Bankruptcy Petitions constituted an event of default that accelerated the Predecessor’s obligations under the indentures governing the senior notes. However, under the Bankruptcy Code, holders of the senior notes were stayed from taking any action against the Predecessor as a result of the default.

Fresh-Start Accounting

Upon our emergence from bankruptcy, we were required to adopt fresh-start accounting, which, with the recapitalization described above, resulted in Berry Corp. being treated as the new entity for financial reporting purposes. We were required to adopt fresh-start accounting upon our emergence from bankruptcy because (i) the holders of existing voting ownership interests of our predecessor company received less than 50% of the voting shares of Berry Corp. and (ii) the reorganization value of our assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims. An entity applying fresh-start accounting upon emergence from bankruptcy is viewed as a new reporting entity from an accounting perspective, and accordingly, may select new accounting policies.

The reorganization value of our assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims, as shown below:



	(in thousands)
Liabilities subject to compromise	$	1,000,336
Pre-petition debt not classified as subject to compromise	891,259
Post-petition liabilities	245,702
Total post-petition liabilities and allowed claims	2,137,297
Reorganization value of assets immediately prior to implementation of the Plan	(1,722,585)
Excess post-petition liabilities and allowed claims	$	414,712

Upon adoption of fresh-start accounting, the reorganization value derived from the enterprise value was allocated to our assets and liabilities based on their fair values in accordance with GAAP. The Effective Date fair values of our assets and liabilities differed materially from their recorded values as reflected on the historical balance sheet. The effects of the Plan and the application of fresh-start accounting were reflected in the financial statements as of February 28, 2017, and the related adjustments thereto were recorded on the statement of operations for the two months ended February 28, 2017.

As a result of the adoption of fresh-start accounting and the effects of the implementation of the Plan, our consolidated financial statements subsequent to February 28, 2017, are not comparable to our financial statements prior to February 28, 2017.

Our consolidated financial statements and related footnotes are presented with a black line division, which delineates the lack of comparability between amounts presented after February 28, 2017, and amounts presented on or prior to February 28, 2017. Our financial results for future periods following the application of fresh-start accounting will be different from historical trends and the differences may be material.

Reorganization Value

Under GAAP, a value was assigned to the equity of the emerging entity as of the date of adoption of fresh-start accounting. The Plan and disclosure statement approved by the Bankruptcy Court did not include an enterprise value or reorganization value, nor did the Bankruptcy Court approve a value as part of its confirmation of our Plan. Our reorganization value was derived from an estimate of enterprise value, or the fair value of our long-term debt, stockholders’ equity and working capital. Reorganization value approximates the fair value of the entity before considering liabilities and approximates the amount a willing buyer would pay for the assets of the entity immediately after the restructuring. Based on the various estimates and assumptions necessary for fresh-start accounting, our enterprise value as of the Effective Date was estimated to be approximately $1.3 billion. The enterprise value was estimated using a sum of parts approach. The sum of parts approach represents the summation of the indicated fair value of the component assets of the Company. The fair value of our assets was estimated by relying on a combination of the income, market and cost approaches.

The estimated enterprise value, reorganization value and equity value are highly dependent on the achievement of the financial results contemplated in our underlying projections. While we believe the assumptions and estimates used to develop enterprise value and reorganization value are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. Additionally, the assumptions used in estimating these values are inherently uncertain and require judgment. The primary assumptions for which there is a reasonable possibility of the occurrence of a variation that would have significantly affected the reorganization value include those regarding pricing, discount rates and the amount and timing of capital expenditures.

Our principal assets are our oil and natural gas properties. The fair values of oil and natural gas properties were estimated using a valuation technique consistent with the income approach; specifically, the discounted cash flows method. We also used the market approach to corroborate the valuation results from the income approach. We used a market-based weighted-average cost of capital discount rate of 10% for proved and unproved reserves, with further risk adjustment factors applied to the discounted values. The underlying commodity prices embedded in our estimated cash flows were based on the New York Mercantile Exchange (“NYMEX”) forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors that we believe will impact realizable prices. NYMEX forward curve pricing was used for years 2017 through 2019 and then was escalated at approximately 2.0%.

See below under “Fresh-Start Adjustments” for additional information regarding assumptions used in the valuation of our various other significant assets and liabilities.

The following table reconciles the enterprise value to the estimated reorganization value as of the Effective Date:



	(in thousands)
Enterprise value	$	1,278,527
Plus: Fair value of non-debt liabilities	282,511
Reorganization value of the Successor’s assets	$	1,561,038

The fair value of non-debt liabilities consists of liabilities assumed by the Successor on the Effective Date and excludes the fair value of long-term debt.

Consolidated Balance Sheet

The adjustments included in the following fresh-start consolidated balance sheet reflect the effects of the transactions contemplated by the Plan and executed on the Effective Date (reflected in the column “Reorganization Adjustments”) as well as fair value and other required accounting adjustments resulting from the adoption of fresh-start accounting (reflected in the column “Fresh-Start Adjustments”). The explanatory notes provide additional information with regard to the adjustments recorded, methods used to determine the fair values and significant assumptions.



	As of February 28, 2017
	Berry LLC (Predecessor)			Reorganization Adjustments⁽¹⁾					Fresh-Start Adjustments					Berry Corp. (Successor)
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	27,407		$	4,642		⁽²⁾		$	—				$	32,049
Accounts receivable	76,027			(15,700		)	⁽³⁾		(816		)	⁽¹⁴	⁾	59,511
Derivative instruments	243			—					—					243
Restricted cash	128			52,732			⁽⁴⁾		—					52,860
Other current assets	18,437			(5,558		)	⁽⁵⁾		3,873			⁽¹⁵	⁾	16,752
Total current assets	122,242			36,116					3,057					161,415
Non-current assets:
Oil and natural gas properties	5,031,498			—					(3,787,898		)	⁽¹⁶	⁾	1,243,600
Less accumulated depletion and amortization	(2,814,999		)	—					2,814,999			⁽¹⁶	⁾	—
Total oil and natural gas properties, net	2,216,499			—					(972,899		)			1,243,600
Other property and equipment	124,379			—					(15,576		)	⁽¹⁷	⁾	108,803
Less accumulated depreciation	(22,107		)	—					22,107			⁽¹⁷	⁾	—
Total other property and equipment, net	102,273			—					6,530					108,803
Derivative instruments	57			—					—					57
Restricted cash	197,939			(197,814		)	⁽²⁾		—					125
Other non-current assets	16,076			151			⁽⁶⁾		30,811			⁽¹⁸	⁾	47,038
Total assets	$	2,655,086		$	(161,547	)			$	(932,501	)			$	1,561,038
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	60,323		$	52,371		⁽⁷⁾		$	3,818		⁽¹⁹	⁾	$	116,512
Derivative instruments	5,355			—					—					5,355
Current portion of long-term debt, net	891,259			(891,259		)	⁽⁸⁾		—					—
Other accrued liabilities	7,335			(3,760		)	⁽⁹⁾		1,295			⁽²⁰	⁾	4,870
Total current liabilities	964,272			(842,648		)			5,113					126,737
Non-current liabilities:
Derivative instruments	1,710			—					—					1,710
Long-term debt	—			400,000			⁽¹⁰	⁾	—					400,000
Other non-current liabilities	170,979			—					(16,915		)	⁽²¹	⁾	154,064
Liabilities subject to compromise	1,000,336			(1,000,336		)	⁽¹¹	⁾	—					—
Equity:
Predecessor additional paid-in capital	2,798,714			(2,798,714		)	⁽¹²	⁾	—					—
Predecessor accumulated deficit	(2,280,925		)	375,159			⁽¹³	⁾	1,905,766			⁽²²	⁾	—
Successor preferred stock	—			335,000			⁽¹²	⁾	—					335,000
Successor common stock	—			33			⁽¹²	⁾	—					33
Successor additional paid-in capital	—			3,369,959			⁽¹²	⁾	(2,826,465		)	⁽²²	⁾	543,494
Total equity	517,789			1,281,437					(920,699		)			878,527
Total liabilities and equity	$	2,655,086		$	(161,547	)			$	(932,501	)			$	1,561,038

__________

Reorganization Adjustments:

(1)

Represent amounts recorded as of the Effective Date for the implementation of the Plan, including, among other items, settlement of the Predecessor’s liabilities subject to compromise, repayment of certain of the Predecessor’s debt, cancellation of the Predecessor’s equity, issuances of the Successor’s common stock and preferred stock, proceeds received from the Berry Rights Offerings and issuance of the Successor’s debt.


(2)	Changes in cash and cash equivalents included the following:



	(in thousands)
Borrowings under the Emergence Credit Facility	$	400,000
Proceeds from issuance of preferred stock pursuant the Berry Rights Offerings	335,000
Cash receipt from Linn Energy, LLC for ad valorem taxes	23,366
Removal of restriction on cash balance (includes $128 previously recorded as short term)	197,942
Payment to the holders of claims under the Pre-Emergence Credit Facility (including $29 in bank fees and $3,760 in interest)	(897,663)
Payment of professional fees	(992)
Payment of Emergence Credit Facility fee that was capitalized	(151)
Funding of the general unsecured claims Cash Distribution Pool	(35,000)
Funding of the professional fees escrow account	(17,860)
Changes in cash and cash equivalents	$	4,642


(3)	Collection of overpayment to Linn Energy, LLC for ad valorem taxes.


(4)	Primarily reflects the transfer to restricted cash to fund the Predecessor’s professional fees escrow account and general unsecured claims Cash Distribution Pool.


(5)	Primarily reflects the write-off of the Predecessor’s deferred financing fees.


(6)	Reflects the capitalization of deferred financing fees related to the Emergence Credit Facility.


(7)	Net increase in accounts payable and accrued expenses reflects:



	(in thousands)
Recognition of payables for the general unsecured claims Cash Distribution Pool	$	35,000
Recognition of payables for the professional fees escrow account	17,860
Recognition of payable for ad valorem tax liability	7,666
Net change of other professional fees payable	(8,161)
Other	6
Net increase in accounts payable and accrued expenses	$	52,371


(8)	Reflects the repayment of the Pre-Emergence Credit Facility.


(9)	Reflects the payment of accrued interest on the Pre-Emergence Credit Facility.


(10)	Reflects borrowings under the Emergence Credit Facility.


(11)	Settlement of liabilities subject to compromise and the resulting net gains were determined as follows:



	(in thousands)
Accounts payable and accrued expenses	$	151,298
Accrued interest payable	15,238
Debt	833,800
Total liabilities subject to compromise	1,000,336
Funding of the general unsecured claims Cash Distribution Pool	(35,000)
Common stock to holders of Unsecured Notes and general unsecured creditors	(543,562)
Gains on settlement of liabilities subject to compromise	$	421,774


(12)	Net increase in capital accounts reflects:



	(in thousands)
Common stock to holders of Unsecured Notes and general unsecured creditors	$	543,562
Payment of issuance costs	(35)
Dividend related to beneficial conversion feature of preferred stock	27,751
Cancellation of the Predecessor’s additional paid-in capital	2,798,714
Par value of common stock	(33)
Change in additional paid-in capital	3,369,959
Proceeds from issuance of preferred stock	335,000
Par value of common stock	33
Predecessor’s additional paid-in capital	(2,798,714)
Net increase in capital accounts	$	906,278

See Note 8 for additional information on the issuances and distributions of the Successor’s common and preferred stock.


(13)	Net decrease in accumulated deficit reflects:



	(in thousands)
Recognition of gains on settlement of liabilities subject to compromise	$	421,774
Recognition of professional fees	(13,667)
Write-off of deferred financing fees	(5,197)
Total reorganization items, net	402,910
Dividend related to beneficial conversion feature of preferred stock	(27,751)
Net decrease in accumulated deficit	$	375,159

Fresh-Start Adjustments:


(14)	Reflects a change in accounting policy from the entitlements method to the sales method for natural gas production imbalances.


(15)	Primarily reflects an increase in the current portion of greenhouse gas allowances.


(16)	Reflects a decrease of oil and natural gas properties, based on the methodology discussed in Note 4, and the elimination of accumulated depletion and amortization. The following table summarizes the components of oil and natural gas properties as of the Effective Date:



	Berry Corp. (Successor)		Berry LLC (Predecessor)
	Fair Value		Historical Book Value
	(in thousands)
Proved properties	$	712,400	$	4,266,843
Unproved properties	531,200		764,655
Total proved and unproved properties	1,243,600		5,031,498
Less accumulated depletion and amortization	—		(2,814,999)
Total proved and unproved properties, net	$	1,243,600	$	2,216,499


(17)	Reflects a decrease of other property and equipment and the elimination of accumulated depreciation. The following table summarizes the components of other property and equipment as of the Effective Date:



	Berry Corp. (Successor)		Berry LLC (Predecessor)
	Fair Value		Historical Book Value
	(in thousands)
Natural gas plants and pipelines	$	91,427	$	109,675
Land	8,262		201
Furniture and office equipment	5,040		3,879
Buildings and leasehold improvements	2,740		5,884
Vehicles	1,156		4,542
Drilling and other equipment	178		198
Total other property and equipment	108,803		124,379
Less accumulated depreciation	—		(22,107)
Total other property and equipment, net	$	108,803	$	102,273

In estimating the fair value of other property and equipment, we used a combination of cost and market approaches. A cost approach was used to value our natural gas plants and pipelines, buildings, and furniture and office equipment based on current replacement costs of the assets less depreciation based on the estimated economic useful lives of the assets and age of the assets. A market approach was used to value our vehicles, drilling and other equipment, and land, using recent transactions of similar assets to determine the fair value from a market participant perspective.


(18)	Primarily reflects an increase in greenhouse gas allowances of approximately $30 million and a joint venture investment of approximately $1 million. Greenhouse gas allowances were valued using a market approach based on trading prices for carbon credits on February 28, 2017. Our joint venture investment was valued based on a market approach using a market EBITDA multiple.


(19)	Reflects increases for greenhouse gas emissions liabilities of approximately $4 million and a change in accounting policy from the entitlements method to the sales method for gas production imbalances of approximately $200,000, partially offset by a decrease for the current portion of intangibles liabilities of approximately $500,000.


(20)	Reflects an increase of the current portion of asset retirement obligations.

(21)

Primarily reflects a decrease for asset retirement obligations of approximately $30 million and for intangible liabilities of approximately$6 million, partially offset by an increase for greenhouse gas emissions liabilities of approximately $19 million. The fair value of asset retirement obligations was estimated using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation include estimates of: (i) plugging and abandonment costs per well based on existing regulatory requirements; (ii) remaining life per well; (iii) future inflation factors; and (iv) a credit-adjusted risk-free interest rate. The intangible liabilities identified on the Effective Date were valued based on a combination of market and incomes approaches and will be amortized over the remaining life of the respective contract. Greenhouse gas emissions liabilities were valued using a market approach based on trading prices for greenhouse gas allowances on February 28, 2017.


(22)	Reflects the cumulative impact of the fresh-start accounting adjustments discussed above and the elimination of the Predecessor’s accumulated deficit.

Fresh-Start Accounting

12 Months Ended

Dec. 31, 2018

Reorganizations [Abstract]

Fresh-Start Accounting

Emergence from Voluntary Reorganization under Chapter 11

Plan of Reorganization

On the Effective Date, the Company consummated the following reorganization transactions in accordance with the Plan:


•	Linn Acquisition Company, LLC transferred 100% of the outstanding membership interests in Berry LLC to Berry Corp. pursuant to an assignment agreement, dated February 28, 2017 between Linn Acquisition Company, LLC and Berry Corp. (the “Assignment Agreement”). Under the Assignment Agreement, Berry LLC became a wholly-owned operating subsidiary of Berry Corp.

•


•	Berry LLC, as borrower, entered into the Emergence Credit Facility with the holders of claims under the Pre-Emergence Credit Facility, as lenders, and Wells Fargo Bank, N.A, as administrative agent, providing for a new reserves-based revolving loan with up to $550 million in borrowing commitments. For additional information about the Emergence Credit Facility, see Note 5.

•


•	Berry LLC settled all intercompany claims against Linn Energy and its affiliates pursuant to a settlement agreement approved as part of the Plan and the Confirmation Order. The settlement agreement provided Berry LLC with a $25 million general unsecured claim against Linn Energy which Berry LLC has fully-reserved.

Bank RSA

Liabilities Subject to Compromise

Reorganization Items, Net



	Berry Corp. (Successor)						Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017			Two Months Ended February 28, 2017			Year Ended December 31, 2016
	(in thousands)
Return of undistributed funds from cash distribution pool⁽¹⁾	$	22,855		$	—		$	—		$	—
Gains on resolution of pre-emergence liabilities and claims	3,713			—			—			—
Legal and other professional advisory fees	(3,083		)	(1,027		)	(19,481		)	(30,130		)
Gains on settlement of liabilities subject to compromise	—			—			421,774			—
Fresh-start valuation adjustments	—			—			(920,699		)	—
Unamortized premiums	—			—			—			10,923
Terminated contracts	—			—			—			(55,148		)
Other	1,205			(705		)	10,686			1,693
Reorganization items, net	$	24,690		$	(1,732	)	$	(507,720	)	$	(72,662	)

__________


(1)	This amount was reclassed from restricted cash to general cash, thus does not represent a cash transaction.

Effect of Filing on Creditors

Covenant Violations

Prior Credit Facility

Senior Notes

The Predecessor failed to make interest payments due on its senior notes subsequent to April 14, 2016.

Fresh-Start Accounting

The reorganization value of our assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims, as shown below:



	(in thousands)
Liabilities subject to compromise	$	1,000,336
Pre-petition debt not classified as subject to compromise	891,259
Post-petition liabilities	245,702
Total post-petition liabilities and allowed claims	2,137,297
Reorganization value of assets immediately prior to implementation of the Plan	(1,722,585)
Excess post-petition liabilities and allowed claims	$	414,712

Reorganization Value

See below under “Fresh-Start Adjustments” for additional information regarding assumptions used in the valuation of our various other significant assets and liabilities.

The following table reconciles the enterprise value to the estimated reorganization value as of the Effective Date:



	(in thousands)
Enterprise value	$	1,278,527
Plus: Fair value of non-debt liabilities	282,511
Reorganization value of the Successor’s assets	$	1,561,038

The fair value of non-debt liabilities consists of liabilities assumed by the Successor on the Effective Date and excludes the fair value of long-term debt.

Consolidated Balance Sheet



	As of February 28, 2017
	Berry LLC (Predecessor)			Reorganization Adjustments⁽¹⁾					Fresh-Start Adjustments					Berry Corp. (Successor)
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	27,407		$	4,642		⁽²⁾		$	—				$	32,049
Accounts receivable	76,027			(15,700		)	⁽³⁾		(816		)	⁽¹⁴	⁾	59,511
Derivative instruments	243			—					—					243
Restricted cash	128			52,732			⁽⁴⁾		—					52,860
Other current assets	18,437			(5,558		)	⁽⁵⁾		3,873			⁽¹⁵	⁾	16,752
Total current assets	122,242			36,116					3,057					161,415
Non-current assets:
Oil and natural gas properties	5,031,498			—					(3,787,898		)	⁽¹⁶	⁾	1,243,600
Less accumulated depletion and amortization	(2,814,999		)	—					2,814,999			⁽¹⁶	⁾	—
Total oil and natural gas properties, net	2,216,499			—					(972,899		)			1,243,600
Other property and equipment	124,379			—					(15,576		)	⁽¹⁷	⁾	108,803
Less accumulated depreciation	(22,107		)	—					22,107			⁽¹⁷	⁾	—
Total other property and equipment, net	102,273			—					6,530					108,803
Derivative instruments	57			—					—					57
Restricted cash	197,939			(197,814		)	⁽²⁾		—					125
Other non-current assets	16,076			151			⁽⁶⁾		30,811			⁽¹⁸	⁾	47,038
Total assets	$	2,655,086		$	(161,547	)			$	(932,501	)			$	1,561,038
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	60,323		$	52,371		⁽⁷⁾		$	3,818		⁽¹⁹	⁾	$	116,512
Derivative instruments	5,355			—					—					5,355
Current portion of long-term debt, net	891,259			(891,259		)	⁽⁸⁾		—					—
Other accrued liabilities	7,335			(3,760		)	⁽⁹⁾		1,295			⁽²⁰	⁾	4,870
Total current liabilities	964,272			(842,648		)			5,113					126,737
Non-current liabilities:
Derivative instruments	1,710			—					—					1,710
Long-term debt	—			400,000			⁽¹⁰	⁾	—					400,000
Other non-current liabilities	170,979			—					(16,915		)	⁽²¹	⁾	154,064
Liabilities subject to compromise	1,000,336			(1,000,336		)	⁽¹¹	⁾	—					—
Equity:
Predecessor additional paid-in capital	2,798,714			(2,798,714		)	⁽¹²	⁾	—					—
Predecessor accumulated deficit	(2,280,925		)	375,159			⁽¹³	⁾	1,905,766			⁽²²	⁾	—
Successor preferred stock	—			335,000			⁽¹²	⁾	—					335,000
Successor common stock	—			33			⁽¹²	⁾	—					33
Successor additional paid-in capital	—			3,369,959			⁽¹²	⁾	(2,826,465		)	⁽²²	⁾	543,494
Total equity	517,789			1,281,437					(920,699		)			878,527
Total liabilities and equity	$	2,655,086		$	(161,547	)			$	(932,501	)			$	1,561,038

__________

Reorganization Adjustments:

(1)


(2)	Changes in cash and cash equivalents included the following:



	(in thousands)
Borrowings under the Emergence Credit Facility	$	400,000
Proceeds from issuance of preferred stock pursuant the Berry Rights Offerings	335,000
Cash receipt from Linn Energy, LLC for ad valorem taxes	23,366
Removal of restriction on cash balance (includes $128 previously recorded as short term)	197,942
Payment to the holders of claims under the Pre-Emergence Credit Facility (including $29 in bank fees and $3,760 in interest)	(897,663)
Payment of professional fees	(992)
Payment of Emergence Credit Facility fee that was capitalized	(151)
Funding of the general unsecured claims Cash Distribution Pool	(35,000)
Funding of the professional fees escrow account	(17,860)
Changes in cash and cash equivalents	$	4,642


(3)	Collection of overpayment to Linn Energy, LLC for ad valorem taxes.


(4)	Primarily reflects the transfer to restricted cash to fund the Predecessor’s professional fees escrow account and general unsecured claims Cash Distribution Pool.


(5)	Primarily reflects the write-off of the Predecessor’s deferred financing fees.


(6)	Reflects the capitalization of deferred financing fees related to the Emergence Credit Facility.


(7)	Net increase in accounts payable and accrued expenses reflects:



	(in thousands)
Recognition of payables for the general unsecured claims Cash Distribution Pool	$	35,000
Recognition of payables for the professional fees escrow account	17,860
Recognition of payable for ad valorem tax liability	7,666
Net change of other professional fees payable	(8,161)
Other	6
Net increase in accounts payable and accrued expenses	$	52,371


(8)	Reflects the repayment of the Pre-Emergence Credit Facility.


(9)	Reflects the payment of accrued interest on the Pre-Emergence Credit Facility.


(10)	Reflects borrowings under the Emergence Credit Facility.


(11)	Settlement of liabilities subject to compromise and the resulting net gains were determined as follows:



	(in thousands)
Accounts payable and accrued expenses	$	151,298
Accrued interest payable	15,238
Debt	833,800
Total liabilities subject to compromise	1,000,336
Funding of the general unsecured claims Cash Distribution Pool	(35,000)
Common stock to holders of Unsecured Notes and general unsecured creditors	(543,562)
Gains on settlement of liabilities subject to compromise	$	421,774


(12)	Net increase in capital accounts reflects:



	(in thousands)
Common stock to holders of Unsecured Notes and general unsecured creditors	$	543,562
Payment of issuance costs	(35)
Dividend related to beneficial conversion feature of preferred stock	27,751
Cancellation of the Predecessor’s additional paid-in capital	2,798,714
Par value of common stock	(33)
Change in additional paid-in capital	3,369,959
Proceeds from issuance of preferred stock	335,000
Par value of common stock	33
Predecessor’s additional paid-in capital	(2,798,714)
Net increase in capital accounts	$	906,278

See Note 8 for additional information on the issuances and distributions of the Successor’s common and preferred stock.


(13)	Net decrease in accumulated deficit reflects:



	(in thousands)
Recognition of gains on settlement of liabilities subject to compromise	$	421,774
Recognition of professional fees	(13,667)
Write-off of deferred financing fees	(5,197)
Total reorganization items, net	402,910
Dividend related to beneficial conversion feature of preferred stock	(27,751)
Net decrease in accumulated deficit	$	375,159

Fresh-Start Adjustments:


(14)	Reflects a change in accounting policy from the entitlements method to the sales method for natural gas production imbalances.


(15)	Primarily reflects an increase in the current portion of greenhouse gas allowances.


(16)	Reflects a decrease of oil and natural gas properties, based on the methodology discussed in Note 4, and the elimination of accumulated depletion and amortization. The following table summarizes the components of oil and natural gas properties as of the Effective Date:



	Berry Corp. (Successor)		Berry LLC (Predecessor)
	Fair Value		Historical Book Value
	(in thousands)
Proved properties	$	712,400	$	4,266,843
Unproved properties	531,200		764,655
Total proved and unproved properties	1,243,600		5,031,498
Less accumulated depletion and amortization	—		(2,814,999)
Total proved and unproved properties, net	$	1,243,600	$	2,216,499


(17)	Reflects a decrease of other property and equipment and the elimination of accumulated depreciation. The following table summarizes the components of other property and equipment as of the Effective Date:



	Berry Corp. (Successor)		Berry LLC (Predecessor)
	Fair Value		Historical Book Value
	(in thousands)
Natural gas plants and pipelines	$	91,427	$	109,675
Land	8,262		201
Furniture and office equipment	5,040		3,879
Buildings and leasehold improvements	2,740		5,884
Vehicles	1,156		4,542
Drilling and other equipment	178		198
Total other property and equipment	108,803		124,379
Less accumulated depreciation	—		(22,107)
Total other property and equipment, net	$	108,803	$	102,273


(18)	Primarily reflects an increase in greenhouse gas allowances of approximately $30 million and a joint venture investment of approximately $1 million. Greenhouse gas allowances were valued using a market approach based on trading prices for carbon credits on February 28, 2017. Our joint venture investment was valued based on a market approach using a market EBITDA multiple.


(19)	Reflects increases for greenhouse gas emissions liabilities of approximately $4 million and a change in accounting policy from the entitlements method to the sales method for gas production imbalances of approximately $200,000, partially offset by a decrease for the current portion of intangibles liabilities of approximately $500,000.


(20)	Reflects an increase of the current portion of asset retirement obligations.

(21)


(22)	Reflects the cumulative impact of the fresh-start accounting adjustments discussed above and the elimination of the Predecessor’s accumulated deficit.

Oil and Natural Gas Properties and Other Property and Equipment

12 Months Ended

Dec. 31, 2018

Extractive Industries [Abstract]

Oil and Natural Gas Properties and Other Property and Equipment

Oil and Natural Gas Capitalized Costs

As a result of the application of fresh-start accounting, we recorded our oil and natural gas properties and other property and equipment at fair value as of the Effective Date. The fair values of oil and natural gas properties were measured using valuation techniques consistent with the income approach, converting future cash flows to a single discounted amount. Significant inputs used to determine the fair values of proved and unproved properties include estimates of i) reserves ii) future operating and development costs iii) future commodity prices and (iv) a market-based weighted-average cost of capital rate. These inputs required significant judgments and estimates at the time of the valuation and are the most sensitive and subject to change of our inputs. The fair value was estimated using inputs characteristic of a Level 3 fair value measurement.

Aggregate capitalized costs related to oil, natural gas and NGL production activities with applicable accumulated depletion and amortization are presented below:



	Berry Corp. (Successor)
	December 31, 2018			December 31, 2017
	(in thousands)
Proved properties	$	1,073,959		$	825,416
Unproved properties	388,034			517,037
Total proved and unproved properties	1,461,993			1,342,453
Less accumulated depletion and amortization	(123,217		)	(54,785		)
Total proved and unproved properties, net	$	1,338,776		$	1,287,668

Other Property and Equipment

Other property and equipment consisted of the following:



	Berry Corp. (Successor)
	December 31, 2018			December 31, 2017
	(in thousands)
Natural gas plants and pipelines	$	86,562		$	79,856
Buildings and leasehold improvements	3,359			2,986
Vehicles	6,753			3,228
Furniture and equipment	14,964			10,547
Land	8,073			8,262
Total other property and equipment	119,710			104,879
Less: accumulated depreciation	(15,778		)	(5,356		)
Total other property and equipment, net	$	103,932		$	99,523

Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt

The following table summarizes our outstanding debt:



	December 31, 2018			December 31, 2017		Interest Rate	Maturity	Security
	(in thousands)
RBL Facility	$	—		$	379,000	variable rates of 4.5% (2018) and 4.8% (2017), respectively	June 29, 2022	Mortgage on 85% of Present Value of proven oil and gas reserves
2026 Notes	400,000			—		7.0%	February 15, 2026	Unsecured
Long-Term Debt - Principal Amount	400,000			379,000
Less: Debt Issuance Costs	(8,214		)	—
Long-Term Debt, net	$	391,786		$	379,000

Deferred Financing Costs

We incurred legal and bank fees related to the issuance of debt. At December 31, 2018 and December 31, 2017, debt issuance costs for the RBL Facility (as defined below) reported in “other non-current assets” on the balance sheet were approximately $16 million and $20 million net of amortization, respectively. The amortization of debt issuance costs is presented in interest expense on the statements of operations. At December 31, 2018, debt issuance costs for the 2026 Notes (as defined below) were $8 million net of amortization.

For the year ended December 31, 2018, the ten months ended December 31, 2017, the two months ended February 28, 2017, and the year ended December 31, 2016, amortization expense of approximately $4 million, $2 million, zero and $2 million was included in “interest expense” in the consolidated statements of operations.

Fair Value

Our debt was recorded at the carrying amount on the balance sheets. The carrying amount of the RBL Facility approximates fair value because the interest rates are variable and reflect market rates. The fair value of the 2026 senior unsecured notes was approximately $368 million at December 31, 2018.

Credit Facilities

On July 31, 2017, we entered into a credit agreement (the “RBL Facility”), with Wells Fargo Bank, N.A. as administrative agent and certain lenders with up to $1.5 billion of commitments, subject to a reserve borrowing base. The RBL Facility also provides a letter of credit subfacility for the issuance of letters of credit in an aggregate amount not to exceed $25 million. Issuances of letters of credit reduce the borrowing availability for revolving loans under the RBL Facility on a dollar for dollar basis. Borrowing base redeterminations become effective on or about each May 1 and November 1, although each of the administrative agent and Berry LLC may make one interim redetermination between scheduled redeterminations. The RBL Facility has an elected commitment feature that allows us to increase commitments to the amount of our borrowing base with lender approval. In November 2018, we completed a borrowing base redetermination under our RBL Facility that increased our borrowing base from $400 million to $850 million and reaffirmed our elected commitment amount at $400 million. The RBL Facility matures on July 29, 2022, unless terminated earlier in accordance with the RBL Facility terms.

The outstanding borrowings under the RBL Facility bear interest at a rate equal to either (i) a customary London interbank offered rate plus an applicable margin ranging from 2.50% to 3.50% per annum, and (ii) a customary base rate plus an applicable margin ranging from 1.50% to 2.50% per annum, in each case depending on levels of borrowing base utilization. In addition, we must pay the lenders a quarterly commitment fee of 0.50% on the average daily unused amount of the borrowing availability under the RBL Facility. We have the right to prepay any borrowings under the RBL Facility with prior notice at any time without a prepayment penalty, other than customary “breakage” costs with respect to euro-dollar loans.

Berry Corp. guarantees and each future subsidiary of Berry Corp. (other than Berry LLC), with certain exceptions, is required to guarantee, our obligations and obligations of the other guarantors under the RBL Facility and under certain hedging transactions and banking services arrangements (the “Guaranteed Obligations”). In addition, pursuant to a Guaranty Agreement dated as of July 31, 2017, Berry LLC guarantees the Guaranteed Obligations. The lenders under the RBL Facility hold a mortgage on 85% of the present value of our proven oil and gas reserves. The obligations of Berry LLC and the guarantors are also secured by liens on substantially all of our personal property, subject to customary exceptions. The RBL Facility, with certain exceptions, also requires that any future subsidiaries of Berry LLC will also have to grant mortgages, security interests and equity pledges.

The RBL Facility contains customary events of default and remedies for credit facilities of a similar nature. If we do not comply with the financial and other covenants in the RBL Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the RBL Facility and exercise all of their other rights and remedies, including foreclosure on all of the collateral.

As of December 31, 2018, the financial performance covenants under our RBL Facility were (i) a leverage ratio of no more than 4.00 to 1.00 and (ii) a current ratio of at least 1.00 to 1.00. At December 31, 2018, our actual ratios were 1.63 to 1.00 and 3.73 to 1.00, respectively. In addition, the RBL Facility currently provides that to the extent we incur unsecured indebtedness, including any amounts raised in the future, the borrowing base will be reduced by an amount equal to 25% of the amount of such unsecured debt. We were in compliance with all financial covenants as of December 31, 2018.

As of December 31, 2018, we had approximately $393 million of available borrowing capacity under the RBL Facility.

As of December 31, 2018 and December 31, 2017, we had letters of credit outstanding of approximately $7 million and $21 million, respectively, under our RBL Facility. These letters of credit were issued to support ordinary course of business marketing, insurance, regulatory and other matters.

In July and August 2018, we paid down approximately $105 million on the RBL Facility from the net proceeds we received in the IPO of our common stock (see Note 8).

Senior Unsecured Notes Offering

In February 2018, we completed a private issuance of $400 million in aggregate principal amount of 7.0% senior unsecured notes due February 2026 (the “2026 Notes”), which resulted in net proceeds to us of approximately $391 million after deducting expenses and the initial purchasers’ discount. We used a portion of the net proceeds from the issuance of the 2026 Notes to repay the $379 million outstanding balance on the RBL Facility and used the remainder for general corporate purposes.

We may, at our option, redeem all or a portion of the 2026 Notes at any time on or after February 15, 2021. We are also entitled to redeem up to 35% of the aggregate principal amount of the 2026 Notes before February 15, 2021, with an amount of cash not greater than the net proceeds that we raise in certain equity offerings at a redemption price equal to 107% of the principal amount of the 2026 Notes being redeemed, plus accrued and unpaid interest, if any. In addition, prior to February 15, 2021, we may redeem some or all of the 2026 Notes at a price equal to 100% of the principal amount thereof, plus a “make-whole” premium, plus any accrued and unpaid interest. If we experience certain kinds of changes of control, holders of the 2026 Notes may have the right to require us to repurchase their notes at 101% of the principal amount of the 2026 Notes, plus accrued and unpaid interest, if any.

The 2026 Notes are our senior unsecured obligations and rank equally in right of payment with all of our other senior indebtedness and senior to any of our subordinated indebtedness. The notes are fully and unconditionally guaranteed on a senior unsecured basis by us and will also be guaranteed by certain of our future subsidiaries (other than Berry LLC). The 2026 Notes and related guarantees are effectively subordinated to all of our secured indebtedness (including all borrowings and other obligations under our RBL Facility) to the extent of the value of the collateral securing such indebtedness, and structurally subordinated in right of payment to all existing and future indebtedness and other liabilities (including trade payables) of any future subsidiaries that do not guarantee the 2026 Notes.

The indenture governing the 2026 Notes contains restrictive covenants that may limit our ability to, among other things:


•	incur or guarantee additional indebtedness or issue certain types of preferred stock;


•	pay dividends on capital stock or redeem, repurchase or retire our capital stock or subordinated indebtedness;


•	transfer, sell or dispose of assets;


•	make investments;


•	create certain liens securing indebtedness;


•	enter into agreements that restrict dividends or other payments from our restricted subsidiaries to us;


•	consolidate, merge or transfer all or substantially all of our assets; and


•	engage in transactions with affiliates.

The indenture governing the 2026 Notes contains customary events of default, including, among others, (a) non-payment; (b) non-compliance with covenants (in some cases, subject to grace periods); (c) payment default under, or acceleration events affecting, material indebtedness and (d) bankruptcy or insolvency events involving us or certain of our subsidiaries. We were in compliance with all covenants as of December 31, 2018.

Derivatives

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

We utilize derivatives, such as swaps, puts and calls, to hedge a portion of our forecasted oil production and gas purchases to reduce exposure to fluctuations in oil and natural gas prices. We target covering our operating expenses and fixed charges, including maintenance capital expenditures, for up to two years out. We have hedged a portion of our exposure to differentials between Intercontinental Exchange (“ICE”) Brent oil (“Brent”) and NYMEX West Texas Intermediate oil (“WTI”) as well. We also, from time to time, have entered into agreements to purchase a portion of the natural gas we require for our operations, which we do not record at fair value as derivatives because they qualify for normal purchases and normal sales exclusions.

As of February 28, 2019, our hedge position consisted of oil swaps and puts and natural gas swaps. We use oil swaps and puts to protect against decreases in the oil price and natural gas swaps to protect against increases in natural gas prices. We do not enter into derivative contracts for speculative trading purposes and have not accounted for our derivatives as cash-flow or fair-value hedges. We did not designate any of our contracts as cash flow hedges; therefore, the changes in fair value of these instruments are recorded in current earnings. Gains (losses) on oil hedges are classified in the revenues and other section of the statement of operations and gains (losses) on natural gas hedges are presented in the expenses and other section of the statement of operations.

As of December 31, 2018, we have hedged crude oil production at the following approximate volumes and prices: 17.5 MBbl/d at $70 per barrel in 2019 and 1.2 MBbl/d at $65 per barrel in 2020, as outlined along with our natural gas derivative contracts in the following table:



	Q1 2019			Q2 2019			Q3 2019			Q4 2019			FY 2020
Purchased Oil Put Options (ICE Brent):
Hedged volume (MBbls)	360			1,001			1,012			1,012			455
Weighted-average price ($/Bbl)	$	65.00		$	65.00		$	65.00		$	65.00		$	65.00
Fixed Price Oil Swaps (ICE Brent):
Hedged volume (MBbls)	1,080			637			644			644			—
Weighted-average price ($/Bbl)	$	75.76		$	76.27		$	76.27		$	76.27		$	—
Oil basis differential positions (ICE Brent-NYMEX WTI basis swaps):
Hedged volume (MBbls)	45			45.5			46			46			—
Weighted-average price ($/Bbl)	$	(1.29	)	$	(1.29	)	$	(1.29	)	$	(1.29	)	$	—
Fixed Price Gas Purchase Swaps (Kern, Delivered):
Hedged volume (MMBtu)	1,350,000			1,365,000			1,380,000			465,000			—
Weighted-average price ($/MMBtu)	$	2.65		$	2.65		$	2.65		$	2.65		$	—

In January and February 2019, we closed a portion of our deferred premium put positions by selling offsetting put positions and terminating contracts. We also added to our natural gas swap positions we had previously hedged. As of February 28, 2019, we had hedged approximately 15.3 MBbl/d of our 2019 crude oil production at $68 per barrel.

For our purchased puts, we would receive settlement payments for prices below the indicated weighted-average price per barrel of Brent. For some of our put positions, we paid the premium at the time the positions were created, and for others, we will pay the premium at the time of settlement. In order to mitigate the exposure to these deferred premiums, we have entered into several offsetting put positions. The purchased put options contain deferred premiums of approximately $20 million and are reflected in the mark-to-market valuation of the derivatives on the balance sheet at December 31, 2018. The premiums will be payable in conjunction with the monthly settlements of these contracts and thus have been deferred until payments begin in 2019.

For fixed-price swaps, we make settlement payments for prices above the indicated weighted-average price per barrel of Brent and receive settlement payments for prices below the indicated weighted‑average price per barrel of Brent.

For oil basis swaps, we make settlement payments if the difference between Brent and WTI is greater than the indicated weighted-average price per barrel of our contracts and receive settlement payments if the difference between Brent and WTI is below the indicated weighted-average price per barrel.

For fixed-price natural gas purchase swaps, we are the buyer so we make settlement payments for prices below the weighted-average price per MMBtu and receive settlement payments for prices above the weighted-average price per MMBtu.

Our commodity derivatives are measured at fair value using industry-standard models with various inputs including publicly available underlying commodity prices and forward curves, and all are classified as Level 2 in the required fair value hierarchy for the periods presented. The following tables present the fair values (gross and net) of our outstanding derivatives as of December 31, 2018 and December 31, 2017:



	Berry Corp. (Successor)
	December 31, 2018
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset on Balance Sheet			Net Fair Value Presented on Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	89,981		$	(1,385	)	$	88,596
Commodity Contracts	Non-current assets	3,289			—			3,289
Liabilities:
Commodity Contracts	Current liabilities	(1,385		)	1,385			—
Total derivatives		$	91,885		$	—		$	91,885



	Berry Corp. (Successor)
	December 31, 2017
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
	(in thousands)
Liabilities:
Commodity Contracts	Current liabilities	$	(49,949	)	$	—	$	(49,949	)
Commodity Contracts	Non-current liabilities	(25,332		)	—		(25,332		)
Total derivatives		$	(75,281	)	$	—	$	(75,281	)

In May 2018, we elected to terminate outstanding commodity derivative contracts for all WTI oil swaps and certain WTI/Brent basis swaps for July 2018 through December 2019 and all WTI oil sold call options for July 2018 through June 2020. Termination costs totaled approximately $127 million and were calculated in accordance with a bilateral agreement on the cost of elective termination included in these derivative contracts; the present value of the contracts using the forward price curve as of the date termination was elected. No penalties were charged as a result of the elective termination. Concurrently, Berry Corp. entered into commodity derivative contracts consisting of Brent oil swaps for July 2018 through March 2019 and Brent oil purchased put options for January 2019 through March 2020. These Brent oil swaps hedged 1.8 MMBbls in 2018 and 0.9 MMBbls in 2019 at a weighted-average price of $75.66. These Brent oil purchased put options provided a weighted-average price floor of $65.00 for 2.8 MMBbls in 2019 and 0.5 MMBbls in 2020. We effected these transactions to move from a WTI-based position to a Brent-based position as well as bring our hedge pricing more in line with market pricing at the time.

By using derivative instruments to economically hedge exposure to changes in commodity prices, we expose ourselves to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk. We do not receive collateral from our counterparties.

We minimize the credit risk in derivative instruments by limiting our exposure to any single counterparty. In addition, our RBL Facility prevents us from entering into hedging arrangements that are secured, except with our lenders and their affiliates that have margin call requirements, that otherwise require us to provide collateral or with a non-lender counterparty that does not have an A- or A3 credit rating or better from Standards & Poor’s or Moody’s, respectively. In accordance with our standard practice, our commodity derivatives are subject to counterparty netting under agreements governing such derivatives which mitigates the counterparty nonperformance risk somewhat.

Gains (Losses) on Derivatives

A summary of gains and losses on the derivatives included on the statements of operations is presented below:



	Berry Corp. (Successor)						Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017			Two Months Ended February 28, 2017		Year Ended December 31, 2016
	(in thousands)
Gains (losses) on oil derivatives	$	(4,621	)	$	(66,900	)	$	12,886	$	(15,781	)
Gains (losses) on natural gas derivatives	6,357			—			—		—
Lease operating expenses⁽¹⁾	—			—			—		(4,605)
Total gains (losses) on oil and natural gas derivatives	$	(1,735	)	$	(66,900	)	$	12,886	$	(20,386	)

__________


(1)	Consists of gains and (losses) on derivatives that were entered into in March 2015 to hedge exposure to differentials in consuming areas.

For the year ended December 31, 2018, we paid net cash scheduled settlements of approximately $38 million, excluding the payments for the early terminated derivatives. For the ten months ended December 31, 2017, the two months ended February 28, 2017 and the year ended December 31, 2016, we received net cash settlements of approximately $3 million, $0.5 million, and $10 million, respectively.

Lawsuits, Claims, Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Lawsuits, Claims, Commitments and Contingencies

In the normal course of business, we, or our subsidiary, are subject to lawsuits, environmental and other claims and other contingencies that seek, or may seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief.

On May 11, 2016 our predecessor company filed the Chapter 11 Proceeding. Our bankruptcy case was jointly administered with that of Linn Energy and its affiliates under the caption In re Linn Energy, LLC, et al., Case No. 16-60040. On January 27, 2017, the Bankruptcy Court approved and confirmed the Plan. On February 28, 2017, the Effective Date occurred and the Plan became effective and was implemented. A final decree closing the Chapter 11 Proceeding was entered September 28, 2018, with the Court retaining jurisdiction as described in the confirmation order and without prejudice to the request of any party-in-interest to reopen the case including with respect to certain, immaterial remaining matters.

We accrue reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. We have not recorded any reserve balances at December 31, 2018 and December 31, 2017. We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of reserves accrued on our balance sheet would not be material to our consolidated financial position or results of operations.

We, or our subsidiary, or both, have indemnified various parties against specific liabilities those parties might incur in the future in connection with transactions that they have entered into with us. As of December 31, 2018, we are not aware of material indemnity claims pending or threatened against us.

We have certain commitments under contracts, including purchase commitments for goods and services. At December 31, 2018, we had an obligation to provide improved road access in connection with our Piceance assets. Our obligation is for a minimum $6 million, which could be higher if we elect to construct, or begin construction of the road, in which case we are obligated to cover 100% of the first $9 million of construction costs plus 50% of the all construction costs above $9 million. Alternatively, we can provide long-term access to an existing road. In addition, we entered into certain firm commitments to secure transportation of our natural gas production to market as well as pipeline and processing capacity which require a minimum monthly charge regardless of whether the contracted capacity is used or not. We have also entered into operating lease agreements mainly for office space. Lease payments are generally expensed as part of general and administrative expenses. At December 31, 2018, future net minimum payments for non-cancelable purchase obligations and operating leases (excluding oil and natural gas and other mineral leases, utilities, taxes and insurance and maintenance expense) were as follows:



	2019		2020		2021		2022		2023		Thereafter		Total
	(in thousands)
Minimum purchase obligations	$	3,195	$	3,247	$	2,675	$	2,590	$	1,061	—		$	12,768
Minimum lease payments	$	1,290	$	316	$	321	$	326	$	229	$	—	$	2,482

Equity

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Equity

On the Effective Date, Berry Corp. filed with the Secretary of State of the State of Delaware the Amended and Restated Certificate of Incorporation of Berry Corp. (the “Certificate of Incorporation”) and the Certificate of Designation of Series A Convertible Preferred Stock of Berry Petroleum Corporation (the “Series A Certificate of Designation”). Berry Corp. also adopted the Amended and Restated Bylaws of Berry Petroleum Corporation (the “Bylaws”) on the Effective Date. The Certificate of Incorporation provides that Berry Corp.’s authorized capital stock consists of 750,000,000 shares of common stock, par value $0.001 per share, and 250,000,000 shares of undesignated preferred stock, par value $0.001 per share.

Common Stock

The Plan contemplated the distribution of 40,000,000 shares of common stock in Berry Corp. On the Effective Date, 32,920,000 shares of common stock were distributed, pro rata, to holders of Unsecured Notes claims. The holders of Unsecured Claims received a right to receive their pro rata share of either (i) 7,080,000 shares of common stock in Berry Corp. or (ii) in the event that such holder irrevocably elected to receive a cash recovery, cash distributions from the Cash Distribution Pool. Since the Effective Date we have negotiated with claimants to settle their claims and subsequent to December 31, 2018 we issued approximately 2,770,000 shares instead of 7,080,000 to resolve these claims.

Voting Rights. Each share of common stock is entitled to one vote with respect to each matter on which holders of common stock are entitled to vote. Holders of common stock do not have cumulative voting rights.

Dividend Rights. Holders of common stock will be entitled to receive dividends, if any, as may be declared from time to time by our board of directors (the “Board”) out of legally available funds.

Liquidation Rights. Upon liquidation, dissolution or winding up of the Company, subject to the rights of the holders of outstanding preferred stock, holders of our common stock will be entitled to share ratably in the assets of the Company that are legally available for distribution to holders of our common stock after payment of the Company’s debts and other liabilities.

Holders of preferred stock that is outstanding may be entitled to dividend or liquidation preferences over holders of our common stock, which means that the Company would have to pay distributions to holders of preferred stock before paying any distributions to holders of our common stock.

Preemptive and Conversion Rights. Holders of common stock have no preemptive, conversion or other rights to subscribe for additional shares.

Preferred Stock

On the Effective Date, we issued 35,845,001 shares of preferred stock to participants in the rights offerings extended by the Company to certain holders of claims and in satisfaction of a backstop commitment fee for proceeds of $335 million. In July 2018, all shares of our Series A Preferred Stock, approximately 37.7 million in total, were converted to approximately 39.6 million common shares and, as a result, there were no shares of our Series A Preferred Stock outstanding as of December 31, 2018.

Dividend Rights. Holders of Series A Preferred Stock were entitled to receive, when, as and if declared by the board of directors, cumulative dividends at a rate of 6.0% per annum either in cash or in additional shares of Series A Preferred Stock at the discretion of the board of directors. No dividends had been declared or paid as of December 31, 2017. The accreted cumulative and per share value of the dividends as of December 31, 2017 was approximately $18 million and $0.51, respectively.

Beneficial Conversion Feature

A beneficial conversion feature exists when the effective conversion price of a convertible security is less than the fair value per share on the commitment date. The conversion price of the preferred stock on the date of issuance was less than the estimated fair value of the common stock distributable under the Plan. Since the preferred stock is not mandatorily redeemable and is immediately convertible, the entire amount of the beneficial conversion feature was recognized immediately. In accordance with GAAP, we recorded a non-cash deemed dividend and a corresponding increase to additional paid in capital of approximately $27 million that is attributable to this beneficial conversion feature. The financial statement impact of the deemed dividend is eliminated in the consolidated statement of equity as adopting fresh-start accounting results in an entity with no beginning retained earnings or accumulated deficit.

Registration Rights Agreement

On the Effective Date, Berry Corp. entered into a registration rights agreement (the “Registration Rights Agreement”) with certain holders of the Unsecured Notes. Subsequently, the registration rights agreement was amended and restated in connection with our IPO.

The Registration Rights Agreement requires Berry Corp. to file a shelf registration statement with the SEC as soon as practicable following the Effective Date. The shelf registration statement registered the resale, on a delayed or continuous basis, of all Registrable Securities that have been timely designated for inclusion by specified Holders (as defined in the Registration Rights Agreement). Generally, “Registrable Securities” includes (i) common stock issued or to be issued by Berry Corp. under the Plan, (ii) preferred stock that was purchased by the participants in the Berry Rights Offerings and (iii) common stock into which the preferred stock converts, except that “Registrable Securities” does not include securities that have been sold under an effective registration statement or Rule 144 under the Securities Act. The Registration Rights Agreement will terminate when there are no longer any Registrable Securities outstanding.

Initial Public Offering of Common Stock

In July 2018, we completed our IPO and as a result, on July 26, 2018, our common stock began trading on the NASDAQ under the ticker symbol BRY. We received approximately $110 million of net proceeds, after deducting underwriting discounts and offering expenses payable by us, for the 8,695,653 shares of common stock issued for our benefit in the IPO, net of the shares sold for the benefit of certain selling stockholders. The price to the public for the shares sold in our IPO was $14.00 per share. See “—Use of IPO proceeds” below for additional information.

In connection with the IPO, each of the 37.7 million shares of our Series A Preferred Stock was automatically converted into 1.05 shares of our common stock or 39.6 million shares in aggregate and the right to receive a cash payment of $1.75 (the “Series A Preferred Stock Conversion”). The cash payment was reduced in respect of any cash dividend paid by the Company on such share of Series A Preferred Stock for any period commencing on or after April 1, 2018. Because we paid the second quarter preferred dividend of $0.15 per share in June, the cash payment for the conversion was reduced to $1.60 per share, or approximately $60 million. In connection with the IPO, we assigned the additional 1.9 million shares of common stock issued in the Series A Preferred Stock Conversion a value of $14.00 per share, which was equal to the value of shares sold in the IPO. This approximate $27 million value and the $60 million conversion cash payment reduced the income attributable to common stockholders by approximately $87 million for the year ended December 31, 2018.

Shares Outstanding

As of December 31, 2018, there were 81,202,438 shares of common stock issued and outstanding under the Company's Omnibus Incentive Plan. An additional 922,952 unvested restricted stock units and performance restricted stock units were outstanding under the Company's 2017 Omnibus Incentive Plan as of December 31, 2018. A further 7,080,000 common shares were reserved for issuance to the general unsecured creditor group (the “Unsecured Claims”) pending resolution of disputed claims. Subsequent to December 31, 2018, we resolved such disputed claims by issuing approximately 2,770,000 shares. See Note 2 under “Plan of Reorganization” and Note 14 for further discussion of the common shares set aside to settle claims.

In March 2018, the board of directors approved a cumulative paid-in-kind dividend on the Series A Preferred Stock for the periods through December 31, 2017. The cumulative dividend was 0.050907 per share and approximately 1,825,000 shares in total. Also in March 2018, the board approved a $0.158 per share, or approximately $5.6 million, cash dividend on the Series A Preferred Stock for the quarter ended March 31, 2018. In both cases, the payments were to stockholders of record as of March 15, 2018. In May 2018, the board of directors approved a $0.15 per share, or approximately $5.6 million, cash dividend on the Series A Preferred Stock for the quarter ended June 30, 2018. The payment was to stockholders of record as of June 7, 2018. As described above, in July 2018, all shares of our Series A Preferred Stock, approximately 37.7 million in total, were converted to approximately 39.6 million common shares and, as a result, there were no shares of our Series A Preferred Stock outstanding following the IPO.

On August 21, 2018, our board of directors approved a $0.12 per share quarterly cash dividend on our common stock on a pro-rated basis from the date of our IPO through September 30, 2018, which resulted in a payment of $0.09 per share in October 2018. On November 7, 2018, our board of directors approved a $0.12 per share quarterly cash dividend on our common stock for the fourth quarter of 2018, which was paid in January 2019. On February 28, 2019, our board of directors approved a $0.12 per share quarterly cash dividend on our common stock for the first quarter of 2019.

Purchase of rights to common stock

In 2018, we entered into several settlement agreements with general unsecured creditors from our bankruptcy process. As a result, we paid approximately $20 million to purchase their claims to our common stock that we have reflected as treasury stock.

Stock Repurchase Program

In December 2018, our Board of Directors adopted a program for the opportunistic repurchase of up to $100 million of our common stock. Based on the Board’s evaluation of current market conditions for our common stock they authorized current repurchases of up to $50 million under the program. Purchases may be made from time to time in the open market, in privately negotiated transactions or otherwise. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, stock price, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and does not obligate Berry Petroleum to purchase shares during any period or at all. Any shares acquired will be available for general corporate purposes. In December 2018, we repurchased 448,661 shares at an average price of $8.81 per share for $4 million, which is reflected as treasury stock. The Company repurchased 1,932,096 shares from January 1, 2019 through February 28, 2019, resulting in a total of 2,380,757 shares repurchased under the Stock Repurchase Program for $25 million as of February 28, 2019.

Stock-Based Compensation

In July 2018, we became a public company and our stock began trading on the NASDAQ. As a result, the fair value of our common stock underlying our stock-based compensation awards granted will no longer be based on complex models using inputs and assumptions, but will be based on the price of our stock at the date of grant.

On June 27, 2018, our board of directors adopted the Berry Petroleum Corporation 2017 Omnibus Incentive Plan, as amended and restated (our “Restated Incentive Plan”). This plan constitutes an amendment and restatement of the plan (the “Prior Plan”) as in effect immediately prior to the adoption of the Restated Incentive Plan. The Prior Plan constituted an amendment and restatement of the plan originally adopted as of June 15, 2017 (the “2017 Plan”). The Restated Incentive Plan provides for the grant, from time to time, at the discretion of the board of directors or a committee thereof, of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, cash awards and substitute awards. The maximum number of shares of common stock that may be issued pursuant to an award under the Restated Incentive Plan is 10,000,000 inclusive of the number of shares of common stock previously issued pursuant to awards granted under the Prior Plan or the 2017 Plan. The maximum number of shares remaining that may be issued is 8,381,902 as of December 31, 2018.

For the year ended December 31, 2018, ten months ended December 31, 2017 and two months ended February 28, 2017 the stock-based compensation expense was $7 million, $2 million and zero, respectively. For the year ended December 31, 2018, stock-based compensation had an income tax benefit of approximately $1.5 million.

The table below summarizes the activity relating to restricted stock units (“RSUs”) issued under the 2017 Plan during the year ended December 31, 2018. The RSUs vest ratably over three years. Unrecognized compensation cost associated with the RSUs at December 31, 2018 was approximately $5 million which will be recognized over a weighted-average period of approximately two years.



	Number of shares		Weighted-average Grant Date Fair Value
	(shares in thousands)
December 31, 2017	683		$	10.12
Granted	218		$	11.97
Vested	(239	)	$	10.24
Forfeited	(21	)	$	10.92
December 31, 2018	641		$	10.82

The table below summarizes the activity relating to the performance-based restricted stock units (“PSUs”) issued under the 2017 Plan during the year ended December 31, 2018. The PSUs vest if the Company's stock price reaches certain levels over defined periods of time. Unrecognized compensation cost associated with the PSUs at December 31, 2018 is approximately $1 million which will be recognized over a weighted-average period of approximately two years.



	Number of shares		Weighted-average Grant Date Fair Value
	(shares in thousands)
December 31, 2017	622		$	7.09
Granted	132		$	7.98
Vested	(454	)	$	7.78
Forfeited	(18	)	$	7.49
December 31, 2018	282		$	6.73

In November 2018, we granted equity awards to executive officers consisting of 40% RSUs and 60% PSUs, under and pursuant to the terms of Omnibus Plan with the number of shares covered by such awards determined as of March 1, 2019. The time-vested RSUs will vest in equal annual increments over a three-year period with the first installment vesting March 1, 2020, subject to continued employment. The PSUs will vest, if at all, based on our total stockholder return, or the capital gains per share plus dividends paid assuming reinvestment over the performance period of July 26, 2018 through December 31, 2020.

Use of IPO Proceeds

Of the approximately $110 million of net proceeds received by us in the IPO, we used approximately $105 million to repay borrowings under our RBL Facility. This included the $60 million we borrowed on the RBL Facility to make the payment due to the holders of our Series A Preferred Stock in connection with the conversion of preferred stock to common stock. We used the remainder for general corporate purposes.

In connection with the IPO, on July 17, 2018, we entered into stock purchase agreements with certain funds affiliated with Oaktree Capital Management and Benefit Street Partners, pursuant to which we purchased an aggregate of 410,229 and 1,391,967 shares of our common stock, respectively, or 1,802,196 in total. In addition to the 8,695,653 shares of common stock issued and sold for our benefit in the IPO, we simultaneously received $24 million for issuing and selling 1,802,196 shares to the public and paid $24 million to purchase 1,802,196 shares under the stock purchase agreements. We purchased the shares immediately following the closing of the IPO and retired and returned them to the status of authorized but unissued shares.

The selling stockholders also directly sold an additional 2,545,630 shares at a price of $14.00 per share for which we did not receive any proceeds.

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Dec. 31, 2018
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan We sponsor a defined contribution retirement plan under section 401(k) of the Internal Revenue Code to assist all full-time employees in providing for retirement or other future financial needs. The 401(k) plan provides for a matching contribution of up to 6% of an employee’s eligible compensation. Employees are eligible to participate in the 401(k) plan on their date of hire. We expensed approximately $1.4 million, $0.8 million, $0 and $0 for the year ended December 31, 2018, the ten months ended December 31, 2017, the two months ended February 28, 2017 and the year ended December 31, 2016, respectively, under the provisions of the 401(k) plan.

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

Prior to the Effective Date, Berry LLC was a limited liability company treated as a disregarded entity for federal and state income tax purposes, with the exception of the state of Texas. Limited liability companies are subject to Texas margin tax. As such, with the exception of the state of Texas, Berry LLC was not a taxable entity, it did not directly pay federal and state income taxes and recognition was not given to federal and state income taxes for the operations of Berry LLC. Upon emergence from bankruptcy, Berry Corp. acquired the assets of Berry LLC in a taxable asset acquisition as part of the restructuring. Consequently, we are now taxed as a corporation and have no net operating loss carryforwards for the periods prior to February 28, 2017.

On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”) made significant changes to the Internal Revenue Code of 1986, including lowering the maximum federal corporate income tax rate from 35% to 21% and imposing limitations on the use of net operating losses arising in taxable years ending after December 31, 2017. The SEC permitted the recognition of provisional amounts based on a reasonable estimate, subject to adjustments in a one-year measurement period. For the year ended December 31, 2017, we recorded provisional estimates for the remeasurement of our net deferred tax asset before valuation allowance of $2.7 million for the reduction in the corporate tax rate and a $1.9 million increase in the valuation allowance as a result of the Act. During 2018, we completed our accounting related to the income tax effects of the Act, resulting in no significant adjustments to the provisional amounts recorded.

The key contributor to the change in our effective rate from (15)% in the ten months ended December 31, 2017 to 23% for the year ended December 31, 2018 was the reduction in the valuation allowance. Our earnings for 2018 allowed for the release of our valuation allowance, described below, resulting in an effective tax rate less than the statutory federal and state tax rates.

Income tax expense (benefit) consisted of the following:



	Berry Corp. (Successor)					Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017		Two Months Ended February 28, 2017		Year Ended December 31, 2016
	(in thousands)
Current taxes:
Federal	$	(465	)	$	465	$	—	$	—
State	(446		)	450		221		127
Total current taxes	(911		)	915		221		127
Deferred taxes:
Federal	33,227			1,888		—		—
State	10,719			—		9		(11		)
Total deferred taxes	43,946			1,888		9		(11		)
Total current and deferred taxes	$	43,035		$	2,803	$	230	$	116

A reconciliation of the federal statutory tax rate to the effective tax rate is as follows:



	Berry Corp. (Successor)				Berry LLC (Predecessor)
	Year Ended December 31, 2018		Ten Months Ended December 31, 2017		Two Months Ended February 28, 2017		Year Ended December 31, 2016
Federal statutory rate	21.0	%	35.0	%	35.0	%	35.0	%
State, net of federal tax benefit	6.3	%	7.2	%	—	%	—	%
Effect of permanent differences	(0.6	)%	(0.4	)%	—	%	—	%
Tax reform—rate change⁽¹⁾	—	%	(14.7	)%	—	%	—	%
Income excluded from nontaxable entities	—	%	—	%	(35.0	)%	(35.0	)%
Change in valuation allowance	(4.1	)%	(42.4	)%	—	%	—	%
Effective tax rate	22.6	%	(15.3	)%	—	%	—	%

__________


(1)	For the ten months ended December 31, 2017, includes the tax rate reduction. The impact of the rate change is fully offset in the “Change in valuation allowance” item.

Significant components of the deferred tax assets and liabilities are as follows:



	Berry Corp. (Successor)
	December 31, 2018			December 31, 2017
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	14,310		$	1,556
Accruals	2,993			2,144
Asset retirement obligations	26,383			27,064
Derivative instruments	—			18,982
Tax credits	—			528
Interest limitation carryforward	7,486			—
Other	2,033			867
Subtotal	53,205			51,141
Valuation allowance	—			(7,748		)
Total deferred tax assets	53,205			43,393
Deferred tax liabilities:
Book tax differences in property basis	(95,348		)	(45,281		)
Derivative instruments	(3,692		)	—
Total deferred tax liabilities	(99,040		)	(45,281		)
Net deferred tax asset (liability)	$	(45,835	)	$	(1,888	)

We assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. As of December 31, 2018, due to the positive evidence of cumulative income since the Effective Date and the reversal of existing federal and state temporary differences, we determined there is sufficient positive evidence to conclude that it is more likely than not that our deferred tax assets are realizable. Therefore, we have fully released the valuation allowance in 2018, resulting in an income tax benefit of $7.7 million.

As of December 31, 2018, the Company had approximately $55 million of federal net operating loss (“NOL”) carryforwards and $45 million of state net operating loss carryforwards. $25 million of federal net operating loss carryovers have no expiration date and the remaining expire in 2037. State net operating loss carry forwards will expire in varying amounts beginning in 2037.

The Act signed into law in 2017 imposed new limitations to Code Section 163(j), restricting the ability to deduct interest paid or accrued on indebtedness. As of December 2018, we recorded a deferred tax asset for the benefit of the interest deduction carryforward in the amount of $7.5 million. The interest carryforward has an indefinite life.

We had no material uncertain tax positions at December 31, 2018. We do not believe that it is reasonably possible that the total unrecognized benefits will significantly increase within the next 12 months.

We are subject to taxation in the United States and various state jurisdictions. We are not currently under audit by any federal or state taxing authority. The 2018 and 2017 federal and state tax returns remain open to examination under the respective statute of limitations.

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows

Other current assets reported on the balance sheets included the following:



	Berry Corp. (Successor)
	December 31, 2018		December 31, 2017
	(in thousands)
Prepaid expenses	$	4,656	$	6,901
Oil inventories, materials and supplies	9,473		5,938
Other	238		1,227
Other current assets	$	14,367	$	14,066

The major classes of inventory were not material and therefore not stated separately. Other non-current assets at December 31, 2018 and December 31, 2017 included approximately $16 million and $20 million of deferred financing costs, net of amortization, respectively.

Accounts payable and accrued expenses on the balance sheets included the following:



	Berry Corp. (Successor)
	December 31, 2018		December 31, 2017
	(in thousands)
Accounts payable-trade	$	13,564	$	11,916
Accrued expenses	66,417		37,912
Royalties payable	26,189		25,793
Greenhouse gas liability	—		10,446
Taxes other than income tax liability	10,766		8,437
Accrued interest	10,500		—
Dividends payable	9,992		—
Other	6,689		3,373
Total accounts payable and accrued expenses	$	144,118	$	97,877

Other non-current liabilities at December 31, 2018 included approximately $15 million of greenhouse gas liability.

Supplemental Cash Flow Information

Supplemental disclosures to the statements of cash flows are presented below:



	Berry Corp. (Successor)					Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017		Two Months Ended February 28, 2017		Year Ended December 31, 2016
	(in thousands)
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Increase (decrease) in accrued liabilities related to purchases of property and equipment	$	19,257		$	2,483	$	2,249	$	2,266
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	$	19,761		$	14,276	$	8,057	$	57,759
Income taxes	$	(1,901	)	$	1,994	$	—	$	347
Reorganization items, net	$	832		$	1,732	$	11,838	$	19,116

The following table provides a reconciliation of Cash, Cash Equivalents and Restricted Cash as reported in the Consolidated Statements of Cash Flows to the line items within the Consolidated Balance Sheets:



	Berry Corp. (Successor)				Berry LLC (Predecessor)
	December 31, 2018		December 31, 2017		February 28, 2017		December 31, 2016
	(in thousands)
Beginning of Period
Cash and cash equivalents	$	33,905	$	32,049	$	30,483	$	1,023
Restricted cash	34,833		52,860		197,793		250,359
Restricted cash in other noncurrent assets	—		125		128		128
Cash, cash equivalents and restricted cash	$	68,738	$	85,034	$	228,404	$	251,510

Ending of Period
Cash and cash equivalents	$	68,680	$	33,905	$	32,049	$	30,483
Restricted cash	—		34,833		52,860		197,793
Restricted cash in other noncurrent assets	—		—		125		128
Cash, cash equivalents and restricted cash	$	68,680	$	68,738	$	85,034	$	228,404

Restricted cash is associated with cash reserved to settle claims with general unsecured creditors resulting from implementation of the Plan. Cash and cash equivalents consists primarily of highly liquid investments with original maturities of three months or less and are stated at cost, which approximates fair value.

Certain Relationships and Related Party Transactions	12 Months Ended
Certain Relationships and Related Party Transactions	Dec. 31, 2018
Related Party Transactions [Abstract]
Certain Relationships and Related Party Transactions	Certain Relationships and Related Party Transactions In connection with our emergence from bankruptcy, we entered into agreements with certain of our affiliates and with parties who received shares of our common stock and Series A Preferred Stock in exchange for their claims. See Note 8 - Equity for further details. Transition Services and Separation Agreement (“TSSA”) On the Effective Date, Berry LLC entered into a TSSA with Linn Energy and certain of its subsidiaries to facilitate the separation of Berry LLC’s operations from Linn Energy’s operations. Under the TSSA, Berry LLC reimbursed Linn Energy for third-party out-of-pocket costs and expenses actually incurred by Linn Energy in connection with providing certain transition services. Additionally, Berry LLC paid to Linn Energy a management fee equal to $6 million per month, prorated for partial months, during the period from the Effective Date through the last day of the second full calendar month after the Effective Date (the “Transition Period”) and $2.7 million per month, prorated for partial months, from the first day following the Transition Period through the last day of the second full calendar month thereafter (the “Accounting Period”). During the Accounting Period, the scope of the transition services was reduced to specified accounting and administrative services. The Transition Period under the TSSA ended April 30, 2017, and the Accounting Period ended June 30, 2017. For the seven months ended September 30, 2017, we incurred management fee expenses of approximately $17 million under the TSSA. Since the agreement commenced on the Effective Date, no expenses were incurred for the periods ended February 28, 2017.

Acquisitions and Divestitures	12 Months Ended
Acquisitions and Divestitures	Dec. 31, 2018
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisition of Hill Properties On July 31, 2017, we acquired the remaining 84% working interest in the South Belridge Hill property located in Kern County, California, in which we previously owned a 16% working interest (the “Hill Acquisition”). We purchased the properties for approximately $249 million. Chevron North Midway-Sunset Acquisition In April 2018, we acquired 2 leases on an aggregate of 214 acres and a lease option on 490 acres of land owned by Chevron U.S.A. in the north Midway-Sunset field immediately adjacent to assets we currently operate. We assumed a drilling commitment of approximately $35 million to drill 115 wells on or before April 1, 2020, which we extended to April 1, 2022. We had not drilled any of these wells as of December 31, 2018. We would assume an additional 40 well drilling commitment if we exercise our option on the 490 acres. We paid no other consideration for the acquisition. Our drilling commitment will be tolled for a month for each consecutive 30-day period for which the posted price of WTI is less than $45 per barrel. This transaction is consistent with our business strategy to investigate areas beyond our known productive areas. Disposition of East Texas Properties On November 30, 2018, we sold our non-core gas-producing properties and related assets located in the East Texas basin for approximately $7 million, before purchase price adjustments, which resulted in a gain of approximately $4 million. Production comprised approximately 0.7 MBoe per day of natural gas in the third quarter of 2018. Disposition of Hugoton Properties On July 31, 2017, we divested our 78% working interest in the Hugoton natural gas field located in Southwest Kansas and the Oklahoma Panhandle (the “Hugoton Disposition”) because we deemed it a non-core asset. This resulted in approximately $234 million of proceeds and a $23 million gain.

Earnings Per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

The Predecessor was organized as a limited liability company and, as such, did not issue any stock. Accordingly, we have not presented earnings per share calculations for the predecessor company periods.

We calculate basic earnings (loss) per share by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during each period. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement, such as those shares contemplated by the Plan, are considered common shares outstanding and are included in the computation of net income (loss) per share. The Plan required that we reserve 7,080,000 shares of our common stock to settle claims of unsecured creditors. These shares were previously included in the 40 million shares of common stock contemplated by the Plan, without regard to actual issuance dates. Prior to the finalization and issuance of these shares, the computation of net income (loss) per share included the 7,080,000 reserved shares. In March 2019, we finalized settlement of these claims, issuing approximately 2,770,000 shares. We retrospectively adjusted the weighted average shares in our earnings per share calculations for the 2,770,000 shares issued instead of the 7,080,000 shares that had been reserved.

The Series A Preferred Stock was not a participating security, therefore, we calculated diluted EPS using the “if-converted” method under which the preferred dividends are added back to the numerator and the convertible preferred stock is assumed to be converted at the beginning of the period. No incremental shares of Series A Preferred Stock were included in the diluted EPS calculation for the year ended December 31, 2018 as their effect was anti-dilutive under the “if-converted” method. The RSUs are not a participating security as the dividends are forfeitable. The incremental RSU shares of 189,000 were included in the diluted EPS calculation for the year ended December 31, 2018 as their effect was dilutive under the “if-converted” method. No incremental shares of Series A Preferred Stock or RSUs were included in the diluted EPS calculation for the ten months ended December 31, 2017 as their effect was anti-dilutive under the “if-converted” method. No PSUs were included in the EPS calculations for any of the periods presented due to their contingent nature.

In July 2018, all outstanding shares of our Series A Preferred Stock were converted to common shares in connection with the IPO of our common stock (see Note 8). The conversion was characterized as an induced conversion that required a deduction in our EPS calculation, from net income, of approximately $87 million in determining income attributable to common stockholders. This deduction represents the excess of fair value of the total consideration given to preferred stockholders in the transaction over the fair value of the common stock issuable under the original conversion terms. Included in the $87 million is a $60 million cash payment and approximately $27 million of value from the 1.9 million additional common shares received by preferred stockholders as a result of the automatic conversion that occurred in conjunction with our IPO.



	Berry Corp. (Successor)						Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017			Two Months Ended February 28, 2017	Year Ended December 31, 2016
	(in thousands except per share amounts)
Basic EPS calculation
Net income (loss)	$	147,102		$	(21,068	)	n/a	n/a
less: Series A Preferred Stock dividends and conversion to common stock	(97,942		)	(18,248		)	n/a	n/a
Net income (loss) attributable to common stockholders	$	49,160		$	(39,316	)	n/a	n/a
Weighted-average shares of common stock outstanding	57,743			38,644			n/a	n/a
Basic Earnings (loss) per share⁽²⁾	$	0.85		$	(1.02	)	n/a	n/a
Diluted EPS calculation
Net income (loss)	$	147,102		$	(21,068	)	n/a	n/a
less: Series A Preferred Stock dividends and conversion to common stock	(97,942		)	(18,248		)	n/a	n/a
Net loss attributable to common stockholders	$	49,160		$	(39,316	)	n/a	n/a
Weighted-average shares of common stock outstanding	57,743			38,644			n/a	n/a
Dilutive effect of potentially dilutive securities⁽¹⁾	189			—			n/a	n/a
Weighted-average common shares outstanding-diluted	57,932			38,644			n/a	n/a
Diluted Earnings (loss) per share⁽²⁾	$	0.85		$	(1.02	)	n/a	n/a

__________


(1)	No potentially dilutive securities were included in computing earnings (loss) per share for the ten months ended December 31, 2017 because the effect of inclusion would have been anti-dilutive.


(2)	Per share amounts are stated net of tax.

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Successor and its wholly owned subsidiary after February 28, 2017 and the accounts of the Predecessor prior to February 28, 2017. All significant intercompany transactions and balances have been eliminated upon consolidation. For oil and gas exploration and production joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements.
Bankruptcy Accounting	Bankruptcy Accounting The consolidated financial statements have been prepared as if the Company will continue as a going concern and reflect the application of GAAP. GAAP requires that the financial statements, for periods subsequent to filing of the bankruptcy proceedings, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain expenses, gains and losses that are realized or incurred in connection with the bankruptcy proceedings are recorded in “reorganization items, net” on our consolidated statements of operations. In addition, pre-petition unsecured and under-secured obligations that may be impacted by the bankruptcy reorganization process have been classified as “liabilities subject to compromise” on our balance sheet. These liabilities are reported at the amounts allowed as claims by the Bankruptcy Court, although they may be settled for less. Upon emergence from bankruptcy on February 28, 2017, we adopted fresh-start accounting which resulted in Berry Corp. becoming the financial reporting entity. As a result of the application of fresh-start accounting and the effects of the implementation of the Plan (see Note 2 for definition), the financial statements on or after February 28, 2017 are not comparable to the financial statements prior to that date. See Note 3 for additional information.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP required management of the Company to make informed estimates and assumptions about future events. These estimates and the underlying assumptions affect the amount of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Estimates that are particularly significant to the financial statements include estimates of our reserves of oil and gas, future cash flows from oil and gas properties, depreciation, depletion and amortization, asset retirement obligations, fair values of commodity derivatives and fair values of assets acquired and liabilities assumed. In addition, as part of fresh-start accounting, we made estimates and assumptions related to our reorganization value, liabilities subject to compromise and the fair value of assets and liabilities recorded. As fair value is a market-based measurement, it was determined based on the assumptions that we believe market participants would use. We based these assumptions on management's best estimates and judgment. Management evaluates its assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, that management believes to be reasonable under the circumstances. Such assumptions are adjusted when management determines that facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from these estimates.
Cash Equivalents, Restricted Cash	Cash Equivalents We consider all highly liquid short-term investments with original maturities of three months or less to be cash equivalents. Restricted Cash As of December 31, 2018 and December 31, 2017, “restricted cash” was approximately zero and $35 million, respectively. Restricted cash was classified as a current asset on the consolidated balance sheets and represents cash that was used to settle certain claims and pay certain professional fees in accordance with the Plan (as defined below).
Inventories	Inventories Inventories were included in other current assets. Oil and natural gas inventories were valued at the lower of cost or net realizable value. Materials and supplies were valued at their weighted-average cost and are reviewed periodically for obsolescence.
Oil and Natural Gas Properties	Unproved Properties A portion of the carrying value of our oil and gas properties was attributable to unproved properties. At December 31, 2018 and 2017, the net capitalized costs attributable to unproved properties were approximately $388 million and $517 million, respectively. The unproved amounts were not subject to depreciation, depletion and amortization until they were classified as proved properties and amortized on a unit-of-production basis. We evaluate the impairment of our unproved oil and gas properties whenever events or changes in circumstances indicate the carrying value may not be recoverable. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, contractual conditions or other factors, the capitalized costs of such properties would be expensed. The timing of any write-downs of unproved properties, if warranted, depends upon management’s plans, the nature, timing and extent of future exploration and development activities and their results. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at December 31, 2018. Based on the analysis described above, for the year ended December 31, 2016, we recorded non-cash impairment charges of approximately $13 million associated with unproved oil and natural gas properties. The impairment charges in 2016 were primarily due to a decline in commodity prices and changes in expected capital development. The carrying values of the impaired unproved properties were reduced to fair value, estimated using inputs characteristic of a Level 3 fair value measurement. The impairment charges are included in “impairment of long-lived assets” on our statements of operations. Oil and Natural Gas Properties Proved Properties We account for oil and natural gas properties in accordance with the successful efforts method. Under this method, all acquisition and development costs of proved properties are capitalized and amortized on a unit-of-production basis over the remaining life of the proved reserves and proved developed reserves, respectively. Costs of retired, sold or abandoned properties that constitute a part of an amortization base are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized in the current period. Gains or losses from the disposal of other properties are recognized in the current period. For assets acquired, we base the capitalized cost on fair value at the acquisition date. We expense expenditures for maintenance and repairs necessary to maintain properties in operating condition, as well as annual lease rentals, as they are incurred. Estimated dismantlement and abandonment costs are capitalized, net of salvage, at their estimated net present value and amortized over the remaining lives of the related assets. Interest is capitalized only during the periods in which these assets are brought to their intended use. The amount of capitalized interest and exploratory well costs in 2018, 2017 and 2016 was not significant. We only capitalize the interest on borrowed funds related to our share of costs associated with qualifying capital expenditures. We evaluate the impairment of our proved oil and natural gas properties generally on a field by field basis or at the lowest level for which cash flows are identifiable, whenever events or changes in circumstance indicate that the carrying value may not be recoverable. We reduce the carrying values of proved properties are reduced to fair value when the expected undiscounted future cash flows are less than net book value. We measure the fair values of proved properties are measured using valuation techniques consistent with the income approach, converting future cash flows to a single discounted amount. Significant inputs used to determine the fair values of proved properties include estimates of: (i) reserves; (ii) future operating and development costs; (iii) future commodity prices; and (iv) a risk-adjusted discount rate. These inputs require significant judgments and estimates by our management at the time of the valuation and are the most sensitive estimates we make and the most likely to change. The underlying commodity prices are embedded in our estimated cash flows and are the product of a process that begins with the relevant forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors our management believes will impact realizable prices. Impairment of Proved Properties Based on the analysis described above, for the year ended December 31, 2016, we recorded non-cash impairment charges of approximately $1.0 billion associated with proved oil and natural gas properties. The 2016 impairment charges were due to a decline in commodity prices, changes in expected capital development and a decline in our estimates of proved reserves. The carrying values of the impaired proved properties were reduced to fair value, estimated using inputs characteristic of a Level 3 fair value measurement. The impairment charges were included in “impairment of long-lived assets” on our statements of operations.
Other Property and Equipment	Other Property and Equipment Other property and equipment includes natural gas gathering systems, pipelines, buildings, software, data processing and telecommunications equipment, office furniture and equipment, and other fixed assets. These assets are recorded at cost and are depreciated using the straight-line method based on expected useful lives ranging from 5 to 39 years for buildings and leasehold improvements and two to 30 years for plant and pipeline, drilling and other equipment.
Asset Retirement Obligation	Asset Retirement Obligation We recognize the fair value of asset retirement obligations (“AROs”) in the period in which a determination is made that a legal obligation exists to dismantle an asset and remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts were based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, technological changes, future inflation rates and the risk-adjusted discount rate. When the liability was initially recorded, we capitalized the cost by increasing the related property, plant and equipment (“PP&E”) balances. If the estimated future cost of the AROs changes, we record an adjustment to both the ARO and PP&E. Over time, the liability is increased and the capitalized cost is depreciated over the useful life of the asset. Accretion expense is also recognized over time as the discounted liabilities are accreted to their expected settlement value and is included in depreciation, depletion and amortization in the statement of operations.
Revenue Recognition	Revenue Recognition We recognize revenue from oil, natural gas and natural gas liquids (“NGLs”) when title has passed from us to the purchaser, and in the case of electricity when it is delivered to a custody transfer point, collection of revenue from the sale is reasonably assured and the sales price is fixed or determinable. We recognize our share of oil, natural gas and NGL revenues net of any royalties and other third-party share. The electricity and natural gas we produce and use in our operations are not included in revenues. The excess electricity produced by our cogeneration facilities is marketed to third parties under multi-year contracts approved by the California Public Utilities Commission (the “CPUC”) for which the electricity is offered daily into the California electric market to be dispatched based on pricing and grid requirements. In addition, we engage in the purchase, gathering and transportation of third-party natural gas and subsequently market such natural gas to independent purchasers under separate arrangements. As a result, we separately report third-party marketing revenues and marketing expenses.
Fair Value Measurements	Fair Value Measurements We have categorized our assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1—using quoted prices in active markets for the assets or liabilities; Level 2—using observable inputs other than quoted prices for the assets or liabilities; and Level 3—using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period. We primarily apply the market approach for recurring fair value measurement, maximize our use of observable inputs and minimize use of unobservable inputs. We generally use an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management’s judgments regarding expectations of projected cash flows and discounts those cash flows using a risk-adjusted discount rate. The most significant items on our balance sheet that would be affected by recurring fair value measurements are derivatives. We determine the fair value of our oil and natural gas derivatives using valuation techniques which utilize market quotes and pricing analysis. Inputs include publicly available prices and forward price curves generated from a compilation of data gathered from third parties. We validate data provided by third parties by understanding the valuation inputs used, obtaining market values from other pricing sources, analyzing pricing data in certain situations and confirming that those instruments trade in active markets. We classify these measurements as Level 2. Our PP&E is written down to fair value if we determine that there has been an impairment in its value. The fair value is determined as of the date of the assessment using discounted cash flow models based on management’s expectations for the future. Inputs include estimates of future production, prices based on commodity forward price curves as of the date of the estimate, estimated future operating and development costs and a risk-adjusted discount rate.
Stock-based Compensation	Stock-based Compensation Subsequent to February 28, 2017, we issued restricted stock units (“RSUs”) that vest over time and performance-based restricted stock units (“PSUs”) that vest based on our achievement of certain average prices per share, to certain employees and non-employee directors. The fair value of the stock-based awards is determined at the date of grant and is not remeasured. Prior to our IPO in July 2018, we determined the fair value of the RSUs based on an estimate of the fair value of our equity using an income approach. We used a discounted cash flow method to value the estimated future cash flows at an appropriate discount rate. Subsequent to our IPO, since the underlying shares are now trading in the public markets, these estimates are no longer necessary. For PSUs, compensation value is measured on the grant date using payout values derived from a Monte-Carlo valuation model. Estimates used in the Monte Carlo valuation model are considered highly complex and subjective. Compensation expense, net of actual forfeitures, for the RSUs and PSUs is recognized on a straight-line basis over the requisite service periods, which is over the awards’ respective vesting or performance periods which range from one to three years.
Other Loss Contingencies	Other Loss Contingencies In the normal course of business, we are involved in lawsuits, claims and other environmental and legal proceedings and audits. We accrue reserves for these matters when it is probable that a liability has been incurred and the liability can be reasonably estimated. In addition, we disclose, if material, in aggregate, our exposure to loss in excess of the amount recorded on the balance sheet for these matters if it is reasonably possible that an additional material loss may be incurred. We review our loss contingencies on an ongoing basis. Loss contingencies are based on judgments made by management with respect to the likely outcome of these matters and are adjusted as appropriate. Management’s judgments could change based on new information, changes in, or interpretations of, laws or regulations, changes in management’s plans or intentions, opinions regarding the outcome of legal proceedings, or other factors.
Electricity Cost Allocation	Electricity Cost Allocation We own five cogeneration facilities. Our investment in cogeneration facilities has been for the express purpose of lowering steam costs in our heavy oil operations in California and securing operating control of the respective steam generation. Cogeneration, also called combined heat and power, extracts energy from the exhaust of a turbine, which would otherwise be wasted, to produce steam. Such cogeneration operations also produce electricity. We allocate steam and electricity costs to lease operating expenses based on the conversion efficiency of the cogeneration facilities plus certain direct costs of producing steam. We also allocate a portion of the electricity production costs related to the power we sell to third parties, which is reported in “electricity generation expenses” in the statement of operations.
Income Taxes	Income Taxes Prior to the consummation of the Plan, as defined below, the Predecessor was a limited liability company treated as a disregarded entity for federal and state income tax purposes, with the exception of the state of Texas, in which income tax liabilities and/or benefits of the company are passed through to its members. Limited liability companies are subject to Texas margin tax. As such, with the exception of the state of Texas, the Predecessor was not a taxable entity, it did not directly pay federal and state income taxes and recognition was not given to federal and state income taxes for the operations of the company. On the Effective Date, upon consummation of the Plan, the Successor became a C Corporation subject to federal and state income taxes. The impact of changes in tax regulation are reflected when enacted. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases. Deferred tax assets are recognized when it is more likely than not that they will be realized. We periodically assess our deferred tax assets and reduce such assets by a valuation allowance if we deem it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense (benefit).
Earnings per Share	Earnings per Share We computed basic and diluted earnings per share (EPS) using the two-class method required for participating securities. Restricted and performance stock awards are considered participating securities when such shares have non-forfeitable dividend rights at the same rate as common stock. Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to common stock in determining net income attributable to common stockholders. In loss periods, no allocation is made to participating securities because the participating securities do not share in losses. For basic EPS, the weighted-average number of common shares outstanding excludes outstanding shares related to unvested restricted stock awards. For diluted EPS, the basic shares outstanding are adjusted by adding potentially dilutive securities, unless their effect is anti-dilutive.
Business and Credit Concentration	Business and Credit Concentrations We maintain our cash in bank deposit accounts which, at times, may exceed federally insured amounts. We have not experienced any losses in such accounts. We believe we are not exposed to any significant credit risk on our cash. We also sell oil, natural gas and NGLs to various types of customers, including pipelines, refineries and other oil and natural gas companies and electricity to utility companies. Based on the current demand for oil, natural gas and NGLs and the availability of other purchasers, we believe that the loss of any one of our major purchasers would not have a material adverse effect on our financial condition, results of operations or net cash provided by operating activities.
Recently Adopted Accounting Standards and New Accounting Standards Issued, But Not Yet Adopted	Recently Adopted Accounting Standards In November 2016, the Financial Accounting Standards Board (the “FASB”) issued rules intended to address the diversity in practice in classification and presentation of changes in restricted cash on the statement of cash flows. We adopted these rules retrospectively on January 1, 2018, as a result of which we included restricted cash amounts in our beginning and ending cash balances on the statement of cash flows and included a disclosure reconciling cash and cash equivalents presented on the balance sheets to cash, cash equivalents and restricted cash on the statement of cash flows. In March 2016, the FASB issued rules to improve the accounting for share-based payment transactions. We early-adopted these rules retrospectively on April 1, 2018 and as a result are reporting cash paid to tax authorities when we withhold shares from an employee's award as a cash outflow for financing activities on the statement of cash flows. There was no change to the other financial statements as a result of adopting these rules. New Accounting Standards Issued, But Not Yet Adopted In August 2017, the FASB released targeted improvements to hedge accounting standards that will expand hedge accounting for non-financial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company’s risk management activities. These rules are also intended to decrease the cost and complexity of hedge accounting. The new rules are effective for fiscal years beginning after December 15, 2018. We do not anticipate the adoption of this new rule to have a material impact on our consolidated financial statements. In June 2016, the FASB issued rules that change how entities will measure credit losses for certain financial assets and other instruments that are not measured at fair value. These rules are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of these rules on our consolidated financial statements. In February 2016, the FASB issued rules requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months and to include qualitative and quantitative disclosures with respect to the amount, timing, and uncertainty of cash flows arising from leases. As an emerging growth company, we have elected to delay the adoption of these rules until they are applicable to non-Securities Exchange Commission (“SEC”) issuers which is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We expect the adoption of these rules to increase other assets and other liabilities on our balance sheet and do not expect a material impact on our consolidated results of operations. During 2016, the FASB issued rules clarifying the new revenue recognition standard issued in 2014. The new rules are intended to improve and converge the financial reporting requirements for revenue from contracts with customers. We are an emerging growth company and have elected to delay adoption of these rules until they are applicable to non-SEC issuers which is for fiscal years beginning after December 31, 2018. As such, we will adopt these rules in the first quarter of 2019 and apply the modified retrospective approach, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial statements. We have performed an analysis of existing contracts and do not expect adoption to have a material impact on our consolidated financial statements, however, certain immaterial costs currently netted in revenue will likely be recorded in expenses. In addition, we have evaluated the expected changes to relevant business practices, accounting policies and control activities and do not expect to have a material change as a result of the adoption of these rules.

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Non-Cash Impairment Charges

The 2016 non-cash impairment charges associated with proved oil and natural gas properties arose in the following operating areas of our Predecessor:



	Berry LLC (Predecessor)
	Year Ended December 31, 2016
	(in thousands)
California operating area	$	984,288
Uinta basin operating area	26,677
East Texas operating area	6,387
Total non-cash impairment charges	$	1,017,352

Summary of Activity in ARO Account



	Berry Corp. (Successor)					Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017		Two Months Ended February 28, 2017
	(in thousands)
Beginning balance	$	97,422		$	113,275	$	141,798
Liabilities incurred	4,901			—		152
Settlements and payments	(3,555		)	(2,333)		(861)
Accretion expense	6,258			5,562		1,112
Reduction due to property sales	(4,145		)	(19,082)		—
Revisions	(5,333		)	—		—
Fresh-Start adjustment	—			—		(28,926)
Ending balance	$	95,548		$	97,422	$	113,275

Emergence from Voluntary Reorganization under Chapter 11 (Tables)

12 Months Ended

Dec. 31, 2018

Reorganizations [Abstract]

Reorganization Items, Net

The following table summarizes the components of reorganization items included in the consolidated statements of operations:



	Berry Corp. (Successor)						Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017			Two Months Ended February 28, 2017			Year Ended December 31, 2016
	(in thousands)
Return of undistributed funds from cash distribution pool⁽¹⁾	$	22,855		$	—		$	—		$	—
Gains on resolution of pre-emergence liabilities and claims	3,713			—			—			—
Legal and other professional advisory fees	(3,083		)	(1,027		)	(19,481		)	(30,130		)
Gains on settlement of liabilities subject to compromise	—			—			421,774			—
Fresh-start valuation adjustments	—			—			(920,699		)	—
Unamortized premiums	—			—			—			10,923
Terminated contracts	—			—			—			(55,148		)
Other	1,205			(705		)	10,686			1,693
Reorganization items, net	$	24,690		$	(1,732	)	$	(507,720	)	$	(72,662	)

__________


(1)	This amount was reclassed from restricted cash to general cash, thus does not represent a cash transaction.

Fresh-Start Accounting (Tables)

12 Months Ended

Dec. 31, 2018

Reorganizations [Abstract]

Schedule of Post-Petition Liabilities and Allowed Claims

The reorganization value of our assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims, as shown below:



	(in thousands)
Liabilities subject to compromise	$	1,000,336
Pre-petition debt not classified as subject to compromise	891,259
Post-petition liabilities	245,702
Total post-petition liabilities and allowed claims	2,137,297
Reorganization value of assets immediately prior to implementation of the Plan	(1,722,585)
Excess post-petition liabilities and allowed claims	$	414,712

Reconciliation of Enterprise Value to Estimated Reorganization Value

The following table reconciles the enterprise value to the estimated reorganization value as of the Effective Date:



	(in thousands)
Enterprise value	$	1,278,527
Plus: Fair value of non-debt liabilities	282,511
Reorganization value of the Successor’s assets	$	1,561,038

Summary of Adjustments in Fresh-Start Consolidated Balance Sheet



	As of February 28, 2017
	Berry LLC (Predecessor)			Reorganization Adjustments⁽¹⁾					Fresh-Start Adjustments					Berry Corp. (Successor)
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	27,407		$	4,642		⁽²⁾		$	—				$	32,049
Accounts receivable	76,027			(15,700		)	⁽³⁾		(816		)	⁽¹⁴	⁾	59,511
Derivative instruments	243			—					—					243
Restricted cash	128			52,732			⁽⁴⁾		—					52,860
Other current assets	18,437			(5,558		)	⁽⁵⁾		3,873			⁽¹⁵	⁾	16,752
Total current assets	122,242			36,116					3,057					161,415
Non-current assets:
Oil and natural gas properties	5,031,498			—					(3,787,898		)	⁽¹⁶	⁾	1,243,600
Less accumulated depletion and amortization	(2,814,999		)	—					2,814,999			⁽¹⁶	⁾	—
Total oil and natural gas properties, net	2,216,499			—					(972,899		)			1,243,600
Other property and equipment	124,379			—					(15,576		)	⁽¹⁷	⁾	108,803
Less accumulated depreciation	(22,107		)	—					22,107			⁽¹⁷	⁾	—
Total other property and equipment, net	102,273			—					6,530					108,803
Derivative instruments	57			—					—					57
Restricted cash	197,939			(197,814		)	⁽²⁾		—					125
Other non-current assets	16,076			151			⁽⁶⁾		30,811			⁽¹⁸	⁾	47,038
Total assets	$	2,655,086		$	(161,547	)			$	(932,501	)			$	1,561,038
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	60,323		$	52,371		⁽⁷⁾		$	3,818		⁽¹⁹	⁾	$	116,512
Derivative instruments	5,355			—					—					5,355
Current portion of long-term debt, net	891,259			(891,259		)	⁽⁸⁾		—					—
Other accrued liabilities	7,335			(3,760		)	⁽⁹⁾		1,295			⁽²⁰	⁾	4,870
Total current liabilities	964,272			(842,648		)			5,113					126,737
Non-current liabilities:
Derivative instruments	1,710			—					—					1,710
Long-term debt	—			400,000			⁽¹⁰	⁾	—					400,000
Other non-current liabilities	170,979			—					(16,915		)	⁽²¹	⁾	154,064
Liabilities subject to compromise	1,000,336			(1,000,336		)	⁽¹¹	⁾	—					—
Equity:
Predecessor additional paid-in capital	2,798,714			(2,798,714		)	⁽¹²	⁾	—					—
Predecessor accumulated deficit	(2,280,925		)	375,159			⁽¹³	⁾	1,905,766			⁽²²	⁾	—
Successor preferred stock	—			335,000			⁽¹²	⁾	—					335,000
Successor common stock	—			33			⁽¹²	⁾	—					33
Successor additional paid-in capital	—			3,369,959			⁽¹²	⁾	(2,826,465		)	⁽²²	⁾	543,494
Total equity	517,789			1,281,437					(920,699		)			878,527
Total liabilities and equity	$	2,655,086		$	(161,547	)			$	(932,501	)			$	1,561,038

__________

Reorganization Adjustments:

(1)


(2)	Changes in cash and cash equivalents included the following:



	(in thousands)
Borrowings under the Emergence Credit Facility	$	400,000
Proceeds from issuance of preferred stock pursuant the Berry Rights Offerings	335,000
Cash receipt from Linn Energy, LLC for ad valorem taxes	23,366
Removal of restriction on cash balance (includes $128 previously recorded as short term)	197,942
Payment to the holders of claims under the Pre-Emergence Credit Facility (including $29 in bank fees and $3,760 in interest)	(897,663)
Payment of professional fees	(992)
Payment of Emergence Credit Facility fee that was capitalized	(151)
Funding of the general unsecured claims Cash Distribution Pool	(35,000)
Funding of the professional fees escrow account	(17,860)
Changes in cash and cash equivalents	$	4,642


(3)	Collection of overpayment to Linn Energy, LLC for ad valorem taxes.


(4)	Primarily reflects the transfer to restricted cash to fund the Predecessor’s professional fees escrow account and general unsecured claims Cash Distribution Pool.


(5)	Primarily reflects the write-off of the Predecessor’s deferred financing fees.


(6)	Reflects the capitalization of deferred financing fees related to the Emergence Credit Facility.


(7)	Net increase in accounts payable and accrued expenses reflects:



	(in thousands)
Recognition of payables for the general unsecured claims Cash Distribution Pool	$	35,000
Recognition of payables for the professional fees escrow account	17,860
Recognition of payable for ad valorem tax liability	7,666
Net change of other professional fees payable	(8,161)
Other	6
Net increase in accounts payable and accrued expenses	$	52,371


(8)	Reflects the repayment of the Pre-Emergence Credit Facility.


(9)	Reflects the payment of accrued interest on the Pre-Emergence Credit Facility.


(10)	Reflects borrowings under the Emergence Credit Facility.


(11)	Settlement of liabilities subject to compromise and the resulting net gains were determined as follows:



	(in thousands)
Accounts payable and accrued expenses	$	151,298
Accrued interest payable	15,238
Debt	833,800
Total liabilities subject to compromise	1,000,336
Funding of the general unsecured claims Cash Distribution Pool	(35,000)
Common stock to holders of Unsecured Notes and general unsecured creditors	(543,562)
Gains on settlement of liabilities subject to compromise	$	421,774


(12)	Net increase in capital accounts reflects:



	(in thousands)
Common stock to holders of Unsecured Notes and general unsecured creditors	$	543,562
Payment of issuance costs	(35)
Dividend related to beneficial conversion feature of preferred stock	27,751
Cancellation of the Predecessor’s additional paid-in capital	2,798,714
Par value of common stock	(33)
Change in additional paid-in capital	3,369,959
Proceeds from issuance of preferred stock	335,000
Par value of common stock	33
Predecessor’s additional paid-in capital	(2,798,714)
Net increase in capital accounts	$	906,278

See Note 8 for additional information on the issuances and distributions of the Successor’s common and preferred stock.


(13)	Net decrease in accumulated deficit reflects:



	(in thousands)
Recognition of gains on settlement of liabilities subject to compromise	$	421,774
Recognition of professional fees	(13,667)
Write-off of deferred financing fees	(5,197)
Total reorganization items, net	402,910
Dividend related to beneficial conversion feature of preferred stock	(27,751)
Net decrease in accumulated deficit	$	375,159

Fresh-Start Adjustments:


(14)	Reflects a change in accounting policy from the entitlements method to the sales method for natural gas production imbalances.


(15)	Primarily reflects an increase in the current portion of greenhouse gas allowances.


(16)	Reflects a decrease of oil and natural gas properties, based on the methodology discussed in Note 4, and the elimination of accumulated depletion and amortization. The following table summarizes the components of oil and natural gas properties as of the Effective Date:



	Berry Corp. (Successor)		Berry LLC (Predecessor)
	Fair Value		Historical Book Value
	(in thousands)
Proved properties	$	712,400	$	4,266,843
Unproved properties	531,200		764,655
Total proved and unproved properties	1,243,600		5,031,498
Less accumulated depletion and amortization	—		(2,814,999)
Total proved and unproved properties, net	$	1,243,600	$	2,216,499


(17)	Reflects a decrease of other property and equipment and the elimination of accumulated depreciation. The following table summarizes the components of other property and equipment as of the Effective Date:



	Berry Corp. (Successor)		Berry LLC (Predecessor)
	Fair Value		Historical Book Value
	(in thousands)
Natural gas plants and pipelines	$	91,427	$	109,675
Land	8,262		201
Furniture and office equipment	5,040		3,879
Buildings and leasehold improvements	2,740		5,884
Vehicles	1,156		4,542
Drilling and other equipment	178		198
Total other property and equipment	108,803		124,379
Less accumulated depreciation	—		(22,107)
Total other property and equipment, net	$	108,803	$	102,273


(18)	Primarily reflects an increase in greenhouse gas allowances of approximately $30 million and a joint venture investment of approximately $1 million. Greenhouse gas allowances were valued using a market approach based on trading prices for carbon credits on February 28, 2017. Our joint venture investment was valued based on a market approach using a market EBITDA multiple.


(19)	Reflects increases for greenhouse gas emissions liabilities of approximately $4 million and a change in accounting policy from the entitlements method to the sales method for gas production imbalances of approximately $200,000, partially offset by a decrease for the current portion of intangibles liabilities of approximately $500,000.


(20)	Reflects an increase of the current portion of asset retirement obligations.

(21)


(22)	Reflects the cumulative impact of the fresh-start accounting adjustments discussed above and the elimination of the Predecessor’s accumulated deficit.

Oil and Natural Gas Properties and Other Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2018

Extractive Industries [Abstract]

Schedule of oil and natural gas capitalized costs

Aggregate capitalized costs related to oil, natural gas and NGL production activities with applicable accumulated depletion and amortization are presented below:



	Berry Corp. (Successor)
	December 31, 2018			December 31, 2017
	(in thousands)
Proved properties	$	1,073,959		$	825,416
Unproved properties	388,034			517,037
Total proved and unproved properties	1,461,993			1,342,453
Less accumulated depletion and amortization	(123,217		)	(54,785		)
Total proved and unproved properties, net	$	1,338,776		$	1,287,668

Schedule of other property and equipment

Other property and equipment consisted of the following:



	Berry Corp. (Successor)
	December 31, 2018			December 31, 2017
	(in thousands)
Natural gas plants and pipelines	$	86,562		$	79,856
Buildings and leasehold improvements	3,359			2,986
Vehicles	6,753			3,228
Furniture and equipment	14,964			10,547
Land	8,073			8,262
Total other property and equipment	119,710			104,879
Less: accumulated depreciation	(15,778		)	(5,356		)
Total other property and equipment, net	$	103,932		$	99,523

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table summarizes our outstanding debt:



	December 31, 2018			December 31, 2017		Interest Rate	Maturity	Security
	(in thousands)
RBL Facility	$	—		$	379,000	variable rates of 4.5% (2018) and 4.8% (2017), respectively	June 29, 2022	Mortgage on 85% of Present Value of proven oil and gas reserves
2026 Notes	400,000			—		7.0%	February 15, 2026	Unsecured
Long-Term Debt - Principal Amount	400,000			379,000
Less: Debt Issuance Costs	(8,214		)	—
Long-Term Debt, net	$	391,786		$	379,000

Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments



	Q1 2019			Q2 2019			Q3 2019			Q4 2019			FY 2020
Purchased Oil Put Options (ICE Brent):
Hedged volume (MBbls)	360			1,001			1,012			1,012			455
Weighted-average price ($/Bbl)	$	65.00		$	65.00		$	65.00		$	65.00		$	65.00
Fixed Price Oil Swaps (ICE Brent):
Hedged volume (MBbls)	1,080			637			644			644			—
Weighted-average price ($/Bbl)	$	75.76		$	76.27		$	76.27		$	76.27		$	—
Oil basis differential positions (ICE Brent-NYMEX WTI basis swaps):
Hedged volume (MBbls)	45			45.5			46			46			—
Weighted-average price ($/Bbl)	$	(1.29	)	$	(1.29	)	$	(1.29	)	$	(1.29	)	$	—
Fixed Price Gas Purchase Swaps (Kern, Delivered):
Hedged volume (MMBtu)	1,350,000			1,365,000			1,380,000			465,000			—
Weighted-average price ($/MMBtu)	$	2.65		$	2.65		$	2.65		$	2.65		$	—

Schedule of derivative instruments in statement of financial position

The following tables present the fair values (gross and net) of our outstanding derivatives as of December 31, 2018 and December 31, 2017:



	Berry Corp. (Successor)
	December 31, 2018
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset on Balance Sheet			Net Fair Value Presented on Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	89,981		$	(1,385	)	$	88,596
Commodity Contracts	Non-current assets	3,289			—			3,289
Liabilities:
Commodity Contracts	Current liabilities	(1,385		)	1,385			—
Total derivatives		$	91,885		$	—		$	91,885



	Berry Corp. (Successor)
	December 31, 2017
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
	(in thousands)
Liabilities:
Commodity Contracts	Current liabilities	$	(49,949	)	$	—	$	(49,949	)
Commodity Contracts	Non-current liabilities	(25,332		)	—		(25,332		)
Total derivatives		$	(75,281	)	$	—	$	(75,281	)

Schedule of gains and losses of derivatives instruments in statement of operations

A summary of gains and losses on the derivatives included on the statements of operations is presented below:



	Berry Corp. (Successor)						Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017			Two Months Ended February 28, 2017		Year Ended December 31, 2016
	(in thousands)
Gains (losses) on oil derivatives	$	(4,621	)	$	(66,900	)	$	12,886	$	(15,781	)
Gains (losses) on natural gas derivatives	6,357			—			—		—
Lease operating expenses⁽¹⁾	—			—			—		(4,605)
Total gains (losses) on oil and natural gas derivatives	$	(1,735	)	$	(66,900	)	$	12,886	$	(20,386	)

__________


(1)	Consists of gains and (losses) on derivatives that were entered into in March 2015 to hedge exposure to differentials in consuming areas.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Lawsuits, Claims, Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments for non-cancelable operating leases

At December 31, 2018, future net minimum payments for non-cancelable purchase obligations and operating leases (excluding oil and natural gas and other mineral leases, utilities, taxes and insurance and maintenance expense) were as follows:



	2019		2020		2021		2022		2023		Thereafter		Total
	(in thousands)
Minimum purchase obligations	$	3,195	$	3,247	$	2,675	$	2,590	$	1,061	—		$	12,768
Minimum lease payments	$	1,290	$	316	$	321	$	326	$	229	$	—	$	2,482

Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Restricted Stock Units Activity



	Number of shares		Weighted-average Grant Date Fair Value
	(shares in thousands)
December 31, 2017	683		$	10.12
Granted	218		$	11.97
Vested	(239	)	$	10.24
Forfeited	(21	)	$	10.92
December 31, 2018	641		$	10.82

Performance-Based Restricted Stock Unit Activity



	Number of shares		Weighted-average Grant Date Fair Value
	(shares in thousands)
December 31, 2017	622		$	7.09
Granted	132		$	7.98
Vested	(454	)	$	7.78
Forfeited	(18	)	$	7.49
December 31, 2018	282		$	6.73

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:



	Berry Corp. (Successor)					Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017		Two Months Ended February 28, 2017		Year Ended December 31, 2016
	(in thousands)
Current taxes:
Federal	$	(465	)	$	465	$	—	$	—
State	(446		)	450		221		127
Total current taxes	(911		)	915		221		127
Deferred taxes:
Federal	33,227			1,888		—		—
State	10,719			—		9		(11		)
Total deferred taxes	43,946			1,888		9		(11		)
Total current and deferred taxes	$	43,035		$	2,803	$	230	$	116

Schedule of Effective Tax Rate

A reconciliation of the federal statutory tax rate to the effective tax rate is as follows:



	Berry Corp. (Successor)				Berry LLC (Predecessor)
	Year Ended December 31, 2018		Ten Months Ended December 31, 2017		Two Months Ended February 28, 2017		Year Ended December 31, 2016
Federal statutory rate	21.0	%	35.0	%	35.0	%	35.0	%
State, net of federal tax benefit	6.3	%	7.2	%	—	%	—	%
Effect of permanent differences	(0.6	)%	(0.4	)%	—	%	—	%
Tax reform—rate change⁽¹⁾	—	%	(14.7	)%	—	%	—	%
Income excluded from nontaxable entities	—	%	—	%	(35.0	)%	(35.0	)%
Change in valuation allowance	(4.1	)%	(42.4	)%	—	%	—	%
Effective tax rate	22.6	%	(15.3	)%	—	%	—	%

__________


(1)	For the ten months ended December 31, 2017, includes the tax rate reduction. The impact of the rate change is fully offset in the “Change in valuation allowance” item.

Schedule of Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities are as follows:



	Berry Corp. (Successor)
	December 31, 2018			December 31, 2017
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	14,310		$	1,556
Accruals	2,993			2,144
Asset retirement obligations	26,383			27,064
Derivative instruments	—			18,982
Tax credits	—			528
Interest limitation carryforward	7,486			—
Other	2,033			867
Subtotal	53,205			51,141
Valuation allowance	—			(7,748		)
Total deferred tax assets	53,205			43,393
Deferred tax liabilities:
Book tax differences in property basis	(95,348		)	(45,281		)
Derivative instruments	(3,692		)	—
Total deferred tax liabilities	(99,040		)	(45,281		)
Net deferred tax asset (liability)	$	(45,835	)	$	(1,888	)

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

Other current assets reported on the balance sheets included the following:



	Berry Corp. (Successor)
	December 31, 2018		December 31, 2017
	(in thousands)
Prepaid expenses	$	4,656	$	6,901
Oil inventories, materials and supplies	9,473		5,938
Other	238		1,227
Other current assets	$	14,367	$	14,066

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses on the balance sheets included the following:



	Berry Corp. (Successor)
	December 31, 2018		December 31, 2017
	(in thousands)
Accounts payable-trade	$	13,564	$	11,916
Accrued expenses	66,417		37,912
Royalties payable	26,189		25,793
Greenhouse gas liability	—		10,446
Taxes other than income tax liability	10,766		8,437
Accrued interest	10,500		—
Dividends payable	9,992		—
Other	6,689		3,373
Total accounts payable and accrued expenses	$	144,118	$	97,877

Supplemental Cash Flow Information

Supplemental disclosures to the statements of cash flows are presented below:



	Berry Corp. (Successor)					Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017		Two Months Ended February 28, 2017		Year Ended December 31, 2016
	(in thousands)
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Increase (decrease) in accrued liabilities related to purchases of property and equipment	$	19,257		$	2,483	$	2,249	$	2,266
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	$	19,761		$	14,276	$	8,057	$	57,759
Income taxes	$	(1,901	)	$	1,994	$	—	$	347
Reorganization items, net	$	832		$	1,732	$	11,838	$	19,116



	Berry Corp. (Successor)				Berry LLC (Predecessor)
	December 31, 2018		December 31, 2017		February 28, 2017		December 31, 2016
	(in thousands)
Beginning of Period
Cash and cash equivalents	$	33,905	$	32,049	$	30,483	$	1,023
Restricted cash	34,833		52,860		197,793		250,359
Restricted cash in other noncurrent assets	—		125		128		128
Cash, cash equivalents and restricted cash	$	68,738	$	85,034	$	228,404	$	251,510

Ending of Period
Cash and cash equivalents	$	68,680	$	33,905	$	32,049	$	30,483
Restricted cash	—		34,833		52,860		197,793
Restricted cash in other noncurrent assets	—		—		125		128
Cash, cash equivalents and restricted cash	$	68,680	$	68,738	$	85,034	$	228,404

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Schedule of Earnings Per Share



	Berry Corp. (Successor)						Berry LLC (Predecessor)
	Year Ended December 31, 2018			Ten Months Ended December 31, 2017			Two Months Ended February 28, 2017	Year Ended December 31, 2016
	(in thousands except per share amounts)
Basic EPS calculation
Net income (loss)	$	147,102		$	(21,068	)	n/a	n/a
less: Series A Preferred Stock dividends and conversion to common stock	(97,942		)	(18,248		)	n/a	n/a
Net income (loss) attributable to common stockholders	$	49,160		$	(39,316	)	n/a	n/a
Weighted-average shares of common stock outstanding	57,743			38,644			n/a	n/a
Basic Earnings (loss) per share⁽²⁾	$	0.85		$	(1.02	)	n/a	n/a
Diluted EPS calculation
Net income (loss)	$	147,102		$	(21,068	)	n/a	n/a
less: Series A Preferred Stock dividends and conversion to common stock	(97,942		)	(18,248		)	n/a	n/a
Net loss attributable to common stockholders	$	49,160		$	(39,316	)	n/a	n/a
Weighted-average shares of common stock outstanding	57,743			38,644			n/a	n/a
Dilutive effect of potentially dilutive securities⁽¹⁾	189			—			n/a	n/a
Weighted-average common shares outstanding-diluted	57,932			38,644			n/a	n/a
Diluted Earnings (loss) per share⁽²⁾	$	0.85		$	(1.02	)	n/a	n/a

__________


(1)	No potentially dilutive securities were included in computing earnings (loss) per share for the ten months ended December 31, 2017 because the effect of inclusion would have been anti-dilutive.


(2)	Per share amounts are stated net of tax.

Basis of Presentation and Significant Accounting Policies - Narrative (Details)	1 Months Ended	2 Months Ended	10 Months Ended	12 Months Ended
	Nov. 30, 2018	Feb. 28, 2017	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($) facility	Dec. 31, 2016 USD ($)
Public Utilities, General Disclosures [Line Items]
Restricted cash, current			$ 35,000,000	$ 0
Net capitalized costs attributable to unproved properties			$ 517,000,000	$ 388,000,000
Vesting period	3 years
Number of cogeneration facilities \| facility				5
Largest customers \| Sales \| Customer one
Public Utilities, General Disclosures [Line Items]
Concentration risk			36.00%	35.00%
Largest customers \| Sales \| Customer two
Public Utilities, General Disclosures [Line Items]
Concentration risk			29.00%	28.00%
Largest customers \| Sales \| Customer three
Public Utilities, General Disclosures [Line Items]
Concentration risk			13.00%	13.00%
Largest customers \| Trade accounts receivable \| Customer one
Public Utilities, General Disclosures [Line Items]
Concentration risk			35.00%	26.00%
Largest customers \| Trade accounts receivable \| Customer two
Public Utilities, General Disclosures [Line Items]
Concentration risk			26.00%	22.00%
Largest customers \| Trade accounts receivable \| Customer three
Public Utilities, General Disclosures [Line Items]
Concentration risk				10.00%
Buildings and leasehold improvements \| Minimum
Public Utilities, General Disclosures [Line Items]
Expected useful life				5 years
Buildings and leasehold improvements \| Maximum
Public Utilities, General Disclosures [Line Items]
Expected useful life				39 years
Plant and pipeline, drilling and other equipment \| Minimum
Public Utilities, General Disclosures [Line Items]
Expected useful life				2 years
Plant and pipeline, drilling and other equipment \| Maximum
Public Utilities, General Disclosures [Line Items]
Expected useful life				30 years
Predecessor
Public Utilities, General Disclosures [Line Items]
Impairment charges with unproved oil and natural gas properties					$ 13,000,000
Predecessor \| Largest customers \| Sales \| Customer one
Public Utilities, General Disclosures [Line Items]
Concentration risk		34.00%			34.00%
Predecessor \| Largest customers \| Sales \| Customer two
Public Utilities, General Disclosures [Line Items]
Concentration risk		29.00%			28.00%
Restricted Stock Units (RSUs)
Public Utilities, General Disclosures [Line Items]
Vesting period				3 years
Restricted Stock Units (RSUs) \| Minimum
Public Utilities, General Disclosures [Line Items]
Vesting period			1 year
Restricted Stock Units (RSUs) \| Maximum
Public Utilities, General Disclosures [Line Items]
Vesting period			3 years
Performance-based Restricted Stock Units (PRSUs) \| Minimum
Public Utilities, General Disclosures [Line Items]
Vesting period				1 year
Performance-based Restricted Stock Units (PRSUs) \| Maximum
Public Utilities, General Disclosures [Line Items]
Vesting period				3 years

Basis of Presentation and Significant Accounting Policies - Schedule of Non-Cash Impairment Charges (Details) - Predecessor $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Total non-cash impairment charges	$ 1,017,352
California operating area
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Total non-cash impairment charges	984,288
Uinta basin operating area
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Total non-cash impairment charges	26,677
East Texas operating area
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Total non-cash impairment charges	$ 6,387

Basis of Presentation and Significant Accounting Policies - Asset Retirement Obligation (Details) - USD ($) $ in Thousands	2 Months Ended	10 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018
Regulatory Liabilities [Line Items]
Asset retirement obligation, noncurrent	$ 109,000	$ 94,509	$ 89,176
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance		113,275	97,422
Liabilities incurred		0	4,901
Settlements and payments		(2,333)	(3,555)
Accretion expense		5,562	6,258
Reduction due to property sales		(19,082)	(4,145)
Revisions		0	(5,333)
Fresh-Start adjustment		0	0
Ending balance	113,275	97,422	$ 95,548
Predecessor
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	141,798	$ 113,275
Liabilities incurred	152
Settlements and payments	(861)
Accretion expense	1,112
Reduction due to property sales	0
Revisions	0
Fresh-Start adjustment	(28,926)
Ending balance	$ 113,275

Emergence from Voluntary Reorganization under Chapter 11 - Narrative (Details) - USD ($)					2 Months Ended	8 Months Ended	12 Months Ended
	Feb. 28, 2017	Apr. 14, 2016	Mar. 28, 2016	Mar. 15, 2016	Feb. 28, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2018	Feb. 27, 2017	Apr. 12, 2016
Reorganization Items [Line Items]
Shares of common stock issued under plan of reorganization (in shares)	32,920,000				32,920,000
Cash Distribution Pool	$ 35,000,000				$ 35,000,000
Berry Rights Offerings	$ 335,000,000				$ 335,000,000
Bankruptcy claims, common shares available to unsecured creditors (in shares)	7,080,000				7,080,000
Shares issued to settle claims (in shares)								2,770,000
Common stock, shares reserved for future issuance (in shares)									7,080,000
Cash distribution pool							$ 34,800,000
Deferred interest payment							$ 0	$ 10,500,000
Predecessor
Reorganization Items [Line Items]
Unrecorded contractual interest					$ 9,000,000	$ 35,000,000
Revolving credit facility
Reorganization Items [Line Items]
Maximum borrowing capacity	$ 550,000,000				$ 550,000,000
Senior Notes due 2020 \| Predecessor
Reorganization Items [Line Items]
Interest Rate	6.75%				6.75%
Senior Notes due 2022 \| Predecessor
Reorganization Items [Line Items]
Interest Rate	6.375%				6.375%
Pre-Emergence Credit Facility \| Predecessor
Reorganization Items [Line Items]
Debt default, grace period			30 days
Pre-Emergence Credit Facility, Amended \| Predecessor
Reorganization Items [Line Items]
Maximum borrowing capacity										$ 45,000,000
Senior Notes, 6.375%, due September 2022 \| Predecessor
Reorganization Items [Line Items]
Interest Rate				6.375%
Deferred interest payment				$ 18,000,000
Interest payment, grace period		30 days		30 days
Interest payment		$ 18,000,000
LINN Energy
Reorganization Items [Line Items]
General unsecured claims settled	$ 25,000,000				$ 25,000,000
Berry LLC \| Linn Acquisition Company, LLC
Reorganization Items [Line Items]
Outstanding membership interests received under plan of reorganization	100.00%

Emergence from Voluntary Reorganization under Chapter 11 - Reorganization Items (Details) - USD ($) $ in Thousands	2 Months Ended	10 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Reorganization Items [Line Items]
Return of undistributed funds from cash distribution pool		$ 0	$ 22,855
Gain on resolution of pre-emergence liabilities		0	3,713
Legal and other professional advisory fees		(1,027)	(3,083)
Gain on settlement of liabilities subject to compromise		0	0
Fresh start valuation adjustments		0	0
Unamortized premiums		0	0
Terminated contracts		0	0
Other		(705)	1,205
Reorganization items, net		$ (1,732)	$ 24,690
Predecessor
Reorganization Items [Line Items]
Return of undistributed funds from cash distribution pool	$ 0			$ 0
Gain on resolution of pre-emergence liabilities	0			0
Legal and other professional advisory fees	(19,481)			(30,130)
Gain on settlement of liabilities subject to compromise	421,774			0
Fresh start valuation adjustments	(920,699)			0
Unamortized premiums	0			10,923
Terminated contracts	0			(55,148)
Other	10,686			1,693
Reorganization items, net	$ (507,720)			$ (72,662)

Fresh-Start Accounting - Narrative (Details) $ in Thousands	Feb. 28, 2017 USD ($)	Dec. 31, 2017
Reorganizations [Abstract]
Existing voting ownership interest, percentage of shares (less than)	50.00%
Enterprise value	$ 1,278,527
Proved and Unproved Reserves \| Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.10
Proved and Unproved Reserves \| Forward Curve Pricing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.020

Fresh-Start Accounting - Post-Petition Liabilities and Allowed Claims (Details) $ in Thousands	Feb. 28, 2017 USD ($)
Reorganizations [Abstract]
Liabilities subject to compromise	$ 1,000,336
Pre-petition debt not classified as subject to compromise	891,259
Post-petition liabilities	245,702
Total post-petition liabilities and allowed claims	2,137,297
Reorganization value of assets immediately prior to implementation of the Plan	(1,722,585)
Excess post-petition liabilities and allowed claims	$ 414,712

Fresh-Start Accounting - Reconciliation of Enterprise Value to the Estimated Reorganization of Value (Details) $ in Thousands	Feb. 28, 2017 USD ($)
Reorganizations [Abstract]
Enterprise value	$ 1,278,527
Plus: Fair value of non-debt liabilities	282,511
Reorganization value of the Successor’s assets	$ 1,561,038

Fresh-Start Accounting - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 68,680	$ 33,905	$ 32,049
Accounts receivable	57,379	54,720	59,511
Derivative instruments	88,596	0	243
Restricted cash	0	34,833	52,860
Other current assets	14,367	14,066	16,752
Total current assets	229,022	137,524	161,415
Noncurrent assets:
Oil and natural gas properties	1,461,993	1,342,453	1,243,600
Less accumulated depletion and amortization	(123,217)	(54,785)	0
Total oil and natural gas properties, net	1,338,776	1,287,668	1,243,600
Other property and equipment	119,710	104,879	108,803
Less accumulated depreciation	(15,778)	(5,356)	0
Total other property and equipment, net	103,932	99,523	108,803
Derivative instruments	3,289	0	57
Restricted cash			125
Other non-current assets	17,244	21,687	47,038
Total assets	1,692,263	1,546,402	1,561,038
Current liabilities:
Accounts payable and accrued expenses	144,118	97,877	116,512
Derivative instruments	0	49,949	5,355
Current portion of long-term debt, net			0
Other accrued liabilities			4,870
Total current liabilities	144,118	182,659	126,737
Derivative instruments	0	25,332	1,710
Long-term debt	391,786	379,000	400,000
Other non-current liabilities	14,902	3,704	154,064
Liabilities subject to compromise			0
Equity:
Additional paid-in capital	914,540	545,345	543,494
Accumulated deficit	116,042	(21,068)
Successor preferred stock			335,000
Successor common stock	82	33	33
Total equity	1,006,446	859,310	878,527
Total liabilities and equity	$ 1,692,263	$ 1,546,402	1,561,038
Fresh-Start Adjustments
Current assets:
Cash and cash equivalents			0
Accounts receivable			(816)
Derivative instruments			0
Restricted cash			0
Other current assets			3,873
Total current assets			3,057
Noncurrent assets:
Oil and natural gas properties			(3,787,898)
Less accumulated depletion and amortization			2,814,999
Total oil and natural gas properties, net			(972,899)
Other property and equipment			(15,576)
Less accumulated depreciation			22,107
Total other property and equipment, net			6,530
Derivative instruments			0
Restricted cash			0
Other non-current assets			30,811
Total assets			(932,501)
Current liabilities:
Accounts payable and accrued expenses			3,818
Derivative instruments			0
Current portion of long-term debt, net			0
Other accrued liabilities			1,295
Total current liabilities			5,113
Derivative instruments			0
Long-term debt			0
Other non-current liabilities			(16,915)
Liabilities subject to compromise			0
Equity:
Additional paid-in capital			(2,826,465)
Successor preferred stock			0
Successor common stock			0
Total equity			(920,699)
Total liabilities and equity			(932,501)
Previously Reported
Equity:
Additional paid-in capital			0
Successor preferred stock			0
Successor common stock			0
Reorganization Adjustments
Current assets:
Cash and cash equivalents			4,642
Accounts receivable			(15,700)
Derivative instruments			0
Restricted cash			52,732
Other current assets			(5,558)
Total current assets			36,116
Noncurrent assets:
Oil and natural gas properties			0
Less accumulated depletion and amortization			0
Total oil and natural gas properties, net			0
Other property and equipment			0
Less accumulated depreciation			0
Total other property and equipment, net			0
Derivative instruments			0
Restricted cash			(197,814)
Other non-current assets			151
Total assets			(161,547)
Current liabilities:
Accounts payable and accrued expenses			52,371
Derivative instruments			0
Current portion of long-term debt, net			(891,259)
Other accrued liabilities			(3,760)
Total current liabilities			(842,648)
Derivative instruments			0
Long-term debt			400,000
Other non-current liabilities			0
Liabilities subject to compromise			(1,000,336)
Equity:
Additional paid-in capital			3,369,959
Accumulated deficit			375,159
Successor preferred stock			335,000
Successor common stock			33
Total equity			1,281,437
Total liabilities and equity			(161,547)
Predecessor
Current assets:
Cash and cash equivalents			32,049	$ 30,483	$ 1,023
Restricted cash			52,860	$ 197,793	$ 250,359
Noncurrent assets:
Oil and natural gas properties			5,031,498
Less accumulated depletion and amortization			(2,814,999)
Total oil and natural gas properties, net			2,216,499
Other property and equipment			124,379
Less accumulated depreciation			(22,107)
Total other property and equipment, net			102,273
Equity:
Additional paid-in capital			0
Accumulated deficit			0
Predecessor \| Fresh-Start Adjustments
Equity:
Additional paid-in capital			0
Accumulated deficit			1,905,766
Predecessor \| Previously Reported
Current assets:
Cash and cash equivalents			27,407
Accounts receivable			76,027
Derivative instruments			243
Restricted cash			128
Other current assets			18,437
Total current assets			122,242
Noncurrent assets:
Oil and natural gas properties			5,031,498
Less accumulated depletion and amortization			(2,814,999)
Total oil and natural gas properties, net			2,216,499
Other property and equipment			124,379
Less accumulated depreciation			(22,107)
Total other property and equipment, net			102,273
Derivative instruments			57
Restricted cash			197,939
Other non-current assets			16,076
Total assets			2,655,086
Current liabilities:
Accounts payable and accrued expenses			60,323
Derivative instruments			5,355
Current portion of long-term debt, net			891,259
Other accrued liabilities			7,335
Total current liabilities			964,272
Derivative instruments			1,710
Long-term debt			0
Other non-current liabilities			170,979
Liabilities subject to compromise			1,000,336
Equity:
Additional paid-in capital			2,798,714
Accumulated deficit			(2,280,925)
Total equity			517,789
Total liabilities and equity			2,655,086
Predecessor \| Reorganization Adjustments
Equity:
Additional paid-in capital			(2,798,714)
Accumulated deficit			375,159
Successor common stock			$ 33

Fresh-Start Accounting - Changes in Cash (Details) - USD ($) $ in Thousands		10 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018
Changes in Cash and Cash Equivalents
Proceeds from issuance of preferred stock pursuant the Berry Rights Offerings		$ 0	$ 0
Cash and cash equivalents	$ 32,049	$ 33,905	$ 68,680
Reorganization Adjustments
Changes in Cash and Cash Equivalents
Borrowings under the Emergence Credit Facility	400,000
Proceeds from issuance of preferred stock pursuant the Berry Rights Offerings	335,000
Cash receipt from Linn Energy, LLC for ad valorem taxes	23,366
Removal of restriction on cash balance (includes $128 previously recorded as short term)	197,942
Restriction on cash balance	(128)
Repayments on credit facility	(897,663)
Repayments of bank fees	29
Repayments of interest	3,760
Payment of professional fees	(992)
Payment of Emergence Credit Facility fee that was capitalized	(151)
Funding of the general unsecured claims Cash Distribution Pool	(35,000)
Funding of the professional fees escrow account	(17,860)
Cash and cash equivalents	$ 4,642

Fresh-Start Accounting - Changes in Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017
Net Increase in Accounts Payable and Accrued Expenses
Other	$ 6,689	$ 3,373
Net increase in accounts payable and accrued expenses	$ 144,118	$ 97,877	$ 116,512
Reorganization Adjustments
Net Increase in Accounts Payable and Accrued Expenses
Recognition of payables for the general unsecured claims Cash Distribution Pool			35,000
Recognition of payables for the professional fees escrow account			17,860
Recognition of payable for ad valorem tax liability			7,666
Net change of other professional fees payable			(8,161)
Other			6
Net increase in accounts payable and accrued expenses			$ 52,371

Fresh-Start Accounting - Settlement of Liabilities Subject to Compromise (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 28, 2017	Dec. 31, 2018
Liabilities Subject to Compromise
Liabilities subject to compromise	$ 1,000,336
Funding of the general unsecured claims Cash Distribution Pool	(35,000)
Common stock to holders of Unsecured Notes and general unsecured creditors		$ (133,805)
Reorganization Adjustments
Liabilities Subject to Compromise
Accounts payable and accrued expenses	151,298
Accrued interest payable	15,238
Debt	833,800
Liabilities subject to compromise	1,000,336
Funding of the general unsecured claims Cash Distribution Pool	(35,000)
Common stock to holders of Unsecured Notes and general unsecured creditors	(543,562)
Gains on settlement of liabilities subject to compromise	$ 421,774

Fresh-Start Accounting - Increase in Capital Accounts (Details) - USD ($) $ in Thousands		2 Months Ended	10 Months Ended	12 Months Ended
	Feb. 28, 2017	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Net Increase in Capital Accounts
Common stock to holders of Unsecured Notes and general unsecured creditors				$ 133,805
Payment of issuance costs			$ (22,170)	(9,193)
Dividend related to beneficial conversion feature of preferred stock				11,301
Additional paid-in-capital	$ (543,494)	$ (543,494)	(545,345)	(914,540)
Successor common stock	(33)	(33)	$ (33)	$ (82)
Successor preferred stock	335,000	335,000
Predecessor
Net Increase in Capital Accounts
Common stock to holders of Unsecured Notes and general unsecured creditors	543,527
Payment of issuance costs		0			$ 0
Additional paid-in-capital	0	0
Reorganization Adjustments
Net Increase in Capital Accounts
Common stock to holders of Unsecured Notes and general unsecured creditors	543,562
Payment of issuance costs	(35)
Dividend related to beneficial conversion feature of preferred stock	27,751
Additional paid-in-capital	(3,369,959)	(3,369,959)
Successor common stock	(33)	(33)
Change in additional paid-in capital	3,369,959	3,369,959
Successor preferred stock	335,000	335,000
Net increase in capital accounts	906,278
Reorganization Adjustments \| Predecessor
Net Increase in Capital Accounts
Additional paid-in-capital	2,798,714	2,798,714
Successor common stock	$ (33)	$ (33)

Fresh-Start Accounting - Decrease Accumulated Deficit (Details) - USD ($) $ in Thousands		10 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018
Net Increase in Accumulated Deficit
Gain on settlement of liabilities subject to compromise		$ 0	$ 0
Recognition of professional fees		(1,027)	(3,083)
Reorganization items, net		(1,732)	24,690
Dividend related to beneficial conversion feature of preferred stock			(11,301)
Accumulated deficit		$ (21,068)	$ 116,042
Reorganization Adjustments
Net Increase in Accumulated Deficit
Gain on settlement of liabilities subject to compromise	$ 421,774
Recognition of professional fees	(13,667)
Write-off of deferred financing fees	(5,197)
Reorganization items, net	402,910
Dividend related to beneficial conversion feature of preferred stock	(27,751)
Accumulated deficit	$ 375,159

Fresh-Start Accounting - Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017
Components of Oil and Natural Gas Properties
Proved properties	$ 1,073,959	$ 825,416	$ 712,400
Unproved properties	388,034	517,037	531,200
Total proved and unproved properties	1,461,993	1,342,453	1,243,600
Less accumulated depletion and amortization	(123,217)	(54,785)	0
Total oil and natural gas properties, net	$ 1,338,776	$ 1,287,668	1,243,600
Predecessor
Components of Oil and Natural Gas Properties
Proved properties			4,266,843
Unproved properties			764,655
Total proved and unproved properties			5,031,498
Less accumulated depletion and amortization			(2,814,999)
Total oil and natural gas properties, net			$ 2,216,499

Fresh-Start Accounting - Other Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017
Reorganization Items [Line Items]
Other property and equipment	$ 119,710	$ 104,879	$ 108,803
Less accumulated depreciation	(15,778)	(5,356)	0
Total other property and equipment, net	103,932	99,523	108,803
Natural gas plants and pipelines
Reorganization Items [Line Items]
Other property and equipment	86,562	79,856	91,427
Land
Reorganization Items [Line Items]
Other property and equipment	8,073	8,262	8,262
Furniture and office equipment
Reorganization Items [Line Items]
Other property and equipment	14,964	10,547	5,040
Buildings and leasehold improvements
Reorganization Items [Line Items]
Other property and equipment	3,359	2,986	2,740
Vehicles
Reorganization Items [Line Items]
Other property and equipment	$ 6,753	$ 3,228	1,156
Drilling and other equipment
Reorganization Items [Line Items]
Other property and equipment			178
Predecessor
Reorganization Items [Line Items]
Other property and equipment			124,379
Less accumulated depreciation			(22,107)
Total other property and equipment, net			102,273
Predecessor \| Natural gas plants and pipelines
Reorganization Items [Line Items]
Other property and equipment			109,675
Predecessor \| Land
Reorganization Items [Line Items]
Other property and equipment			201
Predecessor \| Furniture and office equipment
Reorganization Items [Line Items]
Other property and equipment			3,879
Predecessor \| Buildings and leasehold improvements
Reorganization Items [Line Items]
Other property and equipment			5,884
Predecessor \| Vehicles
Reorganization Items [Line Items]
Other property and equipment			4,542
Predecessor \| Drilling and other equipment
Reorganization Items [Line Items]
Other property and equipment			$ 198

Fresh-Start Accounting - All Other Adjustments (Details) - Fresh-Start Adjustments $ in Thousands	Feb. 28, 2017 USD ($)
Reorganization Items [Line Items]
Increase in greenhouse gas allowances	$ 30,000
Joint venture investment	1,000
Increase in greenhouse gas emissions liabilities	4,000
Increase (decrease) in asset retirement obligations	30,000
Increase (decrease) in intangible liabilities	6,000
Increase in greenhouse gas emissions liabilities	19,000
Change from entitlements method to sales method
Reorganization Items [Line Items]
Change in accounting policy for gas production imbalances	200
Increase (decrease) in current portion of intangible liabilities	$ 500

Oil and Natural Gas Properties and Other Property and Equipment - Summary of Aggregate Capitalized Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017
Extractive Industries [Abstract]
Proved properties	$ 1,073,959	$ 825,416	$ 712,400
Unproved properties	388,034	517,037	531,200
Oil and natural gas properties	1,461,993	1,342,453	1,243,600
Less accumulated depletion and amortization	(123,217)	(54,785)	0
Total oil and natural gas properties, net	$ 1,338,776	$ 1,287,668	$ 1,243,600

Oil and Natural Gas Properties and Other Property and Equipment - Other Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017
Property, Plant and Equipment [Line Items]
Other property and equipment	$ 119,710	$ 104,879	$ 108,803
Less accumulated depreciation	(15,778)	(5,356)	0
Total other property and equipment, net	103,932	99,523	108,803
Natural gas plants and pipelines
Property, Plant and Equipment [Line Items]
Other property and equipment	86,562	79,856	91,427
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Other property and equipment	3,359	2,986	2,740
Vehicles
Property, Plant and Equipment [Line Items]
Other property and equipment	6,753	3,228	1,156
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Other property and equipment	14,964	10,547	5,040
Land
Property, Plant and Equipment [Line Items]
Other property and equipment	$ 8,073	$ 8,262	$ 8,262

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	$ 379,000
Less: Debt Issuance Costs	(8,214)	0
Long-Term Debt, net	$ 391,786	379,000
Line of credit \| RBL Facility
Debt Instrument [Line Items]
Present value of proven oil and gas reserves under mortgage (percent)	85.00%
Long-Term Debt - Principal Amount	$ 0	379,000
Medium-term notes \| 2026 Notes
Debt Instrument [Line Items]
Interest Rate	7.00%
Long-Term Debt - Principal Amount	$ 400,000	$ 0
Line of credit \| RBL Facility
Debt Instrument [Line Items]
Variable rate	4.50%	4.80%

Debt - Narrative (Details)		1 Months Ended	2 Months Ended	10 Months Ended	12 Months Ended
Debt - Narrative (Details)	Jul. 31, 2017 USD ($)	Feb. 28, 2018 USD ($)	Feb. 28, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2016 USD ($)	Nov. 30, 2018 USD ($)	Oct. 31, 2018 USD ($)
Debt Instrument [Line Items]
Debt Issuance Costs, Net				$ 0	$ 8,214,000
Amortization of debt issuance costs				1,988,000	5,430,000
Mortgage held on present value of proven oil and gas reserves (percent)	85.00%
Net proceeds from issuance of debt				0	400,000,000
RBL Facility
Debt Instrument [Line Items]
Debt issuance costs for the RBL Facility				20,000,000	16,000,000
Medium-term notes \| 2026 Notes
Debt Instrument [Line Items]
Fair value of debt					$ 368,000,000
Interest Rate					7.00%
Unsecured debt \| 2026 Notes
Debt Instrument [Line Items]
Principal amount of debt issued		$ 400,000,000
Interest Rate		7.00%
Net proceeds from issuance of debt		$ 391,000,000
Aggregate principal amount able to be redeemed (percent)		35.00%
Redemption price in event of change in control		101.00%
Predecessor
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 416,000			$ 1,849,000
Net proceeds from issuance of debt			0			0
Line of credit \| RBL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500,000,000.0
Borrowing base							$ 850,000,000	$ 400,000,000
Initial borrowing commitment								$ 400,000,000
Commitment fee (percent)	0.50%
Leverage ratio (no more than)					4.0
Current ratio (at least)					1.00
Leverage ratio at period end					1.63
Current ratio at period end					3.73
Reduction to borrowing base if unsecured indebtedness is incurred (percent)					25.00%
Available borrowing capacity					$ 393,000,000
Letters of credit outstanding				21,000,000	7,000,000
Letters of credit \| RBL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000
LIBOR \| Minimum \| Line of credit \| RBL Facility
Debt Instrument [Line Items]
Applicable margin (percent)	2.50%
LIBOR \| Maximum \| Line of credit \| RBL Facility
Debt Instrument [Line Items]
Applicable margin (percent)	3.50%
Customary base rate \| Minimum \| Line of credit \| RBL Facility
Debt Instrument [Line Items]
Applicable margin (percent)	1.50%
Customary base rate \| Maximum \| Line of credit \| RBL Facility
Debt Instrument [Line Items]
Applicable margin (percent)	2.50%
On or after February 15, 2021 \| Unsecured debt \| 2026 Notes
Debt Instrument [Line Items]
Redemption price (percent)		107.00%
Prior to February 15, 2021 \| Unsecured debt \| 2026 Notes
Debt Instrument [Line Items]
Redemption price (percent)		100.00%
Interest expense
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 0	$ 2,000,000	$ 4,000,000	$ 2,000,000

Derivatives - Narrative (Details) $ in Thousands	1 Months Ended	2 Months Ended	10 Months Ended	12 Months Ended
Derivatives - Narrative (Details) $ in Thousands	May 31, 2018 USD ($)	Feb. 28, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2020 MBbls	Dec. 31, 2019 $ / bbl MBbls	Dec. 31, 2018 USD ($) MBbls	Dec. 31, 2016 USD ($)
Derivative [Line Items]
Purchased put options premium						$ 20,000
Derivative termination costs	$ 127,000
Cash settlements on normal derivatives			$ (3,068)			$ 38,482
Net cash settlements received			$ 3,000
Predecessor
Derivative [Line Items]
Cash settlements on normal derivatives		$ (534)					$ (8,007)
Net cash settlements received		$ 500					$ 10,000
Brent oil swaps from July 2018 through March 2019
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls						1.8
Brent oil swaps from July 2018 through March 2019 \| Scenario, Forecast
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls					0.9
Weighted-average price ($/Bbl) \| $ / bbl					75.66
Brent oil purchased put options for January 2019 through March 2020 \| Scenario, Forecast
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls				0.5	2.8
Weighted average floor price ($/Bbls) \| $ / bbl					65.00

Derivatives - Contract Transactions (Details) - Scenario, Forecast MMBTU in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019 MMBTU $ / bbl $ / MMBtu MBbls	Sep. 30, 2019 MMBTU $ / bbl $ / MMBtu MBbls	Jun. 30, 2019 MMBTU $ / bbl $ / MMBtu MBbls	Mar. 31, 2019 MMBTU $ / bbl $ / MMBtu MBbls	Dec. 31, 2020 MMBTU $ / bbl $ / MMBtu MBbls	Dec. 31, 2019 $ / bbl $ / MMBtu MBbls
Derivative [Line Items]
Volume of hedged crude oil production (Mbbl) \| MBbls	17,500				1,200	17,500
Price per barrel of hedged crude oil (in dollars per barrel) \| $ / bbl	70				65	70
Purchased Put Options (ICE Brent)
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls	1,012,000	1,012,000	1,001,000	360,000	455,000
Fixed Price Swaps (ICE Brent)
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls	644,000	644,000	637,000	1,080,000	0
ICE Brent-NYMEX WTI basis swaps
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls	46,000	46,000	45,500	45,000	0
Fixed Price Gas Swaps (Kern, Delivered)
Derivative [Line Items]
Hedged volume (MMBtu) \| MMBTU	465	1,380	1,365	1,350	0
Hedged Crude Oil Production
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls						15,300
Weighted-average price ($/Bbl) \| $ / bbl	68					68
Long \| Purchased Put Options (ICE Brent)
Derivative [Line Items]
Weighted-average price ($/Bbl) \| $ / bbl	65.00	65.00	65.00	65.00	65.00	65.00
Long \| Fixed Price Swaps (ICE Brent)
Derivative [Line Items]
Weighted-average price ($/Bbl) \| $ / bbl	76.27	76.27	76.27	75.76	0.00	76.27
Long \| Fixed Price Gas Swaps (Kern, Delivered)
Derivative [Line Items]
Weighted average price ($/Bbl) \| $ / MMBtu	2.65	2.65	2.65	2.65	0.00	2.65
Short \| ICE Brent-NYMEX WTI basis swaps
Derivative [Line Items]
Weighted average price ($/Bbl) \| $ / bbl	1.29	1.29	1.29	1.29	0.00	1.29

Derivatives - Fair Value in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Total derivatives	$ 91,885
Commodity Contracts \| Current assets
Derivatives, Fair Value [Line Items]
Gross Amounts Recognized at Fair Value	89,981
Gross Amounts Offset on Balance Sheet	(1,385)
Net Fair Value Presented on Balance Sheet	88,596
Commodity Contracts \| Non-current assets
Derivatives, Fair Value [Line Items]
Gross Amounts Recognized at Fair Value	3,289
Gross Amounts Offset on Balance Sheet	0
Net Fair Value Presented on Balance Sheet	3,289
Commodity Contracts \| Current liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts Recognized at Fair Value	(1,385)
Gross Amounts Offset in the Balance Sheet	1,385
Net Fair Value Presented in the Balance Sheet	$ 0
Predecessor
Derivatives, Fair Value [Line Items]
Total derivatives		$ (75,281)
Predecessor \| Commodity Contracts \| Current liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts Recognized at Fair Value		(49,949)
Gross Amounts Offset in the Balance Sheet		0
Net Fair Value Presented in the Balance Sheet		(49,949)
Predecessor \| Commodity Contracts \| Non-current liabilities
Derivatives, Fair Value [Line Items]
Gross Amounts Recognized at Fair Value		(25,332)
Gross Amounts Offset in the Balance Sheet		0
Net Fair Value Presented in the Balance Sheet		$ (25,332)

Derivatives - Gains and Losses in Statement of Operations (Details) - USD ($) $ in Thousands	2 Months Ended	10 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Derivative [Line Items]
Lease operating expenses		$ 0	$ 0
Total gains (losses) on oil and natural gas derivatives		(66,900)	1,735
Predecessor
Derivative [Line Items]
Lease operating expenses	$ 0			$ (4,605)
Total gains (losses) on oil and natural gas derivatives	12,886			(20,386)
Oil derivatives
Derivative [Line Items]
Gains (losses) on derivatives		(66,900)	(4,621)
Oil derivatives \| Predecessor
Derivative [Line Items]
Gains (losses) on derivatives	12,886			(15,781)
Natural gas derivatives
Derivative [Line Items]
Gains (losses) on derivatives		0	6,357
Natural gas derivatives \| Predecessor
Derivative [Line Items]
Gains (losses) on derivatives	0			0
Oil and natural gas derivatives
Derivative [Line Items]
Total gains (losses) on oil and natural gas derivatives		$ (66,900)	$ (1,735)
Oil and natural gas derivatives \| Predecessor
Derivative [Line Items]
Total gains (losses) on oil and natural gas derivatives	$ 12,886			$ (20,386)

Lawsuits, Claims, Commitments and Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2018 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Commitments under contracts	$ 6
New Road Access
Unrecorded Unconditional Purchase Obligation [Line Items]
Commitments under contracts	$ 9
Commitments under contracts, percentage of variable component	50.00%

Lawsuits, Claims, Commitments and Contingencies - Operating Lease Payments (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Minimum purchase obligations
2019	$ 3,195
2020	3,247
2021	2,675
2022	2,590
2023	1,061
Thereafter	0
Total	12,768
Minimum lease payments
2019	1,290
2020	316
2021	321
2022	326
2023	229
Thereafter	0
Total minimum lease payments	$ 2,482

Equity - Additional Information (Narrative) (Details) - $ / shares	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	750,000,000	750,000,000	750,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Series A Preferred Stock
Class of Stock [Line Items]
Series A convertible preferred stock, shares authorized (in shares)	250,000,000	250,000,000	250,000,000
Series A preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001

Equity - Common Stock (Narrative) (Details)	Feb. 28, 2017 vote shares	Dec. 31, 2018 shares	Feb. 27, 2017 shares
Class of Stock [Line Items]
Common stock contemplated by the Plan (in shares)	40,000,000
Common stock reserved to settle claims of unsecured creditors (in shares)			7,080,000
Shares issued to settle claims (in shares)		2,770,000
Number of voting rights per share \| vote	1
Common Stock
Class of Stock [Line Items]
Issuance of shares (in shares)	32,920,000

Equity - Preferred Stock (Narrative) (Details) - USD ($)				1 Months Ended			12 Months Ended
	Jul. 26, 2018	Dec. 31, 2017	Feb. 28, 2017	Jul. 31, 2018	May 31, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Issuance of shares							$ 133,805,000
Preferred shares outstanding (in shares)				0
Preferred stock, dividend rate			6.00%
Preferred stock, cash dividend					$ 5,600,000	$ 5,600,000		$ 0
Preferred stock, cumulative dividends		$ 18,000,000
Preferred stock, cumulative dividends (in dollars per share)		$ 0.51
Cumulative preferred in-kind dividend per share (in dollars per share)						$ 0.050907
Preferred share dividend (in shares)						1,825,000
Preferred stock, dividends declared (in dollars per share)					$ 0.15	$ 0.158
Conversion of Series A preferred stock into common stock							0
Preferred Stock
Class of Stock [Line Items]
Conversion of Series A preferred stock into common stock							(335,000,000)
Additional Paid-in Capital
Class of Stock [Line Items]
Issuance of shares							133,795,000
Conversion of Series A preferred stock into common stock			$ 27,000,000				$ 334,960,000
Series A Preferred Stock \| Preferred Stock
Class of Stock [Line Items]
Issuance of shares (in shares)			35,845,001
Issuance of shares			$ 335,000,000
Preferred stock, dividends declared (in dollars per share)							$ 0.308
Conversion of Series A to Common Shares
Class of Stock [Line Items]
Number of shares converted (in shares)	37,700,000			37,700,000
Common shares issued on conversion (in shares)	39,600,000			39,600,000

Equity - Initial Public Offering of Common Stock (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		10 Months Ended	12 Months Ended
	Jul. 26, 2018	Jul. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Net proceeds from IPO				$ 0	$ 133,805
Preferred dividend paid (in dollars per share)			$ 0.15
Conversion of Series A to Common Shares
Subsidiary, Sale of Stock [Line Items]
Number of shares converted (in shares)	37,700,000	37,700,000
Common shares issued on conversion (in shares)	39,600,000	39,600,000
Right to receive cash payment per share (in dollars per share)	$ 1.75
Right to receive cash payment less paid dividends per share (in dollars per share)	$ 1.60
Cash payment for conversion of preferred shares	$ 60,000
Common Stock \| Conversion of Series A to Common Shares
Subsidiary, Sale of Stock [Line Items]
Number of shares converted per each share of preferred stock (in shares)	1.05
Series A Preferred Stock Conversion and Common Stock Offering
Subsidiary, Sale of Stock [Line Items]
Net proceeds from IPO	$ 110,000
Increase in common stock outstanding (in shares)	8,695,653
Sale of stock, price per share (in dollars per share)	$ 14.00
Cash payment for conversion of preferred shares	$ 60,000
Sale of stock, consideration received	$ 27,000	$ 27,000
Reduction in income available to common stockholders					$ 87,000
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Sale of stock, price per share (in dollars per share)	$ 14.00
Sale of stock, underwriter option to purchase additional shares (in shares)	1,900,000	1,900,000

Equity - Shares Issued and Outstanding (Narrative) (Details) - USD ($)					1 Months Ended				12 Months Ended
	Feb. 28, 2019	Nov. 07, 2018	Aug. 21, 2018	Jul. 26, 2018	Oct. 31, 2018	Jul. 31, 2018	May 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Feb. 28, 2017
Class of Stock [Line Items]
Common stock, shares issued (in shares)									32,920,000	81,651,098
Common stock, shares outstanding (in shares)									32,920,000	81,202,437
Bankruptcy claims, common shares available to unsecured creditors (in shares)											7,080,000
Cumulative preferred in-kind dividend per share (in dollars per share)								$ 0.050907
Preferred share dividend (in shares)								1,825,000
Preferred cash dividend (in dollars per share)							$ 0.15	$ 0.158
Preferred stock, cash dividend							$ 5,600,000	$ 5,600,000	$ 0
Preferred shares outstanding (in shares)						0
Common stock, dividends declared (in dollars per share)		$ 0.12	$ 0.12
Common stock, dividends paid (in dollars per share)					$ 0.09
Conversion of Series A to Common Shares
Class of Stock [Line Items]
Number of shares converted (in shares)				37,700,000		37,700,000
Common shares issued on conversion (in shares)				39,600,000		39,600,000
Subsequent Event
Class of Stock [Line Items]
Common stock, dividends declared (in dollars per share)	$ 0.12
2017 Omnibus Incentive Plan
Class of Stock [Line Items]
Common stock, shares issued (in shares)										81,202,438
Common stock, shares outstanding (in shares)										81,202,438
Unvested restricted stock units and performance restricted stock units outstanding (in shares)										922,952
Bankruptcy claims, common shares available to unsecured creditors (in shares)										7,080,000

Equity - Purchase of Rights to Common Stock and Stock Repurchase Program (Narrative) (Details) - USD ($)	1 Months Ended	2 Months Ended	12 Months Ended
	Dec. 31, 2018	Feb. 28, 2019	Dec. 31, 2018
Equity [Abstract]
Purchase of treasury stock			$ 20,265,000
Equity, Class of Treasury Stock [Line Items]
Authorized amount of repurchases	$ 100,000,000		100,000,000
Authorized current repurchases	$ 50,000,000		50,000,000
Number of shares repurchased (in shares)	448,661
Average price of shares repurchased (in dollars per share)	$ 8.81
Price of shares repurchased			$ 3,953,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)		1,932,096
Price of shares repurchased		$ 25,000,000
Shares repurchased under the program (in shares)		2,380,757

Equity - Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	10 Months Ended	12 Months Ended
	Nov. 30, 2018	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Jun. 27, 2018	Feb. 27, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares)						7,080,000
Allocated share-based compensation expense		$ 0.0	$ 2.0	$ 7.0
Tax benefit from compensation expense				$ 1.5
Vesting period	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Unrecognized compensation costs				$ 5.0
Unrecognized compensation cost, weighted average period of recognition				2 years
Portion of award by type of award	40.00%
Performance-based Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs				$ 1.0
Unrecognized compensation cost, weighted average period of recognition				2 years
Portion of award by type of award	60.00%
Restated Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares)					10,000,000
Number of shares available for grant				8,381,902

Equity - RSUs and PRSUs Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2018 $ / shares shares
Restricted Stock Units (RSUs)
Number of shares
Outstanding, beginning of period (in shares) \| shares	683
Granted (in shares) \| shares	218
Vested (in shares) \| shares	(239)
Forfeited (in shares) \| shares	(21)
Outstanding, end of period (in shares) \| shares	641
Weighted-average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 10.12
Granted (in dollars per share) \| $ / shares	11.97
Vested (in dollars per share) \| $ / shares	10.24
Forfeited (in dollars per share) \| $ / shares	10.92
Outstanding, end of period (in dollars per share) \| $ / shares	$ 10.82
Performance-based Restricted Stock Units (PRSUs)
Number of shares
Outstanding, beginning of period (in shares) \| shares	622
Granted (in shares) \| shares	132
Vested (in shares) \| shares	(454)
Forfeited (in shares) \| shares	(18)
Outstanding, end of period (in shares) \| shares	282
Weighted-average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 7.09
Granted (in dollars per share) \| $ / shares	7.98
Vested (in dollars per share) \| $ / shares	7.78
Forfeited (in dollars per share) \| $ / shares	7.49
Outstanding, end of period (in dollars per share) \| $ / shares	$ 6.73

Equity - Use of IPO Proceeds (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	2 Months Ended	10 Months Ended	12 Months Ended
	Jul. 26, 2018	Jul. 17, 2018	Feb. 28, 2018	Aug. 31, 2018	Dec. 31, 2017	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Net proceeds from IPO					$ 0	$ 133,805
Series A Preferred Stock Conversion and Common Stock Offering
Subsidiary, Sale of Stock [Line Items]
Net proceeds from IPO	$ 110,000
Net proceeds received	$ 60,000
Issuance of shares of common stock in the IPO (in shares)	8,695,653
Sale of stock, price per share (in dollars per share)	$ 14.00
Additional shares sold directly by the selling shareholders
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	2,545,630
Sale of stock, price per share (in dollars per share)	$ 14.00
Line of credit \| RBL Facility
Subsidiary, Sale of Stock [Line Items]
Payment to the holders of claims under the Pre-Emergence Credit Facility	$ 105,000		$ 379,000	$ 105,000
Oaktree Capital Management And Benefit Street Partners Stock Purchase Agreements \| Oaktree Capital Management And Benefit Street Partners
Subsidiary, Sale of Stock [Line Items]
Number of shares purchased (in shares)		1,802,196
Net proceeds from the IPO to purchase shares of common stock from certain stockholders		$ 24,000
Oaktree Capital Management And Benefit Street Partners Stock Purchase Agreements \| Oaktree Capital Management
Subsidiary, Sale of Stock [Line Items]
Number of shares purchased (in shares)		410,229
Oaktree Capital Management And Benefit Street Partners Stock Purchase Agreements \| Benefit Street Partners
Subsidiary, Sale of Stock [Line Items]
Number of shares purchased (in shares)		1,391,967

Defined Contribution Plan (Details) - USD ($) $ in Millions	2 Months Ended	10 Months Ended	12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Retirement Benefits [Abstract]
Defined contribution plan, matching contribution, percentage of employee's gross pay			6.00%
Defined contribution plan, cost	$ 0.0	$ 0.8	$ 1.4	$ 0.0

Income Taxes - Narrative (Details) - USD ($)	2 Months Ended	10 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Components Of Income Tax Expense (Benefit) [Line Items]
Tax cuts and jobs act of 2017, change in tax rate, deferred tax asset, provisional income tax expense		$ 2,700,000
Tax cuts and jobs act of 2017, change in tax rate, deferred tax asset, provisional increase (decrease) in valuation allowance		$ 1,900,000
Effective tax rate		(15.30%)	22.60%
Release of valuation allowance			$ 7,700,000
Interest limitation carryforward		$ 0	7,486,000
Uncertain tax positions			0
Predecessor
Components Of Income Tax Expense (Benefit) [Line Items]
Net operating loss carryforwards	$ 0
Effective tax rate	0.00%			0.00%
Domestic
Components Of Income Tax Expense (Benefit) [Line Items]
Net operating loss carryforwards			55,000,000
Operating loss carryforwards without expiration			25,000,000
State and Local Jurisdiction
Components Of Income Tax Expense (Benefit) [Line Items]
Net operating loss carryforwards			$ 45,000,000

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	2 Months Ended	10 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Current taxes:
Federal		$ 465,000	$ (465,000)
State		450,000	(446,000)
Total current taxes		915,000	(911,000)
Deferred taxes:
Federal		1,888,000	33,227,000
State		0	10,719,000
Total deferred taxes		1,888,000	43,946,000
Total current and deferred taxes		$ 2,803,000	$ 43,035,000
Predecessor
Current taxes:
Federal	$ 0			$ 0
State	221,000			127,000
Total current taxes	221,000			127,000
Deferred taxes:
Federal	0			0
State	9,000			(11,000)
Total deferred taxes	9,000			(11,000)
Total current and deferred taxes	$ 230,000			$ 116,000

Income Taxes - Schedule of Effective Tax Rate (Details)	2 Months Ended	10 Months Ended	12 Months Ended
Income Taxes - Schedule of Effective Tax Rate (Details)	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory rate		35.00%	21.00%
State, net of federal tax benefit		7.20%	6.30%
Effect of permanent differences		(0.40%)	(0.60%)
Tax reform - rate change		(14.70%)	0.00%
Income excluded from nontaxable entities		(0.00%)	(0.00%)
Change in valuation allowance		(42.40%)	(4.10%)
Effective tax rate		(15.30%)	22.60%
Predecessor
Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory rate	35.00%			35.00%
State, net of federal tax benefit	0.00%			0.00%
Effect of permanent differences	(0.00%)			(0.00%)
Tax reform - rate change	0.00%			0.00%
Income excluded from nontaxable entities	(35.00%)			(35.00%)
Change in valuation allowance	0.00%			0.00%
Effective tax rate	0.00%			0.00%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Net operating loss carryforwards	$ 14,310	$ 1,556
Accruals	2,993	2,144
Asset retirement obligations	26,383	27,064
Derivative instruments	0	18,982
Tax credits	0	528
Interest limitation carryforward	7,486	0
Other	2,033	867
Subtotal	53,205	51,141
Valuation allowance	0	(7,748)
Total deferred tax assets	53,205	43,393
Deferred tax liabilities:
Book tax differences in property basis	(95,348)	(45,281)
Derivative instruments	(3,692)	0
Total deferred tax liabilities	(99,040)	(45,281)
Net deferred tax asset (liability)	$ (45,835)	$ (1,888)

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 4,656	$ 6,901
Oil inventories, materials and supplies	9,473	5,938
Other	238	1,227
Other current assets	$ 14,367	$ 14,066	$ 16,752

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred financing costs, non-current, net of amortization	$ 16	$ 20
Greenhouse gas liability	$ (15)

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable-trade	$ 13,564	$ 11,916
Accrued expenses	66,417	37,912
Royalties payable	26,189	25,793
Greenhouse gas liability	0	10,446
Taxes other than income tax liability	10,766	8,437
Accrued interest	10,500	0
Dividends payable	9,992	0
Other	6,689	3,373
Net increase in accounts payable and accrued expenses	$ 144,118	$ 97,877	$ 116,512

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows - Supplemental Cash Flow Information (Details) - USD ($)	2 Months Ended	10 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Supplemental Disclosures of Significant Non-Cash Investing Activities:
(Decrease) increase in accrued liabilities related to purchases of property and equipment		$ 2,483,000	$ 19,257,000
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized		14,276,000	19,761,000
Income taxes		1,994,000	(1,901,000)
Reorganization items, net		$ 1,732,000	$ 832,000
Predecessor
Supplemental Disclosures of Significant Non-Cash Investing Activities:
(Decrease) increase in accrued liabilities related to purchases of property and equipment	$ 2,249,000			$ 2,266,000
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	8,057,000			57,759,000
Income taxes	0			347,000
Reorganization items, net	$ 11,838,000			$ 19,116,000

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Feb. 28, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 68,680	$ 33,905	$ 32,049
Restricted cash	0	34,833	52,860
Restricted cash in other noncurrent assets	0	0	125
Cash, cash equivalents and restricted cash	$ 68,680	$ 68,738	85,034
Predecessor
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents			32,049	$ 30,483	$ 1,023
Restricted cash			52,860	197,793	250,359
Restricted cash in other noncurrent assets			125	128	128
Cash, cash equivalents and restricted cash			$ 85,034	$ 228,404	$ 251,510

Certain Relationships and Related Party Transactions (Details) - LINN Energy - Transition Services and Separation Agreement - USD ($) $ in Millions	2 Months Ended			10 Months Ended
	Jun. 30, 2017	Apr. 30, 2017	Feb. 28, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Related party transaction, monthly amount	$ 2.7	$ 6.0
Related party transaction, amount of transaction				$ 17.0
Predecessor
Related Party Transaction [Line Items]
Related party transaction, amount of transaction			$ 0.0

Acquisitions and Divestitures (Details)			1 Months Ended	3 Months Ended	10 Months Ended	12 Months Ended
Acquisitions and Divestitures (Details)	Nov. 30, 2018 USD ($)	Jul. 31, 2017 USD ($)	Apr. 30, 2018 USD ($) a lease well $ / bbl	Sep. 30, 2018 MBoe	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Jul. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on sale of assets and other, net					$ 22,930,000	$ 2,747,000
Proceeds from sale of properties and equipment and other					234,292,000	8,212,000
Business Acquisition [Line Items]
Percentage of working interest acquired		84.00%
Percentage of working interest in investment							16.00%
Payments to acquire property		$ 249,000,000			$ 249,338,000	$ 0
East Texas operating area
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of non-core oil and gas properties	$ 7,000,000
Gains on sale of assets and other, net	$ 4,000,000
Daily production (Mboe) \| MBoe				0.7
Hugoton Natural Gas Field
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on sale of assets and other, net		$ 23,000,000
Working interest divested		78.00%
Proceeds from sale of properties and equipment and other		$ 234,000,000
Chevron North Midway-Sunset Acquisition
Business Acquisition [Line Items]
Number of leases acquired \| lease			2
Area of land acquired in lease (in acres) \| a			214
Area of land with option to acquire from lease (in acres) \| a			490
Drilling commitment assumed			$ 35,000,000
Drilling commitment, number of wells \| well			115
Number of wells committed to drilling under lease option \| well			40
Consideration transferred in acquisition			$ 0
Oil and gas delivery commitments, consecutive period for which price not met which will incur a toll			30 days
Oil and gas delivery commitments, fixed price to be met, less than (in dollars per barrel) \| $ / bbl			45

Earnings Per Share - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	2 Months Ended	10 Months Ended	12 Months Ended
	Jul. 26, 2018	Feb. 28, 2017	Jul. 31, 2018	Feb. 28, 2017	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock reserved to settle claims of unsecured creditors (in shares)					7,080,000
Common stock contemplated by the Plan (in shares)		40,000,000
Shares issued to settle claims (in shares)						2,770,000
Bankruptcy claims, common shares available to unsecured creditors (in shares)		7,080,000		7,080,000
Incremental common shares attributable to dilutive effect of preferred stock					0	0
Dilutive effect of potentially dilutive securities (in shares)					0	189,000
Series A preferred stock dividends and conversion to common stock			$ 87,000		$ 18,248	$ 97,942
Cash payment to preferred stockholders			60,000		$ 0	$ 60,273
Series A Preferred Stock Conversion and Common Stock Offering
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Sale of stock, consideration received	$ 27,000		$ 27,000
Over-allotment option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Additional common shares received by preferred stockholders (in shares)	1,900,000		1,900,000
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements				0	0		0
2017 Omnibus Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Bankruptcy claims, common shares available to unsecured creditors (in shares)						7,080,000

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	10 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2017	Dec. 31, 2018
Earnings Per Share [Abstract]
Net loss		$ (21,068)	$ 147,102
less: Series A preferred stock dividends and conversion to common stock	$ (87,000)	(18,248)	(97,942)
Net income (loss) attributable to common stockholders		$ (39,316)	$ 49,160
Weighted-average common shares outstanding-basic		38,644,000	57,743,000
Basic Earnings (loss) per share (in dollars per share)		$ (1.02)	$ 0.85
Dilutive effect of potentially dilutive securities (in shares)		0	189,000
Weighted-average common shares outstanding-diluted		38,644,000	57,932,000
Diluted Earnings (loss) per share (in dollars per share)		$ (1.02)	$ 0.85
Potentially dilutive securities (in shares)		0