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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Apr. 30, 2020
Document And Entity Information [Abstract]
Entity Registrant Name	Berry Corp (bry)
Entity Central Index Key	0001705873
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		79,758,415

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1	$ 0
Accounts receivable, net of allowance for doubtful accounts of $2,303 at March 31, 2020 and $1,103 at December 31, 2019	48,602	71,867
Derivative instruments	169,859	9,166
Other current assets	19,730	19,399
Total current assets	238,192	100,432
Noncurrent assets:
Oil and natural gas properties	1,357,496	1,675,717
Accumulated depletion and amortization	(146,158)	(209,105)
Total oil and natural gas properties, net	1,211,338	1,466,612
Other property and equipment	109,094	135,117
Accumulated depreciation	(24,819)	(25,462)
Total other property and equipment, net	84,275	109,655
Derivative instruments	15,245	525
Other noncurrent assets	10,480	12,974
Total assets	1,559,530	1,690,198
Current liabilities:
Accounts payable and accrued expenses	108,720	151,811
Derivative instruments	0	4,817
Total current liabilities	108,720	156,628
Noncurrent liabilities:
Long-term debt	403,663	394,319
Derivative instruments	283	141
Deferred income taxes	35,404	9,057
Asset retirement obligation	134,877	124,019
Other noncurrent liabilities	26,757	33,586
Commitments and Contingencies - Note 4
Equity:
Common stock ($.001 par value; 750,000,000 shares authorized; 84,863,263 and 84,655,222 shares issued; and 79,751,017 and 79,542,976 shares outstanding, at March 31, 2020 and December 31, 2019, respectively)	85	85
Additional paid-in-capital	904,072	901,830
Treasury stock, at cost, (5,112,246 shares at March 31, 2020 and at December 31, 2019)	(49,995)	(49,995)
Retained earnings (deficit)	(4,336)	120,528
Total equity	849,826	972,448
Total liabilities and equity	$ 1,559,530	$ 1,690,198

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,303	$ 1,103
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	84,863,263	84,655,222
Common stock, shares outstanding (in shares)	79,751,017	79,542,976
Treasury stock, at cost (in shares)	5,112,246	5,112,246

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues and other:
Revenues and other	$ 128,036	$ 141,778
Gains (losses) on derivatives	199,194	(63,124)
Total revenues and other	339,265	76,539
Expenses and other:
Transportation expenses	1,822	2,173
Marketing expenses	430	851
General and administrative expenses	19,337	14,340
Depreciation, depletion, and amortization	35,329	24,585
Impairment of oil and gas properties	289,085	0
Taxes, other than income taxes	4,352	8,086
Losses (gains) on derivatives	(199,194)	63,124
Other operating expenses	2,202	1,245
Total expenses and other	419,290	114,853
Other (expenses) income:
Interest expense	(8,920)	(8,805)
Other, net	(6)	154
Total other (expenses) income	(8,926)	(8,651)
Reorganization items, net	0	(231)
Loss before income taxes	(88,951)	(47,196)
Income tax expense (benefit)	26,349	(13,098)
Net loss	$ (115,300)	$ (34,098)
Net loss per share:
Basic (in dollars per share)	$ (1.45)	$ (0.42)
Diluted (in dollars per share)	$ (1.45)	$ (0.42)
Oil, natural gas and natural gas liquids sales
Revenues and other:
Revenues and other	$ 122,098	$ 131,102
Expenses and other:
Cost of goods sold	50,752	57,928
Electricity sales
Revenues and other:
Revenues and other	5,461	9,729
Expenses and other:
Cost of goods sold	3,946	7,760
Oil
Revenues and other:
Gains (losses) on derivatives	211,229	(65,239)
Expenses and other:
Losses (gains) on derivatives	(211,229)	65,239
Marketing revenues
Revenues and other:
Revenues and other	453	830
Other revenues
Revenues and other:
Revenues and other	24	117
Natural gas sales
Revenues and other:
Revenues and other	3,368	6,715
Gains (losses) on derivatives	(12,035)	2,115
Expenses and other:
Losses (gains) on derivatives	$ 12,035	$ (2,115)

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands

Total

Common stock

Additional Paid-in Capital

Treasury Stock

Retained Earnings (Deficit)

Beginning balance at Dec. 31, 2018

$ 1,006,446

$ 82

$ 914,540

$ (24,218)

$ 116,042

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Shares withheld for payment of taxes on equity awards and other

(270)

Stock based compensation

1,498

Purchases of treasury stock

(24,375)

Purchase of rights to common stock

^[1]

(20,265)

20,265

Common stock issued to settle unsecured claims

(3)

Dividends declared on common stock, $0.12/share

(10,072)

Net loss

(34,098)

Ending balance at Mar. 31, 2019

939,129

895,500

(28,328)

71,872

Beginning balance at Dec. 31, 2019

972,448

901,830

(49,995)

120,528

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Shares withheld for payment of taxes on equity awards and other

(794)

Stock based compensation

3,036

Dividends declared on common stock, $0.12/share

(9,564)

Net loss

(115,300)

Ending balance at Mar. 31, 2020

$ 849,826

$ 85

$ 904,072

$ (49,995)

$ (4,336)

[1]	In 2018, we entered into several settlement agreements with general unsecured creditors from our bankruptcy process. We paid approximately $20 million to purchase their claims to our common stock. These claims were settled in February 2019 with no shares issued.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Millions	2 Months Ended	3 Months Ended
	Feb. 28, 2019	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, dividends declared (in dollars per share)		$ 0.12	$ 0.12
Purchase of rights to common stock	$ 20
Treasury stock reissued (in shares)	0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (115,300)	$ (34,098)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	35,329	24,585
Amortization of debt issuance costs	1,338	1,255
Impairment of oil and gas properties	289,085	0
Stock-based compensation expense	2,922	1,474
Deferred income taxes	26,347	(13,098)
Increase in allowance for doubtful accounts	1,200	427
Other operating expenses	1,575	1,245
Derivative activities:
Total (gains) losses	(199,194)	63,124
Cash settlements on derivatives	19,625	14,904
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	22,074	(6,084)
Increase in other assets	(331)	(717)
Decrease in accounts payable and accrued expenses	(29,179)	(29,854)
Decrease in other liabilities	(11,008)	(2,066)
Net cash provided by operating activities	44,483	21,097
Capital expenditures:
Development of oil and natural gas properties	(45,542)	(47,679)
Purchases of other property and equipment	(1,227)	(1,419)
Changes in capital investment accruals	3,533	(3,693)
Other	198	0
Net cash used in investing activities	(43,038)	(52,791)
Cash flows from financing activities:
Borrowings under RBL credit facility	124,100	15,350
Repayments on RBL credit facility	(115,000)	(15,350)
Dividends paid on common stock	(9,750)	(9,813)
Purchase of treasury stock	0	(25,241)
Shares withheld for payment of taxes on equity awards and other	(794)	(270)
Net cash used in financing activities	(1,444)	(35,324)
Net increase (decrease) in cash and cash equivalents	1	(67,018)
Cash and cash equivalents:
Beginning	0	68,680
Ending	$ 1	$ 1,662

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Effective February 18, 2020, Berry Petroleum Corporation changed its name to Berry Corporation (bry) and introduced a new logo. We believe that the name Berry Corporation (bry) is a name that better represents our progressive approach to evolving and growing the business in today’s dynamic oil and gas industry. “Berry Corp.” refers to Berry Corporation (bry), a Delaware corporation, which is the sole member of Berry Petroleum Company, LLC ("Berry LLC"). As the context may require, the “Company”, “we”, “our” or similar words refer to (i) Berry Corp. and Berry LLC, its consolidated subsidiary, as a whole or (ii) either Berry Corp. or Berry LLC. 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). Principles of Consolidation and Reporting The condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In management’s opinion, the accompanying financial statements contain all normal, recurring adjustments that are necessary to fairly present our interim unaudited condensed consolidated financial statements. We eliminated all significant intercompany transactions and balances 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. We prepared this report pursuant to the rules and regulations of the U.S. Security and Exchange Commission (“SEC”) applicable to interim financial information, which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our disclosures are adequate to make the disclosed information not misleading. The results reported in these unaudited condensed consolidated financial statements may not accurately forecast results for future periods. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2019. Reclassification We reclassified certain prior year amounts in the cash flow statements to conform to the current year presentation. These reclassifications had no material impact on the financial statements. New Accounting Standards Issued, But Not Yet Adopted 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-SEC issuers which is for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has issued a proposal to further delay implementation, which has not been finalized yet. We are currently identifying our lease population in accordance with the new lease standard. We expect the adoption of these rules to increase other assets and other liabilities on our balance sheet and we are currently evaluating the impact on our consolidated results of operations. In December 2019, the FASB issued rules which simplify the accounting for income taxes. As an emerging growth company, we have elected to delay the adoption of these rules until they are applicable to non-SEC issuers which is for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently evaluating the impact of these rules on our consolidated financial statements. In March 2020, the FASB issued rules providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the reference rate reform, if certain criteria are met. The optional expedient for contract modifications applies to contract modifications that replace a reference rate affected by the reference rate reform, such as the London Interbank Offered Rate (“LIBOR”). Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. We are currently evaluating the impact of these rules on our consolidated financial statements.

Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

The following table summarizes our outstanding debt:



	March 31, 2020			December 31, 2019			Interest Rate	Maturity	Security
	(in thousands)
RBL Facility	$	10,950		$	1,850		variable rates 4.0% (2020) and 5.5% (2019), respectively	July 29, 2022	Mortgage on 85% of Present Value of proven oil and gas reserves and lien on other assets
2026 Notes	400,000			400,000			7.0%	February 15, 2026	Unsecured
Long-Term Debt - Principal Amount	410,950			401,850
Less: Debt Issuance Costs	(7,287		)	(7,531		)
Long-Term Debt, net	$	403,663		$	394,319

Deferred Financing Costs

We incurred legal and bank fees related to the issuance of debt. At March 31, 2020 and December 31, 2019, debt issuance costs for the RBL Facility (as defined below) reported in “other noncurrent assets” on the balance sheet were approximately $10 million and $11 million net of amortization, respectively. At March 31, 2020 and December 31, 2019, debt issuance costs, net of amortization, for the unsecured notes due February 2026 (the “2026 Notes”) reported in Long-Term Debt, net were approximately $7 million and $8 million, respectively.

For the three months ended March 31, 2020 and March 31, 2019, the amortization expense for the RBL Facility and 2026 Notes were both approximately $1 million and was included in “interest expense” in the condensed consolidated statements of operations.

Fair Value

Our debt is 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 Notes was approximately $164 million and $376 million at March 31, 2020 and December 31, 2019, respectively.

The RBL Facility

On July 31, 2017, we entered into a credit agreement (“RBL Facility”). The RBL Facility provides for a revolving loan with up to $1.5 billion of commitments, subject to a reserve borrowing base. In late 2019, we completed a borrowing base redetermination under our RBL Facility that set our borrowing base to $500 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. Borrowing base redeterminations generally become effective each May and November, although each of us and the administrative agent may make one interim redetermination between scheduled redeterminations. While we have submitted our most recent borrowing base redetermination, we have not yet received the results.

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.

The RBL Facility requires us to maintain on a consolidated basis as of each quarter-end (i) a Leverage Ratio of no more than 4.0 to 1.0 and (ii) a Current Ratio of at least 1.0 to 1.0. The RBL Facility also contains customary restrictions. As of March 31, 2020, our Leverage Ratio and Current Ratio were 1.4 to 1.0 and 4.2 to 1.0, 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 under the RBL Facility as of March 31, 2020.

As of March 31, 2020, we had approximately $11 million in borrowings outstanding, $7 million in letters of credit outstanding, and approximately $382 million of available borrowings capacity under the RBL Facility.

Bond Repurchase Program

In February 2020, our Board of Directors adopted a program to spend up to $75 million for the opportunistic repurchase of our 2026 Notes. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and does not obligate Berry Corp. to purchase the 2026 Notes during any period or at all.

Corporate Organization

Berry Corp., as Berry LLC’s parent company, has no independent assets or operations. Any guarantees of potential future registered debt securities by Berry Corp. or Berry LLC would be full and unconditional. Berry Corp. and Berry LLC currently do not have any other subsidiaries. In addition, there are no significant restrictions upon the ability of Berry LLC to distribute funds to Berry Corp. by distribution or loan other than under the RBL Facility. None of the assets of Berry Corp. or Berry LLC represent restricted net assets.

The RBL Facility permits Berry LLC to make distributions to Berry Corp. so long as both before and after giving pro forma effect to such distribution no default or borrowing base deficiency exists, availability equals or exceeds 15% of the then effective borrowing base, and Berry Corp. demonstrates a pro forma leverage ratio less than or equal to 2.75 to 1.00. The conditions are currently met with significant margin.

Derivatives

3 Months Ended

Mar. 31, 2020

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, which addresses our market risk. We target covering our operating expenses and a majority of our fixed charges, including capital for sustained production levels, interest and dividends, with the oil hedges for a period of up to two years out. Additionally, we target fixing the price for a large portion of our natural gas purchases used in our steam operations for up to two years. 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.

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

For our purchased oil calls, we would receive settlement payments for prices above the indicated weighted-average price per barrel of Brent.

For fixed-price 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.

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. 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.

As of March 31, 2020, we had the following crude oil production and gas purchases hedges.



	Q2 2020		Q3 2020		Q4 2020		FY 2021

Fixed Price Oil Swaps (Brent):
Hedged volume (MBbls)	2,184		2,208		2,208		3,282
Weighted-average price ($/Bbl)	$	59.91	$	59.85	$	59.85	$	47.19
Fixed Price Oil Swaps (WTI):
Hedged volume (MBbls)	30		—		—		—
Weighted-average price ($/Bbl)	$	61.75	$	—	$	—	$	—
Purchased Oil Calls Options (Brent):
Hedged volume (MBbls)	273		276		276		—
Weighted-average price ($/Bbl)	$	65.00	$	65.00	$	65.00	$	—
Fixed Price Gas Purchase Swaps (Kern, Delivered):
Hedged volume (MMBtu)	5,005,000		5,060,000		3,840,000		8,500,000
Weighted-average price ($/MMBtu)	$	2.89	$	2.89	$	2.73	$	2.62
Fixed Price Gas Purchase Swaps (SoCal Citygate):
Hedged volume (MMBtu)	455,000		460,000		155,000		—
Weighted-average price ($/MMBtu)	$	3.80	$	3.80	$	3.80	$	—

In April 2020 we added fixed price gas purchase swaps (Kern, Delivered) of 10,000 MMbtu/d at $2.79 beginning November 2020 through October 2021.

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. These commodity derivatives are subject to counterparty netting. The following tables present the fair values (gross and net) of our outstanding derivatives as of March 31, 2020 and December 31, 2019:



	March 31, 2020
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheet			Net Fair Value Presented on the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	181,696		$	(11,837	)	$	169,859
Commodity Contracts	Non-current assets	16,033			(788		)	15,245
Liabilities:
Commodity Contracts	Current liabilities	(11,837		)	11,837			—
Commodity Contracts	Non-current liabilities	(1,071		)	788			(283		)
Total derivatives		$	184,821		$	—		$	184,821



	December 31, 2019
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheet			Net Fair Value Presented on the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	17,799		$	(8,633	)	$	9,166
Commodity Contracts	Non-current assets	773			(248		)	525
Liabilities:
Commodity Contracts	Current liabilities	(13,450		)	8,633			(4,817		)
Commodity Contracts	Non-current liabilities	(389		)	248			(141		)
Total derivatives		$	4,733		$	—		$	4,733

By using derivative instruments to economically hedge exposure to changes in commodity prices, we expose ourselves to credit 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 partially mitigates the counterparty nonperformance risk.

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
Lawsuits, Claims, Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	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. 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 March 31, 2020 and December 31, 2019. 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 March 31, 2020, 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. We previously had an obligation to a counterparty in connection with our Piceance assets to either build a road or secure a license for alternative access, in lieu of paying a $6 million penalty. As of December 31, 2019, we fulfilled the obligation by delivering the access license pursuant to the agreement. The counterparty has since filed a claim challenging the sufficiency of such access which we dispute. We intend to defend the matter vigorously, however, given the uncertainty of litigation and the preliminary stage of the case, among other things, at this time we cannot estimate the reasonable possible loss, if any, that may result from this action.

Equity	3 Months Ended
Equity	Mar. 31, 2020
Equity [Abstract]
Equity	Equity Cash Dividends Our board of directors approved a $0.12 per share quarterly cash dividend on our common stock for the first quarter of 2020, which we paid in April 2020. However, in April 2020, in connection with the current low oil price environment, we temporarily suspended our quarterly dividend until oil prices recover. 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 market conditions for our common stock at that time, they authorized initial repurchases of up to $50 million under the program. In February 2020, the Board of Directors authorized the repurchase of the remaining $50 million of our $100 million repurchase program. We are not required or otherwise obligated to repurchase any additional shares any repurchases may be commenced or suspended at any time without notice. Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means, as determined in the Company's sole discretion. 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 Corp. to purchase shares during any period or at all. Any shares acquired will be available for general corporate purposes. The Company had repurchased a total of 5,057,682 shares under the stock repurchase program for approximately $50 million as of December 31, 2019. For the three months ended March 31, 2020, we did not repurchase any shares under the stock repurchase program. Stock-Based Compensation In March 2020, the Company granted awards of 1,817,656 shares of restricted stock units (“RSUs”), which will vest annually in equal amounts over three years and 1,278,877 performance-based restricted stock units (“PSUs”), which will cliff vest at three years. The fair value of these awards was approximately $32 million. The RSUs awarded are service-based awards. The PSUs awarded include a market objective measured against both absolute total stockholder return (“Absolute TSR”) and total stockholder return relative (“Relative TSR”) to the Vanguard World Fund - Vanguard Energy ETF index (the “Index”) over the performance period, assuming the reinvestment of dividends. Depending on the results achieved during the three-year performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the Target Shares granted. The fair value of the PSUs was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company, including a comparison against the Index over the performance periods. The expected volatility of the Company’s common stock at the date of grant was estimated based on blended historical average volatility rates for the Company and selected guideline public companies. The dividend yield assumption was based on the current annualized declared dividend. The risk-free interest rate assumption was based on observed interest rates consistent with the approximate three-year performance measurement period.

Supplemental Disclosures to the Financial Statements

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Disclosures to the Financial Statements

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



	March 31, 2020		December 31, 2019
	(in thousands)
Prepaid expenses	$	4,768	$	4,577
Materials and supplies	10,972		10,544
Oil inventories	3,144		3,432
Other	846		846
Total other current assets	$	19,730	$	19,399

Other non-current assets at March 31, 2020 and December 31, 2019, included approximately $10 million and $11 million of deferred financing costs, net of amortization, respectively.

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



	March 31, 2020		December 31, 2019
	(in thousands)
Accounts payable-trade	$	10,796	$	13,986
Accrued expenses	48,877		57,078
Royalties payable	9,897		25,385
Taxes other than income tax liability	11,656		9,150
Accrued interest	3,500		10,500
Dividends payable	9,703		9,888
Asset retirement obligation - current portion	13,700		25,208
Other	591		616
Total accounts payable and accrued expenses	$	108,720	$	151,811

We reclassified certain accrued expenses to accounts payable trade accounts for the prior period to conform to the current year presentation. These reclassifications had no impact on the financial statements.

The increase in the long-term portion of the asset retirement obligation from $124 million at December 31, 2019 to $135 million at March 31, 2020 was due to $2 million of accretion and reclassification of $12 million from the current portion due to changes in budgeted spending and minimum state requirements. These increases were partially offset by $3 million of liabilities settled during the period.

Other non-current liabilities at March 31, 2020 and December 31, 2019 included approximately $27 million and $33 million of greenhouse gas liability, respectively.

Supplemental Information on the Statement of Operations

Other operating expenses were $2.2 million and $1.2 million for the three months ended March 31, 2020 and March 31, 2019. These expenses mainly consist of excess abandonment costs and drilling rig standby charges in 2020 and excess abandonment costs in 2019.

Supplemental Cash Flow Information

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



	Three Months Ended March 31,
	2020		2019
	(in thousands)
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Material inventory transfers to oil and natural gas properties	$	696	$	1,986
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	$	14,879	$	14,000
Income taxes	$	2	$	—

Cash and cash equivalents consist primarily of highly liquid investments with original maturities of three months or less and are stated at cost, which approximates fair value. As part of our cash management system, we use a controlled disbursement account to fund cash distribution checks presented for payment by the holder. Checks issued but not yet presented to banks may result in overdraft balances, which amounts are immaterial for these periods, for accounting purposes in the accounts payable and accrued expenses account.

Earnings Per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

We calculate basic earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding during the three months ended March 31, 2020 and 2019 which is approximately 80 million shares and 82 million shares, respectively. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement, are considered common shares outstanding and are included in the computation of net income (loss) per share.

The RSUs and PSUs are not a participating security as the dividends are forfeitable. For the three months ended March 31, 2020 and March 31, 2019, no incremental RSUs or PSUs were included in the diluted EPS calculation as their effect was anti-dilutive under the “if converted” method.



	Three Months Ended March 31,
	2020			2019
	(in thousands except per share amounts)
Basic EPS calculation
Net loss	$	(115,300	)	$	(34,098	)
Weighted-average shares of common stock outstanding	79,608			81,765
Basic loss per share	$	(1.45	)	$	(0.42	)
Diluted EPS calculation
Net loss	$	(115,300	)	$	(34,098	)
Weighted-average shares of common stock outstanding	79,608			81,765
Dilutive effect of potentially dilutive securities⁽¹⁾	—			—
Weighted-average common shares outstanding - diluted	79,608			81,765
Diluted loss per share	$	(1.45	)	$	(0.42	)

__________


(1)	No potentially dilutive securities were included in computing earnings (loss) per share for the three months ended March 31, 2020 and March 31, 2019, because the effect of inclusion would have been anti-dilutive.

Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

We account for revenue in accordance with the Accounting Standards Codification 606, Revenue from Contracts with Customers, which we adopted on January 1, 2019, using the modified retrospective method, which was applied to all contracts that were not completed as of that date. Prior period results were not adjusted and continue to be reported under the accounting standards in effect for the prior period. The new standard did not affect the timing of our revenue recognition and did not impact net income; accordingly, we did not record an adjustment to the opening balance of retained earnings.

We adopted the practical expedient related to disclosing the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied at the end of the reporting period. The performance obligations that are unsatisfied at the end of a reporting period relate solely to future volumes that we have yet to sell. As such, these are wholly unsatisfied performance obligations as each unit of product represents a separate performance obligation as well as a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation.

We derive substantially all of our revenue from sales of oil, natural gas and natural gas liquids (“NGL”), with the remaining revenue generated from sales of electricity and marketing activities.

The following is a description of our principal activities from which we generate revenue. Revenues are recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services.

Oil, Natural Gas and NGLs

We recognize revenue from the sale of our oil, natural gas and NGLs production when delivery has occurred and control passes to the customer. Our oil and natural gas contracts are short term, typically less than a year and our NGL contracts are both short and long term. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Our commodity sales contracts are indexed to a market price or an average index price. We recognize revenue in the amount that we expect to receive once we are able to adequately estimate the consideration (i.e., when market prices are known). Our contracts with customers typically require payment within 30 days following invoicing.

Electricity Sales

The electrical output of our cogeneration facilities that is not used in our operations is sold to the California market based on market pricing, which includes capacity payments. The majority of the portion sold from three of our cogeneration facilities is sold under long-term contracts to two California utility companies, based on market pricing. Revenue is recognized over time when obligations under the terms of a contract with our customer are satisfied; generally, this occurs upon delivery of the electricity. Revenue is measured as the amount of consideration we expect to receive based on average index pricing with payment due the month following delivery. Capacity payments are based on a fixed annual amount per kilowatt hour and monthly rates vary based on seasonality, which is consistent with how we earn the capacity payment. Capacity payments are settled monthly. We consider our performance obligations to be satisfied upon delivery of electricity or as the contracted amount of energy is made available to the customer in the case of capacity payments. We report electricity revenue as electricity sales on our consolidated statements of operations.

Marketing Revenue

Marketing revenue primarily includes our activities associated with transporting and marketing third-party volumes. These sales are made under the same agreements with the same purchaser as our natural gas sales discussed above. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Revenues are presented excluding costs incurred prior to transferring control of these volumes to the customer, or the costs to purchase these volumes when we are acting as the principal. The revenues and expenses related to the sale and purchase of third-party volumes are presented separately as marketing revenue and marketing expenses on the condensed consolidated statements of operations.

Disaggregated Revenue

As a result of adoption of this standard, we are now required to disclose the following information regarding revenue from contracts with customers on a disaggregated basis.



	Three Months Ended March 31,
	2020		2019
	(in thousands)
Oil sales	$	118,310	$	123,450
Natural gas sales	3,368		6,715
Natural gas liquids sales	420		937
Electricity sales	5,461		9,729
Marketing revenues	453		830
Other revenues	24		117
Revenues from contracts with customers	128,036		141,778
Gains (losses) on oil derivatives	211,229		(65,239		)
Total revenues and other	$	339,265	$	76,539

Oil and Natural Gas Properties	3 Months Ended
Oil and Natural Gas Properties	Mar. 31, 2020
Extractive Industries [Abstract]
Oil and Natural Gas Properties	Oil and Natural Gas Properties We evaluate the impairment of our proved and unproved oil and natural gas properties whenever events or changes in circumstance indicate that a property’s carrying value may not be recoverable. If the carrying amount of the proved properties exceeds the estimated undiscounted future cash flows, we record an impairment charge to reduce the carrying values of proved properties to their estimated fair value. We estimate the fair values of proved properties using valuation techniques that consider the market approach for values from the recent sale of similar properties, if applicable, and 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 which can change significantly over time. 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. The fair value was estimated using inputs characteristic of a Level 3 fair value measurement. 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 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. At March 31, 2020, we performed impairment tests with respect to our proved and unproved oil and gas properties as a result of significant declines in oil prices during the latter part of the first quarter. These declines were driven by the uncertainty surrounding the outbreak of novel strain of coronavirus (SARS-Cov-2), which causes COVID-19 (“COVID-19”) and other macroeconomic events such as the geopolitical tensions between OPEC and Russia. The COVID-19 pandemic and related economic repercussions, coupled with OPEC+ actions, created significant volatility, uncertainty, and turmoil in the oil and gas industry, which have negatively affected and are expected to continue to negatively affect our business. Low oil prices are expected to continue for some period as reflected by current futures forward curves for crude. Consequently, we recorded a non-cash pre-tax asset impairment charge of $289 million on properties in Utah and certain California locations. We evaluate our proved properties in accordance with accounting guidance and fair value techniques utilizing the period-end forward price curve, as well as assessing projects we determine we would not pursue in the foreseeable future given the current environment. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at March 31, 2020.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The COVID-19 pandemic and related economic repercussions, coupled with OPEC+ actions, created significant volatility, uncertainty, and turmoil in the oil and gas industry, which have negatively affected and are expected to continue to negatively affect our business. As a result, after evaluating the positive and negative evidence, we determined that it was more likely than not that a large portion of our interest deduction carryforwards and tax credits would not be realized. Accordingly, we recognized a valuation allowance on our deferred tax assets during the quarter in the amount of $51 million. This was the key contributor in the decrease in our effective tax rate from 28% for the three months ended March 31, 2019 to (30)% for the three months ended March 31, 2020.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting The condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In management’s opinion, the accompanying financial statements contain all normal, recurring adjustments that are necessary to fairly present our interim unaudited condensed consolidated financial statements. We eliminated all significant intercompany transactions and balances 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. We prepared this report pursuant to the rules and regulations of the U.S. Security and Exchange Commission (“SEC”) applicable to interim financial information, which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our disclosures are adequate to make the disclosed information not misleading. The results reported in these unaudited condensed consolidated financial statements may not accurately forecast results for future periods. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2019.
Reclassification	Reclassification We reclassified certain prior year amounts in the cash flow statements to conform to the current year presentation. These reclassifications had no material impact on the financial statements.
New Accounting Standards Issued, But Not Yet Adopted	New Accounting Standards Issued, But Not Yet Adopted 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-SEC issuers which is for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has issued a proposal to further delay implementation, which has not been finalized yet. We are currently identifying our lease population in accordance with the new lease standard. We expect the adoption of these rules to increase other assets and other liabilities on our balance sheet and we are currently evaluating the impact on our consolidated results of operations. In December 2019, the FASB issued rules which simplify the accounting for income taxes. As an emerging growth company, we have elected to delay the adoption of these rules until they are applicable to non-SEC issuers which is for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently evaluating the impact of these rules on our consolidated financial statements. In March 2020, the FASB issued rules providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the reference rate reform, if certain criteria are met. The optional expedient for contract modifications applies to contract modifications that replace a reference rate affected by the reference rate reform, such as the London Interbank Offered Rate (“LIBOR”). Entities may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 through December 31, 2022. We are currently evaluating the impact of these rules on our consolidated financial statements.
Revenue Recognition	Revenue Recognition We account for revenue in accordance with the Accounting Standards Codification 606, Revenue from Contracts with Customers, which we adopted on January 1, 2019, using the modified retrospective method, which was applied to all contracts that were not completed as of that date. Prior period results were not adjusted and continue to be reported under the accounting standards in effect for the prior period. The new standard did not affect the timing of our revenue recognition and did not impact net income; accordingly, we did not record an adjustment to the opening balance of retained earnings. We adopted the practical expedient related to disclosing the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied at the end of the reporting period. The performance obligations that are unsatisfied at the end of a reporting period relate solely to future volumes that we have yet to sell. As such, these are wholly unsatisfied performance obligations as each unit of product represents a separate performance obligation as well as a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. We derive substantially all of our revenue from sales of oil, natural gas and natural gas liquids (“NGL”), with the remaining revenue generated from sales of electricity and marketing activities. The following is a description of our principal activities from which we generate revenue. Revenues are recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Oil, Natural Gas and NGLs We recognize revenue from the sale of our oil, natural gas and NGLs production when delivery has occurred and control passes to the customer. Our oil and natural gas contracts are short term, typically less than a year and our NGL contracts are both short and long term. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Our commodity sales contracts are indexed to a market price or an average index price. We recognize revenue in the amount that we expect to receive once we are able to adequately estimate the consideration (i.e., when market prices are known). Our contracts with customers typically require payment within 30 days following invoicing. Electricity Sales The electrical output of our cogeneration facilities that is not used in our operations is sold to the California market based on market pricing, which includes capacity payments. The majority of the portion sold from three of our cogeneration facilities is sold under long-term contracts to two California utility companies, based on market pricing. Revenue is recognized over time when obligations under the terms of a contract with our customer are satisfied; generally, this occurs upon delivery of the electricity. Revenue is measured as the amount of consideration we expect to receive based on average index pricing with payment due the month following delivery. Capacity payments are based on a fixed annual amount per kilowatt hour and monthly rates vary based on seasonality, which is consistent with how we earn the capacity payment. Capacity payments are settled monthly. We consider our performance obligations to be satisfied upon delivery of electricity or as the contracted amount of energy is made available to the customer in the case of capacity payments. We report electricity revenue as electricity sales on our consolidated statements of operations. Marketing Revenue Marketing revenue primarily includes our activities associated with transporting and marketing third-party volumes. These sales are made under the same agreements with the same purchaser as our natural gas sales discussed above. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Revenues are presented excluding costs incurred prior to transferring control of these volumes to the customer, or the costs to purchase these volumes when we are acting as the principal. The revenues and expenses related to the sale and purchase of third-party volumes are presented separately as marketing revenue and marketing expenses on the condensed consolidated statements of operations.

Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table summarizes our outstanding debt:



	March 31, 2020			December 31, 2019			Interest Rate	Maturity	Security
	(in thousands)
RBL Facility	$	10,950		$	1,850		variable rates 4.0% (2020) and 5.5% (2019), respectively	July 29, 2022	Mortgage on 85% of Present Value of proven oil and gas reserves and lien on other assets
2026 Notes	400,000			400,000			7.0%	February 15, 2026	Unsecured
Long-Term Debt - Principal Amount	410,950			401,850
Less: Debt Issuance Costs	(7,287		)	(7,531		)
Long-Term Debt, net	$	403,663		$	394,319

Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges

As of March 31, 2020, we had the following crude oil production and gas purchases hedges.



	Q2 2020		Q3 2020		Q4 2020		FY 2021

Fixed Price Oil Swaps (Brent):
Hedged volume (MBbls)	2,184		2,208		2,208		3,282
Weighted-average price ($/Bbl)	$	59.91	$	59.85	$	59.85	$	47.19
Fixed Price Oil Swaps (WTI):
Hedged volume (MBbls)	30		—		—		—
Weighted-average price ($/Bbl)	$	61.75	$	—	$	—	$	—
Purchased Oil Calls Options (Brent):
Hedged volume (MBbls)	273		276		276		—
Weighted-average price ($/Bbl)	$	65.00	$	65.00	$	65.00	$	—
Fixed Price Gas Purchase Swaps (Kern, Delivered):
Hedged volume (MMBtu)	5,005,000		5,060,000		3,840,000		8,500,000
Weighted-average price ($/MMBtu)	$	2.89	$	2.89	$	2.73	$	2.62
Fixed Price Gas Purchase Swaps (SoCal Citygate):
Hedged volume (MMBtu)	455,000		460,000		155,000		—
Weighted-average price ($/MMBtu)	$	3.80	$	3.80	$	3.80	$	—

Fair Values (Gross and Net) of Outstanding Derivatives

The following tables present the fair values (gross and net) of our outstanding derivatives as of March 31, 2020 and December 31, 2019:



	March 31, 2020
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheet			Net Fair Value Presented on the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	181,696		$	(11,837	)	$	169,859
Commodity Contracts	Non-current assets	16,033			(788		)	15,245
Liabilities:
Commodity Contracts	Current liabilities	(11,837		)	11,837			—
Commodity Contracts	Non-current liabilities	(1,071		)	788			(283		)
Total derivatives		$	184,821		$	—		$	184,821



	December 31, 2019
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheet			Net Fair Value Presented on the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	17,799		$	(8,633	)	$	9,166
Commodity Contracts	Non-current assets	773			(248		)	525
Liabilities:
Commodity Contracts	Current liabilities	(13,450		)	8,633			(4,817		)
Commodity Contracts	Non-current liabilities	(389		)	248			(141		)
Total derivatives		$	4,733		$	—		$	4,733

- 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.

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+ Details

Supplemental Disclosures to the Financial Statements (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Current Assets

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



	March 31, 2020		December 31, 2019
	(in thousands)
Prepaid expenses	$	4,768	$	4,577
Materials and supplies	10,972		10,544
Oil inventories	3,144		3,432
Other	846		846
Total other current assets	$	19,730	$	19,399

Accounts Payable and Accrued Expenses

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



	March 31, 2020		December 31, 2019
	(in thousands)
Accounts payable-trade	$	10,796	$	13,986
Accrued expenses	48,877		57,078
Royalties payable	9,897		25,385
Taxes other than income tax liability	11,656		9,150
Accrued interest	3,500		10,500
Dividends payable	9,703		9,888
Asset retirement obligation - current portion	13,700		25,208
Other	591		616
Total accounts payable and accrued expenses	$	108,720	$	151,811

Supplemental Disclosures to the Statements of Cash Flows

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



	Three Months Ended March 31,
	2020		2019
	(in thousands)
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Material inventory transfers to oil and natural gas properties	$	696	$	1,986
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	$	14,879	$	14,000
Income taxes	$	2	$	—

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share



	Three Months Ended March 31,
	2020			2019
	(in thousands except per share amounts)
Basic EPS calculation
Net loss	$	(115,300	)	$	(34,098	)
Weighted-average shares of common stock outstanding	79,608			81,765
Basic loss per share	$	(1.45	)	$	(0.42	)
Diluted EPS calculation
Net loss	$	(115,300	)	$	(34,098	)
Weighted-average shares of common stock outstanding	79,608			81,765
Dilutive effect of potentially dilutive securities⁽¹⁾	—			—
Weighted-average common shares outstanding - diluted	79,608			81,765
Diluted loss per share	$	(1.45	)	$	(0.42	)

__________


(1)	No potentially dilutive securities were included in computing earnings (loss) per share for the three months ended March 31, 2020 and March 31, 2019, because the effect of inclusion would have been anti-dilutive.

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

As a result of adoption of this standard, we are now required to disclose the following information regarding revenue from contracts with customers on a disaggregated basis.



	Three Months Ended March 31,
	2020		2019
	(in thousands)
Oil sales	$	118,310	$	123,450
Natural gas sales	3,368		6,715
Natural gas liquids sales	420		937
Electricity sales	5,461		9,729
Marketing revenues	453		830
Other revenues	24		117
Revenues from contracts with customers	128,036		141,778
Gains (losses) on oil derivatives	211,229		(65,239		)
Total revenues and other	$	339,265	$	76,539

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 410,950	$ 401,850
Less: Debt Issuance Costs	(7,287)	(7,531)
Long-Term Debt, net	403,663	394,319
2026 Notes \| Unsecured Debt
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	400,000
Interest Rate	7.00%
Revolving Credit Facility \| RBL Facility \| Line of credit
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 10,950	$ 1,850
Variable rate	4.00%	5.50%
Security	85.00%

Debt - Narrative (Details)	3 Months Ended
Debt - Narrative (Details)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Feb. 27, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jul. 31, 2017 USD ($)
Debt Instrument [Line Items]
Debt issuance costs for the 2026 Senior Unsecured Notes	$ 7,287,000			$ 7,531,000
Amortization of debt issuance costs	1,338,000	$ 1,255,000
Bond repurchase program, authorized amount			$ 75,000,000
Interest Expense
Debt Instrument [Line Items]
Amortization of debt issuance costs	1,000,000	$ 1,000,000
RBL Facility \| Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs for the RBL Facility	10,000,000			11,000,000
Maximum borrowing capacity					$ 1,500,000,000.0
Borrowing base				500,000,000
Elected commitment feature to increase borrowing base				400,000,000
Borrowings outstanding	11,000,000
Available borrowing capacity	$ 382,000,000
Leverage ratio (no more than)					4.0
Current ratio (at least)					1.0
Leverage ratio at period end	1.4
Current ratio at period end	4.2
Reduction in borrowing base if unsecured indebtedness is incurred					25.00%
Minimum availability of borrowing base required which will permit distributions to parent company	15.00%
Maximum pro forma leverage ratio allowable which will permit distributions to parent company	2.75
RBL Facility \| Line of credit \| Letter of credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 7,000,000
2026 Notes \| Unsecured Debt
Debt Instrument [Line Items]
Fair value of debt	$ 164,000,000			$ 376,000,000

Derivatives - Narrative (Details) MMBTU in Thousands	1 Months Ended	3 Months Ended
Derivatives - Narrative (Details) MMBTU in Thousands	Apr. 30, 2020 MMBTU $ / MMBtu	Mar. 31, 2020
Derivative [Line Items]
Target period to cover operating expenses and fixed charges (up to)		2 years
Target period for fixing the price natural gas purchases used in steam operations (up to)		2 years
Subsequent Event \| Fixed Price Gas Purchase Swaps (Kern, Delivered)
Derivative [Line Items]
Notional amount, flow rate \| MMBTU	10
Derivative, fixed rate \| $ / MMBtu	2.79

Derivatives - Derivative Transactions Resulting in Hedged Gas Contracts Outstanding (Details) - Forecast MMBTU in Thousands, MBbls in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2020 MMBTU $ / bbl $ / MMBtu MBbls	Sep. 30, 2020 MMBTU $ / bbl $ / MMBtu MBbls	Jun. 30, 2020 MMBTU $ / bbl $ / MMBtu MBbls	Dec. 31, 2021 MMBTU $ / bbl $ / MMBtu MBbls
Fixed Price Oil Swaps (Brent)
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls	2,208	2,208	2,184	3,282
Weighted-average price ($/Bbl) \| $ / bbl	59.85	59.85	59.91	47.19
Fixed Price Oil Swaps (WTI)
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls	0	0	30	0
Weighted-average price ($/Bbl) \| $ / bbl	0.00	0.00	61.75	0.00
Purchased Oil Calls Options (Brent)
Derivative [Line Items]
Hedged volume (MBbls) \| MBbls	276	276	273	0
Weighted-average price ($/Bbl) \| $ / bbl	65.00	65.00	65.00	0.00
Fixed Price Gas Purchase Swaps (Kern, Delivered)
Derivative [Line Items]
Weighted-average price ($/MMBtu) \| $ / MMBtu	2.73	2.89	2.89	2.62
Hedged volume (MMBtu) \| MMBTU	3,840	5,060	5,005	8,500
Fixed Price Gas Purchase Swaps (SoCal Citygate)
Derivative [Line Items]
Weighted-average price ($/MMBtu) \| $ / MMBtu	3.80	3.80	3.80	0.00
Hedged volume (MMBtu) \| MMBTU	155	460	455	0

Derivatives - Fair Values (Gross and Net) of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Liabilities:
Total derivatives	$ 184,821	$ 4,733
Commodity Contracts \| Current assets
Assets:
Gross Amounts Recognized at Fair Value	181,696	17,799
Gross Amounts Offset in the Balance Sheet	(11,837)	(8,633)
Net Fair Value Presented on the Balance Sheet	169,859	9,166
Commodity Contracts \| Non-current assets
Assets:
Gross Amounts Recognized at Fair Value	16,033	773
Gross Amounts Offset in the Balance Sheet	(788)	(248)
Net Fair Value Presented on the Balance Sheet	15,245	525
Commodity Contracts \| Current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(11,837)	(13,450)
Gross Amounts Offset in the Balance Sheet	11,837	8,633
Net Fair Value Presented on the Balance Sheet	0	(4,817)
Commodity Contracts \| Non-current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(1,071)	(389)
Gross Amounts Offset in the Balance Sheet	788	248
Net Fair Value Presented on the Balance Sheet	$ (283)	$ (141)

Lawsuits, Claims, Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Commitments under contracts	$ 6

Equity - Narrative (Details) - USD ($)	1 Months Ended			3 Months Ended		13 Months Ended
Equity - Narrative (Details) - USD ($)	Apr. 30, 2020	Mar. 31, 2020	Feb. 27, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Price of shares repurchased					$ 24,375,000	$ 50,000,000
Number of shares repurchased (in shares)				0		5,057,682
Fair value of grants				$ 32,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		1,817,656
Vesting period		3 years
Performance-based Restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		1,278,877
Vesting period		3 years
Minimum \| Performance-based Restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		0.00%
Maximum \| Performance-based Restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights percentage		200.00%
Stock Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount of repurchases			$ 100,000,000				$ 100,000,000
Authorized current repurchases			$ 50,000,000
Stock Repurchase Program, Current Repurchases Authorized
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount of repurchases							$ 50,000,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share)	$ 0.12

Supplemental Disclosures to the Financial Statements - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 4,768	$ 4,577
Materials and supplies	10,972	10,544
Oil inventories	3,144	3,432
Other	846	846
Total other current assets	$ 19,730	$ 19,399

Supplemental Disclosures to the Financial Statements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred financing costs, net of amortization	$ 10,000		$ 11,000
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Asset retirement obligation, noncurrent	134,877		124,019
Asset retirement obligation, current	(13,700)		(25,208)
Asset retirement obligation, accretion expense	2,000
Asset retirement obligation, liabilities settled	3,000
Greenhouse gas liabilities, non-current	27,000		$ 33,000
Other operating expenses	2,202	$ 1,245
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Asset retirement obligation, noncurrent	12,000
Asset retirement obligation, current	$ 12,000

Supplemental Disclosures to the Financial Statements - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable-trade	$ 10,796	$ 13,986
Accrued expenses	48,877	57,078
Royalties payable	9,897	25,385
Taxes other than income tax liability	11,656	9,150
Accrued interest	3,500	10,500
Dividends payable	9,703	9,888
Asset retirement obligation - current portion	13,700	25,208
Other	591	616
Total accounts payable and accrued expenses	$ 108,720	$ 151,811

Supplemental Disclosures to the Financial Statements - Supplemental Disclosures to the Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Material inventory transfers to oil and natural gas properties	$ 696	$ 1,986
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	14,879	14,000
Income taxes	$ 2	$ 0

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Weighted-average shares of common stock outstanding (in shares)	79,608,000	81,765,000
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0	0

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic EPS calculation
Net loss	$ (115,300)	$ (34,098)
Weighted-average shares of common stock outstanding (in shares)	79,608,000	81,765,000
Basic loss per share (in dollars per share)	$ (1.45)	$ (0.42)
Diluted EPS calculation
Net loss	$ (115,300)	$ (34,098)
Weighted-average shares of common stock outstanding (in shares)	79,608,000	81,765,000
Dilutive effect of potentially dilutive securities (in shares)	0	0
Weighted-average common shares outstanding - diluted (in shares)	79,608,000	81,765,000
Diluted loss per share (in dollars per share)	$ (1.45)	$ (0.42)
Potentially dilutive securities (in shares)	0	0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Revenue Recognition - Narrative (Details)	3 Months Ended
Revenue Recognition - Narrative (Details)	Mar. 31, 2020 utlity_company cogeneration_facility
Revenue from Contract with Customer [Abstract]
Payment term (within)	30 days
Number of cogeneration facilities selling majority of electric output not used in operations \| cogeneration_facility	3
Number of utility companies under long term contract to buy electrical output \| utlity_company	2

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues and other	$ 128,036	$ 141,778
Gains (losses) on oil derivatives	199,194	(63,124)
Total revenues and other	339,265	76,539
Oil sales
Disaggregation of Revenue [Line Items]
Revenues and other	118,310	123,450
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenues and other	3,368	6,715
Gains (losses) on oil derivatives	(12,035)	2,115
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Revenues and other	420	937
Electricity sales
Disaggregation of Revenue [Line Items]
Revenues and other	5,461	9,729
Marketing revenues
Disaggregation of Revenue [Line Items]
Revenues and other	453	830
Other revenues
Disaggregation of Revenue [Line Items]
Revenues and other	24	117
Oil
Disaggregation of Revenue [Line Items]
Gains (losses) on oil derivatives	$ 211,229	$ (65,239)

Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Extractive Industries [Abstract]
Impairment of oil and gas properties	$ 289,085	$ 0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Recognition of valuation allowance	$ 51
Effective income tax rate	(30.00%)	28.00%