0001705873-22-000061 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-38606
Entity Registrant Name	Berry Corporation (bry)
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5410470
Entity Address, Address Line One	16000 Dallas Parkway
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75248
City Area Code	661
Local Phone Number	616-3900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BRY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		78,760,354
Entity Central Index Key	0001705873
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 52,495	$ 15,283
Accounts receivable, net of allowance for doubtful accounts of $866 at June 30, 2022 and $866 at December 31, 2021	117,281	86,269
Other current assets	35,122	45,946
Total current assets	204,898	147,498
Noncurrent assets:
Oil and natural gas properties	1,618,258	1,537,894
Accumulated depletion and amortization	(402,640)	(340,328)
Total oil and natural gas properties, net	1,215,618	1,197,566
Other property and equipment	144,917	140,710
Accumulated depreciation	(46,608)	(36,927)
Total other property and equipment, net	98,309	103,783
Derivative instruments	0	1,070
Other noncurrent assets	11,560	6,562
Total assets	1,530,385	1,456,479
Current liabilities:
Accounts payable and accrued expenses	160,683	157,524
Derivative instruments	101,063	29,625
Total current liabilities	261,746	187,149
Noncurrent liabilities:
Long-term debt	395,135	394,566
Derivative instruments	59,604	18,577
Deferred income taxes	1,322	1,831
Asset retirement obligations	139,956	143,926
Other noncurrent liabilities	31,853	17,782
Commitments and Contingencies - Note 4
Stockholders' Equity:
Common stock ($0.001 par value; 750,000,000 shares authorized; 86,343,622 and 85,590,417 shares issued; and 78,760,354 and 80,007,149 shares outstanding, at June 30, 2022 and December 31, 2021, respectively)	86	86
Additional paid-in-capital	896,808	912,471
Treasury stock, at cost (7,583,268 and 5,583,268 shares at June 30, 2022 and December 31, 2021, respectively)	(75,196)	(52,436)
Retained deficit	(180,929)	(167,473)
Total stockholders' equity	640,769	692,648
Total liabilities and stockholders' equity	$ 1,530,385	$ 1,456,479

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 866	$ 866
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)	86,343,622	85,590,417
Common stock, shares outstanding (in shares)	78,760,354	80,007,149
Treasury stock, at cost (in shares)	7,583,268	5,583,268

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues and other:
Revenues	$ 293,788	$ 154,902	$ 549,728	$ 302,607
Losses on oil and gas sales derivatives	(40,658)	(55,653)	(202,516)	(109,157)
Total revenues and other	253,130	99,249	347,212	193,450
Expenses and other:
Lease operating expenses	72,455	45,543	135,579	107,827
Transportation expenses	1,108	1,757	2,266	3,333
Marketing expenses	0	44	299	2,271
General and administrative expenses	23,183	16,065	46,125	33,135
Depreciation, depletion, and amortization	38,055	35,850	77,832	69,690
Taxes, other than income taxes	11,214	11,603	17,819	21,160
Losses (gains) on natural gas purchase derivatives	10,661	(11,639)	(18,393)	(39,369)
Other operating expenses	353	42	4,122	841
Total expenses and other	199,860	103,977	346,415	211,248
Other (expenses) income:
Interest expense	(7,729)	(8,217)	(15,404)	(16,702)
Other, net	(42)	(8)	(55)	(151)
Total other (expenses) income	(7,771)	(8,225)	(15,459)	(16,853)
Income (loss) before income taxes	45,499	(12,953)	(14,662)	(34,651)
Income tax expense (benefit)	2,145	(72)	(1,206)	(448)
Net income (loss)	$ 43,354	$ (12,881)	$ (13,456)	$ (34,203)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.54	$ (0.16)	$ (0.17)	$ (0.43)
Diluted (in dollars per share)	$ 0.52	$ (0.16)	$ (0.17)	$ (0.43)
Oil, natural gas and natural gas liquids sales
Revenues and other:
Revenues	$ 240,071	$ 147,775	$ 450,422	$ 283,040
Services revenue
Revenues and other:
Revenues	46,178	0	86,014	0
Expenses and other:
Cost of goods sold	36,709	0	70,181	0
Electricity sales
Revenues and other:
Revenues	7,419	6,888	12,838	16,957
Expenses and other:
Cost of goods sold	6,122	4,712	10,585	12,360
Marketing revenues
Revenues and other:
Revenues	0	121	289	2,355
Other revenues
Revenues and other:
Revenues	$ 120	$ 118	$ 165	$ 255

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Deficit
Beginning balance at Dec. 31, 2020	$ 714,036	$ 85	$ 915,877	$ (49,995)	$ (151,931)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(1,442)		(1,442)
Stock based compensation	3,995		3,995
Issuance of common stock	1	1
Dividends declared on common stock	(3,474)		(3,474)
Net income (loss)	(21,322)				(21,322)
Ending balance at Mar. 31, 2021	$ 691,794	86	914,956	(49,995)	(173,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock (in dollars per share)	$ 0.04
Beginning balance at Dec. 31, 2020	$ 714,036	85	915,877	(49,995)	(151,931)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(34,203)
Ending balance at Jun. 30, 2021	678,658	86	914,701	(49,995)	(186,134)
Beginning balance at Mar. 31, 2021	691,794	86	914,956	(49,995)	(173,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(78)		(78)
Stock based compensation	3,042		3,042
Dividends declared on common stock	(3,219)		(3,219)
Net income (loss)	(12,881)				(12,881)
Ending balance at Jun. 30, 2021	$ 678,658	86	914,701	(49,995)	(186,134)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock (in dollars per share)	$ 0.04
Beginning balance at Dec. 31, 2021	$ 692,648	86	912,471	(52,436)	(167,473)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(4,096)		(4,096)
Stock based compensation	3,920		3,920
Dividends declared on common stock	(5,236)		(5,236)
Net income (loss)	(56,810)				(56,810)
Ending balance at Mar. 31, 2022	$ 630,426	86	907,059	(52,436)	(224,283)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock (in dollars per share)	$ 0.06
Beginning balance at Dec. 31, 2021	$ 692,648	86	912,471	(52,436)	(167,473)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock	(23,000)
Net income (loss)	(13,456)
Ending balance at Jun. 30, 2022	640,769	86	896,808	(75,196)	(180,929)
Beginning balance at Mar. 31, 2022	630,426	86	907,059	(52,436)	(224,283)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(6)		(6)
Stock based compensation	4,720		4,720
Purchases of treasury stock	(22,760)			(22,760)
Dividends declared on common stock	(14,965)		(14,965)
Net income (loss)	43,354				43,354
Ending balance at Jun. 30, 2022	$ 640,769	$ 86	$ 896,808	$ (75,196)	$ (180,929)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock (in dollars per share)	$ 0.19

- Definition

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

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in dollars per share)	$ 0.19	$ 0.06	$ 0.04	$ 0.04

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (13,456)	$ (34,203)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	77,832	69,690
Amortization of debt issuance costs	971	2,728
Stock-based compensation expense	8,222	6,639
Deferred income taxes	(509)	(473)
Decrease in allowance for doubtful accounts	0	(500)
Other operating (income) expenses	(187)	142
Derivative activities:
Total losses	184,123	69,788
Cash settlements on derivatives	(69,780)	(36,581)
Changes in assets and liabilities:
Increase in accounts receivable	(30,990)	(11,189)
Decrease (increase) decrease in other assets	3,526	(7,490)
Increase in accounts payable and accrued expenses	1,728	3,406
Decrease in other liabilities	(1,708)	(2,098)
Net cash provided by operating activities	159,772	59,859
Capital expenditures:
Capital expenditures	(61,706)	(67,030)
Changes in capital expenditures accruals	5,363	6,934
Acquisitions, net of cash received	(19,080)	(825)
Proceeds from sale of property and equipment and other	0	409
Net cash used in investing activities	(75,423)	(60,512)
Cash flows from financing activities:
Borrowings under 2021 RBL credit facility	192,000	0
Repayments on 2021 RBL credit facility	(192,000)	0
Dividends paid on common stock	(20,275)	(3,466)
Shares withheld for payment of taxes on equity awards and other	(4,102)	(1,520)
Purchase of treasury stock	(22,760)	0
Net cash used in financing activities	(47,137)	(4,986)
Net increase (decrease) in cash and cash equivalents	37,212	(5,639)
Cash and cash equivalents:
Beginning	15,283	80,557
Ending	$ 52,495	$ 74,918

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation “Berry Corp.” refers to Berry Corporation (bry), a Delaware corporation, which is the sole member of each of its three Delaware limited liability company subsidiaries: (1) Berry Petroleum Company, LLC (“Berry LLC”), (2) CJ Berry Well Services Management, LLC (“C&J Management”) and (3) C&J Well Services, LLC (“CJWS”). As the context may require, the “Company”, “we”, “our” or similar words refer to Berry Corp. and its subsidiary, Berry LLC, and as of October 1, 2021 this also includes CJWS and CJ Management. Nature of Business We are a western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived conventional oil and gas reserves in the San Joaquin basin of California and the Uinta basin of Utah, with well servicing and abandonment capabilities in California. Since October 1, 2021, we have operated in two business segments: (i) development and production (“D&P”) and (ii) well servicing and abandonment. Berry Corp. was incorporated under Delaware law in February 2017 and its common stock began trading on NASDAQ under the symbol “bry” in July 2018. Berry Corp. operates through its three wholly owned subsidiaries. Berry LLC owns and operates our oil and gas assets (D&P segment). In January 2022, we divested our natural gas properties in the Piceance basin of Colorado. On October 1, 2021, we completed the acquisition of one of the largest upstream well servicing and abandonment businesses in California, which now constitutes our well servicing and abandonment segment, also referred to as “CJWS”. 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. Securities 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, 2021. New Accounting Standards Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires 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. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842), which is an update to the lease standard providing an optional transition approach for land easements allowing entities to evaluate only new or modified land easements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), which provided optional transition relief allowing a prospective approach in applying the new rules by not adjusting comparative period financial information for the effects of the new rules and not requiring disclosures for periods before the effective date. As an emerging growth company, we have elected to delay the adoption of these rules until they are applicable to non-SEC issuers. During the second quarter of 2020, this adoption date was further delayed by FASB until fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We adopted these rules in the first quarter of 2022 prospectively.

Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

The following table summarizes our outstanding debt:


	June 30, 2022		December 31, 2021		Interest Rate	Maturity	Security
	(in thousands)
2021 RBL Facility	$	—	$	—	variable rates 6.8% (2022) and 5.3% (2021)	August 26, 2025	Mortgage on 90% of Present Value of proven oil and gas reserves and lien on certain other assets

2026 Notes	400,000		400,000		7.0%	February 15, 2026	Unsecured
Long-Term Debt - Principal Amount	400,000		400,000
Less: Debt Issuance Costs	(4,865)		(5,434)
Long-Term Debt, net	$	395,135	$	394,566

Deferred Financing Costs

We incurred legal and bank fees related to the issuance of debt. At June 30, 2022 and December 31, 2021, debt issuance costs for the 2021 RBL Facility (as defined below) reported in “other noncurrent assets” on the balance sheet were approximately $4 million and $5 million net of amortization, respectively. At June 30, 2022 and December 31, 2021, debt issuance costs, net of amortization, for the unsecured notes due February 2026 (the “2026 Notes”) reported in “Long-Term Debt, net” on the balance sheet was approximately $5 million.

For each of the three month periods ended June 30, 2022 and 2021, the amortization expense for the 2021 RBL Facility, the 2017 RBL Facility (as defined below) and the 2026 Notes, combined, was approximately $1 million. For each of the six month periods ended June 30, 2022 and 2021, the amortization expense for the 2021 RBL Facility, the 2017 RBL Facility and the 2026 Notes, combined, was approximately $1 million and $3 million, respectively. The amortization of debt issuance costs is presented 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 2021 RBL Facility approximates fair value, classified as Level 1, because the interest rates are variable and reflect market rates. The fair value of the 2026 Notes was approximately $389 million and $400 million at June 30, 2022 and December 31, 2021, respectively.

2021 RBL Facility

On August 26, 2021, Berry Corp, as a guarantor, together with Berry LLC, as the borrower, entered into a credit agreement that provided for a revolving loan with up to $500 million of commitment, subject to a reserve borrowing base (as amended by the First Amendment, the Second Amendment and the Third Amendment, each as defined below, the “2021 RBL Facility”). Our initial borrowing base was $200 million. The 2021 RBL Facility provides a letter of credit subfacility for the issuance of letters of credit in an aggregate amount not to exceed $20 million. Issuances of letters of credit reduce the borrowing availability for revolving loans under the 2021 RBL Facility on a dollar for dollar basis. The 2021 RBL Facility matures on August 26, 2025, unless terminated earlier in accordance with the 2021 RBL Facility terms. Borrowing base redeterminations generally become effective each May and November, although the borrower and the lenders may each make one interim redetermination between scheduled redeterminations. In December 2021, we completed the first scheduled semi-annual borrowing base redetermination

and entered into that certain First Amendment to Credit Agreement (the “First Amendment”), which resulted in a reaffirmed borrowing base at $200 million and changes to the hedging covenants in respect of the exclusion of short puts or similar derivatives in the calculation of minimum and maximum hedging requirements.

In May 2022, Berry Corp., as a guarantor, and Berry LLC, as the borrower, entered into that certain Second Amendment to Credit Agreement and Limited Consent and Waiver (the “Second Amendment”) pursuant to which, among other things, the requisite lenders under the 2021 RBL Facility (i) consented to certain dividends and distributions and to certain investments made by Berry LLC in C&J Well Services, LLC and/or CJ Berry Well Services Management, LLC, in each case, as further described therein, (ii) waived certain minimum hedging requirements for the time periods described therein, (iii) waived any breach, default or event of default which may have arisen as a result of any of the foregoing, (iv) amended the restricted payments covenant to give us additional flexibility to make restricted payments, subject to satisfaction of certain leverage and availability conditions and other conditions described below and in the Second Amendment and (v) amended the minimum hedging covenant to not, until October 1, 2022, require hedges for any full calendar month from and after January 1, 2025, as further described in the Second Amendment. In May 2022, we also completed our semi-annual borrowing base redetermination and entered into the Third Amendment to the Credit Agreement (the “Third Amendment”), which among other things (1) increased the borrowing base from $200 million to $250 million; (2) established the Aggregate Elected Commitment Amounts (as defined in the 2021 RBL Facility) at $200 million initially; and (3) converted all outstanding Eurodollar Loans (into Term Benchmark Loans (each as defined in the 2021 RBL Facility) with an initial interest period of one-month’s duration and otherwise give effect to the transition from the London interbank offered rate (“LIBOR”) to the secured overnight financing rate (“SOFR”) by replacing the adjusted LIBOR rate with the term SOFR rate for one, three or six months plus 0.1% (subject to a floor of 0.5%).

If the outstanding principal balance of the revolving loans and the aggregate face amount of all letters of credit under the 2021 RBL Facility exceeds the borrowing base at any time as a result of a redetermination of the borrowing base, we have the option within 30 days to take any of the following actions, either individually or in combination: make a lump sum payment curing the deficiency, deliver reserve engineering reports and mortgages covering additional oil and gas properties sufficient in certain lenders’ opinion to increase the borrowing base and cure the deficiency or begin making equal monthly principal payments that will cure the deficiency within the next six-month period. Upon certain adjustments to the borrowing base other than a result of a redetermination, we are required to make a lump sum payment in an amount equal to the amount by which the outstanding principal balance of the revolving loans and the aggregate face amount of all letters of credit under the 2021 RBL Facility exceeds the borrowing base. In addition, the 2021 RBL Facility provides that if there are any outstanding borrowings and the consolidated cash balance exceeds $20 million at the end of each calendar week, such excess amounts shall be used to prepay borrowings under the credit agreement. Otherwise, any unpaid principal will be due at maturity.

The outstanding borrowings under the revolving loan bear interest at a rate equal to either (i) a customary base rate plus an applicable margin ranging from 2.0% to 3.0% per annum, and (ii) a customary benchmark rate plus an applicable margin ranging from 3.0% to 4.0% per annum, and in each case depending on levels of borrowing base utilization. In addition, we must pay the lenders a quarterly commitment fee of 0.5% on the average daily unused amount of the borrowing availability under the 2021 RBL Facility. We have the right to prepay any borrowings under the 2021 RBL Facility with prior notice at any time without a prepayment penalty.

The 2021 RBL Facility requires us to maintain on a consolidated basis as of each quarter-end (i) a leverage ratio of not more than 3.0 to 1.0 and (ii) a current ratio of not less than 1.0 to 1.0. As of June 30, 2022, our leverage ratio and current ratio were 1.3:1.0 and 2.5:1.0, respectively. In addition, the 2021 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 2021 RBL Facility as of June 30, 2022.

The 2021 RBL Facility contains usual and customary events of default and remedies for credit facilities of a similar nature. The 2021 RBL Facility also places restrictions on the borrower and its restricted subsidiaries with respect to additional indebtedness, liens, dividends and other payments to shareholders, repurchases or redemptions of our common stock, redemptions of the borrower’s senior notes, investments, acquisitions, mergers, asset

dispositions, transactions with affiliates, hedging transactions and other matters.

From and after August 26, 2022, the 2021 RBL Facility permits us to repurchase certain indebtedness so long as both before and after giving pro forma effect to such repurchase, no default or event of default exists, availability is equal to or greater than 20% of the borrowing base and our pro forma leverage ratio is less than or equal to 2.0 to 1.0. The 2021 RBL Facility also permits us to make restricted payments so long as both before and after giving pro forma effect to such distribution, no default or event of default exists, availability exceeds 75% of the borrowing base, and our pro forma leverage ratio is less than or equal to 1.5 to 1.0. In addition, we can make other restricted payments in an aggregate amount not to exceed 100% of Free Cash Flow (as defined under the 2021 RBL Facility) for the fiscal quarter most recently ended prior to such distribution so long as, in addition to other conditions and limitations as described in the 2021 RBL Facility, both before and after giving pro forma effect to such distribution, no default or event of default exists, availability is greater than 20% of the borrowing base and our pro forma leverage ratio is less than or equal to 2.0 to 1.0.

Berry LLC is the borrower on the 2021 RBL Facility and Berry Corp. is the guarantor. Each future subsidiary of

Berry Corp., with certain exceptions, is required to guarantee our obligations and obligations of the other guarantors under the 2021 RBL Facility and under certain hedging transactions and banking services arrangements (the “Guaranteed Obligations”). The lenders under the 2021 RBL Facility hold a mortgage on at least 90% 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.

As of June 30, 2022, we had no borrowings outstanding, $7 million in letters of credit outstanding and approximately $193 million of available borrowing capacity under the 2021 RBL Facility.

2017 RBL Facility

On July 31, 2017, we entered into a credit agreement that provided for a revolving loan with up to $1.5 billion of commitment, subject to a reserve borrowing base (“2017 RBL Facility”). On August 26, 2021, we cancelled the 2017 RBL Facility agreement, which had a borrowing base of $200 million and there were no borrowings outstanding at the time of cancellation.

Debt 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 do not obligate Berry Corp. to purchase the 2026 Notes during any period or at all. We have not yet repurchased any notes under this program.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivatives

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

We utilize derivatives, such as swaps, puts, calls and collars, to hedge a portion of our forecasted oil and gas production and gas purchases to reduce exposure to fluctuations in oil and natural gas prices, which addresses our market risk. In addition to the hedging requirements of the 2021 RBL Facility, we target covering our operating expenses and a majority of our fixed charges, which includes capital needed to sustain production levels, as well as interest and fixed dividends as applicable, with the oil and gas sales hedges for a period of up to three 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 three years. We have also entered into Utah gas transportation contracts to help reduce the price fluctuation exposure, however these do not qualify as hedges. 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. We had no such transactions in the periods presented.

For fixed-price oil and gas sales swaps, we are the seller, so we make settlement payments for prices above the indicated weighted-average price per barrel and per mmbtu, respectively, and receive settlement payments for prices below the indicated weighted-average price per barrel and per mmbtu, respectively.

For our long put spreads, in addition to any deferred premium payments, we would receive settlement payments for prices below the indicated highest price of the long put with the maximum payment received per barrel equal to the difference between the indicated prices of the long and short put. No payment would be made or received for prices above the highest indicated price of the long put. The short put spreads offset the long put spreads.

For our purchased oil puts, we would receive settlement payments for prices below the indicated weighted-average price per barrel of Brent. For some of our options we paid or received a premium at the time the positions were created and for others, the premium payment or receipt is deferred until the time of settlement. As of June 30, 2022 we have net payable deferred premiums of approximately $7 million, which is reflected in the mark-to-market valuation and will be payable beginning in 2022 through 2024.

For our sold oil calls, we would make settlement payments for prices above the indicated weighted-average price. No payment would be due for prices below the indicated weighted-average price.

For our purchased gas calls, we would receive settlement payments for prices above the indicated weighted-average price. No payment would be received for prices below the indicated weighted-average price.

For our sold oil and gas puts, we would make settlement payments for prices below the indicated weighted-average price. No payment would be due for prices above the indicated weighted-average price.

We use oil and gas production hedges to protect our sales against decreases in oil and gas prices. We also use natural gas purchase hedges to protect our natural gas purchases against increases in 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 and gas sales hedges are classified in the revenues and other section of the statement of operations, while natural gas purchase hedges are included in expenses and other section of the statement of operations.

As of June 30, 2022, we had the following hedges for our crude oil production and natural gas purchases.


	Q3 2022		Q4 2022		FY 2023		FY 2024		FY 2025
Brent - Crude Oil production
Swaps
Hedged volume (bbls)	1,380,000		1,288,000		3,433,528		1,917,000		—
Weighted-average price ($/bbl)	$	77.73	$	76.07	$	73.06	$	75.52	$	—

Put Spreads
Long $50/$40 Put Spread hedged volume (bbls)	414,000		414,000		2,555,000		1,647,000		—
Short $50/$40 Put Spread hedged volume (bbls)	46,000		46,000		365,000		366,000		—

Producer Collars									—
Hedged volume (bbls)	—		—		1,460,000		1,098,000		—
Weighted-average price ($/bbl)	$	—	$	—	$40.00/$106.00		$40.00/$105.00		$	—



Henry Hub - Natural Gas purchases



Consumer Collars
Hedged volume (mmbtu)	3,680,000		3,680,000		5,430,000		—		—
Weighted-average price ($/mmbtu)	$4.00/$2.75		$4.00/$2.75		$4.00/$2.75		$	—	$	—
NWPL - Natural Gas purchases
Swaps
Hedged volume (mmbtu)	—		1,220,000		12,800,000		7,320,000		6,080,000
Weighted-average price ($/mmbtu)	$	—	$	6.40	$	5.48	$	4.27	$	4.27

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 June 30, 2022 and December 31, 2021:


	June 30, 2022
	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)
Assets:
Commodity Contracts	Current assets	$	22,794	$	(22,794)	$	—
Commodity Contracts	Non-current assets	27,674		(27,674)		—
Liabilities:
Commodity Contracts	Current liabilities	(123,857)		22,794		(101,063)
Commodity Contracts	Non-current liabilities	(87,278)		27,674		(59,604)
Total derivatives		$	(160,667)	$	—	$	(160,667)


	December 31, 2021
	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)
Assets:
Commodity Contracts	Current assets	$	5,360	$	(5,360)	$	—
Commodity Contracts	Non-current assets	29,828		(28,758)		1,070
Liabilities:
Commodity Contracts	Current liabilities	(34,985)		5,360		(29,625)
Commodity Contracts	Non-current liabilities	(47,335)		28,758		(18,577)
Total derivatives		$	(47,132)	$	—	$	(47,132)

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 2021 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 A2 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	6 Months Ended
Lawsuits, Claims, Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	Lawsuits, Claims, Commitments and Contingencies In the normal course of business, we, or our subsidiaries, are the subject of, or party to, pending or threatened legal proceedings, contingencies and commitments involving a variety of matters that seek, or may seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, fines and penalties, remediation costs, or injunctive or declaratory relief. We accrue 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 June 30, 2022 and December 31, 2021. 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 accruals on our balance sheet would not be material to our consolidated financial position or results of operations. We, or our subsidiaries, 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 June 30, 2022, we are not aware of material indemnity claims pending or threatened against us. Securities Litigation Matter On November 20, 2020, Luis Torres, individually and on behalf of a putative class, filed a securities class action lawsuit (the “Torres Lawsuit”) in the United States District Court for the Northern District of Texas against Berry Corp. and certain of its current and former directors and officers (collectively, the “Defendants”). The complaint asserts violations of Sections 11 and 15 of the Securities Act of 1933, and Sections 10(b) and 20(a) of the Exchange Act, on behalf of a putative class of all persons who purchased or otherwise acquired (i) common stock pursuant and/or traceable to the Company’s 2018 IPO; or (ii) Berry Corp.'s securities between July 26, 2018 and November 3, 2020 (the “Class Period”). In particular, the complaint alleges that the Defendants made false and misleading statements during the Class Period and in the offering materials for the IPO, concerning the Company’s business, operational efficiency and stability, and compliance policies, that artificially inflated the Company’s stock price, resulting in injury to the purported class members when the value of Berry Corp.’s common stock declined following release of its financial results for the third quarter of 2020 on November 3, 2020. On January 21, 2021, multiple plaintiffs filed motions in the Torres Lawsuit seeking to be appointed lead plaintiff and lead counsel. After briefing and a stipulation between the remaining movants, the Court appointed Luis Torres and Allia DeAngelis as co-lead plaintiffs on August 18, 2021. On November 1, 2021, the co-lead plaintiffs filed an amended complaint asserting claims on behalf of the same putative class under Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Exchange Act, alleging, among other things, that the Company and the individual Defendants made false and misleading statements between July 26, 2018 and November 3, 2020 regarding the Company’s permits and permitting processes. The amended complaint does not quantify the alleged losses but seeks to recover all damages sustained by the putative class as a result of these alleged securities violations, as well as attorneys’ fees and costs. The Defendants filed a Motion to Dismiss on January 24, 2022, for which the Court’s ruling is pending. We dispute these claims and intend to defend the matter vigorously. Given the uncertainty of litigation, the preliminary stage of the case, and the legal standards that must be met for, among other things, class certification and success on the merits, we cannot reasonably estimate the possible loss or range of loss that may result from this action.

Equity	6 Months Ended
Equity	Jun. 30, 2022
Equity [Abstract]
Equity	Equity Cash Dividends Our Board of Directors approved regular fixed cash dividends of $0.06 per share on our common stock for each of the first two quarters of 2022, which were paid in April and July 2022. The Board of Directors approved a $0.13 per share variable dividend based on our first quarter results, which was paid in June 2022. In July 2022, the Board of Directors approved a $0.06 per share regular fixed cash dividend, as well as a variable dividend of $0.56 based on the second quarter results, each of which is expected to be paid in August 2022. Stock Repurchase Program The Company repurchased 2,000,000 shares during the three months ended June 30, 2022 for approximately $23 million. As of June 30, 2022, the Company had repurchased a total of 7,528,704 shares under the stock repurchase program for approximately $75 million in aggregate. As previously disclosed, the Company implemented a shareholder return model in early 2022, for which the Company intends to allocate a portion of Discretionary Free Cash Flow to opportunistic share repurchases. In April 2022, our Board of Directors approved an increase of $102 million to the Company’s stock repurchase authorization bringing the Company’s total share repurchase authority to $150 million. As of June 30, 2022, the Company’s remaining total share repurchase authority is $127 million, after the repurchases made in the second quarter of 2022. The Board’s authorization permits the Company to make purchases of its common stock from time to time in the open market and in privately negotiated transactions, subject to market conditions and other factors, up to the aggregate amount authorized by the Board. The Board’s authorization has no expiration date. 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 the company to purchase shares during any period or at all. Any shares repurchased are reflected as treasury stock and any shares acquired will be available for general corporate purposes. Stock-Based Compensation In February 2022, the Company granted awards of approximately 1,300,000 shares of restricted stock units (“RSUs”), which will vest annually in equal amounts over three years. In March 2022, the Company granted awards of approximately 611,000 shares performance-based restricted stock units (“PSUs”), which will cliff vest, if at all, at the end of a three year performance period. The RSUs awarded are equity awards as they will be settled in stock. The PSUs awarded were accounted for as liability awards as of March 31, 2022, but converted to equity awards during the second quarter of 2022. The accounting of the awards was converted as a result of the 2022 Omnibus Incentive Plan (the “2022 Plan”) being approved by the stockholders in May 2022. The fair value of these awards was approximately $19 million on the date the 2022 Plan was approved and this will be the value of these awards through the date of their vesting. The RSUs awarded in February 2022 are solely time-based awards. Of the PSUs awarded to certain Berry employees (excluding CJWS employee awards) in March 2022, (a) 50% of such will vest, if at all, based on a total stockholder return (“TSR”) performance metric (the “TSR PSUs”), which is defined as the capital gains per share of stock plus dividends paid assuming reinvestment, with TSR measured on an absolute basis and relative to the TSR of the 44 exploration and production companies in the Vanguard World Fund - Vanguard Energy ETF Index plus the S&P SmallCap 600 Value Index (collectively, the “Peer Group”) during the performance period and (b) 50% of such awards will vest, if at all, based on the consolidated Company's average cash returned on invested capital (“CROIC PSUs”) over the performance period. The PSUs awarded to certain CJWS employees in March 2022 will vest, if at all based on the CJWS average cash returned on invested capital (“ROIC PSUs”) over the performance period. 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 250% of the TSR PSUs granted and from 0% to 200% of the CROIC and ROIC PSUs granted. The fair value of the RSUs was determined using the grant date stock price. The fair value of the CROIC PSUs and ROIC PSUs was determined using the stock price and estimated performance as of the reporting period as the awards are liability awards. The fair value of the TSR PSUs was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company, including a comparison against the Peer Group over the performance periods as of the reporting period as the awards are liability awards. The expected volatility of the Company’s common stock at the date of grant was estimated based on average volatility rates for the Company and selected guideline public companies. The dividend yield assumption was based on the then 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

6 Months Ended

Jun. 30, 2022

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:


	June 30, 2022		December 31, 2021
	(in thousands)
Prepaid expenses	$	19,822	$	26,840
Materials and supplies	8,600		9,533

Deposits	3,773		6,415

Oil inventories	2,702		2,933
Other	225		225
Total other current assets	$	35,122	$	45,946

Other non-current assets at June 30, 2022 included approximately $7 million of operating lease right-of-use assets, net of amortization and $4 million of deferred financing costs, net of amortization. At December 31, 2021 other non-current assets included approximately $5 million of deferred financing costs, net of amortization.

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


	June 30, 2022		December 31, 2021
	(in thousands)
Accounts payable-trade	$	19,420	$	17,699
Accrued expenses	68,819		62,962
Royalties payable	26,799		24,816
Greenhouse gas liability - current portion	—		7,513
Taxes other than income tax liability	8,469		8,273
Accrued interest	10,682		10,736
Dividends payable	4,726		4,800
Asset retirement obligations - current portion	20,000		20,000
Operating lease liability	1,762		—
Other	6		725
Total accounts payable and accrued expenses	$	160,683	$	157,524

The decrease of $4 million in the long-term portion of the asset retirement obligations from $144 million at December 31, 2021 to $140 million at June 30, 2022 was due to $11 million of liabilities settled during the period, and a $1 million reduction related to property sales. These decreases were offset by $5 million of accretion and $3 million of liabilities incurred.

Other noncurrent liabilities at June 30, 2022 included approximately $26 million of greenhouse gas liability and $6 million of operating lease noncurrent liability. For December 31, 2021, we had $18 million in greenhouse gas liability.

Supplemental Information on the Statement of Operations

For the three months ended June 30, 2022, other operating expenses were less than $1 million. For the three months ended June 30, 2021, other operating expenses mainly consisted of $2 million of supplemental property tax assessments and royalty audit charges, mostly offset by $2 million of employee retention credits.

For the six months ended June 30, 2022, other operating expenses were $4 million and mainly consisted of over $2 million in royalty audit charges incurred prior to our emergence and restructuring in 2017, and approximately $1 million loss on the divestiture of the Piceance properties. For the six months ended June 30, 2021, other operating expenses were approximately $1 million and mainly consisted of approximately $3 million of supplemental property tax assessments and royalty audit charges and tank rental costs, partially offset by $2 million of employee retention credits.

Supplemental Cash Flow Information

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




	Six Months Ended June 30,
	2022		2021
	(in thousands)


Supplemental Disclosures of Significant Non-Cash Investing Activities:
Material inventory transfers to oil and natural gas properties	$	1,011	$	1,437
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	$	14,988	$	14,925
Income taxes payments	$	2,484	$	—

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 for accounting purposes and have been included in “accounts payable and accrued expenses” in the condensed consolidated balance sheets. Such amounts are immaterial as of June 30, 2022 and December 31, 2021.

Earnings Per Share

6 Months Ended

Jun. 30, 2022

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 for each period presented. 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 June 30, 2022, 3,419,000 incremental RSU and PSU shares were included in the diluted EPS calculation. For the three months ended June 30, 2021 and the six months ended June 30, 2022 and 2021, no incremental RSU or PSU shares were included in the diluted EPS calculation as their effect was anti-dilutive under the “if converted” method.




	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands except per share amounts)
Basic EPS calculation
Net income (loss)	$	43,354	$	(12,881)	$	(13,456)	$	(34,203)




Weighted-average shares of common stock outstanding	79,596		80,471		79,945		80,294
Basic income (loss) per share	$	0.54	$	(0.16)	$	(0.17)	$	(0.43)
Diluted EPS calculation
Net income (loss)	$	43,354	$	(12,881)	$	(13,456)	$	(34,203)




Weighted-average shares of common stock outstanding	79,596		80,471		79,945		80,294
Dilutive effect of potentially dilutive securities(1)	3,419		—		—		—
Weighted-average common shares outstanding - diluted	83,015		80,471		79,945		80,294
Diluted income (loss) per share	$	0.52	$	(0.16)	$	(0.17)	$	(0.43)

__________

(1) We excluded 2.9 million of combined RSUs and PSUs from the dilutive weighted-average common shares outstanding for the three months ended June 30, 2021, because their effect was anti-dilutive. We excluded approximately 3.5 million and 2.6 million of combined RSUs and PSUs from the dilutive weighted-average common shares outstanding for the six months ended June 30, 2022 and June 30, 2021, because their effect was anti-dilutive.

Revenue Recognition

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

We derive revenue from sales of oil, natural gas and natural gas liquids (“NGL”), with additional revenue generated from sales of electricity and marketing activities. Effective October 1, 2021, we completed the acquisition of CJWS, a well servicing and abandonment business. Revenue from CJWS is generated from well servicing and abandonment business.

The following table provides disaggregated revenue for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
Oil sales	$	230,617	$	141,309	$	433,341	$	263,668
Natural gas sales	7,349		5,415		13,331		17,492
Natural gas liquids sales	2,105		1,051		3,750		1,880
Service revenue	46,178		—		86,014		—
Electricity sales	7,419		6,888		12,838		16,957
Marketing revenues	—		121		289		2,355
Other revenues	120		118		165		255
Revenues from contracts with customers	293,788		154,902		549,728		302,607
Losses on oil and gas sales derivatives	(40,658)		(55,653)		(202,516)		(109,157)
Total revenues and other	$	253,130	$	99,249	$	347,212	$	193,450

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Acquisition and Divestiture	6 Months Ended
Acquisition and Divestiture	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition and Divestiture	Acquisition and Divestiture 2022 Piceance Divestiture In January 2022, we completed the divestiture of all of our natural gas properties in Colorado, which were in the Piceance basin. The divestiture closed with a loss of approximately $1 million. Antelope Creek Acquisition In February 2022, we completed the acquisition of oil and gas producing assets in the Antelope Creek area of Utah for approximately $18 million. These assets are adjacent to our existing Uinta assets and prior to our acquisition produced approximately 600 boe/d.

Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

As of October 1, 2021, we have operated in two business segments: (i) development and production and (ii) well servicing and abandonment. The development and production segment is engaged in the development and production of onshore, low geologic risk, long-lived conventional oil reserves primarily located in California, as well as Utah. On October 1, 2021, we completed the acquisition of an upstream well servicing and abandonment business in California, which became a reportable segment (well servicing and abandonment) under U.S. GAAP. Prior to October 1, 2021, we did not have more than one reportable segment, thus no prior period segment information has been presented.

The following table represents selected financial information for the periods presented regarding the Company's business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.


	Three Months Ended June 30, 2022
	Development & Production		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues - excluding hedges	$	247,610	$	46,178	$	—	$	293,788
Net income (loss)	$	68,885	$	3,307	$	(28,838)	$	43,354
Adjusted EBITDA	$	116,942	$	6,200	$	(13,395)	$	109,747
Capital expenditures	$	32,134	$	1,066	$	886	$	34,086
Total assets	$	1,456,164	$	71,543	$	2,678	$	1,530,385


	Six Months Ended June 30, 2022
	Development & Production		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues - excluding hedges	$	463,714	$	86,014	$	—	$	549,728
Net income (loss)	$	34,594	$	3,023	$	(51,073)	$	(13,456)
Adjusted EBITDA	$	222,591	$	9,500	$	(26,632)	$	205,459
Capital expenditures	$	58,571	$	1,694	$	1,441	$	61,706
Total assets	$	1,456,164	$	71,543	$	2,678	$	1,530,385

Adjusted EBITDA is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to and assessing performance of each segment. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. Adjusted EBITDA is calculated as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. While Adjusted EBITDA is a non-GAAP measure, the amounts included in the calculations of Adjusted EBITDA, were computed in accordance with GAAP. This measure is provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP and should not be considered as an alternative to, or more meaningful than, income and liquidity measures calculated in accordance with GAAP. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies. Adjusted EBITDA should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.


	Three Months Ended June 30, 2022
	Development & Production		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Adjusted EBITDA reconciliation to net income (loss):
Net income (loss)	$	68,885	$	3,307	$	(28,838)	$	43,354
Add (Subtract):
Interest expense	—		—		7,729		7,729
Income tax expense	—		—		2,145		2,145
Depreciation, depletion, and amortization	33,956		3,017		1,082		38,055


Losses on derivatives	51,319		—		—		51,319
Net cash paid for scheduled derivative settlements	(37,628)		—		—		(37,628)
Other operating expenses (income)	30		(210)		533		353

Stock compensation expense	380		86		3,954		4,420


Adjusted EBITDA	$	116,942	$	6,200	$	(13,395)	$	109,747


	Six Months Ended June 30, 2022
	Development & Production		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Adjusted EBITDA reconciliation to net income (loss):
Net income (loss)	$	34,594	$	3,023	$	(51,073)	$	(13,456)
Add (Subtract):
Interest expense	—		—		15,404		15,404
Income tax benefit	—		—		(1,206)		(1,206)
Depreciation, depletion, and amortization	69,430		6,196		2,206		77,832


Losses on derivatives	184,123		—		—		184,123
Net cash paid for scheduled derivative settlements	(69,780)		—		—		(69,780)
Other operating expenses (income)	3,525		(36)		633		4,122

Stock compensation expense	699		119		7,404		8,222
Non-recurring costs	—		198		—		198

Adjusted EBITDA	$	222,591	$	9,500	$	(26,632)	$	205,459

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Publisher FASB
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+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

In the first quarter of 2021, we adopted ASC 842 using the modified retrospective approach that requires us to determine our lease balances as of the date of adoption. Prior periods continue to be reported under accounting standards in effect for those periods.

The Company determines if an arrangement is a lease at inception of the contract. If an arrangement is a lease, the present value of the related lease payments is recorded as a liability and an equal amount is capitalized as a right of use asset on the Company’s balance sheet. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. We have long-term operating leases generally for offices. The Company’s estimated incremental borrowing rate, determined at the lease commencement date using the Company’s average secured borrowing rate, is used to calculate present value. The weighted average estimated incremental borrowing rate used for the three months ended June 30, 2022 was 5%.

Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

The components of lease expense are as follows:


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
	(in thousands)
Lease Cost
Operating lease cost	$	503	$	986

Total net lease cost	$	503	$	986

The following table presents supplemental interim consolidated balance sheet information related to leases as of June 30, 2022.


	Six Months Ended June 30, 2022		Balance Sheet Classification
	(in thousands)
Leases
Assets

Operating lease assets	$	7,150	Other noncurrent assets

Total assets	$	7,150
Liabilities
Operating lease liability	$	1,762	Accounts payable and accrued expenses
Operating lease noncurrent liability	6,017		Other noncurrent liabilities

Total liabilities	$	7,779


	Six Months Ended June 30, 2022
Long-Term and Discount Rate
Weighted-average remaining lease term:

Operating Lease	4.7 years
Weighted-average discount rate:

Operating Lease	5	%

The following table presents a schedule of future minimum lease payments required under all operating lease agreements as of June 30, 2022.


	As of June 30, 2022
	Operating Leases
	(in thousands)
2022	$	1,082
2023	1,963
2024	1,650
2025	1,542
2026	1,549
Thereafter	934
Total lease payments	8,720
Less imputed interest	(941)
Total lease obligations	7,779
Less current obligations	(1,762)
Long-term lease obligations	$	6,017

Supplemental unaudited interim consolidated cash flow information related to leases is as follows:


	Six Months Ended June 30, 2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases	$	1,052


ROU assets obtained in exchange for operating lease liabilities	$	7,956

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2022
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. Securities 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, 2021.
New Accounting Standards Adopted	New Accounting Standards Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires 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. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842), which is an update to the lease standard providing an optional transition approach for land easements allowing entities to evaluate only new or modified land easements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), which provided optional transition relief allowing a prospective approach in applying the new rules by not adjusting comparative period financial information for the effects of the new rules and not requiring disclosures for periods before the effective date. As an emerging growth company, we have elected to delay the adoption of these rules until they are applicable to non-SEC issuers. During the second quarter of 2020, this adoption date was further delayed by FASB until fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We adopted these rules in the first quarter of 2022 prospectively.

Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table summarizes our outstanding debt:


	June 30, 2022		December 31, 2021		Interest Rate	Maturity	Security
	(in thousands)
2021 RBL Facility	$	—	$	—	variable rates 6.8% (2022) and 5.3% (2021)	August 26, 2025	Mortgage on 90% of Present Value of proven oil and gas reserves and lien on certain other assets

2026 Notes	400,000		400,000		7.0%	February 15, 2026	Unsecured
Long-Term Debt - Principal Amount	400,000		400,000
Less: Debt Issuance Costs	(4,865)		(5,434)
Long-Term Debt, net	$	395,135	$	394,566

Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges

As of June 30, 2022, we had the following hedges for our crude oil production and natural gas purchases.


	Q3 2022		Q4 2022		FY 2023		FY 2024		FY 2025
Brent - Crude Oil production
Swaps
Hedged volume (bbls)	1,380,000		1,288,000		3,433,528		1,917,000		—
Weighted-average price ($/bbl)	$	77.73	$	76.07	$	73.06	$	75.52	$	—

Put Spreads
Long $50/$40 Put Spread hedged volume (bbls)	414,000		414,000		2,555,000		1,647,000		—
Short $50/$40 Put Spread hedged volume (bbls)	46,000		46,000		365,000		366,000		—

Producer Collars									—
Hedged volume (bbls)	—		—		1,460,000		1,098,000		—
Weighted-average price ($/bbl)	$	—	$	—	$40.00/$106.00		$40.00/$105.00		$	—



Henry Hub - Natural Gas purchases



Consumer Collars
Hedged volume (mmbtu)	3,680,000		3,680,000		5,430,000		—		—
Weighted-average price ($/mmbtu)	$4.00/$2.75		$4.00/$2.75		$4.00/$2.75		$	—	$	—
NWPL - Natural Gas purchases
Swaps
Hedged volume (mmbtu)	—		1,220,000		12,800,000		7,320,000		6,080,000
Weighted-average price ($/mmbtu)	$	—	$	6.40	$	5.48	$	4.27	$	4.27

Fair Values (Gross and Net) of Outstanding Derivatives

The following tables present the fair values (gross and net) of our outstanding derivatives as of June 30, 2022 and December 31, 2021:


	June 30, 2022
	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)
Assets:
Commodity Contracts	Current assets	$	22,794	$	(22,794)	$	—
Commodity Contracts	Non-current assets	27,674		(27,674)		—
Liabilities:
Commodity Contracts	Current liabilities	(123,857)		22,794		(101,063)
Commodity Contracts	Non-current liabilities	(87,278)		27,674		(59,604)
Total derivatives		$	(160,667)	$	—	$	(160,667)


	December 31, 2021
	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)
Assets:
Commodity Contracts	Current assets	$	5,360	$	(5,360)	$	—
Commodity Contracts	Non-current assets	29,828		(28,758)		1,070
Liabilities:
Commodity Contracts	Current liabilities	(34,985)		5,360		(29,625)
Commodity Contracts	Non-current liabilities	(47,335)		28,758		(18,577)
Total derivatives		$	(47,132)	$	—	$	(47,132)

- 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 9: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Supplemental Disclosures to the Financial Statements (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Current Assets

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


	June 30, 2022		December 31, 2021
	(in thousands)
Prepaid expenses	$	19,822	$	26,840
Materials and supplies	8,600		9,533

Deposits	3,773		6,415

Oil inventories	2,702		2,933
Other	225		225
Total other current assets	$	35,122	$	45,946

Accounts Payable and Accrued Expenses

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


	June 30, 2022		December 31, 2021
	(in thousands)
Accounts payable-trade	$	19,420	$	17,699
Accrued expenses	68,819		62,962
Royalties payable	26,799		24,816
Greenhouse gas liability - current portion	—		7,513
Taxes other than income tax liability	8,469		8,273
Accrued interest	10,682		10,736
Dividends payable	4,726		4,800
Asset retirement obligations - current portion	20,000		20,000
Operating lease liability	1,762		—
Other	6		725
Total accounts payable and accrued expenses	$	160,683	$	157,524

Supplemental Disclosures to the Statements of Cash Flows

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




	Six Months Ended June 30,
	2022		2021
	(in thousands)


Supplemental Disclosures of Significant Non-Cash Investing Activities:
Material inventory transfers to oil and natural gas properties	$	1,011	$	1,437
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	$	14,988	$	14,925
Income taxes payments	$	2,484	$	—

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share




	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands except per share amounts)
Basic EPS calculation
Net income (loss)	$	43,354	$	(12,881)	$	(13,456)	$	(34,203)




Weighted-average shares of common stock outstanding	79,596		80,471		79,945		80,294
Basic income (loss) per share	$	0.54	$	(0.16)	$	(0.17)	$	(0.43)
Diluted EPS calculation
Net income (loss)	$	43,354	$	(12,881)	$	(13,456)	$	(34,203)




Weighted-average shares of common stock outstanding	79,596		80,471		79,945		80,294
Dilutive effect of potentially dilutive securities(1)	3,419		—		—		—
Weighted-average common shares outstanding - diluted	83,015		80,471		79,945		80,294
Diluted income (loss) per share	$	0.52	$	(0.16)	$	(0.17)	$	(0.43)

__________

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table provides disaggregated revenue for the three and six months ended June 30, 2022 and 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
Oil sales	$	230,617	$	141,309	$	433,341	$	263,668
Natural gas sales	7,349		5,415		13,331		17,492
Natural gas liquids sales	2,105		1,051		3,750		1,880
Service revenue	46,178		—		86,014		—
Electricity sales	7,419		6,888		12,838		16,957
Marketing revenues	—		121		289		2,355
Other revenues	120		118		165		255
Revenues from contracts with customers	293,788		154,902		549,728		302,607
Losses on oil and gas sales derivatives	(40,658)		(55,653)		(202,516)		(109,157)
Total revenues and other	$	253,130	$	99,249	$	347,212	$	193,450

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Information


	Three Months Ended June 30, 2022
	Development & Production		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues - excluding hedges	$	247,610	$	46,178	$	—	$	293,788
Net income (loss)	$	68,885	$	3,307	$	(28,838)	$	43,354
Adjusted EBITDA	$	116,942	$	6,200	$	(13,395)	$	109,747
Capital expenditures	$	32,134	$	1,066	$	886	$	34,086
Total assets	$	1,456,164	$	71,543	$	2,678	$	1,530,385


	Six Months Ended June 30, 2022
	Development & Production		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues - excluding hedges	$	463,714	$	86,014	$	—	$	549,728
Net income (loss)	$	34,594	$	3,023	$	(51,073)	$	(13,456)
Adjusted EBITDA	$	222,591	$	9,500	$	(26,632)	$	205,459
Capital expenditures	$	58,571	$	1,694	$	1,441	$	61,706
Total assets	$	1,456,164	$	71,543	$	2,678	$	1,530,385

Adjusted EBITDA Reconciliation


	Three Months Ended June 30, 2022
	Development & Production		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Adjusted EBITDA reconciliation to net income (loss):
Net income (loss)	$	68,885	$	3,307	$	(28,838)	$	43,354
Add (Subtract):
Interest expense	—		—		7,729		7,729
Income tax expense	—		—		2,145		2,145
Depreciation, depletion, and amortization	33,956		3,017		1,082		38,055


Losses on derivatives	51,319		—		—		51,319
Net cash paid for scheduled derivative settlements	(37,628)		—		—		(37,628)
Other operating expenses (income)	30		(210)		533		353

Stock compensation expense	380		86		3,954		4,420


Adjusted EBITDA	$	116,942	$	6,200	$	(13,395)	$	109,747


	Six Months Ended June 30, 2022
	Development & Production		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Adjusted EBITDA reconciliation to net income (loss):
Net income (loss)	$	34,594	$	3,023	$	(51,073)	$	(13,456)
Add (Subtract):
Interest expense	—		—		15,404		15,404
Income tax benefit	—		—		(1,206)		(1,206)
Depreciation, depletion, and amortization	69,430		6,196		2,206		77,832


Losses on derivatives	184,123		—		—		184,123
Net cash paid for scheduled derivative settlements	(69,780)		—		—		(69,780)
Other operating expenses (income)	3,525		(36)		633		4,122

Stock compensation expense	699		119		7,404		8,222
Non-recurring costs	—		198		—		198

Adjusted EBITDA	$	222,591	$	9,500	$	(26,632)	$	205,459

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Components of lease expense

The components of lease expense are as follows:


	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022
	(in thousands)
Lease Cost
Operating lease cost	$	503	$	986

Total net lease cost	$	503	$	986

Balance sheet information related to leases

The following table presents supplemental interim consolidated balance sheet information related to leases as of June 30, 2022.


	Six Months Ended June 30, 2022		Balance Sheet Classification
	(in thousands)
Leases
Assets

Operating lease assets	$	7,150	Other noncurrent assets

Total assets	$	7,150
Liabilities
Operating lease liability	$	1,762	Accounts payable and accrued expenses
Operating lease noncurrent liability	6,017		Other noncurrent liabilities

Total liabilities	$	7,779


	Six Months Ended June 30, 2022
Long-Term and Discount Rate
Weighted-average remaining lease term:

Operating Lease	4.7 years
Weighted-average discount rate:

Operating Lease	5	%

Schedule of maturity

The following table presents a schedule of future minimum lease payments required under all operating lease agreements as of June 30, 2022.


	As of June 30, 2022
	Operating Leases
	(in thousands)
2022	$	1,082
2023	1,963
2024	1,650
2025	1,542
2026	1,549
Thereafter	934
Total lease payments	8,720
Less imputed interest	(941)
Total lease obligations	7,779
Less current obligations	(1,762)
Long-term lease obligations	$	6,017

Cash flow information related to leases

Supplemental unaudited interim consolidated cash flow information related to leases is as follows:


	Six Months Ended June 30, 2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases	$	1,052


ROU assets obtained in exchange for operating lease liabilities	$	7,956

Basis of Presentation (Details)		9 Months Ended
Basis of Presentation (Details)	Oct. 01, 2021 segment	Jun. 30, 2022 subsidiary segment	Sep. 30, 2021 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of subsidiaries \| subsidiary		3
Business segments \| segment	2	2	1

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	$ 400,000
Less: Debt Issuance Costs	(4,865)	(5,434)
Long-Term Debt, net	395,135	394,566
2026 Notes \| Unsecured Debt
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	400,000
Interest Rate	7.00%
Revolving Credit Facility \| 2021 RBL Facility \| Line of Credit
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 0	$ 0
Variable rate	6.80%
Security	90.00%
Line of Credit \| 2021 RBL Facility
Debt Instrument [Line Items]
Variable rate		5.30%

Debt - Narrative (Details)		1 Months Ended	3 Months Ended		6 Months Ended
Debt - Narrative (Details)	Aug. 26, 2021 USD ($)	May 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Feb. 29, 2020 USD ($)	Jul. 31, 2017 USD ($)
Debt Instrument [Line Items]
Debt issuance costs			$ 4,865,000		$ 4,865,000		$ 5,434,000
Amortization of debt issuance costs					971,000	$ 2,728,000
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	1,000,000	$ 3,000,000
RBL Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs			$ 4,000,000		$ 4,000,000		5,000,000
2021 RBL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate elected commitment amount		$ 200,000,000
2021 RBL Facility \| Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
2021 RBL Facility \| Revolving Credit Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
2021 RBL Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000
Borrowing base elected	$ 200,000,000	$ 250,000,000
Maximum borrowing capacity exceed, remediation period (within)	30 days
Maximum borrowing capacity exceed, cure deficiency period (within)	6 months
Consolidated cash balance trigger to prepay borrowing	$ 20,000,000
Unused availability fee	0.50%
Leverage ratio (no more than)	3.0
Current ratio (at least)	1.0
Leverage ratio at period end			1.3		1.3
Current ratio at period end			2.5		2.5
Reduction in borrowing base if unsecured indebtedness is incurred	25.00%
Minimum availability of borrowing base required which will permit repurchase of equity and indebtedness	20.00%
Maximum pro forma leverage ratio allowable which will permit repurchase of equity and indebtedness	2.0
Maximum borrowing capacity, not to exceed	75.00%
Pro forma ratio - restricted payments	1.5
Free cash flow percentage	100.00%
Value of proven oil and gas reserves serving as collateral (at least)			90.00%		90.00%
Borrowings outstanding			$ 0		$ 0
Letters of credit outstanding			7,000,000		7,000,000
Available borrowing capacity			193,000,000		193,000,000
2021 RBL Facility \| Line of Credit \| Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
2021 RBL Facility \| Line of Credit \| Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
2021 RBL Facility \| Line of Credit \| Revolving Credit Facility \| Benchmark Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
2021 RBL Facility \| Line of Credit \| Revolving Credit Facility \| Benchmark Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
2021 RBL Facility \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 20,000,000
2017 RBL Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 1,500,000,000
Borrowing base elected	200,000,000
Borrowings outstanding	$ 0
2026 Notes \| Unsecured Debt
Debt Instrument [Line Items]
Fair value of debt			$ 389,000,000		$ 389,000,000		$ 400,000,000

Derivatives - Narrative (Details) $ in Millions	6 Months Ended
Derivatives - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Target period to cover operating expenses and fixed charges (up to)	3 years
Target period for fixing the price natural gas purchases used in steam operations (up to)	3 years
Deferred premiums, remaining	$ (7)

Derivatives - Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges (Details) MMBTU in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2022 MMBTU $ / bbl $ / MMBtu bbl	Sep. 30, 2022 MMBTU $ / bbl $ / MMBtu bbl	Dec. 31, 2025 MMBTU $ / bbl $ / MMBtu bbl	Dec. 31, 2024 MMBTU $ / bbl $ / MMBtu bbl	Dec. 31, 2023 MMBTU $ / bbl $ / MMBtu bbl	Jun. 30, 2022 USD ($)
Put Spread \| Maximum
Derivative [Line Items]
Weighted-average price ($/bbl) \| $						50
Put Spread \| Minimum
Derivative [Line Items]
Weighted-average price ($/bbl) \| $						40
Forecast \| Brent - Crude Oil Production, Swaps
Derivative [Line Items]
Hedged volume (bbls) \| bbl	1,288,000	1,380,000	0	1,917,000	3,433,528
Weighted-average price ($/bbl) \| $ / bbl	76.07	77.73	0	75.52	73.06
Forecast \| Put Spread, Long
Derivative [Line Items]
Hedged volume (bbls) \| bbl	414,000	414,000	0	1,647,000	2,555,000
Forecast \| Put Spread, Short
Derivative [Line Items]
Hedged volume (bbls) \| bbl	46,000	46,000	0	366,000	365,000
Forecast \| Producer Collars
Derivative [Line Items]
Hedged volume (bbls) \| bbl	0	0	0	1,098,000	1,460,000
Weighted-average price ($/bbl) \| $ / bbl	0	0	0
Forecast \| Producer Collars \| Minimum
Derivative [Line Items]
Weighted-average price ($/bbl) \| $ / bbl				40.00	40.00
Forecast \| Producer Collars \| Maximum
Derivative [Line Items]
Weighted-average price ($/bbl) \| $ / bbl				105.00	106.00
Forecast \| Consumer Collars
Derivative [Line Items]
Hedged volume (mmbtu) \| MMBTU	3,680	3,680	0	0	5,430
Forecast \| Consumer Collars \| Minimum
Derivative [Line Items]
Weighted-average price ($/mmbtu) \| $ / MMBtu	2.75	2.75			2.75
Forecast \| Consumer Collars \| Maximum
Derivative [Line Items]
Weighted-average price ($/mmbtu) \| $ / MMBtu	4.00	4.00	0	0	4.00
Forecast \| NWPL - Natural Gas Purchases, Swaps
Derivative [Line Items]
Hedged volume (mmbtu) \| MMBTU	1,220	0	6,080	7,320	12,800
Weighted-average price ($/mmbtu) \| $ / MMBtu	6.40	0	4.27	4.27	5.48

Derivatives - Fair Values (Gross and Net) of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Liabilities:
Total derivatives	$ (160,667)	$ (47,132)
Commodity Contracts \| Current assets
Assets:
Gross Amounts Recognized at Fair Value	22,794	5,360
Gross Amounts Offset in the Balance Sheet	(22,794)	(5,360)
Net Fair Value Presented in the Balance Sheet	0	0
Commodity Contracts \| Non-current assets
Assets:
Gross Amounts Recognized at Fair Value	27,674	29,828
Gross Amounts Offset in the Balance Sheet	(27,674)	(28,758)
Net Fair Value Presented in the Balance Sheet	0	1,070
Commodity Contracts \| Current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(123,857)	(34,985)
Gross Amounts Offset in the Balance Sheet	22,794	5,360
Net Fair Value Presented in the Balance Sheet	(101,063)	(29,625)
Commodity Contracts \| Non-current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(87,278)	(47,335)
Gross Amounts Offset in the Balance Sheet	27,674	28,758
Net Fair Value Presented in the Balance Sheet	$ (59,604)	$ (18,577)

Equity (Details)	1 Months Ended						3 Months Ended	6 Months Ended
Equity (Details)	Aug. 31, 2022 $ / shares	Jul. 31, 2022 $ / shares	Jun. 30, 2022 USD ($) $ / shares shares	Apr. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 USD ($) shares	Feb. 28, 2022 company shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock repurchased (in shares) \| shares							2,000,000	2,000,000
Purchases of treasury stock \| $							$ 22,760,000	$ 23,000,000
Treasury stock, aggregate (in shares) \| shares			7,528,704				7,528,704	7,528,704
Treasury stock, aggregate \| $			$ 75,000,000				$ 75,000,000	$ 75,000,000
Fair value of awards granted \| $					$ 19,000,000
Variable Rate Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share) \| $ / shares			$ 0.13
Cash Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share) \| $ / shares				$ 0.06
Subsequent Event \| Variable Rate Dividend \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share) \| $ / shares	$ 0.56
Subsequent Event \| Cash Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share) \| $ / shares		$ 0.06
Subsequent Event \| Cash Dividend \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share) \| $ / shares	$ 0.06
Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exploration and production companies \| company						44
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares) \| shares						1,300,000
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) \| shares					611,000
Vesting period					3 years	3 years
Performance-based Restricted Stock Units (PSUs) \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights					50.00%
Performance-based Restricted Stock Units (PSUs) \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights						50.00%
Minimum \| Total Stockholder Return Performance Based Restricted Stock Units Granted in Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted						0.00%
Minimum \| Total Cash Return on Invested Capital Performance Based Restricted Stock Units Granted
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted						0.00%
Maximum \| Total Stockholder Return Performance Based Restricted Stock Units Granted in Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted						250.00%
Maximum \| Total Cash Return on Invested Capital Performance Based Restricted Stock Units Granted
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted						200.00%
Stock Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase amount of repurchases \| $				$ 102,000,000
Authorized amount of repurchases \| $			$ 127,000,000	$ 150,000,000			$ 127,000,000	$ 127,000,000

Supplemental Disclosures to the Financial Statements - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 19,822	$ 26,840
Materials and supplies	8,600	9,533
Deposits	3,773	6,415
Oil inventories	2,702	2,933
Other	225	225
Total other current assets	$ 35,122	$ 45,946

Supplemental Disclosures to the Financial Statements - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Reclassification [Line Items]
Operating lease assets		$ 7,150		$ 7,150
Deferred financing costs, net of amortization		4,000		4,000		$ 5,000
Asset retirement obligation, decrease				4,000
Asset retirement obligations		139,956		139,956		143,926
Asset retirement obligation, liabilities settled				(11,000)
Asset retirement obligation, property sales				(1,000)
Asset retirement obligation, accretion expense				5,000
Asset retirement obligation, liabilities incurred				3,000
Greenhouse gas liability, noncurrent		(26,000)		(26,000)		$ (18,000)
Other operating expenses, less than		1,000
Long-term lease obligations		6,017		6,017
Other operating expenses		$ 353	$ 42	4,122	$ 841
Supplemental property tax assessments and royalty audit charges			2,000	2,000	3,000
Employee retention credits			$ 2,000		$ 2,000
Piceance Basin
Reclassification [Line Items]
Loss on divestiture	$ 1,000			$ 1,000

Supplemental Disclosures to the Financial Statements - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable-trade	$ 19,420	$ 17,699
Accrued expenses	68,819	62,962
Royalties payable	26,799	24,816
Greenhouse gas liability - current portion	0	7,513
Taxes other than income tax liability	8,469	8,273
Accrued interest	10,682	10,736
Dividends payable	4,726	4,800
Asset retirement obligations - current portion	20,000	20,000
Less current obligations	1,762	0
Other	6	725
Total accounts payable and accrued expenses	$ 160,683	$ 157,524

Supplemental Disclosures to the Financial Statements - Supplemental Disclosures to the Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Material inventory transfers to oil and natural gas properties	$ 1,011	$ 1,437
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	14,988	14,925
Income taxes payments	$ 2,484	$ 0

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	3,419,000	0	0	0

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic EPS calculation
Net income (loss)	$ 43,354	$ (12,881)	$ (13,456)	$ (34,203)
Weighted-average shares of common stock outstanding (in shares)	79,596	80,471	79,945	80,294
Basic income (loss) per share (in dollars per share)	$ 0.54	$ (0.16)	$ (0.17)	$ (0.43)
Diluted EPS calculation
Net income (loss)	$ 43,354	$ (12,881)	$ (13,456)	$ (34,203)
Weighted-average shares of common stock outstanding (in shares)	79,596	80,471	79,945	80,294
Dilutive effect of potentially dilutive securities (in shares)		0	0	0
Weighted-average common shares outstanding - diluted (in shares)	83,015	80,471	79,945	80,294
Diluted (income) loss per share (in dollars per share)	$ 0.52	$ (0.16)	$ (0.17)	$ (0.43)
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)
Diluted EPS calculation
Potentially dilutive securities (in shares)		2,900	3,500	2,600

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 293,788	$ 154,902	$ 549,728	$ 302,607
Losses on oil and gas sales derivatives	(40,658)	(55,653)	(202,516)	(109,157)
Total revenues and other	253,130	99,249	347,212	193,450
Oil sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	230,617	141,309	433,341	263,668
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7,349	5,415	13,331	17,492
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,105	1,051	3,750	1,880
Services revenue
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	46,178	0	86,014	0
Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7,419	6,888	12,838	16,957
Marketing revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	121	289	2,355
Other revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 120	$ 118	$ 165	$ 255

Acquisition and Divestiture (Details) $ in Millions	1 Months Ended		6 Months Ended
Acquisition and Divestiture (Details) $ in Millions	Feb. 28, 2022 USD ($) Boe	Jan. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Antelope Creek Acquisition
Business Acquisition [Line Items]
Acquisition amount	$ 18
Boe produced \| Boe	600
Piceance Basin
Business Acquisition [Line Items]
Loss on divestiture		$ 1	$ 1

Segment Information - Schedule of Segment Information (Details) $ in Thousands		3 Months Ended				6 Months Ended		9 Months Ended
	Oct. 01, 2021 segment	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Sep. 30, 2021 segment	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Revenues		$ 293,788		$ 154,902		$ 549,728	$ 302,607
Net income (loss)		43,354	$ (56,810)	$ (12,881)	$ (21,322)	(13,456)	(34,203)
Adjusted EBITDA		109,747				205,459
Capital expenditures		34,086				61,706	$ 67,030
Total assets		1,530,385				1,530,385		$ 1,530,385		$ 1,456,479
Business segments \| segment	2							2	1
Corporate/Eliminations
Segment Reporting Information [Line Items]
Revenues		0				0
Net income (loss)		(28,838)				(51,073)
Adjusted EBITDA		(13,395)				(26,632)
Capital expenditures		886				1,441
Total assets		2,678				2,678		$ 2,678
Development & Production \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		247,610				463,714
Net income (loss)		68,885				34,594
Adjusted EBITDA		116,942				222,591
Capital expenditures		32,134				58,571
Total assets		1,456,164				1,456,164		1,456,164
Well Servicing and Abandonment \| Operating Segments
Segment Reporting Information [Line Items]
Revenues		46,178				86,014
Net income (loss)		3,307				3,023
Adjusted EBITDA		6,200				9,500
Capital expenditures		1,066				1,694
Total assets		$ 71,543				$ 71,543		$ 71,543

Segment Information - Adjusted EBITDA Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net income (loss)	$ 43,354	$ (56,810)	$ (12,881)	$ (21,322)	$ (13,456)	$ (34,203)
Interest expense	7,729		8,217		15,404	16,702
Income tax expense (benefit)	2,145		(72)		(1,206)	(448)
Depreciation, depletion, and amortization	38,055		35,850		77,832	69,690
Losses (gains) on derivatives	51,319				184,123	69,788
Net cash paid for scheduled derivative settlements	(37,628)				(69,780)
Other operating expense	(353)		$ (42)		(4,122)	$ (841)
Stock compensation expense	4,420				8,222
Non-recurring costs					198
Adjusted EBITDA	109,747				205,459
Operating Segments \| Development & Production
Segment Reporting Information [Line Items]
Net income (loss)	68,885				34,594
Interest expense	0				0
Income tax expense (benefit)	0				0
Depreciation, depletion, and amortization	33,956				69,430
Losses (gains) on derivatives	51,319				184,123
Net cash paid for scheduled derivative settlements	(37,628)				(69,780)
Other operating expense	(30)				(3,525)
Stock compensation expense	380				699
Non-recurring costs					0
Adjusted EBITDA	116,942				222,591
Operating Segments \| Well Servicing and Abandonment
Segment Reporting Information [Line Items]
Net income (loss)	3,307				3,023
Interest expense	0				0
Income tax expense (benefit)	0				0
Depreciation, depletion, and amortization	3,017				6,196
Losses (gains) on derivatives	0				0
Net cash paid for scheduled derivative settlements	0				0
Other operating expense	210				36
Stock compensation expense	86				119
Non-recurring costs					198
Adjusted EBITDA	6,200				9,500
Corporate/Eliminations
Segment Reporting Information [Line Items]
Net income (loss)	(28,838)				(51,073)
Interest expense	7,729				15,404
Income tax expense (benefit)	2,145				(1,206)
Depreciation, depletion, and amortization	1,082				2,206
Losses (gains) on derivatives	0				0
Net cash paid for scheduled derivative settlements	0				0
Other operating expense	(533)				(633)
Stock compensation expense	3,954				7,404
Non-recurring costs					0
Adjusted EBITDA	$ (13,395)				$ (26,632)

Leases - Narrative (Details)	Jun. 30, 2022
Leases [Abstract]
Weighted average discount rate	5.00%

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2022
Lease Cost
Operating lease cost	$ 503	$ 986
Total net lease cost	$ 503	$ 986

Leases - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Operating lease assets	$ 7,150
Total assets	$ 7,150
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets
Liabilities
Operating lease liability	$ 1,762	$ 0
Long-term lease obligations	6,017
Total lease obligations	$ 7,779
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities
Weighted-average remaining lease term:	4 years 8 months 12 days
Weighted-average discount rate:	5.00%

Leases - Maturity Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 1,082
2023	1,963
2024	1,650
2025	1,542
2026	1,549
Thereafter	934
Total lease payments	8,720
Less imputed interest	(941)
Total lease obligations	7,779
Less current obligations	(1,762)	$ 0
Long-term lease obligations	$ 6,017

Leases - Cash Flow (Details) $ in Thousands	6 Months Ended
Leases - Cash Flow (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 1,052
ROU assets obtained in exchange for operating lease liabilities	$ 7,956