Annual report pursuant to Section 13 and 15(d)

Significant Accounting Policies (Tables)

v3.22.0.1
Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

Year Ended December 31, 

 

    

2021

    

2020

    

2019

 

Customer

 

  

 

  

 

  

BP Products North America

 

34

%

39

%

40

%

Chevron - Texaco

14

%

**

**

Mercuria Energy America Inc.

 

**

10

%

**

Shell Trading (US) Co./ Shell Energy N.A.

 

**

 

**

11

%

Vitol Inc.

 

**

 

**

12

%

Williams Field Services

 

11

%

13

%

**

**

Less than 10%

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

    

2021

    

2020

    

2019

Allowance for credit losses, beginning of period

$

9,123

$

9,898

$

9,692

Additional provisions for the year

 

2,192

 

417

 

206

Uncollectible accounts written off or collected

 

(1,269)

 

(1,192)

 

Allowance for credit losses, end of period

$

10,046

$

9,123

$

9,898

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

December 31, 

2021

    

2020

Derivatives – current (1)

$

21,086

$

2,752

Unamortized insurance/bond premiums

 

5,400

 

4,717

Prepaid deposits related to royalties

 

8,441

 

4,473

Prepayment to vendors

 

4,522

 

1,429

Prepayments to joint interest partners

2,808

402

Debt issue costs

1,065

Other

 

57

 

59

Prepaid expenses and other assets

$

43,379

$

13,832

(1) Includes both open and closed contracts that have not yet settled and prepaid premiums paid for purchased put and call options.
Property, Plant and Equipment [Table Text Block]

The following table provides the components of Oil and natural gas properties and other, net (in thousands):

December 31, 

2021

    

2020

Oil and natural gas properties and equipment

$

8,636,408

$

8,567,509

Furniture, fixtures and other

 

20,844

 

20,847

Total property and equipment

 

8,657,252

 

8,588,356

Less: Accumulated depreciation, depletion, amortization and impairment

 

7,992,000

 

7,901,478

Oil and natural gas properties and other, net

$

665,252

$

686,878

Schedule of Other Assets, Noncurrent [Table Text Block]

The major categories recorded in Other assets are presented in the following table (in thousands):

December 31, 

2021

    

2020

Right-of-Use assets (Note 8)

$

10,602

$

11,509

Unamortized debt issuance costs

 

 

2,094

Investment in White Cap, LLC

 

2,533

 

2,699

Unamortized brokerage fee for Monza

 

 

626

Proportional consolidation of Monza's other assets (Note 5)

 

2,511

 

1,782

Derivatives (1)

 

34,435

 

2,762

Other

 

1,091

 

998

Total other assets (long-term)

$

51,172

$

22,470

(1) Includes open contracts and prepaid premiums paid for purchased put and call options
Schedule of Accrued Liabilities [Table Text Block]

The major categories recorded in Accrued liabilities are presented in the following table (in thousands):

December 31, 

2021

    

2020

Accrued interest

$

10,154

$

10,389

Accrued salaries/payroll taxes/benefits

 

9,617

 

4,009

Litigation accruals

 

646

 

436

Lease liability

 

1,115

 

394

Derivatives (1)

 

81,456

 

13,620

Other

 

3,152

 

1,032

Total accrued liabilities

$

106,140

$

29,880

(1) Includes both open and closed contracts.
Other Noncurrent Liabilities [Table Text Block]

The major categories recorded in Other liabilities are presented in the following table (in thousands):

December 31, 

2021

    

2020

Dispute related to royalty deductions

$

5,177

$

5,467

Derivatives

 

37,989

 

4,384

Lease liability (Note 8)

 

11,227

 

11,360

Black Elk escrow

 

 

11,103

Other

 

996

 

624

Total other liabilities (long-term)

$

55,389

$

32,938