Energy XXI Gulf Coast (EGC) 10-Q 22 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 10, 2017
Document Documentand Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	Energy XXI Gulf Coast, Inc.
Entity Central Index Key	1,404,973
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		33,211,594

Consolidated Balance Sheets

Consolidated Balance Sheets - Successor [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 160,479	$ 165,368
Accounts receivable
Oil and natural gas sales	67,952	68,143
Joint interest billings, net	5,687	5,600
Other	2,321	17,944
Prepaid expenses and other current assets	21,449	25,957
Restricted cash	7,114	32,337
Derivative financial instruments	3,409
Total Current Assets	268,411	315,349
Property and Equipment
Oil and natural gas properties, net - full cost method of accounting, including $283.9 million and $376.1 million of unevaluated properties not being amortized at March 31, 2017 and December 31, 2016, respectively	893,360	1,097,479
Other property and equipment, net	16,277	18,807
Total Property and Equipment, net of accumulated depreciation, depletion, amortization and impairment	909,637	1,116,286
Other Assets
Restricted cash	25,606	25,583
Other assets	25,681	28,244
Total Other Assets	51,287	53,827
Total Assets	1,229,335	1,485,462
Current Liabilities
Accounts payable	70,706	101,117
Accrued liabilities	33,827	63,660
Asset retirement obligations	73,073	56,601
Current maturities of long-term debt	3,616	4,268
Total Current Liabilities	181,222	225,646
Long-term debt, less current maturities	73,996	74,229
Asset retirement obligations	549,938	696,763
Other liabilities	14,299	14,481
Total Liabilities Not Subject to Compromise	819,455	1,011,119
Commitments and Contingencies (Note 13)
Stockholders' Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized and no shares outstanding at March 31, 2017 and December 31, 2016
Common stock, $0.01 par value, 100,000,000 shares authorized and 33,211,594 shares issued and outstanding at March 31, 2017 and December 31, 2016	332	332
Additional paid-in capital	881,138	880,286
Accumulated deficit	(471,590)	(406,275)
Total Stockholders' Equity	409,880	474,343
Total Liabilities and Stockholders' Equity (Deficit)	$ 1,229,335	$ 1,485,462

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - Successor [Member] - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Oil and natural gas properties - full cost method of accounting, unevaluated properties	$ 283.9	$ 376.1
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	33,211,594	33,211,594
Common stock, shares outstanding	33,211,594	33,211,594

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Successor [Member]
Revenues
Oil sales	$ 133,621
Natural gas liquids sales	2,227
Natural gas sales	18,368
Gain (loss) on derivative financial instruments	3,698
Total Revenues	157,914
Costs and Expenses
Lease operating	75,157
Production taxes	239
Gathering and transportation	21,716
Depreciation, depletion and amortization	42,006
Accretion of asset retirement obligations	12,397
Impairment of oil and natural gas properties	44,054
General and administrative expense	23,848
Total Costs and Expenses	219,417
Operating Loss	(61,503)
Other (Expense) Income
Other income, net	22
Interest expense	(3,834)
Total Other (Expense) Income , net	(3,812)
(Loss) Income Before Income Taxes	(65,315)
Net (Loss) Income	(65,315)
Net loss attributable to Common Stockholders	$ (65,315)
(Loss) Income per Share
Basic	$ (1.97)
Diluted	$ (1.97)
Weighted Average Number of Common Shares Outstanding
Basic	33,228
Diluted	33,228
Predecessor [Member]
Revenues
Oil sales		$ 92,192
Natural gas liquids sales		2,889
Natural gas sales		14,430
Gain (loss) on derivative financial instruments		6,774
Total Revenues		116,285
Costs and Expenses
Lease operating		82,044
Production taxes		221
Gathering and transportation		14,155
Depreciation, depletion and amortization		53,847
Accretion of asset retirement obligations		15,057
Impairment of oil and natural gas properties		340,469
General and administrative expense		28,358
Total Costs and Expenses		534,151
Operating Loss		(417,866)
Other (Expense) Income
Other income, net		388
Gain on early extinguishment of debt		777,022
Interest expense		(198,768)
Total Other (Expense) Income , net		578,642
(Loss) Income Before Income Taxes		160,776
Net (Loss) Income		160,776
Preferred Stock Dividends		2,378
Net loss attributable to Common Stockholders		$ 158,398
(Loss) Income per Share
Basic		$ 1.65
Diluted		$ 1.55
Weighted Average Number of Common Shares Outstanding
Basic		95,916
Diluted		104,001

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Successor [Member]
Cash Flows From Operating Activities
Net (loss) Income	$ (65,315)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	42,006
Impairment of oil and natural gas properties	44,054
Change in fair value of derivative financial instruments	(3,409)
Accretion of asset retirement obligations	12,397
Deferred rent	2,015
Stock-based compensation	852
Changes in operating assets and liabilities
Accounts receivable	15,727
Prepaid expenses and other assets	6,969
Change in restricted cash	25,201
Settlement of asset retirement obligations	(9,316)
Accounts payable and accrued liabilities and other	(59,683)
Net Cash Provided by (Used in) Operating Activities	11,498
Cash Flows from Investing Activities
Capital expenditures	(19,105)
Insurance payments received	2,051
Proceeds from the sale of other property and equipment	1,269
Net Cash Used in Investing Activities	(15,785)
Cash Flows from Financing Activities
Payments on long-term debt	(602)
Net Cash Used in Financing Activities	(602)
Net Decrease in Cash and Cash Equivalents	(4,889)
Cash and Cash Equivalents, beginning of period	165,368
Cash and Cash Equivalents, end of period	$ 160,479
Predecessor [Member]
Cash Flows From Operating Activities
Net (loss) Income		$ 160,776
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization		53,847
Impairment of oil and natural gas properties		340,469
Change in fair value of derivative financial instruments		61,325
Accretion of asset retirement obligations		15,057
Gain on early extinguishment of debt		(777,022)
Amortization and write-off of debt issuance costs, payment of interest in kind and other		126,475
Deferred rent		2,362
Stock-based compensation		186
Changes in operating assets and liabilities
Accounts receivable		(37,276)
Prepaid expenses and other assets		(1,918)
Settlement of asset retirement obligations		(21,313)
Accounts payable and accrued liabilities and other		(31,946)
Net Cash Provided by (Used in) Operating Activities		(108,978)
Cash Flows from Investing Activities
Capital expenditures		(18,047)
Transfer to restricted cash		(9,537)
Other		(21)
Net Cash Used in Investing Activities		(27,605)
Cash Flows from Financing Activities
Proceeds from the issuance of common and preferred stock, net of offering costs		22
Payments on long-term debt		(2,880)
Fees related to debt extinguishment		(1,446)
Debt issuance costs		(1,531)
Other		(25)
Net Cash Used in Financing Activities		(5,860)
Net Decrease in Cash and Cash Equivalents		(142,443)
Cash and Cash Equivalents, beginning of period		325,890
Cash and Cash Equivalents, end of period		$ 183,447

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization [Abstract]
Organization	Note 1 — Organization Nature of Operations Energy XXI Gulf Coast, Inc. (“EGC”), a Delaware corporation, was incorporated on February 7, 2006. Prior to emergence from the Chapter 11 Cases, EGC was an indirect wholly-owned operating subsidiary of Energy XXI Ltd (“EXXI Ltd”). We are headquartered in Houston, Texas and have historically engaged in the acquisition, exploration, development and operation of oil and natural gas properties onshore in Louisiana and Texas and offshore in the Gulf of Mexico Shelf (“GoM Shelf”), which is an area in less than 1,000 feet of water . Emergence from Chapter 11 On April 14, 2016, EXXI Ltd, an exempt company incorporated under the laws of Bermuda and predecessor of the Reorganized EGC (as defined below), EGC, EPL Oil & Gas Inc., then an indirect wholly-owned subsidiary of EXXI Ltd (“EPL”) and certain other indirect wholly-owned subsidiaries of EXXI Ltd filed voluntary petitions for reorganization in the Bankruptcy Court seeking relief under the provisions of Chapter 11. On December 13, 2016, the Bankruptcy Court entered the Confirmation Order and on December 30, 2016, the Debtors emerged from bankruptcy. On the Emergence Date, the Debtors satisfied the conditions to effectiveness, the Plan became effective in accordance with its terms and the Debtors emerged from Chapter 11 Cases. In connection therewith, EXXI Ltd and its subsidiaries completed a series of internal reorganization transactions pursuant to which EXXI Ltd transferred all of its remaining assets to EGC (the “Reorganized EGC”), as the new parent entity. Accordingly, Reorganized EGC succeeded to the entire business and operations previously consolidated for accounting purposes by EXXI Ltd. In accordance with Accounting Standards Codification (“ASC”) 852, Reorganizations (“ASC 852”), the Reorganized EGC applied fresh start accounting upon the Predecessor’s emergence from bankruptcy and it evaluated transaction activity between the Emergence Date and December 31, 2016 and concluded that an accounting convenience date of December 31, 2016 (the “Convenience Date”) was appropriate. For reporting purposes, the pre-reorganization predecessor reflects the business that was transferred to the Reorganized EGC. The financial statements of the pre-reorganization predecessor are EXXI Ltd’s consolidated financial statements. Our common stock resumed trading on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “EXXI” at the opening of business on February 28, 2017. 

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies and Recent Accounting Pronouncements [Abstract]
Summary of Significant Accounting Policies and Recent Accounting Pronouncements	Note 2 – Summary of Significant Accounting Policies and Recent Accounting Pronouncements Principles of Consolidation and Reporting. The accompanying consolidated financial statements on March 31, 2017 include the accounts of Reorganized EGC and its wholly-owned subsidiaries and for the prior period, the accompanying consolidated financial statements include the accounts of EXXI Ltd and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All intercompany accounts and transactions are eliminated in consolidation. Our interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Predecessor’s consolidated financial statements for the prior period include certain reclassifications that were made to conform to the current presentation. Such reclassifications did not have any impact on the Predecessor’s previously reported consolidated net income or consolidated cash flows. For periods subsequent to filing the Bankruptcy Petitions, we have prepared the Predecessor’s consolidated financial statements in accordance with ASC 852. ASC 852 requires that the financial statements distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Fresh-start Accounting. Upon emergence from bankruptcy, in accordance with ASC 852 related to fresh-start accounting, Reorganized EGC became a new entity for financial reporting purposes. Upon adoption of fresh-start accounting, our assets and liabilities were recorded at their fair values as of the Convenience Date. The effects of the Plan and the application of fresh-start accounting were reflected in our consolidated balance sheet as of December 31, 2016 and the related adjustments thereto were recorded in the consolidated statement of operations of the Predecessor as reorganization items in the 2016 Transition Report. Accordingly, Reorganized EGC’s consolidated financial statements as of and subsequent to December 31, 2016 are not and will not be comparable to the Predecessor consolidated financial statements prior to the Convenience Date. Our consolidated financial statements and related footnotes are presented with a black line division which delineates the lack of comparability between amounts presented on March 31, 2017 and dates prior. Although our accounting policies are the same as that of our Predecessor’s, our financial results for future periods following the application of fresh-start accounting will be different from historical trends, and the differences may be material. Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates of proved reserves are key components of our depletion rate for our proved oil and natural gas properties and the full cost ceiling test limitation. The Predecessor’s proved reserves quantities of 86.6 MMBOE as of June 30, 2016 were estimated and compiled by its internal reservoir engineers and audited by Netherland, Sewell & Associates, Inc., independent oil and gas consultants (“NSAI”). As of December 31, 2016, proved reserves quantities of 121.9 MMBOE were estimated and compiled by our internal reservoir engineers. Pursuant to the terms of our Exit Facility, a third party engineer report will be required annually, with the first report due by May 31, 2017. Accordingly, NSAI has estimated and compiled all of our proved reserves quantities of 109.4 MMBOE as of March 31, 2017 in accordance with the guidelines established by the SEC. Other items subject to estimates and assumptions include fair value estimates used in fresh start accounting; accounting for acquisitions and dispositions; carrying amounts of property, plant and equipment; asset retirement obligations; deferred income taxes; valuation of derivative financial instruments; reorganization items and liabilities subject to compromise, among others. Accordingly, our accounting estimates require the exercise of judgment by management in preparing such estimates. While we believe that the estimates and assumptions used in preparation of our consolidated financial statements are appropriate, actual results could differ from those estimates, and any such differences may be material. Interim Financial Statements . The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the 2016 Transition Report. Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. With the one-year deferral, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are in the initial stages of evaluating the effect of pending adoption of ASU 2014-09 on our financial position and results of operations and continue to evaluate the available transition methods. In February 2016, the FASB issued ASU No. 2016-02, Leases ( “ ASU 2016-02”), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. To meet that objective, the FASB amended the FASB Accounting Standards Codification and created Topic 842, Leases . The guidance in this ASU supersedes Topic 840, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In the normal course of business, we enter into capital and operating lease agreements to support our operations. We are in the initial stages of evaluating the provisions of ASU 2016-02 to determine the quantitative effects it will have on our consolidated financial statements and related disclosures. We believe the adoption and implementation of this ASU could have a material impact on our balance sheet resulting from an increase in both assets and liabilities relating to our leasing activities. In March 2016, the FASB issued ASU No. 2016-09 (“ASU 2016-09”), Compensation - Stock Compensation , to reduce complexity and enhance several aspects of accounting and disclosure for share-based payment transactions, including the accounting for income taxes, award forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016, with earlier application permitted. Our adoption of ASU 2016-09 during the quarter ended March 31, 2017 had no effect on our consolidated financial position, results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Credit Losses, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s incurred loss approach with an expected loss model for instruments measured at amortized cost. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. We have not yet determined the effect of this standard on our consolidated financial position, results of operations or cash flows. In August 2016, the FASB issued ASU No. 2016-15, (“ASU 2016-15”). The new guidance in ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new standard is effective for public entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. We have not yet determined the effect of this standard on our consolidated cash flows. In November 2016, the FASB issued ASU No. 2016-18, (ASU 2016-18). ASU 2016-18 requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. This ASU will be effective for annual and interim periods beginning after December 15, 2017, with earlier application permitted. We do not expect the adoption of ASU 2016-18 will have a material impact on our statement of cash flows and related disclosures. 

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2017
Property and Equipment [Abstract]
Property and Equipment	Note 3 – Property and Equipment Property and equipment consists of the following ( in thousands ):    Successor  As of March 31, As of December 31,  2017 2016   Oil and natural gas properties - full cost method of accounting  Proved properties $ 1,100,765 $ 1,127,616  Less: accumulated depreciation, depletion, amortization and impairment (491,319) (406,275)  Proved properties, net 609,446 721,341  Unevaluated properties 283,914 376,138  Oil and natural gas properties, net 893,360 1,097,479   Other property and equipment 17,293 18,807  Less: accumulated depreciation (1,016) -  Other property and equipment, net 16,277 18,807  Total property and equipment, net of accumulated depreciation, depletion, amortization and impairment $ 909,637 $ 1,116,286 Costs associated with unevaluated properties are transferred to evaluated properties upon the earlier of (i) a determination as to whether there are any proved reserves related to the properties or the costs are impaired, (ii) a determination that the capital costs associated with the development of these properties will not be available, or (iii) ratably over a period of time of not more than four years or three years as it relates to unevaluated property costs recorded as part of fresh start accounting. Under the full cost method of accounting at the end of each financial reporting period, we compare the present value of estimated future net cash flows from proved reserves (computed using the unweighted arithmetic average of the first-day-of-the-month historical price, net of applicable differentials, for each month within the previous 12-month period discounted at 10% , plus the lower of cost or fair market value of unevaluated properties and excluding cash flows related to estimated abandonment costs associated with developed properties) to the net capitalized costs of oil and natural gas properties, net of related deferred income taxes. We refer to this comparison as a “ceiling test.” If the net capitalized costs of these oil and natural gas properties exceed the estimated discounted future net cash flows, we are required to write-down the value of our oil and natural gas properties to the amount of the discounted cash flows. For the three months ended March 31, 2017, our ceiling test computation resulted in impairment of our oil and natural gas properties of $44. 1 million, which was due to the difference in SEC proved reserves and the related PV-10 value (the net present value, determined using a discount rate of ten percent per annum, of the future net revenues expected to accrue to the proved reserves of the Company and its subsidiaries) as of March 31, 2017 prepared by NSAI compared with SEC reserves and PV-10 value as of December 31, 2016 that were prepared by our internal reservoir engineers. The primary non-commodity price factors contributing to the difference between the NSAI March 31, 2017 SEC reserve report and the internally-prepared December 31, 2016 SEC reserve report are: (i) technical reassessments, (ii) higher capital costs and (iii) production during the first quarter of 2017. The impact of those factors was partially offset by higher SEC average commodity prices for both crude oil and natural gas. If oil and natural gas prices decline again or our costs otherwise increase we may incur further impairment to our full cost pool in fiscal 2017 based on the average oil and natural gas price calculated under the SEC pricing methodology.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Long-Term Debt [Abstract]
Long-Term Debt	Note 4 – Long-Term Debt As of March 31, 2017 and December 31, 2016 our outstanding debt consisted of the following ( in thousands ):    Successor  March 31, 2017 December 31, 2016   Exit Facility $ 73,996 $ 73,996  4.14% Promissory Note due 2017 3,535 4,001  Capital lease obligations 81 500  Total debt 77,612 78,497  Less: current maturities 3,616 4,268  Total long-term debt $ 73,996 $ 74,229        Exit Facility Pursuant to the Plan, on the Emergence Date, the Company, as Borrower, and the other Reorganized Debtors entered into a new three year secured Exit Facility . The Exit Facility is secured by mortgages on at least 90% of the value of our and our subsidiary guarantors’ proved developed producing reserves as well as our total proved reserves. The Exit Facility is comprised of two facilities: (i) a term loan facility (the “Exit Term Loan”) resulting from the conversion of the remaining drawn amount plus accrued default interest, fees and expenses under the Debtors’ Second Amended and Restated First Lien Credit Agreement (the “Prepetition Revolving Credit Facility”) of approximately $74 million and (ii) a revolving credit facility (the “Exit Revolving Facility”) resulting from the conversion of the former EGC tranche of the Prepetition Revolving Credit Facility which provides, subject to the limitations noted below, for the making of revolving loans and the issuance of letters of credit. The Exit Term Loan has a maturity of three years. Interest on the outstanding amount of the Exit Term Loan, at the Company’s option, will accrue at an interest rate equal to either: (i) the Alternative Base Rate (as defined in the Exit Facility) plus 3.5% per annum or (ii) the one-month LIBO Rate (as defined in the Exit Facility) plus 4.5% per annum. Interest on the Exit Term Loan bearing interest at the Alternative Base Rate will be payable quarterly ; interest on the Exit Term Loan bearing interest at the LIBO Rate will be payable monthly . On the Emergence Date, the aggregate credit capacity under the Exit Revolving Facility were approximately $227.8 million, all of which was utilized to maintain in effect outstanding letters of credit, including $225 million of letters of credit issued in favor of ExxonMobil to secure certain plugging and abandonment obligations related to assets in the GoM. On April 26, 2016, pursuant to the redetermination of our plugging and abandonment liabilities with ExxonMobil, it was agreed that subsequent to the Predecessor Company’s emergence from the Chapter 11 proceedings, the letters of credit issued in favor ExxonMobil would be reduced to $200 million from the existing amount of $225 million and on March 13, 2017 the letters of credit issued in favor ExxonMobil were reduced to $200 million. Each existing letter of credit may be renewed or replaced (in each case, in an outstanding amount not to exceed the outstanding amount of the existing letter of credit). Following the reduction of $25 million in the letters of credit issued in favor ExxonMobil, the credit capacity under the Exit Revolving Facility was permanently reduced by fifty percent, or $12.5 million. The remaining fifty percent, or $12.5 million, of such aggregate reduction was available for borrowing as revolving loans subject to a maximum for all such loans of (i) $25 million prior to the date the borrowing base is initially determined and (ii) the borrowing base, on and after the date the borrowing base is initially determined. The borrowing base will be initially determined at a date elected by the Company, and will be redetermined semi-annually thereafter. Currently, the Company has not elected any date for the initial borrowing base determination. The Company must make a mandatory prepayment of the revolving loans and, if necessary, cash collateralize the outstanding letters of credit if a reduction in the revolving credit capacity would cause the revolving credit exposure to exceed the revolving credit capacity. On or after the determination of the borrowing base, the Company must also make a mandatory prepayment of the revolving loans and, if necessary, cash collateralize the outstanding letters of credit not in favor of ExxonMobil if a borrowing base deficiency arises. For each fiscal quarter ending on and after March 31, 2018, if the Asset Coverage Ratio (as defined in the Exit Facility) is less than 1.50 to 1.00, the Company must make a mandatory prepayment of the Exit Term Loan equal to the lesser of (i) 7.5% of the aggregate outstanding principal amount of the Exit Term Loan on the Emergence Date or (ii) the then outstanding principal amount of the Exit Term Loan. The Exit Revolving Facility has a maturity of three years. Interest on the outstanding amount of revolving loans borrowed under the Exit Revolving Facility, at the Company’s option, will accrue at an interest rate equal to either (i) the Alternative Base Rate plus 3.5% per annum or (ii) the one , three or six month LIBO Rate plus 4.5% per annum. Interest on revolving loans that bear interest at the Alternative Base Rate will be payable quarterly; interest on revolving loans that bear interest at the LIBO Rate will be payable at the end of each interest period or, if an interest period exceeds three months, at the end of every three months. The stated amount of each letter of credit issued under the Exit Revolving Facility accrues fees at the rate of 4.5% per annum. There is an issuance fee of 0.25% per annum charged on the stated amount of each letter of credit issued after the Emergence Date. Unused credit capacity under the Exit Revolving Facility will accrue a commitment fee of 0.50% payable quarterly in arrears. The Exit Facility is guaranteed by substantially all of the wholly-owned subsidiaries of the Company, subject to customary exceptions, and is secured by first priority security interests on substantially all assets of each Reorganized Debtor guarantor. Under the Exit Facility , the borrower will not declare or make a restricted payment, or make any deposit for any restricted payment. Restricted payments include declaration or payment of dividends. The Exit Facility contains covenants and events of default customary for reserve-based lending facilities. In addition, for each fiscal quarter ending on and after March 31, 2018, the Company must maintain a Current Ratio (as defined in the Exit Facility) of no less than 1.00 to 1.00 and a First Lien Leverage Ratio (as defined in the Exit Facility ) of no greater than 4.00 to 1.00 calculated on a trailing four quarter basis. On March 3, 2017, the Company entered into an amendment to the Exit Facility (the “Amendment”). The Amendment, among other things, includes updates necessary to reflect the Company changing its fiscal year end from June 30 to December 31. As a result, the Company must now deliver a reserve report prepared by a third-party engineer by March 1 of each year (or by May 31 with respect to 2017 only) and a reserve report prepared by the Company’s engineers by September 1 of each year. Additionally, the Amendment also revises the calculation of: (i) the net present value of the future net revenues expected to accrue to the proved reserves of the Company and its subsidiaries and (ii) the asset coverage ratio, which is calculated by removing the effects of derivative agreements with any counterparties that are not lenders under the Exit Facility . Furthermore, the requirement for the Company and its subsidiaries to have mortgages covering at least 90% of the total value of their proved reserves was amended to require the mortgages to cover at least 90% of the revised net present value of the proved reserves. On April 24, 2017, the Company entered into a second amendment and waiver to the Exit Facility (the “Second Amendment”). The Second Amendment includes an update to reflect a change in the prepared “as of” date of the reserve report by a third-party engineer. The Second Amendment permits the Company to deliver a third-party reservoir engineer reserve report dated “as of” April 1, 2017 from an “as of” date of January 1, 2017, provided the reserve report is delivered prior to May 31, 2017. As of March 31, 2017, we had approximately $74 million in borrowings and $202.8 million in letters of credit issued under the Exit Facility. 4.14% Promissory Note In September 2012, the Predecessor entered into a promissory note of $5.5 million to acquire other property and equipment. Under this note, which is secured by such other property and equipment, we were required to make a monthly payment of approximately $52,000 and were to pay one lump-sum payment of $3.3 million at maturity in October 2017 . This note carried an interest rate of 4.14% per annum. In accordance with the Plan, on the Emergence Date, all outstanding obligations under the promissory note were reinstated. Interest Expense Interest expense consisted of the following ( in thousands ):     Successor Predecessor  Three Months Ended Three Months Ended  March 31, March 31,  2017 2016   Exit Term Loan $ 779 $ -  Exit Revolving Facility 2,825 -  Prepetition Revolving Credit Facility - 3,919  11.0% Second Lien Notes due 2020 - 39,766  8.25% Senior Notes due 2018 - 6,613  6.875% Senior Notes due 2024 - 2,475  3.0% Senior Convertible Notes due 2018 - 2,903  7.50% Senior Notes due 2021 - 4,463  7.75% Senior Notes due 2019 - 1,959  9.25% Senior Notes due 2017 - 10,005  4.14% Promissory Note due 2017 37 41  Amortization of debt issue cost - Revolving Credit Facility - 3,521  Accretion of original debt issue discount, 11.0% Second Lien Notes due 2020 - 2,135  Accretion of original debt issue discount, 11.0% Second Lien Notes due 2020 - accelerated - 44,855  Amortization of debt issue cost – 11.0% Second Lien Notes due 2020 - 1,724  Amortization of debt issue cost – 11.0% Second Lien Notes due 2020 - accelerated - 36,243  Amortization of fair value premium – 8.25% Senior Notes due 2018 - (3,325)  Amortization of fair value premium – 8.25% Senior Notes due 2018 - accelerated - (6,730)  Amortization of debt issue cost – 6.875% Senior Notes due 2024 - 62  Amortization of debt issue cost – 6.875% Senior Notes due 2024 - accelerated - 1,946  Accretion of original debt issue discount, 3.0% Senior Convertible Notes due 2018 - 2,941  Accretion of original debt issue discount, 3.0% Senior Convertible Notes due 2018 - accelerated - 33,370  Amortization of debt issue cost – 3.0% Senior Convertible Notes due 2018 - 377  Amortization of debt issue cost – 3.0% Senior Convertible Notes due 2018 - accelerated - 4,271  Amortization of debt issue cost – 7.50% Senior Notes due 2021 - 123  Amortization of debt issue cost – 7.50% Senior Notes due 2021 - accelerated - 2,822  Amortization of debt issue cost – 7.75% Senior Notes due 2019 - 38  Amortization of debt issue cost – 7.75% Senior Notes due 2019 - accelerated - 491  Amortization of debt issue cost – 9.25% Senior Notes due 2017 - 517  Amortization of debt issue cost – 9.25% Senior Notes due 2017 - accelerated - 913  Derivative instruments financing and other 193 330  $ 3,834 $ 198,768 

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligations [Abstract]
Asset Retirement Obligations	Note 5 – Asset Retirement Obligations The following table describes the changes to our asset retirement obligations ( in thousands ):    Balance as of December 31, 2016 (Successor) $ 753,364  Liabilities acquired -  Liabilities incurred 1,952  Liabilities settled (9,316)  Revisions* (135,386)  Accretion expense 12,397  Total balance as of March 31, 2017 (Successor) 623,011  Less: current portion 73,073  Long-term balance as of March 31, 2017 (Successor) $ 549,938         * The downward revisions were primarily due to changes in estimated timing of settlements of the plugging and abandonment liabilities.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	Note 6 – Derivative Financial Instruments We enter into derivative transactions to reduce exposure to fluctuations in the price of crude oil and natural gas with multiple investment-grade rated counterparties, primarily financial institutions, to reduce the concentration of exposure to any individual counterparty. We have historically used various instruments, including financially settled crude oil and natural gas puts, put spreads, swaps, costless collars and three-way collars in our derivative portfolio. Derivative financial instruments are recorded at fair value and included as either assets or liabilities in the accompanying consolidated balance sheets. Any gains or losses resulting from c hanges in fair value of our outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included in gain on derivative financial instruments as a component of revenues in the accompanying consolidated statements of operations. Most of our crude oil production is Heavy Louisiana Sweet. We have historically included contracts indexed to NYMEX WTI, ICE Brent futures and Argus-LLS futures in our derivative portfolio to closely align and manage our exposure to the associated price risk. On March 14, 2016, the fourteenth amendment to the Prepetition Revolving Credit Facility became effective and required us to unwind certain derivative transactions and use the proceeds therefrom to repay amounts of outstanding loans to EPL under the Prepetition Revolving Credit Facility, and for such repayments to then result in an automatic and permanent reduction in EXXI Ltd’s borrowing base. Accordingly, on March 15, 2016, EXXI Ltd unwound and monetized all of its outstanding crude oil and natural gas contracts and $50.6 million was applied to reduce amounts outstanding under the Prepetition Revolving Credit Facility. In February 2017, we entered into costless collar contracts benchmarked to Argus-LLS, to hedge 10,000 BPD of our crude oil production for the period from March 2017 to December 2017 with an average floor price of $52.30 and an average ceiling price of $57.43 , and we expect to continue to enter into derivative arrangements going forward. With a costless collar, the counterparty is required to make a payment to us if the settlement price for any settlement period is below the floor price of the collar, and we are required to make a payment to the counterparty if the settlement price for any settlement period is above the cap price for the collar. The energy markets have historically been very volatile, and there can be no assurances that crude oil and natural gas prices will not be subject to wide fluctuations in the future. While the use of derivative arrangements helps to limit the downside risk of adverse price movements, they may also limit future gains from favorable price movements. As of March 31, 2017, we had the following net open crude oil derivative positions:    Weighted Average Contract Price  Type of Volumes Collars  Remaining Contract Term Contract Index (MBbls) Floor Ceiling   April 2017 - December 2017 Collars Argus-LLS 2,750 $ 52.30 $ 57.43  The fair values of derivative instruments in our consolidated balance sheets were as follows ( in thousands ):   Asset Derivative Instruments Liability Derivative Instruments  March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016  Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value   Derivative financial instruments Current $ 8,558 Current $ - Current $ 5,149 Current $ -  Non- Current - Non- Current - Non- Current - Non- Current -  Total gross derivative financial instruments subject to enforceable master netting agreement 8,558 - 5,149 -   Derivative financial instruments Current (5,149) Current - Current (5,149) Current -  Non- Current - Non- Current - Non- Current - Non- Current -  Gross amounts offset in Balance Sheets (5,149) - (5,149) -  Net amounts presented in Balance Sheets Current 3,409 Current - Current - Current -  Non- Current - Non- Current - Non- Current - Non- Current -  $ 3,409 $ - $ - $ - The following table presents information about the components of the gain (loss) on derivative financial instruments ( in thousands ) .      Successor Predecessor  Three Months Three Months  Ended Ended  March 31, March 31,  Gain on derivative financial instruments 2017 2016   Cash settlements, net of purchased put premium amortization $ 289 $ 17,511  Proceeds from monetizations - 50,588  Non-cash change in fair value 3,409 (61,325)  Total gain on derivative financial instruments $ 3,698 $ 6,774 We monitor the creditworthiness of our counterparties, who are also a part of our bank lending group. However, we are not able to predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, we may be limited in our ability to mitigate an increase in counterparty credit risk. Possible actions would be to transfer our position to another counterparty or request a voluntary termination of the derivative contracts resulting in a cash settlement. Should one of our financial counterparties not perform, we may not realize the benefit of some of our derivative instruments under lower commodity prices and could incur a loss. As of March 31, 2017 , we had no collateral deposits with our counterparties.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes [Abstract]
Income Taxes	Note 7 – Income Taxes On the Emergence Date, the Predecessor Company engaged in several internal restructuring transactions that: (i) assigned all of Predecessor’s assets (directly or indirectly) to EGC, and (ii) separated EXXI Ltd, Energy XXI (US Holdings) Limited (Bermuda), Energy XXI, Inc., and Energy XXI USA from EGC. This had the effect, among other things, of isolating the original parent-level equity ownership and certain intercompany loans (the “Intercompany Loans”) from EGC. Then, pursuant to the Plan, the prepetition notes, the Prepetition Revolving Credit Facility and 100% of the EGC stock owned by Energy XXI USA, Inc., were cancelled. Additionally, new EGC shares and warrants were issued to former creditors as set out in the Plan. Absent an exception, a debtor recognizes Cancellation of Indebtedness Income (“CODI”) upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. The Internal Revenue Code of 1986, as amended (the “Tax Code”) provides that a debtor in a bankruptcy case (such as the Chapter 11 Cases) may exclude CODI from taxable income but must reduce certain of its tax attributes by the amount of any CODI realized as a result of the Plan (the “Tax Attribute Reduction Rules”). The amount of CODI realized by a taxpayer is the adjusted issue price of any indebtedness discharged less the sum of (i) the amount of cash paid, (ii) the issue price of any new indebtedness issued and (iii) the fair market value of any other consideration, including equity, issued. As a result of the market value of equity upon emergence from the Chapter 11 Cases, the amount of CODI realized was approximately $2,600 million, which reduced the Company’s U.S. net operating loss (“NOL”) carryovers of $4 03 million to zero , and further reduced the Company’s tax basis in producing properties (subject to future recovery through tax DD&A deductions) and its investment in the stock of EPL by $2,1 97 million. This reduction in tax attributes occurred on the Convenience Date, the first day of the Company’s first tax year subsequent to the Emergence Date, as one effect of the Plan was to terminate the Predecessor’s fiscal income tax reporting period on the Emergence Date. As a result of the fresh start accounting, virtually all historic deferred tax assets and liabilities were eliminated, including the accrued outbound 30% withholding tax on the Intercompany Loans from the Predecessor’s Bermuda parent, as these obligations were extinguished in the Plan and are not obligations of the Successor entities. With the NOL carryover being reduced by the Tax Attribute Reduction Rules, the principal deferred tax assets and liabilities of the Successor after fresh-start accounting relate to our oil and gas properties. The remaining tax bases of our oil and natural gas properties are less than their respective book carrying values as determined in fresh-start accounting such that we have recorded a deferred tax liability for those properties. We have recorded a deferred tax asset for the asset retirement obligation (which has no tax basis and will be tax deductible or result in additional tax basis in assets when settled) and other items that exceed the deferred tax liability for oil and natural gas properties. As such, we have recorded a valuation allowance of $174.5 million at December 31, 2016, which results in no net deferred tax asset or liability appearing on our statement of financial position. We recorded this valuation allowance at this date after an evaluation of all available evidence (including our recent history of Predecessor losses) that led to a conclusion that based upon the more-likely-than-not standard of the accounting literature, these deferred tax assets were unrecoverable. Tax Code Sections 382 and 383 provide an annual limitation with respect to the ability of a corporation to utilize its tax attributes, including as the tax basis in certain assets (net unrealized built-in-losses), against future U.S. taxable income in the event of a change in ownership. The Company’s emergence from the Chapter 11 Cases was considered a change in ownership for purposes of Tax Code Section 382. The limitation under the Tax Code is based on the value of the loss corporation as of the Convenience Date, which reflects value after giving effect to the Plan’s steps. However, this and prior ownership changes and resulting annual limitation will have limited, if any, effect on the Company’s NOLs since all of the NOLs were extinguished by the Tax Attribute Reduction Rules. There is the possibility of deferral of recognition of certain portions of tax DD&A by the Tax Attribute Reduction Rules that would affect the timing of offsetting future taxable income, but would not affect income tax expense. No cash income taxes were paid during the period ended March 31, 2017, and, based upon current commodity pricing and planned development activity, no cash income taxes are expected for the year ending December 31, 2017. We have estimated our effective income tax rate (benefit) for the year to be zero, as we are forecasting a pre-tax loss at this time. We do not believe that our net deferred tax assets are realizable in the future on a more-likely-than-not basis at this time; as such, we have increased our valuation allowance by $22 million in the quarter ended March 31, 2017 to reflect the tax effect of this loss. A post-Emergence Date NOL of approximately $26.3 million that results from this loss represents our only NOL carryforwards. This post-Emergence Date NOL is not subject to limitation in future usage by the ownership changes rules of Tax Code section 382 or the Tax Attribute Reduction Rules resulting from the Plan, but cannot be carried back to pre-Emergence Date years to create cash income tax refund.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity [Abstract]
Stockholders' Equity	Note 8 – Stockholders’ Equity O n the Emergence Date, the Company’s certificate of incorporation and bylaws were amended and restated in their entirety. Under our certificate of incorporation, the total number of all shares of capital stock that we are authorized to issue is 110 million shares, consisting of 100 million shares of the Company’s common stock, par value $0.01 per share, and 10 million shares of preferred stock, par value $0.01 per share. On the Emergence Date, the Company had entered into a registration rights agreement (the “Registration Rights Agreement”) with certain holders representing 10% or more of the Company’s common stock outstanding on that date or who acquire 10% or more of the Company’s common stock outstanding within six months of the Emergence Date (the “Holders”). The Registration Rights Agreement provided resale registration rights for the Holders’ Registerable Securities (as defined in the Registration Rights Agreement). On February 28, 2017, in accordance with the requirements of the Registration Rights Agreement, the Company filed a registration statement on Form S-3 relating to the resale of an aggregate of 9,272,285 shares of our common stock, which may be offered for sale from time to time by the selling stockholders named in Form S-3 prospectus. The number of shares the selling stockholders may sell consists of 9,049,929 shares of common stock that are currently issued and outstanding and 222,356 shares of common stock that they may receive if they exercise their warrants. The selling stockholders acquired all of the shares of common stock and warrants covered by the Form S-3 prospectus in a distribution pursuant to Section 1145 under the United States Bankruptcy Code in connection with our plan of reorganization that became effective on the Emergence Date. We are not selling any shares of common stock under the Form S-3 prospectus and will not receive any proceeds from the sale of common stock by the selling stockholders. The registration statement on Form S-3 was declared effective as of March 23, 2017. On February 28, 2017, pursuant to our satisfaction of all the listing requirements, our common stock resumed trading on NASDAQ under the symbol “EXXI” at the opening of business. As of March 31, 2017, 33,211,594 shares of common stock and 2,119,889 warrants were outstanding.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 9 – Supplemental Cash Flow Information The following table presents our supplemental cash flow information ( in thousands ):    Successor Predecessor  Three Months Three Months  Ended Ended  March 31, March 31,  2017 2016   Cash paid for interest $ 3,817 $ 3,972  Cash paid for income taxes - - The following table presents our non-cash investing and financing activities ( in thousands ):    Successor Predecessor  Three Months Three Months  Ended Ended  March 31, March 31,  2017 2016   Changes in capital expenditures and accrued liabilities in accounts payable $ (2,660) $ (65,560)  Changes in asset retirement obligations (133,434) 24,228  Proceeds from monetization of derivative instruments applied to Revolving Credit Facility - 50,588 

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2017
Employee Benefit Plans [Abstract]
Employee Benefit Plans	Note 10 – Employee Benefit Plans As of the Emergence Date, the Company entered into the Energy XXI Gulf Coast, Inc. 2016 Long Term Incentive Plan (the “2016 LTIP”), which is a comprehensive equity-based award plan as part of the go-forward compensation for the Company’s officers, directors, employees and consultants (the “Service Providers”). The total number of shares of our common stock reserved and available for delivery with respect to awards under the 2016 LTIP is 1,859,552 shares (or 5% of the total new equity). The compensation committee (the “Committee”) of the board of directors of the Company (the “Board”) generally administers the 2016 LTIP and will determine the types of equity based awards (which may include stock option, stock appreciation rights, restricted stock, restricted stock units, bonus stock awards, performance awards, other stock based awards or cash awards) and the terms and conditions (including vesting and forfeiture restrictions) of such awards. Awards under the 2016 LTIP will be awarded to the Service Providers selected in the discretion of the Committee; provided, however, that 3% of the 5% total new equity on a fully diluted basis reserved under the 2016 LTIP must be allocated no later than 120 days after the Emergence Date. As of April 29, 2017, the 3% of total new equity has been allocated by the Board. Under the 2016 LTIP, s tock options are issued with an exercise price that is not less than the fair market value of our common stock on the date of grant and expire 10 years from the grant date. Stock options that have been granted to date generally vest ratably over a three -year period. The fair value of each stock option granted is estimated on the date of grant using a Black-Scholes-Merton option valuation model that uses assumptions related to expected term, expected volatility, risk free rate and dividend yield. During the three months ended March 31, 2017, we granted 188,624 stock options at a weighted average exercise price of $29.54 per stock option. As of March 31, 2017, we had 188,624 unvested stock options and $2 million in unrecognized compensation cost related to unvested stock options. Under the 2016 LTIP, r estricted stock units may be granted from time to time as approved by the Committee. To date, the restricted stock units granted by the Committee have a vesting date up to three years from the date of grant and each restricted stock unit represents a right to receive one share of our common stock with a value equal to our common share price at the time of grant. During the three months ended March 31, 2017, we granted 209,370 restricted stock units at a weighted average price of $24.64 per restricted stock unit, including 106,250 restricted stock units granted to members of the Board pursuant to the terms of the 2016 LTIP and the non-employee director compensation policy . As of March 31, 2017, we had 188,745 unvested restricted stock units and $4. 4 million in unrecognized compensation cost related to unvested restricted stock units.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 11 — Related Party Transactions On February 2, 2017, John D. Schiller, Jr., Bruce W. Busmire and Antonio de Pinho resigned as President and CEO, Chief Financial Officer and Chief Operating Officer, respectively. In connection with Mr. Schiller’s termination of employment, the employment-related provisions of Mr. Schiller’s Executive Employment Agreement, dated as of December 30, 2016 (the “Schiller Employment Agreement”) were terminated as of February 2, 2017. Under the Schiller Employment Agreement, Mr. Schiller was entitled to receive the following benefits, subject to his entry into a waiver and release agreement (i) a lump-sum cash severance payment in the amount of $2 million, and (ii) reimbursement for the monthly cost of maintaining health benefits for Mr. Schiller and his spouse and eligible dependents as of the date of his termination for a period of 18 months to the extent Mr. Schiller elects Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) continuation coverage, less applicable taxes and withholding. The $2 million cash severance payment was made on April 3, 2017, the 60th day after the termination date. Payments and benefits are subject to Mr. Schiller’s continued compliance with certain confidentiality, non-competition, non-solicitation and non-disparagement provisions of the waiver and release agreement. In addition on February 2, 2017, we entered into a consulting agreement (the “Schiller Consulting Agreement”) with Mr. Schiller, pursuant to which Mr. Schiller has agreed to serve as a special advisor to the Board during a transition period of up to six months. In consideration for those services, we have agreed to pay Mr. Schiller a consulting fee of $50,000 per month for up to six months. Prior to their departure from the Company, Mr. Busmire and Mr. de Pinho were not party to employment agreements with us, nor did they participate in a severance plan. We paid Mr. Busmire and Mr. de Pinho a severance payment on February 15, 2017 in the amount of $750,000 each, less applicable taxes and withholdings, in consideration for the performance of the terms and conditions set forth in their Resignation Agreement and General Release, including, without limitation, a general release and non-disparagement provision. We have also agreed to reimburse Mr. Busmire and Mr. de Pinho for the monthly cost of maintaining health benefits for Mr. Busmire and Mr. de Pinho and their respective spouses and eligible dependents as of the date of their termination for a period of 18 months to the extent Mr. Busmire and Mr. de Pinho elect COBRA continuation coverage. During the years ended June 30, 2015 and 2014, Mr. Schiller borrowed funds from personal acquaintances or their affiliates, certain of whom provide services to us. During the three months ended March 31, 2017 and 2016 certain of those lenders provided services to the Company totaling $0.8 million and $3.3 million, respectively. During 2014, one of the directors on the Predecessor Board made a personal loan to Mr. Schiller at a time prior to becoming a member of the Predecessor Board but while a managing director at Mount Kellett Capital Management LP, which at the time owned a majority interest in Energy XXI M21K, LLC and 6.3% of EXXI Ltd’s common stock. 

Earnings (Loss) per Share

Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2017
Earnings (Loss) per Share [Abstract]
Earnings (Loss) per Share	Note 12 — Earnings (Loss) per Share Basic earnings (loss) per share of common stock is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Except when the effect would be anti-dilutive, the diluted earnings per share calculation includes the impact of restricted stock, stock options and other common stock equivalents. The following table sets forth the calculation of basic and diluted earnings ( loss) per share (“EPS”) ( in thousands, except per share data ):    Successor Predecessor  Three Months Three Months  Ended Ended  March 31, March 31,  2017 2016   Net (loss) income $ (65,315) $ 160,776  Preferred stock dividends - 2,378  Net loss attributable to common stockholders $ (65,315) $ 158,398   Weighted average shares outstanding for basic EPS 33,228 95,916  Add dilutive securities - 8,085  Weighted average shares outstanding for diluted EPS 33,228 104,001   (Loss) income per share  Basic $ (1.97) $ 1.65  Diluted $ (1.97) $ 1.55  The Company’s restricted stock awards granted to the members of the Board during the three months ended March 31, 2017 are treated as outstanding for basic loss per share calculations since these shares are entitled to participate in dividends declared on common shares, if any, and undistributed earnings. As participating securities, the shares of restricted stock are included in the calculation of basic EPS using the two-class method. For the three months ended March 31, 2017, no earnings was allocated to the participating securities. For the three months ended March 31, 2017 and 2016, 1,206,765 and 1,549,380 common stock equivalents, respectively, were excluded from the diluted average shares calculation.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 13 — Commitments and Contingencies Litigation. We are involved in various legal proceedings and claims, which arise in the ordinary course of our business. We do not believe the ultimate resolution of any such actions will have a material effect on our consolidated financial position, results of operations or cash flows. On June 17, 2016, the SEC filed a proof of claim against EXXI Ltd asserting a general unsecured claim in the amount of $3.9 million based on alleged violations of the federal securities laws by EXXI Ltd pertaining to: (i) the failure to disclose certain funds borrowed by our former President and CEO John D. Schiller, Jr. from personal acquaintances or their affiliates, certain of which provided EXXI Ltd and certain of its subsidiaries with services and (ii) Mr. Schiller’s pledge of EXXI Ltd stock to a certain financial institution. The SEC’s claim against EXXI Ltd has been classified as a general unsecured claim to be paid, if at all, its pro rata share of the approximately $1.5 million General Unsecured Claim Distribution defined in the Plan , and, as such, is subject to the Settlement, Release, Injunction, and Related Provisions contained in Article VIII of the Plan, and also is subject to the Confirmation Order . The Debtors anticipate that they will object to the SEC’s claim. Letters of Credit and Performance Bonds. As of March 31, 2017, we had $364.3 million of performance bonds outstanding and $200 million in letters of credit issued to ExxonMobil relating to assets in the Gulf of Mexico. We are a lessee and operator of oil and natural gas leases on the federal Outer Continental Shelf (“OCS”) and our operations on these leases in the Gulf of Mexico are subject to regulation by the Bureau of Safety and Environmental Enforcement (“BSEE”) and the BOEM. These leases require compliance with detailed BSEE and BOEM regulations and orders issued pursuant to various federal laws. In particular, compliance with lease requirements includes responsibility for decommissioning obligations such as the cost to plug and abandon wells, decommission and remove platforms and pipelines, and clear the seafloor of obstructions at the end of production. The BOEM generally requires that lessees post substantial bonds or other acceptable financial assurances that such obligations will be met. In April 2015, the Predecessor received letters from the BOEM stating that certain of its subsidiaries no longer qualified for waiver of certain supplemental bonding requirements for potential offshore decommissioning, plugging and abandonment liabilities. Accordingly, as of May 10, 2017, approximately $ 193.1 million of our performance bonds are lease and/or area bonds issued to the BOEM, that the BOEM has access to assure our commitment to comply with the terms and conditions of those leases. We also maintain approximately $1 50.9 million in performance bonds issued to predecessor third party assignors including certain state regulatory bodies for wells and facilities pursuant to a contractual commitment made by us to those third parties at the time of assignment with respect to the eventual decommissioning of those wells and facilities. We currently have $49.7 million in cash collateral provided to surety companies associated with the bonding requirements of the BOEM and third party assignors. To address the supplemental bonding and other financial assurance concerns expressed to us by the BOEM in April 2015 and thereafter, the Predecessor submitted a long-term financial assurance plan (the “Long-Term Plan”) to the agency. The BOEM agreed to, and executed, the Long-Term Plan on February 25, 2016. The Predecessor has since submitted a proposed plan amendment on June 28, 2016 that would revise the executed Long-Term Plan (the “Proposed Plan Amendment”). We are currently awaiting the BOEM’s response on the Proposed Plan Amendment. However, since the BOEM’s issuance of the new NTL in July 2016 relating to the need for additional security to satisfy decommissioning obligations, the agency has made two separate announcements to offshore lessees, advising of a six-month extension to the implementation timeline under the NTL (unless there is a substantial risk of nonperformance) for provision of financial assurance for “non-sole liability” properties (that is, leases, rights-of-way and rights of use and easements with multiple lessees, grant holders and/or assignors), and advising of the temporary withdrawal of orders requiring additional financial assurance for “sole liability” properties (that is, leases, rights-of-way and rights of use and easements with only one lessee or grant holder and no assignors), respectively (collectively, the January 2017 and February 2017 announcements are referred to as the “BOEM Announcements”). The purpose behind these announcements is for the BOEM to further review the complex financial assurance program requirements. We continue to work with the BOEM in finalizing a process under the Long-Term Plan and the Proposed Plan Amendment for providing adequate levels of financial assurance to satisfy the BOEM with respect to its April 2015 supplemental bonding letter and any subsequent concerns and guidance. The future cost of compliance with our existing supplemental bonding requirements, including such bonding obligations as reflected in the Long-Term Plan and the Proposed Plan Amendment, that is consistent with any changes to the BOEM’s current NTL supplemental bonding requirements or supplemental bonding rules applicable to us or our subsidiaries’ properties, as may be reflected by the BOEM’s Announcements, could materially and adversely affect our financial condition, cash flows, and results of operations. In addition, we may be required to provide cash collateral to support the issuance of such bonds or other surety. If we are unable to provide additional required bonds as requested, the BSEE or the BOEM may have any of our operations on federal leases suspended or cancelled or otherwise impose monetary penalties. Such actions could have a material adverse effect on our business, prospects, results of operations, financial condition, and liquidity. Other. We maintain restricted escrow funds as required by certain contractual arrangements. At March 31, 2017 , our restricted cash primarily related to $25.6 million in cash collateral associated with our bonding requirements, approximately $0.8 million in a financial institution to be used for paying restructuring expenses in accordance with the Plan and approximately $6 million in a trust for future plugging, abandonment and other decommissioning costs related to the East Bay field which will be transferred to the buyer of our interests in that field. We and our oil and natural gas joint interest owners are subject to periodic audits of the joint interest accounts for leases in which we participate and/or operate. As a result of these joint interest audits, amounts payable or receivable by us for costs incurred or revenue distributed by the operator or by us on a lease may be adjusted, resulting in adjustments to our net costs or revenues and the related cash flows. When they occur, these adjustments are recorded in the current period, which generally is one or more years after the related cost or revenue was incurred or recognized by the joint account. We do not believe any such adjustments will be material.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Note 14 — Fair Value of Financial Instruments Certain assets and liabilities are measured at fair value on a recurring basis in our consolidated balance sheets. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of these techniques requires significant judgment and is primarily dependent upon the characteristics of the asset or liability, the principal (or most advantageous) market in which participants would transact for the asset or liability and the quality and availability of inputs. Inputs to valuation techniques are classified as either observable or unobservable within the following hierarchy: · Level 1 – quoted prices in active markets for identical assets or liabilities. · Level 2 – inputs other than quoted prices that are observable for an asset or liability. These include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). · Level 3 – unobservable inputs that reflect our own expectations about the assumptions that market participants would use in measuring the fair value of an asset or liability. For cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities and certain notes payable, the carrying amounts approximate fair value due to the short-term nature or maturity of the instruments. The carrying value of the Exit Facility approximates its fair value because the interest rate is variable and reflective of market rates, which are Level 2 inputs within the fair value hierarchy. Our commodity derivative instruments historically consisted of financially settled crude oil and natural gas puts, swaps, put spreads, costless collars and three way collars. We estimated the fair values of these instruments based on published forward commodity price curves, market volatility and contract terms as of the date of the estimate. The discount rate used in the discounted cash flow projections is based on published London Interbank offered rates. The fair values of commodity derivative instruments in an asset position include a measure of counterparty nonperformance risk, and the fair values of commodity derivative instruments in a liability position include a measure of our own nonperformance risk, each based on the current published issuer-weighted corporate default rates. See Note 6 – “Derivative Financial Instruments.” The fair values of our restricted stock units are based on the period-end stock price. For our stock options, we utilize the Black-Scholes-Merton model to determine fair value, which incorporates various assumptions listed here to value the stock option awards. The dividend yield on our common stock was zero. The expected volatility is based on comparable companies’ asset volatilities. The risk-free interest rate is the related United States Treasury yield curve for periods within the expected term of the option at the time of grant. During the three months ended March 31, 2017 and the year ended December 31, 2016, we did not have any transfers from or to any level within the fair value hierarchy. The following table presents the fair value of our Level 2 financial instruments ( in thousands ):      Successor  Level 2  As of March 31, As of December 31,  2017 2016   Assets:  Oil and Natural Gas Derivatives $ 8,558 $ -   Liabilities:  Oil and Natural Gas Derivatives $ 5,149 $ - The following table sets forth the outstanding and estimated fair values of our long-term debt instruments which are classified as Level 2 financial instruments ( in thousands ):   Successor  March 31, 2017 December 31, 2016   Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value  Exit Facility $ 73,996 $ 73,996 $ 73,996 $ 73,996  $ 73,996 $ 73,996 $ 73,996 $ 73,996 

Prepayments and Accrued Liabili

Prepayments and Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Prepayments and Accrued Liabilities [Abstract]
Prepayments and Accrued Liabilities	Note 15 — Prepayments and Accrued Liabilities Prepayments and accrued liabilities consist of the following ( in thousands ):   Successor  March 31, December 31,  2017 2016   Prepaid expenses and other current assets  Advances to joint interest partners $ 650 $ 650  Insurance 8,119 9,600  Inventory 439 470  Royalty deposit 1,401 1,273  Prepaid professional fees 3,357 4,584  Prepaid ONRR annual inspection fees 3,377 -  Other 4,106 9,380  Total prepaid expenses and other current assets $ 21,449 $ 25,957   Accrued liabilities  Advances from joint interest partners 374 374  Employee benefits and payroll 3,678 4,491  Interest payable 250 233  Undistributed oil and gas proceeds 14,866 22,715  Severance taxes payable 583 628  Restructuring expenses 1,596 25,712  East Bay field restricted cash payable 6,041 6,036  General and administrative and legal expenses payable 4,307 3,456  Other 2,132 15  Total accrued liabilities $ 33,827 $ 63,660 

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 16 — Subsequent Events Effective April 17, 2017, the Company appointed Douglas E. Brooks as CEO and President. The Board concurrently increased the size of the Board from six to seven directors and named Mr. Brooks to fill the newly-created directorship .

Organization (Policy)

Organization (Policy)	3 Months Ended
	Mar. 31, 2017
Organization [Abstract]
Nature of Operations	Nature of Operations Energy XXI Gulf Coast, Inc. (“EGC”), a Delaware corporation, was incorporated on February 7, 2006. Prior to emergence from the Chapter 11 Cases, EGC was an indirect wholly-owned operating subsidiary of Energy XXI Ltd (“EXXI Ltd”). We are headquartered in Houston, Texas and have historically engaged in the acquisition, exploration, development and operation of oil and natural gas properties onshore in Louisiana and Texas and offshore in the Gulf of Mexico Shelf (“GoM Shelf”), which is an area in less than 1,000 feet of water .
Emergence from Chapter 11	Emergence from Chapter 11 On April 14, 2016, EXXI Ltd, an exempt company incorporated under the laws of Bermuda and predecessor of the Reorganized EGC (as defined below), EGC, EPL Oil & Gas Inc., then an indirect wholly-owned subsidiary of EXXI Ltd (“EPL”) and certain other indirect wholly-owned subsidiaries of EXXI Ltd filed voluntary petitions for reorganization in the Bankruptcy Court seeking relief under the provisions of Chapter 11. On December 13, 2016, the Bankruptcy Court entered the Confirmation Order and on December 30, 2016, the Debtors emerged from bankruptcy. On the Emergence Date, the Debtors satisfied the conditions to effectiveness, the Plan became effective in accordance with its terms and the Debtors emerged from Chapter 11 Cases. In connection therewith, EXXI Ltd and its subsidiaries completed a series of internal reorganization transactions pursuant to which EXXI Ltd transferred all of its remaining assets to EGC (the “Reorganized EGC”), as the new parent entity. Accordingly, Reorganized EGC succeeded to the entire business and operations previously consolidated for accounting purposes by EXXI Ltd. In accordance with Accounting Standards Codification (“ASC”) 852, Reorganizations (“ASC 852”), the Reorganized EGC applied fresh start accounting upon the Predecessor’s emergence from bankruptcy and it evaluated transaction activity between the Emergence Date and December 31, 2016 and concluded that an accounting convenience date of December 31, 2016 (the “Convenience Date”) was appropriate. For reporting purposes, the pre-reorganization predecessor reflects the business that was transferred to the Reorganized EGC. The financial statements of the pre-reorganization predecessor are EXXI Ltd’s consolidated financial statements. Our common stock resumed trading on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “EXXI” at the opening of business on February 28, 2017.

Summary of Significant Accoun23

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policy)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies and Recent Accounting Pronouncements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting. The accompanying consolidated financial statements on March 31, 2017 include the accounts of Reorganized EGC and its wholly-owned subsidiaries and for the prior period, the accompanying consolidated financial statements include the accounts of EXXI Ltd and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). All intercompany accounts and transactions are eliminated in consolidation. Our interests in oil and natural gas exploration and production ventures and partnerships are proportionately consolidated. The Predecessor’s consolidated financial statements for the prior period include certain reclassifications that were made to conform to the current presentation. Such reclassifications did not have any impact on the Predecessor’s previously reported consolidated net income or consolidated cash flows. For periods subsequent to filing the Bankruptcy Petitions, we have prepared the Predecessor’s consolidated financial statements in accordance with ASC 852. ASC 852 requires that the financial statements distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.
Fresh Start Accounting	Fresh-start Accounting. Upon emergence from bankruptcy, in accordance with ASC 852 related to fresh-start accounting, Reorganized EGC became a new entity for financial reporting purposes. Upon adoption of fresh-start accounting, our assets and liabilities were recorded at their fair values as of the Convenience Date. The effects of the Plan and the application of fresh-start accounting were reflected in our consolidated balance sheet as of December 31, 2016 and the related adjustments thereto were recorded in the consolidated statement of operations of the Predecessor as reorganization items in the 2016 Transition Report. Accordingly, Reorganized EGC’s consolidated financial statements as of and subsequent to December 31, 2016 are not and will not be comparable to the Predecessor consolidated financial statements prior to the Convenience Date. Our consolidated financial statements and related footnotes are presented with a black line division which delineates the lack of comparability between amounts presented on March 31, 2017 and dates prior. Although our accounting policies are the same as that of our Predecessor’s, our financial results for future periods following the application of fresh-start accounting will be different from historical trends, and the differences may be material.
Use of Estimates	Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates of proved reserves are key components of our depletion rate for our proved oil and natural gas properties and the full cost ceiling test limitation. The Predecessor’s proved reserves quantities of 86.6 MMBOE as of June 30, 2016 were estimated and compiled by its internal reservoir engineers and audited by Netherland, Sewell & Associates, Inc., independent oil and gas consultants (“NSAI”). As of December 31, 2016, proved reserves quantities of 121.9 MMBOE were estimated and compiled by our internal reservoir engineers. Pursuant to the terms of our Exit Facility, a third party engineer report will be required annually, with the first report due by May 31, 2017. Accordingly, NSAI has estimated and compiled all of our proved reserves quantities of 109.4 MMBOE as of March 31, 2017 in accordance with the guidelines established by the SEC. Other items subject to estimates and assumptions include fair value estimates used in fresh start accounting; accounting for acquisitions and dispositions; carrying amounts of property, plant and equipment; asset retirement obligations; deferred income taxes; valuation of derivative financial instruments; reorganization items and liabilities subject to compromise, among others. Accordingly, our accounting estimates require the exercise of judgment by management in preparing such estimates. While we believe that the estimates and assumptions used in preparation of our consolidated financial statements are appropriate, actual results could differ from those estimates, and any such differences may be material.
Interim Financial Statements	Interim Financial Statements . The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the 2016 Transition Report.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. With the one-year deferral, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are in the initial stages of evaluating the effect of pending adoption of ASU 2014-09 on our financial position and results of operations and continue to evaluate the available transition methods. In February 2016, the FASB issued ASU No. 2016-02, Leases ( “ ASU 2016-02”), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. To meet that objective, the FASB amended the FASB Accounting Standards Codification and created Topic 842, Leases . The guidance in this ASU supersedes Topic 840, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In the normal course of business, we enter into capital and operating lease agreements to support our operations. We are in the initial stages of evaluating the provisions of ASU 2016-02 to determine the quantitative effects it will have on our consolidated financial statements and related disclosures. We believe the adoption and implementation of this ASU could have a material impact on our balance sheet resulting from an increase in both assets and liabilities relating to our leasing activities. In March 2016, the FASB issued ASU No. 2016-09 (“ASU 2016-09”), Compensation - Stock Compensation , to reduce complexity and enhance several aspects of accounting and disclosure for share-based payment transactions, including the accounting for income taxes, award forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016, with earlier application permitted. Our adoption of ASU 2016-09 during the quarter ended March 31, 2017 had no effect on our consolidated financial position, results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13, Credit Losses, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace today’s incurred loss approach with an expected loss model for instruments measured at amortized cost. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018, and interim periods therein. We have not yet determined the effect of this standard on our consolidated financial position, results of operations or cash flows. In August 2016, the FASB issued ASU No. 2016-15, (“ASU 2016-15”). The new guidance in ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The new standard is effective for public entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. We have not yet determined the effect of this standard on our consolidated cash flows. In November 2016, the FASB issued ASU No. 2016-18, (ASU 2016-18). ASU 2016-18 requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. This ASU will be effective for annual and interim periods beginning after December 15, 2017, with earlier application permitted. We do not expect the adoption of ASU 2016-18 will have a material impact on our statement of cash flows and related disclosures.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following ( in thousands ):    Successor  As of March 31, As of December 31,  2017 2016   Oil and natural gas properties - full cost method of accounting  Proved properties $ 1,100,765 $ 1,127,616  Less: accumulated depreciation, depletion, amortization and impairment (491,319) (406,275)  Proved properties, net 609,446 721,341  Unevaluated properties 283,914 376,138  Oil and natural gas properties, net 893,360 1,097,479   Other property and equipment 17,293 18,807  Less: accumulated depreciation (1,016) -  Other property and equipment, net 16,277 18,807  Total property and equipment, net of accumulated depreciation, depletion, amortization and impairment $ 909,637 $ 1,116,286 

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Long-Term Debt [Abstract]
Schedule of Long-Term Debt	As of March 31, 2017 and December 31, 2016 our outstanding debt consisted of the following ( in thousands ):    Successor  March 31, 2017 December 31, 2016   Exit Facility $ 73,996 $ 73,996  4.14% Promissory Note due 2017 3,535 4,001  Capital lease obligations 81 500  Total debt 77,612 78,497  Less: current maturities 3,616 4,268  Total long-term debt $ 73,996 $ 74,229 
Interest Expense	Interest expense consisted of the following ( in thousands ):     Successor Predecessor  Three Months Ended Three Months Ended  March 31, March 31,  2017 2016   Exit Term Loan $ 779 $ -  Exit Revolving Facility 2,825 -  Prepetition Revolving Credit Facility - 3,919  11.0% Second Lien Notes due 2020 - 39,766  8.25% Senior Notes due 2018 - 6,613  6.875% Senior Notes due 2024 - 2,475  3.0% Senior Convertible Notes due 2018 - 2,903  7.50% Senior Notes due 2021 - 4,463  7.75% Senior Notes due 2019 - 1,959  9.25% Senior Notes due 2017 - 10,005  4.14% Promissory Note due 2017 37 41  Amortization of debt issue cost - Revolving Credit Facility - 3,521  Accretion of original debt issue discount, 11.0% Second Lien Notes due 2020 - 2,135  Accretion of original debt issue discount, 11.0% Second Lien Notes due 2020 - accelerated - 44,855  Amortization of debt issue cost – 11.0% Second Lien Notes due 2020 - 1,724  Amortization of debt issue cost – 11.0% Second Lien Notes due 2020 - accelerated - 36,243  Amortization of fair value premium – 8.25% Senior Notes due 2018 - (3,325)  Amortization of fair value premium – 8.25% Senior Notes due 2018 - accelerated - (6,730)  Amortization of debt issue cost – 6.875% Senior Notes due 2024 - 62  Amortization of debt issue cost – 6.875% Senior Notes due 2024 - accelerated - 1,946  Accretion of original debt issue discount, 3.0% Senior Convertible Notes due 2018 - 2,941  Accretion of original debt issue discount, 3.0% Senior Convertible Notes due 2018 - accelerated - 33,370  Amortization of debt issue cost – 3.0% Senior Convertible Notes due 2018 - 377  Amortization of debt issue cost – 3.0% Senior Convertible Notes due 2018 - accelerated - 4,271  Amortization of debt issue cost – 7.50% Senior Notes due 2021 - 123  Amortization of debt issue cost – 7.50% Senior Notes due 2021 - accelerated - 2,822  Amortization of debt issue cost – 7.75% Senior Notes due 2019 - 38  Amortization of debt issue cost – 7.75% Senior Notes due 2019 - accelerated - 491  Amortization of debt issue cost – 9.25% Senior Notes due 2017 - 517  Amortization of debt issue cost – 9.25% Senior Notes due 2017 - accelerated - 913  Derivative instruments financing and other 193 330  $ 3,834 $ 198,768 

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligations [Abstract]
Changes in Asset Retirement Obligations	The following table describes the changes to our asset retirement obligations ( in thousands ):    Balance as of December 31, 2016 (Successor) $ 753,364  Liabilities acquired -  Liabilities incurred 1,952  Liabilities settled (9,316)  Revisions* (135,386)  Accretion expense 12,397  Total balance as of March 31, 2017 (Successor) 623,011  Less: current portion 73,073  Long-term balance as of March 31, 2017 (Successor) $ 549,938         * The downward revisions were primarily due to changes in estimated timing of settlements of the plugging and abandonment liabilities.

Derivative Financial Instrume27

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Financial Instruments [Abstract]
Schedule of Derivative Positions	As of March 31, 2017, we had the following net open crude oil derivative positions:    Weighted Average Contract Price  Type of Volumes Collars  Remaining Contract Term Contract Index (MBbls) Floor Ceiling   April 2017 - December 2017 Collars Argus-LLS 2,750 $ 52.30 $ 57.43  
Fair Values of Derivative Instruments in Consolidated Balance Sheets	  Weighted Average Contract Price  Type of Volumes Collars  Remaining Contract Term Contract Index (MBbls) Floor Ceiling   April 2017 - December 2017 Collars Argus-LLS 2,750 $ 52.30 $ 57.43  The fair values of derivative instruments in our consolidated balance sheets were as follows ( in thousands ):   Asset Derivative Instruments Liability Derivative Instruments  March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016  Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value   Derivative financial instruments Current $ 8,558 Current $ - Current $ 5,149 Current $ -  Non- Current - Non- Current - Non- Current - Non- Current -  Total gross derivative financial instruments subject to enforceable master netting agreement 8,558 - 5,149 -   Derivative financial instruments Current (5,149) Current - Current (5,149) Current -  Non- Current - Non- Current - Non- Current - Non- Current -  Gross amounts offset in Balance Sheets (5,149) - (5,149) -  Net amounts presented in Balance Sheets Current 3,409 Current - Current - Current -  Non- Current - Non- Current - Non- Current - Non- Current -  $ 3,409 $ - $ - $ - 
Schedule of Derivative Instruments Gain (Loss) in Statement of Financial Performance	  Asset Derivative Instruments Liability Derivative Instruments  March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016  Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value   Derivative financial instruments Current $ 8,558 Current $ - Current $ 5,149 Current $ -  Non- Current - Non- Current - Non- Current - Non- Current -  Total gross derivative financial instruments subject to enforceable master netting agreement 8,558 - 5,149 -   Derivative financial instruments Current (5,149) Current - Current (5,149) Current -  Non- Current - Non- Current - Non- Current - Non- Current -  Gross amounts offset in Balance Sheets (5,149) - (5,149) -  Net amounts presented in Balance Sheets Current 3,409 Current - Current - Current -  Non- Current - Non- Current - Non- Current - Non- Current -  $ 3,409 $ - $ - $ - The following table presents information about the components of the gain (loss) on derivative financial instruments ( in thousands ) .      Successor Predecessor  Three Months Three Months  Ended Ended  March 31, March 31,  Gain on derivative financial instruments 2017 2016   Cash settlements, net of purchased put premium amortization $ 289 $ 17,511  Proceeds from monetizations - 50,588  Non-cash change in fair value 3,409 (61,325)  Total gain on derivative financial instruments $ 3,698 $ 6,774 

Supplemental Cash Flow Inform28

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	The following table presents our supplemental cash flow information ( in thousands ):    Successor Predecessor  Three Months Three Months  Ended Ended  March 31, March 31,  2017 2016   Cash paid for interest $ 3,817 $ 3,972  Cash paid for income taxes - - 
Non-Cash Investing and Financing Activities	  Successor Predecessor  Three Months Three Months  Ended Ended  March 31, March 31,  2017 2016   Cash paid for interest $ 3,817 $ 3,972  Cash paid for income taxes - - The following table presents our non-cash investing and financing activities ( in thousands ):    Successor Predecessor  Three Months Three Months  Ended Ended  March 31, March 31,  2017 2016   Changes in capital expenditures and accrued liabilities in accounts payable $ (2,660) $ (65,560)  Changes in asset retirement obligations (133,434) 24,228  Proceeds from monetization of derivative instruments applied to Revolving Credit Facility - 50,588 

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings (Loss) per Share [Abstract]
Calculation of Basic and Diluted Earnings (Loss) per Share	The following table sets forth the calculation of basic and diluted earnings ( loss) per share (“EPS”) ( in thousands, except per share data ):    Successor Predecessor  Three Months Three Months  Ended Ended  March 31, March 31,  2017 2016   Net (loss) income $ (65,315) $ 160,776  Preferred stock dividends - 2,378  Net loss attributable to common stockholders $ (65,315) $ 158,398   Weighted average shares outstanding for basic EPS 33,228 95,916  Add dilutive securities - 8,085  Weighted average shares outstanding for diluted EPS 33,228 104,001   (Loss) income per share  Basic $ (1.97) $ 1.65  Diluted $ (1.97) $ 1.55 

Fair Value of Financial Instr30

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value of Financial Instruments [Abstract]
Fair Value of Level 2 Financial Instruments	The following table presents the fair value of our Level 2 financial instruments ( in thousands ):      Successor  Level 2  As of March 31, As of December 31,  2017 2016   Assets:  Oil and Natural Gas Derivatives $ 8,558 $ -   Liabilities:  Oil and Natural Gas Derivatives $ 5,149 $ - 
Schedule of Carrying Values and Estimated Fair Values of Long-Term Indebtedness	  Successor  Level 2  As of March 31, As of December 31,  2017 2016   Assets:  Oil and Natural Gas Derivatives $ 8,558 $ -   Liabilities:  Oil and Natural Gas Derivatives $ 5,149 $ - The following table sets forth the outstanding and estimated fair values of our long-term debt instruments which are classified as Level 2 financial instruments ( in thousands ):   Successor  March 31, 2017 December 31, 2016   Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value  Exit Facility $ 73,996 $ 73,996 $ 73,996 $ 73,996  $ 73,996 $ 73,996 $ 73,996 $ 73,996 

Prepayments and Accrued Liabi31

Prepayments and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Prepayments and Accrued Liabilities [Abstract]
Components of Prepayments and Accrued Liabilities	Prepayments and accrued liabilities consist of the following ( in thousands ):   Successor  March 31, December 31,  2017 2016   Prepaid expenses and other current assets  Advances to joint interest partners $ 650 $ 650  Insurance 8,119 9,600  Inventory 439 470  Royalty deposit 1,401 1,273  Prepaid professional fees 3,357 4,584  Prepaid ONRR annual inspection fees 3,377 -  Other 4,106 9,380  Total prepaid expenses and other current assets $ 21,449 $ 25,957   Accrued liabilities  Advances from joint interest partners 374 374  Employee benefits and payroll 3,678 4,491  Interest payable 250 233  Undistributed oil and gas proceeds 14,866 22,715  Severance taxes payable 583 628  Restructuring expenses 1,596 25,712  East Bay field restricted cash payable 6,041 6,036  General and administrative and legal expenses payable 4,307 3,456  Other 2,132 15  Total accrued liabilities $ 33,827 $ 63,660 

Summary of Significant Accoun32

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Narrative) (Details) - MMBoe	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016
Successor [Member]
Quantities of proved reserves		121.9
Predecessor [Member]
Quantities of proved reserves	109.4		86.6

Property and Equipment (Narrati

Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Discount rate used to compare the present value of estimated future net cash flows from proved reserves	10.00%
Successor [Member]
Impairment of oil and natural gas properties	$ 44,054
Predecessor [Member]
Impairment of oil and natural gas properties		$ 340,469

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - Successor [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Oil and gas properties
Proved properties	$ 1,100,765	$ 1,127,616
Less: accumulated depreciation, depletion, amortization and impairment	(491,319)	(406,275)
Proved properties, net	609,446	721,341
Unevaluated properties	283,914	376,138
Oil and gas properties, net	893,360	1,097,479
Other property and equipment	17,293	18,807
Less: accumulated depreciation	(1,016)
Other property and equipment, net	16,277	18,807
Total Property and Equipment, net of accumulated depreciation, depletion, amortization and impairment	$ 909,637	$ 1,116,286

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	Mar. 13, 2017USD ($)	Dec. 30, 2016USD ($)	Sep. 12, 2012USD ($)	Mar. 31, 2017USD ($)	Apr. 26, 2016USD ($)
4.14% Promissory Note Due 2017 [Member]
Debt Instrument, Redemption [Line Items]
Debt instrument, stated interest rate			4.14%
Debt maturity date			Oct. 30, 2017
Face value of notes			$ 5,500,000
Lump sum payments			3,300,000
Debt instrument, monthly payment			$ 52,000
Exit Facility [Member]
Debt Instrument, Redemption [Line Items]
Debt instrument term		3 years
Percentage of subsidiary guarantors proved reserves and proved developed producing reserves secured by mortgages, minimum		90.00%
Total long-term debt				$ 74,000,000
Letters of credit				$ 202,800,000
Exit Facility [Member] | Scenario, Plan [Member]
Debt Instrument, Redemption [Line Items]
Minimum Current ratio				1
Maximum Leverage ratio				4
Exit Term Loan Facility [Member]
Debt Instrument, Redemption [Line Items]
Credit facility		$ 74,000,000
Debt instrument term		3 years
Exit Term Loan Facility [Member] | Scenario, Plan [Member]
Debt Instrument, Redemption [Line Items]
Asset coverage ratio threshold to make mandatory payment on exit term loan				1.50
Percentage of aggregate outstanding principal amount to be prepaid if asset coverage ratio is less than theshold				7.50%
Exit Revolving Credit Facility [Member]
Debt Instrument, Redemption [Line Items]
Credit facility		$ 227,800,000
Debt instrument term				3 years
Interest rate on Exit Facility in addition to Alternative Base Rate				3.50%
Interest rate on Exit Facility in addition to LIBOR				4.50%
Letters of credit				$ 200,000,000
Revolving Credit Facility [Member] | Prior to Determining the Borrowing Base [Member]
Debt Instrument, Redemption [Line Items]
Amount of line of credit, borrowing base				$ 25,000,000
Letter of Credit [Member] | Exit Revolving Credit Facility [Member]
Debt Instrument, Redemption [Line Items]
Letter of credit, rate of fees accrual				4.50%
Letter of credit, rate of issuance fee per annum				0.25%
Letter of credit, rate of quarterly commitment fee				0.50%
Letters of credit		$ 225,000,000		$ 12,500,000	$ 200,000,000
Reduction in letter of credit	$ 25,000,000			$ 12,500,000
Commitments percentage reduction under Exit Revolving Facility				50.00%
Base Rate [Member] | Exit Term Loan Facility [Member]
Debt Instrument, Redemption [Line Items]
Interest rate on Exit Facility in addition to Alternative Base Rate		3.50%
Frequency of interest payment				Alternative Base Rate will be payable quarterly
London Interbank Offered Rate (LIBOR) [Member] | Exit Term Loan Facility [Member]
Debt Instrument, Redemption [Line Items]
Interest rate on Exit Facility in addition to LIBOR		4.50%
Frequency of interest payment				Exit Term Loan bearing interest at the LIBO Rate will be payable monthly

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 12, 2012	Mar. 31, 2017	Dec. 31, 2016
Successor [Member]
Debt Instrument [Line Items]
Total debt		$ 77,612	$ 78,497
Less current maturities		3,616	4,268
Total long-term debt		73,996	74,229
Revolving Credit Facility [Member] | Successor [Member]
Debt Instrument [Line Items]
Total debt		73,996	73,996
Exit Facility [Member]
Debt Instrument [Line Items]
Total long-term debt		74,000
Capital Lease Obligations | Successor [Member]
Debt Instrument [Line Items]
Total debt		81	500
4.14% Promissory Note Due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.14%
Debt maturity date	Oct. 30, 2017
4.14% Promissory Note Due 2017 [Member] | Successor [Member]
Debt Instrument [Line Items]
Total debt		$ 3,535	$ 4,001

Long-Term Debt (Interest Expens

Long-Term Debt (Interest Expense) (Details) - USD ($) $ in Thousands	Mar. 12, 2015	Jun. 03, 2014	May 27, 2014	Nov. 18, 2013	Sep. 26, 2013	Sep. 12, 2012	Feb. 25, 2011	Dec. 17, 2010	Mar. 31, 2017	Mar. 31, 2016
Successor [Member]
Debt Instrument [Line Items]
Interest expense									$ 3,834
Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										$ 198,768
Amortization of debt issue cost										126,475
11.0% Senior Secured Second Lien Notes due 2020 [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										39,766
Amortization of debt issue cost										1,724
Accretion of original debt issue discount										2,135
Debt instrument, stated interest rate	11.00%
Debt maturity date	Mar. 15, 2020
11.0% Senior Secured Second Lien Notes Due 2020-Accelerated [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										36,243
Accretion of original debt issue discount										44,855
8.25% Senior Notes Due 2018 [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										6,613
Debt instrument, stated interest rate		8.25%
Debt maturity date		Feb. 15, 2018
8.25% Senior Notes Due 2018 [Member] | Premium Amortization [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Accretion of original debt issue discount										(3,325)
8.25% Senior Notes Due 2018 [Member]-Accelerated [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Accretion of original debt issue discount										(6,730)
6.875% Senior Notes Due 2024 [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										2,475
Debt instrument, stated interest rate			6.875%
Debt maturity date			Mar. 15, 2024
6.875% Senior Notes Due 2024 [Member] | Amortization Of Debt Issue Cost | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										62
6.875% Senior Notes due 2024-Accelerated [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										1,946
3.0% Senior Convertible Notes due 2018 [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										2,903
Debt instrument, stated interest rate				3.00%
Debt maturity date				Dec. 31, 2018
3.0% Senior Convertible Notes due 2018 [Member] | Discount Amortization [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Accretion of original debt issue discount										2,941
3.0% Senior Convertible Notes due 2018 [Member] | Premium Amortization [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										377
3.0% Senior Convertible Notes due 2018-Accelerated [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										4,271
Accretion of original debt issue discount										33,370
7.50% Senior Notes Due 2021 [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										4,463
Debt instrument, stated interest rate					7.50%
Debt maturity date					Dec. 15, 2021
7.50% Senior Notes Due 2021 [Member] | Amortization Of Debt Issue Cost | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										123
7.50% Senior Notes Due 2021-Accelerated [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										2,822
7.75 Percent Senior Notes Due 2019 [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										1,959
Debt instrument, stated interest rate							7.75%
Debt maturity date							Jun. 15, 2019
7.75 Percent Senior Notes Due 2019 [Member] | Amortization Of Debt Issue Cost | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										38
7.75% Senior Notes Due 2019-Accelerated [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										491
9.25 Percent Senior Notes Due 2017 [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										10,005
Debt instrument, stated interest rate								9.25%
Debt maturity date								Dec. 15, 2017
9.25 Percent Senior Notes Due 2017 [Member] | Amortization Of Debt Issue Cost | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										517
9.25% Senior Notes Due 2017 [Member]-Accelerated [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										913
4.14% Promissory Note Due 2017 [Member]
Debt Instrument [Line Items]
Debt instrument, stated interest rate						4.14%
Debt maturity date						Oct. 30, 2017
4.14% Promissory Note Due 2017 [Member] | Successor [Member]
Debt Instrument [Line Items]
Interest expense									37
4.14% Promissory Note Due 2017 [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										41
Revolving Credit Facility [Member] | Amortization Of Debt Issue Cost | Predecessor [Member]
Debt Instrument [Line Items]
Amortization of debt issue cost										3,521
Exit Term Loan Facility [Member] | Successor [Member]
Debt Instrument [Line Items]
Interest expense									779
Exit Revolving Credit Facility [Member] | Successor [Member]
Debt Instrument [Line Items]
Interest expense									2,825
Prepetition Revolving Credit Facility [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Interest expense										3,919
Derivative Instruments Premium Financing [Member] | Successor [Member]
Debt Instrument [Line Items]
Derivative instruments financing and other									$ 193
Derivative Instruments Premium Financing [Member] | Predecessor [Member]
Debt Instrument [Line Items]
Derivative instruments financing and other										$ 330

Asset Retirement Obligations (C

Asset Retirement Obligations (Changes in Asset Retirement Obligations) (Details) - Successor [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Beginning of period total		$ 753,364
Liabilities incurred		1,952
Liabilities settled		(9,316)
Revisions	[1]	(135,386)
Accretion expense		12,397
End of period total		623,011
Less: End of period, current portion		73,073	$ 56,601
End of period, noncurrent portion		$ 549,938	$ 696,763
[1]	The downward revisions were primarily due to changes in estimated timing of settlements of the plugging and abandonment liabilities.

Derivative Financial Instrume39

Derivative Financial Instruments (Narrative) (Details) $ in Millions	Mar. 15, 2016USD ($)	Feb. 28, 2017$ / bblMMBbls	Feb. 28, 2017$ / bblbbl	Mar. 31, 2017USD ($)
Derivative [Line Items]
Deposits for collateral with counterparties | $				$ 0
Proceeds from monetization of outstanding crude oil and natural gas | $	$ 50.6
September 30, 2013 [Member] | Argus LLS [Member] | Collars [Member]
Derivative [Line Items]
Oil contracts, barrel hedged per day		2,750	10,000
Weighted average contract price, Floor | $ / bbl		52.30	52.30
Weighted average contract price, Ceiling | $ / bbl		57.43	57.43

Derivative Financial Instrume40

Derivative Financial Instruments (Schedule of Derivative Positions) (Details) - September 30, 2013 [Member] - Argus LLS [Member] - Collars [Member]	1 Months Ended
	Feb. 28, 2017$ / bblMMBbls	Feb. 28, 2017$ / bblbbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBbls)	2,750	10,000
Weighted average contract price, Floor	52.30	52.30
Weighted average contract price, Ceiling	57.43	57.43

Derivative Financial Instrume41

Derivative Financial Instruments (Fair Values of Derivative Instruments in Consolidated Balance Sheet) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Asset Derivative Instruments
Total gross derivative financial instruments subject to enforceable master netting agreement	$ 8,558
Gross amounts offset in Balance Sheets	(5,149)
Net amounts presented in Balance Sheets	3,409
Liability Derivative Instruments
Total gross derivative financial instruments subject to enforceable master netting agreement	5,149
Gross amounts offset in Balance Sheets	(5,149)
Net amounts presented in Balance Sheets
Current Asset [Member]
Asset Derivative Instruments
Total gross derivative financial instruments subject to enforceable master netting agreement	8,558
Gross amounts offset in Balance Sheets	(5,149)
Net amounts presented in Balance Sheets	3,409
Noncurrent Assets [Member]
Asset Derivative Instruments
Total gross derivative financial instruments subject to enforceable master netting agreement
Gross amounts offset in Balance Sheets
Net amounts presented in Balance Sheets
Current liabilities [Member]
Liability Derivative Instruments
Total gross derivative financial instruments subject to enforceable master netting agreement	5,149
Gross amounts offset in Balance Sheets	(5,149)
Net amounts presented in Balance Sheets
Noncurrent Liabilities [Member]
Liability Derivative Instruments
Total gross derivative financial instruments subject to enforceable master netting agreement
Gross amounts offset in Balance Sheets
Net amounts presented in Balance Sheets

Derivative Financial Instrume42

Derivative Financial Instruments (Schedule of Derivative Instruments Gain (Loss) in Statement of Financial Performance) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Successor [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Cash Settlements, net of purchased put premium amortization	$ 289
Non-cash change in fair value	3,409
Total gain (loss) on derivative financial instruments	$ 3,698
Predecessor [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Cash Settlements, net of purchased put premium amortization		$ 17,511
Proceeds from monetization		50,588
Non-cash change in fair value		(61,325)
Total gain (loss) on derivative financial instruments		$ 6,774

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 30, 2016	Dec. 28, 2016	Mar. 31, 2017	Dec. 31, 2016
Income Taxes [Line Items]
Percentage of EGC stock owned by Energy XXI, USA Inc. cancelled	100.00%
Successor [Member]
Income Taxes [Line Items]
Required reduction on tax attributes	$ 2,600
Operating loss carryovers	$ 403		$ 26.3	$ 0
Increase (decrease) in equity investments				(2,197)
Increase in valuation allowance			$ 22
Predecessor [Member]
Income Taxes [Line Items]
U.S. withholding tax rate on any interest payments		30.00%
Valuation allowance				174.5
Net deferred tax asset (liability)				$ 0

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - Successor [Member] - $ / shares	1 Months Ended
	Feb. 28, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 30, 2016
Class of Stock [Line Items]
Capital stock, shares authorized				110,000,000
Common stock, shares authorized		100,000,000	100,000,000	100,000,000
Common stock, par value		$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized		10,000,000	10,000,000	10,000,000
Preferred stock, par value		$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued		33,211,594	33,211,594
Common stock, shares outstanding		33,211,594	33,211,594
Warrants outstanding		2,119,889
Number of common stocks re-sold	9,272,285
Selling Stockholders [Member]
Class of Stock [Line Items]
Shares of common stock to be received on exercise of warrants		222,356
Common stock, shares issued		9,049,929
Common stock, shares outstanding		9,049,929

Supplemental Cash Flow Inform45

Supplemental Cash Flow Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Successor [Member]
Cash paid for interest	$ 3,817
Predecessor [Member]
Cash paid for interest		$ 3,972

Supplemental Cash Flow Inform46

Supplemental Cash Flow Information (Non-cash Investing and Financing Activities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Successor [Member]
Changes in capital expenditures accrued in accounts payable	$ (2,660)
Changes in asset retirement obligations	$ (133,434)
Predecessor [Member]
Changes in capital expenditures accrued in accounts payable		$ (65,560)
Changes in asset retirement obligations		24,228
Proceeds from monetization of derivative instruments applied to Revolving Credit Facility		$ 50,588

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 29, 2017	Dec. 30, 2016	Mar. 31, 2017
Subsequent Event [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Percentage of new entity's equity reserved for management incentive plan	3.00%
2016 Long Term Incentive Plan [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Number of shares reserved under the Long Term Incentive Plan		1,859,552
Percentage of new entity's equity reserved for management incentive plan		5.00%
To be Allocated within 120 days of Emergence Date [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Percentage of new entity's equity reserved for management incentive plan		3.00%
Stock Options [Member] | 2016 Long Term Incentive Plan [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share-based award, expiration period			10 years
Share-based award, vesting period			3 years
Number of share-based award granted			188,624
Share-based award granted, exercise price			$ 29.54
Unvested stock units outstanding			188,624
Unrecognized compensation expense			$ 2
Restricted Stock Units (RSUs) [Member] | 2016 Long Term Incentive Plan [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share-based award, vesting period			3 years
Number of share-based award granted			209,370
Share-based award granted, exercise price			$ 24.64
Unvested stock units outstanding			188,745
Unrecognized compensation expense			$ 4.4
Members of Board [Member] | Restricted Stock Units (RSUs) [Member] | 2016 Long Term Incentive Plan [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Number of share-based award granted			106,250

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	Apr. 03, 2017	Feb. 15, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2014
Director Serving on the Board [Member]
Related Party Transaction [Line Items]
Percentage of company stock owned by related party					6.30%
Former Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Officers' Compensation			$ 50,000
Former Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Amount of severance payment		$ 750,000
Former Chief Operating Officer [Member]
Related Party Transaction [Line Items]
Amount of severance payment		$ 750,000
Subsequent Event [Member] | Former Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Amount of severance payment	$ 2,000,000
CEO's Personal Acquaintances or their Affiliates [Member]
Related Party Transaction [Line Items]
Related party transaction, amount of transaction			$ 800,000	$ 3,300,000

Earnings (Loss) per Share (Calc

Earnings (Loss) per Share (Calculation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Successor [Member]
Net (loss) Income	$ (65,315)
Net loss attributable to Common Stockholders	$ (65,315)
Weighted average shares outstanding for basic EPS	33,228,000
Weighted average shares outstanding for diluted EPS	33,228,000
Basic	$ (1.97)
Diluted	$ (1.97)
Common stock, excluded from the diluted average shares due to an anti-dilutive effect	1,206,765
Predecessor [Member]
Net (loss) Income		$ 160,776
Preferred stock dividends		2,378
Net loss attributable to Common Stockholders		$ 158,398
Weighted average shares outstanding for basic EPS		95,916,000
Add dilutive securities		8,085,000
Weighted average shares outstanding for diluted EPS		104,001,000
Basic		$ 1.65
Diluted		$ 1.55
Common stock, excluded from the diluted average shares due to an anti-dilutive effect		1,549,380

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	May 10, 2017	Jun. 17, 2016	Mar. 31, 2017
Loss Contingencies [Line Items]
Amount of claim filed by the SEC		$ 3.9
General unsecured claims, accrual		$ 1.5
Performance bonds issued to predecessor third party assignors including certain state regulatory bodies	$ 150.9
Collateral provided to surety companies associated with the bonding requirements of the BOEM			$ 49.7
Exit Revolving Credit Facility [Member]
Loss Contingencies [Line Items]
Letters of credit			200
Performance bonds outstanding			364.3
Bonding Requirements [Member]
Loss Contingencies [Line Items]
Restricted cash			25.6
Paying Restructuring Expenses [Member]
Loss Contingencies [Line Items]
Restricted cash			0.8
Future Plugging, Abandonment and Other Decommissioning [Member]
Loss Contingencies [Line Items]
Restricted cash			$ 6
Subsequent Event [Member]
Loss Contingencies [Line Items]
Performance bonds under lease and bonds issued to the BOEM	$ 193.1

Fair Value (Fair Value of Finan

Fair Value (Fair Value of Financial Instruments) (Details) - Successor [Member] - Fair Value, Inputs, Level 2 [Member] - Commodity [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Fair value of assets	$ 8,558
Liabilities:
Fair value of liabilities	$ 5,149

Fair Value (Carrying Values and

Fair Value (Carrying Values and Estimated Fair Values of Long-term Indebtedness) (Details) - Successor [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying Value [Member]
Debt Instrument [Line Items]
Estimated fair value	$ 73,996	$ 73,996
Estimated of Fair Value [Member]
Debt Instrument [Line Items]
Estimated fair value	73,996	73,996
Exit Facility [Member] | Carrying Value [Member]
Debt Instrument [Line Items]
Estimated fair value	73,996	73,996
Exit Facility [Member] | Estimated of Fair Value [Member]
Debt Instrument [Line Items]
Estimated fair value	$ 73,996	$ 73,996

Prepayments and Accrued Liabi53

Prepayments and Accrued Liabilities (Components of Prepayments and Accrued Liabilities) (Details) - Successor [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Prepaid expenses and other current assets
Advances to joint interest partners	$ 650	$ 650
Insurance	8,119	9,600
Inventory	439	470
Royalty deposit	1,401	1,273
Prepaid professional fees	3,357	4,584
Prepaid ONRR annual inspection fees	3,377
Other	4,106	9,380
Total prepaid expenses and other current assets	21,449	25,957
Accrued liabilities
Advances from joint interest partners	374	374
Employee benefits and payroll	3,678	4,491
Interest payable	250	233
Undistributed oil and gas proceeds	14,866	22,715
Severance taxes payable	583	628
Restructuring expenses	1,596	25,712
East Bay field restricted cash payable	6,041	6,036
General and adminstrative and legal expenses payable	4,307	3,456
Other	2,132	15
Total accrued liabilities	$ 33,827	$ 63,660