Berry (BRY) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Berry Petroleum Corp
Entity Central Index Key	0001705873
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		81,879,170

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,662	$ 68,680
Accounts receivable, net of allowance for doubtful accounts of $1,377 at March 31, 2019 and $950 at December 31, 2018	63,061	57,379
Derivative instruments	16,445	88,596
Other current assets	16,634	14,367
Total current assets	97,802	229,022
Noncurrent assets:
Oil and natural gas properties	1,509,933	1,461,993
Accumulated depletion and amortization	(143,959)	(123,217)
Total oil and natural gas properties, net	1,365,974	1,338,776
Other property and equipment	121,283	119,710
Accumulated depreciation	(18,130)	(15,778)
Total other property and equipment, net	103,153	103,932
Derivative instruments	18	3,289
Other non-current assets	16,256	17,244
Total assets	1,583,203	1,692,263
Current liabilities:
Accounts payable and accrued expenses	108,028	144,118
Derivative instruments	6,602	0
Total current liabilities	114,630	144,118
Noncurrent liabilities:
Long-term debt	391,947	391,786
Deferred income taxes	32,737	45,835
Asset retirement obligation	85,620	89,176
Other noncurrent liabilities	19,140	14,902
Commitments and Contingencies - Note 4
Equity:
Common stock ($.001 par value; 750,000,000 shares authorized; and 81,879,170 and 81,202,437 shares outstanding, at March 31, 2019 and December 31, 2018, respectively)	85	82
Additional paid-in-capital	895,500	914,540
Treasury stock, at cost, (2,648,823 shares at March 31, 2019 and 448,661 shares at December 31, 2018)	(28,328)	(24,218)
Retained earnings	71,872	116,042
Total equity	939,129	1,006,446
Total liabilities and equity	$ 1,583,203	$ 1,692,263

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,377	$ 950
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares outstanding (in shares)	81,879,170	81,202,437
Treasury stock, at cost (in shares)	2,648,823	448,661

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues and other:
Revenues and other	$ 141,661	$ 131,862
Gains (losses) on derivatives	(63,124)	(34,644)
Other revenues	117	66
Total revenues and other	76,539	97,284
Expenses and other:
Transportation expenses	2,173	2,978
Marketing expenses	851	580
General and administrative expenses	14,340	11,985
Depreciation, depletion, and amortization	24,585	18,429
Taxes, other than income taxes	8,086	8,256
(Gains) losses on derivatives	63,124	34,644
(Gains) losses on sale of assets and other, net	1,245	0
Total expenses and other	114,853	91,121
Other income (expenses):
Interest expense	(8,805)	(7,796)
Other, net	154	27
Total other income (expenses)	(8,651)	(7,769)
Reorganization items, net	(231)	8,955
Income (loss) before income taxes	(47,196)	7,349
Income tax expense (benefit)	(13,098)	939
Net income (loss)	(34,098)	6,410
Series A preferred stock dividends	0	(5,650)
Net income (loss) attributable to common stockholders	$ (34,098)	$ 760
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.42)	$ 0.02
Diluted (in dollars per share)	$ (0.42)	$ 0.02
Oil, natural gas and natural gas liquids sales
Revenues and other:
Revenues and other	$ 131,102	$ 125,624
Expenses and other:
Cost of goods sold	57,928	44,303
Electricity sales
Revenues and other:
Revenues and other	9,729	5,453
Expenses and other:
Cost of goods sold	7,760	4,590
Oil
Revenues and other:
Gains (losses) on derivatives	(65,239)	(34,644)
Expenses and other:
(Gains) losses on derivatives	65,239	34,644
Marketing revenues
Revenues and other:
Revenues and other	830	785
Natural gas sales
Revenues and other:
Revenues and other	6,715	6,563
Gains (losses) on derivatives	2,115	0
Expenses and other:
(Gains) losses on derivatives	$ (2,115)	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands		Total	Preferred Stock	Common stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings (Accumulated Deficit)
Beginning balance at Dec. 31, 2017		$ 859,310	$ 335,000	$ 33	$ 545,345	$ 0	$ (21,068)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation		1,042			1,042
Cash dividends declared on Series A preferred stock, $0.158/share		(5,650)			(5,650)
Net (loss) income		6,410					6,410
Ending balance at Mar. 31, 2018		861,112	335,000	33	540,737	0	(14,658)
Beginning balance at Dec. 31, 2018		1,006,446	0	82	914,540	(24,218)	116,042
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other		(270)			(270)
Stock based compensation		1,498			1,498
Purchases of treasury stock		(24,375)				(24,375)
Purchase of rights to common stock	[1]				(20,265)	20,265
Common stock issued to settle unsecured claims				3	(3)
Dividends declared on common stock, $0.12/share		(10,072)					(10,072)
Net (loss) income		(34,098)					(34,098)
Ending balance at Mar. 31, 2019		$ 939,129	$ 0	$ 85	$ 895,500	$ (28,328)	$ 71,872
[1]	In 2018, we entered into several settlement agreements with general unsecured creditors from our bankruptcy process. We paid approximately $20 million to purchase their claims to our common stock. These claims were settled in February 2019 with no shares issued.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2018$ / shares
Statement of Stockholders' Equity [Abstract]
Preferred stock, dividends declared (in dollars per share)	$ 0.158

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net (loss) income	$ (34,098)	$ 6,410
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	24,585	18,429
Amortization of debt issuance costs	1,255	1,223
Stock-based compensation expense	1,474	1,042
Deferred income taxes	(13,098)	939
(Decrease) increase in allowance for doubtful accounts	427	(2)
(Gains) losses on sale of assets and other, net	1,245	0
Reorganization expenses, net (non-cash)	0	(9,000)
Derivative activities:
Total (gains) losses	63,124	34,644
Cash settlements on derivatives	14,904	(17,849)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	(6,084)	1,163
(Increase) decrease in other assets	(2,703)	554
(Decrease) in accounts payable and accrued expenses	(29,854)	(7,323)
(Decrease) in other liabilities	(2,066)	(2,638)
Net cash provided by operating activities	19,111	27,592
Cash flows from investing activities:
Development of oil and natural gas properties	(49,386)	(14,727)
Purchases of other property and equipment	(1,419)	(5,149)
Net cash (used in) investing activities	(50,805)	(19,876)
Cash flows from financing activities:
Repayments on RBL credit facility	(15,350)	(379,000)
Borrowings under RBL credit facility	15,350	0
Issuance of 2026 Senior Unsecured Notes	0	400,000
Dividends paid on common stock	(9,813)
Purchase of treasury stock	(25,241)	0
Shares withheld for payment of taxes on equity awards and other	(270)	0
Debt issuance costs	0	(8,815)
Net cash (used in) provided by financing activities	(35,324)	12,185
Net decrease in cash, cash equivalents and restricted cash	(67,018)	19,901
Cash, cash equivalents and restricted cash:
Beginning	68,680	68,738
Ending	$ 1,662	$ 88,639

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation “Berry Corp.” refers to Berry Petroleum Corporation, a Delaware corporation, which is the sole member of Berry Petroleum Company, LLC ("Berry LLC"). As the context may require, the “Company”, “we”, “our” or similar words refer to (i) Berry Corp. and Berry LLC, its consolidated subsidiary, as a whole or (ii) either Berry Corp. or Berry LLC. Nature of Business Berry Corp. is an independent oil and natural gas company that was incorporated under Delaware law on February 13, 2017. Berry Corp. operates through its wholly-owned subsidiary, Berry LLC. Our properties are located in the United States (the “U.S.”), in California (in the San Joaquin and Ventura basins), Utah (in the Uinta basin), and Colorado (in the Piceance basin). Principles of Consolidation and Reporting The condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles ("GAAP"), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In management’s opinion, the accompanying financial statements contain all normal, recurring adjustments that are necessary to fairly present our interim unaudited condensed consolidated financial statements for the three months ended March 31, 2019 and 2018. We eliminated all significant intercompany transactions and balances upon consolidation. For oil and gas exploration and production joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements. We prepared this report pursuant to the rules and regulations of the U.S. Security and Exchange Commission ("SEC") applicable to interim financial information, which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our disclosures are adequate to make the disclosed information not misleading. The results reported in these unaudited condensed consolidated financial statements may not accurately forecast results for future periods. This Form 10-Q should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2018. Recently Adopted Accounting Standards During 2016, the FASB issued rules clarifying the new revenue recognition standard issued in 2014. The new rules are intended to improve and converge the financial reporting requirements for revenue from contracts with customers. We are an emerging growth company and elected to delay adoption of these rules until they are applicable to non-SEC issuers which is for fiscal years beginning after December 31, 2018. As such, we adopted these rules in the first quarter of 2019 and applied the modified retrospective approach, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial statements. We have performed an analysis of existing contracts and determined adoption did not have a material impact on our condensed consolidated financial statements. In addition, we have evaluated the changes to relevant business practices, accounting policies and control activities and we did not experience a material change in our revenue accounting as a result of the adoption of these rules. Refer to Note 8 for additional disclosure information. New Accounting Standards Issued, But Not Yet Adopted In June 2016, the FASB issued rules that change how entities will measure credit losses for certain financial assets and other instruments that are not measured at fair value. These rules are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of these rules on our consolidated financial statements. In February 2016, the FASB issued rules requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months and to include qualitative and quantitative disclosures with respect to the amount, timing, and uncertainty of cash flows arising from leases. As an emerging growth company, we have elected to delay the adoption of these rules until they are applicable to non-SEC issuers which is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We expect the adoption of these rules to increase other assets and other liabilities on our balance sheet and do not expect a material impact on our consolidated results of operations.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our outstanding debt: March 31, 2019 December 31, 2018 Interest Rate Maturity Security (in thousands) RBL Facility $ — $ — variable rates of 6.25% (2019) and 4.5% (2018), respectively June 29, 2022 Mortgage on 85% of Present Value of proven oil and gas reserves and lien on other assets 2026 Senior Unsecured Notes 400,000 400,000 7.00% February 15, 2026 Unsecured Long-Term Debt - Principal Amount 400,000 400,000 Less: Debt Issuance Costs (8,053 ) (8,214 ) Long-Term Debt, net $ 391,947 $ 391,786 Deferred Financing Costs We incurred legal and bank fees related to the issuance of debt. At March 31, 2019 and December 31, 2018 , debt issuance costs for the RBL Facility (as defined below) reported in "other noncurrent assets" on the balance sheet were approximately $15 million and $16 million net of amortization, respectively. The amortization of debt issuance costs is presented in interest expense on the condensed consolidated statements of operations. At March 31, 2019 and December 31, 2018 , debt issuance costs for the 2026 Senior Unsecured Notes were $8 million and $8 million net of amortization, respectively. For the three months ended March 31, 2019 and March 31, 2018 , amortization expense of approximately $1 million and $1 million , respectively, was included in “interest expense” in the condensed consolidated statements of operations. Fair Value Our debt is recorded at the carrying amount on the balance sheets. The carrying amount of the RBL Facility approximates fair value because the interest rates are variable and reflect market rates. The fair value of the 2026 senior unsecured notes was approximately $399 million and $368 million at March 31, 2019 and December 31, 2018, respectively. The RBL Facility On July 31, 2017, we entered into a credit agreement (“RBL Facility”), with Wells Fargo Bank, N.A. as administrative agent and certain lenders with up to $ 1.5 billion of commitments, subject to a reserves-based borrowing base. In April 2019, we completed a borrowing base redetermination under our RBL Facility that resulted in our borrowing base being set at $750 million and we reaffirmed our elected commitment amount at $400 million . The RBL Facility matures on July 29, 2022, unless terminated earlier in accordance with the RBL Facility terms. We were in compliance with all financial covenants as of March 31, 2019 . As of March 31, 2019 , we had approximately $ 391 million of available borrowing capacity under the RBL Facility. As of March 31, 2019 and December 31, 2018 , we had letters of credit outstanding of approximately $ 9 million and $ 7 million , respectively, under our RBL facility. These letters of credit were issued to support ordinary course of business marketing, insurance, regulatory and other matters .

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We utilize derivatives, such as swaps, puts, and calls to hedge a portion of our forecasted oil production and gas purchases to reduce exposure to fluctuations in oil and natural gas prices. We target covering our operating expenses and fixed charges, including maintenance capital expenditures, with the oil hedges for a period of up to two years out. We have hedged a portion of our exposure to differentials between ICE Brent oil (“Brent”) and NYMEX West Texas Intermediate oil (“WTI”) as well. Additionally, we target fixing the price for a large portion of our natural gas purchases used in our steam operations for up to two years . We also, from time to time, have entered into agreements to purchase a portion of the natural gas we require for our operations, which we do not record at fair value as derivatives because they qualify for normal purchases and normal sales exclusions. As of March 31, 2019, our hedge position consisted of oil swaps, puts and calls, and natural gas swaps. We use oil swaps and puts to protect against decreases in the oil price and natural gas swaps to protect against increases in natural gas prices. We do not enter into derivative contracts for speculative trading purposes and have not accounted for our derivatives as cash-flow or fair-value hedges. We did not designate any of our contracts as cash flow hedges; therefore, the changes in fair value of these instruments are recorded in current earnings. Gains (losses) on oil hedges are classified in the revenues and other section of the statement of operations and gains (losses) on natural gas hedges are presented in the expenses and other section of the statement of operations. As of March 31, 2019 , we had hedged crude oil production to protect against oil price decreases, at the following approximate volumes and weighted average prices: 19.0 MBbl/d at $65.99 in the second quarter of 2019, 12.0 MBbl/d at $65.33 in the third quarter of 2019 and 12.0 MBbl/d at $65.33 in the fourth quarter of 2019. We had also hedged gas purchases as noted below. Q2 2019 Q3 2019 Q4 2019 Oil Calls Options (Brent): Hedged volume (MBbls) 180 92 92 Weighted-average price ($/Bbl) $ 70.00 $ 81.00 $ 81.00 Oil Put Options (Brent): Hedged volume (MBbls) 1,092 460 460 Weighted-average price ($/Bbl) $ 60.00 $ 50.00 $ 50.00 Fixed Price Oil Swaps (Brent): Hedged volume (MBbls) 637 644 644 Weighted-average price ($/Bbl) $ 76.27 $ 76.27 $ 76.27 Oil basis differential positions (Brent-WTI basis swaps): Hedged volume (MBbls) 46 46 46 Weighted-average price ($/Bbl) $ (1.29 ) $ (1.29 ) $ (1.29 ) Fixed Price Gas Purchase Swaps (Kern, Delivered): Hedged volume (MMBtu) 2,730,000 1,380,000 465,000 Weighted-average price ($/MMBtu) $ 2.70 $ 2.65 $ 2.65 In April 2019, we acquired additional oil and gas hedges. For additional detail see "Liquidity and Capital Resources". For our purchased puts, we would receive settlement payments for prices below the indicated weighted-average price per barrel of Brent. For some of our put positions, we paid a premium at the time the positions were created and for others the premium payment is deferred until the time of settlement. We paid approximately $15 million of the deferred premium during the three months ended March 31, 2019 . In order to mitigate the exposure to these deferred premiums, we entered into several offsetting put positions. We received approximately $4 million for the offsetting positions during the three months ended March 31, 2019 . The remaining deferred premiums of approximately $7 million are reflected in the mark-to-market valuation and will be payable through the first quarter of 2020. For fixed-price swaps, we make settlement payments for prices above the indicated weighted-average price per barrel of Brent or WTI and receive settlement payments for prices below the indicated weighted-average price per barrel of Brent or WTI. For oil basis swaps, we make settlement payments if the difference between Brent and WTI is greater than the indicated weighted-average price per barrel of our contracts and receive settlement payments if the difference between Brent and WTI is below the indicated weighted-average price per barrel. For fixed-price natural gas purchase swaps, we are the buyer so we make settlement payments for prices below the weighted-average price per MMBtu and receive settlement payments for prices above the weighted-average price per MMBtu. Our commodity derivatives are measured at fair value using industry-standard models with various inputs including publicly available underlying commodity prices and forward curves, and all are classified as Level 2 in the required fair value hierarchy for the periods presented. These commodity derivatives are subject to counterparty netting. The following tables present the fair values (gross and net) of our outstanding derivatives as of March 31, 2019 and December 31, 2018 : March 31, 2019 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 21,987 $ (5,542 ) $ 16,445 Commodity Contracts Non-current assets 18 — 18 Liabilities: Commodity Contracts Current liabilities (12,144 ) 5,542 (6,602 ) Total derivatives $ 9,861 $ — $ 9,861 December 31, 2018 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 89,981 $ (1,385 ) $ 88,596 Commodity Contracts Non-current assets 3,289 — 3,289 Liabilities: Commodity Contracts Current liabilities (1,385 ) 1,385 — Total derivatives $ 91,885 $ — $ 91,885 By using derivative instruments to economically hedge exposure to changes in commodity prices, we expose ourselves to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk. We do not receive collateral from our counterparties. We minimize the credit risk in derivative instruments by limiting our exposure to any single counterparty. In addition, our RBL Facility prevents us from entering into hedging arrangements that are secured, except with our lenders and their affiliates that have margin call requirements, that otherwise require us to provide collateral or with a non-lender counterparty that does not have an A- or A3 credit rating or better from Standards & Poor’s or Moody’s, respectively. In accordance with our standard practice, our commodity derivatives are subject to counterparty netting under agreements governing such derivatives which partially mitigates the counterparty nonperformance risk.

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	Lawsuits, Claims, Commitments and Contingencies In the normal course of business, we, or our subsidiary, are subject to lawsuits, environmental and other claims and other contingencies that seek, or may seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, civil penalties, or injunctive or declaratory relief. We accrue reserves for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. We have not recorded any reserve balances at March 31, 2019 and December 31, 2018. We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of reserves accrued on our balance sheet would not be material to our consolidated financial position or results of operations. We, or our subsidiary, or both, have indemnified various parties against specific liabilities those parties might incur in the future in connection with transactions that they have entered into with us. As of March 31, 2019 , we are not aware of material indemnity claims pending or threatened against us. During the three months ended March 31, 2019 , we entered into an 8 -year office lease agreement for approximately $1.3 million annually for a total future commitment of approximately $10 million . This agreement begins in August 2019.

Equity

Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Equity	Equity Common Stock On January 27, 2017, the Bankruptcy Court approved and confirmed our plan of reorganization (the “Plan”). The Plan contemplated the distribution of 40,000,000 shares of common stock in Berry Corp. On the Effective Date, 32,920,000 shares of common stock were distributed, pro rata, to holders of Unsecured Notes claims. On February 28, 2017 (the “Effective Date”), the Plan became effective and was implemented. The holders of Unsecured Claims received a right to receive their pro rata share of either (i) 7,080,000 shares of common stock in Berry Corp. or (ii) in the event that such holder irrevocably elected to receive a cash recovery, cash distributions from the Cash Distribution Pool. Since the Effective Date we have negotiated with claimants to settle their claims and in February 2019 we issued approximately 2,770,000 shares instead of 7,080,000 to resolve these claims. Cash Dividends On February 28, 2019, our board of directors approved a $0.12 per share quarterly cash dividend on our common stock for the first quarter of 2019, which was paid in April 2019. On May 8, 2019, our board of directors approved a $0.12 per share quarterly cash dividend on our common stock for the second quarter of 2019. Stock Repurchase Program In December 2018, our Board of Directors adopted a program for the opportunistic repurchase of up to $100 million of our common stock. Based on the Board’s evaluation of current market conditions for our common stock they authorized current repurchases of up to $50 million under the program. Purchases may be made from time to time in the open market, in privately negotiated transactions or otherwise. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, stock price, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and does not obligate Berry Petroleum to purchase shares during any period or at all. Any shares acquired will be available for general corporate purposes. For the three months ended March 31, 2019, we repurchased 2,200,162 shares at an average price of $11.08 per share for $24 million , which is reflected as treasury stock. The Company has repurchased a total of 2,648,823 shares under the stock repurchase program for $28 million as of March 31, 2019 . Stock-Based Compensation In March 2019, the Company granted awards of 706,314 shares of restricted stock units ("RSUs"), which will vest annually in equal amounts over three years and 553,902 performance-based restricted stock units ("PSUs"), which will cliff vest at two or three years. The fair value of these awards was approximately $16 million . The RSUs awarded are service based awards. The PSUs awarded include a market objective measured against both absolute total stockholder return (“Absolute TSR”) and total stockholder return relative (“Relative TSR”), to the Vanguard World Fund - Vanguard Energy ETF index (the “Index”) over the performance period, assuming the reinvestment of dividends. Depending on the results achieved during the two or three year performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the Target Shares granted. The fair value of the PSUs was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company, including a comparison against the Index over the performance periods. The expected volatility of the Company’s common stock at the date of grant was estimated based on blended historical average volatility rates for the Company and selected guideline public companies. The dividend yield assumption was based on the current annualized declared dividend. The risk-free interest rate assumption was based on observed interest rates consistent with the approximate two and three year performance measurement period.

Supplemental Disclosures to the

Supplemental Disclosures to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Disclosures to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows	Supplemental Disclosures to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows Other current assets reported on the condensed consolidated balance sheets included the following: March 31, 2019 December 31, 2018 (in thousands) Prepaid expenses $ 6,010 $ 4,656 Oil inventories, materials and supplies 10,386 9,473 Other 238 238 Total $ 16,634 $ 14,367 The major classes of inventory were not material and therefore not stated separately. Other non-current assets at March 31, 2019 and December 31, 2018 , included approximately $15 million and $16 million of deferred financing costs, net of amortization, respectively. Accounts payable and accrued expenses on the condensed consolidated balance sheets included the following: March 31, 2019 December 31, 2018 (in thousands) Accounts payable-trade $ 7,996 $ 13,564 Accrued expenses 53,753 66,417 Royalties payable 13,900 26,189 Taxes other than income tax liability 9,867 10,766 Accrued interest 4,050 10,500 Dividends payable 10,251 9,992 Other 8,212 6,689 Total $ 108,028 $ 144,118 Other non-current liabilities at March 31, 2019 and December 31, 2018 included approximately $19 million and $15 million of greenhouse gas liability, respectively. Supplemental Cash Flow Information Supplemental disclosures to the condensed consolidated statements of cash flows are presented below: Three Months Ended 2019 2018 (in thousands) Supplemental Disclosures of Significant Non-Cash Investing Activities: (Increase) decrease in accrued liabilities related to purchases of property and equipment $ 2,038 $ (4,144 ) Supplemental Disclosures of Cash Payments (Receipts): Interest, net of amounts capitalized $ 14,000 $ 2,654 Reorganization items, net $ — $ 468 The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated statements of cash flows to the line items within the condensed consolidated balance sheets: Three Months Ended 2019 2018 (in thousands) Beginning of Period Cash and cash equivalents $ 68,680 $ 33,905 Restricted cash — 34,833 Cash, cash equivalents and restricted cash $ 68,680 $ 68,738 Ending of Period Cash and cash equivalents $ 1,662 $ 67,090 Restricted cash — 21,549 Cash, cash equivalents and restricted cash $ 1,662 $ 88,639 Restricted cash is associated with cash reserved to settle claims with general unsecured creditors resulting from implementation of the Plan. Cash and cash equivalents consists primarily of highly liquid investments with original maturities of three months or less and are stated at cost, which approximates fair value.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We calculate basic earnings (loss) per share by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during each period. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement, such as those shares expected to be issued under the Plan, are considered common shares outstanding and are included in the computation of net income (loss) per share. The Plan required that we reserve 7,080,000 shares of our common stock to settle claims of unsecured creditors. These shares were previously included in the 40 million shares of common stock contemplated by the Plan, without regard to actual issuance dates. As a result, prior to final issuance of these shares, the computation of net income (loss) per share included the 7,080,000 reserved shares. At the end of February 2019, we finalized settlement of these claims and issued approximately 2,770,000 shares. In all prior periods presented we retrospectively adjusted the weighted average shares in our earnings per share calculations for the ultimate shares issued, instead of the 7,080,000 shares that had been reserved. The Series A Preferred Stock was not a participating security, therefore, we calculated diluted EPS using the “if-converted" method under which the preferred dividends are added back to the numerator and the convertible preferred stock is assumed to be converted at the beginning of the period. No incremental shares of Series A Preferred Stock were included in the diluted EPS calculation for the three months ended March 31, 2019 , as all outstanding shares of our Series A Preferred Stock were converted to common shares in connection with the IPO of our common stock in July 2018. No Series A Preferred Stock were included in the diluted EPS calculation for the three months ended March 31, 2018 as their affect was anti-dilutive under the "if converted" method. The RSUs are not a participating security as the dividends are forfeitable . No incremental RSU shares were included in the diluted EPS calculation for the three months ended March 31, 2019 as their effect was anti-dilutive under the "if converted" method. Incremental RSU shares of 225,000 were included in the diluted EPS calculation for the three months ended March 31, 2018, as their effect was dilutive under the "if-converted" method. No PSU's were included in the EPS calculations for any of the periods presented due to their contingent nature. Three Months Ended March 31, 2019 2018 (in thousands except per share amounts) Basic EPS calculation Net income (loss) $ (34,098 ) $ 6,410 less: Series A Preferred Stock dividends and conversion to common stock — (5,650 ) Net income (loss) attributable to common stockholders $ (34,098 ) $ 760 Weighted-average shares of common stock outstanding 81,765 38,602 Basic earnings (loss) per share (2) $ (0.42 ) $ 0.02 Diluted EPS calculation Net income (loss) $ (34,098 ) $ 6,410 less: Series A Preferred Stock dividends and conversion to common stock — (5,650 ) Net income (loss) attributable to common stockholders $ (34,098 ) $ 760 Weighted-average shares of common stock outstanding 81,765 38,602 Dilutive effect of potentially dilutive securities (1) — 225 Weighted-average common shares outstanding - diluted 81,765 38,827 Diluted earnings (loss) per share (2) $ (0.42 ) $ 0.02 __________ (1) No potentially dilutive securities were included in computing earnings (loss) per share for the three months ended March 31, 2019 , because the effect of inclusion would have been anti-dilutive. (2) Per share amounts are stated net of tax.

Revenue Recognition (Notes)

Revenue Recognition (Notes)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition We account for revenue in accordance with the Accounting Standards Codification 606, Revenue from Contracts with Customers, which we adopted on January 1, 2019, using the modified retrospective method, which was applied to all contracts that were not completed as of that date. Prior period results were not adjusted and continue to be reported under the accounting standards in effect for the prior period. The new standard did not affect the timing of our revenue recognition and did not impact net income; accordingly, we did not record an adjustment to the opening balance of retained earnings. We adopted the practical expedient related to disclosing the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied at the end of the reporting period. The performance obligations that are unsatisfied at the end of a reporting period relate solely to future volumes that we have yet to sell. As such, these are wholly unsatisfied performance obligations as each unit of product represents a separate performance obligation as well as a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. We derive substantially all of our revenue from sales of oil, natural gas and natural gas liquids ("NGL"), with the remaining revenue generated from sales of electricity and marketing activities. The following is a description of our principal activities from which we generate revenue. Revenues are recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Oil, Natural Gas and NGLs We recognize revenue from the sale of our oil, natural gas and NGLs production when delivery has occurred and control passes to the customer. Our oil and natural gas contracts are short term, typically less than a year and our NGL contracts are both short and long term. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Our commodity sales contracts are indexed to a market price or an average index price. We recognize revenue in the amount that we have a right to invoice once we are able to adequately estimate the consideration (i.e., when market prices are known). Our contracts with customers typically require payment within 30 days following invoicing. Electricity Sales The electrical output of our cogeneration facilities that is not used in our operations is sold to the California market based on market pricing, which includes capacity payments. The majority of the portion sold from three of our cogeneration facilities is sold under long-term contracts to two California utility companies, based on the market pricing. Revenue is recognized over time when obligations under the terms of a contract with our customer are satisfied; generally, this occurs upon delivery of the electricity. Revenue is measured as the amount of consideration we expect to receive based on average index pricing with payment due the month following delivery. Capacity payments are based on a fixed annual amount per kilowatt hour and monthly rates vary based on seasonality, which is consistent with how we earn the capacity payment. Capacity payments are settled monthly. We consider our performance obligations to be satisfied upon delivery of electricity or as the contracted amount of energy is made available to the customer in the case of capacity payments. We report electricity revenue as electricity sales on our consolidated statements of operations. Marketing Revenue Marketing revenue primarily includes our activities associated with transporting and marketing third-party volumes. These sales are made under the same agreements with the same purchaser as our natural gas sales discussed above. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Revenues are presented excluding costs incurred prior to transferring control of these volumes to the customer, or the costs to purchase these volumes when we are acting as the principal. The revenues and expenses related to the sale and purchase of third-party volumes are presented separately as marketing revenue and marketing expenses on the consolidated statement of operations. Disaggregated Revenue As a result of adoption of this standard, we are now required to disclose the following information regarding revenue from contracts with customers on a disaggregated basis. Three Months Ended March 31, 2019 2018 (in thousands) Oil sales $ 123,450 $ 117,902 Natural gas sales 6,715 6,563 Natural gas liquids sales 937 1,159 Electricity sales 9,729 5,453 Marketing revenues 830 785 Revenues from contracts with customers 141,661 131,862 Gains (losses) on oil derivatives (65,239 ) (34,644 ) Other revenues 117 66 Total revenues and other $ 76,539 $ 97,284

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	The condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles ("GAAP"), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In management’s opinion, the accompanying financial statements contain all normal, recurring adjustments that are necessary to fairly present our interim unaudited condensed consolidated financial statements for the three months ended March 31, 2019 and 2018. We eliminated all significant intercompany transactions and balances upon consolidation. For oil and gas exploration and production joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements. We prepared this report pursuant to the rules and regulations of the U.S. Security and Exchange Commission ("SEC") applicable to interim financial information, which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our disclosures are adequate to make the disclosed information not misleading. The results reported in these unaudited condensed consolidated financial statements may not accurately forecast results for future periods. This Form 10-Q should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2018.
Recently Adopted Accounting Standards and New Accounting Standards Issued, But Not Yet Adopted	Recently Adopted Accounting Standards During 2016, the FASB issued rules clarifying the new revenue recognition standard issued in 2014. The new rules are intended to improve and converge the financial reporting requirements for revenue from contracts with customers. We are an emerging growth company and elected to delay adoption of these rules until they are applicable to non-SEC issuers which is for fiscal years beginning after December 31, 2018. As such, we adopted these rules in the first quarter of 2019 and applied the modified retrospective approach, meaning the cumulative effect of initially applying the standard is recognized in the most current period presented in the financial statements. We have performed an analysis of existing contracts and determined adoption did not have a material impact on our condensed consolidated financial statements. In addition, we have evaluated the changes to relevant business practices, accounting policies and control activities and we did not experience a material change in our revenue accounting as a result of the adoption of these rules. Refer to Note 8 for additional disclosure information. New Accounting Standards Issued, But Not Yet Adopted In June 2016, the FASB issued rules that change how entities will measure credit losses for certain financial assets and other instruments that are not measured at fair value. These rules are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of these rules on our consolidated financial statements. In February 2016, the FASB issued rules requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months and to include qualitative and quantitative disclosures with respect to the amount, timing, and uncertainty of cash flows arising from leases. As an emerging growth company, we have elected to delay the adoption of these rules until they are applicable to non-SEC issuers which is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We expect the adoption of these rules to increase other assets and other liabilities on our balance sheet and do not expect a material impact on our consolidated results of operations.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes our outstanding debt: March 31, 2019 December 31, 2018 Interest Rate Maturity Security (in thousands) RBL Facility $ — $ — variable rates of 6.25% (2019) and 4.5% (2018), respectively June 29, 2022 Mortgage on 85% of Present Value of proven oil and gas reserves and lien on other assets 2026 Senior Unsecured Notes 400,000 400,000 7.00% February 15, 2026 Unsecured Long-Term Debt - Principal Amount 400,000 400,000 Less: Debt Issuance Costs (8,053 ) (8,214 ) Long-Term Debt, net $ 391,947 $ 391,786

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Transactions Resulting in Hedged Gas Contracts Outstanding	As of March 31, 2019 , we had hedged crude oil production to protect against oil price decreases, at the following approximate volumes and weighted average prices: 19.0 MBbl/d at $65.99 in the second quarter of 2019, 12.0 MBbl/d at $65.33 in the third quarter of 2019 and 12.0 MBbl/d at $65.33 in the fourth quarter of 2019. We had also hedged gas purchases as noted below. Q2 2019 Q3 2019 Q4 2019 Oil Calls Options (Brent): Hedged volume (MBbls) 180 92 92 Weighted-average price ($/Bbl) $ 70.00 $ 81.00 $ 81.00 Oil Put Options (Brent): Hedged volume (MBbls) 1,092 460 460 Weighted-average price ($/Bbl) $ 60.00 $ 50.00 $ 50.00 Fixed Price Oil Swaps (Brent): Hedged volume (MBbls) 637 644 644 Weighted-average price ($/Bbl) $ 76.27 $ 76.27 $ 76.27 Oil basis differential positions (Brent-WTI basis swaps): Hedged volume (MBbls) 46 46 46 Weighted-average price ($/Bbl) $ (1.29 ) $ (1.29 ) $ (1.29 ) Fixed Price Gas Purchase Swaps (Kern, Delivered): Hedged volume (MMBtu) 2,730,000 1,380,000 465,000 Weighted-average price ($/MMBtu) $ 2.70 $ 2.65 $ 2.65
Fair Values (Gross and Net) of Outstanding Derivatives	The following tables present the fair values (gross and net) of our outstanding derivatives as of March 31, 2019 and December 31, 2018 : March 31, 2019 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 21,987 $ (5,542 ) $ 16,445 Commodity Contracts Non-current assets 18 — 18 Liabilities: Commodity Contracts Current liabilities (12,144 ) 5,542 (6,602 ) Total derivatives $ 9,861 $ — $ 9,861 December 31, 2018 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 89,981 $ (1,385 ) $ 88,596 Commodity Contracts Non-current assets 3,289 — 3,289 Liabilities: Commodity Contracts Current liabilities (1,385 ) 1,385 — Total derivatives $ 91,885 $ — $ 91,885

Supplemental Disclosures to t_2

Supplemental Disclosures to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Current Assets	Other current assets reported on the condensed consolidated balance sheets included the following: March 31, 2019 December 31, 2018 (in thousands) Prepaid expenses $ 6,010 $ 4,656 Oil inventories, materials and supplies 10,386 9,473 Other 238 238 Total $ 16,634 $ 14,367
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses on the condensed consolidated balance sheets included the following: March 31, 2019 December 31, 2018 (in thousands) Accounts payable-trade $ 7,996 $ 13,564 Accrued expenses 53,753 66,417 Royalties payable 13,900 26,189 Taxes other than income tax liability 9,867 10,766 Accrued interest 4,050 10,500 Dividends payable 10,251 9,992 Other 8,212 6,689 Total $ 108,028 $ 144,118
Supplemental Disclosures to the Statements of Cash Flows	Supplemental disclosures to the condensed consolidated statements of cash flows are presented below: Three Months Ended 2019 2018 (in thousands) Supplemental Disclosures of Significant Non-Cash Investing Activities: (Increase) decrease in accrued liabilities related to purchases of property and equipment $ 2,038 $ (4,144 ) Supplemental Disclosures of Cash Payments (Receipts): Interest, net of amounts capitalized $ 14,000 $ 2,654 Reorganization items, net $ — $ 468 The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated statements of cash flows to the line items within the condensed consolidated balance sheets: Three Months Ended 2019 2018 (in thousands) Beginning of Period Cash and cash equivalents $ 68,680 $ 33,905 Restricted cash — 34,833 Cash, cash equivalents and restricted cash $ 68,680 $ 68,738 Ending of Period Cash and cash equivalents $ 1,662 $ 67,090 Restricted cash — 21,549 Cash, cash equivalents and restricted cash $ 1,662 $ 88,639

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Three Months Ended March 31, 2019 2018 (in thousands except per share amounts) Basic EPS calculation Net income (loss) $ (34,098 ) $ 6,410 less: Series A Preferred Stock dividends and conversion to common stock — (5,650 ) Net income (loss) attributable to common stockholders $ (34,098 ) $ 760 Weighted-average shares of common stock outstanding 81,765 38,602 Basic earnings (loss) per share (2) $ (0.42 ) $ 0.02 Diluted EPS calculation Net income (loss) $ (34,098 ) $ 6,410 less: Series A Preferred Stock dividends and conversion to common stock — (5,650 ) Net income (loss) attributable to common stockholders $ (34,098 ) $ 760 Weighted-average shares of common stock outstanding 81,765 38,602 Dilutive effect of potentially dilutive securities (1) — 225 Weighted-average common shares outstanding - diluted 81,765 38,827 Diluted earnings (loss) per share (2) $ (0.42 ) $ 0.02 __________ (1) No potentially dilutive securities were included in computing earnings (loss) per share for the three months ended March 31, 2019 , because the effect of inclusion would have been anti-dilutive. (2) Per share amounts are stated net of tax.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	As a result of adoption of this standard, we are now required to disclose the following information regarding revenue from contracts with customers on a disaggregated basis. Three Months Ended March 31, 2019 2018 (in thousands) Oil sales $ 123,450 $ 117,902 Natural gas sales 6,715 6,563 Natural gas liquids sales 937 1,159 Electricity sales 9,729 5,453 Marketing revenues 830 785 Revenues from contracts with customers 141,661 131,862 Gains (losses) on oil derivatives (65,239 ) (34,644 ) Other revenues 117 66 Total revenues and other $ 76,539 $ 97,284

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	$ 400,000
Less: Debt Issuance Costs	(8,053)	(8,214)
Long-Term Debt, net	391,947	391,786
RBL Facility | Line of credit
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 0	$ 0
Variable rate	6.25%	4.50%
Security	85.00%
2026 Senior Unsecured Notes | Senior notes
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	$ 400,000
Interest Rate	7.00%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Apr. 30, 2019	Dec. 31, 2018	Jul. 31, 2017
Debt Instrument [Line Items]
Debt issuance costs for the 2026 Senior Unsecured Notes	$ 8,053			$ 8,214
Amortization of debt issuance costs	1,255	$ 1,223
Interest Expense
Debt Instrument [Line Items]
Amortization of debt issuance costs	1,000	$ 1,000
RBL Facility
Debt Instrument [Line Items]
Debt issuance costs for the RBL Facility	15,000			16,000
RBL Facility | Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,500,000
Available borrowing capacity	391,000
Letters of credit outstanding	9,000			7,000
2026 Senior Unsecured Notes | Medium-term notes
Debt Instrument [Line Items]
Fair value of debt	$ 399,000			$ 368,000
Subsequent Event | RBL Facility | Line of credit
Debt Instrument [Line Items]
Borrowing base			$ 750,000
Elected commitment feature to increase borrowing base			$ 400,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Target period to cover operating expenses and fixed charges (up to)	2 years
Target period for fixing the price natural gas purchases used in steam operations (up to)	2 years
Payment of deferred premiums	$ 15
Proceeds from offsetting positions	4
Deferred premiums, remaining	$ 7

Derivatives - Derivative Transa

Derivatives - Derivative Transactions Resulting in Hedged Gas Contracts Outstanding (Details) - Scenario, Forecast MMBTU in Thousands	3 Months Ended
	Dec. 31, 2019MMBTU$ / bbl$ / MMBtuMBbls	Sep. 30, 2019MMBTU$ / bbl$ / MMBtuMBbls	Jun. 30, 2019MMBTU$ / bbl$ / MMBtuMBbls
Derivative [Line Items]
Volume of hedged crude oil production (MBbl) | MBbls	12,000	12,000	19,000
Hedged Crude Oil Production
Derivative [Line Items]
Price per barrel of hedged crude oil (in dollars per barrel) | $ / bbl	65.33	65.33	65.99
Oil Calls Options (Brent)
Derivative [Line Items]
Hedged volume (MBbls) | MBbls	92,000	92,000	180,000
Weighted-average price ($/Bbl) | $ / bbl	81	81	70
Oil Put Options (Brent)
Derivative [Line Items]
Hedged volume (MBbls) | MBbls	460,000	460,000	1,092,000
Weighted-average price ($/Bbl) | $ / bbl	50	50	60
Fixed Price Oil Swaps (Brent)
Derivative [Line Items]
Hedged volume (MBbls) | MBbls	644,000	644,000	637,000
Weighted-average price ($/Bbl) | $ / bbl	76.27	76.27	76.27
Brent-WTI Oil Basis Swaps
Derivative [Line Items]
Hedged volume (MBbls) | MBbls	46,000	46,000	46,000
Weighted-average price ($/Bbl) | $ / bbl	1.29	1.29	1.29
Fixed Price Gas Purchase Swaps (Kern, Delivered)
Derivative [Line Items]
Weighted-average price ($/Bbl) | $ / MMBtu	2.65	2.65	2.70
Hedged volume (MMBtu) | MMBTU	465	1,380	2,730

Derivatives - Fair Values (Gros

Derivatives - Fair Values (Gross and Net) of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Liabilities:
Total derivatives	$ 9,861	$ 91,885
Commodity Contracts | Current assets
Assets:
Gross Amounts Recognized at Fair Value	21,987	89,981
Gross Amounts Offset in the Balance Sheet	(5,542)	(1,385)
Net Fair Value Presented on the Balance Sheet	16,445	88,596
Commodity Contracts | Non-current assets
Assets:
Gross Amounts Recognized at Fair Value	18	3,289
Gross Amounts Offset in the Balance Sheet	0	0
Net Fair Value Presented on the Balance Sheet	18	3,289
Commodity Contracts | Current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(12,144)	(1,385)
Gross Amounts Offset in the Balance Sheet	5,542	1,385
Net Fair Value Presented on the Balance Sheet	$ (6,602)	$ 0

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease, term of contract	8 years
Operating lease, annual payment due	$ 1.3
Operating leases, total future commitment	$ 10

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	May 08, 2019	Feb. 28, 2019	Feb. 28, 2017	Jan. 27, 2017	Mar. 31, 2019	Mar. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock contemplated by the Plan (in shares)				40,000,000		40,000,000
Common stock reserved to settle claims of unsecured creditors (in shares)			7,080,000
Shares issued to settle claims (in shares)		2,770,000
Common stock, dividends declared (in dollars per share)		$ 0.12				$ 0.12
Authorized amount of repurchases								$ 100,000,000
Authorized current repurchases								$ 50,000,000
Number of shares repurchased (in shares)						2,200,162
Average price of shares repurchased (in dollars per share)						$ 11.08
Price of shares repurchased						$ 24,375,000	$ 28,000,000
Shares repurchased under the program (in shares)					2,648,823	2,648,823	2,648,823
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)					706,314
Vesting period					3 years
Performance-based Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)					553,902
Restricted Stock Units (RSUs) and Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares granted in period					$ 16,000,000
Minimum | Performance-based Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					2 years	2 years
Vesting rights percentage						0.00%
Maximum | Performance-based Restricted Stock Units (PRSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years	3 years
Vesting rights percentage						200.00%
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends declared (in dollars per share)	$ 0.12
Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares (in shares)			32,920,000

Supplemental Disclosures to t_3

Supplemental Disclosures to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 6,010	$ 4,656
Oil inventories, materials and supplies	10,386	9,473
Other	238	238
Total	$ 16,634	$ 14,367

Supplemental Disclosures to t_4

Supplemental Disclosures to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred financing costs, net of amortization	$ 15	$ 16
Greenhouse gas liabilities, non-current	$ 19	$ 15

Supplemental Disclosures to t_5

Supplemental Disclosures to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable-trade	$ 7,996	$ 13,564
Accrued expenses	53,753	66,417
Royalties payable	13,900	26,189
Taxes other than income tax liability	9,867	10,766
Accrued interest	4,050	10,500
Dividends payable	10,251	9,992
Other	8,212	6,689
Total	$ 108,028	$ 144,118

Supplemental Disclosures to t_6

Supplemental Disclosures to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures to the Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Supplemental Disclosures of Significant Non-Cash Investing Activities:
(Increase) decrease in accrued liabilities related to purchases of property and equipment	$ 2,038	$ (4,144)
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	14,000	2,654
Reorganization items, net	$ 0	$ 468

Supplemental Disclosures to t_7

Supplemental Disclosures to the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 1,662	$ 68,680	$ 67,090	$ 33,905
Restricted cash	0	0	21,549	34,833
Cash, cash equivalents and restricted cash	$ 1,662	$ 68,680	$ 88,639	$ 68,738

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	Jan. 27, 2017	Mar. 31, 2019	Mar. 31, 2018	Feb. 28, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock reserved to settle claims of unsecured creditors (in shares)		7,080,000
Common stock contemplated by the Plan (in shares)	40,000,000	40,000,000
Shares issued to settle claims (in shares)				2,770,000
Incremental common shares attributable to dilutive effect of preferred stock (in shares)		0
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)		0	225,000
Performance-based Restricted Stock Units (PRSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)		0	0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ (34,098)	$ 6,410
less: Series A Preferred Stock dividends and conversion to common stock	0	(5,650)
Net income (loss) attributable to common stockholders	$ (34,098)	$ 760
Weighted-average shares of common stock outstanding (in shares)	81,765,000	38,602,000
Basic earnings (loss) per share (in dollars per share)	$ (0.42)	$ 0.02
Dilutive effect of potentially dilutive securities (in shares)	0	225,000
Weighted-average common shares outstanding-diluted (in shares)	81,765,000	38,827,000
Diluted earnings (loss) per share (in dollars per share)	$ (0.42)	$ 0.02
Potentially dilutive securities (in shares)	0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	3 Months Ended
	Mar. 31, 2019utlity_companyCogeneration_facilities
Revenue from Contract with Customer [Abstract]
Payment term (within)	30 days
Number of cogeneration facilities selling majority of electric output not used in operations | Cogeneration_facilities	3
Number of utility companies under long term contract to buy electrical output | utlity_company	2

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues and other	$ 141,661	$ 131,862
Gains (losses) on oil derivatives	(63,124)	(34,644)
Other revenues	117	66
Total revenues and other	76,539	97,284
Oil sales
Disaggregation of Revenue [Line Items]
Revenues and other	123,450	117,902
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenues and other	6,715	6,563
Gains (losses) on oil derivatives	2,115	0
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Revenues and other	937	1,159
Electricity sales
Disaggregation of Revenue [Line Items]
Revenues and other	9,729	5,453
Marketing revenues
Disaggregation of Revenue [Line Items]
Revenues and other	830	785
Oil
Disaggregation of Revenue [Line Items]
Gains (losses) on oil derivatives	$ (65,239)	$ (34,644)

Uncategorized Items - bry-20190

Label	Element	Value
Stock Issued During Period, Shares, Treasury Stock Reissued	us-gaap_StockIssuedDuringPeriodSharesTreasuryStockReissued	0
Payments For Repurchase Of Common Stock, Subject To Claims	bry_PaymentsForRepurchaseOfCommonStockSubjectToClaims	$ 20,000,000