Berry (BRY) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38606
Entity Registrant Name	Berry Corporation (bry)
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5410470
Entity Address, Address Line One	16000 Dallas Parkway
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75248
City Area Code	661
Local Phone Number	616-3900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BRY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		80,471,022
Entity Central Index Key	0001705873
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 74,918	$ 80,557
Accounts receivable, net of allowance for doubtful accounts of $1,715 at June 30, 2021 and $2,215 at December 31, 2020	63,740	52,027
Derivative instruments	11,515	2,507
Other current assets	26,890	19,400
Total current assets	177,063	154,491
Noncurrent assets:
Oil and natural gas properties	1,478,622	1,412,566
Accumulated depletion and amortization	(294,576)	(235,259)
Total oil and natural gas properties, net	1,184,046	1,177,307
Other property and equipment	114,558	112,145
Accumulated depreciation	(36,187)	(31,368)
Total other property and equipment, net	78,371	80,777
Other noncurrent assets	5,035	7,235
Total assets	1,444,515	1,419,810
Current liabilities:
Accounts payable and accrued expenses	160,586	151,985
Derivative instruments	61,476	23,321
Total current liabilities	222,062	175,306
Noncurrent liabilities:
Long-term debt	394,009	393,480
Derivative instruments	4,058	0
Deferred income taxes	538	1,011
Asset retirement obligations	139,181	135,192
Other noncurrent liabilities	6,009	785
Commitments and Contingencies - Note 4
Stockholders' Equity:
Common stock ($0.001 par value; 750,000,000 shares authorized; 85,583,268 and 85,041,581 shares issued; and 80,471,022 and 79,929,335 shares outstanding, at June 30, 2021 and December 31, 2020, respectively)	86	85
Additional paid-in-capital	914,701	915,877
Treasury stock, at cost (5,112,246 shares at June 30, 2021 and December 31, 2020)	(49,995)	(49,995)
Retained deficit	(186,134)	(151,931)
Total stockholders' equity	678,658	714,036
Total liabilities and stockholders' equity	$ 1,444,515	$ 1,419,810

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,715	$ 2,215
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	85,583,268	85,041,581
Common stock, shares outstanding (in shares)	80,471,022	79,929,335
Treasury stock, at cost (in shares)	5,112,246	5,112,246

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues and other:
Revenues and other	$ 154,902	$ 75,720	$ 302,607	$ 203,756
(Losses) gains on derivatives			(69,788)	156,002
Total revenues and other	99,249	33,453	193,450	372,718
Expenses and other:
Transportation expenses	1,757	1,789	3,333	3,611
Marketing expenses	44	280	2,271	710
General and administrative expenses	16,065	18,777	33,135	38,114
Depreciation, depletion, and amortization	35,850	37,512	69,690	72,841
Impairment of oil and gas properties	0	0	0	289,085
Taxes, other than income taxes	11,603	10,449	21,160	14,801
Losses (gains) on derivatives			69,788	(156,002)
Other operating expenses (income)	42	(1,192)	841	1,010
Total expenses and other	103,977	112,295	211,248	531,585
Other (expenses) income:
Interest expense	(8,217)	(8,676)	(16,702)	(17,596)
Other, net	(8)	(6)	(151)	(12)
Total other (expenses) income	(8,225)	(8,682)	(16,853)	(17,608)
Loss before income taxes	(12,953)	(87,524)	(34,651)	(176,475)
Income tax (benefit) expense	(72)	(22,623)	(448)	3,726
Net loss	$ (12,881)	$ (64,901)	$ (34,203)	$ (180,201)
Net loss per share:
Basic (in dollars per share)	$ (0.16)	$ (0.81)	$ (0.43)	$ (2.26)
Diluted (in dollars per share)	$ (0.16)	$ (0.81)	$ (0.43)	$ (2.26)
Oil, natural gas and natural gas liquids sales
Revenues and other:
Revenues and other	$ 147,775	$ 70,515	$ 283,040	$ 192,613
Expenses and other:
Cost of goods sold	45,543	40,733	107,827	91,485
Electricity sales
Revenues and other:
Revenues and other	6,888	4,884	16,957	10,345
Expenses and other:
Cost of goods sold	4,712	3,022	12,360	6,968
(Losses) gains on oil and gas sales derivatives
Revenues and other:
(Losses) gains on derivatives	(55,653)	(42,267)	(109,157)	168,962
Expenses and other:
Losses (gains) on derivatives	55,653	42,267	109,157	(168,962)
Marketing revenues
Revenues and other:
Revenues and other	121	292	2,355	745
Other revenues
Revenues and other:
Revenues and other	118	29	255	53
(Gains) losses on natural gas purchase derivatives
Revenues and other:
Revenues and other	5,415	2,834	17,492	6,202
(Losses) gains on derivatives	11,639	(925)	39,369	(12,960)
Expenses and other:
Losses (gains) on derivatives	$ (11,639)	$ 925	$ (39,369)	$ 12,960

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Deficit
Beginning balance at Dec. 31, 2019	$ 972,448	$ 85	$ 901,830	$ (49,995)	$ 120,528
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(794)		(794)
Stock based compensation	3,036		3,036
Dividends declared on common stock	(9,564)				(9,564)
Net loss	(115,300)				(115,300)
Ending balance at Mar. 31, 2020	849,826	85	904,072	(49,995)	(4,336)
Beginning balance at Dec. 31, 2019	972,448	85	901,830	(49,995)	120,528
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(180,201)
Ending balance at Jun. 30, 2020	789,515	85	908,662	(49,995)	(69,237)
Beginning balance at Mar. 31, 2020	849,826	85	904,072	(49,995)	(4,336)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(140)		(140)
Stock based compensation	4,730		4,730
Net loss	(64,901)				(64,901)
Ending balance at Jun. 30, 2020	789,515	85	908,662	(49,995)	(69,237)
Beginning balance at Dec. 31, 2020	714,036	85	915,877	(49,995)	(151,931)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(1,442)		(1,442)
Stock based compensation	3,995		3,995
Issuance of common stock	1	1
Dividends declared on common stock	(3,474)		(3,474)
Net loss	(21,322)				(21,322)
Ending balance at Mar. 31, 2021	691,794	86	914,956	(49,995)	(173,253)
Beginning balance at Dec. 31, 2020	714,036	85	915,877	(49,995)	(151,931)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(34,203)
Ending balance at Jun. 30, 2021	678,658	86	914,701	(49,995)	(186,134)
Beginning balance at Mar. 31, 2021	691,794	86	914,956	(49,995)	(173,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(78)		(78)
Stock based compensation	3,042		3,042
Dividends declared on common stock	(3,219)		(3,219)
Net loss	(12,881)				(12,881)
Ending balance at Jun. 30, 2021	$ 678,658	$ 86	$ 914,701	$ (49,995)	$ (186,134)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in dollars per share)	$ 0.04	$ 0.04	$ 0.12

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (34,203)	$ (180,201)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	69,690	72,841
Amortization of debt issuance costs	2,728	2,681
Impairment of oil and gas properties	0	289,085
Stock-based compensation expense	6,639	7,501
Deferred income taxes	(473)	2,750
(Decrease) increase in allowance for doubtful accounts	(500)	1,200
Other operating expenses	142	317
Derivative activities:
Total losses (gains)	69,788	(156,002)
Cash settlements on derivatives	(36,581)	71,499
Changes in assets and liabilities:
(Increase) decrease in accounts receivable	(11,189)	21,802
(Increase) in other assets	(7,490)	(3,642)
Increase (decrease) in accounts payable and accrued expenses	3,406	(32,102)
(Decrease) in other liabilities	(2,098)	(11,307)
Net cash provided by operating activities	59,859	86,422
Capital expenditures:
Capital expenditures	(67,030)	(56,403)
Changes in capital expenditures accruals	6,934	(7,256)
Acquisition of properties and equipment and other	(825)	(2,076)
Proceeds from sale of property and equipment and other	409	217
Net cash used in investing activities	(60,512)	(65,518)
Cash flows from financing activities:
Borrowings under RBL credit facility	0	222,550
Repayments on RBL credit facility	0	(223,100)
Dividends paid on common stock	(3,466)	(19,420)
Shares withheld for payment of taxes on equity awards and other	(1,520)	(934)
Net cash used in financing activities	(4,986)	(20,904)
Net increase in cash and cash equivalents	(5,639)	0
Cash and cash equivalents:
Beginning	80,557	0
Ending	$ 74,918	$ 0

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation “Berry Corp.” refers to Berry Corporation (bry), a Delaware corporation, which is the sole member of 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 in February 2017 and its common stock began trading on NASDAQ under the symbol “bry” in July 2018. Berry Corp. operates through its wholly-owned subsidiary, Berry LLC. Our properties are located onshore in the United States (the “U.S.”), in California (primarily in the San Joaquin basin), Utah (in the Uinta basin), and Colorado (in the Piceance basin). Principles of Consolidation and Reporting The condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In management’s opinion, the accompanying financial statements contain all normal, recurring adjustments that are necessary to fairly present our interim unaudited condensed consolidated financial statements. We eliminated all significant intercompany transactions and balances upon consolidation. For oil and gas exploration and production joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements. We prepared this report pursuant to the rules and regulations of the U.S. Security and Exchange Commission (“SEC”) applicable to interim financial information, which permit the omission of certain disclosures to the extent they have not changed materially since the latest annual financial statements. We believe our disclosures are adequate to make the disclosed information not misleading. The results reported in these unaudited condensed consolidated financial statements may not accurately forecast results for future periods. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2020. Reclassification We reclassified certain prior year amounts in the cash flow statements to conform to the current year presentation. These reclassifications had no material impact on the financial statements. Recently Adopted Accounting Standards In December 2019, the FASB issued rules which simplify the accounting for income taxes. We adopted these rules in the first quarter of 2021 which did not have a material impact on our financial statements.

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our outstanding debt: June 30, December 31, Interest Rate Maturity Security (in thousands) RBL Facility $ — $ — variable rates 3.0% (2021) and 4.0% (2020), respectively July 29, 2022 Mortgage on 85% of Present Value of proven oil and gas reserves and lien on certain other assets 2026 Notes 400,000 400,000 7.0% February 15, 2026 Unsecured Long-Term Debt - Principal Amount 400,000 400,000 Less: Debt Issuance Costs (5,991) (6,520) Long-Term Debt, net $ 394,009 $ 393,480 Deferred Financing Costs We incurred legal and bank fees related to the issuance of debt. At June 30, 2021 and December 31, 2020, debt issuance costs for the RBL Facility (as defined below) reported in “other noncurrent assets” on the balance sheet were approximately $5 million and $7 million net of amortization, respectively. At June 30, 2021 and December 31, 2020, debt issuance costs, net of amortization, for the unsecured notes due February 2026 (the “2026 Notes”) reported in “Long-Term Debt, net” on the balance sheet were approximately $6 million and $7 million, respectively. For the three months ended June 30, 2021 and 2020, the amortization expense for the RBL Facility and 2026 Notes were both approximately $1 million and was included in “interest expense” in the condensed consolidated statements of operations. For each of the six month periods ended June 30, 2021 and 2020, the amortization expense for both the RBL Facility and 2026 Notes was approximately $3 million. Fair Value Our debt is recorded at the carrying amount on the balance sheets. The carrying amount of the RBL Facility approximates fair value because the interest rates are variable and reflect market rates. The fair value of the 2026 Notes was approximately $408 million and $337 million at June 30, 2021 and December 31, 2020, respectively. The RBL Facility On July 31, 2017, we entered into a credit agreement that provided for a revolving loan with up to $1.5 billion of commitment, subject to a reserve borrowing base (“RBL Facility”). The RBL Facility provides a letter of credit subfacility for the issuance of letters of credit in an aggregate amount not to exceed $25 million. Issuances of letters of credit reduce the borrowing availability for revolving loans under the RBL Facility on a dollar for dollar basis. Borrowing base redeterminations generally become effective each May and November, although each of us and the administrative agent may make one interim redetermination between scheduled redeterminations. The RBL Facility has an elected commitment feature that allows us to increase commitments to the amount of our borrowing base with lender approval. In April 2021, we completed our scheduled semi-annual borrowing base redetermination under our RBL Facility, which resulted in a reaffirmed borrowing base and the Company's elected commitment at $200 million with no further borrowing restrictions beyond the covenants noted below. The RBL Facility contains customary events of default and remedies for credit facilities of a similar nature. If we do not comply with the financial and other covenants in the RBL Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the RBL Facility and exercise all of their other rights and remedies, including foreclosure on all of the collateral. The RBL Facility contains certain anti-cash hoarding provisions, including the requirement to repay outstanding loans on a weekly basis in the amount of any cash on the balance sheet (subject to certain exceptions) in excess of $30 million; and further limits to dividends and share repurchases. The RBL Facility matures on July 29, 2022, unless terminated earlier in accordance with the RBL Facility terms. The RBL Facility requires us to maintain on a consolidated basis as of each quarter-end (i) a Leverage Ratio of no more than 4.0 to 1.0 and (ii) a Current Ratio of at least 1.0 to 1.0. The RBL Facility also contains customary restrictions. As of June 30, 2021, our Leverage Ratio and Current Ratio were 2.1 to 1.0 and 2.2 to 1.0, respectively. In addition, the RBL Facility currently provides that to the extent we incur unsecured indebtedness, including any amounts raised in the future, the borrowing base will be reduced by an amount equal to 25% of the amount of such unsecured debt. We were in compliance with all financial covenants under the RBL Facility as of June 30, 2021. The RBL Facility permits us to repurchase equity and indebtedness, among other things, if availability is equal to or greater than 20% of the elected commitments or borrowing base, whichever is in effect, and our pro forma leverage ratio is less than or equal to 2.5 to 1.0. As of June 30, 2021, we had no borrowings outstanding, $7 million in letters of credit outstanding, and approximately $193 million of available borrowings capacity under the RBL Facility. Bond Repurchase Program In February 2020, our Board of Directors adopted a program to spend up to $75 million for the opportunistic repurchase of our 2026 Notes. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and does not obligate Berry Corp. to purchase the 2026 Notes during any period or at all. We have not yet repurchased any bonds under this program. Corporate Organization Berry Corp., as Berry LLC’s parent company, has no independent assets or operations. Any guarantees of potential future registered debt securities by Berry Corp. or Berry LLC would be full and unconditional. Berry Corp. and Berry LLC currently do not have any other subsidiaries. In addition, there are no significant restrictions upon the ability of Berry LLC to distribute funds to Berry Corp. by distribution or loan other than under the RBL Facility. None of the assets of Berry Corp. or Berry LLC represent restricted net assets.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2021
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 and gas production and gas purchases to reduce exposure to fluctuations in oil and natural gas prices, which addresses our market risk. We target covering our operating expenses and a majority of our fixed charges, which includes capital needed to sustain production levels, as well as interest and dividends as applicable, with the oil and gas sales hedges for a period of up to two years out. Additionally, we target fixing the price for a large portion of our natural gas purchases used in our steam operations for up to two years. We also, from time to time, have entered into agreements to purchase a portion of the natural gas we require for our operations, which we do not record at fair value as derivatives because they qualify for normal purchases and normal sales exclusions. For fixed-price oil and gas sales swaps, we are the seller, so we make settlement payments for prices above the indicated weighted-average price per barrel and per mmbtu, respectively, and receive settlement payments for prices below the indicated weighted-average price per barrel and per mmbtu, respectively. For fixed-price gas purchase swaps, we are the buyer so we make settlement payments for prices below the weighted-average price per mmbtu and receive settlement payments for prices above the weighted-average price per mmbtu. We use oil and gas swaps and puts to protect our sales against decreases in oil and gas prices. We also use swaps to protect our natural gas purchases against increases in prices. We do not enter into derivative contracts for speculative trading purposes and have not accounted for our derivatives as cash-flow or fair-value hedges. The changes in fair value of these instruments are recorded in current earnings. Gains (losses) on oil and gas sales hedges are classified in the revenues and other section of the statement of operations, while natural gas purchase hedges are included in expenses and other section of the statement of operations. As of June 30, 2021, we had the following crude oil production and gas purchase hedges. Q3 2021 Q4 2021 FY 2022 Fixed Price Oil Swaps (Brent): Hedged volume (mbbls) 1,318 1,318 1,095 Weighted-average price ($/bbl) $ 48.66 $ 48.66 $ 60.00 Fixed Price Gas Purchase Swaps (Kern, Delivered): Hedged volume (mmbtu) 4,830,000 2,085,000 — Weighted-average price ($/mmbtu) $ 2.83 $ 2.95 $ — As of June 30, 2021 we also had open swap positions that are excluded from the table above where we are both buyer and seller of equal notional volumes of 12,500 mmbtu/d of fixed price gas sales swaps each indexed to Northwest Pipeline Rocky Mountains and CIG, for the period July 1, 2021 through December 31, 2021. These swap positions effectively cancel each other while resulting in a mark-to-market gain of $1 million. This gain will be cash settled in 2021 as the positions expire. Our commodity derivatives are measured at fair value using industry-standard models with various inputs including publicly available underlying commodity prices and forward curves, and all are classified as Level 2 in the required fair value hierarchy for the periods presented. These commodity derivatives are subject to counterparty netting. The following tables present the fair values (gross and net) of our outstanding derivatives as of June 30, 2021 and December 31, 2020: June 30, 2021 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 20,876 $ (9,361) $ 11,515 Liabilities: Commodity Contracts Current liabilities (70,837) 9,361 (61,476) Commodity Contracts Non-current liabilities (4,058) — (4,058) Total derivatives $ (54,019) $ — $ (54,019) December 31, 2020 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 15,217 $ (12,710) $ 2,507 Liabilities: Commodity Contracts Current liabilities (36,031) 12,710 (23,321) Total derivatives $ (20,814) $ — $ (20,814) By using derivative instruments to economically hedge exposure to changes in commodity prices, we expose ourselves to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk. We do not receive collateral from our counterparties. We minimize the credit risk in derivative instruments by limiting our exposure to any single counterparty. In addition, our RBL Facility prevents us from entering into hedging arrangements that are secured, except with our lenders and their affiliates that have margin call requirements, that otherwise require us to provide collateral or with a non-lender counterparty that does not have an A- or A3 credit rating or better from Standards & Poor’s or Moody’s, respectively. In accordance with our standard practice, our commodity derivatives are subject to counterparty netting under agreements governing such derivatives which partially mitigates the counterparty nonperformance risk.

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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 the subject of, or party to, pending or threatened legal proceedings, contingencies and commitments involving a variety of matters that seek, or may seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, fines and penalties, remediation costs, or injunctive or declaratory relief. We accrue for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. We have not recorded a material balance at June 30, 2021 or December 31, 2020. We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of accruals on our balance sheet would not be material to our consolidated financial position or results of operations. We, or our 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 June 30, 2021, we are not aware of material indemnity claims pending or threatened against us. We have certain commitments under contracts, including purchase commitments for goods and services. Prior to our 2017 emergence, Berry entered into a Carry and Earning Agreement with Encana, effective June 7, 2006, in connection with our Piceance assets which, among other things, required us to either build a road or secure a license for alternative access, in lieu of paying a $6 million penalty. As of December 31, 2019, we fulfilled the obligation by delivering the access license pursuant to the agreement. On January 30, 2020, Caerus Piceance LLC, the successor of Encana's interests filed a claim in the City and County of Denver District Court challenging the sufficiency of such access, which we dispute. We will continue to defend the matter vigorously, however, given the uncertainty of litigation and the stage of the case, among other things, at this time we cannot estimate the likelihood or an amount of possible loss, that may result from this action. We recently entered into new pipeline capacity agreements for the shipment of natural gas from the Rockies to our assets in California that will reduce our exposure to fuel gas purchase price fluctuations. These capacity agreements are for approximately 10,000 mmbtu/d beginning October 2021 through October 2036 and approximately 5,500 mmbtu/d beginning November 2021 through December 2024 for a total commitment of $32 million. Securities Litigation Matter On November, 20, 2020, Luis Torres, individually and on behalf of a putative class, filed a securities class action lawsuit (the “Torres Lawsuit”) in the United States District Court for the Northern District of Texas against Berry Corp. and certain of its current and former directors and officers (the “Defendants”). The complaint alleges that the Defendants made false and misleading statements during the Class Period and in the offering materials for the IPO, concerning the Company’s business, operational efficiency and stability, and compliance policies, that artificially inflated the Company’s stock price, resulting in injury to the purported class members when the value of Berry Corp.’s common stock declined following release of its financial results for the third quarter of 2020. The complaint does not quantify the alleged losses but seeks to recover all damages sustained by the putative class as a result of these alleged securities violations, as well as attorneys’ fees and costs. On January 21, 2021, motions were filed in the Torres Lawsuit as plaintiffs sought to be appointed lead plaintiff and lead counsel. We dispute these claims and intend to defend the matter vigorously. Given the uncertainty of litigation, the preliminary stage of the case, and the legal standards that must be met for, among other things, class certification and success on the merits, we cannot reasonably estimate the possible loss or range of loss that may result from this action.

Equity

Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Equity	Equity Cash Dividends Our Board of Directors approved a regular cash dividend of $0.04 per share on our common stock for the first and second quarters of 2021. We paid the first and the second quarter cash dividend in April and July 2021, respectively. The Board of Directors approved a $0.06 per share regular cash dividend on our common stock for the third quarter of 2021, which is expected to be paid in October 2021. Stock Repurchase Program In December 2018, our Board of Directors adopted a program for the opportunistic repurchase of up to $100 million of our common stock. Based on the Board’s evaluation of market conditions for our common stock at the time, they authorized repurchases of up to $50 million under the program. The Company repurchased a total of 5,057,682 shares under the stock repurchase program for approximately $50 million in 2018 and 2019. In February 2020, the Board of Directors authorized the repurchase of the remaining $50 million of our $100 million repurchase program. Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means, as determined in the Company's sole discretion. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, stock price, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and does not obligate Berry Corp. to purchase shares during any period or at all. Any shares acquired will be available for general corporate purposes. We have not repurchased any shares under the stock repurchase program since 2019. Stock-Based Compensation In February 2021, the Company granted awards of 1,832,941 shares of restricted stock units (“RSUs”), which will vest annually in equal amounts over three years and 997,840 performance-based restricted stock units (“PSUs”), which will cliff vest, if at all, at the end of a three year performance period. The fair value of these awards was approximately $14 million. The RSUs awarded in February 2021 are solely time-based awards. Of the PSUs awarded in February 2021, (a) 50% of such will vest, if at all, based on a total stockholder return (“TSR”) performance metric (the “TSR PSUs”), which is defined as the capital gains per share of stock plus dividends paid assuming reinvestment, with TSR measured on an absolute basis and relative to the TSR of the 39 exploration and production companies in the Vanguard World Fund - Vanguard Energy ETF Index plus the S&P SmallCap 600 Value Index (collectively, the “Peer Group”) during the performance period; and (b) the other 50% of such will vest, if at all, based on the Company's average cash returned on invested capital (“CROIC PSUs”) over the performance period. Depending on the results achieved during the three-year performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 250% of the TSR PSUs granted and from 0% to 200% of the CROIC PSUs granted. The fair value of the RSUs and CROIC PSUs was determined using the grant date stock price. The fair value of the TSR PSUs was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company, including a comparison against the Peer Group over the performance periods. The expected volatility of the Company’s common stock at the date of grant was estimated based on average volatility rates for the Company and selected guideline public companies. The dividend yield assumption was based on the then current annualized declared dividend. The risk-free interest rate assumption was based on observed interest rates consistent with the approximate three-year performance measurement period.

Supplemental Disclosures to the

Supplemental Disclosures to the Financial Statements	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Disclosures to the Financial Statements	Supplemental Disclosures to the Financial Statements Other current assets reported on the condensed consolidated balance sheets included the following: June 30, 2021 December 31, 2020 (in thousands) Prepaid expenses $ 12,544 $ 3,592 Materials and supplies 10,847 11,666 Oil inventories 3,273 3,490 Other 226 652 Total other current assets $ 26,890 $ 19,400 Other non-current assets at June 30, 2021 and December 31, 2020, included approximately $5 million and $7 million of deferred financing costs, net of amortization, respectively. Accounts payable and accrued expenses on the condensed consolidated balance sheets included the following: June 30, 2021 December 31, 2020 (in thousands) Accounts payable-trade $ 11,820 $ 11,055 Accrued expenses 56,223 43,452 Royalties payable 17,522 15,150 Greenhouse gas liability - current portion 29,060 35,554 Taxes other than income tax liability 11,439 10,118 Accrued interest 10,500 10,783 Dividends payable 3,217 — Asset retirement obligations - current portion 20,000 25,000 Other 805 873 Total accounts payable and accrued expenses $ 160,586 $ 151,985 The increase of $4 million in the long-term portion of the asset retirement obligations from $135 million at December 31, 2020 to $139 million at June 30, 2021 was due to $5 million of accretion, $1 million of liabilities incurred and reclassification of $5 million from current to long-term portion due to changes in anticipated spending and regulatory requirements. These increases were partially offset by $7 million of liabilities settled during the period. Other non-current liabilities at June 30, 2021 and December 31, 2020 included approximately $5 million and no greenhouse gas liability, respectively. Supplemental Information on the Statement of Operations For the three months ended June 30, 2021, other operating expense mainly consisted of $2 million of supplemental property tax assessments and royalty audit charges, mostly offset by $2 million of employee retention credits. For three months ended June 30, 2020, other operating income was $1 million and mainly consisted of sales tax and bankruptcy-related refunds, partially offset by excess abandonment costs and drilling rig standby charges. For the six months ended June 30, 2021 and 2020 other operating expenses were $1 million. For the six months ended June 30, 2021, other operating expenses mainly consisted of approximately $3 million of supplemental property tax assessments and royalty audit charges and tank rental costs, partially offset by $2 million of employee retention credits. For the six months ended June 30, 2020, other operating expense mainly consist of excess abandonment costs, drilling rig standby charges, partially offset by sales tax and bankruptcy-related refunds. Supplemental Cash Flow Information Supplemental disclosures to the condensed consolidated statements of cash flows are presented below: Six Months Ended 2021 2020 (in thousands) Supplemental Disclosures of Significant Non-Cash Investing Activities: Material inventory transfers to oil and natural gas properties $ 1,437 $ 911 Supplemental Disclosures of Cash Payments (Receipts): Interest, net of amounts capitalized $ 14,925 $ 15,527 Income taxes payments $ — $ 2 Cash and cash equivalents consist primarily of highly liquid investments with original maturities of three months or less and are stated at cost, which approximates fair value. As part of our cash management system, we use a controlled disbursement account to fund cash distribution checks presented for payment by the holder. Checks issued but not yet presented to banks may result in overdraft balances for accounting purposes and have been included in “accounts payable and accrued expenses” in the condensed consolidated balance sheets, amounts are approximately $2 million as of June 30, 2021 and December 31, 2020.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We calculate basic earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding for each period presented. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement, are considered common shares outstanding and are included in the computation of net income (loss) per share. The RSUs and PSUs are not a participating security as the dividends are forfeitable. For the three and six months ended June 30, 2021 and 2020, no incremental RSUs or PSUs were included in the diluted EPS calculation as their effect was anti-dilutive under the “if converted” method. Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands except per share amounts) Basic EPS calculation Net loss $ (12,881) $ (64,901) $ (34,203) $ (180,201) Weighted-average shares of common stock outstanding 80,471 79,795 80,294 79,702 Basic loss per share $ (0.16) $ (0.81) $ (0.43) $ (2.26) Diluted EPS calculation Net loss $ (12,881) $ (64,901) $ (34,203) $ (180,201) Weighted-average shares of common stock outstanding 80,471 79,795 80,294 79,702 Dilutive effect of potentially dilutive securities (1) — — — — Weighted-average common shares outstanding - diluted 80,471 79,795 80,294 79,702 Diluted loss per share $ (0.16) $ (0.81) $ (0.43) $ (2.26) __________ (1) We excluded approximately 2.9 million and 0.8 million dilutive securities from the dilutive weighted-average common shares outstanding for the three months ended June 30, 2021 and 2020, because their effect was anti-dilutive. We excluded approximately 2.6 million and 0.8 million dilutive securities from the dilutive weighted-average common shares outstanding for the six months ended June 30, 2021 and 2020, because their effect was anti-dilutive.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition We derive most of our revenue from sales of oil, natural gas and NGLs, with the remaining revenue generated from sales of electricity and marketing activities related to transporting and marketing third-party volumes. The following table provides disaggregated revenue for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Oil sales $ 141,309 $ 67,512 $ 263,668 $ 185,822 Natural gas sales 5,415 2,834 17,492 6,202 Natural gas liquids sales 1,051 169 1,880 589 Electricity sales 6,888 4,884 16,957 10,345 Marketing revenues 121 292 2,355 745 Other revenues 118 29 255 53 Revenues from contracts with customers 154,902 75,720 302,607 203,756 (Losses) gains on oil and gas sales derivatives (55,653) (42,267) (109,157) 168,962 Total revenues and other $ 99,249 $ 33,453 $ 193,450 $ 372,718

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting The condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. In management’s opinion, the accompanying financial statements contain all normal, recurring adjustments that are necessary to fairly present our interim unaudited condensed consolidated financial statements. We eliminated all significant intercompany transactions and balances upon consolidation. For oil and gas exploration and production joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements.
Reclassification	ReclassificationWe reclassified certain prior year amounts in the cash flow statements to conform to the current year presentation. These reclassifications had no material impact on the financial statements.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In December 2019, the FASB issued rules which simplify the accounting for income taxes. We adopted these rules in the first quarter of 2021 which did not have a material impact on our financial statements.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes our outstanding debt: June 30, December 31, Interest Rate Maturity Security (in thousands) RBL Facility $ — $ — variable rates 3.0% (2021) and 4.0% (2020), respectively July 29, 2022 Mortgage on 85% of Present Value of proven oil and gas reserves and lien on certain other assets 2026 Notes 400,000 400,000 7.0% February 15, 2026 Unsecured Long-Term Debt - Principal Amount 400,000 400,000 Less: Debt Issuance Costs (5,991) (6,520) Long-Term Debt, net $ 394,009 $ 393,480

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges	As of June 30, 2021, we had the following crude oil production and gas purchase hedges. Q3 2021 Q4 2021 FY 2022 Fixed Price Oil Swaps (Brent): Hedged volume (mbbls) 1,318 1,318 1,095 Weighted-average price ($/bbl) $ 48.66 $ 48.66 $ 60.00 Fixed Price Gas Purchase Swaps (Kern, Delivered): Hedged volume (mmbtu) 4,830,000 2,085,000 — Weighted-average price ($/mmbtu) $ 2.83 $ 2.95 $ —
Fair Values (Gross and Net) of Outstanding Derivatives	The following tables present the fair values (gross and net) of our outstanding derivatives as of June 30, 2021 and December 31, 2020: June 30, 2021 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 20,876 $ (9,361) $ 11,515 Liabilities: Commodity Contracts Current liabilities (70,837) 9,361 (61,476) Commodity Contracts Non-current liabilities (4,058) — (4,058) Total derivatives $ (54,019) $ — $ (54,019) December 31, 2020 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 15,217 $ (12,710) $ 2,507 Liabilities: Commodity Contracts Current liabilities (36,031) 12,710 (23,321) Total derivatives $ (20,814) $ — $ (20,814)

Supplemental Disclosures to t_2

Supplemental Disclosures to the Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Current Assets	Other current assets reported on the condensed consolidated balance sheets included the following: June 30, 2021 December 31, 2020 (in thousands) Prepaid expenses $ 12,544 $ 3,592 Materials and supplies 10,847 11,666 Oil inventories 3,273 3,490 Other 226 652 Total other current assets $ 26,890 $ 19,400
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses on the condensed consolidated balance sheets included the following: June 30, 2021 December 31, 2020 (in thousands) Accounts payable-trade $ 11,820 $ 11,055 Accrued expenses 56,223 43,452 Royalties payable 17,522 15,150 Greenhouse gas liability - current portion 29,060 35,554 Taxes other than income tax liability 11,439 10,118 Accrued interest 10,500 10,783 Dividends payable 3,217 — Asset retirement obligations - current portion 20,000 25,000 Other 805 873 Total accounts payable and accrued expenses $ 160,586 $ 151,985
Supplemental Disclosures to the Statements of Cash Flows	Supplemental disclosures to the condensed consolidated statements of cash flows are presented below: Six Months Ended 2021 2020 (in thousands) Supplemental Disclosures of Significant Non-Cash Investing Activities: Material inventory transfers to oil and natural gas properties $ 1,437 $ 911 Supplemental Disclosures of Cash Payments (Receipts): Interest, net of amounts capitalized $ 14,925 $ 15,527 Income taxes payments $ — $ 2

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands except per share amounts) Basic EPS calculation Net loss $ (12,881) $ (64,901) $ (34,203) $ (180,201) Weighted-average shares of common stock outstanding 80,471 79,795 80,294 79,702 Basic loss per share $ (0.16) $ (0.81) $ (0.43) $ (2.26) Diluted EPS calculation Net loss $ (12,881) $ (64,901) $ (34,203) $ (180,201) Weighted-average shares of common stock outstanding 80,471 79,795 80,294 79,702 Dilutive effect of potentially dilutive securities (1) — — — — Weighted-average common shares outstanding - diluted 80,471 79,795 80,294 79,702 Diluted loss per share $ (0.16) $ (0.81) $ (0.43) $ (2.26) __________ (1) We excluded approximately 2.9 million and 0.8 million dilutive securities from the dilutive weighted-average common shares outstanding for the three months ended June 30, 2021 and 2020, because their effect was anti-dilutive. We excluded approximately 2.6 million and 0.8 million dilutive securities from the dilutive weighted-average common shares outstanding for the six months ended June 30, 2021 and 2020, because their effect was anti-dilutive.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides disaggregated revenue for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Oil sales $ 141,309 $ 67,512 $ 263,668 $ 185,822 Natural gas sales 5,415 2,834 17,492 6,202 Natural gas liquids sales 1,051 169 1,880 589 Electricity sales 6,888 4,884 16,957 10,345 Marketing revenues 121 292 2,355 745 Other revenues 118 29 255 53 Revenues from contracts with customers 154,902 75,720 302,607 203,756 (Losses) gains on oil and gas sales derivatives (55,653) (42,267) (109,157) 168,962 Total revenues and other $ 99,249 $ 33,453 $ 193,450 $ 372,718

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	$ 400,000
Less: Debt Issuance Costs	(5,991)	(6,520)
Long-Term Debt, net	394,009	393,480
2026 Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	400,000
Interest Rate	7.00%
Revolving Credit Facility | RBL Facility | Line of credit
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 0	$ 0
Security	85.00%
Line of credit | RBL Facility
Debt Instrument [Line Items]
Variable rate	3.00%	4.00%

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Feb. 27, 2020USD ($)	Jul. 31, 2017USD ($)
Debt Instrument [Line Items]
Debt issuance costs for the 2026 Senior Unsecured Notes	$ 5,991,000		$ 5,991,000			$ 6,520,000
Amortization of debt issuance costs			$ 2,728,000	$ 2,681,000
Maximum pro forma leverage ratio allowable which will permit repurchase of equity and indebtedness								2.5
Bond repurchase program, authorized amount							$ 75,000,000
Minimum availability of borrowing base required which will permit distributions to parent company	20.00%		20.00%
Interest Expense
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 1,000,000	$ 1,000,000	$ 3,000,000	$ 3,000,000
RBL Facility | Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 25,000,000
RBL Facility | Line of credit
Debt Instrument [Line Items]
Leverage ratio (no more than)								4
Current ratio (at least)								1
Leverage ratio at period end	2.1		2.1
Current ratio at period end	2.2		2.2
Reduction in borrowing base if unsecured indebtedness is incurred								25.00%
Minimum availability of borrowing base required which will permit repurchase of equity and indebtedness								20.00%
Letters of credit outstanding	$ 7,000,000		$ 7,000,000
Maximum pro forma leverage ratio allowable which will permit distributions to parent company	2.5		2.5
RBL Facility | Line of credit
Debt Instrument [Line Items]
Borrowings outstanding	$ 0		$ 0
RBL Facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs for the RBL Facility	5,000,000		5,000,000			7,000,000
Maximum borrowing capacity								$ 1,500,000,000
Borrowing base					$ 200,000,000
Repayment of loans outstanding for amounts exceeding cash reported								$ 30,000,000
Available borrowing capacity	193,000,000		193,000,000
2026 Notes | Unsecured Debt
Debt Instrument [Line Items]
Fair value of debt	$ 408,000,000		$ 408,000,000			$ 337,000,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands	6 Months Ended		9 Months Ended
	Jun. 30, 2021USD ($)MMBTU	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)
Derivative [Line Items]
Target period to cover operating expenses and fixed charges (up to)	2 years
Target period for fixing the price natural gas purchases used in steam operations (up to)	2 years
Gain on derivative	$ (69,788)	$ 156,002
Northwest Pipeline Rocky Mountains And CIG Fixed Price Oils And Gas Swaps Contracts
Derivative [Line Items]
Fixed price swaps as buyer and seller (in MMBtu) | MMBTU	12,500
Northwest Pipeline Rocky Mountains And CIG Fixed Price Oils And Gas Swaps Contracts | Forecast
Derivative [Line Items]
Gain on derivative			$ 1,000

Derivatives - Derivative Transa

Derivatives - Derivative Transactions Resulting in Hedged Gas Contracts Outstanding (Details) - Forecast MBbls in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021MMBTU$ / bbl$ / MMBtuMBbls	Sep. 30, 2021MMBTU$ / MMBtu$ / bblMBbls	Dec. 31, 2022MMBTU$ / bbl$ / MMBtuMBbls
Fixed Price Oil Swaps (Brent)
Derivative [Line Items]
Hedged volume (mbbls) | MBbls	1,318	1,318	1,095
Weighted-average price ($/bbl) | $ / bbl	48.66	48.66	60
Fixed Price Gas Purchase Swaps (Kern, Delivered)
Derivative [Line Items]
Hedged volume (mmbtu) | MMBTU	2,085,000	4,830,000	0
Weighted-average price ($/mmbtu) | $ / MMBtu	2.95	2.83	0

Derivatives - Fair Values (Gros

Derivatives - Fair Values (Gross and Net) of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities:
Total derivatives	$ (54,019)	$ (20,814)
Commodity Contracts | Current assets
Assets:
Gross Amounts Recognized at Fair Value	20,876	15,217
Gross Amounts Offset in the Balance Sheet	(9,361)	(12,710)
Net Fair Value Presented  in the Balance Sheet	11,515	2,507
Commodity Contracts | Current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(70,837)	(36,031)
Gross Amounts Offset in the Balance Sheet	9,361	12,710
Net Fair Value Presented  in the Balance Sheet	(61,476)	$ (23,321)
Commodity Contracts | Non-current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(4,058)
Gross Amounts Offset in the Balance Sheet	0
Net Fair Value Presented  in the Balance Sheet	$ (4,058)

Lawsuits, Claims, Commitments_2

Lawsuits, Claims, Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Jun. 30, 2021USD ($)MMBTU	Jun. 07, 2006USD ($)
Long-term Purchase Commitment [Line Items]
Commitments under contracts | $		$ 6
Long-term purchase commitment amount | $	$ 32
Shipment Of Natural Gas, Beginning October 2021 Thru October 2036
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment amount (in mmbtu/d) | MMBTU	10,000
Shipment Of Natural Gas, Beginning November 2021 Thru December 2024
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment amount (in mmbtu/d) | MMBTU	5,500

Equity (Details)

Equity (Details) - USD ($)	1 Months Ended				3 Months Ended				13 Months Ended	18 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Feb. 28, 2021	Feb. 29, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share)		$ 0.04
Dividends declared on common stock (in dollars per share)						$ 0.04	$ 0.04	$ 0.12
Number of shares repurchased									5,057,682	0
Price of shares repurchased									$ 50,000,000
Fair value of awards granted			$ 14,000,000
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share)	$ 0.04
Dividends declared on common stock (in dollars per share)					$ 0.06
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			1,832,941
Vesting period			3 years
Performance-based Restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)			997,840
Vesting period			3 years
Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights			50.00%
Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights			50.00%
Minimum | Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted			0.00%
Minimum | Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted			0.00%
Maximum | Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted			250.00%
Maximum | Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted			200.00%
Stock Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount of repurchases				$ 100,000,000							$ 100,000,000
Authorized current repurchases				$ 50,000,000
Stock Repurchase Program, Current Repurchases Authorized
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount of repurchases											$ 50,000,000

Supplemental Disclosures to t_3

Supplemental Disclosures to the Financial Statements - Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 12,544	$ 3,592
Materials and supplies	10,847	11,666
Oil inventories	3,273	3,490
Other	226	652
Total other current assets	$ 26,890	$ 19,400

Supplemental Disclosures to t_4

Supplemental Disclosures to the Financial Statements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Reclassification [Line Items]
Deferred financing costs, net of amortization	$ 5,000		$ 5,000		$ 7,000
Asset retirement obligation, increase			4,000
Asset retirement obligation, noncurrent	139,181		139,181		135,192
Asset retirement obligation, accretion expense			5,000
Asset retirement obligation, liabilities incurred			1,000
Asset retirement obligations - current portion	20,000		20,000		25,000
Asset retirement obligation, liabilities settled			7,000
Greenhouse gas liability, noncurrent	5,000		5,000		0
Supplemental property tax assessments and royalty audit charges and tank rental costs	2,000		3,000
Employee retention credits	2,000		2,000
Other operating income (expense)	(42)	$ 1,192	(841)	$ (1,010)
Bank overdrafts	2,000		2,000		$ 2,000
Revision of Prior Period, Reclassification, Adjustment
Reclassification [Line Items]
Asset retirement obligation, noncurrent	5,000		5,000
Asset retirement obligations - current portion	$ (5,000)		$ (5,000)

Supplemental Disclosures to t_5

Supplemental Disclosures to the Financial Statements - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable-trade	$ 11,820	$ 11,055
Accrued expenses	56,223	43,452
Royalties payable	17,522	15,150
Greenhouse gas liability - current portion	29,060	35,554
Taxes other than income tax liability	11,439	10,118
Accrued interest	10,500	10,783
Dividends payable	3,217	0
Asset retirement obligations - current portion reclassification to long term portion	20,000	25,000
Other	805	873
Total accounts payable and accrued expenses	$ 160,586	$ 151,985

Supplemental Disclosures to t_6

Supplemental Disclosures to the Financial Statements - Supplemental Disclosures to the Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Material inventory transfers to oil and natural gas properties	$ 1,437	$ 911
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	14,925	15,527
Income taxes payments	$ 0	$ 2

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0	0	0	0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic EPS calculation
Net loss	$ (12,881)	$ (64,901)	$ (34,203)	$ (180,201)
Weighted-average shares of common stock outstanding (in shares)	80,471	79,795	80,294	79,702
Basic loss per share (in dollars per share)	$ (0.16)	$ (0.81)	$ (0.43)	$ (2.26)
Diluted EPS calculation
Net loss	$ (12,881)	$ (64,901)	$ (34,203)	$ (180,201)
Weighted-average shares of common stock outstanding (in shares)	80,471	79,795	80,294	79,702
Dilutive effect of potentially dilutive securities (in shares)	0	0	0	0
Weighted-average common shares outstanding - diluted (in shares)	80,471	79,795	80,294	79,702
Diluted loss per share (in dollars per share)	$ (0.16)	$ (0.81)	$ (0.43)	$ (2.26)
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)
Diluted EPS calculation
Potentially dilutive securities (in shares)	2,900	800	2,600	800

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 154,902	$ 75,720	$ 302,607	$ 203,756
(Losses) gains on derivatives			(69,788)	156,002
Total revenues and other	99,249	33,453	193,450	372,718
Oil sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	141,309	67,512	263,668	185,822
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5,415	2,834	17,492	6,202
(Losses) gains on derivatives	11,639	(925)	39,369	(12,960)
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,051	169	1,880	589
Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,888	4,884	16,957	10,345
Marketing revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	121	292	2,355	745
Other revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	118	29	255	53
(Losses) gains on oil and gas sales derivatives
Disaggregation of Revenue [Line Items]
(Losses) gains on derivatives	$ (55,653)	$ (42,267)	$ (109,157)	$ 168,962