Berry (BRY) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38606
Entity Registrant Name	Berry Corporation (bry)
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5410470
Entity Address, Address Line One	16000 Dallas Parkway
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75248
City Area Code	661
Local Phone Number	616-3900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BRY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		77,081,809
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Central Index Key	0001705873

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 14,117	$ 46,250
Accounts receivable, net of allowance for doubtful accounts of $866 at March 31, 2023 and December 31, 2022	83,113	101,713
Derivative instruments	497	36,367
Other current assets	34,885	33,725
Total current assets	132,612	218,055
Noncurrent assets:
Oil and natural gas properties	1,746,216	1,725,864
Accumulated depletion and amortization	(495,883)	(465,889)
Total oil and natural gas properties, net	1,250,333	1,259,975
Other property and equipment	159,612	155,619
Accumulated depreciation	(63,063)	(55,781)
Total other property and equipment, net	96,549	99,838
Derivative instruments	5,858	76
Deferred income taxes	45,371	42,844
Other noncurrent assets	9,518	10,242
Total assets	1,540,241	1,631,030
Current liabilities:
Accounts payable and accrued expenses	141,063	203,101
Derivative instruments	20,476	31,106
Total current liabilities	161,539	234,207
Noncurrent liabilities:
Long-term debt	437,036	395,735
Derivative instruments	2,555	13,642
Asset retirement obligations	156,411	158,491
Other noncurrent liabilities	29,764	28,470
Commitments and Contingencies - Note 4
Stockholders' Equity:
Common stock ($0.001 par value; 750,000,000 shares authorized; 87,166,043 and 86,350,771 shares issued; and 76,582,775 and 75,767,503 shares outstanding, at March 31, 2023 and December 31, 2022, respectively)	88	86
Additional paid-in-capital	822,172	821,443
Treasury stock, at cost (10,583,268 shares at March 31, 2023 and December 31, 2022, respectively)	(103,739)	(103,739)
Retained earnings	34,415	82,695
Total stockholders' equity	752,936	800,485
Total liabilities and stockholders' equity	$ 1,540,241	$ 1,631,030

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 866	$ 866
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	87,166,043	86,350,771
Common stock, shares outstanding (in shares)	76,582,775	75,767,503
Treasury stock, at cost (in shares)	10,583,268	10,583,268

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues and other:
Revenues	$ 216,470	$ 255,940
Gains (losses) on oil and gas sales derivatives	38,499	(161,858)
Total revenues and other	254,969	94,082
Expenses and other:
Lease operating expenses	134,835	63,124
Transportation expenses	1,041	1,158
Marketing expenses	0	299
General and administrative expenses	31,669	22,942
Depreciation, depletion, and amortization	40,121	39,777
Taxes, other than income taxes	10,460	6,605
Gains on natural gas purchase derivatives	(610)	(29,054)
Other operating (income) expenses	(286)	3,769
Total expenses and other	255,829	146,555
Other (expenses) income:
Interest expense	(7,837)	(7,675)
Other, net	(75)	(13)
Total other expenses	(7,912)	(7,688)
Loss before income taxes	(8,772)	(60,161)
Income tax benefit	(2,913)	(3,351)
Net loss	$ (5,859)	$ (56,810)
Net loss per share:
Basic (in dollars per share)	$ (0.08)	$ (0.71)
Diluted (in dollars per share)	$ (0.08)	$ (0.71)
Oil, natural gas and natural gas liquids sales
Revenues and other:
Revenues	$ 166,357	$ 210,351
Services revenue
Revenues and other:
Revenues	44,623	39,836
Expenses and other:
Cost of goods sold	36,099	33,472
Electricity sales
Revenues and other:
Revenues	5,445	5,419
Expenses and other:
Cost of goods sold	2,500	4,463
Marketing revenues
Revenues and other:
Revenues	0	289
Other revenues
Revenues and other:
Revenues	$ 45	$ 45

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings (Accumulated Deficit)
Beginning balance at Dec. 31, 2021	$ 692,648	$ 86	$ 912,471	$ (52,436)	$ (167,473)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(4,096)		(4,096)
Stock based compensation	3,920		3,920
Dividends declared on common stock	(5,236)		(5,236)
Net income (loss) before income taxes	(56,810)				(56,810)
Ending balance at Mar. 31, 2022	630,426	86	907,059	(52,436)	(224,283)
Beginning balance at Dec. 31, 2022	800,485	86	821,443	(103,739)	82,695
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards and other	(4,260)		(4,260)
Stock based compensation	4,989		4,989
Issuance of common stock	2	2
Dividends declared on common stock	(42,421)				(42,421)
Net income (loss) before income taxes	(5,859)				(5,859)
Ending balance at Mar. 31, 2023	$ 752,936	$ 88	$ 822,172	$ (103,739)	$ 34,415

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in dollars per share)	$ 0.50	$ 0.06

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (5,859)	$ (56,810)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	40,121	39,777
Amortization of debt issuance costs	636	576
Stock-based compensation expense	4,766	3,686
Deferred income taxes	(2,913)	(2,002)
Other operating expenses (income)	604	(910)
Derivative activities:
Total (gains) losses	(39,109)	132,804
Cash settlements on derivatives	47,467	(32,152)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	18,615	(25,648)
(Increase) decrease in other assets	(383)	9,231
Decrease in accounts payable and accrued expenses	(57,933)	(14,093)
Decrease in other liabilities	(4,231)	(5,929)
Net cash provided by operating activities	1,781	48,530
Capital expenditures:
Capital expenditures	(20,633)	(27,620)
Changes in capital expenditures accruals	(6,170)	9,992
Acquisitions, net of cash received	(3,657)	(18,932)
Net cash used in investing activities	(30,460)	(36,560)
Cash flows from financing activities:
Dividends paid on common stock	(40,194)	(5,197)
Shares withheld for payment of taxes on equity awards and other	(4,260)	(4,096)
Net cash used in financing activities	(3,454)	(9,293)
Net (decrease) increase in cash and cash equivalents	(32,133)	2,677
Cash and cash equivalents:
Beginning	46,250	15,283
Ending	14,117	17,960
2021 RBL Facility
Cash flows from financing activities:
Borrowings under credit facilities	53,000	107,000
Repayments under credit facilities	$ (12,000)	$ (107,000)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation “Berry Corp.” refers to Berry Corporation (bry), a Delaware corporation, which is the sole member of each of its three Delaware limited liability company subsidiaries: (1) Berry Petroleum Company, LLC (“Berry LLC”), (2) CJ Berry Well Services Management, LLC (“C&J Management”) and (3) C&J Well Services, LLC (“C&J”). As the context may require, the “Company”, “we”, “our” or similar words refer to Berry Corp. and its subsidiaries, Berry LLC, C&J Management and C&J. Nature of Business We are a western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived conventional reserves in the San Joaquin basin of California (100% oil) and the Uinta basin of Utah (oil and gas), with well servicing and abandonment capabilities in California. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment. 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.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes our outstanding debt: March 31, December 31, Interest Rate Maturity Security (in thousands) 2021 RBL Facility $ 41,000 $ — variable rates 10.25% (2023) and 9.50% (2022) August 26, 2025 Mortgage on 90% of Present Value of proven oil and gas reserves and lien on certain other assets 2022 ABL Facility — — variable rates 9.0% (2023) and 8.3% (2022) June 5, 2025 Personal property assets, other than excluded accounts 2026 Notes 400,000 400,000 7.0% February 15, 2026 Unsecured Long-Term Debt - Principal Amount 441,000 400,000 Less: Debt Issuance Costs (3,964) (4,265) Long-Term Debt, net $ 437,036 $ 395,735 Deferred Financing Costs We incurred legal and bank fees related to the issuance of debt. At March 31, 2023 and December 31, 2022, debt issuance costs reported in “other noncurrent assets” on the balance sheet were approximately (i) $3 million and $4 million, respectively, net of amortization, for the Credit Agreement, dated as of August 26, 2021, among Berry Corp, as a guarantor, Berry LLC, as the borrower, JPMorgan Chase Bank, N.A., as the administrative agent and the other parties thereto (as amended, restated, modified or otherwise supplemented from time to time, the “2021 RBL Facility”) and (ii) an immaterial amount, net of amortization, for the Revolving Loan and Security Agreement, dated as of August 9, 2022, among C&J and C&J Management, as borrowers, and Tri Counties Bank, as lender (as amended, restated, supplemented or otherwise modified from time to time, the “2022 ABL Facility”). At March 31, 2023 and December 31, 2022, debt issuance costs, net of amortization, for the unsecured notes due February 2026 (the “2026 Notes”) reported in “Long-Term Debt, net” on the balance sheet was approximately $4 million. For each of the three month periods ended March 31, 2023 and 2022, the amortization expense for the 2021 RBL Facility, 2022 ABL Facility and the 2026 Notes, combined, was approximately $1 million. The amortization of debt issuance costs is presented in “interest expense” on the condensed consolidated statements of operations. Fair Value Our debt is recorded at the carrying amount on the balance sheets. The carrying amounts of the 2021 RBL Facility and the 2022 ABL Facility approximate fair value because the interest rates are variable and reflect market rates. The 2021 RBL and 2022 ABL are Level 2 in the fair value hierarchy. The fair value of the 2026 Notes was approximately $369 million at March 31, 2023 and December 31, 2022. The 2026 Notes are Level 1 in the fair value hierarchy. 2021 RBL Facility As of March 31, 2023, the 2021 RBL Facility had a $500 million revolving commitment and a $250 million borrowing base with the aggregate elected commitments of $200 million, and a $20 million sublimit for the issuance of letters of credit (with borrowing availability being reduced by the face amount of any letters of credit issued under the subfacility). Availability under the 2021 RBL Facility may not exceed the lesser of the aggregate elected commitments or the borrowing base less outstanding advances and letters of credit. The borrowing base under the 2021 RBL Facility is redetermined semi-annually, and the borrowing base redeterminations generally become effective each May and November, although the borrower and the lenders may each make one interim redetermination between scheduled redeterminations. The 2021 RBL Facility matures on August 26, 2025, unless terminated earlier in accordance with the 2021 RBL Facility terms. The 2021 RBL Facility is available to us for general corporate purposes, including working capital. The outstanding borrowings under the 2021 RBL Facility bear interest at a rate equal to, at our option, either (a) a customary base rate plus an applicable margin ranging from 2.0% to 3.0% or (b) a term SOFR reference rate, plus an applicable margin ranging from 3.0% to 4.0%, in each case determined based on the utilization level under the 2021 RBL Facility. Interest rate on base borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on term SOFR borrowings accrues in respect of interest periods of one three The 2021 RBL Facility requires us to maintain on a consolidated basis as of each quarter-end (i) a leverage ratio of not more than 3.0 to 1.0 and (ii) a current ratio of not less than 1.0 to 1.0. As of March 31, 2023, our leverage ratio and current ratio were 1.4 to 1.0 and 1.8 to 1.0, respectively. As of March 31, 2023, we were in compliance with all of the debt covenants. The 2021 RBL Facility also contains other customary affirmative and negative covenants, as well as events of default and remedies. If we do not comply with the financial and other covenants in the 2021 RBL Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the 2021 RBL Facility and terminate the commitments thereunder. As of March 31, 2023, we had $41 million borrowings outstanding, $7 million in letters of credit outstanding and approximately $152 million of available borrowing capacity under the 2021 RBL Facility. 2022 ABL Facility Subject to satisfaction of customary conditions precedent to borrowing, as of March 31, 2023, C&J and C&J Management could borrow up to the lesser of (x) $15 million and (y) the borrowing base under the 2022 ABL Facility, with a letter of credit subfacility for the issuance of letters of credit in an aggregate amount not to exceed $7.5 million (with borrowing availability being reduced by the face amount of any letters of credit issued under the subfacility). The “borrowing base” is an amount equal to 80% of the balance due on eligible accounts receivable, subject to reserves that Tri Counties Bank may implement in its reasonable discretion. Interest on the outstanding principal amount of the revolving loans under the 2022 ABL Facility accrues at a per annum rate equal to 1.25% in excess of The Wall Street Journal Prime Rate. The “Wall Street Journal Prime Rate” is the variable rate of interest, on a per annum basis, which is announced and/or published in the “Money Rates” section of The Wall Street Journal from time to time as its “Prime Rate”. The rate will be redetermined whenever The Wall Street Journal Prime Rate changes. Interest is due quarterly, in arrears. The 2022 ABL Facility matures on June 5, 2025, unless terminated in accordance with the 2022 ABL Facility terms. The 2022 ABL Facility requires CJWS to comply with the following financial covenants (i) maintain on a consolidated basis a ratio of total liabilities to tangible net worth of no greater than 1.5 to 1.0 at any time; (ii) reduce the amount of revolving advances outstanding under the 2022 ABL Facility to not more than 90% of the lesser of (a) the maximum revolving advance amount, or (b) the borrowing base, as of Tri Counties Bank’s close of business on the last day of each fiscal quarter; and (iii) maintain net income before taxes of not less than $1.00 as of each fiscal year end. As of March 31, 2023, CJWS was in compliance with all of the debt covenants. The 2022 ABL Facility also contains other customary affirmative and negative covenants, as well as events of default and remedies. If CJWS does not comply with the financial and other covenants in the 2022 ABL Facility, the lender may, subject to customary cure rights, require immediate payment of all amounts outstanding under the 2022 ABL Facility and terminate the commitment thereunder. CJWS’s obligations under the 2022 ABL Facility are not guaranteed by Berry Corp. or Berry LLC and Berry Corp. and Berry LLC do not and are not required to provide any credit support for such obligations. In March 2023, we entered into the Amendment to Revolving Loan and Security Agreement (the “First Amendment”). The First Amendment, in addition to other changes described therein, amended the 2022 ABL Facility to substitute certain collateral. As of March 31, 2023, CJWS had no borrowings and $2 million letters of credit outstanding with $13 million of available borrowing capacity under the 2022 ABL Facility. Senior Unsecured Notes In February 2018, Berry LLC completed a private issuance of $400 million in aggregate principal amount of 7.0% senior unsecured notes due February 2026 (the “2026 Notes”), which resulted in net proceeds to us of approximately $391 million after deducting expenses and the initial purchasers’ discount. The 2026 Notes are Berry LLC’s senior unsecured obligations and rank equally in right of payment with all of our other senior indebtedness and senior to any of our subordinated indebtedness. The 2026 Notes are fully and unconditionally guaranteed on a senior unsecured basis by Berry Corp. The indenture governing the 2026 Notes contains customary covenants and events of default (in some cases, subject to grace periods). We were in compliance with all covenants under the 2026 Notes as of March 31, 2023. Debt Repurchase Program In February 2020, our Board of Directors adopted a program to spend up to $75 million for the opportunistic repurchase of our 2026 Notes. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and do not obligate Berry Corp. to purchase the 2026 Notes during any period or at all. We have not yet repurchased any notes under this program.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We utilize derivatives, such as swaps, puts, calls and collars, to hedge a portion of our forecasted oil and gas production and gas purchases to reduce exposure to fluctuations in oil and natural gas prices, which addresses our market risk. In addition to satisfying the oil hedging requirements of the 2021 RBL Facility, we target covering our operating expenses and a majority of our fixed charges, which includes capital needed to sustain production levels, as well as interest and fixed dividends as applicable, with the oil and gas sales hedges for a period of up to three years out. Additionally, we target fixing the price for a large portion of our natural gas purchases used in our steam operations for up to three years. We have also entered into Utah gas transportation contracts to help reduce the price fluctuation exposure, however these do not qualify as hedges. We also, from time to time, have entered into agreements to purchase a portion of the natural gas we require for our operations, which we do not record at fair value as derivatives because they qualify for normal purchases and normal sales exclusions. We had no such transactions in the periods presented. For fixed-price oil and gas sales swaps, we are the seller, so we make settlement payments for prices above the indicated weighted-average price per bbl and per mmbtu, respectively, and receive settlement payments for prices below the indicated weighted-average price per bbl and per mmbtu, respectively. For our purchased puts, we would receive settlement payments for prices below the indicated weighted-average price per barrel, net of any deferred premium. No payment would be made or received for prices above the indicated weighted-average price per barrel, other than any applicable deferred premium. For our sold puts, we would make settlement payments for prices below the indicated weighted-average price per barrel, net of any deferred premium. No payment would be made or received for prices above the indicated weighted-average price per barrel, other than any applicable deferred premium. For our sold call options, we would make settlement payments for prices above the indicated weighted-average price per barrel, net of any deferred premium. No payment would be made or received for prices above the indicated weighted-average price per barrel, other than any applicable deferred premium. A consumer collar is used for the purchase of fuel gas and is the combination of buying a call option and selling a put option. We would receive settlement payments for prices above the indicated weighted-average price of the call option and we would make settlement payments for prices below the indicated weighted-average price of the put option. No payment would be made or received for prices above the indicated weighted-average price per barrel, other than any applicable deferred premium. For natural gas basis swaps, we make settlement payments if the difference between NWPL and Henry Hub is below the indicated weighted-average price of our contracts and receive settlement payments if the difference between NWPL and Henry Hub is above the indicated weighted-average price. For some of our options we paid or received a premium at the time the positions were created and for others, the premium payment or receipt is deferred until the time of settlement. As of March 31, 2023 we have net payable deferred premiums of approximately $4 million, which is reflected in the mark-to-market valuation and will be payable through December 31, 2024. We use oil and gas production hedges to protect our sales against decreases in oil and gas prices. We also use natural gas purchase hedges to protect our natural gas purchases against increases in prices. We do not enter into derivative contracts for speculative trading purposes and have not accounted for our derivatives as cash-flow or fair-value hedges. The changes in fair value of these instruments are recorded in current earnings. Gains (losses) on oil and gas sales hedges are classified in the revenues and other section of the statement of operations, while natural gas purchase hedges are included in expenses and other section of the statement of operations. As of March 31, 2023, we had the following crude oil production and gas purchases hedges. Q2 2023 Q3 2023 Q4 2023 FY 2024 FY 2025 FY 2026 Brent - Crude Oil production Swaps Hedged volume (bbls) 1,387,750 1,211,717 1,196,000 3,412,817 99,337 9,518 Weighted-average price ($/bbl) $ 77.01 $ 76.26 $ 76.18 $ 76.07 $ 71.55 $ 71.55 Sold Calls Hedged volume (bbls) 364,000 368,000 368,000 1,098,000 2,486,127 472,500 Weighted-average price ($/bbl) $ 106.00 $ 106.00 $ 106.00 $ 105.00 $ 91.11 $ 82.21 Purchased Puts (net) (1) Hedged volume (bbls) 546,000 552,000 552,000 1,281,000 2,486,127 472,500 Weighted-average price ($/bbl) $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 58.53 $ 60.00 Sold Puts (net) (1) Hedged volume (bbls) 132,668 184,000 154,116 183,000 — — Weighted-average price ($/bbl) $ 40.00 $ 40.00 $ 40.00 $ 40.00 $ — $ — Henry Hub - Natural Gas purchases Consumer Collars Hedged volume (mmbtu) 1,820,000 — — — — — Weighted-average price ($/mmbtu) $4.00/$2.75 $ — $ — $ — $ — $ — NWPL - Natural Gas purchases Swaps Hedged volume (mmbtu) 3,640,000 3,680,000 3,680,000 7,320,000 6,080,000 — Weighted-average price ($/mmbtu) $ 5.34 $ 5.34 $ 5.34 $ 4.27 $ 4.27 $ — Gas Basis Differentials NWPL/HH - basis swaps Hedged volume (mmbtu) — — 610,000 — — — Weighted-average price ($/mmbtu) $ — $ — $ 1.12 $ — $ — $ — __________ (1) Purchase puts and sold puts with the same strike price have been presented on a net basis. In addition to the table above, in April 2023, we added a natural gas purchase swap (NWPL) of 10,000 mmbtu/d at $4.10 beginning January 2024 through December 2024. 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, 2023 and December 31, 2022: March 31, 2023 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 23,352 $ (22,855) $ 497 Commodity Contracts Non-current assets 46,315 (40,457) 5,858 Liabilities: Commodity Contracts Current liabilities (43,331) 22,855 (20,476) Commodity Contracts Non-current liabilities (43,012) 40,457 (2,555) Total derivatives $ (16,676) $ — $ (16,676) December 31, 2022 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 66,974 $ (30,607) $ 36,367 Commodity Contracts Non-current assets 39,886 (39,810) 76 Liabilities: Commodity Contracts Current liabilities (61,713) 30,607 (31,106) Commodity Contracts Non-current liabilities (53,452) 39,810 (13,642) Total derivatives $ (8,305) $ — $ (8,305) By using derivative instruments to economically hedge exposure to changes in commodity prices, we expose ourselves to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk. We do not receive collateral from our counterparties. We minimize the credit risk in derivative instruments by limiting our exposure to any single counterparty. In addition, our 2021 RBL Facility prevents us from entering into hedging arrangements that are secured, except with our lenders and their affiliates that have margin call requirements, that otherwise require us to provide collateral or with a non-lender counterparty that does not have an A or A2 credit rating or better from Standards & Poor’s or Moody’s, respectively. In accordance with our standard practice, our commodity derivatives are subject to counterparty netting under agreements governing such derivatives which partially mitigates the counterparty nonperformance risk.

Lawsuits, Claims, Commitments a

Lawsuits, Claims, Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Lawsuits, Claims, Commitments and Contingencies	Lawsuits, Claims, Commitments and Contingencies In the normal course of business, we, or our subsidiaries, are the subject of, or party to, pending or threatened legal proceedings, contingencies and commitments involving a variety of matters that seek, or may seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, fines and penalties, remediation costs, or injunctive or declaratory relief. We accrue for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. We have not recorded any reserve balances at March 31, 2023 and December 31, 2022. We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of accruals on our balance sheet would not be material to our consolidated financial position or results of operations. We, or our subsidiaries, or both, have indemnified various parties against specific liabilities those parties might incur in the future in connection with transactions that they have entered into with us. As of March 31, 2023, we are not aware of material indemnity claims pending or threatened against us. Securities Litigation Matters On November, 20, 2020, Luis Torres, individually and on behalf of a putative class, filed a securities class action lawsuit (the “Torres Lawsuit”) in the United States District Court for the Northern District of Texas against Berry Corp. and certain of its current and former directors and officers (collectively, the “Defendants”). The complaint asserts violations of Sections 11 and 15 of the Securities Act of 1933 (as amended, the “Securities Act”), and Sections 10(b) and 20(a) of the Exchange Act of 1934 (as amended, the “Exchange Act”), on behalf of a putative class of all persons who purchased or otherwise acquired (i) common stock pursuant and/or traceable to the Company’s 2018 IPO; or (ii) Berry Corp.'s securities between July 26, 2018 and November 3, 2020 (the “Class Period”). In particular, the complaint alleges that the Defendants made false and misleading statements during the Class Period and in the offering materials for the IPO, concerning the Company’s business, operational efficiency and stability, and compliance policies, that artificially inflated the Company’s stock price, resulting in injury to the purported class members when the value of Berry Corp.’s common stock declined following release of its financial results for the third quarter of 2020 on November 3, 2020. On November 1, 2021, the court-appointed co-lead plaintiffs filed an amended complaint asserting claims on behalf of the same putative class under Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Exchange Act, alleging, among other things, that the Company and the individual Defendants made false and misleading statements between July 26, 2018 and November 3, 2020 regarding the Company’s permits and permitting processes. The amended complaint does not quantify the alleged losses but seeks to recover all damages sustained by the putative class as a result of these alleged securities violations, as well as attorneys’ fees and costs. The Defendants filed a Motion to Dismiss on January 24, 2022 and on September 13, 2022, the Court issued an order denying that motion. The case is now in discovery. On February 13, 2023, the plaintiffs filed a motion for class certification, and on April 14, 2023, the defendants filed their opposition; the plaintiffs are required to file their reply on or before May 30, 2023. We dispute these claims and intend to defend the matter vigorously. Given the uncertainty of litigation, the early 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. On October 20, 2022, a shareholder derivative lawsuit was filed in the United States District Court for the Northern District of Texas by putative stockholder George Assad, allegedly on behalf of the Company, that piggy-backs on the securities class action referenced above and which is currently pending before the same Court. The derivative complaint names certain current and former officers and directors as defendants, and generally alleges that they breached their fiduciary duties by causing or failing to prevent the securities violations alleged in the securities class action. The derivative complaint also alleges claims for unjust enrichment as against all defendants, and claims for contribution and indemnification under Sections 10(b) and 21D of the Exchange Act. On January 27, 2023, the court granted the parties’ joint stipulated request to stay the derivative action pending resolution of the related securities class action. On January 20, 2023, a second shareholder derivative lawsuit was filed, this time in the United States District Court for the District of Delaware, by putative stockholder Molly Karp allegedly on behalf of the Company, again piggy-backing on the securities class action referenced above. This complaint, similar to the first derivative complaint, is brought against certain current and former officers and directors of the Company, asserting breach of fiduciary duty, aiding and abetting, and contribution claims based on the defendants allegedly having caused or failed to prevent the securities violations alleged in the securities class action. In addition, the complaint asserts a claim under Section 14(a) of the Exchange Act, alleging that Berry’s 2022 Proxy Statement was false and misleading in that it suggested the Company’s internal controls were sufficient and the board of directors was adequately overseeing material risks facing the Company when, according to the derivative plaintiff, that was not the case. The defendants believe the claims in the shareholder derivative actions are without merit and intend to defend vigorously against them, but there can be no assurances as to the outcome. At this time, we are unable to estimate the probability or the amount of liability, if any, related to this matter. In addition, on or around April 17, 2023, the Company received a stockholder litigation demand that the Company’s board of directors investigate and commence legal proceedings against certain current and former officers and directors based ostensibly on the same claims asserted in the derivative actions.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	Equity Cash Dividends In the first quarter of 2023, our Board of Directors declared a quarterly fixed cash dividend totaling $0.06 per share, as well as variable cash dividends of $0.44 per share which was based on the results of the fourth quarter of 2022, for a total of $0.50 per share, which we paid in March 2023. The Board of Directors approved a $0.12 per share fixed cash dividend based on the results of the first quarter of 2023, which is expected to be paid in May 2023. The Company anticipates that it will continue to pay quarterly cash dividend in the future. However, the payment and amount of future dividends remain within the discretion of the Board and will depend upon the Company’s future earnings, financial condition, capital requirements, and other factors. Stock Repurchase Program We did not repurchase any shares during the three months ended March 31, 2023. As of March 31, 2023, the Company had repurchased a total of 10,528,704 shares under the stock repurchase program for approximately $104 million. As previously disclosed, the Company implemented a shareholder return model in early 2022, for which the Company intends to allocate a portion of Adjusted Free Cash Flow to opportunistic share repurchases. In February 2023, the Board of Directors approved an increase of $102 million to the Company’s stock repurchase authorization bringing the Company’s remaining share authority to $200 million. As of March 31, 2023, the Company’s remaining total share repurchase authority is $200 million. The Board’s authorization permits the Company to make purchases of its common stock from time to time in the open market and in privately negotiated transactions, subject to market conditions and other factors, up to the aggregate amount authorized by the Board. The Board’s authorization has no expiration date. Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means, as determined in the Company's sole discretion. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, stock price, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and does not obligate the company to purchase shares during any period or at all. Any shares repurchased are reflected as treasury stock and any shares acquired will be available for general corporate purposes. Stock-Based Compensation In February 2023, the Company granted awards of approximately 1,031,000 shares of restricted stock units (“RSUs”), which will vest annually in equal amounts over three years and a target number of approximately 437,000 shares of 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 2023 are solely time-based awards. Of the PSUs awarded to certain Berry employees (excluding CJWS employee awards) in February 2023, (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 (b) 50% of such awards will vest, if at all, based on the consolidated Company's average cash returned on invested capital (“CROIC PSUs”) over the performance period. The PSUs awarded to certain CJWS employees in February 2023 will vest, if at all, based on the CJWS average cash returned on invested capital (“ROIC PSUs”) over the performance period. Depending on the results achieved during the three-year performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the target TSR, CROIC and ROIC PSUs granted. The fair value of the RSUs, CROIC PSUs and ROIC 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 three-year performance measurement period.

Supplemental Disclosures to the

Supplemental Disclosures to the Financial Statements	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 (in thousands) Prepaid expenses $ 11,495 $ 12,330 Materials and supplies 9,813 8,976 Deposits 7,323 7,266 Oil inventories 4,751 4,036 Other 1,503 1,117 Total other current assets $ 34,885 $ 33,725 Other non-current assets at March 31, 2023 included approximately $6 million of operating lease right-of-use assets, net of amortization and $3 million of deferred financing costs, net of amortization. At December 31, 2022 other non-current assets included approximately $6 million of operating lease right-of-use assets, net of amortization and $4 million of deferred financing costs, net of amortization. Accounts payable and accrued expenses on the condensed consolidated balance sheets included the following: March 31, 2023 December 31, 2022 (in thousands) Accounts payable-trade $ 31,756 $ 40,286 Accrued expenses 54,132 85,360 Royalties payable 16,093 38,264 Taxes other than income tax liability 11,236 6,640 Accrued interest 4,004 10,885 Dividends payable 2,227 — Asset retirement obligations - current portion 20,000 20,000 Operating lease liability 1,615 1,666 Total accounts payable and accrued expenses $ 141,063 $ 203,101 The decrease of $2 million in the long-term portion of the asset retirement obligations from $158 million at December 31, 2022 to $156 million at March 31, 2023 was due to $5 million of liabilities settled during the period, offset by $3 million of accretion. Other noncurrent liabilities at March 31, 2023 included approximately $25 million of greenhouse gas liability, which is due in 2024, and $5 million of operating lease noncurrent liability. At December 31, 2022 other non-current liabilities included approximately $23 million non-current greenhouse gas liability, which is due 2024, and $5 million of non-current operating lease liability. Supplemental Information on the Statement of Operations For the three months ended March 31, 2023, other operating income was less than $1 million. For the three months ended March 31, 2022, other operating expenses were $4 million and mainly consisted of over $2 million in royalty audit charges incurred prior to our emergence and restructuring in 2017, and approximately $1 million loss on the divestiture of the Piceance properties. Supplemental Cash Flow Information Supplemental disclosures to the condensed consolidated statements of cash flows are presented below: Three Months Ended 2023 2022 (in thousands) Supplemental Disclosures of Significant Non-Cash Investing Activities: Material inventory transfers to oil and natural gas properties $ 288 $ 243 Supplemental Disclosures of Cash Payments (Receipts): Interest, net of amounts capitalized $ 14,388 $ 14,539

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareWe calculate basic earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding for each period presented. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement, are considered common shares outstanding and are included in the computation of net income (loss) per share. The RSUs and PSUs are not a participating security as the dividends are forfeitable. For the three months ended March 31, 2023 and March 31, 2022, no incremental RSU and PSU shares were included in the diluted EPS calculation as their effect was anti-dilutive under the “if converted” method. Three Months Ended 2023 2022 (in thousands except per share amounts) Basic EPS calculation Net loss $ (5,859) $ (56,810) Weighted-average shares of common stock outstanding 76,112 80,298 Basic loss per share $ (0.08) $ (0.71) Diluted EPS calculation Net loss $ (5,859) $ (56,810) Weighted-average shares of common stock outstanding 76,112 80,298 Dilutive effect of potentially dilutive securities (1) — — Weighted-average common shares outstanding - diluted 76,112 80,298 Diluted loss per share $ (0.08) $ (0.71) __________ (1) We excluded approximately 3.1 million and 4.1 million of combined RSUs and PSUs from the dilutive weighted-average common shares outstanding for the three months ended March 31, 2023 and 2022, because their effect was anti-dilutive.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition We derive revenue from sales of oil, natural gas and natural gas liquids (“NGL”), with additional revenue generated from sales of electricity and marketing activities. Revenue from CJWS is generated from well servicing and abandonment business. The following table provides disaggregated revenue for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 (in thousands) Oil sales $ 152,134 $ 202,724 Natural gas sales 13,543 5,982 Natural gas liquids sales 680 1,645 Service revenue 44,623 39,836 Electricity sales 5,445 5,419 Marketing revenues — 289 Other revenues 45 45 Revenues from contracts with customers 216,470 255,940 Gains (losses) on oil and gas sales derivatives 38,499 (161,858) Total revenues and other $ 254,969 $ 94,082

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information We operate in two business segments: (i) E&P and (ii) well servicing and abandonment. The E&P segment is engaged in the exploration and production of onshore, low geologic risk, long-lived conventional oil reserves primarily located in California, as well as Utah. The well servicing and abandonment segment is operated by CJWS and provides wellsite services in California to oil and natural gas production companies, with a focus on well servicing, well abandonment services and water logistics. The well servicing and abandonment segment occasionally provides services to our E&P segment, as such, we recorded an intercompany elimination of $2 million in revenue and expense during consolidation for the three months ended March 31, 2023. The intercompany elimination was immaterial for the three months ended March 31, 2022. The following table represents selected financial information for the periods presented regarding the Company's business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis. Three Months Ended E&P Well Servicing and Abandonment Corporate/Eliminations Consolidated Company (in thousands) Revenues (1) $ 171,847 $ 46,363 $ (1,740) $ 216,470 Net income (loss) before income taxes $ 24,170 $ 2,114 $ (35,056) $ (8,772) Adjusted EBITDA $ 75,797 $ 5,438 $ (21,898) $ 59,337 Capital expenditures $ 19,272 $ 982 $ 379 $ 20,633 Total assets $ 1,471,679 $ 80,897 $ (12,335) $ 1,540,241 Three Months Ended E&P Well Servicing and Abandonment Corporate/Eliminations Consolidated Company (in thousands) Revenues (1) $ 216,104 $ 39,836 $ — $ 255,940 Net loss before income taxes $ (34,291) $ (284) $ (25,586) $ (60,161) Adjusted EBITDA $ 105,649 $ 3,300 $ (13,237) $ 95,712 Capital expenditures $ 26,437 $ 628 $ 555 $ 27,620 Total assets $ 1,471,358 $ 73,887 $ (50,518) $ 1,494,727 __________ (1) These revenues do not include hedge settlements. Adjusted EBITDA is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to and assessing performance of each segment. Adjusted EBITDA is calculated as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. Three Months Ended E&P Well Servicing and Abandonment Corporate/Eliminations Consolidated Company (in thousands) Adjusted EBITDA reconciliation to net income (loss): Net income (loss) $ 24,170 $ 2,114 $ (32,143) $ (5,859) Add (Subtract): Interest expense — 5 7,832 7,837 Income tax benefit — — (2,913) (2,913) Depreciation, depletion, and amortization 33,835 3,256 3,030 40,121 Gains on derivatives (39,109) — — (39,109) Net cash received for scheduled derivative settlements 47,467 — — 47,467 Other operating expenses (income) 1,809 (82) (2,013) (286) Stock compensation expense 312 145 4,309 4,766 Non-recurring costs (1) 7,313 — — 7,313 Adjusted EBITDA $ 75,797 $ 5,438 $ (21,898) $ 59,337 __________ (1) Non-recurring costs included executive transition costs and workforce reduction costs in the first quarter of 2023. Three Months Ended E&P Well Servicing and Abandonment Corporate/Eliminations Consolidated Company (in thousands) Adjusted EBITDA reconciliation to net income (loss): Net loss $ (34,291) $ (284) $ (22,235) $ (56,810) Add (Subtract): Interest expense — — 7,675 7,675 Income tax benefit — — (3,351) (3,351) Depreciation, depletion, and amortization 35,474 3,179 1,124 39,777 Losses on derivatives 132,804 — — 132,804 Net cash paid for scheduled derivative settlements (32,152) — — (32,152) Other operating expenses 3,495 174 100 3,769 Stock compensation expense 319 33 3,450 3,802 Non-recurring costs (1) — 198 — 198 Adjusted EBITDA $ 105,649 $ 3,300 $ (13,237) $ 95,712 __________ (1) Non-recurring costs included legal and professional service expenses related to acquisition and divestiture activity for the first quarter of 2022.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
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.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes our outstanding debt: March 31, December 31, Interest Rate Maturity Security (in thousands) 2021 RBL Facility $ 41,000 $ — variable rates 10.25% (2023) and 9.50% (2022) August 26, 2025 Mortgage on 90% of Present Value of proven oil and gas reserves and lien on certain other assets 2022 ABL Facility — — variable rates 9.0% (2023) and 8.3% (2022) June 5, 2025 Personal property assets, other than excluded accounts 2026 Notes 400,000 400,000 7.0% February 15, 2026 Unsecured Long-Term Debt - Principal Amount 441,000 400,000 Less: Debt Issuance Costs (3,964) (4,265) Long-Term Debt, net $ 437,036 $ 395,735

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges	As of March 31, 2023, we had the following crude oil production and gas purchases hedges. Q2 2023 Q3 2023 Q4 2023 FY 2024 FY 2025 FY 2026 Brent - Crude Oil production Swaps Hedged volume (bbls) 1,387,750 1,211,717 1,196,000 3,412,817 99,337 9,518 Weighted-average price ($/bbl) $ 77.01 $ 76.26 $ 76.18 $ 76.07 $ 71.55 $ 71.55 Sold Calls Hedged volume (bbls) 364,000 368,000 368,000 1,098,000 2,486,127 472,500 Weighted-average price ($/bbl) $ 106.00 $ 106.00 $ 106.00 $ 105.00 $ 91.11 $ 82.21 Purchased Puts (net) (1) Hedged volume (bbls) 546,000 552,000 552,000 1,281,000 2,486,127 472,500 Weighted-average price ($/bbl) $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 58.53 $ 60.00 Sold Puts (net) (1) Hedged volume (bbls) 132,668 184,000 154,116 183,000 — — Weighted-average price ($/bbl) $ 40.00 $ 40.00 $ 40.00 $ 40.00 $ — $ — Henry Hub - Natural Gas purchases Consumer Collars Hedged volume (mmbtu) 1,820,000 — — — — — Weighted-average price ($/mmbtu) $4.00/$2.75 $ — $ — $ — $ — $ — NWPL - Natural Gas purchases Swaps Hedged volume (mmbtu) 3,640,000 3,680,000 3,680,000 7,320,000 6,080,000 — Weighted-average price ($/mmbtu) $ 5.34 $ 5.34 $ 5.34 $ 4.27 $ 4.27 $ — Gas Basis Differentials NWPL/HH - basis swaps Hedged volume (mmbtu) — — 610,000 — — — Weighted-average price ($/mmbtu) $ — $ — $ 1.12 $ — $ — $ — __________ (1) Purchase puts and sold puts with the same strike price have been presented on a net basis.
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, 2023 and December 31, 2022: March 31, 2023 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 23,352 $ (22,855) $ 497 Commodity Contracts Non-current assets 46,315 (40,457) 5,858 Liabilities: Commodity Contracts Current liabilities (43,331) 22,855 (20,476) Commodity Contracts Non-current liabilities (43,012) 40,457 (2,555) Total derivatives $ (16,676) $ — $ (16,676) December 31, 2022 Balance Sheet Gross Amounts Gross Amounts Offset Net Fair Value Presented (in thousands) Assets: Commodity Contracts Current assets $ 66,974 $ (30,607) $ 36,367 Commodity Contracts Non-current assets 39,886 (39,810) 76 Liabilities: Commodity Contracts Current liabilities (61,713) 30,607 (31,106) Commodity Contracts Non-current liabilities (53,452) 39,810 (13,642) Total derivatives $ (8,305) $ — $ (8,305)

Supplemental Disclosures to t_2

Supplemental Disclosures to the Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 (in thousands) Prepaid expenses $ 11,495 $ 12,330 Materials and supplies 9,813 8,976 Deposits 7,323 7,266 Oil inventories 4,751 4,036 Other 1,503 1,117 Total other current assets $ 34,885 $ 33,725
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses on the condensed consolidated balance sheets included the following: March 31, 2023 December 31, 2022 (in thousands) Accounts payable-trade $ 31,756 $ 40,286 Accrued expenses 54,132 85,360 Royalties payable 16,093 38,264 Taxes other than income tax liability 11,236 6,640 Accrued interest 4,004 10,885 Dividends payable 2,227 — Asset retirement obligations - current portion 20,000 20,000 Operating lease liability 1,615 1,666 Total accounts payable and accrued expenses $ 141,063 $ 203,101
Supplemental Disclosures to the Statements of Cash Flows	Supplemental disclosures to the condensed consolidated statements of cash flows are presented below: Three Months Ended 2023 2022 (in thousands) Supplemental Disclosures of Significant Non-Cash Investing Activities: Material inventory transfers to oil and natural gas properties $ 288 $ 243 Supplemental Disclosures of Cash Payments (Receipts): Interest, net of amounts capitalized $ 14,388 $ 14,539

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Three Months Ended 2023 2022 (in thousands except per share amounts) Basic EPS calculation Net loss $ (5,859) $ (56,810) Weighted-average shares of common stock outstanding 76,112 80,298 Basic loss per share $ (0.08) $ (0.71) Diluted EPS calculation Net loss $ (5,859) $ (56,810) Weighted-average shares of common stock outstanding 76,112 80,298 Dilutive effect of potentially dilutive securities (1) — — Weighted-average common shares outstanding - diluted 76,112 80,298 Diluted loss per share $ (0.08) $ (0.71) __________ (1) We excluded approximately 3.1 million and 4.1 million of combined RSUs and PSUs from the dilutive weighted-average common shares outstanding for the three months ended March 31, 2023 and 2022, because their effect was anti-dilutive.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides disaggregated revenue for the three months ended March 31, 2023 and 2022: Three Months Ended 2023 2022 (in thousands) Oil sales $ 152,134 $ 202,724 Natural gas sales 13,543 5,982 Natural gas liquids sales 680 1,645 Service revenue 44,623 39,836 Electricity sales 5,445 5,419 Marketing revenues — 289 Other revenues 45 45 Revenues from contracts with customers 216,470 255,940 Gains (losses) on oil and gas sales derivatives 38,499 (161,858) Total revenues and other $ 254,969 $ 94,082

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	The following table represents selected financial information for the periods presented regarding the Company's business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis. Three Months Ended E&P Well Servicing and Abandonment Corporate/Eliminations Consolidated Company (in thousands) Revenues (1) $ 171,847 $ 46,363 $ (1,740) $ 216,470 Net income (loss) before income taxes $ 24,170 $ 2,114 $ (35,056) $ (8,772) Adjusted EBITDA $ 75,797 $ 5,438 $ (21,898) $ 59,337 Capital expenditures $ 19,272 $ 982 $ 379 $ 20,633 Total assets $ 1,471,679 $ 80,897 $ (12,335) $ 1,540,241 Three Months Ended E&P Well Servicing and Abandonment Corporate/Eliminations Consolidated Company (in thousands) Revenues (1) $ 216,104 $ 39,836 $ — $ 255,940 Net loss before income taxes $ (34,291) $ (284) $ (25,586) $ (60,161) Adjusted EBITDA $ 105,649 $ 3,300 $ (13,237) $ 95,712 Capital expenditures $ 26,437 $ 628 $ 555 $ 27,620 Total assets $ 1,471,358 $ 73,887 $ (50,518) $ 1,494,727 __________
Adjusted EBITDA Reconciliation	Three Months Ended E&P Well Servicing and Abandonment Corporate/Eliminations Consolidated Company (in thousands) Adjusted EBITDA reconciliation to net income (loss): Net income (loss) $ 24,170 $ 2,114 $ (32,143) $ (5,859) Add (Subtract): Interest expense — 5 7,832 7,837 Income tax benefit — — (2,913) (2,913) Depreciation, depletion, and amortization 33,835 3,256 3,030 40,121 Gains on derivatives (39,109) — — (39,109) Net cash received for scheduled derivative settlements 47,467 — — 47,467 Other operating expenses (income) 1,809 (82) (2,013) (286) Stock compensation expense 312 145 4,309 4,766 Non-recurring costs (1) 7,313 — — 7,313 Adjusted EBITDA $ 75,797 $ 5,438 $ (21,898) $ 59,337 __________ (1) Non-recurring costs included executive transition costs and workforce reduction costs in the first quarter of 2023. Three Months Ended E&P Well Servicing and Abandonment Corporate/Eliminations Consolidated Company (in thousands) Adjusted EBITDA reconciliation to net income (loss): Net loss $ (34,291) $ (284) $ (22,235) $ (56,810) Add (Subtract): Interest expense — — 7,675 7,675 Income tax benefit — — (3,351) (3,351) Depreciation, depletion, and amortization 35,474 3,179 1,124 39,777 Losses on derivatives 132,804 — — 132,804 Net cash paid for scheduled derivative settlements (32,152) — — (32,152) Other operating expenses 3,495 174 100 3,769 Stock compensation expense 319 33 3,450 3,802 Non-recurring costs (1) — 198 — 198 Adjusted EBITDA $ 105,649 $ 3,300 $ (13,237) $ 95,712 __________ (1) Non-recurring costs included legal and professional service expenses related to acquisition and divestiture activity for the first quarter of 2022.

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2023 segment subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of subsidiaries | subsidiary	3
Business segments | segment	2

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Feb. 28, 2018
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 441,000	$ 400,000
Less: Debt Issuance Costs	(3,964)	(4,265)
Long-Term Debt, net	437,036	395,735
2026 Notes | Unsecured Debt
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	400,000
Interest Rate	7%		7%
Revolving Credit Facility | 2021 RBL Facility | Line of Credit
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 41,000	$ 0
Variable rate	10.25%	9.50%
Security	90%
Maximum borrowing capacity	$ 500,000
Revolving Credit Facility | 2022 ABL Facility | Line of Credit
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 0	$ 0
Variable rate	9%	8.30%
Maximum borrowing capacity	$ 15,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended
	Aug. 26, 2021	Feb. 28, 2018	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Feb. 29, 2020
Debt Instrument [Line Items]
Debt issuance costs			$ 3,964,000		$ 4,265,000
Amortization of debt issuance costs			636,000	$ 576,000
Interest period one	1 month
Interest period two	3 months
Interest period three	6 months
Bond repurchase program, authorized amount						$ 75,000,000
Interest Expense
Debt Instrument [Line Items]
Amortization of debt issuance costs			1,000,000	$ 1,000,000
RBL Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, line of credit arrangements			3,000,000		4,000,000
2021 RBL Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			500,000,000
Borrowing base elected			250,000,000
Elected commitments			$ 200,000,000
Leverage ratio (no more than)			3
Current ratio (at least)			1
Leverage ratio at period end			1.4
Current ratio at period end			1.8
Value of proven oil and gas reserves serving as collateral (at least)			90%
Borrowings outstanding			$ 41,000,000
Letters of credit outstanding			7,000,000
Available borrowing capacity			152,000,000
Unused availability fee	0.50%
2021 RBL Facility | Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2%
2021 RBL Facility | Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3%
2021 RBL Facility | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3%
2021 RBL Facility | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4%
2021 RBL Facility | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			20,000,000
2026 Notes | Unsecured Debt
Debt Instrument [Line Items]
Fair value of debt			369,000,000		$ 369,000,000
Principal amount of debt issued		$ 400,000,000
Proceeds from issuance of debt		$ 391,000,000
2022 ABL Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			15,000,000
Borrowings outstanding			0
Letters of credit outstanding			2,000,000
Available borrowing capacity			$ 13,000,000
Line of credit facility, borrowing capacity, percentage			0.80
Ratio of total liabilities			1.5
Percentage of revolving advances outstanding			0.90
Minimum net income before taxes			$ 1
2022 ABL Facility | Line of Credit | Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
2022 ABL Facility | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 7,500,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2023 MMBTU $ / MMBtu	Sep. 30, 2023 MMBTU $ / MMBtu	Jun. 30, 2023 MMBTU $ / MMBtu	Mar. 31, 2023 USD ($)	Dec. 31, 2026 MMBTU $ / MMBtu	Dec. 31, 2025 MMBTU $ / MMBtu	Dec. 31, 2024 MMBTU $ / MMBtu
Derivative [Line Items]
Target period to cover operating expenses and fixed charges, up to (in years)				3 years
Target period for fixing the price natural gas purchases used in steam operations, up to (in years)				3 years
Deferred premiums, remaining | $				$ 4
Forecast | NWPL - Natural Gas Purchases, Swaps
Derivative [Line Items]
Hedged volume (mmbtu) | MMBTU	3,680,000	3,680,000	3,640,000		0	6,080,000	7,320,000
Weighted-average price ($/mmbtu) | $ / MMBtu	5.34	5.34	5.34		0	4.27	4.27
Subsequent Event | Forecast | NWPL - Natural Gas Purchases, Swaps
Derivative [Line Items]
Hedged volume (mmbtu) | MMBTU							10,000
Weighted-average price ($/mmbtu) | $ / MMBtu							4.10

Derivatives - Derivative Transa

Derivatives - Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges (Details) - Forecast	3 Months Ended			12 Months Ended
	Dec. 31, 2023 MMBTU $ / bbl $ / MMBtu bbl	Sep. 30, 2023 MMBTU $ / bbl $ / MMBtu bbl	Jun. 30, 2023 MMBTU $ / MMBtu $ / bbl bbl	Dec. 31, 2026 MMBTU $ / MMBtu $ / bbl bbl	Dec. 31, 2025 MMBTU $ / bbl $ / MMBtu bbl	Dec. 31, 2024 MMBTU $ / bbl $ / MMBtu bbl
Brent - Crude Oil Production, Swaps
Derivative [Line Items]
Hedged volume (bbls)	1,196,000	1,211,717	1,387,750	9,518	99,337	3,412,817
Weighted-average price ($/bbl) | $ / bbl	76.18	76.26	77.01	71.55	71.55	76.07
Brent - Crude Oil Production, Sold Calls
Derivative [Line Items]
Hedged volume (bbls)	368,000	368,000	364,000	472,500	2,486,127	1,098,000
Weighted-average price ($/bbl) | $ / bbl	106	106	106	82.21	91.11	105
Brent - Crude Oil Production, Purchased Puts
Derivative [Line Items]
Hedged volume (bbls)	552,000	552,000	546,000	472,500	2,486,127	1,281,000
Weighted-average price ($/bbl) | $ / bbl	50	50	50	60	58.53	50
Brent - Crude Oil Production, Sold Puts
Derivative [Line Items]
Hedged volume (bbls)				0
Weighted-average price ($/bbl) | $ / bbl	40	40	40	0	0	40
Brent - Crude Oil Production, Sold Puts | Maximum
Derivative [Line Items]
Hedged volume (bbls)	154,116	184,000	132,668		0	183,000
Henry Hub - Natural Gas purchases, Consumer Collars
Derivative [Line Items]
Hedged volume (mmbtu) | MMBTU	0	0	1,820,000	0	0	0
Henry Hub - Natural Gas purchases, Consumer Collars | Minimum
Derivative [Line Items]
Weighted-average price ($/mmbtu) | $ / MMBtu			2.75
Henry Hub - Natural Gas purchases, Consumer Collars | Maximum
Derivative [Line Items]
Weighted-average price ($/mmbtu) | $ / MMBtu	0	0	4	0	0	0
NWPL - Natural Gas Purchases, Swaps
Derivative [Line Items]
Hedged volume (mmbtu) | MMBTU	3,680,000	3,680,000	3,640,000	0	6,080,000	7,320,000
Weighted-average price ($/mmbtu) | $ / MMBtu	5.34	5.34	5.34	0	4.27	4.27
Gas Basis Differentials, NWPL/HH Basis Swaps
Derivative [Line Items]
Hedged volume (mmbtu) | MMBTU	610,000	0	0	0	0	0
Weighted-average price ($/mmbtu) | $ / MMBtu	1.12	0	0	0	0	0

Derivatives - Fair Values (Gros

Derivatives - Fair Values (Gross and Net) of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities:
Total derivatives	$ (16,676)	$ (8,305)
Commodity Contracts | Current assets
Assets:
Gross Amounts Recognized at Fair Value	23,352	66,974
Gross Amounts Offset in the Balance Sheet	(22,855)	(30,607)
Net Fair Value Presented  in the Balance Sheet	497	36,367
Commodity Contracts | Non-current assets
Assets:
Gross Amounts Recognized at Fair Value	46,315	39,886
Gross Amounts Offset in the Balance Sheet	(40,457)	(39,810)
Net Fair Value Presented  in the Balance Sheet	5,858	76
Commodity Contracts | Current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(43,331)	(61,713)
Gross Amounts Offset in the Balance Sheet	22,855	30,607
Net Fair Value Presented  in the Balance Sheet	(20,476)	(31,106)
Commodity Contracts | Non-current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(43,012)	(53,452)
Gross Amounts Offset in the Balance Sheet	40,457	39,810
Net Fair Value Presented  in the Balance Sheet	$ (2,555)	$ (13,642)

Equity (Details)

Equity (Details) - USD ($)	1 Months Ended				3 Months Ended
	May 31, 2023	Feb. 28, 2023	Mar. 31, 2022	Feb. 28, 2022	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share)					$ 0.50
Treasury stock, aggregate (in shares)					10,528,704
Treasury stock, aggregate					$ 104,000,000
Fair value of awards granted			$ 14,000,000
Stock Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase amount of repurchases		$ 102,000,000
Authorized amount of repurchases		$ 200,000,000			$ 200,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		1,031,000
Vesting period		3 years
Performance-based Restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)		437,000
Vesting period		3 years	3 years	3 years
Performance-based Restricted Stock Units (PSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights		50%
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%
Minimum | Total Stockholder Return Performance Based Restricted Stock Units Granted in Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted		0%
Maximum | Total Stockholder Return Performance Based Restricted Stock Units Granted in Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted		200%
Cash Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share)					$ 0.06
Cash Dividend | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share)	$ 0.12
Variable Rate Dividend
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends paid (in dollars per share)					$ 0.44

Supplemental Disclosures to t_3

Supplemental Disclosures to the Financial Statements - Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 11,495	$ 12,330
Materials and supplies	9,813	8,976
Deposits	7,323	7,266
Oil inventories	4,751	4,036
Other	1,503	1,117
Total other current assets	$ 34,885	$ 33,725

Supplemental Disclosures to t_4

Supplemental Disclosures to the Financial Statements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating lease assets	$ 6,000		$ 6,000
Deferred financing costs, net of amortization	3,000		4,000
Asset retirement obligation, decrease	2,000
Asset retirement obligations	156,411		158,491
Asset retirement obligation, liabilities settled	(5,000)
Asset retirement obligation, accretion expense	3,000
Greenhouse gas liability, noncurrent	25,000		23,000
Long-term lease obligations	5,000		$ 5,000
Other operating income	1,000
Other operating (income) expenses	$ (286)	$ 3,769
Supplemental property tax assessments and royalty audit charges		2,000
Piceance Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on divestiture		$ 1,000

Supplemental Disclosures to t_5

Supplemental Disclosures to the Financial Statements - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable-trade	$ 31,756	$ 40,286
Accrued expenses	54,132	85,360
Royalties payable	16,093	38,264
Taxes other than income tax liability	11,236	6,640
Accrued interest	4,004	10,885
Dividends payable	2,227	0
Asset retirement obligations - current portion	20,000	20,000
Less current obligations	1,615	1,666
Total accounts payable and accrued expenses	$ 141,063	$ 203,101

Supplemental Disclosures to t_6

Supplemental Disclosures to the Financial Statements - Supplemental Disclosures to the Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Material inventory transfers to oil and natural gas properties	$ 288	$ 243
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	$ 14,388	$ 14,539

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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

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
	Mar. 31, 2023	Mar. 31, 2022
Basic EPS calculation
Net loss	$ (5,859)	$ (56,810)
Weighted-average shares of common stock outstanding (in shares)	76,112	80,298
Basic loss per share (in dollars per share)	$ (0.08)	$ (0.71)
Diluted EPS calculation
Net loss	$ (5,859)	$ (56,810)
Weighted-average shares of common stock outstanding (in shares)	76,112	80,298
Weighted-average common shares outstanding - diluted (in shares)	76,112	80,298
Diluted loss per share (in dollars per share)	$ (0.08)	$ (0.71)
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)
Diluted EPS calculation
Potentially dilutive securities (in shares)	3,100	4,100
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	0	0

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 216,470	$ 255,940
Gains (losses) on oil and gas sales derivatives	38,499	(161,858)
Total revenues and other	254,969	94,082
Oil sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	152,134	202,724
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13,543	5,982
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	680	1,645
Services revenue
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	44,623	39,836
Electricity sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5,445	5,419
Marketing revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	289
Other revenues
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 45	$ 45

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Business segments | segment	2
Costs and Expenses	$ 255,829	$ 146,555
Revenues	216,470	$ 255,940
Intersegment Eliminations
Segment Reporting Information [Line Items]
Costs and Expenses	2,000
Revenues	$ 2,000

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Business segments | segment	2
Segment Reporting Information [Line Items]
Revenues	$ 216,470	$ 255,940
Net income (loss) before income taxes	(8,772)	(60,161)
Adjusted EBITDA	59,337	95,712
Capital expenditures	20,633	27,620
Total assets	1,540,241	1,494,727	$ 1,631,030
Corporate/Eliminations
Segment Reporting Information [Line Items]
Revenues	(1,740)	0
Net income (loss) before income taxes	(35,056)	(25,586)
Adjusted EBITDA	(21,898)	(13,237)
Capital expenditures	379	555
Total assets	(12,335)	(50,518)
E&P | Operating Segments
Segment Reporting Information [Line Items]
Revenues	171,847	216,104
Net income (loss) before income taxes	24,170	(34,291)
Adjusted EBITDA	75,797	105,649
Capital expenditures	19,272	26,437
Total assets	1,471,679	1,471,358
Well Servicing and Abandonment | Operating Segments
Segment Reporting Information [Line Items]
Revenues	46,363	39,836
Net income (loss) before income taxes	2,114	(284)
Adjusted EBITDA	5,438	3,300
Capital expenditures	982	628
Total assets	$ 80,897	$ 73,887

Segment Information - Adjusted

Segment Information - Adjusted EBITDA Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net income (loss) before income taxes	$ (5,859)	$ (56,810)
Interest expense	7,837	7,675
Income tax benefit	(2,913)	(3,351)
Depreciation, depletion, and amortization	40,121	39,777
Losses (gains) on derivatives	(39,109)	132,804
Net cash received for scheduled derivative settlements	47,467	(32,152)
Other operating (income) expenses	(286)	3,769
Stock compensation expense	4,766	3,802
Non-recurring costs	7,313	198
Adjusted EBITDA	59,337	95,712
Operating Segments | E&P
Segment Reporting Information [Line Items]
Net income (loss) before income taxes	24,170	(34,291)
Interest expense	0	0
Income tax benefit	0	0
Depreciation, depletion, and amortization	33,835	35,474
Losses (gains) on derivatives	(39,109)	132,804
Net cash received for scheduled derivative settlements	47,467	(32,152)
Other operating (income) expenses	1,809	3,495
Stock compensation expense	312	319
Non-recurring costs	7,313	0
Adjusted EBITDA	75,797	105,649
Operating Segments | Well Servicing and Abandonment
Segment Reporting Information [Line Items]
Net income (loss) before income taxes	2,114	(284)
Interest expense	5	0
Income tax benefit	0	0
Depreciation, depletion, and amortization	3,256	3,179
Losses (gains) on derivatives	0	0
Net cash received for scheduled derivative settlements	0	0
Other operating (income) expenses	(82)	174
Stock compensation expense	145	33
Non-recurring costs	0	198
Adjusted EBITDA	5,438	3,300
Corporate/Eliminations
Segment Reporting Information [Line Items]
Net income (loss) before income taxes	(32,143)	(22,235)
Interest expense	7,832	7,675
Income tax benefit	(2,913)	(3,351)
Depreciation, depletion, and amortization	3,030	1,124
Losses (gains) on derivatives	0	0
Net cash received for scheduled derivative settlements	0	0
Other operating (income) expenses	(2,013)	100
Stock compensation expense	4,309	3,450
Non-recurring costs	0	0
Adjusted EBITDA	$ (21,898)	$ (13,237)