Significant Accounting Policies [Text Block] | NOTE 1—Description Goodrich Petroleum Corporation (“Goodrich” and, together with its subsidiary, Goodrich Petroleum Company, L.L.C. (the “Subsidiary”), “we,” “our,” or the “Company”) is an independent oil and natural gas company engaged in the exploration, development and production of oil and natural gas on properties primarily in (i) Northwest Louisiana and East Texas, which includes the Haynesville Shale Trend, (ii) Southwest Mississippi and Southeast Louisiana, which includes the Tuscaloosa Marine Shale Trend (“TMS”), and (iii) South Texas, which includes the Eagle Ford Shale Trend. Basis of Presentation The consolidated financial statements of the Company included in this Quarterly Report on Form 10 10 December 31, 2019 three six June 30, 2020 not may The impact of the COVID- 19 19 19 may Restatement of Previously Issued Unaudited Consolidated Financial Statements The Company has restated its unaudited consolidated financial statements as of and for the three six June 30, 2020 10 June 30, 2020 September 30, 2020. The following table presents the effect of the error correction discussed above on all affected line items of our previously issued consolidated balance sheets as of June 30, 2020. Consolidated Balance Sheets June 30, 2020 As Reported Adjustments As Restated (In thousands) Accumulated depletion, depreciation, amortization and impairment $ (126,590 ) $ (7,283 ) $ (133,873 ) Net property and equipment 209,399 (7,283 ) 202,116 TOTAL ASSETS $ 227,413 $ (7,283 ) $ 220,130 Accumulated earnings (deficit) (9,887 ) (7,283 ) (17,170 ) Total stockholders' equity 74,397 (7,283 ) 67,114 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 227,413 (7,283 ) $ 220,130 The following tables present the effect of the error correction discussed above on all affected line items of our previously issued consolidated statements of operations for the three six June 30, 2020. Consolidated Statements of Operations Three Months Ended June 30, 2020 As Reported Adjustments As Restated (In thousands) Impairment of oil and natural gas properties $ 6,847 $ 7,283 $ 14,130 Total operating expenses 32,742 7,283 40,025 Operating income (loss) (12,268 ) (7,283 ) (19,551 ) Income (loss) before income taxes (15,658 ) (7,283 ) (22,941 ) Net income (loss) $ (15,658 ) $ (7,283 ) $ (22,941 ) PER COMMON SHARE Net income (loss) per common share - basic $ (1.25 ) $ (0.58 ) $ (1.83 ) Net income (loss) per common share - diluted $ (1.25 ) $ (0.58 ) $ (1.83 ) Six Months Ended June 30, 2020 As Reported Adjustments As Restated (In thousands) Impairment of oil and natural gas properties $ 6,847 $ 7,283 $ 14,130 Total operating expenses 59,997 7,283 67,280 Operating income (loss) (16,537 ) (7,283 ) (23,820 ) Income (loss) before income taxes (12,622 ) (7,283 ) (19,905 ) Net income (loss) $ (12,622 ) (7,283 ) $ (19,905 ) PER COMMON SHARE Net income (loss) per common share - basic $ (1.01 ) $ (0.58 ) $ (1.59 ) Net income (loss) per common share - diluted $ (1.01 ) $ (0.58 ) $ (1.59 ) The following table presents the effect of the error correction discussed above on all affected line items of our previously issued consolidated statements of cash flows for the six June 30, 2020. Consolidated Statements of Cash Flows Six Months Ended June 30, 2020 As Reported Adjustments As Restated (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ (12,622 ) $ (7,283 ) $ (19,905 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Impairment of oil and natural gas properties 6,847 7,283 14,130 The following tables present the effect of the error correction discussed above on all affected line items of our previously issued consolidated statements of stockholders' equity (in thousands) for the three June 30, 2020. Consolidated Statements of Stockholders' Equity Accumulated Earnings (Deficit) As Reported Adjustments As Restated Net loss $ (15,658 ) $ (7,283 ) $ (22,941 ) Balance at June 30, 2020 (9,887 ) (7,283 ) (17,170 ) Total Stockholders' Equity As Reported Adjustments As Restated Net loss $ (15,658 ) $ (7,283 ) $ (22,941 ) Balance at June 30, 2020 74,397 $ (7,283 ) 67,114 Principles of Consolidation Use of Estimates Cash and Cash Equivalents ninety Accounts Payable June 30, 2020 December 31, 2019 (In thousands) June 30, 2020 December 31, 2019 Trade payables $ 13,583 $ 11,461 Revenue payables 12,186 14,483 Prepayments from partners 488 - Miscellaneous payables 377 404 Total Accounts payable $ 26,634 $ 26,348 Accrued Liabilities June 30, 2020 December 31, 2019 (In thousands) June 30, 2020 December 31, 2019 Accrued capital expenditures $ 1,117 $ 6,175 Accrued lease operating expense 962 989 Accrued production and other taxes 970 430 Accrued transportation and gathering 2,445 2,258 Accrued performance bonus 1,907 4,642 Accrued interest 209 208 Accrued office lease 1,521 1,414 Accrued general and administrative expense and other 403 499 Total Accrued liabilities $ 9,534 $ 16,615 Inventory Property and Equipment two two Under the Full Cost Method, we capitalize all costs associated with acquisitions, exploration, development and estimated abandonment costs. We capitalize internal costs that can be directly identified with the acquisition of leasehold, as well as drilling and completion activities, but do not three June 30, 2020 2019 $0.1 $0.1 six June 30, 2020 2019 $0.1 $0.2 no Under the Full Cost Method, we amortize our investment in oil and natural gas properties through DD&A expense using the units of production method. An amortization rate is calculated based on total proved reserves converted to equivalent thousand cubic feet of natural gas (“Mcfe”) as the denominator and the net book value of the evaluated oil and gas asset together with the estimated future development cost of the proved undeveloped reserves as the numerator. The rate calculated per Mcfe is applied against the periods' production also converted to Mcfe to arrive at the periods' DD&A expense. Depreciation of furniture, fixtures and equipment, consisting of office furniture, computer hardware and software and leasehold improvements, is computed using the straight-line method over their estimated useful lives, which vary from three five Full Cost Ceiling Test resent value of estimated future net cash flows from proved reserves (adjusted for hedges and excluding cash flows related to estimated abandonment costs), be compared to the net capitalized costs of proved oil and natural gas properties, net of related deferred taxes. This comparison is referred to as a “ceiling test.” If the net capitalized costs of proved oil and natural gas properties exceed the estimated discounted future net cash flows from proved reserves, we are required to write-down the value of our oil and natural gas properties to the value of the discounted cash flows. Estimated future net cash flows from proved reserves are calculated based on a 12 The Full Cost Ceiling Test performed as of June 30, 2020 and 2019 resulted in $14.1 zero first 2020 12 may not Fair Value Measurement We use various methods, including the income approach and market approach, to determine the fair values of our financial instruments that are measured at fair value on a recurring basis, which depend on a number of factors, including the availability of observable market data over the contractual term of the underlying instrument. For some of our instruments, the fair value is calculated based on directly observable market data or data available for similar instruments in similar markets. For other instruments, the fair value may three 1, 2 3 Each of these levels and our corresponding instruments classified by level are further described below: • Level 1 no 1 • Level 2 third third • Level 3 As of June 30, 2020 December 31, 2019 Asset Retirement Obligations Note 3 The estimated fair value of the Company's asset retirement obligations at inception is determined by utilizing the income approach by applying a credit-adjusted risk-free rate, which takes into account the Company's credit risk, the time value of money, and the current economic state, to the undiscounted expected abandonment cash flows. Given the unobservable nature of the inputs, the initial measurement of the asset retirement obligations was classified as Level 3 Revenue Recognition may not 60 and the price that will be received for the sale of the product. We record a liability or an asset for natural gas balancing when we have sold more or less than our working interest share of natural gas production, respectively. As of June 30, 2020 December 31, 2019 , the net liability for natural gas balancing was immaterial. Differ Note 2 Derivative Instruments not Note 8 Income Taxes not not We recognize, as required, the financial statement benefit of an uncertain tax position only after determining that the relevant tax authority would more likely than not not 50 Note 7 Net Income or Net Loss Per Common Share— Note 6 Commitments and Contingencies third not Note 9 Share-Based Compensation Guarantee June 30, 2020 2L no no Debt Issuance Cost 2L New Accounting Pronouncements In December 2019, 2019 12, 740 December 15, 2020, not In March 2020, 2020 04, 848 not December 31, 2022, December 31, 2022, |