0000023194-21-000043 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-03262
Entity Registrant Name	COMSTOCK RESOURCES, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	94-1667468
Entity Address, Address Line One	5300 Town and Country Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Frisco
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75034
City Area Code	972
Local Phone Number	668-8800
Title of 12(b) Security	Common Stock, par value $0.50 (per share)
Trading Symbol	CRK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		232,410,218
Amendment Flag	false
Entity Central Index Key	0000023194
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 77,435	$ 30,272
Accounts receivable:
Oil and gas sales	126,503	125,016
Joint interest operations	13,348	14,615
From affiliates	12,967	6,155
Derivative financial instruments	4,627	8,913
Other current assets	9,163	14,839
Total current assets	244,043	199,810
Oil and natural gas properties, successful efforts method:
Proved	4,812,130	4,647,188
Unproved	336,674	332,765
Other	6,707	6,858
Accumulated depreciation, depletion and amortization	(1,011,065)	(902,261)
Net property and equipment	4,144,446	4,084,550
Goodwill	335,897	335,897
Derivative financial instruments	3,524	661
Operating lease right-of-use assets	7,201	3,025
Other assets	37	40
Total assets	4,735,148	4,623,983
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	280,696	259,284
Accrued costs	89,923	133,019
Operating leases	2,145	2,284
Derivative financial instruments	60,820	47,005
Total current liabilities	433,584	441,592
Long-term debt	2,800,478	2,517,149
Deferred income taxes	170,433	200,583
Derivative financial instruments	198	2,364
Long-term operating leases	5,068	740
Reserve for future abandonment costs	19,915	19,290
Other non-current liabilities	479	492
Total liabilities	3,430,155	3,182,210
Commitments and contingencies
Stockholders' equity:
Common stock—$0.50 par, 400,000,000 shares authorized, 232,411,218 and 232,414,718 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	116,206	116,206
Additional paid-in capital	1,097,044	1,095,384
Accumulated earnings (deficit)	(83,257)	55,183
Total stockholders' equity	1,129,993	1,266,773
Total liabilities and stockholders' equity	4,735,148	4,623,983
Series B 10% Convertible Preferred Stock
Mezzanine equity:
Preferred Stock	$ 175,000	$ 175,000

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	175,000
Preferred stock, shares outstanding (in shares)	175,000
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	232,411,218	232,414,718
Common stock, shares outstanding (in shares)	232,411,218	232,414,718
Series B 10% Convertible Preferred Stock
Preferred stock, dividend rate	10.00%	10.00%

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total oil and gas sales	$ 340,485	$ 225,878
Operating expenses:
Production and ad valorem taxes	9,652	8,401
Gathering and transportation	29,458	28,411
Lease operating	24,563	25,878
Depreciation, depletion and amortization	109,128	110,425
General and administrative	8,028	8,719
Exploration	0	27
Gain on sale of assets	(70)	0
Total operating expenses	180,759	181,861
Operating income	159,726	44,017
Other income (expenses):
Gain (loss) from derivative financial instruments	(21,749)	61,899
Other income	281	313
Interest expense	(63,811)	(52,810)
Loss on early retirement of debt	(238,539)	0
Total other income (expenses)	(323,818)	9,402
Income (loss) before income taxes	(164,092)	53,419
Benefit from (provision for) income taxes	29,967	(11,391)
Net income (loss)	(134,125)	42,028
Preferred stock dividends and accretion	(4,315)	(12,072)
Net income (loss) available to common stockholders	$ (138,440)	$ 29,956
Net income (loss) per share:
Basic (in dollars per share)	$ (0.60)	$ 0.16
Diluted (in dollars per share)	$ (0.60)	$ 0.15
Weighted average shares outstanding:
Basic (in shares)	231,377	188,916
Diluted (in shares)	231,377	285,166
Natural gas sales
Revenues:
Total oil and gas sales	$ 323,960	$ 207,239
Oil sales
Revenues:
Total oil and gas sales	$ 16,525	$ 18,639

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Earnings (Deficit)
Beginning Balance at Dec. 31, 2019	$ 1,143,022	$ 95,003	$ 909,423	$ 138,596
Beginning Balance (in shares) at Dec. 31, 2019		190,007
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		(24)
Stock-based compensation	1,430	$ (12)	1,442
Income tax withholdings on equity awards (in shares)		(2)
Income tax withholdings on equity awards	(15)	$ (1)	(14)
Net income (loss)	42,028			42,028
Preferred stock accretion	(2,500)			(2,500)
Payment of preferred dividends	(9,572)			(9,572)
Ending Balance at Mar. 31, 2020	1,174,393	$ 94,990	910,851	168,552
Ending Balance (in shares) at Mar. 31, 2020		189,981
Beginning Balance at Dec. 31, 2020	1,266,773	$ 116,206	1,095,384	55,183
Beginning Balance (in shares) at Dec. 31, 2020		232,415
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		(4)
Stock-based compensation	1,690		1,690
Net income (loss)	(134,125)			(134,125)
Payment of preferred dividends	(4,315)			(4,315)
Stock issuance costs	(30)		(30)
Ending Balance at Mar. 31, 2021	$ 1,129,993	$ 116,206	$ 1,097,044	$ (83,257)
Ending Balance (in shares) at Mar. 31, 2021		232,411

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (134,125)	$ 42,028
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	(30,150)	11,330
Exploration	0	27
Gain on sale of assets	(70)	0
Depreciation, depletion and amortization	109,128	110,425
(Gain) loss on derivative financial instruments	21,749	(61,899)
Cash settlements of derivative financial instruments	(8,677)	45,416
Amortization of debt discount and issuance costs	8,489	7,199
Stock-based compensation	1,690	1,430
Loss on early retirement of debt	238,539	0
(Increase) decrease in accounts receivable	(7,032)	54,297
(Increase) decrease in other current assets	4,778	(3,828)
Decrease in accounts payable and accrued expenses	(11,047)	(56,306)
Net cash provided by operating activities	193,272	150,119
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(165,751)	(143,490)
Proceeds from sales of assets	200	0
Net cash used for investing activities	(165,551)	(143,490)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings on bank credit facility	145,000	57,000
Repayments on bank credit facility	(95,000)	(57,000)
Issuance of 6.75% Senior Notes	(1,257,500)	0
Retirement of 7.50% and 9.75% Senior Notes	(1,263,651)	0
Preferred stock dividends paid	(4,315)	(9,572)
Debt and stock issuance costs	(20,092)	(47)
Income tax withholdings on equity awards	0	(15)
Net cash provided by (used for) financing activities	19,442	(9,634)
Net increase (decrease) in cash and cash equivalents	47,163	(3,005)
Cash and cash equivalents, beginning of period	30,272	18,532
Cash and cash equivalents, end of period	$ 77,435	$ 15,527

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES –

Basis of Presentation

These unaudited consolidated financial statements include the accounts of Comstock Resources, Inc. and its wholly-owned subsidiaries (collectively, "Comstock" or the "Company"). In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position of Comstock as of March 31, 2021, and the related results of operations and cash flows for the periods being presented. Net income and comprehensive income are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed. Certain amounts in prior periods have been reclassified to conform with current period presentation.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to those rules and regulations, although Comstock believes that the disclosures made are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in Comstock's Annual Report on Form 10-K for the year ended December 31, 2020.

The results of operations for the period through March 31, 2021 are not necessarily an indication of the results expected for the full year.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

The Company assesses the need for an impairment of the capitalized costs for its proved oil and gas properties on a property basis. No impairments were recognized to adjust the carrying value of the Company's proved oil and gas properties during any of the periods presented. Unproved oil and gas properties are also periodically assessed and any impairment in value is charged to expense. The costs related to unproved properties are transferred to proved oil and gas properties and amortized on an equivalent unit-of-production basis when they are reflected in proved oil and natural gas reserves. Exploratory drilling costs are initially capitalized as proved property but charged to expense if and when the well is determined not to have found commercial quantities of proved oil and gas reserves. Exploratory drilling costs are evaluated within a one-year period after the completion of drilling.

The Company determines the fair values of its oil and gas properties using a discounted cash flow model and proved and risk-adjusted probable oil and natural gas reserves. Undrilled acreage can also be valued based on sales transactions in comparable areas. Significant Level 3 assumptions associated with the calculation of discounted future cash flows included in the cash flow model include management's outlook for oil and natural gas prices, production costs, capital expenditures, and future production as well as estimated proved oil and gas reserves and risk-adjusted probable oil and natural gas reserves. Management's oil and natural gas price outlook is developed based on third-party longer-term price forecasts as of each measurement date. The expected future net cash flows are discounted using an appropriate discount rate in determining a property's fair value.

It is reasonably possible that the Company's estimates of undiscounted future net cash flows attributable to its oil and gas properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable oil and gas reserves, results of future drilling activities, future prices for oil and natural gas, and increases or decreases in production and capital costs. As a result of these changes, there may be future impairments in the carrying values of these or other properties.

Goodwill

The Company had goodwill of $335.9 million as of March 31, 2021 that was recorded in 2018. Goodwill represents the excess of value of the Company over fair value of net tangible and identifiable intangible assets at the time of the change in control, which occurred on August 14, 2018. The Company is not required to amortize goodwill as a charge to earnings; however, the Company is required to conduct an annual review of goodwill for impairment. The Company performs an annual assessment of goodwill on October 1st of each year and performs interim assessments if indicators of impairment are present. If the carrying value of goodwill exceeds the fair value, an impairment charge would be recorded for the difference between fair value and carrying value.

Leases

The Company has right-of-use lease assets of $7.2 million related to its corporate office lease, certain office equipment and leased vehicles used in oil and gas operations with corresponding short-term and long-term liabilities. In January 2021, the corporate office lease was extended for three additional years which added $4.7 million to operating lease right-of-use assets during the three months ended March 31, 2021. The value of the lease assets and liabilities are determined based upon discounted future minimum cash flows contained within each of the respective contracts. The Company determines if contracts contain a lease at inception of the contract. To the extent that contract terms representing a lease are identified, leases are identified as being either an operating lease or a finance-type lease. Comstock currently has no finance-type leases. Right-of-use lease assets representing the Company's right to use an underlying asset for the lease term and the related lease liabilities represent our obligation to make lease payments under the terms of the contracts. Short-term leases that have an initial term of one year or less are not capitalized; however, amounts paid for those leases are included as part of its lease cost disclosures. Short-term lease costs exclude expenses related to leases with a lease term of one month or less. Leases for the right to explore for and develop oil and natural gas reserves and the related rights to use the land associated with those leases are reflected as oil and gas properties.

Comstock contracts for a variety of equipment used in its oil and natural gas exploration and development activities. Contract terms for this equipment vary broadly, including the contract duration, pricing, scope of services included along with the equipment, cancellation terms, and rights of substitution, among others. The Company's drilling operations routinely change due to changes in commodity prices, demand for oil and natural gas, and the overall operating and economic environment. Comstock accordingly manages the terms of its contracts for drilling rigs so as to allow for maximum flexibility in responding to these changing conditions. The Company's rig contracts are presently either for periods of less than one year, or they are on terms that provide for cancellation with 45 days advance notice without a specified expiration date. Accordingly, the Company has elected not to recognize right-of-use lease assets for these rig contracts. The costs associated with drilling rig operations are accounted for under the successful efforts method, which generally require that these costs be capitalized as part of our proved oil and natural gas properties on our balance sheet unless they are incurred on exploration wells that are unsuccessful, in which case they are charged to exploration expense.

Lease costs recognized during the three months ended March 31, 2021 were as follows:


	Three Months Ended March 31, 2021
	(In thousands)
Operating lease cost included in general and administrative expense	$	429
Operating lease cost included in lease operating expense	232
Short-term lease cost (drilling rig costs included in proved oil and gas properties)	11,458
	$	12,119

Cash payments for operating leases associated with right-of-use assets included in cash provided by operating activities were $661 thousand for the three months ended March 31, 2021.

As of March 31, 2021, expected future payments related to contracts that contain operating leases were as follows:


	(In thousands)
April 1 to December 31, 2021	$	1,670
2022	2,260
2023	1,927
2024	1,708
Total lease payments	7,565
Imputed interest	(351)
Total lease liability	$	7,214

The weighted average term of these operating leases was 3.4 years and the weighted average interest rate used in lease computations was 2.8%. As of March 31, 2021, the Company also had expected future payments for contracted drilling services of $5.9 million.

Accrued Costs

Accrued costs at March 31, 2021 and December 31, 2020 consisted of the following:


	As of March 31, 2021		As of December 31, 2020
	(In thousands)
Accrued capital expenditures	$	26,839	$	24,959
Accrued interest payable	24,597		67,265
Accrued transportation costs	23,867		25,353
Accrued employee compensation	4,562		7,519
Other	4,445		4,457
Accrued ad valorem taxes	3,000		—
Accrued lease operating expenses	2,613		3,466
	$	89,923	$	133,019

Reserve for Future Abandonment Costs

Comstock's asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal. The following table summarizes the changes in Comstock's total estimated liability for such obligations during the periods presented:


	Three Months Ended March 31,
	2021		2020
	(In thousands)
Reserve for future abandonment costs at beginning of period	$	19,290	$	18,151
New wells placed on production	328		186

Liabilities settled and assets disposed of	—		(11)
Accretion expense	297		287
Reserve for future abandonment costs at end of period	$	19,915	$	18,613

Derivative Financial Instruments and Hedging Activities

All of the Company's derivative financial instruments are used for risk management purposes and, by policy, none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company's derivative financial instruments involve payment or receipt of premiums. The Company classifies the fair value amounts of derivative financial instruments as net current or noncurrent assets or liabilities, whichever the case may be, by

commodity contract. All of Comstock's natural gas derivative financial instruments, except for certain basis swaps, are tied to the Henry Hub-NYMEX price index and all of its crude oil derivative financial instruments are tied to the WTI-NYMEX index price. The Company had the following oil and natural gas price derivative financial instruments at March 31, 2021:


	Future Production Period
	Nine Months Ending December 31, 2021		Year Ending December 31, 2022		Total
Natural Gas Swap Contracts:
Volume (MMBtu)	159,228,737	(1)	23,650,000			182,878,737
Average Price per MMBtu	$2.53	(1)	$2.58			$2.54
Natural Gas Collar Contracts:
Volume (MMBtu)	103,630,000		25,400,000			129,030,000
Price per MMBtu:
Average Ceiling	$3.02		$3.24			$3.06
Average Floor	$2.47		$2.51			$2.48






Natural Gas Swaptions Contracts:
Volume (MMBtu)	—		43,800,000	(2)		43,800,000	(2)
Average Price per MMBtu	—		$2.51	(2)		$2.51	(2)
Natural Gas Basis Swap Contracts:
Volume (MMBtu)	11,000,000	(3)	10,950,000	(3)		21,950,000	(3)
Average Price per MMBtu	($0.12)		($0.16)			($0.14)
Crude Oil Collar Contracts:
Volume (Bbls)	412,500					412,500
Price per Bbl:
Average Ceiling	$51.67					$51.67
Average Floor	$41.67					$41.67

_____________________________

(1)For the nine months ending December 31, 2021, natural gas price swap contracts include 33,000,000 MMBtu at an average price of $2.51 that are part of certain natural gas price swaption contracts which include a call to extend the price swap by the counterparty as described in (2) below.

(2)The counterparty has the right to exercise a call option to enter into a price swap with the Company on 43,800,000 MMBtu in 2022 at an average price $2.51. The call option expires for 36,500,000 MMBtu at an average price of $2.52 in October 2021 and 7,300,000 MMBtu at an average price of $2.50 in November 2021.

(3)Contracts fix the differential between NYMEX Henry Hub and the Houston Ship Channel indices.

The Company has interest rate swap agreements that fix LIBOR at 0.33% for $500.0 million of its floating rate long-term debt. These contracts settle monthly through April 2023. The fair value of these contracts was a net liability of $1.1 million at March 31, 2021.

None of the Company's derivative contracts were designated as cash flow hedges. The aggregate fair value of the Company's derivative instruments are presented on a gross basis in the accompanying consolidated balance sheets. The classification of derivative financial instruments between assets and liabilities, consists of the following:


Type	Consolidated Balance Sheet Location	March 31, 2021		December 31, 2020
		(in thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	2,633	$	8,913
Oil price derivatives	Derivative Financial Instruments – current	1,994		—
		$	4,627	$	8,913

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	3,524	$	661

Liability Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	54,414	$	45,158
Oil price derivatives	Derivative Financial Instruments – current	5,451		831
Interest rate derivatives	Derivative Financial Instruments – current	955		1,016
		$	60,820	$	47,005

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	21	$	1,308

Interest rate derivatives	Derivative Financial Instruments – long-term	177		1,056
		$	198	$	2,364

The Company recognized cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses). Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:


Gain (Loss) on Derivatives Recognized in Earnings	Three Months Ended March 31,
		2021		2020
		(In thousands)
Natural gas price derivatives		$	(18,877)	$	42,975
Oil price derivatives		(3,544)		18,924
Interest rate derivatives		672		—
		$	(21,749)	$	61,899

Subsequent to March 31, 2021, the Company entered into natural gas swap contracts to hedge 14,600,000 MMBtu of natural gas production from January 2022 to December 2022 at an average price of $2.70 per MMBtu.

Stock-Based Compensation

Comstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period and included in general and administrative expenses for awards of restricted stock and performance stock units ("PSUs") to the Company's employees and directors. The Company recognized $1.7 million and $1.4 million of stock-based compensation expense within general and administrative expenses related to awards of restricted stock and PSUs to its employees and directors during the three months ended March 31, 2021 and 2020, respectively.

As of March 31, 2021, Comstock had 1,034,506 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $5.80 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $3.7 million as of March 31, 2021 is expected to be recognized over a period of 1.6 years.

As of March 31, 2021, Comstock had 1,136,488 PSUs outstanding at a weighted average grant date fair value of $9.33 per unit. The number of shares of common stock to be issued related to the PSUs is based on the Company's stock price performance as compared to its peers which could result in the issuance of anywhere from zero to 2,272,976 shares of common stock. Total unrecognized compensation cost related to these grants of $4.1 million as of March 31, 2021 is expected to be recognized over a period of 1.5 years.

Revenue Recognition

Comstock produces oil and natural gas and reports revenues separately for each of these two primary products in its statements of operations. Revenues are recognized upon the transfer of produced volumes to the Company's customers, who take control of the volumes and receive all the benefits of ownership upon delivery at designated sales points. Payment is reasonably assured upon delivery of production. All sales are subject to contracts that have commercial substance, contain specific pricing terms, and define the enforceable rights and obligations of both parties. These contracts typically provide for cash settlement within 25 days following each production month and are cancellable upon 30 days' notice by either party for oil and vary for natural gas based upon the terms set out in the confirmations between both parties. Prices for sales of oil and natural gas are generally based upon terms that are common in the oil and gas industry, including index or spot prices, location and quality differentials, as well as market supply and demand conditions. As a result, prices for oil and natural gas routinely fluctuate based on changes in these factors. Each unit of production (barrel of crude oil and thousand cubic feet of natural gas) represents a separate performance obligation under the Company's contracts since each unit has economic benefit on its own and each is priced separately according to the terms of the contracts.

Comstock has elected to exclude all taxes from the measurement of transaction prices, and its revenues are reported net of royalties and exclude revenue interests owned by others because the Company acts as an agent when selling crude oil and natural gas, on behalf of royalty owners and working interest owners. Revenue is recorded in the month of production based on an estimate of the Company's share of volumes produced and prices realized. The Company recognizes any differences between estimates and actual amounts received in the month when payment is received. Historically, differences between estimated revenues and actual revenue received have not been significant. The amount of oil or natural gas sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at March 31, 2021. Sales of oil and natural gas generally occur at or near the wellhead. When sales of oil and gas occur at locations other than the wellhead, the Company accounts for costs incurred to transport the production to the delivery point as gathering and transportation expenses. The Company recognized accounts receivable of $126.5 million as of March 31, 2021 from customers for contracts where performance obligations have been satisfied and an unconditional right to consideration exists.

Credit Losses

Substantially all of the Company's accounts receivable are due from either purchasers of oil and gas or participants in oil and gas wells for which the Company serves as the operator. Generally, operators of oil and gas wells have the right to offset future revenues against unpaid charges related to operated wells. Oil and gas sales are generally unsecured. Comstock assesses the collectibility of its receivables based upon their age, the credit quality of the purchaser or participant and the potential for revenue offset. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectible. Accordingly, no allowance for doubtful accounts has been recorded for the three months ended March 31, 2021 and 2020.

Income Taxes

Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates.

In recording deferred income tax assets, the Company considers whether it is more likely than not that its deferred income tax assets will be realized in the future. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that all of its deferred tax assets will be realized. As a result, the Company established valuation allowances for its deferred tax assets and U.S. federal and state net operating loss carryforwards that are not expected to be utilized due to the uncertainty of generating taxable income prior to the expiration of the carryforward periods. The Company will continue to assess the valuation allowances against deferred tax assets considering all available information obtained in future periods.

The following is an analysis of the consolidated income tax benefit (provision):


	Three Months Ended March 31,
		2021		2020
		(In thousands)
Current - Federal		$	—	$	—
Current - State		(136)		(61)
Deferred - Federal		34,919		(11,503)
Deferred - State		(4,816)		173
		$	29,967	$	(11,391)

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:


	Three Months Ended March 31,
		2021		2020
Tax at statutory rate		21.0	%	21.0	%
Tax effect of:
Valuation allowance on deferred tax assets		0.5		(0.5)
State income taxes, net of federal benefit		(3.0)		0.3
Nondeductible stock-based compensation		(0.2)		0.5

Effective tax rate		18.3	%	21.3	%

The Company's federal income tax returns for the years subsequent to December 31, 2016 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2013. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

Fair Value Measurements

The Company holds or has held certain financial assets and liabilities that are required to be measured at fair value. These include cash and cash equivalents held in bank accounts and derivative financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements:

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Level 2 — Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 — Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions.

The Company's natural gas price swap agreements, basis swap agreements, interest rate swap agreements and its crude oil and natural gas price collars were not traded on a public exchange, and their value is determined utilizing a discounted

cash flow model based on inputs that are readily available in public markets and, accordingly, the valuation of these derivative financial instruments, is categorized as a Level 2 measurement. The Company's natural gas swaption agreements are measured at fair value using a third-party pricing service, categorized as a Level 3 measurement.

The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy:


	Three Months Ended March 31, 2021
	(In thousands)
Balance at beginning of year	$	(22,588)
Total loss included in earnings	9,712
Settlements, net	1,919
Transfers out of Level 3	(6,418)
Balance at end of period	$	(17,375)

Fair Values – Reported

The following presents the carrying amounts and the fair values of the Company's financial instruments as of March 31, 2021 and December 31, 2020:


	March 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:	(In thousands)
Derivative financial instruments (1)	$	8,151	$	8,151	$	9,574	$	9,574
Liabilities:
Derivative financial instruments (1)	$	61,018	$	61,018	$	49,369	$	49,369
Bank credit facility (2)	$	550,000	$	550,000	$	500,000	$	500,000
7.50% senior notes due 2025 (3)	$	189,304	$	253,565	$	473,728	$	628,691
9.75% senior notes due 2026 (3)	$	844,068	$	951,498	$	1,577,824	$	1,769,625
6.75% senior notes due 2029 (3)	$	1,257,443	$	1,275,000	$	—	$	—

______________

(1)The Company's natural gas price swaps and basis swap agreements, its interest rate swap agreements and its crude oil and natural gas price collars are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets. The Company's natural gas swaption contracts provide the counterparty the right, but not the obligation, to extend terms of an existing swap on predetermined dates. Due to subjectivity of the inputs used to value the counterparty rights in the contracts, these contracts are classified as Level 3 in the fair value hierarchy.

(2)The carrying value of our floating rate debt outstanding approximates fair value.

(3)The fair value of the Company's fixed rate debt was based on quoted prices as of March 31, 2021 and December 31, 2020, respectively, a Level 1 measurement.

Earnings Per Share

Unvested restricted stock containing non-forfeitable rights to dividends are included in common stock outstanding and are considered to be participating securities and included in the computation of basic and diluted earnings per share pursuant to the two-class method. At March 31, 2021 and December 31, 2020, 1,034,506 and 1,038,006 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a non-forfeitable right to participate in any dividends that might be declared and have the right to vote on matters submitted to the Company's stockholders. Weighted average shares of unvested restricted stock outstanding were as follows:


	Three Months Ended March 31,
		2021	2020
		(in thousands)
Unvested restricted stock		1,035	1,085

PSUs represent the right to receive a number of shares of the Company's common stock that may range from zero to up to two times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any,

which would be issuable at the end of the respective period, assuming that date was the end of the performance period. The treasury stock method is used to measure the dilutive effect of PSUs. Weighted average unearned PSUs outstanding were as follows:


	Three Months Ended March 31,
		2021	2020
		(In thousands, except per unit amounts)
Weighted average PSUs		1,136	927
Weighted average grant date fair value per unit		$9.33	$9.58

The Company redeemed all of the shares of Series A Convertible Preferred Stock on May 19, 2020. The Series B Convertible Preferred Stock became convertible into an aggregate of 43,750,000 shares of common stock on July 16, 2020 at a conversion price of $4.00 per share. The dilutive effect of preferred stock is computed using the if-converted method as if conversion of the preferred shares had occurred at the earlier of the date of issuance or the beginning of the period. Weighted average shares of convertible preferred stock outstanding were as follows:


	Three Months Ended March 31,
		2021	2020
		(In thousands)
Weighted average convertible preferred stock		43,750	96,250

None of the Company's participating securities participate in losses and as such are excluded from the computation of basic earnings per share during periods of net losses. The PSUs were anti-dilutive in the three months ended March 31, 2020.

Basic and diluted income (loss) per share were determined as follows:


	Three Months Ended March 31,
	2021					2020
	Loss		Shares	Per Share		Income		Shares	Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(138,440)				$	29,956
Income allocable to unvested restricted shares	—					(37)
Basic income (loss) attributable to common stock	(138,440)		231,377	$	(0.60)	29,919		188,916	$	0.16
Effect of Dilutive Securities:
Convertible preferred stock	—		—			12,072		96,250
Diluted income (loss) attributable to common stock	$	(138,440)	231,377	$	(0.60)	$	41,991	285,166	$	0.15

Basic and diluted per share amounts are the same for the three months ended March 31, 2021 due to the net loss in the period.

Supplementary Information with Respect to the Consolidated Statements of Cash Flows

Cash payments made for interest and income taxes and other non-cash investing activities for the three months ended March 31, 2021 and 2020, respectively, were as follows:


	Three Months Ended March 31,
	2021		2020
	(In thousands)
Cash payments for:
Interest payments	$	97,990	$	55,207

Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures	$	1,880	$	(13,190)

Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

At March 31, 2021, long-term debt was comprised of the following:


	(In thousands)
7.50% Senior Notes due 2025:
Principal	$	244,400
Discount, net of amortization	(55,096)
9.75% Senior Notes due 2026:
Principal	872,934
Net discount, net of amortization	(28,866)
6.75% Senior Notes due 2029:
Principal	1,250,000
Premium, net of amortization	7,443
Bank Credit Facility:
Principal	550,000
Debt issuance costs, net of amortization	(40,337)
	$	2,800,478

As of March 31, 2021, the Company had $550.0 million outstanding under a bank credit facility with a $1.4 billion committed borrowing base which is re-determined on a semi-annual basis and upon the occurrence of certain other events which matures on July 16, 2024. Borrowings under the bank credit facility are secured by substantially all of the assets of the Company and its subsidiaries and bear interest at the Company's option, at either LIBOR plus 2.25% to 3.25% or a base rate plus 1.25% to 2.25%, in each case depending on the utilization of the borrowing base. The Company also pays a commitment fee of 0.375% to 0.5% on the unused portion of the borrowing base. The bank credit facility places certain restrictions upon the Company's and its subsidiaries' ability to, among other things, incur additional indebtedness, pay cash dividends, repurchase common stock, make certain loans, investments and divestitures and redeem the senior notes. The only financial covenants are the maintenance of a leverage ratio of less than 4.0 to 1.0 and an adjusted current ratio of at least 1.0 to 1.0. The Company was in compliance with the covenants as of March 31, 2021.

On March 4, 2021, the Company issued $1.25 billion principal amount of its 6.75% senior notes due 2029 in a private placement and received net proceeds after offering costs of $1.24 billion, which were used to repurchase a portion of the Company's 7.50% senior notes due 2025 and 9.75% senior notes due 2026 pursuant to a tender offer. The new senior notes mature on March 1, 2029 and accrue interest at a rate of 6.75% per annum, payable semi-annually on March 1 and September 1 of each year.

Pursuant to the tender offer, Comstock repurchased $375.0 million principal amount of its 7.50% senior notes due 2025 and $777.1 million principal amount of its 9.75% senior notes due 2026 for and aggregate amount of $1.26 billion, which included premiums paid over face value of $97.9 million, accrued interest of $12.5 million and $1.1 million of costs related to the tender offer. As a result of the early retirement of the senior notes repurchased in the tender offer, the Company recognized a $238.5 million loss on early retirement of debt in the three months ended March 31, 2021.

Preferred Stock	3 Months Ended
Preferred Stock	Mar. 31, 2021
Temporary Equity Disclosure [Abstract]
Preferred Stock	PREFERRED STOCKIn connection with the acquisition of Covey Park Energy LLC, the Company issued 210,000 shares of Series A Convertible Preferred Stock with a face value of $210.0 million and a fair value of $200.0 million as part of the consideration for the acquisition and sold 175,000 shares of Series B Convertible Preferred Stock for $175.0 million to its majority stockholder. On May 19, 2020, the Company redeemed the 210,000 outstanding shares of the Series A Preferred Stock for an aggregate redemption price of $210.0 million plus accrued and unpaid dividends of approximately $2.9 million. The holder of the Series B Preferred Stock is entitled to receive quarterly dividends at a rate of 10% per annum, which are paid in arrears. The holder of the Series B Convertible Preferred Stock may convert any or all shares of such preferred stock into shares of the Company's common stock at $4.00 per share, subject to adjustment pursuant to customary anti-dilution provisions. The Company has the right to redeem the Series B Convertible Preferred Stock at any time at face value plus accrued dividends. The Series B Convertible Preferred Stock is classified as mezzanine equity based on the majority stockholder's ability to control the terms of conversion to common stock.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIESFrom time to time, the Company is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material effect on the Company's financial position, results of operations or cash flows and no material amounts are accrued relative to these matters at March 31, 2021 or 2020.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Comstock operates oil and gas properties held by a partnership owned by our majority stockholder. We charge the partnership for the costs incurred to drill, complete and produce the wells, as well as drilling and operating overhead fees that we charge other interest owners. We also provide natural gas marketing services to the partnership, including evaluating potential markets and providing hedging services, in return for a fee equal to $0.02 per Mcf for natural gas marketed. We received $412 thousand and $324 thousand for the three months ended March 31, 2021 and 2020, respectively, for operating and marketing services provided to the partnership. In connection with our operation of the wells, we had a $13.0 million receivable from the partnership at March 31, 2021, which was collected in full in May 2021. We also had a $1.9 million receivable for the fair market value of oil and natural gas price hedging contracts that we have entered into with the partnership.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

The results of operations for the period through March 31, 2021 are not necessarily an indication of the results expected for the full year.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

Goodwill

Leases

Reserve for Future Abandonment Costs

Reserve for Future Abandonment CostsComstock's asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal.

Derivative Financial Instruments and Hedging Activities

Stock-Based Compensation

Stock-Based CompensationComstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period and included in general and administrative expenses for awards of restricted stock and performance stock units ("PSUs") to the Company's employees and directors.

Revenue Recognition

Credit Losses

Income Taxes

Fair Value Measurements

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Earnings Per Share


	Three Months Ended March 31,
		2021	2020
		(in thousands)
Unvested restricted stock		1,035	1,085

which would be issuable at the end of the respective period, assuming that date was the end of the performance period. The treasury stock method is used to measure the dilutive effect of PSUs.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Lease Cost Recognized

Lease costs recognized during the three months ended March 31, 2021 were as follows:


	Three Months Ended March 31, 2021
	(In thousands)
Operating lease cost included in general and administrative expense	$	429
Operating lease cost included in lease operating expense	232
Short-term lease cost (drilling rig costs included in proved oil and gas properties)	11,458
	$	12,119

Summary of Liabilities Under Contract Contain Operating Leases

As of March 31, 2021, expected future payments related to contracts that contain operating leases were as follows:


	(In thousands)
April 1 to December 31, 2021	$	1,670
2022	2,260
2023	1,927
2024	1,708
Total lease payments	7,565
Imputed interest	(351)
Total lease liability	$	7,214

Summary of Accrued Costs

Accrued costs at March 31, 2021 and December 31, 2020 consisted of the following:


	As of March 31, 2021		As of December 31, 2020
	(In thousands)
Accrued capital expenditures	$	26,839	$	24,959
Accrued interest payable	24,597		67,265
Accrued transportation costs	23,867		25,353
Accrued employee compensation	4,562		7,519
Other	4,445		4,457
Accrued ad valorem taxes	3,000		—
Accrued lease operating expenses	2,613		3,466
	$	89,923	$	133,019

Summary of Changes in Reserve for Future Abandonment Costs

The following table summarizes the changes in Comstock's total estimated liability for such obligations during the periods presented:


	Three Months Ended March 31,
	2021		2020
	(In thousands)
Reserve for future abandonment costs at beginning of period	$	19,290	$	18,151
New wells placed on production	328		186

Liabilities settled and assets disposed of	—		(11)
Accretion expense	297		287
Reserve for future abandonment costs at end of period	$	19,915	$	18,613

Schedule of Gas Derivative Contracts Volume and Prices

The Company had the following oil and natural gas price derivative financial instruments at March 31, 2021:


	Future Production Period
	Nine Months Ending December 31, 2021		Year Ending December 31, 2022		Total
Natural Gas Swap Contracts:
Volume (MMBtu)	159,228,737	(1)	23,650,000			182,878,737
Average Price per MMBtu	$2.53	(1)	$2.58			$2.54
Natural Gas Collar Contracts:
Volume (MMBtu)	103,630,000		25,400,000			129,030,000
Price per MMBtu:
Average Ceiling	$3.02		$3.24			$3.06
Average Floor	$2.47		$2.51			$2.48






Natural Gas Swaptions Contracts:
Volume (MMBtu)	—		43,800,000	(2)		43,800,000	(2)
Average Price per MMBtu	—		$2.51	(2)		$2.51	(2)
Natural Gas Basis Swap Contracts:
Volume (MMBtu)	11,000,000	(3)	10,950,000	(3)		21,950,000	(3)
Average Price per MMBtu	($0.12)		($0.16)			($0.14)
Crude Oil Collar Contracts:
Volume (Bbls)	412,500					412,500
Price per Bbl:
Average Ceiling	$51.67					$51.67
Average Floor	$41.67					$41.67

_____________________________

(3)Contracts fix the differential between NYMEX Henry Hub and the Houston Ship Channel indices.

Schedule of Derivative Instruments

The aggregate fair value of the Company's derivative instruments are presented on a gross basis in the accompanying consolidated balance sheets. The classification of derivative financial instruments between assets and liabilities, consists of the following:


Type	Consolidated Balance Sheet Location	March 31, 2021		December 31, 2020
		(in thousands)
Asset Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	2,633	$	8,913
Oil price derivatives	Derivative Financial Instruments – current	1,994		—
		$	4,627	$	8,913

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	3,524	$	661

Liability Derivative Financial Instruments:
Natural gas price derivatives	Derivative Financial Instruments – current	$	54,414	$	45,158
Oil price derivatives	Derivative Financial Instruments – current	5,451		831
Interest rate derivatives	Derivative Financial Instruments – current	955		1,016
		$	60,820	$	47,005

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	21	$	1,308

Interest rate derivatives	Derivative Financial Instruments – long-term	177		1,056
		$	198	$	2,364

Schedule of Gains and Losses from Derivative Financial Instruments Assets (Liabilities)

Gains and losses related to cash settlements and changes in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:


Gain (Loss) on Derivatives Recognized in Earnings	Three Months Ended March 31,
		2021		2020
		(In thousands)
Natural gas price derivatives		$	(18,877)	$	42,975
Oil price derivatives		(3,544)		18,924
Interest rate derivatives		672		—
		$	(21,749)	$	61,899

Consolidated Income Tax Provision

The following is an analysis of the consolidated income tax benefit (provision):


	Three Months Ended March 31,
		2021		2020
		(In thousands)
Current - Federal		$	—	$	—
Current - State		(136)		(61)
Deferred - Federal		34,919		(11,503)
Deferred - State		(4,816)		173
		$	29,967	$	(11,391)

Difference Between Federal Statutory Rate and Effective Tax Rate

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:


	Three Months Ended March 31,
		2021		2020
Tax at statutory rate		21.0	%	21.0	%
Tax effect of:
Valuation allowance on deferred tax assets		0.5		(0.5)
State income taxes, net of federal benefit		(3.0)		0.3
Nondeductible stock-based compensation		(0.2)		0.5

Effective tax rate		18.3	%	21.3	%

Reconciliation of Beginning and Ending Balances for Derivative Instruments

The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy:


	Three Months Ended March 31, 2021
	(In thousands)
Balance at beginning of year	$	(22,588)
Total loss included in earnings	9,712
Settlements, net	1,919
Transfers out of Level 3	(6,418)
Balance at end of period	$	(17,375)

Summary of Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of the Company's financial instruments as of March 31, 2021 and December 31, 2020:


	March 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:	(In thousands)
Derivative financial instruments (1)	$	8,151	$	8,151	$	9,574	$	9,574
Liabilities:
Derivative financial instruments (1)	$	61,018	$	61,018	$	49,369	$	49,369
Bank credit facility (2)	$	550,000	$	550,000	$	500,000	$	500,000
7.50% senior notes due 2025 (3)	$	189,304	$	253,565	$	473,728	$	628,691
9.75% senior notes due 2026 (3)	$	844,068	$	951,498	$	1,577,824	$	1,769,625
6.75% senior notes due 2029 (3)	$	1,257,443	$	1,275,000	$	—	$	—

______________

(2)The carrying value of our floating rate debt outstanding approximates fair value.

(3)The fair value of the Company's fixed rate debt was based on quoted prices as of March 31, 2021 and December 31, 2020, respectively, a Level 1 measurement.

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding were as follows:


	Three Months Ended March 31,
		2021	2020
		(in thousands)
Unvested restricted stock		1,035	1,085

Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding

Weighted average unearned PSUs outstanding were as follows:


	Three Months Ended March 31,
		2021	2020
		(In thousands, except per unit amounts)
Weighted average PSUs		1,136	927
Weighted average grant date fair value per unit		$9.33	$9.58

Weighted Average Shares of Convertible Preferred Stock

Weighted average shares of convertible preferred stock outstanding were as follows:


	Three Months Ended March 31,
		2021	2020
		(In thousands)
Weighted average convertible preferred stock		43,750	96,250

Basic and Diluted Income (Loss) Per Share

Basic and diluted income (loss) per share were determined as follows:


	Three Months Ended March 31,
	2021					2020
	Loss		Shares	Per Share		Income		Shares	Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(138,440)				$	29,956
Income allocable to unvested restricted shares	—					(37)
Basic income (loss) attributable to common stock	(138,440)		231,377	$	(0.60)	29,919		188,916	$	0.16
Effect of Dilutive Securities:
Convertible preferred stock	—		—			12,072		96,250
Diluted income (loss) attributable to common stock	$	(138,440)	231,377	$	(0.60)	$	41,991	285,166	$	0.15

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes and other non-cash investing activities for the three months ended March 31, 2021 and 2020, respectively, were as follows:


	Three Months Ended March 31,
	2021		2020
	(In thousands)
Cash payments for:
Interest payments	$	97,990	$	55,207

Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures	$	1,880	$	(13,190)

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt

At March 31, 2021, long-term debt was comprised of the following:


	(In thousands)
7.50% Senior Notes due 2025:
Principal	$	244,400
Discount, net of amortization	(55,096)
9.75% Senior Notes due 2026:
Principal	872,934
Net discount, net of amortization	(28,866)
6.75% Senior Notes due 2029:
Principal	1,250,000
Premium, net of amortization	7,443
Bank Credit Facility:
Principal	550,000
Debt issuance costs, net of amortization	(40,337)
	$	2,800,478

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1A
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Summary of Significant Accounting Policies - Additional Information 1 (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Impairment of oil and gas properties	$ 0	$ 0
Goodwill	$ 335,897,000		$ 335,897,000

Summary of Significant Accounting Policies - Leases - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Operating lease, right-of-use assets		$ 7,201	$ 3,025
Prior advance notice period for cancellation of rig contracts		45 days
Renewal term (in years)	3 years
Operating lease right-of-use asset obtained in renewal	$ 4,700
Cash payments for operating leases associated with right-of-use assets		$ 661
Operating lease, weighted average remaining lease term		3 years 4 months 24 days
Operating lease, weighted average discount rate, percent		2.80%
Expected future payments for contracted drilling services		$ 5,900

Summary of Significant Accounting Policies - Summary of Lease Cost Recognized (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 12,119
General and Administrative Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	429
Lease Operating Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	232
Short-term Drilling Rig Costs Included in Proved Oil and Gas Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 11,458

Summary of Significant Accounting Policies - Summary of Liabilities Under Contract Contain Operating Leases (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Accounting Policies [Abstract]
April 1 to December 31, 2021	$ 1,670
2022	2,260
2023	1,927
2024	1,708
Total lease payments	7,565
Imputed interest	(351)
Total lease liability	$ 7,214

Summary of Significant Accounting Policies - Summary of Accrued Costs (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Accrued capital expenditures	$ 26,839	$ 24,959
Accrued interest payable	24,597	67,265
Accrued transportation costs	23,867	25,353
Accrued employee compensation	4,562	7,519
Other	4,445	4,457
Accrued ad valorem taxes	3,000	0
Accrued lease operating expenses	2,613	3,466
Total accrued expenses	$ 89,923	$ 133,019

Summary of Significant Accounting Policies - Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Reserve for future abandonment costs at beginning of period	$ 19,290	$ 18,151
New wells placed on production	328	186
Liabilities settled and assets disposed of	0	(11)
Accretion expense	297	287
Reserve for future abandonment costs at end of period	$ 19,915	$ 18,613

Summary of Significant Accounting Policies - Schedule of Derivative Contracts Volume and Prices (Detail)	1 Months Ended	3 Months Ended
	May 05, 2021 MMBTU $ / MMBTU	Mar. 31, 2021 MMBTU $ / MMBTU $ / bbl bbl
Natural Gas Swap Contracts
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		182,878,737
Average price		2.54
Natural Gas Swap Contracts \| Subsequent Event
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU	14,600,000
Average price	2.70
Natural Gas Swap Contracts \| Swap Contracts For Remainder Of Fiscal Year
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		159,228,737
Average price		2.53
Natural Gas Swap Contracts \| Swap Contracts for 2022
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		23,650,000
Average price		2.58
Natural Gas Swap Contracts \| Swaption Swap Contracts 2021
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		33,000,000
Average price		2.51
Natural Gas 2-Way Collar Contracts
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		129,030,000
Average Ceiling		3.06
Average Floor		2.48
Natural Gas 2-Way Collar Contracts \| Collar Contract For Remainder Of Fiscal Year
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		103,630,000
Average Ceiling		3.02
Average Floor		2.47
Natural Gas 2-Way Collar Contracts \| Collar Contracts for 2022
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		25,400,000
Average Ceiling		3.24
Average Floor		2.51
Natural Gas Swaptions Call Contracts
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		43,800,000
Average price		2.51
Natural Gas Swaptions Call Contracts \| Swap Contracts for 2022
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		43,800,000
Average price		2.51
Natural Gas Swaptions Call Contracts \| Swaption Contracts 2022
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		43,800,000
Average price		2.51
Natural Gas Swaptions Call Contracts \| Swaption Contracts October 2021
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		36,500,000
Average price		2.52
Natural Gas Swaptions Call Contracts \| Swaption Contracts November 2021
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		7,300,000
Average price		2.50
Natural Gas Basis Swap Contracts
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		21,950,000
Average price		(0.14)
Natural Gas Basis Swap Contracts \| Swap Contracts For Remainder Of Fiscal Year
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		11,000,000
Average price		(0.12)
Natural Gas Basis Swap Contracts \| Swap Contracts for 2022
Derivative [Line Items]
Volume (in MMBTU) \| MMBTU		10,950,000
Average price		(0.16)
Crude Oil Collar Contracts
Derivative [Line Items]
Volume (in Barrels) \| bbl		412,500
Average Ceiling \| $ / bbl		51.67
Average Floor \| $ / bbl		41.67
Crude Oil Collar Contracts \| Collar Contract For Remainder Of Fiscal Year
Derivative [Line Items]
Volume (in Barrels) \| bbl		412,500
Average Ceiling \| $ / bbl		51.67
Average Floor \| $ / bbl		41.67

Summary of Significant Accounting Policies - Additional Information 2 (Detail)	1 Months Ended	3 Months Ended
	May 05, 2021 MMBTU $ / MMBTU	Mar. 31, 2021 USD ($) MMBTU product $ / shares $ / MMBTU $ / EquityUnit shares	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Fair value of derivative net liability		$ 1,100,000
Cash flow hedges derivative instruments		0
Stock-based compensation expense recognized		$ 1,690,000	$ 1,430,000
Number of primary products \| product		2
Contract cash settlement max days		25 days
Contract cancellable notice term		30 days
Oil and gas sales		$ 126,503,000		$ 125,016,000
Natural Gas Swap Contracts
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume (in MMBTU) \| MMBTU		182,878,737
Average price \| $ / MMBTU		2.54
Natural Gas Swap Contracts \| Subsequent Event
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume (in MMBTU) \| MMBTU	14,600,000
Average price \| $ / MMBTU	2.70
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of unvested restricted stock outstanding (in shares) \| shares		1,034,506		1,038,006
Weighted average grant date fair value of stock grants per share (in dollars per share) \| $ / shares		$ 5.80
Unrecognized compensation cost related to unvested restricted stock		$ 3,700,000
Period in which compensation cost expected to be recognized		1 year 7 months 6 days
Potential Performance Shares (PSU)
Operations And Summary Of Significant Accounting Policies [Line Items]
Period in which compensation cost expected to be recognized		1 year 6 months
Number of performance stock units ("PSUs") outstanding (in shares) \| shares		1,136,488
Weighted average grant date fair value of PSUs per unit (in dollars per share) \| $ / EquityUnit		9.33
Minimum final number of shares of common stock issuable based on performance multiplier (in shares) \| shares		0
Maximum final number of shares of common stock issuable based on performance multiplier (in shares) \| shares		2,272,976
Unrecognized expense, performance share units		$ 4,100,000
General and Administrative Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense recognized		1,700,000	$ 1,400,000
Interest Rate Swap Contracts
Operations And Summary Of Significant Accounting Policies [Line Items]
Outstanding under the bank credit facility		$ 500,000,000.0
Interest Rate Swap Contracts \| LIBOR
Operations And Summary Of Significant Accounting Policies [Line Items]
Outstanding bank credit facility percentage		0.33%

Summary of Significant Accounting Policies - Schedule of Derivative Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Asset Derivative Financial Instruments:
Derivative Financial Instruments – current	$ 4,627	$ 8,913
Derivative Financial Instruments – long-term	3,524	661
Liability Derivative Financial Instruments:
Derivative Financial Instruments – current	60,820	47,005
Derivative Financial Instruments – long-term	198	2,364
Derivative Financial Instruments – current
Asset Derivative Financial Instruments:
Derivative Financial Instruments – current	4,627	8,913
Liability Derivative Financial Instruments:
Derivative Financial Instruments – current	60,820	47,005
Derivative Financial Instruments – long-term
Liability Derivative Financial Instruments:
Derivative Financial Instruments – long-term	198	2,364
Natural gas price derivatives \| Derivative Financial Instruments – current
Asset Derivative Financial Instruments:
Derivative Financial Instruments – current	2,633	8,913
Liability Derivative Financial Instruments:
Derivative Financial Instruments – current	54,414	45,158
Natural gas price derivatives \| Derivative Financial Instruments – long-term
Asset Derivative Financial Instruments:
Derivative Financial Instruments – long-term	3,524	661
Liability Derivative Financial Instruments:
Derivative Financial Instruments – long-term	21	1,308
Oil price derivatives \| Derivative Financial Instruments – current
Asset Derivative Financial Instruments:
Derivative Financial Instruments – current	1,994	0
Liability Derivative Financial Instruments:
Derivative Financial Instruments – current	5,451	831
Interest rate derivatives \| Derivative Financial Instruments – current
Liability Derivative Financial Instruments:
Derivative Financial Instruments – current	955	1,016
Interest rate derivatives \| Derivative Financial Instruments – long-term
Liability Derivative Financial Instruments:
Derivative Financial Instruments – long-term	$ 177	$ 1,056

Summary of Significant Accounting Policies - Schedule of Gains and Losses from Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Gain (loss) from derivative financial instruments	$ (21,749)	$ 61,899
Natural gas price derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	(18,877)	42,975
Oil price derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	(3,544)	18,924
Interest rate derivatives
Derivative [Line Items]
Gain (loss) from derivative financial instruments	$ 672	$ 0

Summary of Significant Accounting Policies - Consolidated Income Tax Provision (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Current - Federal	$ 0	$ 0
Current - State	(136)	(61)
Deferred - Federal	34,919	(11,503)
Deferred - State	(4,816)	173
Total	$ 29,967	$ (11,391)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Summary of Significant Accounting Policies - Difference Between Federal Statutory Rate and Effective Tax Rate (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Tax at statutory rate	21.00%	21.00%
Tax effect of:
Valuation allowance on deferred tax assets	0.50%	(0.50%)
State income taxes, net of federal benefit	(3.00%)	0.30%
Nondeductible stock-based compensation	(0.20%)	0.50%
Effective tax rate	18.30%	21.30%

Summary of Significant Accounting Policies - Reconciliation of Beginning and Ending Balances for Derivative Instrument Assets (Liabilities) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of year	$ (22,588)
Total loss included in earnings	9,712
Settlements, net	1,919
Transfers out of Level 3	(6,418)
Balance at end of period	$ (17,375)

Summary of Significant Accounting Policies - Summary of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative financial instruments	$ 4,627	$ 8,913
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative financial instruments	60,820	47,005
Bank Credit Facility
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	550,000	500,000
Long-term debt, Fair Value	550,000	500,000
Level 1 \| 7.5% Senior Notes due 2025
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	189,304	473,728
Long-term debt, Fair Value	253,565	628,691
Level 1 \| 9.75% Senior Notes due 2026
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	844,068	1,577,824
Long-term debt, Fair Value	951,498	1,769,625
Level 1 \| 6.75% Senior Notes due 2029:
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	1,257,443	0
Long-term debt, Fair Value	1,275,000	0
Derivative Financial Instruments \| Level 2 and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative financial instruments	8,151	9,574
Derivative financial asset, Fair value	8,151	9,574
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Derivative financial instruments	61,018	49,369
Derivative financial liabilities, Fair value	$ 61,018	$ 49,369

Summary of Significant Accounting Policies - Earnings Per Share - Additional Information (Detail) - $ / shares		3 Months Ended
	Jul. 16, 2020	Mar. 31, 2021	Dec. 31, 2020
Operations And Summary Of Significant Accounting Policies [Line Items]
Performance multiplier, minimum		0.00%
Performance multiplier, maximum		200.00%
Preferred stock, conversion price per share in dollars per share)		$ 4.00
Participating securities that share in losses (in shares)		0
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of unvested restricted stock outstanding (in shares)		1,034,506	1,038,006
Series A and Series B Convertible Preferred Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Aggregate common stock upon conversion (in shares)	43,750,000

Summary of Significant Accounting Policies - Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Unvested restricted stock	1,035	1,085

Summary of Significant Accounting Policies - Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding (Detail) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Weighted average PSUs	1,136	927
Weighted average grant date fair value per unit (in dollars per share)	$ 9.33	$ 9.58

Summary of Significant Accounting Policies - Convertible Preferred Stock (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Weighted average convertible preferred stock	43,750	96,250

Summary of Significant Accounting Policies - Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Net income (loss) attributable to common stock	$ (138,440)	$ 29,956
Income allocable to unvested restricted shares	0	(37)
Basic income (loss) attributable to common stock	(138,440)	29,919
Diluted income (loss) attributable to common stock	$ (138,440)	$ 41,991
Basic income (loss) attributable to common stock (in shares)	231,377	188,916
Effect of Dilutive Securities, Convertible preferred stock	$ 0	$ 12,072
Effect of Dilutive Securities, Convertible preferred stock (in shares)	0	96,250
Diluted income (loss) attributable to common stock (in shares)	231,377	285,166
Basic income (loss) attributable to common stock (in dollars per share)	$ (0.60)	$ 0.16
Diluted income (loss) attributable to common stock (in dollars per share)	$ (0.60)	$ 0.15

Summary of Significant Accounting Policies - Supplementary Information of Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash payments for:
Interest payments	$ 97,990	$ 55,207
Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures	$ 1,880	$ (13,190)

Long-Term Debt - Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 04, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt issuance costs, net of amortization	$ (40,337)
Long-term debt	2,800,478		$ 2,517,149
Bank Credit Facility:
Debt Instrument [Line Items]
Principal	550,000
7.50% Senior Notes due 2025:
Debt Instrument [Line Items]
Principal	244,400
Discount, net of amortization	$ (55,096)
Interest rate on debt instrument	7.50%	7.50%
9.75% Senior Notes due 2026:
Debt Instrument [Line Items]
Principal	$ 872,934
Discount, net of amortization	$ (28,866)
Interest rate on debt instrument	9.75%	9.75%
6.75% Senior Notes due 2029:
Debt Instrument [Line Items]
Principal	$ 1,250,000
Premium, net of amortization	$ 7,443
Interest rate on debt instrument	6.75%	6.75%

Long-Term Debt - Additional Information (Detail) - USD ($)		3 Months Ended
	Mar. 04, 2021	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Net proceeds of sale of senior notes		$ 1,257,500,000	$ 0
Repayments of long-term debt		1,260,000,000
Premiums paid over face value		97,900,000
Payment of accrued interest		12,500,000
Cost related to the tender offer		1,100,000
Loss on early retirement of debt		238,539,000	$ 0
6.75% Senior Notes due 2029:
Debt Instrument [Line Items]
Principal		$ 1,250,000,000
Principal amount of senior notes issued	$ 1,250,000,000
Interest rate on debt instrument	6.75%	6.75%
Net proceeds of sale of senior notes	$ 1,240,000,000
7.5% Senior Notes due 2025
Debt Instrument [Line Items]
Principal		$ 244,400,000
Interest rate on debt instrument	7.50%	7.50%
Repayments of long-term debt		$ 375,000,000.0
9.75% Senior Notes due 2026
Debt Instrument [Line Items]
Principal		$ 872,934,000
Interest rate on debt instrument	9.75%	9.75%
Repayments of long-term debt		$ 777,100,000
Bank Credit Facility
Debt Instrument [Line Items]
Principal		550,000,000
Bank credit facility		$ 1,400,000,000
Leverage ratio		400.00%
Current ratio		100.00%
Bank Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused borrowing base		0.375%
Bank Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused borrowing base		0.50%
Bank Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility		2.25%
Bank Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility		3.25%
Bank Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility		1.25%
Bank Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility		2.25%

Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	May 19, 2020	Jul. 16, 2019	Mar. 31, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Conversion price per share (in dollars per share)			$ 4.00
Series A 10% Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock issued/ sold (in shares)		210,000
Face value of convertible preferred stock issued		$ 210.0
Fair value of convertible preferred stock issued		$ 200.0
Redemption of convertible preferred stock (in shares)	210,000
Aggregate redemption value of convertible preferred stock issued	$ 210.0
Accrued and unpaid dividends paid	$ 2.9
Preferred stock, quarterly dividends rate	10.00%
Series B 10% Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock issued/ sold (in shares)		175,000
Proceeds from issuance of convertible preferred stock		$ 175.0
Preferred stock, quarterly dividends rate			10.00%	10.00%
Conversion price per share (in dollars per share)			$ 4.00

Related Party Transactions - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / Mcf	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Accounts receivable from affiliates	$ 12,967		$ 6,155
Partnerships owned by majority stockholder
Related Party Transaction [Line Items]
Related party revenue, fee (in USD per Mcf) \| $ / Mcf	0.02
Accounts receivable from affiliates	$ 13,000
Related party asset	1,900
Partnerships owned by majority stockholder \| Partnership costs to drill and operating wells and overhead fees
Related Party Transaction [Line Items]
Revenue from related parties	$ 412	$ 324