Whiting Petroleum Reports Fourth Quarter and Full Year 2021 Results and Oil and Gas Reserves

Proved Reserves ⁽¹⁾

Pre-Tax

Natural

PV10%

Oil

NGLs

Gas

Total

%

Value ⁽²⁾

Reserve Category

(MMBbl)

(MMBbl)

(Bcf)

(MMBOE)

Oil

(in millions)

Proved developed reserves

148.3

55.0

351.9

262.0

57%

$

3,587

Proved undeveloped reserves

40.3

11.4

74.1

64.0

63%

794

Total proved reserves

188.6

66.4

426.0

326.0

58%

$

4,381

Discounted future income tax expense

(702)

Standardized measure of discounted future net cash flows

$

3,679

(1)

Oil and gas reserve quantities and related discounted future net cash flows have been derived from a WTI oil price of $66.56 per Bbl and a Henry Hub gas price of $3.60 per MMBtu, which were calculated using an average of the first-day-of-the-month price for each month within the 12 months ended December 31, 2021 as required by SEC and FASB guidelines.

(2)

Pre-tax PV10% may be considered a non-GAAP financial measure as defined by the SEC and is derived from the standardized measure of discounted future net cash flows (the "Standardized Measure"), which is the most directly comparable GAAP financial measure. Pre-tax PV10% is computed on the same basis as the Standardized Measure but without deducting future income taxes. We believe pre-tax PV10% is a useful measure for investors when evaluating the relative monetary significance of our oil and natural gas properties. We further believe investors may utilize our pre-tax PV10% as a basis for comparison of the relative size and value of our proved reserves to other companies because many factors that are unique to each individual company impact the amount of future income taxes to be paid. Our management uses this measure when assessing the potential return on investment related to our oil and gas properties and acquisitions. However, pre-tax PV10% is not a substitute for the Standardized Measure. Our pre-tax PV10% and Standardized Measure do not purport to present the fair value of our proved oil, NGL and natural gas reserves.

Weighted Average

Settlement Period

Index

Derivative
Instrument

Total Volumes

Units

Swap
Price

Floor

Ceiling

Crude Oil

2022 ⁽¹⁾

NYMEX WTI

Fixed Price Swaps

2,761,000

Bbl

$71.05

-

-

2022 ⁽¹⁾

NYMEX WTI

Two-way Collars

10,351,500

Bbl

-

$47.13

$57.62

Q1 2023

NYMEX WTI

Fixed Price Swaps

810,000

Bbl

$75.14

-

-

Q1-Q3 2023

NYMEX WTI

Two-way Collars

3,443,500

Bbl

-

$46.75

$58.87

Total

17,366,000

Natural Gas

2022 ⁽¹⁾

NYMEX Henry Hub

Fixed Price Swaps

10,816,500

MMBtu

$3.51

-

-

2022 ⁽¹⁾

NYMEX Henry Hub

Two-way Collars

15,754,000

MMBtu

-

$2.67

$3.29

Q1 2023

NYMEX Henry Hub

Fixed Price Swaps

1,800,000

MMBtu

$4.25

-

-

Q1-Q3 2023

NYMEX Henry Hub

Two-way Collars

8,799,000

MMBtu

-

$2.42

$2.94

Total

37,169,500

Natural Gas Basis ⁽²⁾

2022 ⁽¹⁾

NNG Ventura to NYMEX

Fixed Price Swaps

5,222,500

MMBtu

$0.53

-

-

Q1-Q2 2023

NNG Ventura to NYMEX

Fixed Price Swaps

5,920,000

MMBtu

$0.40

-

-

Total

11,142,500

NGL - Propane

2022 ⁽¹⁾

Mont Belvieu

Fixed Price Swaps

18,417,000

Gallons

$1.07

-

-

2022 ⁽¹⁾

Conway

Fixed Price Swaps

56,112,000

Gallons

$1.07

-

-

Total

74,529,000

⁽¹⁾

Includes settlement periods of February through December 2022.

⁽²⁾

The weighted average price associated with the natural gas basis swaps shown in the table above represents the average fixed differential to NYMEX as stated in the related contracts, which is compared to the Northern Natural Gas Ventura Index ("NNG Ventura") for each period. If NYMEX combined with the fixed differential as stated in each contract is higher than the NNG Ventura index price at any settlement date, the Company receives the difference. Conversely, if the NNG Ventura index price is higher than NYMEX combined with the fixed differential, the Company pays the difference.

Successor

Three Months Ended

December 31,

September 30,

2021

2021

Selected operating statistics:

Production

Oil (MBbl)

4,871

4,763

NGLs (MBbl)

1,946

1,919

Natural gas (MMcf)

10,303

10,745

Total production (MBOE)

8,535

8,472

Average prices

Oil (per Bbl):

Price received

$

75.75

$

66.54

Effect of crude oil hedging ⁽¹⁾

(20.38

)

(16.57

)

Realized price

$

55.37

$

49.97

Weighted average NYMEX price (per Bbl) ⁽²⁾

$

77.00

$

70.55

NGLs (per Bbl):

Price received

$

28.74

$

26.81

Effect of NGL hedging ⁽³⁾

(2.08

)

(1.93

)

Realized price

$

26.66

$

24.88

Natural gas (per Mcf):

Price received

$

3.68

$

2.42

Effect of natural gas hedging ⁽⁴⁾

(2.15

)

(0.82

)

Realized price

$

1.53

$

1.60

Weighted average NYMEX price (per MMBtu) ⁽²⁾

$

5.13

$

3.95

Selected operating metrics:

Sales price, net of hedging ($ per BOE)

$

39.53

$

35.75

Lease operating ($ per BOE)

7.31

6.68

Transportation, gathering, compression and other ($ per BOE)

0.80

1.04

Depreciation, depletion and amortization ($ per BOE)

5.76

6.13

General and administrative ($ per BOE)

1.79

1.41

Production and ad valorem taxes (% of sales revenue)

7

%

7

%

⁽¹⁾

Whiting paid $99 million and $79 million in pre-tax cash settlements on crude oil hedges during the three months ended December 31, 2021 and September 30, 2021, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

⁽²⁾

Average NYMEX prices weighted for monthly production volumes.

⁽³⁾

Whiting paid $4 million in pre-tax cash settlements on NGL hedges during the three months ended December 31, 2021 and September 30, 2021, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

⁽⁴⁾

Whiting paid $22 million and $9 million in pre-tax cash settlements on natural gas hedges during the three months ended December 31, 2021 and September 30, 2021, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

Successor

Predecessor

Non-GAAP

Year Ended
December 31,
2021

Four Months
Ended
December 31,
2020

Eight Months
Ended
August 31,
2020

Combined
Year Ended
December 31,
2020

Selected operating statistics:

Production

Oil (MBbl)

19,316

6,857

15,273

22,130

NGLs (MBbl)

7,218

2,104

4,522

6,626

Natural gas (MMcf)

41,964

14,340

29,667

44,007

Total production (MBOE)

33,528

11,351

24,740

36,091

Average prices

Oil (per Bbl):

Price received

$

64.77

$

37.05

$

28.86

$

31.40

Effect of crude oil hedging ⁽¹⁾

(14.70

)

(0.34

)

3.00

1.96

Realized price

$

50.07

$

36.71

$

31.86

$

33.36

Weighted average NYMEX price (per Bbl) ⁽²⁾

$

67.86

$

41.84

$

38.23

$

39.35

NGLs (per Bbl):

Price received

$

22.53

$

5.90

$

4.45

$

4.91

Effect of NGL hedging ⁽³⁾

(1.19

)

-

-

-

Realized price

$

21.34

$

5.90

$

4.45

$

4.91

Natural gas (per Mcf):

Price received

$

2.34

$

0.48

$

(0.06

)

$

0.11

Effect of natural gas hedging ⁽⁴⁾

(0.74

)

(0.11

)

(0.01

)

(0.04

)

Realized price

$

1.60

$

0.37

$

(0.07

)

$

0.07

Weighted average NYMEX price (per MMBtu) ⁽²⁾

$

3.59

$

2.44

$

1.76

$

1.98

Selected operating metrics:

Sales price, net of hedging ($ per BOE)

$

35.44

$

23.74

$

20.39

$

21.44

Lease operating ($ per BOE)

7.23

6.52

6.40

6.43

Transportation, gathering, compression and other ($ per BOE)

0.90

0.71

0.90

0.84

Depreciation, depletion and amortization ($ per BOE)

6.16

6.83

13.69

11.53

General and administrative ($ per BOE)

1.48

1.91

3.71

3.15

Production and ad valorem taxes (% of sales revenue)

7

%

9

%

9

%

9

%

⁽¹⁾

Whiting paid $284 million and received $43 million in pre-tax cash settlements on crude oil hedges during the years ended December 31, 2021 and December 31, 2020, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

⁽²⁾

Average NYMEX prices weighted for monthly production volumes.

⁽³⁾

Whiting paid $9 million in pre-tax cash settlements on NGL hedges during the year ended December 31, 2021. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

⁽⁴⁾

Whiting paid $31 million and $2 million in pre-tax cash settlements on natural gas hedges during the years ended December 31, 2021 and December 31, 2020, respectively. Refer to "Commodity Price Hedging" above for a summary of Whiting's outstanding hedges.

Successor

Three Months Ended

December 31,

September 30,

2021

2021

Selected financial data:

(In thousands, except per share data)

Total operating revenues

$

473,408

$

401,037

Total operating expenses

177,379

199,304

Total other expense, net

2,940

3,571

Net income

292,179

198,162

Per basic share

7.47

5.07

Per diluted share

7.34

5.00

Adjusted net income ⁽¹⁾

168,493

141,553

Per basic share

4.31

3.62

Per diluted share

4.23

3.57

Adjusted EBITDAX ⁽¹⁾

226,356

201,102

Net cash provided by operating activities

213,914

189,890

Adjusted free cash flow ⁽¹⁾

156,269

127,742

Successor

Predecessor

Non-GAAP

Year Ended
December 31,
2021

Four Months
Ended
December 31,
2020

Eight Months
Ended
August 31,
2020

Combined
Year Ended
December 31,
2020

Selected financial data:

(In thousands, except per share data)

Total operating revenues

$

1,533,481

$

273,358

$

459,004

$

732,362

Total operating expenses

1,091,867

238,379

4,651,298

4,889,677

Total other (income) expense, net

12,798

7,944

(170,459

)

(162,515

)

Net income (loss)

427,906

39,073

(3,965,461

)

(3,926,388

)

Per basic share ⁽²⁾

10.97

1.03

(43.37

)

(103.11

)

Per diluted share ⁽²⁾

10.78

1.03

(43.37

)

(103.11

)

Adjusted net income (loss) ⁽¹⁾

535,441

63,794

(209,656

)

(145,862

)

Per basic share ⁽²⁾

13.73

1.68

(2.29

)

(3.83

)

Per diluted share ⁽²⁾

13.49

1.67

(2.29

)

(3.83

)

Adjusted EBITDAX ⁽¹⁾

774,025

154,521

227,580

382,101

Net cash provided by operating activities

740,243

82,168

112,613

194,781

Adjusted free cash flow ⁽¹⁾

503,550

102,493

(132,564

)

(30,071

)

⁽¹⁾

Reconciliations of net income (loss) to adjusted net income (loss) and adjusted EBITDAX and net cash provided by operating activities to adjusted free cash flow are included later in this news release.

⁽²⁾

For the combined year ended December 31, 2020, the Company used the Successor's basic and diluted weighted average share count to calculate per share amounts.

Whiting Petroleum Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

Successor

December 31,

December 31,

2021

2020

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

$

41,245

$

28,367

Accounts receivable trade, net

279,865

142,830

Prepaid expenses and other

17,158

19,224

Total current assets

338,268

190,421

Property and equipment:

Oil and gas properties, successful efforts method

2,274,908

1,812,601

Other property and equipment

61,624

74,064

Total property and equipment

2,336,532

1,886,665

Less accumulated depreciation, depletion and amortization

(254,237

)

(73,869

)

Total property and equipment, net

2,082,295

1,812,796

Other long-term assets

37,368

40,723

TOTAL ASSETS

$

2,457,931

$

2,043,940

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable trade

$

48,641

$

23,697

Revenues and royalties payable

258,527

151,196

Accrued capital expenditures

38,914

20,155

Accrued liabilities and other

30,726

42,007

Accrued lease operating expenses

32,408

23,457

Taxes payable

18,864

11,997

Derivative liabilities

209,653

49,485

Total current liabilities

637,733

321,994

Long-term debt

-

360,000

Asset retirement obligations

93,915

91,864

Operating lease obligations

14,710

17,415

Long-term derivative liabilities

46,720

9,750

Other long-term liabilities

1,228

14,113

Total liabilities

794,306

815,136

Commitments and contingencies

Equity:

Common stock, $0.001 par value, 500,000,000 shares authorized; 39,133,637 issued and outstanding as of December 31, 2021 and 38,051,125 issued and outstanding as of December 31, 2020

39

38

Additional paid-in capital

1,196,607

1,189,693

Accumulated earnings

466,979

39,073

Total equity

1,663,625

1,228,804

TOTAL LIABILITIES AND EQUITY

$

2,457,931

$

2,043,940

Whiting Petroleum Corporation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except per share data)

Successor

Three Months Ended

December 31,

September 30,

2021

2021

OPERATING REVENUES

Oil, NGL and natural gas sales

$

462,842

$

394,333

Purchased gas sales

10,566

6,704

Total operating revenues

473,408

401,037

OPERATING EXPENSES

Lease operating expenses

62,393

56,562

Transportation, gathering, compression and other

6,801

8,835

Purchased gas expense

8,997

5,496

Production and ad valorem taxes

31,885

28,712

Depreciation, depletion and amortization

49,201

51,927

Exploration and impairment

2,666

3,446

General and administrative

15,273

11,961

Derivative (gain) loss, net

(4,530

)

122,559

(Gain) loss on sale of properties

4,693

(90,194

)

Total operating expenses

177,379

199,304

INCOME FROM OPERATIONS

296,029

201,733

OTHER INCOME (EXPENSE)

Interest expense

(3,426

)

(3,871

)

Other income

486

300

Total other expense

(2,940

)

(3,571

)

INCOME BEFORE INCOME TAXES

293,089

198,162

INCOME TAX EXPENSE

Current

910

-

Total income tax expense

910

-

NET INCOME

$

292,179

$

198,162

INCOME PER COMMON SHARE

Basic

$

7.47

$

5.07

Diluted

$

7.34

$

5.00

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

39,132

39,121

Diluted

39,819

39,622

Whiting Petroleum Corporation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Successor

Predecessor

Non-GAAP

Year Ended
December 31,
2021

Four Months
Ended
December 31,
2020

Eight Months
Ended
August 31,
2020

Combined
Year Ended
December 31,
2020

OPERATING REVENUES

Oil, NGL and natural gas sales

$

1,511,837

$

273,358

$

459,004

$

732,362

Purchased gas sales

21,644

-

-

-

Total operating revenues

1,533,481

273,358

459,004

732,362

OPERATING EXPENSES

Lease operating expenses

242,476

73,981

158,228

232,209

Transportation, gathering, compression and other

30,107

8,038

22,266

30,304

Purchased gas expense

17,572

-

-

-

Production and ad valorem taxes

110,416

24,150

41,204

65,354

Depreciation, depletion and amortization

206,475

77,502

338,757

416,259

Exploration and impairment

10,781

7,865

4,184,830

4,192,695

General and administrative

49,520

21,734

91,816

113,550

Derivative (gain) loss, net

520,131

24,714

(181,614

)

(156,900

)

(Gain) loss on sale of properties

(95,611

)

395

927

1,322

Amortization of deferred gain on sale

-

-

(5,116

)

(5,116

)

Total operating expenses

1,091,867

238,379

4,651,298

4,889,677

INCOME (LOSS) FROM OPERATIONS

441,614

34,979

(4,192,294

)

(4,157,315

)

OTHER INCOME (EXPENSE)

Interest expense

(16,381

)

(8,080

)

(73,054

)

(81,134

)

Gain on extinguishment of debt

-

-

25,883

25,883

Interest income and other

3,583

136

211

347

Reorganization items, net

-

-

217,419

217,419

Total other income (expense)

(12,798

)

(7,944

)

170,459

162,515

INCOME (LOSS) BEFORE INCOME TAXES

428,816

27,035

(4,021,835

)

(3,994,800

)

INCOME TAX EXPENSE (BENEFIT)

Current

910

2,463

2,718

5,181

Deferred

-

(14,501

)

(59,092

)

(73,593

)

Total income tax expense (benefit)

910

(12,038

)

(56,374

)

(68,412

)

NET INCOME (LOSS)

$

427,906

$

39,073

$

(3,965,461

)

$

(3,926,388

)

INCOME (LOSS) PER COMMON SHARE

Basic ⁽¹⁾

$

10.97

$

1.03

$

(43.37

)

$

(103.11

)

Diluted ⁽¹⁾

$

10.78

$

1.03

$

(43.37

)

$

(103.11

)

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic ⁽¹⁾

39,006

38,080

91,423

38,080

Diluted ⁽¹⁾

39,692

38,119

91,423

38,080

⁽¹⁾

For the combined year ended December 31, 2020, the Company used the Successor's basic and diluted weighted average share count to calculate per share amounts.

Whiting Petroleum Corporation

Reconciliation of Net Income to Adjusted Net Income

(in thousands, except per share data)

Successor

Three Months Ended

December 31,

September 30,

2021

2021

Net income

$

292,179

$

198,162

Adjustments:

(Gain) loss on sale of properties

4,693

(90,194

)

Impairment expense

1,577

2,439

Total measure of derivative (gain) loss reported under U.S. GAAP

(4,530

)

122,559

Total net cash settlements paid on commodity derivatives during the period

(125,426

)

(91,413

)

Adjusted net income ⁽¹⁾

$

168,493

$

141,553

Adjusted net income per share, basic ⁽¹⁾

$

4.31

$

3.62

Adjusted net income per share, diluted ⁽¹⁾

$

4.23

$

3.57

⁽¹⁾

Adjusted net income and adjusted net income per share are non-GAAP measures. Management believes they provide useful information to investors for analysis of Whiting's fundamental business on a recurring basis. In addition, management believes that adjusted net income is widely used by professional research analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted net income and adjusted net income per share should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.

Whiting Petroleum Corporation

Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)

(in thousands, except per share data)

Successor

Predecessor

Non-GAAP

Year Ended
December 31,
2021

Four Months
Ended
December 31,
2020

Eight Months
Ended
August 31,
2020

Combined
Year Ended
December 31,
2020

Net income (loss)

$

427,906

$

39,073

$

(3,965,461

)

$

(3,926,388

)

Adjustments:

Amortization of deferred gain on sale

-

-

(5,116

)

(5,116

)

(Gain) loss on sale of properties

(95,611

)

395

927

1,322

Impairment expense

6,707

3,233

4,161,885

4,165,118

Gain on extinguishment of debt

-

-

(25,883

)

(25,883

)

Total measure of derivative (gain) loss reported under U.S. GAAP

520,131

24,714

(181,614

)

(156,900

)

Total net cash settlements received (paid) on commodity derivatives during the period

(323,692

)

(3,942

)

45,483

41,541

Reorganization items, net

-

-

(217,419

)

(217,419

)

Restructuring and other one-time costs ⁽¹⁾

-

12,359

32,888

45,247

Tax impact of basis difference for Whiting Canadian Holding Company ULC

-

(12,038

)

(55,346

)

(67,384

)

Adjusted net income (loss) ⁽²⁾

$

535,441

$

63,794

$

(209,656

)

$

(145,862

)

Adjusted net income (loss) per share, basic ⁽²⁾⁽³⁾

$

13.73

$

1.68

$

(2.29

)

$

(3.83

)

Adjusted net income (loss) per share, diluted ⁽²⁾⁽³⁾

$

13.49

$

1.67

$

(2.29

)

$

(3.83

)

⁽¹⁾

Includes severance and restructuring charges incurred during a company restructuring in September 2020, cash retention incentives paid to Predecessor executives and directors in 2020, third-party advisory and legal fees incurred prior to and after emerging from chapter 11 bankruptcy and a litigation settlement.

⁽²⁾

Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. Management believes they provide useful information to investors for analysis of Whiting's fundamental business on a recurring basis. In addition, management believes that adjusted net income (loss) is widely used by professional research analysts and others in valuation, comparison and investment recommendations of companies in the oil and gas exploration and production industry, and many investors use the published research of industry research analysts in making investment decisions. Adjusted net income (loss) and adjusted net income (loss) per share should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.

⁽³⁾

For the combined year ended December 31, 2020, the Company used the Successor's basic and diluted weighted average share count to calculate per share amounts.

Whiting Petroleum Corporation

Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAX

(in thousands)

Successor

Three Months Ended

December 31,

September 30,

2021

2021

Net income

$

292,179

$

198,162

Interest expense

3,426

3,871

Income tax expense

910

-

Depreciation, depletion and amortization

49,201

51,927

Total measure of derivative (gain) loss reported under U.S. GAAP

(4,530

)

122,559

Total cash settlements paid on commodity derivatives during the period

(125,426

)

(91,413

)

Non-cash stock-based compensation

3,237

2,744

Impairment expense

1,577

2,439

(Gain) loss on sale of properties

4,693

(90,194

)

Adjusted EBITDA ⁽¹⁾

225,267

200,095

Exploration expense

1,089

1,007

Adjusted EBITDAX ⁽¹⁾

$

226,356

$

201,102

⁽¹⁾

Adjusted EBITDA and Adjusted EBITDAX are non-GAAP measures. These measures are presented because management believes they provide useful information to investors for analysis of the Company's performance. Adjusted EBITDA and Adjusted EBITDAX should not be considered in isolation or as a substitute for net income, income from operations, net cash provided by operating activities or other income, cash flow or liquidity measures under U.S. GAAP and may not be comparable to other similarly titled measures of other companies.

Whiting Petroleum Corporation

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDAX

(in thousands)

Successor

Predecessor

Non-GAAP

Year Ended
December 31,
2021

Four Months
Ended
December 31,
2020

Eight Months
Ended
August 31,
2020

Combined
Year Ended
December 31,
2020

Net income (loss)

$

427,906

$

39,073

$

(3,965,461

)

$

(3,926,388

)

Interest expense

16,381

8,080

73,054

81,134

Interest income

(1

)

(2

)

(211

)

(213

)

Income tax expense (benefit)

910

(12,038

)

(56,374

)

(68,412

)

Depreciation, depletion and amortization

206,475

77,502

338,757

416,259

Amortization of deferred gain on sale

-

-

(5,116

)

(5,116

)

Total measure of derivative (gain) loss reported under U.S. GAAP

520,131

24,714

(181,614

)

(156,900

)

Total cash settlements received (paid) on commodity derivatives during the period, net of premiums/costs

(323,692

)

(3,942

)

45,483

41,541

Non-cash stock-based compensation

10,745

515

3,719

4,234

Impairment expense

6,707

3,233

4,161,885

4,165,118

Gain on extinguishment of debt

-

-

(25,883

)

(25,883

)

(Gain) loss on sale of properties

(95,611

)

395

927

1,322

Reorganization items, net

-

-

(217,419