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Debt and Credit Agreements | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Debt and Credit Agreements | Debt and Credit Agreements The Company’s debt and credit agreements consisted of the following:
(In thousands) |  | March 31, 2015 |  | December 31, 2014
7.33% weighted-average fixed rate notes |  | $ | 20,000 |  |  | $ | 20,000 |
6.51% weighted-average fixed rate notes |  | 425,000 |  |  | 425,000 |
9.78% fixed rate notes |  | 67,000 |  |  | 67,000 |
5.58% weighted-average fixed rate notes |  | 175,000 |  |  | 175,000 |
3.65% weighted-average fixed rate notes |  | 925,000 |  |  | 925,000 |
Revolving credit facility |  | 265,000 |  |  | 140,000 |
|  | $ | 1,877,000 |  |  | $ | 1,752,000 |
At March 31, 2015, the Company had $265.0 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 2.4% and had unused commitments of $1.1 billion. The Company’s weighted-average effective interest rate under the revolving credit facility for the three months ended March 31, 2015 and 2014 was approximately 2.6% and 2.3%, respectively. The Company was in compliance with all restrictive financial covenants for both the revolving credit facility and fixed rate notes as of March 31, 2015. Subsequent Event Effective April 17, 2015, the Company amended its revolving credit facility to extend the maturity date from May 2017 to April 2020 and change the mechanism under which interest rate margins are determined for outstanding borrowings. The revolving credit facility, as amended, provides for an increase in the borrowing base from $3.1 billion to $3.4 billion and an increase in commitments from $1.4 billion to $1.8 billion. The amended credit facility also provides for an accordion feature, which allows the Company to increase the available credit line up to an additional $500 million if one or more of the existing or new banks agree to provide such increased amount. The borrowing base is redetermined annually under the terms of the revolving credit facility on April 1. In addition, either the Company or the banks may request an interim redetermination twice a year or in conjunction with certain acquisitions or sales of oil and gas properties. Interest rates under the amended credit facility are based on Eurodollar (LIBOR) or alternate base rate (ABR) indications, plus a margin. The associated margins are based on the Company's leverage ratio as shown below:
| Leverage Ratio(1)
| <1.0x |  | ≥1.0x and <2.0x |  | ≥2.0x and <3.0x |  | ≥3.0x
Eurodollar loans | 1.50 | % |  | 1.75 | % |  | 2.00 | % |  | 2.25 | %
ABR loans | 0.50 | % |  | 0.75 | % |  | 1.00 | % |  | 1.25 | %
(1) The ratio of debt and other liabilities to Consolidated EBITDAX, as defined in the credit agreement. Upon the Company achieving an investment grade rating from either Moody's or S&P, the associated margins will be adjusted and determined based on the Company's respective credit rating on a prospective basis. The amended credit facility also provides for a commitment fee on the unused available balance at annual rates ranging from 0.30% to 0.50%. The other terms and conditions of the amended facility are generally consistent with the terms and conditions of the revolving credit facility prior to its amendment as disclosed in Note 5 of the Notes to the Consolidated Financial Statements in the Form 10-K.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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