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Long-Term Debt | 12 Months Ended
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Dec. 31, 2019
Long-term Debt, Unclassified [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consisted of the following items as of December 31:
| 2019 |  | 2018
| (In thousands)
Revolving credit agreement(1) | $ | 120,000 |  |  | $ | 45,000 |
6.625% senior unsecured notes due 2023 | 329,467 |  |  | 350,000 |
6.000% senior unsecured notes due 2024 | 603,428 |  |  | 650,000 |
6.375% senior unsecured notes due 2025 | 529,525 |  |  | 600,000 |
6.375% senior unsecured notes due 2026 | 397,529 |  |  | 450,000 |
Net unamortized debt issuance costs(2) | (23,751 | ) |  | (30,733 | )
Construction loan | 22,453 |  |  | 23,149 |
Less: current maturities of long term debt | (631 | ) |  | (651 | )
Debt reflected as long term | $ | 1,978,020 |  |  | $ | 2,086,765 |
Maturities of long-term debt (excluding unamortized debt issuance costs) as of December 31, 2019 are as follows:
| (In thousands)
2020 | $ | 631 |
2021 | 120,663 |
2022 | 694 |
2023 | 330,194 |
2024 | 604,186 |
Thereafter | 946,034 |
Total | $ | 2,002,402 |
(1) The Company has entered into a senior secured revolving credit facility, as amended (the "revolving credit facility"), with The Bank of Nova Scotia, as the lead arranger and administrative agent and other lenders. The revolving credit facility matures on December 13, 2021. On June 3, 2019, the Company further amended its revolving credit facility to, among other things, allow the Company to designate certain of its subsidiaries as unrestricted subsidiaries and to include LIBOR replacement provisions. The borrowing base was reaffirmed at $1.4 billion, and the Company's elected commitment amount remained at $1.0 billion. On November 25, 2019, the borrowing base under the Company's revolving credit facility was reduced to $1.2 billion, and the Company's elected commitment remained at $1.0 billion. As of December 31, 2019, $120.0 million was outstanding under the revolving credit facility and the total availability for future borrowings under this facility, after giving effect to an aggregate of $243.6 million of letters of credit, was $636.4 million. The Company's wholly-owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility. At December 31, 2019, amounts borrowed under the credit facility bore interest at a weighted average rate of 3.30%. The Company was in compliance with all covenants related to its outstanding indebtedness at December 31, 2019. (2) Loan issuance costs related to the 6.625% Senior Notes due 2023 (the "2023 Notes"), the 6.000% Senior Notes due 2024 (the "2024 Notes"), the 6.375% Senior Notes due 2025 (the "2025 Notes") and the 6.375% Senior Notes due 2026 (the "2026 Notes") (collectively the “Notes”) have been presented as a reduction to the principal amount of the Notes. At December 31, 2019, total unamortized debt issuance costs were $3.3 million for the 2023 Notes, $6.9 million for the 2024 Notes, $9.6 million for the 2025 Notes and $3.9 million for the 2026 Notes. In addition, loan commitment fee costs for the construction loan agreement described below were $0.1 million at December 31, 2019. Debt Repurchases In July of 2019, the Company's Board of Directors authorized $100 million of cash to be used to repurchase its senior notes in the open market at discounted values to par. In December 2019, the Company's Board of Directors increased the authorized size of its senior note repurchase program to $200 million in total. During the year ended December 31, 2019, the Company used borrowings under its revolving credit facility to repurchase in the open market approximately $190.1 million aggregate principal amount of its outstanding Notes for $138.8 million in cash. This included approximately $20.5 million principal amount of the 2023 Notes, $46.6 million principal amount of the 2024 Notes, $70.5 million principal amount of the 2025 Notes, and $52.5 million principal amount of the 2026 Notes. The Company recognized a $48.6 million gain on debt extinguishment, which included retirement of unamortized issuance costs and fees associated with the repurchased debt. This gain is included in gain on debt extinguishment in the accompanying consolidated statements of operations. Interest Expense The following schedule shows the components of interest expense for the year ended December 31:
| 2019 |  | 2018 |  | 2017
| (In thousands)
Cash paid for interest | $ | 142,664 |  |  | $ | 132,995 |  |  | $ | 107,548 |
Change in accrued interest | (3,834 | ) |  | 7,266 |  |  | 12,524 |
Capitalized interest | (3,372 | ) |  | (4,470 | ) |  | (9,470 | )
Amortization of loan costs | 6,328 |  |  | 6,121 |  |  | 5,011 |
Total interest expense | $ | 141,786 |  |  | $ | 141,912 |  |  | $ | 115,613 |
The Company capitalized approximately $3.4 million and $4.5 million in interest expense to undeveloped oil and natural gas properties during the years ended December 31, 2019 and 2018, respectively. Fair Value of Debt At December 31, 2019, the carrying value of the outstanding debt represented by the Notes was approximately $1.8 billion. Based on the quoted market prices (Level 1), the fair value of the Notes was determined to be approximately $1.3 billion at December 31, 2019.

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