XML 17 R11.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

LONG-TERM DEBT | 9 Months Ended
--- | ---
Sep. 30, 2019
Long-term Debt, Unclassified [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consisted of the following items as of September 30, 2019 and December 31, 2018:
| September 30, 2019 |  | December 31, 2018
| (In thousands)
Revolving credit agreement(1) | $ | 135,000 |  |  | $ | 45,000 |
6.625% senior unsecured notes due 2023 | 340,000 |  |  | 350,000 |
6.000% senior unsecured notes due 2024 | 630,796 |  |  | 650,000 |
6.375% senior unsecured notes due 2025 | 577,268 |  |  | 600,000 |
6.375% senior unsecured notes due 2026 | 397,529 |  |  | 450,000 |
Net unamortized debt issuance costs(2) | (26,052 | ) |  | (30,733 | )
Construction loan | 22,650 |  |  | 23,149 |
Less: current maturities of long term debt | (622 | ) |  | (651 | )
Debt reflected as long term | $ | 2,076,569 |  |  | $ | 2,086,765 |
(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. 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. Additionally, the borrowing base was reaffirmed at $1.4 billion, and the Company’s elected commitment amount remained at $1.0 billion. As of September 30, 2019, $135.0 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 $248.6 million letters of credit, was $616.4 million. The Company’s wholly owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility. At September 30, 2019, amounts borrowed under the revolving credit facility bore interest at a weighted average rate of 3.52%. The Company was in compliance with its financial covenants under the revolving credit facility at September 30, 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 September 30, 2019, total unamortized debt issuance costs were $3.6 million for the 2023 Notes, $7.5 million for the 2024 Notes, $10.8 million for the 2025 Notes and $4.0 million for the 2026 Notes. In addition, loan commitment fee costs for the Company's construction loan agreement were $0.1 million at September 30, 2019. The Company capitalized approximately $1.0 million and $2.8 million in interest expense to undeveloped oil and natural gas properties during the three and nine months ended September 30, 2019, respectively. The Company capitalized approximately $1.6 million and $4.0 million in interest expense to undeveloped oil and natural gas properties during the three and nine months ended September 30, 2018, respectively. Debt Repurchases During the three months ended September 30, 2019, the Company used borrowings under its revolving credit facility to repurchase in the open market approximately $104.4 million aggregate principal amount of its outstanding Notes for $80.3 million. This included approximately $10.0 million principal amount of the 2023 Notes, $19.2 million principal amount of the 2024 Notes, $22.7 million principal amount of the 2025 Notes, and $52.5 million principal amount of the 2026 Notes. The Company recognized a $23.6 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.

X
- References No definition available. + Details
Name: | us-gaap_LongTermDebtAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration