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LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2020
Long-term Debt, Unclassified [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consisted of the following items as of June 30, 2020 and December 31, 2019:
| June 30, 2020 |  | December 31, 2019
| (In thousands) |  |
Revolving credit agreement(1) | $ | 123,000 |  |  | $ | 120,000 |
6.625% senior unsecured notes due 2023 | 324,583 |  |  | 329,467 |
6.000% senior unsecured notes due 2024 | 579,568 |  |  | 603,428 |
6.375% senior unsecured notes due 2025 | 507,870 |  |  | 529,525 |
6.375% senior unsecured notes due 2026 | 374,617 |  |  | 397,529 |
Net unamortized debt issuance costs(2) | (20,802) |  |  | (23,751) |
Construction loan | 22,131 |  |  | 22,453 |
Less: current maturities of long term debt | (649) |  |  | (631) |
Debt reflected as long term | $ | 1,910,318 |  |  | $ | 1,978,020 |
(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 credit agreement provides for a maximum facility of $1.5 billion and matures on December 13, 2021. On May 1, 2020, the Company entered into the fifteenth amendment to the Amended and Restated Credit Agreement. As part of the amendment, the Company's borrowing base and elected commitment were reduced from $1.2 billion and $1.0 billion, respectively, to $700.0 million. Additionally, the amendment added a requirement to maintain a ratio of Net Secured Debt to EBITDAX (as defined under the revolving credit agreement) not exceeding 2.00 to 1.00, deferred the requirement to maintain a ratio of Net Funded Debt to EBITDAX of 4.00 to 1.00 until September 30, 2021 and added a limitation on the repurchase of unsecured notes, among other amendments. On July 27, 2020, the Company entered into the sixteenth amendment to the Amended and Restated Credit Agreement. The sixteenth amendment allows for the Company to issue up to $750 million in second lien debt subject to certain conditions. See Note 16 for further information on this amendment. As of June 30, 2020, $123.0 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 $324.1 million letters of credit, was $252.9 million. The Company’s wholly owned subsidiaries have guaranteed the obligations of the Company under the revolving credit facility. At June 30, 2020, amounts borrowed under the revolving credit facility bore interest at a weighted average rate of 2.44%. The Company was in compliance with its financial covenants under the revolving credit facility at June 30, 2020. (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 June 30, 2020, total unamortized debt issuance costs were $2.8 million for the 2023 Notes, $6.1 million for the 2024 Notes, $8.5 million for the 2025 Notes and $3.4 million for the 2026 Notes. In addition, loan commitment fee costs for the Company's construction loan agreement were $0.1 million at June 30, 2020. The Company capitalized approximately $0.5 million and $0.7 million in interest expense to its unevaluated oil and natural gas properties during the three and six months ended June 30, 2020, respectively. The Company capitalized approximately $1.0 million and $1.8 million in interest expense to its unevaluated oil and natural gas properties during the three and six months ended June 30, 2019, respectively. Debt Repurchases In 2019, the Company's Board of Directors authorized $200 million of cash to be used to repurchase its senior notes in the open market at discounted values to par. The Company used borrowings under its revolving credit facility to repurchase in the open market $47.5 million and $73.3 million aggregate principal amount of its outstanding Notes for $12.6 million and $22.8 million during the three and six months ended June 30, 2020, respectively. For the three months ended June 30, 2020, this included $4.9 million principal amount of the 2023 Notes, $16.3 million principal amount of the 2024 Notes, $13.5 million principal amount of the 2025 Notes, and $12.8 million principal amount of the 2026 Notes. The Company recognized a $34.3 million and $49.6 million gain on debt extinguishment, which included retirement of unamortized issuance costs and fees associated with the repurchased debt, during the three and six months ended June 30, 2020, respectively. This gain is included in gain on debt extinguishment in the accompanying consolidated statements of operations. As of May 1, 2020, further repurchases under this program are limited due to the agreements entered into under the fifteenth amendment to the Amended and Restated Credit Agreement of the Company's credit facility. Fair Value of Debt At June 30, 2020, 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 $930.2 million at June 30, 2020.

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- 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
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