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Long-Term Debt | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Long-term debt | Note 5 - Long-term Debt Revolving Credit Facility The Company’s Second Amendment to the Fifth Amended and Restated Credit Agreement dated December 10, 2014, provides a maximum loan amount of $2.5 billion, current aggregate lender commitments of $1.5 billion, and a maturity date of December 10, 2019. The borrowing base is subject to regular semi-annual redeterminations and was reaffirmed by the Company’s lenders on April 6, 2015, at $2.4 billion. The borrowing base redetermination process under the credit facility considers the value of the Company’s proved oil and gas properties, as determined by the Company’s lenders. The next redetermination date is scheduled for October 1, 2015. Borrowings under the facility are secured by mortgages on assets having a value equal to at least 75 percent of the total value of the Company’s proved oil and gas properties. The Company must comply with certain financial and non-financial covenants under the terms of its credit facility agreement, including limitations on the payment of dividends to $50.0 million per year. The Company was in compliance with all covenants under the credit facility as of March 31, 2015, and through the filing date of this report. The following table presents the outstanding balance, total amount of letters of credit, and available borrowing capacity under the Company’s credit facility as of April 29, 2015, March 31, 2015, and December 31, 2014:
| As of April 29, 2015 |  | As of March 31, 2015 |  | As of December 31, 2014
| (in thousands)
Credit facility balance | $ | 502,500 |  |  | $ | 416,500 |  |  | $ | 166,000 |
Letters of credit (1) | $ | 808 |  |  | $ | 808 |  |  | $ | 808 |
Available borrowing capacity | $ | 996,692 |  |  | $ | 1,082,692 |  |  | $ | 1,333,192 |
____________________________________________ (1) Letters of credit reduce the amount available under the credit facility on a dollar-for-dollar basis. Senior Notes The Senior Notes line on the accompanying balance sheets represents the outstanding principal amount of the 6.625% Senior Notes due 2019 (the “2019 Notes”), the 6.50% Senior Notes due 2021 (the “2021 Notes”), the 6.125% Senior Notes due 2022 (the “2022 Notes”), the 6.50% Senior Notes due 2023 (the “2023 Notes”), and the 5.0% Senior Notes due 2024 (the “2024 Notes” and collectively with the 2019 Notes, 2021 Notes, 2022 Notes, and 2023 Notes, the “Senior Notes”), as shown in the table below:
| As of March 31, 2015 |  | As of December 31, 2014
| (in thousands)
2019 Notes | $ | 350,000 |  |  | $ | 350,000 |
2021 Notes | 350,000 |  |  | 350,000 |
2022 Notes | 600,000 |  |  | 600,000 |
2023 Notes | 400,000 |  |  | 400,000 |
2024 Notes | 500,000 |  |  | 500,000 |
Total Senior Notes | $ | 2,200,000 |  |  | $ | 2,200,000 |
The Senior Notes are unsecured senior obligations and rank equal in right of payment with all of the Company’s existing and any future unsecured senior debt, and are senior in right of payment to any future subordinated debt. There are no subsidiary guarantors of the Senior Notes. The Company is subject to certain covenants under the indentures governing the Senior Notes that limit the Company’s ability to incur additional indebtedness, issue preferred stock, and make restricted payments, including dividends; provided, however, that the first $6.5 million of dividends paid each year are not restricted by the restricted payment covenant. The Company was in compliance with all covenants under its Senior Notes as of March 31, 2015, and through the filing date of this report.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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