Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

The following table is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they are classified within the fair value hierarchy as of September 30, 2015:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	494,829	$	—
Proved oil and gas properties ⁽²⁾	$	—	$	—	$	56,849
Oil and gas properties held for sale ⁽²⁾	$	—	$	—	$	3,376
Liabilities:
Derivatives ⁽¹⁾	$	—	$	4,919	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	13,962

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⁽¹⁾ This represents a financial asset or liability that is measured at fair value on a recurring basis.

⁽²⁾ This represents a non-financial asset that is measured at fair value on a nonrecurring basis.

The following is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they were classified within the hierarchy as of December 31, 2014:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	592,208	$	—
Proved oil and gas properties ⁽²⁾	$	—	$	—	$	33,423
Oil and gas properties held for sale ⁽²⁾	$	—	$	—	$	17,891
Liabilities:
Derivatives ⁽¹⁾	$	—	$	70	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	27,136

____________________________________________

⁽¹⁾ This represents a financial asset or liability that is measured at fair value on a recurring basis.

⁽²⁾ This represents a non-financial asset that is measured at fair value on a nonrecurring basis.

Both financial and non-financial assets and liabilities are categorized within the above fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used by the Company as well as the general classification of such instruments pursuant to the above fair value hierarchy.

Net Profit Plan liability [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Net Profit Plan Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table reflects the activity for the Company’s Net Profits Plan liability measured at fair value using Level 3 inputs:



	For the Nine Months Ended September 30, 2015
	(in thousands)
Beginning balance	$	27,136
Net decrease in liability ⁽¹⁾	(5,749		)
Net settlements ^{(1) (2)}	(7,425		)
Transfers in (out) of Level 3	—
Ending balance	$	13,962

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⁽¹⁾	Net changes in the Company’s Net Profits Plan liability are shown in the Change in Net Profits Plan liability line item of the accompanying statements of operations.


⁽²⁾	Settlements represent cash payments made or accrued under the Net Profits Plan. The amount in the table includes cash payments made or accrued under the Net Profits Plan of $3.8 million for the nine months ended September 30, 2015, as a result of the divestitures of properties subject to the Net Profits Plan.

Senior Notes [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Senior Notes Fair Value [Table Text Block]

The following table reflects the fair value of the Senior Notes measured using Level 1 inputs based on quoted secondary market trading prices. The Senior Notes were not presented at fair value on the accompanying balance sheets as of September 30, 2015, or December 31, 2014, as they are recorded at historical value.



	As of September 30, 2015		As of December 31, 2014
	(in thousands)
6.625% Senior Notes due 2019	$	—	$	350,018
6.50% Senior Notes due 2021	$	336,658	$	343,000
6.125% Senior Notes due 2022	$	552,000	$	556,500
6.50% Senior Notes due 2023	$	374,000	$	379,000
5.0% Senior Notes due 2024	$	423,750	$	435,000
5.625% Senior Notes due 2025	$	430,000	$	—