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Long-Term Debt (Notes) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Long-Term Debt [Text Block] | Note 5 - Long-Term Debt Credit Agreement On September 28, 2018, the Company and its lenders entered into the Sixth Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement, which replaced the Company’s Fifth Amended and Restated Credit Agreement, provides for a senior secured revolving credit facility with a maximum loan amount of $2.5 billion, an initial borrowing base of $1.5 billion, and initial aggregate lender commitments totaling $1.0 billion. The borrowing base is subject to regular, semi-annual redetermination, and considers the value of both the Company’s (a) proved oil and gas properties reflected in the Company’s most recent reserve report; and (b) commodity derivative contracts, each as determined by the Company’s lender group. The next scheduled redetermination date is April 1, 2019. The Credit Agreement is scheduled to mature on the earlier of September 28, 2023, (the “Scheduled Maturity Date”), and August 16, 2022, to the extent that, on or before such date, the Company’s outstanding 6.125% Senior Notes due 2022 (the “2022 Senior Notes”) are not repurchased, redeemed, or refinanced to have a maturity date at least 91 days after the Scheduled Maturity Date unless, on August 16, 2022, both (i) the aggregate outstanding principal amount of the 2022 Senior Notes is not more than $100.0 million and (ii) after giving pro forma effect to the repayment in full at maturity of the 2022 Senior Notes then outstanding, the aggregate amount of unrestricted cash and certain types of unrestricted investments held by the Company and its Consolidated Restricted Subsidiaries plus the amount of unused availability under the Credit Agreement is at least $300.0 million. The Company must comply with certain financial and non-financial covenants under the terms of the Credit Agreement, including covenants limiting dividend payments and requiring the Company to maintain certain financial ratios, as defined by the Credit Agreement. The financial covenants under the Credit Agreement require that the Company’s (a) total funded debt, as defined in the Credit Agreement, to adjusted EBITDAX ratio for the most recently ended four consecutive fiscal quarters (excluding the first three quarters which will use annualized adjusted EBITDAX), cannot be greater than 4.25 to 1.00 beginning with the quarter ending December 31, 2018, through and including the fiscal quarter ending December 31, 2019, and for each quarter ending thereafter, the ratio cannot be greater than 4.00 to 1.00; and (b) adjusted current ratio cannot be less than 1.0 to 1.0 as of the last day of any fiscal quarter. The Company was in compliance with all financial and non-financial covenants as of September 30, 2018, and through the filing of this report. Interest and commitment fees are accrued based on a borrowing base utilization grid set forth in the Credit Agreement. Eurodollar loans accrue interest at the London Interbank Offered Rate, plus the applicable margin from the utilization grid, and Alternate Base Rate (“ABR”) loans accrue interest at a market based floating rate, plus the applicable margin from the utilization grid. Commitment fees are accrued on the unused portion of the aggregate lender commitment amount at rates from the utilization grid and are included in the interest expense line item on the accompanying statements of operations. The borrowing base utilization grid under the Credit Agreement is as follows:
Borrowing Base Utilization Percentage |  | <25% |  | ≥25% <50% |  | ≥50% <75% |  | ≥75% <90% |  | ≥90%
Eurodollar Loans |  | 1.500 | % |  | 1.750 | % |  | 2.000 | % |  | 2.250 | % |  | 2.500 | %
ABR Loans or Swingline Loans |  | 0.500 | % |  | 0.750 | % |  | 1.000 | % |  | 1.250 | % |  | 1.500 | %
Commitment Fee Rate |  | 0.375 | % |  | 0.375 | % |  | 0.500 | % |  | 0.500 | % |  | 0.500 | %
The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement as of October 24, 2018, and September 30, 2018, and under the Fifth Amended and Restated Credit Agreement as of December 31, 2017:
| As of October 24, 2018 |  | As of September 30, 2018 |  | As of December 31, 2017
| (in thousands)
Credit facility balance (1) | $ | — |  |  | $ | — |  |  | $ | — |
Letters of credit (2) | 200 |  |  | 200 |  |  | 200 |
Available borrowing capacity | 999,800 |  |  | 999,800 |  |  | 924,800 |
Total aggregate lender commitment amount | $ | 1,000,000 |  |  | $ | 1,000,000 |  |  | $ | 925,000 |
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(1) | Unamortized deferred financing costs attributable to the credit facility are presented as a component of other noncurrent assets on the accompanying balance sheets and totaled $6.7 million and $3.1 million as of September 30, 2018, and December 31, 2017, respectively. These costs are being amortized over the term of the credit facility on a straight-line basis.
(2) | Letters of credit outstanding reduce the amount available under the credit facility on a dollar-for-dollar basis.
Senior Notes During the third quarter of 2018, the Company redeemed its 6.50% Senior Notes due 2021 (“2021 Senior Notes”), repurchased or redeemed all of its 6.50% Senior Notes due 2023 (“2023 Senior Notes”), repurchased a portion of its 6.125% Senior Notes due 2022 (“2022 Senior Notes”), and issued its 6.625% Senior Notes due 2027 (“2027 Senior Notes”). As of September 30, 2018, the Company’s Senior Notes consisted of 6.125% Senior Notes due 2022, 5.0% Senior Notes due 2024, 5.625% Senior Notes due 2025, 6.75% Senior Notes due 2026, and 6.625% Senior Notes due 2027 (collectively referred to as “Senior Notes”). Please refer to the discussion below for additional information. The Senior Notes, net of unamortized deferred financing costs line item on the accompanying balance sheets as of September 30, 2018, and December 31, 2017, consisted of the following:
| As of September 30, 2018 |  | As of December 31, 2017
| Principal Amount |  | Unamortized Deferred Financing Costs |  | Principal Amount, Net of Unamortized Deferred Financing Costs |  | Principal Amount |  | Unamortized Deferred Financing Costs |  | Principal Amount, Net of Unamortized Deferred Financing Costs
| (in thousands)
6.50% Senior Notes due 2021 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 344,611 |  |  | $ | 2,656 |  |  | $ | 341,955 |
6.125% Senior Notes due 2022 | 476,796 |  |  | 4,171 |  |  | 472,625 |  |  | 561,796 |  |  | 5,800 |  |  | 555,996 |
6.50% Senior Notes due 2023 | — |  |  | — |  |  | — |  |  | 394,985 |  |  | 3,707 |  |  | 391,278 |
5.0% Senior Notes due 2024 | 500,000 |  |  | 4,919 |  |  | 495,081 |  |  | 500,000 |  |  | 5,610 |  |  | 494,390 |
5.625% Senior Notes due 2025 | 500,000 |  |  | 6,035 |  |  | 493,965 |  |  | 500,000 |  |  | 6,714 |  |  | 493,286 |
6.75% Senior Notes due 2026 | 500,000 |  |  | 6,615 |  |  | 493,385 |  |  | 500,000 |  |  | 7,242 |  |  | 492,758 |
6.625% Senior Notes due 2027 | 500,000 |  |  | 7,766 |  |  | 492,234 |  |  | — |  |  | — |  |  | — |
Total | $ | 2,476,796 |  |  | $ | 29,506 |  |  | $ | 2,447,290 |  |  | $ | 2,801,392 |  |  | $ | 31,729 |  |  | $ | 2,769,663 |
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 and was in compliance with all such covenants as of September 30, 2018, and through the filing of this report. The Company may redeem some or all of its Senior Notes prior to their maturity at redemption prices based on a premium, plus accrued and unpaid interest as described in the indentures governing the Senior Notes. 2021 Senior Notes. On June 15, 2018, the Company called for redemption all of the $344.6 million principal outstanding on its 2021 Senior Notes at a redemption price of 102.167% of the principal amount, plus accrued and unpaid interest on the principal amount of the 2021 Senior Notes redeemed (“2021 Senior Notes Redemption”). On July 16, 2018, the Company completed the 2021 Senior Notes Redemption, which resulted in the payment of total cash consideration, including accrued interest, of $355.9 million. The Company recorded a loss on extinguishment of debt of $9.8 million for the quarter ended September 30, 2018. This amount included $7.5 million associated with the premium paid for the 2021 Senior Notes Redemption and $2.3 million of accelerated unamortized deferred financing costs. Tender Offer and Redemption of the 2023 Senior Notes and 2022 Senior Notes. During the third quarter of 2018, the Company used the proceeds from the issuance of its 2027 Senior Notes, as discussed below, and cash on hand to retire $395.0 million of its 2023 Senior Notes and $85.0 million of its 2022 Senior Notes through a cash tender offer (the “Tender Offer”) and subsequent redemption of the remaining 2023 Senior Notes not repurchased as part of the Tender Offer (“2023 Senior Notes Redemption”). Total consideration paid, including accrued interest, for the retirement of the 2023 Senior Notes and the 2022 Senior Notes was $497.8 million. As a result of the Tender Offer and the 2023 Senior Notes Redemption, the Company recorded a loss on extinguishment of debt of $16.9 million for the quarter ended September 30, 2018. This amount included $12.9 million of premiums paid for the Tender Offer and 2023 Senior Notes Redemption and $4.0 million of accelerated unamortized deferred financing costs. 2027 Senior Notes. On August 20, 2018, the Company issued $500.0 million in aggregate principal amount of 6.625% Senior Notes due 2027. The 2027 Senior Notes were issued at par and mature on January 15, 2027. The Company received net proceeds of $492.1 million after deducting fees of $7.9 million, which are being amortized as deferred financing costs over the life of the 2027 Senior Notes. The net proceeds were used to fund the Tender Offer and 2023 Senior Notes Redemption discussed above. Senior Convertible Notes The Company’s Senior Convertible Notes consist of $172.5 million in aggregate principal amount of 1.50% Senior Convertible Notes due July 1, 2021 (the “Senior Convertible Notes”). The Senior Convertible 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. Please refer to Note 5 - Long-Term Debt in the 2017 Form 10-K for additional detail on the Company’s Senior Convertible Notes and associated capped call transactions. The Senior Convertible Notes were not convertible at the option of holders as of September 30, 2018, or through the filing of this report. Notwithstanding the inability to convert, the if-converted value of the Senior Convertible Notes as of September 30, 2018, did not exceed the principal amount. The debt discount and debt-related issuance costs are amortized to the principal value of the Senior Convertible Notes as interest expense through the maturity date of July 1, 2021. Interest expense recognized on the Senior Convertible Notes related to the stated interest rate and amortization of the debt discount totaled $2.6 million and $2.5 million for the three months ended September 30, 2018, and 2017, respectively, and totaled $7.8 million and $7.4 million for the nine months ended September 30, 2018, and 2017, respectively. There have been no changes to the initial net carrying amount of the equity component of the Senior Convertible Notes recorded in additional paid-in capital on the accompanying balance sheets since issuance. The Senior Convertible Notes, net of unamortized discount and deferred financing costs line on the accompanying balance sheets as of September 30, 2018, and December 31, 2017, consisted of the following:
| As of September 30, 2018 |  | As of December 31, 2017
| (in thousands)
Principal amount of Senior Convertible Notes | $ | 172,500 |  |  | $ | 172,500 |
Unamortized debt discount | (24,316 | ) |  | (30,183 | )
Unamortized deferred financing costs | (2,522 | ) |  | (3,210 | )
Senior Convertible Notes, net of unamortized discount and deferred financing costs | $ | 145,662 |  |  | $ | 139,107 |
The Company is subject to certain covenants under the indenture governing the Senior Convertible Notes and was in compliance with all such covenants as of September 30, 2018, and through the filing of this report.

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