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Long-Term Debt | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | Note 5 - Long-Term Debt Credit Agreement The Company’s Credit Agreement provides for a senior secured revolving credit facility with a maximum loan amount of $3.0 billion. As of June 30, 2023, the borrowing base and aggregate lender commitments under the Credit Agreement were $2.5 billion and $1.25 billion, respectively. The next scheduled borrowing base redetermination date is October 1, 2023. The Credit Agreement is scheduled to mature on the earlier of (a) August 2, 2027 (“Stated Maturity Date”), or (b) 91 days prior to the maturity date of any of the Company’s outstanding Senior Notes, as defined below, to the extent that, on or before such date, the respective Senior Notes have not been repaid, exchanged, repurchased, refinanced, or otherwise redeemed in full, and, if refinanced or exchanged, with a scheduled maturity date that is not earlier than at least 180 days after the Stated Maturity Date. Interest and commitment fees associated with the revolving credit facility are accrued based on a borrowing base utilization grid set forth in the Credit Agreement, as presented in Note 5 - Long-Term Debt in the 2022 Form 10-K. At the Company’s election, borrowings under the Credit Agreement may be in the form of Secured Overnight Financing Rate (“SOFR”), Alternate Base Rate (“ABR”), or Swingline loans. SOFR loans accrue interest at SOFR plus the applicable margin from the utilization grid, and ABR and Swingline 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. The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Agreement as of July 21, 2023, June 30, 2023, and December 31, 2022:
| As of July 21, 2023 |  | As of June 30, 2023 |  | As of December 31, 2022
| (in thousands)
Revolving credit facility (1) | $ | — |  |  | $ | — |  |  | $ | — |
Letters of credit (2) | 2,500 |  |  | 2,500 |  |  | 6,000 |
Available borrowing capacity | 1,247,500 |  |  | 1,247,500 |  |  | 1,244,000 |
Total aggregate lender commitment amount | $ | 1,250,000 |  |  | $ | 1,250,000 |  |  | $ | 1,250,000 |
____________________________________________ (1) Unamortized deferred financing costs attributable to the revolving credit facility are presented as a component of the other noncurrent assets line item on the accompanying balance sheets and totaled $9.6 million and $10.8 million as of June 30, 2023, and December 31, 2022, respectively. These costs are being amortized over the term of the revolving credit facility on a straight-line basis. (2) Letters of credit outstanding reduce the amount available under the revolving credit facility on a dollar-for-dollar basis. Senior Notes The Company’s Senior Notes, net line item on the accompanying balance sheets as of June 30, 2023, and December 31, 2022, consists of the following (collectively referred to as “Senior Notes”):
| As of June 30, 2023 |  | As of December 31, 2022
| Principal Amount |  | Unamortized Deferred Financing Costs |  | Principal Amount, Net |  | Principal Amount |  | Unamortized Deferred Financing Costs |  | Principal Amount, Net
| (in thousands)
5.625% Senior Notes due 2025 | $ | 349,118 |  |  | $ | 1,211 |  |  | $ | 347,907 |  |  | $ | 349,118 |  |  | $ | 1,528 |  |  | $ | 347,590 |
6.75% Senior Notes due 2026 | 419,235 |  |  | 2,219 |  |  | 417,016 |  |  | 419,235 |  |  | 2,569 |  | 416,666 |
6.625% Senior Notes due 2027 | 416,791 |  |  | 2,784 |  |  | 414,007 |  |  | 416,791 |  |  | 3,172 |  | 413,619 |
6.5% Senior Notes due 2028 | 400,000 |  |  | 5,158 |  |  | 394,842 |  |  | 400,000 |  |  | 5,665 |  | 394,335 |
Total | $ | 1,585,144 |  |  | $ | 11,372 |  |  | $ | 1,573,772 |  |  | $ | 1,585,144 |  |  | $ | 12,934 |  |  | $ | 1,572,210 |
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. 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. On February 14, 2022, the Company redeemed the remaining $104.8 million of aggregate principal amount outstanding of its 5.0% Senior Notes due 2024 (“2024 Senior Notes”), with cash on hand, pursuant to the terms of the indenture governing the 2024 Senior Notes which provided for a redemption price equal to 100 percent of the principal amount of the 2024 Senior Notes on the date of redemption, plus accrued and unpaid interest. The Company canceled all redeemed 2024 Senior Notes upon settlement. Please refer to Note 5 - Long-Term Debt in the 2022 Form 10-K for additional detail on the Company’s Senior Notes. Senior Secured Notes On June 17, 2022, the Company redeemed all of the $446.7 million of aggregate principal amount outstanding of its 10.0% Senior Secured Notes due 2025 (“2025 Senior Secured Notes”), with cash on hand, at a redemption price equal to 107.5 percent of the principal amount outstanding on the date of the redemption, plus accrued and unpaid interest. Upon redemption, the Company recorded a net loss on extinguishment of debt of $67.2 million which included $33.5 million of premium paid, $26.3 million of accelerated expense recognition of the remaining unamortized debt discount, and $7.4 million of accelerated expense recognition of the remaining unamortized deferred financing costs. The Company canceled all redeemed 2025 Senior Secured Notes upon settlement. Covenants The Company is subject to certain financial and non-financial covenants under the Credit Agreement and the indentures governing the Senior Notes that, among other terms, limit the Company’s ability to incur additional indebtedness, make restricted payments including dividends, sell assets, create liens that secure debt, enter into transactions with affiliates, and merge or consolidate with other entities. The Company was in compliance with all financial and non-financial covenants as of June 30, 2023, and through the filing of this report. Please refer to Note 5 - Long-Term Debt in the 2022 Form 10-K for additional detail on the Company’s covenants under the Credit Agreement and indentures governing the Senior Notes. Capitalized Interest Capitalized interest costs for the three months ended June 30, 2023, and 2022, totaled $5.9 million and $4.2 million, respectively, and totaled $11.4 million and $7.2 million for the six months ended June 30, 2023, and 2022, respectively. The amount of interest the Company capitalizes generally fluctuates based on the amount borrowed, the Company’s capital program, and the timing and amount of costs associated with capital projects that are considered in progress. Capitalized interest costs are included in total costs incurred.

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