XML 66 R65.htm IDEA: XBRL DOCUMENT v3.2.0.727
Long-Term Debt - Narrative (Details)
shares in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2015
USD ($)
Jun. 10, 2015
USD ($)
Jun. 30, 2015
USD ($)
shares
Jun. 30, 2014
USD ($)
Jun. 30, 2015
USD ($)
Jun. 30, 2014
USD ($)
Jun. 09, 2015
USD ($)
Dec. 31, 2014
USD ($)
Debt Instrument                
Write off of debt issuance costs         $ 7,108,000 $ 0    
Carrying Value $ 4,395,639,000   $ 4,395,639,000   4,395,639,000     $ 3,195,436,000
Common stock issued for debt exchange, aggregate principal amount         31,396,000 0    
Gain on extinguishment of debt     17,934,000 $ 0 17,934,000 $ 0    
8.75% Senior Secured Notes due 2020                
Debt Instrument                
Carrying Value 1,250,000,000   1,250,000,000   1,250,000,000     0
8.125% Senior Notes due 2022                
Debt Instrument                
Carrying Value 729,000,000   729,000,000   729,000,000     750,000,000
7.5% Senior Notes due 2021                
Debt Instrument                
Carrying Value 1,149,175,000   1,149,175,000   1,149,175,000     1,178,486,000
8.75% Senior Notes due 2020                
Debt Instrument                
Carrying Value 445,758,000   445,758,000   445,758,000     445,402,000
Senior credit facility                
Debt Instrument                
Borrowing base             $ 900,000,000  
June Amendment | Senior credit facility                
Debt Instrument                
Maximum borrowing capacity   $ 1,000,000,000.0            
Borrowing base 500,000,000   500,000,000   500,000,000      
Write off of debt issuance costs   4,900,000            
Additional aggregate principal indebtedness permitted (less than)   1,750,000,000.00            
Reduction in borrowing base for every $1 junior lien debt incurred   $ 0.25            
Senior credit facility                
Debt Instrument                
Covenant ratio of secured debt To EBITDA, maximum             2.25  
Covenant, Ratio of EBITDA to interest expense at Mar 2015             2.00  
Covenant, Ratio of EBITDA to interest expense at Jun 2015             2.00  
Covenant, Ratio of EBITDA to interest expense at Sep 2015             1.75  
Covenant, Ratio of EBITDA to interest expense at Dec 2015             1.50  
Covenant, Ratio of EBITDA to interest expense at Mar 2016             1.50  
Covenant, Ratio of EBITDA to interest expense at June 2016             1.50  
Covenant, Ratio of EBITDA to interest expense at Sep 2016             1.50  
Covenant, Ratio of EBITDA to interest expense at Dec 2016             2.00  
Current assets to current liabilities, ratio minimum             1.00  
Covenant, Ratio of total net debt to EBITDA at Jun 2016             6.25  
Covenant, Ratio of total net debt to EBITDA at Sep 2016             6.00  
Covenant, Ratio of total net debt to EBITDA at Dec 2016             6.00  
Covenant, Ratio of total net debt to EBITDA at Mar 2017             5.50  
Covenant, Ratio of total net debt to EBITDA at Jun 2017             5.50  
Covenant, Ratio of total net debt to EBITDA at Sep 2017             5.00  
Covenant, Ratio of total net debt to EBITDA at Dec 2017             5.00  
Covenant, Ratio of total net debt to EBITDA at Mar 2018             4.50  
Outstanding letters of credit 26,800,000   26,800,000   26,800,000      
Senior credit facility | June Amendment                
Debt Instrument                
Covenant ratio of secured debt To EBITDA, maximum   2.00            
Current assets to current liabilities, ratio minimum   1.0            
Minimum collateral amount of proved oil, natural gas and NGL reserves representing the discounted present value of reserves used in borrowing base determination   80.00%            
Senior credit facility | June Amendment | Maximum                
Debt Instrument                
Unused capacity, commitment fee percentage   0.50%            
Senior credit facility | June Amendment | LIBOR | Minimum                
Debt Instrument                
Basis spread on variable rate   1.75%            
Senior credit facility | June Amendment | LIBOR | Maximum                
Debt Instrument                
Basis spread on variable rate   2.75%            
Senior credit facility | June Amendment | Federal Funds Rate                
Debt Instrument                
Basis spread on variable rate   0.50%            
Senior credit facility | June Amendment | One-Month Eurodollar Rate                
Debt Instrument                
Basis spread on variable rate   1.00%            
Senior credit facility | June Amendment | Base Rate | Minimum                
Debt Instrument                
Basis spread on variable rate   0.75%            
Senior credit facility | June Amendment | Base Rate | Maximum                
Debt Instrument                
Basis spread on variable rate   1.75%            
Junior lien debt | June Amendment                
Debt Instrument                
Outstanding junior debt threshold, reduction of maximum borrowing base   $ 1,500,000,000.00            
Senior Secured Notes                
Debt Instrument                
Debt, face amount 1,250,000,000.0   $ 1,250,000,000.0   $ 1,250,000,000.0      
Proceeds from issuance of debt, net of issuance costs $ 1,210,000,000              
Long-term debt, fixed interest rate 8.75%   8.75%   8.75%      
Debt issuance costs $ 37,000,000              
Senior Secured Notes | 8.75% Senior Secured Notes due 2020                
Debt Instrument                
Carrying Value $ 1,250,000,000   $ 1,250,000,000   $ 1,250,000,000     0
Long-term debt, fixed interest rate 8.75%   8.75%   8.75%      
Senior Notes                
Debt Instrument                
Debt issuance cost, cumulative $ 69,000,000   $ 69,000,000   $ 69,000,000      
Senior Notes | 8.125% Senior Notes due 2022                
Debt Instrument                
Carrying Value $ 729,000,000   $ 729,000,000   $ 729,000,000     $ 750,000,000
Long-term debt, fixed interest rate 8.125%   8.125%   8.125%     8.125%
Common stock issued for debt exchange, aggregate principal amount     $ 21,000,000          
Senior Notes | 7.5% Senior Notes due 2021 and 8.125% Senior Notes due 2022                
Debt Instrument                
Common stock issued for debt exchange | shares     28.0          
Common stock issued for debt exchange, aggregate principal amount     $ 50,000,000          
Gain on extinguishment of debt     17,900,000   $ 17,900,000      
Senior Notes | 7.5% Senior Notes due 2021                
Debt Instrument                
Carrying Value $ 1,149,175,000   $ 1,149,175,000   $ 1,149,175,000     $ 1,178,486,000
Long-term debt, fixed interest rate 7.50%   7.50%   7.50%     7.50%
Common stock issued for debt exchange, aggregate principal amount     $ 29,000,000          
Senior Notes | 8.75% Senior Notes due 2020                
Debt Instrument                
Carrying Value $ 445,758,000   $ 445,758,000   $ 445,758,000     $ 445,402,000
Long-term debt, fixed interest rate 8.75%   8.75%   8.75%     8.75%
Aggregate outstanding principal amount of 8.75% senior notes due 2020 that would adjust maturity date of 8.75% senior secured notes due 2020 $ 100,000,000   $ 100,000,000   $ 100,000,000