XML 63 R52.htm IDEA: XBRL DOCUMENT v3.5.0.2
Indebtedness - Guarantees and Debt Covenants - Additional Information (Detail) - Bank Credit Facility
6 Months Ended
Jun. 30, 2016
USD ($)
Debt Instrument [Line Items]  
Debt instrument, Covenant compliance Our bank credit facility contains negative covenants that limit our ability, among other things, to pay cash dividends, incur additional indebtedness, sell assets, enter into certain hedging contracts, change the nature of our business or operations, merge, consolidate, or make certain investments. In addition, we are required to maintain a ratio of EBITDAX (as defined in the bank credit facility agreement) to cash interest expense of equal to or greater than 2.5 and a current ratio (as defined in the bank credit facility agreement) of no less than 1.0. In addition, the ratio of the present value of proved reserves (as defined in the credit agreement) to total debt must be equal to or greater than 1.5 until Range has two investment grade ratings. We were in compliance with applicable covenants under the bank credit facility at June 30, 2016. The indentures governing our senior subordinated notes contain various restrictive covenants that are substantially identical to each other and may limit our ability to, among other things, pay cash dividends, incur additional indebtedness, sell assets, enter into transactions with affiliates, or change the nature of our business. At June 30, 2016, we were in compliance with these covenants. Our senior subordinated notes also include a limitation on the amount of credit facility debt we can incur. Certain thresholds, as set forth in the indenture debt incurrence test, may limit our ability to incur debt under our bank credit facility in excess of a $1.5 billion floor amount based on levels of commodity prices of natural gas, NGLs and crude oil used in the annual calculation of discounted future cash flows relating to proved oil and gas reserves (as further defined in the indenture). Based on our current discounted future net cash flows, our bank credit facility usage is limited to $1.5 billion until higher prices or proved reserve additions increase discounted future net cash flows.
Senior Subordinated Notes  
Debt Instrument [Line Items]  
Bank credit facility, debt incurrence limit $ 1,500,000,000
Bank Credit facility, current usage limit $ 1,500,000,000
Maximum  
Debt Instrument [Line Items]  
Ratio of debt to EBITDAX 250.00%
Present Value Of Proved Reserves To Total Debt. 150.00%
Minimum  
Debt Instrument [Line Items]  
Current ratio 100.00%