Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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 March 31, 2020:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	508,901	$	—
Total property and equipment, net⁽²⁾	$	—	$	—	$	380,734
Liabilities:
Derivatives ⁽¹⁾	$	—	$	15,479	$	—

__________________________________________


⁽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.



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	75,808	$	—
Liabilities:
Derivatives⁽¹⁾	$	—	$	54,290	$	—

____________________________________________

⁽¹⁾

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

Impairment of oil and gas properties [Table Text Block]

The following table presents impairment of oil and gas properties expense and abandonment and impairment of unproved properties expense recorded for the periods presented:



	For the Three Months Ended March 31,
	2020		2019
	(in millions)
Impairment of proved oil and gas properties and related support equipment	$	956.7	$	—
Abandonment and impairment of unproved properties ⁽¹⁾	33.1		6.3
Impairment	$	989.8	$	6.3

____________________________________________

⁽¹⁾

These impairments related to actual and anticipated lease expirations, as well as actual and anticipated losses on acreage due to title defects, changes in development plans, and other inherent acreage risks. The balances in the unproved oil and gas properties line item on the accompanying balance sheets as of March 31, 2020, and December 31, 2019, are recorded at carrying value.

Long Term Debt Fair Value [Table Text Block]

The following table reflects the fair value of the Company’s unsecured senior note obligations measured using Level 1 inputs based on quoted secondary market trading prices. These notes were not presented at fair value on the accompanying balance sheets as of March 31, 2020, or December 31, 2019, as they were recorded at carrying value, net of any unamortized discounts and deferred financing costs. Please refer to Note 5 - Long-Term Debt for additional discussion.



	As of March 31, 2020				As of December 31, 2019
	Principal Amount		Fair Value		Principal Amount		Fair Value
	(in thousands)
6.125% Senior Notes due 2022	$	436,047	$	190,771	$	476,796	$	481,564
5.0% Senior Notes due 2024	$	500,000	$	148,750	$	500,000	$	479,815
5.625% Senior Notes due 2025	$	500,000	$	145,000	$	500,000	$	475,835
6.75% Senior Notes due 2026	$	500,000	$	150,000	$	500,000	$	494,860
6.625% Senior Notes due 2027	$	500,000	$	149,215	$	500,000	$	493,750
1.50% Senior Convertible Notes due 2021	$	172,500	$	69,576	$	172,500	$	164,430

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details