Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring 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 June 30, 2021:

	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives (1)	$	—	$	44,837	$	—
Liabilities:
Derivatives (1)	$	—	$	661,335	$	—

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

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 December 31, 2020:

	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives (1)	$	—	$	54,353	$	—
Liabilities:
Derivatives (1)	$	—	$	222,520	$	—

____________________________________________

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

Impairments of oil and gas properties

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
	(in millions)
Impairment of proved oil and gas properties and related support equipment	$	—	$	—	$	—	$	956.7
Abandonment and impairment of unproved properties (1)	8.8		8.8		17.5		41.9
Impairment (2)	$	8.8	$	8.8	$	17.5	$	998.5

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(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 June 30, 2021, and December 31, 2020, are recorded at carrying value.

(2)    Amounts may not calculate due to rounding.

Long Term Debt Fair Value [Table Text Block]

Long-Term Debt

The following table reflects the fair value of the Company’s Senior Notes 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 June 30, 2021, or December 31, 2020, 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 June 30, 2021				As of December 31, 2020
	Principal Amount		Fair Value		Principal Amount		Fair Value
	(in thousands)
1.50% Senior Secured Convertible Notes due 2021	$	65,485	$	64,888	$	65,485	$	61,449
10.0% Senior Secured Notes due 2025	$	446,675	$	505,511	$	446,675	$	482,887
6.125% Senior Notes due 2022	$	—	$	—	$	212,403	$	205,379
5.0% Senior Notes due 2024	$	104,769	$	104,662	$	277,034	$	240,072
5.625% Senior Notes due 2025	$	349,118	$	349,118	$	349,118	$	289,401
6.75% Senior Notes due 2026	$	419,235	$	427,079	$	419,235	$	342,385
6.625% Senior Notes due 2027	$	416,791	$	429,061	$	416,791	$	331,220
6.5% Senior Notes due 2028	$	400,000	$	412,000	$	—	$	—