0001528129-20-000174 | 10-Q | XBRL Viewer

Oil and natural gas properties, full cost method:

81,129

51,929

Other current assets

17,828

22,470

Total current assets

199,513

200,479

Evaluated properties

7,773,776

7,421,799

Unevaluated properties not being depleted

83,558

142,354

Less accumulated depletion and impairment

(6,669,537)

(5,725,114)

Oil and natural gas properties, net

1,187,797

1,839,039

Midstream service assets, net

115,385

128,678

Other fixed assets, net

31,966

32,504

Property and equipment, net

1,335,148

2,000,221

Operating lease right-of-use assets

9,117

23,387

20,931

28,343

Other noncurrent assets, net

16,614

12,007

Total assets

1,581,323

2,264,437

Current liabilities:

Accounts payable and accrued liabilities

46,090

40,521

Accrued capital expenditures

25,061

36,328

Undistributed revenue and royalties

25,492

33,123

Operating lease liabilities

852

7,698

11,812

14,042

Other current liabilities

33,801

39,184

Total current liabilities

143,108

170,896

Long-term debt, net

1,218,947

1,170,417

Asset retirement obligations

1,657

63,425

60,691

Operating lease liabilities

11,715

17,208

Other noncurrent liabilities

959

3,351

Total liabilities

1,439,811

1,422,563

Commitments and contingencies

Stockholders' equity:

Preferred stock

Common stock

^[1]

120

2,373

Additional paid-in capital

2,395,487

2,385,355

Accumulated deficit

(2,254,095)

(1,545,854)

Total stockholders' equity

141,512

841,874

Total liabilities and stockholders' equity

$ 1,581,323

$ 2,264,437

[1]	Common stock shares were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020. See Note 7.a.

Consolidated balance sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock par value (USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (shares)	50,000,000	50,000,000
Preferred stock issued (shares)	0	0
Common stock par value (USD per share)	$ 0.01	$ 0.01
Common stock authorized (shares)	22,500,000	22,500,000
Common stock issued (shares)	12,004,372	11,864,604
Common stock outstanding (shares)	12,004,372	11,864,604

Consolidated statements of operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Revenues:

$ 173,547

$ 193,569

$ 489,127

$ 619,159

Production and ad valorem taxes

Lease operating expenses

19,840

22,597

62,471

68,838

8,753

11,085

24,935

29,632

General and administrative

11,473

8,852

34,694

41,427

Organizational restructuring expenses

5,965

4,200

16,371

Depletion, depreciation and amortization

47,015

69,099

174,891

197,900

Impairment expense

196,088

397,890

789,235

397,890

Other operating expenses

1,102

1,005

3,325

3,077

Total costs and expenses

341,225

544,008

1,272,829

857,373

Operating loss

(167,678)

(350,439)

(783,702)

(238,214)

Non-operating income (expense):

Gain (loss) on derivatives, net

(45,250)

96,684

162,049

136,713

Interest expense

(26,828)

(15,191)

(78,870)

(46,503)

Litigation settlement

42,500

Loss on extinguishment of debt

(13,320)

Gain (loss) on disposal of assets, net

(607)

1,294

(1,057)

(315)

Other income, net

533

556

608

4,269

Write-off of debt issuance costs

(1,103)

Total non-operating income (expense), net

(72,152)

83,343

68,307

136,664

Loss before income taxes

(239,830)

(267,096)

(715,395)

(101,550)

Income tax benefit:

Deferred

2,398

2,467

7,154

812

Total income tax benefit

2,398

2,467

7,154

812

Net loss

$ (237,432)

$ (264,629)

$ (708,241)

$ (100,738)

Net income (loss) per common share:

Basic (USD per share)

^[1]

$ (20.32)

$ (22.86)

$ (60.76)

$ (8.72)

Diluted (USD per share)

^[1]

$ (20.32)

$ (22.86)

$ (60.76)

$ (8.72)

Weighted-average common shares outstanding:

Basic (shares)

^[1]

11,686

11,578

11,657

11,558

Diluted (shares)

^[1]

11,686

11,578

11,657

11,558

Oil sales

Revenues:

$ 93,329

$ 141,709

$ 283,412

$ 430,910

NGL sales

Revenues:

24,935

20,522

49,721

74,954

Natural gas sales

Revenues:

Midstream service revenues

14,198

7,520

29,357

21,126

Revenues:

1,751

3,079

6,715

8,572

Cost of goods and services sold

1,073

1,191

3,058

3,401

Sales of purchased oil

Revenues:

39,334

20,739

119,922

83,597

Cost of goods and services sold

42,720

20,741

138,134

83,604

Transportation and marketing expenses

Cost of goods and services sold

$ 13,161

$ 5,583

$ 37,886

$ 15,233

[1]	Net loss per common share and weighted-average common shares outstanding were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020 as discussed in Note 7.a.

Consolidated statement of stockholders' equity - USD ($)
shares in Thousands, $ in Thousands

Total

Common stock

Additional paid-in capital

Treasury stock (at cost)

Accumulated deficit

Balance at beginning of period (shares) at Dec. 31, 2018

^[1]

11,697

Balance at beginning of period at Dec. 31, 2018

$ 1,174,230

$ 2,339

$ 2,375,286

$ 0

$ (1,203,395)

^[1]

367

$ 73

(73)

^[1]

(145)

Stock exchanged for tax withholding (shares)

$ (28)

^[1]

Stock exchanged for cost of exercise of stock options (shares)

(2,650)

$ (2,650)

^[1]

Stock exchanged for cost of exercise of stock options

(76)

$ (76)

Retirement of treasury stock (shares)

^[1]

(36)

Exercise of stock options (shares)

$ (7)

(2,719)

$ 2,726

^[1]

Exercise of stock options

8,410

Balance at end of period (shares) at Sep. 30, 2019

(100,738)

^[2]

11,884

Balance at end of period at Sep. 30, 2019

1,079,252

$ 2,377

2,381,008

$ 0

(1,304,133)

Balance at beginning of period (shares) at Jun. 30, 2019

^[2]

11,874

Balance at beginning of period at Jun. 30, 2019

1,344,321

$ 2,375

2,381,450

$ 0

(1,039,504)

^[2]

$ 2

(2)

^[2]

(4)

(4)

(4)

$ 4

(436)

Balance at end of period (shares) at Sep. 30, 2019

(264,629)

^[2]

11,884

Balance at end of period at Sep. 30, 2019

1,079,252

$ 2,377

2,381,008

$ 0

(1,304,133)

Balance at beginning of period (shares) at Dec. 31, 2019

^[1]

11,865

Balance at beginning of period at Dec. 31, 2019

841,874

$ 2,373

2,385,355

$ 0

(1,545,854)

Reverse stock split

$ (2,277)

2,277

220

^[3]

$ 31

(31)

(46)

Stock exchanged for tax withholding (shares)

^[3]

$ (2)

^[3]

^[1]

Retirement of treasury stock (shares)

(774)

$ (774)

(35)

^[3]

$ (5)

^[3]

(769)

$ 774

8,653

Balance at end of period (shares) at Sep. 30, 2020

(708,241)

^[2]

12,004

Balance at end of period at Sep. 30, 2020

141,512

$ 120

2,395,487

$ 0

(2,254,095)

Balance at beginning of period (shares) at Jun. 30, 2020

^[2]

11,939

Balance at beginning of period at Jun. 30, 2020

376,020

$ 119

2,392,564

$ 0

(2,016,663)

^[2]

$ 1

(1)

^[2]

(2)

Stock exchanged for tax withholding (shares)

^[2]

Retirement of treasury stock (shares)

(12)

$ (12)

^[2]

(1)

(12)

$ 12

2,936

Balance at end of period (shares) at Sep. 30, 2020

(237,432)

^[2]

12,004

Balance at end of period at Sep. 30, 2020

$ 141,512

$ 120

$ 2,395,487

$ 0

$ (2,254,095)

[1]	Shares presented were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020 as discussed in Note 7.a.
[2]	Shares presented were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020 as discussed in Note 7.a.
[3]	The amounts presented for common stock and additional paid-in capital include (i) unadjusted amounts for the period January 1, 2020 to May 31, 2020 and (ii) adjusted amounts for the period June 1, 2020 to September 30, 2020. See the "Reverse stock split" line item for the retroactive adjustment for the life-to-date activity through May 31, 2020.

Consolidated statements of cash flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (708,241)	$ (100,738)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-settled equity-based compensation, net	6,111	5,244
Depletion, depreciation and amortization	174,891	197,900
Impairment expense	789,235	397,890
Mark-to-market on derivatives:
(Gain) loss on derivatives, net	(162,049)	(136,713)
Settlements received for matured derivatives, net	186,435	48,827
Settlements received (paid) for early-terminated commodity derivatives, net	6,340	(5,409)
Premiums paid for commodity derivatives	(51,070)	(7,664)
Amortization of debt issuance costs	3,304	2,539
Amortization of operating lease right-of-use assets	10,133	9,583
Loss on extinguishment of debt	13,320	0
Deferred income tax benefit	(7,154)	(812)
Other, net	4,519	2,673
Changes in operating assets and liabilities:
Decrease in accounts receivable, net	24,925	11,778
Decrease (increase) in other current assets	4,451	(4,088)
(Increase) decrease in other noncurrent assets, net	(3,619)	2,988
Increase (decrease) in accounts payable and accrued liabilities	5,569	(15,896)
Decrease in undistributed revenue and royalties	(7,631)	(18,878)
Decrease in other current liabilities	(8,216)	(21,221)
Decrease in other noncurrent liabilities	(7,633)	(1,135)
Net cash provided by operating activities	273,620	366,868
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net	(23,563)	(2,880)
Capital expenditures:
Oil and natural gas properties	(278,277)	(368,182)
Midstream service assets	(2,517)	(6,741)
Other fixed assets	(3,024)	(1,720)
Proceeds from dispositions of capital assets, net of selling costs	1,242	6,847
Net cash used in investing activities	(306,139)	(372,676)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	45,000	80,000
Payments on Senior Secured Credit Facility	(185,000)	(85,000)
Issuance of January 2025 Notes and January 2028 Notes	1,000,000	0
Extinguishment of debt	(808,855)	0
Stock exchanged for tax withholding	(774)	(2,650)
Payments for debt issuance costs	(18,451)	0
Net cash provided by (used in) financing activities	31,920	(7,650)
Net decrease in cash and cash equivalents	(599)	(13,458)
Cash and cash equivalents, beginning of period	40,857	45,151
Cash and cash equivalents, end of period	$ 40,258	$ 31,693

Organization and basis of presentation	9 Months Ended
Organization and basis of presentation	Sep. 30, 2020
Accounting Policies [Abstract]
Organization and basis of presentation	Organization and basis of presentation a. Organization Laredo Petroleum, Inc. ("Laredo"), together with its wholly-owned subsidiaries, Laredo Midstream Services, LLC ("LMS") and Garden City Minerals, LLC ("GCM"), is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas. In these notes, the "Company" refers to Laredo, LMS and GCM collectively, unless the context indicates otherwise. All amounts, dollars and percentages presented in these unaudited consolidated financial statements and the related notes are rounded and, therefore, approximate. b. Basis of presentation The unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All material intercompany transactions and account balances have been eliminated in the consolidation of accounts. The unaudited consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of December 31, 2019 is derived from audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of September 30, 2020, results of operations for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019. Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2019 Annual Report. Significant accounting policies See Note 2 in the 2019 Annual Report for discussion of significant accounting policies. Use of estimates in the preparation of interim unaudited consolidated financial statements The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ. For further information regarding the use of estimates and assumptions, see Note 2.b in the 2019 Annual Report and Notes 8.e and 8.f pertaining to the Company's 2020 performance unit awards and phantom unit awards, respectively. Reclassifications Certain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the 2020 presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income (loss), stockholders' equity or total operating, investing or financing cash flows.

New accounting standards	9 Months Ended
New accounting standards	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting standards	New accounting standards The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board to the Accounting Standards Codification ("ASC") and has determined there are no ASUs that are not yet adopted and meaningful to disclose as of September 30, 2020. On January 1, 2020, the Company adopted ASU 2016-13 to Topic 326, Financial Instruments—Credit Losses, that requires an allowance for expected credit losses to be recorded against newly recognized financial assets measured at an amortized cost basis. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company has included these factors in its analysis and determined there was minimal impact to the unaudited consolidated financial statements for the three and nine months ended September 30, 2020.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Acquisitions and divestiture

Acquisitions and divestiture

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

a. 2020 Asset acquisitions and divestiture

On April 30, 2020, the Company closed an acquisition of 180 net acres in Howard County, Texas for a total purchase price of $0.6 million. The acquisition also provides for one or more potential contingent payments to be paid by the Company if the arithmetic average of the monthly settlement West Texas Intermediate ("WTI") NYMEX prices exceed certain thresholds for the contingency period beginning on January 1, 2021 and ending on the earlier of December 31, 2022 or the date the counterparty has received the maximum consideration of $1.2 million. The fair value of this contingent consideration was $0.2 million as of the acquisition date, which was recorded as part of the basis in the oil and natural gas properties acquired and as a contingent consideration derivative liability. See Note 10.a for the fair value of the contingent consideration as of September 30, 2020.

On February 4, 2020, the Company closed a transaction for $22.5 million acquiring 1,180 net acres and divesting 80 net acres in Howard County, Texas.

All transaction costs for the asset acquisitions were capitalized and were included in "Oil and natural gas properties" on the consolidated balance sheet.

See Note 19.b for discussion of the Company's acquisition of oil and natural gas properties subsequent to September 30, 2020.

On April 9, 2020, the Company closed a divestiture of 80 net acres and working interests in two producing wells in Glasscock County, Texas for a total sales price of $0.7 million, net of customary closing and post-closing sales price adjustments. The divestiture was recorded as an adjustment to oil and natural gas properties pursuant to the rules governing full cost accounting. Effective at closing, the operations and cash flows of these oil and natural gas properties were eliminated from the ongoing operations of the Company, and the Company has no continuing involvement in the properties. This divestiture did not represent a strategic shift and has not had a major effect on the Company's future operations or financial results.

b. 2019 Acquisitions

Asset acquisitions

On December 12, 2019, the Company closed an acquisition of 7,360 net acres and 750 net royalty acres in Howard County, Texas for $131.7 million, net of customary closing and subject to customary post-closing purchase price adjustments. The acquisition also provides for a potential contingent payment, where the Company is required to pay $20.0 million if the arithmetic average of the monthly settlement WTI NYMEX prices for each consecutive calendar month for the one-year period beginning January 1, 2020 through December 31, 2020 exceeds a certain threshold. The fair value of this contingent consideration was $6.2 million as of the acquisition date, which was recorded as part of the basis in the oil and natural gas properties acquired and as a contingent consideration derivative liability. See Note 10.a for the fair value of the contingent consideration as of September 30, 2020. This acquisition was primarily financed through borrowings under the Senior Secured Credit Facility. Post-closing is expected to be finalized during the fourth quarter of 2020.

On June 20, 2019, the Company acquired 640 net acres in Reagan County, Texas for $2.9 million.

All transaction costs were capitalized and were included in "Oil and natural gas properties" on the consolidated balance sheet.

Business combination

On December 6, 2019, the Company closed a bolt-on acquisition of 4,475 contiguous net acres and working interests in 49 producing wells in western Glasscock County, Texas, which included net production of 1,400 barrels of oil equivalent ("BOE") per day at the time of acquisition, for $64.6 million, net of customary closing purchase price adjustments. This acquisition was

financed through borrowings under the Senior Secured Credit Facility. Post-closing was finalized during the nine months ended September 30, 2020.

This acquisition was accounted for as a business combination. Accordingly, the Company conducted assessments of net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at the estimated acquisition date fair values, while transaction costs associated with the acquisition were expensed. The Company makes various assumptions in estimating the fair values of assets acquired and liabilities assumed. The most significant assumptions relate to the estimated fair values of evaluated and unevaluated oil and natural gas properties. The fair values of these properties were measured using a discounted cash flow model that converts future cash flows to a single discounted amount. Significant inputs to the valuation include estimates of: (i) forecasted oil, NGL and natural gas reserve quantities; (ii) future commodity strip prices as of the closing dates adjusted for transportation and regional price differentials; (iii) forecasted ad valorem taxes, production taxes, income taxes, operating expenses and development costs; and (iv) a peer group weighted-average cost of capital rate subject to additional project-specific risk factors. To compensate for the inherent risk of estimating the value of the unevaluated properties, the discounted future net cash flows of proved undeveloped and probable reserves are reduced by additional reserve adjustment factors. These assumptions represent Level 3 inputs under the fair value hierarchy, as described in Note 10 in the 2019 Annual Report.

The following table reflects an aggregate of the final estimate of the fair values of the assets acquired and liabilities assumed in this business combination on December 6, 2019:


(in thousands)	Fair values of acquisition
Fair values of net assets:
Evaluated oil and natural gas properties	$	29,921
Unevaluated oil and natural gas properties	34,700
Asset retirement cost	2,728
Total assets acquired	67,349
Asset retirement obligations	(2,728)
Net assets acquired	$	64,621
Fair values of consideration paid for net assets:
Cash consideration	$	64,621

c. Exchange of unevaluated oil and natural gas properties

From time to time, the Company exchanges undeveloped acreage with third parties. The exchanges are recorded at fair value and the difference is accounted for as an adjustment of capitalized costs with no gain or loss recognized pursuant to the rules governing full cost accounting, unless such adjustment would significantly alter the relationship between capitalized costs and proved reserves of oil, NGL and natural gas.

Property and equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and equipment

The following table presents the Company's property and equipment as of the dates presented:


(in thousands)	September 30, 2020		December 31, 2019
Evaluated oil and natural gas properties	$	7,773,776	$	7,421,799
Less accumulated depletion and impairment	(6,669,537)		(5,725,114)
Evaluated oil and natural gas properties, net	1,104,239		1,696,685

Unevaluated oil and natural gas properties not being depleted	83,558		142,354

Midstream service assets	182,169		180,932
Less accumulated depreciation and impairment	(66,784)		(52,254)
Midstream service assets, net	115,385		128,678

Depreciable other fixed assets	36,786		37,894
Less accumulated depreciation and amortization	(23,721)		(23,649)
Depreciable other fixed assets, net	13,065		14,245

Land	18,901		18,259

Total property and equipment, net	$	1,335,148	$	2,000,221

See Note 10.b for discussion of impairments of long-lived assets during the nine months ended September 30, 2020. See Note 6 in the 2019 Annual Report for additional discussion of the Company's property and equipment.

The Company uses the full cost method of accounting for its oil and natural gas properties. Under this method, all acquisition, exploration and development costs, including certain employee-related costs, incurred for the purpose of acquiring, exploring for or developing oil and natural gas properties, are capitalized and, once evaluated, depleted on a composite unit-of-production method based on estimates of proved oil, NGL and natural gas reserves. The depletion base includes estimated future development costs and dismantlement, restoration and abandonment costs, net of estimated salvage values. Capitalized costs include the cost of drilling and equipping productive wells, dry hole costs, lease acquisition costs, delay rentals and other costs related to such activities. Costs, including employee-related costs, associated with production and general corporate activities are expensed in the period incurred.

The Company excludes unevaluated property acquisition costs and exploration costs from the depletion calculation until it is determined whether or not proved reserves can be assigned to the properties. The Company capitalizes a portion of its interest costs to its unevaluated properties and such costs become subject to depletion when proved reserves can be assigned to the associated properties. All items classified as unevaluated properties are assessed on a quarterly basis for possible impairment. The assessment includes consideration of the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of proved reserves and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion.

Sales of oil and natural gas properties, whether or not being depleted currently, are accounted for as adjustments of capitalized costs, with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil, NGL and natural gas.

The following table presents costs incurred in the acquisition, exploration and development of oil and natural gas properties, with asset retirement obligations included in evaluated property acquisition costs and development costs, for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Property acquisition costs:							—
Evaluated	$	—	$	—	$	7,586	$	—
Unevaluated	—		—		16,468		2,880
Exploration costs	3,479		3,480		13,563		16,101
Development costs	37,649		73,357		256,374		349,738
Total oil and natural gas properties costs incurred	$	41,128	$	76,837	$	293,991	$	368,719

The aforementioned total oil and natural gas properties costs incurred included certain employee-related costs as shown in the table below.

The following table presents capitalized employee-related costs incurred in the acquisition, exploration and development of oil and natural gas properties for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Capitalized employee-related costs	$	4,976	$	4,164	$	13,573	$	14,276

The following table presents depletion expense, which is included in "Depletion, depreciation and amortization" on the unaudited consolidated statements of operations, and depletion expense per BOE sold of evaluated oil and natural gas properties for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Depletion expense of evaluated oil and natural gas properties	$	43,648	$	65,354	$	164,705	$	186,662
Depletion expense per BOE sold	$	5.40	$	8.67	$	6.72	$	8.56

The full cost ceiling is based principally on the estimated future net revenues from proved oil, NGL and natural gas reserves, which exclude the effect of the Company's commodity derivative transactions, discounted at 10%. The SEC guidelines require companies to use the unweighted arithmetic average first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period before differentials ("Benchmark Prices"). The Benchmark Prices are then adjusted for quality, transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the wellhead ("Realized Prices") without giving effect to the Company's commodity derivative transactions. The Realized Prices are utilized to calculate the estimated future net revenues in the full cost ceiling calculation. Significant inputs included in the calculation of discounted cash flows used in the impairment analysis include the Company's estimate of operating and development costs, anticipated production of proved reserves and other relevant data. In the event the unamortized cost of evaluated oil and natural gas properties being depleted exceeds the full cost ceiling, as defined by the SEC, the excess is expensed in the period such excess occurs. Once incurred, a write-down of oil and natural gas properties is not reversible.

The following table presents the Benchmark Prices and the Realized Prices as of the dates presented:


	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019
Benchmark Prices:
Oil ($/Bbl)	$	39.88	$	43.60	$	52.23	$	52.19	$	54.27
NGL ($/Bbl)(1)	$	16.95	$	16.87	$	19.36	$	21.14	$	23.93
Natural gas ($/MMBtu)	$	1.06	$	0.87	$	0.58	$	0.87	$	0.85
Realized Prices:
Oil ($/Bbl)	$	41.08	$	44.97	$	52.47	$	52.12	$	52.86
NGL ($/Bbl)	$	7.71	$	7.66	$	10.47	$	12.21	$	14.78
Natural gas ($/Mcf)	$	0.68	$	0.53	$	0.28	$	0.53	$	0.52

_____________________________________________________________________________

(1) Based on the Company's average composite NGL barrel.

The following table presents full cost ceiling impairment expense, which is included in "Impairment expense" on the unaudited consolidated statements of operations for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Full cost ceiling impairment expense	$	196,088	$	397,890	$	779,718	$	397,890

Leases	9 Months Ended
Leases	Sep. 30, 2020
Leases [Abstract]
Leases	Leases The Company has recognized operating lease right-of-use assets and operating lease liabilities on the unaudited consolidated balance sheets for leases of commercial real estate with lease terms extending into 2027 and drilling, completions, production and other equipment leases with lease terms extending through 2025. The Company's lease costs include those that are recognized in net loss during the period as well as those that are capitalized as part of the cost of another asset. The lease costs related to drilling, completions and production activities are reflected at the Company's net ownership, which is consistent with the principals of proportional consolidation, and lease commitments are reflected on a gross basis. As of September 30, 2020, the Company had an average working interest of 97% in Laredo-operated active productive wells in its core operating area. See Note 5 in the 2019 Annual Report for additional discussion of the Company's leases.

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

a. January 2025 Notes and January 2028 Notes

On January 24, 2020, the Company completed an offer and sale (the "Offering") of $600.0 million in aggregate principal amount of 9 1/2% senior unsecured notes due 2025 (the "January 2025 Notes") and $400.0 million in aggregate principal amount of 10 1/8% senior unsecured notes due 2028 (the "January 2028 Notes"). Interest for both the January 2025 Notes and January 2028 Notes is payable semi-annually, in cash in arrears on January 15 and July 15 of each year. The first interest payment was made on July 15, 2020, and consisted of interest from closing to that date. The terms of the January 2025 Notes and January 2028 Notes include covenants, which are in addition to but different than similar covenants in the Senior Secured Credit Facility, which limit the Company's ability to incur indebtedness, make restricted payments, grant liens and dispose of assets.

The January 2025 Notes and January 2028 Notes are fully and unconditionally guaranteed on a senior unsecured basis by LMS, GCM and certain of the Company's future restricted subsidiaries, subject to certain automatic customary releases, including the sale, disposition or transfer of all of the capital stock or of all or substantially all of the assets of a subsidiary guarantor to one or more persons that are not the Company or a restricted subsidiary, exercise of legal defeasance or covenant defeasance options or satisfaction and discharge of the applicable indenture, designation of a subsidiary guarantor as a non-guarantor

restricted subsidiary or as an unrestricted subsidiary in accordance with the applicable indenture, release from guarantee under the Senior Secured Credit Facility, or liquidation or dissolution (collectively, the "Releases").

The Company received net proceeds of $982.0 million from the Offering, after deducting underwriting discounts and commissions and estimated offering expenses. The proceeds from the Offering were used (i) to fund Tender Offers (defined below) for the Company's January 2022 Notes and March 2023 Notes (defined below), (ii) to repay the Company's January 2022 Notes and March 2023 Notes that remained outstanding after settling the Tender Offers and (iii) for general corporate purposes, including repayment of a portion of the borrowings outstanding under the Company's Senior Secured Credit Facility.

b. January 2022 Notes and March 2023 Notes

On January 23, 2014, the Company completed an offering of $450.0 million in aggregate principal amount of 5 5/8% senior unsecured notes due 2022 (the "January 2022 Notes"). The January 2022 Notes were due to mature on January 15, 2022 and bore an interest rate of 5 5/8% per annum, payable semi-annually, in cash in arrears on January 15 and July 15 of each year, commencing July 15, 2014. The January 2022 Notes were fully and unconditionally guaranteed on a senior unsecured basis by LMS, GCM and certain of the Company's future restricted subsidiaries, subject to certain Releases.

On March 18, 2015, the Company completed an offering of $350.0 million in aggregate principal amount of 6 1/4% senior unsecured notes due 2023 (the "March 2023 Notes"). The March 2023 Notes were due to mature on March 15, 2023 and bore an interest rate of 6 1/4% per annum, payable semi-annually, in cash in arrears on March 15 and September 15 of each year, commencing September 15, 2015. The March 2023 Notes were fully and unconditionally guaranteed on a senior unsecured basis by LMS, GCM and certain of the Company's future restricted subsidiaries, subject to certain Releases.

On January 6, 2020, the Company commenced cash tender offers and consent solicitations for any or all of its outstanding January 2022 Notes and March 2023 Notes (collectively, the "Tender Offers"). On January 24, 2020 and February 6, 2020, the Company settled the Tender Offers for the principal outstanding amounts of $428.9 million and $299.4 million, respectively, for consideration for tender offers and early tender premiums of $431.6 million and $304.1 million for the January 2022 Notes and March 2023 Notes, respectively, plus accrued and unpaid interest. On January 29, 2020, the Company redeemed the remaining $21.1 million of January 2022 Notes not tendered under the Tender Offers at a redemption price of 100.000% of the principal amount thereof, plus accrued and unpaid interest. On March 15, 2020, the Company redeemed the remaining $50.6 million of March 2023 Notes not tendered under the Tender Offers at a redemption price of 101.563% of the principal amount thereof, plus accrued and unpaid interest. The Company recognized a loss on extinguishment of $13.3 million related to the difference between the consideration for tender offers, early tender premiums and redemption prices and the net carrying amounts of the extinguished January 2022 Notes and March 2023 Notes.

c. Senior Secured Credit Facility

As of September 30, 2020, the Senior Secured Credit Facility, which matures on April 19, 2023, had a maximum credit amount of $2.0 billion, a borrowing base and an aggregate elected commitment of $725.0 million each, with $235.0 million outstanding and was subject to an interest rate of 2.188%. The Senior Secured Credit Facility contains both financial and non-financial covenants, all of which the Company was in compliance with for all periods presented. Additionally, the Senior Secured Credit Facility provides for the issuance of letters of credit, limited to the lesser of total capacity or $80.0 million. As of September 30, 2020 and December 31, 2019, the Company had one letter of credit outstanding of $44.1 million and $14.7 million, respectively, under the Senior Secured Credit Facility. The Senior Secured Credit Facility is fully and unconditionally guaranteed by LMS and GCM. For additional information see Note 7.d in the 2019 Annual Report. See Note 19.a for discussion of the additional payment on the Senior Secured Credit Facility and the reaffirmation of the Company's borrowing base associated with the semi-annual redetermination subsequent to September 30, 2020.

The Company's measurements of Adjusted EBITDA (non-GAAP) for financial reporting as compared to compliance under its debt agreements differ.

d. Long-term debt, net

The following table presents the Company's long-term debt and debt issuance costs, net included in "Long-term debt, net" on the unaudited consolidated balance sheets as of the dates presented:


	September 30, 2020						December 31, 2019
(in thousands)	Long-term debt		Debt issuance costs, net		Long-term debt, net		Long-term debt		Debt issuance costs, net		Long-term debt, net
January 2022 Notes(1)	$	—	$	—	$	—	$	450,000	$	(2,034)	$	447,966
March 2023 Notes(1)	—		—		—		350,000		(2,549)		347,451
January 2025 Notes(2)	600,000		(9,424)		590,576		—		—		—
January 2028 Notes(2)	400,000		(6,629)		393,371		—		—		—
Senior Secured Credit Facility(3)	235,000		—		235,000		375,000		—		375,000
Long-term debt, net	$	1,235,000	$	(16,053)	$	1,218,947	$	1,175,000	$	(4,583)	$	1,170,417

______________________________________________________________________________

(1)During the nine months ended September 30, 2020, the Company wrote off debt issuance costs in connection with the extinguishment of the January 2022 Notes and the March 2023 Notes, which are included in "Loss on extinguishment of debt" on the unaudited consolidated statement of operations.

(2)Debt issuance costs for the January 2025 Notes and the January 2028 Notes are amortized on a straight-line basis over the respective terms of the notes.

(3)Debt issuance costs, net related to the Senior Secured Credit Facility of $2.6 million and $4.5 million as of September 30, 2020 and December 31, 2019, respectively, are reported in "Other noncurrent assets, net" on the unaudited consolidated balance sheets, and are amortized on a straight-line basis. In connection with the April 2020 reduction in borrowing base, the Company wrote off $1.1 million of debt issuance costs, which are included in "Write-off of debt issuance costs" on the unaudited consolidated statement of operations, and capitalized $0.1 million of debt issuance costs during the nine months ended September 30, 2020.

Stockholders' equity	9 Months Ended
Stockholders' equity	Sep. 30, 2020
Equity [Abstract]
Stockholders' equity	Stockholders' equity a. Reverse stock split and Authorized Share Reduction On March 17, 2020, the board of directors authorized an amendment to the Company's amended and restated certificate of incorporation ("Certificate of Incorporation") to effect, at the discretion of the board of directors (i) a reverse stock split that would reduce the number of shares of outstanding common stock in accordance with a ratio to be determined by the board of directors within a range of 1-for-5 and 1-for-20 currently outstanding and (ii) a reduction of the number of authorized shares of common stock by a corresponding proportion ("Authorized Share Reduction"). On May 14, 2020, after receiving stockholder approval of the amendment to the Company's Certificate of Incorporation to effect, at the discretion of the board of directors, the reverse stock split and the Authorized Share Reduction, the board of directors approved the implementation of the reverse stock split at a ratio of 1-for-20 currently outstanding shares of common stock, and the related corresponding Authorized Share Reduction. On June 1, 2020, the amendment to the Company's Certificate of Incorporation became effective and effected the 1-for-20 reverse stock split of the Company's issued and outstanding common stock and the related Authorized Share Reduction from 450,000,000 to 22,500,000 authorized shares, par value $0.01 per share, with authorized shares of preferred stock remaining unchanged at 50,000,000, par value $0.01 per share, for a total of 72,500,000 shares of capital stock. See Note 8 for discussion of the Laredo Petroleum, Inc. Omnibus Equity Incentive Plan (the "Equity Incentive Plan"), that proportionately reduced the number of shares that may be granted. b. Treasury stock Treasury stock is recorded at cost, which includes incremental direct transaction costs, and is retired upon acquisition as a result of (i) stock exchanged to satisfy tax withholding that arises upon the lapse of restrictions on share-settled equity-based awards at the awardee's election or (ii) stock exchanged for the cost of exercise of stock options at the awardee's election.

Equity Incentive Plan

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Equity Incentive Plan

The Equity Incentive Plan provides for the granting of incentive awards in the form of restricted stock awards, stock option awards, performance share awards, outperformance share awards, performance unit awards, phantom unit awards and other awards. On June 1, 2020, in connection with the effectiveness of the reverse stock split and Authorized Share Reduction, the board of directors approved and adopted an amendment to the Equity Incentive Plan to proportionately adjust the limitations on awards that may be granted under the Equity Incentive Plan. Following the amendment, an aggregate of 1,492,500 shares may be issued under the Equity Incentive Plan. See Note 7.a for additional discussion of the reverse stock split and Authorized Share Reduction.

The Company recognizes the fair value of equity-based compensation awards, expected to vest over the requisite service period, as a charge against earnings, net of amounts capitalized. The Company's restricted stock awards, stock option awards, performance share awards and outperformance share award are accounted for as equity awards and the Company's performance unit awards and phantom unit awards are accounted for as liability awards. Equity-based compensation expense is included in "General and administrative" on the unaudited consolidated statements of operations. The Company capitalizes a portion of equity-based compensation for employees who are directly involved in the acquisition, exploration or development of oil and natural gas properties into the full cost pool. Capitalized equity-based compensation is included in "Evaluated properties" on the unaudited consolidated balance sheets.

a. Restricted stock awards

All service vesting restricted stock awards are treated as issued and outstanding in the unaudited consolidated financial statements. Per the award agreement terms, if employment is terminated prior to the restriction lapse date for reasons other than death or disability, the restricted stock awards are forfeited and canceled and are no longer considered issued and outstanding. If the termination of employment is by reason of death or disability, all of the holder's restricted stock will automatically vest. Restricted stock awards granted to employees vest in a variety of schedules that mainly include (i) 33%, 33% and 34% vesting per year beginning on the first anniversary of the grant date and (ii) full vesting on the first anniversary of the grant date. Restricted stock awards granted to non-employee directors vest immediately on the grant date.

The following table reflects the restricted stock award activity for the nine months ended September 30, 2020:


(in thousands, except for weighted-average grant-date fair value)	Restricted stock awards(1)	Weighted-average grant-date fair value (per share)(1)
Outstanding as of December 31, 2019	275	$	85.89
Granted	220	$	16.95
Forfeited	(46)	$	52.97
Vested(2)	(137)	$	79.29
Outstanding as of September 30, 2020	312	$	45.03

_____________________________________________________________________________

(1)Shares and per share data have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

(2)The aggregate intrinsic value of vested restricted stock awards for the nine months ended September 30, 2020 was $3.1 million.

The Company utilizes the closing stock price on the grant date to determine the fair value of restricted stock awards. As of September 30, 2020, unrecognized equity-based compensation related to the restricted stock awards expected to vest was $9.3 million. Such cost is expected to be recognized over a weighted-average period of 1.63 years.

Stock option awardsAs of September 30, 2020, the 11,362 outstanding stock option awards have a weighted-average exercise price of $257.42 per award and a weighted-average remaining contractual term of 4.25 years. The stock option awards were adjusted for the Company's 1-for-20 reverse stock split as discussed in Note 7.a. There were 5,441 cancellations and de minimis forfeitures of stock option awards during the nine months ended September 30, 2020, and there were no grants or exercises. The vested and exercisable stock option awards as of September 30, 2020 had no intrinsic value. Performance share awards

Performance share awards, which the Company has determined are equity awards, are subject to a combination of market, performance and service vesting criteria. For portions of awards with market criteria, which include: (i) the relative three-year total shareholder return ("TSR") comparing the Company's shareholder return to the shareholder return of the peer group specified in each award agreement ("RTSR Performance Percentage") and (ii) the Company's absolute three-year total shareholder return ("ATSR Appreciation"), a Monte Carlo simulation prepared by an independent third party is utilized to determine the grant-date (or modification date) fair value, and the associated expense is recognized on a straight-line basis over the three-year requisite service period of the awards. For portions of awards with performance criteria, which is the Company's three-year return on average capital employed ("ROACE Percentage"), the fair value is equal to the Company's closing stock price on the grant date (or modification date), and for each reporting period, the associated expense fluctuates and is adjusted based on an estimated payout of the number of shares of common stock to be delivered on the payment date for the three-year performance period. Any shares earned under performance share awards are expected to be issued in the first quarter following the completion of the respective requisite service periods based on the achievement of certain market and performance criteria, and the payout can range from 0% to 200%.

The following table reflects the performance share award activity for the nine months ended September 30, 2020:


(in thousands, except for weighted-average grant-date fair value)	Performance share awards(1)	Weighted-average grant-date fair value (per share)1)
Outstanding as of December 31, 2019	115	$	107.05

Forfeited	(10)	$	112.37
Lapsed(2)	(8)	$	379.20
Outstanding as of September 30, 2020	97	$	84.06

______________________________________________________________________________

(1)Shares and per share data have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

(2)The performance share awards granted on February 17, 2017 had a performance period of January 1, 2017 to December 31, 2019 and, as their market criteria were not satisfied, resulted in a TSR modifier of 0% based on the Company finishing in the 15th percentile of its peer group for relative TSR. As such, the granted units lapsed and were not converted into the Company's common stock during the three months ended March 31, 2020.

The following table presents the fair values per performance share and the expense per performance share, which is the fair value per performance share adjusted for the estimated payout of the performance criteria, for the outstanding performance share awards as of September 30, 2020 for the grant dates presented:


	June 3, 2019			February 28, 2019(1)			February 16, 2018
Market Criteria:
(1/4) RTSR Factor + (1/4) ATSR Factor:
Grant-date fair value per performance share(2)	$	49.00		$	79.61		$	201.65

Expense per performance share as of September 30, 2020(2)	$	49.00		$	79.61		$	201.65
Performance Criteria:
(1/2) ROACE Factor:
Grant-date fair value per performance share(2)	$	51.80		$	69.80		$	167.20
Estimated payout for expense as of September 30, 2020	175		%	175		%	61		%
Expense per performance share as of September 30, 2020(2)(3)	$	90.65		$	122.15		$	101.99
Combined:
Grant-date fair value per performance share(2)(4)	$	50.40		$	74.71		$	184.43
Expense per performance share as of September 30, 2020(2)(5)	$	69.83		$	100.88		$	151.82

______________________________________________________________________________

(1)The fair values of the performance shares granted on February 28, 2019 are based on the May 16, 2019 modification date. See Note 8.b in the 2019 Annual Report for additional information on the award conversion.

(2)Per share data has been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

(3)As the (1/2) ROACE Factor is based on performance criteria, the expense fluctuates based on the estimated payout and is redetermined each reporting period and the life-to-date recognized expense for the respective awards is adjusted accordingly.

(4)The combined grant-date fair value per performance share is the combination of the fair value per performance share weighted for the market and performance criteria for the respective awards.

(5)The combined expense per performance share is the combination of the expense per performance share for market and performance criteria for the respective awards.

As of September 30, 2020, unrecognized equity-based compensation related to the performance share awards expected to vest was $3.7 million. Such cost is expected to be recognized over a weighted-average period of 1.34 years.

Outperformance share award

An outperformance share award was granted during the year ended December 31, 2019, in conjunction with the appointment of the Company's President, and is accounted for as an equity award. The award was adjusted for the Company's 1-for-20 reverse stock split as discussed in Note 7.a. If earned, the payout ranges from 0 to 50,000 shares in the Company's common stock per the vesting schedule. This award is subject to a combination of market and service vesting criteria, therefore, a Monte Carlo simulation prepared by an independent third party was utilized to determine the grant-date fair value with the associated expense recognized over the requisite service period. The payout of this award is based on the highest 50 consecutive trading day average closing stock price of the Company that occurs during the performance period that commenced on June 3, 2019 and ends on June 3, 2022 ("Final Date"). Of the earned outperformance shares, one-third of the award will vest on the Final Date, one-third will vest on the first anniversary of the Final Date and one-third will vest on the second anniversary of the Final Date, provided that the participant has been continuously employed with the Company through the applicable vesting date.

As of September 30, 2020, unrecognized equity-based compensation related to the outperformance share award expected to vest was $0.4 million. Such cost is expected to be recognized over a weighted-average period of 3.75 years.

Performance unit awards

Performance unit awards, which the Company has determined are liability awards since they are settled in cash, are subject to a combination of market, performance and service vesting criteria. For portions of awards with market criteria, which include: (i) the RTSR Performance Percentage (as defined above) and (ii) the ATSR Appreciation (as defined above), a Monte Carlo simulation prepared by an independent third party is utilized to determine the fair value, and is re-measured at each reporting period until settlement. For portions of awards with performance criteria, which is the ROACE Percentage (as defined above), the Company's closing stock price is utilized to determine the fair value and is re-measured on the last trading day of each reporting period until settlement and, additionally, the associated expense fluctuates based on an estimated payout for the three-year performance period. The expense related to the performance unit awards is recognized on a straight-line basis over the three-year requisite service period of the awards, and the life-to-date recognized expense is adjusted accordingly at each reporting period based on the quarterly fair value re-measurements and redetermination of the estimated payout for the performance criteria. Any units earned, are expected to be paid in cash during the first quarter following the completion of the requisite service period, based on the achievement of certain market and performance criteria, and the payout can range from 0% to 200%, but is capped at 100% if the ATSR Appreciation is zero or less. Per the award agreement terms, if employment is terminated prior to the restriction lapse date for reasons other than death or disability, the performance unit awards are forfeited and canceled. If the termination of employment is by reason of death or disability, and the market and performance criteria are satisfied, then the holder of the earned performance unit awards will receive a prorated payment based on the number of days the participant was employed with the Company during the performance period.

The following table reflects the performance unit award activity for the nine months ended September 30, 2020:


(in thousands)						Performance units(1)
Outstanding as of December 31, 2019(2)						—
Granted(3)						123
Forfeited						(24)

Outstanding as of September 30, 2020						99

______________________________________________________________________________

(1)Units have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

(2)The performance unit awards granted on February 28, 2019 were originally determined to be liability awards due to the board of directors election to settle the awards in cash. These awards were converted to performance share awards during the three months ended June 30, 2019. See Note 8.b in the 2019 Annual Report for additional information on the award conversion.

(3)The amounts potentially payable in cash at the end of the requisite service period for the performance unit awards granted on March 5, 2020 will be determined based on three criteria: (i) RTSR Performance Percentage, (ii) ATSR Appreciation and (iii) ROACE Percentage. The RTSR Performance Percentage, ATSR Appreciation and ROACE Percentage will be used to identify the "RTSR Factor," the "ATSR Factor" and the "ROACE Factor," respectively, which are used to compute the "Performance Multiple" and ultimately to determine the final value of each performance unit to be paid in cash on the payment date per the award agreement, subject to withholding requirements. In computing the Performance Multiple, the RTSR Factor is given a 1/3 weight, the ATSR Factor a 1/3 weight and the ROACE Factor a 1/3 weight. These awards have a performance period of January 1, 2020 to December 31, 2022.

The following table presents (i) the fair values per performance unit and the assumptions used to estimate these fair values per performance unit and (ii) the expense per performance unit, which is the fair value per performance unit adjusted for the estimated payout of the performance criteria, for the outstanding performance unit awards as of September 30, 2020 for the grant date presented:


	March 5, 2020
Market criteria:
(1/3) RTSR Factor + (1/3) ATSR Factor:
Fair value assumptions:
Remaining performance period	2.26 years
Risk-free interest rate(1)	0.13		%
Dividend yield	—		%
Expected volatility(2)	119.46		%
Closing stock price on September 30, 2020	$	9.80
Fair value per performance unit as of September 30, 2020	$	11.63
Expense per performance unit as of September 30, 2020	$	11.63
Performance criteria:
(1/3) ROACE Factor:
Fair value assumptions:
Closing stock price on September 30, 2020	$	9.80
Fair value per performance unit as of September 30, 2020	$	9.80
Estimated payout for expense as of September 30, 2020	100.00		%
Expense per performance unit as of September 30, 2020(3)	$	9.80
Combined:
Fair value per performance unit as of September 30, 2020(4)	$	11.02
Expense per performance unit as of September 30, 2020(5)	$	11.02

______________________________________________________________________________

(1)The remaining performance period matched zero-coupon risk-free interest rate was derived from the U.S. Treasury constant maturities yield curve on September 30, 2020.

(2)The Company utilized its own remaining performance period matched historical volatility in order to develop the expected volatility.

(3)As the (1/3) ROACE Factor is based on performance criteria, the expense fluctuates based on the estimated payout and is redetermined each reporting period and the life-to-date recognized expense for the award is adjusted accordingly.

(4)The combined fair value per performance unit is the combination of the fair value per performance unit weighted for the market and performance criteria for the award.

(5)The combined expense per performance unit is the combination of the expense per performance unit for market and performance criteria for the award.

As of September 30, 2020, unrecognized equity-based compensation related to the performance unit awards expected to vest was $0.9 million. Such cost is expected to be recognized over a weighted-average period of 2.50 years.

Phantom unit awardsPhantom unit awards, which the Company has determined are liability awards, represent the holder's right to receive the cash equivalent of one share of common stock of the Company for each phantom unit as of the applicable vesting date, subject to withholding requirements. Phantom unit awards granted to employees vest 33%, 33% and 34% per year beginning on the first anniversary of the grant date. Per the award agreement terms, if employment is terminated prior to the restriction lapse date

for reasons other than death or disability, the phantom unit awards are forfeited and canceled. If the termination of employment is by reason of death or disability, all of the holder's phantom unit awards automatically vest.

The following table reflects the phantom unit award activity for the nine months ended September 30, 2020:


(in thousands, except for weighted-average fair value)	Phantom units(1)	Fair value as of September 30, 2020 (per unit)1)
Outstanding as of December 31, 2019	—	$	—
Granted	75	$	9.80


Outstanding as of September 30, 2020	75	$	9.80

______________________________________________________________________________

(1)Units and per unit data have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

The Company utilizes the closing stock price on the last day of each reporting period to determine the fair value of phantom unit awards and the life-to-date recognized expense is adjusted accordingly. As of September 30, 2020, unrecognized equity-based compensation related to the phantom unit awards expected to vest was $0.6 million. Such cost is expected to be recognized over a weighted-average period of 2.50 years.

Equity-based compensation

The following table reflects equity-based compensation expense for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Equity awards:
Restricted stock awards	$	2,140	$	2,275	$	6,682	$	10,157
Performance share awards	739		(2,455)		1,777		(2,482)
Outperformance share award	44		44		131		57
Stock option awards	13		(300)		63		678
Total share-settled equity-based compensation, gross	2,936		(436)		8,653		8,410
Less amounts capitalized	(895)		(1,303)		(2,542)		(3,166)
Total share-settled equity-based compensation, net	2,041		(1,739)		6,111		5,244
Liability awards:
Phantom unit awards	29		—		140		—
Performance unit awards	18		—		208		—
Total cash-settled equity-based compensation, gross	47		—		348		—
Less amounts capitalized	(14)		—		(57)		—
Total cash-settled equity-based compensation, net	33		—		291		—
Total equity-based compensation, net	$	2,074	$	(1,739)	$	6,402	$	5,244

See Note 18 for discussion of the Company's organizational restructurings and the related equity-based compensation reversals during the nine months ended September 30, 2020 and 2019.

Derivatives

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The Company has three types of derivative instruments as of September 30, 2020: (i) commodity derivatives, (ii) debt interest rate derivative and (iii) contingent consideration derivatives. See Note 10.a for the fair value measurement on a recurring basis of derivatives and Note 2.f in the 2019 Annual Report for the Company's significant accounting policies for derivatives. The Company's derivatives were not designated as hedges for accounting purposes, and the Company does not enter into such instruments for speculative trading purposes. Accordingly, the changes in fair value are recognized in "Gain (loss) on derivatives, net" under "Non-operating income (expense)" on the unaudited consolidated statements of operations.

The following table summarizes components of the Company's gain (loss) on derivatives, net by type of derivative instrument for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Commodity	$	(45,219)	$	96,684	$	155,278	$	136,713
Interest rate	9		—		(329)		—
Contingent consideration	(40)		—		7,100		—
Gain (loss) on derivatives, net	$	(45,250)	$	96,684	$	162,049	$	136,713

a. Commodity

Due to the inherent volatility in oil, NGL and natural gas prices and differences in the prices of oil, NGL and natural gas between where the Company produces and where the Company sells such commodities, the Company engages in commodity derivative transactions, such as puts, swaps, collars and basis swaps to hedge price risk associated with a portion of the Company's anticipated sales volumes. By removing a portion of the price volatility associated with future sales volumes, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations. See Note 9 in the 2019 Annual Report for information on the transaction types and settlement indexes. Additionally, the Brent ICE to WTI NYMEX basis swaps are settled based on the differential between the basis swaps' fixed differential as compared to the differential between the arithmetic average of each day's index prices for the first nearby month on the pricing dates in each calculation period, for only days when both indices settle, with the index prices being (i) the ICE Brent Crude Oil Futures Contract except for the last day of trading for the applicable expiring Brent Crude Oil Futures Contract whereby the second nearby month of the Brent Crude Oil Futures Contract settlement price will be used and (ii) the NYMEX West Texas Intermediate Light Sweet Crude Oil Futures Contract.

In regards to the Company's basis swaps, when the settlement basis differential is below the fixed basis differential, the counterparty pays the Company an amount equal to the difference between the fixed basis differential and the settlement basis differential multiplied by the hedged contract volume. When the settlement basis differential is above the fixed basis differential, the Company pays the counterparty an amount equal to the difference between the settlement basis differential and the fixed basis differential multiplied by the hedged contract volume.

During the nine months ended September 30, 2020, the Company completed hedge restructurings by (i) early terminating collars and entering into new swaps and (ii) early terminating swaps, the latter of which was completed during the three months ended September 30, 2020.

The following table details the commodity derivatives that were terminated:


	Aggregate volumes (Bbl)	Floor price ($/Bbl)		Ceiling price ($/Bbl)		Contract period
WTI NYMEX - Swaps	389,180	$	60.25	$	60.25	September 2020 - December 2020
WTI NYMEX - Collars	912,500	$	45.00	$	71.00	January 2021 - December 2021

The following table summarizes open commodity derivative positions as of September 30, 2020, for commodity derivatives that were entered into through September 30, 2020, for the settlement periods presented:


	Remaining year 2020		Year 2021		Year 2022
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	1,509,720		—		—
Weighted-average price ($/Bbl)	$	59.35	$	—	$	—
Brent ICE:
Puts(1):
Volume (Bbl)	—		2,463,750		—
Weighted-average floor price ($/Bbl)	$	—	$	55.00	$	—


Swaps:
Volume (Bbl)	598,000		5,037,000		3,759,500
Weighted-average price ($/Bbl)	$	63.07	$	49.43	$	47.05
Collars:
Volume (Bbl)	—		584,000		—
Weighted-average floor price ($/Bbl)	$	—	$	45.00	$	—
Weighted-average ceiling price ($/Bbl)	$	—	$	59.50	$	—
Total Brent ICE:
Total volume with floor (Bbl)	598,000		8,084,750		3,759,500
Weighted-average floor price ($/Bbl)	$	63.07	$	50.80	$	47.05
Total volume with ceiling (Bbl)	598,000		5,621,000		3,759,500
Weighted-average ceiling price ($/Bbl)	$	63.07	$	50.47	$	47.05







Total oil volume with floor (Bbl)	2,107,720		8,084,750		3,759,500
Total oil volume with ceiling (Bbl)	2,107,720		5,621,000		3,759,500
Basis Swaps:









Brent ICE to WTI NYMEX - Basis Swaps
Volume (Bbl)	901,600		—		—
Weighted-average differential ($/Bbl)	$	5.09	$	—	$	—



















NGL - Mont Belvieu OPIS:
Purity Ethane - Swaps:
Volume (Bbl)	92,000		912,500		—
Weighted-average price ($/Bbl)	$	13.60	$	12.01	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	312,800		730,000		—
Weighted-average price ($/Bbl)	$	26.58	$	25.52	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	110,400		255,500		—
Weighted-average price ($/Bbl)	$	28.69	$	27.72	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	27,600		67,525		—
Weighted-average price ($/Bbl)	$	29.99	$	28.79	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	101,200		237,250		—
Weighted-average price ($/Bbl)	$	45.15	$	44.31	$	—

Total NGL volume (Bbl)	644,000		2,202,775		—
TABLE CONTINUES ON NEXT PAGE


Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	11,897,000		42,522,500		—
Weighted-average price ($/MMBtu)	$	2.65	$	2.59	$	—









Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	10,580,000		41,610,000		7,300,000
Weighted-average differential ($/MMBtu)	$	(0.82)	$	(0.55)	$	(0.53)

_____________________________________________________________________________

(1) Associated with these open positions were $50.6 million of premiums, which were paid at the respective contracts' inception during the nine months ended September 30, 2020.

b. Interest rate

Due to the inherent volatility in interest rates, the Company has entered into an interest rate derivative swap to hedge interest rate risk associated with a portion of the Company's anticipated outstanding debt under the Senior Secured Credit Facility. The Company will pay a fixed rate over the contract term for that portion. By removing a portion of the interest rate volatility associated with anticipated outstanding debt, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations.

The following table details the interest rate derivative that was entered into during the nine months ended September 30, 2020:


	Notional amount (in thousands)		Fixed rate		Contract period
LIBOR - Swap	$	100,000	0.345	%	April 16, 2020 - April 18, 2022

c. Contingent consideration

The Company's asset acquisition of oil and natural gas properties that closed on April 30, 2020 provides for potential contingent payments to be paid by the Company if the arithmetic average of the monthly settlement WTI NYMEX prices exceed certain thresholds for the contingency period beginning on January 1, 2021 and ending on the earlier of December 31, 2022 or the date the counterparty has received the maximum consideration of $1.2 million.

See Notes 3.a and 3.b for further discussion of the Company's asset acquisitions associated with potential contingent consideration payments. At each quarterly reporting period, the Company remeasures each contingent consideration with the changes in fair values recognized in earnings. See Note 10.a for the fair value of the contingent considerations as of September 30, 2020.

Fair value measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair value measurements

See the beginning of Note 10 in the 2019 Annual Report for information about the fair value hierarchy levels.

a. Fair value measurement on a recurring basis

See Note 9 for further discussion of the Company's derivatives, and see Note 2.f in the 2019 Annual Report for the Company's significant accounting policies for derivatives.

Balance sheet presentation

The following tables present the Company's derivatives' three-level fair value hierarchy by (i) assets and liabilities, (ii) current and noncurrent, (iii) commodity, interest rate and contingent consideration derivatives and (iv) oil, NGL, natural gas, LIBOR and/or deferred premiums, and provide a total, on a gross basis and a net basis reflected in "Derivatives" on the unaudited consolidated balance sheets as of the dates presented:


	September 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the unaudited consolidated balance sheets
Assets:
Current:
Commodity - Oil	$	—	$	89,930	$	—	$	89,930	$	(5,072)	$	84,858
Commodity - NGL	—		10,192		—		10,192		—		10,192
Commodity - Natural gas	—		3,495		—		3,495		(17,416)		(13,921)
Commodity - Oil deferred premiums	—		—		—		—		—		—

Noncurrent:
Commodity - Oil	$	—	$	17,152	$	—	$	17,152	$	(3,819)	$	13,333
Commodity - NGL	—		2,288		—		2,288		—		2,288
Commodity - Natural gas	—		—		—		—		(6,504)		(6,504)


Liabilities:
Current:
Commodity - Oil	$	—	$	(4,868)	$	—	$	(4,868)	$	5,072	$	204
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		(17,952)		—		(17,952)		17,416		(536)
Commodity - Oil deferred premiums	—		—		—		—		—		—

Interest rate - LIBOR	—		(185)		—		(185)		—		(185)
Contingent consideration	—		(335)		—		(335)		—		(335)
Noncurrent:
Commodity - Oil	$	—	$	(3,657)	$	—	$	(3,657)	$	3,819	$	162
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		(8,063)		—		(8,063)		6,504		(1,559)


Interest rate - LIBOR	—		(120)		—		(120)		—		(120)
Contingent consideration	—		(140)		—		(140)		—		(140)
Net derivative asset (liability) positions	$	—	$	87,737	$	—	$	87,737	$	—	$	87,737


	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the consolidated balance sheets
Assets:
Current:
Commodity - Oil	$	—	$	11,723	$	—	$	11,723	$	(5,301)	$	6,422
Commodity - NGL	—		13,787		—		13,787		(1,297)		12,490
Commodity - Natural gas	—		33,494		—		33,494		—		33,494
Commodity - Oil deferred premiums	—		—		—		—		(477)		(477)

Noncurrent:
Commodity - Oil	$	—	$	1,577	$	—	$	1,577	$	—	$	1,577
Commodity - NGL	—		9,547		—		9,547		—		9,547
Commodity - Natural gas	—		12,263		—		12,263		—		12,263


Liabilities:
Current:
Commodity - Oil	$	—	$	(5,649)	$	—	$	(5,649)	$	5,301	$	(348)
Commodity - NGL	—		(1,297)		—		(1,297)		1,297		—
Commodity - Natural gas	—		—		—		—		—		—
Commodity - Oil deferred premiums	—		—		(477)		(477)		477		—

Interest rate - LIBOR	—		—		—		—		—		—
Contingent consideration	—		(7,350)		—		(7,350)		—		(7,350)
Noncurrent:
Commodity - Oil	$	—	$	—	$	—	$	—	$	—	$	—
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		—		—		—		—		—


Interest rate - LIBOR	—		—		—		—		—		—
Contingent consideration	—		—		—		—		—		—
Net derivative asset (liability) positions	$	—	$	68,095	$	(477)	$	67,618	$	—	$	67,618

Commodity

See Note 10.a in the 2019 Annual Report for discussion of (i) the significant Level 2 inputs associated with the calculation of discounted cash flows used in the fair value mark-to-market analysis of commodity derivatives and (ii) the Level 3 deferred premiums associated with the Company's commodity derivative contracts. These deferred premiums have settled as of September 30, 2020.

The Company reviewed the third-party specialist's valuations of commodity derivatives, including the related inputs, and analyzed changes in fair values between reporting dates.

The following table summarizes the changes in net assets and liabilities classified as Level 3 measurements for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Balance of Level 3 at beginning of period	$	—	$	(3,270)	$	(477)	$	(16,565)

Change in net present value of commodity derivative deferred premiums(1)	—		(14)		—		(133)


Settlements of commodity derivative deferred premiums(2)	—		1,415		477		14,829
Balance of Level 3 at end of period	$	—	$	(1,869)	$	—	$	(1,869)

____________________________________________________________________________

(1)This amount is included in "Interest expense" on the unaudited consolidated statements of operations for the three and nine months ended September 30, 2019.

(2)The amount for the nine months ended September 30, 2019 includes $7.2 million that represents the present value of deferred premiums settled upon their early termination.

Interest rate

Significant Level 2 inputs associated with the calculation of discounted cash flows used in the fair value mark-to-market analysis of the interest rate derivative include the LIBOR interest rate forward curve and a counterparty risk-adjusted discount rate generated from a compilation of data gathered by a third-party valuation specialist. The Company reviewed the third-party specialist's valuation of the interest rate derivative, including the related inputs, and analyzed changes in fair values between reporting dates.

Contingent consideration

The Company's asset acquisition of oil and natural gas properties that closed on April 30, 2020 provides for potential contingent payments to be paid by the Company. The fair value of the contingent consideration was $0.2 million as of the April 30, 2020 acquisition date, which was recorded as part of the basis in the oil and natural gas properties acquired and as a contingent consideration derivative liability. At each quarterly reporting period prior to the end of the contingency period, the Company will remeasure the contingent consideration with the changes in fair value recognized in earnings. As of September 30, 2020, the fair value of this contingent consideration was $0.5 million.

See Note 10.a in the 2019 Annual Report for discussion of the 2019 contingent consideration and for significant Level 2 inputs for the option pricing model used in the fair value mark-to-market analysis of contingent consideration derivatives. As of September 30, 2020, the fair value of this contingent consideration was zero. The Company reviewed the third-party specialist's valuations, including the related inputs, and analyzed changes in fair values between the acquisition closing and/or reporting dates.

See Notes 3.a and 3.b for further discussion of the Company's asset acquisitions associated with the potential contingent consideration payments.

b. Fair value measurement on a nonrecurring basis

See Note 2.j in the 2019 Annual Report for the Level 2 fair value hierarchy input assumptions used in estimating the net realizable value of inventory used to account for the $1.3 million impairment expense of inventory recorded during the nine months ended September 30, 2020, pertaining to line-fill and other inventories. There were no comparable impairments of inventory recorded during the nine months ended September 30, 2019.

See Note 4.a in the 2019 Annual Report for the Level 3 fair value hierarchy input assumptions used in estimating the fair values of assets acquired and liabilities assumed for the acquisition of evaluated and unevaluated oil and natural gas properties accounted for as a business combination for the year ended December 31, 2019. There were no acquisitions of evaluated and unevaluated oil and natural gas properties accounted for as business combinations for the nine months ended September 30, 2020 or 2019.

See Note 10.b in the 2019 Annual Report for the Level 3 fair value hierarchy input assumptions used in the fair value measurement of long-lived assets used to account for the $8.2 million impairment expense of long-lived assets recorded during the nine months ended September 30, 2020, pertaining to midstream service assets. There were no comparable impairments of long-lived assets recorded during the nine months ended September 30, 2019.

c. Items not accounted for at fair value

The carrying amounts reported on the unaudited consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued capital expenditures, undistributed revenue and royalties and other accrued assets and liabilities approximate their fair values.

The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented:


	September 30, 2020				December 31, 2019
(in thousands)	Long-term debt		Fair value(1)		Long-term debt		Fair value(1)
January 2022 Notes	$	—	$	—	$	450,000	$	439,875

March 2023 Notes	—		—		350,000		332,500
January 2025 Notes	600,000		357,000		—		—
January 2028 Notes	400,000		229,600		—		—
Senior Secured Credit Facility	235,000		234,724		375,000		375,275
Total	$	1,235,000	$	821,324	$	1,175,000	$	1,147,650

______________________________________________________________________________

(1)The fair values of the outstanding debt on the notes were determined using the Level 1 fair value hierarchy quoted market prices for each respective instrument as of September 30, 2020 and December 31, 2019. The fair values of the outstanding debt on the Senior Secured Credit Facility were estimated utilizing the Level 2 fair value hierarchy pricing model for similar instruments as of September 30, 2020 and December 31, 2019.

Net loss per common share

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Net loss per common share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net loss per common share Basic and diluted net loss per common share are computed by dividing net loss by the weighted-average common shares outstanding for the period. For the three and nine months ended September 30, 2020 and 2019, the non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award were anti-dilutive due to the Company's net loss, and, therefore, were excluded from the calculation of diluted net loss per common share. See Note 8 for additional discussion of these awards.

The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net loss per common share for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except for per share data)	2020		2019		2020		2019


Net loss (numerator)	$	(237,432)	$	(264,629)	$	(708,241)	$	(100,738)
Weighted-average common shares outstanding (denominator)(1):
Basic	11,686		11,578		11,657		11,558




Diluted	11,686		11,578		11,657		11,558
Net loss per common share(1):



Basic	$	(20.32)	$	(22.86)	$	(60.76)	$	(8.72)




Diluted	$	(20.32)	$	(22.86)	$	(60.76)	$	(8.72)

_____________________________________________________________________________

(1)Shares and per share data have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies a. Litigation From time to time, the Company is subject to various legal proceedings arising in the ordinary course of business, including proceedings for which the Company may not have insurance coverage. While many of these matters involve inherent uncertainty, as of the date hereof, the Company does not currently believe that any such legal proceedings will have a material adverse effect on the Company's business, financial position, results of operations or liquidity. b. Drilling rig contract The Company has committed to a drilling rig contract with a third party to facilitate the Company's drilling plans. This contract is for a term of multiple months and contains an early termination clause that requires the Company to potentially pay penalties to the third party should the Company cease drilling efforts. These penalties would negatively impact the Company's financial statements upon early contract termination. There were no penalties incurred for early contract termination for either of the nine months ended September 30, 2020 or 2019. As the Company's current drilling rig contract is an operating lease with an initial term greater than 12 months, the present value of the future commitment as of September 30, 2020 related to the drilling rig contract is included in current and noncurrent operating lease liabilities on the unaudited consolidated balance sheet as of September 30, 2020. Management does not currently anticipate the early termination of this contract in 2020. c. Firm sale and transportation commitments The Company has committed to deliver, for sale or transportation, fixed volumes of product under certain contractual arrangements that specify the delivery of a fixed and determinable quantity. If not fulfilled, the Company is subject to firm transportation payments on excess pipeline capacity and other contractual penalties. These commitments are normal and customary for the Company's business. In certain instances, the Company has used spot market purchases to meet its commitments in certain locations or due to favorable pricing. A portion of the Company's commitments is related to transportation commitments with a certain pipeline pertaining to the gathering of the Company's production from established acreage that extends into 2024. The Company was unable to satisfy this particular commitment with purchased oil, therefore, the Company expensed firm transportation payments on excess capacity of $2.2 million during the three and nine months ended September 30, 2020, which is recorded in "Transportation and marketing expenses" on the unaudited consolidated statement of operations. The Company expensed other contractual penalties related to sales commitments of $1.0 million during the nine months ended September 30, 2019, which is recorded net with oil, ngl and natural gas sales revenues on the unaudited consolidated statement of operations. The Company's estimated aggregate liability of firm transportation payments on excess capacity and other contractual penalties is $4.1 million as of September 30, 2020, and is included in "Accounts payable and accrued liabilities" on the unaudited consolidated balance sheet. Future firm sale and transportation commitments of $290.6 million are determined not probable to be incurred as of September 30, 2020 and are not recorded on the unaudited consolidated balance sheet. d. Federal and state regulations Oil and natural gas exploration, production and related operations are subject to extensive federal and state laws, rules and regulations. Failure to comply with these laws, rules and regulations can result in substantial penalties. The regulatory burden on the oil and natural gas industry increases the cost of doing business and affects profitability. The Company believes that it is in compliance with currently applicable federal and state regulations related to oil and natural gas exploration and production, and that compliance with the current regulations will not have a material adverse impact on the financial position or results of operations of the Company. These rules and regulations are frequently amended or reinterpreted; therefore, the Company is unable to predict the future cost or impact of complying with these regulations. e. Environmental The Company is subject to extensive federal, state and local environmental laws and regulations. These laws, among other things, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. Environmental expenditures are expensed in the period incurred. Liabilities for expenditures of a non-capital nature are recorded when environmental assessment or remediation is probable and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments is fixed and readily determinable. Management believes no materially significant liabilities of this nature existed as of September 30, 2020 or December 31, 2019.

Supplemental cash flow and non-cash information

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental cash flow and non-cash information

The following table presents supplemental cash flow and non-cash information for the periods presented:


	Nine months ended September 30,
(in thousands)	2020		2019
Supplemental cash flow information:
Cash paid for interest, net of $2,290 and $640 of capitalized interest, respectively	$	73,725	$	44,144
Net cash received for income taxes(1)	$	(2,129)	$	(691)
Supplemental non-cash investing information:
Fair value of contingent consideration on acquisition date(2)	$	225	$	—
Decrease in accrued capital expenditures	$	(11,267)	$	(5,715)

Capitalized share-settled equity-based compensation	$	2,542	$	3,166
Capitalized asset retirement cost	$	1,107	$	471

______________________________________________________________________________

(1)See Note 16 for additional discussion of the Company's income taxes.

(2)See Notes 3.a and 9.c for discussion of the Company's 2020 asset acquisition of oil and natural gas properties that includes a contingent consideration. See Note 10.a for discussion of the quarterly remeasurement of the contingent consideration.

The following table presents supplemental non-cash adjustments information related to operating leases for the periods presented:


	Nine months ended September 30,
(in thousands)	2020		2019
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	2,349	$	25,972

______________________________________________________________________________

(1)See Note 5 for additional discussion of the Company's leases.

Asset retirement obligations

9 Months Ended

Sep. 30, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset retirement obligations

See Note 2.l in the 2019 Annual Report for discussion of the Company's significant accounting policies for asset retirement obligations.

The following table reconciles the Company's asset retirement obligation liability associated with tangible long-lived assets for the periods presented:


	Nine months ended September 30,
(in thousands)	2020		2019
Liability at beginning of period	$	62,718	$	56,882
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	1,107		471
Accretion expense (1)	3,325		3,077
Liabilities settled due to plugging and abandonment or removed due to sale	(887)		(2,405)


Liability at end of period	$	66,263	$	58,025

_____________________________________________________________________________

(1)Accretion expense is included in "Other operating expenses" on the unaudited consolidated statements of operations.

Revenue recognition	9 Months Ended
Revenue recognition	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue recognition	Revenue recognition Oil, NGL and natural gas sales and sales of purchased oil revenues are generally recognized at the point in time that control of the product is transferred to the customer. Midstream service revenues are generated through fees for products and services that need to be delivered by midstream infrastructure, including oil and liquids-rich natural gas gathering services as well as fuel for drilling and completions activities, natural gas lift and water delivery, recycling and takeaway and are recognized over time as the customer benefits from these services when provided. A more detailed summary of the underlying contracts that give rise to the Company's revenues and methods of recognition can be found in Note 13.b in the 2019 Annual Report.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Income taxes	9 Months Ended
Income taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company is subject to federal and state income taxes and the Texas franchise tax. As of September 30, 2020, the Company had federal net operating loss carryforwards totaling $2.1 billion, and of this amount, $1.7 billion will begin to expire in 2026 and $354.6 million will not expire but may be limited in future periods, and state of Oklahoma net operating loss carryforwards totaling $34.6 million that will begin to expire in 2032. As of September 30, 2020, the Company believes it is more likely than not that a portion of the net operating loss carryforwards are not fully realizable. The Company continues to consider new evidence, both positive and negative, in determining whether, based on the weight of that evidence, a valuation allowance is needed. Such consideration includes projected future cash flows from its oil, NGL and natural gas reserves (including the timing of those cash flows), the reversal of deferred tax liabilities recorded as of September 30, 2020, the Company's ability to capitalize intangible drilling costs, rather than expensing these costs and future projections of Oklahoma sourced income. As of September 30, 2020, a total valuation allowance of $455.1 million has been recorded to offset the Company's federal and Oklahoma net deferred tax assets, resulting in a Texas net deferred tax asset of $4.7 million, which is included in "Other noncurrent assets, net" on the unaudited consolidated balance sheets. With the passage of the Tax Cuts and Jobs Act of 2017, the Alternative Minimum Tax ("AMT") on corporations was appealed and a provision was added allowing corporations to offset future tax liabilities by the amount of AMT paid with an AMT credit carryforward. The Coronavirus Aid, Relief, and Economic Security Act, enacted March 27, 2020 ("CARES Act"), modified the opportunity for corporations to receive the AMT carryover refunds by adding in a provision where the AMT credit carryforwards do not expire and are fully refundable with the filing of the Company's 2019 consolidated tax return. The Company paid AMT in 2017, creating an AMT credit carryforward in the amount of $4.1 million, of which $2.0 million was received in 2019 and the remaining $2.1 million was received during the three months ended September 30, 2020.

Restructuring and Related Activities [Abstract]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Related parties

9 Months Ended

Sep. 30, 2020

Related parties

a. Helmerich & Payne, Inc.

The former Chairman of the Company's board of directors, whose term on the Company's board of directors ended on May 14, 2020, is on the board of directors of Helmerich & Payne, Inc. ("H&P"). During each of the nine months ended September 30, 2020 and 2019, the Company had one drilling rig contract with H&P that is accounted for as a long-term operating lease due to its initial term of greater than 12 months, which was capitalized and included in "Operating lease right-of-use-assets" on the unaudited consolidated balance sheets. The present value of the future commitment is included in current and noncurrent operating lease liabilities on the unaudited consolidated balance sheets. Capital expenditures for oil and natural gas properties are capitalized and are included in "Evaluated oil and natural gas properties" on the unaudited consolidated balance sheets. See Note 5 for additional discussion of the Company's significant accounting policies on leases. See Note 12.b for additional discussion of the Company's drilling rig contract.

The following table presents the capital expenditures for oil and natural gas properties paid to H&P included in the unaudited consolidated statements of cash flows for the periods presented:


	Nine months ended September 30,
(in thousands)	2020		2019

Capital expenditures for oil and natural gas properties(1)	$	18,104	$	10,828

____________________________________________________________________________

(1)Amount reflected for the nine months ended September 30, 2020 is through the date of the former Chairman's expiration of term on the Company's board of directors on May 14, 2020.

b. Halliburton

Beginning in 2020, the Chairman of the Company's board of directors is on the board of directors of Halliburton Company ("Halliburton"). Halliburton provides drilling and completions services to the Company.

The following table presents the capital expenditures for oil and natural gas properties paid to Halliburton included in the unaudited consolidated statement of cash flows for the period presented:


	Nine months ended
(in thousands)	September 30, 2020

Capital expenditures for oil and natural gas properties	$	51,393

Organizational restructurings

9 Months Ended

Sep. 30, 2020

Organizational restructurings

On June 17, 2020, the Company announced organizational changes, including a workforce reduction of 22 individuals which included a senior officer, that were implemented immediately, subject to certain administrative procedures. In light of the COVID-19 pandemic and lower oil prices, the Company’s board of directors continues to monitor and evaluate the Company’s business and strategy and to reduce costs and better position the Company for the future.

On September 27, 2019, in connection with the previously announced comprehensive succession planning process, the Company announced that, effective as of October 1, 2019, Randy A. Foutch would transition from his role as Chief Executive Officer. In connection with this transition and in recognition of his efforts as the Company's founder, Mr. Foutch entered into an agreement under which he received the following payments and benefits: (i) a "Founder's Bonus" approved by the board of directors and (ii) 18 months of COBRA employer contributions that began on October 1, 2019.

On April 2, 2019, the Company announced the retirement of two of its senior officers. Additionally, on April 8, 2019, the Company committed to a company-wide reorganization effort (the "Plan") that included a workforce reduction of 20%, which included an executive officer. The reduction in workforce was communicated to employees on April 8, 2019 and implemented immediately, subject to certain administrative procedures. The Company's board of directors approved the Plan in response to market conditions and to reduce costs and better position the Company for the future.

In connection with these organizational restructurings, the Company incurred one-time charges comprised of compensation, tax, professional, outplacement and insurance-related expenses. The following table reflects the aggregate of these expenses, which is recorded as "Organizational restructuring expenses" on the unaudited consolidated statements of operations, for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Organizational restructuring expenses	$	—	$	5,965	$	4,200	$	16,371

All equity-based compensation awards held by the affected employees were forfeited and the corresponding equity-based compensation was reversed. For additional information on the associated forfeiture activity for the nine months ended September 30, 2020 and 2019, see Note 8 in this Quarterly Report and Note 6.c in the third-quarter 2019 Quarterly Report, respectively. The following table reflects the aggregate of gross equity-based compensation expense reversals in connection with the Company's respective organizational restructurings, which is recorded in "General and administrative" on the unaudited consolidated statements of operations, for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Gross equity-based compensation expense reversals	$	—	$	(5,652)	$	(793)	$	(11,706)

Subsequent events	9 Months Ended
Subsequent events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent events	Subsequent events a. Senior Secured Credit Facility On October 19, 2020, the Company made a $15.0 million payment on the Senior Secured Credit Facility. As a result, the outstanding balance under the Senior Secured Credit Facility was $220.0 million as of November 2, 2020. On October 22, 2020, the borrowing base of the Company's Senior Secured Credit Facility was reaffirmed at $725.0 million in association with the semi-annual redetermination process. Changes to covenants are as follows: (i) the covenant limiting Distributions was modified such that the pro forma Consolidated Total Leverage Ratio components of such covenant were reduced from not greater than 2.5 to 1.00 to not greater than 2.00 to 1.00; and (ii) the covenant limiting Redemption of Senior Notes was modified such that the pro forma Consolidated Total Leverage Ratio component of such covenant was increased from not greater than 2.50 to 1.00 to not greater than 2.75 to 1.00 (to the extent that Redemption of Senior Notes on or after October 22, 2020 do not exceed $50 million) such that the pro forma Consolidated Total Leverage Ratio component remain unchanged as to Redemption of Senior Notes in excess of such $50 million cap; and (iii) the Consolidated Total Leverage Ratio financial covenant was decreased from not greater than 4.25 to 1.00 to not greater than 4.00 to 1.00 as of the last day of any Fiscal Quarter ending on or after December 31, 2020. All capitalized terms above have the meanings given to them in the fifth amendment to the Senior Secured Credit Facility, as applicable. b. Acquisition of oil and natural gas properties On October 16, 2020, the Company closed a bolt-on acquisition of 2,758 net acres, including production of 210 BOE per day, in Howard County, Texas for a total purchase price of $11.3 million, subject to customary post-closing purchase price adjustments.

Organization and basis of presentation (Policies)	9 Months Ended
Organization and basis of presentation (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All material intercompany transactions and account balances have been eliminated in the consolidation of accounts. The unaudited consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of December 31, 2019 is derived from audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of September 30, 2020, results of operations for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019. Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2019 Annual Report.
Use of estimates in the preparation of interim unaudited consolidated financial statements	Use of estimates in the preparation of interim unaudited consolidated financial statements The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ. For further information regarding the use of estimates and assumptions, see Note 2.b in the 2019 Annual Report and Notes 8.e and 8.f pertaining to the Company's 2020 performance unit awards and phantom unit awards, respectively.
Reclassifications	ReclassificationsCertain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the 2020 presentation. These reclassifications had no impact on previously reported total assets, total liabilities, net income (loss), stockholders' equity or total operating, investing or financing cash flows.
Recently issued or adopted accounting pronouncements	The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board to the Accounting Standards Codification ("ASC") and has determined there are no ASUs that are not yet adopted and meaningful to disclose as of September 30, 2020. On January 1, 2020, the Company adopted ASU 2016-13 to Topic 326, Financial Instruments—Credit Losses, that requires an allowance for expected credit losses to be recorded against newly recognized financial assets measured at an amortized cost basis. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company has included these factors in its analysis and determined there was minimal impact to the unaudited consolidated financial statements for the three and nine months ended September 30, 2020.
Full cost	The Company uses the full cost method of accounting for its oil and natural gas properties. Under this method, all acquisition, exploration and development costs, including certain employee-related costs, incurred for the purpose of acquiring, exploring for or developing oil and natural gas properties, are capitalized and, once evaluated, depleted on a composite unit-of-production method based on estimates of proved oil, NGL and natural gas reserves. The depletion base includes estimated future development costs and dismantlement, restoration and abandonment costs, net of estimated salvage values. Capitalized costs include the cost of drilling and equipping productive wells, dry hole costs, lease acquisition costs, delay rentals and other costs related to such activities. Costs, including employee-related costs, associated with production and general corporate activities are expensed in the period incurred. The Company excludes unevaluated property acquisition costs and exploration costs from the depletion calculation until it is determined whether or not proved reserves can be assigned to the properties. The Company capitalizes a portion of its interest costs to its unevaluated properties and such costs become subject to depletion when proved reserves can be assigned to the associated properties. All items classified as unevaluated properties are assessed on a quarterly basis for possible impairment. The assessment includes consideration of the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of proved reserves and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion. Sales of oil and natural gas properties, whether or not being depleted currently, are accounted for as adjustments of capitalized costs, with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil, NGL and natural gas. The full cost ceiling is based principally on the estimated future net revenues from proved oil, NGL and natural gas reserves, which exclude the effect of the Company's commodity derivative transactions, discounted at 10%. The SEC guidelines require companies to use the unweighted arithmetic average first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period before differentials ("Benchmark Prices"). The Benchmark Prices are then adjusted for quality, transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the wellhead ("Realized Prices") without giving effect to the Company's commodity derivative transactions. The Realized Prices are utilized to calculate the estimated future net revenues in the full cost ceiling calculation. Significant inputs included in the calculation of discounted cash flows used in the impairment analysis include the Company's estimate of operating and development costs, anticipated production of proved reserves and other relevant data. In the event the unamortized cost of evaluated oil and natural gas properties being depleted exceeds the full cost ceiling, as defined by the SEC, the excess is expensed in the period such excess occurs. Once incurred, a write-down of oil and natural gas properties is not reversible.
Treasury stock	Treasury stock Treasury stock is recorded at cost, which includes incremental direct transaction costs, and is retired upon acquisition as a result of (i) stock exchanged to satisfy tax withholding that arises upon the lapse of restrictions on share-settled equity-based awards at the awardee's election or (ii) stock exchanged for the cost of exercise of stock options at the awardee's election.
Equity Incentive Plan	Equity Incentive Plan The Equity Incentive Plan provides for the granting of incentive awards in the form of restricted stock awards, stock option awards, performance share awards, outperformance share awards, performance unit awards, phantom unit awards and other awards. On June 1, 2020, in connection with the effectiveness of the reverse stock split and Authorized Share Reduction, the board of directors approved and adopted an amendment to the Equity Incentive Plan to proportionately adjust the limitations on awards that may be granted under the Equity Incentive Plan. Following the amendment, an aggregate of 1,492,500 shares may be issued under the Equity Incentive Plan. See Note 7.a for additional discussion of the reverse stock split and Authorized Share Reduction. The Company recognizes the fair value of equity-based compensation awards, expected to vest over the requisite service period, as a charge against earnings, net of amounts capitalized. The Company's restricted stock awards, stock option awards, performance share awards and outperformance share award are accounted for as equity awards and the Company's performance unit awards and phantom unit awards are accounted for as liability awards. Equity-based compensation expense is included in "General and administrative" on the unaudited consolidated statements of operations. The Company capitalizes a portion of equity-based compensation for employees who are directly involved in the acquisition, exploration or development of oil and natural gas properties into the full cost pool. Capitalized equity-based compensation is included in "Evaluated properties" on the unaudited consolidated balance sheets.
Net income (loss) per common share	Net loss per common share Basic and diluted net loss per common share are computed by dividing net loss by the weighted-average common shares outstanding for the period. For the three and nine months ended September 30, 2020 and 2019, the non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award were anti-dilutive due to the Company's net loss, and, therefore, were excluded from the calculation of diluted net loss per common share. See Note 8 for additional discussion of these awards.
Revenue recognition	Revenue recognition Oil, NGL and natural gas sales and sales of purchased oil revenues are generally recognized at the point in time that control of the product is transferred to the customer. Midstream service revenues are generated through fees for products and services that need to be delivered by midstream infrastructure, including oil and liquids-rich natural gas gathering services as well as fuel for drilling and completions activities, natural gas lift and water delivery, recycling and takeaway and are recognized over time as the customer benefits from these services when provided.

Acquisitions and divestiture (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of final estimate of the fair values of the assets acquired and liabilities assumed

The following table reflects an aggregate of the final estimate of the fair values of the assets acquired and liabilities assumed in this business combination on December 6, 2019:


(in thousands)	Fair values of acquisition
Fair values of net assets:
Evaluated oil and natural gas properties	$	29,921
Unevaluated oil and natural gas properties	34,700
Asset retirement cost	2,728
Total assets acquired	67,349
Asset retirement obligations	(2,728)
Net assets acquired	$	64,621
Fair values of consideration paid for net assets:
Cash consideration	$	64,621

Property and equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

The following table presents the Company's property and equipment as of the dates presented:


(in thousands)	September 30, 2020		December 31, 2019
Evaluated oil and natural gas properties	$	7,773,776	$	7,421,799
Less accumulated depletion and impairment	(6,669,537)		(5,725,114)
Evaluated oil and natural gas properties, net	1,104,239		1,696,685

Unevaluated oil and natural gas properties not being depleted	83,558		142,354

Midstream service assets	182,169		180,932
Less accumulated depreciation and impairment	(66,784)		(52,254)
Midstream service assets, net	115,385		128,678

Depreciable other fixed assets	36,786		37,894
Less accumulated depreciation and amortization	(23,721)		(23,649)
Depreciable other fixed assets, net	13,065		14,245

Land	18,901		18,259

Total property and equipment, net	$	1,335,148	$	2,000,221


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Depletion expense of evaluated oil and natural gas properties	$	43,648	$	65,354	$	164,705	$	186,662
Depletion expense per BOE sold	$	5.40	$	8.67	$	6.72	$	8.56

The following table presents full cost ceiling impairment expense, which is included in "Impairment expense" on the unaudited consolidated statements of operations for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Full cost ceiling impairment expense	$	196,088	$	397,890	$	779,718	$	397,890

Schedule of costs incurred in the acquisition, exploration and development of oil and natural gas properties


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Property acquisition costs:							—
Evaluated	$	—	$	—	$	7,586	$	—
Unevaluated	—		—		16,468		2,880
Exploration costs	3,479		3,480		13,563		16,101
Development costs	37,649		73,357		256,374		349,738
Total oil and natural gas properties costs incurred	$	41,128	$	76,837	$	293,991	$	368,719

Schedule of capitalized related employee costs incurred for the purpose of exploring for or developing oil and natural gas properties

The following table presents capitalized employee-related costs incurred in the acquisition, exploration and development of oil and natural gas properties for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Capitalized employee-related costs	$	4,976	$	4,164	$	13,573	$	14,276

Schedule of benchmark prices and realized prices

The following table presents the Benchmark Prices and the Realized Prices as of the dates presented:


	September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		September 30, 2019
Benchmark Prices:
Oil ($/Bbl)	$	39.88	$	43.60	$	52.23	$	52.19	$	54.27
NGL ($/Bbl)(1)	$	16.95	$	16.87	$	19.36	$	21.14	$	23.93
Natural gas ($/MMBtu)	$	1.06	$	0.87	$	0.58	$	0.87	$	0.85
Realized Prices:
Oil ($/Bbl)	$	41.08	$	44.97	$	52.47	$	52.12	$	52.86
NGL ($/Bbl)	$	7.71	$	7.66	$	10.47	$	12.21	$	14.78
Natural gas ($/Mcf)	$	0.68	$	0.53	$	0.28	$	0.53	$	0.52

_____________________________________________________________________________

(1) Based on the Company's average composite NGL barrel.

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of debt

The following table presents the Company's long-term debt and debt issuance costs, net included in "Long-term debt, net" on the unaudited consolidated balance sheets as of the dates presented:


	September 30, 2020						December 31, 2019
(in thousands)	Long-term debt		Debt issuance costs, net		Long-term debt, net		Long-term debt		Debt issuance costs, net		Long-term debt, net
January 2022 Notes(1)	$	—	$	—	$	—	$	450,000	$	(2,034)	$	447,966
March 2023 Notes(1)	—		—		—		350,000		(2,549)		347,451
January 2025 Notes(2)	600,000		(9,424)		590,576		—		—		—
January 2028 Notes(2)	400,000		(6,629)		393,371		—		—		—
Senior Secured Credit Facility(3)	235,000		—		235,000		375,000		—		375,000
Long-term debt, net	$	1,235,000	$	(16,053)	$	1,218,947	$	1,175,000	$	(4,583)	$	1,170,417

______________________________________________________________________________

(2)Debt issuance costs for the January 2025 Notes and the January 2028 Notes are amortized on a straight-line basis over the respective terms of the notes.

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of restricted stock award activity

The following table reflects the restricted stock award activity for the nine months ended September 30, 2020:


(in thousands, except for weighted-average grant-date fair value)	Restricted stock awards(1)	Weighted-average grant-date fair value (per share)(1)
Outstanding as of December 31, 2019	275	$	85.89
Granted	220	$	16.95
Forfeited	(46)	$	52.97
Vested(2)	(137)	$	79.29
Outstanding as of September 30, 2020	312	$	45.03

_____________________________________________________________________________

(1)Shares and per share data have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

(2)The aggregate intrinsic value of vested restricted stock awards for the nine months ended September 30, 2020 was $3.1 million.

Schedule of performance share and unit award activity

The following table reflects the performance share award activity for the nine months ended September 30, 2020:


(in thousands, except for weighted-average grant-date fair value)	Performance share awards(1)	Weighted-average grant-date fair value (per share)1)
Outstanding as of December 31, 2019	115	$	107.05

Forfeited	(10)	$	112.37
Lapsed(2)	(8)	$	379.20
Outstanding as of September 30, 2020	97	$	84.06

______________________________________________________________________________

(1)Shares and per share data have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

The following table reflects the performance unit award activity for the nine months ended September 30, 2020:


(in thousands)						Performance units(1)
Outstanding as of December 31, 2019(2)						—
Granted(3)						123
Forfeited						(24)

Outstanding as of September 30, 2020						99

______________________________________________________________________________

(1)Units have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

Schedule of assumptions used to estimate fair value


	June 3, 2019			February 28, 2019(1)			February 16, 2018
Market Criteria:
(1/4) RTSR Factor + (1/4) ATSR Factor:
Grant-date fair value per performance share(2)	$	49.00		$	79.61		$	201.65

Expense per performance share as of September 30, 2020(2)	$	49.00		$	79.61		$	201.65
Performance Criteria:
(1/2) ROACE Factor:
Grant-date fair value per performance share(2)	$	51.80		$	69.80		$	167.20
Estimated payout for expense as of September 30, 2020	175		%	175		%	61		%
Expense per performance share as of September 30, 2020(2)(3)	$	90.65		$	122.15		$	101.99
Combined:
Grant-date fair value per performance share(2)(4)	$	50.40		$	74.71		$	184.43
Expense per performance share as of September 30, 2020(2)(5)	$	69.83		$	100.88		$	151.82

______________________________________________________________________________

(2)Per share data has been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

(4)The combined grant-date fair value per performance share is the combination of the fair value per performance share weighted for the market and performance criteria for the respective awards.

(5)The combined expense per performance share is the combination of the expense per performance share for market and performance criteria for the respective awards.


	March 5, 2020
Market criteria:
(1/3) RTSR Factor + (1/3) ATSR Factor:
Fair value assumptions:
Remaining performance period	2.26 years
Risk-free interest rate(1)	0.13		%
Dividend yield	—		%
Expected volatility(2)	119.46		%
Closing stock price on September 30, 2020	$	9.80
Fair value per performance unit as of September 30, 2020	$	11.63
Expense per performance unit as of September 30, 2020	$	11.63
Performance criteria:
(1/3) ROACE Factor:
Fair value assumptions:
Closing stock price on September 30, 2020	$	9.80
Fair value per performance unit as of September 30, 2020	$	9.80
Estimated payout for expense as of September 30, 2020	100.00		%
Expense per performance unit as of September 30, 2020(3)	$	9.80
Combined:
Fair value per performance unit as of September 30, 2020(4)	$	11.02
Expense per performance unit as of September 30, 2020(5)	$	11.02

______________________________________________________________________________

(1)The remaining performance period matched zero-coupon risk-free interest rate was derived from the U.S. Treasury constant maturities yield curve on September 30, 2020.

(2)The Company utilized its own remaining performance period matched historical volatility in order to develop the expected volatility.

(4)The combined fair value per performance unit is the combination of the fair value per performance unit weighted for the market and performance criteria for the award.

(5)The combined expense per performance unit is the combination of the expense per performance unit for market and performance criteria for the award.

Schedule of phantom unit award activity

The following table reflects the phantom unit award activity for the nine months ended September 30, 2020:


(in thousands, except for weighted-average fair value)	Phantom units(1)	Fair value as of September 30, 2020 (per unit)1)
Outstanding as of December 31, 2019	—	$	—
Granted	75	$	9.80


Outstanding as of September 30, 2020	75	$	9.80

______________________________________________________________________________

(1)Units and per unit data have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

Schedule of allocated share-based compensation costs

The following table reflects equity-based compensation expense for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Equity awards:
Restricted stock awards	$	2,140	$	2,275	$	6,682	$	10,157
Performance share awards	739		(2,455)		1,777		(2,482)
Outperformance share award	44		44		131		57
Stock option awards	13		(300)		63		678
Total share-settled equity-based compensation, gross	2,936		(436)		8,653		8,410
Less amounts capitalized	(895)		(1,303)		(2,542)		(3,166)
Total share-settled equity-based compensation, net	2,041		(1,739)		6,111		5,244
Liability awards:
Phantom unit awards	29		—		140		—
Performance unit awards	18		—		208		—
Total cash-settled equity-based compensation, gross	47		—		348		—
Less amounts capitalized	(14)		—		(57)		—
Total cash-settled equity-based compensation, net	33		—		291		—
Total equity-based compensation, net	$	2,074	$	(1,739)	$	6,402	$	5,244

Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of gain (loss) on derivatives

The following table summarizes components of the Company's gain (loss) on derivatives, net by type of derivative instrument for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Commodity	$	(45,219)	$	96,684	$	155,278	$	136,713
Interest rate	9		—		(329)		—
Contingent consideration	(40)		—		7,100		—
Gain (loss) on derivatives, net	$	(45,250)	$	96,684	$	162,049	$	136,713

Schedule of derivatives terminated

The following table details the commodity derivatives that were terminated:


	Aggregate volumes (Bbl)	Floor price ($/Bbl)		Ceiling price ($/Bbl)		Contract period
WTI NYMEX - Swaps	389,180	$	60.25	$	60.25	September 2020 - December 2020
WTI NYMEX - Collars	912,500	$	45.00	$	71.00	January 2021 - December 2021

Schedule of open positions and derivatives in place


	Remaining year 2020		Year 2021		Year 2022
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	1,509,720		—		—
Weighted-average price ($/Bbl)	$	59.35	$	—	$	—
Brent ICE:
Puts(1):
Volume (Bbl)	—		2,463,750		—
Weighted-average floor price ($/Bbl)	$	—	$	55.00	$	—


Swaps:
Volume (Bbl)	598,000		5,037,000		3,759,500
Weighted-average price ($/Bbl)	$	63.07	$	49.43	$	47.05
Collars:
Volume (Bbl)	—		584,000		—
Weighted-average floor price ($/Bbl)	$	—	$	45.00	$	—
Weighted-average ceiling price ($/Bbl)	$	—	$	59.50	$	—
Total Brent ICE:
Total volume with floor (Bbl)	598,000		8,084,750		3,759,500
Weighted-average floor price ($/Bbl)	$	63.07	$	50.80	$	47.05
Total volume with ceiling (Bbl)	598,000		5,621,000		3,759,500
Weighted-average ceiling price ($/Bbl)	$	63.07	$	50.47	$	47.05







Total oil volume with floor (Bbl)	2,107,720		8,084,750		3,759,500
Total oil volume with ceiling (Bbl)	2,107,720		5,621,000		3,759,500
Basis Swaps:









Brent ICE to WTI NYMEX - Basis Swaps
Volume (Bbl)	901,600		—		—
Weighted-average differential ($/Bbl)	$	5.09	$	—	$	—



















NGL - Mont Belvieu OPIS:
Purity Ethane - Swaps:
Volume (Bbl)	92,000		912,500		—
Weighted-average price ($/Bbl)	$	13.60	$	12.01	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	312,800		730,000		—
Weighted-average price ($/Bbl)	$	26.58	$	25.52	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	110,400		255,500		—
Weighted-average price ($/Bbl)	$	28.69	$	27.72	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	27,600		67,525		—
Weighted-average price ($/Bbl)	$	29.99	$	28.79	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	101,200		237,250		—
Weighted-average price ($/Bbl)	$	45.15	$	44.31	$	—

Total NGL volume (Bbl)	644,000		2,202,775		—
TABLE CONTINUES ON NEXT PAGE


Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	11,897,000		42,522,500		—
Weighted-average price ($/MMBtu)	$	2.65	$	2.59	$	—









Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	10,580,000		41,610,000		7,300,000
Weighted-average differential ($/MMBtu)	$	(0.82)	$	(0.55)	$	(0.53)

_____________________________________________________________________________

(1) Associated with these open positions were $50.6 million of premiums, which were paid at the respective contracts' inception during the nine months ended September 30, 2020.

The following table details the interest rate derivative that was entered into during the nine months ended September 30, 2020:


	Notional amount (in thousands)		Fixed rate		Contract period
LIBOR - Swap	$	100,000	0.345	%	April 16, 2020 - April 18, 2022

Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis


	September 30, 2020
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the unaudited consolidated balance sheets
Assets:
Current:
Commodity - Oil	$	—	$	89,930	$	—	$	89,930	$	(5,072)	$	84,858
Commodity - NGL	—		10,192		—		10,192		—		10,192
Commodity - Natural gas	—		3,495		—		3,495		(17,416)		(13,921)
Commodity - Oil deferred premiums	—		—		—		—		—		—

Noncurrent:
Commodity - Oil	$	—	$	17,152	$	—	$	17,152	$	(3,819)	$	13,333
Commodity - NGL	—		2,288		—		2,288		—		2,288
Commodity - Natural gas	—		—		—		—		(6,504)		(6,504)


Liabilities:
Current:
Commodity - Oil	$	—	$	(4,868)	$	—	$	(4,868)	$	5,072	$	204
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		(17,952)		—		(17,952)		17,416		(536)
Commodity - Oil deferred premiums	—		—		—		—		—		—

Interest rate - LIBOR	—		(185)		—		(185)		—		(185)
Contingent consideration	—		(335)		—		(335)		—		(335)
Noncurrent:
Commodity - Oil	$	—	$	(3,657)	$	—	$	(3,657)	$	3,819	$	162
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		(8,063)		—		(8,063)		6,504		(1,559)


Interest rate - LIBOR	—		(120)		—		(120)		—		(120)
Contingent consideration	—		(140)		—		(140)		—		(140)
Net derivative asset (liability) positions	$	—	$	87,737	$	—	$	87,737	$	—	$	87,737


	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the consolidated balance sheets
Assets:
Current:
Commodity - Oil	$	—	$	11,723	$	—	$	11,723	$	(5,301)	$	6,422
Commodity - NGL	—		13,787		—		13,787		(1,297)		12,490
Commodity - Natural gas	—		33,494		—		33,494		—		33,494
Commodity - Oil deferred premiums	—		—		—		—		(477)		(477)

Noncurrent:
Commodity - Oil	$	—	$	1,577	$	—	$	1,577	$	—	$	1,577
Commodity - NGL	—		9,547		—		9,547		—		9,547
Commodity - Natural gas	—		12,263		—		12,263		—		12,263


Liabilities:
Current:
Commodity - Oil	$	—	$	(5,649)	$	—	$	(5,649)	$	5,301	$	(348)
Commodity - NGL	—		(1,297)		—		(1,297)		1,297		—
Commodity - Natural gas	—		—		—		—		—		—
Commodity - Oil deferred premiums	—		—		(477)		(477)		477		—

Interest rate - LIBOR	—		—		—		—		—		—
Contingent consideration	—		(7,350)		—		(7,350)		—		(7,350)
Noncurrent:
Commodity - Oil	$	—	$	—	$	—	$	—	$	—	$	—
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		—		—		—		—		—


Interest rate - LIBOR	—		—		—		—		—		—
Contingent consideration	—		—		—		—		—		—
Net derivative asset (liability) positions	$	—	$	68,095	$	(477)	$	67,618	$	—	$	67,618

Schedule of changes in net assets classified as Level 3 measurements

The following table summarizes the changes in net assets and liabilities classified as Level 3 measurements for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Balance of Level 3 at beginning of period	$	—	$	(3,270)	$	(477)	$	(16,565)

Change in net present value of commodity derivative deferred premiums(1)	—		(14)		—		(133)


Settlements of commodity derivative deferred premiums(2)	—		1,415		477		14,829
Balance of Level 3 at end of period	$	—	$	(1,869)	$	—	$	(1,869)

____________________________________________________________________________

(1)This amount is included in "Interest expense" on the unaudited consolidated statements of operations for the three and nine months ended September 30, 2019.

(2)The amount for the nine months ended September 30, 2019 includes $7.2 million that represents the present value of deferred premiums settled upon their early termination.

Schedule of carrying amount and fair value of debt instruments

The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented:


	September 30, 2020				December 31, 2019
(in thousands)	Long-term debt		Fair value(1)		Long-term debt		Fair value(1)
January 2022 Notes	$	—	$	—	$	450,000	$	439,875

March 2023 Notes	—		—		350,000		332,500
January 2025 Notes	600,000		357,000		—		—
January 2028 Notes	400,000		229,600		—		—
Senior Secured Credit Facility	235,000		234,724		375,000		375,275
Total	$	1,235,000	$	821,324	$	1,175,000	$	1,147,650

______________________________________________________________________________

Net loss per common share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of calculation of basic and diluted weighted-average common shares outstanding and net income (loss) per common share

The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net loss per common share for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except for per share data)	2020		2019		2020		2019


Net loss (numerator)	$	(237,432)	$	(264,629)	$	(708,241)	$	(100,738)
Weighted-average common shares outstanding (denominator)(1):
Basic	11,686		11,578		11,657		11,558




Diluted	11,686		11,578		11,657		11,558
Net loss per common share(1):



Basic	$	(20.32)	$	(22.86)	$	(60.76)	$	(8.72)




Diluted	$	(20.32)	$	(22.86)	$	(60.76)	$	(8.72)

_____________________________________________________________________________

(1)Shares and per share data have been retroactively adjusted to reflect the Company's 1-for-20 reverse stock split effective June 1, 2020, as described in Note 7.a.

Supplemental cash flow and non-cash information (Tables)

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of non-cash investing & financing and supplemental cash flow information

The following table presents supplemental cash flow and non-cash information for the periods presented:


	Nine months ended September 30,
(in thousands)	2020		2019
Supplemental cash flow information:
Cash paid for interest, net of $2,290 and $640 of capitalized interest, respectively	$	73,725	$	44,144
Net cash received for income taxes(1)	$	(2,129)	$	(691)
Supplemental non-cash investing information:
Fair value of contingent consideration on acquisition date(2)	$	225	$	—
Decrease in accrued capital expenditures	$	(11,267)	$	(5,715)

Capitalized share-settled equity-based compensation	$	2,542	$	3,166
Capitalized asset retirement cost	$	1,107	$	471

______________________________________________________________________________

(1)See Note 16 for additional discussion of the Company's income taxes.

The following table presents supplemental non-cash adjustments information related to operating leases for the periods presented:


	Nine months ended September 30,
(in thousands)	2020		2019
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	2,349	$	25,972

______________________________________________________________________________

(1)See Note 5 for additional discussion of the Company's leases.

Asset retirement obligations (Tables)

9 Months Ended

Sep. 30, 2020

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligation liability

The following table reconciles the Company's asset retirement obligation liability associated with tangible long-lived assets for the periods presented:


	Nine months ended September 30,
(in thousands)	2020		2019
Liability at beginning of period	$	62,718	$	56,882
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	1,107		471
Accretion expense (1)	3,325		3,077
Liabilities settled due to plugging and abandonment or removed due to sale	(887)		(2,405)


Liability at end of period	$	66,263	$	58,025

_____________________________________________________________________________

(1)Accretion expense is included in "Other operating expenses" on the unaudited consolidated statements of operations.

Related parties (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of related party transactions

The following table presents the capital expenditures for oil and natural gas properties paid to H&P included in the unaudited consolidated statements of cash flows for the periods presented:


	Nine months ended September 30,
(in thousands)	2020		2019

Capital expenditures for oil and natural gas properties(1)	$	18,104	$	10,828

____________________________________________________________________________

(1)Amount reflected for the nine months ended September 30, 2020 is through the date of the former Chairman's expiration of term on the Company's board of directors on May 14, 2020.

The following table presents the capital expenditures for oil and natural gas properties paid to Halliburton included in the unaudited consolidated statement of cash flows for the period presented:


	Nine months ended
(in thousands)	September 30, 2020

Capital expenditures for oil and natural gas properties	$	51,393

Organizational restructurings (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of organizational restructuring expenses and gross equity-based compensation expense reversals

The following table reflects the aggregate of these expenses, which is recorded as "Organizational restructuring expenses" on the unaudited consolidated statements of operations, for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Organizational restructuring expenses	$	—	$	5,965	$	4,200	$	16,371

The following table reflects the aggregate of gross equity-based compensation expense reversals in connection with the Company's respective organizational restructurings, which is recorded in "General and administrative" on the unaudited consolidated statements of operations, for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2020		2019		2020		2019
Gross equity-based compensation expense reversals	$	—	$	(5,652)	$	(793)	$	(11,706)

Acquisitions and divestiture - Narrative (Details) $ in Millions	Apr. 30, 2020 USD ($) a	Apr. 09, 2020 USD ($) a well	Feb. 04, 2020 USD ($) a	Dec. 12, 2019 USD ($) a	Dec. 06, 2019 USD ($) a Boe property	Jun. 20, 2019 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Fair value of contingent consideration	$ 0.2
Howard County Net Acres
Business Acquisition [Line Items]
Area of land (in acres) \| a			80
Glasscock County Net Acres
Business Acquisition [Line Items]
Area of land (in acres) \| a		80
Number of producing wells sold \| well		2
Proceeds after transaction costs		$ 0.7
Howard County Net Acres
Business Acquisition [Line Items]
Area of land (in acres) \| a	180		1,180	7,360
Consideration transferred in acquisition	$ 0.6		$ 22.5	$ 131.7
Fair value of contingent consideration	$ 0.2			$ 6.2
Howard County Net Acres \| Forecast \| WTI NYMEX \| Not designated as hedges \| Oil put: January 2021 - December 2022 \| Crude Oil
Business Acquisition [Line Items]
Notional amount of derivative							$ 1.2
Howard County Net Acres \| Forecast \| WTI NYMEX \| Not designated as hedges \| Oil put: January 2020 - December 2020 \| Crude Oil
Business Acquisition [Line Items]
Notional amount of derivative								$ 20.0
Howard County Net Royalty Acres
Business Acquisition [Line Items]
Area of land (in acres) \| a				750
Reagan County Net Acres
Business Acquisition [Line Items]
Area of land (in acres) \| a						640
Consideration transferred in acquisition						$ 2.9
Acquired evaluated and unevaluated oil and natural gas properties in Glasscock County, Texas
Business Acquisition [Line Items]
Area of land (in acres) \| a					4,475
Production reserve (BOE per day) \| Boe					1,400
Agreed purchase price					$ 64.6
Leasehold interests and Working interests
Business Acquisition [Line Items]
Number of real estate properties \| property					49

Acquisitions and divestiture - Business combination (Details) - Acquired evaluated and unevaluated oil and natural gas properties in Glasscock County, Texas $ in Thousands	Dec. 06, 2019 USD ($)
Business Acquisition [Line Items]
Total assets acquired	$ 67,349
Asset retirement obligations	(2,728)
Net assets acquired	64,621
Cash consideration	64,621
Evaluated oil and natural gas properties
Business Acquisition [Line Items]
Property, plant, and equipment acquired	29,921
Unevaluated oil and natural gas properties
Business Acquisition [Line Items]
Property, plant, and equipment acquired	34,700
Asset retirement cost
Business Acquisition [Line Items]
Property, plant, and equipment acquired	$ 2,728

Property and equipment - Company property and equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Evaluated oil and natural gas properties	$ 7,773,776	$ 7,421,799
Less accumulated depletion and impairment	(6,669,537)	(5,725,114)
Evaluated oil and natural gas properties, net	1,104,239	1,696,685
Unevaluated oil and natural gas properties not being depleted	83,558	142,354
Midstream service assets, net	115,385	128,678
Depreciable other fixed assets, net	31,966	32,504
Property and equipment, net	1,335,148	2,000,221
Midstream service assets
Property, Plant and Equipment [Line Items]
Midstream service assets	182,169	180,932
Less accumulated depreciation and impairment	(66,784)	(52,254)
Depreciable other fixed assets
Property, Plant and Equipment [Line Items]
Less accumulated depreciation and impairment	(23,721)	(23,649)
Depreciable other fixed assets	36,786	37,894
Depreciable other fixed assets, net	13,065	14,245
Land
Property, Plant and Equipment [Line Items]
Depreciable other fixed assets, net	$ 18,901	$ 18,259

Property and equipment - Costs incurred in the acquisition, exploration and development of oil and natural gas properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property acquisition costs:
Evaluated	$ 0	$ 0	$ 7,586	$ 0
Unevaluated	0	0	16,468	2,880
Exploration costs	3,479	3,480	13,563	16,101
Development costs	37,649	73,357	256,374	349,738
Total costs incurred	$ 41,128	$ 76,837	$ 293,991	$ 368,719

Property and equipment - Other property and equipment information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($) $ / Boe	Sep. 30, 2019 USD ($) $ / Boe	Sep. 30, 2020 USD ($) $ / Boe	Sep. 30, 2019 USD ($) $ / Boe
Property, Plant and Equipment [Abstract]
Capitalized employee-related costs	$ 4,976	$ 4,164	$ 13,573	$ 14,276
Depletion expense of evaluated oil and natural gas properties	$ 43,648	$ 65,354	$ 164,705	$ 186,662
Depletion expense (USD per BOE) \| $ / Boe	5.40	8.67	6.72	8.56
Discount rate used in calculating full cost ceiling (as a percent)			10.00%

Property and equipment - Benchmark prices and realized prices (Details)	3 Months Ended
	Sep. 30, 2020 $ / bbl $ / MMBTU $ / MMcf	Jun. 30, 2020 $ / bbl $ / MMBTU $ / MMcf	Mar. 31, 2020 $ / bbl $ / MMBTU $ / MMcf	Dec. 31, 2019 $ / bbl $ / MMBTU $ / MMcf	Sep. 30, 2019 $ / bbl $ / MMBTU $ / MMcf
Oil ($/Bbl)
Property, Plant and Equipment [Line Items]
Benchmark Prices (USD per unit)	39.88	43.60	52.23	52.19	54.27
Realized Prices (USD per unit)	41.08	44.97	52.47	52.12	52.86
NGL ($/Bbl)
Property, Plant and Equipment [Line Items]
Benchmark Prices (USD per unit)	16.95	16.87	19.36	21.14	23.93
Realized Prices (USD per unit)	7.71	7.66	10.47	12.21	14.78
Natural gas ($/MMBtu)
Property, Plant and Equipment [Line Items]
Benchmark Prices (USD per unit) \| $ / MMBTU	1.06	0.87	0.58	0.87	0.85
Realized Prices (USD per unit) \| $ / MMcf	0.68	0.53	0.28	0.53	0.52

Property and equipment - Full cost ceiling impairment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Full cost ceiling impairment expense	$ 196,088	$ 397,890	$ 779,718	$ 397,890

Leases - Narrative (Details)	Sep. 30, 2020
Leases [Abstract]
Average working interest (as a percent)	97.00%

Debt - January 2025 and 2028 Notes (Details) - Senior Notes	Jan. 24, 2020 USD ($)
Debt Instrument [Line Items]
Proceeds from senior notes	$ 982,000,000.0
January 2025 Notes
Debt Instrument [Line Items]
Face amount of debt	$ 600,000,000.0
Interest rate (as a percent)	9.50%
January 2028 Notes
Debt Instrument [Line Items]
Face amount of debt	$ 400,000,000.0
Interest rate (as a percent)	10.125%

Debt - January 2022 and March 2023 Notes (Details) - USD ($)					9 Months Ended
	Mar. 15, 2020	Feb. 06, 2020	Jan. 29, 2020	Jan. 24, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Mar. 18, 2015	Jan. 23, 2014
Debt Instrument [Line Items]
Outstanding debt					$ 1,218,947,000		$ 1,170,417,000
Repayments of senior debt					808,855,000	$ 0
Gain (loss) on extinguishment of debt					(13,320,000)	$ 0
Senior Notes \| January 2022 Notes
Debt Instrument [Line Items]
Face amount of debt									$ 450,000,000.0
Interest rate (as a percent)									5.625%
Outstanding debt				$ 428,900,000	0		447,966,000
Repayments of senior debt			$ 21,100,000	$ 431,600,000
Debt call price (as a percent)			100.00%
Senior Notes \| March 2023 Notes
Debt Instrument [Line Items]
Face amount of debt								$ 350,000,000.0
Interest rate (as a percent)								6.25%
Outstanding debt		$ 299,400,000			$ 0		$ 347,451,000
Repayments of senior debt	$ 50,600,000	$ 304,100,000
Debt call price (as a percent)	101.563%

Debt - Senior Secured Credit Facility (Details) - Secured debt - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,000,000,000.0
Current borrowing capacity	725,000,000.0
Amount outstanding	$ 235,000,000.0
Credit facility, interest rate at period end (as a percent)	2.188%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 80,000,000.0
Letters of credit outstanding	$ 44,100,000	$ 14,700,000

Weighted-average common shares outstanding (denominator):

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - Long-term debt, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Feb. 06, 2020	Jan. 24, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 1,235,000		$ 1,235,000				$ 1,175,000
Debt issuance costs, net	(16,053)		(16,053)				(4,583)
Long-term debt, net	1,218,947		1,218,947				1,170,417
Write-off of debt issuance costs	0	$ 0	1,103	$ 0
Senior Notes \| January 2022 Notes
Debt Instrument [Line Items]
Long-term debt	0		0				450,000
Debt issuance costs, net	0		0				(2,034)
Long-term debt, net	0		0			$ 428,900	447,966
Senior Notes \| March 2023 Notes
Debt Instrument [Line Items]
Long-term debt	0		0				350,000
Debt issuance costs, net	0		0				(2,549)
Long-term debt, net	0		0		$ 299,400		347,451
Senior Notes \| January 2025 Notes
Debt Instrument [Line Items]
Long-term debt	600,000		600,000				0
Debt issuance costs, net	(9,424)		(9,424)				0
Long-term debt, net	590,576		590,576				0
Senior Notes \| January 2028 Notes
Debt Instrument [Line Items]
Long-term debt	400,000		400,000				0
Debt issuance costs, net	(6,629)		(6,629)				0
Long-term debt, net	393,371		393,371				0
Secured debt \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt	235,000		235,000				375,000
Debt issuance costs, net	0		0				0
Long-term debt, net	235,000		235,000				375,000
Write-off of debt issuance costs			1,100
Debt issuance costs capitalized			100
Secured debt \| Senior Secured Credit Facility \| Other noncurrent assets, net
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements	$ 2,600		$ 2,600				$ 4,500

Stockholders' equity - Narrative (Details)	Jun. 01, 2020 $ / shares shares	Sep. 30, 2020 $ / shares shares	May 31, 2020 shares	Dec. 31, 2019 $ / shares shares
Equity [Abstract]
Conversation ratio of reverse stock split	0.05
Common stock authorized (shares)	22,500,000	22,500,000	450,000,000	22,500,000
Common stock par value (USD per share) \| $ / shares	$ 0.01	$ 0.01		$ 0.01
Preferred stock authorized (shares)	50,000,000	50,000,000		50,000,000
Preferred stock par value (USD per share) \| $ / shares	$ 0.01	$ 0.01		$ 0.01
Capital stock authorized (shares)	72,500,000

Equity Incentive Plan - Equity Incentive Plan (Details)	Jun. 01, 2020 shares
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for issuance (shares)	1,492,500

Equity Incentive Plan - Restricted stock awards (Details) - Restricted stock awards(1) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 9.3
Recognition period for costs not yet recognized	1 year 7 months 17 days
Vesting Alternative One, One Year from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	33.00%
Vesting Alternative One, Two Years from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	33.00%
Vesting Alternative One, Three Years from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	34.00%

Equity Incentive Plan - Restricted stock award activity (Details) - Restricted stock awards(1) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares
Restricted stock awards
Outstanding at the beginning of the period (shares) \| shares	275
Granted (shares) \| shares	220
Forfeited (shares) \| shares	(46)
Vested (shares) \| shares	(137)
Outstanding at the end of the period (shares) \| shares	312
Weighted-average grant-date fair value (per share)
Outstanding at the beginning of the period (USD per share) \| $ / shares	$ 85.89
Granted (USD per share) \| $ / shares	16.95
Forfeited (USD per share) \| $ / shares	52.97
Vested (USD per share) \| $ / shares	79.29
Outstanding at the end of the period (USD per share) \| $ / shares	$ 45.03
Equity instruments other than options, aggregate intrinsic value, vested \| $	$ 3.1

Equity Incentive Plan - Stock option awards (Details) - Stock option awards	9 Months Ended
	Sep. 30, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (shares)	11,362
Weighted-average exercise price of options outstanding (USD per share) \| $ / shares	$ 257.42
Weighted-average remaining contractual term of options outstanding	4 years 3 months
Options cancelled during period (shares)	5,441
Aggregate intrinsic value of options vested and exercisable \| $	$ 0

Equity Incentive Plan - Performance share awards (Details) - Performance share awards - USD ($) $ in Millions			9 Months Ended
	Feb. 28, 2019	Feb. 16, 2018	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of the awards	3 years	3 years
Stock-based compensation not yet recognized			$ 3.7
Recognition period for costs not yet recognized			1 year 4 months 2 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (as a percent)			0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (as a percent)			200.00%

Equity Incentive Plan - Performance share award activity (Details) - $ / shares shares in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2020
Performance share awards
Performance unit/share awards
Outstanding at the beginning of the period (shares)	115	115
Forfeited (shares)		(10)
Lapsed (shares)		(8)
Outstanding at the end of the period (shares)		97
Weighted-average grant-date fair value (per award)
Outstanding at the beginning of the period (USD per share)	$ 107.05	$ 107.05
Forfeited (USD per share)		112.37
Lapsed (USD per share)		379.20
Outstanding at the end of the period (USD per share)		$ 84.06
February 17, 2017 \| Performance share awards
Weighted-average grant-date fair value (per award)
RTSR Factor weight / TSR Modifier (as a percent)	0.00%
February 28, 2019 \| Performance share awards with performance criteria
Weighted-average grant-date fair value (per award)
ROACE Factor weight (as a percent)		50.00%
February 28, 2019 \| Performance share awards with market criteria
Weighted-average grant-date fair value (per award)
RTSR Factor weight / TSR Modifier (as a percent)		25.00%
ATSR Factor weight (as a percent)		25.00%
February 16, 2018 \| Performance share awards with performance criteria
Weighted-average grant-date fair value (per award)
ROACE Factor weight (as a percent)		50.00%
February 16, 2018 \| Performance share awards with market criteria
Weighted-average grant-date fair value (per award)
RTSR Factor weight / TSR Modifier (as a percent)		25.00%
ATSR Factor weight (as a percent)		25.00%

Equity Incentive Plan - Expense per performance share award (Details)	9 Months Ended
	Sep. 30, 2020 $ / shares
June 3, 2019 \| Performance share awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 49.00
Expense per performance share award (USD per share)	49.00
June 3, 2019 \| Performance share awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 51.80
Estimated payout for expense (as a percent)	175.00%
Expense per performance share award (USD per share)	$ 90.65
June 3, 2019 \| Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	50.40
Expense per performance share award (USD per share)	69.83
February 28, 2019 \| Performance share awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	79.61
Expense per performance share award (USD per share)	79.61
February 28, 2019 \| Performance share awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 69.80
Estimated payout for expense (as a percent)	175.00%
Expense per performance share award (USD per share)	$ 122.15
February 28, 2019 \| Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	74.71
Expense per performance share award (USD per share)	100.88
February 16, 2018 \| Performance share awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	201.65
Expense per performance share award (USD per share)	201.65
February 16, 2018 \| Performance share awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 167.20
Estimated payout for expense (as a percent)	61.00%
Expense per performance share award (USD per share)	$ 101.99
February 16, 2018 \| Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	184.43
Expense per performance share award (USD per share)	$ 151.82

Equity Incentive Plan - Outperformance share awards (Details) - Outperformance share awards - USD ($) $ in Millions		9 Months Ended
	Jun. 03, 2019	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold consecutive trading days		50 days
Requisite service period of the awards	3 years
Stock-based compensation not yet recognized		$ 0.4
Recognition period for costs not yet recognized		3 years 9 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outperformance payout range (shares)		0
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outperformance payout range (shares)		50,000
Final Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)		33.30%
First Anniversary of Final Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)		33.30%
Second Anniversary of Final Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)		33.30%

Equity Incentive Plan - Performance unit awards (Details) - Performance unit awards - USD ($) $ in Millions		9 Months Ended
	Mar. 05, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of the awards	3 years
Stock-based compensation not yet recognized		$ 0.9
Recognition period for costs not yet recognized		2 years 6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (as a percent)		0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (as a percent)		200.00%
Payout range if ATSR Appreciation is zero or less (as a percent)		100.00%

Equity Incentive Plan - Performance unit award activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2020 shares
Performance unit awards
Performance unit/share awards
Outstanding at the beginning of the period (shares)	0
Granted (shares)	123
Forfeited (shares)	(24)
Outstanding at the end of the period (shares)	99
March 5, 2020 \| Performance unit awards with market criteria
Performance unit/share awards
RTSR Factor weight (as a percent)	33.30%
ATSR Factor weight (as a percent)	33.30%
March 5, 2020 \| Performance unit awards with performance criteria
Performance unit/share awards
ROACE Factor weight (as a percent)	33.30%

Equity Incentive Plan - Assumptions used to estimate fair value of performance unit awards (Details) - March 5, 2020	9 Months Ended
	Sep. 30, 2020 $ / shares
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (USD per share)	$ 11.02
Expense per performance share award (USD per share)	$ 11.02
Performance unit awards with market criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining performance period	2 years 3 months 3 days
Risk-free interest rate (as a percent)	0.13%
Dividend yield (as a percent)	0.00%
Expected volatility (as a percent)	119.46%
Closing stock price (USD per share)	$ 9.80
Fair value per performance share award (USD per share)	11.63
Expense per performance share award (USD per share)	11.63
Performance unit awards with performance criteria
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (USD per share)	$ 9.80
Estimated payout for expense (as a percent)	100.00%
Fair value per performance share award (USD per share)	$ 9.80
Expense per performance share award (USD per share)	$ 9.80

Equity Incentive Plan - Phantom unit award (Details) - Phantom unit awards $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 0.6
Recognition period for costs not yet recognized	2 years 6 months
Vesting Alternative One, One Year from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	33.00%
Vesting Alternative One, Two Years from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	33.00%
Vesting Alternative One, Three Years from Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate (as a percent)	34.00%

Equity Incentive Plan - Phantom unit award activity (Details) - Phantom unit awards shares in Thousands	9 Months Ended
	Sep. 30, 2020 $ / shares shares
Phantom units
Outstanding at the beginning of the period (shares) \| shares	0
Granted (shares) \| shares	75
Outstanding at the end of the period (shares) \| shares	75
Weighted-average grant-date fair value (per award)
Outstanding at the beginning of the period (USD per share) \| $ / shares	$ 0
Granted (USD per share) \| $ / shares	9.80
Outstanding at the end of the period (USD per share) \| $ / shares	$ 9.80

Equity Incentive Plan - Equity-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Less amounts capitalized			$ (2,542)	$ (3,166)
Total equity-based compensation, net	$ 2,074	$ (1,739)	6,402	5,244
Share-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	2,936	(436)	8,653	8,410
Less amounts capitalized	(895)	(1,303)	(2,542)	(3,166)
Total equity-based compensation, net	2,041	(1,739)	6,111	5,244
Restricted stock awards(1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	2,140	2,275	6,682	10,157
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	739	(2,455)	1,777	(2,482)
Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	44	44	131	57
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	13	(300)	63	678
Cash-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	47	0	348	0
Less amounts capitalized	(14)	0	(57)	0
Total equity-based compensation, net	33	0	291	0
Phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	29	0	140	0
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	$ 18	$ 0	$ 208	$ 0

Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)	Sep. 30, 2020 derivative
Derivative [Line Items]
Number of types of derivative instruments \| derivative		3
Commodity - Oil \| Forecast \| WTI NYMEX \| Not designated as hedges \| Oil put: January 2021 - December 2022 \| Howard County Net Acres
Derivative [Line Items]
Notional amount of derivative \| $	$ 1.2

Derivatives - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (45,250)	$ 96,684	$ 162,049	$ 136,713
Commodity
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(45,219)	96,684	155,278	136,713
Interest rate
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	9	0	(329)	0
Contingent consideration
Derivative [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (40)	$ 0	$ 7,100	$ 0

Derivatives - Derivatives terminated (Details) - Early Contract Termination - WTI NYMEX - Commodity - Oil	9 Months Ended
	Sep. 30, 2020 $ / bbl bbl
Collar Option January 2021 to December 2021
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl	912,500
Floor price ($/Bbl)	45.00
Ceiling price ($/Bbl)	71.00
Swap
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl	389,180
Floor price ($/Bbl)	60.25
Ceiling price ($/Bbl)	60.25

Derivatives - Summary (Details) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
Derivatives - Summary (Details) $ in Thousands	Dec. 31, 2020 MMBTU $ / bbl $ / MMBTU bbl	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2022 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2021 MMBTU $ / bbl $ / MMBTU bbl
Derivative [Line Items]
Premiums paid (received) for derivative financial instruments \| $		$ 51,070	$ 7,664
Outstanding at End of Period
Derivative [Line Items]
Premiums paid (received) for derivative financial instruments \| $		$ 50,600
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Ethane \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl)	92,000			0	912,500
Weighted-average price (USD per unit) \| $ / bbl	13.60			0	12.01
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Propane \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl)	312,800			0	730,000
Weighted-average price (USD per unit) \| $ / bbl	26.58			0	25.52
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Normal Butane \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl)	110,400			0	255,500
Weighted-average price (USD per unit) \| $ / bbl	28.69			0	27.72
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Isobutane \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl)	27,600			0	67,525
Weighted-average price (USD per unit) \| $ / bbl	29.99			0	28.79
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Natural Gasoline \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl)	101,200			0	237,250
Weighted-average price (USD per unit) \| $ / bbl	45.15			0	44.31
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Commodity \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)	2,107,720
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Commodity \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl)	644,000			0	2,202,775
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Commodity \| Floor \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)				3,759,500	8,084,750
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Commodity \| Ceiling \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)	2,107,720			3,759,500	5,621,000
Forecast \| Outstanding at End of Period \| Not designated as hedges \| WTI NYMEX \| Swap \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)	1,509,720			0	0
Weighted-average price (USD per unit) \| $ / bbl	59.35			0	0
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Swap \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)	598,000			3,759,500	5,037,000
Weighted-average price (USD per unit) \| $ / bbl	63.07			47.05	49.43
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Put \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)	0			0	2,463,750
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Put \| Floor \| Commodity - Oil
Derivative [Line Items]
Weighted-average price (USD per unit) \| $ / bbl	0			0	55.00
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Collar \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)	0			0	584,000
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Collar \| Floor \| Commodity - Oil
Derivative [Line Items]
Weighted-average price (USD per unit) \| $ / bbl	0			0	45.00
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Collar \| Ceiling \| Commodity - Oil
Derivative [Line Items]
Weighted-average price (USD per unit) \| $ / bbl	0			0	59.50
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Commodity \| Floor \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)	598,000			3,759,500	8,084,750
Weighted-average price (USD per unit) \| $ / bbl	63.07			47.05	50.80
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Commodity \| Ceiling \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)	598,000			3,759,500	5,621,000
Weighted-average price (USD per unit) \| $ / bbl	63.07			47.05	50.47
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE to WTI NYMEX \| Basis Swap \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl)	901,600			0	0
Weighted-average price (USD per unit) \| $ / bbl	5.09			0	0
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Henry Hub NYMEX \| Swap \| Commodity - Natural gas
Derivative [Line Items]
Weighted-average price (USD per unit) \| $ / MMBTU	2.65			0	2.59
Volume (MMBtu) \| MMBTU	11,897,000			0	42,522,500
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Waha Inside FERC to Henry Hub NYMEX \| Basis Swap \| Commodity - Natural gas
Derivative [Line Items]
Weighted-average price (USD per unit) \| $ / MMBTU	(0.82)			(0.53)	(0.55)
Volume (MMBtu) \| MMBTU	10,580,000			7,300,000	41,610,000

Derivatives - Derivatives entered into (Details) - Interest rate swap - Not designated as hedges $ in Thousands	Sep. 30, 2020 USD ($)
Derivative [Line Items]
Notional amount of derivative	$ 100,000
Fixed rate (as a percent)	0.345%

Fair value measurements - Fair value hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Net fair value presented on the unaudited consolidated balance sheets	$ 81,129	$ 51,929
Net fair value presented on the unaudited consolidated balance sheets	9,117	23,387
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(852)	(7,698)
Net fair value presented on the unaudited consolidated balance sheets	(1,657)	0
Net derivative asset (liability) positions	87,737	67,618
Interest rate - LIBOR
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(185)	0
Net fair value presented on the unaudited consolidated balance sheets	(120)	0
Commodity - Oil \| Commodity derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	84,858	6,422
Net fair value presented on the unaudited consolidated balance sheets	13,333	1,577
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	204	(348)
Net fair value presented on the unaudited consolidated balance sheets	162	0
Commodity - Oil \| Deferred premiums
Assets:
Net fair value presented on the unaudited consolidated balance sheets	0	(477)
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	0	0
Commodity - Oil \| Contingent consideration
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(335)	(7,350)
Net fair value presented on the unaudited consolidated balance sheets	(140)	0
Commodity - NGL \| Commodity derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	10,192	12,490
Net fair value presented on the unaudited consolidated balance sheets	2,288	9,547
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	0	0
Net fair value presented on the unaudited consolidated balance sheets	0	0
Commodity - Natural gas \| Commodity derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	(13,921)	33,494
Net fair value presented on the unaudited consolidated balance sheets	(6,504)	12,263
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(536)	0
Net fair value presented on the unaudited consolidated balance sheets	(1,559)	0
Current Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	89,930	11,723
Amounts offset	(5,072)	(5,301)
Current Assets \| Commodity - Oil \| Deferred premiums
Assets:
Total gross fair value	0	0
Amounts offset	0	(477)
Current Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	10,192	13,787
Amounts offset	0	(1,297)
Current Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	3,495	33,494
Amounts offset	(17,416)	0
Noncurrent Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	17,152	1,577
Amounts offset	(3,819)	0
Noncurrent Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	2,288	9,547
Amounts offset	0	0
Noncurrent Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	0	12,263
Amounts offset	(6,504)	0
Current Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	(185)	0
Amounts offset	0	0
Current Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	(4,868)	(5,649)
Amounts offset	5,072	5,301
Current Liabilities \| Commodity - Oil \| Deferred premiums
Liabilities:
Total gross fair value	0	(477)
Amounts offset	0	477
Current Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	(335)	(7,350)
Amounts offset	0	0
Current Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	0	(1,297)
Amounts offset	0	1,297
Current Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	(17,952)	0
Amounts offset	17,416	0
Noncurrent Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	(120)	0
Amounts offset	0	0
Noncurrent Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	(3,657)	0
Amounts offset	3,819	0
Noncurrent Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	(140)	0
Amounts offset	0	0
Noncurrent Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Amounts offset	0	0
Noncurrent Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	(8,063)	0
Amounts offset	6,504	0
Level 1
Liabilities:
Net derivative asset (liability) positions	0	0
Level 1 \| Current Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 \| Current Assets \| Commodity - Oil \| Deferred premiums
Assets:
Total gross fair value	0	0
Level 1 \| Current Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 \| Current Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 \| Noncurrent Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 \| Noncurrent Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 \| Noncurrent Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 1 \| Current Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	0	0
Level 1 \| Current Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 1 \| Current Liabilities \| Commodity - Oil \| Deferred premiums
Liabilities:
Total gross fair value	0	0
Level 1 \| Current Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	0	0
Level 1 \| Current Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 1 \| Current Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 1 \| Noncurrent Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	0	0
Level 1 \| Noncurrent Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 1 \| Noncurrent Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	0	0
Level 1 \| Noncurrent Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 1 \| Noncurrent Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 2
Liabilities:
Net derivative asset (liability) positions	87,737	68,095
Level 2 \| Current Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	89,930	11,723
Level 2 \| Current Assets \| Commodity - Oil \| Deferred premiums
Assets:
Total gross fair value	0	0
Level 2 \| Current Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	10,192	13,787
Level 2 \| Current Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	3,495	33,494
Level 2 \| Noncurrent Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	17,152	1,577
Level 2 \| Noncurrent Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	2,288	9,547
Level 2 \| Noncurrent Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	0	12,263
Level 2 \| Current Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	(185)	0
Level 2 \| Current Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	(4,868)	(5,649)
Level 2 \| Current Liabilities \| Commodity - Oil \| Deferred premiums
Liabilities:
Total gross fair value	0	0
Level 2 \| Current Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	(335)	(7,350)
Level 2 \| Current Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	0	(1,297)
Level 2 \| Current Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	(17,952)	0
Level 2 \| Noncurrent Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	(120)	0
Level 2 \| Noncurrent Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	(3,657)	0
Level 2 \| Noncurrent Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	(140)	0
Level 2 \| Noncurrent Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 2 \| Noncurrent Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	(8,063)	0
Level 3
Liabilities:
Net derivative asset (liability) positions	0	(477)
Level 3 \| Current Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Current Assets \| Commodity - Oil \| Deferred premiums
Assets:
Total gross fair value	0	0
Level 3 \| Current Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Current Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Noncurrent Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Noncurrent Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Noncurrent Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Current Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	0	0
Level 3 \| Current Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 3 \| Current Liabilities \| Commodity - Oil \| Deferred premiums
Liabilities:
Total gross fair value	0	(477)
Level 3 \| Current Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	0	0
Level 3 \| Current Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 3 \| Current Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 3 \| Noncurrent Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	0	0
Level 3 \| Noncurrent Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 3 \| Noncurrent Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	0	0
Level 3 \| Noncurrent Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	0	0
Level 3 \| Noncurrent Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	$ 0	$ 0

Fair value measurements - Changes in net assets classified as Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Deferred premiums
Changes in assets classified as Level 3 measurements
Balance of Level 3 at beginning of period	$ 0	$ (3,270)	$ (477)	$ (16,565)
Change in net present value of commodity derivative deferred premiums	0	(14)	0	(133)
Settlements of commodity derivative deferred premiums(2)	0	1,415	477	14,829
Balance of Level 3 at end of period	$ 0	$ (1,869)	$ 0	(1,869)
Deferred premiums - early termination
Changes in assets classified as Level 3 measurements
Settlements of commodity derivative deferred premiums(2)				$ 7,200

Fair value measurements - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Fair value measurements - Narrative (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 30, 2020	Dec. 12, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration					$ 200,000
Impairment expense	$ 196,088,000	$ 397,890,000	$ 789,235,000	$ 397,890,000
Acquisitions of oil and natural gas properties			23,563,000	2,880,000
Howard County Net Acres
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration					$ 200,000	$ 6,200,000
Level 2 \| Commodity - Oil \| Commodity Contract - Contingent Consideration #1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivative liability	500,000		500,000
Level 2 \| Commodity - Oil \| Commodity Contract - Contingent Consideration #2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivative liability	$ 0		0
Nonrecurring \| Level 2 \| Line-Fill and Other Inventories
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense			1,300,000	0
Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisitions of oil and natural gas properties			0	0
Nonrecurring \| Level 3 \| Long-Lived Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense			$ 8,200,000	$ 0

Fair value measurements - Carrying amount of debt instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,235,000	$ 1,175,000
Long-term debt \| Senior Secured Credit Facility \| Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	235,000	375,000
Long-term debt \| January 2022 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	450,000
Long-term debt \| March 2023 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	350,000
Long-term debt \| January 2025 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	600,000	0
Long-term debt \| January 2028 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	400,000	0
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	821,324	1,147,650
Fair value \| Senior Secured Credit Facility \| Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	234,724	375,275
Fair value \| January 2022 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	439,875
Fair value \| March 2023 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	332,500
Fair value \| January 2025 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	357,000	0
Fair value \| January 2028 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 229,600	$ 0

Net loss per common share - Summary (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Earnings Per Share [Abstract]

Net loss (numerator)

$ (237,432)

$ (264,629)

$ (708,241)

$ (100,738)

Basic (shares)

^[1]

11,686

11,578

11,657

11,558

Diluted (shares)

^[1]

11,686

11,578

11,657

11,558

Net loss per common share:

Basic (USD per share)

^[1]

$ (20.32)

$ (22.86)

$ (60.76)

$ (8.72)

Diluted (USD per share)

^[1]

$ (20.32)

$ (22.86)

$ (60.76)

$ (8.72)

[1]	Net loss per common share and weighted-average common shares outstanding were retroactively adjusted for the Company's 1-for-20 reverse stock split effective June 1, 2020 as discussed in Note 7.a.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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