0001528129-21-000084 | 10-Q | XBRL Viewer

$ 250,230,000

$ 204,992,000

Production and ad valorem taxes

Lease operating expenses

18,918,000

22,040,000

13,283,000

9,244,000

General and administrative

13,073,000

12,562,000

Depletion, depreciation and amortization

38,109,000

61,302,000

Impairment expense

186,699,000

Other operating expenses

1,143,000

1,106,000

Total costs and expenses

147,427,000

386,964,000

Operating income (loss)

102,803,000

(181,972,000)

Non-operating income (expense):

Gain (loss) on derivatives, net

(154,365,000)

297,836,000

Interest expense

(25,946,000)

(24,970,000)

Loss on extinguishment of debt

(13,320,000)

Loss on disposal of assets, net

(72,000)

(602,000)

Write-off of debt issuance costs

Other income, net

1,379,000

91,000

Total non-operating income (expense), net

(179,004,000)

259,035,000

Income (loss) before income taxes

(76,201,000)

77,063,000

Income tax benefit (expense):

Deferred

762,000

(2,417,000)

Total income tax benefit (expense)

762,000

(2,417,000)

Net income (loss)

$ (75,439,000)

$ 74,646,000

Net income (loss) per common share:

Basic (USD per share)

^[1]

$ (6.33)

$ 6.43

Diluted (USD per share)

^[1]

$ (6.33)

$ 6.39

Weighted-average common shares outstanding:

Basic (shares)

^[1]

11,918

11,618

Diluted (shares)

^[1]

11,918

11,673

Oil sales

Revenues:

$ 127,701,000

$ 119,978,000

NGL sales

Revenues:

41,678,000

11,558,000

Natural gas sales

Revenues:

Midstream service revenues

33,078,000

4,349,000

Revenues:

1,296,000

2,683,000

Cost of goods and services sold

858,000

1,170,000

Sales of purchased oil

Revenues:

46,477,000

66,424,000

Cost of goods and services sold

49,916,000

79,297,000

Transportation and marketing expenses

Cost of goods and services sold

$ 12,127,000

$ 13,544,000

[1]	For the three months ended March 31, 2020, net income 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.b.

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, 2019

^[1]

11,865

Balance at beginning of period at Dec. 31, 2019

$ 841,874

$ 2,373

$ 2,385,355

$ 0

$ (1,545,854)

Increase (Decrease) in Stockholders' Equity

Restricted stock awards (shares)

^[1]

138

Restricted stock awards

$ 28

(28)

Restricted stock forfeitures (shares)

^[1]

(7)

Restricted stock forfeitures

$ (2)

Stock exchanged for tax withholding (shares)

^[1]

Stock exchanged for tax withholding

(640)

$ (640)

Retirement of treasury stock (shares)

^[1]

(26)

Retirement of treasury stock

$ (5)

(635)

$ 640

Share-settled equity-based compensation

3,341

Net income (loss)

74,646

Balance at end of period (shares) at Mar. 31, 2020

^[1]

11,970

Balance at end of period at Mar. 31, 2020

919,221

$ 2,394

2,388,035

$ 0

(1,471,208)

Balance at beginning of period (shares) at Dec. 31, 2020

12,020

Balance at beginning of period at Dec. 31, 2020

(21,443)

$ 120

2,398,464

$ 0

(2,420,027)

Increase (Decrease) in Stockholders' Equity

Restricted stock awards (shares)

188

Restricted stock awards

$ 2

(2)

Restricted stock forfeitures (shares)

(1)

Restricted stock forfeitures

Stock exchanged for tax withholding (shares)

Stock exchanged for tax withholding

(1,290)

$ (1,290)

Retirement of treasury stock (shares)

(37)

Retirement of treasury stock

(1,290)

$ 1,290

Share-settled equity-based compensation

2,738

Issuance of common stock, net of costs (shares)

724

Issuance of common stock, net of costs

26,866

$ 7

26,859

Performance share conversion (shares)

Net income (loss)

(75,439)

Balance at end of period (shares) at Mar. 31, 2021

12,900

Balance at end of period at Mar. 31, 2021

$ (68,568)

$ 129

$ 2,426,769

$ 0

$ (2,495,466)

[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.b.

Consolidated statements of cash flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ (75,439)	$ 74,646
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-settled equity-based compensation, net	2,068	2,376
Depletion, depreciation and amortization	38,109	61,302
Impairment expense	0	186,699
Mark-to-market on derivatives:
(Gain) loss on derivatives, net	154,365	(297,836)
Settlements (paid) received for matured derivatives, net	(41,174)	47,723
Premiums received (paid) for commodity derivatives	9,041	(477)
Amortization of debt issuance costs	989	1,217
Amortization of operating lease right-of-use assets	2,997	4,377
Loss on extinguishment of debt	0	13,320
Deferred income tax (benefit) expense	(762)	2,417
Other, net	1,491	1,327
Changes in operating assets and liabilities:
Accounts receivable, net	(3,728)	9,635
Other current assets	(10,264)	4,033
Other noncurrent assets, net	(1,636)	(2,964)
Accounts payable and accrued liabilities	9,065	25,059
Undistributed revenue and royalties	7,290	(4,937)
Other current liabilities	(19,622)	(15,082)
Other noncurrent liabilities	(1,639)	(3,246)
Net cash provided by operating activities	71,151	109,589
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net	0	(22,876)
Capital expenditures:
Oil and natural gas properties	(68,329)	(135,376)
Midstream service assets	(329)	(761)
Other fixed assets	(551)	(829)
Proceeds from dispositions of capital assets, net of selling costs	189	51
Net cash used in investing activities	(69,020)	(159,791)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	15,000	0
Payments on Senior Secured Credit Facility	(50,000)	(100,000)
Issuance of January 2025 Notes and January 2028 Notes	0	1,000,000
Extinguishment of debt	0	(808,855)
Proceeds from issuance of common stock, net of costs	26,866	0
Stock exchanged for tax withholding	(1,290)	(640)
Payments for debt issuance costs	0	(18,383)
Other liabilities	2,798	0
Net cash (used in) provided by financing activities	(6,626)	72,122
Net (decrease) increase in cash and cash equivalents	(4,495)	21,920
Cash and cash equivalents, beginning of period	48,757	40,857
Cash and cash equivalents, end of period	$ 44,262	$ 62,777

Organization and basis of presentation	3 Months Ended
Organization and basis of presentation	Mar. 31, 2021
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. The Company has identified one operating segment: exploration and production. 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, 2020 is derived from the Company's 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 March 31, 2021, results of operations for the three months ended March 31, 2021 and 2020 and cash flows for the three months ended March 31, 2021 and 2020. 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 2020 Annual Report. Significant accounting policies See Note 2 in the 2020 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. See Note 2.b in the 2020 Annual Report for further information regarding the use of estimates and assumptions.

New accounting standards	3 Months Ended
New accounting standards	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting standards	New accounting standards The Company considered 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 March 31, 2021.

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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Property, Plant and Equipment [Abstract]

Acquisitions and divestiture	3 Months Ended
Acquisitions and divestiture	Mar. 31, 2021
Business Combinations [Abstract]
Acquisitions and divestiture	Acquisitions and divestiture a. 2020 Asset acquisitions On October 16, 2020 and November 16, 2020, the Company closed a bolt-on acquisition of 2,758 and 80 net acres, respectively, including production of 210 BOE per day, in Howard County, Texas for an aggregate purchase price of $11.6 million, subject to customary post-closing purchase price adjustments. On April 30, 2020, the Company closed an acquisition of 180 net acres in Howard County, Texas for $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 Notes 9.c and 10.a for additional discussion of this contingent consideration. 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 were capitalized and are included in "Oil and natural gas properties" on the consolidated balance sheet. b. 2020 Divestiture 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 $0.7 million, net of customary 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. 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

3 Months Ended

Mar. 31, 2021

Property and equipment

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


(in thousands)	March 31, 2021		December 31, 2020
Evaluated oil and natural gas properties	$	7,953,141	$	7,874,932
Less accumulated depletion and impairment	(6,852,688)		(6,817,949)
Evaluated oil and natural gas properties, net	1,100,453		1,056,983

Unevaluated oil and natural gas properties not being depleted	60,260		70,020

Midstream service assets	182,405		181,718
Less accumulated depreciation and impairment	(71,322)		(69,021)
Midstream service assets, net	111,083		112,697

Depreciable other fixed assets	37,612		37,454
Less accumulated depreciation and amortization	(24,937)		(24,344)
Depreciable other fixed assets, net	12,675		13,110

Land	18,901		18,901

Total property and equipment, net	$	1,303,372	$	1,271,711

See Note 10.b for discussion of impairments of long-lived assets during the three months ended March 31, 2020. See Note 6 in the 2020 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 March 31,
(in thousands)	2021		2020
Property acquisition costs:
Evaluated	$	—	$	7,586
Unevaluated	—		15,556
Exploration costs	3,957		6,710
Development costs	64,492		146,158
Total oil and natural gas properties costs incurred	$	68,449	$	176,010

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 March 31,
(in thousands)	2021		2020
Capitalized employee-related costs	$	4,241	$	4,505

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 March 31,
(in thousands except per BOE data)	2021		2020
Depletion expense of evaluated oil and natural gas properties	$	34,725	$	57,752
Depletion expense per BOE sold	$	4.88	$	7.33

The full cost ceiling is based principally on the estimated future net cash flows from proved oil, NGL and natural gas reserves, which exclude the effect of the Company's commodity derivative transactions, discounted at 10%. 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, certain transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the delivery point ("Realized Prices") without giving effect to the Company's commodity derivative transactions. The Realized Prices are utilized to calculate the estimated future net cash flows 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 unamortized cost of evaluated oil and natural gas properties being depleted did not exceed the full cost ceiling as of March 31, 2021, and as such, the Company did not record a first-quarter full cost ceiling impairment.

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


	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Benchmark Prices:
Oil ($/Bbl)	$	36.49	$	36.04	$	39.88	$	43.60
NGL ($/Bbl)(1)	$	19.24	$	16.63	$	16.95	$	16.87
Natural gas ($/MMBtu)	$	1.69	$	1.21	$	1.06	$	0.87
Realized Prices:
Oil ($/Bbl)	$	38.28	$	37.69	$	41.08	$	44.97
NGL ($/Bbl)	$	9.92	$	7.43	$	7.71	$	7.66
Natural gas ($/Mcf)	$	1.20	$	0.79	$	0.68	$	0.53

_____________________________________________________________________________

(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 March 31,
(in thousands)	2021		2020
Full cost ceiling impairment expense	$	—	$	177,182

Leases	3 Months Ended
Leases	Mar. 31, 2021
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, completion, production and other equipment leases with lease terms extending into 2022. The Company's lease costs include those that are recognized in net income (loss) during the period and capitalized as part of the cost of another asset in accordance with GAAP. The lease costs related to drilling, completion and production activities are reflected at the Company's net ownership, which is consistent with the principles of proportional consolidation, and lease commitments are reflected on a gross basis. As of March 31, 2021, the Company had an average working interest of 97% in Laredo-operated active productive wells. See Note 5 in the 2020 Annual Report for additional discussion of the Company's leases.

Debt

3 Months Ended

Mar. 31, 2021

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 Senior Secured Credit Facility.

In November 2020, the Company's board of directors authorized a $50.0 million bond repurchase program. During the year ended December 31, 2020, the Company repurchased $22.1 million in aggregate principal amount of the January 2025 Notes and $39.0 million in aggregate principal amount of the January 2028 Notes for aggregate consideration of $13.9 million and $24.2 million, respectively, plus accrued and unpaid interest. The Company recognized a gain on extinguishment

of $22.3 million related to the difference between the consideration paid and the net carrying amounts of the extinguished portions of the January 2025 Notes and January 2028 Notes.

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 outstanding principal 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 March 31, 2021, 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 $220.0 million outstanding, and was subject to an interest rate of 2.625%. 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 March 31, 2021 and December 31, 2020, the Company had one letter of credit outstanding of $44.1 million 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.c in the 2020 Annual Report. See Note 18.a for discussion of a borrowing and a payment on the Senior Secured Credit Facility subsequent to March 31, 2021.

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

d. Debt issuance costs

The Company capitalized debt issuance costs of $18.4 million during the three months ended March 31, 2020 in connection with the issuance of the January 2025 Notes and January 2028 Notes. No debt issuance costs were capitalized during the three months ended March 31, 2021. The Company wrote off debt issuance costs during the three months ended March 31, 2020 in connection with the extinguishment of the January 2022 Notes and March 2023 Notes, which are included in "Loss on extinguishment of debt" on the unaudited consolidated statement of operations. No debt issuance costs were written off during the three months ended March 31, 2021.

The Company had total debt issuance costs of $15.7 million and $17.0 million, net of accumulated amortization of $23.1 million and $22.1 million, as of March 31, 2021 and December 31, 2020, respectively. Debt issuance costs related to the Company's January 2025 and January 2028 Notes are included in "Long-term debt, net" on the unaudited consolidated balance sheets. Debt issuance costs related to the Senior Secured Credit Facility are included in "Other noncurrent assets, net"

on the unaudited consolidated balance sheets. Debt issuance costs are amortized on a straight-line basis over the respective terms of the notes and the Senior Secured Credit Facility. See Note 7.e for additional discussion of debt issuance costs.

e. 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:


	March 31, 2021						December 31, 2020
(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 2025 Notes	577,913		(7,931)		569,982		577,913		(8,676)		569,237
January 2028 Notes	361,044		(5,652)		355,392		361,044		(6,015)		355,029
Senior Secured Credit Facility(1)	220,000		—		220,000		255,000		—		255,000
Long-term debt, net	$	1,158,957	$	(13,583)	$	1,145,374	$	1,193,957	$	(14,691)	$	1,179,266

______________________________________________________________________________

(1)Debt issuance costs, net related to the Senior Secured Credit Facility of $2.1 million and $2.3 million as of March 31, 2021 and December 31, 2020, respectively, are included in "Other noncurrent assets, net" on the unaudited consolidated balance sheets

Stockholders' equity	3 Months Ended
Stockholders' equity	Mar. 31, 2021
Equity [Abstract]
Stockholders' equity	Stockholders' equity a. ATM Program On February 23, 2021, the Company entered into an equity distribution agreement (the "Equity Distribution Agreement") with Wells Fargo Securities, LLC acting as sales agent and/or principal (the "Sales Agent"), pursuant to which the Company may offer and sell, from time to time through the Sales Agent, shares of its common stock, par value $0.01 per share (the "common stock"), having an aggregate gross sales price of up to $75.0 million through an "at-the-market" equity program (the "ATM Program"). Pursuant to the Equity Distribution Agreement, shares of common stock may be offered and sold in privately negotiated transactions or transactions that are deemed to be "at-the-market" offerings as defined in Rule 415 under the Securities Act, including by ordinary brokers’ transactions through the facilities of the New York Stock Exchange, to or through a market maker or as otherwise agreed with the Sales Agent. Under the terms of the Equity Distribution Agreement, the Company may also sell common stock from time to time to the Sales Agent as principal for its own account at a price to be agreed upon at the time of sale. Any sale of common stock to the Sales Agent as principal would be pursuant to the terms of a separate terms agreement between the Company and the Sales Agent, which would be described in a separate prospectus supplement or pricing supplement. As of March 31, 2021, the Company has sold 723,579 shares of its common stock pursuant to the ATM Program for net proceeds of approximately $26.9 million, after underwriting commissions and other related expenses. Proceeds from the share sales were utilized to reduce borrowings on the Senior Secured Credit Facility. The timing of any additional sales will depend on a variety of factors to be determined by the Company. b. 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 Certificate of Incorporation, 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 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 Equity Incentive Plan (defined below), that proportionately reduced the number of shares that may be granted. c. 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

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Equity Incentive Plan

The Laredo Petroleum, Inc. Omnibus 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 of common stock may be issued under the Equity Incentive Plan. See Note 7.b for additional discussion of the reverse stock split and Authorized Share Reduction.

See Note 9.a in the 2020 Annual Report for additional discussion of the Company's equity-based compensation awards.

a. Restricted stock awards

Restricted stock awards granted to employees vest on a 33%, 33% and 34% schedule per year beginning on the first anniversary of the grant date and 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 three months ended March 31, 2021:


(in thousands, except for weighted-average grant-date fair value)	Restricted stock awards	Weighted-average grant-date fair value (per share)
Outstanding as of December 31, 2020	309	$	44.88
Granted	188	$	34.45
Forfeited	(1)	$	83.04
Vested(1)	(103)	$	65.07
Outstanding as of March 31, 2021	393	$	34.50

_____________________________________________________________________________

(1)The aggregate intrinsic value of vested restricted stock awards for the three months ended March 31, 2021 was $3.5 million.

The Company utilizes the closing stock price on the grant date to determine the fair value of restricted stock awards. As of March 31, 2021, unrecognized equity-based compensation related to the restricted stock awards expected to vest was $11.9 million. Such cost is expected to be recognized over a weighted-average period of 2.18 years.

Stock option awardsAs of March 31, 2021, the 11,362 outstanding stock option awards had a weighted-average exercise price of $257.42 per award and a weighted-average remaining contractual term of 3.75 years. There was no activity related to the stock option awards during the three months ended March 31, 2021. The vested and exercisable stock option awards as of March 31, 2021 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, 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, 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.

These awards were granted in 2019 and 2018, and their market criteria consists of: (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"). The performance criteria for these awards consists of the Company's three-year return on average capital employed ("ROACE Percentage"). 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 three months ended March 31, 2021:


(in thousands, except for weighted-average grant-date fair value)	Performance share awards	Weighted-average grant-date fair value (per share)
Outstanding as of December 31, 2020	97	$	84.06

Vested(1)	(15)	$	184.43
Outstanding as of March 31, 2021	82	$	65.98

______________________________________________________________________________

(1)The performance share awards granted on February 16, 2018 had a performance period of January 1, 2018 to December 31, 2020 and, as their market and performance criteria were partially satisfied, resulted in a 43% payout. As such, the granted awards vested and were converted into 6,343 shares of the Company's common stock during the three months ended March 31, 2021 based on this 43% payout.

As of March 31, 2021, unrecognized equity-based compensation related to the performance share awards expected to vest was $2.2 million. Such cost is expected to be recognized over a weighted-average period of 0.92 years. As of March 31, 2021, the expense per performance share, which is the fair value per performance share adjusted for the estimated payout of the performance criteria, was $88.16.

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. 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 March 31, 2021, 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 3.25 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, 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, 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.

For performance unit awards granted in 2021, the market criteria consists of: (i) annual relative total shareholder return comparing the Company's shareholder return to the shareholder return of the E&P companies listed in the Russell 2000 index ("Relative TSR") and (ii) annual absolute total shareholder return ("Absolute Return"), together the "PSU Matrix." The performance criteria for these awards consists of: (i) earnings before interest , taxes, depreciation, amortization and exploration expense ("EBITDAX") and three-year total debt reduction (the "EBITDAX/Total Debt Component") and (ii) growth in inventory (the "Inventory Growth Component"). 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 250% for the market criteria and 0% to 200% for the performance criteria.

For performance unit awards granted in 2020, the market criteria consists of: (i) the RTSR Performance Percentage and (ii) the ATSR Appreciation. The performance criteria for these awards consists of the ROACE Percentage. 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.

The following table presents the assumptions used to estimate the fair value per performance unit for the performance unit awards granted in 2021:


	March 9, 2021
Remaining performance period	2.81 years
Risk-free interest rate(1)	0.32		%
Dividend yield	—		%
Expected volatility(2)	114.60		%
Closing stock price on grant date	$	34.66

______________________________________________________________________________

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

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

The following table reflects the performance unit award activity for the three months ended March 31, 2021:


(in thousands)						Performance units
Outstanding as of December 31, 2020						99
Granted						110


Outstanding as of March 31, 2021						209

As of March 31, 2021, unrecognized equity-based compensation related to the performance unit awards expected to vest was $7.0 million. Such cost is expected to be recognized over a weighted-average period of 2.62 years. As of March 31, 2021, the expense per performance unit, which is the fair value per performance unit adjusted for the estimated payout of the performance criteria, for the 2021 and 2020 performance unit awards was $39.77 and $41.82, respectively. Phantom unit awards

Phantom 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.

The following table reflects the phantom unit award activity for the three months ended March 31, 2021:


(in thousands, except for weighted-average fair value)						Phantom units
Outstanding as of December 31, 2020						75
Granted						5

Vested(1)						(25)
Outstanding as of March 31, 2021						55

______________________________________________________________________________

(1)On March 5, 2021, the vested phantom unit awards were settled and paid out in cash at a fair value of $34.24 based on the Company's closing stock price on the vesting date.

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 March 31, 2021, unrecognized equity-based compensation related to the phantom unit awards expected to vest was $1.6 million. Such cost is expected to be recognized over a weighted-average period of 2.08 years.

Equity-based compensation

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


	Three months ended March 31,
(in thousands)	2021		2020
Equity awards:
Restricted stock awards	$	1,963	$	2,498
Performance share awards	725		756
Outperformance share award	43		44
Stock option awards	7		43
Total share-settled equity-based compensation, gross	$	2,738	$	3,341
Less amounts capitalized	(670)		(965)
Total share-settled equity-based compensation, net	$	2,068	$	2,376
Liability awards:
Performance unit awards	$	820	$	24
Phantom unit awards	506		25
Total cash-settled equity-based compensation, gross	$	1,326	$	49
Less amounts capitalized	(198)		(10)
Total cash-settled equity-based compensation, net	$	1,128	$	39
Total equity-based compensation, net	$	3,196	$	2,415

Derivatives

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company has three types of derivative instruments as of March 31, 2021: (i) commodity derivatives, (ii) a debt interest rate derivative and (iii) a contingent consideration derivative. See Notes (i) 2.e in the 2020 Annual Report for the Company's significant accounting policies for derivatives and presentation, (ii) 10.a for fair value measurement of derivatives on a recurring basis and (iii) 18.b for derivatives subsequent events. 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 March 31,
(in thousands)	2021		2020
Commodity	$	(154,033)	$	291,361
Interest rate	4		—
Contingent consideration	(336)		6,475
Gain (loss) on derivatives, net	$	(154,365)	$	297,836

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 2020 Annual Report for discussion of transaction types and settlement indexes.

During the three months ended March 31, 2021, the Company’s derivatives were settled based on reported prices on commodity exchanges, with (i) oil derivatives settled based on Brent ICE pricing, (ii) NGL derivatives settled based on Mont Belvieu OPIS pricing and (iii) natural gas derivatives settled based on Henry Hub NYMEX and Waha Inside FERC pricing.

During the three months ended March 31, 2021, the Company completed a hedge restructuring by (i) selling 2,254,500 calendar year 2021 $55.00 per barrel Brent ICE puts, which volumetrically offset existing calendar year 2021 $55.00 per barrel Brent ICE puts, and receiving aggregate premiums of $9.0 million at inception of the contracts and (ii) entering into 2,254,500 calendar year 2021 Brent ICE swaps at a weighted-average price of $55.09 per barrel. Associated with the aforementioned existing calendar year 2021 $55.00 per barrel Brent ICE puts, which were entered into during 2020, were $50.6 million in aggregate premiums paid at the inception of the contacts.

During the three months ended March 31, 2020, the Company completed a hedge restructuring by early terminating collars and entering into new swaps. The following table presents the commodity derivatives that were terminated:


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

The following table summarizes open commodity derivative positions as of March 31, 2021, for commodity derivatives that were entered into through March 31, 2021, for the settlement periods presented:


	Remaining Year 2021		Year 2022
Oil:













Brent ICE - Swaps:
Volume (Bbl)	5,651,250		3,759,500
Weighted-average price ($/Bbl)	$	51.29	$	47.05
Brent ICE - Collars:
Volume (Bbl)	440,000		821,250
Weighted-average floor price ($/Bbl)	$	45.00	$	53.67
Weighted-average ceiling price ($/Bbl)	$	59.50	$	62.40
Total Brent ICE:
Total volume (Bbl)	6,091,250		4,580,750
Weighted-average floor price ($/Bbl)	$	50.83	$	48.24

Weighted-average ceiling price ($/Bbl)	$	51.88	$	49.81









































NGL:
Mont Belvieu OPIS:
Purity Ethane - Swaps:
Volume (Bbl)	687,500		—
Weighted-average price ($/Bbl)	$	12.01	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	1,825,725		—
Weighted-average price ($/Bbl)	$	22.90	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	608,575		—
Weighted-average price ($/Bbl)	$	25.87	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	166,100		—
Weighted-average price ($/Bbl)	$	26.55	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	663,850		—
Weighted-average price ($/Bbl)	$	38.16	$	—

Total NGL volume (Bbl)	3,951,750		—
Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	32,037,500		3,650,000
Weighted-average price ($/MMBtu)	$	2.59	$	2.73









Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	42,680,000		18,067,500
Weighted-average differential ($/MMBtu)	$	(0.47)	$	(0.41)

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 summarizes the Company's interest rate derivative:


	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 Note 3.a for further discussion of the Company's asset acquisition associated with potential contingent consideration payments. At each quarterly reporting period, the Company remeasures its contingent consideration with the changes in fair values recognized in earnings.

Fair value measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair value measurements

See the beginning of Note 11 in the 2020 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.e in the 2020 Annual Report for the Company's significant accounting policies for derivatives.

Balance sheet presentation

The following tables present the Company's derivatives by (i) balance sheet classification, (ii) derivative type and (iii) fair value hierarchy level, 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:


	March 31, 2021
(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	$	—	$	6,197	$	—	$	6,197	$	(6,197)	$	—
Commodity - NGL	—		1,735		—		1,735		(1,735)		—
Commodity - Natural gas	—		(195)		—		(195)		195		—

Noncurrent:
Commodity - Oil	$	—	$	3,928	$	—	$	3,928	$	(3,928)	$	—
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		545		—		545		(545)		—


Liabilities:
Current:
Commodity - Oil	$	—	$	(73,960)	$	—	$	(73,960)	$	6,197	$	(67,763)
Commodity - NGL	—		(39,133)		—		(39,133)		1,735		(37,398)
Commodity - Natural gas	—		(21,726)		—		(21,726)		(195)		(21,921)

Interest rate - LIBOR	—		(197)		—		(197)		—		(197)
Contingent consideration	—		(1,115)		—		(1,115)		—		(1,115)
Noncurrent:
Commodity - Oil	$	—	$	(32,534)	$	—	$	(32,534)	$	3,928	$	(28,606)
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		(1,746)		—		(1,746)		545		(1,201)


Interest rate - LIBOR	—		(13)		—		(13)		—		(13)
Contingent consideration	—		(1)		—		(1)		—		(1)
Net derivative liability positions	$	—	$	(158,215)	$	—	$	(158,215)	$	—	$	(158,215)


	December 31, 2020
(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	$	—	$	32,958	$	—	$	32,958	$	(24,930)	$	8,028
Commodity - NGL	—		2,720		—		2,720		(2,720)		—
Commodity - Natural gas	—		521		—		521		(656)		(135)


Noncurrent:
Commodity - Oil	$	—	$	—	$	—	$	—	$	—	$	—
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		535		—		535		(535)		—


Liabilities:
Current:
Commodity - Oil	$	—	$	(25,118)	$	—	$	(25,118)	$	24,930	$	(188)
Commodity - NGL	—		(16,185)		—		(16,185)		2,720		(13,465)
Commodity - Natural gas	—		(17,958)		—		(17,958)		656		(17,302)


Interest rate - LIBOR	—		(206)		—		(206)		—		(206)
Contingent consideration	—		(665)		—		(665)		—		(665)
Noncurrent:
Commodity - Oil	$	—	$	(10,932)	$	—	$	(10,932)	$	—	$	(10,932)
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		(1,476)		—		(1,476)		535		(941)


Interest rate - LIBOR	—		(63)		—		(63)		—		(63)
Contingent consideration	—		(115)		—		(115)		—		(115)
Net derivative liability positions	$	—	$	(35,984)	$	—	$	(35,984)	$	—	$	(35,984)

See Note 11.a in the 2020 Annual Report for discussion of the significant Level 2 inputs used in the fair value mark-to-market analysis of commodity, interest rate and contingent consideration derivatives. The Company reviewed the third-party specialist's valuations of commodity, interest rate and contingent consideration derivatives, including the related inputs, and analyzed changes in fair values between reporting dates.

The Company's 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 derivative liability was $1.1 million and $0.8 million as of March 31, 2021 and December 31, 2020, respectively. See Note 3.a for further discussion of the Company's asset acquisition associated with the potential contingent consideration payments.

b. Fair value measurement on a nonrecurring basis

See Note 2.i in the 2020 Annual Report for the Level 2 fair value hierarchy input assumptions used in estimating the net realizable value ("NRV") of inventory used to determine the $1.3 million impairment expense of inventory recorded during the three months ended March 31, 2020, pertaining to line-fill and other inventories. There were no impairments of inventory recorded during the three months ended March 31, 2021.

See Note 11.b in the 2020 Annual Report for the Level 3 fair value hierarchy input assumptions used in the fair value measurement of long-lived assets used to determine the $8.2 million impairment expense of long-lived assets recorded during the three months ended March 31, 2020, pertaining to midstream service assets. There were no impairments of long-lived assets recorded during the three months ended March 31, 2021.

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:


	March 31, 2021				December 31, 2020
(in thousands)	Long-term debt		Fair value(1)		Long-term debt		Fair value(1)
January 2025 Notes	$	577,913	$	556,288	$	577,913	$	499,299
January 2028 Notes	361,044		346,064		361,044		299,667
Senior Secured Credit Facility	220,000		220,130		255,000		255,187
Total	$	1,158,957	$	1,122,482	$	1,193,957	$	1,054,153

______________________________________________________________________________

(1)The fair values of the outstanding notes were determined using the Level 1 fair value hierarchy quoted market prices for each respective instrument as of March 31, 2021 and December 31, 2020. The fair values of the outstanding debt under the Senior Secured Credit Facility were estimated utilizing the Level 2 fair value hierarchy pricing model for similar instruments as of March 31, 2021 and December 31, 2020.

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.

Net income (loss) per common share

Net income (loss) per common share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Basic and diluted net income (loss) per common share are computed by dividing net income (loss) by the weighted-average common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award. See Note 8 for additional discussion of these awards. For the three months ended March 31, 2021, all of these awards were anti-dilutive due to the Company's net loss and, therefore, were excluded from the calculation of diluted net loss per common share. The dilutive effects of these awards were calculated utilizing the treasury stock method for the three months ended March 31, 2020.

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


	Three months ended March 31,
(in thousands, except for per share data)	2021		2020



Net income (loss) (numerator)	$	(75,439)	$	74,646
Weighted-average common shares outstanding (denominator)(1):
Basic	11,918		11,618




Diluted	11,918		11,673
Net income (loss) per common share(1):



Basic	$	(6.33)	$	6.43




Diluted	$	(6.33)	$	6.39

_____________________________________________________________________________

(1)For the three months ended March 31, 2020, 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.b.

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2021
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 enters into drilling rig contracts to ensure availability of desired rigs to facilitate drilling plans. The Company has two operating leases for terms of multiple months, both of which contain early termination clauses that require 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 three months ended March 31, 2021 or 2020. As these drilling rig contracts are operating leases, the present value of the future commitment as of March 31, 2021 related to the drilling rig contract with an initial term greater than 12 months is included in current and noncurrent "Operating lease liabilities" on the unaudited consolidated balance sheet as of March 31, 2021. The future commitment of $1.7 million as of March 31, 2021 related to the drilling rig contract with an initial term less than 12 months is not recorded on the unaudited consolidated balance sheets. See Note 5 in the 2020 Annual Report for additional discussion of the Company's leases. 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 are 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 a portion of this particular commitment with produced or purchased oil, therefore, the Company expensed firm transportation payments on excess capacity of $1.6 million during the three months ended March 31, 2021, which is recorded in "Transportation and marketing expenses" on the unaudited consolidated statement of operations. No firm transportation payments on excess pipeline capacity were incurred during the three months ended March 31, 2020. The Company's estimated aggregate liability of firm transportation payments on excess capacity is $4.4 million as of March 31, 2021, and is included in "Accounts payable and accrued liabilities" on the unaudited consolidated balance sheet. As of March 31, 2021, future firm sale and transportation commitments of $258.8 million are expected to be satisfied, and as such, are not recorded as a liability on the unaudited consolidated balance sheet. d. Sand purchase commitment During the year ended December 31, 2020, the Company entered into an agreement to take delivery of processed sand at a fixed price for one year, which is utilized in the Company's completions activities, from its sand mine that is operated by a third-party contractor. As of March 31, 2021, under the terms of this agreement, the Company is required to purchase a certain volume remaining under its commitment or it would incur a shortfall payment of $3.4 million at the end of the contract period. e. 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. f. 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 March 31, 2021 or December 31, 2020.

Supplemental cash flow and non-cash information

3 Months Ended

Mar. 31, 2021

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:


	Three months ended March 31,
(in thousands)	2021		2020
Supplemental cash flow information:
Cash paid for interest, net of $449 and $1,181 of capitalized interest, respectively	$	48,030	$	23,697

Supplemental non-cash investing information:

Change in accrued capital expenditures	$	(351)	$	16,272

Capitalized share-settled equity-based compensation	$	670	$	965
Capitalized asset retirement cost	$	397	$	886

Asset retirement obligations

3 Months Ended

Mar. 31, 2021

Asset Retirement Obligation Disclosure [Abstract]

Asset retirement obligations

See Note 2.k in the 2020 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:


	Three months ended March 31,
(in thousands)	2021		2020
Liability at beginning of period	$	68,326	$	62,718
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	397		886
Accretion expense (1)	1,143		1,106
Liabilities settled due to plugging and abandonment or removed due to sale	(57)		(497)


Liability at end of period	$	69,809	$	64,213

_____________________________________________________________________________

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

Revenue recognition	3 Months Ended
Revenue recognition	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognition	Revenue recognition Oil, NGL and natural gas sales and sales of purchased oil are generally recognized at the point in time that control of the product is transferred to the customer. Midstream service revenues 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 14 in the 2020 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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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: 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
-Topic 606
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Income taxes	3 Months Ended
Income taxes	Mar. 31, 2021
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 March 31, 2021, 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 $397.6 million will not expire but may be limited in future periods, and state of Oklahoma net operating loss carryforwards totaling $34.5 million that will begin to expire in 2032. As of March 31, 2021, 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 March 31, 2021, the Company's ability to capitalize intangible drilling costs, rather than expensing these costs and future projections of Oklahoma sourced income. As of March 31, 2021, a total valuation allowance of $505.1 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 $2.2 million, which is included in "Other noncurrent assets, net" on the unaudited consolidated balance sheets.

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.

Related parties

3 Months Ended

Mar. 31, 2021

Related parties

Halliburton

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 statements of cash flows for the periods presented:


	Three months ended March 31,
(in thousands)	2021		2020

Capital expenditures for oil and natural gas properties	$	11,780	$	27,225

Subsequent events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent events

a. Senior Secured Credit Facility

On April 6, 2021 and April 26, 2021, the Company borrowed an additional $20.0 million and made a $10.0 million payment, respectively, on the Senior Secured Credit Facility. As a result, the outstanding balance under the Senior Secured Credit Facility was $230.0 million as of May 3, 2021. See Note 6.c for additional discussion of the Company's Senior Secured Credit Facility.

b. Commodity derivatives

The following table presents the commodity derivatives that were entered into by the Company subsequent to March 31, 2021:

Aggregate volumes (Bbl)

Weighted-average price ($/Bbl)

Contract period

Brent ICE - Swaps

365,000

61.55

January 2022 - December 2022

The following table summarizes the resulting open oil derivative position as of March 31, 2021, updated for the above derivative transactions through May 3, 2021, for the settlement periods presented:


	Remaining Year 2021		Year 2022
Oil:













Brent ICE - Swaps:
Volume (Bbl)	5,651,250		4,124,500
Weighted-average price ($/Bbl)	$	51.29	$	48.34
Brent ICE - Collars:
Volume (Bbl)	440,000		821,250
Weighted-average floor price ($/Bbl)	$	45.00	$	53.67
Weighted-average ceiling price ($/Bbl)	$	59.50	$	62.40
Total Brent ICE:
Total volume (Bbl)	6,091,250		4,945,750
Weighted-average floor price ($/Bbl)	$	50.83	$	49.22

Weighted-average ceiling price ($/Bbl)	$	51.88	$	50.67

See Note 9 for additional discussion regarding the Company's derivatives. There has been no other derivative activity subsequent to March 31, 2021.

Organization and basis of presentation (Policies)	3 Months Ended
Organization and basis of presentation (Policies)	Mar. 31, 2021
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, 2020 is derived from the Company's 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 March 31, 2021, results of operations for the three months ended March 31, 2021 and 2020 and cash flows for the three months ended March 31, 2021 and 2020. 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 2020 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. See Note 2.b in the 2020 Annual Report for further information regarding the use of estimates and assumptions.
New accounting standards	The Company considered 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 March 31, 2021.
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 cash flows from proved oil, NGL and natural gas reserves, which exclude the effect of the Company's commodity derivative transactions, discounted at 10%. 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, certain transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the delivery point ("Realized Prices") without giving effect to the Company's commodity derivative transactions. The Realized Prices are utilized to calculate the estimated future net cash flows 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 Laredo Petroleum, Inc. Omnibus 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 of common stock may be issued under the Equity Incentive Plan. See Note 7.b for additional discussion of the reverse stock split and Authorized Share Reduction. See Note 9.a in the 2020 Annual Report for additional discussion of the Company's equity-based compensation awards.
Net income (loss) per common share	Net income (loss) per common share Basic and diluted net income (loss) per common share are computed by dividing net income (loss) by the weighted-average common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards, non-vested performance share awards and the non-vested outperformance share award.
Revenue recognition	Revenue recognition Oil, NGL and natural gas sales and sales of purchased oil are generally recognized at the point in time that control of the product is transferred to the customer. Midstream service revenues are recognized over time as the customer benefits from these services when provided.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18823-107790

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130566-203045

Property, Plant and Equipment [Abstract]

Property and equipment (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of property and equipment

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


(in thousands)	March 31, 2021		December 31, 2020
Evaluated oil and natural gas properties	$	7,953,141	$	7,874,932
Less accumulated depletion and impairment	(6,852,688)		(6,817,949)
Evaluated oil and natural gas properties, net	1,100,453		1,056,983

Unevaluated oil and natural gas properties not being depleted	60,260		70,020

Midstream service assets	182,405		181,718
Less accumulated depreciation and impairment	(71,322)		(69,021)
Midstream service assets, net	111,083		112,697

Depreciable other fixed assets	37,612		37,454
Less accumulated depreciation and amortization	(24,937)		(24,344)
Depreciable other fixed assets, net	12,675		13,110

Land	18,901		18,901

Total property and equipment, net	$	1,303,372	$	1,271,711


	Three months ended March 31,
(in thousands except per BOE data)	2021		2020
Depletion expense of evaluated oil and natural gas properties	$	34,725	$	57,752
Depletion expense per BOE sold	$	4.88	$	7.33

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 March 31,
(in thousands)	2021		2020
Full cost ceiling impairment expense	$	—	$	177,182

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


	Three months ended March 31,
(in thousands)	2021		2020
Property acquisition costs:
Evaluated	$	—	$	7,586
Unevaluated	—		15,556
Exploration costs	3,957		6,710
Development costs	64,492		146,158
Total oil and natural gas properties costs incurred	$	68,449	$	176,010

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 March 31,
(in thousands)	2021		2020
Capitalized employee-related costs	$	4,241	$	4,505

Schedule of benchmark prices and realized prices

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


	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020
Benchmark Prices:
Oil ($/Bbl)	$	36.49	$	36.04	$	39.88	$	43.60
NGL ($/Bbl)(1)	$	19.24	$	16.63	$	16.95	$	16.87
Natural gas ($/MMBtu)	$	1.69	$	1.21	$	1.06	$	0.87
Realized Prices:
Oil ($/Bbl)	$	38.28	$	37.69	$	41.08	$	44.97
NGL ($/Bbl)	$	9.92	$	7.43	$	7.71	$	7.66
Natural gas ($/Mcf)	$	1.20	$	0.79	$	0.68	$	0.53

_____________________________________________________________________________

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

Debt (Tables)

3 Months Ended

Mar. 31, 2021

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:


	March 31, 2021						December 31, 2020
(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 2025 Notes	577,913		(7,931)		569,982		577,913		(8,676)		569,237
January 2028 Notes	361,044		(5,652)		355,392		361,044		(6,015)		355,029
Senior Secured Credit Facility(1)	220,000		—		220,000		255,000		—		255,000
Long-term debt, net	$	1,158,957	$	(13,583)	$	1,145,374	$	1,193,957	$	(14,691)	$	1,179,266

______________________________________________________________________________

Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of restricted stock award activity

The following table reflects the restricted stock award activity for the three months ended March 31, 2021:


(in thousands, except for weighted-average grant-date fair value)	Restricted stock awards	Weighted-average grant-date fair value (per share)
Outstanding as of December 31, 2020	309	$	44.88
Granted	188	$	34.45
Forfeited	(1)	$	83.04
Vested(1)	(103)	$	65.07
Outstanding as of March 31, 2021	393	$	34.50

_____________________________________________________________________________

(1)The aggregate intrinsic value of vested restricted stock awards for the three months ended March 31, 2021 was $3.5 million.

Schedule of performance unit and performance share awards activity

The following table reflects the performance share award activity for the three months ended March 31, 2021:


(in thousands, except for weighted-average grant-date fair value)	Performance share awards	Weighted-average grant-date fair value (per share)
Outstanding as of December 31, 2020	97	$	84.06

Vested(1)	(15)	$	184.43
Outstanding as of March 31, 2021	82	$	65.98

______________________________________________________________________________

The following table reflects the performance unit award activity for the three months ended March 31, 2021:


(in thousands)						Performance units
Outstanding as of December 31, 2020						99
Granted						110


Outstanding as of March 31, 2021						209

Schedule of assumptions used to estimate fair value

The following table presents the assumptions used to estimate the fair value per performance unit for the performance unit awards granted in 2021:


	March 9, 2021
Remaining performance period	2.81 years
Risk-free interest rate(1)	0.32		%
Dividend yield	—		%
Expected volatility(2)	114.60		%
Closing stock price on grant date	$	34.66

______________________________________________________________________________

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

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

Schedule of phantom unit award activity

The following table reflects the phantom unit award activity for the three months ended March 31, 2021:


(in thousands, except for weighted-average fair value)						Phantom units
Outstanding as of December 31, 2020						75
Granted						5

Vested(1)						(25)
Outstanding as of March 31, 2021						55

______________________________________________________________________________

(1)On March 5, 2021, the vested phantom unit awards were settled and paid out in cash at a fair value of $34.24 based on the Company's closing stock price on the vesting date.

Schedule of allocated share-based compensation costs

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


	Three months ended March 31,
(in thousands)	2021		2020
Equity awards:
Restricted stock awards	$	1,963	$	2,498
Performance share awards	725		756
Outperformance share award	43		44
Stock option awards	7		43
Total share-settled equity-based compensation, gross	$	2,738	$	3,341
Less amounts capitalized	(670)		(965)
Total share-settled equity-based compensation, net	$	2,068	$	2,376
Liability awards:
Performance unit awards	$	820	$	24
Phantom unit awards	506		25
Total cash-settled equity-based compensation, gross	$	1,326	$	49
Less amounts capitalized	(198)		(10)
Total cash-settled equity-based compensation, net	$	1,128	$	39
Total equity-based compensation, net	$	3,196	$	2,415

Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
(in thousands)	2021		2020
Commodity	$	(154,033)	$	291,361
Interest rate	4		—
Contingent consideration	(336)		6,475
Gain (loss) on derivatives, net	$	(154,365)	$	297,836

Schedule of derivatives terminated

The following table presents the commodity derivatives that were terminated:


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

Schedule of open positions and derivatives in place

The following table summarizes open commodity derivative positions as of March 31, 2021, for commodity derivatives that were entered into through March 31, 2021, for the settlement periods presented:


	Remaining Year 2021		Year 2022
Oil:













Brent ICE - Swaps:
Volume (Bbl)	5,651,250		3,759,500
Weighted-average price ($/Bbl)	$	51.29	$	47.05
Brent ICE - Collars:
Volume (Bbl)	440,000		821,250
Weighted-average floor price ($/Bbl)	$	45.00	$	53.67
Weighted-average ceiling price ($/Bbl)	$	59.50	$	62.40
Total Brent ICE:
Total volume (Bbl)	6,091,250		4,580,750
Weighted-average floor price ($/Bbl)	$	50.83	$	48.24

Weighted-average ceiling price ($/Bbl)	$	51.88	$	49.81









































NGL:
Mont Belvieu OPIS:
Purity Ethane - Swaps:
Volume (Bbl)	687,500		—
Weighted-average price ($/Bbl)	$	12.01	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	1,825,725		—
Weighted-average price ($/Bbl)	$	22.90	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	608,575		—
Weighted-average price ($/Bbl)	$	25.87	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	166,100		—
Weighted-average price ($/Bbl)	$	26.55	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	663,850		—
Weighted-average price ($/Bbl)	$	38.16	$	—

Total NGL volume (Bbl)	3,951,750		—
Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	32,037,500		3,650,000
Weighted-average price ($/MMBtu)	$	2.59	$	2.73









Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	42,680,000		18,067,500
Weighted-average differential ($/MMBtu)	$	(0.47)	$	(0.41)

The following table summarizes the Company's interest rate derivative:


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

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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


	March 31, 2021
(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	$	—	$	6,197	$	—	$	6,197	$	(6,197)	$	—
Commodity - NGL	—		1,735		—		1,735		(1,735)		—
Commodity - Natural gas	—		(195)		—		(195)		195		—

Noncurrent:
Commodity - Oil	$	—	$	3,928	$	—	$	3,928	$	(3,928)	$	—
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		545		—		545		(545)		—


Liabilities:
Current:
Commodity - Oil	$	—	$	(73,960)	$	—	$	(73,960)	$	6,197	$	(67,763)
Commodity - NGL	—		(39,133)		—		(39,133)		1,735		(37,398)
Commodity - Natural gas	—		(21,726)		—		(21,726)		(195)		(21,921)

Interest rate - LIBOR	—		(197)		—		(197)		—		(197)
Contingent consideration	—		(1,115)		—		(1,115)		—		(1,115)
Noncurrent:
Commodity - Oil	$	—	$	(32,534)	$	—	$	(32,534)	$	3,928	$	(28,606)
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		(1,746)		—		(1,746)		545		(1,201)


Interest rate - LIBOR	—		(13)		—		(13)		—		(13)
Contingent consideration	—		(1)		—		(1)		—		(1)
Net derivative liability positions	$	—	$	(158,215)	$	—	$	(158,215)	$	—	$	(158,215)


	December 31, 2020
(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	$	—	$	32,958	$	—	$	32,958	$	(24,930)	$	8,028
Commodity - NGL	—		2,720		—		2,720		(2,720)		—
Commodity - Natural gas	—		521		—		521		(656)		(135)


Noncurrent:
Commodity - Oil	$	—	$	—	$	—	$	—	$	—	$	—
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		535		—		535		(535)		—


Liabilities:
Current:
Commodity - Oil	$	—	$	(25,118)	$	—	$	(25,118)	$	24,930	$	(188)
Commodity - NGL	—		(16,185)		—		(16,185)		2,720		(13,465)
Commodity - Natural gas	—		(17,958)		—		(17,958)		656		(17,302)


Interest rate - LIBOR	—		(206)		—		(206)		—		(206)
Contingent consideration	—		(665)		—		(665)		—		(665)
Noncurrent:
Commodity - Oil	$	—	$	(10,932)	$	—	$	(10,932)	$	—	$	(10,932)
Commodity - NGL	—		—		—		—		—		—
Commodity - Natural gas	—		(1,476)		—		(1,476)		535		(941)


Interest rate - LIBOR	—		(63)		—		(63)		—		(63)
Contingent consideration	—		(115)		—		(115)		—		(115)
Net derivative liability positions	$	—	$	(35,984)	$	—	$	(35,984)	$	—	$	(35,984)

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:


	March 31, 2021				December 31, 2020
(in thousands)	Long-term debt		Fair value(1)		Long-term debt		Fair value(1)
January 2025 Notes	$	577,913	$	556,288	$	577,913	$	499,299
January 2028 Notes	361,044		346,064		361,044		299,667
Senior Secured Credit Facility	220,000		220,130		255,000		255,187
Total	$	1,158,957	$	1,122,482	$	1,193,957	$	1,054,153

______________________________________________________________________________

Net income (loss) per common share (Tables)

3 Months Ended

Mar. 31, 2021

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 income (loss) per common share for the periods presented:


	Three months ended March 31,
(in thousands, except for per share data)	2021		2020



Net income (loss) (numerator)	$	(75,439)	$	74,646
Weighted-average common shares outstanding (denominator)(1):
Basic	11,918		11,618




Diluted	11,918		11,673
Net income (loss) per common share(1):



Basic	$	(6.33)	$	6.43




Diluted	$	(6.33)	$	6.39

_____________________________________________________________________________

Supplemental cash flow and non-cash information (Tables)

3 Months Ended

Mar. 31, 2021

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:


	Three months ended March 31,
(in thousands)	2021		2020
Supplemental cash flow information:
Cash paid for interest, net of $449 and $1,181 of capitalized interest, respectively	$	48,030	$	23,697

Supplemental non-cash investing information:

Change in accrued capital expenditures	$	(351)	$	16,272

Capitalized share-settled equity-based compensation	$	670	$	965
Capitalized asset retirement cost	$	397	$	886

Asset retirement obligations (Tables)

3 Months Ended

Mar. 31, 2021

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:


	Three months ended March 31,
(in thousands)	2021		2020
Liability at beginning of period	$	68,326	$	62,718
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	397		886
Accretion expense (1)	1,143		1,106
Liabilities settled due to plugging and abandonment or removed due to sale	(57)		(497)


Liability at end of period	$	69,809	$	64,213

_____________________________________________________________________________

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

Related parties (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of related party transactions

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


	Three months ended March 31,
(in thousands)	2021		2020

Capital expenditures for oil and natural gas properties	$	11,780	$	27,225

Subsequent events (Tables)

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Schedule of subsequent events

The following table presents the commodity derivatives that were entered into by the Company subsequent to March 31, 2021:

Aggregate volumes (Bbl)

Weighted-average price ($/Bbl)

Contract period

Brent ICE - Swaps

365,000

61.55

January 2022 - December 2022


	Remaining Year 2021		Year 2022
Oil:













Brent ICE - Swaps:
Volume (Bbl)	5,651,250		4,124,500
Weighted-average price ($/Bbl)	$	51.29	$	48.34
Brent ICE - Collars:
Volume (Bbl)	440,000		821,250
Weighted-average floor price ($/Bbl)	$	45.00	$	53.67
Weighted-average ceiling price ($/Bbl)	$	59.50	$	62.40
Total Brent ICE:
Total volume (Bbl)	6,091,250		4,945,750
Weighted-average floor price ($/Bbl)	$	50.83	$	49.22

Weighted-average ceiling price ($/Bbl)	$	51.88	$	50.67

Organization and basis of presentation (Details)	3 Months Ended
Organization and basis of presentation (Details)	Mar. 31, 2021 operating_segment
Accounting Policies [Abstract]
Number of operating segments	1

Acquisitions and divestiture - Narrative (Details) $ in Millions				1 Months Ended
	Apr. 30, 2020 USD ($) a	Apr. 09, 2020 USD ($) a well	Feb. 04, 2020 USD ($) a	Nov. 16, 2020 USD ($) a Boe	Dec. 31, 2022 USD ($)	Oct. 16, 2020 a
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	80		2,758
Consideration transferred in acquisition	$ 0.6		$ 22.5	$ 11.6
Fair value of contingent consideration	$ 0.2
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
Acquired evaluated and unevaluated oil and natural gas properties in Howard County, Texas
Business Acquisition [Line Items]
Production reserve (BOE per day) \| Boe				210

Property and equipment - Company property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Evaluated oil and natural gas properties	$ 7,953,141	$ 7,874,932
Less accumulated depletion and impairment	(6,852,688)	(6,817,949)
Evaluated oil and natural gas properties, net	1,100,453	1,056,983
Unevaluated oil and natural gas properties not being depleted	60,260	70,020
Midstream service assets, net	111,083	112,697
Depreciable other fixed assets, net	31,576	32,011
Property and equipment, net	1,303,372	1,271,711
Midstream service assets
Property, Plant and Equipment [Line Items]
Midstream service assets	182,405	181,718
Less accumulated depreciation and impairment	(71,322)	(69,021)
Depreciable other fixed assets
Property, Plant and Equipment [Line Items]
Less accumulated depreciation and impairment	(24,937)	(24,344)
Depreciable other fixed assets	37,612	37,454
Depreciable other fixed assets, net	12,675	13,110
Land
Property, Plant and Equipment [Line Items]
Depreciable other fixed assets, net	$ 18,901	$ 18,901

Property and equipment - Costs incurred in the acquisition, exploration and development of oil and natural gas properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property acquisition costs:
Evaluated	$ 0	$ 7,586
Unevaluated	0	15,556
Exploration costs	3,957	6,710
Development costs	64,492	146,158
Total costs incurred	$ 68,449	$ 176,010

Property and equipment - Other property and equipment information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / Boe	Mar. 31, 2020 USD ($) $ / Boe
Property, Plant and Equipment [Abstract]
Capitalized employee-related costs	$ 4,241	$ 4,505
Depletion expense of evaluated oil and natural gas properties	$ 34,725	$ 57,752
Depletion expense (USD per BOE) \| $ / Boe	4.88	7.33
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
	Mar. 31, 2021 $ / bbl $ / MMBTU $ / MMcf	Dec. 31, 2020 $ / bbl $ / MMBTU $ / MMcf	Sep. 30, 2020 $ / bbl $ / MMBTU $ / MMcf	Jun. 30, 2020 $ / bbl $ / MMBTU $ / MMcf
Oil ($/Bbl)
Property, Plant and Equipment [Line Items]
Benchmark Prices (USD per unit)	36.49	36.04	39.88	43.60
Realized Prices (USD per unit)	38.28	37.69	41.08	44.97
NGL ($/Bbl)
Property, Plant and Equipment [Line Items]
Benchmark Prices (USD per unit)	19.24	16.63	16.95	16.87
Realized Prices (USD per unit)	9.92	7.43	7.71	7.66
Natural gas ($/MMBtu)
Property, Plant and Equipment [Line Items]
Benchmark Prices (USD per unit) \| $ / MMBTU	1.69	1.21	1.06	0.87
Realized Prices (USD per unit) \| $ / MMcf	1.20	0.79	0.68	0.53

Property and equipment - Full cost ceiling impairment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Full cost ceiling impairment expense	$ 0	$ 177,182

Leases - Narrative (Details)	Mar. 31, 2021
Leases [Abstract]
Average working interest (as a percent)	97.00%

Debt - January 2025 and 2028 Notes (Details) - USD ($)		3 Months Ended		12 Months Ended
Debt - January 2025 and 2028 Notes (Details) - USD ($)	Jan. 24, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Nov. 30, 2020
Debt Instrument [Line Items]
Authorized amount of bond repurchase program					$ 50,000,000.0
Extinguishment of debt		$ 0	$ 808,855,000
Gain on extinguishment of debt		$ 0	$ (13,320,000)
Senior Notes
Debt Instrument [Line Items]
Proceeds from senior notes	$ 982,000,000.0
Senior Notes \| January 2025 Notes
Debt Instrument [Line Items]
Face amount of debt	$ 600,000,000.0
Interest rate (as a percent)	9.50%
Repurchased aggregate principal amount				$ 22,100,000
Extinguishment of debt				13,900,000
Senior Notes \| January 2028 Notes
Debt Instrument [Line Items]
Face amount of debt	$ 400,000,000.0
Interest rate (as a percent)	10.125%
Repurchased aggregate principal amount				39,000,000.0
Extinguishment of debt				24,200,000
Senior Notes \| Senior Note 9.500 Percent Due 2025 & Senior Note 10.125 Percent Due 2028
Debt Instrument [Line Items]
Gain on extinguishment of debt				$ 22,300,000

Debt - January 2022 and March 2023 Notes (Details) - USD ($)					3 Months Ended		12 Months Ended
	Mar. 15, 2020	Feb. 06, 2020	Jan. 29, 2020	Jan. 24, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 18, 2015	Jan. 23, 2014
Debt Instrument [Line Items]
Outstanding debt					$ 1,145,374,000		$ 1,179,266,000
Extinguishment of debt					0	$ 808,855,000
Gain on extinguishment of debt					$ 0	$ (13,320,000)
Senior Notes \| January 2022 Notes and March 2023 Notes
Debt Instrument [Line Items]
Gain on extinguishment of debt							$ (13,300,000)
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
Extinguishment of 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
Extinguishment of debt	$ 50,600,000	$ 304,100,000
Debt call price (as a percent)	101.563%

Debt - Senior Secured Credit Facility (Details) - Secured debt - USD ($)	Mar. 31, 2021	Dec. 31, 2020
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	$ 220,000,000.0
Credit facility, interest rate at period end (as a percent)	2.625%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 80,000,000.0
Letters of credit outstanding	$ 44,100,000	$ 44,100,000

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.

Net income (loss) (numerator)

Debt - Debt issuance costs (Details) - USD ($)	3 Months Ended
Debt - Debt issuance costs (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt issuance costs capitalized	$ 0		$ 18,400,000
Write-off of debt issuance costs	0
Total debt issuance costs, including line of credit	15,700,000	$ 17,000,000.0
Accumulated amortization	$ 23,100,000	$ 22,100,000

Debt - Long-term debt, net (Details) - USD ($)	3 Months Ended
Debt - Long-term debt, net (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 1,158,957,000	$ 1,193,957,000
Debt issuance costs, net	(13,583,000)	(14,691,000)
Long-term debt, net	1,145,374,000	1,179,266,000
Write-off of debt issuance costs	0
Senior Notes \| January 2025 Notes
Debt Instrument [Line Items]
Long-term debt	577,913,000	577,913,000
Debt issuance costs, net	(7,931,000)	(8,676,000)
Long-term debt, net	569,982,000	569,237,000
Senior Notes \| January 2028 Notes
Debt Instrument [Line Items]
Long-term debt	361,044,000	361,044,000
Debt issuance costs, net	(5,652,000)	(6,015,000)
Long-term debt, net	355,392,000	355,029,000
Secured debt \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt	220,000,000	255,000,000
Debt issuance costs, net	0	0
Long-term debt, net	220,000,000	255,000,000
Secured debt \| Senior Secured Credit Facility \| Other noncurrent assets, net
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements	$ 2,100,000	$ 2,300,000

Stockholders' equity - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended
	Feb. 23, 2021 USD ($) $ / shares	Jun. 01, 2020 $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares	May 31, 2020 shares
Class of Stock [Line Items]
Common stock par value (USD per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01	$ 0.01
Conversation ratio of reverse stock split		0.05
Common stock authorized (shares)		22,500,000	22,500,000	22,500,000	450,000,000
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
At-the-Market Offering
Class of Stock [Line Items]
Consideration received from sale of stock \| $			$ 26.9
Stock issued in sale (shares)			723,579
At-the-Market Offering \| Maximum
Class of Stock [Line Items]
Consideration received from sale of stock \| $	$ 75.0

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 $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 11.9
Recognition period for costs not yet recognized	2 years 2 months 4 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 $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Restricted stock awards
Outstanding at the beginning of the period (shares) \| shares	309
Granted (shares) \| shares	188
Forfeited (shares) \| shares	(1)
Vested (shares) \| shares	(103)
Outstanding at the end of the period (shares) \| shares	393
Weighted-average grant-date fair value (per share)
Outstanding at the beginning of the period (USD per share) \| $ / shares	$ 44.88
Granted (USD per share) \| $ / shares	34.45
Forfeited (USD per share) \| $ / shares	83.04
Vested (USD per share) \| $ / shares	65.07
Outstanding at the end of the period (USD per share) \| $ / shares	$ 34.50
Equity instruments other than options, aggregate intrinsic value, vested \| $	$ 3.5

Equity Incentive Plan - Stock option awards (Details) - Stock option awards	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (shares) \| shares	11,362
Weighted-average exercise price of options outstanding (USD per share) \| $ / shares	$ 257.42
Weighted-average remaining contractual term of options outstanding	3 years 9 months
Aggregate intrinsic value of options vested and exercisable \| $	$ 0

Equity Incentive Plan - Performance share awards (Details) - Performance share awards - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Feb. 28, 2019	Feb. 16, 2018	Mar. 31, 2021
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			$ 2.2
Recognition period for costs not yet recognized			11 months 1 day
Combined expense per award (USD per share)			$ 88.16
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) - Performance share awards - $ / shares	3 Months Ended	36 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Performance unit/share awards
Outstanding at the beginning of the period (shares)	97,000
Vested (shares)	(15,000)
Outstanding at the end of the period (shares)	82,000	97,000
Weighted-average grant-date fair value (per award)
Outstanding at the beginning of the period (USD per share)	$ 84.06
Vested (USD per share)	184.43
Outstanding at the end of the period (USD per share)	$ 65.98	$ 84.06
Actual payout (as a percent)		43.00%
Performance share conversion (shares)	6,343

Equity Incentive Plan - Outperformance share awards (Details) - Outperformance share awards $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold consecutive trading days	50 days
Stock-based compensation not yet recognized \| $	$ 0.4
Recognition period for costs not yet recognized	3 years 3 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

Equity Incentive Plan - Performance unit awards (Details) - Performance unit awards $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares
March 5, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of the awards	3 years
Combined expense per award (USD per share)	$ 41.82
March 9, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized \| $	$ 7.0
Recognition period for costs not yet recognized	2 years 7 months 13 days
Combined expense per award (USD per share)	$ 39.77
Minimum \| March 5, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout range (as a percent)	0.00%
Minimum \| March 9, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout rate of market criteria awards (as a percent)	0.00%
Payout rate of performance criteria awards (as a percent)	0.00%
Maximum \| March 5, 2020
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%
Maximum \| March 9, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout rate of market criteria awards (as a percent)	250.00%
Payout rate of performance criteria awards (as a percent)	200.00%

Equity Incentive Plan - Performance unit award activity (Details)	3 Months Ended
	Mar. 31, 2021 shares
Performance unit awards
Performance unit/share awards
Outstanding at the beginning of the period (shares)	99,000
Granted (shares)	110,000
Outstanding at the end of the period (shares)	209,000
Performance share awards
Performance unit/share awards
Outstanding at the beginning of the period (shares)	97,000
Outstanding at the end of the period (shares)	82,000

Equity Incentive Plan - Assumptions used to estimate fair value of performance unit awards (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 05, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (USD per share)		$ 34.24
Performance unit awards \| March 9, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining performance period	2 years 9 months 21 days
Risk-free interest rate (as a percent)	0.32%
Dividend yield (as a percent)	0.00%
Expected volatility (as a percent)	114.60%
Closing stock price (USD per share)	$ 34.66

Equity Incentive Plan - Phantom unit awards (Details) - Phantom unit awards $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Awarded in 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 1.6
Recognition period for costs not yet recognized	2 years 29 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 - Phantom unit award activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 05, 2021
Weighted-average grant-date fair value (per award)
Stock price (USD per share)		$ 34.24
Phantom unit awards
Phantom units
Outstanding at the beginning of the period (shares)	75,000
Granted (shares)	5,000
Vested (shares)	(25,000)
Outstanding at the end of the period (shares)	55,000

Equity Incentive Plan - Equity-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Less amounts capitalized	$ (670)	$ (965)
Total equity-based compensation, net	3,196	2,415
Share-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	2,738	3,341
Less amounts capitalized	(670)	(965)
Total equity-based compensation, net	2,068	2,376
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	1,963	2,498
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	725	756
Outperformance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	43	44
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	7	43
Cash-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	1,326	49
Less amounts capitalized	(198)	(10)
Total equity-based compensation, net	1,128	39
Phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	506	25
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	$ 820	$ 24

Derivatives - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended	12 Months Ended
Derivatives - Narrative (Details) $ in Thousands	Feb. 01, 2021 USD ($)	Mar. 31, 2021 USD ($) derivative $ / bbl bbl	Mar. 31, 2020 USD ($)	Dec. 31, 2021 $ / bbl bbl	Dec. 31, 2022 USD ($) $ / bbl bbl
Derivative [Line Items]
Number of types of derivative instruments \| derivative		3
Premiums paid (received) for derivative financial instruments		$ (9,041)	$ 477
Commodity - Oil \| Brent ICE \| Swap \| Derivatives Sold
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		2,254,500
Premiums paid (received) for derivative financial instruments	$ 50,600
Weighted-average price (USD per unit) \| $ / bbl		55.09
Commodity - Oil \| Brent ICE \| Put \| Derivatives Sold
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		2,254,500
Premiums paid (received) for derivative financial instruments		$ 9,000
Weighted-average price (USD per unit) \| $ / bbl		55.00
Commodity - Oil \| Forecast \| Brent ICE \| Not designated as hedges \| Swap \| Outstanding at End of Period
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl				5,651,250	3,759,500
Weighted-average price (USD per unit) \| $ / bbl				51.29	47.05
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					$ 1,200

Derivatives - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Gain (loss) on derivatives, net	$ (154,365)	$ 297,836
Commodity
Derivative [Line Items]
Gain (loss) on derivatives, net	(154,033)	291,361
Interest rate
Derivative [Line Items]
Gain (loss) on derivatives, net	4	0
Contingent consideration
Derivative [Line Items]
Gain (loss) on derivatives, net	$ (336)	$ 6,475

Derivatives - Derivatives Terminated (Details) - Early Contract Termination - WTI NYMEX - Commodity - Oil - Swap	3 Months Ended
	Mar. 31, 2021 $ / bbl bbl
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl	912,500
Floor price ($/Bbl)	45.00
Ceiling price ($/Bbl)	71.00

Derivatives - Summary (Details)	3 Months Ended	9 Months Ended	12 Months Ended
Derivatives - Summary (Details)	Mar. 31, 2021 $ / bbl bbl	Dec. 31, 2021 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2022 MMBTU $ / bbl $ / MMBTU bbl
Brent ICE \| Swap \| Commodity - Oil \| Derivatives Sold
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl	2,254,500
Weighted-average price (USD per unit)	55.09
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Ethane \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		687,500	0
Weighted-average price (USD per unit)		12.01	0
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Propane \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		1,825,725	0
Weighted-average price (USD per unit)		22.90	0
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Normal Butane \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		608,575	0
Weighted-average price (USD per unit)		25.87	0
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Isobutane \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		166,100	0
Weighted-average price (USD per unit)		26.55	0
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Swap \| Natural Gasoline \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		663,850	0
Weighted-average price (USD per unit)		38.16	0
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Commodity \| Commodity - NGL
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		3,951,750	0
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Swap \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		5,651,250	3,759,500
Weighted-average price (USD per unit)		51.29	47.05
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Collar \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		440,000	821,250
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)		45.00	53.67
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)		59.50	62.40
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Commodity \| Floor \| Commodity - Oil
Derivative [Line Items]
Aggregate volumes (Bbl) \| bbl		6,091,250	4,580,750
Weighted-average price (USD per unit)		50.83	48.24
Forecast \| Outstanding at End of Period \| Not designated as hedges \| Brent ICE \| Commodity \| Ceiling \| Commodity - Oil
Derivative [Line Items]
Weighted-average price (USD per unit)		51.88	49.81
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		2.59	2.73
Volume (MMBtu) \| MMBTU		32,037,500	3,650,000
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		(0.47)	(0.41)
Volume (MMBtu) \| MMBTU		42,680,000	18,067,500

Derivatives - Derivatives entered into (Details) - Interest rate swap - Not designated as hedges $ in Thousands	Mar. 31, 2021 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	Mar. 31, 2021	Dec. 31, 2020
Assets:
Net fair value presented on the unaudited consolidated balance sheets	$ 0	$ 7,893
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(128,394)	(31,826)
Net fair value presented on the unaudited consolidated balance sheets	(29,821)	(12,051)
Net derivative liability positions	(158,215)	(35,984)
Interest rate - LIBOR
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(197)	(206)
Net fair value presented on the unaudited consolidated balance sheets	(13)	(63)
Commodity - Oil \| Commodity derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	0	8,028
Net fair value presented on the unaudited consolidated balance sheets	0	0
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(67,763)	(188)
Net fair value presented on the unaudited consolidated balance sheets	(28,606)	(10,932)
Commodity - Oil \| Contingent consideration
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(1,115)	(665)
Net fair value presented on the unaudited consolidated balance sheets	(1)	(115)
Commodity - NGL \| Commodity derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	0	0
Net fair value presented on the unaudited consolidated balance sheets	0	0
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(37,398)	(13,465)
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	0	(135)
Net fair value presented on the unaudited consolidated balance sheets	0	0
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(21,921)	(17,302)
Net fair value presented on the unaudited consolidated balance sheets	(1,201)	(941)
Current Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	6,197	32,958
Amounts offset	(6,197)	(24,930)
Current Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	1,735	2,720
Amounts offset	(1,735)	(2,720)
Current Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	(195)	521
Amounts offset	195	(656)
Noncurrent Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	3,928	0
Amounts offset	(3,928)	0
Noncurrent Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	0	0
Amounts offset	0	0
Noncurrent Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	545	535
Amounts offset	(545)	(535)
Current Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	(197)	(206)
Amounts offset	0	0
Current Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	(73,960)	(25,118)
Amounts offset	6,197	24,930
Current Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	(1,115)	(665)
Amounts offset	0	0
Current Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	(39,133)	(16,185)
Amounts offset	1,735	2,720
Current Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	(21,726)	(17,958)
Amounts offset	(195)	656
Noncurrent Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	(13)	(63)
Amounts offset	0	0
Noncurrent Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	(32,534)	(10,932)
Amounts offset	3,928	0
Noncurrent Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	(1)	(115)
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	(1,746)	(1,476)
Amounts offset	545	535
Level 1
Liabilities:
Net derivative liability positions	0	0
Level 1 \| Current Assets \| Commodity - Oil \| Commodity derivatives
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 \| 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 liability positions	(158,215)	(35,984)
Level 2 \| Current Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	6,197	32,958
Level 2 \| Current Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	1,735	2,720
Level 2 \| Current Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	(195)	521
Level 2 \| Noncurrent Assets \| Commodity - Oil \| Commodity derivatives
Assets:
Total gross fair value	3,928	0
Level 2 \| Noncurrent Assets \| Commodity - NGL \| Commodity derivatives
Assets:
Total gross fair value	0	0
Level 2 \| Noncurrent Assets \| Commodity - Natural gas \| Commodity derivatives
Assets:
Total gross fair value	545	535
Level 2 \| Current Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	(197)	(206)
Level 2 \| Current Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	(73,960)	(25,118)
Level 2 \| Current Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	(1,115)	(665)
Level 2 \| Current Liabilities \| Commodity - NGL \| Commodity derivatives
Liabilities:
Total gross fair value	(39,133)	(16,185)
Level 2 \| Current Liabilities \| Commodity - Natural gas \| Commodity derivatives
Liabilities:
Total gross fair value	(21,726)	(17,958)
Level 2 \| Noncurrent Liabilities \| Interest rate - LIBOR
Liabilities:
Total gross fair value	(13)	(63)
Level 2 \| Noncurrent Liabilities \| Commodity - Oil \| Commodity derivatives
Liabilities:
Total gross fair value	(32,534)	(10,932)
Level 2 \| Noncurrent Liabilities \| Commodity - Oil \| Contingent consideration
Liabilities:
Total gross fair value	(1)	(115)
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	(1,746)	(1,476)
Level 3
Liabilities:
Net derivative liability positions	0	0
Level 3 \| Current Assets \| Commodity - Oil \| Commodity derivatives
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 \| 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 - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Fair value measurements - Narrative (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Apr. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	$ 0	$ 186,699,000
Acquisitions of oil and natural gas properties	0	$ 22,876,000
Howard County Net Acres
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration				$ 200,000
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	1,100,000		$ 800,000
Nonrecurring \| Level 2 \| Line-Fill and Other Inventories
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	0		1,300,000
Nonrecurring \| Level 3 \| Long-Lived Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	$ 0		$ 8,200,000

Fair value measurements - Carrying amount of debt instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long-term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,158,957	$ 1,193,957
Long-term debt \| Senior Secured Credit Facility \| Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	220,000	255,000
Long-term debt \| January 2025 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	577,913	577,913
Long-term debt \| January 2028 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	361,044	361,044
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	1,122,482	1,054,153
Fair value \| Senior Secured Credit Facility \| Secured debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	220,130	255,187
Fair value \| January 2025 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	556,288	499,299
Fair value \| January 2028 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 346,064	$ 299,667

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

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Earnings Per Share [Abstract]

$ (75,439)

$ 74,646

Weighted-average common shares outstanding (denominator):

Basic (shares)

^[1]

11,918

11,618

Diluted (shares)

^[1]

11,918

11,673

Net loss per common share:

Basic (USD per share)

^[1]

$ (6.33)

$ 6.43

Diluted (USD per share)

^[1]

$ (6.33)

$ 6.39

[1]	For the three months ended March 31, 2020, net income 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.b.

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

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Commitments and contingencies - Narrative (Details)	3 Months Ended
Commitments and contingencies - Narrative (Details)	Mar. 31, 2021 USD ($) operating_lease	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Minimum volume commitment deficiency payments	$ 1,600,000	$ 0
Minimum volume commitments deficiency payments liability	4,400,000
Accrual for environmental loss contingencies	$ 0		$ 0
Sand purchase commitment
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase and supply commitment period	1 year
Minimum purchase commitment shortfall payment	$ 3,400,000
Firm sale and transportation commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Future commitments	$ 258,800,000
Drilling rig contract
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of operating leases \| operating_lease	2
Penalties incurred for early contract termination	$ 0	$ 0
Future commitments	$ 1,700,000

Supplemental cash flow and non-cash information - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest	$ 48,030	$ 23,697
Supplemental non-cash investing information:
Change in accrued capital expenditures	(351)	16,272
Capitalized share-settled equity-based compensation	670	965
Capitalized asset retirement cost	397	886
Capitalized interest	$ 449	$ 1,181

Asset retirement obligations - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	$ 68,326	$ 62,718
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	397	886
Accretion expense	1,143	1,106
Liabilities settled due to plugging and abandonment or removed due to sale	(57)	(497)
Liability at end of period	$ 69,809	$ 64,213

Income taxes - Narrative (Details) $ in Millions	Mar. 31, 2021 USD ($)
Operating loss carry-forward
Deferred tax assets, valuation allowance	$ 505.1
Federal \| Internal Revenue Service (IRS)
Operating loss carry-forward
Operating loss carryforwards	2,100.0
Operating loss carryforwards subject to expiration	1,700.0
Operating loss carryforwards not subject to expiration	397.6
State \| State of Oklahoma
Operating loss carry-forward
Operating loss carryforwards	34.5
State \| Texas
Operating loss carry-forward
Net deferred tax asset	$ 2.2

Related parties - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 68,329	$ 135,376
Halliburton \| Affiliated entity
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 11,780	$ 27,225

Subsequent events - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Apr. 26, 2021	Apr. 06, 2021	Mar. 31, 2021	Mar. 31, 2020	May 03, 2021
Subsequent Event [Line Items]
Repayments of long-term lines of credit			$ 50,000	$ 100,000
Secured debt \| Senior Secured Credit Facility
Subsequent Event [Line Items]
Amount outstanding			$ 220,000
Subsequent event \| Secured debt \| Senior Secured Credit Facility
Subsequent Event [Line Items]
Proceeds from lines of credit		$ 20,000
Repayments of long-term lines of credit	$ 10,000
Amount outstanding					$ 230,000