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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Aug. 03, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Laredo Petroleum, Inc.
Entity Central Index Key	0001528129
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		242,505,312
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2

Consolidated balance sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 35,024	$ 32,672
Accounts receivable, net	72,107	86,867
Derivatives	42,985	20,947
Other current assets	17,548	14,291
Total current assets	167,664	154,777
Oil and natural gas properties, full cost method:
Evaluated properties	5,703,873	5,488,756
Unevaluated properties not being depleted	203,888	221,281
Less accumulated depletion and impairment	(4,578,831)	(4,514,183)
Oil and natural gas properties, net	1,328,930	1,195,854
Midstream service assets, net	128,941	126,240
Other fixed assets, net	41,415	44,773
Property and equipment, net	1,499,286	1,366,867
Derivatives	12,807	8,718
Investment in equity method investee	249,492	243,953
Other assets, net	12,005	8,031
Total assets	1,941,254	1,782,346
Current liabilities:
Accounts payable	10,777	15,054
Undistributed revenue and royalties	32,166	26,838
Accrued capital expenditures	53,700	30,845
Derivatives	653	20,993
Other current liabilities	74,787	94,215
Total current liabilities	172,083	187,945
Long-term debt, net	1,390,277	1,353,909
Derivatives	0	5,694
Asset retirement obligations	51,034	50,604
Other noncurrent liabilities	3,457	3,621
Total liabilities	1,616,851	1,601,773
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of June 30, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value, 450,000,000 shares authorized and 242,534,185 and 241,929,070 issued and outstanding as of June 30, 2017 and December 31, 2016, respectively	2,425	2,419
Additional paid-in capital	2,410,674	2,396,236
Accumulated deficit	(2,088,696)	(2,218,082)
Total stockholders' equity	324,403	180,573
Total liabilities and stockholders' equity	$ 1,941,254	$ 1,782,346

Consolidated balance sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	450,000,000	450,000,000
Common stock issued (in shares)	242,534,185	241,929,070
Common stock outstanding (in shares)	242,534,185	241,929,070

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Oil, NGL and natural gas sales	$ 141,837	$ 102,526	$ 280,573	$ 175,668
Midstream service revenues	2,703	1,632	5,702	3,433
Sales of purchased oil	42,461	42,615	89,732	74,229
Total revenues	187,001	146,773	376,007	253,330
Costs and expenses:
Lease operating expenses	20,104	19,225	37,096	39,743
Production and ad valorem taxes	8,472	7,982	17,253	14,417
Midstream service expenses	896	1,178	1,812	1,787
Costs of purchased oil	44,020	44,012	94,276	76,958
General and administrative	22,008	20,502	47,605	39,953
Depletion, depreciation and amortization	38,003	34,177	72,115	75,655
Impairment expense	0	963	0	162,027
Other operating expenses	1,437	860	2,463	1,704
Total costs and expenses	134,940	128,899	272,620	412,244
Operating income (loss)	52,061	17,874	103,387	(158,914)
Non-operating income (expense):
Gain (loss) on derivatives, net	28,897	(68,518)	65,568	(50,633)
Income from equity method investee	2,471	3,696	5,539	5,994
Interest expense	(23,173)	(23,512)	(45,893)	(47,217)
Interest and other income	49	11	194	110
Write-off of debt issuance costs	0	(842)	0	(842)
Gain (loss) on disposal of assets, net	805	(141)	591	(301)
Non-operating income (expense), net	9,049	(89,306)	25,999	(92,889)
Income (loss) before income taxes	61,110	(71,432)	129,386	(251,803)
Income tax:
Deferred	0	0	0	0
Total income tax	0	0	0	0
Net income (loss)	$ 61,110	$ (71,432)	$ 129,386	$ (251,803)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.26	$ (0.33)	$ 0.54	$ (1.17)
Diluted (in dollars per share)	$ 0.25	$ (0.33)	$ 0.53	$ (1.17)
Weighted-average common shares outstanding:
Basic (in shares)	239,231	217,564	238,870	214,562
Diluted (in shares)	244,417	217,564	244,385	214,562

Consolidated statement of stockholders' equity - 6 months ended Jun. 30, 2017 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Treasury Stock (at cost)	Accumulated deficit
Balance, beginning of period (in shares) at Dec. 31, 2016		241,929		0
Balance, beginning of period at Dec. 31, 2016	$ 180,573	$ 2,419	$ 2,396,236	$ 0	$ (2,218,082)
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		1,185
Restricted stock awards	0	$ 12	(12)
Restricted stock forfeitures (in shares)		(232)
Restricted stock forfeitures	0	$ (2)	2
Performance share conversion (in shares)		150
Performance share conversion		$ 2	(2)
Vested restricted stock exchanged for tax withholding (in shares)				542
Vested stock exchanged for tax withholding	(7,597)			$ (7,597)
Retirement of treasury stock (in shares)		(542)		(542)
Retirement of treasury stock	0	$ (6)	(7,591)	$ 7,597
Exercise of stock options (in shares)		44
Exercise of stock options	358		358
Stock-based compensation	21,683		21,683
Net income	129,386				129,386
Balance, end of period (in shares) at Jun. 30, 2017		242,534		0
Balance, end of period at Jun. 30, 2017	$ 324,403	$ 2,425	$ 2,410,674	$ 0	$ (2,088,696)

Consolidated statements of cash flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ 129,386	$ (251,803)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization	72,115	75,655
Impairment expense	0	162,027
Non-cash stock-based compensation, net of amounts capitalized	17,911	9,911
Mark-to-market on derivatives:
(Gain) loss on derivatives, net	(65,568)	50,633
Cash settlements received for matured derivatives, net	21,156	113,319
Cash settlements received for early terminations of derivatives, net	4,234	80,000
Change in net present value of derivative deferred premiums	111	133
Cash premiums paid for derivatives	(12,094)	(84,263)
Amortization of debt issuance costs	2,094	2,187
Write-off of debt issuance costs	0	842
Income from equity method investee	(5,539)	(5,994)
Cash settlement of performance unit awards	0	(6,394)
Other, net	1,414	2,009
Decrease (increase) in accounts receivable	14,760	(844)
Increase in other assets	(3,516)	(117)
(Decrease) increase in accounts payable	(4,277)	319
Increase (decrease) in undistributed revenues and royalties	5,328	(9,088)
(Decrease) increase in other accrued liabilities	(20,449)	295
Decrease in other noncurrent liabilities	(165)	(196)
Net cash provided by operating activities	156,901	138,631
Capital expenditures:
Oil and natural gas properties	(232,219)	(197,042)
Midstream service assets	(6,117)	(3,425)
Other fixed assets	(2,683)	(832)
Investment in equity method investee	0	(42,681)
Proceeds from dispositions of capital assets, net of selling costs	63,441	350
Net cash used in investing activities	(177,578)	(243,630)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	90,000	120,000
Payments on Senior Secured Credit Facility	(55,000)	(144,682)
Proceeds from issuance of common stock, net of offering costs	0	119,310
Purchase of treasury stock	(7,597)	(1,541)
Proceeds from exercise of employee stock options	358	67
Payments for debt issuance costs	(4,732)	0
Net cash provided by financing activities	23,029	93,154
Net increase (decrease) in cash and cash equivalents	2,352	(11,845)
Cash and cash equivalents, beginning of period	32,672	31,154
Cash and cash equivalents, end of period	$ 35,024	$ 19,309

Organization	6 Months Ended
Organization	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	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, and the gathering of oil and liquids-rich natural gas from such properties, primarily in the Permian Basin in West Texas. LMS and GCM (together, the "Guarantors") guarantee all of Laredo's debt instruments. 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. LMS holds 49% of the ownership units of Medallion Gathering & Processing, LLC, a Texas limited liability company formed on October 12, 2012, which, together with its wholly-owned subsidiaries (collectively, "Medallion"), is focused on developing midstream solutions and providing midstream infrastructure in the Midland Basin. The Company accounts for Medallion as an equity method investment. The Company operates in two business segments: (i) exploration and production and (ii) midstream and marketing. The exploration and production segment is engaged in the acquisition, exploration and development of oil and natural gas properties. The midstream and marketing segment provides Laredo's exploration and production segment and third parties with products and services that need to be delivered by midstream infrastructure, including oil and liquids-rich natural gas gathering services as well as rig fuel, natural gas lift and water delivery and takeaway.

Basis of presentation and significant accounting policies

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of presentation and significant accounting policies

a. Basis of presentation

The accompanying 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 accompanying 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 Company uses the equity method of accounting to record its net interests when the Company holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence but does not control the entity. Under the equity method, the Company's proportionate share of the investee's net income is included in the unaudited consolidated statements of operations. See Note 2.h for additional discussion of the Company's equity method investment.

The accompanying 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, 2016 is derived from audited consolidated financial statements. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of June 30, 2017, results of operations for the three and six months ended June 30, 2017 and 2016 and cash flows for the six months ended June 30, 2017 and 2016.

Certain disclosures have been condensed or omitted from these unaudited consolidated financial statements. Accordingly, these unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2016 Annual Report.

b. Use of estimates in the preparation of interim unaudited consolidated financial statements

The preparation of the accompanying 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. The interim results reflected in the unaudited consolidated financial statements are not necessarily indicative of the results that may be expected for other interim periods or for the full year.

Significant estimates include, but are not limited to, (i) estimates of the Company's reserves of oil, NGL and natural gas, (ii) future cash flows from oil and natural gas properties, (iii) depletion, depreciation and amortization, (iv) impairments, (v) asset retirement obligations, (vi) stock-based compensation, (vii) deferred income taxes, (viii) fair value of assets acquired and liabilities assumed in an acquisition, (ix) fair value of derivatives and deferred premiums and (x) contingent liabilities. As fair value is a market-based measurement, it is determined based on the assumptions that would be used by market participants. These estimates and assumptions are based on management's best judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets and volatile equity and energy markets have combined to increase the uncertainty inherent in such estimates and assumptions. Management believes its estimates and assumptions to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual values and results could differ from these estimates. Any changes in estimates resulting from future changes in the economic environment will be reflected in the financial statements in future periods.

c. Reclassifications

Certain amounts in the accompanying unaudited consolidated financial statements have been reclassified to conform to the 2017 presentation. These reclassifications had no impact to previously reported balance sheets or stockholders' equity.

d. Accounts receivable

The Company sells produced oil, NGL and natural gas and purchased oil to various customers and participates with other parties in the development and operation of oil and natural gas properties. The majority of the Company's accounts receivable are unsecured. Accounts receivable for joint interest billings are recorded as amounts billed to customers less an allowance for doubtful accounts.

The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses, current receivables aging and existing industry and economic data. The Company reviews its allowance for doubtful accounts quarterly. Past due amounts greater than 90 days and greater than a specified amount are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is remote.

Accounts receivable consisted of the following components as of the dates presented:



(in thousands)	June 30, 2017		December 31, 2016
Oil, NGL and natural gas sales	$	45,495	$	46,999
Sales of purchased oil and other products	11,518		16,213
Joint operations, net⁽¹⁾	8,973		12,175
Matured derivatives	5,982		11,059
Other	139		421
Total	$	72,107	$	86,867

______________________________________________________________________________


(1)	Accounts receivable for joint operations are presented net of an allowance for doubtful accounts of $0.1 million and $0.2 million as of June 30, 2017 and December 31, 2016, respectively. As the operator of the majority of its wells, the Company has the ability to realize some or all of these receivables through the netting of production revenues.

e. Derivatives

The Company uses derivatives to reduce exposure to fluctuations in the prices of oil, NGL and natural gas. By removing a significant portion of the price volatility associated with future production, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations due to fluctuations in commodity prices. These transactions are in the form of puts, swaps, collars and call spreads.

Derivatives are recorded at fair value and are presented on a net basis on the unaudited consolidated balance sheets as assets and/or liabilities. The Company nets the fair value of derivatives by counterparty where the right of offset exists. The Company determines the fair value of its derivatives by utilizing pricing models for substantially similar instruments. Inputs to the pricing models include publicly available prices and forward price curves generated from a compilation of data gathered from third parties. See Note 8.a for discussion regarding the fair value of the Company's derivatives.

The Company's derivatives were not designated as hedges for accounting purposes for any of the periods presented. Accordingly, the changes in fair value are recognized in the unaudited consolidated statements of operations in the period of change. Gains and losses on derivatives are included in cash flows from operating activities. See Notes 7 and 8.a for discussion regarding the Company's derivatives.

f. Other current assets and liabilities

Other current assets consisted of the following components as of the dates presented:



(in thousands)	June 30, 2017		December 31, 2016
Prepaid expenses and other	$	8,958	$	6,228
Inventory⁽¹⁾	8,590		8,063
Total other current assets	$	17,548	$	14,291

______________________________________________________________________________


(1)	See Note 2.i for discussion of inventory held by the Company.

Other current liabilities consisted of the following components as of the dates presented:



(in thousands)	June 30, 2017		December 31, 2016
Accrued interest payable	$	24,354	$	24,152
Purchased oil payable	11,971		17,213
Accrued compensation and benefits	9,122		25,947
Lease operating expense payable	8,814		10,572
Other accrued liabilities	20,526		16,331
Total other current liabilities	$	74,787	$	94,215

g. Property and equipment

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



(in thousands)	June 30, 2017			December 31, 2016
Evaluated oil and natural gas properties	$	5,703,873		$	5,488,756
Less accumulated depletion and impairment	(4,578,831		)	(4,514,183		)
Evaluated oil and natural gas properties, net	1,125,042			974,573

Unevaluated properties not being depleted	203,888			221,281

Midstream service assets	157,645			150,629
Less accumulated depreciation and impairment	(28,704		)	(24,389		)
Midstream service assets, net	128,941			126,240

Depreciable other fixed assets	48,997			52,491
Less accumulated depreciation and amortization	(22,496		)	(22,632		)
Depreciable other fixed assets, net	26,501			29,859

Land	14,914			14,914

Total property and equipment, net	$	1,499,286		$	1,366,867

For the three months ended June 30, 2017 and 2016, depletion expense was $6.44 per barrel of oil equivalent ("BOE") sold and $7.06 per BOE sold, respectively. For the six months ended June 30, 2017 and 2016, depletion expense was $6.44 per BOE sold and $8.01 per BOE sold, respectively.

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 related employee costs, incurred for the purpose of exploring for or developing oil and natural gas properties, are capitalized and depleted on a composite unit of production method based on proved oil, NGL and natural gas reserves. Such amounts 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 related employee costs, associated with production and general corporate activities are expensed in the period incurred. 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 capitalized employee-related costs for the periods presented:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Capitalized employee-related costs	$	5,763	$	3,253	$	10,973	$	6,449

The Company excludes the costs directly associated with acquisition and evaluation of unevaluated properties 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. Capitalized interest becomes a part of the cost of the unevaluated properties and is 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 evaluated 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.

The full cost ceiling is based principally on the estimated future net revenues from proved oil and natural gas properties discounted at 10%. The SEC guidelines require companies to use the unweighted arithmetic average first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period before differentials ("Benchmark Prices"). The Benchmark Prices are then adjusted for quality, transportation fees, geographical differentials, marketing bonuses or deductions and other factors affecting the price received at the wellhead ("Realized Prices"). The Realized Prices are utilized to calculate the discounted future net revenues in the full cost ceiling calculation.

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 charged to expense in the period such excess occurs. Once incurred, a write-down of oil and natural gas properties is not reversible.

Full cost ceiling impairment expense for the six months ended June 30, 2016 was $161.1 million and is included in the "Impairment expense" line item in the unaudited consolidated statements of operations and in the financial information provided for the Company's exploration and production segment presented in Note 13. There were no full cost ceiling impairments recorded during the six months ended June 30, 2017.

h. Variable interest entity

Medallion was established for the purpose of developing midstream solutions and providing midstream infrastructure to bring oil to market in the Midland Basin. LMS holds 49% of Medallion's ownership units. LMS and the third-party 51% interest-holder have agreed that the voting rights of Medallion, the profit and loss sharing and the additional capital contribution requirements shall be equal to the ownership unit percentage held. Additionally, Medallion requires a super-majority vote of 75% for many key operating and business decisions. The Company has determined that Medallion is a variable interest entity ("VIE"). However, LMS is not considered to be the primary beneficiary of the VIE because LMS does not have the power to direct the activities that most significantly affect Medallion's economic performance. As such, Medallion is accounted for under the equity method of accounting. The Company's proportionate share of Medallion's net income is reflected in the unaudited consolidated statements of operations as "Income from equity method investee" and the carrying amount is reflected in the unaudited consolidated balance sheets as "Investment in equity method investee." The Company has elected to classify distributions received from Medallion using the cumulative earnings approach. No such distributions have been received through June 30, 2017.

LMS contributed $16.0 million and $42.7 million during the three and six months ended June 30, 2016, respectively, to Medallion. There were no contributions to Medallion during the six months ended June 30, 2017. Medallion continued expansion activities on existing portions of its pipeline infrastructure in order to gather and transport additional third-party oil production during each of the six months ended June 30, 2017 and 2016. See Note 12.a for discussion of items included in the Company's unaudited consolidated financial statements related to Medallion. See Note 16.b for discussion regarding a capital call received from Medallion subsequent to June 30, 2017.

The third-party 51% interest-holder has initiated a process to potentially sell 100% of the ownership interests in Medallion within the next 12 months.

i. Long-lived assets and inventory

Impairment losses are recorded on property and equipment used in operations and other long-lived assets when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Impairment is measured based on the excess of the carrying amount over the fair value of the asset.

Materials and supplies inventory, which is used in the Company's production activities of oil and natural gas properties and midstream service assets, is carried at the lower of cost or net realizable value ("NRV"), with cost determined using the weighted-average cost method, and is included in "Other current assets" and "Other assets, net" on the unaudited consolidated balance sheets. The NRV for materials and supplies inventory is determined utilizing a replacement cost approach (Level 2).

The Company has frac pit water inventory, which is used in developing oil and natural gas properties and is carried at lower of cost or NRV, with cost determined using the weighted-average cost method, and is included in "Other current assets" on the unaudited consolidated balance sheets. The NRV for frac pit water inventory is determined utilizing a replacement cost approach (Level 2).

The minimum volume of product in a pipeline system that enables the system to operate is known as line-fill and is generally not available to be withdrawn from the pipeline system until the expiration of the transportation contract. The Company owns oil line-fill in third-party pipelines, which is accounted for at lower of cost or NRV, with cost determined using the weighted-average cost method, and is included in "Other assets, net" on the unaudited consolidated balance sheets. The NRV is determined utilizing a quoted market price adjusted for regional price differentials (Level 2).

There were no long-lived assets impairments recorded during the six months ended June 30, 2017 or 2016. Inventory impairments of $1.0 million were recorded for each of the three and six months ended June 30, 2016. There were no inventory impairments recorded during the six months ended June 30, 2017.

Debt issuance costs

Debt issuance fees, which are recorded at cost, net of amortization, are amortized over the life of the respective debt agreements utilizing the effective interest and straight-line methods. The Company capitalized $4.7 million of debt issuance costs during the six months ended June 30, 2017 as a result of entering into the Fifth Amended and Restated Credit Agreement (as amended, the "Senior Secured Credit Facility"). No debt issuance costs were capitalized during the six months ended June 30, 2016. The Company had total debt issuance costs of $21.4 million and $18.8 million, net of accumulated amortization of $23.4 million and $21.3 million, as of June 30, 2017 and December 31, 2016, respectively.

No debt issuance costs were written off during the six months ended June 30, 2017. The Company wrote-off $0.8 million of debt issuance costs during the six months ended June 30, 2016 as a result of changes in the borrowing base and aggregate elected commitment of the Senior Secured Credit Facility, which are included in the unaudited consolidated statements of operations in the "Write-off of debt issuance costs" line item. Debt issuance costs related to the Company's senior unsecured notes are presented in "Long-term debt, net" on the Company's unaudited consolidated balance sheets. Debt issuance costs related to the Senior Secured Credit Facility are presented in "Other assets, net" on the Company's unaudited consolidated balance sheets. See Note 4.f for additional discussion of debt issuance costs.

Future amortization expense of debt issuance costs as of June 30, 2017 for the periods presented is as follows:



(in thousands)	June 30, 2017
Remaining 2017	$	2,082
2018	4,223
2019	4,308
2020	4,396
2021	4,493
Thereafter	1,947
Total	$	21,449

k. Asset retirement obligations

Asset retirement obligations associated with the retirement of tangible long-lived assets are recognized as a liability in the period in which they are incurred and become determinable. The associated asset retirement costs are part of the carrying amount of the long-lived asset. Subsequently, the asset retirement cost included in the carrying amount of the related long-lived asset is charged to expense through depletion, or for midstream service assets through depreciation, of the associated asset. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability and as corresponding accretion expense.

The fair value of additions to the asset retirement obligation liability is measured using valuation techniques consistent with the income approach, which converts future cash flows into a single discounted amount. Significant inputs to the valuation include: (i) estimated plug and abandonment cost per well based on Company experience, (ii) estimated remaining life per well, (iii) estimated removal and/or remediation costs for midstream service assets, (iv) estimated remaining life of midstream service assets, (v) future inflation factors and (vi) the Company's average credit adjusted risk-free rate. Inherent in the fair value calculation of asset retirement obligations are numerous assumptions and judgments including, in addition to those noted above, the ultimate settlement of these amounts, the ultimate timing of such settlement and changes in legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing asset retirement obligation liability, a corresponding adjustment will be made to the asset balance.

The Company is obligated by contractual and regulatory requirements to remove certain pipeline and gathering assets and perform other remediation of the sites where such pipeline and gathering assets are located upon the retirement of those assets. However, the fair value of the asset retirement obligation cannot currently be reasonably estimated because the settlement dates are indeterminate. The Company will record an asset retirement obligation for pipeline and gathering assets in the periods in which settlement dates are reasonably determinable.

The following reconciles the Company's asset retirement obligation liability for the periods presented:



(in thousands)	Six months ended June 30, 2017			Year ended December 31, 2016
Liability at beginning of period	$	52,207		$	46,306
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	320			1,528
Accretion expense	1,871			3,483
Liabilities settled upon plugging and abandonment	(363		)	(1,242		)
Liabilities removed due to sale of property	(871		)	—
Revision of estimates	5			2,132
Liability at end of period	$	53,169		$	52,207

l. Fair value measurements

The carrying amounts reported in the unaudited consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, undistributed revenue and royalties, accrued capital expenditures and other accrued assets and liabilities approximate their fair values. See Note 4.e for fair value disclosures related to the Company's debt obligations. The Company carries its derivatives at fair value. See Note 8.a for details regarding the fair value of the Company's derivatives.

m. Treasury stock

Laredo's employees may elect to have the Company withhold shares of stock to satisfy their tax withholding obligations that arise upon the lapse of restrictions on their stock awards. Such treasury stock is recorded at cost and retired upon acquisition.

n. Compensation awards

Stock-based compensation expense, net of amounts capitalized, is included in "General and administrative" in the unaudited consolidated statements of operations over the awards' vesting periods and is based on the awards' grant date fair value. The Company utilizes the closing stock price on the grant date, less an expected forfeiture rate, to determine the fair values of service vesting restricted stock awards and a Black-Scholes pricing model to determine the fair values of service vesting restricted stock option awards. The Company utilizes a Monte Carlo simulation prepared by an independent third party to determine the fair values of the performance share awards and, in prior periods, the performance unit awards. The Company capitalizes a portion of stock-based compensation for employees who are directly involved in the acquisition, exploration and development of its oil and natural gas properties into the full cost pool. Capitalized stock-based compensation is included as an addition to "Oil and natural gas properties" in the unaudited consolidated balance sheets. See Note 5 for further discussion regarding the restricted stock awards, stock option awards, performance share awards and performance unit awards.

o. May 2016 Equity Offering

On May 16, 2016, the Company completed the sale of 10,925,000 shares of Laredo's common stock (the "May 2016 Equity Offering") for net proceeds of $119.3 million, after underwriting discounts, commissions and offering expenses. There were no comparative offerings of Laredo's stock during the six months ended June 30, 2017.

p. 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 June 30, 2017 or December 31, 2016.

q. Non-cash investing and supplemental cash flow information

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



	Six months ended June 30,
(in thousands)	2017		2016
Non-cash investing information:
Change in accrued capital expenditures	$	22,855	$	(22,012	)
Change in accrued capital contribution to equity method investee⁽¹⁾	$	—	$	(27,583	)
Capitalized asset retirement cost	$	325	$	253
Supplemental cash flow information:
Capitalized interest	$	490	$	115

______________________________________________________________________________


(1)	See Notes 2.h and 12.a for additional discussion of the Company's equity method investee.

Divestiture	6 Months Ended
Divestiture	Jun. 30, 2017
Business Combinations And Disposal Groups [Abstract]
Divestiture	Divestiture In January 2017, the Company completed the sale of 2,900 net acres and working interests in 16 producing vertical wells in the Midland Basin to a third-party buyer for a purchase price of $59.7 million. After transaction costs reflecting an economic effective date of October 1, 2016, the proceeds were $59.5 million, net of working capital and post-closing adjustments. The Company completed the closing adjustments for this divestiture in May 2017. A portion of these proceeds were used to pay down borrowings on the Senior Secured Credit Facility. The purchase price 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 properties were eliminated from the ongoing operations of the Company, and the Company has no continuing involvement in the properties. This divestiture does not represent a strategic shift and will not have a major effect on the Company's operations or financial results.

Debt

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt

a. March 2023 Notes

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 will mature on March 15, 2023 and bear 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 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 March 2023 Notes are callable by the Company beginning March 15, 2018 at a price of 104.688% of face value with call premiums declining over time to 100% of face value on March 15, 2021 and thereafter.

b. January 2022 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 will mature on January 15, 2022 and bear 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 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 Releases. The January 2022 Notes became callable by the Company on January 15, 2017 at a price of 104.219% of face value with call premiums declining over time to 100% of face value on January 15, 2020 and thereafter.

c. May 2022 Notes

On April 27, 2012, the Company completed an offering of $500.0 million in aggregate principal amount of 7 3/8% senior unsecured notes due 2022 (the "May 2022 Notes"). The May 2022 Notes will mature on May 1, 2022 and bear an interest rate of 7 3/8% per annum, payable semi-annually, in cash in arrears on May 1 and November 1 of each year, commencing November 1, 2012. The May 2022 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 Releases. The May 2022 Notes became callable by the Company on May 1, 2017 at a price of 103.688% of face value with call premiums declining over time to 100% of face value on May 1, 2020 and thereafter.

d. Senior Secured Credit Facility

As of June 30, 2017, the Senior Secured Credit Facility, had a maximum credit amount of $2.0 billion, a borrowing base and an aggregate elected commitment each of $1.0 billion with $105.0 million outstanding and was subject to an interest rate of 3.13%. The Senior Secured Credit Facility has a maturity date of May 2, 2022, provided that if either the January 2022 Notes or May 2022 Notes have not been redeemed or refinanced on or prior to the date 90 days before their respective stated maturity dates (as applicable, the "Early Maturity Date"), the Senior Secured Credit Facility will mature on such Early Maturity Date. The Senior Secured Credit Facility contains both financial and non-financial covenants, all of which the Company was in compliance with as of June 30, 2017. Laredo is required to pay an annual commitment fee on the unused portion of the financial institutions' commitment of 0.375% to 0.5%, based on the ratio of outstanding revolving credit to the total commitment under the Senior Secured Credit Facility. Additionally, the Senior Secured Credit Facility provides for the issuance of letters of credit, limited to the lesser of total capacity or $20.0 million. No letters of credit were outstanding as of June 30, 2017 or 2016. See Note 16.a for discussion of an additional borrowing on the Senior Secured Credit Facility subsequent to June 30, 2017.

e. Fair value of debt

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:



	June 30, 2017				December 31, 2016
(in thousands)	Long-term debt		Fair value		Long-term debt		Fair value
January 2022 Notes	$	450,000	$	440,479	$	450,000	$	456,382
May 2022 Notes	500,000		509,575		500,000		521,413
March 2023 Notes	350,000		347,351		350,000		365,649
Senior Secured Credit Facility	105,000		105,026		70,000		69,975
Total	$	1,405,000	$	1,402,431	$	1,370,000	$	1,413,419

The fair values of the debt outstanding on the January 2022 Notes, the May 2022 Notes and the March 2023 Notes were determined using the June 30, 2017 and December 31, 2016 quoted market price (Level 1) for each respective instrument. The fair values of the outstanding debt on the Senior Secured Credit Facility as of June 30, 2017 and December 31, 2016 were estimated utilizing pricing models for similar instruments (Level 2). See Note 8 for information about fair value hierarchy levels.

f. Long-term debt, net

The following table summarizes the net presentation of the Company's long-term debt and debt issuance costs on the unaudited consolidated balance sheets as of the dates presented:



	June 30, 2017							December 31, 2016
(in thousands)	Long-term debt		Debt issuance costs, net			Long-term debt, net		Long-term debt		Debt issuance costs, net			Long-term debt, net
January 2022 Notes	$	450,000	$	(4,475	)	$	445,525	$	450,000	$	(4,963	)	$	445,037
May 2022 Notes	500,000		(5,687		)	494,313		500,000		(6,164		)	493,836
March 2023 Notes	350,000		(4,561		)	345,439		350,000		(4,964		)	345,036
Senior Secured Credit Facility⁽¹⁾	105,000		—			105,000		70,000		—			70,000
Total	$	1,405,000	$	(14,723	)	$	1,390,277	$	1,370,000	$	(16,091	)	$	1,353,909

______________________________________________________________________________


(1)	Debt issuance costs, net related to our Senior Secured Credit Facility of $6.7 million and $2.7 million as of June 30, 2017 and December 31, 2016, respectively, are reported in "Other assets, net" on the unaudited consolidated balance sheets.

Employee compensation

6 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Employee compensation

The Company has a Long-Term Incentive Plan (the "LTIP"), which provides for the granting of incentive awards in the form of restricted stock awards, stock option awards, performance share awards, performance unit awards and other awards. The LTIP provides for the issuance of up to 24,350,000 shares of Laredo's common stock.

The Company recognizes the fair value of stock-based compensation awards expected to vest over the requisite service period as a charge against earnings, net of amounts capitalized. The Company's stock-based compensation awards are accounted for as equity instruments, and in prior periods, its performance unit awards were accounted for as liability awards. Stock-based compensation is included in "General and administrative" in the unaudited consolidated statements of operations. The Company capitalizes a portion of stock-based compensation for employees who are directly involved in the acquisition, exploration and development of oil and natural gas properties into the full cost pool. Capitalized stock-based compensation is included as an addition to "Oil and natural gas properties" in the unaudited consolidated balance sheets.

a. Restricted stock awards

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

The following table reflects the restricted stock award activity for the six months ended June 30, 2017:



(in thousands, except for weighted-average grant date fair values)	Restricted stock awards		Weighted-average grant date fair value (per award)
Outstanding as of December 31, 2016	3,878		$	12.88
Granted	1,185		$	13.97
Forfeited	(232	)	$	12.88
Vested⁽¹⁾	(1,588	)	$	13.75
Outstanding as of June 30, 2017	3,243		$	12.85

_____________________________________________________________________________


(1)	The total intrinsic value of vested restricted stock awards for the six months ended June 30, 2017 was $22.0 million.

The Company utilizes the closing stock price on the grant date to determine the fair value of service vesting restricted stock awards. As of June 30, 2017, unrecognized stock-based compensation related to the restricted stock awards expected to vest was $31.7 million. Such cost is expected to be recognized over a weighted-average period of 1.91 years.

b. Stock option awards

Stock option awards granted under the LTIP vest and become exercisable in four equal installments on each of the four annual anniversaries of the grant date. The following table reflects the stock option award activity for the six months ended June 30, 2017:



(in thousands, except for weighted-average price and weighted-average remaining contractual term)	Stock option awards		Weighted-average price (per option)		Weighted-average remaining contractual term (years)
Outstanding as of December 31, 2016	2,370		$	12.54	7.71
Granted	391		$	14.12
Exercised⁽¹⁾	(44	)	$	8.17
Expired or canceled	(27	)	$	21.03
Outstanding as of June 30, 2017	2,690		$	12.75	7.54
Vested and exercisable at end of period⁽²⁾	1,303		$	16.46	6.34
Expected to vest at end of period⁽³⁾	1,387		$	9.26	8.67

_____________________________________________________________________________


(1)	The total intrinsic value of exercised stock option awards for the six months ended June 30, 2017 was $0.3 million.


(2)	The vested and exercisable stock option awards as of June 30, 2017 had an aggregate intrinsic value of $1.3 million.


(3)	The stock option awards expected to vest as of June 30, 2017 had an aggregate intrinsic value of $4.4 million.

The Company utilizes the Black-Scholes option pricing model to determine the fair value of stock option awards and recognizes the associated expense on a straight-line basis over the four-year requisite service period of the awards. Determining the fair value of equity-based awards requires judgment, including estimating the expected term that stock option awards will be outstanding prior to exercise and the associated volatility. As of June 30, 2017, unrecognized stock-based compensation related to stock option awards expected to vest was $10.6 million. Such cost is expected to be recognized over a weighted-average period of 2.72 years.

The assumptions used to estimate the fair value of the 390,733 stock option awards granted during the six months ended June 30, 2017 are as follows:



	Granted on February 17, 2017
Risk-free interest rate⁽¹⁾	2.14		%
Expected option life⁽²⁾	6.25 years
Expected volatility⁽³⁾	60.84		%
Fair value per stock option award	$	8.22

____________________________________________________________________________


(1)	U.S. Treasury yields as of the grant date were utilized for the risk-free interest rate assumption, correlating the treasury yield terms to the expected life of the stock option award.


(2)	As the Company had limited exercise history at the time of valuation relating to terminations and modifications, expected stock option award life assumptions were developed using the simplified method in accordance with GAAP.


(3)	The Company utilized its own volatility in order to develop the expected volatility.

In accordance with the LTIP and stock option agreement, the stock option awards granted will become exercisable in accordance with the following schedule based upon the number of full years of the optionee's continuous employment or service with the Company, following the date of grant:



Full years of continuous employment	Incremental percentage of option exercisable		Cumulative percentage of option exercisable
Less than one	—	%	—	%
One	25	%	25	%
Two	25	%	50	%
Three	25	%	75	%
Four	25	%	100	%

No shares of common stock may be purchased unless the optionee has remained in continuous employment with the Company for one year from the grant date. Unless terminated sooner, the stock option award will expire if and to the extent it is not exercised within 10 years from the grant date. The unvested portion of a stock option award shall expire upon termination of employment, and the vested portion of a stock option award shall remain exercisable for (i) one year following termination of employment by reason of the holder's death or disability, but not later than the expiration of the option period, or (ii) 90 days following termination of employment for any reason other than the holder's death or disability, and other than the holder's termination of employment for cause. Both the unvested and the vested but unexercised portion of a stock option award shall expire upon the termination of the option holder's employment or service by the Company for cause.

c. Performance share awards

Performance share awards granted to management are subject to a combination of market and service vesting criteria. A Monte Carlo simulation prepared by an independent third party is utilized to determine the grant date fair value of these awards. The Company has determined these awards are equity awards and recognizes the associated expense on a straight-line basis over the three-year requisite service period of the awards. Any shares earned under such awards are expected to be issued in the first quarter following the completion of the requisite service period based on the achievement of certain performance criteria.

The following table reflects the performance share award activity for the six months ended June 30, 2017:



(in thousands, except for weighted-average grant date fair values)	Performance share awards		Weighted-average grant date fair value (per award)
Outstanding as of December 31, 2016	2,325		$	18.35
Granted	696		$	18.96
Forfeited	(60	)	$	18.11
Vested⁽¹⁾	(200	)	$	28.56
Outstanding as of June 30, 2017	2,761		$	17.77

______________________________________________________________________________


(1)	These performance share awards had a performance period of January 1, 2014 to December 31, 2016 and, as their vesting and performance criteria were satisfied, each award converted into 0.75 shares representing 150,388 shares of common stock issued during the first quarter of 2017.

As of June 30, 2017, unrecognized stock-based compensation related to the performance share awards expected to vest was $29.4 million. Such cost is expected to be recognized over a weighted-average period of 1.99 years.

The assumptions used to estimate the fair values of the 696,460 performance share awards granted during the six months ended June 30, 2017 are as follows:



	Granted on February 17, 2017
Risk-free rate⁽¹⁾	1.44		%
Dividend yield	—		%
Expected volatility⁽²⁾	74.00		%
Laredo stock closing price on grant date	$	14.12
Fair value per performance share	$	18.96

______________________________________________________________________________


(1)	The risk-free rate was derived using a term-matched zero-coupon yield derived from the U.S. Treasury constant maturities yield curve on the grant date.


(2)	The Company utilized its own volatility in order to develop the expected volatility.

d. Stock-based compensation expense

The following has been recorded to stock-based compensation expense for the periods presented:



	Three months ended June 30,						Six months ended June 30,
(in thousands)	2017			2016			2017			2016
Restricted stock award compensation	$	5,267		$	4,692		$	11,434		$	8,460
Stock option award compensation	1,144			777			2,441			1,401
Performance share award compensation	4,068			1,593			7,808			1,821
Total stock-based compensation, gross	10,479			7,062			21,683			11,682
Less amounts capitalized in oil and natural gas properties	(1,792		)	(989		)	(3,772		)	(1,771		)
Total stock-based compensation, net of amounts capitalized	$	8,687		$	6,073		$	17,911		$	9,911

e. Performance unit awards

The performance unit awards issued to management on February 15, 2013 (the "2013 Performance Unit Awards") were subject to a combination of market and service vesting criteria. These awards were accounted for as liability awards as they were settled in cash at the end of the requisite service period based on the achievement of certain performance criteria.

The 44,481 settled 2013 Performance Unit Awards had a performance period of January 1, 2013 to December 31, 2015 and, as their vesting and performance criteria were satisfied, they were paid at $143.75 per unit during the first quarter of 2016.

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company is subject to federal and state income taxes and the Texas franchise tax. The Company had federal net operating loss carry-forwards totaling $1.7 billion and state of Oklahoma net operating loss carry-forwards totaling $42.5 million as of June 30, 2017. These carry-forwards begin expiring in 2026. As of June 30, 2017, the Company believes a portion of the net operating loss carry-forwards are not fully realizable. The Company considered all available evidence, both positive and negative, in determining whether, based on the weight of that evidence, a valuation allowance was needed. Such consideration included 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 June 30, 2017, the Company's ability to capitalize intangible drilling costs, rather than expensing these costs in order to prevent an operating loss carry-forward from expiring unused, and future projections of Oklahoma sourced income. As of June 30, 2017, a full valuation allowance of $716.2 million has been recorded against the Company's deferred tax position.

Derivatives

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

a. Derivatives

The Company engages in derivative transactions such as puts, swaps, collars and call spreads to hedge price risks due to unfavorable changes in oil, NGL and natural gas prices related to its production. As of June 30, 2017, the Company had 29 open derivative contracts with financial institutions that extend from July 2017 to December 2018. None of these contracts were designated as hedges for accounting purposes. The contracts are recorded at fair value on the unaudited consolidated balance sheets and gains and losses are recognized in earnings. Gains and losses on derivatives are reported on the unaudited consolidated statements of operations on the "Gain (loss) on derivatives, net" line item.

Each put transaction has an established floor price. The Company pays its counterparty a premium, which can be paid at inception or deferred until settlement, to enter into the put transaction. When the settlement price is below the floor price, the counterparty pays the Company an amount equal to the difference between the settlement price and the floor price multiplied by the hedged contract volume. When the settlement price is at or above the floor price in an individual month in the contract period, the put option expires with no settlement for that particular month, except with regard to the deferred premium if any.

Each swap transaction has an established fixed price. When the settlement price is below the fixed price, the counterparty pays the Company an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume. When the settlement price is above the fixed price, the Company pays its counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the hedged contract volume.

Each collar transaction has an established price floor and ceiling. Depending on the terms, the Company may pay its counterparty a premium, which can be paid at inception or deferred until settlement. When the settlement price is below the price floor established by these collars, the counterparty pays the Company an amount equal to the difference between the settlement price and the price floor multiplied by the hedged contract volume. When the settlement price is above the price ceiling established by these collars, the Company pays its counterparty an amount equal to the difference between the settlement price and the price ceiling multiplied by the hedged contract volume. When the settlement price is between the price floor and price ceiling established by these collars in an individual month in the contract period, the collar expires with no settlement paid by either the Company or the counterparty for that particular month, except with regard to the deferred premium if any.

Each call spread transaction has an established short call price and long call price. Depending on the terms, the counterparty may pay a premium to the Company to enter into the transaction. When the settlement price is above the short call price up to the long call price, the Company pays its counterparty an amount equal to the difference between the settlement price and the short call price multiplied by the hedged contract volume. When the settlement price is above the long call price, the Company pays the counterparty an amount equal to the difference between the long call price and the short call price multiplied by the hedged contract volume. When the settlement price is at or below the short call price in an individual month in the contract period, the call option expires with no settlement paid by either the Company or the counterparty for that particular month, except with regard to the deferred premium if any.

The Company's oil derivatives are settled based on the month's average daily NYMEX index price for the first nearby month of the West Texas Intermediate Light Sweet Crude Oil Futures Contract. The Company's NGL derivatives are settled based on the month's average daily OPIS index price for Mont Belvieu Purity Ethane and TET Propane. The Company's natural gas derivatives are settled based on the Inside FERC index price for West Texas WAHA for the calculation period.

During the three and six months ended June 30, 2017, the Company completed a hedge restructuring by early terminating a swap that resulted in a termination amount to the Company of $4.2 million that was settled in full by applying the proceeds to pay the premium on one new collar entered into during the restructuring. The following details the derivative that was terminated:



	Aggregate volumes (Bbl)	Floor price ($/Bbl)		Ceiling price ($/Bbl)		Contract period
Oil:
Swap	1,095,000	$	52.12	$	52.12	January 2018 - December 2018

During the six months ended June 30, 2016, the Company completed a hedge restructuring by early terminating the floors of certain derivative contract collars that resulted in a termination amount to the Company of $80 million, which was settled in full by applying the proceeds to pay the premiums on two new derivatives entered into during the restructuring.

During the six months ended June 30, 2017, the following derivatives were entered into:



	Aggregate volumes⁽¹⁾	Floor price⁽²⁾		Ceiling price⁽²⁾		Short call price⁽²⁾		Long call price⁽²⁾		Contract period
Oil⁽³⁾:
Call spread⁽⁴⁾	1,140,800	$	—	$	—	$	60.00	$	100.00	July 2017 - December 2017
Call spread⁽⁵⁾	184,000	$	—	$	—	$	60.00	$	80.00	July 2017 - December 2017
Put⁽⁶⁾	1,567,500	$	50.00	$	—	$	—	$	—	January 2018 - December 2018
Collar	584,000	$	50.00	$	60.00	$	—	$	—	January 2018 - December 2018
Collar⁽⁷⁾	3,504,000	$	40.00	$	60.00	$	—	$	—	January 2018 - December 2018
Natural gas:
Collar⁽⁸⁾	10,950,000	$	2.50	$	3.25	$	—	$	—	January 2018 - December 2018

_____________________________________________________________________________


(1)	Oil is in Bbl and natural gas is in MMBtu.


(2)	Oil is in $/Bbl and natural gas is in $/MMBtu.


(3)	There are $6.3 million in deferred premiums associated with these contracts.


(4)	A premium of $0.5 million was settled in full at inception by applying the proceeds to pay the premiums on a put entered into simultaneously.


(5)	A premium of $0.1 million was settled in full at inception by applying the proceeds to pay the premiums on a put entered into simultaneously.


(6)	Premiums of $4.9 million were paid at inception, of which $0.6 million were settled in full at inception by applying the proceeds from the call spreads entered into simultaneously.


(7)	A premium of $4.2 million was settled in full at inception as part of the Company's 2017 hedge restructuring by applying the proceeds of the terminated swap.


(8)	There are $0.9 million in deferred premiums associated with these contracts.

The following represents cash settlements received for derivatives, net for the periods presented:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Cash settlements received for matured derivatives, net⁽¹⁾	$	13,705	$	47,382	$	21,156	$	113,319
Cash settlements received for early terminations of derivatives, net⁽²⁾	4,234		—		4,234		80,000
Cash settlements received for derivatives, net	$	17,939	$	47,382	$	25,390	$	193,319

_____________________________________________________________________________


(1)	The settlement amounts do not include premiums paid attributable to contracts that matured during the respective period.


(2)	The settlement amount for the six months ended June 30, 2016 includes $4.0 million in deferred premiums that were settled net with the early terminated contracts from which they originated.

The following table summarizes open positions as of June 30, 2017, and represents, as of such date, derivatives in place through December 2018 on annual production:



	Remaining year 2017		Year 2018
Oil positions:
Puts:
Hedged volume (Bbl)	529,000		2,616,875
Weighted-average price ($/Bbl)	$	60.00	$	54.01
Swaps:
Hedged volume (Bbl)	1,012,000		—
Weighted-average price ($/Bbl)	$	51.54	$	—
Collars:
Hedged volume (Bbl)	1,913,600		4,088,000
Weighted-average floor price ($/Bbl)	$	56.92	$	41.43
Weighted-average ceiling price ($/Bbl)	$	86.00	$	60.00
Call Spreads:
Hedged volume (Bbl)	1,324,800		—
Weighted-average short call price ($/Bbl)	$	60.00	$	—
Weighted-average long call price ($/Bbl)	$	97.22	$	—
Totals:
Total volume hedged with floor price (Bbl)	3,454,600		6,704,875
Weighted-average floor price ($/Bbl)	$	55.82	$	46.34
Total volume hedged with ceiling price (Bbl)	2,925,600		4,088,000
Weighted-average ceiling price ($/Bbl)	$	57.22	$	60.00
NGL positions:
Swaps - Ethane:
Hedged volume (Bbl)	222,000		—
Weighted-average price ($/Bbl)	$	11.24	$	—
Swaps - Propane:
Hedged volume (Bbl)	187,500		—
Weighted-average price ($/Bbl)	$	22.26	$	—
Natural gas positions:
Puts:
Hedged volume (MMBtu)	4,020,000		8,220,000
Weighted-average price ($/MMBtu)	$	2.50	$	2.50
Collars:
Hedged volume (MMBtu)	9,586,400		15,585,500
Weighted-average floor price ($/MMBtu)	$	2.86	$	2.50
Weighted-average ceiling price ($/MMBtu)	$	3.54	$	3.35
Totals:
Total volume hedged with floor price (MMBtu)	13,606,400		23,805,500
Weighted-average floor price ($/MMBtu)	$	2.75	$	2.50
Total volume hedged with ceiling price (MMBtu)	9,586,400		15,585,500
Weighted-average ceiling price ($/MMBtu)	$	3.54	$	3.35

b. Balance sheet presentation

In accordance with the Company's standard practice, its derivatives are subject to counterparty netting under their governing agreements. The Company's oil, NGL and natural gas derivatives are presented on a net basis as "Derivatives" on the unaudited consolidated balance sheets. See Note 8.a for a summary of the fair value of derivatives on a gross basis.

By using derivatives to hedge exposures to changes in commodity prices, the Company exposes itself to credit risk and market risk. For the Company, market risk is the exposure to changes in the market price of oil, NGL and natural gas, which are subject to fluctuations from a variety of factors, including changes in supply and demand. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, thereby creating credit risk. The Company's counterparties are participants in the Senior Secured Credit Facility, which is secured by the Company's oil, NGL and natural gas reserves; therefore, the Company is not required to post any collateral. The Company does not require collateral from its derivative counterparties. The Company minimizes the credit risk in derivatives by: (i) limiting its exposure to any single counterparty, (ii) entering into derivatives only with counterparties that meet the Company's minimum credit quality standard or have a guarantee from an affiliate that meets the Company's minimum credit quality standard and (iii) monitoring the creditworthiness of the Company's counterparties on an ongoing basis.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Fair value measurements

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair value measurements

The Company accounts for its oil, NGL and natural gas derivatives at fair value. The fair value of derivatives is determined utilizing pricing models for similar instruments. The models use a variety of techniques to arrive at fair value, including quotes and pricing analysis. Inputs to the pricing models include publicly available prices and forward curves generated from a compilation of data gathered from third parties.

The Company has categorized its assets and liabilities measured at fair value, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Assets and liabilities recorded at fair value on the unaudited consolidated balance sheets are categorized based on inputs to the valuation techniques as follows:



Level 1—	Assets and liabilities recorded at fair value for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2—	Assets and liabilities recorded at fair value for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the assets or liabilities. Substantially all of these inputs are observable in the marketplace throughout the full term of the price risk management instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace.

Level 3—	Assets and liabilities recorded at fair value for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs are not corroborated by market data. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability.

When the inputs used to measure fair value fall within different levels of the hierarchy in a liquid environment, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company conducts a review of fair value hierarchy classifications on an annual basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Transfers between fair value hierarchy levels are recognized and reported in the period in which the transfer occurred. No transfers between fair value hierarchy levels occurred during the six months ended June 30, 2017 or 2016.

a. Fair value measurement on a recurring basis

The following tables summarize the Company's fair value hierarchy by commodity on a gross basis and the net presentation on the unaudited consolidated balance sheets for derivative assets and liabilities measured at fair value on a recurring basis as of the periods presented:



(in thousands)	Level 1		Level 2			Level 3			Total gross fair value			Amounts offset			Net fair value presented on the unaudited consolidated balance sheets
As of June 30, 2017:
Assets
Current:
Oil derivatives	$	—	$	46,492		$	—		$	46,492		$	(323	)	$	46,169
NGL derivatives	—		110			—			110			(678		)	(568		)
Natural gas derivatives	—		4,452			—			4,452			(1,577		)	2,875
Oil deferred premiums	—		—			—			—			(4,637		)	(4,637		)
Natural gas deferred premiums	—		—			—			—			(854		)	(854		)
Noncurrent:
Oil derivatives	$	—	$	14,712		$	—		$	14,712		$	—		$	14,712
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		2,822			—			2,822			—			2,822
Oil deferred premiums	—		—			—			—			(3,068		)	(3,068		)
Natural gas deferred premiums	—		—			—			—			(1,659		)	(1,659		)
Liabilities
Current:
Oil derivatives	$	—	$	(204	)	$	—		$	(204	)	$	323		$	119
NGL derivatives	—		(678		)	—			(678		)	678			—
Natural gas derivatives	—		(13		)	—			(13		)	1,577			1,564
Oil deferred premiums	—		—			(4,637		)	(4,637		)	4,637			—
Natural gas deferred premiums	—		—			(3,190		)	(3,190		)	854			(2,336		)
Noncurrent:
Oil derivatives	$	—	$	—		$	—		$	—		$	—		$	—
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		—			—			—			—			—
Oil deferred premiums	—		—			(3,068		)	(3,068		)	3,068			—
Natural gas deferred premiums	—		—			(1,659		)	(1,659		)	1,659			—
Net derivative position	$	—	$	67,693		$	(12,554	)	$	55,139		$	—		$	55,139



(in thousands)	Level 1		Level 2			Level 3			Total gross fair value			Amounts offset			Net fair value presented on the unaudited consolidated balance sheets
As of December 31, 2016:
Assets
Current:
Oil derivatives	$	—	$	22,527		$	—		$	22,527		$	—		$	22,527
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		270			—			270			(270		)	—
Oil deferred premiums	—		—			—			—			(1,580		)	(1,580		)
Natural gas deferred premiums	—		—			—			—			—			—
Noncurrent:
Oil derivatives	$	—	$	8,718		$	—		$	8,718		$	—		$	8,718
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		1,377			—			1,377			(1,377		)	—
Oil deferred premiums	—		—			—			—			—			—
Natural gas deferred premiums	—		—			—			—			—			—
Liabilities
Current:
Oil derivatives	$	—	$	(9,789	)	$	—		$	(9,789	)	$	—		$	(9,789	)
NGL derivatives	—		(2,803		)	—			(2,803		)	—			(2,803		)
Natural gas derivatives	—		(3,639		)	—			(3,639		)	270			(3,369		)
Oil deferred premiums	—		—			(3,569		)	(3,569		)	1,580			(1,989		)
Natural gas deferred premiums	—		—			(3,043		)	(3,043		)	—			(3,043		)
Noncurrent:
Oil derivatives	$	—	$	(4,552	)	$	—		$	(4,552	)	$	—		$	(4,552	)
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		(133		)	—			(133		)	1,377			1,244
Oil deferred premiums	—		—			—			—			—			—
Natural gas deferred premiums	—		—			(2,386		)	(2,386		)	—			(2,386		)
Net derivative position	$	—	$	11,976		$	(8,998	)	$	2,978		$	—		$	2,978

These items are included as "Derivatives" on the unaudited consolidated balance sheets. Significant Level 2 assumptions associated with the calculation of discounted cash flows used in the mark-to-market analysis of derivatives include each derivative contract's corresponding commodity index price, appropriate risk-adjusted discount rates and other relevant data.

The Company's deferred premiums associated with its derivative contracts are categorized as Level 3, as the Company utilizes a net present value calculation to determine the valuation. They are considered to be measured on a recurring basis as the derivative contracts they derive from are measured on a recurring basis. As derivative contracts containing deferred premiums are entered into, the Company discounts the associated deferred premium to its net present value at the contract trade date, using the Senior Secured Credit Facility rate at the trade date (historical input rates range from 1.69% to 3.56%), and then records the change in net present value to interest expense over the period from trade until the final settlement date at the end of the contract. After this initial valuation, the net present value of each deferred premium is not adjusted; therefore, significant increases (decreases) in the Senior Secured Credit Facility rate would result in a significantly lower (higher) fair value measurement for each new contract entered into that contained a deferred premium; however, the valuation for the deferred premiums already recorded would remain unaffected. While the Company believes the sources utilized to arrive at the fair value estimates are reliable, different sources or methods could have yielded different fair value estimates; therefore, on a quarterly basis, the valuation is compared to counterparty valuations and a third-party valuation of the deferred premiums for reasonableness.

The following table presents actual cash payments required for deferred premiums as of June 30, 2017 for the periods presented:



(in thousands)	June 30, 2017
Remaining 2017	$	2,888
2018	9,375
2019	535
Total	$	12,798

A summary of the changes in net assets classified as Level 3 measurements for the periods presented are as follows:



	Three months ended June 30,						Six months ended June 30,
(in thousands)	2017			2016			2017			2016
Balance of Level 3 at beginning of period	$	(13,025	)	$	(13,054	)	$	(8,998	)	$	(14,619	)
Change in net present value of derivative deferred premiums	(70		)	(61		)	(111		)	(133		)
Total purchases and settlements:
Purchases	(905		)	(1,960		)	(6,998		)	(6,072		)
Settlements⁽¹⁾	1,446			2,413			3,553			8,162
Balance of Level 3 at end of period	$	(12,554	)	$	(12,662	)	$	(12,554	)	$	(12,662	)

_____________________________________________________________________________


(1)	The amount for the six months ended June 30, 2016 includes $3.9 million that represents the present value of deferred premiums settled in the Company's restructuring upon their early termination.

b. Fair value measurement on a nonrecurring basis

The Company accounts for the impairment of long-lived assets, if any, at fair value on a nonrecurring basis. For purposes of fair value measurement, it was determined that the impairment of long-lived assets is classified as Level 3, based on the use of internally developed cash flow models. No impairments of long-lived assets were recorded during the six months ended June 30, 2017 or 2016.

The Company accounts for the impairment of inventory, if any, at lower of cost or NRV on a nonrecurring basis. For purposes of fair value measurement, it was determined that the impairment of inventory is classified as Level 2, based on the use of a replacement cost approach. See Note 2.i for discussion of the Company's inventory impairments recorded during the three and six months ended June 30, 2016. No impairments of inventory were recorded during the six months ended June 30, 2017.

The accounting policies for impairment of oil and natural gas properties are discussed in Note 2.g. 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 evaluated reserves and other relevant data. See Note 2.g for discussion of the Company's full cost ceiling impairment recorded during the six months ended June 30, 2016. There were no full cost ceiling impairments recorded during the six months ended June 30, 2017.

The Company accounts for acquisitions of evaluated and unevaluated oil and natural gas properties under the acquisition method of accounting. Accordingly, the Company conducts assessments of net assets acquired and recognizes amounts for identifiable assets acquired and liabilities assumed at the estimated acquisition date fair values, while transaction costs associated with the acquisitions are expensed as incurred.

The Company makes various assumptions in estimating the fair values of assets acquired and liabilities assumed. The most significant assumptions relate to the estimated fair value of evaluated and unevaluated oil and natural gas properties. The fair value of these properties are measured using a discounted cash flow model that converts future cash flows to a single discounted amount. Significant inputs to the valuation include estimates of: (i) forecasted oil, NGL and natural gas reserve quantities; (ii) future commodity strip prices as of the closing dates adjusted for transportation and regional price differentials; (iii) forecasted ad valorem taxes, production taxes, income taxes, general and administrative expenses, operating expenses and development costs; and (iv) a peer group weighted-average cost of capital rate subject to additional project-specific risk factors. To compensate for the inherent risk of estimating the value of the unevaluated properties, the discounted future net revenues of proved undeveloped and probable reserves are reduced by additional reserve adjustment factors. These assumptions represent Level 3 inputs under the fair value hierarchy. No acquisitions of evaluated and unevaluated oil and natural gas properties were recorded during the six months ended June 30, 2017 or 2016.

- Definition

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

+ References + Details

Net income (loss) per common share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Net income (loss) per common share

Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested performance share awards, non-vested restricted stock awards and outstanding stock option awards. For the three and six months ended June 30, 2016, all of these potentially dilutive items 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 effect of the Company's outstanding stock option awards, with the exception of the options granted in 2016, was excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2017. The inclusion of these options would be anti-dilutive due to the following: (i) utilizing the treasury stock method, the sum of the assumed proceeds exceeded the average stock prices during the respective periods for the outstanding stock option awards granted in 2015 and (ii) the exercise prices were greater than the average market prices during the respective periods for the outstanding stock option awards granted in 2012, 2013, 2014 and 2017.

The following is the calculation of basic and diluted weighted-average common shares outstanding and net income (loss) per common share for the periods presented:



	Three months ended June 30,					Six months ended June 30,
(in thousands, except for per share data)	2017		2016			2017		2016
Net income (loss) (numerator):
Net income (loss)—basic and diluted	$	61,110	$	(71,432	)	$	129,386	$	(251,803	)
Weighted-average common shares outstanding (denominator):
Basic	239,231		217,564			238,870		214,562
Non-vested performance share awards⁽¹⁾	4,666		—			4,488		—
Non-vested restricted stock awards⁽²⁾	419		—			896		—
Outstanding stock option awards⁽²⁾	101		—			131		—
Diluted	244,417		217,564			244,385		214,562
Net income (loss) per common share:
Basic	$	0.26	$	(0.33	)	$	0.54	$	(1.17	)
Diluted	$	0.25	$	(0.33	)	$	0.53	$	(1.17	)

_____________________________________________________________________________

(1)

For the three and six months ended June 30, 2017, the dilutive effect of non-vested performance share awards with performance periods that have not yet ended was calculated utilizing the Company's total shareholder return ("TSR") from the beginning of each performance share awards' respective performance period to June 30, 2017 in comparison to the TSR of the peers specified in each performance share awards' respective agreement. See Note 5.c for additional discussion of the Company's performance share awards.


(2)	For the three and six months ended June 30, 2017, the dilutive effects of the non-vested restricted stock awards and the outstanding stock option awards were calculated utilizing the treasury stock method. See Notes 5.a and 5.b for additional discussion of the Company's restricted stock awards and stock option awards, respectively.

Credit risk	6 Months Ended
Credit risk	Jun. 30, 2017
Risks and Uncertainties [Abstract]
Credit risk	Credit risk The Company's oil, NGL and natural gas sales are made to a variety of purchasers, including intrastate and interstate pipelines or their marketing affiliates and independent marketing companies. The Company's joint operations accounts receivable are from a number of oil and natural gas companies, partnerships, individuals and others who own interests in the oil and natural gas properties operated by the Company. The Company's sales of purchased oil are made to one customer. Management believes that any credit risk imposed by a concentration in the oil and natural gas industry is offset by the creditworthiness of the Company's customer base and industry partners. The Company routinely assesses the recoverability of all material trade and other receivables to determine collectability. The Company uses derivatives to hedge its exposure to oil, NGL and natural gas price volatility. These transactions expose the Company to potential credit risk from its counterparties. In accordance with the Company's standard practice, its derivatives are subject to counterparty netting under agreements governing such derivatives; therefore, the credit risk associated with its derivative counterparties is somewhat mitigated. See Notes 2.e, 7 and 8.a for additional information regarding the Company's derivatives.

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies a. Litigation From time to time the Company is involved in legal proceedings and/or may be subject to industry rulings that could bring rise to claims in the ordinary course of business. Except with regard to the specific litigation noted below, the Company has concluded that the likelihood is remote that the ultimate resolution of any such pending litigation or pending claims will be material or have a material adverse effect on the Company's business, financial position, results of operations or liquidity. On May 3, 2017, Shell Trading (US) Company ("Shell") filed an Original Petition and Request for Disclosure in the District Court of Harris County, Texas, alleging that the crude oil purchase agreement entered into between Shell and Laredo effective October 1, 2016 does not reflect the compensation for Shell that Shell believes was previously agreed to by the parties due to a drafting mistake. Shell seeks reformation of one clause of the crude oil purchase agreement on the grounds of alleged mutual mistake or, in the alternative, unilateral mistake; an award of the amounts Shell alleges it should have been or should be paid under the agreement; court costs and attorneys’ fees. The Company does not believe there was a drafting mistake made in the crude oil purchase agreement. The Company believes it has substantive defenses and intends to vigorously defend its position. The Company is unable to determine the outcome or estimate its ultimate exposure, if any, to this litigation at this time. b. Drilling contracts The Company has committed to several drilling contracts with a third party to facilitate the Company's drilling plans. One of these contracts is for a term of multiple months and contains an early termination clause that requires the Company to potentially pay a penalty to the third party should the Company cease drilling efforts. This penalty 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 six months ended June 30, 2017 or 2016. The future commitment of $2.3 million as of June 30, 2017 is not recorded in the accompanying unaudited consolidated balance sheets. Management does not currently anticipate the early termination of this contract in 2017. 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 deficiency payments. 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. Management anticipates continuing this practice in the future. The Company incurred deficiency payments of $0.5 million and $0.6 million during the three and six months ended June 30, 2017, respectively, which are reported on the unaudited consolidated statements of operations in the "Other operating expenses" line item. There were no deficiency payments during the six months ended June 30, 2016. Future commitments of $381.8 million as of June 30, 2017 are not recorded in the accompanying unaudited consolidated balance sheets. d. Federal and state regulations Oil and natural gas exploration, production and related operations are subject to extensive federal and state laws, rules and regulations. Failure to comply with these laws, rules and regulations can result in substantial penalties. The regulatory burden on the oil and natural gas industry increases the cost of doing business and affects profitability. The Company believes that it is in compliance with currently applicable federal and state regulations related to oil and natural gas exploration and production, and that compliance with the current regulations will not have a material adverse impact on the financial position or results of operations of the Company. These rules and regulations are frequently amended or reinterpreted; therefore, the Company is unable to predict the future cost or impact of complying with these regulations.

Related parties

6 Months Ended

Jun. 30, 2017

Related parties

a. Medallion

The following table summarizes items included in the unaudited consolidated balance sheets related to Medallion as of the dates presented:



(in thousands)	June 30, 2017		December 31, 2016
Accounts receivable, net	$	59	$	—
Accrued capital expenditures	$	379	$	586
Other current liabilities	$	102	$	118

b. Archrock Partners, L.P.

The Company has a compression arrangement with affiliates of Archrock Partners, L.P., formerly Exterran Partners L.P. ("Archrock"). One of Laredo's directors is on the board of directors of Archrock GP LLC, an affiliate of Archrock.

As of December 31, 2016, amounts included in accounts payable from Archrock in the unaudited consolidated balance sheets totaled $0.2 million. No such amounts were included as of June 30, 2017.

The following table summarizes the lease operating expenses related to Archrock included in the unaudited consolidated statements of operations for the periods presented:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Lease operating expenses	$	232	$	526	$	656	$	1,001

The following table summarizes the capital expenditures related to Archrock included in the unaudited consolidated statements of cash flows for the periods presented:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Capital expenditures:
Midstream service assets	$	108	$	—	$	108	$	20

Segments

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segments

The Company operates in two business segments: (i) exploration and production and (ii) midstream and marketing. The exploration and production segment is engaged in the acquisition, exploration and development of oil and natural gas properties. The midstream and marketing segment provides Laredo's exploration and production segment and third parties with products and services that need to be delivered by midstream infrastructure, including oil and liquids-rich natural gas gathering services as well as rig fuel, natural gas lift and water delivery and takeaway.

The following table presents selected financial information, for the periods presented, regarding the Company's operating segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the information for the Company on a consolidated basis:



(in thousands)	Exploration and production		Midstream and marketing			Eliminations			Consolidated company
Three months ended June 30, 2017:
Revenues:
Oil, NGL and natural gas sales	$	142,288	$	825		$	(1,276	)	$	141,837
Midstream service revenues	—		18,104			(15,401		)	2,703
Sales of purchased oil	—		42,461			—			42,461
Total revenues	142,288		61,390			(16,677		)	187,001
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	31,993		—			(3,417		)	28,576
Midstream service expenses	—		11,978			(11,082		)	896
Costs of purchased oil	—		44,020			—			44,020
General and administrative⁽¹⁾	20,121		1,887			—			22,008
Depletion, depreciation and amortization⁽²⁾	35,683		2,320			—			38,003
Other operating expenses⁽³⁾	1,382		55			—			1,437
Operating income	$	53,109	$	1,130		$	(2,178	)	$	52,061
Other financial information:
Income from equity method investee	$	—	$	2,471		$	—		$	2,471
Interest expense⁽⁴⁾	$	21,752	$	1,421		$	—		$	23,173
Capital expenditures	$	123,157	$	4,386		$	—		$	127,543
Gross property and equipment⁽⁵⁾	$	5,979,858	$	412,177		$	(13,226	)	$	6,378,809
Three months ended June 30, 2016:
Revenues:
Oil, NGL and natural gas sales	$	102,526	$	—		$	—		$	102,526
Midstream service revenues	—		11,138			(9,506		)	1,632
Sales of purchased oil	—		42,615			—			42,615
Total revenues	102,526		53,753			(9,506		)	146,773
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	29,793		—			(2,586		)	27,207
Midstream service expenses	—		6,572			(5,394		)	1,178
Costs of purchased oil	—		44,012			—			44,012
General and administrative⁽¹⁾	18,818		1,684			—			20,502
Depletion, depreciation and amortization⁽²⁾	31,969		2,208			—			34,177
Impairment expense	963		—			—			963
Other operating expenses⁽³⁾	806		54			—			860
Operating income (loss)	$	20,177	$	(777	)	$	(1,526	)	$	17,874
Other financial information:
Income from equity method investee	$	—	$	3,696		$	—		$	3,696
Interest expense⁽⁴⁾	$	22,050	$	1,462		$	—		$	23,512
Capital expenditures	$	92,089	$	1,488		$	—		$	93,577
Gross property and equipment⁽⁵⁾	$	5,484,416	$	366,858		$	(4,604	)	$	5,846,670
Six months ended June 30, 2017:
Revenues:
Oil, NGL and natural gas sales	$	281,496	$	1,641		$	(2,564	)	$	280,573
Midstream service revenues	—		35,738			(30,036		)	5,702
Sales of purchased oil	—		89,732			—			89,732
Total revenues	281,496		127,111			(32,600		)	376,007
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	61,563		—			(7,214		)	54,349
Midstream service expenses	—		22,212			(20,400		)	1,812
Costs of purchased oil	—		94,276			—			94,276
General and administrative⁽¹⁾	43,564		4,041			—			47,605
Depletion, depreciation and amortization⁽²⁾	67,480		4,635			—			72,115
Other operating expenses⁽³⁾	2,355		108			—			2,463
Operating income	$	106,534	$	1,839		$	(4,986	)	$	103,387
Other financial information:
Income from equity method investee	$	—	$	5,539		$	—		$	5,539
TABLE CONTINUES ON NEXT PAGE



(in thousands)	Exploration and production			Midstream and marketing			Eliminations			Consolidated company
Interest expense⁽⁴⁾	$	43,066		$	2,827		$	—		$	45,893
Capital expenditures	$	234,902		$	6,117		$	—		$	241,019
Gross property and equipment⁽⁵⁾	$	5,979,858		$	412,177		$	(13,226	)	$	6,378,809
Six months ended June 30, 2016:
Revenues:
Oil, NGL and natural gas sales	$	175,668		$	—		$	—		$	175,668
Midstream service revenues	—			22,405			(18,972		)	3,433
Sales of purchased oil	—			74,229			—			74,229
Total revenues	175,668			96,634			(18,972		)	253,330
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	59,157			—			(4,997		)	54,160
Midstream service expenses	—			13,081			(11,294		)	1,787
Costs of purchased oil	—			76,958			—			76,958
General and administrative⁽¹⁾	36,497			3,456			—			39,953
Depletion, depreciation and amortization⁽²⁾	71,261			4,394			—			75,655
Impairment expense	162,027			—			—			162,027
Other operating expenses⁽³⁾	1,598			106			—			1,704
Operating loss	$	(154,872	)	$	(1,361	)	$	(2,681	)	$	(158,914	)
Other financial information:
Income from equity method investee	$	—		$	5,994		$	—		$	5,994
Interest expense⁽⁴⁾	$	44,353		$	2,864		$	—		$	47,217
Capital expenditures	$	197,874		$	3,425		$	—		$	201,299
Gross property and equipment⁽⁵⁾	$	5,484,416		$	366,858		$	(4,604	)	$	5,846,670

_______________________________________________________________________________

(1)

General and administrative expenses were allocated to the three months ended June 30, 2017, March 31, 2017, June 30, 2016 and March 31, 2016 based on the number of employees in the respective segment as of the respective three-month period end dates. Certain components of general and administrative expenses, primarily payroll, deferred compensation and vehicle expenses, were not allocated but were actual expenses for each segment. Land and geology expenses were not allocated to the midstream and marketing segment.

(2)

Depletion, depreciation and amortization were actual expenses for each segment with the exception of the allocation of depreciation of other fixed assets, which were allocated to the three months ended June 30, 2017, March 31, 2017, June 30, 2016 and March 31, 2016 based on the number of employees in the respective segment as of the respective three-month period end dates. Certain components of depreciation and amortization of other fixed assets, primarily vehicles, were not allocated but were actual expenses for each segment.


(3)	Other operating expenses consist of (i) accretion of asset retirement obligations and minimum volume commitments for the three and six months ended June 30, 2017 and (ii) accretion of asset retirement obligations for the three and six months ended June 30, 2016. These were actual expenses and were not allocated.

(4)

Interest expense for the three months ended June 30, 2017 and March 31, 2017 was allocated to the exploration and production segment based on gross property and equipment as of June 30, 2017 and March 31, 2017, respectively, and allocated to the midstream and marketing segment based on gross property and equipment and life-to-date contributions to the Company's equity method investee as of June 30, 2017 and March 31, 2017, respectively. Interest expense for the three and six months ended June 30, 2016 was allocated to the exploration and production segment based on gross property and equipment as of June 30, 2016 and allocated to the midstream and marketing segment based on gross property and equipment and life-to-date contributions to the Company's equity method investee as of June 30, 2016. Certain components of other fixed assets, primarily vehicles, were not allocated but were actual assets for the each segment.

(5)

Gross property and equipment for the midstream and marketing segment includes equity method investment of $249.5 million and $213.6 million as of June 30, 2017 and 2016, respectively. Other fixed assets were allocated based on the number of employees in the respective segment as of June 30, 2017 and 2016. Certain components of other fixed assets, primarily vehicles, were not allocated but were actual assets for each segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsidiary guarantors

6 Months Ended

Jun. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Subsidiary guarantors

The Guarantors have fully and unconditionally guaranteed the January 2022 Notes, the May 2022 Notes, the March 2023 Notes and the Senior Secured Credit Facility, subject to the Releases. In accordance with practices accepted by the SEC, Laredo has prepared condensed consolidating financial statements to quantify the balance sheets, results of operations and cash flows of such subsidiaries as subsidiary guarantors. The following unaudited condensed consolidating balance sheets as of June 30, 2017 and December 31, 2016, unaudited condensed consolidating statements of operations for the three and six months ended June 30, 2017 and 2016 and unaudited condensed consolidating statements of cash flows for the six months ended June 30, 2017 and 2016 present financial information for Laredo on a stand-alone basis (carrying any investment in subsidiaries under the equity method), financial information for the subsidiary guarantors on a stand-alone basis (carrying any investment in subsidiaries under the equity method), and the consolidation and elimination entries necessary to arrive at the information for the Company on a condensed consolidated basis. Deferred income taxes for LMS and for GCM are recorded on Laredo's balance sheets, statements of operations and statements of cash flows as they are disregarded entities for income tax purposes. Laredo and the Guarantors are not restricted from making intercompany distributions to each other. During the six months ended June 30, 2016, certain assets were transferred from LMS to Laredo at historical cost.

Condensed consolidating balance sheet

June 30, 2017

(Unaudited)



(in thousands)	Laredo		Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Accounts receivable, net	$	60,506	$	11,601	$	—		$	72,107
Other current assets	92,062		3,495		—			95,557
Oil and natural gas properties, net	1,332,884		9,272		(13,226		)	1,328,930
Midstream service assets, net	—		128,941		—			128,941
Other fixed assets, net	40,966		449		—			41,415
Investment in subsidiaries and equity method investment	384,303		249,492		(384,303		)	249,492
Other long-term assets	21,104		3,708		—			24,812
Total assets	$	1,931,825	$	406,958	$	(397,529	)	$	1,941,254

Accounts payable	$	8,984	$	1,793	$	—		$	10,777
Other current liabilities	143,673		17,633		—			161,306
Long-term debt, net	1,390,277		—		—			1,390,277
Other long-term liabilities	51,262		3,229		—			54,491
Stockholders' equity	337,629		384,303		(397,529		)	324,403
Total liabilities and stockholders' equity	$	1,931,825	$	406,958	$	(397,529	)	$	1,941,254

Condensed consolidating balance sheet

December 31, 2016

(Unaudited)



(in thousands)	Laredo		Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Accounts receivable, net	$	70,570	$	16,297	$	—		$	86,867
Other current assets	65,884		2,026		—			67,910
Oil and natural gas properties, net	1,194,801		9,293		(8,240		)	1,195,854
Midstream service assets, net	—		126,240		—			126,240
Other fixed assets, net	44,221		552		—			44,773
Investment in subsidiaries and equity method investment	376,028		243,953		(376,028		)	243,953
Other long-term assets	13,065		3,684		—			16,749
Total assets	$	1,764,569	$	402,045	$	(384,268	)	$	1,782,346

Accounts payable	$	14,427	$	627	$	—		$	15,054
Other current liabilities	150,531		22,360		—			172,891
Long-term debt, net	1,353,909		—		—			1,353,909
Other long-term liabilities	56,889		3,030		—			59,919
Stockholders' equity	188,813		376,028		(384,268		)	180,573
Total liabilities and stockholders' equity	$	1,764,569	$	402,045	$	(384,268	)	$	1,782,346

Condensed consolidating statement of operations

For the three months ended June 30, 2017

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Total revenues	$	142,224		$	61,454	$	(16,677	)	$	187,001
Total costs and expenses	91,140			58,299		(14,499		)	134,940
Operating income	51,084			3,155		(2,178		)	52,061
Interest expense	(23,173		)	—		—			(23,173		)
Other non-operating income	35,377			2,414		(5,569		)	32,222
Income before income tax	63,288			5,569		(7,747		)	61,110
Income tax	—			—		—			—
Net income	$	63,288		$	5,569	$	(7,747	)	$	61,110

Condensed consolidating statement of operations

For the six months ended June 30, 2017

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Total revenues	$	281,367		$	127,240	$	(32,600	)	$	376,007
Total costs and expenses	179,169			121,065		(27,614		)	272,620
Operating income	102,198			6,175		(4,986		)	103,387
Interest expense	(45,893		)	—		—			(45,893		)
Other non-operating income	78,067			5,332		(11,507		)	71,892
Income before income tax	134,372			11,507		(16,493		)	129,386
Income tax	—			—		—			—
Net income	$	134,372		$	11,507	$	(16,493	)	$	129,386

Condensed consolidating statement of operations

For the three months ended June 30, 2016

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Total revenues	$	102,511		$	53,768	$	(9,506	)	$	146,773
Total costs and expenses	84,137			52,742		(7,980		)	128,899
Operating income	18,374			1,026		(1,526		)	17,874
Interest expense	(23,512		)	—		—			(23,512		)
Other non-operating income (expense)	(64,768		)	3,692		(4,718		)	(65,794		)
Income (loss) before income tax	(69,906		)	4,718		(6,244		)	(71,432		)
Income tax	—			—		—			—
Net income (loss)	$	(69,906	)	$	4,718	$	(6,244	)	$	(71,432	)

Condensed consolidating statement of operations

For the six months ended June 30, 2016

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Total revenues	$	175,633		$	96,669	$	(18,972	)	$	253,330
Total costs and expenses	334,201			94,334		(16,291		)	412,244
Operating income (loss)	(158,568		)	2,335		(2,681		)	(158,914		)
Interest expense	(47,217		)	—		—			(47,217		)
Other non-operating income (expense)	(43,337		)	5,983		(8,318		)	(45,672		)
Income (loss) before income tax	(249,122		)	8,318		(10,999		)	(251,803		)
Income tax	—			—		—			—
Net income (loss)	$	(249,122	)	$	8,318	$	(10,999	)	$	(251,803	)

Condensed consolidating statement of cash flows

For the six months ended June 30, 2017

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors			Intercompany eliminations			Consolidated company
Net cash provided by operating activities	$	159,048		$	9,360		$	(11,507	)	$	156,901
Change in investment between affiliates	(8,264		)	(3,243		)	11,507			—
Capital expenditures and other	(171,461		)	(6,117		)	—			(177,578		)
Net cash provided by financing activities	23,029			—			—			23,029
Net increase in cash and cash equivalents	2,352			—			—			2,352
Cash and cash equivalents, beginning of period	32,671			1			—			32,672
Cash and cash equivalents, end of period	$	35,023		$	1		$	—		$	35,024

Condensed consolidating statement of cash flows

For the six months ended June 30, 2016

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors			Intercompany eliminations			Consolidated company
Net cash provided by operating activities	$	139,610		$	7,339		$	(8,318	)	$	138,631
Change in investment between affiliates	(47,069		)	38,751			8,318			—
Capital expenditures and other	(197,540		)	(46,090		)	—			(243,630		)
Net cash provided by financing activities	93,154			—			—			93,154
Net decrease in cash and cash equivalents	(11,845		)	—			—			(11,845		)
Cash and cash equivalents, beginning of period	31,153			1			—			31,154
Cash and cash equivalents, end of period	$	19,308		$	1		$	—		$	19,309

Recently issued or adopted accounting pronouncements	6 Months Ended
Recently issued or adopted accounting pronouncements	Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently issued or adopted accounting pronouncements	Recently issued or adopted accounting pronouncements The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"). The ASUs listed below were either adopted during the six months ended June 30, 2017 or the discussion of the ASU was determined to be meaningful to the Company's consolidated financial statements. In May 2014, the FASB issued a comprehensive new revenue recognition standard that supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and industry-specific guidance in Subtopic 932-605, Extractive Activities—Oil and Gas—Revenue Recognition. The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring those goods or services. The new standard also requires significantly expanded disclosure regarding the qualitative and quantitative information of an entity's nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard creates a five-step model that requires companies to exercise judgment when considering the terms of a contract and all relevant facts and circumstances. The standard allows for several transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, including additional disclosures of the standard's application impact to individual financial statement line items. In March, April, May and December 2016, the FASB issued new guidance in Topic 606, Revenue from Contracts with Customers, to address the following potential implementation issues of the new revenue standard: (a) to clarify the implementation guidance on principal versus agent considerations, (b) to clarify the identification of performance obligations and the licensing implementation guidance and (c) to address certain issues in the guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. This standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company follows the sales method of accounting for oil, NGL and natural gas production, which is generally consistent with the revenue recognition provision of the new standard. However, the Company is still evaluating the impact this standard will have on its consolidated financial statements upon adoption. The evaluation process includes (i) review of revenue contracts and transactions in both of the exploration and production and midstream and marketing segments and (ii) assessing the impact this guidance will have on our processes and internal controls. The Company expects to apply the modified retrospective method upon adoption of this standard on the effective date of January 1, 2018. In February 2016, the FASB issued new guidance in Topic 842, Leases. The core principle of the new guidance is that a lessee should recognize the assets and liabilities that arise from leases in the statement of financial position. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Similarly, optional payments to purchase the underlying asset should be included in the measurement of lease assets and lease liabilities only if the lessee is reasonably certain to exercise that purchase option. Reasonably certain is a high threshold that is consistent with and intended to be applied in the same way as the reasonably assured threshold in the previous lease guidance. In addition, also consistent with the previous lease guidance, a lessee (and a lessor) should exclude most variable lease payments in measuring lease assets and lease liabilities, other than those that depend on an index or a rate or are in substance fixed payments. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. There continues to be a differentiation between finance leases and operating leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this ASU is permitted. The Company is in the process of evaluating the potential impact of adopting this guidance, and the primary effect will be to record assets and obligations for contracts currently recognized as operating leases with a term greater than 12 months and evaluate operating leases with a term less than or equal to 12 months for election. The Company does not intend to adopt the standard early. In January 2017, the FASB issued new guidance in Topic 805, Business Combinations, to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business—inputs, processes and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (i) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output and (ii) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the amendments in this ASU narrow the definition of the term output so that the term is consistent with how outputs are described in Topic 606. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments in this ASU should be applied prospectively on or after the effective date. Early application of the amendments in this ASU is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements upon adoption.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

+ Details

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent events	Subsequent events a. Senior Secured Credit Facility On July 12, 2017, the Company borrowed $10.0 million on the Senior Secured Credit Facility. The outstanding balance under the Senior Secured Credit Facility was $115.0 million as of August 7, 2017. b. Medallion capital call Subsequent to June 30, 2017, the Company approved $24.6 million to fund continued expansion activities on existing portions of Medallion's pipeline infrastructure in order to gather additional third-party production. See Note 2.h for additional discussion regarding Medallion and see Note 12.a for discussion of items included in the Company's unaudited consolidated financial statements related to Medallion.

Supplementary information

6 Months Ended

Jun. 30, 2017

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Supplementary information

Costs incurred in oil and natural gas property acquisition, exploration and development activities

Costs incurred in the acquisition, exploration and development of oil, NGL and natural gas assets are presented below:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Property acquisition costs:							—
Evaluated	$	—	$	—	$	—	$	—
Unevaluated	—		—		—		—
Exploration costs	5,658		19,769		21,201		27,032
Development costs⁽¹⁾	125,738		70,806		236,896		152,692
Total costs incurred	$	131,396	$	90,575	$	258,097	$	179,724

____________________________________________________________________________


(1)	Development costs include $0.1 million in asset retirement obligations for each of the three months ended June 30, 2017 and 2016, and $0.2 million for each of the six months ended June 30, 2017 and 2016.

Basis of presentation and significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of presentation

Use of estimates in the preparation of interim unaudited consolidated financial statements

Reclassifications

Accounts receivable

Derivatives

Full cost method of accounting

Impairments of long-lived assets

Impairments of inventory

Debt issuance costs

Debt issuance fees, which are recorded at cost, net of amortization, are amortized over the life of the respective debt agreements utilizing the effective interest and straight-line methods.

Asset retirement obligations

Fair value measurements

Assets and liabilities recorded at fair value on the unaudited consolidated balance sheets are categorized based on inputs to the valuation techniques as follows:



Level 1—	Assets and liabilities recorded at fair value for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2—	Assets and liabilities recorded at fair value for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the assets or liabilities. Substantially all of these inputs are observable in the marketplace throughout the full term of the price risk management instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace.

Level 3—	Assets and liabilities recorded at fair value for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs are not corroborated by market data. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability.

Treasury stock

Compensation awards

Employee compensation

Environmental

Net income (loss) per common share

Credit risk

The Company's oil, NGL and natural gas sales are made to a variety of purchasers, including intrastate and interstate pipelines or their marketing affiliates and independent marketing companies. The Company's joint operations accounts receivable are from a number of oil and natural gas companies, partnerships, individuals and others who own interests in the oil and natural gas properties operated by the Company. The Company's sales of purchased oil are made to one customer. Management believes that any credit risk imposed by a concentration in the oil and natural gas industry is offset by the creditworthiness of the Company's customer base and industry partners. The Company routinely assesses the recoverability of all material trade and other receivables to determine collectability.

The Company uses derivatives to hedge its exposure to oil, NGL and natural gas price volatility. These transactions expose the Company to potential credit risk from its counterparties. In accordance with the Company's standard practice, its derivatives are subject to counterparty netting under agreements governing such derivatives; therefore, the credit risk associated with its derivative counterparties is somewhat mitigated.

Recently issued or adopted accounting pronouncements

The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board ("FASB"). The ASUs listed below were either adopted during the six months ended June 30, 2017 or the discussion of the ASU was determined to be meaningful to the Company's consolidated financial statements.

In May 2014, the FASB issued a comprehensive new revenue recognition standard that supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and industry-specific guidance in Subtopic 932-605, Extractive Activities—Oil and Gas—Revenue Recognition. The core principle of the new guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring those goods or services. The new standard also requires significantly expanded disclosure regarding the qualitative and quantitative information of an entity's nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard creates a five-step model that requires companies to exercise judgment when considering the terms of a contract and all relevant facts and circumstances. The standard allows for several transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, including additional disclosures of the standard's application impact to individual financial statement line items. In March, April, May and December 2016, the FASB issued new guidance in Topic 606, Revenue from Contracts with Customers, to address the following potential implementation issues of the new revenue standard: (a) to clarify the implementation guidance on principal versus agent considerations, (b) to clarify the identification of performance obligations and the licensing implementation guidance and (c) to address certain issues in the guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. This standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company follows the sales method of accounting for oil, NGL and natural gas production, which is generally consistent with the revenue recognition provision of the new standard. However, the Company is still evaluating the impact this standard will have on its consolidated financial statements upon adoption. The evaluation process includes (i) review of revenue contracts and transactions in both of the exploration and production and midstream and marketing segments and (ii) assessing the impact this guidance will have on our processes and internal controls. The Company expects to apply the modified retrospective method upon adoption of this standard on the effective date of January 1, 2018.

In February 2016, the FASB issued new guidance in Topic 842, Leases. The core principle of the new guidance is that a lessee should recognize the assets and liabilities that arise from leases in the statement of financial position. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. When measuring assets and liabilities arising from a lease, a lessee (and a lessor) should include payments to be made in optional periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Similarly, optional payments to purchase the underlying asset should be included in the measurement of lease assets and lease liabilities only if the lessee is reasonably certain to exercise that purchase option. Reasonably certain is a high threshold that is consistent with and intended to be applied in the same way as the reasonably assured threshold in the previous lease guidance. In addition, also consistent with the previous lease guidance, a lessee (and a lessor) should exclude most variable lease payments in measuring lease assets and lease liabilities, other than those that depend on an index or a rate or are in substance fixed payments. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. There continues to be a differentiation between finance leases and operating leases. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. These practical expedients relate to the identification and classification of leases that commenced before the effective date, initial direct costs for leases that commenced before the effective date and the ability to use hindsight in evaluating lessee options to extend or terminate a lease or to purchase the underlying asset. An entity that elects to apply the practical expedients will, in effect, continue to account for leases that commence before the effective date in accordance with previous GAAP unless the lease is modified, except that lessees are required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this ASU is permitted. The Company is in the process of evaluating the potential impact of adopting this guidance, and the primary effect will be to record assets and obligations for contracts currently recognized as operating leases with a term greater than 12 months and evaluate operating leases with a term less than or equal to 12 months for election. The Company does not intend to adopt the standard early.

In January 2017, the FASB issued new guidance in Topic 805, Business Combinations, to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under the current implementation guidance in Topic 805, there are three elements of a business—inputs, processes and outputs. While an integrated set of assets and activities (collectively referred to as a “set”) that is a business usually has outputs, outputs are not required to be present. In addition, all the inputs and processes that a seller uses in operating a set are not required if market participants can acquire the set and continue to produce outputs, for example, by integrating the acquired set with their own inputs and processes. The amendments in this ASU provide a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (i) require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output and (ii) remove the evaluation of whether a market participant could replace missing elements. The amendments provide a framework to assist entities in evaluating whether both an input and a substantive process are present. The framework includes two sets of criteria to consider that depend on whether a set has outputs. Although outputs are not required for a set to be a business, outputs generally are a key element of a business; therefore, the FASB has developed more stringent criteria for sets without outputs. Lastly, the amendments in this ASU narrow the definition of the term output so that the term is consistent with how outputs are described in Topic 606. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments in this ASU should be applied prospectively on or after the effective date. Early application of the amendments in this ASU is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements upon adoption.

Basis of presentation and significant accounting policies (Tables)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Schedule of components of accounts receivable

Accounts receivable consisted of the following components as of the dates presented:



(in thousands)	June 30, 2017		December 31, 2016
Oil, NGL and natural gas sales	$	45,495	$	46,999
Sales of purchased oil and other products	11,518		16,213
Joint operations, net⁽¹⁾	8,973		12,175
Matured derivatives	5,982		11,059
Other	139		421
Total	$	72,107	$	86,867

______________________________________________________________________________


(1)	Accounts receivable for joint operations are presented net of an allowance for doubtful accounts of $0.1 million and $0.2 million as of June 30, 2017 and December 31, 2016, respectively. As the operator of the majority of its wells, the Company has the ability to realize some or all of these receivables through the netting of production revenues.

Schedule of other current assets

Other current assets consisted of the following components as of the dates presented:



(in thousands)	June 30, 2017		December 31, 2016
Prepaid expenses and other	$	8,958	$	6,228
Inventory⁽¹⁾	8,590		8,063
Total other current assets	$	17,548	$	14,291

______________________________________________________________________________


(1)	See Note 2.i for discussion of inventory held by the Company.

Schedule of other current liabilities

Other current liabilities consisted of the following components as of the dates presented:



(in thousands)	June 30, 2017		December 31, 2016
Accrued interest payable	$	24,354	$	24,152
Purchased oil payable	11,971		17,213
Accrued compensation and benefits	9,122		25,947
Lease operating expense payable	8,814		10,572
Other accrued liabilities	20,526		16,331
Total other current liabilities	$	74,787	$	94,215

Schedule of property and equipment

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



(in thousands)	June 30, 2017			December 31, 2016
Evaluated oil and natural gas properties	$	5,703,873		$	5,488,756
Less accumulated depletion and impairment	(4,578,831		)	(4,514,183		)
Evaluated oil and natural gas properties, net	1,125,042			974,573

Unevaluated properties not being depleted	203,888			221,281

Midstream service assets	157,645			150,629
Less accumulated depreciation and impairment	(28,704		)	(24,389		)
Midstream service assets, net	128,941			126,240

Depreciable other fixed assets	48,997			52,491
Less accumulated depreciation and amortization	(22,496		)	(22,632		)
Depreciable other fixed assets, net	26,501			29,859

Land	14,914			14,914

Total property and equipment, net	$	1,499,286		$	1,366,867

Schedule of employee-related costs capitalized to oil and natural gas properties

The following table presents capitalized employee-related costs for the periods presented:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Capitalized employee-related costs	$	5,763	$	3,253	$	10,973	$	6,449

Schedule of future amortization expense of deferred debt issuance costs

Future amortization expense of debt issuance costs as of June 30, 2017 for the periods presented is as follows:



(in thousands)	June 30, 2017
Remaining 2017	$	2,082
2018	4,223
2019	4,308
2020	4,396
2021	4,493
Thereafter	1,947
Total	$	21,449

Schedule of reconciliation of asset retirement obligation liability

The following reconciles the Company's asset retirement obligation liability for the periods presented:



(in thousands)	Six months ended June 30, 2017			Year ended December 31, 2016
Liability at beginning of period	$	52,207		$	46,306
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	320			1,528
Accretion expense	1,871			3,483
Liabilities settled upon plugging and abandonment	(363		)	(1,242		)
Liabilities removed due to sale of property	(871		)	—
Revision of estimates	5			2,132
Liability at end of period	$	53,169		$	52,207

Schedule of non-cash investing and supplemental cash flow information

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



	Six months ended June 30,
(in thousands)	2017		2016
Non-cash investing information:
Change in accrued capital expenditures	$	22,855	$	(22,012	)
Change in accrued capital contribution to equity method investee⁽¹⁾	$	—	$	(27,583	)
Capitalized asset retirement cost	$	325	$	253
Supplemental cash flow information:
Capitalized interest	$	490	$	115

______________________________________________________________________________


(1)	See Notes 2.h and 12.a for additional discussion of the Company's equity method investee.

Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of carrying amount and fair value of debt instruments

The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented:



	June 30, 2017				December 31, 2016
(in thousands)	Long-term debt		Fair value		Long-term debt		Fair value
January 2022 Notes	$	450,000	$	440,479	$	450,000	$	456,382
May 2022 Notes	500,000		509,575		500,000		521,413
March 2023 Notes	350,000		347,351		350,000		365,649
Senior Secured Credit Facility	105,000		105,026		70,000		69,975
Total	$	1,405,000	$	1,402,431	$	1,370,000	$	1,413,419

Schedule of debt

The following table summarizes the net presentation of the Company's long-term debt and debt issuance costs on the unaudited consolidated balance sheets as of the dates presented:



	June 30, 2017							December 31, 2016
(in thousands)	Long-term debt		Debt issuance costs, net			Long-term debt, net		Long-term debt		Debt issuance costs, net			Long-term debt, net
January 2022 Notes	$	450,000	$	(4,475	)	$	445,525	$	450,000	$	(4,963	)	$	445,037
May 2022 Notes	500,000		(5,687		)	494,313		500,000		(6,164		)	493,836
March 2023 Notes	350,000		(4,561		)	345,439		350,000		(4,964		)	345,036
Senior Secured Credit Facility⁽¹⁾	105,000		—			105,000		70,000		—			70,000
Total	$	1,405,000	$	(14,723	)	$	1,390,277	$	1,370,000	$	(16,091	)	$	1,353,909

______________________________________________________________________________


(1)	Debt issuance costs, net related to our Senior Secured Credit Facility of $6.7 million and $2.7 million as of June 30, 2017 and December 31, 2016, respectively, are reported in "Other assets, net" on the unaudited consolidated balance sheets.

Employee compensation (Tables)

6 Months Ended

Jun. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of restricted stock award activity

The following table reflects the restricted stock award activity for the six months ended June 30, 2017:



(in thousands, except for weighted-average grant date fair values)	Restricted stock awards		Weighted-average grant date fair value (per award)
Outstanding as of December 31, 2016	3,878		$	12.88
Granted	1,185		$	13.97
Forfeited	(232	)	$	12.88
Vested⁽¹⁾	(1,588	)	$	13.75
Outstanding as of June 30, 2017	3,243		$	12.85

_____________________________________________________________________________


(1)	The total intrinsic value of vested restricted stock awards for the six months ended June 30, 2017 was $22.0 million.

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table reflects the stock option award activity for the six months ended June 30, 2017:



(in thousands, except for weighted-average price and weighted-average remaining contractual term)	Stock option awards		Weighted-average price (per option)		Weighted-average remaining contractual term (years)
Outstanding as of December 31, 2016	2,370		$	12.54	7.71
Granted	391		$	14.12
Exercised⁽¹⁾	(44	)	$	8.17
Expired or canceled	(27	)	$	21.03
Outstanding as of June 30, 2017	2,690		$	12.75	7.54
Vested and exercisable at end of period⁽²⁾	1,303		$	16.46	6.34
Expected to vest at end of period⁽³⁾	1,387		$	9.26	8.67

_____________________________________________________________________________


(1)	The total intrinsic value of exercised stock option awards for the six months ended June 30, 2017 was $0.3 million.


(2)	The vested and exercisable stock option awards as of June 30, 2017 had an aggregate intrinsic value of $1.3 million.


(3)	The stock option awards expected to vest as of June 30, 2017 had an aggregate intrinsic value of $4.4 million.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The assumptions used to estimate the fair value of the 390,733 stock option awards granted during the six months ended June 30, 2017 are as follows:



	Granted on February 17, 2017
Risk-free interest rate⁽¹⁾	2.14		%
Expected option life⁽²⁾	6.25 years
Expected volatility⁽³⁾	60.84		%
Fair value per stock option award	$	8.22

____________________________________________________________________________


(1)	U.S. Treasury yields as of the grant date were utilized for the risk-free interest rate assumption, correlating the treasury yield terms to the expected life of the stock option award.


(2)	As the Company had limited exercise history at the time of valuation relating to terminations and modifications, expected stock option award life assumptions were developed using the simplified method in accordance with GAAP.


(3)	The Company utilized its own volatility in order to develop the expected volatility.

Schedule Of Share Based Compensation Vesting Rights Options [Table Text Block]



Full years of continuous employment	Incremental percentage of option exercisable		Cumulative percentage of option exercisable
Less than one	—	%	—	%
One	25	%	25	%
Two	25	%	50	%
Three	25	%	75	%
Four	25	%	100	%

Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block]

The following table reflects the performance share award activity for the six months ended June 30, 2017:



(in thousands, except for weighted-average grant date fair values)	Performance share awards		Weighted-average grant date fair value (per award)
Outstanding as of December 31, 2016	2,325		$	18.35
Granted	696		$	18.96
Forfeited	(60	)	$	18.11
Vested⁽¹⁾	(200	)	$	28.56
Outstanding as of June 30, 2017	2,761		$	17.77

______________________________________________________________________________


(1)	These performance share awards had a performance period of January 1, 2014 to December 31, 2016 and, as their vesting and performance criteria were satisfied, each award converted into 0.75 shares representing 150,388 shares of common stock issued during the first quarter of 2017.

Schedule Of Share-base Payment Award, Equity Instruments Other Than Options, Valuation Assumptions [Table Text Block]

The assumptions used to estimate the fair values of the 696,460 performance share awards granted during the six months ended June 30, 2017 are as follows:



	Granted on February 17, 2017
Risk-free rate⁽¹⁾	1.44		%
Dividend yield	—		%
Expected volatility⁽²⁾	74.00		%
Laredo stock closing price on grant date	$	14.12
Fair value per performance share	$	18.96

______________________________________________________________________________


(1)	The risk-free rate was derived using a term-matched zero-coupon yield derived from the U.S. Treasury constant maturities yield curve on the grant date.


(2)	The Company utilized its own volatility in order to develop the expected volatility.

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

The following has been recorded to stock-based compensation expense for the periods presented:



	Three months ended June 30,						Six months ended June 30,
(in thousands)	2017			2016			2017			2016
Restricted stock award compensation	$	5,267		$	4,692		$	11,434		$	8,460
Stock option award compensation	1,144			777			2,441			1,401
Performance share award compensation	4,068			1,593			7,808			1,821
Total stock-based compensation, gross	10,479			7,062			21,683			11,682
Less amounts capitalized in oil and natural gas properties	(1,792		)	(989		)	(3,772		)	(1,771		)
Total stock-based compensation, net of amounts capitalized	$	8,687		$	6,073		$	17,911		$	9,911

Derivatives (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Instruments Terminated [Table Text Block]

The following details the derivative that was terminated:



	Aggregate volumes (Bbl)	Floor price ($/Bbl)		Ceiling price ($/Bbl)		Contract period
Oil:
Swap	1,095,000	$	52.12	$	52.12	January 2018 - December 2018

Schedule of Derivative Instruments

During the six months ended June 30, 2017, the following derivatives were entered into:



	Aggregate volumes⁽¹⁾	Floor price⁽²⁾		Ceiling price⁽²⁾		Short call price⁽²⁾		Long call price⁽²⁾		Contract period
Oil⁽³⁾:
Call spread⁽⁴⁾	1,140,800	$	—	$	—	$	60.00	$	100.00	July 2017 - December 2017
Call spread⁽⁵⁾	184,000	$	—	$	—	$	60.00	$	80.00	July 2017 - December 2017
Put⁽⁶⁾	1,567,500	$	50.00	$	—	$	—	$	—	January 2018 - December 2018
Collar	584,000	$	50.00	$	60.00	$	—	$	—	January 2018 - December 2018
Collar⁽⁷⁾	3,504,000	$	40.00	$	60.00	$	—	$	—	January 2018 - December 2018
Natural gas:
Collar⁽⁸⁾	10,950,000	$	2.50	$	3.25	$	—	$	—	January 2018 - December 2018

_____________________________________________________________________________


(1)	Oil is in Bbl and natural gas is in MMBtu.


(2)	Oil is in $/Bbl and natural gas is in $/MMBtu.


(3)	There are $6.3 million in deferred premiums associated with these contracts.


(4)	A premium of $0.5 million was settled in full at inception by applying the proceeds to pay the premiums on a put entered into simultaneously.


(5)	A premium of $0.1 million was settled in full at inception by applying the proceeds to pay the premiums on a put entered into simultaneously.


(6)	Premiums of $4.9 million were paid at inception, of which $0.6 million were settled in full at inception by applying the proceeds from the call spreads entered into simultaneously.


(7)	A premium of $4.2 million was settled in full at inception as part of the Company's 2017 hedge restructuring by applying the proceeds of the terminated swap.


(8)	There are $0.9 million in deferred premiums associated with these contracts.

Schedule of gains and losses on derivative instruments

The following represents cash settlements received for derivatives, net for the periods presented:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Cash settlements received for matured derivatives, net⁽¹⁾	$	13,705	$	47,382	$	21,156	$	113,319
Cash settlements received for early terminations of derivatives, net⁽²⁾	4,234		—		4,234		80,000
Cash settlements received for derivatives, net	$	17,939	$	47,382	$	25,390	$	193,319

_____________________________________________________________________________


(1)	The settlement amounts do not include premiums paid attributable to contracts that matured during the respective period.


(2)	The settlement amount for the six months ended June 30, 2016 includes $4.0 million in deferred premiums that were settled net with the early terminated contracts from which they originated.

Summary of open positions and derivatives in place

The following table summarizes open positions as of June 30, 2017, and represents, as of such date, derivatives in place through December 2018 on annual production:



	Remaining year 2017		Year 2018
Oil positions:
Puts:
Hedged volume (Bbl)	529,000		2,616,875
Weighted-average price ($/Bbl)	$	60.00	$	54.01
Swaps:
Hedged volume (Bbl)	1,012,000		—
Weighted-average price ($/Bbl)	$	51.54	$	—
Collars:
Hedged volume (Bbl)	1,913,600		4,088,000
Weighted-average floor price ($/Bbl)	$	56.92	$	41.43
Weighted-average ceiling price ($/Bbl)	$	86.00	$	60.00
Call Spreads:
Hedged volume (Bbl)	1,324,800		—
Weighted-average short call price ($/Bbl)	$	60.00	$	—
Weighted-average long call price ($/Bbl)	$	97.22	$	—
Totals:
Total volume hedged with floor price (Bbl)	3,454,600		6,704,875
Weighted-average floor price ($/Bbl)	$	55.82	$	46.34
Total volume hedged with ceiling price (Bbl)	2,925,600		4,088,000
Weighted-average ceiling price ($/Bbl)	$	57.22	$	60.00
NGL positions:
Swaps - Ethane:
Hedged volume (Bbl)	222,000		—
Weighted-average price ($/Bbl)	$	11.24	$	—
Swaps - Propane:
Hedged volume (Bbl)	187,500		—
Weighted-average price ($/Bbl)	$	22.26	$	—
Natural gas positions:
Puts:
Hedged volume (MMBtu)	4,020,000		8,220,000
Weighted-average price ($/MMBtu)	$	2.50	$	2.50
Collars:
Hedged volume (MMBtu)	9,586,400		15,585,500
Weighted-average floor price ($/MMBtu)	$	2.86	$	2.50
Weighted-average ceiling price ($/MMBtu)	$	3.54	$	3.35
Totals:
Total volume hedged with floor price (MMBtu)	13,606,400		23,805,500
Weighted-average floor price ($/MMBtu)	$	2.75	$	2.50
Total volume hedged with ceiling price (MMBtu)	9,586,400		15,585,500
Weighted-average ceiling price ($/MMBtu)	$	3.54	$	3.35

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

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



(in thousands)	Level 1		Level 2			Level 3			Total gross fair value			Amounts offset			Net fair value presented on the unaudited consolidated balance sheets
As of June 30, 2017:
Assets
Current:
Oil derivatives	$	—	$	46,492		$	—		$	46,492		$	(323	)	$	46,169
NGL derivatives	—		110			—			110			(678		)	(568		)
Natural gas derivatives	—		4,452			—			4,452			(1,577		)	2,875
Oil deferred premiums	—		—			—			—			(4,637		)	(4,637		)
Natural gas deferred premiums	—		—			—			—			(854		)	(854		)
Noncurrent:
Oil derivatives	$	—	$	14,712		$	—		$	14,712		$	—		$	14,712
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		2,822			—			2,822			—			2,822
Oil deferred premiums	—		—			—			—			(3,068		)	(3,068		)
Natural gas deferred premiums	—		—			—			—			(1,659		)	(1,659		)
Liabilities
Current:
Oil derivatives	$	—	$	(204	)	$	—		$	(204	)	$	323		$	119
NGL derivatives	—		(678		)	—			(678		)	678			—
Natural gas derivatives	—		(13		)	—			(13		)	1,577			1,564
Oil deferred premiums	—		—			(4,637		)	(4,637		)	4,637			—
Natural gas deferred premiums	—		—			(3,190		)	(3,190		)	854			(2,336		)
Noncurrent:
Oil derivatives	$	—	$	—		$	—		$	—		$	—		$	—
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		—			—			—			—			—
Oil deferred premiums	—		—			(3,068		)	(3,068		)	3,068			—
Natural gas deferred premiums	—		—			(1,659		)	(1,659		)	1,659			—
Net derivative position	$	—	$	67,693		$	(12,554	)	$	55,139		$	—		$	55,139



(in thousands)	Level 1		Level 2			Level 3			Total gross fair value			Amounts offset			Net fair value presented on the unaudited consolidated balance sheets
As of December 31, 2016:
Assets
Current:
Oil derivatives	$	—	$	22,527		$	—		$	22,527		$	—		$	22,527
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		270			—			270			(270		)	—
Oil deferred premiums	—		—			—			—			(1,580		)	(1,580		)
Natural gas deferred premiums	—		—			—			—			—			—
Noncurrent:
Oil derivatives	$	—	$	8,718		$	—		$	8,718		$	—		$	8,718
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		1,377			—			1,377			(1,377		)	—
Oil deferred premiums	—		—			—			—			—			—
Natural gas deferred premiums	—		—			—			—			—			—
Liabilities
Current:
Oil derivatives	$	—	$	(9,789	)	$	—		$	(9,789	)	$	—		$	(9,789	)
NGL derivatives	—		(2,803		)	—			(2,803		)	—			(2,803		)
Natural gas derivatives	—		(3,639		)	—			(3,639		)	270			(3,369		)
Oil deferred premiums	—		—			(3,569		)	(3,569		)	1,580			(1,989		)
Natural gas deferred premiums	—		—			(3,043		)	(3,043		)	—			(3,043		)
Noncurrent:
Oil derivatives	$	—	$	(4,552	)	$	—		$	(4,552	)	$	—		$	(4,552	)
NGL derivatives	—		—			—			—			—			—
Natural gas derivatives	—		(133		)	—			(133		)	1,377			1,244
Oil deferred premiums	—		—			—			—			—			—
Natural gas deferred premiums	—		—			(2,386		)	(2,386		)	—			(2,386		)
Net derivative position	$	—	$	11,976		$	(8,998	)	$	2,978		$	—		$	2,978

Actual cash payments required for deferred premium contracts

The following table presents actual cash payments required for deferred premiums as of June 30, 2017 for the periods presented:



(in thousands)	June 30, 2017
Remaining 2017	$	2,888
2018	9,375
2019	535
Total	$	12,798

Summary of changes in net assets classified as Level 3 measurements

A summary of the changes in net assets classified as Level 3 measurements for the periods presented are as follows:



	Three months ended June 30,						Six months ended June 30,
(in thousands)	2017			2016			2017			2016
Balance of Level 3 at beginning of period	$	(13,025	)	$	(13,054	)	$	(8,998	)	$	(14,619	)
Change in net present value of derivative deferred premiums	(70		)	(61		)	(111		)	(133		)
Total purchases and settlements:
Purchases	(905		)	(1,960		)	(6,998		)	(6,072		)
Settlements⁽¹⁾	1,446			2,413			3,553			8,162
Balance of Level 3 at end of period	$	(12,554	)	$	(12,662	)	$	(12,554	)	$	(12,662	)

_____________________________________________________________________________


(1)	The amount for the six months ended June 30, 2016 includes $3.9 million that represents the present value of deferred premiums settled in the Company's restructuring upon their early termination.

Net income (loss) per common share (Tables)

6 Months Ended

Jun. 30, 2017

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 is the calculation of basic and diluted weighted-average common shares outstanding and net income (loss) per common share for the periods presented:



	Three months ended June 30,					Six months ended June 30,
(in thousands, except for per share data)	2017		2016			2017		2016
Net income (loss) (numerator):
Net income (loss)—basic and diluted	$	61,110	$	(71,432	)	$	129,386	$	(251,803	)
Weighted-average common shares outstanding (denominator):
Basic	239,231		217,564			238,870		214,562
Non-vested performance share awards⁽¹⁾	4,666		—			4,488		—
Non-vested restricted stock awards⁽²⁾	419		—			896		—
Outstanding stock option awards⁽²⁾	101		—			131		—
Diluted	244,417		217,564			244,385		214,562
Net income (loss) per common share:
Basic	$	0.26	$	(0.33	)	$	0.54	$	(1.17	)
Diluted	$	0.25	$	(0.33	)	$	0.53	$	(1.17	)

_____________________________________________________________________________

(1)


(2)	For the three and six months ended June 30, 2017, the dilutive effects of the non-vested restricted stock awards and the outstanding stock option awards were calculated utilizing the treasury stock method. See Notes 5.a and 5.b for additional discussion of the Company's restricted stock awards and stock option awards, respectively.

Related parties (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Related Party Transactions

The following table summarizes the lease operating expenses related to Archrock included in the unaudited consolidated statements of operations for the periods presented:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Lease operating expenses	$	232	$	526	$	656	$	1,001

The following table summarizes the capital expenditures related to Archrock included in the unaudited consolidated statements of cash flows for the periods presented:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Capital expenditures:
Midstream service assets	$	108	$	—	$	108	$	20

The following table summarizes items included in the unaudited consolidated balance sheets related to Medallion as of the dates presented:



(in thousands)	June 30, 2017		December 31, 2016
Accounts receivable, net	$	59	$	—
Accrued capital expenditures	$	379	$	586
Other current liabilities	$	102	$	118

Segments (Tables)

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment



(in thousands)	Exploration and production		Midstream and marketing			Eliminations			Consolidated company
Three months ended June 30, 2017:
Revenues:
Oil, NGL and natural gas sales	$	142,288	$	825		$	(1,276	)	$	141,837
Midstream service revenues	—		18,104			(15,401		)	2,703
Sales of purchased oil	—		42,461			—			42,461
Total revenues	142,288		61,390			(16,677		)	187,001
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	31,993		—			(3,417		)	28,576
Midstream service expenses	—		11,978			(11,082		)	896
Costs of purchased oil	—		44,020			—			44,020
General and administrative⁽¹⁾	20,121		1,887			—			22,008
Depletion, depreciation and amortization⁽²⁾	35,683		2,320			—			38,003
Other operating expenses⁽³⁾	1,382		55			—			1,437
Operating income	$	53,109	$	1,130		$	(2,178	)	$	52,061
Other financial information:
Income from equity method investee	$	—	$	2,471		$	—		$	2,471
Interest expense⁽⁴⁾	$	21,752	$	1,421		$	—		$	23,173
Capital expenditures	$	123,157	$	4,386		$	—		$	127,543
Gross property and equipment⁽⁵⁾	$	5,979,858	$	412,177		$	(13,226	)	$	6,378,809
Three months ended June 30, 2016:
Revenues:
Oil, NGL and natural gas sales	$	102,526	$	—		$	—		$	102,526
Midstream service revenues	—		11,138			(9,506		)	1,632
Sales of purchased oil	—		42,615			—			42,615
Total revenues	102,526		53,753			(9,506		)	146,773
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	29,793		—			(2,586		)	27,207
Midstream service expenses	—		6,572			(5,394		)	1,178
Costs of purchased oil	—		44,012			—			44,012
General and administrative⁽¹⁾	18,818		1,684			—			20,502
Depletion, depreciation and amortization⁽²⁾	31,969		2,208			—			34,177
Impairment expense	963		—			—			963
Other operating expenses⁽³⁾	806		54			—			860
Operating income (loss)	$	20,177	$	(777	)	$	(1,526	)	$	17,874
Other financial information:
Income from equity method investee	$	—	$	3,696		$	—		$	3,696
Interest expense⁽⁴⁾	$	22,050	$	1,462		$	—		$	23,512
Capital expenditures	$	92,089	$	1,488		$	—		$	93,577
Gross property and equipment⁽⁵⁾	$	5,484,416	$	366,858		$	(4,604	)	$	5,846,670
Six months ended June 30, 2017:
Revenues:
Oil, NGL and natural gas sales	$	281,496	$	1,641		$	(2,564	)	$	280,573
Midstream service revenues	—		35,738			(30,036		)	5,702
Sales of purchased oil	—		89,732			—			89,732
Total revenues	281,496		127,111			(32,600		)	376,007
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	61,563		—			(7,214		)	54,349
Midstream service expenses	—		22,212			(20,400		)	1,812
Costs of purchased oil	—		94,276			—			94,276
General and administrative⁽¹⁾	43,564		4,041			—			47,605
Depletion, depreciation and amortization⁽²⁾	67,480		4,635			—			72,115
Other operating expenses⁽³⁾	2,355		108			—			2,463
Operating income	$	106,534	$	1,839		$	(4,986	)	$	103,387
Other financial information:
Income from equity method investee	$	—	$	5,539		$	—		$	5,539
TABLE CONTINUES ON NEXT PAGE



(in thousands)	Exploration and production			Midstream and marketing			Eliminations			Consolidated company
Interest expense⁽⁴⁾	$	43,066		$	2,827		$	—		$	45,893
Capital expenditures	$	234,902		$	6,117		$	—		$	241,019
Gross property and equipment⁽⁵⁾	$	5,979,858		$	412,177		$	(13,226	)	$	6,378,809
Six months ended June 30, 2016:
Revenues:
Oil, NGL and natural gas sales	$	175,668		$	—		$	—		$	175,668
Midstream service revenues	—			22,405			(18,972		)	3,433
Sales of purchased oil	—			74,229			—			74,229
Total revenues	175,668			96,634			(18,972		)	253,330
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	59,157			—			(4,997		)	54,160
Midstream service expenses	—			13,081			(11,294		)	1,787
Costs of purchased oil	—			76,958			—			76,958
General and administrative⁽¹⁾	36,497			3,456			—			39,953
Depletion, depreciation and amortization⁽²⁾	71,261			4,394			—			75,655
Impairment expense	162,027			—			—			162,027
Other operating expenses⁽³⁾	1,598			106			—			1,704
Operating loss	$	(154,872	)	$	(1,361	)	$	(2,681	)	$	(158,914	)
Other financial information:
Income from equity method investee	$	—		$	5,994		$	—		$	5,994
Interest expense⁽⁴⁾	$	44,353		$	2,864		$	—		$	47,217
Capital expenditures	$	197,874		$	3,425		$	—		$	201,299
Gross property and equipment⁽⁵⁾	$	5,484,416		$	366,858		$	(4,604	)	$	5,846,670

_______________________________________________________________________________

(1)

(2)


(3)	Other operating expenses consist of (i) accretion of asset retirement obligations and minimum volume commitments for the three and six months ended June 30, 2017 and (ii) accretion of asset retirement obligations for the three and six months ended June 30, 2016. These were actual expenses and were not allocated.

(4)

(5)

Subsidiary guarantors (Tables)

6 Months Ended

Jun. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of condensed consolidating balance sheet

Condensed consolidating balance sheet

June 30, 2017

(Unaudited)



(in thousands)	Laredo		Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Accounts receivable, net	$	60,506	$	11,601	$	—		$	72,107
Other current assets	92,062		3,495		—			95,557
Oil and natural gas properties, net	1,332,884		9,272		(13,226		)	1,328,930
Midstream service assets, net	—		128,941		—			128,941
Other fixed assets, net	40,966		449		—			41,415
Investment in subsidiaries and equity method investment	384,303		249,492		(384,303		)	249,492
Other long-term assets	21,104		3,708		—			24,812
Total assets	$	1,931,825	$	406,958	$	(397,529	)	$	1,941,254

Accounts payable	$	8,984	$	1,793	$	—		$	10,777
Other current liabilities	143,673		17,633		—			161,306
Long-term debt, net	1,390,277		—		—			1,390,277
Other long-term liabilities	51,262		3,229		—			54,491
Stockholders' equity	337,629		384,303		(397,529		)	324,403
Total liabilities and stockholders' equity	$	1,931,825	$	406,958	$	(397,529	)	$	1,941,254

Condensed consolidating balance sheet

December 31, 2016

(Unaudited)



(in thousands)	Laredo		Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Accounts receivable, net	$	70,570	$	16,297	$	—		$	86,867
Other current assets	65,884		2,026		—			67,910
Oil and natural gas properties, net	1,194,801		9,293		(8,240		)	1,195,854
Midstream service assets, net	—		126,240		—			126,240
Other fixed assets, net	44,221		552		—			44,773
Investment in subsidiaries and equity method investment	376,028		243,953		(376,028		)	243,953
Other long-term assets	13,065		3,684		—			16,749
Total assets	$	1,764,569	$	402,045	$	(384,268	)	$	1,782,346

Accounts payable	$	14,427	$	627	$	—		$	15,054
Other current liabilities	150,531		22,360		—			172,891
Long-term debt, net	1,353,909		—		—			1,353,909
Other long-term liabilities	56,889		3,030		—			59,919
Stockholders' equity	188,813		376,028		(384,268		)	180,573
Total liabilities and stockholders' equity	$	1,764,569	$	402,045	$	(384,268	)	$	1,782,346

Schedule of condensed consolidating statement of operations

Condensed consolidating statement of operations

For the three months ended June 30, 2017

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Total revenues	$	142,224		$	61,454	$	(16,677	)	$	187,001
Total costs and expenses	91,140			58,299		(14,499		)	134,940
Operating income	51,084			3,155		(2,178		)	52,061
Interest expense	(23,173		)	—		—			(23,173		)
Other non-operating income	35,377			2,414		(5,569		)	32,222
Income before income tax	63,288			5,569		(7,747		)	61,110
Income tax	—			—		—			—
Net income	$	63,288		$	5,569	$	(7,747	)	$	61,110

Condensed consolidating statement of operations

For the six months ended June 30, 2017

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Total revenues	$	281,367		$	127,240	$	(32,600	)	$	376,007
Total costs and expenses	179,169			121,065		(27,614		)	272,620
Operating income	102,198			6,175		(4,986		)	103,387
Interest expense	(45,893		)	—		—			(45,893		)
Other non-operating income	78,067			5,332		(11,507		)	71,892
Income before income tax	134,372			11,507		(16,493		)	129,386
Income tax	—			—		—			—
Net income	$	134,372		$	11,507	$	(16,493	)	$	129,386

Condensed consolidating statement of operations

For the three months ended June 30, 2016

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Total revenues	$	102,511		$	53,768	$	(9,506	)	$	146,773
Total costs and expenses	84,137			52,742		(7,980		)	128,899
Operating income	18,374			1,026		(1,526		)	17,874
Interest expense	(23,512		)	—		—			(23,512		)
Other non-operating income (expense)	(64,768		)	3,692		(4,718		)	(65,794		)
Income (loss) before income tax	(69,906		)	4,718		(6,244		)	(71,432		)
Income tax	—			—		—			—
Net income (loss)	$	(69,906	)	$	4,718	$	(6,244	)	$	(71,432	)

Condensed consolidating statement of operations

For the six months ended June 30, 2016

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors		Intercompany eliminations			Consolidated company
Total revenues	$	175,633		$	96,669	$	(18,972	)	$	253,330
Total costs and expenses	334,201			94,334		(16,291		)	412,244
Operating income (loss)	(158,568		)	2,335		(2,681		)	(158,914		)
Interest expense	(47,217		)	—		—			(47,217		)
Other non-operating income (expense)	(43,337		)	5,983		(8,318		)	(45,672		)
Income (loss) before income tax	(249,122		)	8,318		(10,999		)	(251,803		)
Income tax	—			—		—			—
Net income (loss)	$	(249,122	)	$	8,318	$	(10,999	)	$	(251,803	)

Schedule of condensed consolidating statement of cash flows

Condensed consolidating statement of cash flows

For the six months ended June 30, 2017

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors			Intercompany eliminations			Consolidated company
Net cash provided by operating activities	$	159,048		$	9,360		$	(11,507	)	$	156,901
Change in investment between affiliates	(8,264		)	(3,243		)	11,507			—
Capital expenditures and other	(171,461		)	(6,117		)	—			(177,578		)
Net cash provided by financing activities	23,029			—			—			23,029
Net increase in cash and cash equivalents	2,352			—			—			2,352
Cash and cash equivalents, beginning of period	32,671			1			—			32,672
Cash and cash equivalents, end of period	$	35,023		$	1		$	—		$	35,024

Condensed consolidating statement of cash flows

For the six months ended June 30, 2016

(Unaudited)



(in thousands)	Laredo			Subsidiary Guarantors			Intercompany eliminations			Consolidated company
Net cash provided by operating activities	$	139,610		$	7,339		$	(8,318	)	$	138,631
Change in investment between affiliates	(47,069		)	38,751			8,318			—
Capital expenditures and other	(197,540		)	(46,090		)	—			(243,630		)
Net cash provided by financing activities	93,154			—			—			93,154
Net decrease in cash and cash equivalents	(11,845		)	—			—			(11,845		)
Cash and cash equivalents, beginning of period	31,153			1			—			31,154
Cash and cash equivalents, end of period	$	19,308		$	1		$	—		$	19,309

Supplementary information (Tables)

6 Months Ended

Jun. 30, 2017

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

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

Costs incurred in the acquisition, exploration and development of oil, NGL and natural gas assets are presented below:



	Three months ended June 30,				Six months ended June 30,
(in thousands)	2017		2016		2017		2016
Property acquisition costs:							—
Evaluated	$	—	$	—	$	—	$	—
Unevaluated	—		—		—		—
Exploration costs	5,658		19,769		21,201		27,032
Development costs⁽¹⁾	125,738		70,806		236,896		152,692
Total costs incurred	$	131,396	$	90,575	$	258,097	$	179,724

____________________________________________________________________________


(1)	Development costs include $0.1 million in asset retirement obligations for each of the three months ended June 30, 2017 and 2016, and $0.2 million for each of the six months ended June 30, 2017 and 2016.

Organization - Variable Interest Entity (Details)	Jun. 30, 2017
Variable Interest Entity, Not Primary Beneficiary \| Medallion Gathering And Processing LLC
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners	49.00%

Organization - Operating Segments (Details)	6 Months Ended
Organization - Operating Segments (Details)	Jun. 30, 2017 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Basis of presentation and significant accounting policies - Accounts receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Accounts receivable
Term of past due balances to be reviewed individually for collectability (in days)	90 days
Oil, NGL and natural gas sales	$ 45,495	$ 46,999
Sales of purchased oil and other products	11,518	16,213
Joint operations, net	8,973	12,175
Matured derivatives	5,982	11,059
Other	139	421
Total	72,107	86,867
Allowance for doubtful accounts of accounts receivable for joint operations	$ 100	$ 200

Basis of presentation and significant accounting policies - Other current assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Total other current assets
Prepaid expenses and other	$ 8,958	$ 6,228
Inventory	8,590	8,063
Total other current assets	17,548	14,291
Total other current liabilities
Accrued interest payable	24,354	24,152
Purchased oil payable	11,971	17,213
Accrued compensation and benefits	9,122	25,947
Lease operating expense payable	8,814	10,572
Other accrued liabilities	20,526	16,331
Total other current liabilities	$ 74,787	$ 94,215

Basis of presentation and significant accounting policies - Property and equipment (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($) $ / Boe	Jun. 30, 2016 USD ($) $ / Boe	Jun. 30, 2017 USD ($) $ / Boe	Jun. 30, 2016 USD ($) $ / Boe	Dec. 31, 2016 USD ($)
Property, Plant and Equipment, Net, by Type [Abstract]
Evaluated oil and natural gas properties	$ 5,703,873,000		$ 5,703,873,000		$ 5,488,756,000
Less accumulated depletion and impairment	(4,578,831,000)		(4,578,831,000)		(4,514,183,000)
Evaluated oil and natural gas properties, net	1,125,042,000		1,125,042,000		974,573,000
Unevaluated properties not being depleted	203,888,000		203,888,000		221,281,000
Property and equipment, net	$ 1,499,286,000		$ 1,499,286,000		1,366,867,000
Depletion expense (in dollars per BOE) \| $ / Boe	6.44	7.06	6.44	8.01
Capitalized employee-related costs	$ 5,763,000	$ 3,253,000	$ 10,973,000	$ 6,449,000
Discount rate full cost ceiling (percent)			10.00%
Fair Value, Measurements, Nonrecurring \| Level 3
Property, Plant and Equipment, Net, by Type [Abstract]
Unamortized costs capitalized before related deferred income taxes exceed ceiling limitations, expense			$ 0	161,100,000
Fair Value, Measurements, Nonrecurring \| Level 2
Property, Plant and Equipment [Line Items]
Inventory write-down		$ 1,000,000	0	$ 1,000,000
Midstream Service Assets
Property, Plant and Equipment, Net, by Type [Abstract]
Midstream service assets	157,645,000		157,645,000		150,629,000
Less accumulated depreciation and amortization	(28,704,000)		(28,704,000)		(24,389,000)
Property and equipment, net	128,941,000		128,941,000		126,240,000
Other fixed assets
Property, Plant and Equipment, Net, by Type [Abstract]
Less accumulated depreciation and amortization	(22,496,000)		(22,496,000)		(22,632,000)
Property and equipment, net	26,501,000		26,501,000		29,859,000
Depreciable other fixed assets	48,997,000		48,997,000		52,491,000
Land
Property, Plant and Equipment, Net, by Type [Abstract]
Depreciable other fixed assets	$ 14,914,000		$ 14,914,000		$ 14,914,000

Basis of presentation and significant accounting policies - Variable interest entity (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Variable Interest Entity [Line Items]
Investment in equity method investee		$ 0	$ 42,681,000
Medallion Gathering And Processing LLC \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Ownership percentage by noncontrolling owners		49.00%
Ownership percentage held by investment partner		51.00%
Percent of ownership interests to be potentially sold		100.00%
Variable interest entity super majority voting percentage required for key decisions		75.00%
Distributions from equity method investee		$ 0
Investment in equity method investee	$ 16,000,000	$ 0	$ 42,700,000

Basis of presentation and significant accounting policies - Long-lived assets and inventory (Details) - Fair Value, Measurements, Nonrecurring - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets held-for-use		$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory write-down	$ 1,000,000	$ 0	$ 1,000,000

Basis of presentation and significant accounting policies - Debt issuance costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Accounting Policies [Abstract]
Payments for debt issuance costs			$ 4,732	$ 0
Debt issuance costs including line of credit arrangements, net	$ 21,400		21,400		$ 18,800
Accumulated amortization	23,400		23,400		$ 21,300
Write-off of debt issuance costs	0	$ 842	0	$ 842
Remaining 2017	2,082		2,082
2018	4,223		4,223
2019	4,308		4,308
2020	4,396		4,396
2021	4,493		4,493
Thereafter	1,947		1,947
Total	$ 21,449		$ 21,449

Basis of presentation and significant accounting policies - Asset retirement obligations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	$ 52,207	$ 46,306
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	320	1,528
Accretion expense	1,871	3,483
Liabilities settled upon plugging and abandonment	(363)	(1,242)
Liabilities removed due to sale of property	(871)	0
Revision of estimates	5	2,132
Liability at end of period	$ 53,169	$ 52,207

Basis of presentation and significant accounting policies - May 2016 Equity Offering (Details) - USD ($) $ in Thousands		6 Months Ended
	May 16, 2016	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Proceeds from issuance of common stock, net of offering costs		$ 0	$ 119,310
Common Stock
Class of Stock [Line Items]
New shares issued during period	10,925,000	0
Proceeds from issuance of common stock, net of offering costs	$ 119,300

Basis of presentation and significant accounting policies - Non-cash investing and supplemental cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Non-cash investing information:
Change in accrued capital expenditures	$ 22,855	$ (22,012)
Change in accrued capital contribution to equity method investee	0	(27,583)
Capitalized asset retirement cost	325	253
Supplemental cash flow information:
Capitalized interest	$ 490	$ 115

Basis of presentation and significant accounting policies - Environmental (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Accrual for environmental loss contingencies	$ 0	$ 0

Divestiture (Details) - Midland Basin - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Millions	Jan. 17, 2017 USD ($) a property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net acres sold \| a	2,900
Number of producing vertical wells sold \| property	16
Sale price	$ 59.7
Proceeds, net of working capital and post-closing adjustments	$ 59.5

Debt - Narrative (Details) - USD ($)				6 Months Ended
Debt - Narrative (Details) - USD ($)	Mar. 18, 2015	Jan. 23, 2014	Apr. 27, 2012	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Senior Secured Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 2,000,000,000.0
Current borrowing capacity				1,000,000,000
Outstanding amount				105,000,000
Aggregate elected commitment				$ 1,000,000
Credit facility, interest rate at period end (as a percent)				3.13%
Senior Secured Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.375%
Senior Secured Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage				0.50%
Senior Secured Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 20,000,000
Letters of credit outstanding				0		$ 0
Senior Notes \| March 2023 Notes
Debt Instrument [Line Items]
Face amount of debt	$ 350,000,000
Interest rate (as a percent)	6.25%
Senior Notes \| May 2022 Notes
Debt Instrument [Line Items]
Face amount of debt			$ 500,000,000
Interest rate (as a percent)			7.375%
Senior Notes \| January 2022 Notes
Debt Instrument [Line Items]
Face amount of debt		$ 450,000,000
Interest rate (as a percent)		5.625%
Other Assets \| Senior Secured Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements				$ 6,700,000	$ 2,700,000
From March 15, 2018 until March 15, 2021 \| Senior Notes \| March 2023 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	104.688%
On or After March 15, 2021 \| Senior Notes \| March 2023 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
From January 15, 2017 until January 15, 2020 \| Senior Notes \| January 2022 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		104.219%
On or After January 15, 2020 \| Senior Notes \| January 2022 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage		100.00%
From May 1, 2017 until May 1, 2020 \| Senior Notes \| May 2022 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			103.688%
On and After May 1, 2020 \| Senior Notes \| May 2022 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			100.00%

Debt - Fair value of debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Long-term debt
Fair value of debt
Debt	$ 1,405,000	$ 1,370,000
Long-term debt \| Senior Notes \| January 2022 Notes
Fair value of debt
Debt	450,000	450,000
Long-term debt \| Senior Notes \| May 2022 Notes
Fair value of debt
Debt	500,000	500,000
Long-term debt \| Senior Notes \| March 2023 Notes
Fair value of debt
Debt	350,000	350,000
Long-term debt \| Senior Secured Credit Facility \| Line of Credit
Fair value of debt
Debt	105,000	70,000
Fair value
Fair value of debt
Debt	1,402,431	1,413,419
Fair value \| Senior Notes \| January 2022 Notes
Fair value of debt
Debt	440,479	456,382
Fair value \| Senior Notes \| May 2022 Notes
Fair value of debt
Debt	509,575	521,413
Fair value \| Senior Notes \| March 2023 Notes
Fair value of debt
Debt	347,351	365,649
Fair value \| Senior Secured Credit Facility \| Line of Credit
Fair value of debt
Debt	$ 105,026	$ 69,975

Debt - Debt issuance costs (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 1,405,000	$ 1,370,000
Debt issuance costs, net	(14,723)	(16,091)
Long-term debt, net	1,390,277	1,353,909
Senior Notes \| January 2022 Notes
Debt Instrument [Line Items]
Long-term debt	450,000	450,000
Debt issuance costs, net	(4,475)	(4,963)
Long-term debt, net	445,525	445,037
Senior Notes \| May 2022 Notes
Debt Instrument [Line Items]
Long-term debt	500,000	500,000
Debt issuance costs, net	(5,687)	(6,164)
Long-term debt, net	494,313	493,836
Senior Notes \| March 2023 Notes
Debt Instrument [Line Items]
Long-term debt	350,000	350,000
Debt issuance costs, net	(4,561)	(4,964)
Long-term debt, net	345,439	345,036
Senior Secured Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	105,000	70,000
Debt issuance costs, net	0	0
Long-term debt, net	$ 105,000	$ 70,000

Employee compensation - Restricted Stock Awards - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017 USD ($) shares
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, aggregate intrinsic value, vested	$ 22.0
Stock-based compensation not yet recognized	$ 31.7
Stock-based compensation not yet recognized, period for recognition (in years)	1 year 10 months 28 days
Restricted Stock Awards \| Vesting Alternative Three, One Year From Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Restricted Stock Awards \| One Year From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Restricted Stock Awards \| Two Years From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Restricted Stock Awards \| Three Years From Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	34.00%
Restricted Stock Awards \| Vesting Alternative Five, 3 Years From Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%
Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares) \| shares	24,350,000
Non-employee Director \| Restricted Stock Awards \| Vesting Alternative Four, One Year From Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	100.00%

Employee compensation - Restricted Stock Awards - outstanding restricted stock awards (Details) - Restricted Stock Awards shares in Thousands	6 Months Ended
	Jun. 30, 2017 $ / shares shares
Restricted stock awards
Outstanding at the beginning of the period (in shares) \| shares	3,878
Granted (in shares) \| shares	1,185
Forfeited (in shares) \| shares	(232)
Vested (in shares) \| shares	(1,588)
Outstanding at the end of the period (in shares) \| shares	3,243
Weighted-average grant date fair value (per award)
Outstanding at the beginning of the period (in dollars per share) \| $ / shares	$ 12.88
Granted (in dollars per share) \| $ / shares	13.97
Forfeited (in dollars per share) \| $ / shares	12.88
Vested (in dollars per share) \| $ / shares	13.75
Outstanding at the end of the period (in dollars per share) \| $ / shares	$ 12.85

Employee compensation - Restricted Stock Option Awards - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017 USD ($) anniversary installment shares
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized, period for recognition (in years)	1 year 10 months 28 days
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercises in period, intrinsic value	$ 0.3
Aggregate intrinsic value of vested and exercisable options	1.3
Aggregate intrinsic value of expected to vest options	$ 4.4
Requisite service period of the awards	4 years
Share-based compensation, not yet recognized, stock options	$ 10.6
Stock-based compensation not yet recognized, period for recognition (in years)	2 years 8 months 19 days
Granted (in shares) \| shares	391,000
Share-based compensation, expiration period	10 years
Expiration period, termination caused by death or disability	1 year
Expiration period, termination without cause	90 days
Long-Term Incentive Plan \| Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments over which awards vest and are exercisable \| installment	4
Number of anniversaries over which awards vest and are exercisable \| anniversary	4
Three Months Ended March 31 2017 \| Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	390,733

Employee compensation - Restricted Stock Option Awards - stock option award activity (Details) - Stock Option Awards - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Stock option awards
Outstanding at the beginning of the period (in shares)	2,370
Granted (in shares)	391
Exercised (in shares)	(44)
Expired or canceled (in shares)	(27)
Outstanding at the end of the period (in shares)	2,690	2,370
Vested and exercisable at end of period (in shares)	1,303
Expected to vest at end of period (in shares)	1,387
Weighted-average price (per option)
Outstanding at the beginning of the period (in dollars per share)	$ 12.54
Granted (in dollars per share)	14.12
Exercised (in dollars per share)	8.17
Expired or cancelled (in dollars per share)	21.03
Outstanding at end of the period (in dollars per share)	12.75	$ 12.54
Vested and exercisable at end of period (in dollars per share)	16.46
Expected to vest at end of period (in dollars per share)	$ 9.26
Weighted-average remaining contractual term (years)
Outstanding at the beginning of the period	7 years 6 months 15 days	7 years 8 months 16 days
Outstanding at the end of the period	7 years 6 months 15 days	7 years 8 months 16 days
Vested and exercisable at the end of the period	6 years 4 months 2 days
Expected to vest at end of period	8 years 8 months 1 day

Employee compensation - Restricted Stock Option Awards assumptions used to estimate the fair value (Details) - Stock Option Awards	Feb. 17, 2017 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.14%
Expected option life	6 years 3 months
Expected volatility	60.84%
Fair value per stock option award (in dollars per share)	$ 8.22

Employee compensation - Restricted Stock Option Awards - percentage of options exercisable (Details) - Stock Option Awards	6 Months Ended
	Jun. 30, 2017
Less than one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	0.00%
Cumulative percentage of option exercisable	0.00%
One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	25.00%
Cumulative percentage of option exercisable	25.00%
Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	25.00%
Cumulative percentage of option exercisable	50.00%
Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	25.00%
Cumulative percentage of option exercisable	75.00%
Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of option exercisable	25.00%
Cumulative percentage of option exercisable	100.00%

Employee compensation - Performance Share Awards - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2017 shares	Jun. 30, 2017 USD ($) shares
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized \| $		$ 31.7
Stock-based compensation not yet recognized, period for recognition		1 year 10 months 28 days
Granted (in shares)		1,185,000
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of the awards		3 years
Stock-based compensation not yet recognized \| $		$ 29.4
Stock-based compensation not yet recognized, period for recognition		1 year 11 months 27 days
Granted (in shares)		696,000
Performance Share Awards \| Two Thousand Fourteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio	0.75
Equity issuances, net of offering costs (in shares)	150,388
Performance Share Awards \| Three Months Ended March 31 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		696,460

Employee compensation - Performance Share Awards - award activity (Details) - Performance Share Awards - $ / shares shares in Thousands		6 Months Ended
	Feb. 17, 2017	Jun. 30, 2017
Performance share awards
Outstanding at the beginning of the period (in shares)		2,325
Granted (in shares)		696
Forfeited (in shares)		(60)
Vested (in shares)		(200)
Outstanding at the end of the period (in shares)		2,761
Weighted-average grant date fair value (per award)
Outstanding at the beginning of the period (in dollars per share)		$ 18.35
Granted (in dollars per share)	$ 18.96	18.96
Forfeited (in dollars per share)		18.11
Vested (in dollars per share)		28.56
Outstanding at the end of the period (in dollars per share)		$ 17.77

Employee compensation - Performance share awards assumptions used to estimate the fair value (Details) - Performance Share Awards - $ / shares		6 Months Ended
	Feb. 17, 2017	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.44%
Dividend yield	0.00%
Expected volatility	74.00%
Laredo stock closing price on grant date (in dollars per share)	$ 14.12
Fair value per performance share (in dollars per share)	$ 18.96	$ 18.96

Employee compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	$ 10,479	$ 7,062	$ 21,683	$ 11,682
Less amounts capitalized in oil and natural gas properties	(1,792)	(989)	(3,772)	(1,771)
Total stock-based compensation, net of amounts capitalized	8,687	6,073	17,911	9,911
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	5,267	4,692	11,434	8,460
Stock Option Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	1,144	777	2,441	1,401
Restricted Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation, gross	$ 4,068	$ 1,593	$ 7,808	$ 1,821

Employee compensation - Performance unit awards - Narrative (Details) - February 15, 2013 - Performance Unit Awards	3 Months Ended
	Mar. 31, 2016 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares) \| shares	44,481
Equity instruments other than options, cash paid per unit (in dollars per share) \| $ / shares	$ 143.75

Income taxes - Additional Information (Details) $ in Millions	Jun. 30, 2017 USD ($)
Operating loss carry-forward
Deferred tax assets, valuation allowance	$ 716.2
Internal Revenue Service (IRS) \| Federal
Operating loss carry-forward
Operating loss carryforwards	1,700.0
State of Oklahoma \| State
Operating loss carry-forward
Operating loss carryforwards	$ 42.5

Derivatives - Commodity Derivatives (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($) contract derivative	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) contract derivative	Jun. 30, 2016 USD ($) derivative
Derivative [Line Items]
Cash settlements received for early terminations of derivatives, net			$ 4,234	$ 80,000
Derivatives not designated as hedges
Derivative [Line Items]
Number of open derivative contracts \| contract	29		29
Commodity derivatives \| Derivatives not designated as hedges
Derivative [Line Items]
Cash settlements received for early terminations of derivatives, net	$ 4,234	$ 0	$ 4,234	$ 80,000
Number of restructuring derivatives \| derivative	1		1	2

Derivatives - Commodity derivative contracts' terminated (Details) - Early contract termination - Crude Oil - Swap January 2018 to December 2018	Jun. 30, 2017 bbl $ / bbl
Derivative [Line Items]
Aggregate volumes (Bbl and MMBtu) \| bbl	1,095,000
Floor Price (dollars per Bbl and MMBtu)	52.12
Ceiling price (dollars per Bbl and MMBtu)	52.12

Derivatives - Commodity derivative contracts' entered into (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017 USD ($) MMBTU bbl $ / bbl $ / MMBTU	Jun. 30, 2016 USD ($)
Derivative [Line Items]
Premiums paid for derivatives \| $	$ (12,094)	$ (84,263)
Crude Oil
Derivative [Line Items]
Deferred premium \| $	$ 6,300
Call spread July 2017 to December 2017 1 \| Crude Oil
Derivative [Line Items]
Aggregate volumes (Bbl and MMBtu) \| bbl	1,140,800
Premiums paid for derivatives \| $	$ 500
Call spread July 2017 to December 2017 2 \| Crude Oil
Derivative [Line Items]
Aggregate volumes (Bbl and MMBtu) \| bbl	184,000
Premiums paid for derivatives \| $	$ 100
Put January 2018 to December 2018 \| Crude Oil
Derivative [Line Items]
Aggregate volumes (Bbl and MMBtu) \| bbl	1,567,500
Floor Price (dollars per Bbl and MMBtu)	50
Premiums paid for derivatives \| $	$ (4,900)
Premiums settled at inception, related to premium paid at inception \| $	$ 600
Collar January 2018 To December 2018 1 \| Crude Oil
Derivative [Line Items]
Aggregate volumes (Bbl and MMBtu) \| bbl	584,000
Floor Price (dollars per Bbl and MMBtu)	50
Ceiling price (dollars per Bbl and MMBtu)	60
Collar January 2018 To December 2018 2 \| Crude Oil
Derivative [Line Items]
Aggregate volumes (Bbl and MMBtu) \| bbl	3,504,000
Floor Price (dollars per Bbl and MMBtu)	40
Ceiling price (dollars per Bbl and MMBtu)	60
Premiums paid for derivatives \| $	$ (4,200)
Collar January 2018 To December 2018 \| Natural Gas
Derivative [Line Items]
Aggregate volumes (Bbl and MMBtu) \| MMBTU	10,950,000
Floor Price (dollars per Bbl and MMBtu) \| $ / MMBTU	2.50
Ceiling price (dollars per Bbl and MMBtu) \| $ / MMBTU	3.25
Deferred premium \| $	$ 900
Short [Member] \| Call spread July 2017 to December 2017 1 \| Crude Oil
Derivative [Line Items]
Derivative, Price Risk Option Strike Price (dollars per Bbl)	60.00
Short [Member] \| Call spread July 2017 to December 2017 2 \| Crude Oil
Derivative [Line Items]
Derivative, Price Risk Option Strike Price (dollars per Bbl)	60.00
Long [Member] \| Call spread July 2017 to December 2017 1 \| Crude Oil
Derivative [Line Items]
Derivative, Price Risk Option Strike Price (dollars per Bbl)	100.00
Long [Member] \| Call spread July 2017 to December 2017 2 \| Crude Oil
Derivative [Line Items]
Derivative, Price Risk Option Strike Price (dollars per Bbl)	80.00

Derivatives - Gain (loss) on derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative financial instruments
Cash settlements received for early terminations of derivatives, net			$ 4,234	$ 80,000
Derivatives not designated as hedges \| Commodity derivatives
Derivative financial instruments
Cash settlements received for matured derivatives, net(1)	$ 13,705	$ 47,382	21,156	113,319
Cash settlements received for early terminations of derivatives, net	4,234	0	4,234	80,000
Cash settlements received for derivatives, net	$ 17,939	$ 47,382	$ 25,390	193,319
Deferred premium				$ 4,000

Derivatives - Derivative positions (Details) - Derivatives not designated as hedges	6 Months Ended
	Jun. 30, 2017 MMBTU $ / bbl $ / MMBTU bbl
Puts 2017 \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	529,000
Weighted-average price (Bbl/MMbtu)	60.00
Puts 2017 \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	2.50
Hedged Volume (MMbtu) \| MMBTU	4,020,000
Puts 2018 \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	2,616,875
Weighted-average price (Bbl/MMbtu)	54.01
Puts 2018 \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	2.50
Hedged Volume (MMbtu) \| MMBTU	8,220,000
Swaps 2017 \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	1,012,000
Weighted-average price (Bbl/MMbtu)	51.54
Swaps 2017 \| Ethane
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	222,000
Weighted-average price (Bbl/MMbtu)	11.24
Swaps 2017 \| Propane
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	187,500
Weighted-average price (Bbl/MMbtu)	22.26
Swaps 2018 \| Ethane
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	0
Swaps 2018 \| Propane
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	0
Collars 2017 \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	1,913,600
Collars 2017 \| Natural Gas
Derivative [Line Items]
Hedged Volume (MMbtu) \| MMBTU	9,586,400
Collars 2017 \| Floor \| Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu)	56.92
Collars 2017 \| Floor \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	2.86
Collars 2017 \| Ceiling \| Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu)	86.00
Collars 2017 \| Ceiling \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	3.54
Collars 2018 \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	4,088,000
Collars 2018 \| Natural Gas
Derivative [Line Items]
Hedged Volume (MMbtu) \| MMBTU	15,585,500
Collars 2018 \| Floor \| Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu)	41.43
Collars 2018 \| Floor \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	2.50
Collars 2018 \| Ceiling \| Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu)	60.00
Collars 2018 \| Ceiling \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	3.35
Call spreads 2017 \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	1,324,800
Call spreads 2017 \| Floor \| Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu)	60.00
Call spreads 2017 \| Ceiling \| Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu)	97.22
Call spreads 2018 \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	0
Call spreads 2018 \| Floor \| Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu)	0.00
Call spreads 2018 \| Ceiling \| Crude Oil
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu)	0.00
Total Commodity Derivatives 2017 \| Floor \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	3,454,600
Weighted-average price (Bbl/MMbtu)	55.82
Total Commodity Derivatives 2017 \| Floor \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	2.75
Hedged Volume (MMbtu) \| MMBTU	13,606,400
Total Commodity Derivatives 2017 \| Ceiling \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	2,925,600
Weighted-average price (Bbl/MMbtu)	57.22
Total Commodity Derivatives 2017 \| Ceiling \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	3.54
Hedged Volume (MMbtu) \| MMBTU	9,586,400
Total Commodity Derivatives 2018 \| Floor \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	6,704,875
Weighted-average price (Bbl/MMbtu)	46.34
Total Commodity Derivatives 2018 \| Floor \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	2.50
Hedged Volume (MMbtu) \| MMBTU	23,805,500
Total Commodity Derivatives 2018 \| Ceiling \| Crude Oil
Derivative [Line Items]
Hedged Volume (Bbl) \| bbl	4,088,000
Weighted-average price (Bbl/MMbtu)	60.00
Total Commodity Derivatives 2018 \| Ceiling \| Natural Gas
Derivative [Line Items]
Weighted-average price (Bbl/MMbtu) \| $ / MMBTU	3.35
Hedged Volume (MMbtu) \| MMBTU	15,585,500

Fair value measurements - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
Fair value measurements - Narrative (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Payments to acquire oil and gas property		$ 0	$ 0
Fair Value, Measurements, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of long-lived assets held-for-use		0	0
Unamortized costs capitalized before related deferred income taxes exceed ceiling limitations, expense		0	161,100,000
Fair Value, Measurements, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Inventory write-down	$ 1,000,000	$ 0	$ 1,000,000
Recurring \| Level 3 \| Commodity derivatives \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (as a percent)		1.69%
Recurring \| Level 3 \| Commodity derivatives \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate (as a percent)		3.56%

Fair value measurements - Cash payments required for deferred premium contracts (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Fair Value Disclosures [Abstract]
Remaining 2017	$ 2,888
2018	9,375
2019	535
Total	$ 12,798

Fair value measurements - Summary of changes in net assets classified as Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Changes in assets classified as Level 3 measurements
Change in net present value of derivative deferred premiums			$ 111	$ 133
Deferred Premiums
Changes in assets classified as Level 3 measurements
Balance of Level 3 at beginning of period	$ (13,025)	$ (13,054)	(8,998)	(14,619)
Change in net present value of derivative deferred premiums	(70)	(61)	(111)	(133)
Purchases	(905)	(1,960)	(6,998)	(6,072)
Settlements	1,446	2,413	3,553	8,162
Balance of Level 3 at end of period	$ (12,554)	$ (12,662)	$ (12,554)	(12,662)
Deferred Premiums \| Restructuring Upon Early Termination
Changes in assets classified as Level 3 measurements
Settlements				$ 3,900

Net income (loss) per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income (loss) (numerator):
Net income (loss)—basic and diluted	$ 61,110	$ (71,432)	$ 129,386	$ (251,803)
Weighted-average common shares outstanding (denominator):
Basic (in shares)	239,231	217,564	238,870	214,562
Diluted (in shares)	244,417	217,564	244,385	214,562
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.26	$ (0.33)	$ 0.54	$ (1.17)
Diluted (in dollars per share)	$ 0.25	$ (0.33)	$ 0.53	$ (1.17)
Non-vested performance share awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	4,666	0	4,488	0
Non-vested restricted stock awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	419	0	896	0
Outstanding stock option awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	101	0	131	0

Credit risk - Narrative (Details)	3 Months Ended
Credit risk - Narrative (Details)	Jun. 30, 2017 customer
Purchased Oil Sales \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of major customers	1

Commitments and contingencies - Drilling contracts (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cost of Goods Sold, Oil and Gas [Abstract]
Drilling rig fees	$ 0	$ 0
Drilling contracts
Unrecorded Unconditional Purchase Obligation [Line Items]
Future drilling contracts commitments	$ 2,300,000

Commitments and contingencies Commitments and contingencies - Firm sale and transportation commitments (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Cost of Goods Sold, Oil and Gas [Abstract]
Minimum volume commitments deficiency payments	$ 500,000	$ 600,000	$ 0
Firm sale and transportation commitments
Supply Commitment [Line Items]
Future firm sale and transportation commitments	$ 381,800,000	$ 381,800,000

Related parties - Related parties - Medallion (Details) - Equity Method Investee - Medallion Gathering And Processing LLC - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounts receivable, net
Related Party Transaction [Line Items]
Accounts Receivable, Related Parties	$ 59	$ 0
Accrued capital expenditures
Related Party Transaction [Line Items]
Due to Related Parties, Current	379	586
Other current liabilities
Related Party Transaction [Line Items]
Due to Related Parties, Current	$ 102	$ 118

Related parties Related parties - Archrock Partners, L.P. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Midstream service assets			$ 6,117	$ 3,425
Archrock Partners, L.P. \| Affiliated Entity \| Lease operating expenses
Related Party Transaction [Line Items]
Lease operating expenses	$ 232	$ 526	656	1,001
Archrock Partners, L.P. \| Affiliated Entity \| Midstream Service Assets Capital Expenditures
Related Party Transaction [Line Items]
Midstream service assets	108	$ 0	108	$ 20
Accounts payable \| Archrock Partners, L.P.
Related Party Transaction [Line Items]
Amounts included in accounts payable from Archrock	$ 0		$ 0
Accounts payable \| Archrock Partners, L.P. \| Affiliated Entity
Related Party Transaction [Line Items]
Amounts included in accounts payable from Archrock					$ 200

Segments - Additional Information (Details) $ in Thousands	6 Months Ended
Segments - Additional Information (Details) $ in Thousands	Jun. 30, 2017 USD ($) segment	Dec. 31, 2016 USD ($)	Jun. 30, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	2
Investment in equity method investee	$ 249,492	$ 243,953
Midstream and marketing
Segment Reporting Information [Line Items]
Investment in equity method investee	$ 249,500		$ 213,600

Segments - Selected financial information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Oil, NGL and natural gas sales	$ 141,837	$ 102,526	$ 280,573	$ 175,668
Midstream service revenues	2,703	1,632	5,702	3,433
Sales of purchased oil	42,461	42,615	89,732	74,229
Total revenues	187,001	146,773	376,007	253,330
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	28,576	27,207	54,349	54,160
Midstream service expenses	896	1,178	1,812	1,787
Costs of purchased oil	44,020	44,012	94,276	76,958
General and administrative	22,008	20,502	47,605	39,953
Depletion, depreciation and amortization	38,003	34,177	72,115	75,655
Impairment expense	0	963	0	162,027
Other operating expenses	1,437	860	2,463	1,704
Operating income (loss)	52,061	17,874	103,387	(158,914)
Other financial information:
Income from equity method investments	2,471	3,696	5,539	5,994
Interest expense	23,173	23,512	45,893	47,217
Capital expenditures	127,543	93,577	241,019	201,299
Gross property and equipment	6,378,809	5,846,670	6,378,809	5,846,670
Operating Segments \| Exploration and production
Revenues:
Oil, NGL and natural gas sales	142,288	102,526	281,496	175,668
Midstream service revenues	0	0	0	0
Sales of purchased oil	0	0	0	0
Total revenues	142,288	102,526	281,496	175,668
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	31,993	29,793	61,563	59,157
Midstream service expenses	0	0	0	0
Costs of purchased oil	0	0	0	0
General and administrative	20,121	18,818	43,564	36,497
Depletion, depreciation and amortization	35,683	31,969	67,480	71,261
Impairment expense		963		162,027
Other operating expenses	1,382	806	2,355	1,598
Operating income (loss)	53,109	20,177	106,534	(154,872)
Other financial information:
Income from equity method investments	0	0	0	0
Interest expense	21,752	22,050	43,066	44,353
Capital expenditures	123,157	92,089	234,902	197,874
Gross property and equipment	5,979,858	5,484,416	5,979,858	5,484,416
Operating Segments \| Midstream and marketing
Revenues:
Oil, NGL and natural gas sales	825	0	1,641	0
Midstream service revenues	18,104	11,138	35,738	22,405
Sales of purchased oil	42,461	42,615	89,732	74,229
Total revenues	61,390	53,753	127,111	96,634
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	0	0	0	0
Midstream service expenses	11,978	6,572	22,212	13,081
Costs of purchased oil	44,020	44,012	94,276	76,958
General and administrative	1,887	1,684	4,041	3,456
Depletion, depreciation and amortization	2,320	2,208	4,635	4,394
Impairment expense		0		0
Other operating expenses	55	54	108	106
Operating income (loss)	1,130	(777)	1,839	(1,361)
Other financial information:
Income from equity method investments	2,471	3,696	5,539	5,994
Interest expense	1,421	1,462	2,827	2,864
Capital expenditures	4,386	1,488	6,117	3,425
Gross property and equipment	412,177	366,858	412,177	366,858
Eliminations
Revenues:
Oil, NGL and natural gas sales	(1,276)	0	(2,564)	0
Midstream service revenues	(15,401)	(9,506)	(30,036)	(18,972)
Sales of purchased oil	0	0	0	0
Total revenues	(16,677)	(9,506)	(32,600)	(18,972)
Costs and expenses:
Lease operating expenses, including production and ad valorem taxes	(3,417)	(2,586)	(7,214)	(4,997)
Midstream service expenses	(11,082)	(5,394)	(20,400)	(11,294)
Costs of purchased oil	0	0	0	0
General and administrative	0	0	0	0
Depletion, depreciation and amortization	0	0	0	0
Impairment expense		0		0
Other operating expenses	0	0	0	0
Operating income (loss)	(2,178)	(1,526)	(4,986)	(2,681)
Other financial information:
Income from equity method investments	0	0	0	0
Interest expense	0	0	0	0
Capital expenditures	0	0	0	0
Gross property and equipment	$ (13,226)	$ (4,604)	$ (13,226)	$ (4,604)

Subsidiary guarantors - Condensed consolidating balance sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Subsidiary guarantees
Accounts receivable, net	$ 72,107	$ 86,867
Other current assets	95,557	67,910
Oil and natural gas properties, net	1,328,930	1,195,854
Midstream service assets, net	128,941	126,240
Other fixed assets, net	41,415	44,773
Investment in subsidiaries and equity method investment	249,492	243,953
Other long-term assets	24,812	16,749
Total assets	1,941,254	1,782,346
Accounts payable	10,777	15,054
Other current liabilities	161,306	172,891
Long-term debt, net	1,390,277	1,353,909
Other long-term liabilities	54,491	59,919
Stockholders' equity	324,403	180,573
Total liabilities and stockholders' equity	1,941,254	1,782,346
Intercompany eliminations
Subsidiary guarantees
Accounts receivable, net	0	0
Other current assets	0	0
Oil and natural gas properties, net	(13,226)	(8,240)
Midstream service assets, net	0	0
Other fixed assets, net	0	0
Investment in subsidiaries and equity method investment	(384,303)	(376,028)
Other long-term assets	0	0
Total assets	(397,529)	(384,268)
Accounts payable	0	0
Other current liabilities	0	0
Long-term debt, net	0	0
Other long-term liabilities	0	0
Stockholders' equity	(397,529)	(384,268)
Total liabilities and stockholders' equity	(397,529)	(384,268)
Laredo \| Reportable Legal Entities
Subsidiary guarantees
Accounts receivable, net	60,506	70,570
Other current assets	92,062	65,884
Oil and natural gas properties, net	1,332,884	1,194,801
Midstream service assets, net	0	0
Other fixed assets, net	40,966	44,221
Investment in subsidiaries and equity method investment	384,303	376,028
Other long-term assets	21,104	13,065
Total assets	1,931,825	1,764,569
Accounts payable	8,984	14,427
Other current liabilities	143,673	150,531
Long-term debt, net	1,390,277	1,353,909
Other long-term liabilities	51,262	56,889
Stockholders' equity	337,629	188,813
Total liabilities and stockholders' equity	1,931,825	1,764,569
Subsidiary Guarantors \| Reportable Legal Entities
Subsidiary guarantees
Accounts receivable, net	11,601	16,297
Other current assets	3,495	2,026
Oil and natural gas properties, net	9,272	9,293
Midstream service assets, net	128,941	126,240
Other fixed assets, net	449	552
Investment in subsidiaries and equity method investment	249,492	243,953
Other long-term assets	3,708	3,684
Total assets	406,958	402,045
Accounts payable	1,793	627
Other current liabilities	17,633	22,360
Long-term debt, net	0	0
Other long-term liabilities	3,229	3,030
Stockholders' equity	384,303	376,028
Total liabilities and stockholders' equity	$ 406,958	$ 402,045

Subsidiary guarantors - Condensed consolidating statement of operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Subsidiary guarantees
Total revenues	$ 187,001	$ 146,773	$ 376,007	$ 253,330
Total costs and expenses	134,940	128,899	272,620	412,244
Operating income (loss)	52,061	17,874	103,387	(158,914)
Interest expense	(23,173)	(23,512)	(45,893)	(47,217)
Other non-operating income	32,222	(65,794)	71,892	(45,672)
Income (loss) before income taxes	61,110	(71,432)	129,386	(251,803)
Income tax	0	0	0	0
Net income (loss)	61,110	(71,432)	129,386	(251,803)
Intercompany eliminations
Subsidiary guarantees
Total revenues	(16,677)	(9,506)	(32,600)	(18,972)
Total costs and expenses	(14,499)	(7,980)	(27,614)	(16,291)
Operating income (loss)	(2,178)	(1,526)	(4,986)	(2,681)
Interest expense	0	0	0	0
Other non-operating income	(5,569)	(4,718)	(11,507)	(8,318)
Income (loss) before income taxes	(7,747)	(6,244)	(16,493)	(10,999)
Income tax	0	0	0	0
Net income (loss)	(7,747)	(6,244)	(16,493)	(10,999)
Laredo \| Reportable Legal Entities
Subsidiary guarantees
Total revenues	142,224	102,511	281,367	175,633
Total costs and expenses	91,140	84,137	179,169	334,201
Operating income (loss)	51,084	18,374	102,198	(158,568)
Interest expense	(23,173)	(23,512)	(45,893)	(47,217)
Other non-operating income	35,377	(64,768)	78,067	(43,337)
Income (loss) before income taxes	63,288	(69,906)	134,372	(249,122)
Income tax	0	0	0	0
Net income (loss)	63,288	(69,906)	134,372	(249,122)
Subsidiary Guarantors \| Reportable Legal Entities
Subsidiary guarantees
Total revenues	61,454	53,768	127,240	96,669
Total costs and expenses	58,299	52,742	121,065	94,334
Operating income (loss)	3,155	1,026	6,175	2,335
Interest expense	0	0	0	0
Other non-operating income	2,414	3,692	5,332	5,983
Income (loss) before income taxes	5,569	4,718	11,507	8,318
Income tax	0	0	0	0
Net income (loss)	$ 5,569	$ 4,718	$ 11,507	$ 8,318

Subsidiary guarantors - Condensed consolidating statement of cash flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Subsidiary guarantees
Net cash provided by operating activities	$ 156,901	$ 138,631
Change in investment between affiliates	0	0
Capital expenditures and other	(177,578)	(243,630)
Net cash provided by financing activities	23,029	93,154
Net increase (decrease) in cash and cash equivalents	2,352	(11,845)
Cash and cash equivalents, beginning of period	32,672	31,154
Cash and cash equivalents, end of period	35,024	19,309
Intercompany eliminations
Subsidiary guarantees
Net cash provided by operating activities	(11,507)	(8,318)
Change in investment between affiliates	11,507	8,318
Capital expenditures and other	0	0
Net cash provided by financing activities	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Laredo \| Reportable Legal Entities
Subsidiary guarantees
Net cash provided by operating activities	159,048	139,610
Change in investment between affiliates	(8,264)	(47,069)
Capital expenditures and other	(171,461)	(197,540)
Net cash provided by financing activities	23,029	93,154
Net increase (decrease) in cash and cash equivalents	2,352	(11,845)
Cash and cash equivalents, beginning of period	32,671	31,153
Cash and cash equivalents, end of period	35,023	19,308
Subsidiary Guarantors \| Reportable Legal Entities
Subsidiary guarantees
Net cash provided by operating activities	9,360	7,339
Change in investment between affiliates	(3,243)	38,751
Capital expenditures and other	(6,117)	(46,090)
Net cash provided by financing activities	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	1	1
Cash and cash equivalents, end of period	$ 1	$ 1

Subsequent events - Senior Secured Credit Facility (Details) - Senior Secured Credit Facility - Line of Credit - USD ($) $ in Millions	Jul. 12, 2017	Aug. 07, 2017	Jun. 30, 2017
Subsequent Event [Line Items]
Outstanding amount			$ 105.0
Subsequent Event
Subsequent Event [Line Items]
Proceeds from lines of credit	$ 10.0
Outstanding amount		$ 115.0

- Definition

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

+ References + Details

Subsequent events Medallion capital call (Details) - USD ($)		3 Months Ended	6 Months Ended
	Aug. 08, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Investment in equity method investee			$ 0	$ 42,681,000
Variable Interest Entity, Not Primary Beneficiary \| Medallion Gathering And Processing LLC
Subsequent Event [Line Items]
Investment in equity method investee		$ 16,000,000	$ 0	$ 42,700,000
Variable Interest Entity, Not Primary Beneficiary \| Medallion Gathering And Processing LLC \| Subsequent Event
Subsequent Event [Line Items]
Investment in equity method investee	$ 24,600,000

Supplementary information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Property acquisition costs:
Evaluated	$ 0	$ 0	$ 0	$ 0
Unevaluated	0	0	0	0
Exploration costs	5,658	19,769	21,201	27,032
Development costs	125,738	70,806	236,896	152,692
Total costs incurred	131,396	90,575	258,097	179,724
Asset retirement obligations
Property acquisition costs:
Development costs	$ 100	$ 100	$ 200	$ 200

Fair value measurements - Fair value hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	$ 42,985	$ 20,947
Derivative asset, noncurrent	12,807	8,718
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	(653)	(20,993)
Derivative liability, noncurrent	0	(5,694)
Recurring
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	55,139	2,978
Recurring \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	46,169	22,527
Derivative asset, noncurrent	14,712	8,718
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	119	(9,789)
Derivative liability, noncurrent	0	(4,552)
Recurring \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	(4,637)	(1,580)
Derivative asset, noncurrent	(3,068)	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	0	(1,989)
Derivative liability, noncurrent	0	0
Recurring \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	(568)	0
Derivative asset, noncurrent	0	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	0	(2,803)
Derivative liability, noncurrent	0	0
Recurring \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	2,875	0
Derivative asset, noncurrent	2,822	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	1,564	(3,369)
Derivative liability, noncurrent	0	1,244
Recurring \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative asset, current	(854)	0
Derivative asset, noncurrent	(1,659)	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability, current	(2,336)	(3,043)
Derivative liability, noncurrent	0	(2,386)
Recurring \| Current Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(323)	0
Recurring \| Current Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(4,637)	(1,580)
Recurring \| Current Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(678)	0
Recurring \| Current Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(1,577)	(270)
Recurring \| Current Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(854)	0
Recurring \| Noncurrent Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	0	0
Recurring \| Noncurrent Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(3,068)	0
Recurring \| Noncurrent Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	0	0
Recurring \| Noncurrent Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Amounts offset	0	(1,377)
Recurring \| Noncurrent Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Amounts offset	(1,659)	0
Recurring \| Other current liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	323	0
Recurring \| Other current liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	4,637	1,580
Recurring \| Other current liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	678	0
Recurring \| Other current liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	1,577	270
Recurring \| Other current liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	854	0
Recurring \| Noncurrent Liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	0	0
Recurring \| Noncurrent Liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	3,068	0
Recurring \| Noncurrent Liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	0	0
Recurring \| Noncurrent Liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	0	1,377
Recurring \| Noncurrent Liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Amounts offset	1,659	0
Recurring \| Fair value
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	55,139	2,978
Recurring \| Fair value \| Current Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	46,492	22,527
Recurring \| Fair value \| Current Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Fair value \| Current Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	110	0
Recurring \| Fair value \| Current Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	4,452	270
Recurring \| Fair value \| Current Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Fair value \| Noncurrent Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	14,712	8,718
Recurring \| Fair value \| Noncurrent Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Fair value \| Noncurrent Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Fair value \| Noncurrent Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	2,822	1,377
Recurring \| Fair value \| Noncurrent Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Fair value \| Other current liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(204)	(9,789)
Recurring \| Fair value \| Other current liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(4,637)	(3,569)
Recurring \| Fair value \| Other current liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(678)	(2,803)
Recurring \| Fair value \| Other current liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(13)	(3,639)
Recurring \| Fair value \| Other current liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(3,190)	(3,043)
Recurring \| Fair value \| Noncurrent Liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	(4,552)
Recurring \| Fair value \| Noncurrent Liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(3,068)	0
Recurring \| Fair value \| Noncurrent Liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Fair value \| Noncurrent Liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	(133)
Recurring \| Fair value \| Noncurrent Liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(1,659)	(2,386)
Recurring \| Level 1
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	0	0
Recurring \| Level 1 \| Current Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Current Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Current Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Current Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Current Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Noncurrent Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Noncurrent Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Noncurrent Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Noncurrent Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Noncurrent Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 1 \| Other current liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 1 \| Other current liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 1 \| Other current liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 1 \| Other current liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 1 \| Other current liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 1 \| Noncurrent Liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 1 \| Noncurrent Liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 1 \| Noncurrent Liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 1 \| Noncurrent Liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 1 \| Noncurrent Liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 2
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	67,693	11,976
Recurring \| Level 2 \| Current Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	46,492	22,527
Recurring \| Level 2 \| Current Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 2 \| Current Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	110	0
Recurring \| Level 2 \| Current Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	4,452	270
Recurring \| Level 2 \| Current Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 2 \| Noncurrent Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	14,712	8,718
Recurring \| Level 2 \| Noncurrent Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 2 \| Noncurrent Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 2 \| Noncurrent Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	2,822	1,377
Recurring \| Level 2 \| Noncurrent Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 2 \| Other current liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(204)	(9,789)
Recurring \| Level 2 \| Other current liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 2 \| Other current liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(678)	(2,803)
Recurring \| Level 2 \| Other current liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(13)	(3,639)
Recurring \| Level 2 \| Other current liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 2 \| Noncurrent Liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	(4,552)
Recurring \| Level 2 \| Noncurrent Liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 2 \| Noncurrent Liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 2 \| Noncurrent Liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	(133)
Recurring \| Level 2 \| Noncurrent Liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 3
Liabilities, Fair Value Disclosure [Abstract]
Net derivative position	(12,554)	(8,998)
Recurring \| Level 3 \| Current Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Current Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Current Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Current Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Current Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Noncurrent Assets \| Crude Oil \| Oil derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Noncurrent Assets \| Crude Oil \| Oil deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Noncurrent Assets \| Natural Gas Liquids \| NGL derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Noncurrent Assets \| Natural Gas \| Natural gas derivatives
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Noncurrent Assets \| Natural Gas \| Natural gas deferred premiums
Assets, Fair Value Disclosure [Abstract]
Derivative assets before netting	0	0
Recurring \| Level 3 \| Other current liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 3 \| Other current liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(4,637)	(3,569)
Recurring \| Level 3 \| Other current liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 3 \| Other current liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 3 \| Other current liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(3,190)	(3,043)
Recurring \| Level 3 \| Noncurrent Liabilities \| Crude Oil \| Oil derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 3 \| Noncurrent Liabilities \| Crude Oil \| Oil deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	(3,068)	0
Recurring \| Level 3 \| Noncurrent Liabilities \| Natural Gas Liquids \| NGL derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 3 \| Noncurrent Liabilities \| Natural Gas \| Natural gas derivatives
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	0	0
Recurring \| Level 3 \| Noncurrent Liabilities \| Natural Gas \| Natural gas deferred premiums
Liabilities, Fair Value Disclosure [Abstract]
Derivative liabilities before netting	$ (1,659)	$ (2,386)