Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ULTRA PETROLEUM CORP. | |
Entity Central Index Key | 0001022646 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-33614 | |
Entity Address, Address Line One | 116 Inverness Drive East | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | Colorado | |
Entity Address, Postal Zip Code | 80112 | |
City Area Code | (303) | |
Local Phone Number | 708-9740 | |
Entity Common Stock, Shares Outstanding | 197,840,056 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 5,191 | $ 17,014 |
Restricted cash | 2,902 | 2,291 |
Oil and gas revenue receivable and other receivables, net of allowances $10,427 and $8,350, respectively | 55,669 | 144,390 |
Derivative assets | 58,198 | 23,374 |
Inventory | 17,058 | 18,757 |
Other current assets | 3,240 | 8,904 |
Total current assets | 142,258 | 214,730 |
Oil and gas properties, net, using the full cost method of accounting: | ||
Proven | 1,576,539 | 1,497,727 |
Property, plant and equipment, net | 10,620 | 11,635 |
Long-term right-of-use assets | 125,110 | |
Other assets | 18,699 | 9,196 |
Total assets | 1,873,226 | 1,733,288 |
Current liabilities: | ||
Accounts payable | 34,315 | 36,923 |
Accrued liabilities | 53,206 | 58,574 |
Production taxes payable | 55,151 | 58,365 |
Current portion of long-term debt | 9,750 | 7,313 |
Interest payable | 34,724 | 28,672 |
Lease liabilities | 11,489 | |
Derivative liabilities | 20,692 | 62,350 |
Capital cost accrual | 13,430 | 15,014 |
Total current liabilities | 232,757 | 267,211 |
Long-term debt | ||
Credit facility | 59,000 | 104,000 |
Long-term debt | 1,917,008 | 1,932,722 |
Add: Premium on exchange transactions | 225,085 | 228,096 |
Less: Unamortized deferred financing costs and discount | (51,635) | (56,650) |
Total long-term debt, net | 2,149,458 | 2,208,168 |
Deferred gain on sale of liquids gathering system | 94,636 | |
Long-term lease liabilities | 113,642 | |
Other long-term obligations | 233,594 | 211,895 |
Total liabilities | 2,729,451 | 2,781,910 |
Commitments and contingencies (Note 12) | ||
Shareholders' equity: | ||
Common stock - no par value; authorized - unlimited; issued and outstanding - 197,840,056 and 197,383,295 at June 30, 2019 and December 31, 2018, respectively | 2,139,314 | 2,137,443 |
Treasury stock | (49) | (49) |
Retained loss | (2,995,490) | (3,186,016) |
Total shareholders' deficit | (856,225) | (1,048,622) |
Total liabilities and shareholders' equity | $ 1,873,226 | $ 1,733,288 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Statement Of Financial Position [Abstract] | ||
Oil and gas revenue receivable and other receivables, net of allowances | $ 10,427 | $ 8,350 |
Common stock, No par value | ||
Common stock, Shares authorized | Unlimited | Unlimited |
Common stock, Shares issued | 197,840,056 | 197,383,295 |
Common stock, Shares outstanding | 197,840,056 | 197,383,295 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Total operating revenues | $ 155,406 | $ 190,138 | $ 426,867 | $ 415,511 |
Expenses: | ||||
Lease operating expenses | 15,889 | 23,645 | 33,114 | 45,409 |
Facility lease expense | 6,543 | 6,526 | 13,188 | 12,682 |
Production taxes | 16,443 | 18,883 | 46,618 | 42,153 |
Gathering fees | 20,320 | 24,181 | 40,200 | 47,238 |
Depletion, depreciation and amortization | 55,768 | 51,742 | 107,422 | 102,282 |
General and administrative | 7,433 | 2,063 | 14,485 | 14,752 |
Other operating expenses, net | 15,281 | 639 | 16,085 | 853 |
Total operating expenses | 137,677 | 127,679 | 271,112 | 265,369 |
Operating income | 17,729 | 62,459 | 155,755 | 150,142 |
Other income (expense), net: | ||||
Interest expense | (32,376) | (37,715) | (65,703) | (73,552) |
Gain (loss) on commodity derivatives | 71,654 | (47,271) | 7,316 | (53,803) |
Deferred gain on sale of liquids gathering system | 2,638 | 5,276 | ||
Other income (expense), net | (43) | (657) | 243 | (688) |
Total other (expense) income, net | 39,235 | (83,005) | (58,144) | (122,767) |
Income before income tax (benefit) provision | 56,964 | (20,546) | 97,611 | 27,375 |
Income tax (benefit) provision | (141) | 9 | (169) | 442 |
Net income (loss) | $ 57,105 | $ (20,555) | $ 97,780 | $ 26,933 |
Basic earnings (loss) per share: | ||||
Net income (loss) per common share - basic | $ 0.29 | $ (0.10) | $ 0.50 | $ 0.14 |
Fully diluted earnings (loss) per share: | ||||
Net income (loss) per common share - fully diluted | $ 0.29 | $ (0.10) | $ 0.49 | $ 0.14 |
Weighted average common shares outstanding - basic | 197,514 | 197,054 | 197,449 | 196,803 |
Weighted average common shares outstanding - fully diluted | 198,069 | 197,054 | 198,089 | 196,803 |
Natural Gas Sales | ||||
Revenues: | ||||
Total operating revenues | $ 125,915 | $ 141,255 | $ 371,903 | $ 322,716 |
Oil Sales | ||||
Revenues: | ||||
Total operating revenues | 27,301 | 43,167 | 50,767 | 84,451 |
Other Revenues | ||||
Revenues: | ||||
Total operating revenues | $ 2,190 | $ 5,716 | $ 4,197 | $ 8,344 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Retained (Loss) Earnings | Treasury Stock |
Beginning Balances at Dec. 31, 2017 | $ (1,154,636) | $ 2,116,018 | $ (3,270,605) | $ (49) |
Beginning Balances, Shares at Dec. 31, 2017 | 196,347 | |||
Employee stock plan grants, Shares | 1,226 | |||
Net share settlements | (2,061) | (2,061) | ||
Net share settlements, Shares | (519) | |||
Fair value of employee stock plan grants | 10,709 | $ 10,709 | ||
Net income (loss) | 47,488 | 47,488 | ||
Initial adoption | ASC 606 | 1,761 | 1,761 | ||
Ending Balances at Mar. 31, 2018 | (1,096,739) | $ 2,126,727 | (3,223,417) | (49) |
Ending Balances, Shares at Mar. 31, 2018 | 197,054 | |||
Beginning Balances at Dec. 31, 2017 | (1,154,636) | $ 2,116,018 | (3,270,605) | (49) |
Beginning Balances, Shares at Dec. 31, 2017 | 196,347 | |||
Net income (loss) | 26,933 | |||
Ending Balances at Jun. 30, 2018 | (1,114,830) | $ 2,129,191 | (3,243,972) | (49) |
Ending Balances, Shares at Jun. 30, 2018 | 197,054 | |||
Beginning Balances at Mar. 31, 2018 | (1,096,739) | $ 2,126,727 | (3,223,417) | (49) |
Beginning Balances, Shares at Mar. 31, 2018 | 197,054 | |||
Fair value of employee stock plan grants | 2,464 | $ 2,464 | ||
Net income (loss) | (20,555) | (20,555) | ||
Ending Balances at Jun. 30, 2018 | (1,114,830) | $ 2,129,191 | (3,243,972) | (49) |
Ending Balances, Shares at Jun. 30, 2018 | 197,054 | |||
Beginning Balances at Dec. 31, 2018 | (1,048,622) | $ 2,137,443 | (3,186,016) | (49) |
Beginning Balances, Shares at Dec. 31, 2018 | 197,383 | |||
Fair value of employee stock plan grants | 1,127 | $ 1,127 | ||
Net income (loss) | 40,674 | 40,674 | ||
Initial adoption | ASC 842 | 92,818 | 92,818 | ||
Ending Balances at Mar. 31, 2019 | (914,003) | $ 2,138,570 | (3,052,524) | (49) |
Ending Balances, Shares at Mar. 31, 2019 | 197,383 | |||
Beginning Balances at Dec. 31, 2018 | (1,048,622) | $ 2,137,443 | (3,186,016) | (49) |
Beginning Balances, Shares at Dec. 31, 2018 | 197,383 | |||
Net income (loss) | 97,780 | |||
Ending Balances at Jun. 30, 2019 | (856,225) | $ 2,139,314 | (2,995,490) | (49) |
Ending Balances, Shares at Jun. 30, 2019 | 197,840 | |||
Beginning Balances at Mar. 31, 2019 | (914,003) | $ 2,138,570 | (3,052,524) | (49) |
Beginning Balances, Shares at Mar. 31, 2019 | 197,383 | |||
Stock plan grants, Shares | 648 | |||
Net share settlements | (71) | (71) | ||
Net share settlements, Shares | (191) | |||
Fair value of employee stock plan grants | 744 | $ 744 | ||
Net income (loss) | 57,105 | 57,105 | ||
Ending Balances at Jun. 30, 2019 | $ (856,225) | $ 2,139,314 | $ (2,995,490) | $ (49) |
Ending Balances, Shares at Jun. 30, 2019 | 197,840 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities - cash provided by (used in): | ||
Net income for the period | $ 97,780 | $ 26,933 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depletion, depreciation and amortization | 107,422 | 102,282 |
Unrealized loss (gain) on commodity derivatives | (82,527) | 61,539 |
Deferred gain on sale of liquids gathering system | (5,276) | |
Stock compensation | 1,521 | 10,122 |
Payable-in-kind (“PIK”) interest payable | 6,722 | |
Amortization of premium on debt exchange | (20,572) | |
Amortization of deferred financing costs | 6,308 | 5,510 |
Other | 1,915 | 207 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 86,645 | 17,738 |
Other current assets | (636) | 3,783 |
Other non-current assets | 59 | 338 |
Accounts payable | (1,449) | (18,525) |
Accrued liabilities | (5,519) | (4,116) |
Production taxes payable | (3,214) | 3,696 |
Interest payable | 6,052 | (3,647) |
Other long-term obligations | 8,187 | (1,647) |
Income taxes payable/receivable | 6,431 | 6,844 |
Net cash provided by operating activities | 215,125 | 205,781 |
Investing Activities - cash provided by (used in): | ||
Oil and gas property expenditures | (176,791) | (250,966) |
Change in capital cost accrual and accounts payable | (2,743) | (14,483) |
Inventory | 1,567 | (4,140) |
Purchase of capital assets | (373) | (2,389) |
Net cash used in investing activities | (178,340) | (271,978) |
Financing activities - cash provided by (used in): | ||
Deferred financing costs | (488) | (638) |
Repurchased shares/net share settlements | (71) | (2,061) |
Net cash used in financing activities | (47,997) | 55,301 |
(Decrease) increase in cash during the period | (11,212) | (10,896) |
Cash, cash equivalents, and restricted cash, beginning of period | 19,305 | 18,269 |
Cash, cash equivalents and restricted cash, end of period | 8,093 | 7,373 |
Credit Agreement | ||
Financing activities - cash provided by (used in): | ||
Borrowings under Credit Agreement | 431,000 | 450,000 |
Payments under Credit Agreement / Term Loan | (476,000) | $ (392,000) |
Term Loan | ||
Financing activities - cash provided by (used in): | ||
Payments under Credit Agreement / Term Loan | $ (2,438) |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of the Business | DESCRIPTION OF THE BUSINESS: Ultra Petroleum Corp. and its wholly-owned subsidiaries (collectively the “Company”, “Ultra”, “our”, “we”, or “us”) is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. Ultra Petroleum Corp. is incorporated under the laws of Yukon, Canada. The Company’s principal business activities are developing its long-life natural gas reserves in the Pinedale and Jonah fields of the Green River Basin of southwest Wyoming. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. SIGNIFICANT ACCOUNTING POLICIES: Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019. The condensed consolidated balance sheet at December 31, 2018, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2018. S ignificant Accounting Policies: Leases (Topic 842) Reclassifications: Certain amounts in the financial statements of prior periods have been reclassified to conform to the current period financial statement presentation. New Accounting Pronouncements: From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification ("ASC") are communicated through issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the consolidated financial statements upon adoption. Recently Adopted Accounting Pronouncements: Leases. In February 2016, the FASB issued ASU 2016-02, , and has subsequently issued several supplemental and/or clarifying ASUs (collectively known as “ASC 842”). The guidance requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASC 842 also requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The Company adopted ASC 842 and applicable amendments on January 1, 2019, using the modified retrospective approach. The Company elected certain practical expedients and established internal controls and key system functionality to enable the preparation of financial information on adoption. The adoption of the standard had an effect on the Company’s condensed consolidated balance sheets but did not have an effect on the Company’s condensed consolidated income statements. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while accounting for finance leases remained substantially unchanged. Please refer to Note 11 for additional discussion. Cumulative Effect of Recently Adopted Accounting Pronouncements: The following table reflects the cumulative impact of the adoption of ASC 842 on January 1, 2019, using the modified retrospective approach: December 31, 2018 as reported Impact of ASC 842 January 1, 2019 as adjusted (Amounts in thousands) Long-term right-of-use assets $ — $ 130,649 $ 130,649 Total assets 1,733,288 130,649 1,863,937 Lease liabilities (current) — 11,141 11,141 Deferred gain on sale of liquids gathering system 94,636 (94,636 ) — Long-term lease liabilities — 121,326 121,326 Total liabilities 2,781,910 37,831 2,819,741 Retained earnings (loss) (3,186,016 ) 92,818 (3,093,198 ) Total stockholders' equity (deficit) (1,048,622 ) 92,818 (955,804 ) Total liabilities and stockholders' equity (deficit) 1,733,288 130,649 1,863,937 Recent Accounting Pronouncements Not Yet Adopted : Fair Value Measurements. In August 2018, the FASB issued ASU No. 2018-13, (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements in Topic 820. ASU 2018-13 is effective for public companies for fiscal years beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. Financial Instruments. In June 2016, The FASB issued ASU 2016-13, (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the impact of ASU 2016-13 on its consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. REVENUE RECOGNITION: Revenue from Contracts with Customers Sales of oil and natural gas are recognized at the point control of the product is transferred to the customer, collectability is reasonably assured, and the performance obligations are satisfied. Virtually all of our contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of the oil or natural gas, and prevailing supply and demand conditions. As a result, the price of the oil and natural gas fluctuates to remain competitive with other available oil and natural gas supplies. Natural gas sales We sell natural gas production at the tailgate of the processing plant or at a delivery point downstream, as specified in the contracts with our customers. The production is sold at set volumes and we collect either (i) an agreed upon index price, (ii) a specific index price adjusted for pricing differentials, or (iii) a set price. We recognize revenue when control transfers to the purchaser at the tailgate of the processing plant or at the agreed-upon delivery point at the net price received. For these contracts, we have concluded that the Company is the principal for our net revenue interest share of the volumes being sold. Gathering fees are incurred prior to the customer taking control of the product, are not considered to be promised services, and are not included in the transaction price; thus, they are presented as expenses in the Condensed Consolidated Statement of Operations. Our working interest partners are considered the principal for their working interest shares. They have the option to take in kind their volumes. The Company may act as an agent and market the other partners’ share of the natural gas production. If it does so, the Company is considered the agent and revenue is recorded at the Company’s net revenue interest in the production. Oil sales We sell oil production at either (a) a lease automatic custody transfer meter, (b) a tank battery, or (c) a delivery point downstream, as specified in the contracts with our customers. The production is sold at set volumes and we collect either (i) an agreed upon index price, net of pricing differentials or (ii) a set price. We recognize revenue at the point when the customer takes control of the product. For these contracts, we have concluded that the Company is the principal for its net revenue interest share of the volumes being sold. Gathering fees are performed prior to the customer taking control of the product, are not considered to be promised services, and are not included in the transaction price; thus, they are presented as expenses in the Condensed Consolidated Statement of Operations. Our working interest partners are considered the principal for their working interest shares. They have the option to take in kind their volumes. The Company may act as an agent and market the other partners’ share of the oil production. If it does so, the Company is considered the agent and revenue is recorded at the Company’s net revenue interest in the production. Other revenues Our other revenue is comprised of fees paid to us by the operators of the gas processing plants where our gas is processed. Control is transferred upon completion of the processing service. The Company is considered the principal, and revenue is recognized at the point in time that the control is transferred. Transaction price allocated to remaining performance obligations A significant number of our product sales are short-term in nature with a contract term of one year or less at index-based prices. For those contracts, we have utilized the practical expedient in ASC 606-10-50-14 exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For our product sales that have a contract term greater than one year, we have utilized the practical expedient in ASC 606-10-50-14(a) which states that the Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. Contract balances Under our product sales contracts, we invoice customers once our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our product sales contracts do not give rise to contract assets or liabilities under ASC 606. Prior-period performance obligations We record revenue in the month production is delivered to the purchaser. However, settlement statements for certain natural gas may not be received for 30 to 90 days after the date production is delivered, and as a result, we are required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. We record the differences between our estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. We have existing internal controls for our revenue estimation process and related accruals, and any identified differences between our revenue estimates and actual revenue received historically have not been significant. For the six months ended June 30, 2019, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory. | 3. INVENTORY: The following table summarizes the major classes of inventory included on the Condensed Consolidated Balance Sheet: June 30, December 31, 2019 2018 Pipe and production equipment $ 16,077 $ 17,644 Crude oil 981 1,113 Total inventory $ 17,058 $ 18,757 |
Oil and Gas Properties
Oil and Gas Properties | 6 Months Ended |
Jun. 30, 2019 | |
Oil And Gas Property [Abstract] | |
Oil and Gas Properties | 4. OIL AND GAS PROPERTIES: June 30, December 31, 2019 2018 Proven properties: Acquisition, equipment, exploration, drilling and abandonment costs $ 11,755,535 $ 11,577,281 Less: Accumulated depletion, depreciation and amortization (10,178,996 ) (10,079,554 ) Total Oil and gas properties, net $ 1,576,539 $ 1,497,727 |
Earning Per Share
Earning Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earning Per Share | 5. EARNINGS PER SHARE: Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed by adjusting the average number of common shares outstanding for the dilutive effect, if any, of common stock equivalents. The Company uses the treasury stock method to determine the dilutive effect. Certain share-based payments subject to performance or market conditions are considered contingently issuable shares for purposes of calculating diluted earnings per share. Thus, they are not included in the diluted earnings per share denominator until the performance or market criteria are met. Additionally, warrants are not included in the diluted earnings per share denominator using the treasury stock method until the date on which the volume-weighted average price of the Common Shares is at least $2.50 per Common Share for 30 consecutive trading days (the “Trading Price Condition”) . The following table provides a reconciliation of components of basic and diluted net income per common share: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Share amounts in 000's) Net income (loss) $ 57,105 $ (20,555 ) $ 97,780 $ 26,933 Weighted average common shares outstanding - basic 197,514 197,054 197,449 196,803 Effect of dilutive instruments 555 — 640 — Weighted average common shares outstanding - diluted 198,069 197,054 198,089 196,803 Net income (loss) per common share - basic $ 0.29 $ (0.10 ) $ 0.50 $ 0.14 Net income (loss) per common share - fully diluted $ 0.29 $ (0.10 ) $ 0.49 $ 0.14 Number of contingently issuable shares, including warrants, that are not included in the diluted earnings per share denominator as the performance or market criteria have not been met 20,218 2,636 20,109 2,636 |
Long Term Debt
Long Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Long Term Liabilities [Abstract] | |
Long Term Debt | 6. LONG TERM DEBT: The following tables summarize the Company’s debt instruments as of June 30, 2019 and December 31, 2018: June 30, 2019 Principal repayment obligation (1) Unamortized DFC and discounts (2) Unamortized premium Carrying value Credit Facility, secured, due January 2022 $ 59,000 $ — $ — $ 59,000 Term Loan, secured, due April 2024 973,247 (24,722 ) — 948,525 Second Lien Notes, secured, due July 2024 578,072 — 225,085 803,157 6.875% Notes, unsecured, due April 2022 150,439 (13,201 ) — 137,238 7.125% Notes, unsecured, due April 2025 225,000 (13,712 ) — 211,288 Total debt $ 1,985,758 $ (51,635 ) $ 225,085 $ 2,159,208 Less: Current maturities (9,750 ) — — (9,750 ) Total long-term debt, net $ 1,976,008 $ (51,635 ) $ 225,085 $ 2,149,458 (1) Includes PIK interest on the Term Loan and Second Lien Notes of $0.7 million and $6.0 million, respectively. (2) Deferred financing costs related to the Revolving Credit Facility are reported within Other assets on the condensed consolidated balance sheet, rather than as a reduction of the carrying amount of long-term debt. December 31, 2018 Principal repayment obligation Unamortized DFC and discounts (1) Unamortized premium Carrying value Credit Facility, secured, due January 2022 $ 104,000 $ — $ — $ 104,000 Term Loan, secured, due April 2024 975,000 (26,874 ) — 948,126 Second Lien Notes, secured, due July 2024 545,000 — 228,096 773,096 6.875% Notes, unsecured, due April 2022 195,035 (15,168 ) — 179,867 7.125% Notes, unsecured, due April 2025 225,000 (14,608 ) — 210,392 Total debt $ 2,044,035 $ (56,650 ) $ 228,096 $ 2,215,481 Less: Current maturities (7,313 ) — — (7,313 ) Total long-term debt, net $ 2,036,722 $ (56,650 ) $ 228,096 $ 2,208,168 (1) Deferred financing costs related to the Revolving Credit Facility are reported within Other assets on the condensed consolidated balance sheet, rather than as a reduction of the carrying amount of long-term debt. Credit Agreement. Ultra Resources Inc., a Delaware corporation and wholly-owned subsidiary of the Company, (“Ultra Resources”) entered into a Credit Agreement as the borrower with the Company and UP Energy Corporation, as parent guarantors, with Bank of Montreal, as administrative agent (the “RBL Administrative Agent”), and with the other lenders party thereto from time to time (collectively, the “RBL Lenders”), providing for a revolving credit facility (the “Revolving Credit Facility”) subject to a borrowing base redetermination, which limits the aggregate amount of first lien debt under the Revolving Credit Facility and Term Loan Agreement (as defined below). The semi-annual redetermination in February 2019 resulted in a borrowing base commitment of $1.3 billion, with $975.0 million allocated to the Company’s Term Loan (as defined below) and $325.0 million allocated to the Revolving Credit Facility. At June 30, 2019, Ultra Resources had $59.0 million of outstanding borrowings under the Revolving Credit Facility, and with total commitments of $325.0 million. The next scheduled borrowing base redetermination is scheduled for October 1, 2019. The Revolving Credit Facility has capacity for Ultra Resources to increase the commitments subject to certain conditions and has $50.0 million of the commitments available for the issuance of letters of credit. The Revolving Credit Facility bears interest either at a rate equal to (a) a customary London interbank offered rate plus an applicable margin that varies from 250 to 350 basis points or (b) the base rate plus an applicable margin that varies from 150 to 250 basis points. The applicable margin increases by 25 basis points in the event the Company’s consolidated net leverage ratio, as defined, exceeds 4.00 to 1.00. Ultra Resources is required to pay a commitment fee on the average daily unused portion of the Revolving Credit Facility, which varies based upon a borrowing base utilization grid. Ultra Resources is also required to pay customary letter of credit and fronting fees. The Revolving Credit Facility loans mature on January 12, 2022. T he Revolving Credit Facility requires Ultra Resources to maintain (i) a minimum interest coverage ratio of 2.50 to 1.00; (ii) a current ratio, including the unused portion of the Revolving Credit Facility, of a minimum of 1.00 to 1.00; and (iii) after the Company has obtained investment grade rating an asset coverage ratio of 1.50 to 1.00. In addition, as of the last day of (i) each fiscal quarter ending during the period from March 31, 2019 through June 30, 2019, Ultra Resources is required to maintain the consolidated net leverage ratio at or below 4.75 to 1.00, (ii) each fiscal quarter ending during the period from September 30, 2019 through June 30, 2020, Ultra Resources is required to maintain the consolidated net leverage ratio at or below 4.90 to 1.0, (iii) the fiscal quarter ending September 30, 2020, Ultra Resources is required to maintain the consolidated net leverage ratio at or below 4.50 to 1.0, and (iv) the fiscal quarter ending December 31, 2020 and each other fiscal quarter end thereafter, Ultra Resources is required to maintain the consolidated net leverage ratio at or below 4.25 to 1.0. At June 30, 2019, Ultra Resources’ consolidated net leverage ratio and interest coverage ratio were 4.44 to 1.00 and 3.18 to 1.00, respectively, and Ultra Resources was in compliance with each of its debt covenants under the Credit Agreement. Under the Revolving Credit Facility, t he Company is subject to the following minimum hedging requirements: t The Revolving Credit Facility contains customary events of default and remedies for credit facilities of this nature. If Ultra Resources does not comply with the financial and other covenants in the Revolving Credit Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Revolving Credit Facility and any outstanding unfunded commitments may be terminated. Term Loan. As of June 30, 2019, the Ultra Resources’ First Amendment to the Senior Secured Term Loan (the “Term Loan Agreement”) had a balance of approximately $973.2 million in borrowings, including payable-in-kind (“PIK”) and current maturities. The Term Loan Agreement is signed with the Company and UP Energy Corporation, as parent guarantors, Barclays Bank PLC, as administrative agent (the “Term Loan Administrative Agent”), and the other lenders party thereto (collectively, the “Term Loan Lenders”). In December 2018, Ultra Resources and the parent guarantors entered into the First Amendment to the Term Loan Agreement (the “Term Loan Amendment”) with the Term Loan Administrative Agent and the Term Loan Lenders party thereto. Pursuant to the Term Loan Amendment, the parties agreed, among other things, to amend the Term Loan Agreement to permit the issuance of the Second Lien Notes and the December Exchange Transaction, to increase the interest rate payable by 100 basis points, such increase comprising 75 basis points payable in cash and 25 basis points payable in kind, and to revise certain covenants and other provisions of the Term Loan Agreement, including, but not limited to: • introducing call protection of 102% until December 21, 2019 and 101% until December 21, 2020; • introducing additional restrictions on the Revolving Credit Facility; including amendments and refinancing of the Revolving Credit Facility as more thoroughly described in the Term Loan Amendment; • deleting the ability to increase commitments under the Term Loan; • increasing collateral coverage from 85% to 95% of total PV-9 of Proven Reserves (as defined in the Term Loan Agreement); • removing the ability to create, invest in and utilize unrestricted subsidiaries; • further limiting the Company’s ability to incur unsecured debt, repay junior debt, and make restricted payments and investments as more thoroughly described in the Term Loan Amendment; and • providing the ability for the Company to exchange unsecured borrowings to third lien debt within a construct as described in the Term Loan Amendment. Borrowings under the Term Loan Agreement bear interest at a rate equal to either (a) a customary London interbank offered rate plus 400 basis points or (b) the base rate plus 300 basis points, in each case, of which 25 basis points of the applicable margin is payable-in-kind (“PIK”) upon election by Ultra Resources. Beginning in March 2019, the Company has elected the PIK option and management expects to continue this practice into the future. The borrowings under the Term Loan Agreement amortize in equal quarterly installments in aggregate annual amounts equal to 0.25% of the initial aggregate principal amount beginning on June 30, 2019. Borrowings under the Term Loan Agreement mature on April 12, 2024. Borrowings under the Term Loan Agreement are subject to mandatory prepayments and customary reinvestment rights. The mandatory prepayments include, without limitation, a prepayment requirement with the total net proceeds from certain asset sales and net proceeds on insurance received on account of any loss of Ultra Resources’ property or assets, in each case subject to certain exceptions. In addition, subject to certain conditions, there is a prepayment requirement if the asset coverage ratio is less than 2.0 to 1.0. To the extent any mandatory prepayments are required, prepayments equal to six monthly payments are required to attain compliance and are applied to prepay the borrowings under the Term Loan Agreement. The Term Loan Agreement also contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), delivery of quarterly and annual financial statements and oil and gas engineering reports, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens, indebtedness, asset dispositions, fundamental changes, restricted payments and other customary covenants. At June 30, 2019, Ultra Resources was in compliance with all of its debt covenants under the Term Loan Agreement. The Term Loan Agreement contains customary events of default and remedies for credit facilities of this nature. If Ultra Resources does not comply with the financial and other covenants in the Term Loan Agreement, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Term Loan Agreement. Second Lien Notes. As of June 30, 2019, Ultra Resources had approximately $578.1 million, including PIK interest, in outstanding borrowings of Senior Secured Second Lien Notes (“Second Lien Notes”) pursuant to the Indenture, dated December 21, 2018 (the “Second Lien Notes Indenture”), with Ultra Resources, as issuer, the Company and its other subsidiaries, as guarantors, and Wilmington Trust, National Association, as trustee and collateral agent (the “Trustee”). Interest on the Second Lien Notes accrue at (i) an annual rate of 9.00% payable in cash and (ii) an annual rate of 2.00% PIK. The interest payment dates for the Second Lien Notes are January 15 and July 15 of each year, commencing on July 15, 2019. The Company has accounted for such PIK interest as an increase to the principal outstanding. The Second Lien Notes will mature on July 12, 2024. The Second Lien Notes are senior secured obligations of Ultra Resources and rank senior in right of payment to all of its existing and future unsecured senior debt, to the extent of the value of the collateral pledged under the Second Lien Notes Indenture and related collateral arrangements, senior in right of payment to all of its future subordinated debt, and junior in right of payment to all of its existing and future secured debt of senior priority, to the extent of the value of the collateral pledged thereby. The Second Lien Notes are secured by second priority security interests in substantially all assets of the Company. Payment by Ultra Resources of all amounts due on or in respect of the Second Lien Notes and the performance of Ultra Resources under the Indenture are initially guaranteed by the Company. If Ultra Resources experiences certain change of control triggering events set forth in the Second Lien Notes Indenture, each holder of the Second Lien Notes may require Ultra Resources to repurchase all or a portion of its Second Lien Notes for cash at a price equal to 101% of the aggregate principal amount of such Second Lien Notes, plus any accrued but unpaid interest (including PIK interest) to the date of repurchase. Ultra Resources is subject to certain customary covenants under the Second Lien Notes Indenture and was in compliance with all such covenants as of June 30, 2019. Refer to Note 6 Long Term Debt in the 2018 Form 10-K for additional details on the terms of the Second Lien Notes. Unsecured Notes . At June 30, 2019, Ultra Resources had approximately $150.4 million of the 6.875% Senior Notes due 2022 (the “2022 Notes”) and $225.0 million with respect to the 7.125% Senior Notes due 2025 (the “2025 Notes”, and together with the 2022 Notes, the “Unsecured Notes”). The 2022 Notes will mature on April 15, 2022. Interest on the 2022 Notes accrue at an annual rate of 6.875% and interest payment dates for the 2022 Notes are April 15 and October 15 of each year. The 2025 Notes will mature on April 15, 2025. Interest on the 2025 Notes accrue at an annual rate of 7.125% and interest payment dates for the 2025 Notes are April 15 and October 15 of each year. Interest will be paid on the Unsecured Notes from the issue date until maturity. Refer to Note 6 Long Term Debt in the 2018 Form 10-K for additional details on the terms of the Unsecured Notes. |
Share Based Compensation
Share Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Based Compensation | 7. SHARE BASED COMPENSATION: Valuation and Expense Information For the Three Months For the Six Months Ended Ended June 30, Ended June 30, 2019 2018 2019 2018 Total cost of share-based payment plans $ 745 $ 2,263 $ 1,872 $ 13,173 Amounts capitalized in oil and gas properties and equipment $ 64 $ 952 $ 351 $ 3,051 Amounts charged against income, before income tax benefit $ 681 $ 1,311 $ 1,521 $ 10,122 Amount of related income tax benefit recognized in income before valuation allowance $ 143 $ 275 $ 319 $ 2,126 Performance Share Plans : 2017 Stock Incentive Plan. In April 2017, the Ultra Petroleum Corp. 2017 Stock Incentive Plan (“2017 Stock Incentive Plan”) was established by our board of directors (the “Board”) pursuant to which 7.5% of the equity in the Company (on a fully-diluted/fully-distributed basis) is reserved for grants to be made from time to time to the directors, officers, employees, and consultants of the Company (the “Reserve”). In June 2018, the Board approved an amendment and restatement of the Ultra Petroleum Corp. 2017 Stock Incentive Plan (as amended and restated, the “A&R Stock Incentive Plan”). The A&R Stock Incentive Plan amends and restates the 2017 Stock Incentive Plan to, among other things: • provide that consultants, independent contractors and advisors are eligible to participate and receive equity awards in the A&R Stock Incentive Plan; • limit the aggregate incentive awards available to be granted to any outside director during a single calendar year to a maximum of $750,000; • revise the definition of a Change of Control to exclude a change in a majority of the members on the Board; • provide that, with respect to awards granted on or after June 8, 2018, no such awards will vest solely as a result of a Change of Control (as defined in the A&R Stock Incentive Plan) unless expressly provided otherwise in the applicable grant agreement or unless otherwise determined by the Committee; and • make certain other changes related to revisions to the U.S. Internal Revenue Code. In July 2018, the Company modified its incentive plan and recipients of the Initial MIP Grants were offered an opportunity to exchange the unvested portion of their Initial MIP Grants for new equity awards of time-based restricted stock units (the “2018 RSUs”) effective July 31, 2018 on a one-for-one basis. All 2018 RSUs are time-based awards and vest in equal tranches on May 25, 2019, May 25, 2020, and May 25, 2021. Under FASB ASC Topic 718, Compensation Cost – Stock Compensation (“ASC 718”), the cancellation of an outstanding award of stock-based compensation followed by the issuance of a replacement award is treated as a modification of the original award. The equity award cancellations and subsequent new grants by the Company were considered Type I, probable-to-probable modification in 2018. This type represents modifications where the award was likely to vest prior to modification and is still likely to vest after modification. For these types of modifications, the fair value of the award is assessed both prior to modification and after modification. If the fair value after modification exceeds the fair value prior to modification, incremental expense is generated and recognized over the remaining vesting period. In March 2019, additional Initial MIP Grants were exchanged for new equity awards of time-based and performance-based restricted stock units. The Company evaluated the cancellation of an outstanding award of stock-based compensation followed by the issuance of a replacement award under ASC 718. For this modification, the fair value of the award is assessed both prior to modification and after modification. Per ASC 718, if the fair value after modification exceeds the fair value prior to modification, incremental expense is generated and recognized over the remaining vesting period. Long Term Incentive Awards. In 2018 and March 2019, the Board approved long-term incentive awards under the A&R Stock Incentive Plan in order to further align the interests of key employees with shareholders and to give key employees the opportunity to share in the long-term performance of the Company when specific corporate financial and operational goals are achieved. The awards cover a performance period of three years and include time-based and performance-based measures established by the Board at the beginning of the three-year period. Stock-Based Compensation Cost : Market-Based Condition Awards. When vesting of an award of stock-based compensation is dependent, at least in part, on the value of a company’s total equity, for purposes of FASB ASC 718, the award is considered to be subject to a “market condition”. Because the Company’s total equity value is a component of its enterprise value, the awards based on enterprise value are considered to be subject to a market condition. Unlike the valuation of an award that is subject to a service condition (i.e., time vested awards) or a performance condition that is not related to stock price, FASB ASC 718 requires the impact of the market condition to be considered when estimating the fair value of the award. As a result, we have used a Monte Carlo simulation model to estimate the fair value of the awards that include a market condition. FASB ASC 718 requires the expense for an award of stock-based compensation that is subject to a market condition that can be attained at any point during the performance period to be recognized over the shorter of (a) the period between the date of grant and the date the market condition is attained, and (b) the award’s derived service period. For purposes of FASB ASC 718, the derived service period represents the duration of the median of the distribution of share price paths on which the market condition is satisfied. That median is the middle share price path (the midpoint of the distribution of paths within the model) on which the market condition is satisfied. The duration is the period of time from the service inception date to the expected date of market condition satisfaction. Compensation expense is recognized regardless of whether the market condition is actually satisfied. Expense. For the six months ended June 30, 2019, the Company recognized $1.5 million in pre-tax compensation expense, which is included within General and administrative expenses on the condensed consolidated statement of operations. During the six months ended June 30, 2018, the Company recognized $10.1 million in pre-tax compensation expense, of which $10.0 million related to the Initial MIP Grants. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES: The Company’s overall effective tax rate on pre-tax income was different than the statutory rate of 21% due primarily to the valuation allowances. The Company has a valuation allowance recorded against all deferred tax assets as of June 30, 2019. Some or all of this valuation allowance may be reversed in future periods against future income. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. Further guidance and clarifications continue to be issued regarding the regulations and provisions of the Tax Act. The Company will continue to monitor these new regulations and analyze their applicability and impact on the Company. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 9. DERIVATIVE FINANCIAL INSTRUMENTS: Objectives and Strategy: The Company’s major market risk exposure is in the pricing applicable to its natural gas and oil production. Realized pricing is currently driven primarily by the prevailing price for the Company’s natural gas production. Historically, prices received for natural gas production have been volatile and unpredictable. Pricing volatility is expected to continue. The prices we receive for our production depend on many factors outside of our control, including volatility in the differences between product prices at sales points and the applicable index price. The Company relies on various types of derivative instruments to manage its exposure to commodity price risk and to provide a level of certainty in the Company’s forward cash flows supporting the Company’s operations and capital investment program. These types of instruments may include fixed price swaps, costless collars, deferred premium puts or basis differential swaps. These contracts are financial instruments, and do not require or allow for physical delivery of the hedged commodity. While mitigating the effects of fluctuating commodity prices, these derivative contracts may limit the benefits we would receive from increases in commodity prices above the fixed hedge prices. Under the Revolving Credit Facility, the Company is subject to the following minimum hedging requirements: through September 29, 2019, the Company is required to hedge a minimum of 65% of the quarterly projected volumes of natural gas from its PDP reserves; and during the period beginning on September 30, 2019 and ending on March 30, 2020, the Company is required to hedge a minimum of 50% of the quarterly projected volumes of natural gas from PDP reserves. Beginning April 1, 2020, the Company will no longer be subject to a minimum hedging requirement. Fair Value of Commodity Derivatives: The Company follows FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”). The Company does not apply hedge accounting to any of its derivative instruments. Instead, in accordance with ASC 815 the derivative contracts are recorded at fair value as derivative assets and liabilities on the Condensed Consolidated Balance Sheets and the associated unrealized gains and losses are recorded as current income or expense on the Condensed Consolidated Statements of Operations. The Company does not offset the value of its derivative arrangements with the same counterparty. Unrealized gains or losses on commodity derivatives represent the non-cash change in the fair value of these derivative instruments and do not impact operating cash flows on the Condensed Consolidated Statements of Cash Flows . Commodity Derivative Contracts: At June 30, 2019, the Company had the following open commodity derivative contracts to manage commodity price risks. For the fixed price swaps, the Company receives the fixed price for the contract and pays the variable price to the counterparty. For the basis swaps, the Company receives a fixed price for the difference between two sales points for a specified commodity volume over a specified time period. For the collars, the Company pays the counterparty if the market price is above the ceiling price and the counterparty pays if the market price is below the floor price on a notional quantity. For deferred premium puts, the Company pays the deferred premium in the month of settlement. To the extent the market price is below the put price, the counterparty owes the Company the difference between the market price and put price in the period of settlement. The reference prices of these commodity derivative contracts are typically referenced to index prices as published by independent third parties . Refer to Note 10 for more information regarding the Company’s derivative instruments. Type/Year Index Total Volumes Weighted Average (“WA”) Price per Unit Fair Value - June 30, 2019 (in millions) Asset (Liability) Natural gas fixed price swaps (Mmbtu) ($/Mmbtu) 2019 (July through December) NYMEX-Henry Hub 90.5 $ 2.78 $ 37,790 2020 NYMEX-Henry Hub 24.6 2.78 2,979 Natural gas basis swaps (1) (Mmbtu) ($/Mmbtu) 2019 (July through December) NW Rockies Basis Swap 63.5 $ (0.54 ) $ (13,336 ) 2020 NW Rockies Basis Swap 11.4 (0.17 ) 1,114 Crude oil fixed price swaps (Bbl) ($/Bbl) 2019 (July through December) NYMEX-WTI 0.7 $ 59.06 $ 601 2020 NYMEX-WTI 0.5 60.31 1,727 Type/Year Index Total Volumes WA Floor Price ($/MMBTU) WA Ceiling Price ($/MMBTU) Fair Value - June 30, 2019 (in millions) Asset (Liability) Natural gas collars (Mmbtu) 2019 (July through December) NYMEX 2.8 $ 2.85 $ 3.13 $ 1,376 2020 NYMEX 76.1 $ 2.49 $ 2.97 $ 6,127 2021 NYMEX 7.2 $ 2.47 $ 3.03 $ (390 ) Natural gas deferred premium put options (Mmbtu) 2020 NYMEX 27.9 $ 2.41 N/A $ 1,707 (1) Represents swap contracts that fix the basis differentials for gas sold at or near Opal, Wyoming and the value of natural gas established on the last trading day of the month by the NYMEX for natural gas swaps for the respective period. (2) The Natural gas deferred premium put options include an average deferred premium of $0.14 for the six months ended June 30, 2019. The following table summarizes the pre-tax realized and unrealized gain (loss) the Company recognized related to its derivative instruments in the condensed consolidated statements of operations for the three months ended June 30, 2019 and 2018: For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives (in thousands): 2019 2018 2019 2018 Realized gain (loss) on commodity derivatives - natural gas (1) $ 3,936 $ 10,982 $ (77,267 ) $ 12,426 Realized gain (loss) on commodity derivatives - oil (1) (516 ) (4,320 ) 2,056 (4,690 ) Unrealized gain (loss) on commodity derivatives (1) 68,234 (53,933 ) 82,527 (61,539 ) Total gain (loss) on commodity derivatives $ 71,654 $ (47,271 ) $ 7,316 $ (53,803 ) (1) Included in Gain (Loss) on commodity derivatives in the condensed consolidated statements of operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. FAIR VALUE MEASUREMENTS: As required by FASB ASC 820, the Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three-level hierarchy for measuring fair value. Fair value measurements are classified and disclosed in one of the following categories: Level 1 : Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date. Level 2 : Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter forwards and swaps. Level 3 : Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. The valuation assumptions the Company has used to measure the fair value of its commodity derivatives were observable inputs based on market data obtained from independent sources and are considered Level 2 inputs (quoted prices for similar assets, liabilities (adjusted) and market-corroborated inputs). Level 1 Level 2 Level 3 Total Assets: Current derivative asset $ — $ 58,198 $ — $ 58,198 Long-term derivative asset (1) — 11,571 — 11,571 Total derivative instruments $ — $ 69,769 $ — $ 69,769 Liabilities: Current derivative liability $ — $ 20,692 $ — $ 20,692 Long-term derivative liability (2) — 9,382 — 9,382 Total derivative instruments $ — $ 30,074 $ — $ 30,074 (1) Included in Other assets in the Condensed Consolidated Balance Sheet. (2) Included in Other long-term obligations in the Condensed Consolidated Balance Sheet. The Company entered into commodity derivative contracts and as a result, we expose ourselves to counterparty credit risk. Credit risk is the potential failure of the counterparty to perform under the terms of a derivative contract. In order to minimize our credit risk in derivative instruments, we (i) enter into derivative contracts with counterparties that our management has deemed credit worthy as competent and competitive market makers and (ii) routinely monitor and review the credit of our counterparties. In addition, each of our current counterparties are lenders under our Revolving Credit Facility. We believe that all of our counterparties are of substantial credit quality. Other than as provided in our Revolving Credit Facility, we are not required to provide credit support or collateral to any of our counterparties under our derivative contracts, nor are they required to provide credit support to us. As of June 30, 2019, we did not have any past-due receivables from, or payables to, any of the counterparties of our derivative contracts. Refer to Note 9 for additional details on our derivative financial instruments. Assets and Liabilities Measured on a Non-Recurring Basis The Company uses fair value to determine the value of its asset retirement obligations. The inputs used to determine such fair value under the expected present value technique are primarily based upon internal estimates prepared by reservoir engineers for costs of dismantlement, removal, site reclamation and similar activities associated with the Company’s oil and gas properties and would be classified Level 3 inputs. Fair Value of Financial Instruments The estimated fair value of financial instruments is the estimated amount at which the instrument could be exchanged currently between willing parties. The carrying amounts reported in the Condensed Consolidated Balance Sheets for cash and cash equivalents, restricted cash, accounts receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. The carrying amount of floating-rate debt approximates fair value because the interest rates are variable and reflective of market rates. June 30, 2019 December 31, 2018 Principal Estimated Principal Estimated repayment obligation Fair Value repayment obligation Fair Value Credit Facility, secured, due January 2022 $ 59,000 $ 59,000 $ 104,000 $ 104,000 Term Loan, secured, due April 2024 973,247 729,935 975,000 858,000 Second Lien Notes, secured, due July 2024 578,072 235,854 545,000 395,125 6.875% Notes, unsecured, due April 2022 150,439 16,548 195,035 68,262 7.125% Notes, unsecured, due April 2025 225,000 22,500 225,000 69,750 Total $ 1,985,758 $ 1,063,837 $ 2,044,035 $ 1,495,137 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 11. LEASES: The Company adopted ASU 2016-02, Leases (Topic 842) The Company determines if an arrangement is a lease at inception. Operating leases are included in long-term right-of-use (“ROU”) assets, and long-term lease liabilities on our condensed consolidated balance sheets. ROU assets represent the Company’s right to use of an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when the Company is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The ROU assets are tested for impairment in accordance with ASC 360. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component under the practical expedient provisions of the standard. Additionally, for certain leases, the Company applies a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The portfolio approach was used to assess and determine the incremental borrowing rate with information available at adoption date. The Company has lease agreements with terms less than one year. For the qualifying short-term leases, the Company elected the short-term lease recognition exemption in which the Company will not recognize ROU assets or lease liabilities, including the ROU assets or lease liabilities for existing short-term leases of those assets in upon adoption. As of the adoption date, the Company had existing lease agreements with easements in which the Company elected the practical expedient. All new and modified lease agreements with easements completed after the adoption date will be evaluated under the ASC 842. The Company has operating leases for corporate offices, drilling rigs, the Company’s liquids gathering system, and certain equipment. The leases have remaining lease terms of one year to nine years. The Company does not include renewal options in the lease term for calculating the lease liability unless it is reasonably certain that it will exercise the option or the lessor has the sole ability to exercise the option. The following table summarizes the components of lease cost: For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 5,221 $ 10,476 Variable lease cost (1) $ 1,347 $ 3,041 Short-term lease cost (2) $ 5,157 $ 15,067 Total lease cost (3) $ 11,725 $ 28,584 (1) Variable lease payments include additional payments made that were not included in the initial measurement of the ROU asset and corresponding lease liability for agreements with terms longer than 12 months. Variable lease payments relate to the actual volumes transported under certain agreements, and variable utility costs associated with the Company’s leased office space. Fluctuations in variable lease payments are driven by actual volumes under long-term agreements. (2) Costs associated with short-term lease agreements relate primarily to operational activities where underlying lease terms are less than one year. This amount is significant as it includes drilling activities, most of which are contracted for 12 months or less. It is expected this amount will fluctuate primarily with the number of drilling rigs the Company is operating under short-term agreements. Additionally, this balance includes approximately $2.0 million of rig demobilization costs and early termination costs. (3) Lease costs are either expensed on the accompanying statements of operations or capitalized on the accompanying balance sheets depending on the nature and use of the underlying ROU asset. The following table provides supplemental balance sheet information related to the Company’s operating leases: June 30, 2019 Operating Leases Operating lease right-of-use assets $ 125,110 Operating lease liabilities $ 11,489 Long-term operating lease liabilities 113,642 Total operating lease liabilities $ 125,131 Weighted Average Remaining Lease Term Operating leases 8.5 years Weighted Average Discount Rate Operating leases 7.91 % The following table provides supplemental cash flow information related to the Company’s operating leases: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,455 The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates to calculate the lease liabilities for the Company’s operating leases: Operating Leases For the year ending December 31, 2019 (remaining) $ 10,434 2020 20,853 2021 20,750 2022 20,327 2023 19,719 Thereafter 78,239 Total lease payments $ 170,322 Less: imputed interest (45,191 ) Total $ 125,131 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 12. COMMITMENTS AND CONTINGENCIES: Litigation Matters Pending Claims – Ultra Resources Indebtedness On April 29, 2016, the Company and its subsidiaries filed voluntary petitions under chapter 11 of title 11 of the U.S. Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). Our chapter 11 cases were jointly administered under the caption In re Ultra Petroleum Corp. Debtors’ Second Amended Joint Chapter 11 Plan of Reorganization The Plan provides for the treatment of claims against our bankruptcy estates, including claims for prepetition liabilities that have not otherwise been satisfied or addressed before we emerged from chapter 11 proceedings. The claims resolution process associated with our chapter 11 proceedings is on-going, and we expect it to continue for an indefinite period of time. Our chapter 11 filings constituted events of default under Ultra Resources’ prepetition debt agreements. During our bankruptcy proceedings, many holders of this indebtedness filed proofs of claim with the Bankruptcy Court, asserting claims for the outstanding balance of the indebtedness, unpaid prepetition interest, unpaid postpetition interest (including interest at the default rates under the prepetition debt agreements), make-whole amounts, and other fees and obligations allegedly arising under the prepetition debt agreements. As previously disclosed, in connection with our emergence from bankruptcy and in accordance with the Plan, all of our obligations with respect to Ultra Resources prepetition indebtedness and the associated debt agreements were cancelled, except to the limited extent expressly set forth in the Plan, and the holders of claims related to the indebtedness received payment in full of allowed claims (including with respect to outstanding principal, unpaid prepetition interest, and certain other prepetition fees and obligations arising under the debt agreements). In connection with the confirmation and consummation of the Plan, we entered into a stipulation with the claimants pursuant to which we agreed to establish and fund a $400.0 million reserve account after the Company’s emergence from bankruptcy, pending resolution of make-whole and postpetition interest claims. On April 14, 2017, we funded the account. Following our emergence from bankruptcy, we continued to dispute the claims made by holders of the Ultra Resources’ indebtedness for certain make-whole amounts and postpetition interest at the default rates provided for in the debt agreements. On September 22, 2017, the Bankruptcy Court denied the Company’s objection to the pending make-whole and postpetition interest claims. On October 6, 2017, the Bankruptcy Court entered an order requiring the Company to distribute amounts attributable to the disputed claims to the applicable parties. Pursuant to the order, on October 12, 2017, the Company distributed $399.0 million from the reserve fund to the parties asserting the make-whole and postpetition interest claims and $1.3 million (the balance remaining after distributions to the parties asserting claims) was returned to the Company. The disbursement of $399.0 million was comprised of $223.8 million representing the fees owed under the make-whole claims and $175.2 million representing postpetition interest at the default rate. The Company appealed the court order denying its objections to these claims to the U.S. Court of Appeals for the Fifth Circuit (the “Appellate Court”). During the fourth quarter of 2018, the Company entered into settlement agreements (collectively, the “Settlement Agreements”) with holders of certain claims related to Ultra Resources’ prepetition indebtedness (the “Claimants”) pursuant to which the parties agreed to settle the pending disputes between the Claimants and the Company. Under the terms of the Settlement Agreements, the Claimants collectively agreed to pay approximately $16.4 million to the Company. On January 17, 2019, the Appellate Court issued an opinion vacating the order of the Bankruptcy Court denying the Company’s objection to the asserted make-whole and post-petition interest claims and remanding the matter and those determinations to the Bankruptcy Court for further reconsideration. As of June 30, 2019, there were approximately $260 million of claims subject to the Appellate Court decision. On January 31, 2019, the holders of these claims filed a petition for rehearing en banc. It is not possible to determine the ultimate disposition of these matters at this time. Royalties On April 19, 2016, the Company received a preliminary determination notice from the U.S. Department of the Interior’s Office of Natural Resources Revenue (“ONRR”) asserting that the Company’s allocation of certain processing costs and plant fuel use at certain processing plants were impermissibly charged as deductions in the determination of royalties owed under federal oil and gas leases. ONRR also filed a proof of claim in our bankruptcy proceedings asserting approximately $35.1 million in claims related to these matters. We disputed the preliminary determination and the proof of claim. In August 2019, the Company and ONRR agreed in principle to a resolution agreement whereby the Company agreed to pay $12.4 million through installment payments over 60 months, with interest accruing at the applicable federal rate and payable with the final installment payment. This obligation has been recorded to Other operating expense, net on the condensed consolidated statement of operations as of June 30, 2019, and the first installment payments is due in September 2019. Both the Company and ONRR will issue full releases in connection with the audit period. The releases will not be an admission of liability as to any of the matters settled. Other Claims During the quarter ended June 30, 2019, the Company settled and funded a dispute related to a net profits interest in certain of its operated leases in the Pinedale field. This settlement resulted in a payment of $3.5 million. The Company had previously accrued for this item; therefore, no additional expense was recognized during the quarter. Additionally, the Company agreed in principle the settlement of a separate overriding royalty interest dispute and has recognized an expense of $1.5 million as an estimate of the historical claims. We are also party to various disputes with respect to certain overriding royalty and net profits interests in certain of our operated leases in the Pinedale field. At this time, no determination of the outcome of these claims can be made, and we cannot reasonably estimate the potential impact of these claims. We are defending these cases vigorously, and we expect these claims to be resolved in our chapter 11 proceedings. In addition, we are currently involved in various routine disputes and allegations incidental to our business operations. While it is not possible to determine the ultimate disposition of these matters, we believe the Company has adequately reserved for such items where it has been determined that a liability is probable and is reasonably estimable. Additionally, we believe that resolution of all such additional pending or threatened litigation is not likely to have a material adverse effect on our financial position or results of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. SUBSEQUENT EVENTS: The Company has evaluated the period subsequent to June 30, 2019, for material events that did not exist at the balance sheet date but arose after that date and determined that no subsequent events arose that should be disclosed in order to keep the financial statements from being misleading, except as set forth below: As previously disclosed, on January 17, 2019, the Appellate Court issued an opinion vacating the order of the Bankruptcy Court denying the Company’s objection to the asserted make-whole and post-petition interest claims and remanding the matter and those determinations to the Bankruptcy Court for further reconsideration. On January 31, 2019, the holders of these claims filed a petition for rehearing en banc. As previously disclosed, the Company had settled certain claims in 2018 and in the first quarter 2019. As of March 31, 2019, the Company had approximately $260 million of claims still outstanding. During and subsequent to the quarter ended June 30, 2019, the Company entered into additional settlement agreements with holders of certain make-whole and post-petition interest claims. Pursuant to these settlements, the parties agreed to settle the pending disputes between such holders and the Company, and the holders collectively agreed to pay approximately $13.5 million to the Company. As of August 8, 2019, there is approximately $240 million of claims subject to the Appellate Court decision. It is not possible to determine the ultimate disposition of these matters at this time. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ended December 31, 2019. The condensed consolidated balance sheet at December 31, 2018, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2018. |
Significant Accounting Policies | S ignificant Accounting Policies: Leases (Topic 842) |
Reclassifications | Reclassifications: Certain amounts in the financial statements of prior periods have been reclassified to conform to the current period financial statement presentation. |
New Accounting Pronouncements | New Accounting Pronouncements: From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification ("ASC") are communicated through issuance of an Accounting Standards Update ("ASU"). Unless otherwise discussed, we believe that the impact of recently issued guidance, whether adopted or to be adopted in the future, is not expected to have a material impact on the consolidated financial statements upon adoption. Recently Adopted Accounting Pronouncements: Leases. In February 2016, the FASB issued ASU 2016-02, , and has subsequently issued several supplemental and/or clarifying ASUs (collectively known as “ASC 842”). The guidance requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASC 842 also requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. The Company adopted ASC 842 and applicable amendments on January 1, 2019, using the modified retrospective approach. The Company elected certain practical expedients and established internal controls and key system functionality to enable the preparation of financial information on adoption. The adoption of the standard had an effect on the Company’s condensed consolidated balance sheets but did not have an effect on the Company’s condensed consolidated income statements. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while accounting for finance leases remained substantially unchanged. Please refer to Note 11 for additional discussion. Cumulative Effect of Recently Adopted Accounting Pronouncements: The following table reflects the cumulative impact of the adoption of ASC 842 on January 1, 2019, using the modified retrospective approach: December 31, 2018 as reported Impact of ASC 842 January 1, 2019 as adjusted (Amounts in thousands) Long-term right-of-use assets $ — $ 130,649 $ 130,649 Total assets 1,733,288 130,649 1,863,937 Lease liabilities (current) — 11,141 11,141 Deferred gain on sale of liquids gathering system 94,636 (94,636 ) — Long-term lease liabilities — 121,326 121,326 Total liabilities 2,781,910 37,831 2,819,741 Retained earnings (loss) (3,186,016 ) 92,818 (3,093,198 ) Total stockholders' equity (deficit) (1,048,622 ) 92,818 (955,804 ) Total liabilities and stockholders' equity (deficit) 1,733,288 130,649 1,863,937 |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted : Fair Value Measurements. In August 2018, the FASB issued ASU No. 2018-13, (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements in Topic 820. ASU 2018-13 is effective for public companies for fiscal years beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. Financial Instruments. In June 2016, The FASB issued ASU 2016-13, (Topic 326), Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This ASU changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently assessing the impact of ASU 2016-13 on its consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
ASC 842 | |
Significant Accounting Policies [Line Items] | |
Schedule of Cumulative Impact of Adoption of ASC 842 Using Retrospective Approach | The following table reflects the cumulative impact of the adoption of ASC 842 on January 1, 2019, using the modified retrospective approach: December 31, 2018 as reported Impact of ASC 842 January 1, 2019 as adjusted (Amounts in thousands) Long-term right-of-use assets $ — $ 130,649 $ 130,649 Total assets 1,733,288 130,649 1,863,937 Lease liabilities (current) — 11,141 11,141 Deferred gain on sale of liquids gathering system 94,636 (94,636 ) — Long-term lease liabilities — 121,326 121,326 Total liabilities 2,781,910 37,831 2,819,741 Retained earnings (loss) (3,186,016 ) 92,818 (3,093,198 ) Total stockholders' equity (deficit) (1,048,622 ) 92,818 (955,804 ) Total liabilities and stockholders' equity (deficit) 1,733,288 130,649 1,863,937 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Classes of Inventory | The following table summarizes the major classes of inventory included on the Condensed Consolidated Balance Sheet: June 30, December 31, 2019 2018 Pipe and production equipment $ 16,077 $ 17,644 Crude oil 981 1,113 Total inventory $ 17,058 $ 18,757 |
Oil and Gas Properties (Tables)
Oil and Gas Properties (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Oil And Gas Property [Abstract] | |
Schedule of Oil and Gas Properties | June 30, December 31, 2019 2018 Proven properties: Acquisition, equipment, exploration, drilling and abandonment costs $ 11,755,535 $ 11,577,281 Less: Accumulated depletion, depreciation and amortization (10,178,996 ) (10,079,554 ) Total Oil and gas properties, net $ 1,576,539 $ 1,497,727 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Components of Basic and Diluted Net Income Per Common Share | The following table provides a reconciliation of components of basic and diluted net income per common share: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 (Share amounts in 000's) Net income (loss) $ 57,105 $ (20,555 ) $ 97,780 $ 26,933 Weighted average common shares outstanding - basic 197,514 197,054 197,449 196,803 Effect of dilutive instruments 555 — 640 — Weighted average common shares outstanding - diluted 198,069 197,054 198,089 196,803 Net income (loss) per common share - basic $ 0.29 $ (0.10 ) $ 0.50 $ 0.14 Net income (loss) per common share - fully diluted $ 0.29 $ (0.10 ) $ 0.49 $ 0.14 Number of contingently issuable shares, including warrants, that are not included in the diluted earnings per share denominator as the performance or market criteria have not been met 20,218 2,636 20,109 2,636 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Outstanding Debt And Other Long Term Obligations Tables [Abstract] | |
Summary of Debt Instruments | The following tables summarize the Company’s debt instruments as of June 30, 2019 and December 31, 2018: June 30, 2019 Principal repayment obligation (1) Unamortized DFC and discounts (2) Unamortized premium Carrying value Credit Facility, secured, due January 2022 $ 59,000 $ — $ — $ 59,000 Term Loan, secured, due April 2024 973,247 (24,722 ) — 948,525 Second Lien Notes, secured, due July 2024 578,072 — 225,085 803,157 6.875% Notes, unsecured, due April 2022 150,439 (13,201 ) — 137,238 7.125% Notes, unsecured, due April 2025 225,000 (13,712 ) — 211,288 Total debt $ 1,985,758 $ (51,635 ) $ 225,085 $ 2,159,208 Less: Current maturities (9,750 ) — — (9,750 ) Total long-term debt, net $ 1,976,008 $ (51,635 ) $ 225,085 $ 2,149,458 (1) Includes PIK interest on the Term Loan and Second Lien Notes of $0.7 million and $6.0 million, respectively. (2) Deferred financing costs related to the Revolving Credit Facility are reported within Other assets on the condensed consolidated balance sheet, rather than as a reduction of the carrying amount of long-term debt. December 31, 2018 Principal repayment obligation Unamortized DFC and discounts (1) Unamortized premium Carrying value Credit Facility, secured, due January 2022 $ 104,000 $ — $ — $ 104,000 Term Loan, secured, due April 2024 975,000 (26,874 ) — 948,126 Second Lien Notes, secured, due July 2024 545,000 — 228,096 773,096 6.875% Notes, unsecured, due April 2022 195,035 (15,168 ) — 179,867 7.125% Notes, unsecured, due April 2025 225,000 (14,608 ) — 210,392 Total debt $ 2,044,035 $ (56,650 ) $ 228,096 $ 2,215,481 Less: Current maturities (7,313 ) — — (7,313 ) Total long-term debt, net $ 2,036,722 $ (56,650 ) $ 228,096 $ 2,208,168 (1) Deferred financing costs related to the Revolving Credit Facility are reported within Other assets on the condensed consolidated balance sheet, rather than as a reduction of the carrying amount of long-term debt. |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Valuation and Expense Information | Valuation and Expense Information For the Three Months For the Six Months Ended Ended June 30, Ended June 30, 2019 2018 2019 2018 Total cost of share-based payment plans $ 745 $ 2,263 $ 1,872 $ 13,173 Amounts capitalized in oil and gas properties and equipment $ 64 $ 952 $ 351 $ 3,051 Amounts charged against income, before income tax benefit $ 681 $ 1,311 $ 1,521 $ 10,122 Amount of related income tax benefit recognized in income before valuation allowance $ 143 $ 275 $ 319 $ 2,126 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Open Commodity Derivative Contracts | At June 30, 2019, Company had the following open commodity derivative contracts to manage commodity price risks. Type/Year Index Total Volumes Weighted Average (“WA”) Price per Unit Fair Value - June 30, 2019 (in millions) Asset (Liability) Natural gas fixed price swaps (Mmbtu) ($/Mmbtu) 2019 (July through December) NYMEX-Henry Hub 90.5 $ 2.78 $ 37,790 2020 NYMEX-Henry Hub 24.6 2.78 2,979 Natural gas basis swaps (1) (Mmbtu) ($/Mmbtu) 2019 (July through December) NW Rockies Basis Swap 63.5 $ (0.54 ) $ (13,336 ) 2020 NW Rockies Basis Swap 11.4 (0.17 ) 1,114 Crude oil fixed price swaps (Bbl) ($/Bbl) 2019 (July through December) NYMEX-WTI 0.7 $ 59.06 $ 601 2020 NYMEX-WTI 0.5 60.31 1,727 Type/Year Index Total Volumes WA Floor Price ($/MMBTU) WA Ceiling Price ($/MMBTU) Fair Value - June 30, 2019 (in millions) Asset (Liability) Natural gas collars (Mmbtu) 2019 (July through December) NYMEX 2.8 $ 2.85 $ 3.13 $ 1,376 2020 NYMEX 76.1 $ 2.49 $ 2.97 $ 6,127 2021 NYMEX 7.2 $ 2.47 $ 3.03 $ (390 ) Natural gas deferred premium put options (Mmbtu) 2020 NYMEX 27.9 $ 2.41 N/A $ 1,707 (1) Represents swap contracts that fix the basis differentials for gas sold at or near Opal, Wyoming and the value of natural gas established on the last trading day of the month by the NYMEX for natural gas swaps for the respective period. (2) The Natural gas deferred premium put options include an average deferred premium of $0.14 for the six months ended June 30, 2019. |
Summary of Pre-tax Realized and Unrealized Gain (Loss) Recognized Related to Derivative Instruments | The following table summarizes the pre-tax realized and unrealized gain (loss) the Company recognized related to its derivative instruments in the condensed consolidated statements of operations for the three months ended June 30, 2019 and 2018: For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives (in thousands): 2019 2018 2019 2018 Realized gain (loss) on commodity derivatives - natural gas (1) $ 3,936 $ 10,982 $ (77,267 ) $ 12,426 Realized gain (loss) on commodity derivatives - oil (1) (516 ) (4,320 ) 2,056 (4,690 ) Unrealized gain (loss) on commodity derivatives (1) 68,234 (53,933 ) 82,527 (61,539 ) Total gain (loss) on commodity derivatives $ 71,654 $ (47,271 ) $ 7,316 $ (53,803 ) (1) Included in Gain (Loss) on commodity derivatives in the condensed consolidated statements of operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value | Level 1 Level 2 Level 3 Total Assets: Current derivative asset $ — $ 58,198 $ — $ 58,198 Long-term derivative asset (1) — 11,571 — 11,571 Total derivative instruments $ — $ 69,769 $ — $ 69,769 Liabilities: Current derivative liability $ — $ 20,692 $ — $ 20,692 Long-term derivative liability (2) — 9,382 — 9,382 Total derivative instruments $ — $ 30,074 $ — $ 30,074 (1) Included in Other assets in the Condensed Consolidated Balance Sheet. (2) Included in Other long-term obligations in the Condensed Consolidated Balance Sheet. |
Carrying Values and Estimated Fair Values of Financial Instruments | June 30, 2019 December 31, 2018 Principal Estimated Principal Estimated repayment obligation Fair Value repayment obligation Fair Value Credit Facility, secured, due January 2022 $ 59,000 $ 59,000 $ 104,000 $ 104,000 Term Loan, secured, due April 2024 973,247 729,935 975,000 858,000 Second Lien Notes, secured, due July 2024 578,072 235,854 545,000 395,125 6.875% Notes, unsecured, due April 2022 150,439 16,548 195,035 68,262 7.125% Notes, unsecured, due April 2025 225,000 22,500 225,000 69,750 Total $ 1,985,758 $ 1,063,837 $ 2,044,035 $ 1,495,137 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | The following table summarizes the components of lease cost: For the Three Months Ended For the Six Months Ended June 30, 2019 June 30, 2019 Operating lease cost $ 5,221 $ 10,476 Variable lease cost (1) $ 1,347 $ 3,041 Short-term lease cost (2) $ 5,157 $ 15,067 Total lease cost (3) $ 11,725 $ 28,584 (1) Variable lease payments include additional payments made that were not included in the initial measurement of the ROU asset and corresponding lease liability for agreements with terms longer than 12 months. Variable lease payments relate to the actual volumes transported under certain agreements, and variable utility costs associated with the Company’s leased office space. Fluctuations in variable lease payments are driven by actual volumes under long-term agreements. (2) Costs associated with short-term lease agreements relate primarily to operational activities where underlying lease terms are less than one year. This amount is significant as it includes drilling activities, most of which are contracted for 12 months or less. It is expected this amount will fluctuate primarily with the number of drilling rigs the Company is operating under short-term agreements. Additionally, this balance includes approximately $2.0 million of rig demobilization costs and early termination costs. (3) Lease costs are either expensed on the accompanying statements of operations or capitalized on the accompanying balance sheets depending on the nature and use of the underlying ROU asset. |
Supplemental Balance Sheet Information Related to Operating Leases | The following table provides supplemental balance sheet information related to the Company’s operating leases: June 30, 2019 Operating Leases Operating lease right-of-use assets $ 125,110 Operating lease liabilities $ 11,489 Long-term operating lease liabilities 113,642 Total operating lease liabilities $ 125,131 Weighted Average Remaining Lease Term Operating leases 8.5 years Weighted Average Discount Rate Operating leases 7.91 % |
Supplemental Cash Flow Information Related to Operating Leases | The following table provides supplemental cash flow information related to the Company’s operating leases: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,455 |
Summary of Fixed, Future Minimum Rental Payments Excluding Variable Costs, for Operating Lease Liabilities | The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates to calculate the lease liabilities for the Company’s operating leases: Operating Leases For the year ending December 31, 2019 (remaining) $ 10,434 2020 20,853 2021 20,750 2022 20,327 2023 19,719 Thereafter 78,239 Total lease payments $ 170,322 Less: imputed interest (45,191 ) Total $ 125,131 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Cumulative Impact of Adoption of ASC 842 Using Retrospective Approach (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Significant Accounting Policies [Line Items] | |||||||
Long-term right-of-use assets | $ 125,110 | ||||||
Total assets | 1,873,226 | $ 1,733,288 | |||||
Lease liabilities (current) | 11,489 | ||||||
Deferred gain on sale of liquids gathering system | 94,636 | ||||||
Long-term lease liabilities | 113,642 | ||||||
Total liabilities | 2,729,451 | 2,781,910 | |||||
Retained earnings (loss) | (2,995,490) | (3,186,016) | |||||
Total stockholders' equity (deficit) | (856,225) | $ (914,003) | (1,048,622) | $ (1,114,830) | $ (1,096,739) | $ (1,154,636) | |
Total liabilities and stockholders' equity (deficit) | $ 1,873,226 | $ 1,733,288 | |||||
ASC 842 | |||||||
Significant Accounting Policies [Line Items] | |||||||
Long-term right-of-use assets | $ 130,649 | ||||||
Total assets | 1,863,937 | ||||||
Lease liabilities (current) | 11,141 | ||||||
Long-term lease liabilities | 121,326 | ||||||
Total liabilities | 2,819,741 | ||||||
Retained earnings (loss) | (3,093,198) | ||||||
Total stockholders' equity (deficit) | (955,804) | ||||||
Total liabilities and stockholders' equity (deficit) | 1,863,937 | ||||||
ASC 842 | Impact of ASC 842 | |||||||
Significant Accounting Policies [Line Items] | |||||||
Long-term right-of-use assets | 130,649 | ||||||
Total assets | 130,649 | ||||||
Lease liabilities (current) | 11,141 | ||||||
Deferred gain on sale of liquids gathering system | (94,636) | ||||||
Long-term lease liabilities | 121,326 | ||||||
Total liabilities | 37,831 | ||||||
Retained earnings (loss) | 92,818 | ||||||
Total stockholders' equity (deficit) | 92,818 | ||||||
Total liabilities and stockholders' equity (deficit) | $ 130,649 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue, practical expedient in ASC 606-10-50-14 | true |
Revenue, practical expedient in ASC 606-10-50-14(a), description | For our product sales that have a contract term greater than one year, we have utilized the practical expedient in ASC 606-10-50-14(a) which states that the Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product generally represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. |
Summary Of Major Class Of Inven
Summary Of Major Class Of Inventory - (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Inventory | $ 17,058 | $ 18,757 |
Pipe And Production Equipment | ||
Inventory [Line Items] | ||
Inventory | 16,077 | 17,644 |
Crude Oil | ||
Inventory [Line Items] | ||
Inventory | $ 981 | $ 1,113 |
Oil and Gas Properties - Schedu
Oil and Gas Properties - Schedule of Oil and Gas Properties (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Proven properties: | ||
Acquisition, equipment, exploration, drilling and abandonment costs | $ 11,755,535 | $ 11,577,281 |
Less: Accumulated depletion, depreciation and amortization | (10,178,996) | (10,079,554) |
Total Oil and gas properties, net | $ 1,576,539 | $ 1,497,727 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - Ultra Resources, Inc. - Exchange Agreement | Jun. 30, 2019d$ / shares |
Volume-weighted average price of the Common Shares for warrants exercise | $ / shares | $ / shares | $ 2.50 |
Number of consecutive trading days | d | 30 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Components of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||
Net income (loss) | $ 57,105 | $ 40,674 | $ (20,555) | $ 47,488 | $ 97,780 | $ 26,933 |
Weighted average common shares outstanding - basic | 197,514 | 197,054 | 197,449 | 196,803 | ||
Effect of dilutive instruments | 555 | 640 | ||||
Weighted average common shares outstanding - diluted | 198,069 | 197,054 | 198,089 | 196,803 | ||
Net income (loss) per common share - basic | $ 0.29 | $ (0.10) | $ 0.50 | $ 0.14 | ||
Net income (loss) per common share - fully diluted | $ 0.29 | $ (0.10) | $ 0.49 | $ 0.14 | ||
Number of contingently issuable shares, including warrants, that are not included in the diluted earnings per share denominator as the performance or market criteria have not been met | 20,218 | 2,636 | 20,109 | 2,636 |
Long Term Debt - Summary of Deb
Long Term Debt - Summary of Debt Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Principal repayment obligation | $ 1,985,758 | $ 2,044,035 |
Unamortized DFC and discounts | (51,635) | (56,650) |
Unamortized premium | 225,085 | 228,096 |
Carrying value | 2,159,208 | 2,215,481 |
Principal repayment obligation, Current Maturities | (9,750) | (7,313) |
Carrying Value, Current maturities | (9,750) | (7,313) |
Principal repayment obligation, Total long-term debt, net | 1,976,008 | 2,036,722 |
Unamortized DFC and discounts, Total long-term debt, net | (51,635) | (56,650) |
Unamortized premium, Total long-term debt, net | 225,085 | 228,096 |
Total long-term debt, net | 2,149,458 | 2,208,168 |
Credit Facility, Secured Due January 2022 | ||
Debt Instrument [Line Items] | ||
Principal repayment obligation | 59,000 | 104,000 |
Carrying value | 59,000 | 104,000 |
Term Loan, Secured, Due April 2024 | ||
Debt Instrument [Line Items] | ||
Principal repayment obligation | 973,247 | 975,000 |
Unamortized DFC and discounts | (24,722) | (26,874) |
Carrying value | 948,525 | 948,126 |
Second Lien Notes, Secured, Due July 2024 | ||
Debt Instrument [Line Items] | ||
Principal repayment obligation | 578,072 | 545,000 |
Unamortized premium | 225,085 | 228,096 |
Carrying value | 803,157 | 773,096 |
6.875% Notes, Unsecured, Due April 2022 | ||
Debt Instrument [Line Items] | ||
Principal repayment obligation | 150,439 | 195,035 |
Unamortized DFC and discounts | (13,201) | (15,168) |
Carrying value | 137,238 | 179,867 |
7.125% Notes, Unsecured, Due April 2025 | ||
Debt Instrument [Line Items] | ||
Principal repayment obligation | 225,000 | 225,000 |
Unamortized DFC and discounts | (13,712) | (14,608) |
Carrying value | $ 211,288 | $ 210,392 |
Long Term Debt - Summary of D_2
Long Term Debt - Summary of Debt Instruments (Parenthetical) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Payable-in-kind (“PIK”) interest payable | $ 6,722 | |
Credit Facility, Secured Due January 2022 | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 12, 2022 | Jan. 12, 2022 |
Term Loan, Secured, Due April 2024 | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 12, 2024 | Apr. 12, 2024 |
Payable-in-kind (“PIK”) interest payable | $ 700 | |
Second Lien Notes, Secured, Due July 2024 | ||
Debt Instrument [Line Items] | ||
Maturity date | Jul. 12, 2024 | Jul. 12, 2024 |
Payable-in-kind (“PIK”) interest payable | $ 6,000 | |
6.875% Unsecured Notes Due April 2022 | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 15, 2022 | Apr. 15, 2022 |
Stated interest rate | 6.875% | 6.875% |
7.125% Unsecured Notes Due April 2025 | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 15, 2025 | Apr. 15, 2025 |
Stated interest rate | 7.125% | 7.125% |
Long Term Debt - Ultra Resource
Long Term Debt - Ultra Resources, Inc. - Credit Agreement - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Feb. 14, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,985,758 | $ 2,044,035 | |
Ultra Resources, Inc. | Credit Agreement | |||
Debt Instrument [Line Items] | |||
Credit facility, current borrowing capacity | 325,000 | $ 325,000 | |
Long-term debt, gross | $ 59,000 | ||
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | |||
Debt Instrument [Line Items] | |||
Borrowing Base | 1,300,000 | ||
Next scheduled borrowing base redeterminations date | Oct. 1, 2019 | ||
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Letters of Credit | |||
Debt Instrument [Line Items] | |||
Amount of commitments available for the issuance of letters of credit | $ 50,000 | ||
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Minimum required interest coverage ratio, as percentage | 0.04% | ||
Interest rate description | The Revolving Credit Facility bears interest either at a rate equal to (a) a customary London interbank offered rate plus an applicable margin that varies from 250 to 350 basis points or (b) the base rate plus an applicable margin that varies from 150 to 250 basis points. | ||
Maturity date | Jan. 12, 2022 | ||
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Variable rate | 2.50% | ||
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Variable rate | 3.50% | ||
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | Base Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Variable rate | 1.50% | ||
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | Base Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Variable rate | 2.50% | ||
Ultra Resources, Inc. | Credit Agreement | Bank Of Montreal | Revolving Credit Facility | Net Leverage Ratio | |||
Debt Instrument [Line Items] | |||
Variable rate | 0.25% | ||
Ultra Resources, Inc. | Credit Agreement | Barclays Bank PLC | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 975,000 | ||
Ultra Resources, Inc. | Credit Agreement Fourth Amendment | Bank Of Montreal | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Minimum required interest coverage ratio, as percentage | 250.00% | ||
Minimum required current ratio, as percentage | 100.00% | ||
Minimum required asset coverage ratio, as percentage on achievement of investment grade | 150.00% | ||
Maximum required consolidated net leverage ratio, as percentage, for each fiscal quarter ending during the period from March 31, 2019 through June 30, 2019 | 475.00% | ||
Maximum required consolidated net leverage ratio, as percentage, for each fiscal quarter ending during the period from September 30, 2019 through June 30, 2020 | 490.00% | ||
Maximum required consolidated net leverage ratio, as percentage, for fiscal quarter ending September 30, 2020 | 450.00% | ||
Maximum required consolidated net leverage ratio, as percentage, the fiscal quarter ending December 31, 2020 and each other fiscal quarter end thereafter | 425.00% | ||
Consolidated net leverage ratio | 444.00% | ||
Consolidated interest coverage ratio | 318.00% | ||
Ultra Resources, Inc. | Second Amendment | Bank Of Montreal | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Net leverage ratio through September 29, 2019, minimum required hedging percentage | 65.00% | ||
Net leverage ratio beginning on September 30, 2019 and ending on March 30, 2020, minimum required hedging percentage | 50.00% | ||
Credit agreement description | The duration of the hedging requirements is an 18-month period from the end of a given quarter. | ||
Ultra Resources, Inc. | Second Amendment | Bank Of Montreal | Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Net leverage ratio through September 29, 2019, minimum required hedging percentage | 65.00% | ||
Net leverage ratio beginning on September 30, 2019 and ending on March 30, 2020, minimum required hedging percentage | 50.00% |
Long Term Debt - Ultra Resour_2
Long Term Debt - Ultra Resources, Inc. - Term Loan - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2019 | Apr. 30, 2017 | |
Debt Instrument [Line Items] | |||
Principal repayment obligation | $ 2,044,035 | $ 1,985,758 | |
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 First Amendment | |||
Debt Instrument [Line Items] | |||
Principal repayment obligation | $ 973,200 | ||
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | |||
Debt Instrument [Line Items] | |||
Amortization of term loan, quarterly basis | 0.25% | ||
Maturity date | Apr. 12, 2024 | ||
Mandatory prepayment trigger, on asset coverage ratio | 200.00% | ||
Debt instrument, covenant compliance | At June 30, 2019, Ultra Resources was in compliance with all of its debt covenants under the Term Loan Agreement. | ||
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | LIBOR | |||
Debt Instrument [Line Items] | |||
Variable rate | 4.00% | ||
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Base Rate | |||
Debt Instrument [Line Items] | |||
Variable rate | 3.00% | ||
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Exchange Agreement | |||
Debt Instrument [Line Items] | |||
Variable rate | 1.00% | ||
Percentage of collateral coverage | 95.00% | 85.00% | |
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Exchange Agreement | Until December 21, 2019 | |||
Debt Instrument [Line Items] | |||
Debt instrument call protection percentage | 102.00% | ||
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Exchange Agreement | Until December 21, 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument call protection percentage | 101.00% | ||
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Cash Notes | Exchange Agreement | |||
Debt Instrument [Line Items] | |||
Variable rate | 0.75% | ||
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Payment in Kind (PIK) Note | Base Rate | |||
Debt Instrument [Line Items] | |||
Variable rate | 0.25% | ||
Ultra Resources, Inc. | Barclays Bank PLC | Term Loan Secured Due 2024 | Payment in Kind (PIK) Note | Exchange Agreement | |||
Debt Instrument [Line Items] | |||
Variable rate | 0.25% |
Long Term Debt - Ultra Resour_3
Long Term Debt - Ultra Resources, Inc. - Second Lien Notes - Additional Information (Details) - USD ($) $ in Thousands | Dec. 21, 2018 | Mar. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Principal repayment obligation | $ 1,985,758 | $ 2,044,035 | ||
Ultra Resources, Inc. | ||||
Debt Instrument [Line Items] | ||||
Repurchase price percentage | 101.00% | |||
Second Lien Notes, Secured, Due 2024 | Ultra Resources, Inc. | Exchange Agreement | ||||
Debt Instrument [Line Items] | ||||
Principal repayment obligation | $ 578,100 | |||
Debt issued on exchange, interest rate | 9.00% | |||
Debt issued on exchange, paid in kind interest rate percentage | 2.00% | |||
Interest payment terms | The interest payment dates for the Second Lien Notes are January 15 and July 15 of each year, commencing on July 15, 2019. | |||
Maturity date | Jul. 12, 2024 |
Long Term Debt - Ultra Resour_4
Long Term Debt - Ultra Resources, Inc. - Unsecured Notes - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Aggregate principal amounts outstanding | $ 1,985,758 | $ 2,044,035 |
Ultra Resources, Inc. | 6.875% Senior, Unsecured Notes Due 2022 | ||
Debt Instrument [Line Items] | ||
Interest payment terms | The 2022 Notes will mature on April 15, 2022. Interest on the 2022 Notes accrue at an annual rate of 6.875% and interest payment dates for the 2022 Notes are April 15 and October 15 of each year. | |
Stated interest rate | 6.875% | |
Ultra Resources, Inc. | 6.875% Senior, Unsecured Notes Due 2022 | Exchange Agreement | ||
Debt Instrument [Line Items] | ||
Aggregate principal amounts outstanding | $ 150,400 | |
Ultra Resources, Inc. | 7.125% Senior, Unsecured Notes Due 2025 | ||
Debt Instrument [Line Items] | ||
Interest payment terms | The 2025 Notes will mature on April 15, 2025. Interest on the 2025 Notes accrue at an annual rate of 7.125% and interest payment dates for the 2025 Notes are April 15 and October 15 of each year. Interest will be paid on the Unsecured Notes from the issue date until maturity. | |
Stated interest rate | 7.125% | |
Ultra Resources, Inc. | 7.125% Senior, Unsecured Notes Due 2025 | Exchange Agreement | ||
Debt Instrument [Line Items] | ||
Aggregate principal amounts outstanding | $ 225,000 |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Valuation and Expense Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Allocation And Classification In Financial Statements [Abstract] | ||||
Total cost of share-based payment plans | $ 745 | $ 2,263 | $ 1,872 | $ 13,173 |
Amounts capitalized in oil and gas properties and equipment | 64 | 952 | 351 | 3,051 |
Amounts charged against income, before income tax benefit | 681 | 1,311 | 1,521 | 10,122 |
Amount of related income tax benefit recognized in income before valuation allowance | $ 143 | $ 275 | $ 319 | $ 2,126 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Details) - USD ($) | Jun. 08, 2018 | Apr. 12, 2017 | Jul. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total cost of share based payment plans | $ 681,000 | $ 1,311,000 | $ 1,521,000 | $ 10,122,000 | ||||
Long Term Incentive Award | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
Performance Shares | Stock Incentive Plan 2017 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percent of equity reserved for directors, officers and other employees | 7.50% | |||||||
Performance Shares | Management Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting description | During 2017, management incentive plan grants (the “Initial MIP Grants”) were made to members of the Board, officers, and other employees of the Company subject to the conditions and performance requirements provided in the grants, including the limitations that one-third of the Initial MIP Grants will vest, if at all, at such time when the total enterprise value of the Company equals or exceeds $6.0 billion based upon the volume weighted average price of the common stock during a consecutive 30-day period, that one-third of the Initial MIP Grants will vest, if at all, at such time when the total enterprise value of the Company equals or exceeds 110% or $6.6 billion based upon the volume weighted average price of the common stock during a consecutive 30-day period, and, that if any Initial MIP Grants do not vest before April 12, 2023, such Initial MIP Grants shall automatically expire. | |||||||
Performance Shares | Management Incentive Plan | Vest One-third Upon Reaching a Total Enterprise Value Equals or Exceeds $6.0 Billion | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting percentage | 0.33% | |||||||
Total enterprise value | $ 6,000,000,000 | |||||||
Performance Shares | Management Incentive Plan | Vest One-third Upon Reaching a Total Enterprise Value Equals or Exceeds 110% of $6.0 Billion or $6.6 Billion | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting percentage | 0.33% | |||||||
Total enterprise value | $ 6,600,000,000 | |||||||
Percentage of enterprise value | 110.00% | |||||||
Performance Shares | Amendment and Restatement of Stock Incentive Plan 2017 | Outside Director | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Incentive awards available for grant value, maximum limit during a single calendar year | $ 750,000 | |||||||
Time-based Restricted Stock Units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Plan modification unvested portion exchange units percentage | 100.00% | |||||||
Time-based Restricted Stock Units | May 25, 2019 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted stock units vesting date | May 25, 2019 | |||||||
Time-based Restricted Stock Units | May 25, 2020 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted stock units vesting date | May 25, 2020 | |||||||
Time-based Restricted Stock Units | May 25, 2021 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted stock units vesting date | May 25, 2021 | |||||||
Stock-Based Compensation Cost | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total cost of share based payment plans | 10,100,000 | |||||||
Stock-Based Compensation Cost | General And Administrative Expense | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total cost of share based payment plans | $ 1,500,000 | |||||||
Stock-Based Compensation Cost | Management Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total cost of share based payment plans | $ 10,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Statutory tax rate | 21.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - Bank Of Montreal - Revolving Credit Facility - Ultra Resources, Inc. - Second Amendment | 6 Months Ended |
Jun. 30, 2019 | |
Derivative [Line Items] | |
Hedging percentage of quarterly projected volumes of natural gas from PDP reserves through september 29,2019 | 65.00% |
Hedging percentage of quarterly projected volumes of natural gas from PDP reserves | 50.00% |
Minimum | |
Derivative [Line Items] | |
Hedging percentage of quarterly projected volumes of natural gas from PDP reserves through september 29,2019 | 65.00% |
Hedging percentage of quarterly projected volumes of natural gas from PDP reserves | 50.00% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details) $ in Thousands, bbl in Millions, MMBTU in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)MMBTU$ / MMBTU$ / bblbbl | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | ||
Fair Value Asset | $ | $ 58,198 | $ 23,374 |
Fair Value (Liability) | $ | $ (20,692) | $ (62,350) |
Commodity Derivative Contract Fixed Price Swaps Two | Crude Oil | ||
Derivative [Line Items] | ||
Year | 2020 | |
Index | NYMEX-WTI | |
Total Volumes | MMBTU | 0.5 | |
Weighted Average (“WA”) Price per Unit | $ / MMBTU | 60.31 | |
Fair Value Asset | $ | $ 1,727 | |
Commodity Derivative Contract Fixed Price Swaps Two | Natural Gas | ||
Derivative [Line Items] | ||
Year | 2020 | |
Index | NYMEX-Henry Hub | |
Total Volumes | MMBTU | 24.6 | |
Weighted Average (“WA”) Price per Unit | $ / MMBTU | 2.78 | |
Fair Value Asset | $ | $ 2,979 | |
Commodity Derivative Contract Fixed Price Swaps | Crude Oil | ||
Derivative [Line Items] | ||
Type | Crude oil fixed price swaps | |
Commodity Derivative Contract Fixed Price Swaps | Natural Gas | ||
Derivative [Line Items] | ||
Type | Natural gas fixed price swaps | |
Commodity Derivative Contract Fixed Price Swaps One | Crude Oil | ||
Derivative [Line Items] | ||
Year | 2019 (July through December) | |
Index | NYMEX-WTI | |
Total Volumes | bbl | 0.7 | |
Weighted Average (“WA”) Price per Unit | $ / bbl | 59.06 | |
Fair Value Asset | $ | $ 601 | |
Commodity Derivative Contract Fixed Price Swaps One | Natural Gas | ||
Derivative [Line Items] | ||
Year | 2019 (July through December) | |
Index | NYMEX-Henry Hub | |
Total Volumes | MMBTU | 90.5 | |
Weighted Average (“WA”) Price per Unit | $ / MMBTU | 2.78 | |
Fair Value Asset | $ | $ 37,790 | |
Commodity Derivative Basis Swap Contracts | Natural Gas | ||
Derivative [Line Items] | ||
Type | Natural gas basis swaps | |
Commodity Derivative Basis Swap Contracts One | Natural Gas | ||
Derivative [Line Items] | ||
Year | 2019 (July through December) | |
Index | NW Rockies Basis Swap | |
Total Volumes | MMBTU | 63.5 | |
Weighted Average (“WA”) Price per Unit | $ / MMBTU | (0.54) | |
Fair Value (Liability) | $ | $ (13,336) | |
Commodity Derivative Basis Swap Contracts Two | Natural Gas | ||
Derivative [Line Items] | ||
Year | 2020 | |
Index | NW Rockies Basis Swap | |
Total Volumes | MMBTU | 11.4 | |
Weighted Average (“WA”) Price per Unit | $ / MMBTU | (0.17) | |
Fair Value Asset | $ | $ 1,114 | |
Commodity Derivative Contract Collars | Natural Gas | ||
Derivative [Line Items] | ||
Type | Natural gas collars | |
Commodity Derivative Contract Collars One | Natural Gas | ||
Derivative [Line Items] | ||
Year | 2019 (July through December) | |
Index | NYMEX | |
Total Volumes | MMBTU | 2.8 | |
Weighted Average Floor Price | $ / MMBTU | 2.85 | |
Weighted Average Ceiling Price | $ / MMBTU | 3.13 | |
Fair Value Asset | $ | $ 1,376 | |
Commodity Derivative Contract Collars Two | Natural Gas | ||
Derivative [Line Items] | ||
Year | 2020 | |
Index | NYMEX | |
Total Volumes | MMBTU | 76.1 | |
Weighted Average Floor Price | $ / MMBTU | 2.49 | |
Weighted Average Ceiling Price | $ / MMBTU | 2.97 | |
Fair Value Asset | $ | $ 6,127 | |
Commodity Derivative Contract Collars Three | Natural Gas | ||
Derivative [Line Items] | ||
Year | 2021 | |
Index | NYMEX | |
Total Volumes | MMBTU | 7.2 | |
Weighted Average Floor Price | $ / MMBTU | 2.47 | |
Weighted Average Ceiling Price | $ / MMBTU | 3.03 | |
Fair Value (Liability) | $ | $ (390) | |
Commodity Derivative Contract Deferred Premium Put Options | Natural Gas | ||
Derivative [Line Items] | ||
Type | Natural gas deferred premium put options | |
Commodity Derivative Contract Deferred Premium Put Options One | Natural Gas | ||
Derivative [Line Items] | ||
Year | 2020 | |
Index | NYMEX | |
Total Volumes | MMBTU | 27.9 | |
Weighted Average Floor Price | $ / MMBTU | 2.41 | |
Fair Value Asset | $ | $ 1,707 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Parenthetical) (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized premium | $ 225,085,000 | $ 228,096,000 |
Commodity Derivative Contract Deferred Premium Put Options | Natural Gas | ||
Debt Instrument [Line Items] | ||
Unamortized premium | $ 140 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Pre-tax Realized and Unrealized Gain (Loss) Recognized Related to Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative [Line Items] | ||||
Unrealized gain (loss) on commodity derivatives | $ 82,527 | $ (61,539) | ||
Total gain (loss) on commodity derivatives | $ 71,654 | $ (47,271) | 7,316 | (53,803) |
Commodity Derivative Contract | ||||
Derivative [Line Items] | ||||
Unrealized gain (loss) on commodity derivatives | 68,234 | (53,933) | 82,527 | (61,539) |
Total gain (loss) on commodity derivatives | 71,654 | (47,271) | 7,316 | (53,803) |
Commodity Derivative Contract | Natural Gas | ||||
Derivative [Line Items] | ||||
Realized gain (loss) on commodity derivatives | 3,936 | 10,982 | (77,267) | 12,426 |
Commodity Derivative Contract | Oil | ||||
Derivative [Line Items] | ||||
Realized gain (loss) on commodity derivatives | $ (516) | $ (4,320) | $ 2,056 | $ (4,690) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Current derivative asset | $ 58,198 | $ 23,374 | |
Long-term derivative asset | [1] | 11,571 | |
Total derivative instruments | 69,769 | ||
Current derivative liability | 20,692 | $ 62,350 | |
Long-term derivative liability | [2] | 9,382 | |
Total derivative instruments | 30,074 | ||
Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Current derivative asset | 58,198 | ||
Long-term derivative asset | [1] | 11,571 | |
Total derivative instruments | 69,769 | ||
Current derivative liability | 20,692 | ||
Long-term derivative liability | [2] | 9,382 | |
Total derivative instruments | $ 30,074 | ||
[1] | Included in Other assets in the Condensed Consolidated Balance Sheet. | ||
[2] | Included in Other long-term obligations in the Condensed Consolidated Balance Sheet. |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total | $ 1,985,758 | $ 2,044,035 |
Credit Facility, Secured Due January 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total | 59,000 | 104,000 |
Term Loan, Secured, Due April 2024 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total | 973,247 | 975,000 |
Second Lien Notes, Secured, Due July 2024 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total | 578,072 | 545,000 |
6.875% Notes, Unsecured, Due April 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total | 150,439 | 195,035 |
7.125% Notes, Unsecured, Due April 2025 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total | 225,000 | 225,000 |
Level 2 | Principal Repayment Obligation | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total | 1,985,758 | 2,044,035 |
Level 2 | Estimated Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total | 1,063,837 | 1,495,137 |
Level 2 | Credit Facility, Secured Due January 2022 | Principal Repayment Obligation | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Credit facility | 59,000 | 104,000 |
Level 2 | Credit Facility, Secured Due January 2022 | Estimated Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Credit facility | 59,000 | 104,000 |
Level 2 | Term Loan, Secured, Due April 2024 | Principal Repayment Obligation | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Term loan | 973,247 | 975,000 |
Level 2 | Term Loan, Secured, Due April 2024 | Estimated Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Term loan | 729,935 | 858,000 |
Level 2 | Second Lien Notes, Secured, Due July 2024 | Principal Repayment Obligation | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes payable | 578,072 | 545,000 |
Level 2 | Second Lien Notes, Secured, Due July 2024 | Estimated Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes payable | 235,854 | 395,125 |
Level 2 | 6.875% Notes, Unsecured, Due April 2022 | Principal Repayment Obligation | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes payable | 150,439 | 195,035 |
Level 2 | 6.875% Notes, Unsecured, Due April 2022 | Estimated Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes payable | 16,548 | 68,262 |
Level 2 | 7.125% Notes, Unsecured, Due April 2025 | Principal Repayment Obligation | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes payable | 225,000 | 225,000 |
Level 2 | 7.125% Notes, Unsecured, Due April 2025 | Estimated Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes payable | $ 22,500 | $ 69,750 |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Values and Estimated Fair Values of Financial Instruments (Parenthetical) (Details) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Credit Facility, Secured Due January 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt instruments maturity month and year | 2022-01 | |
Term Loan, Secured, Due April 2024 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt instruments maturity month and year | 2024-04 | |
Second Lien Notes, Secured, Due July 2024 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt instruments maturity month and year | 2024-07 | |
6.875% Notes, Unsecured, Due April 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt instruments maturity month and year | 2022-04 | |
Stated interest rate | 6.875% | 6.875% |
7.125% Notes, Unsecured, Due April 2025 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt instruments maturity month and year | 2025-04 | |
Stated interest rate | 7.125% | 7.125% |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Minimum | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, remaining lease term | 1 year |
Maximum | |
Lessee Lease Description [Line Items] | |
Lease agreement term | 1 year |
Lessee, operating lease, remaining lease term | 9 years |
Leases - Summary of Components
Leases - Summary of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 5,221 | $ 10,476 |
Variable lease cost | 1,347 | 3,041 |
Short-term lease cost | 5,157 | 15,067 |
Total lease cost | $ 11,725 | $ 28,584 |
Leases - Summary of Component_2
Leases - Summary of Components of Lease Cost (Parenthetical) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Demobilization and termination Costs | $ 2 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases | |
Operating lease right-of-use assets | $ 125,110 |
Operating lease liabilities | 11,489 |
Long-term operating lease liabilities | 113,642 |
Total operating lease liabilities | $ 125,131 |
Weighted Average Remaining Lease Term | |
Operating leases | 8 years 6 months |
Weighted Average Discount Rate | |
Operating leases | 7.91% |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 10,455 |
Leases - Summary of Fixed, Futu
Leases - Summary of Fixed, Future Minimum Rental Payments Excluding Variable Costs, for Operating Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2019 (remaining) | $ 10,434 |
2020 | 20,853 |
2021 | 20,750 |
2022 | 20,327 |
2023 | 19,719 |
Thereafter | 78,239 |
Total lease payments | 170,322 |
Less: imputed interest | (45,191) |
Total | $ 125,131 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Aug. 31, 2019 | Oct. 06, 2017 | Apr. 19, 2016 | Jul. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Aug. 08, 2019 | Mar. 31, 2019 | Apr. 14, 2017 |
Loss Contingencies [Line Items] | |||||||||
Claims settled | $ 399 | ||||||||
Bankruptcy claims, undistributed amount returned | 1.3 | ||||||||
Bankruptcy claims amount of claims settled, make-whole fees | 223.8 | ||||||||
Bankruptcy claims amount of claims settled, postpetition interest | $ 175.2 | ||||||||
Claims subject to Appellate Court decision | $ 260 | $ 260 | |||||||
Payments for legal settlement | 3.5 | ||||||||
Royality Interest dispute expense | $ 1.5 | ||||||||
Subsequent Event | |||||||||
Loss Contingencies [Line Items] | |||||||||
Claims subject to Appellate Court decision | $ 240 | ||||||||
Settlement Agreements | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement agreement, amount claimants agreed to pay | $ 16.4 | ||||||||
Settlement Agreements | Subsequent Event | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement agreement, amount claimants agreed to pay | $ 13.5 | ||||||||
ONRR | Subsequent Event | |||||||||
Loss Contingencies [Line Items] | |||||||||
Settlement agreement, amount claimants agreed to pay | $ 12.4 | ||||||||
Period for payment of installments | 60 months | ||||||||
Indebtedness Claims | Notes holders | |||||||||
Loss Contingencies [Line Items] | |||||||||
Claim reserve account after emergence from bankruptcy | $ 400 | ||||||||
Royalties | ONRR | |||||||||
Loss Contingencies [Line Items] | |||||||||
Bankruptcy claims amount | $ 35.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Jul. 31, 2019 | Dec. 31, 2018 | Aug. 08, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Subsequent Event [Line Items] | |||||
Claims subject to Appellate Court decision | $ 260 | $ 260 | |||
Settlement Agreements | |||||
Subsequent Event [Line Items] | |||||
Settlement agreement, amount claimants agreed to pay | $ 16.4 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Claims subject to Appellate Court decision | $ 240 | ||||
Subsequent Event | Settlement Agreements | |||||
Subsequent Event [Line Items] | |||||
Settlement agreement, amount claimants agreed to pay | $ 13.5 |