Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Consolidated Debt Obligations

Our consolidated debt obligations consisted of the following at the dates indicated:

	December 31,			December 31,
	2016			2015
	(In thousands)
OLLC $2.0 billion revolving credit facility, variable-rate, due March 2018 (1)	$	511,652		$	836,000
2021 Senior Notes, fixed-rate, due May 2021 (2) (4)		646,287			700,000
2022 Senior Notes, fixed-rate, due August 2022 (3) (4)		464,965			496,990
Senior notes debt issuance costs, net (5)		—			(18,297	)
Unamortized discounts (5)		—			(14,114	)
Total debt		1,622,904			2,000,579
Current portion of long-term debt (6)		(1,622,904	)		—
Total long-term debt	$	—		$	2,000,579

(1) The carrying amount of our revolving credit facility approximates fair value because the interest rates are variable and reflective of market rates.

(2) The estimated fair value of our 2021 Senior Notes was $314.3 million and $210.0 million at December 31, 2016 and 2015, respectively.

(3) The estimated fair value of our 2022 Senior Notes was $223.2 million and $149.1 million at December 31, 2016 and 2015, respectively.

(4) The estimated fair value is based on quoted market prices and is classified as Level 2 within the fair value hierarchy.

(5) Approximately $25.0 million in net discounts and deferred financing fees were written off due to a default and event of default and the uncertainty regarding anticipated financial covenant violation at December 31, 2016.  

(6) Due to an existing and anticipated financial covenant violations, the Partnership’s revolving credit facility and senior notes were classified as current at December 31, 2016.

Borrowing Base Credit Facility

Credit facilities tied to a borrowing base are common throughout the oil and gas industry. The borrowing base for our revolving credit facility was the following at the date indicated:

	December 31,
	2016
	(In thousands)
OLLC $2.0 billion revolving credit facility, variable-rate, due March 2018	$	530,653

Summary of Weighted-Average Interest Rates Paid on Variable-Rate Debt Obligations

The following table presents the weighted-average interest rates paid on variable-rate debt obligations for the periods presented:

	For the Year Ended
	December 31,
	2016		2015		2014
OLLC revolving credit facility (1)		3.28%		2.12%		2.67%

(1) The Applicable Margin (as defined in our revolving credit facility), or credit spread, varies based on the total commitment usage (which is the ratio of outstanding borrowings and letters of credit to the borrowing base then in effect). The Applicable Margin for the year ended for December 31, 2016, 2015, and 2014 was 2.76%, 1.90%, and 1.80% respectively.

Summary of Unamortized Deferred Financing Costs Associated with Consolidated Debt Obligations

Unamortized deferred financing costs associated with our consolidated debt obligations were as follows at the dates indicated:

	December 31,		December 31,
	2016 (3)		2015
	(In thousands)
OLLC $2.0 billion revolving credit facility, variable-rate, due March 2018 (1)	$	—	$	3,672
2021 Senior Notes (2)		—		11,194
2022 Senior Notes (2)		—		7,103
Total	$	—	$	21,969

(1) Unamortized deferred financing costs are amortized over the remaining life of our revolving credit facility.

(2) Unamortized deferred financing costs are amortized using the straight line method which generally approximates the effective interest method.

(3) At December 31, 2016, there were no remaining unamortized deferred financing costs as such costs were written off due to a default and event of default and the uncertainty regarding anticipated financial covenant violation at December 31, 2016. See discussion noted above.