Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of debt obligations

Listed below are our debt obligations as of the periods presented:

	Interest Rate	September 30, 2015		December 31, 2014
		(in millions)
$2.75 billion RBL credit facility - due May 24, 2019	Variable	$	1,135	$	852
Senior secured term loan - due May 24, 2018(1)(3)	Variable	496		496
Senior secured term loan - due April 30, 2019(2)(3)	Variable	150		150
Senior secured notes - due May 1, 2019	6.875%	—		750
Senior unsecured notes - due May 1, 2020	9.375%	2,000		2,000
Senior unsecured notes - due September 1, 2022	7.75%	350		350
Senior unsecured notes - due June 15, 2023	6.375%	800		—
Total		$	4,931	$	4,598

(1)The term loan was issued at 99% of par and carries interest at a specified margin over the LIBOR of 2.75%, with a minimum LIBOR floor of 0.75%. As of September 30, 2015 and December 31, 2014, the effective interest rate of the term loan was 3.50%.

(2)The term loan carries interest at a specified margin over the LIBOR of 3.50%, with a minimum LIBOR floor of 1.00%.  As of September 30, 2015 and December 31, 2014, the effective rate for the term loan was 4.50%.

(3)The term loans are secured by a second priority lien on all of the collateral securing the RBL credit facility, and effectively rank junior to any existing and future first lien secured indebtedness of the Company.