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Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Debt obligations
Listed below are our debt obligations as of the periods presented:
 
Interest Rate
 
December 31, 2019
 
December 31, 2018
 
 
 
(in millions)
Prepetition RBL credit facility - due November 23, 2021(1)
Variable

 
$
315

 
$
100

Senior secured term loans:
 
 
 
 
 
2.0 Lien due April 30, 2019(2)
Variable

 
—

 
8

Senior secured notes:
 
 
 
 
 
1.5 Lien due May 1, 2024
9.375
%
 
1,092

 
1,092

1.25 Lien due November 29, 2024
8.00
%
 
500

 
500

1.5 Lien due February 15, 2025
8.00
%
 
1,000

 
1,000

1.125 Lien due May 15, 2026
7.75
%
 
1,000

 
1,000

Senior unsecured notes:
 
 
 
 
 
Due May 1, 2020
9.375
%
 
182

 
232

  Due September 1, 2022
7.75
%
 
182

 
182

  Due June 15, 2023
6.375
%
 
324

 
324

Unamortized discount and debt issue costs(3)
 
 
—

 
(95
)
       Total debt
 

 
4,595

 
4,343

Current portion of long-term debt(3)
 
 
(1,815
)
 
(58
)
           Amounts reclassified as liabilities subject to compromise(4)
 
 
(2,780
)
 
—

       Total long-term debt
 
 
$
—

 
$
4,285

 
 
 
 
 
 
Debtor-in-possession facility
Variable

 
$
148

 
$
—

 
(1)
Carries interest at a specified margin over LIBOR of 2.50% to 3.50%, based on borrowing utilization and 0.375% commitment fee on unused capacity. Such margins will fluctuate based on the utilization of the facility.
(2)
Carries interest at a specified margin over the LIBOR of 3.50%, with a minimum LIBOR floor of 1.00%.  As of December 31, 2018, the effective interest rate for the term loan was 6.21%. In April 2019, we retired the note in full.
(3)
Due to uncertainties at September 30, 2019 regarding default, event of default and cross-default provisions under our indentures and RBL Facility, we reclassified our debt as current and wrote off approximately $90 million in unamortized debt discount and debt issue costs in the third quarter 2019. Amounts written off are included in interest expense in the consolidated statement of operations.
(4)
As a result of the Chapter 11 Cases, the principal balance on the 1.5 lien notes and senior unsecured notes of approximately $2,092 million and $688 million, respectively, has been reclassified as liabilities subject to compromise as of December 31, 2019. In addition, accrued and unpaid interest of approximately $117 million related to the 1.5 lien notes and senior unsecured notes has been reclassified from accrued liabilities to liabilities subject to compromise as of December 31, 2019. For a further discussion of the Chapter 11 Cases, see Note 1A.