DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

As of December 31, 2019 and 2018, our long-term debt consisted of the following credit agreements, Second Lien Notes and Senior Notes:

	Outstanding Principal					Interest Rate(a)	Maturity	Security
	2019			2018
Credit Agreements	(in millions)
2014 Revolving Credit Facility	$	518		$	540	LIBOR plus 3.25%-4.00% ABR plus 2.25%-3.00%	June 30, 2021	Shared First-Priority Lien
2017 Credit Agreement	1,300			1,300		LIBOR plus 4.75% ABR plus 3.75%	December 31, 2022(b)	Shared First-Priority Lien
2016 Credit Agreement	1,000			1,000		LIBOR plus 10.375% ABR plus 9.375%	December 31, 2021	First-Priority Lien
Second Lien Notes
Second Lien Notes	1,815			2,067		8%	December 15, 2022(c)	Second-Priority Lien
Senior Notes
5% Senior Notes due 2020	100			100		5%	January 15, 2020	Unsecured
5½% Senior Notes due 2021	100			100		5.5%	September 15, 2021	Unsecured
6% Senior Notes due 2024	144			144		6%	November 15, 2024	Unsecured
Total Debt	$	4,977		$	5,251
Less: Current Maturities	(100		)	—
Long-Term Debt	4,877			5,251

(a) London Interbank Offered Rates (LIBOR) will be phased out after 2021 and replaced with the Secured Overnight Financing Rate within the United States for U.S. dollar-based LIBOR. Our credit agreements contemplate a discontinuation of LIBOR and have an alternate borrowing rate. We do not expect the discontinuation of LIBOR to have a significant impact on our interest expense.

(b) The 2017 Credit Agreement is subject to a springing maturity of 91 days prior to the maturity of our 2016 Credit Agreement if more than $100 million in principal of the 2016 Credit Agreement is outstanding at that time.

(c) The Second Lien Notes require principal repayments of approximately $287 million in June 2021, $57 million in December 2021 and $59 million in June 2022 and $1,412 million in December 2022.

Schedule of financial performance covenants

As of December 31, 2019, our financial performance covenants included a monthly minimum liquidity requirement of not less than $150 million and the following:

Ratio	Components(a)	Required Levels	Tested
Maximum leverage ratio	Ratio of indebtedness under our 2014 Revolving Credit Facility to trailing four-quarter Adjusted EBITDAX	Not greater than 1.90 to 1.00 through 2019 Not greater than 1.50 to 1.00 after 2019	Quarterly
Minimum interest coverage ratio	Ratio of Adjusted EBITDAX to consolidated cash interest charges	Not less than 1.20 to 1.00	Quarterly
Minimum asset coverage ratio	Ratio of PV-10 to first lien indebtedness	Not less than 1.20 to 1.00	Quarterly

(a) Refer to the terms of our credit agreements for more detailed descriptions of the components of our financial covenants.

Schedule of Deferred Gain and Issuance Costs [Table Text Block]

At December 31, 2019 and 2018, net deferred gain and issuance costs consisted of the following:

	2019			2018
	(in millions)
Deferred gain	$	211		$	313
Deferred issuance costs and original issue discounts	(65		)	(97		)
Net deferred gain and issuance costs	$	146		$	216

Principal maturities of debt outstanding

Principal maturities of debt outstanding at December 31, 2019 are as follows:

	As of December 31, 2019
	(in millions)
2020	$	100
2021	1,962
2022	2,771
2023	—
2024	144
Thereafter	—
Total	$	4,977