Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of Accounts Receivable

Accounts receivable is comprised of the following:

	As of June 30, 2020		As of December 31, 2019
	(in thousands)
Oil, gas and NGL sales	$	32,383	$	50,171
Due from joint interest owners (1)	23,796		9,551
Other	3,129		2,419
Allowance for doubtful accounts	(31)		(21)
Total accounts receivable	$	59,277	$	62,120

(1)Includes $12.9 million associated with one joint interest partner. In the event of nonpayment, the Company expects to net the outstanding amount against certain revenues payable to this joint interest partner.

Net Capitalized Costs and Associated Accumulated DD&A and Non Cash Impairments

The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company’s oil, natural gas and NGL producing activities:

	As of June 30, 2020		As of December 31, 2019
	(in thousands)
Proved properties	$	721,174	$	725,964
Wells and related equipment and facilities	1,910,527		1,805,136
Support equipment and facilities	105,397		99,540
Materials and supplies	11,944		13,489
Total proved oil and gas properties	$	2,749,042	$	2,644,129
Unproved properties	182,605		265,387
Wells and facilities in progress	60,704		92,406
Total unproved oil and gas properties, excluded from amortization	$	243,309	$	357,793
Accumulated depreciation, depletion, amortization and impairment	(2,224,428)		(958,475)
Total oil and gas properties, net	$	767,923	$	2,043,447

Schedule Of Noncash Impairment Charges

The Company’s impairment and abandonment expense for the three and six months ended June 30, 2020 and 2019 is summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Impairment of proved oil and gas properties	$	—	$	—	$	1,188,566	$	—
Impairment of unproved oil and gas properties	—		—		76,298		—
Abandonment expense	810		995		1,372		1,317
Total impairment and abandonment expense	$	810	$	995	$	1,266,236	$	1,317

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities are comprised of the following:

	As of June 30, 2020		As of December 31, 2019
	(in thousands)
Accrued drilling, completion and facility costs	$	12,957	$	25,667
Accrued lease operating, gathering, transportation and processing expenses	7,364		8,046
Accrued general and administrative expenses	6,910		6,612
Accrued interest payable	6,681		6,832
Trade payables	3,951		17,488
Operating lease liability	1,954		1,287
Other	2,260		5,706
Total accounts payable and accrued liabilities	$	42,077	$	71,638

Calculation of Basic and Diluted Earnings (Loss) Per Share

The following table sets forth the calculation of basic and diluted income (loss) per share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands, except per share amounts)
Net income (loss)	$	(67,628)	$	(1,910)	$	(1,083,267)	$	(98,139)
Basic weighted-average common shares outstanding in period	211,895		210,377		211,503		210,156
Diluted weighted-average common shares outstanding in period	211,895		210,377		211,503		210,156
Basic net income (loss) per common share	$	(0.32)	$	(0.01)	$	(5.12)	$	(0.47)
Diluted net income (loss) per common share	$	(0.32)	$	(0.01)	$	(5.12)	$	(0.47)