Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Valuation of Financial Instruments by Pricing Levels

The following tables summarize the valuation of financial instruments by pricing levels that were accounted for at fair value on a recurring basis as of September 30, 2016 and December 31, 2015.



	Fair value measurements at September 30, 2016 using:
In thousands	Level 1		Level 2			Level 3		Total
Derivative assets (liabilities):
Swaps	$	—	$	13,418		$	—	$	13,418
Collars	—		(17,234		)	—		(17,234		)
Written call options	—		—			—		—
Total	$	—	$	(3,816	)	$	—	$	(3,816	)

	Fair value measurements at December 31, 2015 using:
In thousands	Level 1		Level 2			Level 3		Total
Derivative assets (liabilities):
Swaps	$	—	$	104,426		$	—	$	104,426
Collars	—		(3,195		)	—		(3,195		)
Written call options	—		(38		)	—		(38		)
Total	$	—	$	101,193		$	—	$	101,193

Quantitative Information about Significant Unobservable Inputs

The following table sets forth quantitative information about the significant unobservable inputs used by the Company to calculate the fair value of proved crude oil and natural gas properties using a discounted cash flow method.



Unobservable Input		Assumption
Future production		Future production estimates for each property
Forward commodity prices		Forward NYMEX strip prices through 2020 (adjusted for differentials), escalating 3% per year thereafter
Operating costs		Estimated costs for the current year, escalating 3% per year thereafter
Productive life of field		Ranging from 0 to 33 years
Discount rate		10%

Property Impairments

The following table sets forth the non-cash impairments of both proved and unproved properties for the indicated periods. Proved and unproved property impairments are recorded under the caption “Property impairments” in the unaudited condensed consolidated statements of comprehensive loss.



	Three months ended September 30,				Nine months ended September 30,
In thousands	2016		2015		2016		2015
Proved property impairments	$	2,895	$	36,302	$	2,895	$	111,346
Unproved property impairments	54,794		60,395		199,833		209,784
Total	$	57,689	$	96,697	$	202,728	$	321,130

Fair Values of Financial Instruments not Recorded at Fair Value

The following table sets forth the estimated fair values of financial instruments that are not recorded at fair value in the condensed consolidated financial statements.



	September 30, 2016				December 31, 2015
In thousands	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Debt:
Revolving credit facility	$	565,000	$	565,000	$	853,000	$	853,000
Term loan	498,710		500,000		498,274		500,000
Note payable	12,716		11,400		14,309		12,500
7.375% Senior Notes due 2020 (1)	197,036		205,200		196,574		179,200
7.125% Senior Notes due 2021 (1)	395,923		413,700		395,365		388,300
5% Senior Notes due 2022	1,997,095		1,970,100		1,996,831		1,480,400
4.5% Senior Notes due 2023	1,483,994		1,455,000		1,482,451		1,061,000
3.8% Senior Notes due 2024	990,702		920,000		989,932		700,300
4.9% Senior Notes due 2044	691,162		588,900		691,052		430,500
Total debt	$	6,832,338	$	6,629,300	$	7,117,788	$	5,605,200

(1) As discussed in Note 11. Subsequent Events, on October 4, 2016 the Company announced it will redeem the 7.375% Senior Notes due 2020 and the 7.125% Senior Notes due 2021 on November 10, 2016.