Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they are classified within the fair value hierarchy as of December 31, 2016:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	122,096	$	—
Total property and equipment, net ⁽²⁾	$	—	$	—	$	88,205
Liabilities:
Derivatives⁽¹⁾	$	—	$	213,804	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	411

____________________________________________


⁽¹⁾	This represents a financial asset or liability that is measured at fair value on a recurring basis.


⁽²⁾	This represents a non-financial asset that is measured at fair value on a nonrecurring basis.



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	488,411	$	—
Total property and equipment, net ⁽²⁾	$	—	$	—	$	124,813
Liabilities:
Derivatives⁽¹⁾	$	—	$	8	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	7,611

____________________________________________


⁽¹⁾	This represents a financial asset or liability that is measured at fair value on a recurring basis.


⁽²⁾	This represents a non-financial asset that is measured at fair value on a nonrecurring basis.

^{[1],[2],[3],[4]}

Impairment Of Proved Properties [Table Text Block]

The following table presents impairment of proved properties expense recorded for the periods presented:



	For the Years Ended December 31,
	2016		2015		2014
	(in millions)
Impairment of proved properties	$	354.6	$	468.7	$	84.5

Abandonment And Impairment Of Unproved Properties [Table Text Block]

The following table presents abandonment and impairment of unproved properties expense recorded for the periods presented:



	For the Years Ended December 31,
	2016		2015		2014
	(in millions)
Abandonment and impairment of unproved properties	$	80.4	$	78.6	$	75.6

Schedule of reconciliation of fair value measurements using Level 3 inputs

The following table reflects the activity for the Company’s Net Profits Plan liability measured at fair value using Level 3 inputs:



	For the Years Ended December 31,
	2016			2015			2014
	(in thousands)
Beginning balance	$	7,611		$	27,136		$	56,985
Net increase (decrease) in liability ⁽¹⁾	23,757			(12,238		)	(12,492		)
Net settlements ^{(1) (2)}	(30,957		)	(7,287		)	(17,357		)
Transfers in (out) of Level 3	—			—			—
Ending balance	$	411		$	7,611		$	27,136

____________________________________________


⁽¹⁾	Net changes in the Company’s Net Profits Plan liability are shown in the change in Net Profits Plan liability line item of the accompanying statements of operations.


⁽²⁾	Settlements represent cash payments made or accrued under the Net Profits Plan and are recognized as compensation expense or a reduction to the net gain on divestiture activity line in the accompanying statements of operations, as discussed in Note 7 – Compensation Plans.

Long Term Debt Fair Value [Table Text Block]

The following table reflects the fair value of the Senior Notes and Senior Convertible Notes measured using Level 1 inputs based on quoted secondary market trading prices. These notes were not presented at fair value on the accompanying balance sheets as of December 31, 2016, or 2015, as they are recorded at carrying value, net of any unamortized discounts and deferred financing costs. Please refer to Note 5 - Long-Term Debt for additional discussion.



	As of December 31,
	2016				2015
	Principal Amount		Fair Value		Principal Amount		Fair Value
	(in thousands)
6.50% Senior Notes due 2021	$	346,955	$	354,546	$	350,000	$	262,938
6.125% Senior Notes due 2022	$	561,796	$	570,925	$	600,000	$	440,250
6.50% Senior Notes due 2023	$	394,985	$	403,134	$	400,000	$	296,000
5.0% Senior Notes due 2024	$	500,000	$	475,975	$	500,000	$	334,065
5.625% Senior Notes due 2025	$	500,000	$	485,000	$	500,000	$	326,875
6.75% Senior Notes due 2026	$	500,000	$	516,565	$	—	$	—
1.50% Senior Convertible Notes due 2021	$	172,500	$	202,189	$	—	$	—

[1]	This represents a financial asset or liability that is measured at fair value on a recurring basis.
[2]	This represents a financial asset or liability that is measured at fair value on a recurring basis.
[3]	This represents a non-financial asset that is measured at fair value on a nonrecurring basis.
[4]	This represents a non-financial asset that is measured at fair value on a nonrecurring basis.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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