Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

Summary of the changes in unvested restricted stock

A summary of the changes in unvested restricted stock during the Current Period is presented below:

	Shares of Unvested Restricted Stock		Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested restricted stock as of January 1, 2019	11,858		$	4.43
Granted	5,364		$	2.85
Vested	(4,973	)	$	4.36
Forfeited	(1,027	)	$	3.67
Unvested restricted stock as of June 30, 2019	11,222		$	3.78

Weighted average assumptions to estimate grant date fair value of the stock options granted

We utilized a Monte Carlo simulation for the TSR performance measure and the following assumptions to determine the grant date fair value and the reporting date fair value of the 2017 awards.

Grant Date Assumptions
Assumption	2017 Awards
Volatility	80.65	%
Risk-free interest rate	1.54	%
Dividend yield for value of awards	—	%

Reporting Period Assumptions
Assumption	2017 Awards
Volatility	63.49	%
Risk-free interest rate	2.08	%
Dividend yield for value of awards	—	%

We used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Period:

Expected option life – years	6.0
Volatility	65.61	%
Risk-free interest rate	2.47	%
Dividend yield	—	%

Schedule of stock option activity

The following table provides information related to stock option activity in the Current Period: 

	Number of Shares Underlying   Options		Weighted Average Exercise Price Per Share		Weighted   Average Contract Life in Years	Aggregate   Intrinsic Value(a)
	(in thousands)					($ in millions)
Outstanding as of January 1, 2019	18,096		$	7.20	7.15	$	—
Granted	1,000		$	2.97
Exercised	—		$	—		$	—
Expired	(451	)	$	6.57
Forfeited	(554	)	$	3.82
Outstanding as of June 30, 2019	18,091		$	7.09	6.39	$	—
Exercisable as of June 30, 2019	13,030		$	8.29	5.59	$	—

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(a)

The intrinsic value of a stock option is the amount by which the current market value or the market value upon exercise of the underlying stock exceeds the exercise price of the option.

Restricted stock and stock option compensation

We recognized the following compensation costs, net of actual forfeitures, related to our liability-classified awards for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period.

	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019		2018
	($ in millions)
General and administrative expenses	$	(1	)	$	20	$	8	$	21
Oil and natural gas properties	—			1		1		1
Oil, natural gas and NGL production expenses	1			2		3		2
Exploration expenses	(1		)	1		—		1
Total liability-classified awards compensation	$	(1	)	$	24	$	12	$	25

We recognized the following compensation costs related to restricted stock and stock options for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	($ in millions)
General and administrative expenses	$	9	$	10	$	15	$	17
Oil and natural gas properties	—		—		1		2
Oil, natural gas and NGL production expenses	1		1		2		3
Exploration expenses	—		—		—		—
Total restricted stock and stock option compensation	$	10	$	11	$	18	$	22

Summary of liability classified awards

The following table presents a summary of our liability-classified awards:

		Grant Date Fair Value		June 30, 2019
	Units			Fair Value		Vested Liability
		($ in millions)		($ in millions)
2019 PSU Awards:
Payable 2020, 2021 and 2022	4,887,868	$	15	$	12	$	—
2018 PSU Awards:
Payable 2020 and 2021	2,418,281	$	7	$	5	$	—
2017 PSU Awards:
Payable 2020	1,174,973	$	8	$	2	$	1
2018 CRSU Awards:
Payable 2020 and 2021	9,468,697	$	29	$	18	$	—