Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of changes in common shares issued

A summary of the changes in our common shares issued for the years ended December 31, 2019, 2018 and 2017 is detailed below:

	Years Ended December 31,
	2019	2018	2017
	(in thousands)
Shares issued as of January 1	913,716	908,733	896,279
Common shares issued for WildHorse Merger(a)	717,376	—	—
Exchange of senior notes(b)	235,564	—	—
Exchange of convertible notes(b)	73,389	—	—
Exchange of preferred stock	10,368	—	9,966
Restricted stock issuances (net of forfeitures and cancellations)(c)	4,146	4,983	2,488
Shares issued as of December 31	1,954,559	913,716	908,733

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(a) See Note 3 for discussion of WildHorse Merger.

(b) See Note 5 for discussion of debt exchanges.

(c)

See Note 12 for discussion of restricted stock.

Summary of preferred stock

Following is a summary of our preferred stock, including the primary conversion terms as of December 31, 2019:

Preferred Stock Series	Issue Date	Liquidation Preference per Share		Holder's Conversion Right	Conversion Rate	Conversion Price		Company's Conversion Right From	Company's Market Conversion Trigger(a)
5.75% cumulative convertible non-voting	May and June 2010	$	1,000	Any time	39.6858	$	25.1979	May 17, 2015	$	32.7573
5.75% (series A) cumulative convertible non-voting	May 2010	$	1,000	Any time	38.3508	$	26.0751	May 17, 2015	$	33.8976
4.50% cumulative convertible	September 2005	$	100	Any time	2.4561	$	40.7152	September 15, 2010	$	52.9298
5.00% cumulative convertible (series 2005B)	November 2005	$	100	Any time	2.7745	$	36.0431	November 15, 2010	$	46.8560

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(a) Convertible at the Company's option if the trading price of the Company's common stock equals or exceeds the trigger price for a specified time period or after the applicable conversion date if there are less than 250,000 shares of 4.50% or 5.00% (Series 2005B) preferred stock outstanding or 25,000 shares of 5.75% or 5.75% (Series A) preferred stock outstanding.

Outstanding shares of our preferred stock for the years ended December 31, 2019, 2018 and 2017 are detailed below:

	5.75%		5.75% (Series A)		4.50%	5.00% (Series 2005B)
	(in thousands)
Shares outstanding as of January 1, 2019	770		463		2,559	1,811
Preferred stock exchanges(a)	—		(40	)	—	—
Shares outstanding as of December 31, 2019	770		423		2,559	1,811
Shares outstanding as of January 1, 2018 and December 31, 2018	770		463		2,559	1,811
Shares outstanding as of January 1, 2017	843		476		2,559	1,962
Preferred stock exchanges(b)	(73	)	(13	)	—	(151	)
Shares outstanding as of December 31, 2017	770		463		2,559	1,811

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(a) During 2019, we exchanged 10,367,950 shares of common stock for 40,000 shares of our 5.75% (Series A) Cumulative Convertible Preferred Stock. In connection with the exchange, we recognized a loss equal to the excess of the fair value of all common stock issued in exchange for the preferred stock over the fair value of the common stock issuable pursuant to the original terms of the preferred stock. The loss of $17 million is reflected as a reduction to net income available to common stockholders for the purpose of calculating earnings per common share.

(b) During 2017, holders of our 5.75% Cumulative Convertible Preferred Stock exchanged 72,600 shares into 7,442,156 shares of common stock, holders of our 5.75% (Series A) Cumulative Convertible Preferred Stock exchanged 12,500 shares into 1,205,923 shares of common stock and holders of our 5.00% (Series 2005B) Cumulative Convertible Preferred Stock exchanged 150,948 shares into 1,317,756 shares of common stock. In connection with the exchanges, we recognized a loss equal to the excess of the fair value of all common stock issued in exchange for the preferred stock over the fair value of the common stock issuable pursuant to the original terms of the preferred stock. The loss of $41 million is reflected as a reduction to net income available to common stockholders for the purpose of calculating earnings per common share.

Schedule of Accumulated Other Comprehensive Income (Loss)

For the years ended December 31, 2019 and 2018, changes in accumulated other comprehensive income (loss) for cash flow hedges, net of tax, are detailed below:

	Years Ended December 31,
	2019			2018
	($ in millions)
Balance, as of January 1	$	(23	)	$	(57	)
Amounts reclassified from accumulated other comprehensive income(a)	35			34
Balance, as of December 31	$	12		$	(23	)

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(a)

Net losses on cash flow hedges for commodity contracts reclassified from accumulated other comprehensive income (loss), net of tax, to oil, natural gas and NGL revenues in the consolidated statements of operations.