Ultra Petroleum 10-Q9 Aug 162016 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2016	Jul. 20, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	Ultra Petroleum Corp.
Entity Central Index Key	1,022,646
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,918,659,990
Entity Common Stock, Shares Outstanding		153,388,832
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	UPLMQ

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues [Abstract]
Natural gas sales	$ 116,780	$ 164,226	$ 254,882	$ 348,020
Oil sales	29,811	43,772	51,095	79,286
Oil and Gas Revenue	146,591	207,998	305,977	427,306
Operating Expenses [Abstract]
Lease operating expenses	21,836	27,785	47,230	53,896
LGS operating lease expense	5,171	5,162	10,343	10,323
Production taxes	13,474	17,184	28,706	37,079
Gathering fees	21,504	22,488	43,954	42,245
Transportation charges	146	21,076	23,701	41,267
Depletion, depreciation and amoritzation	31,234	92,366	62,083	186,956
General and administrative	1,381	2,422	5,600	6,062
Costs and Expenses	94,746	188,483	221,617	377,828
Operating Income (Loss)	51,845	19,515	84,360	49,478
Other Nonoperating Income (Expense) [Abstract]
Interest expense (excludes contractual interest expense of $32.0 million for the three and six months ended June 30, 2016)	(16,662)	(42,619)	(66,565)	(85,287)
Gain (loss) on commodity derivatives	0	(3,646)	0	33,219
Deferred gain on sale of liquids gathering system	2,638	2,638	5,276	5,276
Litigation expense	0	(736)	0	(4,401)
Restructuring expenses	(1,569)	0	(7,148)	0
Other income (expense), net	(227)	(75)	(1,922)	(39)
Other Nonoperating Income (Expense)	(15,820)	(44,438)	(70,359)	(51,232)
Reorganization items, net	(22,183)	0	(22,183)	0
Income (loss) before income taxes	13,842	(24,923)	(8,182)	(1,754)
Income Tax Expense (Benefit)	(160)	(250)	(350)	(2,272)
Net Income (Loss)	$ 14,002	$ (24,673)	$ (7,832)	$ 518
Earnings Per Share, Basic [Abstract]
Earnings Per Share, Basic	$ 0.09	$ (0.16)	$ (0.05)	$ 0
Fully Diluted Earnings per Share:
Earnings Per Share, Diluted	$ 0.09	$ (0.16)	$ (0.05)	$ 0
Weighted Average Number of Shares Outstanding, Basic	153,389	153,218	153,355	153,130
Weighted Average Number of Shares Outstanding, Diluted	154,024	153,218	153,355	154,737

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Assets [Abstract]
Cash and cash equivalents	$ 269,458	$ 4,143
Restricted cash	3,334	115
Oil and gas revenue receivable	52,023	61,881
Joint interest billing and other receivables	14,015	11,356
Deposits and retainers	13,211	236
Income tax receivable	5,429	5,150
Inventory	4,088	4,269
Other current assets	3,392	4,064
Total current assets	364,950	91,214
Oil And Gas Properties Net Using Full Cost Method Of Accounting [Abstract]
Proven	918,269	851,145
Property, plant and equipment, net	7,992	8,844
Deferred tax assets	0	1
Other noncurrent assets	1,653	835
Total assets	1,292,864	952,039
Current Liabilities [Abstract]
Accounts payable	20,145	93,415
Accrued liabilities	35,228	72,428
Production taxes payable	44,806	52,273
Current portion of long term debt	0	3,370,553
Interest payable	0	42,657
Capital cost accrual	5,350	20,571
Total current liabilities	105,529	3,651,897
Deferred gain on sale of liquids gathering system	121,018	126,295
Other long-term obligations	167,954	165,784
Liabilities not subject to compromise parent	394,501	3,943,976
Liabilities subject to compromise	3,894,388	0
Commitments and contingencies
Stockholders' Equity Attributable to Parent [Abstract]
Common Stock, Value, Issued	506,100	502,050
Treasury Stock, Value	(176)	(176)
Retained loss	(3,501,949)	(3,493,811)
Total shareholders' deficit	(2,996,025)	(2,991,937)
Total liabilities and shareholders' equity	$ 1,292,864	$ 952,039

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common Stock, No Par Value
Common stock, shares authorized	unlimited	unlimited
Common Stock, Shares, Issued	153,388,832	153,255,989
Common Stock, Shares, Outstanding	153,388,832	153,255,989

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities [Abstract]
Net Income (Loss)	$ (7,832)	$ 518
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depletion, depreciation and amoritzation	62,083	186,956
Deferred Income Tax Provision (Benefit)	1	(527)
Unrealized Gain (Loss) on Derivatives	0	48,765
Deferred gain on sale of liquids gathering system	(5,276)	(5,276)
Stock compensation	2,704	2,829
Non-cash reorganization items, net	22,324	0
Other	5,907	4,973
Increase (Decrease) in Operating Capital [Abstract]
Restricted cash	(3,219)	2
Accounts receivable	5,382	42,763
Other current assets	(13,277)	(28)
Increase (Decrease) in Other Operating Assets	(818)	0
Accounts payable	(70,552)	(16,293)
Accrued liabilities	(11,596)	(19,911)
Production taxes payable	(7,467)	3,239
Interest payable	57,118	(3,439)
Other long-term obligations	(3,465)	(4,496)
Income taxes payable receivable	(279)	3,249
Net Cash Provided by (Used in) Operating Activities	31,738	243,324
Investing Activities [Abstract]
Acquisition Costs	0	3,964
Oil and gas property expenditures	(121,542)	(267,522)
Change in capital cost accrual	(13,500)	(15,616)
Inventory	(196)	345
Purchase of Capital Assets	122	(504)
Net Cash Provided by (Used in) Investing Activities	(135,116)	(279,333)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Borrowings on long-term debt	369,000	714,000
Payments on long-term debt	0	(662,000)
Deferred financing costs	0	6
Repurchased shares - net share settlements	(307)	(2,486)
Payment of contingent consideration	0	(17,049)
Net Cash Provided by (Used in) Financing Activities	368,693	32,471
Cash and Cash Equivalents, Period Increase (Decrease)	265,315	(3,538)
Cash and Cash Equivalents, at Carrying Value	4,143	8,919
Cash and Cash Equivalents, at Carrying Value	$ 269,458	$ 5,381

Chapter 11 Proceedings, Ability

Chapter 11 Proceedings, Ability to Continue as a Going Concern Disclosure	6 Months Ended
	Jun. 30, 2016
Liquidity And Going Concern Disclosure [Abstract]
Liquidity and Ability to Continue as a Going Concern [Text Block]	Chapter 11 Proceedings , Ability to Continue as a Going Con cern Chapter 11 Proceedings On April 29, 2016 (the “Petition Date”), to restructure their respective obligations and capital structures, Ultra Petroleum Corp. (the “Company”) and each of its direct and indirect wholly-owned subsidiaries (collectively, the “Debtors”) filed voluntary petitions under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Debtors’ chapter 11 cases are bei ng jointly administered for procedural purposes under the caption In re Ultra Petroleum Corp., et al, Case No. 16-32202 (MI) ( Bankr . S.D. Tex.). Information about our chapter 11 cases is available at our website (www.ultrapetroleum.com) and also at a websi te maintained by our claims agent, Epiq Systems (http://dm.epiq11.com/UPT/Docket). We are currently operating our business as a debtor-in-possession in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. After we filed our chapter 11 petitions, the Bankruptcy Court granted certain relief requested by the Debtors enabling us to conduct our business activities in the ordinary course, including, among other things and subject to the terms and conditions of s uch orders, authorizing us to pay employee wages and benefits, to pay taxes and certain governmental fees and charges, to continue to operate our cash management system in the ordinary course, to remit funds we hold from time to time for the benefit of thi rd parties (such as royalty owners), and to pay the prepetition claims of certain of our vendors that hold liens under applicable non-bankruptcy law. For goods and services provided following the Petition Date, we intend to pay vendors in full under norma l terms. Subject to certain exceptions provided for in section 362 of the Bankruptcy Code, all judicial and administrative proceedings against us or our property were automatically enjoined, or stayed, as of the Petition Date. In addition, the filing of new judicial or administrative actions against us or our property for claims arising prior to the date on which our chapter 11 cases were filed were automatically enjoined. This prohibits, for example, our lenders or noteholders from pursuing claims for de faults under our debt agreements and our contract counterparties from pursuing claims for defaults under our contracts. Accordingly, unless the Bankruptcy Court agrees to lift the automatic stay, all of our prepetition liabilities and obligations should be settled or compromised under the Bankruptcy Code as part of our chapter 11 proceedings . Our operations and ability to execute our business remain subject to the risks and uncertainties described in Item 1A, “Risk Factors” in our Annual Report on Form 10- K for our fiscal year ended December 31, 2015, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, and this Quarterly Report on Form 10-Q. These include risks and uncertainties arising as a result of our chapter 11 proceedings, and the number and nature of our outstanding shares and shareholders, assets, liabilities, officers and/or directors could change materially because of our chapter 11 cases. In addition, the description of our operations, properties and capital plans included in t his Quarterly Report on Form 10-Q may not accurately reflect our operations, properties and capital plans after we emerge from chapter 11. Creditors’ Committees – Appointment & Formation On May 5, 2016, the United States Trustee for the Southern District of Texas appointed an official committee for unsecured creditors of all of the Debtors (the “UCC”). In addition, certain other stakeholders have organized for purposes of participating in the Debtors’ chapter 11 cases: on June 8, 2016, an informal ad hoc committee of unsecured creditors of our subsidiary, Ultra Resources, Inc., notified the Bankruptcy Court it had formed and iden tified its members and, on June 13, 2016, an informal ad hoc committee of the holders of senior notes issued by the Company notified the Bankruptcy Court it had formed and identified its members. A group of unaffiliated holders of the Company’s common stoc k has also advised the Company that it may participate in the Debtors’ chapter 11 cases. We expect each of the committees to be involved in our chapter 11 cases, and any disagreements with any of the committees may extend our chapter 11 cases, increase the cost of our chapter 11 cases, and/or delay our emergence from chapter 11. Magnitude of Potential Claims On June 8, 2016, the Debtors filed with the Bankruptcy Court schedules and statements (the “Schedules and Statements”) setting forth, among other thi ngs, the assets and liabilities of the Debtors, subject to the assumptions filed in connection therewith. The Schedules and Statements may be subject to further amendment or modification after filing. Certain holders of prepetition claims are required to file proofs of claim by the deadline for filing certain proofs of claims in the Debtors’ Chapter 11 cases, which deadline is September 1, 2016, for prepetition general unsecured claims and October 26, 2016, for governmental claims. Differences between amo unts scheduled by the Debtors and claims by creditors will be investigated and resolved in connection with the claims resolution process. In light of the expected number of creditors, the claims resolution process may take considerable time to complete and we expect will continue after our emergence from bankruptcy. Accordingly, the ultimate number and amount of allowed claims is not presently known, nor can the ultimate recovery with respect to allowed claims be presently ascertained. Exclusivity; Plan of Reorganization Under the Bankruptcy Code, we have the exclusive right to file a plan of reorganization under chapter 11 through and including August 29, 2016, and to solicit acceptances of such plan through October 26, 2016. On July 27 , 2016, we filed a motion seeking an extension of the exclusive chapter 11 plan filing period through and including February 28 , 201 7 , and the exclusive plan solicitation period through and including April 30, 2017, and to allow us adequate time to complete the critica l tasks necessary and appropriate for the development and negotiation of a plan of reorganization. A hearing to address our request for the extension is scheduled for August 25 , 2016 . We plan to emerge from our chapter 11 cases after we obtain approval fr om the Bankruptcy Court for a chapter 11 plan of reorganization. Among other things, a chapter 11 plan of reorganization will determine the rights and satisfy the claims of our creditors and security holders. The terms and conditions of a chapter 11 plan o f reorganization will be determined through negotiations with our stakeholders and, possibly, decisions by the Bankruptcy Court. Under the absolute priority scheme established by the Bankruptcy Code, unless our creditors agree otherwise, all of our prepet ition liabilities and postpetition liabilities must be satisfied in full before the holders of our existing common stock can receive any distribution or retain any property under a plan of reorganization. The ultimate recovery to creditors and/or sharehold ers, if any, will not be determined until confirmation and implementation of a plan or plans of reorganization. We can give no assurance that any recovery or distribution of any amount will be made to any of our creditors or shareholders. Our plan of reorg anization could result in any of the holders of our liabilities and/or securities, including our common stock, receiving no distribution on account of their interests and cancellation of their holdings. Moreover, a plan of reorganization can be confirmed, under the Bankruptcy Code, even if the holders of our common stock vote against the plan and even if the plan provides that the holders of our common stock receive no distribution on account of their equity interests. Liabilities Subject to Compromise We have applied Accounting Standards Codification (“ASC”) 852, Reorganizations, in preparing the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. In addition, the consolidated financial statements presented here inc lude amounts classified as “liabilities subject to compromise.” This amount represents estimates of known or potential prepetition claims expected to be resolved in connection with our chapter 11 proceedings. Additional amounts may be included in liabiliti es subject to compromise in future periods if we elect to reject executory contracts and unexpired leases as part of our chapter 11 cases. Due to the uncertain nature of many of the potential claims, the magnitude of potential claims is not reasonably esti mable at this time. Potential claims not currently included with liabilities subject to compromise in our Consolidated Balance Sheets may be material. In addition, differences between amounts we are reporting as liabilities subject to compromise in this Qu arterly Report on Form 10-Q and the amounts attributable to such matters claimed by our creditors or approved by the Bankruptcy Court may be material. We will continue to evaluate our liabilities throughout the chapter 11 process, and we plan to make adjus tments in future periods as necessary and appropriate. Such adjustments may be material. Under the Bankruptcy Code, we may assume, assign, or reject certain executory contracts and unexpired leases, subject to the approval of the Bankruptcy Court and certain other conditions. If we reject a contract or lease, such rejection generally (1) is treated as a prepetition breach of the contract or lease, (2) subject to certain exceptions, relieves the Debtors of performing their future obligations under such contract or lease, and (3) entitles the counterparty thereto to a prepetition general unsecured claim for damages caused by such deemed breach. If we assume an executory contract or unexpired lease, we are generally required to cure any existing monetary d efaults under such contract or lease and provide adequate assurance of future performance to the counterparty. Accordingly, any description of an executory contract or unexpired lease in this Quarterly Report on Form 10-Q, including any quantification of o ur obligations under any such contract or lease, is wholly qualified by the rejection rights we have under the Bankruptcy Code. Further, nothing herein is or shall be deemed an admission with respect to any claim amounts or calculations arising from the re jection of any executory contract or unexpired lease and we expressly preserve all of our rights with respect thereto. The following table summarizes the components of liabilities subject to compromise included in our Consolidated Balance Sheets as of June 30, 2016 : June 30, 2016 Accounts payable $ 2,717 Accrued liabilities 9,328 Accrued interest payable 99,774 Debt 3,759,000 Other terminated contracts 23,186 Other 383 Liabilities subject to compromise $ 3,894,388 Schedules and Statements – Claims & Claims Resolution Process To the best of our knowledge, we have notified all of our known current or potential creditors that the Debtors have filed chapter 11 cases. In addition, on June 8, 2016, each of the Debtors filed a Schedule of Assets and Liabilities and Statement of Financial Affairs (collectively, the “Schedules and Statements”) with the Bankruptcy Court. These documents set forth, among other things, the assets and liabilities of each of the Debtors, includ ing executory contracts to which each of the Debtors is a party, are subject to the qualifications and assumptions included therein, and are subject to amendment or modification as our chapter 11 cases proceed. Many of the claims identified in the Schedul es and Statements are listed as disputed, contingent or unliquidated. In addition, there may be differences between the amounts for certain claims listed in the Schedules and Statements and the amounts claimed by our creditors. We anticipate that such diff erences, as well as other disputes and contingencies will be investigated and resolved as part of our claims resolution process in our chapter 11 cases. Pursuant to the Federal Rules of Bankruptcy Procedure, creditors who wish to assert prepetition claims against us and whose claim ( i ) is not listed in the Schedules and Statements or (ii) is listed in the Schedules and Statements as disputed, contingent, or unliquidated, must file a proof of claim with the Bankruptcy Court prior to the bar date set by the court. The bar dates are September 1, 2016, for non-governmental creditors, and October 26, 2016, for governmental creditors. As of July 31, 2016, approximately $ 13.2 million in claims have been filed with the Bankruptcy Court against the Debtors by 120 claimants . We expect additional claims to be filed prior to the bar dates. In addition, creditors who have already filed claims may amend or modify their claims in ways we cannot now predict. The amounts of additional claims may be material. Similarly, ame ndments or modifications to claims already filed may be material. We anticipate the claims filed against the Debtors in our chapter 11 proceedings will be voluminous. We expect the process of resolving claims filed against the Debtors to be complex. We pl an to investigate and evaluate all filed claims in connection with our plan of reorganization. As part of the process, we will work to resolve differences in amounts scheduled by the Debtors and the amounts of claims filed by creditors, including through t he filing of objections with the Bankruptcy Court where appropriate. We anticipate the claims resolution process will take substantial time to complete, and it may continue after our emergence from bankruptcy. Accordingly, the ultimate number and amount of claims that will be allowed against the Debtors is not presently known, nor can the ultimate recovery with respect to allowed claims be presently ascertained. Tax Attributes; Net Operating Loss Carryforwards We have substantial tax net operating loss carryforwards and other tax attributes. Under the U.S. Internal Revenue Code, our ability to use these net operating losses and other tax attributes may be limited if we experience a change of control, as determined under the U.S. Internal Revenue Code. A ccordingly, we obtained an order from the Bankruptcy Court that is intended to protect our ability to use our tax attributes by imposing certain notice procedures and transfer restrictions on the trading of the Company’s common stock. In general, the orde r applies to any person or entity that, directly or indirectly, beneficially owns (or would beneficially own as a result of a proposed transfer) at least 4.5% of the Company’s common stock. Such persons are required to notify us and the Bankruptcy Court be fore effecting a transaction that might result in us losing the ability to use our tax attributes, and we have the right to seek an injunction to prevent the transaction if it might adversely affect our ability to use our tax attributes. Any purchase, sale or other transfer of our equity securities in violation of the restrictions of the order is null and void ab initio as an act in violation of a Bankruptcy Court order and would therefore confer no rights on a proposed transferee. Costs of Reorganizat ion We have incurred and will continue to incur significant costs associated with our reorganization and the chapter 11 proceedings. We expect these costs, which are being expensed as incurred, will significantly affect our results of operations. In addit ion, a non-cash charge to write-off the unamortized debt issuance costs related to our funded indebtedness is included in “Reorganization items, net” as these debt instruments are expected to be impacted by the bankruptcy reorganization process. For additi onal information about the costs of our reorganization and chapter 11 proceedings, see “Reorganization items, net” below. The following table summarizes the components included in Reorganization items, net in our Consolidated Statements of Operations for the three and six months ended June 30, 2016 : For the Three Months Ended For the Six Months Ended June 30, 2016 June 30, 2016 Professional fees(1) $ 3,582 $ 3,582 Deferred financing costs(2) 18,742 18,742 Other(3) (141) (141) Total Reorganization items, net $ 22,183 $ 22,183 (1) Non-cash item representing accrued, unpaid professional fees related directly to the chapter 11 filings for the quarter and six months ended June 30, 2016 . (2) A non-cash charge to write-off all of the unamortized debt issuance costs related to the unsecured Credit Agreement, unsecured Senior Notes issued by Ultra Resources, Inc., the unsecured 2018 Senior Notes issued by the Company and the unsecured 2024 Senior Notes issued by the Company is included in Reorganization items, net as t hese debt instruments are expected to be impacted by the bankruptcy reorganization process. (3) Cash interest income earned for the period after the Petition Date on excess cash over normal invested capital . Ability to Continue as a Going Concern The conde nsed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitm ents in the normal course of business. The condensed consolidated financial statements do not reflect any adjustments that might result from the outcome of our chapter 11 proceedings. We have significant indebtedness, all of which we have reclassified to l iabilities subject to compromise at June 30, 2016 . Our level of indebtedness has adversely impacted and is continuing to adversely impact our financial condition. As a result of our financial condition, the defaults under our debt agreements, and the risks and uncertainties surrounding our chapter 11 proceedings, substantial doubt exists that we will be able to continue as a going concern .

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2016
Significant Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	1. SIGNIFICANT ACCOUNTING POLICIES: The accompanying financial statements, other than the balance sheet data as of December 31, 2015 , are unaudited and were prepared from the Company’s records, but do not include all disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”). Balance sheet data as of December 31, 2015 was derived from the Company’s audited financial statements. The Company’s management believes that these financial statements include all adjustments necessary for a fair presentation of the Company’s financial position and results of operations. All adjustments are of a normal and recurring nature unless specifically noted. The Company prepared these statements on a basis consistent with the Company’s annual au dited statements and Regulation S-X. Regulation S-X allows the Company to omit some of the footnote and policy disclosures required by generally accepted accounting principles and normally included in annual reports on Form 10-K. You should read these inte rim financial statements together with the financial statements, summary of significant accounting policies and notes to the Company’s most recent annual report on Form 10-K. Basis of presentation and principles of consolidation: The consolidated financi al statements include the accounts of the Company and its wholly owned subsidiaries. The Company presents its financial statements in accordance with U.S. GAAP. All inter-company transactions and balances have been eliminated upon consolidation. (a) Cash and Cash Equivalents: The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. (b) Restricted Cash: Restricted cash represents cash received by the Company from production sold where t he final division of ownership of the production is unknown or in dispute. (c) Accounts Receivable: Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for uncollectible accounts. The carrying amount of the Company’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables. (d) Property, Plant and Equipment: Capital assets a re recorded at cost and depreciated using the declining-balance method based on their respective useful life. ( e ) Oil and N atural G as P roperties: The Company uses the full cost method of accounting for exploration and development activities as defined by the Securities and Exchange Commission (“SEC”) Release No. 33-8995, Modernization of Oil and Gas Reporting Requirements (“SEC Release No. 33-8995”) and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 932, Extr active Activities – Oil and Gas (“FASB ASC 932”) . Under this method of accounting, the costs of unsuccessful, as well as successful, exploration and development activities are capitalized as oil and gas properties. This includes any internal costs that are directly related to exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. The carrying amount of oil and natural gas properties also includes estimated asset retireme nt costs recorded based on the fair value of the asset retirement obligation when incurred. Gain or loss on the sale or other disposition of oil and natural gas properties is not recognized, unless the gain or loss would significantly alter the relationshi p between capitalized costs and proved reserves of oil and natural gas attributable to a country. The sum of net capitalized costs and estimated future development costs of oil and natural gas properties are amortized using the units-of-production method based on the Company’s proved reserves. Oil and natural gas reserves and production are converted into equivalent units based on relative energy content. Asset retirement costs are included in the base costs for calculating depletion. Under the full cos t method, costs of unevaluated properties and major development projects expected to require significant future costs may be excluded from capitalized costs being amortized. The Company excludes significant costs until proved reserves are found or until it is determined that the costs are impaired. The Company reviews its unproved leasehold costs quarterly or when management determines that events or circumstances indicate that the recorded carrying value of the unevaluated properties may not be recoverable . The fair values of unproved properties are evaluated utilizing a discounted net cash flows model based on management’s assumptions of future oil and gas production, commodity prices, operating and development costs; as well as appropriate discount rates. The estimated prices used in the cash flow analysis are determined by management based on forward price curves for the related commodities, adjusted for average historical location and quality differentials. Estimates of cash flows related to probable and possible reserves are reduced by additional risk-weighting factors. The amount of any impairment is transferred to the capitalized costs being amortized. Companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basis, uti lizing the average of prices in effect on the first day of the month for the preceding twelve month period in accordance with SEC Release No. 33-8995. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues attribu table to proved crude oil and natural gas reserves discounted at 10%, plus the lower of cost or market value of unproved properties, less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depletion, depreciation and amortization (“DD&A”) rate in future periods. A write-down may not be reversed i n future periods even though higher oil and natural gas prices may subsequently increase the ceiling. The Company did not incur a ceiling test write-down for the six months ended June 30, 2016 or 2015 . (f) Deferred Financing Costs: During the quarter ended Ju ne 30, 2016, a non-cash charge to write-off all of the unamortized debt issuance costs related to the unsecured Credit Agreement, unsecured Senior Notes issued by Ultra Resources, Inc., the unsecured 2018 Senior Notes issued by the Company and the unsecure d 2024 Senior Notes issued by the Company is included in Reorganization items, net in the accompanying Consolidated Statements of Operations as these debt instruments are expected to be impacted by the bankruptcy reorganization process. At December 31, 201 5, other current assets includes costs associated with the issuance of our revolving credit facility while costs associated with the issuance of our Senior Notes, 2018 Notes and 2024 Notes are presented as a direct deduction from the carrying amount of the related debt liability . (g) Derivative Instruments and Hedging Activities: The Company follows FASB ASC Topic 815, Derivatives and Hedging (“FASB ASC 815”). The Company records the fair value of its commodity derivatives as an asset or liability in the Consolidated Balance Sheets, and records the changes in the fair value of it s commodity derivatives in the Consolidated Statements of Operations. The Company does not offset the value of its derivative arrangements with the same counterparty. (See Note 6). (h) Income Taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operati ng loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on defe rred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria described in FASB ASC Topic 740, Income Taxes. In addition, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. ( i ) Earnings P er Share: Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed by adjusting the average num ber of common shares outstanding for the dilutive effect, if any, of common stock equivalents. The Company uses the treasury stock method to determine the dilutive effect. Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 (Share amounts in 000's) Net income (loss) $ 14,002 $ (24,673) $ (7,832) $ 518 Weighted average common shares outstanding - basic 153,389 153,218 153,355 153,130 Effect of dilutive instruments 635 - - 1,607 Weighted average common shares outstanding - diluted 154,024 153,218 153,355 154,737 Net income (loss) per common share - basic $ 0.09 $ (0.16) $ (0.05) $ - Net income (loss) per common share - diluted $ 0.09 $ (0.16) $ (0.05) $ - Number of shares not included in dilutive earnings per share that would have been anti-dilutive because the exercise price was greater than the average market price of the common shares (1)(2) 1,437 - - 1,594 (1) Due to the net loss for the six months ended June 30, 2016, 1.5 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of net loss per share. (2) Due to the net loss for the three months ended June 30, 2015, 1.6 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of net loss per share. (j) Use of Estimates: Preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (k) Accounting for Share-Based Compensation: The Company measures and r ecognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, based on estimated fair values in accordance with FASB ASC Topic 718, Compensation – Stock Compensation. (l) Fair Value Ac counting: The Company follows FASB ASC Topic 820, Fair Value Measurements and Disclosures (“FASB ASC 820”), which defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. This statement applies under other accounting topics that require or permit fair value measurements. See Note 7 for additional information. (m) Asset Retirement Obligation: The initial estimated retirement obligation of properties is recognized as a liabi lity with an associated increase in oil and gas properties for the asset retirement cost. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated asset retirement obligation changes, an a djustment is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, changes in service and equipment costs and changes in the estimated timi ng of settling asset retirement obligations. As a full cost company, settlements for asset retirement obligations for abandonment are adjusted to the full cost pool. The asset retirement obligation is included within other long-term obligations in the acc ompanying Consolidated Balance Sheets. (n) Revenue Recognition: The Company generally sells oil and natural gas under both long-term and short-term agreements at prevailing market prices. The Company recognizes revenues when the oil and natural gas is delivered, which occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectability is reasonably assured. The Company accounts for oil and natural gas sales using the “entitleme nts method.” Under the entitlements method, revenue is recorded based upon the Company’s ownership share of volumes sold, regardless of whether it has taken its ownership share of such volumes. Any amount received in excess of the Company’s share is treate d as a liability. If the Company receives less than its entitled share, the underproduction is recorded as a receivable. Make-up provisions and ultimate settlements of volume imbalances are generally governed by agreements between the Company and its part ners with respect to specific properties or, in the absence of such agreements, through negotiation. The value of volumes over- or under-produced can change based on changes in commodity prices. The Company prefers the entitlements method of accounting for oil and natural gas sales because it allows for recognition of revenue based on its actual share of jointly owned production, results in better matching of revenue with related operating expenses, and provides balance sheet recognition of the estimated va lue of product imbalances. The Company’s imbalance obligations as of June 30, 2016 and December 31, 2015 were immaterial. (o) Capitalized Interest: Interest is capitalized on the cost of unevaluated gas and oil properties that are excluded from amortization and actively being evaluated, if any. (p) Reclassifications: Certain amounts in the financial statements of prior periods have been reclassified to conform to the current period financial statement presentation. (q) Capital Cost Accrual: Th e Company accrues for exploration and development costs in the period incurred, while payment may occur in a subsequent period. (r) Deposits and Retainers : Deposits and retainers primarily consists of payments related to surety bonds. (s) Recent Accounti ng Pronouncements not yet Adopted: In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU No. 2016-09”) to simplify some of the provisions in stock compensation accounting. The update simplifies the accounting for a stock payment’s tax consequences and amends how excess tax benefits and a business’s payments to cover the tax bills for the shares’ recipients should be classified. T he amendments allow companies to estimate the number of stock awards expected to vest and revises the withholding requirements for classifying stock awards as equity. For public companies, the standard will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 with earlier application permitted. The Company is still evaluating the impact of ASU No. 2016-09 on its financial position and results of operations . In February 2016, the FASB issued ASU 2016 -02, Leases (“ASU No. 2016-02”). The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU will also require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. For public companies, the standard will take e ffect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 with earlier application permitted. The Company is still evaluating the impact of ASU No. 2016-02 on its financial position and results of operations . In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU No. 2015-11”). Public companies will have to apply the amendments for reporting periods that start after December 15, 2016, including interim periods within those fiscal years. This ASU requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The company does not expect the adoption of ASU No. 2015-11 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Sub topic 835-30)—Simplifying the Presentation of Debt Issuance Costs. In August 2015, the FASB issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30)—Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . These ASUs require capitalized debt issuance costs, except for those related to revolving credit facilities, to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than as an asset. The Company adopted these ASUs on January 1, 2016, using a retrospective approach. The adoption resulted in a reclassification that reduced current assets and current maturities of long-term debt by $ 19.4 million on the Company’s Consolidated Balan ce Sheet at December 31, 2015. A non-cash charge to write-off all of the unamortized debt issuance costs is included in Reorganization items, net at June 30, 2016 as the related debt instruments are expected to be impacted by the bankruptcy reorganization process. The FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , and ASU 2016-10, Revenue s from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which supersede the revenue recognition requirements in Topic 605, Revenue Recognition , and industry-specific guidance in Subtopic 932-605, Extractive Activitie s-Oil and Gas-Revenue Recognition and require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services . The Company is required to adopt the new standards in the first quarter of 2018 using one of two retrospective application methods. The Company is continuing to evaluate the provisions of these ASUs, and has not determined the impact these standards may have on its consolidated financial statements and related disclosures or decided upon the method of adoption . In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”) that requires management to evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the financial statements are issued on both an i nterim and annual basis. Management is required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. ASU No. 2014-15 becomes effective for annual periods beginning after December 15, 2016 and for interim reporting periods thereafter. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Oil and Gas Properties and Equi

Oil and Gas Properties and Equipment	6 Months Ended
Oil and Gas Properties and Equipment	Jun. 30, 2016
Oil And Gas Properties And Equipment [Abstract]
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	2. OIL AND GAS PROPERTIES AND EQUIPMENT: June 30, December 31, 2016 2015 Proven Properties: Acquisition, equipment, exploration, drilling and abandonment costs $ 10,603,494 $ 10,480,165 Less: Accumulated depletion, depreciation and amortization (9,685,225) (9,629,020) 918,269 851,145

Long Term Liabilities

Long Term Liabilities	6 Months Ended
Long Term Liabilities	Jun. 30, 2016
Long Term Liabilities [Abstract]
Long-term Debt [Text Block]	3. DEBT AND OTHER LONG-TERM OBLIGATIONS: June 30, December 31, 2016 2015 Total Debt: 6.125% Senior Notes due 2024 $ 850,000 $ 850,000 5.75% Senior Notes due 2018 450,000 450,000 Senior Notes issued by Ultra Resources, Inc. 1,460,000 1,460,000 Credit Agreement 999,000 630,000 Total current portion of long-term debt 3,759,000 3,390,000 Less: Deferred financing costs(1) - (19,447) Less: Liabilities subject to compromise(2) (See Note 1) (3,759,000) - Total current portion of long-term debt not subject to compromise - 3,370,553 Other long-term obligations: Other long-term obligations $ 167,954 $ 165,784 (1) A non-cash charge to write-off all of the unamortized debt issuance costs related to the unsecured Credit Agreement, unsecured Senior Notes issued by Ultra Resources, Inc., the unsecured 2018 Senior Notes issued by the Company and the unsecured 2024 Senior Notes issued by the Company is included in Reorganization items, net in the Consolidated Statements of Operations as these debt instruments are expected to be impacted by the bankruptcy reorganization process. (2) We have significant indebtedness , all of w hich we have reclassified to liabilities subject to compromise at June 30, 2016 in the Consolidated Balance Sheets. Our level of indebtedness has adversely impacted and is continuing to adversely impact our financial condition. As a result of our financial condition, the defaults under our debt agreements and the risks and uncertainties surrounding our chapter 11 proceedings, substantial doubt exists that we will be able to continue as a going concern. Ultra Resources, Inc. Bank indebtedness. Ultra Resour ces, Inc. (“Ultra Resources”), a wholly-owned subsidiary of the Company, is a party to the Credit Agreement. Ultra Resources’ obligations under the Credit Agreement are guaranteed by the Company and UP Energy Corporation, a wholly-owned subsidiary of the C ompany. Ultra Resources’ filing of the chapter 11 petitions described in Note 1 constituted an event of default that accelerated the obligations under the Credit Agreement . Other events of default are also present with respect to the Credit Agreement, including a failure to make interest payments and, as described below, a failure to deliver annual audited consolidated financial statements without a going concern qualification, a failure to meet the minimum PV-9 ratio covenant and a failure to comply w ith the consolidated leverage covenant in the Credit Agreement at the end of the first quarter of 2016. Prior to April 29, 2016, loans under the Credit Agreement bore interest, at the Borrower’s option, based on (A) a rate per annum equal to the prime ra te or the weighted average fed funds rate on overnight transactions during the preceding business day plus a margin based on a grid of the Borrower’s consolidated leverage ratio, or (B) a base Eurodollar rate, substantially equal to the LIBOR rate, plus a margin based on a grid of the Borrower’s consolidated leverage ratio. The Credit Agreement requires us to deliver annual audited, consolidated financial statements for the Company without a “going concern” or like qualification or explanation. On March 15 , 2016, we delivered an audit report with respect to the financial statements in our 2015 Annual Report on Form 10-K that included an explanatory paragraph expressing uncertainty as to our ability to continue as a “going concern.” The Credit Agreement con tains a consolidated leverage covenant, pursuant to which Ultra Resources is required to maintain a maximum ratio of its total funded consolidated debt to its trailing four fiscal quarters’ EBITDAX of 3.5 to 1.0 . Based on Ultra Resources’ EBITDAX for the t railing four fiscal quarters ended March 31, 2016, we were not in compliance with this consolidated leverage covenant at March 31, 2016 (the ratio was 4.6 times at March 31, 2016). The Credit Agreement contains a PV-9 covenant, pursuant to which Ultra Re sources is required to maintain a minimum ratio of the discounted net present value of its oil and gas properties to its total funded consolidated debt of 1.5 times . We were required to report whether we were in compliance with this covenant on April 1, 20 16. Based on the PV-9 of Ultra Resources’ oil and gas properties at December 31, 2015, Ultra Resources failed to comply with the PV-9 ratio covenant under the Credit Agreement (the ratio was 0.9 times at December 31, 2015). Senior Notes . Ultra Resources has outstanding $1.46 billion of Senior Notes which were issued pursuant to a certain Master Note Purchase Agreement dated as of March 6, 2008 (as amended, supplemented or otherwise modified, the “MNPA”). The Ultra Resources’ Senior Notes rank pari passu w ith the Credit Agreement. Payment of the Senior Notes is guaranteed by the Company and by UP Energy Corporation. The Ultra Resources’ Senior Notes are subject to representations, warranties, covenants and events of default similar to those in the Credit Ag reement. Ultra Resources’ filing of the chapter 11 petitions described in Note 1 constituted an event of default that accelerated the obligations under the MNPA. Other events of default are also present with respect to the MNPA, including a failure to comply with the consolidated leverage covenant at the end of the first quarter of 2016 and a failure to make principal and interest payments due under the Ultra Resources’ Senior Notes . The MNPA contains a consolidated leverage covenant, pursuant to which Ultra Resources is required to maintain a maximum ratio of its total funded consolidated debt to its trailing four fiscal quarters’ EBITDAX of 3.5 to 1.0 . Based on Ultra Resources’ EBITDAX for the trailing four fiscal quarters ended March 31, 2016, we were not in compliance with this consolidated leverage covenant at March 31, 2016 (the ratio was 4.6 times at March 31, 2016). On March 1, 2016, we failed to make an interest payment of approximately $ 40.0 million and a principal payment of $ 62.0 million, each of which was due March 1, 2016 under the terms of the Ultra Resources’ Senior Notes. We entered into a forbearance agreement related to the failure to make these payments with the h olders of the Ultra Resources’ Senior Notes, and we filed the chapter 11 petitions without making the payments before the forbearance period expired. Interest Expense . No interest expense has been recognized with respect to the Credit Agreement or the Ultra Resources’ Senior Notes subsequent to the Petition Date. Ultra Petroleum Corp. Senior Notes The Company’s filing of the chapter 11 petitions described in Note 1 constituted an event of default that accelerated the Company’s obligations under the 2024 Notes and the 2018 Notes (defined below). Additionally, other events of default, including cross-defaults, are present due to the failure to make interest payments and other matters. Under the Bankruptcy Code, the creditors under the 2024 Notes and the 2018 Notes (defined below) are stayed from taking any actio n against the Debtors as a result of the default. Senior Notes due 2024 : On September 18, 2014, the Company issued $850.0 million of 6.125% Senior Notes due 2024 (“2024 Notes”). The 2024 Notes are general, unsecured senior obligations of the Company and mature on October 1, 2024. The 2024 Notes rank equally in right of payment to all existing and future senior indebtedness of the Company and effectively rank junior to all future secured indebtedness of the Company (to the extent of the value of the collateral securing such indebtedness). The 2024 Notes are not guaranteed by the Company’s subsidiaries and, as a result, are structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries. The 2024 Notes are subj ect to covenants that restrict the Company’s ability to incur indebtedness, make distributions and other restricted payments, grant liens, use the proceeds of asset sales, make investments and engage in affiliate transactions. Interest due under the 2024 Notes is payable each April 1 and October 1. On April 1, 2016, we elected to defer making an interest payment on the 2024 Notes of approximately $26.0 million due April 1, 2016. The indenture governing the 2024 Notes provides a 30-day grace period for us t o make this interest payment. We did not make this interest payment before the end of the grace period, which resulted in an event of default under the indenture governing the 2024 Notes. Senior Notes due 2018 : On December 12, 2013, the Company issued $ 450.0 million of 5.75% Senior Notes due 2018 (“2018 Notes”). The 2018 Notes are general, unsecured senior obligations of the Company and mature on December 15, 2018. The 2018 Notes rank equally in right of payment to all existing and future senior indebt edness of the Company and effectively rank junior to all future secured indebtedness of the Company (to the extent of the value of the collateral securing such indebtedness). The 2018 Notes are not guaranteed by the Company’s subsidiaries and, as a result , are structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries. The 2018 Notes are subject to covenants that restrict the Company’s ability to incur indebtedness, make distributions and other restricted payments, gr ant liens, use the proceeds of asset sales, make investments and engage in affiliate transactions. Interest due under the 2018 Notes is payable each June 15 and December 15 . The Company’s filing of the chapter 11 petitions described in Note 1 constitut ed an event of default that accelerated the Company’s obligations under the 2024 Notes and the 2018 Notes. Additionally, other events of default, including cross-defaults resulting from the acceleration of indebtedness outstanding under the Credit Agreeme nt and the Ultra Resources’ Senior Notes, are present due to the failure to make interest payments and other matters. Under the Bankruptcy Code, the creditors under the 2024 Notes and the 2018 Notes are stayed from taking any action against the Debtors as a result of the bankruptcy filing. Interest Expense . No interest expense has been recognized with respect to the 2024 Notes or the 2018 Notes subsequent to the Petition Date. Other long-term obligations: These costs primarily relate to the long-term po rtion of production taxes payable and asset retirement obligations.

Share Based Compensation

Share Based Compensation	6 Months Ended
Share Based Compensation	Jun. 30, 2016
Stock Based Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	4. SHARE BASED COMPENSATION: Valuation and Expense Information Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Total cost of share-based payment plans $ 1,322 $ 1,314 $ 4,050 $ 4,284 Amounts capitalized in oil and gas properties and equipment $ 415 $ 478 $ 1,346 $ 1,455 Amounts charged against income, before income tax benefit $ 907 $ 836 $ 2,704 $ 2,829 Amount of related income tax benefit recognized in income before valuation allowance $ 361 $ 349 $ 1,076 $ 1,183 Changes in Stock Options and Stock Options Outstanding The following table summarizes the changes in stock options for the six months ended June 30, 2016 and the year ended December 31, 2015 : Weighted Number of Average Options Exercise Price (000's) (US Dollars) Balance, December 31, 2014 690 $ 25.68 to $ 98.87 Expired or forfeited (171) $ 25.68 to $ 75.18 Balance, December 31, 2015 519 $ 49.05 to $ 98.87 Expired or forfeited (109) $ 50.48 to $ 75.18 Balance, June 30, 2016 410 $ 49.05 to $ 98.87 Performance Share Plans : Long Term Incentive Plans. The Company offers a Long Term Incentive Plan (“LTIP”) in order to further align the interests of key employees with shareholders and to give key employees the opportunity to share in the long-term performance of the Company when specific corporate financial and operational goals are achieved. Each LTIP covers a performance period of three years. Under each LTIP, the Compensation Committee establishes a percentage of base salary for each participant that is multiplied by the participant’s base salary at the beginning of th e performance period and individual performance level to derive a Long Term Incentive Value as a “target” value. This “target” value corresponds to the number of shares of the Company’s common stock the participant is eligible to receive if the participant is employed by the Company through the date the award vests and if the target level for all performance measures are met. In addition, each participant is assigned threshold and maximum award levels in the event the Company’s actual performance is below o r above the target levels. Time-Based Measure and Performance-Based Measures . For each LTIP award, the Committee establishes time-based and performance-based measures at the beginning of each three-year performance period. For the LTIP awards in 2015 and 2014 , the Committee established the following performance -based measures: return on capital employed, debt level, and reserve replacement ratio. The fair value of the time-based and performance-based component of the LTIP award is based on the av erage high and low market price of the Company’s common stock on the date of award. Market-Based Measure . LTIP awards granted to officers during 2015 and 2014 , include a n additional performance metric, Total Shareholder Return. The grant-date fair value related to the market-based condition was calculated using a Monte Carlo simulation . Valuation Assumptions The Company estimates the fair value of the market condition related to the LTIP awards on the date of grant using a Monte Carlo simulation with the following assumptions: 2015 LTIP 2014 LTIP Volatility of common stock 40.1% 39.0% Average volatility of peer companies 46.5% n/a Average correlation coefficient of peer companies 0.454 n/a Risk-free interest rate 1.02% 0.66% Stock-Based Compensation Cost : For the six months ended June 30, 2016 , the Company recognized $2.2 million in pre-tax compensation expense related to the 2014 and 2015 LTIP awards of restricted stock units as compared to $2.3 million during the six months ended June 30, 2015 related to the 2013 , 2014 and 2015 LTIP awards of restricted stock units. The amounts recognized during the six months ended June 30, 2016 assume tha t performance objectives between less than threshold and up to maximum are attained for the 2014 and 2015 LTIP plans. If the Company ultimately attains these performance objectives, the associated total compensation, estimated at June 30, 2016 , for e ach of the three year performance periods is expected to be approximately $9.4 million and $10.2 million related to the 2014 and 2015 LTIP awards of restricted stock units, respectively. Based on the Company’s achievement r elative to the 2013 LTIP’s performance-based measures, and based on the continued employment with the Company by those participants who received a payment in connection with the 2013 LTIP relative to the 2013 LTIP’s time-based measures, during the first qu arter of 2016 the Compensation Committee approved payment of the 2013 LTIP. This was the first payment of an LTIP since our LTIPs were modified in 2013 to include time-based and performance-based measures. As such, the Compensation Committee elected to pay the time-based portion of the LTIP awards in cash at the award value and the performance-based portion of the LTIP awards in shares of our common stock. The 2013 LTIP award of restricted stock units was paid in shares of the Company’s stock to employe es during the first quarter of 2016 and totaled $3.8 million ( 132,843 net shares).

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2016
Income Taxes [Abstract]
Income Tax Disclosure [Text Block]	5. INCOME TAXES: The Company’s overall effective tax rate on pre-tax income was different than the statutory rate of 35% due primarily to valuation allowances . The Company has recorded a valuation allowance against all deferred tax assets as of June 30, 2016 . Some or all of this valuation allowance may be reversed in future periods against future income. T he Company adopted ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , on a prospective basis in 2015. As a result, the deferred tax assets and liabilities are classified as long-term in the Consolidated Balance Sheets as of June 30, 2016 and Dec ember 31, 2015.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2016
Derivative Financial Instruments [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. DERIVATIVE FINANCIAL INSTRUMENTS: Objectives and Strategy: The Company’s major market risk exposure is in the pricing applicable to its natural gas and oil production. Realized pricing is currently driven primarily by the prevailing price for the Company’s natural gas production. Historically, prices received for natural gas production have been volatile and unpredictable. Pricing volatility is expected to continue. As a result of its hedging activities, the Company may realize prices that are less than or greater than the spot prices that it would have received otherwise. The Company relies on various types of derivative instruments to manage its exposure to commodity price risk and to provide a level of certainty in the Company’s forward cas h flows supporting the Company’s capital investment program. The Company’s hedging policy limits the amounts of resources hedged to not more than 50% of its forecast production without Board approval. Fair Value of Commodity Derivatives: FASB ASC 815 re quires that all derivatives be recognized on the Consolidated Balance Sheets as either an asset or liability and be measured at fair value. Changes in the derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteri a are met. The Company does not apply hedge accounting to any of its derivative instruments. Derivative contracts that do not qualify for hedge accounting treatment are recorded as derivative assets and liabilities at fair value on the Consolidated Balan ce Sheets and the associated unrealized gains and losses are recorded as current income or expense in the Consolidated Statements of Operations. Unrealized gains or losses on commodity derivatives represent the non-cash change in the fair value of these de rivative instruments and do not impact operating cash flows on the cash flow statement. Commodity Derivative Contracts: At June 30, 2016 , the Company had no open commodity derivative contracts to manage price risk on a portion of its production. The following table summarizes the pre-tax realized and unrealized (loss) gain the Company recognized related to its derivative instruments in the Consolidated Statements of Operations for the periods ended June 30, 2016 and 2015 : For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives : 2016 2015 2016 2015 Realized gain on commodity derivatives-natural gas (1) $ - $ 52,625 $ - $ 81,984 Unrealized loss on commodity derivatives (1) - (56,271) - (48,765) Total (loss) gain on commodity derivatives $ - $ (3,646) $ - $ 33,219 (1) Included in (loss) gain on commodity derivatives in the Consolidated Statements of Operations. The realized gain or loss on commodity derivatives relates to actual amounts received or paid or to be received or paid under the Company’s derivative contracts and t he unrealized gain or loss on commodity derivatives represents the change in the fair value of these derivative instruments over the remaining term of the contract.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2016
Fair Value Disclosure [Abstract]
Fair Value Disclosures [Text Block]	7. FAIR VALUE MEASUREMENTS: As required by FASB ASC 820, the Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three level hierarchy for measuring fair value. Fair value meas urements are classified and disclosed in one of the following categories: Level 1 : Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date. Level 2 : Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilit ies in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded d erivatives such as over-the-counter forwards and swaps. Level 3 : Unobservable inputs for the asset or liability, including situations where there is little, if a ny, market activity for the asset or liability . Fair Value of Financial Instruments The estimated fair value of financial instruments is the estimated amount at which the instrument could be exchanged currently between willing parties. The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivale nts, restricted cash, accounts receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. The Company uses available market data and valuation methodologies to estimate the fair value of its debt. The valuation assumptions utilized to measure the fair value of the Company’s debt are considered Level 2 inputs. This disclosure is pres ented in accordance with FASB ASC Topic 825, Financial Instruments, and does not impact the Company’s fi nancial position, results of operations or cash flows. June 30, 2016(1) December 31, 2015 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value 7.31% Notes due March 2016, issued 2009 62,000 64,266 62,000 63,604 4.98% Notes due January 2017, issued 2010 116,000 118,847 116,000 113,420 5.92% Notes due March 2018, issued 2008 200,000 197,986 200,000 191,985 5.75% Notes due December 2018, issued 2013 450,000 338,389 450,000 111,451 7.77% Notes due March 2019, issued 2009 173,000 174,427 173,000 174,488 5.50% Notes due January 2020, issued 2010 207,000 203,506 207,000 185,052 4.51% Notes due October 2020, issued 2010 315,000 304,357 315,000 258,520 5.60% Notes due January 2022, issued 2010 87,000 82,668 87,000 73,034 4.66% Notes due October 2022, issued 2010 35,000 33,770 35,000 25,558 6.125% Notes due October 2024, issued 2014 850,000 644,815 850,000 206,321 5.85% Notes due January 2025, issued 2010 90,000 82,405 90,000 70,756 4.91% Notes due October 2025, issued 2010 175,000 169,295 175,000 115,911 Credit Facility due October 2016 999,000 999,000 630,000 630,000 $ 3,759,000 $ 3,413,731 $ 3,390,000 $ 2,220,100 (1) At June 30, 2016 , the debt included in the table above is a component of liabilities subject to compromise in our Consolidated Balance Sheets. See Note 1.

Legal Proceedings

Legal Proceedings	6 Months Ended
Legal Proceedings	Jun. 30, 2016
Disclosure Legal Proceedings [Abstract]
Legal Proceedings [Text Block]	8. COMMITMENTS AND CONTINGENCIES: The commencement of the chapter 11 proceedings automatically stayed certain actions against the Company, including actions to collect prepetition liabilities or to exercise control over the property of the Company’s bankruptcy estates, and the Company has obtained from the Bankruptcy Court authority to pay certain prepetition claims in the ordinary course of business notwithstanding the commencement of the chapte r 11 proceedings. A future plan of reorganization in the chapter 11 proceedings, when confirmed, will provide for the treatment of claims against the Company’s bankruptcy estates, including prepetition liabilities that have not otherwise been satisfied or addressed during the chapter 11 proceedings. Rockies Express Pipeline On February 26, 2016, we received a letter from Sempra Rockies Marketing, LLC (“Sempra”) alleging that we were in breach of our Capacity Release Agreement, dated March 5, 2009 (the “Ca pacity Agreement”), resulting from nonpayment of fees for transportation service and notifying us that Sempra was authorized to recall the capacity released to us under the Capacity Agreement and to pursue any claims for damages or other remedies to which Sempra was entitled. On March 8, 2016, we received a letter from Sempra notifying us that Sempra was exercising its alleged right to permanently recall the 50,000 MMBtu/day of capacity on the Rockies Express Pipeline pursuant to the Capacity Agreement and that the recall would be effective as of March 9, 2016. The Company is not able to determine the likelihood of any potential outcome related to the alleged breach or, if and when resolved, whether such amounts, if any, would be material. On April 4, 2016, we received a demand for payment and notice of enforcement from Rockies Express Pipeline LLC (“Rockies Express”) in connection with the transportation agreement related to the Rockies Express Pipeline, pursuant to which Rockies Express demanded payment fr om us of $ 303.2 million by April 20, 2016 . On April 14, 2016, Rockies Express filed a lawsuit against us in Harris County, Texas alleging breach of contract and seeking damages related to the alleged breach. We intend to defend this lawsuit vigorously. Ou r estimate of the potential exposure ranges from approximately $ 19.0 million , which represents accrued, unpaid invoices during the first quarter prior to contract termination, to $ 303.2 million related to this matter, which excludes potential interest, cou rt costs and attorney fees . Rockies Express is a member of our official c ommittee of unsecured creditors. We anticipate Rockie s Express’ claims will be resolved through our chapter 11 proceedings . Royalties On April 19, 2016, the Company received a preliminary determination notice from the Office of Natural Resources Revenue (“ONRR”) asserting that the Company’s allocation of certain processing costs and plant fuel use at certain processing plants were impermissibly charged as deductions in the deter mination of royalties owed under Federal oil and gas leases. Earlier this month, the Company responded to the preliminary determination asserting the reasonableness of its allocation methodology of such costs, noting several matters we believed should hav e been considered in the preliminary determination notice. The ONRR unbundling review could ultimately result in an order for payment of additional royalties under the Company’s Federal oil and gas leases for current and prior periods. The Company is not able to determine the likelihood or range of any additional royalties or, if and when assessed, whether such amounts would be material . Oil Sales Contract On April 29, 2016, the Company received a letter from counsel to Sunoco Partners Marketing & Termi nals L.P. (“SPMT”) asserting that (1) the Company had breached, by anticipatory repudiation, a contract for the purchase and sale of crude oil between Ultra Resources and SPMT and (2) the contract was terminated. In the letter, SPMT demanded payment for da mages resulting from the breach in the amount of $ 38.6 million. We dispute SPMT’s positions in the letter, and we intend to defend ourselves against their allegations vigorously. At this time, we are not able to determine the likelihood or range of damages owed to SPMT, if any, or, if and when such amounts are assessed, whether such amounts would be material . SPMT is a member of our official committee of unsecured creditors. We anticipate SPMT’s claims will be resolved through our chapter 11 proceedings. O ther Claims The Company is currently involved in various routine disputes and allegations incidental to its business operations. While it is not possible to determine the ultimate disposition of these matters, the Company believes that the resolution of all such pending or threatened litigation is not likely to have a material adverse effect on the Company’s financial position or results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2016
Subsequent Events [Abstract]
Schedule of Subsequent Events [Text Block]	9. SUBSEQUENT EVENTS: The Company has evaluated the period subsequent to June 30, 2016 for events that did not exist at the balance sheet date but arose after that date and determined that no subsequent events arose that should be disclosed in order to keep the financial statements from being misleading .

Supplemental Financial Statemen

Supplemental Financial Statement Information	6 Months Ended
Supplemental Financial Statement Information	Jun. 30, 2016
Supplemental Financial Statement Information [Abstract]
Condensed Financial Information Of Parent Company Only Disclosure [Text Block]	10. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION: The following are the financial statements of Ultra Petroleum Corp. (the “Parent Company”), which are included to provide additional information with respect to the Parent Company’s results of operations, financial position and cash flows on a stand-alone basis: CONDENSED STATEMENT OF OPERATIONS For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 General and administrative expense $ 2 $ 72 $ 61 $ 172 Other income (expense): Interest expense (excludes contractual interest expense of $13.4 million for the three and six months ended June 30, 2016) (6,323) (20,267) (26,590) (40,534) Income (loss) from unconsolidated affiliates 101,028 (10,474) 93,035 27,245 Guarantee fee income - 5,752 6,073 11,455 Other (expense) income (65,051) 120 (64,829) 206 Reorganization items, net (15,739) - (15,739) - Income (loss) before income tax benefit 13,913 (24,941) (8,111) (1,800) Income tax benefit (89) (268) (279) (2,318) Net income (loss) $ 14,002 $ (24,673) $ (7,832) $ 518 CONDENSED BALANCE SHEET June 30, December 31, 2016 2015 ASSETS Current Assets: Cash and cash equivalents $ 534 $ 523 Accounts receivable 29,939 64,542 Other current assets 5,468 5,150 Total current assets 35,941 70,215 Other non-current assets - 24,197 Total assets $ 35,941 $ 94,412 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ - $ 1,283,232 Interest payable - 14,166 Accrued and other current liabilities 533 - Total current liabilities 533 1,297,398 Advances from unconsolidated affiliates 1,691,720 1,788,951 Total liabilities not subject to compromise 1,692,253 3,086,349 Liabilities subject to compromise 1,339,712 - Total shareholders' deficit (2,996,024) (2,991,937) Total liabilities and shareholders' equity $ 35,941 $ 94,412 CONDENSED STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2016 2015 Net cash (used in) operating activities $ (23,619) $ (52,797) Investing Activities: Dividends received 24,089 48,413 Net cash provided by investing activities 24,089 48,413 Financing Activities: Shares re-issued from treasury (365) 4,670 Deferred financing costs - 6 Net share settlements (94) - Net cash (used in) provided by financing activities (459) 4,676 Increase in cash during the period 11 292 Cash and cash equivalents, beginning of period 523 772 Cash and cash equivalents, end of period $ 534 $ 1,064

Significant Accounting Polici17

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2016
Statement Significant Accounting Policies [Abstract]
Cash and Cash Equivalents [Policy Text Block]	(a) Cash and Cash Equivalents: The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Restricted Cash [Policy Text Block]	(b) Restricted Cash: Restricted cash represents cash received by the Company from production sold where t he final division of ownership of the production is unknown or in dispute.
Accounts Receivable [Policy Text Block]	(c) Accounts Receivable: Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for uncollectible accounts. The carrying amount of the Company’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables.
Property, Plant and Equipment [Policy Text Block]	(d) Property, Plant and Equipment: Capital assets a re recorded at cost and depreciated using the declining-balance method based on their respective useful life.
Oil And Natural Gas Properties [Policy Text Block]	( e ) Oil and N atural G as P roperties: The Company uses the full cost method of accounting for exploration and development activities as defined by the Securities and Exchange Commission (“SEC”) Release No. 33-8995, Modernization of Oil and Gas Reporting Requirements (“SEC Release No. 33-8995”) and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 932, Extr active Activities – Oil and Gas (“FASB ASC 932”) . Under this method of accounting, the costs of unsuccessful, as well as successful, exploration and development activities are capitalized as oil and gas properties. This includes any internal costs that are directly related to exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. The carrying amount of oil and natural gas properties also includes estimated asset retireme nt costs recorded based on the fair value of the asset retirement obligation when incurred. Gain or loss on the sale or other disposition of oil and natural gas properties is not recognized, unless the gain or loss would significantly alter the relationshi p between capitalized costs and proved reserves of oil and natural gas attributable to a country. The sum of net capitalized costs and estimated future development costs of oil and natural gas properties are amortized using the units-of-production method based on the Company’s proved reserves. Oil and natural gas reserves and production are converted into equivalent units based on relative energy content. Asset retirement costs are included in the base costs for calculating depletion. Under the full cos t method, costs of unevaluated properties and major development projects expected to require significant future costs may be excluded from capitalized costs being amortized. The Company excludes significant costs until proved reserves are found or until it is determined that the costs are impaired. The Company reviews its unproved leasehold costs quarterly or when management determines that events or circumstances indicate that the recorded carrying value of the unevaluated properties may not be recoverable . The fair values of unproved properties are evaluated utilizing a discounted net cash flows model based on management’s assumptions of future oil and gas production, commodity prices, operating and development costs; as well as appropriate discount rates. The estimated prices used in the cash flow analysis are determined by management based on forward price curves for the related commodities, adjusted for average historical location and quality differentials. Estimates of cash flows related to probable and possible reserves are reduced by additional risk-weighting factors. The amount of any impairment is transferred to the capitalized costs being amortized. Companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basis, uti lizing the average of prices in effect on the first day of the month for the preceding twelve month period in accordance with SEC Release No. 33-8995. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues attribu table to proved crude oil and natural gas reserves discounted at 10%, plus the lower of cost or market value of unproved properties, less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depletion, depreciation and amortization (“DD&A”) rate in future periods. A write-down may not be reversed i n future periods even though higher oil and natural gas prices may subsequently increase the ceiling. The Company did not incur a ceiling test write-down for the six months ended June 30, 2016 or 2015 .
Deferred Financing Costs [Policy Text Block]	(f) Deferred Financing Costs: During the quarter ended Ju ne 30, 2016, a non-cash charge to write-off all of the unamortized debt issuance costs related to the unsecured Credit Agreement, unsecured Senior Notes issued by Ultra Resources, Inc., the unsecured 2018 Senior Notes issued by the Company and the unsecure d 2024 Senior Notes issued by the Company is included in Reorganization items, net in the accompanying Consolidated Statements of Operations as these debt instruments are expected to be impacted by the bankruptcy reorganization process. At December 31, 201 5, other current assets includes costs associated with the issuance of our revolving credit facility while costs associated with the issuance of our Senior Notes, 2018 Notes and 2024 Notes are presented as a direct deduction from the carrying amount of the related debt liability .
Derivatives [Policy Text Block]	(g) Derivative Instruments and Hedging Activities: The Company follows FASB ASC Topic 815, Derivatives and Hedging (“FASB ASC 815”). The Company records the fair value of its commodity derivatives as an asset or liability in the Consolidated Balance Sheets, and records the changes in the fair value of it s commodity derivatives in the Consolidated Statements of Operations. The Company does not offset the value of its derivative arrangements with the same counterparty. (See Note 6).
Income Tax [Policy Text Block]	(h) Income Taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operati ng loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on defe rred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria described in FASB ASC Topic 740, Income Taxes. In addition, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit.
Earnings Per Share [Policy Text Block]	( i ) Earnings P er Share: Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed by adjusting the average num ber of common shares outstanding for the dilutive effect, if any, of common stock equivalents. The Company uses the treasury stock method to determine the dilutive effect. Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 (Share amounts in 000's) Net income (loss) $ 14,002 $ (24,673) $ (7,832) $ 518 Weighted average common shares outstanding - basic 153,389 153,218 153,355 153,130 Effect of dilutive instruments 635 - - 1,607 Weighted average common shares outstanding - diluted 154,024 153,218 153,355 154,737 Net income (loss) per common share - basic $ 0.09 $ (0.16) $ (0.05) $ - Net income (loss) per common share - diluted $ 0.09 $ (0.16) $ (0.05) $ - Number of shares not included in dilutive earnings per share that would have been anti-dilutive because the exercise price was greater than the average market price of the common shares (1)(2) 1,437 - - 1,594 (1) Due to the net loss for the six months ended June 30, 2016, 1.5 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of net loss per share. (2) Due to the net loss for the three months ended June 30, 2015, 1.6 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of net loss per share.
Use Of Estimates [Policy Text Block]	(j) Use of Estimates: Preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Compensation Related Costs [Policy Text Block]	(k) Accounting for Share-Based Compensation: The Company measures and r ecognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, based on estimated fair values in accordance with FASB ASC Topic 718, Compensation – Stock Compensation.
Fair Value Measurement [Policy Text Block]	(l) Fair Value Ac counting: The Company follows FASB ASC Topic 820, Fair Value Measurements and Disclosures (“FASB ASC 820”), which defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. This statement applies under other accounting topics that require or permit fair value measurements. See Note 7 for additional information.
Asset Retirement Obligations and Environmental Cost [Policy Text Block]	(m) Asset Retirement Obligation: The initial estimated retirement obligation of properties is recognized as a liabi lity with an associated increase in oil and gas properties for the asset retirement cost. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated asset retirement obligation changes, an a djustment is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, changes in service and equipment costs and changes in the estimated timi ng of settling asset retirement obligations. As a full cost company, settlements for asset retirement obligations for abandonment are adjusted to the full cost pool. The asset retirement obligation is included within other long-term obligations in the acc ompanying Consolidated Balance Sheets.
Revenue Recognition [Policy Text Block]	(n) Revenue Recognition: The Company generally sells oil and natural gas under both long-term and short-term agreements at prevailing market prices. The Company recognizes revenues when the oil and natural gas is delivered, which occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectability is reasonably assured. The Company accounts for oil and natural gas sales using the “entitleme nts method.” Under the entitlements method, revenue is recorded based upon the Company’s ownership share of volumes sold, regardless of whether it has taken its ownership share of such volumes. Any amount received in excess of the Company’s share is treate d as a liability. If the Company receives less than its entitled share, the underproduction is recorded as a receivable. Make-up provisions and ultimate settlements of volume imbalances are generally governed by agreements between the Company and its part ners with respect to specific properties or, in the absence of such agreements, through negotiation. The value of volumes over- or under-produced can change based on changes in commodity prices. The Company prefers the entitlements method of accounting for oil and natural gas sales because it allows for recognition of revenue based on its actual share of jointly owned production, results in better matching of revenue with related operating expenses, and provides balance sheet recognition of the estimated va lue of product imbalances. The Company’s imbalance obligations as of June 30, 2016 and December 31, 2015 were immaterial.
Interest Expense [Policy Text Block]	(o) Capitalized Interest: Interest is capitalized on the cost of unevaluated gas and oil properties that are excluded from amortization and actively being evaluated, if any.
Reclassifications [Policy Text Block]	(p) Reclassifications: Certain amounts in the financial statements of prior periods have been reclassified to conform to the current period financial statement presentation.
Capital Cost Accrual [Policy Text Block]	(q) Capital Cost Accrual: Th e Company accrues for exploration and development costs in the period incurred, while payment may occur in a subsequent period.
Deposits And Retainers [Policy Text Block]	(r) Deposits and Retainers : Deposits and retainers primarily consists of payments related to surety bonds.
Recent Accounting Pronouncements [Policy Text Block]	(s) Recent Accounti ng Pronouncements not yet Adopted: In March 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU No. 2016-09”) to simplify some of the provisions in stock compensation accounting. The update simplifies the accounting for a stock payment’s tax consequences and amends how excess tax benefits and a business’s payments to cover the tax bills for the shares’ recipients should be classified. T he amendments allow companies to estimate the number of stock awards expected to vest and revises the withholding requirements for classifying stock awards as equity. For public companies, the standard will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 with earlier application permitted. The Company is still evaluating the impact of ASU No. 2016-09 on its financial position and results of operations . In February 2016, the FASB issued ASU 2016 -02, Leases (“ASU No. 2016-02”). The guidance requires that lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU will also require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. For public companies, the standard will take e ffect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 with earlier application permitted. The Company is still evaluating the impact of ASU No. 2016-02 on its financial position and results of operations . In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU No. 2015-11”). Public companies will have to apply the amendments for reporting periods that start after December 15, 2016, including interim periods within those fiscal years. This ASU requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The company does not expect the adoption of ASU No. 2015-11 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Sub topic 835-30)—Simplifying the Presentation of Debt Issuance Costs. In August 2015, the FASB issued ASU 2015-15, Interest—Imputation of Interest (Subtopic 835-30)—Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . These ASUs require capitalized debt issuance costs, except for those related to revolving credit facilities, to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than as an asset. The Company adopted these ASUs on January 1, 2016, using a retrospective approach. The adoption resulted in a reclassification that reduced current assets and current maturities of long-term debt by $ 19.4 million on the Company’s Consolidated Balan ce Sheet at December 31, 2015. A non-cash charge to write-off all of the unamortized debt issuance costs is included in Reorganization items, net at June 30, 2016 as the related debt instruments are expected to be impacted by the bankruptcy reorganization process. The FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , and ASU 2016-10, Revenue s from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which supersede the revenue recognition requirements in Topic 605, Revenue Recognition , and industry-specific guidance in Subtopic 932-605, Extractive Activitie s-Oil and Gas-Revenue Recognition and require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services . The Company is required to adopt the new standards in the first quarter of 2018 using one of two retrospective application methods. The Company is continuing to evaluate the provisions of these ASUs, and has not determined the impact these standards may have on its consolidated financial statements and related disclosures or decided upon the method of adoption . In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”) that requires management to evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the financial statements are issued on both an i nterim and annual basis. Management is required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. ASU No. 2014-15 becomes effective for annual periods beginning after December 15, 2016 and for interim reporting periods thereafter. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

Chapter 11 Proceedings, Abili18

Chapter 11 Proceedings, Ability to Continue as a Going Concern (Tables)	6 Months Ended
	Jun. 30, 2016
ReorganizationsAbstract
Schedule Of Liabilities Subject To Compromise Table [Text Block]	June 30, 2016 Accounts payable $ 2,717 Accrued liabilities 9,328 Accrued interest payable 99,774 Debt 3,759,000 Other terminated contracts 23,186 Other 383 Liabilities subject to compromise $ 3,894,388
Schedule Of Reorganization Items Table [Text Block]	For the Three Months Ended For the Six Months Ended June 30, 2016 June 30, 2016 Professional fees(1) $ 3,582 $ 3,582 Deferred financing costs(2) 18,742 18,742 Other(3) (141) (141) Total Reorganization items, net $ 22,183 $ 22,183

Significant Accounting Polici19

Significant Accounting Policies (Tables)	6 Months Ended
Significant Accounting Policies (Tables)	Jun. 30, 2016
Significant Accounting Policies Tables [Abstract]
Schedule Of Earnings Per Share	Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2016 2015 2016 2015 (Share amounts in 000's) Net income (loss) $ 14,002 $ (24,673) $ (7,832) $ 518 Weighted average common shares outstanding - basic 153,389 153,218 153,355 153,130 Effect of dilutive instruments 635 - - 1,607 Weighted average common shares outstanding - diluted 154,024 153,218 153,355 154,737 Net income (loss) per common share - basic $ 0.09 $ (0.16) $ (0.05) $ - Net income (loss) per common share - diluted $ 0.09 $ (0.16) $ (0.05) $ - Number of shares not included in dilutive earnings per share that would have been anti-dilutive because the exercise price was greater than the average market price of the common shares (1)(2) 1,437 - - 1,594 (1) Due to the net loss for the six months ended June 30, 2016, 1.5 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of net loss per share. (2) Due to the net loss for the three months ended June 30, 2015, 1.6 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of net loss per share.

Oil and Gas Properties and Eq20

Oil and Gas Properties and Equipment (Tables)	6 Months Ended
Oil and Gas Properties and Equipment (Tables)	Jun. 30, 2016
Oil And Gas Properties And Equipment Tables [Abstract]
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Text Block]	2. OIL AND GAS PROPERTIES AND EQUIPMENT: June 30, December 31, 2016 2015 Proven Properties: Acquisition, equipment, exploration, drilling and abandonment costs $ 10,603,494 $ 10,480,165 Less: Accumulated depletion, depreciation and amortization (9,685,225) (9,629,020) 918,269 851,145

Debt and Other Long Term Obliga

Debt and Other Long Term Obligations (Tables)	6 Months Ended
Debt and Other Long Term Obligations (Tables)	Jun. 30, 2016
Outstanding Debt And Other Long Term Obligations Tables [Abstract]
Outstanding Debt And Other Long Term Obligations	3. DEBT AND OTHER LONG-TERM OBLIGATIONS: June 30, December 31, 2016 2015 Total Debt: 6.125% Senior Notes due 2024 $ 850,000 $ 850,000 5.75% Senior Notes due 2018 450,000 450,000 Senior Notes issued by Ultra Resources, Inc. 1,460,000 1,460,000 Credit Agreement 999,000 630,000 Total current portion of long-term debt 3,759,000 3,390,000 Less: Deferred financing costs(1) - (19,447) Less: Liabilities subject to compromise(2) (See Note 1) (3,759,000) - Total current portion of long-term debt not subject to compromise - 3,370,553 Other long-term obligations: Other long-term obligations $ 167,954 $ 165,784

Share Based Compensation (Table

Share Based Compensation (Tables)	6 Months Ended
Share Based Compensation (Tables)	Jun. 30, 2016
Share Based Compensation Tables [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Text Block]	4. SHARE BASED COMPENSATION: Valuation and Expense Information Three Months Six Months Ended June 30, Ended June 30, 2016 2015 2016 2015 Total cost of share-based payment plans $ 1,322 $ 1,314 $ 4,050 $ 4,284 Amounts capitalized in oil and gas properties and equipment $ 415 $ 478 $ 1,346 $ 1,455 Amounts charged against income, before income tax benefit $ 907 $ 836 $ 2,704 $ 2,829 Amount of related income tax benefit recognized in income before valuation allowance $ 361 $ 349 $ 1,076 $ 1,183
Stock Option Activity TextBlock	Weighted Number of Average Options Exercise Price (000's) (US Dollars) Balance, December 31, 2014 690 $ 25.68 to $ 98.87 Expired or forfeited (171) $ 25.68 to $ 75.18 Balance, December 31, 2015 519 $ 49.05 to $ 98.87 Expired or forfeited (109) $ 50.48 to $ 75.18 Balance, June 30, 2016 410 $ 49.05 to $ 98.87
Valuation Assumptions	Valuation Assumptions The Company estimates the fair value of the market condition related to the LTIP awards on the date of grant using a Monte Carlo simulation with the following assumptions: 2015 LTIP 2014 LTIP Volatility of common stock 40.1% 39.0% Average volatility of peer companies 46.5% n/a Average correlation coefficient of peer companies 0.454 n/a Risk-free interest rate 1.02% 0.66%

Derivative Financial Instrume23

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2016
Derivative Financial Instruments Tables [Abstract]
Gain or loss on derivative instruments	For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives : 2016 2015 2016 2015 Realized gain on commodity derivatives-natural gas (1) $ - $ 52,625 $ - $ 81,984 Unrealized loss on commodity derivatives (1) - (56,271) - (48,765) Total (loss) gain on commodity derivatives $ - $ (3,646) $ - $ 33,219 (1) Included in (loss) gain on commodity derivatives in the Consolidated Statements of Operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2016
Fair Value Measurements Tables [Abstract]
Schedule of Fair Value of Financial Instruments	June 30, 2016(1) December 31, 2015 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value 7.31% Notes due March 2016, issued 2009 62,000 64,266 62,000 63,604 4.98% Notes due January 2017, issued 2010 116,000 118,847 116,000 113,420 5.92% Notes due March 2018, issued 2008 200,000 197,986 200,000 191,985 5.75% Notes due December 2018, issued 2013 450,000 338,389 450,000 111,451 7.77% Notes due March 2019, issued 2009 173,000 174,427 173,000 174,488 5.50% Notes due January 2020, issued 2010 207,000 203,506 207,000 185,052 4.51% Notes due October 2020, issued 2010 315,000 304,357 315,000 258,520 5.60% Notes due January 2022, issued 2010 87,000 82,668 87,000 73,034 4.66% Notes due October 2022, issued 2010 35,000 33,770 35,000 25,558 6.125% Notes due October 2024, issued 2014 850,000 644,815 850,000 206,321 5.85% Notes due January 2025, issued 2010 90,000 82,405 90,000 70,756 4.91% Notes due October 2025, issued 2010 175,000 169,295 175,000 115,911 Credit Facility due October 2016 999,000 999,000 630,000 630,000 $ 3,759,000 $ 3,413,731 $ 3,390,000 $ 2,220,100

Supplemental Financial Statem25

Supplemental Financial Statement Information (Parent Company) (Tables)	6 Months Ended
	Jun. 30, 2016
Parent Company Financial Statements [Abstract]
Supplemental Statement Of Operations Disclosures [Text Block]	CONDENSED STATEMENT OF OPERATIONS For the Three Months Ended June 30, For the Six Months Ended June 30, 2016 2015 2016 2015 General and administrative expense $ 2 $ 72 $ 61 $ 172 Other income (expense): Interest expense (excludes contractual interest expense of $13.4 million for the three and six months ended June 30, 2016) (6,323) (20,267) (26,590) (40,534) Income (loss) from unconsolidated affiliates 101,028 (10,474) 93,035 27,245 Guarantee fee income - 5,752 6,073 11,455 Other (expense) income (65,051) 120 (64,829) 206 Reorganization items, net (15,739) - (15,739) - Income (loss) before income tax benefit 13,913 (24,941) (8,111) (1,800) Income tax benefit (89) (268) (279) (2,318) Net income (loss) $ 14,002 $ (24,673) $ (7,832) $ 518
Supplemental Balance Sheet Disclosures [Text Block]	CONDENSED BALANCE SHEET June 30, December 31, 2016 2015 ASSETS Current Assets: Cash and cash equivalents $ 534 $ 523 Accounts receivable 29,939 64,542 Other current assets 5,468 5,150 Total current assets 35,941 70,215 Other non-current assets - 24,197 Total assets $ 35,941 $ 94,412 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ - $ 1,283,232 Interest payable - 14,166 Accrued and other current liabilities 533 - Total current liabilities 533 1,297,398 Advances from unconsolidated affiliates 1,691,720 1,788,951 Total liabilities not subject to compromise 1,692,253 3,086,349 Liabilities subject to compromise 1,339,712 - Total shareholders' deficit (2,996,024) (2,991,937) Total liabilities and shareholders' equity $ 35,941 $ 94,412
Supplemental Cash Flow Statement Disclosures [Text Block]	CONDENSED STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2016 2015 Net cash (used in) operating activities $ (23,619) $ (52,797) Investing Activities: Dividends received 24,089 48,413 Net cash provided by investing activities 24,089 48,413 Financing Activities: Shares re-issued from treasury (365) 4,670 Deferred financing costs - 6 Net share settlements (94) - Net cash (used in) provided by financing activities (459) 4,676 Increase in cash during the period 11 292 Cash and cash equivalents, beginning of period 523 772 Cash and cash equivalents, end of period $ 534 $ 1,064

Chapter 11 Proceedings, Abili26

Chapter 11 Proceedings, Ability to Continue as a Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Liabilities Subject To Compromise [Abstract]
Accounts payable	$ 2,717		$ 2,717
Accrued liabilities	9,328		9,328
Accrued interest payable	99,774		99,774
Debt	3,759,000		3,759,000		$ 0
Other terminated contracts	23,186		23,186
Other	383		383
Liabilities subject to compromise	3,894,388		3,894,388		$ 0
Reorganization Items [Abstract]
Professional fees	3,582		3,582
Deferred financing costs	18,742		18,742
Other	(141)		(141)
Reorganization items, net	$ (22,183)	$ 0	$ (22,183)	$ 0

Chapter 11 Proceedings, Abili27

Chapter 11 Proceedings, Ability to Continue as a Going Concern Disclosure (Narratives) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Chapter 11 Proceedings [Abstract]
Amount of Bankruptcy Claims Filed against the Debtors	$ 13.2
Number of Bankruptcy Claims Filed against the Debtors	120
NOL Order Beneficial Ownership Percentage	4.50%

Significant Accounting Polici28

Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Significant Accounting Policies Details [Abstract]
Discount Rate Future Net Revenues			10.00%
Earnings Per Share Reconciliation [Abstract]
Net Income (Loss)	$ 14,002	$ (24,673)	$ (7,832)	$ 518
Weighted Average Number of Shares Outstanding, Basic	153,389	153,218	153,355	153,130
Incremental Common Shares Attributable to Share-based Payment Arrangements	635	0	0	1,607
Weighted Average Number of Shares Outstanding, Diluted	154,024	153,218	153,355	154,737
Earnings Per Share, Basic	$ 0.09	$ (0.16)	$ (0.05)	$ 0
Earnings Per Share, Diluted	$ 0.09	$ (0.16)	$ (0.05)	$ 0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,437	1,600	1,500	1,594
Unamortized debt issuance costs reclassified					$ 19,400

Oil and Gas Properties and Eq29

Oil and Gas Properties and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Proven Properties [Abstract]
Acquisition, equipment, exploration, drilling and environmental costs	$ 10,603,494	$ 10,480,165
Capitalized Costs, Accumulated Depreciation, Depletion, Amortization and Valuation Allowance for Relating to Oil and Gas Producing Activities	(9,685,225)	(9,629,020)
Proved	$ 918,269	$ 851,145

Debt and Other Long Term Obli30

Debt and Other Long Term Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Short-term Debt [Abstract]
6.125% Senior Notes due 2024	$ 850,000	$ 850,000
5.75% Senior Notes due 2018	450,000	450,000
Senior Notes issued by Ultra Resources Inc	1,460,000	1,460,000
Credit Agreement	999,000	630,000
Current portion of long term debt	3,759,000	3,390,000
Deferred financing costs	0	(19,447)
Liabilities subject to compromise	(3,759,000)	0
Total current portion of long term debt not subject to compromise	0	3,370,553
Other long-term obligations [Abstract]
Other long-term obligations	$ 167,954	$ 165,784

Debt And Other Long Term Obli31

Debt And Other Long Term Obligations (Narratives) (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2016	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Ultra Resources Inc Bank Indebtednesss [Abstract]
Credit Agreement Consolidated Leverage Covenant	3.5 to 1.0
Credit Agreement Consolidated Leverage Ratio	4.6
Restrictive covenants present value Ultra Resources Inc Credit Agreement			1.5 times
Debt Instrument Restrictive Covenants Present Value Ratio			0.9
Ultra Resources Inc Senior Notes [Abstract]
Senior Notes issued by Ultra Resources Inc		$ 1,460,000	$ 1,460,000
Senior Notes Consolidated Leverage Covenant	3.5 to 1.0
Senior Notes Consolidated Leverage Covenant Ratio	4.6
Interest payment due Senior Notes Ultra Resources Inc		40,000
Principal payment due Senior Notes Ultra Resources Inc		62,000
Ultra Petroleum Corp Senior Notes
Senior Notes Ultra Petroleum Corp Due 2024		$ 850,000	850,000
Senior Notes Ultra Petroleum Corp Due 2024 Interest Rate		6.125%
Senior Notes Ultra Petroleum Corp Due 2018		$ 450,000	$ 450,000
Senior Notes Ultra Petroleum Corp Due 2018 Interest Rate		5.75%

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Valuation And Expense Information [Abstract]
Total cost of share based payment plans	$ 1,322	$ 1,314	$ 4,050	$ 4,284
Amounts capitalized in oil and gas properties and equipment	415	478	1,346	1,455
Stock compensation	907	836	2,704	2,829
Amount of related income tax benefit recognized in income before valuation allowance	$ 361	$ 349	$ 1,076	$ 1,183
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit			$ 49.05		$ 49.05	$ 25.68
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit			$ 98.87		$ 98.87	$ 98.87
Expired or forfeited			(109)		(171)
Exercise Price, Lower Range Limit Expired or Forfeited			$ 50.48		$ 25.68
Exercise Price, Upper Range Limit Expired or Forfeited			$ 75.18		$ 75.18
Number Of Options [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options			519	690	690
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options	410		410		519	690

TSR Share Based Compensation (D

TSR Share Based Compensation (Details)	6 Months Ended
TSR Share Based Compensation (Details)	Jun. 30, 2016
Long Term Incentive 2015 Plan [Member]
Total Shareholder Return Assumptions [Line Items]
Volatility of common stock	40.10%
Average volatility of peer companies	46.50%
Average correlation coefficient of peer companies	0.454
Risk-free interest rate	1.02%
Long Term Incentive 2014 Plan [Member]
Total Shareholder Return Assumptions [Line Items]
Volatility of common stock	39.00%
Risk-free interest rate	0.66%

Share Based Compensation (Narra

Share Based Compensation (Narratives) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share Based Compensation Details [Abstract]
Long Term Incentive Program Period	$ 2.2	$ 2.3
Long Term Incentive Program Total 2014 Program	9.4
Long Term Incentive Program Total 2015 Program	10.2
Long Term Incentive Program Total 2013 Program	$ 3.8
Long Term Incentive Program Total 2013 Program Shares	132,843

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Jun. 30, 2016
Statement Income Taxes Details [Abstract]
Statutory tax rate	35.00%

Derivative Financial Instrume36

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Commodity Derivatives [Abstract]
Realized (loss) gain on commodity derivatives - natural gas	$ 0	$ 52,625	$ 0	$ 81,984
Unrealized Gain (Loss) on Derivatives	0	(56,271)	0	(48,765)
Gain loss on commodity derivatives	$ 0	$ (3,646)	$ 0	$ 33,219

Derivative Financial Instrumens

Derivative Financial Instrumens (Details 1)	3 Months Ended
Derivative Financial Instrumens (Details 1)	Jun. 30, 2016
Commodity Derivatives Authorization [Abstract]
Commodity Derivatives Board Authorization	50.00%

Fair Value Measurments Debt Ins

Fair Value Measurments Debt Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 3,759,000	$ 3,390,000
Notes Payable, Fair Value Disclosure	3,413,731	2,220,100
Notes Due 2018 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	200,000	200,000
Notes Payable, Fair Value Disclosure	$ 197,986	191,985
Debt Instruments Interest Rates	5.92%
Notes Due December 2018 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 450,000	450,000
Notes Payable, Fair Value Disclosure	$ 338,389	111,451
Debt Instruments Interest Rates	5.75%
Notes Due 2016 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 62,000	62,000
Notes Payable, Fair Value Disclosure	$ 64,266	63,604
Debt Instruments Interest Rates	7.31%
Notes Due 2019 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 173,000	173,000
Notes Payable, Fair Value Disclosure	$ 174,427	174,488
Debt Instruments Interest Rates	7.77%
Notes Due 2017 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 116,000	116,000
Notes Payable, Fair Value Disclosure	$ 118,847	113,420
Debt Instruments Interest Rates	4.98%
Notes Due January 2020 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 207,000	207,000
Notes Payable, Fair Value Disclosure	$ 203,506	185,052
Debt Instruments Interest Rates	5.50%
Notes Due January 2022 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 87,000	87,000
Notes Payable, Fair Value Disclosure	$ 82,668	73,034
Debt Instruments Interest Rates	5.60%
Notes Due January 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 90,000	90,000
Notes Payable, Fair Value Disclosure	$ 82,405	70,756
Debt Instruments Interest Rates	5.85%
Notes Due October 2020 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 315,000	315,000
Notes Payable, Fair Value Disclosure	$ 304,357	258,520
Debt Instruments Interest Rates	4.51%
Notes Due October 2022 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 35,000	35,000
Notes Payable, Fair Value Disclosure	$ 33,770	25,558
Debt Instruments Interest Rates	4.66%
Notes Due October 2024 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 850,000	850,000
Notes Payable, Fair Value Disclosure	$ 644,815	206,321
Debt Instruments Interest Rates	6.125%
Notes Due October 2025 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 175,000	175,000
Notes Payable, Fair Value Disclosure	$ 169,295	115,911
Debt Instruments Interest Rates	4.91%
Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total outstanding debt	$ 999,000	630,000
Notes Payable, Fair Value Disclosure	$ 999,000	$ 630,000

Commitments and Contingencies (

Commitments and Contingencies (Narratives) (Details) MMBTU in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)MMBTU
Commitments And Contingencies [Abstract]
Sempra capacity \| MMBTU	50
Demand For Payment	$ 303.2
Contingency Lower Range	19
Contingency Upper Range	303.2
Demand For Payment Sunoco	$ 38.6

Supplemental Financial Informat

Supplemental Financial Information (Parent - Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating Expenses [Abstract]
General and administrative	$ 1,381	$ 2,422	$ 5,600	$ 6,062
Other Nonoperating Income (Expense) [Abstract]
Other income (expense), net	(227)	(75)	(1,922)	(39)
Income (loss) before income taxes	13,842	(24,923)	(8,182)	(1,754)
Income Tax Expense (Benefit)	(160)	(250)	(350)	(2,272)
Net Income (Loss)	14,002	(24,673)	(7,832)	518
Parent [Member]
Operating Expenses [Abstract]
General and administrative	2	72	61	172
Other Nonoperating Income (Expense) [Abstract]
Interest expense (excludes contractual interest expense of $13.4 million for the three and six months ended June 30, 2016)	6,323	20,267	26,590	40,534
Income (loss) from unconsolidated affiliates	101,028	(10,474)	93,035	27,245
Guaranty fee income	0	5,752	6,073	11,455
Other income (expense), net	(65,051)	120	(64,829)	206
Reorganization items parent, net	(15,739)	0	(15,739)	0
Income (loss) before income taxes	13,913	(24,941)	(8,111)	(1,800)
Income Tax Expense (Benefit)	(89)	(268)	(279)	(2,318)
Net Income (Loss)	$ 14,002	$ (24,673)	$ (7,832)	$ 518

Supplemental Financial Inform41

Supplemental Financial Information (Parent - Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Current Assets [Abstract]
Cash and cash equivalents	$ 269,458	$ 4,143	$ 5,381		$ 8,919
Other current assets	3,392	4,064
Total current assets	364,950	91,214
Other noncurrent assets	1,653	835
Total assets	1,292,864	952,039
Current Liabilities [Abstract]
Current portion of long term debt	0	3,370,553
Interest payable	0	42,657
Accrued and other current liabilities	35,228	72,428
Total current liabilities	105,529	3,651,897
Liabilities not subject to compromise parent	394,501	3,943,976
Total shareholders' deficit	(2,996,025)	(2,991,937)
Total liabilities and shareholders' equity	1,292,864	952,039
Parent [Member]
Current Assets [Abstract]
Cash and cash equivalents	534	523	$ 1,064	$ 1,064	$ 772
Accounts receivable	29,939	64,542
Other current assets	5,468	5,150
Total current assets	35,941	70,215
Other noncurrent assets	0	24,197
Total assets	35,941	94,412
Current Liabilities [Abstract]
Current portion of long term debt	0	1,283,232
Interest payable	0	14,166
Accrued and other current liabilities	533	0
Total current liabilities	533	1,297,398
Advances from unconsolidated affiliates	1,691,720	1,788,951
Liabilities not subject to compromise parent	1,692,253	3,086,349
Liabilities subject to compromise parent	1,339,712	0
Total shareholders' deficit	(2,996,024)	(2,991,937)
Total liabilities and shareholders' equity	$ 35,941	$ 94,412

Supplemental Financial Inform42

Supplemental Financial Information (Parent - Cash Flow Statement) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities [Abstract]
Net Cash Provided by (Used in) Operating Activities	$ 31,738	$ 243,324
Investing Activities [Abstract]
Net Cash Provided by (Used in) Investing Activities	(135,116)	(279,333)
Financing Activities [Abstract]
Payments of Financing Costs	0	(6)
Repurchased shares - net share settlements	307	2,486
Net Cash Provided by (Used in) Financing Activities	368,693	32,471
Cash and Cash Equivalents, Period Increase (Decrease)	265,315	(3,538)
Cash and Cash Equivalents, at Carrying Value	4,143	8,919
Cash and Cash Equivalents, at Carrying Value	269,458	5,381
Parent [Member]
Operating Activities [Abstract]
Net Cash Provided by (Used in) Operating Activities	(23,619)	(52,797)
Investing Activities [Abstract]
Dividends received	24,089	48,413
Net Cash Provided by (Used in) Investing Activities	24,089	48,413
Financing Activities [Abstract]
Shares reissued from treasury	(365)	4,670
Payments of Financing Costs	0	6
Repurchased shares - net share settlements	(94)	0
Net Cash Provided by (Used in) Financing Activities	(459)	4,676
Cash and Cash Equivalents, Period Increase (Decrease)	11	292
Cash and Cash Equivalents, at Carrying Value	523	772
Cash and Cash Equivalents, at Carrying Value	$ 534	$ 1,064